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2023-03-23

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2023-03-06

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This week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings

2023-02-22

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2023-02-20

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The "unsolved mystery" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?

2023-02-18

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Where did the people who contracted the big Internet business in China go?

2023-02-16

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2023-02-16

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2022-11-10

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JD.com, Sea and more to report earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1128373353","media":"老虎资讯综合","summary":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件","content":"<p><html><head></head><body>This week's (3.6-3.10) major financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week. Among them, U.S. ADP employment, China inflation data, U.S. initial jobless claims for the week, U.S. non-farm employment and unemployment rate will be released one after another. In terms of financial events, Powell will deliver semi-annual monetary policy testimony to the Senate and the House of Representatives on Tuesday and Wednesday respectively. In addition, the Federal Reserve will release Beige Book on economic conditions. In terms of financial reports, Ctrip.com, Sea, China Unicom, Yixian E-commerce, JD.com, JD Logistics, ZTE and Oracle Bone Inscriptions will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>KEYWORDS for Monday, March 6: US factory orders monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of factory orders in the United States.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will announce earnings before the U.S. stock market opens, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>The earnings report will be announced after the U.S. stock market closes.</p><p><b>KEYWORDS Tuesday, March 7: Powell gives monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will deliver semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the Q&A session, Powell will certainly be asked about inflation and the possibility that the U.S. economy will fall into recession by tightening policy by the Federal Reserve. If Powell says it's unlikely to rate hike another 50 basis points in the near future, the dollar could face selling pressure and open the door to a further gold rise. According to CME group's Fed Watch tool, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%. If Powell is not so \"hawkish\", then U.S. Treasury Bond yields and the U.S. dollar may still have room to fall.</p><p>On the other hand, Powell may choose to avoid committing to the size of the next rate hike and reiterate that the Fed will remain data-dependent. In this case, the market trend may still be volatile before the release of the non-farm payrolls report in February. In Powell's testimony, his comments on the anti-inflationary process and economic growth prospects are also important.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/SE\">Sea</a>The earnings report will be announced before the U.S. stock market opens.</p><p><b>Keywords for Wednesday, March 8: U.S. ADP payrolls, Powell gives monetary policy testimony, China Unicom earnings report</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. The current market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Financial reports will be released separately, and in addition<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>The earnings report will also be announced after the U.S. stock market closes.</p><p><b>Keywords for Thursday, March 9: Chinese CPI, US initial jobless claims for the week, Fed Beige Book, JD.com earnings report</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial jobless claims in the United States that week. Since the beginning of January this year, the number of initial jobless claims has been below 200,000, which to some extent reflects that the U.S. job market is still strong. For the Fed, while seeking to control inflation, it is also looking for signs of a cooling labor market, which also shows that the Fed may not like the signal sent by the jobless claims data. Strong employment data will undoubtedly increase the possibility of rate hike by the Federal Reserve. At present, the interest rate futures market has officially priced that the peak interest rate of the Federal Reserve will rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from the 9th to 15th of each month.</p><p>In terms of financial events, the Federal Reserve will release Beige Book on the economic situation, from which investors can have a deeper understanding of the US economy, so they also need to pay attention to it.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will announce financial reports, in addition<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Earnings will also be announced after the U.S. stock market closes.</p><p>Regarding JD.com's financial report, the market is looking forward to JD.com's management's views on the \"tens of billions of subsidies\" war. Morgan Stanley believes that the 10 billion yuan subsidy plan launched by JD.com and the profit margin in 2023 may be the next stock price catalyst. The bank believes that the market has overestimated the incremental costs related to the 10 billion yuan subsidy. The bank believes that the management's favorable measures on profit margins may push the stock price upward. The bank maintains an \"overweight\" rating and a target price of $74.</p><p><b>Keywords for Friday, March 10: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Wuxin Technology earnings report</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will announce non-farm payrolls in February, and the market expects the growth rate to fall back to 200,000. Non-farm payrolls data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial jobless claims last week all reveal that the U.S. labor market is still strong. Investors will use these data to judge the tenacity of the U.S. labor market and the magnitude of the rate hike at the Federal Reserve's March meeting.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></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>This week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings</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\">\nThis week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-06 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This week's (3.6-3.10) major financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week. Among them, U.S. ADP employment, China inflation data, U.S. initial jobless claims for the week, U.S. non-farm employment and unemployment rate will be released one after another. In terms of financial events, Powell will deliver semi-annual monetary policy testimony to the Senate and the House of Representatives on Tuesday and Wednesday respectively. In addition, the Federal Reserve will release Beige Book on economic conditions. In terms of financial reports, Ctrip.com, Sea, China Unicom, Yixian E-commerce, JD.com, JD Logistics, ZTE and Oracle Bone Inscriptions will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>KEYWORDS for Monday, March 6: US factory orders monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of factory orders in the United States.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will announce earnings before the U.S. stock market opens, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>The earnings report will be announced after the U.S. stock market closes.</p><p><b>KEYWORDS Tuesday, March 7: Powell gives monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will deliver semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the Q&A session, Powell will certainly be asked about inflation and the possibility that the U.S. economy will fall into recession by tightening policy by the Federal Reserve. If Powell says it's unlikely to rate hike another 50 basis points in the near future, the dollar could face selling pressure and open the door to a further gold rise. According to CME group's Fed Watch tool, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%. If Powell is not so \"hawkish\", then U.S. Treasury Bond yields and the U.S. dollar may still have room to fall.</p><p>On the other hand, Powell may choose to avoid committing to the size of the next rate hike and reiterate that the Fed will remain data-dependent. In this case, the market trend may still be volatile before the release of the non-farm payrolls report in February. In Powell's testimony, his comments on the anti-inflationary process and economic growth prospects are also important.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/SE\">Sea</a>The earnings report will be announced before the U.S. stock market opens.</p><p><b>Keywords for Wednesday, March 8: U.S. ADP payrolls, Powell gives monetary policy testimony, China Unicom earnings report</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. The current market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Financial reports will be released separately, and in addition<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>The earnings report will also be announced after the U.S. stock market closes.</p><p><b>Keywords for Thursday, March 9: Chinese CPI, US initial jobless claims for the week, Fed Beige Book, JD.com earnings report</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial jobless claims in the United States that week. Since the beginning of January this year, the number of initial jobless claims has been below 200,000, which to some extent reflects that the U.S. job market is still strong. For the Fed, while seeking to control inflation, it is also looking for signs of a cooling labor market, which also shows that the Fed may not like the signal sent by the jobless claims data. Strong employment data will undoubtedly increase the possibility of rate hike by the Federal Reserve. At present, the interest rate futures market has officially priced that the peak interest rate of the Federal Reserve will rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from the 9th to 15th of each month.</p><p>In terms of financial events, the Federal Reserve will release Beige Book on the economic situation, from which investors can have a deeper understanding of the US economy, so they also need to pay attention to it.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will announce financial reports, in addition<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Earnings will also be announced after the U.S. stock market closes.</p><p>Regarding JD.com's financial report, the market is looking forward to JD.com's management's views on the \"tens of billions of subsidies\" war. Morgan Stanley believes that the 10 billion yuan subsidy plan launched by JD.com and the profit margin in 2023 may be the next stock price catalyst. The bank believes that the market has overestimated the incremental costs related to the 10 billion yuan subsidy. The bank believes that the management's favorable measures on profit margins may push the stock price upward. The bank maintains an \"overweight\" rating and a target price of $74.</p><p><b>Keywords for Friday, March 10: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Wuxin Technology earnings report</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will announce non-farm payrolls in February, and the market expects the growth rate to fall back to 200,000. Non-farm payrolls data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial jobless claims last week all reveal that the U.S. labor market is still strong. Investors will use these data to judge the tenacity of the U.S. labor market and the magnitude of the rate hike at the Federal Reserve's March meeting.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{"SPY":"标普500ETF","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","GDX":"黄金矿业ETF-VanEck",".DJI":"道琼斯","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1591":"就地过年概念","BK1502":"双十一","UDOW":"三倍做多道指30ETF-ProShares","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK4581":"高盛持仓",".IXIC":"NASDAQ Composite","DJX":"1/100道琼斯","09618":"京东集团-SW","JD":"京东"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128373353","content_text":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，此外美联储将公布经济状况褐皮书。财报方面，携程网、Sea、中国联通、逸仙电商、京东、京东物流、中兴通讯以及甲骨文等将陆续发布财报。3月6日 周一关键词：美国工厂订单月率、Lordstown Motors、携程网财报周一，经济数据方面，投资者可关注美国工厂订单月率。财报方面，Lordstown Motors将于美股盘前公布财报，而携程网将于美股盘后公布财报。3月7日 周二关键词：鲍威尔发表货币政策证词、Sea财报周二，经济数据方面将公布中国贸易帐，以及美国批发销售月率等数据。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，证词通常分为两部分，第一部分是鲍威尔准备好的陈述，第二部分是与委员会的问答环节。在问答环节，鲍威尔肯定会被问及通胀问题，以及美联储收紧政策导致美国经济陷入衰退的可能性。如果鲍威尔表示在不久的将来不太可能再次加息50个基点，美元可能面临抛售压力，并为黄金的进一步上涨打开大门。根据芝商所的美联储观察工具，市场预期下一次会议加息50个基点的可能性接近30%，如果鲍威尔没有那么“鹰”，那么美国国债收益率和美元或仍有下行空间。另一方面，鲍威尔可能选择避免承诺下一次加息的规模，并重申美联储仍将依赖于数据。这种情况下，在2月非农就业报告公布之前，市场走势可能仍将震荡。在鲍威尔的证词中，其对反通胀进程和经济增长前景的评论也很重要。财报方面，Sea将于美股盘前公布财报。3月8日 周三关键词：美国ADP就业人数、鲍威尔发表货币政策证词、中国联通财报周三，经济数据方面，投资者可关注美国ADP就业人数，目前市场预期为16.8万，高于10.6万的前值。财经事件方面，美联储主席鲍威尔将在众议院发表半年度货币政策证词。财报方面，中国联通以及逸仙电商将分别发布财报，另外Faraday Future Intelligent Electric Inc.也将于美股盘后公布财报。3月9日 周四关键词：中国CPI、美国当周初请失业金、美联储褐皮书、京东财报周四，经济数据方面，投资者可关注美国当周初请失业金人数，自今年1月初以来，初请失业金人数便一直低于20万人，这在一定程度体现了美国就业市场依然强劲。对于美联储来说，在寻求控制通货膨胀的同时，也在寻找劳动力市场降温的迹象，这也说明美联储可能不喜欢初请失业金数据发出的信号。强劲的就业数据无疑将加大美联储加息的可能，目前利率期货市场已正式定价美联储利率峰值将升至5.5%。另外，中国通胀数据也将于今日公布。同时，投资者可关注中国金融数据，该系列数据将于每月9日-15日不定时发布。财经事件方面，美联储将公布经济状况褐皮书，投资者可以从中对美国经济有更深的了解，因此也需引起重视。财报方面，京东集团-SW、京东物流将公布财报，此外甲骨文在美股盘后也将公布财报。对于京东财报，市场在期待京东管理层对“百亿补贴”大战的观点。大摩认为，京东推出的100亿元补贴计划以及2023年的利润率或为下一个股价催化剂。该行认为，市场已高估与100亿元补贴有关的增量费用。该行认为，管理层对利润率的利好举措或推动股价上行。该行维持“增持”评级与74美元目标价。3月10日 周五关键词：美国非农就业人口、美国失业率、中兴通讯/雾芯科技财报周五，经济数据方面，美国将公布2月非农，市场预期增幅回落至20万。 非农就业数据一直是市场关注的焦点，也是美联储停止紧缩的“头号敌人”，1月非农爆炸性的增长幅度以及上周的初请失业金人数意外下滑，都无不揭示着美国劳动力市场依旧坚挺。投资者将通过这些数据来判断美国劳动力市场的坚韧程度以及美联储3月会议的加息幅度到底如何。财报方面，中兴通讯、雾芯科技将发布财报。","news_type":1,"symbols_score_info":{"MGCmain":0.9,"GCmain":0.9,"JD":0.9,"09618":0.9,".IXIC":0.9,"GDX":0.9,"UDOW":0.9,"SImain":0.9,".DJI":0.9,"SPY":0.9,"NQmain":0.9,"DJX":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":624987125,"gmtCreate":1677027749368,"gmtModify":1677027749368,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/624987125","repostId":"1163512053","repostType":2,"isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625775545,"gmtCreate":1676886999088,"gmtModify":1676886999088,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625775545","repostId":"1150914566","repostType":2,"repost":{"id":"1150914566","kind":"news","pubTimestamp":1676884353,"share":"https://ttm.financial/m/news/1150914566?lang=en_US&edition=fundamental","pubTime":"2023-02-20 17:12","market":"other","language":"zh","title":"The \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?","url":"https://stock-news.laohu8.com/highlight/detail?id=1150914566","media":"华尔街见闻","summary":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼","content":"<p><html><head></head><body><b>The use of a single stock futures in Singapore may be Hindenburg's \"answer\" to shorting Adani.</b>It's not easy to short a company in India, and Hindenburg has disclosed little specific information about the size of its bets and the types of derivatives and reference securities used, which makes the market wonder how it can make Adani's total market value shrink by more than $100 billion in a week.</p><p>On February 17, the media quoted investors familiar with the company's operation as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling plan</b>。</p><p>according to<b>India's securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>, which makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have little free float in the stock market, which becomes another problem for shorting, and India does not allow so-called \"naked short selling\", in which investors can bet that the stock will fall without borrowing the underlying security first.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly followed Adani last summer, and the big reason why I decided not to investigate further is that shorting in India is difficult.\" Singapore's offshore derivatives trading</p><p>In an interview with the media, three hedge funds said that investors who want to short Indian companies can use Nifty 50, India's main stock index, and Adani Enterprises is one of the largest constituents.</p><p>Analysts believe that Hindenburg's bets should include a considerable part of derivatives transactions linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for this kind of transaction. In Singapore, a transaction called Single Stock Futures (SSF) can be created, that is, a futures contract with a single stock as the underlying. These equity derivatives give investors exposure to the price movements of the underlying stock.</p><p>Taking Hindenburg as an example, it can use the weight value of Adani Enterprises in the Indian index for trading.</p><p>The downside of these types of instruments is that there is very little liquidity in the market, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to boost their bets, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer of Blue Orca Capital, a US aggressive short investment firm, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system. You can't short directly.\" Looking for partners to help its investigation</p><p>According to media analysis, Hindenburg tends to cooperate with other short sellers when releasing the short-selling investigation report.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short report suggested that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and did not hesitate to spend two years conducting in-depth investigations is also the focus of market discussions.</p><p>The media quoted two people familiar with the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani, who led a team of five Hindenburg employees to conduct the investigation, and the team decided to release a short report on the eve of Adani's planned $2.4 billion sale of shares last month.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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 \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-20 17:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The use of a single stock futures in Singapore may be Hindenburg's \"answer\" to shorting Adani.</b>It's not easy to short a company in India, and Hindenburg has disclosed little specific information about the size of its bets and the types of derivatives and reference securities used, which makes the market wonder how it can make Adani's total market value shrink by more than $100 billion in a week.</p><p>On February 17, the media quoted investors familiar with the company's operation as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling plan</b>。</p><p>according to<b>India's securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>, which makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have little free float in the stock market, which becomes another problem for shorting, and India does not allow so-called \"naked short selling\", in which investors can bet that the stock will fall without borrowing the underlying security first.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly followed Adani last summer, and the big reason why I decided not to investigate further is that shorting in India is difficult.\" Singapore's offshore derivatives trading</p><p>In an interview with the media, three hedge funds said that investors who want to short Indian companies can use Nifty 50, India's main stock index, and Adani Enterprises is one of the largest constituents.</p><p>Analysts believe that Hindenburg's bets should include a considerable part of derivatives transactions linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for this kind of transaction. In Singapore, a transaction called Single Stock Futures (SSF) can be created, that is, a futures contract with a single stock as the underlying. These equity derivatives give investors exposure to the price movements of the underlying stock.</p><p>Taking Hindenburg as an example, it can use the weight value of Adani Enterprises in the Indian index for trading.</p><p>The downside of these types of instruments is that there is very little liquidity in the market, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to boost their bets, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer of Blue Orca Capital, a US aggressive short investment firm, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system. You can't short directly.\" Looking for partners to help its investigation</p><p>According to media analysis, Hindenburg tends to cooperate with other short sellers when releasing the short-selling investigation report.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short report suggested that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and did not hesitate to spend two years conducting in-depth investigations is also the focus of market discussions.</p><p>The media quoted two people familiar with the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani, who led a team of five Hindenburg employees to conduct the investigation, and the team decided to release a short report on the eve of Adani's planned $2.4 billion sale of shares last month.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3682319\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80649335d6dae03eb8ec03694c71b6e0","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3682319","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150914566","content_text":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼总市值在一周内缩水超过 1000 亿美元感到好奇。2月17日，媒体援引熟悉该公司运作方式的投资者话称，兴登堡或许运用了单一股票期货和新加坡银行的帮助来开展他的做空计划。根据印度证券规则要求机构投资者提前披露其空头头寸，针对外国投资者还有其他限制和要求，这就使得投资者很难悄悄建仓。与此同时，阿达尼集团的公司在股市上的自由流通量很小，这成为了做空的另一个问题，且印度不允许所谓的“裸卖空”，即投资者无需先借入标的证券就可以押注股票会下跌。Quintessential Capital 的对冲基金经理Gabriel Grego表示：“去年夏天，我曾短暂关注过阿达尼，我决定不进一步调查的重要原因便是在印度做空很困难。 ”新加坡进行的离岸衍生品交易三家对冲基金接受媒体采访时表示，想要做空印度公司的投资者可以使用印度的主要股票指数 Nifty 50，而Adani Enterprises 是其中最大的成分股之一。分析认为，兴登堡的押注中应该包含相当大一部分的以印度股票挂钩的衍生品交易。而去新加坡进行该类交易是卖空者们的选择，在新加坡可以创建一种称为单一股票期货（SSF）的交易，即以单一股票为标的的期货合约。这些股票衍生品使投资者能够接触到相关股票的价格变动。以兴登堡为例，其可以运用 Adani Enterprises 在印度指数中的权重值，进行交易。这类工具的缺点是市场流动性很小，这意味着押注往往相对较小。做空者通常会使用信用违约互换等其他衍生品来增加赌注，但分析指出，这在 兴登堡的案例中是不可能的，因为该集团未出现在 CDS 指数中。美国激进空头投资机构 Blue Orca Capital 的首席投资官Soren Aandahl 表示：“做空印度股票必须在海外市场进行交易，这是印度系统的复杂要求，你无法直接做空。”寻找帮助其调查的伙伴媒体分析认为，兴登堡在发布做空调查报告时，倾向于与其他空头合作。尽管兴登堡一再拒绝透露该公司是否与阿达尼的其他投资者合作进行调查，但做空报告中的免责声明里暗示其可能有多个合作者。与此同时，为何兴登堡会将目光转向阿达尼，且不惜花费两年时间进行深度调查也是市场讨论的焦点。媒体援引两名了解该过程的人士表示，兴登堡曾寻求一位专注于印度公司的外部分析师的帮助来调查阿达尼，这位分析师领导了兴登堡的5名员工组成的团队进行了这项调查，且该团队决定在阿达尼上个月计划出售24亿美元的股票前夕发布做空报告。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625703874,"gmtCreate":1676729787600,"gmtModify":1676729787600,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625703874","repostId":"1117714701","repostType":2,"repost":{"id":"1117714701","kind":"news","weMediaInfo":{"introduction":"华商人物与企业新媒体第一殿堂。","home_visible":1,"media_name":"华商韬略","id":"27","head_image":"https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8"},"pubTimestamp":1676637724,"share":"https://ttm.financial/m/news/1117714701?lang=en_US&edition=fundamental","pubTime":"2023-02-17 20:42","market":"hk","language":"zh","title":"Where did the people who contracted the big Internet business in China go?