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zh2021
zh2021
·
2022-12-11
[笑哭]
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zh2021
zh2021
·
2022-12-10
[惊讶]
Fed pigeon ≠ US stocks rise? Markets are starting to worry about the recession storm
有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。过去两个月里，投资者无视各种警告——从40年来最严重的美债收益率曲线倒挂，到2022年油
Fed pigeon ≠ US stocks rise? Markets are starting to worry about the recession storm
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zh2021
zh2021
·
2022-12-08
[捂脸]
Wall Street Layoffs Accelerate Spread! Morgan Stanley cuts 1,600 jobs
高盛、花旗、巴克莱均在裁员投行的名单上，美银正在放缓招聘速度。美国经济凛冬即将降临，华尔街的裁员“寒气”愈发逼人。当地时间周二，媒体援引知情人士报道，摩根士丹利预计将在全球范围内裁员2%，涉及1600
Wall Street Layoffs Accelerate Spread! Morgan Stanley cuts 1,600 jobs
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zh2021
zh2021
·
2022-12-06
[捂脸]
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zh2021
zh2021
·
2022-12-04
[微笑]
Report: US court formally dropped Meng Wanzhou's charges of "bank fraud" and other charges
书面裁决表示：“兹命令撤销上述对被告孟晚舟提出的第三次替代起诉，且不能重新提起诉讼。”路透社称，美国方面正式结束了这一导致中美关系紧张的案件。
Report: US court formally dropped Meng Wanzhou's charges of "bank fraud" and other charges
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zh2021
zh2021
·
2022-12-04
[惊讶]
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zh2021
zh2021
·
2022-12-02
[微笑]
Trillion apples, "high in debt"
除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPh
Trillion apples, "high in debt"
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zh2021
zh2021
·
2022-12-01
[微笑]
"Survived"! Sun Hongbin and other tens of billions of rescue
身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅
"Survived"! Sun Hongbin and other tens of billions of rescue
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zh2021
zh2021
·
2022-12-01
[微笑]
"Survived"! Sun Hongbin and other tens of billions of rescue
身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅
"Survived"! Sun Hongbin and other tens of billions of rescue
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zh2021
zh2021
·
2022-11-10
[微笑]
SMIC Q3 revenue of $1.907 billion, net income of $470 million
11月10日，中芯国际发布2022年第三季度业绩。财报显示，第三季度营收19.07亿美元，市场预期19.35亿美元，去年同期14.15亿美元；净利润4.7亿美元，市场预期4.93亿美元，去年同期3.2
SMIC Q3 revenue of $1.907 billion, net income of $470 million
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","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9929245153","repostId":"1135427428","repostType":4,"repost":{"id":"1135427428","kind":"news","pubTimestamp":1670641879,"share":"https://ttm.financial/m/news/1135427428?lang=en_US&edition=fundamental","pubTime":"2022-12-10 11:11","market":"us","language":"zh","title":"Fed pigeon ≠ US stocks rise? Markets are starting to worry about the recession storm","url":"https://stock-news.laohu8.com/highlight/detail?id=1135427428","media":"智通财经网","summary":"有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。过去两个月里，投资者无视各种警告——从40年来最严重的美债收益率曲线倒挂，到2022年油","content":"<p><html><head></head><body>Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Over the past two months, investors have ignored warnings — from the worst inversion of the U.S. Treasury yield curve in 40 years to the upset of a sharp rise in oil prices in 2022; But investors now appear to be starting to bet that the biggest threat to risky assets is an impending slowdown in economic growth.</p><p>Cyclical stocks sent the S&P 500 down 3.4% this week after it failed to maintain above its average price over the past 200 days. Although optimism that the Fed will slow the pace of rate hike has pushed U.S. stocks up 14% since mid-October, investor sentiment has now turned gloomy, fearing that if the Fed does slow the pace of rate hike, it will signal a downturn in the U.S. economy.</p><p>There are already signs that U.S. growth is slowing amid aggressive tightening by the Federal Reserve. US services shrank last month; While the labour market remains strong, there has also been some weakness, with recent increases in initial jobless claims. Meanwhile, inflation may have peaked but remains high enough to keep the Fed on alert, raising the risk of excessive tightening.</p><p>\"We're going to move from 'bad data is good news' to 'bad data is bad news' because it's a signal that the economy is weakening faster and worse than most people expect,\" said Peter Tchir, head of macro strategy at Academy Securities.</p><p><img src=\"https://static.tigerbbs.com/c916ab1d72ccba5e0bd166e03aeef039\" tg-width=\"934\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Markets have begun to view the barrage of depressing economic news as bad news, rather than as a reason to rise from the prospect of easing policy by the Federal Reserve. At the same time, inflation in the United States remains high-evidenced by the exceeding-expectation growth of PPI in the United States in November. Taken together, that's enough to suppress the rally since the fall.</p><p>Energy stocks led the decline since stocks peaked on the last day of November, unlike the first three selloffs in 2022, when rising inflation spurred shares on raw material producers. More economy-sensitive companies, such as financial firms and consumer goods makers, lagged in December.</p><p>The shift is also evident in the fixed income space. In all three instances when the S&P 500 fell at least 10% from its peak earlier in 2022, when the inflation scare raged, bonds tumbled. Now, bonds have begun to regain their status as a recession hedge. Long-term U.S. Treasury Bond prices rose on Wednesday, with the 30-year U.S. Treasury Bond yield falling below 3.5%, its lowest level since September last year. The iShares 20+ Year U.S. Treasury Bond ETF has gained 9% over the past three weeks.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said: \"If you are buying stocks based on the idea that interest rates will be cut at some point in the future, unfortunately, it means that economic weakness will also come at some point in the future. So you have to be careful when you make a wish.\"</p><p>In recent days, this message has been supported by executives at major Wall Street banks, whose CEOs are unanimously pessimistic about the outlook for U.S. economic growth and corporate earnings. Even sell-side analysts, who tend to tout the assets they sell, have been predicting a decidedly pessimistic decline in 2023. The average forecast of strategists tracked by the media is that the S&P 500 will close next year at 4,009, their most pessimistic forecast since at least 1999.</p><p>Positions and trading patterns also show that investors are moving away from risky assets. Investors pulled out of global equity markets at the fastest pace in five months, dumping $35 billion in the past three weeks, compared with $23 billion they hoarded a week earlier, EPFR data shows. Signals of volatility also reinforce the transient nature of the recent rally, reflecting conditions such as before the end of the rally in March and August.</p><p>The level of technical indicators that spurred buying in November retreated this week. The S&P 500 failed to hold above its 200-day moving average before falling below pullback/retracement levels that helped bulls.</p><p><img src=\"https://static.tigerbbs.com/b0366d1ab17554afa57bf8480fcf4ca9\" tg-width=\"955\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Further complicating matters, November's stock market rally triggered the fastest easing of financial conditions since March 2020, according to a Goldman Sachs Group indicator, casting doubt on the Fed's ability to shift to easy policy starting next year.</p><p>After being trapped by the intensity and staying power of inflationary pressures, Fed policymakers seem determined to bring rate hike to a peak of around 5%. That's bad news for an economy that will contract sometime next year.</p><p>Justin Burgin, head of equity research at Ameriprise Financial, said: \"There is still a lot of pain to go through. We have seen little of the lag effect of this fastest rate hike in history.\"</p><p></body></html></p>","source":"highlight_zhitongcaijin","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>Fed pigeon ≠ US stocks rise? 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Markets are starting to worry about the recession storm\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-12-10 11:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Over the past two months, investors have ignored warnings — from the worst inversion of the U.S. Treasury yield curve in 40 years to the upset of a sharp rise in oil prices in 2022; But investors now appear to be starting to bet that the biggest threat to risky assets is an impending slowdown in economic growth.</p><p>Cyclical stocks sent the S&P 500 down 3.4% this week after it failed to maintain above its average price over the past 200 days. Although optimism that the Fed will slow the pace of rate hike has pushed U.S. stocks up 14% since mid-October, investor sentiment has now turned gloomy, fearing that if the Fed does slow the pace of rate hike, it will signal a downturn in the U.S. economy.</p><p>There are already signs that U.S. growth is slowing amid aggressive tightening by the Federal Reserve. US services shrank last month; While the labour market remains strong, there has also been some weakness, with recent increases in initial jobless claims. Meanwhile, inflation may have peaked but remains high enough to keep the Fed on alert, raising the risk of excessive tightening.</p><p>\"We're going to move from 'bad data is good news' to 'bad data is bad news' because it's a signal that the economy is weakening faster and worse than most people expect,\" said Peter Tchir, head of macro strategy at Academy Securities.</p><p><img src=\"https://static.tigerbbs.com/c916ab1d72ccba5e0bd166e03aeef039\" tg-width=\"934\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Markets have begun to view the barrage of depressing economic news as bad news, rather than as a reason to rise from the prospect of easing policy by the Federal Reserve. At the same time, inflation in the United States remains high-evidenced by the exceeding-expectation growth of PPI in the United States in November. Taken together, that's enough to suppress the rally since the fall.</p><p>Energy stocks led the decline since stocks peaked on the last day of November, unlike the first three selloffs in 2022, when rising inflation spurred shares on raw material producers. More economy-sensitive companies, such as financial firms and consumer goods makers, lagged in December.</p><p>The shift is also evident in the fixed income space. In all three instances when the S&P 500 fell at least 10% from its peak earlier in 2022, when the inflation scare raged, bonds tumbled. Now, bonds have begun to regain their status as a recession hedge. Long-term U.S. Treasury Bond prices rose on Wednesday, with the 30-year U.S. Treasury Bond yield falling below 3.5%, its lowest level since September last year. The iShares 20+ Year U.S. Treasury Bond ETF has gained 9% over the past three weeks.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said: \"If you are buying stocks based on the idea that interest rates will be cut at some point in the future, unfortunately, it means that economic weakness will also come at some point in the future. So you have to be careful when you make a wish.\"</p><p>In recent days, this message has been supported by executives at major Wall Street banks, whose CEOs are unanimously pessimistic about the outlook for U.S. economic growth and corporate earnings. Even sell-side analysts, who tend to tout the assets they sell, have been predicting a decidedly pessimistic decline in 2023. The average forecast of strategists tracked by the media is that the S&P 500 will close next year at 4,009, their most pessimistic forecast since at least 1999.</p><p>Positions and trading patterns also show that investors are moving away from risky assets. Investors pulled out of global equity markets at the fastest pace in five months, dumping $35 billion in the past three weeks, compared with $23 billion they hoarded a week earlier, EPFR data shows. Signals of volatility also reinforce the transient nature of the recent rally, reflecting conditions such as before the end of the rally in March and August.</p><p>The level of technical indicators that spurred buying in November retreated this week. The S&P 500 failed to hold above its 200-day moving average before falling below pullback/retracement levels that helped bulls.</p><p><img src=\"https://static.tigerbbs.com/b0366d1ab17554afa57bf8480fcf4ca9\" tg-width=\"955\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Further complicating matters, November's stock market rally triggered the fastest easing of financial conditions since March 2020, according to a Goldman Sachs Group indicator, casting doubt on the Fed's ability to shift to easy policy starting next year.