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2020-12-24

点击行使期权出现这么大的数目，什么意思，股票价格大于了预期价格了

2020-06-06

$夏威夷控股(HA)$从3000一年时间发展到了9000眼光还可以，好的美股一定要坚持！我的美股原则是：不买中概股，不买亏损股！（后悔没有美国航空）[开心] 尽可能长期持有好的股票，不短线！后悔苹果80时没有买！长期持有也不会熬夜看了

2020-04-02

$瑞幸咖啡(LK)$真是个死股抛售吧，2月20号就已经发文造假了！

2018-08-30

$苹果(AAPL)$ 大家的图片call怎么发的

2020-05-05

$挪威邮轮(NCLH)$这个股票实际上可以

2021-11-06

这篇文章不错，转发给大家看看

美国航空盘中异动早盘股价大涨5.87%报21.84美元

2020-12-05

boa银行如何转账？有没有说明书

2020-06-06

求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号

2020-05-06

这篇文章不错，转发给大家看看

These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter

2020-04-07

$瑞幸咖啡(LK)$不要买它否则你们会无法交易

2020-04-06

瑞幸会被强制退市，请大家一定不要购买

中概股造假、做空往事：一群自私浅视者的骗局盛宴

2020-04-04

这篇文章不错，转发给大家看看

@小虎AV: 【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]$瑞幸咖啡(LK)$ $神州租车(00699)$