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117714701","media":"华商韬略","summary":"他，有什么特别的？他的失联，为什么值得特别关注？","content":"<p><html><head></head><body>Author | Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial circles, especially in the financial circles and the new Internet economy.</p><p>Him, what's so special? Why does his loss of contact deserve special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day in 2015, big news came out of Chinese business circles: Didi and Kuaidi jointly announced that the two companies would achieve strategic merger.</p><p>When the news came out, the market was shocked. A few days ago, the two companies were still in a desperate game. Information disclosed in the future shows that as early as January of that year, the two sides had started negotiations, but the process was full of challenges and the confidentiality work was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the army was fighting to the death. Suddenly, they sat at the same table, and they rejected the meeting until they didn't want to see it.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, and Bao Fan kept mediating in the confrontation: \"What is the ultimate goal of fighting this battle now, and what is the pattern you want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We can't be'muddled '. We try our best to pull both sides to the center line, and we have to explain clearly that this center line is reasonable. Can't let either side be wronged.\"</p><p>This is just one of Bao Fan's many successful stories.</p><p>Cooperation with Tencent JD.COM, Youku and Tudou, 58 and Ganji, Meituan and Dianping, Cat's Eye and Lithography, Meituan's acquisition of mobike, and Momo's acquisition of Tantan, Bao Fan is a crucial person in these big cooperation and transactions, and his Huaxing Capital continues to participate in them as the core role and identity of the exclusive financial consultant.</p><p>These sensational cases are only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.com, Meituan, Weibo, and iQiyi in the early years, to WuXi AppTec, Keike (Lianjia), Nio, Nanwei Medical, Bloomage Biotech, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou Big Project... Bao Fan and Huaxing Capital all played important roles.</p><p>Since 2013, China Renaissance has been ranked first among Chinese investment banks in financing and mergers and acquisitions services for China's new economy companies. Bao Fan is therefore known as the king of financial services in China's new economic field.</p><p>It is also said that the big business of China's new Internet economy has been covered by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, China Renaissance has become a winner-take-all in the financial services business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also inserts them from the depth of the industrial chain to the end.</p><p>For example, JD.com. From JD financing and listing, Huaxing has been eating JD Health, JD Logistics and other core business entities under JD, and it is not only a financial consultant, but also an investment, as well as a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first invested more than 3 billion in multiple rounds, holding a total of 3.8% of Keike shares before the IPO, becoming its fifth largest shareholder, and served as a financial advisor in its multiple rounds of financing, and then served as the joint lead underwriter when it went public in the United States. For the early investment alone, Huaxing's book floating profit exceeded 10 billion.</p><p>For example, Kuaishou. Huaxing not only participated in Kuaishou with its new economy fund, but also acted as a financial advisor in Kuaishou's financing. Together with Morgan Stanley and Bank of America, it was the joint sponsor of Kuaishou's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive of Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat western food and open his eyes. By the way, he listened to Shanghai's former stock market situation and the legend of bank tycoons. Although he didn't quite understand it, Bao Fan had vaguely felt that the profession of banking was mysterious and fun.</p><p>It is synonymous with rebellious young Bao Fan. Because his parents have been away for many years and have been boarding in school since childhood, he has developed an unfettered character, and he has to face campus bullying alone, which stimulates him to practice mixed martial arts wildly. He not only makes fighting the main theme of his life, but also pulls a group of brothers and becomes the \"boss\" of the campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent results.</p><p>Soon, as long as Bao Fan mediates the disputes in the school, most of them can be turned into friends. Nowadays, Bao Fan can handle so many commercial mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps due to his early experience of \"being the boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong or Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>Within a few years of graduating from college, he spent all day working with the top bosses in the world, talking about billions or even tens of billions of dollars in business. The excitement and glory that this job brought to Bao Fan far exceeded the pleasure of making money.</p><p>Novartis Pharmaceutical's merger and acquisition, China Unicom and AsiaInfo's overseas listing, Bao Fandu participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but restless, he began to ask himself questions. After all, he still didn't like a stable job, and he needed greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, so he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and all backbone network projects such as China Mobile, China Unicom and China Telecom are undertaken by it. It is known as the \"chief architect of China's Internet\". Here, Bao Fan is engaged in management and strategy, and has a hot fight with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this a startup opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl to serve as an analyst and secretary at the international club outside Jianguomen, and Huaxing Capital, a two-person company, was opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs, and Merrill Lynch were trying their best to enter the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan saw an opportunity: China's start-up enterprises and private economy are on the rise, and small financing and small mergers and acquisitions are constantly going on, but big investment banks basically look down on these.</p><p>This allowed Bao Fan to finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the professional, refined and deep cultivation route, lock in the high-tech new economy, and do both financial consultants and small-scale equity investments.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, or their own value, and they knew nothing about law, finance, strategy, etc. When financing, you either fail to convince investors, or you become vassals in front of capital.</p><p>Bao Fan's calculation is that all these troubles can be handed over to Huaxing.</p><p>If you want to find investors, Huaxing will help; To negotiate with investors, Huaxing will help; I don't know how to value it, I don't know how to write a financing agreement, Huaxing can handle everything, and I can \"leave us to do things that hurt my feelings\"; One-stop complete solution.</p><p>When encountering a particularly good company, Bao Fan will symbolically follow the investment, do it together, lose together, and win together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and started its brand. In 2006 and 2007 alone, it completed tens of billions of private equity financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the title of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model a \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen investment banking and expand its business to listing sponsorship and underwriting. The market has gradually exploded with such demand.</p><p>On the surface, the investment banking business seems fiercely competitive, fair and reasonable. In fact, the chain of contempt created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, with a surge of 86.94%. However, Li Guoqing, the biggest beneficiary, was furious and started a confrontation with \"Morgan Stanley\" in Weibo. The reason is that before the listing, Morgan Stanley, the underwriter of Dangdang, forced him to sell at a discount on the issue price. Dangdang raised a lot of money less, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and hard work act as \"migrant workers\" at the bottom of the finance; Indians occupy middle management positions; At the top, they will always be Jews and Anglo-Saxons. Chinese companies are listed overseas, but in fact they suffer from all kinds of unfair treatment.</p><p>Dangdang's experience made his experience even more painful.</p><p>American investors are also full of prejudice against Chinese companies. They are too lazy to understand the business model, and they always want you to find the analogy object: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how good you are in China, you have to find a company that \"benchmarks\" with the American market when you go public in the United States. Otherwise, American investors won't understand it and suspect that there is something fishy about your company.</p><p>This made Bao Fan start to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning at that time, but Bao Fan still made up his mind: even if he lost money with him, he would still participate.</p><p>This is also the truth he realized in the fighting: \"When you are knocked down, you must never flinch, you must fight back immediately.\"</p><p>Since 2012, Huaxing has focused on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. From then on-Chinese enterprises went public in the United States, and they were escorted by their own investment banks.</p><p>This time, Bao Fan bet correctly again.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed its first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock, listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten a US stock IPO.</p><p>Winning this big order is more or less because of Bao Fan's personal relationship. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to sea.</p><p>But later, when more and more Chinese companies went to the United States, Huaxing quickly became a dark horse in the market by perfectly stepping on the market rhythm and first-mover advantage. By 2018, it was already the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic Persons of the Year Award Ceremony</p><p>Keike, with a market value of more than 70 billion US dollars, was listed on the New York Stock Exchange, and Huaxing served as the lead underwriter; Wuxin Technology, with a market value of more than 40 billion US dollars, was listed on the New York Stock Exchange, and China Renaissance and Citigroup became its underwriters.</p><p>In addition to its successful start in the U.S. stock market, Huaxing is also making great strides in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial advisor/joint global coordinator; JD.com is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Kuaishou goes public, Huaxing is the joint sponsor...</p><p>As early as June 30, 2020, Huaxing has helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions, and private equity financing, with a total transaction volume of more than US $146 billion. In terms of scale, it became the first in China's new economy at that time.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another example of Huaxing Capital's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong and decided that he was capable, loyal and able to accomplish things. However, Huaxing missed several rounds of financing in JD.com. Bao Fan is the kind of person who will never die until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, JD.com's C round of financing, Liu Qiangdong finally found Bao Fan and asked for US $1 billion. Bao Fan's first feeling is: Liu Qiangdong is crazy. In 2009, Shanda went public in the United States, and the amount of financing was nothing more than that.</p><p>Bao Fan gritted his teeth and accepted this big move that ordinary people couldn't accept.</p><p>Just in time, Yuri, an old friend of Huaxing Capital and founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to JD.COM, which cost 500 million dollars.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.com, Bao Fan has been deeply tied to JD.com since then. Since then, Huaxing has been the co-lead underwriter of JD.com's US $2.05 billion IPO, setting a record for the largest financing of Chinese concept stocks at that time, and has been listed until JD Health is listed later.</p><p>Many enterprises are willing to tie up with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put building a top professional team at the top of the company's development, and constantly offered high salaries to find and poach people. As early as 2017, Huaxing's per capita salary was as high as 1.2 million yuan.</p><p>Elite team is the characteristic signboard of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all the resources of Huaxing to support him, and we will never give up when he is in the most difficult time. If we make friends, we will be sincere and treat each other.\"</p><p>Bao Fan said that Huaxing did a lot of projects in its early years, even without contracts, so it was done by shaking hands. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been DIAO since the first day of its establishment. My personality is like this, and I'm not short of this meal. If you are willing to cooperate, you should cooperate, but you should be happy when you cooperate together. Not only do you make a deal, but you are still friends after you finish the deal. This is real cooperation.\"</p><p>Bao Fan is a financial expert, but his specialty is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like a bank account. When others help you, they are withdrawing money. They always withdraw money. One day, the money will be withdrawn, so you have to help others and keep saving money, so that you can have more and more money.\"</p><p>Therefore, he believes that when doing business, \"don't just look at interests, but also pay attention to feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. Before others help you, you should help others first, and you don't necessarily expect a return.\"</p><p>\"We recognize the mistakes in business judgment and can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral quality. The core of investment banking is brand, and one thing can make you completely finished.\"</p><p>Huaxing's corporate culture is also full of \"Jianghu loyalty\". On the issue of interests, Bao Fan has always been indifferent. Once he has a deep friendship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Enlight and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Enlight Media, remembered it. Later, when Enlight Media went public, Wang Changtian pulled Bao Fan into a shareholder, making him earn more than 30 times at the highest.</p><p>Wang Changtian's evaluation of Bao Fan is: \"He is a person you are willing to give him money. You think it's right for him to make money.\"</p><p>For many entrepreneurs, Bao Fan has heartfelt pity. He said: \"It's not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirits of doing things and being a man have enabled Huaxing's investment business to grow rapidly in recent years and become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the asset management scale of Huaxing's private equity investment funds reached approximately RMB 39 billion, with an average IRR of 33%, and it has invested in Meituan, WuXi AppTec, Minglamp Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Biotech, Xinmai Medical, MicroPort Xintong, Pop Mart, Kuaishou, Didi and other successful cases.</p><p>On September 10, 2020, Huaxing New Economic Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of US dollar fund fundraising, with a total fundraising amount exceeding US $600 million. After completing this fundraising, its single investment amount can reach US $50 million.</p><p>In 2016, Bao Fan also \"saved the country by curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the mainland's control on private securities, and established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses of securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the securities industry in the mainland, the development of Huaxing Capital in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two businesses: self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities also upgraded two levels in a row, from Class BB last year to Class A.</p><p>Starting from 2020, China's economy has increasingly shown two salient characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the core of promoting the development of the new economy. The science and technology innovation board, the registration system, and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also considered to be the core engine of China's economic transformation and upgrading.</p><p>On the one hand, it is the new economic investment and overseas investment banks that have built high barriers, and on the other hand, it is a fully licensed securities firm in the mainland capital market. Huaxing Capital, which is deeply involved in the three core value points of new economic financial services, can be said to have caught up with the good times and made enough preparations.</p><p>In recent years, in addition to devoting himself to practice, Bao Fan is an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth betting on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, \"Caixin\" reported that Bao Fan was suspected of missing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the Hong Kong Stock Exchange: \"The board of directors has learned that the company is temporarily unable to get in touch with Bao Fan (the chairman, executive director, CEO and controlling shareholder of the company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>When the news came out, the industry was shocked.</p><p>Because this will affect the future and destiny of many people, and even become a bellwether event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffered heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its stock price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK $31.8 and closed at HK $22.5. Since then, its stock price has continued to fall, reaching as low as HK $5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increases his holdings many times, it will not help. Some investors who once placed high hopes on it couldn't help but leave messages of hatred and disgust in the stock bar: old shares, specializing in harvesting the secondary market, garbage, cheap, mud can't hold the wall...</p><p>As of February 15, 2023, its stock price is still below HK $10.</p><p>The weakness of the stock price reflects the actual challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the overall economic environment, and investors' lack of confidence in some things other than China Renaissance's business.</p><p>In terms of team and management, a former Huaxing employee once said that up to now, Huaxing still hasn't got rid of its dependence on Bao Fan's outstanding personal ability. Huaxing still lacks strength in talent competition, and often can only follow the international big banks. Find someone behind.</p><p>In terms of the economic environment, the development of the new economy dominated by the Internet has entered turmoil in recent years. From the perspective of investment and investment banking, it is even a period of sharp recession, while the development of artificial intelligence is still being invested, which also makes the new economy dominated by Huaxing encountered the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about China Renaissance is that it always stages a \"super\" repurchase drama: on the day of listing, the company spent HK $4,010 to repurchase 200 shares at a repurchase price of HK $20.05; Since then, no less than 5 times, Huaxing Capital has solemnly announced repurchases, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, currently, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, but also the largest shareholder, and the most important pioneer of big business. If something happens to him, the possible impact on Huaxing can also be seen.</p><p>What is even more worrying is that in September 2022, Cungle, president of China Renaissance Capital and former chairman and chief executive officer of ICBC International, has been taken away by relevant departments, and the matters involved may include the relationship with China Renaissance when he was an employee of ICBC International. Capital business dealings.</p><p>According to public information, Jungle served as the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and approved a loan of US $200 million for China Renaissance in 2017. In July 2020, after the listing of China Renaissance Capital Holdings, Cungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a drop of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's \"Deep Web\" that at the turning point of the times, many things cannot be seen clearly, but they still have to continue to see them. Investment is to find certainty in uncertainty.</p><p>As one of the important standard-bearers of the new economy, Bao Fan's accident will bring uncertainty beyond China Renaissance itself.</p><p>The new Internet economy has been a hot spot for wealth creation in the past 10 years, and it is considered to be the sunniest hot spot for wealth creation. When certain companies, something behind the sunshine is revealed, the whole industry will undoubtedly be affected.</p><p></body></html></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>Where did the people who contracted the big Internet business in China go?</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\">\nWhere did the people who contracted the big Internet business in China go?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/27\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华商韬略 </p>\n<p class=\"h-time smaller\">2023-02-17 20:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author | Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial circles, especially in the financial circles and the new Internet economy.</p><p>Him, what's so special? Why does his loss of contact deserve special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day in 2015, big news came out of Chinese business circles: Didi and Kuaidi jointly announced that the two companies would achieve strategic merger.</p><p>When the news came out, the market was shocked. A few days ago, the two companies were still in a desperate game. Information disclosed in the future shows that as early as January of that year, the two sides had started negotiations, but the process was full of challenges and the confidentiality work was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the army was fighting to the death. Suddenly, they sat at the same table, and they rejected the meeting until they didn't want to see it.