</p><p>After being trapped by the intensity and staying power of inflationary pressures, Fed policymakers seem determined to bring rate hike to a peak of around 5%. That's bad news for an economy that will contract sometime next year.</p><p>Justin Burgin, head of equity research at Ameriprise Financial, said: \"There is still a lot of pain to go through. We have seen little of the lag effect of this fastest rate hike in history.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/845337.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e90f0093c95026e18203fb8d91b976d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/845337.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1135427428","content_text":"有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。过去两个月里，投资者无视各种警告——从40年来最严重的美债收益率曲线倒挂，到2022年油价大幅上涨的破灭;但投资者现在似乎开始押注风险资产面临的最大威胁是经济增长即将放缓。周期性股票导致标普500指数本周下跌3.4%，此前该指数未能维持在过去200天的平均价格之上。尽管自10月中旬以来，对美联储将放慢加息步伐的乐观情绪曾推动美国股市上涨14%，但投资者的情绪现在已经变得阴沉起来，他们担心美联储果真放慢加息步伐，将标志着美国经济陷入低迷。已经有迹象表明，在美联储激进的紧缩政策下，美国经济增长正在放缓。美国服务业上月出现萎缩;尽管劳动力市场依然强劲，但也出现了一些疲软，最近首续请失业金人数增加。与此同时，通胀可能已经见顶，但仍高到足以让美联储保持警惕，增加了过度紧缩的风险。Academy Securities宏观策略主管Peter Tchir表示:“我们将从‘坏数据就是好消息’转变成‘坏数据就是坏消息’，因为这是一个信号，表明经济正在以比大多数人预期的更快、更糟的速度走弱。”市场已经开始将一连串令人沮丧的经济消息视为坏消息，而不是将其视为美联储放宽政策前景带来的上涨理由。与此同时，美国通胀依然居高不下——美国11月PPI增速超预期就是明证。综合来看，这足以打压秋季以来的涨势。自股市在11月最后一天见顶以来，能源股领跌，这与2022年的前三次抛售不同，当时通胀加剧刺激了对原材料生产商的股价。对经济更为敏感的公司，如金融公司和消费品制造商，在12月份的表现较为滞后。这种转变在固定收益领域也很明显。在2022年早些时候，当通胀恐慌肆虐时，标普500指数从峰值下跌至少10%的三次情况中，债券都出现了暴跌。现在，债券已经开始恢复其作为经济衰退对冲的地位。周三，长期美国国债价格上涨，30年期美国国债收益率跌至3.5%以下，这是去年9月以来的最低水平。iShares 20年期以上美国国债ETF在过去三周上涨了9%。Interactive Brokers首席策略师Steve Sosnick表示:“如果你是基于未来某个时候会降息的想法来购买股票，不幸的是，这意味着经济疲软也会在未来某个时候到来。所以你许愿的时候一定要小心。”最近几天，这一信息得到了华尔街大行高管的支持，华尔街大行的首席执行官们一致对美国经济增长和企业盈利前景持悲观态度。即使是倾向于吹捧自己销售的资产的卖方分析师，也一直在明显悲观地预测，2023年将出现下跌。媒体追踪的策略师的平均预测是，标普500指数明年将收于4009点，这是他们至少自1999年以来最悲观的预测。仓位和交易模式也显示出投资者正在远离风险资产。EPFR的数据显示，投资者以五个月来最快的速度撤出全球股市，在过去三周抛售了350亿美元，而一周前他们还囤积了230亿美元。波动幅度的信号也强化了近期涨势的短暂性，反映了如3月和8月涨势结束前的情况。11月曾刺激买盘的技术指标水平本周出现回落。标普500指数未能守住200日移动均线上方，随后跌穿为多头提供帮助的回撤水平。让事情进一步复杂化的是，根据高盛集团的一项指标，11月的股市上涨引发了自2020年3月以来金融状况最快的宽松，这让人们对美联储从明年开始转向宽松政策的能力产生了怀疑。在被通胀压力的强度和持久力所困后，美联储政策制定者似乎决心将加息到5%左右的峰值。这对于明年某个时候将出现收缩的经济来说是个坏消息。Ameriprise Financial股票研究主管Justin Burgin表示:“还有很多痛苦要经历。我们几乎没有看到这次历史上最快加息的滞后效应。”","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9920330820,"gmtCreate":1670429138960,"gmtModify":1676538366441,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[捂脸] ","listText":"[捂脸] ","text":"[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9920330820","repostId":"1166364006","repostType":4,"repost":{"id":"1166364006","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1670420490,"share":"https://ttm.financial/m/news/1166364006?lang=en_US&edition=fundamental","pubTime":"2022-12-07 21:41","market":"us","language":"zh","title":"Wall Street Layoffs Accelerate Spread! Morgan Stanley cuts 1,600 jobs","url":"https://stock-news.laohu8.com/highlight/detail?id=1166364006","media":"华尔街见闻","summary":"高盛、花旗、巴克莱均在裁员投行的名单上，美银正在放缓招聘速度。美国经济凛冬即将降临，华尔街的裁员“寒气”愈发逼人。当地时间周二，媒体援引知情人士报道，摩根士丹利预计将在全球范围内裁员2%，涉及1600","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>And Barclays are on the list of investment banks to lay off employees, and Bank of America is slowing down hiring. The winter of the American economy is coming, and the \"cold\" of layoffs on Wall Street is becoming more and more pressing.</p><p>On Tuesday, local time, the media reported, citing people familiar with the matter,<b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is expected to cut 2% of its workforce worldwide, involving 1,600 employees.</b></p><p>The news of mass layoffs is not unfounded. James Gorman, Morgan Stanley's chairman and CEO, said on the third-quarter earnings call that \"[reducing] the number of employees is being considered,\" without providing specifics. At the beginning of last month, some media broke the news that Morgan Stanley was about to lay off employees.</p><p>During the outbreak of the epidemic, the Federal Reserve opened the floodgates and released water wantonly, which indirectly contributed to the prosperity of investment banking trading business. At the same time, it also led to the shortage of investment banks, which made it change the practice of laying off employees before the bonus season. Instead of suspending layoffs, it carried out large-scale recruitment and tried every means to recruit talents.</p><p>Morgan Stanley did the same. As of the end of the third quarter of this year,<b>Morgan Stanley has nearly 82,000 employees, a 34% surge from the first quarter of 2020, before the pandemic hit in Europe and the United States.</b></p><p>However, since the beginning of this year, due to the continued aggressive rate hike of the Federal Reserve, the financial environment has tightened rapidly, the risk of recession has increased day by day, and the trading growth of the investment industry has shrunk sharply.</p><p>Ernst & Young said that in the third quarter of this year,<b>Investment banks recorded 2,273 transactions, down 36% year-on-year, and $289 billion in transactions, down 64% year-on-year.</b></p><p>Compared with Morgan Stanley, other investment banks are clearly moving more quickly in terms of layoffs. Goldman Sachs started its biggest round of layoffs since the pandemic in September, and Citi, Barclays and others joined the latest list of layoffs earlier this month.</p><p>Also in the face of the impending recession, Bank of America appears to be more calm.<b>Bank of America CEO Brian Moynihan sees no need for layoffs.</b>Moynihan told a finance conference on Tuesday:</p><p><b>We do not cut staff, but we have the ability to quickly adjust the number of employees based on staff turnover.</b>Moynihan said that the number of employees at Bank of America has fluctuated between 205,000 and 215,000 in the past two years. As of Sept. 30, the bank employed a total of 213,000 employees, an increase of about 3,900 from the same period last year.</p><p>However, he added:</p><p>Our total workforce is approximately 215,000,<b>We need a pullback on that number.</b>Moynihan also said the bank is slowing its hiring pace as fewer employees decide to leave in a bid to rein in headcount ahead of the recession.</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>Wall Street Layoffs Accelerate Spread! Morgan Stanley cuts 1,600 jobs</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\">\nWall Street Layoffs Accelerate Spread! Morgan Stanley cuts 1,600 jobs\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-12-07 21:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>And Barclays are on the list of investment banks to lay off employees, and Bank of America is slowing down hiring. The winter of the American economy is coming, and the \"cold\" of layoffs on Wall Street is becoming more and more pressing.</p><p>On Tuesday, local time, the media reported, citing people familiar with the matter,<b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is expected to cut 2% of its workforce worldwide, involving 1,600 employees.</b></p><p>The news of mass layoffs is not unfounded. James Gorman, Morgan Stanley's chairman and CEO, said on the third-quarter earnings call that \"[reducing] the number of employees is being considered,\" without providing specifics. At the beginning of last month, some media broke the news that Morgan Stanley was about to lay off employees.</p><p>During the outbreak of the epidemic, the Federal Reserve opened the floodgates and released water wantonly, which indirectly contributed to the prosperity of investment banking trading business. At the same time, it also led to the shortage of investment banks, which made it change the practice of laying off employees before the bonus season. Instead of suspending layoffs, it carried out large-scale recruitment and tried every means to recruit talents.</p><p>Morgan Stanley did the same. As of the end of the third quarter of this year,<b>Morgan Stanley has nearly 82,000 employees, a 34% surge from the first quarter of 2020, before the pandemic hit in Europe and the United States.</b></p><p>However, since the beginning of this year, due to the continued aggressive rate hike of the Federal Reserve, the financial environment has tightened rapidly, the risk of recession has increased day by day, and the trading growth of the investment industry has shrunk sharply.</p><p>Ernst & Young said that in the third quarter of this year,<b>Investment banks recorded 2,273 transactions, down 36% year-on-year, and $289 billion in transactions, down 64% year-on-year.</b></p><p>Compared with Morgan Stanley, other investment banks are clearly moving more quickly in terms of layoffs. Goldman Sachs started its biggest round of layoffs since the pandemic in September, and Citi, Barclays and others joined the latest list of layoffs earlier this month.</p><p>Also in the face of the impending recession, Bank of America appears to be more calm.<b>Bank of America CEO Brian Moynihan sees no need for layoffs.</b>Moynihan told a finance conference on Tuesday:</p><p><b>We do not cut staff, but we have the ability to quickly adjust the number of employees based on staff turnover.</b>Moynihan said that the number of employees at Bank of America has fluctuated between 205,000 and 215,000 in the past two years. As of Sept. 30, the bank employed a total of 213,000 employees, an increase of about 3,900 from the same period last year.</p><p>However, he added:</p><p>Our total workforce is approximately 215,000,<b>We need a pullback on that number.</b>Moynihan also said the bank is slowing its hiring pace as fewer employees decide to leave in a bid to rein in headcount ahead of the recession.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24fa8350588843d92f819ac12ab5ce16","relate_stocks":{"LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4504":"桥水持仓","LU0971096721.USD":"富达环球金融服务 A","BK4581":"高盛持仓","MS":"摩根士丹利","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4585":"ETF&股票定投概念","LU0106831901.USD":"贝莱德世界金融基金A2","BK4534":"瑞士信贷持仓","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4127":"投资银行业与经纪业"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166364006","content_text":"高盛、花旗、巴克莱均在裁员投行的名单上，美银正在放缓招聘速度。美国经济凛冬即将降临，华尔街的裁员“寒气”愈发逼人。当地时间周二，媒体援引知情人士报道，摩根士丹利预计将在全球范围内裁员2%，涉及1600名员工。大规模裁员的消息并非空穴来风。大摩董事长兼首席执行官James Gorman在三季度财报电话会上表示，“正在考虑（减少）员工人数”，但没有提供具体细节。上月初，也有媒体爆出大摩即将裁员的消息。疫情爆发期间，美联储打开闸门肆意放水，间接造就了投行交易业务的繁荣，同时也导致投行出现人手不足的局面，令其一改在奖金季来临之前裁员的做法，不仅暂停裁员，反而进行大规模招聘，出尽手段招揽人才。大摩也是这样做的。截至今年第三季度末，摩根士丹利的员工人数接近8.2万名，比2020年第一季度疫情在欧美爆发之前飙升了34%。然而今年以来，由于美联储持续激进加息，金融环境快速收紧，衰退风险与日俱增，投行业的交易增长大幅萎缩。安永会计师事务所表示，美国今年第三季度，投行的交易量为2273笔交易，同比下降36%，交易金额为2890亿美元，同比下降64%。与大摩相比，其他投行在裁员方面的行动显然更加迅速。高盛从9月就开启了疫情以来最大的一轮裁员，花旗、巴克莱等本月初都加入了最新裁员企业名单中。同样面对即将到来的衰退，美银的态度似乎更加从容。美银首席执行官Brian Moynihan认为没有裁员的必要。Moynihan周二在一次财务会议上表示：我们不会裁员，但我们有能力根据员工流动情况迅速调整员工数量。Moynihan表示，美银这两年的员工数量在20.5万-21.5万之间浮动。截至9月30日，该行共雇用了21.3万名员工，比去年同期增加约3900人。不过，他补充说：我们的员工总数约为21.5万人，我们需要对这一数字进行回调。Moynihan还表示，由于决定离职的员工越来越少，该行正在放缓招聘速度，以期在经济衰退到来之前控制员工数量。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":5863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967246370,"gmtCreate":1670340256390,"gmtModify":1676538347883,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[捂脸] ","listText":"[捂脸] ","text":"[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9967246370","repostId":"1195902581","repostType":4,"isVote":1,"tweetType":1,"viewCount":5123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964327074,"gmtCreate":1670083783698,"gmtModify":1676538300126,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9964327074","repostId":"2288911500","repostType":4,"repost":{"id":"2288911500","kind":"highlight","pubTimestamp":1670038838,"share":"https://ttm.financial/m/news/2288911500?lang=en_US&edition=fundamental","pubTime":"2022-12-03 11:40","market":"hk","language":"zh","title":"Report: US court formally dropped Meng Wanzhou's charges of \"bank fraud\" and other charges","url":"https://stock-news.laohu8.com/highlight/detail?id=2288911500","media":"华尔街见闻","summary":"书面裁决表示：“兹命令撤销上述对被告孟晚舟提出的第三次替代起诉，且不能重新提起诉讼。”路透社称，美国方面正式结束了这一导致中美关系紧张的案件。","content":"<p><html><head></head><body>\"It is hereby ordered that the aforementioned third alternative prosecution against the defendant Meng Wanzhou be dropped and that the prosecution cannot be refiled,\" the written ruling said. Reuters said the United States officially ended the case, which has strained relations between China and the United States. According to Reuters, after the request of the US prosecutor, the US court officially dropped the charges of \"bank fraud\" against Meng Wanzhou, the chief financial officer of Huawei, on the 2nd local time, and could not re-file the lawsuit.</p><p>According to reports, U.S. District Judge Ann Donnelly dropped the charges of \"bank fraud\" against Meng Wanzhou on the 2nd local time. Reuters said the U.S. officially ended the case, which has caused tensions between China and the U.S.