2020-04-02

这篇文章不错，转发给大家看看

@猛兽财经网:猛兽财经独家专访国际做空机构尘光研究：瑞幸财务造假铁证如山

2020-03-12

第二次熔断了这疫情太可怕

太可怕

第二次熔断了这疫情太可怕

2020-03-09

美股熔断牛气

2020-03-07

有谁知道这是什么软件吗

2020-02-26

美股我一般不买亏损的股票，一般都是盈利好的，19年逐步摸清了

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/UAL\">联合大陆航空</a>较为活跃，换手率分别为0.95%、0.58%、0.53%，振幅较大的相关个股有<a href=\"https://laohu8.com/S/SNCY\">Sun Country Airlines Holdings, Inc.</a>、Volaris航空、勒莫国航，振幅分别为1.98%、1.89%、1.66%。</p><p>美国航空公司简介：按预定的营收乘客英里数，美国航空公司是全球最大的航空公司。 该公司的主要<a href=\"https://laohu8.com/S/HUBG\">枢纽</a>是夏洛特，芝加哥，达拉斯/沃思堡，洛杉矶，迈阿密，纽约，费城，菲尼克斯和华盛顿特区。在完成大型机队的更新后，该公司拥有美国最年轻的传统承运人机队 。</p><p>消息层面，截至21时31分，美国航空股票正面舆情新闻比例41.38%。</p><p>（以上内容为自选股<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）</p></article></body></html>","source":"tencent","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>美国航空盘中异动 早盘股价大涨5.87%报21.84美元</title>\n<style 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b><strong>自选股智能写手</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>北京时间2021年11月05日21时31分，美国航空（AAL.us）股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，换手率0.93%，振幅0.73%。最近的财报数据显示，该股实现营业收入89.69亿美元，净利润1.69亿美元，每股收益0.26美元，毛利10.32亿美元，市盈率-4.16倍。机构评级方面，在所有22家参与评级的机构中，23%的券商给予...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/71e083ef578be0fa6cea421c4a68bb5b","relate_stocks":{"AAL":"美国航空"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2181745686","content_text":"北京时间2021年11月05日21时31分，美国航空（AAL.us）股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，换手率0.93%，振幅0.73%。最近的财报数据显示，该股实现营业收入89.69亿美元，净利润1.69亿美元，每股收益0.26美元，毛利10.32亿美元，市盈率-4.16倍。机构评级方面，在所有22家参与评级的机构中，23%的券商给予买入建议，41%的券商给予持有建议，36%的券商给予卖出建议。美国航空股票所在的航空公司行业中，整体涨幅为4.32%。其相关个股中，Azul Sa、达美航空、勒莫国航涨幅较大，美国航空、Spirit Airlines Inc、联合大陆航空较为活跃，换手率分别为0.95%、0.58%、0.53%，振幅较大的相关个股有Sun Country Airlines Holdings, Inc.、Volaris航空、勒莫国航，振幅分别为1.98%、1.89%、1.66%。美国航空公司简介：按预定的营收乘客英里数，美国航空公司是全球最大的航空公司。 该公司的主要枢纽是夏洛特，芝加哥，达拉斯/沃思堡，洛杉矶，迈阿密，纽约，费城，菲尼克斯和华盛顿特区。在完成大型机队的更新后，该公司拥有美国最年轻的传统承运人机队 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of America，aba/fedwire选择boa的routing account 中的wire还是paper号","listText":"求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号","text":"求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/956071558","isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":956073115,"gmtCreate":1591400677037,"gmtModify":1704195773692,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HA\">$夏威夷控股(HA)$</a>从3000一年时间发展到了9000眼光还可以，好的美股一定要坚持！我的美股原则是：不买中概股，不买亏损股！（后悔没有美国航空）[开心]&nbsp;尽可能长期持有好的股票，不短线！后悔苹果80时没有买！长期持有也不会熬夜看了","listText":"<a href=\"https://laohu8.com/S/HA\">$夏威夷控股(HA)$</a>从3000一年时间发展到了9000眼光还可以，好的美股一定要坚持！我的美股原则是：不买中概股，不买亏损股！（后悔没有美国航空）[开心]&nbsp;尽可能长期持有好的股票，不短线！后悔苹果80时没有买！长期持有也不会熬夜看了","text":"$夏威夷控股(HA)$从3000一年时间发展到了9000眼光还可以，好的美股一定要坚持！我的美股原则是：不买中概股，不买亏损股！（后悔没有美国航空）[开心] 尽可能长期持有好的股票，不短线！后悔苹果80时没有买！长期持有也不会熬夜看了","images":[{"img":"https://static.tigerbbs.com/5e37d29507de97e66f8078c94b06b152","width":"700","height":"1230"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/956073115","isVote":1,"tweetType":1,"viewCount":3058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":927920753,"gmtCreate":1588708304972,"gmtModify":1704178145179,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927920753","repostId":"2033565530","repostType":2,"repost":{"id":"2033565530","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1588695900,"share":"https://www.laohu8.com/m/news/2033565530?lang=&edition=full","pubTime":"2020-05-06 00:25","market":"us","language":"en","title":"These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2033565530","media":"Dow Jones","summary":"MW These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n\n\n","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW These 10 S&amp;P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</p>\n<p>\n  By Philip van Doorn, MarketWatch \n</p>\n<p>\n  Big winners included Vertex, Netflix, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and five exchange operators \n</p>\n<p>\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n</p>\n<p>\n  Through May 4, 273 companies among the S&amp;P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&amp;P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n</p>\n<p>\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&amp;P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n</p>\n<p>\n  Here's the filtered list of 12 companies that increased revenue the most: \n</p>\n<pre><table><tbody><tr><td>Company</td><td>Ticker</td><td>Industry</td><td>Increase in quarterly sales from a year earlier</td><td>Total return - 2020</td><td>Total return - 2019 </td></tr><tr><td>Vertex Pharmaceuticals Inc.</td><td>US:VRTX</td><td>Biotechnology</td><td>76.9%</td><td>21%</td><td>32% </td></tr><tr><td>Cboe Global Markets Inc.</td><td>US:CBOE</td><td>Securities exchanges</td><td>52.9%</td><td>-21%</td><td>24% </td></tr><tr><td>Advanced Micro Devices Inc.</td><td>US:AMD</td><td>Semiconductors</td><td>40.4%</td><td>15%</td><td>148% </td></tr><tr><td><a href=\"https://laohu8.com/S/MKTX\">MarketAxess Holdings</a> Inc.</td><td>US:MKTX</td><td>Securities exchanges</td><td>35.7%</td><td>21%</td><td>81% </td></tr><tr><td><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Inc.</td><td>US:NOW</td><td>Information Technology Services</td><td>32.6%</td><td>26%</td><td>59% </td></tr><tr><td>Nasdaq Inc.</td><td>US:NDAQ</td><td>Securities exchanges</td><td>30.2%</td><td>0%</td><td>34% </td></tr><tr><td>CME Group Inc. Class A</td><td>US:CME</td><td>Securities exchanges</td><td>29.0%</td><td>-14%</td><td>10% </td></tr><tr><td>Intercontinental Exchange Inc.</td><td>US:ICE</td><td>Securities exchanges</td><td>28.7%</td><td>-3%</td><td>24% </td></tr><tr><td>Netflix Inc.</td><td>US:NFLX</td><td>Cable/Satellite TV</td><td>27.6%</td><td>32%</td><td>21% </td></tr><tr><td>Prologis Inc.</td><td>US:PLD</td><td>Real-estate investment Trusts</td><td>26.7%</td><td>-2%</td><td>56% </td></tr><tr><td>Amazon.com Inc.</td><td>US:AMZN</td><td>Internet Retail</td><td>26.4%</td><td>25%</td><td>23% </td></tr><tr><td>Intel Corp.</td><td>US:INTC</td><td>Semiconductors</td><td>23.5%</td><td>-3%</td><td>31% </td></tr><tr><td></td><td>Source: FactSet </td><td></td><td></td><td></td><td></td></tr></tbody></table></pre>\n<p>\n  You can click on the tickers for more about each company. \n</p>\n<p>\n  You will need to scroll across the table to see all of the data. \n</p>\n<p>\n  It is no surprise to see Netflix <a href=\"https://laohu8.com/S/NFLX\">$(NFLX)$</a> and Amazon.com <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n</p>\n<p>\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n</p>\n<p>\n  Vertex Pharmaceuticals <a href=\"https://laohu8.com/S/VRTX\">$(VRTX)$</a> topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n</p>\n<p>\n  Prologis <a href=\"https://laohu8.com/S/PLD\">$(PLD)$</a> and Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> both benefited from the continued growth of the datacenter industry. \n</p>\n<p>\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n</p>\n<p>\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n</p>\n<p>\n  -- Truist Financial <a href=\"https://laohu8.com/S/TFC\">$(TFC)$</a> is the new name for BB&amp;T after it acquired SunTrust. \n</p>\n<p>\n  -- Hasbro <a href=\"https://laohu8.com/S/HAS\">$(HAS)$</a> completed its acquisition of Entertainment One in December. \n</p>\n<p>\n  -- <a href=\"https://laohu8.com/S/CNC\">Centene Corp</a>. <a href=\"https://laohu8.com/S/CNC.UK\">$(CNC.UK)$</a> acquired WellCare Health Plans in January. \n</p>\n<p>\n  -- Principal Financial Group <a href=\"https://laohu8.com/S/PFG\">$(PFG)$</a> acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n</p>\n<p>\n  -- Invesco <a href=\"https://laohu8.com/S/IVZ\">$(IVZ)$</a> acquired OppenheimerFunds in May 2019. \n</p>\n<p>\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 05, 2020 12:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThese 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2020-05-06 00:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW These 10 S&amp;P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</p>\n<p>\n  By Philip van Doorn, MarketWatch \n</p>\n<p>\n  Big winners included Vertex, Netflix, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and five exchange operators \n</p>\n<p>\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n</p>\n<p>\n  Through May 4, 273 companies among the S&amp;P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&amp;P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n</p>\n<p>\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&amp;P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n</p>\n<p>\n  Here's the filtered list of 12 companies that increased revenue the most: \n</p>\n<pre><table><tbody><tr><td>Company</td><td>Ticker</td><td>Industry</td><td>Increase in quarterly sales from a year earlier</td><td>Total return - 2020</td><td>Total return - 2019 </td></tr><tr><td>Vertex Pharmaceuticals Inc.</td><td>US:VRTX</td><td>Biotechnology</td><td>76.9%</td><td>21%</td><td>32% </td></tr><tr><td>Cboe Global Markets Inc.</td><td>US:CBOE</td><td>Securities exchanges</td><td>52.9%</td><td>-21%</td><td>24% </td></tr><tr><td>Advanced Micro Devices Inc.</td><td>US:AMD</td><td>Semiconductors</td><td>40.4%</td><td>15%</td><td>148% </td></tr><tr><td><a href=\"https://laohu8.com/S/MKTX\">MarketAxess Holdings</a> Inc.</td><td>US:MKTX</td><td>Securities exchanges</td><td>35.7%</td><td>21%</td><td>81% </td></tr><tr><td><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Inc.</td><td>US:NOW</td><td>Information Technology Services</td><td>32.6%</td><td>26%</td><td>59% </td></tr><tr><td>Nasdaq Inc.</td><td>US:NDAQ</td><td>Securities exchanges</td><td>30.2%</td><td>0%</td><td>34% </td></tr><tr><td>CME Group Inc. Class A</td><td>US:CME</td><td>Securities exchanges</td><td>29.0%</td><td>-14%</td><td>10% </td></tr><tr><td>Intercontinental Exchange Inc.</td><td>US:ICE</td><td>Securities exchanges</td><td>28.7%</td><td>-3%</td><td>24% </td></tr><tr><td>Netflix Inc.</td><td>US:NFLX</td><td>Cable/Satellite TV</td><td>27.6%</td><td>32%</td><td>21% </td></tr><tr><td>Prologis Inc.</td><td>US:PLD</td><td>Real-estate investment Trusts</td><td>26.7%</td><td>-2%</td><td>56% </td></tr><tr><td>Amazon.com Inc.</td><td>US:AMZN</td><td>Internet Retail</td><td>26.4%</td><td>25%</td><td>23% </td></tr><tr><td>Intel Corp.</td><td>US:INTC</td><td>Semiconductors</td><td>23.5%</td><td>-3%</td><td>31% </td></tr><tr><td></td><td>Source: FactSet </td><td></td><td></td><td></td><td></td></tr></tbody></table></pre>\n<p>\n  You can click on the tickers for more about each company. \n</p>\n<p>\n  You will need to scroll across the table to see all of the data. \n</p>\n<p>\n  It is no surprise to see Netflix <a href=\"https://laohu8.com/S/NFLX\">$(NFLX)$</a> and Amazon.com <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n</p>\n<p>\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n</p>\n<p>\n  Vertex Pharmaceuticals <a href=\"https://laohu8.com/S/VRTX\">$(VRTX)$</a> topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n</p>\n<p>\n  Prologis <a href=\"https://laohu8.com/S/PLD\">$(PLD)$</a> and Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> both benefited from the continued growth of the datacenter industry. \n</p>\n<p>\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n</p>\n<p>\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n</p>\n<p>\n  -- Truist Financial <a href=\"https://laohu8.com/S/TFC\">$(TFC)$</a> is the new name for BB&amp;T after it acquired SunTrust. \n</p>\n<p>\n  -- Hasbro <a href=\"https://laohu8.com/S/HAS\">$(HAS)$</a> completed its acquisition of Entertainment One in December. \n</p>\n<p>\n  -- <a href=\"https://laohu8.com/S/CNC\">Centene Corp</a>. <a href=\"https://laohu8.com/S/CNC.UK\">$(CNC.UK)$</a> acquired WellCare Health Plans in January. \n</p>\n<p>\n  -- Principal Financial Group <a href=\"https://laohu8.com/S/PFG\">$(PFG)$</a> acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n</p>\n<p>\n  -- Invesco <a href=\"https://laohu8.com/S/IVZ\">$(IVZ)$</a> acquired OppenheimerFunds in May 2019. \n</p>\n<p>\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 05, 2020 12:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","CBOE":"芝加哥期权交易所","NDAQ":"纳斯达克OMX交易所","AMD":"美国超微公司","PFG":"信安金融","NOW":"ServiceNow","CME":"芝加哥商品交易所","SPY":"标普500ETF","MKTX":"MarketAxess Holdings","PLD":"安博","CNC":"康西哥","INTC":"英特尔","HAS":"孩之宝","IVZ":"美国景顺集团","VRTX":"福泰制药","NFLX":"奈飞","TFC":"Truist Financial Corp","ICE":"洲际交易所"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2033565530","content_text":"MW These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n\n\n  By Philip van Doorn, MarketWatch \n\n\n  Big winners included Vertex, Netflix, AMD and five exchange operators \n\n\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n\n\n  Through May 4, 273 companies among the S&P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n\n\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n\n\n  Here's the filtered list of 12 companies that increased revenue the most: \n\nCompanyTickerIndustryIncrease in quarterly sales from a year earlierTotal return - 2020Total return - 2019 Vertex Pharmaceuticals Inc.US:VRTXBiotechnology76.9%21%32% Cboe Global Markets Inc.US:CBOESecurities exchanges52.9%-21%24% Advanced Micro Devices Inc.US:AMDSemiconductors40.4%15%148% MarketAxess Holdings Inc.US:MKTXSecurities exchanges35.7%21%81% ServiceNow Inc.US:NOWInformation Technology Services32.6%26%59% Nasdaq Inc.US:NDAQSecurities exchanges30.2%0%34% CME Group Inc. Class AUS:CMESecurities exchanges29.0%-14%10% Intercontinental Exchange Inc.US:ICESecurities exchanges28.7%-3%24% Netflix Inc.US:NFLXCable/Satellite TV27.6%32%21% Prologis Inc.US:PLDReal-estate investment Trusts26.7%-2%56% Amazon.com Inc.US:AMZNInternet Retail26.4%25%23% Intel Corp.US:INTCSemiconductors23.5%-3%31% Source: FactSet \n\n  You can click on the tickers for more about each company. \n\n\n  You will need to scroll across the table to see all of the data. \n\n\n  It is no surprise to see Netflix $(NFLX)$ and Amazon.com $(AMZN)$ on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n\n\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n\n\n  