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, and Bao Fan kept mediating in the confrontation: \"What is the ultimate goal of fighting this battle now, and what is the pattern you want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We can't be'muddled '. We try our best to pull both sides to the center line, and we have to explain clearly that this center line is reasonable. Can't let either side be wronged.\"</p><p>This is just one of Bao Fan's many successful stories.</p><p>Cooperation with Tencent JD.COM, Youku and Tudou, 58 and Ganji, Meituan and Dianping, Cat's Eye and Lithography, Meituan's acquisition of mobike, and Momo's acquisition of Tantan, Bao Fan is a crucial person in these big cooperation and transactions, and his Huaxing Capital continues to participate in them as the core role and identity of the exclusive financial consultant.</p><p>These sensational cases are only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.com, Meituan, Weibo, and iQiyi in the early years, to WuXi AppTec, Keike (Lianjia), Nio, Nanwei Medical, Bloomage Biotech, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou Big Project... Bao Fan and Huaxing Capital all played important roles.</p><p>Since 2013, China Renaissance has been ranked first among Chinese investment banks in financing and mergers and acquisitions services for China's new economy companies. Bao Fan is therefore known as the king of financial services in China's new economic field.</p><p>It is also said that the big business of China's new Internet economy has been covered by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, China Renaissance has become a winner-take-all in the financial services business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also inserts them from the depth of the industrial chain to the end.</p><p>For example, JD.com. From JD financing and listing, Huaxing has been eating JD Health, JD Logistics and other core business entities under JD, and it is not only a financial consultant, but also an investment, as well as a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first invested more than 3 billion in multiple rounds, holding a total of 3.8% of Keike shares before the IPO, becoming its fifth largest shareholder, and served as a financial advisor in its multiple rounds of financing, and then served as the joint lead underwriter when it went public in the United States. For the early investment alone, Huaxing's book floating profit exceeded 10 billion.</p><p>For example, Kuaishou. Huaxing not only participated in Kuaishou with its new economy fund, but also acted as a financial advisor in Kuaishou's financing. Together with Morgan Stanley and Bank of America, it was the joint sponsor of Kuaishou's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive of Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat western food and open his eyes. By the way, he listened to Shanghai's former stock market situation and the legend of bank tycoons. Although he didn't quite understand it, Bao Fan had vaguely felt that the profession of banking was mysterious and fun.</p><p>It is synonymous with rebellious young Bao Fan. Because his parents have been away for many years and have been boarding in school since childhood, he has developed an unfettered character, and he has to face campus bullying alone, which stimulates him to practice mixed martial arts wildly. He not only makes fighting the main theme of his life, but also pulls a group of brothers and becomes the \"boss\" of the campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent results.</p><p>Soon, as long as Bao Fan mediates the disputes in the school, most of them can be turned into friends. Nowadays, Bao Fan can handle so many commercial mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps due to his early experience of \"being the boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong or Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>Within a few years of graduating from college, he spent all day working with the top bosses in the world, talking about billions or even tens of billions of dollars in business. The excitement and glory that this job brought to Bao Fan far exceeded the pleasure of making money.</p><p>Novartis Pharmaceutical's merger and acquisition, China Unicom and AsiaInfo's overseas listing, Bao Fandu participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but restless, he began to ask himself questions. After all, he still didn't like a stable job, and he needed greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, so he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and all backbone network projects such as China Mobile, China Unicom and China Telecom are undertaken by it. It is known as the \"chief architect of China's Internet\". Here, Bao Fan is engaged in management and strategy, and has a hot fight with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this a startup opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl to serve as an analyst and secretary at the international club outside Jianguomen, and Huaxing Capital, a two-person company, was opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs, and Merrill Lynch were trying their best to enter the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan saw an opportunity: China's start-up enterprises and private economy are on the rise, and small financing and small mergers and acquisitions are constantly going on, but big investment banks basically look down on these.</p><p>This allowed Bao Fan to finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the professional, refined and deep cultivation route, lock in the high-tech new economy, and do both financial consultants and small-scale equity investments.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, or their own value, and they knew nothing about law, finance, strategy, etc. When financing, you either fail to convince investors, or you become vassals in front of capital.</p><p>Bao Fan's calculation is that all these troubles can be handed over to Huaxing.</p><p>If you want to find investors, Huaxing will help; To negotiate with investors, Huaxing will help; I don't know how to value it, I don't know how to write a financing agreement, Huaxing can handle everything, and I can \"leave us to do things that hurt my feelings\"; One-stop complete solution.</p><p>When encountering a particularly good company, Bao Fan will symbolically follow the investment, do it together, lose together, and win together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and started its brand. In 2006 and 2007 alone, it completed tens of billions of private equity financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the title of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model a \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen investment banking and expand its business to listing sponsorship and underwriting. The market has gradually exploded with such demand.</p><p>On the surface, the investment banking business seems fiercely competitive, fair and reasonable. In fact, the chain of contempt created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, with a surge of 86.94%. However, Li Guoqing, the biggest beneficiary, was furious and started a confrontation with \"Morgan Stanley\" in Weibo. The reason is that before the listing, Morgan Stanley, the underwriter of Dangdang, forced him to sell at a discount on the issue price. Dangdang raised a lot of money less, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and hard work act as \"migrant workers\" at the bottom of the finance; Indians occupy middle management positions; At the top, they will always be Jews and Anglo-Saxons. Chinese companies are listed overseas, but in fact they suffer from all kinds of unfair treatment.</p><p>Dangdang's experience made his experience even more painful.</p><p>American investors are also full of prejudice against Chinese companies. They are too lazy to understand the business model, and they always want you to find the analogy object: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how good you are in China, you have to find a company that \"benchmarks\" with the American market when you go public in the United States. Otherwise, American investors won't understand it and suspect that there is something fishy about your company.</p><p>This made Bao Fan start to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning at that time, but Bao Fan still made up his mind: even if he lost money with him, he would still participate.</p><p>This is also the truth he realized in the fighting: \"When you are knocked down, you must never flinch, you must fight back immediately.\"</p><p>Since 2012, Huaxing has focused on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. From then on-Chinese enterprises went public in the United States, and they were escorted by their own investment banks.</p><p>This time, Bao Fan bet correctly again.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed its first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock, listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten a US stock IPO.</p><p>Winning this big order is more or less because of Bao Fan's personal relationship. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to sea.</p><p>But later, when more and more Chinese companies went to the United States, Huaxing quickly became a dark horse in the market by perfectly stepping on the market rhythm and first-mover advantage. By 2018, it was already the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic Persons of the Year Award Ceremony</p><p>Keike, with a market value of more than 70 billion US dollars, was listed on the New York Stock Exchange, and Huaxing served as the lead underwriter; Wuxin Technology, with a market value of more than 40 billion US dollars, was listed on the New York Stock Exchange, and China Renaissance and Citigroup became its underwriters.</p><p>In addition to its successful start in the U.S. stock market, Huaxing is also making great strides in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial advisor/joint global coordinator; JD.com is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Kuaishou goes public, Huaxing is the joint sponsor...</p><p>As early as June 30, 2020, Huaxing has helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions, and private equity financing, with a total transaction volume of more than US $146 billion. In terms of scale, it became the first in China's new economy at that time.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another example of Huaxing Capital's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong and decided that he was capable, loyal and able to accomplish things. However, Huaxing missed several rounds of financing in JD.com. Bao Fan is the kind of person who will never die until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, JD.com's C round of financing, Liu Qiangdong finally found Bao Fan and asked for US $1 billion. Bao Fan's first feeling is: Liu Qiangdong is crazy. In 2009, Shanda went public in the United States, and the amount of financing was nothing more than that.</p><p>Bao Fan gritted his teeth and accepted this big move that ordinary people couldn't accept.</p><p>Just in time, Yuri, an old friend of Huaxing Capital and founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to JD.COM, which cost 500 million dollars.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.com, Bao Fan has been deeply tied to JD.com since then. Since then, Huaxing has been the co-lead underwriter of JD.com's US $2.05 billion IPO, setting a record for the largest financing of Chinese concept stocks at that time, and has been listed until JD Health is listed later.</p><p>Many enterprises are willing to tie up with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put building a top professional team at the top of the company's development, and constantly offered high salaries to find and poach people. As early as 2017, Huaxing's per capita salary was as high as 1.2 million yuan.</p><p>Elite team is the characteristic signboard of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all the resources of Huaxing to support him, and we will never give up when he is in the most difficult time. If we make friends, we will be sincere and treat each other.\"</p><p>Bao Fan said that Huaxing did a lot of projects in its early years, even without contracts, so it was done by shaking hands. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been DIAO since the first day of its establishment. My personality is like this, and I'm not short of this meal. If you are willing to cooperate, you should cooperate, but you should be happy when you cooperate together. Not only do you make a deal, but you are still friends after you finish the deal. This is real cooperation.\"</p><p>Bao Fan is a financial expert, but his specialty is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like a bank account. When others help you, they are withdrawing money. They always withdraw money. One day, the money will be withdrawn, so you have to help others and keep saving money, so that you can have more and more money.\"</p><p>Therefore, he believes that when doing business, \"don't just look at interests, but also pay attention to feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. Before others help you, you should help others first, and you don't necessarily expect a return.\"</p><p>\"We recognize the mistakes in business judgment and can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral quality. The core of investment banking is brand, and one thing can make you completely finished.\"</p><p>Huaxing's corporate culture is also full of \"Jianghu loyalty\". On the issue of interests, Bao Fan has always been indifferent. Once he has a deep friendship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Enlight and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Enlight Media, remembered it. Later, when Enlight Media went public, Wang Changtian pulled Bao Fan into a shareholder, making him earn more than 30 times at the highest.</p><p>Wang Changtian's evaluation of Bao Fan is: \"He is a person you are willing to give him money. You think it's right for him to make money.\"</p><p>For many entrepreneurs, Bao Fan has heartfelt pity. He said: \"It's not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirits of doing things and being a man have enabled Huaxing's investment business to grow rapidly in recent years and become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the asset management scale of Huaxing's private equity investment funds reached approximately RMB 39 billion, with an average IRR of 33%, and it has invested in Meituan, WuXi AppTec, Minglamp Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Biotech, Xinmai Medical, MicroPort Xintong, Pop Mart, Kuaishou, Didi and other successful cases.</p><p>On September 10, 2020, Huaxing New Economic Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of US dollar fund fundraising, with a total fundraising amount exceeding US $600 million. After completing this fundraising, its single investment amount can reach US $50 million.</p><p>In 2016, Bao Fan also \"saved the country by curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the mainland's control on private securities, and established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses of securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the securities industry in the mainland, the development of Huaxing Capital in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two businesses: self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities also upgraded two levels in a row, from Class BB last year to Class A.</p><p>Starting from 2020, China's economy has increasingly shown two salient characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the core of promoting the development of the new economy. The science and technology innovation board, the registration system, and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also considered to be the core engine of China's economic transformation and upgrading.</p><p>On the one hand, it is the new economic investment and overseas investment banks that have built high barriers, and on the other hand, it is a fully licensed securities firm in the mainland capital market. Huaxing Capital, which is deeply involved in the three core value points of new economic financial services, can be said to have caught up with the good times and made enough preparations.</p><p>In recent years, in addition to devoting himself to practice, Bao Fan is an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth betting on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, \"Caixin\" reported that Bao Fan was suspected of missing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the Hong Kong Stock Exchange: \"The board of directors has learned that the company is temporarily unable to get in touch with Bao Fan (the chairman, executive director, CEO and controlling shareholder of the company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>When the news came out, the industry was shocked.</p><p>Because this will affect the future and destiny of many people, and even become a bellwether event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffered heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its stock price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK $31.8 and closed at HK $22.5. Since then, its stock price has continued to fall, reaching as low as HK $5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increases his holdings many times, it will not help. Some investors who once placed high hopes on it couldn't help but leave messages of hatred and disgust in the stock bar: old shares, specializing in harvesting the secondary market, garbage, cheap, mud can't hold the wall...</p><p>As of February 15, 2023, its stock price is still below HK $10.</p><p>The weakness of the stock price reflects the actual challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the overall economic environment, and investors' lack of confidence in some things other than China Renaissance's business.</p><p>In terms of team and management, a former Huaxing employee once said that up to now, Huaxing still hasn't got rid of its dependence on Bao Fan's outstanding personal ability. Huaxing still lacks strength in talent competition, and often can only follow the international big banks. Find someone behind.</p><p>In terms of the economic environment, the development of the new economy dominated by the Internet has entered turmoil in recent years. From the perspective of investment and investment banking, it is even a period of sharp recession, while the development of artificial intelligence is still being invested, which also makes the new economy dominated by Huaxing encountered the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about China Renaissance is that it always stages a \"super\" repurchase drama: on the day of listing, the company spent HK $4,010 to repurchase 200 shares at a repurchase price of HK $20.05; Since then, no less than 5 times, Huaxing Capital has solemnly announced repurchases, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, currently, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, but also the largest shareholder, and the most important pioneer of big business. If something happens to him, the possible impact on Huaxing can also be seen.</p><p>What is even more worrying is that in September 2022, Cungle, president of China Renaissance Capital and former chairman and chief executive officer of ICBC International, has been taken away by relevant departments, and the matters involved may include the relationship with China Renaissance when he was an employee of ICBC International. Capital business dealings.</p><p>According to public information, Jungle served as the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and approved a loan of US $200 million for China Renaissance in 2017. In July 2020, after the listing of China Renaissance Capital Holdings, Cungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a drop of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's \"Deep Web\" that at the turning point of the times, many things cannot be seen clearly, but they still have to continue to see them. Investment is to find certainty in uncertainty.</p><p>As one of the important standard-bearers of the new economy, Bao Fan's accident will bring uncertainty beyond China Renaissance itself.</p><p>The new Internet economy has been a hot spot for wealth creation in the past 10 years, and it is considered to be the sunniest hot spot for wealth creation. When certain companies, something behind the sunshine is revealed, the whole industry will undoubtedly be affected.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9211839191cf55d29dbe0ea606ea36f8","relate_stocks":{"01911":"华兴资本控股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117714701","content_text":"作 者丨华商韬略昨日晚间，华兴资本创始人、董事长包凡失联的消息，在财经界，尤其是金融界与互联网新经济领域引起广泛关注，甚至是强烈震动。他，有什么特别的？他的失联，为什么值得特别关注？2015年情人节，中国商界传出大消息：滴滴与快的共同宣布，两家企业将实现战略合并。消息一出，市场震惊。此前几天，两家公司还在殊死博弈。日后披露信息显示，早在当年1月，双方就已开始了谈判，只不过过程充满挑战，且保密工作做得足够好。主导这场交易的正是包凡，和他的华兴资本。据包凡回忆，双方的谈判一开始充满火药味，“以前将过军，你死我活的，突然坐到同一张桌子上，他们排斥到见面都不想见。”最终，双方的核心谈判进行了整整13个小时，包凡则在对峙中不断调停：“现在打这一仗，最终目的是什么，想要形成的格局是什么？”“得用理性的方式告诉他们，不能为了打仗而打仗……绝不能‘和稀泥‘，我们尽量把双方往中线上拉，而且我们要解释清楚，这条中线是合理的。不能让任何一方受委屈。”这只是包凡众多成功案例中的一个。腾讯与京东合作、优酷与土豆合并、58与赶集合并，美团与大众点评合并、猫眼和微影合并、美团收购摩拜、陌陌收购探探，这些大合作、大交易中，包凡都是至关重要的人，他旗下的华兴资本则以独家财务顾问的核心角色和身份，持续参与其中。这些轰动江湖的大案子，只是包凡和华兴业务的一小部分。从早年的当当、京东、美团、微博、爱奇艺上市，到最近几年的药明康德、贝壳（链家）、蔚来、南微医学、华熙生物、心脉医疗、微创心通、哔哩哔哩、泡泡玛特、快手大项目……包凡和华兴资本都扮演了重要角色。2013年至今，在为中国新经济公司运作的融资并购服务中，华兴资本一直位列中国投行第一。包凡也因此被誉为：中国新经济领域的金融服务之王。也有人说，中国互联网新经济的大买卖，被包凡包圆了。这些年，伴随其投行、投资业务的发展，华兴资本在新经济的金融服务生意里赢家通吃。既深度捆绑新经济巨头一家吃到底，也从产业链纵深一竿子插到底。比如京东。华兴从京东融资、上市一直吃到京东健康，京东物流等京东旗下核心事业体，而且在其中既当财务顾问，也做投资，还当上市保荐人与承销商。比如贝壳。华兴先是以超过30亿的多轮投资，累计持有贝壳股份至IPO前的3.8%，成为其第五大股东，并在其多轮融资担任财务顾问，然后又在其赴美国上市之际担任了联席主承销商。仅是早期的投资，华兴就账面浮盈超过百亿之巨。比如快手。华兴既以旗下的新经济基金参投了快手，也在快手的融资中担当财务顾问，并与摩根士丹利、美银一起做了快手在港上市的联席保荐人。1970年，包凡在上海出生。他的祖父是新中国成立前的浙江银行高管，父母则是外交官。十几岁的包凡，就被长辈们带着吃西餐、开眼界，顺便旁听上海昔日股市风云和银行大亨传奇。虽然听不太懂，但包凡已经隐约感觉到，银行家这个职业很神秘、很好玩。叛逆是少年包凡的代名词。由于父母长年在外，自小在校寄宿，他养成了无拘无束的性格，又要独自面对校园霸凌，这刺激他狂练综合格斗，不但把打架斗殴过成了生活主旋律，还拉上一帮兄弟，当上了校园“老大”。不过，这些都没能耽误他的学习，他依然以优异成绩考入复旦大学。很快，学校里的纠纷只要找包凡调停，大都能化干戈为玉帛。如今，包凡能将那么多利益纠缠、矛盾尖锐的商业并购一一搞定，或许正是源于他早年“当老大”的经验。在华兴，包凡的称呼不是包总、包董，而是：老大。先后在复旦和挪威管理学院毕业后，包凡于1993年入职顶级投行摩根士丹利，圆了儿时的梦想。大学毕业没几年，就成天跟全世界最顶尖的大佬合作，谈的都是几十亿乃至上百亿美元的生意，这份工作带给包凡的兴奋与荣耀，远超赚钱的快感。诺华制药并购，中国联通、亚信科技海外上市，包凡都全程参与。参加工作没几年，他已担任多家跨国企业的财务顾问，但不安分的他却开始不断自我设问，自己终究还是不喜欢稳定的工作，他需要更大的刺激，比如创业。2000年，运作亚信上市时，包凡觉得自己与这个创业团队很投脾气，他随即加盟亚信，担任首席战略官。亚信堪称中国互联网公司的“鼻祖”，移动、联通、电信等骨干网络工程全由其承建，有“中国互联网的总建筑师”之称。在这里，包凡搞管理、定战略，跟不少高科技同行打得火热。随着工作深入，他又有了重大发现：这些高科技企业近年来飞速成长，融资、并购需求极大，却对资本市场相当陌生。这让他眼前一亮：这不就是创业机会吗？！2004年，包凡在建国门外的国际俱乐部，招了个清华女生兼任分析师和秘书，两个人的华兴资本，就这样开了张。这一年，国内资本市场加速发展，瑞士信贷、德意志银行、高盛、美林证券等国外巨头都在想方设法切入中国市场。势单力薄的华兴，如何才能有一席之地？包凡看到了一个机会：中国创业企业、民营经济正在崛起，小融资、小并购不断，但大投行对这些基本看不上。这让包凡最终明确出一个锁定新经济的“投行+投资”模式：不走规模路线，而是走专业精细和深耕路线，锁定高科技新经济，既做财务顾问，又做小规模参股投资。当年，新兴创业者在资本面前大都“蒙圈”：既说不清发展方向、融资需求、核心竞争力，也认不清自身价值，对法律、财务、战略等更是一无所知。融资时，要么说服不了投资人，要么在资本面前沦为附庸。