</p><p>\"It is hereby ordered that the aforementioned third alternative prosecution against the defendant Meng Wanzhou be dropped and that the prosecution cannot be refiled,\" Ann Donnelly said in a written ruling, according to the Canadian Press.</p><p>According to Agence France-Presse, the U.S. Department of Justice also said on the 2nd that Meng Wanzhou had completed the \"DPA\" and did not violate it within the term of the agreement. Therefore, the charges have been completely dropped and the lawsuit cannot be refiled.</p><p>In September 2021, Meng entered into a \"Deferred Prosecution Agreement\" (DPA) with the U.S. Department of Justice. Under the agreement, the U.S. agreed to drop the charges against Meng on Dec. 1, 2022, four years after the date of her arrest in Canada because of a U.S. arrest warrant.</p><p>Dec. 1, local time, New York<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Carolyn Pokorny, U.S. Attorney for the District of Lin, sent a letter to Ann Donnelly, saying that since there is no information that Meng Wanzhou violated the Deferred Prosecution Agreement (DPA), \"I hereby request (the court) to vacate the third alternative prosecution against the defendant Meng Wanzhou in this case\".</p><p>According to previous reports, on December 1, 2018, when Meng Wanzhou transited through Vancouver Airport, Canada, she was detained without reason by the Canadian government on the grounds of \"at the request of the United States\". The United States accused her of misleading HSBC about Huawei's Iranian business, thus opening a long judicial and diplomatic game between China and the United States and Canada. Meng Wanzhou was also illegally detained by Canada for 1,028 days.</p><p>Thanks to the unremitting efforts of all parties, on September 25, 2021, Meng Wanzhou left Canada on a chartered flight and returned to her motherland smoothly.</p><p>Chinese Foreign Ministry spokeswoman Hua Chunying emphasized in September 2021 that China's position on the Meng Wanzhou incident is consistent and clear. It has long been fully proven that this is a witch hunt against Chinese citizens to suppress China's high-tech enterprises. The allegations of so-called \"fraud\" against Ms. Meng Wanzhou are purely fabricated. What was done in the United States and Canada was typical of arbitrary detention.</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>Report: US court formally dropped Meng Wanzhou's charges of \"bank fraud\" and other charges</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\">\nReport: US court formally dropped Meng Wanzhou's charges of \"bank fraud\" and other charges\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\">2022-12-03 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>\"It is hereby ordered that the aforementioned third alternative prosecution against the defendant Meng Wanzhou be dropped and that the prosecution cannot be refiled,\" the written ruling said. Reuters said the United States officially ended the case, which has strained relations between China and the United States. According to Reuters, after the request of the US prosecutor, the US court officially dropped the charges of \"bank fraud\" against Meng Wanzhou, the chief financial officer of Huawei, on the 2nd local time, and could not re-file the lawsuit.</p><p>According to reports, U.S. District Judge Ann Donnelly dropped the charges of \"bank fraud\" against Meng Wanzhou on the 2nd local time. Reuters said the U.S. officially ended the case, which has caused tensions between China and the U.S.</p><p>\"It is hereby ordered that the aforementioned third alternative prosecution against the defendant Meng Wanzhou be dropped and that the prosecution cannot be refiled,\" Ann Donnelly said in a written ruling, according to the Canadian Press.</p><p>According to Agence France-Presse, the U.S. Department of Justice also said on the 2nd that Meng Wanzhou had completed the \"DPA\" and did not violate it within the term of the agreement. Therefore, the charges have been completely dropped and the lawsuit cannot be refiled.</p><p>In September 2021, Meng entered into a \"Deferred Prosecution Agreement\" (DPA) with the U.S. Department of Justice. Under the agreement, the U.S. agreed to drop the charges against Meng on Dec. 1, 2022, four years after the date of her arrest in Canada because of a U.S. arrest warrant.</p><p>Dec. 1, local time, New York<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Carolyn Pokorny, U.S. Attorney for the District of Lin, sent a letter to Ann Donnelly, saying that since there is no information that Meng Wanzhou violated the Deferred Prosecution Agreement (DPA), \"I hereby request (the court) to vacate the third alternative prosecution against the defendant Meng Wanzhou in this case\".</p><p>According to previous reports, on December 1, 2018, when Meng Wanzhou transited through Vancouver Airport, Canada, she was detained without reason by the Canadian government on the grounds of \"at the request of the United States\". The United States accused her of misleading HSBC about Huawei's Iranian business, thus opening a long judicial and diplomatic game between China and the United States and Canada. Meng Wanzhou was also illegally detained by Canada for 1,028 days.</p><p>Thanks to the unremitting efforts of all parties, on September 25, 2021, Meng Wanzhou left Canada on a chartered flight and returned to her motherland smoothly.</p><p>Chinese Foreign Ministry spokeswoman Hua Chunying emphasized in September 2021 that China's position on the Meng Wanzhou incident is consistent and clear. It has long been fully proven that this is a witch hunt against Chinese citizens to suppress China's high-tech enterprises. The allegations of so-called \"fraud\" against Ms. Meng Wanzhou are purely fabricated. What was done in the United States and Canada was typical of arbitrary detention.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676565\">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/f7e0b6d1912791f75d7ff43e981e7e05","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3676565","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2288911500","content_text":"书面裁决表示：“兹命令撤销上述对被告孟晚舟提出的第三次替代起诉，且不能重新提起诉讼。”路透社称，美国方面正式结束了这一导致中美关系紧张的案件。据路透社报道，在美国检方提出请求后，美国法院当地时间2日正式撤销对华为公司首席财务官孟晚舟的“银行欺诈”等罪名的指控，且不能重新提起诉讼。据报道，美国地区法官安·唐纳利当地时间2日撤销了对孟晚舟的“银行欺诈”等罪名的指控。路透社称，美国方面正式结束了这一导致中美关系紧张的案件。另据加拿大通讯社报道，安·唐纳利在一份书面裁决中表示：“兹命令撤销上述对被告孟晚舟提出的第三次替代起诉，且不能重新提起诉讼。”据法新社报道，美国司法部2日也表示，孟晚舟已完成“暂缓起诉协议”(DPA)且在协议期限内未有违反行为，因此指控已完全撤销，且不能重新提起诉讼。2021年9月，孟晚舟与美国司法部达成“暂缓起诉协议”(DPA)。根据该协议，美方同意在2022年12月1日，也就是孟晚舟因为美国的逮捕令而在加拿大被捕之日的4年后，撤销对她的指控。当地时间12月1日，纽约布鲁克林地区联邦检察官卡洛琳·波科尔尼致信安·唐纳利，称由于没有孟晚舟违反“暂缓起诉协议”(DPA)的信息，“谨提请(法院)撤销本案中对被告孟晚舟的第三次替代起诉”。据此前报道，2018年12月1日，孟晚舟途经加拿大温哥华机场转机时，被加拿大政府以“应美方要求”为由无端拘押，美国指控她在华为的伊朗业务问题上误导汇丰银行，由此开启了中国与美加两国漫长的司法与外交博弈，孟晚舟也被加拿大非法拘押长达1028天。经各方不懈努力，2021年9月25日，孟晚舟乘坐包机离开加拿大，顺利回到祖国。中国外交部发言人华春莹2021年9月曾强调：中方在孟晚舟事件上立场是一贯的、明确的。事实早已充分证明，这是一起针对中国公民的政治迫害事件，目的是打压中国的高技术企业。对孟晚舟女士所谓“欺诈”的指控纯属捏造。美国、加拿大所作所为是典型的任意拘押。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964324236,"gmtCreate":1670083732325,"gmtModify":1676538300117,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[惊讶] ","listText":"[惊讶] ","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964324236","repostId":"2288916102","repostType":4,"isVote":1,"tweetType":1,"viewCount":4152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965216858,"gmtCreate":1669957690275,"gmtModify":1676538278430,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9965216858","repostId":"1125738659","repostType":4,"repost":{"id":"1125738659","kind":"news","weMediaInfo":{"introduction":"博闻雅识，非凡之客。","home_visible":1,"media_name":"市界","id":"1019100707","head_image":"https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3"},"pubTimestamp":1669950272,"share":"https://ttm.financial/m/news/1125738659?lang=en_US&edition=fundamental","pubTime":"2022-12-02 11:04","market":"us","language":"zh","title":"Trillion apples, \"high in debt\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1125738659","media":"市界","summary":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPh","content":"<p><html><head></head><body>In addition to the iPhone, Cook's precise \"knife technique\" is largely reflected in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the balance sheet-Apple, which is busy avoiding taxes, has adopted a relatively aggressive repurchase and dividend strategy at the same time. As a result, while steadily pushing up its market value, it also has to face a higher and higher debt ratio. Therefore, while applying a more accurate \"knife technique\" to the iPhone, looking for the \"iPhone of the next era\" has become a problem that Cook needs to grasp with both hands. Apple has been in constant trouble lately.</p><p>On November 29th, after shelling Apple, Musk sent a poll on his personal social media that \"Apple should announce all censorship measures affecting other customers\". 85% of nearly 2.23 million people voted chose \"Yes\".</p><p>Prior to this, Musk questioned the 30% commission of Apple's App Store, and said that Apple had threatened to remove the social media App it just acquired from the App Store.</p><p>The short-lived farce ended with Cook taking Musk to visit Apple's headquarters and reaching a settlement. But soon Facebook founder Zuckerberk and streaming music service Spotify CEO Daniel Eck took over the baton of Musk's shelling of Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably earned most of the ecosystem's profits.</p><p>However, similar accusations are obviously not the first time that Apple has faced them. Back to the present, Apple's more real and close \"anxiety\" comes from the unfavored iPhone 14 series, while the more far-reaching \"anxiety\" is hidden between the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market value of more than 2 trillion USD, total assets of 352.8 billion USD, annual income of 394.3 billion USD and net profit of 99.8 billion USD, Apple's debt ratio is deviating from the general public perception, and behind this is actually the problem related to \"tax avoidance\" and business strategy.</p><p>At the end of September 2022, Apple's gearing ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, Nasdaq, where Apple is located, has an average asset-liability ratio of 52.92% in the top ten listed companies by market value in fiscal year 2021, among which Apple ranks second with a debt ratio of 82.03%, second only to Pepsi's 82.52%; the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average asset-liability ratio of the top ten listed companies by market value is 55.71%, of which the debt ratio reaches 92.14%<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector, which is not comparable to Apple, followed by the debt ratio of 65.33%<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Regardless of vertical comparison or horizontal comparison, Apple's debt ratio is not low, and this indicator alone is even more radical than that of many highly leveraged real estate enterprises in China.</p><p>Behind the extremely high debt ratio, Apple's interest-bearing debt at the end of September 2022 was $120.069 billion, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pocket is also quite bulging-at the same time, its book cash and equivalents and marketable securities totaled USD 169.109 billion, of which cash was USD 23.646 billion, and long-term and short-term marketable securities were USD 120.805 billion and USD 24.658 billion respectively.</p><p>Specifically, Apple's marketable securities include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question is, why is Apple globally<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The second largest mobile phone shipment, and there is a lot of cash and bonds on the account, but you still have to borrow so much money?</p><p>In fact, Apple has been trapped in the problem of \"tax avoidance\", because the US tax law stipulates that if Apple's overseas income is to be repatriated to the United States, it needs to pay 35% tax to the US government (before tax reform). However, Apple has always resisted this, thinking that the excessive tax rate is unreasonable.</p><p>The outside world has questioned Apple's \"tax avoidance\" for a long time. Apple CEO Cook also \"spoke to the senator\" at the hearing, fighting back against the unreasonableness of the U.S. tax law in his view.</p><p>But the problem has not been resolved. Apple's overseas income still can't return to the United States smoothly. Instead, it is pooled into Ireland through a series of tax avoidance operations, and then through a series of special agreements between Apple and the Irish government, ultra-low tax rate is realized.</p><p>Overseas money can't be returned to the American account, but after Cook took over, Apple needed to spend huge sums of money to buy back the company's shares every year in order to manage the market value. At the same time, it also changed from no dividend in the Jobs era to a high proportion of dividends, all of which required a large amount of cash.