Vertex Pharmaceuticals $(VRTX)$ topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n\n\n  Prologis $(PLD)$ and Intel $(INTC)$ both benefited from the continued growth of the datacenter industry. \n\n\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n\n\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n\n\n  -- Truist Financial $(TFC)$ is the new name for BB&T after it acquired SunTrust. \n\n\n  -- Hasbro $(HAS)$ completed its acquisition of Entertainment One in December. \n\n\n  -- Centene Corp. $(CNC.UK)$ acquired WellCare Health Plans in January. \n\n\n  -- Principal Financial Group $(PFG)$ acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n\n\n  -- Invesco $(IVZ)$ acquired OppenheimerFunds in May 2019. \n\n\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n\n\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 05, 2020 12:25 ET (16:25 GMT)\n\n\n  Copyright (c) 2020 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927034231,"gmtCreate":1588667121123,"gmtModify":1704177963877,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NCLH\">$挪威邮轮(NCLH)$</a>这个股票实际上可以","listText":"<a href=\"https://laohu8.com/S/NCLH\">$挪威邮轮(NCLH)$</a>这个股票实际上可以","text":"$挪威邮轮(NCLH)$这个股票实际上可以","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927034231","isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921614037,"gmtCreate":1586265823229,"gmtModify":1704360585734,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>不要买它否则你们会无法交易","listText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>不要买它否则你们会无法交易","text":"$瑞幸咖啡(LK)$不要买它否则你们会无法交易","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921614037","isVote":1,"tweetType":1,"viewCount":1600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921333528,"gmtCreate":1586160850264,"gmtModify":1704360168865,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"瑞幸会被强制退市，请大家一定不要购买","listText":"瑞幸会被强制退市，请大家一定不要购买","text":"瑞幸会被强制退市，请大家一定不要购买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921333528","repostId":"1112180266","repostType":2,"repost":{"id":"1112180266","kind":"news","pubTimestamp":1586157460,"share":"https://www.laohu8.com/m/news/1112180266?lang=&edition=full","pubTime":"2020-04-06 15:17","market":"us","language":"zh","title":"中概股造假、做空往事：一群自私浅视者的骗局盛宴","url":"https://stock-news.laohu8.com/highlight/detail?id=1112180266","media":"庞观者清","summary":"这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一","content":"<p><span>这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。</span></p><p><span>因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。</span></p><p><span>财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、雇专业公司、做实地调研之类的常规动作。</span></p><p><span>所以，财务造假这事过去有，现在有，将来还会有的。今天，我就专门聊聊十来年前，华尔街上那一波风起云涌、此起彼伏的中概股造假案。作为亲自经历者，我想借方方的一句话，那些美好的仗我已经打过。</span></p><p><span>十来年前，那时我还在纽约，在中城的一家对冲基金当基金经理，主要负责中概股投资。所谓中概股，即中国概念股，主要是指中国在美国上市的股票，这既包括许多大家熟悉的公司，比如像<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/EDU\">新东方</a>、<a href=\"https://laohu8.com/S/NTES\">网易</a>、以及像最近两年上市的<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>等，也包括一些不甚出名的中国小公司。</span></p><p><span>当然，也包括这次财务造假的主角，<a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>。</span></p><p><img src=\"https://static.tigerbbs.com/236822a41d45180953102cca5145e7c5\" /></p><p><span>瑞幸门店 图源网络</span></p><p><span>从上市途径上，中概股赴美上市，一般有两条主要途径：IPO和反向并购（reverse merger)，但最近几年主要以IPO为主，包括像瑞幸咖啡，走反向并购的非常少，原因后面我们会谈到。</span></p><p><span>一般而言，要做空一家公司的股票，大致有三种原因：1、财务造假、2、基本面恶化、3、估值明显过高。在操作上，真正的做空老手最喜欢拣财务造假类型的下手，基本面恶化次之。</span></p><p><span>因为财务造假一旦被证实，股价基本上全面崩盘，后面还会伴随着大量旷日持久的集体诉讼，很少能有翻身之日。</span></p><p><span>对估值明显过高的，做空者一般都会比较谨慎。估值可能看上去很高，但它也许会在相当长的时间内一直处于高位，甚至更高。这就是凯恩斯所说的：the market can stay irrational longer than you can stay solvent。</span></p><p><span>我在纽约的那家对冲基金，采取的就是比较常见的多空型策略，既做多也做空。入职时我是分析师，几年后当上基金经理，主要负责中概股投资。</span></p><p><span>当时的工作可以用一句话总结：发现好的标的买进，发现差的标的做空。我在这家基金工作的八年里，亲自参与过的因财务欺诈而做空的案例真是不少。</span></p><p><span>最先想到的一个案例是China Media <a href=\"https://laohu8.com/S/EXPR\">Express</a>，中文名叫中国高速频道（证券代码CCME）。这是一家福建的公司。通常，这种公司在国内并不叫这个名字，但是通过反向并购在美国上市时，喜欢起一个带中国字眼的名字。在当时，这是一个很普通的现象。</span></p><p><span>这家公司的主营业务其实谈不上有新意，在各大城市的机场大巴里，安装显示屏，然后卖广告，商业模式上，有点象今天的<a href=\"https://laohu8.com/S/002027\">分众传媒</a>，以及当时在美国通过正常IPO上市的<a href=\"https://laohu8.com/S/ANTE\">航美传媒</a>。</span></p><p><span>我刚开始看到CCME时，是在2010年的一个路演推介会上，那时的CCME已经顺利转板到了纳斯达克，这大体算是相当于获得主流市场的一个认可。</span></p><p><img src=\"https://static.tigerbbs.com/e6b9f1497a16a7600c50441d0aa8b3f4\" /></p><p><span>纳斯达克 图源网络</span></p><p><span>我记得当时的投行在讲到它时，都很兴奋，因为公司收入增速实在惊人，堪称典型的高速成长股。参会的不少投资者也很激动，感觉它接下来很可能是个大牛股。</span></p><p><span>推介会议结束后，我对它做了仔细分析，并进行横向对比。这一分析，就发现了明显的疑点。比如，它的收入规模和净利润居然能超过航美传媒，以及回款周期明显快过类似的公司如分众传媒、白马广告等。</span></p><p><span>和航美传媒的对比很有意思。两家公司拥有的屏幕数量和已进入的机场数量其实差不多。但是，航美传媒的屏都是那种安装在机场显眼位置的大屏，动辄几十英寸。CCME的则主要是小屏，挂在机场大巴里，大的也就像14英寸彩电那样，商业价值显然不可能同日而语。</span></p><p><span>后来，我让北京的分析师专门在各大城市坐机场大巴，就像这次做空机构调查瑞幸门店的数人头那样，我们专门数它的广告主、广告数量、以及播放频次。</span></p><p><span>此外，我还通过各种渠道找到了它的广告刊例，在此基础上做了一个财务模型。根据我们的测算，公司实际收入可能只有公布的1/3左右，明显存在财务欺诈。</span></p><p><span>所以，我们毫不犹豫的卖空了它的股票。</span></p><p><span>后来，我们没想到的是，一些知名做空机构的参与，让它造假的事迅速曝光。先是2011年1月，美国知名的做空机构Citron Research (香橼研究）发文质疑它夸大业绩水平。几天后，浑水也发布报告称，公司虚构客户关系，夸大业务量。股价当天就暴跌了33.2%。</span></p><p><span>当然，后面的事也就墙倒众人推了。最终，CCME因财务欺诈被强制退市。</span></p><p><span>这其中还有一个小插曲。在做空机构曝光的前一年，上海的一家外资投资机构叫Starr International，对CCME完成了一笔4000万美元的优先可转债投资。这个Starr International 可不简单，它背后是美国保险公司（AIG）前总裁Maurice Greenberg。</span></p><p><span>据说Starr International花了三个月做尽职调查，还聘请了德勤作审计，最终才决定投资。事后，我就有些纳闷，CCME的财务造假水平并不算很高，这个投资机构三个月的尽调都在干吗？</span></p><p><span>所以，你如果以为大机构的调研能力往往都很强，但其实未必。后面的一些例证会进一步证实这一点。</span></p><p><span>另外，在香椽的报告发布后，当时纽约一个小投行Global Hunter有个分析师，姓罗，专程回到中国。在做了一番调研后，她写了一篇报告，力挺公司，认为它根本没有造假。</span></p><p><span>写到这，熟悉瑞幸咖啡事件的朋友有没有感觉到很熟悉？ 因为这次浑水发布的做空报告出来后，中金的分析师也跳出来，公然力挺瑞信，称匿名报告缺乏证据。</span></p><p><span>Global Hunter的那个罗姓分析师，因为在错误的时间，跳出来发表错误的观点，最终让她丢了工作。不知这次中金的分析师被迅速打脸后，是不是也会要开始着手修改简历了。</span></p><p><span>当然，在美国上市的中概股中，和那些更大牌的财务造假相比，CCME只能算是一盘小菜。在瑞幸像之前，在美国发生的最大牌的中概股财务欺诈案应该是东南融通（Longtop Financial，代码LFT)。</span></p><p></p><p><img src=\"https://static.tigerbbs.com/cbacafec7701e0a4042844954fd8a941\" /></p><p><span>东南融通</span></p><p><span>这是一家福建厦门的软件企业，主要给金融系统做应用软件和解决方案的。2007年在美国IPO，由<a href=\"https://laohu8.com/S/GS\">高盛</a>承销，德勤审计。在事发前，它也曾是高速成长的典范，一度成为中国在美上市最大的软件企业。</span></p><p><span>它当时也是许多著名对冲基金的宠儿，其中就包括不少“老虎系”的基金，如Lone Pine Capital（孤松资本）,Maverick Capital（小牛资本）, Tiger Global（老虎环球）等一批著名基金。</span></p><p><span>我开始盯上东南融通，是因为在看一家北京叫宇诚科技的公司时，把东南融通做参照，结果注意到后者的利润率明显高出一大截。后来，我又找了一些同业的上市公司对比，发现东南融通的毛利率、运营利润率、以及回款周期等，均明显超出同业公司一大截。后来在进一步调研的支持上，我们悄悄地卖空了这支股票。</span></p><p><span>真正踢爆东南融通造假的，其实还是Citron Research(香橼研究）。它在2011年初公开发表看空报告，质疑公司虚增收入。当然，造假公开后，像大多数财务欺诈案一样，东南融通股价暴跌，并最终退市。</span></p><p><span>只是这起事件，让前面提到的那些以深度研究出名的“老虎系”基金闹得灰头土脸，称得上集体折戟。</span></p><p><span>这次瑞幸咖啡造假被公布后，中招的又包括许多美国著名的对冲基金，包括像Lone Pine Capital （孤松资本）, Alkeon Capital等。其中最苦的，估计还是孤松资本。</span></p><p><span>孤松资本的创始人是史蒂芬.蒙代尔（Stephen Mandel)，他曾是老虎基金大名鼎鼎的创始人朱利安.罗伯逊的左右手，即使在“老虎系”里也是资历很老的。但是，孤松资本上次没躲过东南融通，这次又没躲过瑞幸咖啡，你猜这心里得有多苦。</span></p><p><span>其实，由大投行承销高光上市，后来曝出财务欺诈大丑闻的可不止东南融通。比它稍早一些的是古杉环境能源，创始人是福建商人俞建秋。这家公司IPO时由美林证券承销，审计师是毕马威。