包凡的算盘是，这些麻烦，交给华兴就好。要找投资人，华兴帮忙搞定；要跟投资人谈判，华兴帮忙搞定；不知道该怎么估值，不知道融资协议怎么写，华兴统统能搞定，而且可以“伤感情的事，留我们来做”；一条龙全套解决。遇到特别好的企业，包凡还会象征性跟投，一起做，一起输，一起赢。借助互联网新经济的快速发展，华兴很快走上正轨，打响招牌。仅是06、07两年，它就一口气为征途网络、21世纪不动产、奇虎、当当网等企业完成上百亿私募融资，一举斩获“最活跃中小型投行”、“年度最佳新型投行”等桂冠。日后，人们将这种“小而美”的商业模式称为“精品投行”。在此基础上，包凡开始进一步把投行做实，将业务拓展到上市保荐与承销。市场，也逐渐爆发出这样的需求。投行这门生意，表面看竞争激烈、公平合理，实际上，民族、国别造就的鄙视链无处不在。2010年，当当网在纽交所成功上市，暴涨86.94%，但作为最大受益者的李国庆却大发雷霆，与“大摩女”在微博展开对骂。原因是，上市前，当当的承销商摩根士丹利强制要求他对发行价打折贱卖，当当少募了很多钱，李国庆成为了最大受害者。作为这一项目的财务顾问方，包凡早年就体会到，金融业具有强烈的民族性。比如，在大投行，数学精湛、工作勤奋的华人，充当着底层金融“民工”；印度人占据着中层管理职位；最高层，则永远是犹太人和盎格鲁-撒克逊人。中国公司海外上市，表面风光无限，实则遭受着各种不公平待遇。当当的遭遇，让他这种体会变得更加痛彻。美国投资人对中国企业也充满偏见。他们懒得理解商业模式，总希望你找出类比对象：不管你是阿里、携程还是新浪、百度，甭管你在中国多牛，在美国上市就统统要找到与美国市场“对标”的公司，否则，美国投资人就看不懂，就怀疑你公司有猫腻。这让包凡开始了反思：中国人要如何突破，在华尔街去赢得一席之地？他的答案是，一定要打破欧美投行的上市垄断权。虽然不服气，但当时的华兴资本参与进去并无胜算，可包凡还是下定决心：即便陪跑赔钱，也要参与。这也是他在格斗中悟出来的道理：“被打倒时，你绝不能退缩，必须马上打回去。”从2012年开始，华兴开始集中精力成为真正的投行，先后拿到中国香港、美国的券商牌照。从此——中国企业赴美上市，有了中国人自己的投资银行护航。这一次，包凡再次押对了。2013年6月，刚刚拿到美国券商牌照的华兴，就完成了IPO第一股：成为跨境电商第一股兰亭集势在纽交所上市的唯一的本土副承销商。这是第一次由中国投行承销美股IPO。拿下这笔大单，多少是因为包凡的个人关系。他与兰亭集势董事长郭去疾是多年的“好友”：当年，郭去疾在谷歌中国当首席战略官时，就是包凡“鼓动”他下的海。但后来，当越来越多中国企业赴美，华兴则是靠着完美踏准市场节奏以及先发优势，快速成为了市场的一匹黑马，到2018年时，它已是华尔街第七大承销商。▲包凡在2018十大经济年度人物颁奖典礼现场当年市值超过700亿美元的贝壳在纽交所上市，华兴担任主承销商；市值超过400亿美金雾芯科技在纽交所上市，华兴资本与花旗一起成为其承销商。除了在美股市场旗开得胜，华兴在香港市场同样高歌猛进：美团在港上市，华兴是独家财务顾问/联席全球协调人；京东在港上市，华兴资本是联席全球协调人、联席账簿管理人及联席牵头经办人；快手上市，华兴是联席保荐人……早在2020年6月30日，华兴已帮助客户成功完成包括首次公开募股、并购和私募融资等超过980宗交易，交易总额逾1460亿美元，规模上，成为当时中国新经济领域的第一。与京东合作，是华兴资本运作的又一典范。早在2006年，包凡就结识了刘强东，认定他能力强、讲义气、会成事。但京东的数轮融资，华兴都失之交臂。包凡是那种不到黄河心不死的人：“我就不信这邪，我们一定要为京东做点啥。”2011年，京东C轮融资，刘强东终于找到包凡，开口要10亿美元。包凡第一感觉是：刘强东疯了。2009年盛大赴美上市，融资额也不过如此。这种一般人接不住的大招，包凡咬牙接了。正好，华兴资本的老朋友、俄罗斯数字天空技术（DST）创始人尤里来到中国，包凡带着这位“俄罗斯土豪”逛京东，一砸就是5亿美元。老虎基金、软银马上跟风凑了破天荒的15亿美元。凭借这场京东史上关键之战，包凡自此与京东深度捆绑。此后，华兴从京东20.5亿美元IPO的联席主承销商，创出当时中概股最大规模融资纪录，一直做到后面的京东健康上市。众多企业都愿意和华兴捆绑，离不开华兴的专业能力。从创立开始，包凡就将构建顶尖专业团队放在公司发展首位，不断开出高薪找人，挖人。早在2017年，华兴的人均薪酬就已高达120万人民币。精英团队是华兴的特色招牌。而区别于其他业者的更大优势，离不开包凡在专业之外的功夫：“如果一个企业选择了华兴，我们会启用华兴所有的资源去支持他，在他最困难的时候，我们也会不离不弃。咱们交上朋友了，那就两肋插刀、肝胆相照。”包凡说，华兴早年做了很多项目，连合同都没有，握个手搞定了，“坦率讲我们干的事别人也能干，为什么大家愿意跟我们合作？”他认为，最重要的就是“肝胆相照”。“华兴从创立第一天起就比较DIAO，我的性格就是这样，我也不差这口饭吃，你愿意合作就合作，但在一起合作要开心，不仅做成买卖，做完买卖大家还是朋友，这才是真正的合作。”包凡是一个金融专家，但专业只是手段和技术，他真正追求和死守的，还是人性与人情。他说：“人情这东西就像银行账户，别人帮你是在取钱，总是取钱，总有一天钱会取光，所以你要帮别人，不断存钱，钱才能越来越多。”因此他认为，做生意，“不要只看利益，要重感情。”“第一，什么事情都别做太满，能让别人就让别人。你能赚10块钱，你就赚5块，留5块钱给别人。第二，要知恩图报，别人没帮你之前你就先帮别人，不一定指望回报。”“商业上的判断失误我们认了，能吸取很多经验教训。我最怕的就是人不靠谱，犯道德品质上的错误，投资银行买卖的核心就是品牌，一件事就能让你彻底完蛋。”华兴的企业文化中，也充满着“江湖义气”。在利益问题上，包凡向来大气不计较，一旦跟包凡有了深交，有人甚至愿意“送”钱给他。当年光线与华友的并购案落空，华兴几乎白忙一场，包凡对此毫不在意，光线传媒董事长王长田却记住了这事。后来光线传媒上市，王长田拉着包凡入股，让他最高赚到30多倍。王长田对包凡的评价则是：“他是一个你愿意给他钱的人，你觉得他挣钱是应该的。”对于很多企业家，包凡有发自内心的怜惜。他说：“中国的民营企业家很不容易。我特别能够理解他们夹缝中求生存的困境。这些人很不简单，我很佩服、尊重他们。”这些做事做人精神，让华兴的投资业务近年来快速成长，成为新经济投资领域的著名一极。截至2020年6月30日，华兴旗下的私募股权投资基金资产管理规模达约人民币390亿元，平均IRR达33%，并投出了美团、药明康德、明略数据、链家、分众传媒、南微医学、华熙生物、心脉医疗、微创心通、泡泡玛特、快手、滴滴等成功案例。2020年9月10日，华兴旗下“华兴新经济基金”还宣布，已完成第三期美元基金募资，总募资额超6亿美元，完成此次募资后，其单笔投资金额可达5000万美元。2016年，包凡还“曲线救国”，借助内地与香港经贸合作协定中关于金融业的合作条款，突破内地对民营证券的管制，以港资背景在上海成立了华菁证券，拥有证券经纪、证券投资咨询、证券承销与保荐、证券资产管理四张牌照，踏入内地证券业务。内地证券业新一轮改革之下，华兴资本在内地的发展也开始大步前进。2020年6月，华菁证券新增了证券自营、代销金融产品两项业务，成为全牌照券商。2020年12月，华菁证券正式更名为“华兴证券”。在2020年的分类评价中，华兴证券还连升两级，从上年的BB类升至A类。从2020年开始，中国经济越来越呈现出两大显著特征，或者说越来越靠两大趋势推动和引领。一个是以科技创新为支持的新经济发展；另一个是以推动新经济发展为核心的资本市场变革与发展，科创板、注册制、全面注册制推动中国资本市场走入崭新的时代。这也被认为是中国经济转型升级的核心引擎。一手是已经壁垒高筑的新经济投资与海外投行，一手是在内地资本市场的全牌照券商，在新经济金融服务三大核心价值点深耕的华兴资本，可谓赶上了好时候，也做足了准备。这些年，除了躬身实践，包凡更是中国新经济的鼓吹者，“中国的未来一定是新经济的未来，新经济是未来唯一值得赌的方向”。2023年2月16日晚，《财新》传出包凡疑似失联的消息。此后不久，华兴资本控股在港交所公告：“董事会得悉本公司暂时无法与包凡（本公司董事会主席、执行董事、首席执行官和控股股东）取得联系。”消息一出，业界震惊。因为，这将关系不少人的前途命运，甚至会成为新经济的一个风向标事件。首先是，华兴资本控股将不可避免的受到重大影响，甚至是遭遇重创。2018年，成就了众多企业家上市之路的包凡，也将华兴资本以“华兴资本控股”（01911）在港上市，但其上市之后的股价表现却只能用令人深感失望来形容。上市当日，华兴就大幅跌破31.8港元的发行价，收盘于22.5港元。此后，其股价更一路持续走低，最低至2022年9月的5.82港元，不足发行价的1/5。即便包凡多次增持，也无济于事。曾经对其寄予厚望的一些投资者，因此忍不住在股吧留言憎恨与厌恶：老千股、专门收割二级市场，垃圾、贱得可以，烂泥扶不上墙……截至2023年2月15日，其股价依然在10港元的下方。股价的疲弱，反应了华兴资本正在面临的实际挑战，它包括但不限于：公司团队与管理的挑战，以及整个经济大环境的变迁，以及投资人对华兴资本业务之外的一些事情也缺乏信心。在团队与管理方面，一位华兴前职员就曾表示，到目前，华兴依然没有摆脱对包凡的个人突出能力的依赖，华兴在人才竞争上还缺少力量，常常只能跟在国际大行后面找人。在经济大环境方面，最近几年互联网为主的新经济发展进入动荡，从投资与投行角度而言，甚至是大幅衰退期，而人工智能等发展尚在投入之中，这也让以新经济为主的华兴遇到行业低谷的问题。投资人信心方面，华兴资本让人匪夷所思的是，动不动就上演“超级”回购的戏码：上市当日，公司花4010港元回购200股，回购价为20.05港元；此后不低于5次，华兴资本都曾郑重其事地公告回购，回购数额都是：100股。根据公司信息披露，目前，包凡还持有华兴48.81%股份。既是创始人，还是最大股东，更是最重要的大业务先锋，如果他出事，华兴可能受到的影响也可见一斑。更让人担心的是，2022年9月，华兴资本总裁、工银国际前董事长兼行政总裁丛林已被有关部门带走，而其涉及之事，或许就包括任职工银国际时与华兴资本的业务往来。根据公开消息，丛林2016年任工银国际控股有限公司董事长兼行政总裁，2017年曾为华兴资本批下一笔2亿美元的贷款。2020年7月，华兴资本控股上市后，丛林应邀出任了华兴资本控股集团总裁兼任华兴证券（香港）董事长，而其年薪则高达千万级。今日（17日）上午，公告了包凡失联的华兴资本控股，在港股市场开盘大跌，截至收盘跌幅达28.2%。2022年，包凡曾经在接受腾讯《深网》的专访中说，在时代的转折点上，很多事情看不清楚，但还是要继续去看。投资就是在不确定中找确定。作为新经济重要旗手之一的包凡出事，所带来的不确定性，也会超出华兴资本本身。互联网新经济是过去10多年的造富热土，并且被认为是最阳光的一片造富热土。当某些公司，某些事情阳光背后的东西被显现出来，整个行业无疑都会受到影响。","news_type":1,"symbols_score_info":{"01911":0.9}},"isVote":1,"tweetType":1,"viewCount":2231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625289077,"gmtCreate":1676508887201,"gmtModify":1676508887201,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625289077","repostId":"1124094165","repostType":2,"isVote":1,"tweetType":1,"viewCount":2232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625280494,"gmtCreate":1676508761120,"gmtModify":1676508761120,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625280494","repostId":"1124094165","repostType":2,"repost":{"id":"1124094165","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1676505305,"share":"https://ttm.financial/m/news/1124094165?lang=en_US&edition=fundamental","pubTime":"2023-02-16 07:55","market":"hk","language":"zh","title":"Last night and this morning | The Nasdaq closed up nearly 1%! This century-old bank collapsed by 8%, and Russia demanded an investigation into the Beixi incident","url":"https://stock-news.laohu8.com/highlight/detail?id=1124094165","media":"老虎资讯综合","summary":"摘要：①无惧加息预期升温，隔夜美股三大股指收高，纳指涨近1%；②查理·芒格盛赞比亚迪：在中国市场让特斯拉相形见绌；③马斯克锐评人工智能：危险程度超过核技术。海外行情1、无惧加息预期升温美股三大股指收高","content":"<p><html><head></head><body>Abstract: ① Without fear of rising rate hike expectations, the three major U.S. stock indexes closed higher overnight, and the Nasdaq rose nearly 1%; ② Charlie Munger praised<a href=\"https://laohu8.com/S/002594\">BYD</a>: In the Chinese market<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Dwarfed in comparison; ③ Musk's sharp comment on artificial intelligence: the danger exceeds that of nuclear technology.<img src=\"https://static.tigerbbs.com/4bc45bac28ddf4f047f204e5e8c5f645\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. Without fear of rising rate hike expectations, the three major U.S. stock indexes closed higher and the Nasdaq rose nearly 1%</p><p>U.S. stocks closed higher on Wednesday, with the Nasdaq recording its third consecutive trading day of gains. U.S. retail sales in January exceeded expectations and increased by 3% month-on-month, the largest increase since March 2021, sending a clear signal that the economy is overheating, or it may mean that high inflation is stubborn, increasing the market's expectations that the Federal Reserve may rate hike to higher levels for a longer period of time. Higher level expectations. As of the close, the Nasdaq index rose 0.92%; The Dow Jones index rose 0.11%; The S&P 500 rose 0.28%.</p><p>Most large technology stocks rose,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Up 1.39%,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Up 1.46%, Meta fell 1.29%,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Up 2.39%,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Fell 0.80%, Netflix rose 0.41%,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Down 5.31%. WSB concept stocks and video game stocks were among the top gainers, Roblox rose more than 26%,<a href=\"https://laohu8.com/S/GME\">GameStop</a>Rose more than 9%,<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>Up more than 5%. Vaccine stocks and gold stocks were among the top losers,<a href=\"https://laohu8.com/S/HL\">Hecla Minerals</a>Fell more than 9%,<a href=\"https://laohu8.com/S/GORO\">Gold resources</a>Fell more than 6%,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>Fell more than 3%.</p><p>A century-old business-<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>The stock price suddenly collapsed. Before the U.S. stock market opened, the stock once plunged 11%, and finally closed down 8.41%. The company suddenly experienced two big thunders: First, according to people familiar with the matter, the British financial supervisory authority is investigating<a href=\"https://laohu8.com/S/BARC.UK\">Barclays Bank</a>Conduct investigations suspecting continued failures in its compliance and anti-money laundering systems; Second, on February 15, Barclays announced its 2022 financial results. The financial report shows that Barclays' pre-tax profit in 2022 will fall by 14% year-on-year, far lower than market expectations.</p><p>2. Popular Chinese concept stocks were mixed. The Nasdaq China Golden Dragon Index rose 0.30%</p><p>Popular Chinese concept stocks were mixed, with the Nasdaq China Golden Dragon Index rising 0.30%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Down 1.09%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Down 0.17%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Down 1.49%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 0.80%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 1.99%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 0.45%.</p><p>3. Major European stock indexes closed generally higher. The German DAX30 index rose 0.82%</p><p>Major European stock indexes closed generally higher on Wednesday, with Germany's DAX30 index rising 0.82%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.55%, the French CAC40 index rose 1.21%, and the European Stoxx 50 index rose 0.97%.</p><p>4. EIA oil reserves surged by more than 16 million barrels last week. Oil prices fell for two consecutive days, but the decline narrowed significantly in late trading</p><p>The prospect of European and American central banks' rate hike to higher levels in a longer period of time, as well as increased inventories, has caused oil prices to fall for two consecutive days, but improved demand and supply constraints have provided some price support.</p><p>WTI crude oil futures for March closed down $0.47, or 0.59%, at $78.59 per barrel. The deepest intraday drop was $1.78, or 2.3%, and the daily low was $77. The decline in U.S. stocks narrowed significantly after midday. Brent crude oil futures for April closed down US $0.20, or 0.23%, at US $85.38 per barrel. The deepest intraday drop was US $1.67, or 2%. It once fell below US $84, and once turned higher after midday.</p><p>5. New York gold futures closed down 1.1% on Wednesday, the lowest closing price in five weeks</p><p>The price of gold futures for April delivery on the New York Mercantile Exchange fell $20.10, or 1.1%, to close at $1,845.30 an ounce, the lowest closing price of the most active contract since January 5. A stronger dollar weighed on gold prices.</p><p>Macro News</p><p>1. Charlie Munger Shengzambidi: Dwarfing Tesla in the Chinese market</p><p>On Wednesday (February 15) local time, \"Stock God\" Buffett's long-term business partner,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Vice Chairman Charlie Munger said it's incredible that BYD dwarfs Tesla in the Chinese market.</p><p>The 99-year-old Munger Shengzambidi is his favorite stock so far. He bluntly said that during the years of working at Berkshire, he has never conducted an operation comparable to investing in BYD.</p><p>2. U.S. retail sales data in January crushed expectations and month-on-month growth hit a new high since March 2021</p><p>At 21:30 p.m. Beijing time on Wednesday, the Census Bureau of the U.S. Department of Commerce released January retail sales data. Like the shocking non-agricultural payrolls in January, U.S. retail sales data in January surged by 3% month-on-month, far exceeding market expectations of 1.8% and hitting a new high since March 2021.</p><p>3. The \"second-in-command\" of the Federal Reserve is about to become vacant. The White House is considering letting the new Chicago Fed president succeed him</p><p>According to media reports citing sources, the White House is considering nominating Chicago Fed President Goolsbee, who just took office last month, as vice chairman of the Federal Reserve Board of Governors.</p><p>U.S. President Joe Biden announced Tuesday that he will appoint current Federal Reserve Vice Chairman Lael Brainard to the post of director of the White House's National Economic Council (NEC). This means that with Brainard leaving the U.S. central bank next week, the position of Fed vice chairman will be vacant.</p><p>4. Musk's sharp comment on artificial intelligence: more dangerous than nuclear technology</p><p>On Wednesday (February 15) local time, Elon Musk said at the 2023 World Government Summit in Dubai, United Arab Emirates that ChatGPT confirmed that artificial intelligence (AI) has achieved incredible development, but this has become a human One thing to worry about.</p><p>Musk emphasized in his video speech that artificial intelligence is one of the biggest risks to human civilization in the future. He added, \"It has positive and negative sides, great prospects and great capabilities, but the dangers that come with it are also great.\"</p><p>Musk pointed out that it is time to supervise and manage the security issues of artificial intelligence, even if it slows down the development of this technology. He added that in fact, artificial intelligence poses a greater risk to society than cars, airplanes or medicines. \"Take nuclear technology as an example. We have nuclear energy, but we also have nuclear bombs.\"</p><p>5. IEA monthly report: China's economic recovery boosts global oil demand, and supply shortages may occur in the second half of the year</p><p>The International Energy Agency (IEA) raised its global oil demand forecast for this year on Wednesday, which will significantly boost oil demand this year after China optimizes its epidemic prevention policies. At the same time, the IEA predicts that there will be supply shortages in the second half of this year.</p><p>The IEA pointed out in its monthly report that global oil demand will soar to a record 101.9 million barrels per day this year, almost entirely due to strong demand in Asia. This expectation is 200,000 higher than the IEA's data last month. barrels/day.</p><p>The situation between Russia and Ukraine</p><p>1. Russian Foreign Minister: Will ask the United Nations to investigate the sabotage of the \"Nord Stream\" pipeline</p><p>On Wednesday (February 15) local time, Russian Foreign Minister Lavrov said that the West lied to Russia about the destruction of the \"Nord Stream\" natural gas pipeline and concealed the truth about the destruction of the Nord Stream pipeline.</p><p>Lavrov claimed that Russia is preparing to convene a special meeting of the UN Security Council and will ask the UN to investigate the incident. Lavrov added that Russia disagrees with the statement that the United Nations has no authority to investigate the sabotage of the Nord Stream pipeline.</p><p>2. Stick to the tradition of neutrality? Swiss government: Confiscation of Russian frozen assets is illegal</p><p>On Wednesday (February 15) local time, the Swiss government stated that the confiscation of frozen Russian assets was inconsistent with the Constitution and law.</p><p>The Swiss government said in a statement that a working group led by the Swiss Federal Judicial Office concluded that the confiscation of Russian private property would undermine the federal constitution and the current legal order. The Swiss government says its support for Ukraine will continue regardless of the conclusion.</p><p>3. Swedish Prime Minister Kristersson stated that he would provide a batch of weapons to Ukraine</p><p>According to Ukrainian media reports, on the 15th local time, Ukrainian President Zelensky and Prime Minister Shmegar met with visiting Swedish Prime Minister Kristersson in Kiev respectively. The talks between the two sides mainly focused on bilateral military and energy cooperation. At a press conference held after talks with Zelensky, Kristersson said that Sweden will provide Ukraine with 51 infantry fighting vehicles, a set of \"Archer\" self-propelled howitzers and several anti-aircraft weapons. In addition, the possibility that Sweden will provide Gripen fighter jets to Ukraine cannot be ruled out, but only if the relevant countries reach an agreement.</p><p>Company News</p><p>1. The U.S. Department of Justice allegedly stepped up antitrust investigations into Apple</p><p>According to media reports citing sources, the U.S. Department of Justice has stepped up efforts to draft antitrust lawsuits against Apple in recent months.</p><p>An investigation into whether Apple has monopoly power it abuses began in 2019, but law enforcement officers have stepped up efforts in recent months, and now more litigators have been sent to take charge of the case and request documentation and consultation from the companies involved, the people said. The investigation involves part of Apple's policy of managing mobile third-party software on its devices, and it is reported that it is also investigating whether Apple's iOS operates in an anti-competitive way and favors its own products.</p><p>2. Credit Suisse continues to reduce business risks and will no longer engage in non-performing debt business</p><p>According to media reports citing sources, Credit Suisse Group will no longer engage in non-performing debt and special circumstances transactions in accordance with its plan to exit high-risk and capital-intensive businesses.</p><p>According to people familiar with the matter, the bank will sell assets including bonds and loans related to troubled enterprises, with a market value of about $250 million. After the portfolio went up for sale in December last year, buyers will make their final bids this week. Credit Suisse has just launched a costly restructuring that includes cutting 9,000 jobs and putting a large chunk of its investment banking business under the First Boston brand.</p><p>As part of the restructuring plan, Credit Suisse has set up a \"non-core department\" under which the assets it plans to liquidate are listed because these assets are not related to the main wealth management business and do not conform to the investment banking strategy.</p><p>3. Apple obtains folding screen technology patent and may be the first to launch folding screen iPad in 2024</p><p>On Tuesday (February 14) local time, the website of the United States Patent and Trademark Office (USPTO) showed that Apple had obtained a blockbuster patent, which ignited market expectations for the company to launch foldable devices.</p><p>According to the document, Apple showed a device that can be folded in half in the patent, and the screen almost surrounds the whole body. This device is equipped with multiple touch sensors, even at the edge of the device. Patent documents show that this will allow users to touch different parts of the device to realize corresponding functions. For example, users can control the camera by tapping the side of the device, which Apple calls the \"virtual shutter button\"; Users can also control device volume by swiping their fingers up and down the side.</p><p><a href=\"https://laohu8.com/S/UBS\">UBS</a>The patent suggests the possibility of foldable devices, but not this year, analysts wrote in their latest report. Market research firm CCSInsight predicted last year that Apple would be the first to launch a folding iPad in 2024.</p><p>4、<a href=\"https://laohu8.com/S/BA\">boeing</a>: 737 deliveries are expected to slip to the low end of the 20-30 range in February</p><p>Boeing's CFO said it expects 737 aircraft deliveries to fall to the low end of the 20-30 range in February; By later in 2023, Boeing will increase production of 737 aircraft to 38 aircraft per month; Maintain the forecast of 400-450 deliveries of 737 aircraft this year; Supply chains remain volatile and remain unpredictable.</p><p>5. Ford extends production suspension of F-150 electric pickup truck until at least next weekend</p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>It said on Wednesday that it would suspend production of the F-150 Lightning electric pickup truck until at least next weekend as it investigates battery issues.</p><p>Ford said it believes it has identified the root cause and expects to complete the investigation by the end of next week and apply the investigation to the pickup's battery production process, which could take several weeks.</p><p>Ford revealed Tuesday that it has suspended production and shipments of its F-150 Lighting electric pickup truck due to potential battery issues.</p><p></body></html></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>Last night and this morning | The Nasdaq closed up nearly 1%! This century-old bank collapsed by 8%, and Russia demanded an investigation into the Beixi incident</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\">\nLast night and this morning | The Nasdaq closed up nearly 1%! This century-old bank collapsed by 8%, and Russia demanded an investigation into the Beixi incident\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-02-16 07:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: ① Without fear of rising rate hike expectations, the three major U.S. stock indexes closed higher overnight, and the Nasdaq rose nearly 1%; ② Charlie Munger praised<a href=\"https://laohu8.com/S/002594\">BYD</a>: In the Chinese market<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Dwarfed in comparison; ③ Musk's sharp comment on artificial intelligence: the danger exceeds that of nuclear technology.<img src=\"https://static.tigerbbs.com/4bc45bac28ddf4f047f204e5e8c5f645\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. Without fear of rising rate hike expectations, the three major U.S. stock indexes closed higher and the Nasdaq rose nearly 1%</p><p>U.S. stocks closed higher on Wednesday, with the Nasdaq recording its third consecutive trading day of gains. U.S. retail sales in January exceeded expectations and increased by 3% month-on-month, the largest increase since March 2021, sending a clear signal that the economy is overheating, or it may mean that high inflation is stubborn, increasing the market's expectations that the Federal Reserve may rate hike to higher levels for a longer period of time. Higher level expectations. As of the close, the Nasdaq index rose 0.92%; The Dow Jones index rose 0.11%; The S&P 500 rose 0.28%.</p><p>Most large technology stocks rose,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Up 1.39%,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Up 1.46%, Meta fell 1.29%,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Up 2.39%,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Fell 0.80%, Netflix rose 0.41%,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Down 5.31%. WSB concept stocks and video game stocks were among the top gainers, Roblox rose more than 26%,<a href=\"https://laohu8.com/S/GME\">GameStop</a>Rose more than 9%,<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>Up more than 5%. Vaccine stocks and gold stocks were among the top losers,<a href=\"https://laohu8.com/S/HL\">Hecla Minerals</a>Fell more than 9%,<a href=\"https://laohu8.com/S/GORO\">Gold resources</a>Fell more than 6%,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>Fell more than 3%.