</p><p>According to market statistics, from 2013 to 2022, Apple spent a total of 553.1 billion US dollars on share buybacks, and since 2011, the cash flow statement shows that the total expenditure of Dividend has reached 131.9 billion US dollars.</p><p>As a result, Apple needs to constantly borrow money for repurchase and dividends while keeping a large amount of cash and securities on its books. Its interest-bearing debt increased greatly from 2013 to 2017, eventually forming the current situation of \"big deposit and big loan\".</p><p>But that's not the root cause of Apple's rising debt ratio. Logically, the asset-liability ratio = total liabilities/total assets, and the asset-liability ratio will only rise if the total liabilities increase more than the total assets, so when will this happen? Simply put, it is when you spend more than you earn.</p><p>Specifically, when the debt remains at a relatively stable level, as long as Apple makes more money than it spends every year, the net worth will grow, and the overall debt ratio will be controlled or even decreased.</p><p>However, comparing Apple's dividend and repurchase expenditure with the sum of annual net operating activities and investment activities, it will be found that Apple's expenditure on dividends and repurchases in most years is greater than the net cash generated from operating activities and investment activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>With the continuous accumulation of this state, Apple's asset growth rate is far slower than that of its liabilities, and its debt ratio finally climbed to a high level of 85.5%.</p><p>In 2011, Cook officially took over the position of CEO of Apple. From 2013 to 2022, Apple's total assets increased by 145.755 billion US dollars, an increase of 70.41%, but its liabilities increased by 218.632 billion US dollars, an increase of 261.99%.</p><p>From this perspective, in addition to fully tapping the commercial value brought by iPhone to Apple, Cook's accurate \"knife technique\" is largely reflected in Apple's balance sheet-Apple, which is busy avoiding taxes, has adopted a relatively radical repurchase and dividend strategy. As a result, it has to face higher and higher debt ratio while steadily pushing up its market value.</p><p>The more urgent problem is that if you want to return to the safety limit of \"earning more than spending\", Apple's current killer is still the iPhone, so it has become a problem that Cook needs to grasp with both hands while applying a more accurate \"knife technique\" to the iPhone while looking for the \"iPhone of the next era\".</p><p><b>The last wave of dividends for the iPhone?</b></p><p>Since the launch of the first generation iPhone in 2007, the global shipments of iPhones have exceeded 2.3 billion units by the end of September 2022, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>According to the data released by Strategy Analytics, a market research organization, although the total sales of smartphones dropped by 35% year-on-year during Double Eleven, the iPhone won the crown with 3.5 million sales. The latest data shows that Apple's monthly market share in China reached an all-time high of 25% in October 2022, and it was the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Before that, the iPhone 14 series was not favored, and even spat a lot.</p><p>Since its release in October, reports related to iPhone 14 include \"iPhone 14 put Huaqiangbei miserably\", \"iPhone 14\" harvests \"scalpers\", \"Squeezing toothpaste makes iPhone 14 suffer?\"... Fancy headlines almost unilaterally reveal the emotion of bad-singing Apple's new machine, which is considered to have obvious pain points from configuration to design.</p><p>Luo Yonghao, an \"old fruit powder\", also teased after getting the new machine: \"Apple used to be a real machine that looked better than the rendering, but my 'American subsidiary' has not worked well in recent years. This time is a good example. The design of the so-called Dynamic Island is not as beautiful as in the promotional video. The Android camp has all made the centered small black dot proactive camera, the lifting proactive camera, and the visually perfect under-screen hidden proactive camera that don't affect the aesthetic. Why do you want to do this kind of thing of painting shit on your face first, and then adjusting the color of shit to be similar to foundation?\"</p><p>However, whether it is Dynamic Island, who is not optimistic, or Cook's \"knife skill\", although he broke the standard version of iPhone 14, Cook did successfully attract more demand to Pro models with higher configuration and price-in October, iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China respectively, but the standard version of iPhone 12 and iPhone 13 series had been selling higher before.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple has gradually expanded its revenue map in the ecosystem besides hardware products such as iPhone and Mac-its revenue from iTunes, software and services has increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, accounting for 7.66% to 19.81% of the total revenue. Referring to the gross profit margin of more than 70% of Xiaomi's Internet service business, Apple's business has a higher profit margin than hardware in theory.</p><p>These are Apple's \"open source\" ways.</p><p>Under this idea, whether it is the antipathy of technology giants such as Musk and Zuckerberg to Apple tax, or the exhaustion of the aura of the first iPhone under Cook's commercial knife technique, it is actually the price that Apple needs to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a mobile phone advertisement released recently, Apple once again became the object of ridicule-a man sat on a wall with a shop that looked like an Apple retail store behind him. The employee in the store asked him what he was doing, and the man insinuated, \"There are foldable mobile phones and epic cameras on Samsung's side\", while the clerk responded with \"We wait\", sneering at Apple's delay in launching folding screen mobile phones.</p><p>This is not the first time that the two sides have \"confronted side by side\" in the advertisement. In the past advertisements, Samsung also teased Apple's abrupt Liu Haiping, buried Apple's defects such as stuck, frequent bugs and non-waterproof, and used plot contrast to highlight the old generation of Apple that couldn't charge and use headphones at the same time, basically counting all Apple's historical defects.</p><p>Fortunately, if you look back, most of these bugs are history, and the insinuation in Samsung's advertisements has become a dramatic force to urge Apple to improve to some extent.</p><p>In the next few years, how to make iPhone and its ecology eat the last wave of dividends in the shrinking industry of smart phones with more accurate \"knife technique\" and relatively limited micro-innovation may be one of the important issues that Cook is considering at the moment, but at the same time, finding the \"iPhone of the next era\" outside iPhone is also the top priority for Apple's business empire to continue.</p><p>The most anticipated presentations from the outside world mainly include Apple smart cars and Apple AR/VR glasses. The former has experienced eight years of \"dystocia\" and is still far from landing, while the latter has received more and more intensive reports in the near future, which is ready to emerge in the spotlight.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more far-reaching than most people imagine-it launched ARKit, an AR development platform, in WWDC in 2017. Developers can use this set of tools to create augmented reality applications for iPhone and iPad. Once Apple's AR/VR is on the market, most of ARKit's capabilities and corresponding applications can also be presented on new carriers.</p><p>For example, LiDAR LiDAR applied to iPad and iPhone Pro has depth of field perception, so besides improving the camera focusing ability of existing products, it is more like laying a solid foundation for the spatial ranging ability necessary for future AR/VR devices. For example, the current camera function of iPhone to recognize text and search will be greatly released if it is applied to future AR/VR devices.</p><p>After WWDC in 2022, Cook once stated in an interview that the AR field is the focus of Apple's daily attention. There are already more than 1,400 ARKit apps in the App Store, and he also said, \"Please continue to pay attention, you will see the products we bring\".</p><p>Judging from the existing news, Apple's AR team has a high probability of holding two sets of schemes. One is a helmet aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000; Another high probability is AR glasses whose appearance is closer to ordinary glasses, which corresponds to the virtual experience of reality enhancement, but the time point of launch should be after VR helmet products.</p><p>Under the background that the smart phone market is no longer growing, whether Apple's brewing AR/VR glasses can catch the baton that iPhone is about to hand over may be Apple's anxiety in the next few years.</p><p>The question worth thinking about is, with Apple's debt ratio approaching 90%, how much room is left for Cook to maneuver in the future?</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>Trillion apples, \"high in debt\"</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\">\nTrillion apples, \"high in debt\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2022-12-02 11:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In addition to the iPhone, Cook's precise \"knife technique\" is largely reflected in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the balance sheet-Apple, which is busy avoiding taxes, has adopted a relatively aggressive repurchase and dividend strategy at the same time. As a result, while steadily pushing up its market value, it also has to face a higher and higher debt ratio. Therefore, while applying a more accurate \"knife technique\" to the iPhone, looking for the \"iPhone of the next era\" has become a problem that Cook needs to grasp with both hands. Apple has been in constant trouble lately.</p><p>On November 29th, after shelling Apple, Musk sent a poll on his personal social media that \"Apple should announce all censorship measures affecting other customers\". 85% of nearly 2.23 million people voted chose \"Yes\".</p><p>Prior to this, Musk questioned the 30% commission of Apple's App Store, and said that Apple had threatened to remove the social media App it just acquired from the App Store.</p><p>The short-lived farce ended with Cook taking Musk to visit Apple's headquarters and reaching a settlement. But soon Facebook founder Zuckerberk and streaming music service Spotify CEO Daniel Eck took over the baton of Musk's shelling of Apple, publicly stating that Apple's App Store deprived consumers of choice and unreasonably earned most of the ecosystem's profits.</p><p>However, similar accusations are obviously not the first time that Apple has faced them. Back to the present, Apple's more real and close \"anxiety\" comes from the unfavored iPhone 14 series, while the more far-reaching \"anxiety\" is hidden between the hidden financial report data.</p><p><b>High debt ratio</b></p><p>As a global technology giant with a total market value of more than 2 trillion USD, total assets of 352.8 billion USD, annual income of 394.3 billion USD and net profit of 99.8 billion USD, Apple's debt ratio is deviating from the general public perception, and behind this is actually the problem related to \"tax avoidance\" and business strategy.</p><p>At the end of September 2022, Apple's gearing ratio reached 85.64%, the highest level in its history.</p><p><img src=\"https://static.tigerbbs.com/ee42adcc88f7ef5b59199bd59ec576ee\" tg-width=\"1080\" tg-height=\"754\" referrerpolicy=\"no-referrer\"/></p><p>In comparison, Nasdaq, where Apple is located, has an average asset-liability ratio of 52.92% in the top ten listed companies by market value in fiscal year 2021, among which Apple ranks second with a debt ratio of 82.03%, second only to Pepsi's 82.52%; the same period<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>The average asset-liability ratio of the top ten listed companies by market value is 55.71%, of which the debt ratio reaches 92.14%<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It belongs to the banking sector, which is not comparable to Apple, followed by the debt ratio of 65.33%<a href=\"https://laohu8.com/S/WMT\">Walmart</a>。</p><p>Regardless of vertical comparison or horizontal comparison, Apple's debt ratio is not low, and this indicator alone is even more radical than that of many highly leveraged real estate enterprises in China.</p><p>Behind the extremely high debt ratio, Apple's interest-bearing debt at the end of September 2022 was $120.069 billion, including $98.959 billion in long-term term debt and $11.128 billion in short-term term debt.