</span></p><p><span>当时它主打的概念也很好，是生物柴油，原材料主要是泔水油。这东西的供应其实很不稳定，而且一度价格飞涨。后来它被发现，公司雇了些卡车，在福州工厂门口进进出出，似乎很忙碌。但是和这些卡车司机一聊，才发现基本上是空车进出。</span></p><p><span>盖子一揭开，股价自然是暴跌。</span></p><p><span>这个事情的教训是，中概股上市时，大牌投行加四大的组合，并不能保证公司不造假。就像这次瑞幸，承销团是由瑞信、大摩和中金组成的豪华团，审计用的是安永，但割起韭菜来，照样不含糊。</span></p><p><img src=\"https://static.tigerbbs.com/eb9a561f92f30245f843ffb9ef36451a\" /></p><p><span>图源网络</span></p><p><span>我因为曾因古杉能源之故，详细研究过生物柴油行业，后来还居然因此成功避开过一次暗雷。</span></p><p><span>大概也是2010年时，有一家通过反向并购上市的企业，叫陕西宝润，当时想做一轮上市公司私募（即所谓的PIPE，private investment in public equity，这在当时的中概股中是很流行的一种募资方式)，领头的是一家加州的中型投行。</span></p><p><span>当时投行发了一堆材料过来，我认真看了一遍，提了两个关键问题：一、技术从哪里来，二、原材料如何解决。尤其是第一个问题，因为大规模商业化的生物柴油制备技术，只有当时的一些西欧国家才有。</span></p><p><span>问题提完后，对方投行迟迟不肯回复。催急了，对方才回复称，技术是一家日本公司提供的。我要求这家日本公司的更详细的资料，对方称去找公司要，但很久没有下文。关于原材料的解释，也无法让我满意。</span></p><p><span>当年秋天，这家投行在中国组织了一次投资者的实地调研。我在北京的一个同事也和一大批机构投资者去了。他回来反馈说，对方生产机器轰鸣，繁忙异常，认为应该投资。我是坚决反对，因为公司方始终没有正面回答一些关键问题。</span></p><p><span>当时我们基金的老板有些犹豫，但由于我是这块中国业务的负责人，后来还是尊重了我的意见，一分钱没投。</span></p><p><span>后来的发展非常戏剧化。在2011年那一波做空中概股的高潮中，陕西宝润也被扒了出来。在这批投资者实地调研之前，早有一家空头机构派员在公司工厂外面，安装了摄像头，实行24小时的监控。</span></p><p><span>所以，这次做空机构在瑞幸咖啡店里安排摄像头，录了几万小时的视频。应该说，他们从前人的做法里汲取到成功的养份。</span></p><p><span>在后来公布的关于宝润的做空报告里，我看到了这段很长的未经删减的视频，其中显示：宝润的工厂平时基本是黑灯瞎火，没有什么生产。但是在投资人达到的那一天，整个工厂全面启动，机器轰鸣，一片繁忙。这批人走后不久，很快又停掉了所有生产，整个厂区再次回到一片沉寂的状态。</span></p><p><span>那批实地调研的投资人里，就包括我的同事。</span></p><p><span>我在纽约这家基金任职时，平时主要待在纽约，有调查时也一般让北京的同事们去。不过，我做过调查记者，对实地调研有着天然的兴趣。所以，后来亲自出马，也揭穿了一起财务造假。</span></p><p><span>当时，我们通过上市公司私募的形式，曾投资过一家福建的企业，叫China Marine Food（中国海鲜食品，代码CMFO），它其实是福建石狮一家的公司，主营是做海鲜产品，通过反向并购在美国上市。</span></p><p><span>刚投资这家公司头两年，感觉一切还正常。这家公司的老板我也见过，看上去是挺老实的一个人，好象当过村书记。CFO是一个香港人，能说会道，看上去也还称职。</span></p><p><span>突然有一天，这个公司宣布，大概是以1亿多美金的代价，从一个第三方手里，买了一个饮料配方，用海藻生产一种叫“海葆”的饮料。</span></p><p><span>公司CFO对投资者的疑问时，侃侃而谈，称这是公司产品线的自然延伸，并且成长性好。从那以后的几个季度，公司饮料这块的销售收入果然连续大增，净利润也跟着大涨。</span></p><p><span>不过，我当时就有些怀疑。根据我的经验，让一个国内不大的企业，一下子拿出几个亿人民币来购买一个所谓的配方，这事听上去就不太靠谱。所以，我借一次回国考察企业时，直奔石狮。</span></p><p><span>快到这家公司门口，我才给公司负责投资者关系的人打电话，称顺便路过，想看一下公司的生产。对方不好拒绝，只好领着我参观生产车间。最后到了那个生产“海葆”饮料的车间时，整个车间空无一人，设备倒是崭新。</span></p><p><span>后来对方的IR人员解释称，他们公司只生产浓缩液，不直接生产成品。灌装这块交给了两家合作的企业。我又按图索骥，找到了这两家合作企业，发现一家压根没有生产过，另一家确实是简单生产过一段时间，但因为就没有新订单很快就停掉了。</span></p><p><span>当晚，我迅速和我们基金老板沟通了一下，决定全部卖出。</span></p><p><img src=\"https://static.tigerbbs.com/27e8abc13da59996587e946eb722ee8a\" /></p><p><span>图源网络</span></p><p><span>其实，在这一波财务造假案中，最大的重灾区是那些通过反向并购在美上市的企业。根据我的经验，当时至少有一半以上的这类上市的企业被发现财务上有问题。</span></p><p><span>这最终葬送了反向并购作为中国企业赴美上市的有效路径。美国的投资者被反复收割过多次后，他们也终于明白，这是一条非常高风险的路，最终决定弃而不用。</span></p><p><span>另外，细心的人读到这里，可能会注意到一个现象，我提到的财务造假的企业里，似乎来自福建的特别多，比如像东南融通、古杉能源、中国高速频道、以及这家石狮的企业。</span></p><p><span>我对福建没有任何地域上的偏见，但是见得多了，后来不自觉养成了一个习惯：当看到来自福建的上市公司时，我通常会小心一些。</span></p><p><span>这次瑞幸事件，好像又一次印证了我的小心。瑞幸咖啡的最大股东、公司董事长陆振耀是福建屏南人。</span></p><p><span>另外，我注意到，在财务造假丑闻曝出后，瑞幸股价大跌，在五六美元的价位上交易量剧增。我猜，那些敢于此时出手，抢带血的筹码，无非是怀有侥幸心理，下注瑞幸能触底反弹，起死回生。</span></p><p><span>但是，从我过去经历过的诸多案例看，只要财务造假被坐实，几乎全是以被强制退市的方式收场，这既包括那些相当高光的IPO企业如东南融通和古杉能源，也包括许多不知名的小公司。</span></p><p><span>有些投资者还可能有错觉，因为即使丑闻曝出后，往往股票在价格大跌后，还能继续交易。但接下来，就很可能像中国高速频道所经在的那样：当有一天，我们正在加州开一个投资者会议时，当时使用的<a href=\"https://laohu8.com/S/BB\">黑莓</a>手机上，突然跳出一条彭博新闻：公司的股票被直接停止交易了。</span></p><p><span>然后一切就结束了。</span></p>","source":"lsy1574823738297","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>中概股造假、做空往事：一群自私浅视者的骗局盛宴</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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中概股造假、做空往事：一群自私浅视者的骗局盛宴\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-04-06 15:17 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw><strong>庞观者清</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/324e43c6c2694249d5fc03a098a94f36","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112180266","content_text":"这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、雇专业公司、做实地调研之类的常规动作。所以，财务造假这事过去有，现在有，将来还会有的。今天，我就专门聊聊十来年前，华尔街上那一波风起云涌、此起彼伏的中概股造假案。作为亲自经历者，我想借方方的一句话，那些美好的仗我已经打过。十来年前，那时我还在纽约，在中城的一家对冲基金当基金经理，主要负责中概股投资。所谓中概股，即中国概念股，主要是指中国在美国上市的股票，这既包括许多大家熟悉的公司，比如像阿里巴巴、京东、百度、新东方、网易、以及像最近两年上市的拼多多、哔哩哔哩等，也包括一些不甚出名的中国小公司。当然，也包括这次财务造假的主角，瑞幸咖啡。瑞幸门店 图源网络从上市途径上，中概股赴美上市，一般有两条主要途径：IPO和反向并购（reverse merger)，但最近几年主要以IPO为主，包括像瑞幸咖啡，走反向并购的非常少，原因后面我们会谈到。一般而言，要做空一家公司的股票，大致有三种原因：1、财务造假、2、基本面恶化、3、估值明显过高。在操作上，真正的做空老手最喜欢拣财务造假类型的下手，基本面恶化次之。因为财务造假一旦被证实，股价基本上全面崩盘，后面还会伴随着大量旷日持久的集体诉讼，很少能有翻身之日。对估值明显过高的，做空者一般都会比较谨慎。估值可能看上去很高，但它也许会在相当长的时间内一直处于高位，甚至更高。这就是凯恩斯所说的：the market can stay irrational longer than you can stay solvent。我在纽约的那家对冲基金，采取的就是比较常见的多空型策略，既做多也做空。入职时我是分析师，几年后当上基金经理，主要负责中概股投资。当时的工作可以用一句话总结：发现好的标的买进，发现差的标的做空。我在这家基金工作的八年里，亲自参与过的因财务欺诈而做空的案例真是不少。最先想到的一个案例是China Media Express，中文名叫中国高速频道（证券代码CCME）。这是一家福建的公司。通常，这种公司在国内并不叫这个名字，但是通过反向并购在美国上市时，喜欢起一个带中国字眼的名字。在当时，这是一个很普通的现象。这家公司的主营业务其实谈不上有新意，在各大城市的机场大巴里，安装显示屏，然后卖广告，商业模式上，有点象今天的分众传媒，以及当时在美国通过正常IPO上市的航美传媒。我刚开始看到CCME时，是在2010年的一个路演推介会上，那时的CCME已经顺利转板到了纳斯达克，这大体算是相当于获得主流市场的一个认可。纳斯达克 图源网络我记得当时的投行在讲到它时，都很兴奋，因为公司收入增速实在惊人，堪称典型的高速成长股。参会的不少投资者也很激动，感觉它接下来很可能是个大牛股。推介会议结束后，我对它做了仔细分析，并进行横向对比。这一分析，就发现了明显的疑点。比如，它的收入规模和净利润居然能超过航美传媒，以及回款周期明显快过类似的公司如分众传媒、白马广告等。和航美传媒的对比很有意思。两家公司拥有的屏幕数量和已进入的机场数量其实差不多。但是，航美传媒的屏都是那种安装在机场显眼位置的大屏，动辄几十英寸。CCME的则主要是小屏，挂在机场大巴里，大的也就像14英寸彩电那样，商业价值显然不可能同日而语。后来，我让北京的分析师专门在各大城市坐机场大巴，就像这次做空机构调查瑞幸门店的数人头那样，我们专门数它的广告主、广告数量、以及播放频次。此外，我还通过各种渠道找到了它的广告刊例，在此基础上做了一个财务模型。根据我们的测算，公司实际收入可能只有公布的1/3左右，明显存在财务欺诈。所以，我们毫不犹豫的卖空了它的股票。后来，我们没想到的是，一些知名做空机构的参与，让它造假的事迅速曝光。先是2011年1月，美国知名的做空机构Citron Research (香橼研究）发文质疑它夸大业绩水平。几天后，浑水也发布报告称，公司虚构客户关系，夸大业务量。股价当天就暴跌了33.2%。当然，后面的事也就墙倒众人推了。最终，CCME因财务欺诈被强制退市。这其中还有一个小插曲。在做空机构曝光的前一年，上海的一家外资投资机构叫Starr International，对CCME完成了一笔4000万美元的优先可转债投资。这个Starr International 可不简单，它背后是美国保险公司（AIG）前总裁Maurice Greenberg。据说Starr International花了三个月做尽职调查，还聘请了德勤作审计，最终才决定投资。事后，我就有些纳闷，CCME的财务造假水平并不算很高，这个投资机构三个月的尽调都在干吗？所以，你如果以为大机构的调研能力往往都很强，但其实未必。后面的一些例证会进一步证实这一点。另外，在香椽的报告发布后，当时纽约一个小投行Global Hunter有个分析师，姓罗，专程回到中国。在做了一番调研后，她写了一篇报告，力挺公司，认为它根本没有造假。写到这，熟悉瑞幸咖啡事件的朋友有没有感觉到很熟悉？ 因为这次浑水发布的做空报告出来后，中金的分析师也跳出来，公然力挺瑞信，称匿名报告缺乏证据。Global Hunter的那个罗姓分析师，因为在错误的时间，跳出来发表错误的观点，最终让她丢了工作。不知这次中金的分析师被迅速打脸后，是不是也会要开始着手修改简历了。当然，在美国上市的中概股中，和那些更大牌的财务造假相比，CCME只能算是一盘小菜。在瑞幸像之前，在美国发生的最大牌的中概股财务欺诈案应该是东南融通（Longtop Financial，代码LFT)。东南融通这是一家福建厦门的软件企业，主要给金融系统做应用软件和解决方案的。2007年在美国IPO，由高盛承销，德勤审计。在事发前，它也曾是高速成长的典范，一度成为中国在美上市最大的软件企业。它当时也是许多著名对冲基金的宠儿，其中就包括不少“老虎系”的基金，如Lone Pine Capital（孤松资本）,Maverick Capital（小牛资本）, Tiger Global（老虎环球）等一批著名基金。我开始盯上东南融通，是因为在看一家北京叫宇诚科技的公司时，把东南融通做参照，结果注意到后者的利润率明显高出一大截。后来，我又找了一些同业的上市公司对比，发现东南融通的毛利率、运营利润率、以及回款周期等，均明显超出同业公司一大截。后来在进一步调研的支持上，我们悄悄地卖空了这支股票。真正踢爆东南融通造假的，其实还是Citron Research(香橼研究）。它在2011年初公开发表看空报告，质疑公司虚增收入。当然，造假公开后，像大多数财务欺诈案一样，东南融通股价暴跌，并最终退市。只是这起事件，让前面提到的那些以深度研究出名的“老虎系”基金闹得灰头土脸，称得上集体折戟。这次瑞幸咖啡造假被公布后，中招的又包括许多美国著名的对冲基金，包括像Lone Pine Capital （孤松资本）, Alkeon Capital等。其中最苦的，估计还是孤松资本。孤松资本的创始人是史蒂芬.蒙代尔（Stephen Mandel)，他曾是老虎基金大名鼎鼎的创始人朱利安.罗伯逊的左右手，即使在“老虎系”里也是资历很老的。但是，孤松资本上次没躲过东南融通，这次又没躲过瑞幸咖啡，你猜这心里得有多苦。其实，由大投行承销高光上市，后来曝出财务欺诈大丑闻的可不止东南融通。比它稍早一些的是古杉环境能源，创始人是福建商人俞建秋。这家公司IPO时由美林证券承销，审计师是毕马威。当时它主打的概念也很好，是生物柴油，原材料主要是泔水油。这东西的供应其实很不稳定，而且一度价格飞涨。后来它被发现，公司雇了些卡车，在福州工厂门口进进出出，似乎很忙碌。但是和这些卡车司机一聊，才发现基本上是空车进出。盖子一揭开，股价自然是暴跌。这个事情的教训是，中概股上市时，大牌投行加四大的组合，并不能保证公司不造假。就像这次瑞幸，承销团是由瑞信、大摩和中金组成的豪华团，审计用的是安永，但割起韭菜来，照样不含糊。图源网络我因为曾因古杉能源之故，详细研究过生物柴油行业，后来还居然因此成功避开过一次暗雷。