</p><p>A century-old business-<a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>The stock price suddenly collapsed. Before the U.S. stock market opened, the stock once plunged 11%, and finally closed down 8.41%. The company suddenly experienced two big thunders: First, according to people familiar with the matter, the British financial supervisory authority is investigating<a href=\"https://laohu8.com/S/BARC.UK\">Barclays Bank</a>Conduct investigations suspecting continued failures in its compliance and anti-money laundering systems; Second, on February 15, Barclays announced its 2022 financial results. The financial report shows that Barclays' pre-tax profit in 2022 will fall by 14% year-on-year, far lower than market expectations.</p><p>2. Popular Chinese concept stocks were mixed. The Nasdaq China Golden Dragon Index rose 0.30%</p><p>Popular Chinese concept stocks were mixed, with the Nasdaq China Golden Dragon Index rising 0.30%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Down 1.09%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Down 0.17%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Down 1.49%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 0.80%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up 1.99%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 0.45%.</p><p>3. Major European stock indexes closed generally higher. The German DAX30 index rose 0.82%</p><p>Major European stock indexes closed generally higher on Wednesday, with Germany's DAX30 index rising 0.82%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.55%, the French CAC40 index rose 1.21%, and the European Stoxx 50 index rose 0.97%.</p><p>4. EIA oil reserves surged by more than 16 million barrels last week. Oil prices fell for two consecutive days, but the decline narrowed significantly in late trading</p><p>The prospect of European and American central banks' rate hike to higher levels in a longer period of time, as well as increased inventories, has caused oil prices to fall for two consecutive days, but improved demand and supply constraints have provided some price support.</p><p>WTI crude oil futures for March closed down $0.47, or 0.59%, at $78.59 per barrel. The deepest intraday drop was $1.78, or 2.3%, and the daily low was $77. The decline in U.S. stocks narrowed significantly after midday. Brent crude oil futures for April closed down US $0.20, or 0.23%, at US $85.38 per barrel. The deepest intraday drop was US $1.67, or 2%. It once fell below US $84, and once turned higher after midday.</p><p>5. New York gold futures closed down 1.1% on Wednesday, the lowest closing price in five weeks</p><p>The price of gold futures for April delivery on the New York Mercantile Exchange fell $20.10, or 1.1%, to close at $1,845.30 an ounce, the lowest closing price of the most active contract since January 5. A stronger dollar weighed on gold prices.</p><p>Macro News</p><p>1. Charlie Munger Shengzambidi: Dwarfing Tesla in the Chinese market</p><p>On Wednesday (February 15) local time, \"Stock God\" Buffett's long-term business partner,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Vice Chairman Charlie Munger said it's incredible that BYD dwarfs Tesla in the Chinese market.</p><p>The 99-year-old Munger Shengzambidi is his favorite stock so far. He bluntly said that during the years of working at Berkshire, he has never conducted an operation comparable to investing in BYD.</p><p>2. U.S. retail sales data in January crushed expectations and month-on-month growth hit a new high since March 2021</p><p>At 21:30 p.m. Beijing time on Wednesday, the Census Bureau of the U.S. Department of Commerce released January retail sales data. Like the shocking non-agricultural payrolls in January, U.S. retail sales data in January surged by 3% month-on-month, far exceeding market expectations of 1.8% and hitting a new high since March 2021.</p><p>3. The \"second-in-command\" of the Federal Reserve is about to become vacant. The White House is considering letting the new Chicago Fed president succeed him</p><p>According to media reports citing sources, the White House is considering nominating Chicago Fed President Goolsbee, who just took office last month, as vice chairman of the Federal Reserve Board of Governors.</p><p>U.S. President Joe Biden announced Tuesday that he will appoint current Federal Reserve Vice Chairman Lael Brainard to the post of director of the White House's National Economic Council (NEC). This means that with Brainard leaving the U.S. central bank next week, the position of Fed vice chairman will be vacant.</p><p>4. Musk's sharp comment on artificial intelligence: more dangerous than nuclear technology</p><p>On Wednesday (February 15) local time, Elon Musk said at the 2023 World Government Summit in Dubai, United Arab Emirates that ChatGPT confirmed that artificial intelligence (AI) has achieved incredible development, but this has become a human One thing to worry about.</p><p>Musk emphasized in his video speech that artificial intelligence is one of the biggest risks to human civilization in the future. He added, \"It has positive and negative sides, great prospects and great capabilities, but the dangers that come with it are also great.\"</p><p>Musk pointed out that it is time to supervise and manage the security issues of artificial intelligence, even if it slows down the development of this technology. He added that in fact, artificial intelligence poses a greater risk to society than cars, airplanes or medicines. \"Take nuclear technology as an example. We have nuclear energy, but we also have nuclear bombs.\"</p><p>5. IEA monthly report: China's economic recovery boosts global oil demand, and supply shortages may occur in the second half of the year</p><p>The International Energy Agency (IEA) raised its global oil demand forecast for this year on Wednesday, which will significantly boost oil demand this year after China optimizes its epidemic prevention policies. At the same time, the IEA predicts that there will be supply shortages in the second half of this year.</p><p>The IEA pointed out in its monthly report that global oil demand will soar to a record 101.9 million barrels per day this year, almost entirely due to strong demand in Asia. This expectation is 200,000 higher than the IEA's data last month. barrels/day.</p><p>The situation between Russia and Ukraine</p><p>1. Russian Foreign Minister: Will ask the United Nations to investigate the sabotage of the \"Nord Stream\" pipeline</p><p>On Wednesday (February 15) local time, Russian Foreign Minister Lavrov said that the West lied to Russia about the destruction of the \"Nord Stream\" natural gas pipeline and concealed the truth about the destruction of the Nord Stream pipeline.</p><p>Lavrov claimed that Russia is preparing to convene a special meeting of the UN Security Council and will ask the UN to investigate the incident. Lavrov added that Russia disagrees with the statement that the United Nations has no authority to investigate the sabotage of the Nord Stream pipeline.</p><p>2. Stick to the tradition of neutrality? Swiss government: Confiscation of Russian frozen assets is illegal</p><p>On Wednesday (February 15) local time, the Swiss government stated that the confiscation of frozen Russian assets was inconsistent with the Constitution and law.</p><p>The Swiss government said in a statement that a working group led by the Swiss Federal Judicial Office concluded that the confiscation of Russian private property would undermine the federal constitution and the current legal order. The Swiss government says its support for Ukraine will continue regardless of the conclusion.</p><p>3. Swedish Prime Minister Kristersson stated that he would provide a batch of weapons to Ukraine</p><p>According to Ukrainian media reports, on the 15th local time, Ukrainian President Zelensky and Prime Minister Shmegar met with visiting Swedish Prime Minister Kristersson in Kiev respectively. The talks between the two sides mainly focused on bilateral military and energy cooperation. At a press conference held after talks with Zelensky, Kristersson said that Sweden will provide Ukraine with 51 infantry fighting vehicles, a set of \"Archer\" self-propelled howitzers and several anti-aircraft weapons. In addition, the possibility that Sweden will provide Gripen fighter jets to Ukraine cannot be ruled out, but only if the relevant countries reach an agreement.</p><p>Company News</p><p>1. The U.S. Department of Justice allegedly stepped up antitrust investigations into Apple</p><p>According to media reports citing sources, the U.S. Department of Justice has stepped up efforts to draft antitrust lawsuits against Apple in recent months.</p><p>An investigation into whether Apple has monopoly power it abuses began in 2019, but law enforcement officers have stepped up efforts in recent months, and now more litigators have been sent to take charge of the case and request documentation and consultation from the companies involved, the people said. The investigation involves part of Apple's policy of managing mobile third-party software on its devices, and it is reported that it is also investigating whether Apple's iOS operates in an anti-competitive way and favors its own products.</p><p>2. Credit Suisse continues to reduce business risks and will no longer engage in non-performing debt business</p><p>According to media reports citing sources, Credit Suisse Group will no longer engage in non-performing debt and special circumstances transactions in accordance with its plan to exit high-risk and capital-intensive businesses.</p><p>According to people familiar with the matter, the bank will sell assets including bonds and loans related to troubled enterprises, with a market value of about $250 million. After the portfolio went up for sale in December last year, buyers will make their final bids this week. Credit Suisse has just launched a costly restructuring that includes cutting 9,000 jobs and putting a large chunk of its investment banking business under the First Boston brand.</p><p>As part of the restructuring plan, Credit Suisse has set up a \"non-core department\" under which the assets it plans to liquidate are listed because these assets are not related to the main wealth management business and do not conform to the investment banking strategy.</p><p>3. Apple obtains folding screen technology patent and may be the first to launch folding screen iPad in 2024</p><p>On Tuesday (February 14) local time, the website of the United States Patent and Trademark Office (USPTO) showed that Apple had obtained a blockbuster patent, which ignited market expectations for the company to launch foldable devices.</p><p>According to the document, Apple showed a device that can be folded in half in the patent, and the screen almost surrounds the whole body. This device is equipped with multiple touch sensors, even at the edge of the device. Patent documents show that this will allow users to touch different parts of the device to realize corresponding functions. For example, users can control the camera by tapping the side of the device, which Apple calls the \"virtual shutter button\"; Users can also control device volume by swiping their fingers up and down the side.</p><p><a href=\"https://laohu8.com/S/UBS\">UBS</a>The patent suggests the possibility of foldable devices, but not this year, analysts wrote in their latest report. Market research firm CCSInsight predicted last year that Apple would be the first to launch a folding iPad in 2024.</p><p>4、<a href=\"https://laohu8.com/S/BA\">boeing</a>: 737 deliveries are expected to slip to the low end of the 20-30 range in February</p><p>Boeing's CFO said it expects 737 aircraft deliveries to fall to the low end of the 20-30 range in February; By later in 2023, Boeing will increase production of 737 aircraft to 38 aircraft per month; Maintain the forecast of 400-450 deliveries of 737 aircraft this year; Supply chains remain volatile and remain unpredictable.</p><p>5. Ford extends production suspension of F-150 electric pickup truck until at least next weekend</p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>It said on Wednesday that it would suspend production of the F-150 Lightning electric pickup truck until at least next weekend as it investigates battery issues.</p><p>Ford said it believes it has identified the root cause and expects to complete the investigation by the end of next week and apply the investigation to the pickup's battery production process, which could take several weeks.</p><p>Ford revealed Tuesday that it has suspended production and shipments of its F-150 Lighting electric pickup truck due to potential battery issues.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"BK4561":"索罗斯持仓","BK4581":"高盛持仓","SQQQ":"纳指三倍做空ETF",".DJI":"道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares","03086":"华夏纳指","TQQQ":"纳指三倍做多ETF","BK4585":"ETF&股票定投概念","QLD":"2倍做多纳斯达克100指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","BK4550":"红杉资本持仓","QQQ":"纳指100ETF","BK4534":"瑞士信贷持仓",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124094165","content_text":"摘要：①无惧加息预期升温，隔夜美股三大股指收高，纳指涨近1%；②查理·芒格盛赞比亚迪：在中国市场让特斯拉相形见绌；③马斯克锐评人工智能：危险程度超过核技术。海外行情1、无惧加息预期升温美股三大股指收高纳指涨近1%美股周三收高，纳指录得连续第三个交易日上涨。美国1月零售销售超预期环比增长3%，创2021年3月以来最大增幅，发出明确的经济过热信号，或意味着高通胀顽固，增加了市场对美联储可能在更长时间内加息至更高水平的预期。截至收盘，纳斯达克指数涨幅为0.92%；道琼斯指数涨幅为0.11%；标普500指数涨幅为0.28%。大型科技股多数上涨，苹果涨1.39%，亚马逊涨1.46%，Meta跌1.29%，谷歌涨2.39%，微软跌0.80%，奈飞涨0.41%，台积电跌5.31%。WSB概念股、电游股涨幅居前，Roblox涨超26%，游戏驿站涨超9%，Robinhood涨超5%。疫苗股、黄金股跌幅居前，赫克拉矿业跌超9%，黄金资源跌超6%，礼来跌超3%。百年大行——巴克莱银行股价突然崩盘，美股盘前该股一度狂跌11%，最终收跌8.41%。该公司突然出现两个大雷：一是据知情人士透露，英国金融监督管理机构正在对巴克莱银行进行调查，怀疑其合规和反洗钱系统持续失效；二是2月15日，巴克莱公布了2022年财务业绩。财报显示，巴克莱2022年税前利润同比下降14%，远低市场预期。2、热门中概股涨跌不一 纳斯达克中国金龙指数涨0.30%热门中概股涨跌不一，纳斯达克中国金龙指数涨0.30%，阿里巴巴跌1.09%，京东跌0.17%，拼多多跌1.49%，哔哩哔哩涨0.80%，百度涨1.99%，网易跌0.45%。3、欧股主要指数收盘普涨德国DAX30指数涨0.82%欧股主要指数周三收盘普涨，德国DAX30指数涨0.82%，英国富时100指数涨0.55%，法国CAC40指数涨1.21%，欧洲斯托克50指数涨0.97%。4、上周EIA油储激增超1600万桶油价连跌两日但尾盘跌幅显著收窄欧美央行在更长时间内加息至更高水平的前景，以及库存增加令油价连跌两日，但需求改善和供应限制提供一定价格支撑。WTI 3月原油期货收跌0.47美元，跌幅0.59%，报78.59美元/桶，盘中最深跌1.78美元或跌2.3%，日低下逼77美元，美股午盘后跌幅显著收窄。布伦特4月原油期货收跌0.20美元，跌幅0.23%，报85.38美元/桶，盘中最深跌1.67美元或跌2%，一度失守84美元，午盘后一度转涨。5、纽约黄金期货周三收跌1.1% 创五周来最低收盘价纽约商品交易所4月交割的黄金期货价格下跌20.10美元，跌幅为1.1%，收于每盎司1845.30美元，为1月5日以来最活跃合约的最低收盘价。美元走强令黄金价格承压。宏观新闻1、查理·芒格盛赞比亚迪：在中国市场让特斯拉相形见绌当地时间周三（2月15日），“股神”巴菲特的长期商业伙伴、伯克希尔副董事长查理·芒格表示，比亚迪在中国市场让特斯拉相形见绌，这令人难以置信。现年99岁的芒格盛赞比亚迪是他迄今为止最喜欢的股票，他直言，在伯克希尔工作的这些年，他没有进行过能够比肩投资比亚迪的操作。2、美国1月零售数据碾压预期 环比增速创2021年3月以来新高北京时间周三晚21点30分，美国商务部普查局发布1月零售销售数据。与令人大跌眼镜的1月非农一样，美国1月零售数据环比暴拉3%，远超市场预期的1.8%，并创下2021年3月以来新高。3、美联储“二把手”即将空缺 白宫考虑让新晋芝加哥联储主席继任据媒体援引消息人士报道，白宫正在考虑提名上月刚就任的芝加哥联储主席古尔斯比担任美联储理事会副主席。美国总统拜登周二宣布，他将任命现任美联储副主席莱尔·布雷纳德担任白宫国家经济委员会（NEC）主任一职。这意味着随着布雷纳德下周离开美国央行，美联储副主席的职位将处于空缺状态。4、马斯克锐评人工智能：危险程度超过核技术当地时间周三（2月15日），埃隆·马斯克在阿联酋迪拜的2023年世界政府峰会上表示，ChatGPT证实了人工智能（AI）已经获得了令人难以置信的发展，但这已成为人类应该担心的一件事。马斯克在视频发言中强调，人工智能是未来人类文明最大的风险之一。他补充称，“它有积极的一面，也有消极的一面，有巨大的前景也有巨大的能力，但随之而来的危险也是巨大的。”马斯克指出，现在应该监督管理人工智能的安全问题，即使会放慢这一技术的发展速度。他补充称，实际上，人工智能对社会的风险要比汽车、飞机或药品更大，“以核技术为例，我们有核能，但也有核弹。”5、IEA月报：中国经济复苏提振全球石油需求 下半年可能出现供应短缺国际能源署(IEA)周三上调了今年全球石油需求预期，在中国优化防疫政策之后，将显著提振今年石油需求。同时IEA预测今年下半年将会出现供应短缺。IEA在月度报告中指出，今年的全球石油需求将飙升至创纪录的1.019亿桶/日，几乎完全得益于亚洲的旺盛需求，这一预期比IEA上个月的数据要高出20万桶/日。俄乌局势1、俄外长：将要求联合国对“北溪”管道遭破坏事件进行调查当地时间周三(2月15日)，俄罗斯外交部长拉夫罗夫表示，西方在“北溪”天然气管道遭破坏问题上对俄罗斯撒谎，隐瞒关于北溪管道遭破坏的真相。拉夫罗夫声称，俄方正就召开联合国安理会特别会议做准备，将要求联合国对事件进行调查。拉夫罗夫补充说，俄方不同意有关联合国无权调查北溪管道遭破坏事件的说法。2、坚守中立传统？瑞士政府：没收俄罗斯被冻结资产不合法当地时间周三（2月15日），瑞士政府表示，没收被冻结的俄罗斯资产不符合宪法和法律。瑞士政府在声明中表示，由瑞士联邦司法办公室领导的一个工作组得出结论：没收俄罗斯私人财产将破坏联邦宪法和现行法律秩序。瑞士政府称，无论结论如何，该国对乌克兰的支持将继续下去。3、瑞典首相克里斯特松表示将向乌克兰提供一批武器据乌克兰媒体报道，当地时间15日，乌总统泽连斯基和总理什梅加尔在基辅分别会见了到访的瑞典首相克里斯特松。双方会谈内容主要集中在双边军事和能源合作。在与泽连斯基会谈后举行的新闻发布会上，克里斯特松表示，瑞典将向乌方提供51辆步兵战车、1套“弓箭手”自行榴弹炮和若干防空武器。此外，不排除瑞典将向乌克兰提供“鹰狮”战斗机的可能性，但前提是相关国家达成一致。公司新闻1、美国司法部据称加大对苹果的反垄断调查力度据媒体援引消息人士报道，美国司法部近几个月加大了起草针对苹果公司的反垄断诉讼的工作力度。知情人士称，对苹果是否拥有其滥用的垄断权力的调查始于2019年，但执法人员最近几个月加大了力度，现在有更多诉讼律师被派往负责此案，并要求相关公司提供文件和咨询。该调查部分涉及苹果在其设备上管理移动第三方软件的政策，据悉还在调查苹果iOS是否以反竞争的方式运营，是否偏袒自己的产品。2、瑞信继续削减业务风险 将不再从事不良债业务据媒体援引消息人士报道，瑞信集团按照其退出高风险和资本密集型业务的计划，将不再从事不良债务和特殊情况交易。知情人士透露，该行将会抛售与陷入困境的企业有关的债券和贷款在内的资产，市值大约2.5亿美元。去年12月份投资组合待售后，买家将于本周给出最终出价。瑞信刚刚启动代价高昂的重组，其中包括裁减9000个岗位，以及将一大块投行业务列入First Boston品牌之下。作为重组计划的一部分，瑞信已经设立了一个“非核心部门”，其计划清算的资产列在该部门之下，因这些资产与主要的理财业务没有关联，也不符合投行策略。3、苹果获得折叠屏技术专利 或将在2024年率先推出折叠屏iPad当地时间周二（2月14日），美国专利及商标局（USPTO）网站显示，苹果获得了一份重磅专利，燃起了市场对这家公司推出可折叠设备的预期。文件显示，苹果在专利展示了一件可以对折的设备，屏幕几乎环绕整个机身，这件设备配备多个触摸传感器，甚至是在设备边缘的部位。专利文件显示，这将允许用户通过触摸设备的不同部分，以实现对应的功能。例如，用户可以通过轻敲设备的侧面来控制摄像头，苹果将其称为“虚拟快门按钮”；用户还可以用手指在侧面上下滑动来控制设备音量。瑞银分析师在最新报告中写道，这项专利表明了可折叠设备的可能性，但不是在今年。市场研究公司CCSInsight去年预计，苹果将在2024年率先推出折叠屏iPad。4、波音：预计2月737交付量将下滑至20-30架区间的低端波音公司CFO称，预计2月份737飞机交付量将下滑至20-30架区间的低端；到2023年稍晚，波音将把737飞机产量提高至每个月38架；维持737 飞机今年的交付量为400-450架的预测；供应链仍然不稳定，也仍然不可预测。5、福特将F-150电动皮卡的停产时间延长至至少下周末福特汽车周三表示，因正在调查电池问题，将暂停F-150 Lightning电动皮卡的生产至少到下周末。福特称，它相信已经确定了根本原因，预计在下周末之前完成调查，并将调查应用到皮卡的电池生产过程中，这可能需要几周的时间。福特周二透露，由于潜在的电池问题，已暂停F-150 Lighting电动皮卡的生产和出货。","news_type":1,"symbols_score_info":{"NQmain":0.9,".IXIC":0.9,"03086":0.9,"PSQ":0.9,"TQQQ":0.9,"QID":0.9,"QQQ":0.9,".SPX":0.9,"QLD":0.9,"SQQQ":0.9,".DJI":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":664218967,"gmtCreate":1668059961960,"gmtModify":1676538006491,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$&nbsp;</a>","listText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$&nbsp;</a>","text":"$纳斯达克(.IXIC)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/664218967","isVote":1,"tweetType":1,"viewCount":2254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":650741509,"gmtCreate":1679539069603,"gmtModify":1679539069603,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/650741509","repostId":"2321194934","repostType":2,"isVote":1,"tweetType":1,"viewCount":2294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":627361074,"gmtCreate":1678063536300,"gmtModify":1678063536300,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/627361074","repostId":"1128373353","repostType":2,"repost":{"id":"1128373353","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1678057713,"share":"https://ttm.financial/m/news/1128373353?lang=en_US&edition=fundamental","pubTime":"2023-03-06 07:08","market":"sh","language":"zh","title":"This week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1128373353","media":"老虎资讯综合","summary":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件","content":"<p><html><head></head><body>This week's (3.6-3.10) major financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week. Among them, U.S. ADP employment, China inflation data, U.S. initial jobless claims for the week, U.S. non-farm employment and unemployment rate will be released one after another. In terms of financial events, Powell will deliver semi-annual monetary policy testimony to the Senate and the House of Representatives on Tuesday and Wednesday respectively. In addition, the Federal Reserve will release Beige Book on economic conditions. In terms of financial reports, Ctrip.com, Sea, China Unicom, Yixian E-commerce, JD.com, JD Logistics, ZTE and Oracle Bone Inscriptions will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>KEYWORDS for Monday, March 6: US factory orders monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of factory orders in the United States.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will announce earnings before the U.S. stock market opens, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>The earnings report will be announced after the U.S. stock market closes.</p><p><b>KEYWORDS Tuesday, March 7: Powell gives monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will deliver semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the Q&A session, Powell will certainly be asked about inflation and the possibility that the U.S. economy will fall into recession by tightening policy by the Federal Reserve. If Powell says it's unlikely to rate hike another 50 basis points in the near future, the dollar could face selling pressure and open the door to a further gold rise. According to CME group's Fed Watch tool, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%. If Powell is not so \"hawkish\", then U.S. Treasury Bond yields and the U.S. dollar may still have room to fall.</p><p>On the other hand, Powell may choose to avoid committing to the size of the next rate hike and reiterate that the Fed will remain data-dependent. In this case, the market trend may still be volatile before the release of the non-farm payrolls report in February. In Powell's testimony, his comments on the anti-inflationary process and economic growth prospects are also important.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/SE\">Sea</a>The earnings report will be announced before the U.S. stock market opens.</p><p><b>Keywords for Wednesday, March 8: U.S. ADP payrolls, Powell gives monetary policy testimony, China Unicom earnings report</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. The current market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Financial reports will be released separately, and in addition<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>The earnings report will also be announced after the U.S. stock market closes.</p><p><b>Keywords for Thursday, March 9: Chinese CPI, US initial jobless claims for the week, Fed Beige Book, JD.com earnings report</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial jobless claims in the United States that week. Since the beginning of January this year, the number of initial jobless claims has been below 200,000, which to some extent reflects that the U.S. job market is still strong. For the Fed, while seeking to control inflation, it is also looking for signs of a cooling labor market, which also shows that the Fed may not like the signal sent by the jobless claims data. Strong employment data will undoubtedly increase the possibility of rate hike by the Federal Reserve. At present, the interest rate futures market has officially priced that the peak interest rate of the Federal Reserve will rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from the 9th to 15th of each month.</p><p>In terms of financial events, the Federal Reserve will release Beige Book on the economic situation, from which investors can have a deeper understanding of the US economy, so they also need to pay attention to it.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will announce financial reports, in addition<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Earnings will also be announced after the U.S. stock market closes.</p><p>Regarding JD.com's financial report, the market is looking forward to JD.com's management's views on the \"tens of billions of subsidies\" war. Morgan Stanley believes that the 10 billion yuan subsidy plan launched by JD.com and the profit margin in 2023 may be the next stock price catalyst. The bank believes that the market has overestimated the incremental costs related to the 10 billion yuan subsidy. The bank believes that the management's favorable measures on profit margins may push the stock price upward. The bank maintains an \"overweight\" rating and a target price of $74.