</p><p>At the same time, Apple's pocket is also quite bulging-at the same time, its book cash and equivalents and marketable securities totaled USD 169.109 billion, of which cash was USD 23.646 billion, and long-term and short-term marketable securities were USD 120.805 billion and USD 24.658 billion respectively.</p><p>Specifically, Apple's marketable securities include $23.409 billion in U.S. Treasury Bond, $15.749 billion in non-U.S. government bonds, and $79.45 billion in corporate bonds.</p><p><img src=\"https://static.tigerbbs.com/06fca08b4a81d498dc914b55975c571e\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>(Source: Announcement)</p><p>So the question is, why is Apple globally<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The second largest mobile phone shipment, and there is a lot of cash and bonds on the account, but you still have to borrow so much money?</p><p>In fact, Apple has been trapped in the problem of \"tax avoidance\", because the US tax law stipulates that if Apple's overseas income is to be repatriated to the United States, it needs to pay 35% tax to the US government (before tax reform). However, Apple has always resisted this, thinking that the excessive tax rate is unreasonable.</p><p>The outside world has questioned Apple's \"tax avoidance\" for a long time. Apple CEO Cook also \"spoke to the senator\" at the hearing, fighting back against the unreasonableness of the U.S. tax law in his view.</p><p>But the problem has not been resolved. Apple's overseas income still can't return to the United States smoothly. Instead, it is pooled into Ireland through a series of tax avoidance operations, and then through a series of special agreements between Apple and the Irish government, ultra-low tax rate is realized.</p><p>Overseas money can't be returned to the American account, but after Cook took over, Apple needed to spend huge sums of money to buy back the company's shares every year in order to manage the market value. At the same time, it also changed from no dividend in the Jobs era to a high proportion of dividends, all of which required a large amount of cash.</p><p>According to market statistics, from 2013 to 2022, Apple spent a total of 553.1 billion US dollars on share buybacks, and since 2011, the cash flow statement shows that the total expenditure of Dividend has reached 131.9 billion US dollars.</p><p>As a result, Apple needs to constantly borrow money for repurchase and dividends while keeping a large amount of cash and securities on its books. Its interest-bearing debt increased greatly from 2013 to 2017, eventually forming the current situation of \"big deposit and big loan\".</p><p>But that's not the root cause of Apple's rising debt ratio. Logically, the asset-liability ratio = total liabilities/total assets, and the asset-liability ratio will only rise if the total liabilities increase more than the total assets, so when will this happen? Simply put, it is when you spend more than you earn.</p><p>Specifically, when the debt remains at a relatively stable level, as long as Apple makes more money than it spends every year, the net worth will grow, and the overall debt ratio will be controlled or even decreased.</p><p>However, comparing Apple's dividend and repurchase expenditure with the sum of annual net operating activities and investment activities, it will be found that Apple's expenditure on dividends and repurchases in most years is greater than the net cash generated from operating activities and investment activities. This means that Apple often doesn't make enough money to spend.</p><p><img src=\"https://static.tigerbbs.com/4b304f2fe46f8c5e46b402b342684c74\" tg-width=\"1015\" tg-height=\"654\" referrerpolicy=\"no-referrer\"/></p><p>With the continuous accumulation of this state, Apple's asset growth rate is far slower than that of its liabilities, and its debt ratio finally climbed to a high level of 85.5%.</p><p>In 2011, Cook officially took over the position of CEO of Apple. From 2013 to 2022, Apple's total assets increased by 145.755 billion US dollars, an increase of 70.41%, but its liabilities increased by 218.632 billion US dollars, an increase of 261.99%.</p><p>From this perspective, in addition to fully tapping the commercial value brought by iPhone to Apple, Cook's accurate \"knife technique\" is largely reflected in Apple's balance sheet-Apple, which is busy avoiding taxes, has adopted a relatively radical repurchase and dividend strategy. As a result, it has to face higher and higher debt ratio while steadily pushing up its market value.</p><p>The more urgent problem is that if you want to return to the safety limit of \"earning more than spending\", Apple's current killer is still the iPhone, so it has become a problem that Cook needs to grasp with both hands while applying a more accurate \"knife technique\" to the iPhone while looking for the \"iPhone of the next era\".</p><p><b>The last wave of dividends for the iPhone?</b></p><p>Since the launch of the first generation iPhone in 2007, the global shipments of iPhones have exceeded 2.3 billion units by the end of September 2022, generating approximately 10.84 trillion yuan in revenue for Apple.</p><p>According to the data released by Strategy Analytics, a market research organization, although the total sales of smartphones dropped by 35% year-on-year during Double Eleven, the iPhone won the crown with 3.5 million sales. The latest data shows that Apple's monthly market share in China reached an all-time high of 25% in October 2022, and it was the largest mobile phone brand manufacturer in China for two consecutive months.</p><p>Before that, the iPhone 14 series was not favored, and even spat a lot.</p><p>Since its release in October, reports related to iPhone 14 include \"iPhone 14 put Huaqiangbei miserably\", \"iPhone 14\" harvests \"scalpers\", \"Squeezing toothpaste makes iPhone 14 suffer?\"... Fancy headlines almost unilaterally reveal the emotion of bad-singing Apple's new machine, which is considered to have obvious pain points from configuration to design.</p><p>Luo Yonghao, an \"old fruit powder\", also teased after getting the new machine: \"Apple used to be a real machine that looked better than the rendering, but my 'American subsidiary' has not worked well in recent years. This time is a good example. The design of the so-called Dynamic Island is not as beautiful as in the promotional video. The Android camp has all made the centered small black dot proactive camera, the lifting proactive camera, and the visually perfect under-screen hidden proactive camera that don't affect the aesthetic. Why do you want to do this kind of thing of painting shit on your face first, and then adjusting the color of shit to be similar to foundation?\"</p><p>However, whether it is Dynamic Island, who is not optimistic, or Cook's \"knife skill\", although he broke the standard version of iPhone 14, Cook did successfully attract more demand to Pro models with higher configuration and price-in October, iPhone 14 Pro Max and iPhone 14 Pro were the first and second best-selling models in China respectively, but the standard version of iPhone 12 and iPhone 13 series had been selling higher before.</p><p><img src=\"https://static.tigerbbs.com/a24eeada69a9d99a74544ffeee60fd8b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Image source:<a href=\"https://laohu8.com/S/000681\">Visual China</a>）</p><p>In addition, Apple has gradually expanded its revenue map in the ecosystem besides hardware products such as iPhone and Mac-its revenue from iTunes, software and services has increased from 76 billion yuan in fiscal year 2012 to 546.3 billion yuan in fiscal year 2022, accounting for 7.66% to 19.81% of the total revenue. Referring to the gross profit margin of more than 70% of Xiaomi's Internet service business, Apple's business has a higher profit margin than hardware in theory.</p><p>These are Apple's \"open source\" ways.</p><p>Under this idea, whether it is the antipathy of technology giants such as Musk and Zuckerberg to Apple tax, or the exhaustion of the aura of the first iPhone under Cook's commercial knife technique, it is actually the price that Apple needs to bear.</p><p>In<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>In a mobile phone advertisement released recently, Apple once again became the object of ridicule-a man sat on a wall with a shop that looked like an Apple retail store behind him. The employee in the store asked him what he was doing, and the man insinuated, \"There are foldable mobile phones and epic cameras on Samsung's side\", while the clerk responded with \"We wait\", sneering at Apple's delay in launching folding screen mobile phones.</p><p>This is not the first time that the two sides have \"confronted side by side\" in the advertisement. In the past advertisements, Samsung also teased Apple's abrupt Liu Haiping, buried Apple's defects such as stuck, frequent bugs and non-waterproof, and used plot contrast to highlight the old generation of Apple that couldn't charge and use headphones at the same time, basically counting all Apple's historical defects.</p><p>Fortunately, if you look back, most of these bugs are history, and the insinuation in Samsung's advertisements has become a dramatic force to urge Apple to improve to some extent.</p><p>In the next few years, how to make iPhone and its ecology eat the last wave of dividends in the shrinking industry of smart phones with more accurate \"knife technique\" and relatively limited micro-innovation may be one of the important issues that Cook is considering at the moment, but at the same time, finding the \"iPhone of the next era\" outside iPhone is also the top priority for Apple's business empire to continue.</p><p>The most anticipated presentations from the outside world mainly include Apple smart cars and Apple AR/VR glasses. The former has experienced eight years of \"dystocia\" and is still far from landing, while the latter has received more and more intensive reports in the near future, which is ready to emerge in the spotlight.</p><p><img src=\"https://static.tigerbbs.com/06c0195994f3458221ed1282924f5284\" tg-width=\"1080\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p><p>(Image source: Visual China)</p><p>In fact, Apple's layout in the AR field is more far-reaching than most people imagine-it launched ARKit, an AR development platform, in WWDC in 2017. Developers can use this set of tools to create augmented reality applications for iPhone and iPad. Once Apple's AR/VR is on the market, most of ARKit's capabilities and corresponding applications can also be presented on new carriers.</p><p>For example, LiDAR LiDAR applied to iPad and iPhone Pro has depth of field perception, so besides improving the camera focusing ability of existing products, it is more like laying a solid foundation for the spatial ranging ability necessary for future AR/VR devices. For example, the current camera function of iPhone to recognize text and search will be greatly released if it is applied to future AR/VR devices.</p><p>After WWDC in 2022, Cook once stated in an interview that the AR field is the focus of Apple's daily attention. There are already more than 1,400 ARKit apps in the App Store, and he also said, \"Please continue to pay attention, you will see the products we bring\".</p><p>Judging from the existing news, Apple's AR team has a high probability of holding two sets of schemes. One is a helmet aimed at VR, which corresponds to an immersive virtual experience, and the price may reach $2,000; Another high probability is AR glasses whose appearance is closer to ordinary glasses, which corresponds to the virtual experience of reality enhancement, but the time point of launch should be after VR helmet products.</p><p>Under the background that the smart phone market is no longer growing, whether Apple's brewing AR/VR glasses can catch the baton that iPhone is about to hand over may be Apple's anxiety in the next few years.</p><p>The question worth thinking about is, with Apple's debt ratio approaching 90%, how much room is left for Cook to maneuver in the future?</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ecd73a3a7ee0028660eb13b44cbd5058","relate_stocks":{"IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4574":"无人驾驶","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity 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ACC","BK4579":"人工智能","BK4550":"红杉资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125738659","content_text":"除了iPhone，库克精准的“刀法”很大程度也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是在稳步推升市值的同时，也需要面对越来越高的负债率。于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。苹果最近可以说是麻烦不断。11月29日，马斯克在炮轰苹果后，于个人社交媒体上发出一项关于“苹果应该公布所有影响其他客户的审查措施”的投票，近223万人次投票中有85%选择了“Yes”。在此之前，马斯克对苹果App Store高达30%的抽成提出了质疑，并表示苹果曾发出威胁，称可能将自己刚刚收购的社交媒体应用从App Store下架。