大概也是2010年时，有一家通过反向并购上市的企业，叫陕西宝润，当时想做一轮上市公司私募（即所谓的PIPE，private investment in public equity，这在当时的中概股中是很流行的一种募资方式)，领头的是一家加州的中型投行。当时投行发了一堆材料过来，我认真看了一遍，提了两个关键问题：一、技术从哪里来，二、原材料如何解决。尤其是第一个问题，因为大规模商业化的生物柴油制备技术，只有当时的一些西欧国家才有。问题提完后，对方投行迟迟不肯回复。催急了，对方才回复称，技术是一家日本公司提供的。我要求这家日本公司的更详细的资料，对方称去找公司要，但很久没有下文。关于原材料的解释，也无法让我满意。当年秋天，这家投行在中国组织了一次投资者的实地调研。我在北京的一个同事也和一大批机构投资者去了。他回来反馈说，对方生产机器轰鸣，繁忙异常，认为应该投资。我是坚决反对，因为公司方始终没有正面回答一些关键问题。当时我们基金的老板有些犹豫，但由于我是这块中国业务的负责人，后来还是尊重了我的意见，一分钱没投。后来的发展非常戏剧化。在2011年那一波做空中概股的高潮中，陕西宝润也被扒了出来。在这批投资者实地调研之前，早有一家空头机构派员在公司工厂外面，安装了摄像头，实行24小时的监控。所以，这次做空机构在瑞幸咖啡店里安排摄像头，录了几万小时的视频。应该说，他们从前人的做法里汲取到成功的养份。在后来公布的关于宝润的做空报告里，我看到了这段很长的未经删减的视频，其中显示：宝润的工厂平时基本是黑灯瞎火，没有什么生产。但是在投资人达到的那一天，整个工厂全面启动，机器轰鸣，一片繁忙。这批人走后不久，很快又停掉了所有生产，整个厂区再次回到一片沉寂的状态。那批实地调研的投资人里，就包括我的同事。我在纽约这家基金任职时，平时主要待在纽约，有调查时也一般让北京的同事们去。不过，我做过调查记者，对实地调研有着天然的兴趣。所以，后来亲自出马，也揭穿了一起财务造假。当时，我们通过上市公司私募的形式，曾投资过一家福建的企业，叫China Marine Food（中国海鲜食品，代码CMFO），它其实是福建石狮一家的公司，主营是做海鲜产品，通过反向并购在美国上市。刚投资这家公司头两年，感觉一切还正常。这家公司的老板我也见过，看上去是挺老实的一个人，好象当过村书记。CFO是一个香港人，能说会道，看上去也还称职。突然有一天，这个公司宣布，大概是以1亿多美金的代价，从一个第三方手里，买了一个饮料配方，用海藻生产一种叫“海葆”的饮料。公司CFO对投资者的疑问时，侃侃而谈，称这是公司产品线的自然延伸，并且成长性好。从那以后的几个季度，公司饮料这块的销售收入果然连续大增，净利润也跟着大涨。不过，我当时就有些怀疑。根据我的经验，让一个国内不大的企业，一下子拿出几个亿人民币来购买一个所谓的配方，这事听上去就不太靠谱。所以，我借一次回国考察企业时，直奔石狮。快到这家公司门口，我才给公司负责投资者关系的人打电话，称顺便路过，想看一下公司的生产。对方不好拒绝，只好领着我参观生产车间。最后到了那个生产“海葆”饮料的车间时，整个车间空无一人，设备倒是崭新。后来对方的IR人员解释称，他们公司只生产浓缩液，不直接生产成品。灌装这块交给了两家合作的企业。我又按图索骥，找到了这两家合作企业，发现一家压根没有生产过，另一家确实是简单生产过一段时间，但因为就没有新订单很快就停掉了。当晚，我迅速和我们基金老板沟通了一下，决定全部卖出。图源网络其实，在这一波财务造假案中，最大的重灾区是那些通过反向并购在美上市的企业。根据我的经验，当时至少有一半以上的这类上市的企业被发现财务上有问题。这最终葬送了反向并购作为中国企业赴美上市的有效路径。美国的投资者被反复收割过多次后，他们也终于明白，这是一条非常高风险的路，最终决定弃而不用。另外，细心的人读到这里，可能会注意到一个现象，我提到的财务造假的企业里，似乎来自福建的特别多，比如像东南融通、古杉能源、中国高速频道、以及这家石狮的企业。我对福建没有任何地域上的偏见，但是见得多了，后来不自觉养成了一个习惯：当看到来自福建的上市公司时，我通常会小心一些。这次瑞幸事件，好像又一次印证了我的小心。瑞幸咖啡的最大股东、公司董事长陆振耀是福建屏南人。另外，我注意到，在财务造假丑闻曝出后，瑞幸股价大跌，在五六美元的价位上交易量剧增。我猜，那些敢于此时出手，抢带血的筹码，无非是怀有侥幸心理，下注瑞幸能触底反弹，起死回生。但是，从我过去经历过的诸多案例看，只要财务造假被坐实，几乎全是以被强制退市的方式收场，这既包括那些相当高光的IPO企业如东南融通和古杉能源，也包括许多不知名的小公司。有些投资者还可能有错觉，因为即使丑闻曝出后，往往股票在价格大跌后，还能继续交易。但接下来，就很可能像中国高速频道所经在的那样：当有一天，我们正在加州开一个投资者会议时，当时使用的黑莓手机上，突然跳出一条彭博新闻：公司的股票被直接停止交易了。然后一切就结束了。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921010560,"gmtCreate":1585960516850,"gmtModify":1704359909670,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921010560","repostId":"923578148","repostType":1,"repost":{"id":923578148,"gmtCreate":1585897810783,"gmtModify":1704359595333,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/162e12f8dcec770ec19f66f2abb0d5db","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3514329116425907","authorIdStr":"3514329116425907"},"themes":[],"htmlText":"\n \n \n  【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> <a href=\"https://laohu8.com/S/00699\">$神州租车(00699)$</a>\n \n","listText":"【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> <a href=\"https://laohu8.com/S/00699\">$神州租车(00699)$</a>","text":"【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]$瑞幸咖啡(LK)$ $神州租车(00699)$","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923578148","isVote":1,"tweetType":2,"object":{"id":"d9c5ce4533c3463aa17a2f857e290807","tweetId":"923578148","title":"华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注_公司联播-梨视频官网-Pear 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href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>真是个死股抛售吧，2月20号就已经发文造假了！","text":"$瑞幸咖啡(LK)$真是个死股抛售吧，2月20号就已经发文造假了！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923872100","isVote":1,"tweetType":1,"viewCount":827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923844881,"gmtCreate":1585832732443,"gmtModify":1704359166353,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923844881","repostId":"980947371","repostType":1,"repost":{"id":980947371,"gmtCreate":1582188951093,"gmtModify":1704346017576,"author":{"id":"3531915079729543","authorId":"3531915079729543","name":"猛兽财经网","avatar":"https://static.tigerbbs.com/417bb784450c13c87f9fe76e9d9776e8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3531915079729543","authorIdStr":"3531915079729543"},"themes":[],"title":"猛兽财经独家专访国际做空机构尘光研究：瑞幸财务造假铁证如山","htmlText":"瑞幸咖啡（纳斯达克：LK）似乎已成为了资本市场上最为瞩目的中概股之一，从成立到上市仅花了 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日曝出，直指瑞幸咖啡的财务数据造假。猛兽财经一直密切关注美股市场上所有的中概股公司，此前第一时间在全网发布了浑水做空报告，也在第一时间发布了尘光研究做空报告（文章链接见文末）。我们注意到，就在尘光研究的报告发布约一周后，美国东部时间 2 月 13 日，瑞幸咖啡及其两名高管在美国纽约南区联邦法院被投资者代表提起集体诉讼，理由是瑞幸咖啡去年第三季度以来所披露的财务和经营信息存在重大不实，要求法院判令瑞幸咖啡及相关高管赔偿上述被代表的全部投资者因信息不实遭受的损失。连续遭到机构及投资者的强烈质疑，“明星股”瑞幸咖啡是否真的存在财务和经营信息重大失实？尘光研究发出的瑞幸咖啡财务数据造假和业务数据造假，究竟是延续了浑水的结论，还是有其独特发现？我们带着这些问题，独家专访了尘光研究。以下是尘光研究对于本次做空报告的一些关键回复：1、我们在尽调时采用的统计方法是利用了瑞幸咖啡的程序“漏洞”，以子之矛攻子之盾；2、瑞幸在在我们报告发布后没过多久，就已经修改了后台程序，对单品购物车中可添加的数量进行了随机上限的设定；3、浑水的努力令人钦佩，但在研究角度上，他们是针对现制饮品的统计得出现制饮品日均销量虚增，进而推断出预制食品销售数量造假；我们是只针对预制食品，因为我们的报告中拒绝使用任何模棱两可人为猜测的数据，我们要求所使用的数据必须全部是真实采集验证的数据；4、广告费用造假方面，浑水做得比我们好很多，我们只是发现广告费用异常，给出了不合常理的数据，浑水的数据非常有价值；5、瑞幸咖啡是顶级的资本玩家，财务上做得非常","text":"瑞幸咖啡（纳斯达克：LK）似乎已成为了资本市场上最为瞩目的中概股之一，从成立到上市仅花了 18 个月。在美国知名做空机构浑水连发两份做空报告后，瑞幸咖啡的股价还能够保持坚挺。但市场质疑声音不断。一份名为《尘光研究关于瑞幸咖啡重大财务数据造假和业务数据造假的研究报告》，于 2 月 5 日曝出，直指瑞幸咖啡的财务数据造假。猛兽财经一直密切关注美股市场上所有的中概股公司，此前第一时间在全网发布了浑水做空报告，也在第一时间发布了尘光研究做空报告（文章链接见文末）。我们注意到，就在尘光研究的报告发布约一周后，美国东部时间 2 月 13 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21:31","market":"us","language":"zh","title":"美国航空盘中异动 早盘股价大涨5.87%报21.84美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2181745686","media":"自选股智能写手","summary":"北京时间2021年11月05日21时31分，美国航空股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，换手率0.93%，振幅0.73%。美国航空股票所在的航空公司行业中，整体涨幅为4.32%。消息层面，截至21时31分，美国航空股票正面舆情新闻比例41.38%。","content":"<html><body><article><p>北京时间2021年11月05日21时31分，<a href=\"https://laohu8.com/S/AAL\">美国航空</a>（AAL.us）股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，<span>换手率</span>0.93%，振幅0.73%。</p><p>最近的财报数据显示，该股实现<span>营业收入</span>89.69亿美元，<span>净利润</span>1.69亿美元，<span>每股收益</span>0.26美元，<span>毛利</span>10.32亿美元，市盈率-4.16倍。</p><p>机构评级方面，在所有22家参与评级的机构中，23%的券商给予买入建议，41%的券商给予持有建议，36%的券商给予卖出建议。</p><p>美国航空股票所在的航空公司行业中，整体涨幅为4.32%。其相关个股中，Azul Sa、<a href=\"https://laohu8.com/S/DAL\">达美航空</a>、<a href=\"https://laohu8.com/S/GOL\">勒莫国航</a>涨幅较大，美国航空、<a href=\"https://laohu8.com/S/SAVE\">Spirit Airlines</a> Inc、<a href=\"https://laohu8.com/S/UAL\">联合大陆航空</a>较为活跃，换手率分别为0.95%、0.58%、0.53%，振幅较大的相关个股有<a href=\"https://laohu8.com/S/SNCY\">Sun Country Airlines Holdings, Inc.</a>、Volaris航空、勒莫国航，振幅分别为1.98%、1.89%、1.66%。</p><p>美国航空公司简介：按预定的营收乘客英里数，美国航空公司是全球最大的航空公司。 该公司的主要<a href=\"https://laohu8.com/S/HUBG\">枢纽</a>是夏洛特，芝加哥，达拉斯/沃思堡，洛杉矶，迈阿密，纽约，费城，菲尼克斯和华盛顿特区。在完成大型机队的更新后，该公司拥有美国最年轻的传统承运人机队 。</p><p>消息层面，截至21时31分，美国航空股票正面舆情新闻比例41.38%。</p><p>（以上内容为自选股<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）</p></article></body></html>","source":"tencent","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>美国航空盘中异动 早盘股价大涨5.87%报21.84美元</title>\n<style 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b><strong>自选股智能写手</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>北京时间2021年11月05日21时31分，美国航空（AAL.us）股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，换手率0.93%，振幅0.73%。最近的财报数据显示，该股实现营业收入89.69亿美元，净利润1.69亿美元，每股收益0.26美元，毛利10.32亿美元，市盈率-4.16倍。机构评级方面，在所有22家参与评级的机构中，23%的券商给予...