</p><p><b>Keywords for Friday, March 10: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Wuxin Technology earnings report</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will announce non-farm payrolls in February, and the market expects the growth rate to fall back to 200,000. Non-farm payrolls data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial jobless claims last week all reveal that the U.S. labor market is still strong. Investors will use these data to judge the tenacity of the U.S. labor market and the magnitude of the rate hike at the Federal Reserve's March meeting.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></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>This week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings</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\">\nThis week's preview | U.S. non-agricultural and Powell monetary policy testimony are coming! JD.com, Sea and more to report earnings\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-03-06 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This week's (3.6-3.10) major financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week. Among them, U.S. ADP employment, China inflation data, U.S. initial jobless claims for the week, U.S. non-farm employment and unemployment rate will be released one after another. In terms of financial events, Powell will deliver semi-annual monetary policy testimony to the Senate and the House of Representatives on Tuesday and Wednesday respectively. In addition, the Federal Reserve will release Beige Book on economic conditions. In terms of financial reports, Ctrip.com, Sea, China Unicom, Yixian E-commerce, JD.com, JD Logistics, ZTE and Oracle Bone Inscriptions will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>KEYWORDS for Monday, March 6: US factory orders monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of factory orders in the United States.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will announce earnings before the U.S. stock market opens, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip.com</a>The earnings report will be announced after the U.S. stock market closes.</p><p><b>KEYWORDS Tuesday, March 7: Powell gives monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will deliver semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the Q&A session, Powell will certainly be asked about inflation and the possibility that the U.S. economy will fall into recession by tightening policy by the Federal Reserve. If Powell says it's unlikely to rate hike another 50 basis points in the near future, the dollar could face selling pressure and open the door to a further gold rise. According to CME group's Fed Watch tool, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%. If Powell is not so \"hawkish\", then U.S. Treasury Bond yields and the U.S. dollar may still have room to fall.</p><p>On the other hand, Powell may choose to avoid committing to the size of the next rate hike and reiterate that the Fed will remain data-dependent. In this case, the market trend may still be volatile before the release of the non-farm payrolls report in February. In Powell's testimony, his comments on the anti-inflationary process and economic growth prospects are also important.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/SE\">Sea</a>The earnings report will be announced before the U.S. stock market opens.</p><p><b>Keywords for Wednesday, March 8: U.S. ADP payrolls, Powell gives monetary policy testimony, China Unicom earnings report</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. The current market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Financial reports will be released separately, and in addition<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>The earnings report will also be announced after the U.S. stock market closes.</p><p><b>Keywords for Thursday, March 9: Chinese CPI, US initial jobless claims for the week, Fed Beige Book, JD.com earnings report</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial jobless claims in the United States that week. Since the beginning of January this year, the number of initial jobless claims has been below 200,000, which to some extent reflects that the U.S. job market is still strong. For the Fed, while seeking to control inflation, it is also looking for signs of a cooling labor market, which also shows that the Fed may not like the signal sent by the jobless claims data. Strong employment data will undoubtedly increase the possibility of rate hike by the Federal Reserve. At present, the interest rate futures market has officially priced that the peak interest rate of the Federal Reserve will rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from the 9th to 15th of each month.</p><p>In terms of financial events, the Federal Reserve will release Beige Book on the economic situation, from which investors can have a deeper understanding of the US economy, so they also need to pay attention to it.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will announce financial reports, in addition<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>Earnings will also be announced after the U.S. stock market closes.</p><p>Regarding JD.com's financial report, the market is looking forward to JD.com's management's views on the \"tens of billions of subsidies\" war. Morgan Stanley believes that the 10 billion yuan subsidy plan launched by JD.com and the profit margin in 2023 may be the next stock price catalyst. The bank believes that the market has overestimated the incremental costs related to the 10 billion yuan subsidy. The bank believes that the management's favorable measures on profit margins may push the stock price upward. The bank maintains an \"overweight\" rating and a target price of $74.</p><p><b>Keywords for Friday, March 10: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Wuxin Technology earnings report</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will announce non-farm payrolls in February, and the market expects the growth rate to fall back to 200,000. Non-farm payrolls data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial jobless claims last week all reveal that the U.S. labor market is still strong. Investors will use these data to judge the tenacity of the U.S. labor market and the magnitude of the rate hike at the Federal Reserve's March meeting.</p><p>In terms of financial reports,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{"SPY":"标普500ETF","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","GDX":"黄金矿业ETF-VanEck",".DJI":"道琼斯","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1591":"就地过年概念","BK1502":"双十一","UDOW":"三倍做多道指30ETF-ProShares","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK4581":"高盛持仓",".IXIC":"NASDAQ Composite","DJX":"1/100道琼斯","09618":"京东集团-SW","JD":"京东"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128373353","content_text":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，此外美联储将公布经济状况褐皮书。财报方面，携程网、Sea、中国联通、逸仙电商、京东、京东物流、中兴通讯以及甲骨文等将陆续发布财报。3月6日 周一关键词：美国工厂订单月率、Lordstown Motors、携程网财报周一，经济数据方面，投资者可关注美国工厂订单月率。财报方面，Lordstown Motors将于美股盘前公布财报，而携程网将于美股盘后公布财报。3月7日 周二关键词：鲍威尔发表货币政策证词、Sea财报周二，经济数据方面将公布中国贸易帐，以及美国批发销售月率等数据。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，证词通常分为两部分，第一部分是鲍威尔准备好的陈述，第二部分是与委员会的问答环节。在问答环节，鲍威尔肯定会被问及通胀问题，以及美联储收紧政策导致美国经济陷入衰退的可能性。如果鲍威尔表示在不久的将来不太可能再次加息50个基点，美元可能面临抛售压力，并为黄金的进一步上涨打开大门。根据芝商所的美联储观察工具，市场预期下一次会议加息50个基点的可能性接近30%，如果鲍威尔没有那么“鹰”，那么美国国债收益率和美元或仍有下行空间。另一方面，鲍威尔可能选择避免承诺下一次加息的规模，并重申美联储仍将依赖于数据。这种情况下，在2月非农就业报告公布之前，市场走势可能仍将震荡。在鲍威尔的证词中，其对反通胀进程和经济增长前景的评论也很重要。财报方面，Sea将于美股盘前公布财报。3月8日 周三关键词：美国ADP就业人数、鲍威尔发表货币政策证词、中国联通财报周三，经济数据方面，投资者可关注美国ADP就业人数，目前市场预期为16.8万，高于10.6万的前值。财经事件方面，美联储主席鲍威尔将在众议院发表半年度货币政策证词。财报方面，中国联通以及逸仙电商将分别发布财报，另外Faraday Future Intelligent Electric Inc.也将于美股盘后公布财报。3月9日 周四关键词：中国CPI、美国当周初请失业金、美联储褐皮书、京东财报周四，经济数据方面，投资者可关注美国当周初请失业金人数，自今年1月初以来，初请失业金人数便一直低于20万人，这在一定程度体现了美国就业市场依然强劲。对于美联储来说，在寻求控制通货膨胀的同时，也在寻找劳动力市场降温的迹象，这也说明美联储可能不喜欢初请失业金数据发出的信号。强劲的就业数据无疑将加大美联储加息的可能，目前利率期货市场已正式定价美联储利率峰值将升至5.5%。另外，中国通胀数据也将于今日公布。同时，投资者可关注中国金融数据，该系列数据将于每月9日-15日不定时发布。财经事件方面，美联储将公布经济状况褐皮书，投资者可以从中对美国经济有更深的了解，因此也需引起重视。财报方面，京东集团-SW、京东物流将公布财报，此外甲骨文在美股盘后也将公布财报。对于京东财报，市场在期待京东管理层对“百亿补贴”大战的观点。大摩认为，京东推出的100亿元补贴计划以及2023年的利润率或为下一个股价催化剂。该行认为，市场已高估与100亿元补贴有关的增量费用。该行认为，管理层对利润率的利好举措或推动股价上行。该行维持“增持”评级与74美元目标价。3月10日 周五关键词：美国非农就业人口、美国失业率、中兴通讯/雾芯科技财报周五，经济数据方面，美国将公布2月非农，市场预期增幅回落至20万。 非农就业数据一直是市场关注的焦点，也是美联储停止紧缩的“头号敌人”，1月非农爆炸性的增长幅度以及上周的初请失业金人数意外下滑，都无不揭示着美国劳动力市场依旧坚挺。投资者将通过这些数据来判断美国劳动力市场的坚韧程度以及美联储3月会议的加息幅度到底如何。财报方面，中兴通讯、雾芯科技将发布财报。","news_type":1,"symbols_score_info":{"MGCmain":0.9,"GCmain":0.9,"JD":0.9,"09618":0.9,".IXIC":0.9,"GDX":0.9,"UDOW":0.9,"SImain":0.9,".DJI":0.9,"SPY":0.9,"NQmain":0.9,"DJX":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":624987125,"gmtCreate":1677027749368,"gmtModify":1677027749368,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/624987125","repostId":"1163512053","repostType":2,"isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625775545,"gmtCreate":1676886999088,"gmtModify":1676886999088,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625775545","repostId":"1150914566","repostType":2,"repost":{"id":"1150914566","kind":"news","pubTimestamp":1676884353,"share":"https://ttm.financial/m/news/1150914566?lang=en_US&edition=fundamental","pubTime":"2023-02-20 17:12","market":"other","language":"zh","title":"The \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?","url":"https://stock-news.laohu8.com/highlight/detail?id=1150914566","media":"华尔街见闻","summary":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼","content":"<p><html><head></head><body><b>The use of a single stock futures in Singapore may be Hindenburg's \"answer\" to shorting Adani.</b>It's not easy to short a company in India, and Hindenburg has disclosed little specific information about the size of its bets and the types of derivatives and reference securities used, which makes the market wonder how it can make Adani's total market value shrink by more than $100 billion in a week.</p><p>On February 17, the media quoted investors familiar with the company's operation as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling plan</b>。</p><p>according to<b>India's securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>, which makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have little free float in the stock market, which becomes another problem for shorting, and India does not allow so-called \"naked short selling\", in which investors can bet that the stock will fall without borrowing the underlying security first.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly followed Adani last summer, and the big reason why I decided not to investigate further is that shorting in India is difficult.\" Singapore's offshore derivatives trading</p><p>In an interview with the media, three hedge funds said that investors who want to short Indian companies can use Nifty 50, India's main stock index, and Adani Enterprises is one of the largest constituents.</p><p>Analysts believe that Hindenburg's bets should include a considerable part of derivatives transactions linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for this kind of transaction. In Singapore, a transaction called Single Stock Futures (SSF) can be created, that is, a futures contract with a single stock as the underlying. These equity derivatives give investors exposure to the price movements of the underlying stock.</p><p>Taking Hindenburg as an example, it can use the weight value of Adani Enterprises in the Indian index for trading.</p><p>The downside of these types of instruments is that there is very little liquidity in the market, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to boost their bets, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer of Blue Orca Capital, a US aggressive short investment firm, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system. You can't short directly.\" Looking for partners to help its investigation</p><p>According to media analysis, Hindenburg tends to cooperate with other short sellers when releasing the short-selling investigation report.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short report suggested that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and did not hesitate to spend two years conducting in-depth investigations is also the focus of market discussions.</p><p>The media quoted two people familiar with the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani, who led a team of five Hindenburg employees to conduct the investigation, and the team decided to release a short report on the eve of Adani's planned $2.4 billion sale of shares last month.</p><p></body></html></p>","source":"wallstreetcn_api","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 \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?</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; 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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 \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short sell Adani?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-20 17:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The use of a single stock futures in Singapore may be Hindenburg's \"answer\" to shorting Adani.</b>It's not easy to short a company in India, and Hindenburg has disclosed little specific information about the size of its bets and the types of derivatives and reference securities used, which makes the market wonder how it can make Adani's total market value shrink by more than $100 billion in a week.</p><p>On February 17, the media quoted investors familiar with the company's operation as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling plan</b>。</p><p>according to<b>India's securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>, which makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have little free float in the stock market, which becomes another problem for shorting, and India does not allow so-called \"naked short selling\", in which investors can bet that the stock will fall without borrowing the underlying security first.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly followed Adani last summer, and the big reason why I decided not to investigate further is that shorting in India is difficult.\" Singapore's offshore derivatives trading</p><p>In an interview with the media, three hedge funds said that investors who want to short Indian companies can use Nifty 50, India's main stock index, and Adani Enterprises is one of the largest constituents.</p><p>Analysts believe that Hindenburg's bets should include a considerable part of derivatives transactions linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for this kind of transaction. In Singapore, a transaction called Single Stock Futures (SSF) can be created, that is, a futures contract with a single stock as the underlying. These equity derivatives give investors exposure to the price movements of the underlying stock.</p><p>Taking Hindenburg as an example, it can use the weight value of Adani Enterprises in the Indian index for trading.</p><p>The downside of these types of instruments is that there is very little liquidity in the market, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to boost their bets, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer of Blue Orca Capital, a US aggressive short investment firm, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system. You can't short directly.\" Looking for partners to help its investigation</p><p>According to media analysis, Hindenburg tends to cooperate with other short sellers when releasing the short-selling investigation report.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short report suggested that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and did not hesitate to spend two years conducting in-depth investigations is also the focus of market discussions.</p><p>The media quoted two people familiar with the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani, who led a team of five Hindenburg employees to conduct the investigation, and the team decided to release a short report on the eve of Adani's planned $2.4 billion sale of shares last month.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3682319\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80649335d6dae03eb8ec03694c71b6e0","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3682319","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150914566","content_text":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼总市值在一周内缩水超过 1000 亿美元感到好奇。2月17日，媒体援引熟悉该公司运作方式的投资者话称，兴登堡或许运用了单一股票期货和新加坡银行的帮助来开展他的做空计划。根据印度证券规则要求机构投资者提前披露其空头头寸，针对外国投资者还有其他限制和要求，这就使得投资者很难悄悄建仓。与此同时，阿达尼集团的公司在股市上的自由流通量很小，这成为了做空的另一个问题，且印度不允许所谓的“裸卖空”，即投资者无需先借入标的证券就可以押注股票会下跌。Quintessential Capital 的对冲基金经理Gabriel Grego表示：“去年夏天，我曾短暂关注过阿达尼，我决定不进一步调查的重要原因便是在印度做空很困难。 ”新加坡进行的离岸衍生品交易三家对冲基金接受媒体采访时表示，想要做空印度公司的投资者可以使用印度的主要股票指数 Nifty 50，而Adani Enterprises 是其中最大的成分股之一。分析认为，兴登堡的押注中应该包含相当大一部分的以印度股票挂钩的衍生品交易。而去新加坡进行该类交易是卖空者们的选择，在新加坡可以创建一种称为单一股票期货（SSF）的交易，即以单一股票为标的的期货合约。这些股票衍生品使投资者能够接触到相关股票的价格变动。以兴登堡为例，其可以运用 Adani Enterprises 在印度指数中的权重值，进行交易。这类工具的缺点是市场流动性很小，这意味着押注往往相对较小。做空者通常会使用信用违约互换等其他衍生品来增加赌注，但分析指出，这在 兴登堡的案例中是不可能的，因为该集团未出现在 CDS 指数中。美国激进空头投资机构 Blue Orca Capital 的首席投资官Soren Aandahl 表示：“做空印度股票必须在海外市场进行交易，这是印度系统的复杂要求，你无法直接做空。”寻找帮助其调查的伙伴媒体分析认为，兴登堡在发布做空调查报告时，倾向于与其他空头合作。尽管兴登堡一再拒绝透露该公司是否与阿达尼的其他投资者合作进行调查，但做空报告中的免责声明里暗示其可能有多个合作者。与此同时，为何兴登堡会将目光转向阿达尼，且不惜花费两年时间进行深度调查也是市场讨论的焦点。媒体援引两名了解该过程的人士表示，兴登堡曾寻求一位专注于印度公司的外部分析师的帮助来调查阿达尼，这位分析师领导了兴登堡的5名员工组成的团队进行了这项调查，且该团队决定在阿达尼上个月计划出售24亿美元的股票前夕发布做空报告。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625703874,"gmtCreate":1676729787600,"gmtModify":1676729787600,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625703874","repostId":"1117714701","repostType":2,"repost":{"id":"1117714701","kind":"news","weMediaInfo":{"introduction":"华商人物与企业新媒体第一殿堂。","home_visible":1,"media_name":"华商韬略","id":"27","head_image":"https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8"},"pubTimestamp":1676637724,"share":"https://ttm.financial/m/news/1117714701?lang=en_US&edition=fundamental","pubTime":"2023-02-17 20:42","market":"hk","language":"zh","title":"Where did the people who contracted the big Internet business in China go?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117714701","media":"华商韬略","summary":"他，有什么特别的？他的失联，为什么值得特别关注？","content":"<p><html><head></head><body>Author | Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial circles, especially in the financial circles and the new Internet economy.</p><p>Him, what's so special? Why does his loss of contact deserve special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day in 2015, big news came out of Chinese business circles: Didi and Kuaidi jointly announced that the two companies would achieve strategic merger.</p><p>When the news came out, the market was shocked. A few days ago, the two companies were still in a desperate game. Information disclosed in the future shows that as early as January of that year, the two sides had started negotiations, but the process was full of challenges and the confidentiality work was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the army was fighting to the death. Suddenly, they sat at the same table, and they rejected the meeting until they didn't want to see it.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, and Bao Fan kept mediating in the confrontation: \"What is the ultimate goal of fighting this battle now, and what is the pattern you want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We can't be'muddled '. We try our best to pull both sides to the center line, and we have to explain clearly that this center line is reasonable. Can't let either side be wronged.\"</p><p>This is just one of Bao Fan's many successful stories.</p><p>Cooperation with Tencent JD.COM, Youku and Tudou, 58 and Ganji, Meituan and Dianping, Cat's Eye and Lithography, Meituan's acquisition of mobike, and Momo's acquisition of Tantan, Bao Fan is a crucial person in these big cooperation and transactions, and his Huaxing Capital continues to participate in them as the core role and identity of the exclusive financial consultant.</p><p>These sensational cases are only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.com, Meituan, Weibo, and iQiyi in the early years, to WuXi AppTec, Keike (Lianjia), Nio, Nanwei Medical, Bloomage Biotech, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou Big Project... Bao Fan and Huaxing Capital all played important roles.</p><p>Since 2013, China Renaissance has been ranked first among Chinese investment banks in financing and mergers and acquisitions services for China's new economy companies. Bao Fan is therefore known as the king of financial services in China's new economic field.</p><p>It is also said that the big business of China's new Internet economy has been covered by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, China Renaissance has become a winner-take-all in the financial services business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also inserts them from the depth of the industrial chain to the end.</p><p>For example, JD.com. From JD financing and listing, Huaxing has been eating JD Health, JD Logistics and other core business entities under JD, and it is not only a financial consultant, but also an investment, as well as a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first invested more than 3 billion in multiple rounds, holding a total of 3.8% of Keike shares before the IPO, becoming its fifth largest shareholder, and served as a financial advisor in its multiple rounds of financing, and then served as the joint lead underwriter when it went public in the United States. For the early investment alone, Huaxing's book floating profit exceeded 10 billion.</p><p>For example, Kuaishou. Huaxing not only participated in Kuaishou with its new economy fund, but also acted as a financial advisor in Kuaishou's financing. Together with Morgan Stanley and Bank of America, it was the joint sponsor of Kuaishou's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive of Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat western food and open his eyes. By the way, he listened to Shanghai's former stock market situation and the legend of bank tycoons. Although he didn't quite understand it, Bao Fan had vaguely felt that the profession of banking was mysterious and fun.</p><p>It is synonymous with rebellious young Bao Fan. Because his parents have been away for many years and have been boarding in school since childhood, he has developed an unfettered character, and he has to face campus bullying alone, which stimulates him to practice mixed martial arts wildly. He not only makes fighting the main theme of his life, but also pulls a group of brothers and becomes the \"boss\" of the campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent results.</p><p>Soon, as long as Bao Fan mediates the disputes in the school, most of them can be turned into friends. Nowadays, Bao Fan can handle so many commercial mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps due to his early experience of \"being the boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong or Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>Within a few years of graduating from college, he spent all day working with the top bosses in the world, talking about billions or even tens of billions of dollars in business. The excitement and glory that this job brought to Bao Fan far exceeded the pleasure of making money.