短暂的闹剧，最终以库克带着马斯克参观苹果总部且达成和解落下帷幕。但很快脸书创始人扎克伯克和流媒体音乐服务Spotify CEO丹尼尔·埃克就接过了马斯克炮轰苹果的接力棒，公开表示苹果App Store剥夺了消费者的选择，不合理地获得生态系统的大多数利润。但类似的指控显然不是苹果第一次面对，回到当下，苹果更为真切和近距离的“焦虑”来自不被看好的iPhone 14系列，而更为深远的“焦虑”，则藏于隐秘的财报数据之间。高企的负债率作为一家总市值超过2万亿美元，总资产规模3528亿美元，年收入3943亿美元，净利润998亿美元的全球科技巨头，苹果的负债率正在偏离大众的普遍认知，而这背后其实是与“避税”和经营策略相关的难题。截至2022年9月末，苹果资产负债率达到85.64%，是其历史上最高水平。相比较而言，苹果所在的纳斯达克，市值前十的上市公司2021财年资产负债率平均值为52.92%，其中苹果以82.03%的负债率位列第二，仅次于百事的82.52%；同期纽交所市值前十的上市公司资产负债率平均值为55.71%，其中负债率达到92.14%的摩根大通属于银行板块，与苹果并无可比性，其次就是负债率达到65.33%的沃尔玛。不论纵向比较还是横向比较，苹果的负债率都不算低，单看这一指标甚至比国内许多高杠杆发展的房地产企业更为激进。极高的负债率背后，苹果截至2022年9月末的带息债务为1200.69亿美元，其中长期定期债务989.59亿美元，短期定期债务111.28亿美元。与此同时，苹果的腰包也是相当鼓——同一时间点其账面现金及等价物、有价证券合计1691.09亿美元，其中现金236.46亿美元，长期和短期有价证券分别为1208.05亿美元和246.58亿美元。具体来看，苹果持有的有价证券中，包括234.09亿美元的美国国债，157.49亿美元的非美国政府债券，以及794.5亿美元的公司债券。（来源：公告）那么问题来了，为什么苹果在全球范围内智能手机出货量第二，且有大把现金和债券放在账上，却还要借那么多钱呢？事实上苹果一直受困于“避税”的难题，因为美国税法规定，苹果的境外所得如果要汇回美国，需要向美国政府缴纳35%的税（税改前），但苹果方面对此一直是抗拒的，认为过高的税率并不合理。外界对于苹果“避税”的质疑长久地存在着，苹果CEO库克还曾在听证会上“舌战参议员”，回击在其看来美国税法的不合理之处。但问题并未得到解决。苹果在海外的收益还是不能顺畅地回到美国，而是经过一系列避税操作被汇集到爱尔兰，再通过苹果和爱尔兰政府的一系列特殊协议，实现超低税率的纳税。海外的钱回不到美国账户，但库克接任后苹果为了进行市值管理，每年都需要斥巨资回购公司股票，同时也从乔布斯时代的不分红转变为高比例分红，这些都需要大笔的现金。市界统计，2013年到2022年，苹果在股票回购上共花费了5531亿美元，2011年以来现金流量表显示的股息支出合计达到1319亿美元。这就导致苹果在账面保有大量现金和证券的同时，需要不断借钱用于回购和分红，其带息债务在2013至2017年间大幅提升，最终形成如今“大存大贷”的局面。但这还不是苹果负债率升高的根本原因。从逻辑上看，资产负债率=总负债/总资产，只有当总负债增长幅度大于总资产增幅时，资产负债率才会上升，那么什么时候会出现这种情况？简单来说就是花的比赚的多的时候。具体来说，在负债保持在一个相对稳定水平时，只要苹果每年赚的钱比花的钱多，那么净资产就会增长，整体负债率也会得到控制甚至有所下降。但比较苹果分红和回购支出与每年经营活动和投资活动净额之和，会发现大多数年份苹果用于分红和回购的支出，都大于经营活动和投资活动产生的现金净额。这就意味着苹果赚的钱常常不够花。这种状态的不断积累下，苹果的资产增长速度远不及负债的增长速度，负债率也最终爬升至85.5%的高水平。2011年库克正式接过苹果CEO之位，2013年以来一直到2022年，苹果总资产增加了1457.55亿美元，增幅70.41%，但负债增加了2186.32亿美元，增幅达到261.99%。从这个角度看，除了充分挖掘iPhone给苹果带来的商业价值，库克的精准“刀法”很大程度上也体现在苹果的资产负债表中——忙着避税的苹果，同时采取了相对激进的回购和分红策略，结果就是其在稳步推升市值的同时，也需要面对越来越高的负债率。更为急迫的问题在于，想要回到“赚的比花的多”这样的安全界限内，苹果当前的杀手锏依然是iPhone，于是一边对iPhone施以更精准的“刀法”，一边寻找“下一个时代的iPhone”，成为库克需要两手抓的问题。iPhone的最后一波红利？自2007年第一代iPhone面市以来，截至2022年9月末iPhone在全球的出货量已累计超过23亿台，为苹果创收约10.84万亿元。市场调研机构Strategy Analytics 公布的数据显示，双十一期间智能手机总销量虽然同比下降35%，但iPhone却以350万台的销量摘下桂冠。最新数据显示，2022年10月苹果在国内的月度市场份额达到25%的历史最高水平，且连续两个月是国内第一大手机品牌厂商。在此之前，iPhone 14系列并不被看好，甚至吐槽颇多。自10月份发布以来，与iPhone 14相关的报道包括《iPhone 14 把华强北坑惨了》《iPhone 14“收割”黄牛》《挤牙膏让iPhone 14吃到苦头？》……花式标题几乎一边倒地透露唱衰苹果新机的情绪，从配置到设计都被认为有着明显的痛点。“老果粉”罗永浩也在入手新机后调侃道：“苹果过去一直是真机比渲染图好看，但这些年我那个‘美国子公司’也不太灵了，这次就是很好的一个例子，所谓灵动岛的设计并不像宣传视频里那么漂亮。安卓阵营把不影响美感的居中小黑点前摄，升降式前摄，以及视觉完美的屏下隐藏式前摄全都搞出来了，为什么要做这种先在脸上涂屎，再把屎的颜色调整得跟粉底差不多的事儿？”但不管是不被看好的灵动岛，还是库克的“刀法”，虽然玩坏了iPhone 14标准版，但库克确实成功将更多需求吸引至配置和售价更高的Pro机型上——10月份iPhone 14 Pro Max和iPhone 14 Pro分别是国内畅销机型中的第一和第二，但此前iPhone 12和iPhone 13系列标准版一直销量更高。（图片来源：视觉中国）除此之外，苹果也在iPhone、Mac等硬件产品外逐渐扩大自己在生态中的收入版图——其来自于iTunes、软件和服务的收入从2012财年的760亿元增至2022财年5463亿元，占总收入比重也从7.66%提高至19.81%，参照小米互联网服务业务70%以上的毛利率，苹果这部分业务理论上也有着相比硬件更高的利润空间。这些都是苹果“开源”的方式。在这一思路下，不管是马斯克、扎克伯格等科技巨头对苹果税的反感，还是在库克商业刀法下初代iPhone光环的消磨殆尽，事实上都是苹果需要承受的代价。在三星近日发布的一则手机广告里，苹果再次成为被嘲讽的对象——一个男人坐在一堵墙头，背后是一个长得像苹果零售店的铺面，店里员工问他在做什么，男人含沙射影地说道，“在三星那边，有可折叠的手机和史诗般的相机”，店员则回应以“我们等待”，暗嘲苹果迟迟未推出折叠屏手机。这并非双方第一次在广告里“侧面交锋”。过往的广告中，三星还调戏过苹果突兀的刘海屏，埋汰过苹果的卡顿、bug频发和不防水等缺陷，还用情节对比凸显无法同时充电和使用耳机的旧代苹果，基本上把苹果历来的缺陷都数落了一遍。好在如果回头看，其中大部分bug都成了历史，三星广告中的暗讽某种程度上也成为督促苹果改进的一种戏剧性力量。在接下来几年内，如何以更加精准的“刀法”和相对有限的微创新，让iPhone 及其生态在智能手机这个逐渐萎缩的行业里吃尽最后一波红利，或许是库克眼下考虑的重要问题之一，但与此同时在iPhone之外找到“下一个时代的iPhone”，也是苹果商业帝国得以延续的重中之重。外界最期待的呈现主要包括苹果智能汽车和苹果AR/VR眼镜，前者经历8年的“难产”目前依然距离落地遥遥无期，后者则在近期迎来越来越密集的报道，在万众瞩目中呼之欲出。（图片来源：视觉中国）事实上苹果在AR领域的布局比大多数人想象的都要深远——其于2017年WWDC推出了AR开发平台ARKit，开发人员可以使用这套工具为iPhone和iPad创建增强现实应用程序，而苹果的AR/VR一旦面市，ARKit具备的能力和对应的应用程序，大部分也都可以呈现在新的载体上。比如应用于iPad、iPhone Pro的LiDAR激光雷达，因为具备景深感知能力，所以除了为现有产品提高摄像对焦能力外，更像是在为未来AR/VR设备所必需的空间测距能力打好基础。也比如iPhone目前具备的摄像头识别文字并搜索的功能，如果应用于未来的AR/VR设备，能够施展的空间也会大大得到释放。2022年WWDC之后，库克曾在采访中表述，AR领域是苹果每天关注的重点，App Store中已经有超过1400个ARKit APP，还表示“请继续关注，你将会看到我们所带来的产品”。从已有消息来看，苹果的AR团队大概率手握两套方案，一个是瞄准VR的头盔，对应的是沉浸式的虚拟体验，售价可能达到2000美元；另一个则大概率是外观更贴近普通眼镜的AR眼镜，对应的是现实加强的虚拟体验，但推出的时间点应该会在VR头盔产品之后。在智能手机市场增长不再的背景下，苹果酝酿中的AR/VR眼镜能否接住iPhone即将交出的接力棒，或许就是苹果未来几年的焦虑所在。值得思考的问题是，在苹果的负债率逼近90%的当下，未来可供库克腾挪的空间还剩多少？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":5581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962422039,"gmtCreate":1669825906721,"gmtModify":1676538252042,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962422039","repostId":"1133786233","repostType":4,"repost":{"id":"1133786233","kind":"news","pubTimestamp":1669822029,"share":"https://ttm.financial/m/news/1133786233?lang=en_US&edition=fundamental","pubTime":"2022-11-30 23:27","market":"hk","language":"zh","title":"\"Survived\"! Sun Hongbin and other tens of billions of rescue","url":"https://stock-news.laohu8.com/highlight/detail?id=1133786233","media":"华尔街见闻","summary":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅","content":"<p><html><head></head><body>The real estate tycoon who is caught in financial difficulties can come alive again.</p><p>In 2019, Sun Hongbin, a white knight in the limelight, took over two luxury housing projects, Shanghai Dongjiadu and Beijing Oceanwide International, from Oceanwide Lu Zhiqiang, who was mired in the mud at that time, at a total price of 14.9 billion yuan. Both of these projects are the existence of top luxury houses in the city.</p><p>In the blink of an eye, the white-clothed knight now needed a white-clothed knight to save him. These two luxury housing projects have become the breakthrough of Sunac's debt restructuring after six months of accident.</p><p>On November 28th, industrial and commercial information showed that Sunac China transferred its 89.7% equity of Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with the shareholding ratio of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the above two luxury projects. With the intervention of CITIC and Huarong, these two projects worth tens of billions of goods will also be revitalized with the injection of external funds.</p><p>A state-owned AMC person told Wall Street that this is to revitalize Sunac's assets at the project level.</p><p>By obtaining the controlling interest in the project, the Group can isolate the risks from the Group and ensure the sustainable development of the project. This is also in line with the relevant spirit of the recently issued \"Sixteen Financial Articles\", such as encouraging financial institutions to distinguish between project and group risks, and encouraging asset management products such as trusts to support the reasonable financing needs of real estate.</p><p>However, obtaining the controlling stake is not to control the company, but to provide financing, and the project is still operated by Sunac's team.</p><p>According to a source, this time, CITIC Department will bring 8 billion yuan of funds to provide liquidity support.</p><p>With the entry of incremental funds, the project can roll, which is also good for Sunac's debt repayment. After paying off the corresponding debts, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac's assets, similar to the previous cooperation between CITIC Bank and CITIC Group to revitalize Kaisa's assets with a value of over 50 billion goods. They acquired the project equity and injected funds, so that the project company could gradually resume normal operation and restore its hematopoietic capacity.</p><p>The choice of these two projects is also because of their high-quality assets. The aforementioned AMC person said that the two projects of Sunac were of good quality. At that time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions.</p><p>Since then, Sunac, which defaulted in the open market in May, has finally made significant progress in debt restructuring. Sun Hongbin painstakingly negotiated and mediated the matters for several months, and it has also been settled. And it is the revitalization of tens of billions of assets at once.</p><p>Sun Hongbin is a representative of real estate bosses who are trying to save themselves. Since the second half of 2021, Sun Hongbin has successively withdrawn nearly 40 billion yuan of funds through the sale of shell equity, rights issue, interest-free loans from major shareholders and asset disposal. However, since the beginning of this year, the market has unexpectedly declined, which still made him fall in May.</p><p>People close to Sun Hongbin said that in the past six months, Lao Sun has hardly been in the office, and has been running around, just to find financial institutions and seek support.</p><p>Now, Sun Hongbin, who has been running around for more than half a year, finally ushered in the rescue of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still have a good reputation in the market.</p><p>Wall Street also learned that Sunac and the creditor group are currently communicating the preliminary restructuring plan, and most creditors also support Sunac through debt restructuring. It is expected that the restructuring plan will be announced within this year.</p><p>Just the night before (November 29th), Sunac also announced its 2021 performance forecast. This is a basic element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually coming out of their current predicament.</p><p>According to Kerui data, in the first 11 months of this year, Sunac ranked tenth in the country with a sales of 153.05 billion yuan, making it a rare private housing enterprise in the top ten miles outside Country Garden and Longhu. At the same time, Sunac ranked third in sales in Shanghai.</p><p>Of course, if you want to resume trading, Sunac still needs to solve the problem of overseas liquidation litigation. However, CIFI has recently reached a settlement with its creditors, and the creditors withdrew their liquidation petition. With the intervention of CITIC Department in the revitalization of Sunac's assets, I believe investors can also find suitable solutions with Sunac.</p><p>All kinds of signs show that Sun Hongbin, a big boss famous for his boldness and courage in the real estate industry, has gradually regained his vitality after several months of silence. Next, it is to promote a number of projects to \"come alive\" through the revitalization of Dongjiadu project. At the same time, it is to further obtain the support of creditors, reach a debt restructuring plan, and exchange time for space.</p><p>Many people in the real estate and financial circles are paying close attention to Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, a big boss who once fell and was reborn in Sunco stage, can stage a miracle of \"resurrection from the dead\" in Sunac. He and this company can be rejuvenated after the industry adjustment.</p><p></body></html></p>","source":"wallstreetcn","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>\"Survived\"! Sun Hongbin and other tens of billions of rescue</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\">\n\"Survived\"! Sun Hongbin and other tens of billions of rescue\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\">2022-11-30 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The real estate tycoon who is caught in financial difficulties can come alive again.</p><p>In 2019, Sun Hongbin, a white knight in the limelight, took over two luxury housing projects, Shanghai Dongjiadu and Beijing Oceanwide International, from Oceanwide Lu Zhiqiang, who was mired in the mud at that time, at a total price of 14.9 billion yuan. Both of these projects are the existence of top luxury houses in the city.</p><p>In the blink of an eye, the white-clothed knight now needed a white-clothed knight to save him. These two luxury housing projects have become the breakthrough of Sunac's debt restructuring after six months of accident.</p><p>On November 28th, industrial and commercial information showed that Sunac China transferred its 89.7% equity of Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with the shareholding ratio of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the above two luxury projects. With the intervention of CITIC and Huarong, these two projects worth tens of billions of goods will also be revitalized with the injection of external funds.</p><p>A state-owned AMC person told Wall Street that this is to revitalize Sunac's assets at the project level.</p><p>By obtaining the controlling interest in the project, the Group can isolate the risks from the Group and ensure the sustainable development of the project. This is also in line with the relevant spirit of the recently issued \"Sixteen Financial Articles\", such as encouraging financial institutions to distinguish between project and group risks, and encouraging asset management products such as trusts to support the reasonable financing needs of real estate.</p><p>However, obtaining the controlling stake is not to control the company, but to provide financing, and the project is still operated by Sunac's team.</p><p>According to a source, this time, CITIC Department will bring 8 billion yuan of funds to provide liquidity support.