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/71e083ef578be0fa6cea421c4a68bb5b","relate_stocks":{"AAL":"美国航空"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202111052131057a06c464&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2181745686","content_text":"北京时间2021年11月05日21时31分，美国航空（AAL.us）股票出现波动，股价急速上涨5.87%。截至发稿，该股报21.84美元/股，成交量602.8万股，换手率0.93%，振幅0.73%。最近的财报数据显示，该股实现营业收入89.69亿美元，净利润1.69亿美元，每股收益0.26美元，毛利10.32亿美元，市盈率-4.16倍。机构评级方面，在所有22家参与评级的机构中，23%的券商给予买入建议，41%的券商给予持有建议，36%的券商给予卖出建议。美国航空股票所在的航空公司行业中，整体涨幅为4.32%。其相关个股中，Azul Sa、达美航空、勒莫国航涨幅较大，美国航空、Spirit Airlines Inc、联合大陆航空较为活跃，换手率分别为0.95%、0.58%、0.53%，振幅较大的相关个股有Sun Country Airlines Holdings, Inc.、Volaris航空、勒莫国航，振幅分别为1.98%、1.89%、1.66%。美国航空公司简介：按预定的营收乘客英里数，美国航空公司是全球最大的航空公司。 该公司的主要枢纽是夏洛特，芝加哥，达拉斯/沃思堡，洛杉矶，迈阿密，纽约，费城，菲尼克斯和华盛顿特区。在完成大型机队的更新后，该公司拥有美国最年轻的传统承运人机队 。消息层面，截至21时31分，美国航空股票正面舆情新闻比例41.38%。（以上内容为自选股智能机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）","news_type":1},"isVote":1,"tweetType":1,"viewCount":1576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":396299627,"gmtCreate":1607105323069,"gmtModify":1703846587177,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"boa银行如何转账？有没有说明书","listText":"boa银行如何转账？有没有说明书","text":"boa银行如何转账？有没有说明书","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/396299627","isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":956071558,"gmtCreate":1591401227574,"gmtModify":1704195775249,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号","listText":"求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号","text":"求助大家通过支付宝上银国际汇款到bank of America，aba/fedwire选择boa的routing account 中的wire还是paper号","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/956071558","isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927920753,"gmtCreate":1588708304972,"gmtModify":1704178145179,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927920753","repostId":"2033565530","repostType":2,"repost":{"id":"2033565530","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1588695900,"share":"https://www.laohu8.com/m/news/2033565530?lang=&edition=full","pubTime":"2020-05-06 00:25","market":"us","language":"en","title":"These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2033565530","media":"Dow Jones","summary":"MW These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n\n\n","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW These 10 S&amp;P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</p>\n<p>\n  By Philip van Doorn, MarketWatch \n</p>\n<p>\n  Big winners included Vertex, Netflix, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and five exchange operators \n</p>\n<p>\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n</p>\n<p>\n  Through May 4, 273 companies among the S&amp;P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&amp;P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n</p>\n<p>\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&amp;P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n</p>\n<p>\n  Here's the filtered list of 12 companies that increased revenue the most: \n</p>\n<pre><table><tbody><tr><td>Company</td><td>Ticker</td><td>Industry</td><td>Increase in quarterly sales from a year earlier</td><td>Total return - 2020</td><td>Total return - 2019 </td></tr><tr><td>Vertex Pharmaceuticals Inc.</td><td>US:VRTX</td><td>Biotechnology</td><td>76.9%</td><td>21%</td><td>32% </td></tr><tr><td>Cboe Global Markets Inc.</td><td>US:CBOE</td><td>Securities exchanges</td><td>52.9%</td><td>-21%</td><td>24% </td></tr><tr><td>Advanced Micro Devices Inc.</td><td>US:AMD</td><td>Semiconductors</td><td>40.4%</td><td>15%</td><td>148% </td></tr><tr><td><a href=\"https://laohu8.com/S/MKTX\">MarketAxess Holdings</a> Inc.</td><td>US:MKTX</td><td>Securities exchanges</td><td>35.7%</td><td>21%</td><td>81% </td></tr><tr><td><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Inc.</td><td>US:NOW</td><td>Information Technology Services</td><td>32.6%</td><td>26%</td><td>59% </td></tr><tr><td>Nasdaq Inc.</td><td>US:NDAQ</td><td>Securities exchanges</td><td>30.2%</td><td>0%</td><td>34% </td></tr><tr><td>CME Group Inc. Class A</td><td>US:CME</td><td>Securities exchanges</td><td>29.0%</td><td>-14%</td><td>10% </td></tr><tr><td>Intercontinental Exchange Inc.</td><td>US:ICE</td><td>Securities exchanges</td><td>28.7%</td><td>-3%</td><td>24% </td></tr><tr><td>Netflix Inc.</td><td>US:NFLX</td><td>Cable/Satellite TV</td><td>27.6%</td><td>32%</td><td>21% </td></tr><tr><td>Prologis Inc.</td><td>US:PLD</td><td>Real-estate investment Trusts</td><td>26.7%</td><td>-2%</td><td>56% </td></tr><tr><td>Amazon.com Inc.</td><td>US:AMZN</td><td>Internet Retail</td><td>26.4%</td><td>25%</td><td>23% </td></tr><tr><td>Intel Corp.</td><td>US:INTC</td><td>Semiconductors</td><td>23.5%</td><td>-3%</td><td>31% </td></tr><tr><td></td><td>Source: FactSet </td><td></td><td></td><td></td><td></td></tr></tbody></table></pre>\n<p>\n  You can click on the tickers for more about each company. \n</p>\n<p>\n  You will need to scroll across the table to see all of the data. \n</p>\n<p>\n  It is no surprise to see Netflix <a href=\"https://laohu8.com/S/NFLX\">$(NFLX)$</a> and Amazon.com <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n</p>\n<p>\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n</p>\n<p>\n  Vertex Pharmaceuticals <a href=\"https://laohu8.com/S/VRTX\">$(VRTX)$</a> topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n</p>\n<p>\n  Prologis <a href=\"https://laohu8.com/S/PLD\">$(PLD)$</a> and Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> both benefited from the continued growth of the datacenter industry. \n</p>\n<p>\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n</p>\n<p>\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n</p>\n<p>\n  -- Truist Financial <a href=\"https://laohu8.com/S/TFC\">$(TFC)$</a> is the new name for BB&amp;T after it acquired SunTrust. \n</p>\n<p>\n  -- Hasbro <a href=\"https://laohu8.com/S/HAS\">$(HAS)$</a> completed its acquisition of Entertainment One in December. \n</p>\n<p>\n  -- <a href=\"https://laohu8.com/S/CNC\">Centene Corp</a>. <a href=\"https://laohu8.com/S/CNC.UK\">$(CNC.UK)$</a> acquired WellCare Health Plans in January. \n</p>\n<p>\n  -- Principal Financial Group <a href=\"https://laohu8.com/S/PFG\">$(PFG)$</a> acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n</p>\n<p>\n  -- Invesco <a href=\"https://laohu8.com/S/IVZ\">$(IVZ)$</a> acquired OppenheimerFunds in May 2019. \n</p>\n<p>\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 05, 2020 12:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThese 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2020-05-06 00:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW These 10 S&amp;P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n</p>\n<p>\n  By Philip van Doorn, MarketWatch \n</p>\n<p>\n  Big winners included Vertex, Netflix, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and five exchange operators \n</p>\n<p>\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n</p>\n<p>\n  Through May 4, 273 companies among the S&amp;P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&amp;P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n</p>\n<p>\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&amp;P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n</p>\n<p>\n  Here's the filtered list of 12 companies that increased revenue the most: \n</p>\n<pre><table><tbody><tr><td>Company</td><td>Ticker</td><td>Industry</td><td>Increase in quarterly sales from a year earlier</td><td>Total return - 2020</td><td>Total return - 2019 </td></tr><tr><td>Vertex Pharmaceuticals Inc.