</p><p>Novartis Pharmaceutical's merger and acquisition, China Unicom and AsiaInfo's overseas listing, Bao Fandu participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but restless, he began to ask himself questions. After all, he still didn't like a stable job, and he needed greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, so he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and all backbone network projects such as China Mobile, China Unicom and China Telecom are undertaken by it. It is known as the \"chief architect of China's Internet\". Here, Bao Fan is engaged in management and strategy, and has a hot fight with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this a startup opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl to serve as an analyst and secretary at the international club outside Jianguomen, and Huaxing Capital, a two-person company, was opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs, and Merrill Lynch were trying their best to enter the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan saw an opportunity: China's start-up enterprises and private economy are on the rise, and small financing and small mergers and acquisitions are constantly going on, but big investment banks basically look down on these.</p><p>This allowed Bao Fan to finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the professional, refined and deep cultivation route, lock in the high-tech new economy, and do both financial consultants and small-scale equity investments.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, or their own value, and they knew nothing about law, finance, strategy, etc. When financing, you either fail to convince investors, or you become vassals in front of capital.</p><p>Bao Fan's calculation is that all these troubles can be handed over to Huaxing.</p><p>If you want to find investors, Huaxing will help; To negotiate with investors, Huaxing will help; I don't know how to value it, I don't know how to write a financing agreement, Huaxing can handle everything, and I can \"leave us to do things that hurt my feelings\"; One-stop complete solution.</p><p>When encountering a particularly good company, Bao Fan will symbolically follow the investment, do it together, lose together, and win together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and started its brand. In 2006 and 2007 alone, it completed tens of billions of private equity financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the title of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model a \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen investment banking and expand its business to listing sponsorship and underwriting. The market has gradually exploded with such demand.</p><p>On the surface, the investment banking business seems fiercely competitive, fair and reasonable. In fact, the chain of contempt created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, with a surge of 86.94%. However, Li Guoqing, the biggest beneficiary, was furious and started a confrontation with \"Morgan Stanley\" in Weibo. The reason is that before the listing, Morgan Stanley, the underwriter of Dangdang, forced him to sell at a discount on the issue price. Dangdang raised a lot of money less, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and hard work act as \"migrant workers\" at the bottom of the finance; Indians occupy middle management positions; At the top, they will always be Jews and Anglo-Saxons. Chinese companies are listed overseas, but in fact they suffer from all kinds of unfair treatment.</p><p>Dangdang's experience made his experience even more painful.</p><p>American investors are also full of prejudice against Chinese companies. They are too lazy to understand the business model, and they always want you to find the analogy object: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how good you are in China, you have to find a company that \"benchmarks\" with the American market when you go public in the United States. Otherwise, American investors won't understand it and suspect that there is something fishy about your company.</p><p>This made Bao Fan start to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning at that time, but Bao Fan still made up his mind: even if he lost money with him, he would still participate.</p><p>This is also the truth he realized in the fighting: \"When you are knocked down, you must never flinch, you must fight back immediately.\"</p><p>Since 2012, Huaxing has focused on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. From then on-Chinese enterprises went public in the United States, and they were escorted by their own investment banks.</p><p>This time, Bao Fan bet correctly again.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed its first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock, listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten a US stock IPO.</p><p>Winning this big order is more or less because of Bao Fan's personal relationship. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to sea.</p><p>But later, when more and more Chinese companies went to the United States, Huaxing quickly became a dark horse in the market by perfectly stepping on the market rhythm and first-mover advantage. By 2018, it was already the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic Persons of the Year Award Ceremony</p><p>Keike, with a market value of more than 70 billion US dollars, was listed on the New York Stock Exchange, and Huaxing served as the lead underwriter; Wuxin Technology, with a market value of more than 40 billion US dollars, was listed on the New York Stock Exchange, and China Renaissance and Citigroup became its underwriters.</p><p>In addition to its successful start in the U.S. stock market, Huaxing is also making great strides in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial advisor/joint global coordinator; JD.com is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Kuaishou goes public, Huaxing is the joint sponsor...</p><p>As early as June 30, 2020, Huaxing has helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions, and private equity financing, with a total transaction volume of more than US $146 billion. In terms of scale, it became the first in China's new economy at that time.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another example of Huaxing Capital's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong and decided that he was capable, loyal and able to accomplish things. However, Huaxing missed several rounds of financing in JD.com. Bao Fan is the kind of person who will never die until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, JD.com's C round of financing, Liu Qiangdong finally found Bao Fan and asked for US $1 billion. Bao Fan's first feeling is: Liu Qiangdong is crazy. In 2009, Shanda went public in the United States, and the amount of financing was nothing more than that.</p><p>Bao Fan gritted his teeth and accepted this big move that ordinary people couldn't accept.</p><p>Just in time, Yuri, an old friend of Huaxing Capital and founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to JD.COM, which cost 500 million dollars.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.com, Bao Fan has been deeply tied to JD.com since then. Since then, Huaxing has been the co-lead underwriter of JD.com's US $2.05 billion IPO, setting a record for the largest financing of Chinese concept stocks at that time, and has been listed until JD Health is listed later.</p><p>Many enterprises are willing to tie up with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put building a top professional team at the top of the company's development, and constantly offered high salaries to find and poach people. As early as 2017, Huaxing's per capita salary was as high as 1.2 million yuan.</p><p>Elite team is the characteristic signboard of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all the resources of Huaxing to support him, and we will never give up when he is in the most difficult time. If we make friends, we will be sincere and treat each other.\"</p><p>Bao Fan said that Huaxing did a lot of projects in its early years, even without contracts, so it was done by shaking hands. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been DIAO since the first day of its establishment. My personality is like this, and I'm not short of this meal. If you are willing to cooperate, you should cooperate, but you should be happy when you cooperate together. Not only do you make a deal, but you are still friends after you finish the deal. This is real cooperation.\"</p><p>Bao Fan is a financial expert, but his specialty is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like a bank account. When others help you, they are withdrawing money. They always withdraw money. One day, the money will be withdrawn, so you have to help others and keep saving money, so that you can have more and more money.\"</p><p>Therefore, he believes that when doing business, \"don't just look at interests, but also pay attention to feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. Before others help you, you should help others first, and you don't necessarily expect a return.\"</p><p>\"We recognize the mistakes in business judgment and can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral quality. The core of investment banking is brand, and one thing can make you completely finished.\"</p><p>Huaxing's corporate culture is also full of \"Jianghu loyalty\". On the issue of interests, Bao Fan has always been indifferent. Once he has a deep friendship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Enlight and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Enlight Media, remembered it. Later, when Enlight Media went public, Wang Changtian pulled Bao Fan into a shareholder, making him earn more than 30 times at the highest.</p><p>Wang Changtian's evaluation of Bao Fan is: \"He is a person you are willing to give him money. You think it's right for him to make money.\"</p><p>For many entrepreneurs, Bao Fan has heartfelt pity. He said: \"It's not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirits of doing things and being a man have enabled Huaxing's investment business to grow rapidly in recent years and become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the asset management scale of Huaxing's private equity investment funds reached approximately RMB 39 billion, with an average IRR of 33%, and it has invested in Meituan, WuXi AppTec, Minglamp Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Biotech, Xinmai Medical, MicroPort Xintong, Pop Mart, Kuaishou, Didi and other successful cases.</p><p>On September 10, 2020, Huaxing New Economic Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of US dollar fund fundraising, with a total fundraising amount exceeding US $600 million. After completing this fundraising, its single investment amount can reach US $50 million.</p><p>In 2016, Bao Fan also \"saved the country by curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the mainland's control on private securities, and established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses of securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the securities industry in the mainland, the development of Huaxing Capital in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two businesses: self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities also upgraded two levels in a row, from Class BB last year to Class A.</p><p>Starting from 2020, China's economy has increasingly shown two salient characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the core of promoting the development of the new economy. The science and technology innovation board, the registration system, and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also considered to be the core engine of China's economic transformation and upgrading.</p><p>On the one hand, it is the new economic investment and overseas investment banks that have built high barriers, and on the other hand, it is a fully licensed securities firm in the mainland capital market. Huaxing Capital, which is deeply involved in the three core value points of new economic financial services, can be said to have caught up with the good times and made enough preparations.</p><p>In recent years, in addition to devoting himself to practice, Bao Fan is an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth betting on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, \"Caixin\" reported that Bao Fan was suspected of missing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the Hong Kong Stock Exchange: \"The board of directors has learned that the company is temporarily unable to get in touch with Bao Fan (the chairman, executive director, CEO and controlling shareholder of the company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>When the news came out, the industry was shocked.</p><p>Because this will affect the future and destiny of many people, and even become a bellwether event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffered heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its stock price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK $31.8 and closed at HK $22.5. Since then, its stock price has continued to fall, reaching as low as HK $5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increases his holdings many times, it will not help. Some investors who once placed high hopes on it couldn't help but leave messages of hatred and disgust in the stock bar: old shares, specializing in harvesting the secondary market, garbage, cheap, mud can't hold the wall...</p><p>As of February 15, 2023, its stock price is still below HK $10.</p><p>The weakness of the stock price reflects the actual challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the overall economic environment, and investors' lack of confidence in some things other than China Renaissance's business.</p><p>In terms of team and management, a former Huaxing employee once said that up to now, Huaxing still hasn't got rid of its dependence on Bao Fan's outstanding personal ability. Huaxing still lacks strength in talent competition, and often can only follow the international big banks. Find someone behind.</p><p>In terms of the economic environment, the development of the new economy dominated by the Internet has entered turmoil in recent years. From the perspective of investment and investment banking, it is even a period of sharp recession, while the development of artificial intelligence is still being invested, which also makes the new economy dominated by Huaxing encountered the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about China Renaissance is that it always stages a \"super\" repurchase drama: on the day of listing, the company spent HK $4,010 to repurchase 200 shares at a repurchase price of HK $20.05; Since then, no less than 5 times, Huaxing Capital has solemnly announced repurchases, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, currently, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, but also the largest shareholder, and the most important pioneer of big business. If something happens to him, the possible impact on Huaxing can also be seen.</p><p>What is even more worrying is that in September 2022, Cungle, president of China Renaissance Capital and former chairman and chief executive officer of ICBC International, has been taken away by relevant departments, and the matters involved may include the relationship with China Renaissance when he was an employee of ICBC International. Capital business dealings.</p><p>According to public information, Jungle served as the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and approved a loan of US $200 million for China Renaissance in 2017. In July 2020, after the listing of China Renaissance Capital Holdings, Cungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a drop of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's \"Deep Web\" that at the turning point of the times, many things cannot be seen clearly, but they still have to continue to see them. Investment is to find certainty in uncertainty.</p><p>As one of the important standard-bearers of the new economy, Bao Fan's accident will bring uncertainty beyond China Renaissance itself.</p><p>The new Internet economy has been a hot spot for wealth creation in the past 10 years, and it is considered to be the sunniest hot spot for wealth creation. When certain companies, something behind the sunshine is revealed, the whole industry will undoubtedly be affected.</p><p></body></html></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>Where did the people who contracted the big Internet business in China go?</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\">\nWhere did the people who contracted the big Internet business in China go?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/27\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华商韬略 </p>\n<p class=\"h-time smaller\">2023-02-17 20:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author | Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial circles, especially in the financial circles and the new Internet economy.</p><p>Him, what's so special? Why does his loss of contact deserve special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day in 2015, big news came out of Chinese business circles: Didi and Kuaidi jointly announced that the two companies would achieve strategic merger.</p><p>When the news came out, the market was shocked. A few days ago, the two companies were still in a desperate game. Information disclosed in the future shows that as early as January of that year, the two sides had started negotiations, but the process was full of challenges and the confidentiality work was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the army was fighting to the death. Suddenly, they sat at the same table, and they rejected the meeting until they didn't want to see it.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, and Bao Fan kept mediating in the confrontation: \"What is the ultimate goal of fighting this battle now, and what is the pattern you want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We can't be'muddled '. We try our best to pull both sides to the center line, and we have to explain clearly that this center line is reasonable. Can't let either side be wronged.\"</p><p>This is just one of Bao Fan's many successful stories.</p><p>Cooperation with Tencent JD.COM, Youku and Tudou, 58 and Ganji, Meituan and Dianping, Cat's Eye and Lithography, Meituan's acquisition of mobike, and Momo's acquisition of Tantan, Bao Fan is a crucial person in these big cooperation and transactions, and his Huaxing Capital continues to participate in them as the core role and identity of the exclusive financial consultant.</p><p>These sensational cases are only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.com, Meituan, Weibo, and iQiyi in the early years, to WuXi AppTec, Keike (Lianjia), Nio, Nanwei Medical, Bloomage Biotech, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou Big Project... Bao Fan and Huaxing Capital all played important roles.</p><p>Since 2013, China Renaissance has been ranked first among Chinese investment banks in financing and mergers and acquisitions services for China's new economy companies. Bao Fan is therefore known as the king of financial services in China's new economic field.</p><p>It is also said that the big business of China's new Internet economy has been covered by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, China Renaissance has become a winner-take-all in the financial services business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also inserts them from the depth of the industrial chain to the end.</p><p>For example, JD.com. From JD financing and listing, Huaxing has been eating JD Health, JD Logistics and other core business entities under JD, and it is not only a financial consultant, but also an investment, as well as a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first invested more than 3 billion in multiple rounds, holding a total of 3.8% of Keike shares before the IPO, becoming its fifth largest shareholder, and served as a financial advisor in its multiple rounds of financing, and then served as the joint lead underwriter when it went public in the United States. For the early investment alone, Huaxing's book floating profit exceeded 10 billion.</p><p>For example, Kuaishou. Huaxing not only participated in Kuaishou with its new economy fund, but also acted as a financial advisor in Kuaishou's financing. Together with Morgan Stanley and Bank of America, it was the joint sponsor of Kuaishou's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive of Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat western food and open his eyes. By the way, he listened to Shanghai's former stock market situation and the legend of bank tycoons. Although he didn't quite understand it, Bao Fan had vaguely felt that the profession of banking was mysterious and fun.</p><p>It is synonymous with rebellious young Bao Fan. Because his parents have been away for many years and have been boarding in school since childhood, he has developed an unfettered character, and he has to face campus bullying alone, which stimulates him to practice mixed martial arts wildly. He not only makes fighting the main theme of his life, but also pulls a group of brothers and becomes the \"boss\" of the campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent results.</p><p>Soon, as long as Bao Fan mediates the disputes in the school, most of them can be turned into friends. Nowadays, Bao Fan can handle so many commercial mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps due to his early experience of \"being the boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong or Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>Within a few years of graduating from college, he spent all day working with the top bosses in the world, talking about billions or even tens of billions of dollars in business. The excitement and glory that this job brought to Bao Fan far exceeded the pleasure of making money.</p><p>Novartis Pharmaceutical's merger and acquisition, China Unicom and AsiaInfo's overseas listing, Bao Fandu participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but restless, he began to ask himself questions. After all, he still didn't like a stable job, and he needed greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, so he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and all backbone network projects such as China Mobile, China Unicom and China Telecom are undertaken by it. It is known as the \"chief architect of China's Internet\". Here, Bao Fan is engaged in management and strategy, and has a hot fight with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this a startup opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl to serve as an analyst and secretary at the international club outside Jianguomen, and Huaxing Capital, a two-person company, was opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs, and Merrill Lynch were trying their best to enter the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan saw an opportunity: China's start-up enterprises and private economy are on the rise, and small financing and small mergers and acquisitions are constantly going on, but big investment banks basically look down on these.