</p><p>With the entry of incremental funds, the project can roll, which is also good for Sunac's debt repayment. After paying off the corresponding debts, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac's assets, similar to the previous cooperation between CITIC Bank and CITIC Group to revitalize Kaisa's assets with a value of over 50 billion goods. They acquired the project equity and injected funds, so that the project company could gradually resume normal operation and restore its hematopoietic capacity.</p><p>The choice of these two projects is also because of their high-quality assets. The aforementioned AMC person said that the two projects of Sunac were of good quality. At that time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions.</p><p>Since then, Sunac, which defaulted in the open market in May, has finally made significant progress in debt restructuring. Sun Hongbin painstakingly negotiated and mediated the matters for several months, and it has also been settled. And it is the revitalization of tens of billions of assets at once.</p><p>Sun Hongbin is a representative of real estate bosses who are trying to save themselves. Since the second half of 2021, Sun Hongbin has successively withdrawn nearly 40 billion yuan of funds through the sale of shell equity, rights issue, interest-free loans from major shareholders and asset disposal. However, since the beginning of this year, the market has unexpectedly declined, which still made him fall in May.</p><p>People close to Sun Hongbin said that in the past six months, Lao Sun has hardly been in the office, and has been running around, just to find financial institutions and seek support.</p><p>Now, Sun Hongbin, who has been running around for more than half a year, finally ushered in the rescue of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still have a good reputation in the market.</p><p>Wall Street also learned that Sunac and the creditor group are currently communicating the preliminary restructuring plan, and most creditors also support Sunac through debt restructuring. It is expected that the restructuring plan will be announced within this year.</p><p>Just the night before (November 29th), Sunac also announced its 2021 performance forecast. This is a basic element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually coming out of their current predicament.</p><p>According to Kerui data, in the first 11 months of this year, Sunac ranked tenth in the country with a sales of 153.05 billion yuan, making it a rare private housing enterprise in the top ten miles outside Country Garden and Longhu. At the same time, Sunac ranked third in sales in Shanghai.</p><p>Of course, if you want to resume trading, Sunac still needs to solve the problem of overseas liquidation litigation. However, CIFI has recently reached a settlement with its creditors, and the creditors withdrew their liquidation petition. With the intervention of CITIC Department in the revitalization of Sunac's assets, I believe investors can also find suitable solutions with Sunac.</p><p>All kinds of signs show that Sun Hongbin, a big boss famous for his boldness and courage in the real estate industry, has gradually regained his vitality after several months of silence. Next, it is to promote a number of projects to \"come alive\" through the revitalization of Dongjiadu project. At the same time, it is to further obtain the support of creditors, reach a debt restructuring plan, and exchange time for space.</p><p>Many people in the real estate and financial circles are paying close attention to Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, a big boss who once fell and was reborn in Sunco stage, can stage a miracle of \"resurrection from the dead\" in Sunac. He and this company can be rejuvenated after the industry adjustment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676317\">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/f1f161e88fa8de9ce4f4457224c02fa6","relate_stocks":{"01918":"融创中国"},"source_url":"https://wallstreetcn.com/articles/3676317","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133786233","content_text":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅的存在。转眼，当年的白衣骑士如今也需要白衣骑士来救了。而这两个豪宅项目，成了出险6个月的融创债务重组的突破口。11月28日，工商信息显示，融创中国将其持有的泛海国际建设89.7%股权，转让给了中信信托及芜湖华融资本创誉投资中心，持股比例分别为64.7%、25%，融创的持股则降到了10.3%。泛海国际建设便是前述两个豪宅项目的主体。随着中信和华融的介入，这两个货值数百亿的项目，也将在外部资金的注入下得以盘活。一名国有AMC人士向华尔街见闻分析称，这就是要在项目层面对融创的资产进行盘活。通过获取项目的控股权，能和集团做风险隔离，保障项目持续开发。这也符合近期出台的“金融十六条”里的相关精神，比如鼓励金融机构区分项目和集团风险、鼓励信托等资管产品支持房地产合理融资需求。不过，获取控股权，不是为了掌控这家公司，而只是提供融资，项目仍由融创的团队操盘。有消息人士称，此次中信系将会带来80亿元资金，给予流动性支持。随着增量资金进入，项目就能滚动起来，对于融创的债务偿还也有好处。在偿还完相应债务后，多余的钱也会回流到集团。中信信托和华融接手融创资产，和之前中信银行协同中信集团盘活佳兆业超500亿货值资产类似，收购项目股权，注入资金，让项目公司逐步恢复正常经营，恢复造血能力。而选择这两个项目，也是因为其资产优质。前述AMC人士说，融创的这两个项目质地不错，当时信达等AMC机构也想和融创进行百亿级规模的合作。自此，5月份在公开市场违约的融创，终于有了重大的债务重组进展。孙宏斌苦苦谈判、斡旋了几个月的事宜，也有了着落。并且一下就是数百亿资产的盘活。孙宏斌是地产大佬当中努力自救的一个代表。从2021年下半年至今，孙宏斌已经陆续通过出售贝壳股权、配股、大股东无息借款以及处置资产等形式，回笼了近400亿元资金。然而今年以来市场超预期的下行，还是让他倒在了5月。有接近孙宏斌的人士表示，最近半年多里老孙几乎不在办公室，都是在各地奔波，就是为了找金融机构，寻求支持。如今，奔波了大半年的孙宏斌，终是迎来了白衣骑士的驰援。金融机构也是愿意支持孙宏斌的，融创的产品在市场上依旧还是有着不错的口碑。华尔街见闻也了解到，目前融创和债权人小组在沟通初步重组方案，大部分债权人也对融创通过债务重组表示支持。预计会在今年年内对外公布重组方案。就在前一天（11月29日）晚上，融创还公布了2021年业绩预告。这是融创股票要复牌的一个基本要素，也是孙宏斌和融创逐渐走出眼下困境的信号。克而瑞数据显示，今年前11个月，融创以1530.5 亿元的销售额排在全国第十，是碧桂园、龙湖之外，前十里少有的民营房企。同时，融创在上海销售额排在第三位。当然，想要复牌，融创还需要解决境外的清盘诉讼的问题。不过近期旭辉已和债权人达成了和解，债权人撤回了清盘呈请。随着这次中信系介入融创资产盘活，相信投资者也能够和融创方面寻找到合适的解决方案。种种迹象表明，孙宏斌这位地产界里以豪爽、敢言著称的大佬，在沉寂数月后，逐渐恢复了活力。接下来，便是通过对董家渡项目等的盘活，推动一批项目“活过来”。同时则是进一步获取债权人的支持，达成债务重组方案，以时间换空间。很多地产界、金融界人士都密切关注着融创和孙宏斌。他们期望在不久后，孙宏斌这位曾经在顺驰阶段摔倒重生的大佬，在融创身上又能上演一出“死而复生”的奇迹，他和这家公司在行业调整结束后，还能重新焕发生机。","news_type":1,"symbols_score_info":{"01918":0.9}},"isVote":1,"tweetType":1,"viewCount":4496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962426439,"gmtCreate":1669825888022,"gmtModify":1676538252034,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9962426439","repostId":"1133786233","repostType":4,"repost":{"id":"1133786233","kind":"news","pubTimestamp":1669822029,"share":"https://ttm.financial/m/news/1133786233?lang=en_US&edition=fundamental","pubTime":"2022-11-30 23:27","market":"hk","language":"zh","title":"\"Survived\"! Sun Hongbin and other tens of billions of rescue","url":"https://stock-news.laohu8.com/highlight/detail?id=1133786233","media":"华尔街见闻","summary":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅","content":"<p><html><head></head><body>The real estate tycoon who is caught in financial difficulties can come alive again.</p><p>In 2019, Sun Hongbin, a white knight in the limelight, took over two luxury housing projects, Shanghai Dongjiadu and Beijing Oceanwide International, from Oceanwide Lu Zhiqiang, who was mired in the mud at that time, at a total price of 14.9 billion yuan. Both of these projects are the existence of top luxury houses in the city.</p><p>In the blink of an eye, the white-clothed knight now needed a white-clothed knight to save him. These two luxury housing projects have become the breakthrough of Sunac's debt restructuring after six months of accident.</p><p>On November 28th, industrial and commercial information showed that Sunac China transferred its 89.7% equity of Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with the shareholding ratio of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the above two luxury projects. With the intervention of CITIC and Huarong, these two projects worth tens of billions of goods will also be revitalized with the injection of external funds.</p><p>A state-owned AMC person told Wall Street that this is to revitalize Sunac's assets at the project level.</p><p>By obtaining the controlling interest in the project, the Group can isolate the risks from the Group and ensure the sustainable development of the project. This is also in line with the relevant spirit of the recently issued \"Sixteen Financial Articles\", such as encouraging financial institutions to distinguish between project and group risks, and encouraging asset management products such as trusts to support the reasonable financing needs of real estate.</p><p>However, obtaining the controlling stake is not to control the company, but to provide financing, and the project is still operated by Sunac's team.</p><p>According to a source, this time, CITIC Department will bring 8 billion yuan of funds to provide liquidity support.</p><p>With the entry of incremental funds, the project can roll, which is also good for Sunac's debt repayment. After paying off the corresponding debts, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac's assets, similar to the previous cooperation between CITIC Bank and CITIC Group to revitalize Kaisa's assets with a value of over 50 billion goods. They acquired the project equity and injected funds, so that the project company could gradually resume normal operation and restore its hematopoietic capacity.</p><p>The choice of these two projects is also because of their high-quality assets. The aforementioned AMC person said that the two projects of Sunac were of good quality. At that time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions.</p><p>Since then, Sunac, which defaulted in the open market in May, has finally made significant progress in debt restructuring. Sun Hongbin painstakingly negotiated and mediated the matters for several months, and it has also been settled. And it is the revitalization of tens of billions of assets at once.</p><p>Sun Hongbin is a representative of real estate bosses who are trying to save themselves. Since the second half of 2021, Sun Hongbin has successively withdrawn nearly 40 billion yuan of funds through the sale of shell equity, rights issue, interest-free loans from major shareholders and asset disposal. However, since the beginning of this year, the market has unexpectedly declined, which still made him fall in May.</p><p>People close to Sun Hongbin said that in the past six months, Lao Sun has hardly been in the office, and has been running around, just to find financial institutions and seek support.</p><p>Now, Sun Hongbin, who has been running around for more than half a year, finally ushered in the rescue of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still have a good reputation in the market.</p><p>Wall Street also learned that Sunac and the creditor group are currently communicating the preliminary restructuring plan, and most creditors also support Sunac through debt restructuring. It is expected that the restructuring plan will be announced within this year.</p><p>Just the night before (November 29th), Sunac also announced its 2021 performance forecast. This is a basic element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually coming out of their current predicament.</p><p>According to Kerui data, in the first 11 months of this year, Sunac ranked tenth in the country with a sales of 153.05 billion yuan, making it a rare private housing enterprise in the top ten miles outside Country Garden and Longhu. At the same time, Sunac ranked third in sales in Shanghai.</p><p>Of course, if you want to resume trading, Sunac still needs to solve the problem of overseas liquidation litigation. However, CIFI has recently reached a settlement with its creditors, and the creditors withdrew their liquidation petition. With the intervention of CITIC Department in the revitalization of Sunac's assets, I believe investors can also find suitable solutions with Sunac.</p><p>All kinds of signs show that Sun Hongbin, a big boss famous for his boldness and courage in the real estate industry, has gradually regained his vitality after several months of silence. Next, it is to promote a number of projects to \"come alive\" through the revitalization of Dongjiadu project. At the same time, it is to further obtain the support of creditors, reach a debt restructuring plan, and exchange time for space.</p><p>Many people in the real estate and financial circles are paying close attention to Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, a big boss who once fell and was reborn in Sunco stage, can stage a miracle of \"resurrection from the dead\" in Sunac. He and this company can be rejuvenated after the industry adjustment.</p><p></body></html></p>","source":"wallstreetcn","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>\"Survived\"! Sun Hongbin and other tens of billions of rescue</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\">\n\"Survived\"! Sun Hongbin and other tens of billions of rescue\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\">2022-11-30 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The real estate tycoon who is caught in financial difficulties can come alive again.</p><p>In 2019, Sun Hongbin, a white knight in the limelight, took over two luxury housing projects, Shanghai Dongjiadu and Beijing Oceanwide International, from Oceanwide Lu Zhiqiang, who was mired in the mud at that time, at a total price of 14.9 billion yuan. Both of these projects are the existence of top luxury houses in the city.</p><p>In the blink of an eye, the white-clothed knight now needed a white-clothed knight to save him. These two luxury housing projects have become the breakthrough of Sunac's debt restructuring after six months of accident.