</p><p>This allowed Bao Fan to finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the professional, refined and deep cultivation route, lock in the high-tech new economy, and do both financial consultants and small-scale equity investments.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, or their own value, and they knew nothing about law, finance, strategy, etc. When financing, you either fail to convince investors, or you become vassals in front of capital.</p><p>Bao Fan's calculation is that all these troubles can be handed over to Huaxing.</p><p>If you want to find investors, Huaxing will help; To negotiate with investors, Huaxing will help; I don't know how to value it, I don't know how to write a financing agreement, Huaxing can handle everything, and I can \"leave us to do things that hurt my feelings\"; One-stop complete solution.</p><p>When encountering a particularly good company, Bao Fan will symbolically follow the investment, do it together, lose together, and win together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and started its brand. In 2006 and 2007 alone, it completed tens of billions of private equity financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the title of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model a \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen investment banking and expand its business to listing sponsorship and underwriting. The market has gradually exploded with such demand.</p><p>On the surface, the investment banking business seems fiercely competitive, fair and reasonable. In fact, the chain of contempt created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, with a surge of 86.94%. However, Li Guoqing, the biggest beneficiary, was furious and started a confrontation with \"Morgan Stanley\" in Weibo. The reason is that before the listing, Morgan Stanley, the underwriter of Dangdang, forced him to sell at a discount on the issue price. Dangdang raised a lot of money less, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and hard work act as \"migrant workers\" at the bottom of the finance; Indians occupy middle management positions; At the top, they will always be Jews and Anglo-Saxons. Chinese companies are listed overseas, but in fact they suffer from all kinds of unfair treatment.</p><p>Dangdang's experience made his experience even more painful.</p><p>American investors are also full of prejudice against Chinese companies. They are too lazy to understand the business model, and they always want you to find the analogy object: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how good you are in China, you have to find a company that \"benchmarks\" with the American market when you go public in the United States. Otherwise, American investors won't understand it and suspect that there is something fishy about your company.</p><p>This made Bao Fan start to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning at that time, but Bao Fan still made up his mind: even if he lost money with him, he would still participate.</p><p>This is also the truth he realized in the fighting: \"When you are knocked down, you must never flinch, you must fight back immediately.\"</p><p>Since 2012, Huaxing has focused on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. From then on-Chinese enterprises went public in the United States, and they were escorted by their own investment banks.</p><p>This time, Bao Fan bet correctly again.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed its first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock, listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten a US stock IPO.</p><p>Winning this big order is more or less because of Bao Fan's personal relationship. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to sea.</p><p>But later, when more and more Chinese companies went to the United States, Huaxing quickly became a dark horse in the market by perfectly stepping on the market rhythm and first-mover advantage. By 2018, it was already the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic Persons of the Year Award Ceremony</p><p>Keike, with a market value of more than 70 billion US dollars, was listed on the New York Stock Exchange, and Huaxing served as the lead underwriter; Wuxin Technology, with a market value of more than 40 billion US dollars, was listed on the New York Stock Exchange, and China Renaissance and Citigroup became its underwriters.</p><p>In addition to its successful start in the U.S. stock market, Huaxing is also making great strides in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial advisor/joint global coordinator; JD.com is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Kuaishou goes public, Huaxing is the joint sponsor...</p><p>As early as June 30, 2020, Huaxing has helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions, and private equity financing, with a total transaction volume of more than US $146 billion. In terms of scale, it became the first in China's new economy at that time.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another example of Huaxing Capital's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong and decided that he was capable, loyal and able to accomplish things. However, Huaxing missed several rounds of financing in JD.com. Bao Fan is the kind of person who will never die until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, JD.com's C round of financing, Liu Qiangdong finally found Bao Fan and asked for US $1 billion. Bao Fan's first feeling is: Liu Qiangdong is crazy. In 2009, Shanda went public in the United States, and the amount of financing was nothing more than that.</p><p>Bao Fan gritted his teeth and accepted this big move that ordinary people couldn't accept.</p><p>Just in time, Yuri, an old friend of Huaxing Capital and founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to JD.COM, which cost 500 million dollars.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.com, Bao Fan has been deeply tied to JD.com since then. Since then, Huaxing has been the co-lead underwriter of JD.com's US $2.05 billion IPO, setting a record for the largest financing of Chinese concept stocks at that time, and has been listed until JD Health is listed later.</p><p>Many enterprises are willing to tie up with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put building a top professional team at the top of the company's development, and constantly offered high salaries to find and poach people. As early as 2017, Huaxing's per capita salary was as high as 1.2 million yuan.</p><p>Elite team is the characteristic signboard of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all the resources of Huaxing to support him, and we will never give up when he is in the most difficult time. If we make friends, we will be sincere and treat each other.\"</p><p>Bao Fan said that Huaxing did a lot of projects in its early years, even without contracts, so it was done by shaking hands. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been DIAO since the first day of its establishment. My personality is like this, and I'm not short of this meal. If you are willing to cooperate, you should cooperate, but you should be happy when you cooperate together. Not only do you make a deal, but you are still friends after you finish the deal. This is real cooperation.\"</p><p>Bao Fan is a financial expert, but his specialty is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like a bank account. When others help you, they are withdrawing money. They always withdraw money. One day, the money will be withdrawn, so you have to help others and keep saving money, so that you can have more and more money.\"</p><p>Therefore, he believes that when doing business, \"don't just look at interests, but also pay attention to feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. Before others help you, you should help others first, and you don't necessarily expect a return.\"</p><p>\"We recognize the mistakes in business judgment and can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral quality. The core of investment banking is brand, and one thing can make you completely finished.\"</p><p>Huaxing's corporate culture is also full of \"Jianghu loyalty\". On the issue of interests, Bao Fan has always been indifferent. Once he has a deep friendship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Enlight and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Enlight Media, remembered it. Later, when Enlight Media went public, Wang Changtian pulled Bao Fan into a shareholder, making him earn more than 30 times at the highest.</p><p>Wang Changtian's evaluation of Bao Fan is: \"He is a person you are willing to give him money. You think it's right for him to make money.\"</p><p>For many entrepreneurs, Bao Fan has heartfelt pity. He said: \"It's not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirits of doing things and being a man have enabled Huaxing's investment business to grow rapidly in recent years and become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the asset management scale of Huaxing's private equity investment funds reached approximately RMB 39 billion, with an average IRR of 33%, and it has invested in Meituan, WuXi AppTec, Minglamp Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Biotech, Xinmai Medical, MicroPort Xintong, Pop Mart, Kuaishou, Didi and other successful cases.</p><p>On September 10, 2020, Huaxing New Economic Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of US dollar fund fundraising, with a total fundraising amount exceeding US $600 million. After completing this fundraising, its single investment amount can reach US $50 million.</p><p>In 2016, Bao Fan also \"saved the country by curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the mainland's control on private securities, and established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses of securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the securities industry in the mainland, the development of Huaxing Capital in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two businesses: self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities also upgraded two levels in a row, from Class BB last year to Class A.</p><p>Starting from 2020, China's economy has increasingly shown two salient characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the core of promoting the development of the new economy. The science and technology innovation board, the registration system, and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also considered to be the core engine of China's economic transformation and upgrading.</p><p>On the one hand, it is the new economic investment and overseas investment banks that have built high barriers, and on the other hand, it is a fully licensed securities firm in the mainland capital market. Huaxing Capital, which is deeply involved in the three core value points of new economic financial services, can be said to have caught up with the good times and made enough preparations.</p><p>In recent years, in addition to devoting himself to practice, Bao Fan is an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth betting on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, \"Caixin\" reported that Bao Fan was suspected of missing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the Hong Kong Stock Exchange: \"The board of directors has learned that the company is temporarily unable to get in touch with Bao Fan (the chairman, executive director, CEO and controlling shareholder of the company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>When the news came out, the industry was shocked.</p><p>Because this will affect the future and destiny of many people, and even become a bellwether event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffered heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its stock price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK $31.8 and closed at HK $22.5. Since then, its stock price has continued to fall, reaching as low as HK $5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increases his holdings many times, it will not help. Some investors who once placed high hopes on it couldn't help but leave messages of hatred and disgust in the stock bar: old shares, specializing in harvesting the secondary market, garbage, cheap, mud can't hold the wall...</p><p>As of February 15, 2023, its stock price is still below HK $10.</p><p>The weakness of the stock price reflects the actual challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the overall economic environment, and investors' lack of confidence in some things other than China Renaissance's business.</p><p>In terms of team and management, a former Huaxing employee once said that up to now, Huaxing still hasn't got rid of its dependence on Bao Fan's outstanding personal ability. Huaxing still lacks strength in talent competition, and often can only follow the international big banks. Find someone behind.</p><p>In terms of the economic environment, the development of the new economy dominated by the Internet has entered turmoil in recent years. From the perspective of investment and investment banking, it is even a period of sharp recession, while the development of artificial intelligence is still being invested, which also makes the new economy dominated by Huaxing encountered the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about China Renaissance is that it always stages a \"super\" repurchase drama: on the day of listing, the company spent HK $4,010 to repurchase 200 shares at a repurchase price of HK $20.05; Since then, no less than 5 times, Huaxing Capital has solemnly announced repurchases, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, currently, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, but also the largest shareholder, and the most important pioneer of big business. If something happens to him, the possible impact on Huaxing can also be seen.</p><p>What is even more worrying is that in September 2022, Cungle, president of China Renaissance Capital and former chairman and chief executive officer of ICBC International, has been taken away by relevant departments, and the matters involved may include the relationship with China Renaissance when he was an employee of ICBC International. Capital business dealings.</p><p>According to public information, Jungle served as the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and approved a loan of US $200 million for China Renaissance in 2017. In July 2020, after the listing of China Renaissance Capital Holdings, Cungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a drop of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's \"Deep Web\" that at the turning point of the times, many things cannot be seen clearly, but they still have to continue to see them. Investment is to find certainty in uncertainty.</p><p>As one of the important standard-bearers of the new economy, Bao Fan's accident will bring uncertainty beyond China Renaissance itself.</p><p>The new Internet economy has been a hot spot for wealth creation in the past 10 years, and it is considered to be the sunniest hot spot for wealth creation. When certain companies, something behind the sunshine is revealed, the whole industry will undoubtedly be affected.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9211839191cf55d29dbe0ea606ea36f8","relate_stocks":{"01911":"华兴资本控股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117714701","content_text":"作 者丨华商韬略昨日晚间，华兴资本创始人、董事长包凡失联的消息，在财经界，尤其是金融界与互联网新经济领域引起广泛关注，甚至是强烈震动。他，有什么特别的？他的失联，为什么值得特别关注？2015年情人节，中国商界传出大消息：滴滴与快的共同宣布，两家企业将实现战略合并。消息一出，市场震惊。此前几天，两家公司还在殊死博弈。日后披露信息显示，早在当年1月，双方就已开始了谈判，只不过过程充满挑战，且保密工作做得足够好。主导这场交易的正是包凡，和他的华兴资本。据包凡回忆，双方的谈判一开始充满火药味，“以前将过军，你死我活的，突然坐到同一张桌子上，他们排斥到见面都不想见。”最终，双方的核心谈判进行了整整13个小时，包凡则在对峙中不断调停：“现在打这一仗，最终目的是什么，想要形成的格局是什么？”“得用理性的方式告诉他们，不能为了打仗而打仗……绝不能‘和稀泥‘，我们尽量把双方往中线上拉，而且我们要解释清楚，这条中线是合理的。不能让任何一方受委屈。”这只是包凡众多成功案例中的一个。腾讯与京东合作、优酷与土豆合并、58与赶集合并，美团与大众点评合并、猫眼和微影合并、美团收购摩拜、陌陌收购探探，这些大合作、大交易中，包凡都是至关重要的人，他旗下的华兴资本则以独家财务顾问的核心角色和身份，持续参与其中。这些轰动江湖的大案子，只是包凡和华兴业务的一小部分。从早年的当当、京东、美团、微博、爱奇艺上市，到最近几年的药明康德、贝壳（链家）、蔚来、南微医学、华熙生物、心脉医疗、微创心通、哔哩哔哩、泡泡玛特、快手大项目……包凡和华兴资本都扮演了重要角色。2013年至今，在为中国新经济公司运作的融资并购服务中，华兴资本一直位列中国投行第一。包凡也因此被誉为：中国新经济领域的金融服务之王。也有人说，中国互联网新经济的大买卖，被包凡包圆了。这些年，伴随其投行、投资业务的发展，华兴资本在新经济的金融服务生意里赢家通吃。既深度捆绑新经济巨头一家吃到底，也从产业链纵深一竿子插到底。比如京东。华兴从京东融资、上市一直吃到京东健康，京东物流等京东旗下核心事业体，而且在其中既当财务顾问，也做投资，还当上市保荐人与承销商。比如贝壳。华兴先是以超过30亿的多轮投资，累计持有贝壳股份至IPO前的3.8%，成为其第五大股东，并在其多轮融资担任财务顾问，然后又在其赴美国上市之际担任了联席主承销商。仅是早期的投资，华兴就账面浮盈超过百亿之巨。比如快手。华兴既以旗下的新经济基金参投了快手，也在快手的融资中担当财务顾问，并与摩根士丹利、美银一起做了快手在港上市的联席保荐人。1970年，包凡在上海出生。他的祖父是新中国成立前的浙江银行高管，父母则是外交官。十几岁的包凡，就被长辈们带着吃西餐、开眼界，顺便旁听上海昔日股市风云和银行大亨传奇。虽然听不太懂，但包凡已经隐约感觉到，银行家这个职业很神秘、很好玩。叛逆是少年包凡的代名词。由于父母长年在外，自小在校寄宿，他养成了无拘无束的性格，又要独自面对校园霸凌，这刺激他狂练综合格斗，不但把打架斗殴过成了生活主旋律，还拉上一帮兄弟，当上了校园“老大”。不过，这些都没能耽误他的学习，他依然以优异成绩考入复旦大学。很快，学校里的纠纷只要找包凡调停，大都能化干戈为玉帛。如今，包凡能将那么多利益纠缠、矛盾尖锐的商业并购一一搞定，或许正是源于他早年“当老大”的经验。在华兴，包凡的称呼不是包总、包董，而是：老大。先后在复旦和挪威管理学院毕业后，包凡于1993年入职顶级投行摩根士丹利，圆了儿时的梦想。大学毕业没几年，就成天跟全世界最顶尖的大佬合作，谈的都是几十亿乃至上百亿美元的生意，这份工作带给包凡的兴奋与荣耀，远超赚钱的快感。诺华制药并购，中国联通、亚信科技海外上市，包凡都全程参与。参加工作没几年，他已担任多家跨国企业的财务顾问，但不安分的他却开始不断自我设问，自己终究还是不喜欢稳定的工作，他需要更大的刺激，比如创业。2000年，运作亚信上市时，包凡觉得自己与这个创业团队很投脾气，他随即加盟亚信，担任首席战略官。亚信堪称中国互联网公司的“鼻祖”，移动、联通、电信等骨干网络工程全由其承建，有“中国互联网的总建筑师”之称。在这里，包凡搞管理、定战略，跟不少高科技同行打得火热。随着工作深入，他又有了重大发现：这些高科技企业近年来飞速成长，融资、并购需求极大，却对资本市场相当陌生。这让他眼前一亮：这不就是创业机会吗？！2004年，包凡在建国门外的国际俱乐部，招了个清华女生兼任分析师和秘书，两个人的华兴资本，就这样开了张。这一年，国内资本市场加速发展，瑞士信贷、德意志银行、高盛、美林证券等国外巨头都在想方设法切入中国市场。势单力薄的华兴，如何才能有一席之地？包凡看到了一个机会：中国创业企业、民营经济正在崛起，小融资、小并购不断，但大投行对这些基本看不上。这让包凡最终明确出一个锁定新经济的“投行+投资”模式：不走规模路线，而是走专业精细和深耕路线，锁定高科技新经济，既做财务顾问，又做小规模参股投资。当年，新兴创业者在资本面前大都“蒙圈”：既说不清发展方向、融资需求、核心竞争力，也认不清自身价值，对法律、财务、战略等更是一无所知。融资时，要么说服不了投资人，要么在资本面前沦为附庸。包凡的算盘是，这些麻烦，交给华兴就好。要找投资人，华兴帮忙搞定；要跟投资人谈判，华兴帮忙搞定；不知道该怎么估值，不知道融资协议怎么写，华兴统统能搞定，而且可以“伤感情的事，留我们来做”；一条龙全套解决。遇到特别好的企业，包凡还会象征性跟投，一起做，一起输，一起赢。借助互联网新经济的快速发展，华兴很快走上正轨，打响招牌。仅是06、07两年，它就一口气为征途网络、21世纪不动产、奇虎、当当网等企业完成上百亿私募融资，一举斩获“最活跃中小型投行”、“年度最佳新型投行”等桂冠。日后，人们将这种“小而美”的商业模式称为“精品投行”。在此基础上，包凡开始进一步把投行做实，将业务拓展到上市保荐与承销。市场，也逐渐爆发出这样的需求。投行这门生意，表面看竞争激烈、公平合理，实际上，民族、国别造就的鄙视链无处不在。2010年，当当网在纽交所成功上市，暴涨86.94%，但作为最大受益者的李国庆却大发雷霆，与“大摩女”在微博展开对骂。原因是，上市前，当当的承销商摩根士丹利强制要求他对发行价打折贱卖，当当少募了很多钱，李国庆成为了最大受害者。作为这一项目的财务顾问方，包凡早年就体会到，金融业具有强烈的民族性。比如，在大投行，数学精湛、工作勤奋的华人，充当着底层金融“民工”；印度人占据着中层管理职位；最高层，则永远是犹太人和盎格鲁-撒克逊人。中国公司海外上市，表面风光无限，实则遭受着各种不公平待遇。当当的遭遇，让他这种体会变得更加痛彻。美国投资人对中国企业也充满偏见。他们懒得理解商业模式，总希望你找出类比对象：不管你是阿里、携程还是新浪、百度，甭管你在中国多牛，在美国上市就统统要找到与美国市场“对标”的公司，否则，美国投资人就看不懂，就怀疑你公司有猫腻。这让包凡开始了反思：中国人要如何突破，在华尔街去赢得一席之地？他的答案是，一定要打破欧美投行的上市垄断权。虽然不服气，但当时的华兴资本参与进去并无胜算，可包凡还是下定决心：即便陪跑赔钱，也要参与。这也是他在格斗中悟出来的道理：“被打倒时，你绝不能退缩，必须马上打回去。”从2012年开始，华兴开始集中精力成为真正的投行，先后拿到中国香港、美国的券商牌照。从此——中国企业赴美上市，有了中国人自己的投资银行护航。这一次，包凡再次押对了。2013年6月，刚刚拿到美国券商牌照的华兴，就完成了IPO第一股：成为跨境电商第一股兰亭集势在纽交所上市的唯一的本土副承销商。这是第一次由中国投行承销美股IPO。拿下这笔大单，多少是因为包凡的个人关系。他与兰亭集势董事长郭去疾是多年的“好友”：当年，郭去疾在谷歌中国当首席战略官时，就是包凡“鼓动”他下的海。但后来，当越来越多中国企业赴美，华兴则是靠着完美踏准市场节奏以及先发优势，快速成为了市场的一匹黑马，到2018年时，它已是华尔街第七大承销商。▲包凡在2018十大经济年度人物颁奖典礼现场当年市值超过700亿美元的贝壳在纽交所上市，华兴担任主承销商；市值超过400亿美金雾芯科技在纽交所上市，华兴资本与花旗一起成为其承销商。除了在美股市场旗开得胜，华兴在香港市场同样高歌猛进：美团在港上市，华兴是独家财务顾问/联席全球协调人；京东在港上市，华兴资本是联席全球协调人、联席账簿管理人及联席牵头经办人；快手上市，华兴是联席保荐人……早在2020年6月30日，华兴已帮助客户成功完成包括首次公开募股、并购和私募融资等超过980宗交易，交易总额逾1460亿美元，规模上，成为当时中国新经济领域的第一。与京东合作，是华兴资本运作的又一典范。早在2006年，包凡就结识了刘强东，认定他能力强、讲义气、会成事。但京东的数轮融资，华兴都失之交臂。包凡是那种不到黄河心不死的人：“我就不信这邪，我们一定要为京东做点啥。”2011年，京东C轮融资，刘强东终于找到包凡，开口要10亿美元。包凡第一感觉是：刘强东疯了。2009年盛大赴美上市，融资额也不过如此。这种一般人接不住的大招，包凡咬牙接了。正好，华兴资本的老朋友、俄罗斯数字天空技术（DST）创始人尤里来到中国，包凡带着这位“俄罗斯土豪”逛京东，一砸就是5亿美元。老虎基金、软银马上跟风凑了破天荒的15亿美元。凭借这场京东史上关键之战，包凡自此与京东深度捆绑。此后，华兴从京东20.5亿美元IPO的联席主承销商，创出当时中概股最大规模融资纪录，一直做到后面的京东健康上市。众多企业都愿意和华兴捆绑，离不开华兴的专业能力。从创立开始，包凡就将构建顶尖专业团队放在公司发展首位，不断开出高薪找人，挖人。早在2017年，华兴的人均薪酬就已高达120万人民币。精英团队是华兴的特色招牌。而区别于其他业者的更大优势，离不开包凡在专业之外的功夫：“如果一个企业选择了华兴，我们会启用华兴所有的资源去支持他，在他最困难的时候，我们也会不离不弃。咱们交上朋友了，那就两肋插刀、肝胆相照。”包凡说，华兴早年做了很多项目，连合同都没有，握个手搞定了，“坦率讲我们干的事别人也能干，为什么大家愿意跟我们合作？”他认为，最重要的就是“肝胆相照”。“华兴从创立第一天起就比较DIAO，我的性格就是这样，我也不差这口饭吃，你愿意合作就合作，但在一起合作要开心，不仅做成买卖，做完买卖大家还是朋友，这才是真正的合作。”包凡是一个金融专家，但专业只是手段和技术，他真正追求和死守的，还是人性与人情。他说：“人情这东西就像银行账户，别人帮你是在取钱，总是取钱，总有一天钱会取光，所以你要帮别人，不断存钱，钱才能越来越多。”因此他认为，做生意，“不要只看利益，要重感情。”“第一，什么事情都别做太满，能让别人就让别人。你能赚10块钱，你就赚5块，留5块钱给别人。第二，要知恩图报，别人没帮你之前你就先帮别人，不一定指望回报。”“商业上的判断失误我们认了，能吸取很多经验教训。我最怕的就是人不靠谱，犯道德品质上的错误，投资银行买卖的核心就是品牌，一件事就能让你彻底完蛋。”华兴的企业文化中，也充满着“江湖义气”。在利益问题上，包凡向来大气不计较，一旦跟包凡有了深交，有人甚至愿意“送”钱给他。当年光线与华友的并购案落空，华兴几乎白忙一场，包凡对此毫不在意，光线传媒董事长王长田却记住了这事。后来光线传媒上市，王长田拉着包凡入股，让他最高赚到30多倍。王长田对包凡的评价则是：“他是一个你愿意给他钱的人，你觉得他挣钱是应该的。”对于很多企业家，包凡有发自内心的怜惜。他说：“中国的民营企业家很不容易。我特别能够理解他们夹缝中求生存的困境。这些人很不简单，我很佩服、尊重他们。”这些做事做人精神，让华兴的投资业务近年来快速成长，成为新经济投资领域的著名一极。截至2020年6月30日，华兴旗下的私募股权投资基金资产管理规模达约人民币390亿元，平均IRR达33%，并投出了美团、药明康德、明略数据、链家、分众传媒、南微医学、华熙生物、心脉医疗、微创心通、泡泡玛特、快手、滴滴等成功案例。2020年9月10日，华兴旗下“华兴新经济基金”还宣布，已完成第三期美元基金募资，总募资额超6亿美元，完成此次募资后，其单笔投资金额可达5000万美元。2016年，包凡还“曲线救国”，借助内地与香港经贸合作协定中关于金融业的合作条款，突破内地对民营证券的管制，以港资背景在上海成立了华菁证券，拥有证券经纪、证券投资咨询、证券承销与保荐、证券资产管理四张牌照，踏入内地证券业务。内地证券业新一轮改革之下，华兴资本在内地的发展也开始大步前进。2020年6月，华菁证券新增了证券自营、代销金融产品两项业务，成为全牌照券商。2020年12月，华菁证券正式更名为“华兴证券”。在2020年的分类评价中，华兴证券还连升两级，从上年的BB类升至A类。从2020年开始，中国经济越来越呈现出两大显著特征，或者说越来越靠两大趋势推动和引领。一个是以科技创新为支持的新经济发展；另一个是以推动新经济发展为核心的资本市场变革与发展，科创板、注册制、全面注册制推动中国资本市场走入崭新的时代。这也被认为是中国经济转型升级的核心引擎。一手是已经壁垒高筑的新经济投资与海外投行，一手是在内地资本市场的全牌照券商，在新经济金融服务三大核心价值点深耕的华兴资本，可谓赶上了好时候，也做足了准备。这些年，除了躬身实践，包凡更是中国新经济的鼓吹者，“中国的未来一定是新经济的未来，新经济是未来唯一值得赌的方向”。2023年2月16日晚，《财新》传出包凡疑似失联的消息。此后不久，华兴资本控股在港交所公告：“董事会得悉本公司暂时无法与包凡（本公司董事会主席、执行董事、首席执行官和控股股东）取得联系。”消息一出，业界震惊。因为，这将关系不少人的前途命运，甚至会成为新经济的一个风向标事件。首先是，华兴资本控股将不可避免的受到重大影响，甚至是遭遇重创。2018年，成就了众多企业家上市之路的包凡，也将华兴资本以“华兴资本控股”（01911）在港上市，但其上市之后的股价表现却只能用令人深感失望来形容。上市当日，华兴就大幅跌破31.8港元的发行价，收盘于22.5港元。此后，其股价更一路持续走低，最低至2022年9月的5.82港元，不足发行价的1/5。即便包凡多次增持，也无济于事。曾经对其寄予厚望的一些投资者，因此忍不住在股吧留言憎恨与厌恶：老千股、专门收割二级市场，垃圾、贱得可以，烂泥扶不上墙……截至2023年2月15日，其股价依然在10港元的下方。股价的疲弱，反应了华兴资本正在面临的实际挑战，它包括但不限于：公司团队与管理的挑战，以及整个经济大环境的变迁，以及投资人对华兴资本业务之外的一些事情也缺乏信心。在团队与管理方面，一位华兴前职员就曾表示，到目前，华兴依然没有摆脱对包凡的个人突出能力的依赖，华兴在人才竞争上还缺少力量，常常只能跟在国际大行后面找人。在经济大环境方面，最近几年互联网为主的新经济发展进入动荡，从投资与投行角度而言，甚至是大幅衰退期，而人工智能等发展尚在投入之中，这也让以新经济为主的华兴遇到行业低谷的问题。投资人信心方面，华兴资本让人匪夷所思的是，动不动就上演“超级”回购的戏码：上市当日，公司花4010港元回购200股，回购价为20.05港元；此后不低于5次，华兴资本都曾郑重其事地公告回购，回购数额都是：100股。根据公司信息披露，目前，包凡还持有华兴48.81%股份。既是创始人，还是最大股东，更是最重要的大业务先锋，如果他出事，华兴可能受到的影响也可见一斑。更让人担心的是，2022年9月，华兴资本总裁、工银国际前董事长兼行政总裁丛林已被有关部门带走，而其涉及之事，或许就包括任职工银国际时与华兴资本的业务往来。根据公开消息，丛林2016年任工银国际控股有限公司董事长兼行政总裁，2017年曾为华兴资本批下一笔2亿美元的贷款。2020年7月，华兴资本控股上市后，丛林应邀出任了华兴资本控股集团总裁兼任华兴证券（香港）董事长，而其年薪则高达千万级。今日（17日）上午，公告了包凡失联的华兴资本控股，在港股市场开盘大跌，截至收盘跌幅达28.2%。2022年，包凡曾经在接受腾讯《深网》的专访中说，在时代的转折点上，很多事情看不清楚，但还是要继续去看。投资就是在不确定中找确定。作为新经济重要旗手之一的包凡出事，所带来的不确定性，也会超出华兴资本本身。互联网新经济是过去10多年的造富热土，并且被认为是最阳光的一片造富热土。当某些公司，某些事情阳光背后的东西被显现出来，整个行业无疑都会受到影响。","news_type":1,"symbols_score_info":{"01911":0.9}},"isVote":1,"tweetType":1,"viewCount":2231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625289077,"gmtCreate":1676508887201,"gmtModify":1676508887201,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625289077","repostId":"1124094165","repostType":2,"isVote":1,"tweetType":1,"viewCount":2232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625280494,"gmtCreate":1676508761120,"gmtModify":1676508761120,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625280494","repostId":"1124094165","repostType":2,"isVote":1,"tweetType":1,"viewCount":2104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":664218967,"gmtCreate":1668059961960,"gmtModify":1676538006491,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570100124824816","authorIdStr":"3570100124824816"},"themes":[],"htmlText":"<a 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