</p><p>On November 28th, industrial and commercial information showed that Sunac China transferred its 89.7% equity of Oceanwide International Construction to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center, with the shareholding ratio of 64.7% and 25% respectively, while Sunac's shareholding dropped to 10.3%.</p><p>Oceanwide International Construction is the main body of the above two luxury projects. With the intervention of CITIC and Huarong, these two projects worth tens of billions of goods will also be revitalized with the injection of external funds.</p><p>A state-owned AMC person told Wall Street that this is to revitalize Sunac's assets at the project level.</p><p>By obtaining the controlling interest in the project, the Group can isolate the risks from the Group and ensure the sustainable development of the project. This is also in line with the relevant spirit of the recently issued \"Sixteen Financial Articles\", such as encouraging financial institutions to distinguish between project and group risks, and encouraging asset management products such as trusts to support the reasonable financing needs of real estate.</p><p>However, obtaining the controlling stake is not to control the company, but to provide financing, and the project is still operated by Sunac's team.</p><p>According to a source, this time, CITIC Department will bring 8 billion yuan of funds to provide liquidity support.</p><p>With the entry of incremental funds, the project can roll, which is also good for Sunac's debt repayment. After paying off the corresponding debts, the excess money will also flow back to the group.</p><p>CITIC Trust and Huarong took over Sunac's assets, similar to the previous cooperation between CITIC Bank and CITIC Group to revitalize Kaisa's assets with a value of over 50 billion goods. They acquired the project equity and injected funds, so that the project company could gradually resume normal operation and restore its hematopoietic capacity.</p><p>The choice of these two projects is also because of their high-quality assets. The aforementioned AMC person said that the two projects of Sunac were of good quality. At that time, AMC institutions such as Cinda also wanted to cooperate with Sunac on a scale of tens of billions.</p><p>Since then, Sunac, which defaulted in the open market in May, has finally made significant progress in debt restructuring. Sun Hongbin painstakingly negotiated and mediated the matters for several months, and it has also been settled. And it is the revitalization of tens of billions of assets at once.</p><p>Sun Hongbin is a representative of real estate bosses who are trying to save themselves. Since the second half of 2021, Sun Hongbin has successively withdrawn nearly 40 billion yuan of funds through the sale of shell equity, rights issue, interest-free loans from major shareholders and asset disposal. However, since the beginning of this year, the market has unexpectedly declined, which still made him fall in May.</p><p>People close to Sun Hongbin said that in the past six months, Lao Sun has hardly been in the office, and has been running around, just to find financial institutions and seek support.</p><p>Now, Sun Hongbin, who has been running around for more than half a year, finally ushered in the rescue of the white knight.</p><p>Financial institutions are also willing to support Sun Hongbin, and Sunac's products still have a good reputation in the market.</p><p>Wall Street also learned that Sunac and the creditor group are currently communicating the preliminary restructuring plan, and most creditors also support Sunac through debt restructuring. It is expected that the restructuring plan will be announced within this year.</p><p>Just the night before (November 29th), Sunac also announced its 2021 performance forecast. This is a basic element for Sunac's stock to resume trading, and it is also a signal that Sun Hongbin and Sunac are gradually coming out of their current predicament.</p><p>According to Kerui data, in the first 11 months of this year, Sunac ranked tenth in the country with a sales of 153.05 billion yuan, making it a rare private housing enterprise in the top ten miles outside Country Garden and Longhu. At the same time, Sunac ranked third in sales in Shanghai.</p><p>Of course, if you want to resume trading, Sunac still needs to solve the problem of overseas liquidation litigation. However, CIFI has recently reached a settlement with its creditors, and the creditors withdrew their liquidation petition. With the intervention of CITIC Department in the revitalization of Sunac's assets, I believe investors can also find suitable solutions with Sunac.</p><p>All kinds of signs show that Sun Hongbin, a big boss famous for his boldness and courage in the real estate industry, has gradually regained his vitality after several months of silence. Next, it is to promote a number of projects to \"come alive\" through the revitalization of Dongjiadu project. At the same time, it is to further obtain the support of creditors, reach a debt restructuring plan, and exchange time for space.</p><p>Many people in the real estate and financial circles are paying close attention to Sunac and Sun Hongbin. They hope that in the near future, Sun Hongbin, a big boss who once fell and was reborn in Sunco stage, can stage a miracle of \"resurrection from the dead\" in Sunac. He and this company can be rejuvenated after the industry adjustment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3676317\">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/f1f161e88fa8de9ce4f4457224c02fa6","relate_stocks":{"01918":"融创中国"},"source_url":"https://wallstreetcn.com/articles/3676317","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133786233","content_text":"身陷资金困局的地产大佬，又可以活过来一个了。2019年，风头正盛的白衣骑士孙宏斌，以149亿总价从当时深陷泥沼的泛海卢志强手里，接下了两个豪宅项目，上海董家渡和北京泛海国际，这两个项目都是城市顶级豪宅的存在。转眼，当年的白衣骑士如今也需要白衣骑士来救了。而这两个豪宅项目，成了出险6个月的融创债务重组的突破口。11月28日，工商信息显示，融创中国将其持有的泛海国际建设89.7%股权，转让给了中信信托及芜湖华融资本创誉投资中心，持股比例分别为64.7%、25%，融创的持股则降到了10.3%。泛海国际建设便是前述两个豪宅项目的主体。随着中信和华融的介入，这两个货值数百亿的项目，也将在外部资金的注入下得以盘活。一名国有AMC人士向华尔街见闻分析称，这就是要在项目层面对融创的资产进行盘活。通过获取项目的控股权，能和集团做风险隔离，保障项目持续开发。这也符合近期出台的“金融十六条”里的相关精神，比如鼓励金融机构区分项目和集团风险、鼓励信托等资管产品支持房地产合理融资需求。不过，获取控股权，不是为了掌控这家公司，而只是提供融资，项目仍由融创的团队操盘。有消息人士称，此次中信系将会带来80亿元资金，给予流动性支持。随着增量资金进入，项目就能滚动起来，对于融创的债务偿还也有好处。在偿还完相应债务后，多余的钱也会回流到集团。中信信托和华融接手融创资产，和之前中信银行协同中信集团盘活佳兆业超500亿货值资产类似，收购项目股权，注入资金，让项目公司逐步恢复正常经营，恢复造血能力。而选择这两个项目，也是因为其资产优质。前述AMC人士说，融创的这两个项目质地不错，当时信达等AMC机构也想和融创进行百亿级规模的合作。自此，5月份在公开市场违约的融创，终于有了重大的债务重组进展。孙宏斌苦苦谈判、斡旋了几个月的事宜，也有了着落。并且一下就是数百亿资产的盘活。孙宏斌是地产大佬当中努力自救的一个代表。从2021年下半年至今，孙宏斌已经陆续通过出售贝壳股权、配股、大股东无息借款以及处置资产等形式，回笼了近400亿元资金。然而今年以来市场超预期的下行，还是让他倒在了5月。有接近孙宏斌的人士表示，最近半年多里老孙几乎不在办公室，都是在各地奔波，就是为了找金融机构，寻求支持。如今，奔波了大半年的孙宏斌，终是迎来了白衣骑士的驰援。金融机构也是愿意支持孙宏斌的，融创的产品在市场上依旧还是有着不错的口碑。华尔街见闻也了解到，目前融创和债权人小组在沟通初步重组方案，大部分债权人也对融创通过债务重组表示支持。预计会在今年年内对外公布重组方案。就在前一天（11月29日）晚上，融创还公布了2021年业绩预告。这是融创股票要复牌的一个基本要素，也是孙宏斌和融创逐渐走出眼下困境的信号。克而瑞数据显示，今年前11个月，融创以1530.5 亿元的销售额排在全国第十，是碧桂园、龙湖之外，前十里少有的民营房企。同时，融创在上海销售额排在第三位。当然，想要复牌，融创还需要解决境外的清盘诉讼的问题。不过近期旭辉已和债权人达成了和解，债权人撤回了清盘呈请。随着这次中信系介入融创资产盘活，相信投资者也能够和融创方面寻找到合适的解决方案。种种迹象表明，孙宏斌这位地产界里以豪爽、敢言著称的大佬，在沉寂数月后，逐渐恢复了活力。接下来，便是通过对董家渡项目等的盘活，推动一批项目“活过来”。同时则是进一步获取债权人的支持，达成债务重组方案，以时间换空间。很多地产界、金融界人士都密切关注着融创和孙宏斌。他们期望在不久后，孙宏斌这位曾经在顺驰阶段摔倒重生的大佬，在融创身上又能上演一出“死而复生”的奇迹，他和这家公司在行业调整结束后，还能重新焕发生机。","news_type":1,"symbols_score_info":{"01918":0.9}},"isVote":1,"tweetType":1,"viewCount":5233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960343825,"gmtCreate":1668082789268,"gmtModify":1676538009681,"author":{"id":"3574387078391491","authorId":"3574387078391491","name":"zh2021","avatar":"https://static.tigerbbs.com/c227b611b9691752cedc6b263256bae1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574387078391491","authorIdStr":"3574387078391491"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9960343825","repostId":"1117158204","repostType":4,"repost":{"id":"1117158204","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":1668079921,"share":"https://ttm.financial/m/news/1117158204?lang=en_US&edition=fundamental","pubTime":"2022-11-10 19:32","market":"hk","language":"zh","title":"SMIC Q3 revenue of $1.907 billion, net income of $470 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1117158204","media":"老虎资讯综合","summary":"11月10日，中芯国际发布2022年第三季度业绩。财报显示，第三季度营收19.07亿美元，市场预期19.35亿美元，去年同期14.15亿美元；净利润4.7亿美元，市场预期4.93亿美元，去年同期3.2","content":"<p><html><head></head><body>On November 10,<a href=\"https://laohu8.com/S/688981\">SMIC</a>Released third quarter 2022 results. According to the financial report, the revenue in the third quarter was USD 1.907 billion, the market expected USD 1.935 billion and USD 1.415 billion in the same period last year; Net profit of $470 million, market expectation of $493 million, and $321 million in the same period last year; Earnings of $0.06 per share compared to the market estimate of $0.06 and $0.04 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/2a51299e34136be730166625f07828bc\" tg-width=\"710\" tg-height=\"709\" width=\"100%\" height=\"auto\"/></p><p>Gross profit in the third quarter was US$742 million, compared to US$750 million in the second quarter of 2022 and an increase of 58.6% compared to US$468 million in the third quarter of 2021.</p><p>Cost of sales in the third quarter was $1,165 million, compared to $1,153 million in the second quarter of 2022.</p><p>It is expected that in the fourth quarter, due to the weak demand in mobile phones and consumer fields, and the impact of some customers needing buffer time to interpret the new export control regulations in the United States, the sales revenue is expected to drop by 13% to 15% quarter-on-quarter, and the gross profit margin will be between 30% and 32%. According to the results of the first three quarters and the median guidance of the fourth quarter, the company's full-year revenue is expected to be around 7.3 billion USD, a year-on-year increase of about 34%, and the gross profit margin is expected to be around 38%. The full-year capital expenditure plan was raised to $6.6 billion from $5 billion.</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>SMIC Q3 revenue of $1.907 billion, net income of $470 million</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\">\nSMIC Q3 revenue of $1.907 billion, net income of $470 million\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\">2022-11-10 19:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On November 10,<a href=\"https://laohu8.com/S/688981\">SMIC</a>Released third quarter 2022 results. According to the financial report, the revenue in the third quarter was USD 1.907 billion, the market expected USD 1.935 billion and USD 1.415 billion in the same period last year; Net profit of $470 million, market expectation of $493 million, and $321 million in the same period last year; Earnings of $0.06 per share compared to the market estimate of $0.06 and $0.04 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/2a51299e34136be730166625f07828bc\" tg-width=\"710\" tg-height=\"709\" width=\"100%\" height=\"auto\"/></p><p>Gross profit in the third quarter was US$742 million, compared to US$750 million in the second quarter of 2022 and an increase of 58.6% compared to US$468 million in the third quarter of 2021.</p><p>Cost of sales in the third quarter was $1,165 million, compared to $1,153 million in the second quarter of 2022.</p><p>It is expected that in the fourth quarter, due to the weak demand in mobile phones and consumer fields, and the impact of some customers needing buffer time to interpret the new export control regulations in the United States, the sales revenue is expected to drop by 13% to 15% quarter-on-quarter, and the gross profit margin will be between 30% and 32%. According to the results of the first three quarters and the median guidance of the fourth quarter, the company's full-year revenue is expected to be around 7.3 billion USD, a year-on-year increase of about 34%, and the gross profit margin is expected to be around 38%. The full-year capital expenditure plan was raised to $6.6 billion from $5 billion.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1ecaf7b843618667282559909e22a1fb","relate_stocks":{"688981":"中芯国际","BK1526":"科网股","00981":"中芯国际","BK1163":"半导体产品","BK0214":"IT设备","BK1607":"新IT概念"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117158204","content_text":"11月10日，中芯国际发布2022年第三季度业绩。财报显示，第三季度营收19.07亿美元，市场预期19.35亿美元，去年同期14.15亿美元；净利润4.7亿美元，市场预期4.93亿美元，去年同期3.21亿美元；每股收益0.06美元，市场预期0.06美元，去年同期0.04美元。第三季毛利为7.42亿美元，相比2022年第二季为7.5亿美元，相较于2021年第三季的4.68亿美元增长58.6%。第三季的销售成本为11.65亿美元，相较于2022年第二季为11.53亿美元。预计第四季度，受手机、消费领域需求疲弱，叠加部分客户需要缓冲时间解读美国出口管制新规而带来的影响，销售收入预计环比下降13%到15%，毛利率在30%到32%之间。根据前三季度业绩和四季度指引中值，公司全年收入预计在73亿美元左右，同比增长约34%，毛利率预计在38%左右。全年资本支出计画从50亿美元上调为66亿美元。","news_type":1,"symbols_score_info":{"688981":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":5272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}