</td><td>US:VRTX</td><td>Biotechnology</td><td>76.9%</td><td>21%</td><td>32% </td></tr><tr><td>Cboe Global Markets Inc.</td><td>US:CBOE</td><td>Securities exchanges</td><td>52.9%</td><td>-21%</td><td>24% </td></tr><tr><td>Advanced Micro Devices Inc.</td><td>US:AMD</td><td>Semiconductors</td><td>40.4%</td><td>15%</td><td>148% </td></tr><tr><td><a href=\"https://laohu8.com/S/MKTX\">MarketAxess Holdings</a> Inc.</td><td>US:MKTX</td><td>Securities exchanges</td><td>35.7%</td><td>21%</td><td>81% </td></tr><tr><td><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Inc.</td><td>US:NOW</td><td>Information Technology Services</td><td>32.6%</td><td>26%</td><td>59% </td></tr><tr><td>Nasdaq Inc.</td><td>US:NDAQ</td><td>Securities exchanges</td><td>30.2%</td><td>0%</td><td>34% </td></tr><tr><td>CME Group Inc. Class A</td><td>US:CME</td><td>Securities exchanges</td><td>29.0%</td><td>-14%</td><td>10% </td></tr><tr><td>Intercontinental Exchange Inc.</td><td>US:ICE</td><td>Securities exchanges</td><td>28.7%</td><td>-3%</td><td>24% </td></tr><tr><td>Netflix Inc.</td><td>US:NFLX</td><td>Cable/Satellite TV</td><td>27.6%</td><td>32%</td><td>21% </td></tr><tr><td>Prologis Inc.</td><td>US:PLD</td><td>Real-estate investment Trusts</td><td>26.7%</td><td>-2%</td><td>56% </td></tr><tr><td>Amazon.com Inc.</td><td>US:AMZN</td><td>Internet Retail</td><td>26.4%</td><td>25%</td><td>23% </td></tr><tr><td>Intel Corp.</td><td>US:INTC</td><td>Semiconductors</td><td>23.5%</td><td>-3%</td><td>31% </td></tr><tr><td></td><td>Source: FactSet </td><td></td><td></td><td></td><td></td></tr></tbody></table></pre>\n<p>\n  You can click on the tickers for more about each company. \n</p>\n<p>\n  You will need to scroll across the table to see all of the data. \n</p>\n<p>\n  It is no surprise to see Netflix <a href=\"https://laohu8.com/S/NFLX\">$(NFLX)$</a> and Amazon.com <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n</p>\n<p>\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n</p>\n<p>\n  Vertex Pharmaceuticals <a href=\"https://laohu8.com/S/VRTX\">$(VRTX)$</a> topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n</p>\n<p>\n  Prologis <a href=\"https://laohu8.com/S/PLD\">$(PLD)$</a> and Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> both benefited from the continued growth of the datacenter industry. \n</p>\n<p>\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n</p>\n<p>\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n</p>\n<p>\n  -- Truist Financial <a href=\"https://laohu8.com/S/TFC\">$(TFC)$</a> is the new name for BB&amp;T after it acquired SunTrust. \n</p>\n<p>\n  -- Hasbro <a href=\"https://laohu8.com/S/HAS\">$(HAS)$</a> completed its acquisition of Entertainment One in December. \n</p>\n<p>\n  -- <a href=\"https://laohu8.com/S/CNC\">Centene Corp</a>. <a href=\"https://laohu8.com/S/CNC.UK\">$(CNC.UK)$</a> acquired WellCare Health Plans in January. \n</p>\n<p>\n  -- Principal Financial Group <a href=\"https://laohu8.com/S/PFG\">$(PFG)$</a> acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n</p>\n<p>\n  -- Invesco <a href=\"https://laohu8.com/S/IVZ\">$(IVZ)$</a> acquired OppenheimerFunds in May 2019. \n</p>\n<p>\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 05, 2020 12:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","CBOE":"芝加哥期权交易所","NDAQ":"纳斯达克OMX交易所","AMD":"美国超微公司","PFG":"信安金融","NOW":"ServiceNow","CME":"芝加哥商品交易所","SPY":"标普500ETF","MKTX":"MarketAxess Holdings","PLD":"安博","CNC":"康西哥","INTC":"英特尔","HAS":"孩之宝","IVZ":"美国景顺集团","VRTX":"福泰制药","NFLX":"奈飞","TFC":"Truist Financial Corp","ICE":"洲际交易所"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2033565530","content_text":"MW These 10 S&P 500 companies increased sales faster than Amazon in a coronavirus-tainted quarter\n\n\n  By Philip van Doorn, MarketWatch \n\n\n  Big winners included Vertex, Netflix, AMD and five exchange operators \n\n\n  We're right in the thick of first-quarter earnings season, and while it is looking bad as consumers and companies suffer from the coronavirus shutdown, there are still companies that are growing rapidly. \n\n\n  Through May 4, 273 companies among the S&P 500  had reported earnings for their fiscal quarter ending March 21 or later; 147 of them, or 54%, reported declines in sales from a year earlier. Three months from now, we likely will be looking at even worse results, given that the U.S. economy has borne the brunt of the COVID-19 shutdown in the current quarter. The S&P 500 hit a record high on Feb. 19, and states began issuing stay-at-home orders in the third week of March that are only now beginning to be lifted . \n\n\n  What follows is a list of companies that reported the largest increases in quarterly sales from a year earlier among the 273 S&P 500 companies that reported results through May 4. The list is filtered to exclude companies whose revenue increased significantly because of transformative acquisitions. Those are listed below. \n\n\n  Here's the filtered list of 12 companies that increased revenue the most: \n\nCompanyTickerIndustryIncrease in quarterly sales from a year earlierTotal return - 2020Total return - 2019 Vertex Pharmaceuticals Inc.US:VRTXBiotechnology76.9%21%32% Cboe Global Markets Inc.US:CBOESecurities exchanges52.9%-21%24% Advanced Micro Devices Inc.US:AMDSemiconductors40.4%15%148% MarketAxess Holdings Inc.US:MKTXSecurities exchanges35.7%21%81% ServiceNow Inc.US:NOWInformation Technology Services32.6%26%59% Nasdaq Inc.US:NDAQSecurities exchanges30.2%0%34% CME Group Inc. Class AUS:CMESecurities exchanges29.0%-14%10% Intercontinental Exchange Inc.US:ICESecurities exchanges28.7%-3%24% Netflix Inc.US:NFLXCable/Satellite TV27.6%32%21% Prologis Inc.US:PLDReal-estate investment Trusts26.7%-2%56% Amazon.com Inc.US:AMZNInternet Retail26.4%25%23% Intel Corp.US:INTCSemiconductors23.5%-3%31% Source: FactSet \n\n  You can click on the tickers for more about each company. \n\n\n  You will need to scroll across the table to see all of the data. \n\n\n  It is no surprise to see Netflix $(NFLX)$ and Amazon.com $(AMZN)$ on the list of rapid first-quarter revenue growers at a time when most people are staying home and most retail businesses are closed. \n\n\n  The increase in securities trading activity starting in the second half of February led to five exchange operators appearing on the list of rapid revenue growers. \n\n\n  Vertex Pharmaceuticals $(VRTX)$ topped the list on the strength of its new Trikafta medication for cystic fibrosis, partially offset by declines in other medications. \n\n\n  Prologis $(PLD)$ and Intel $(INTC)$ both benefited from the continued growth of the datacenter industry. \n\n\n  Read:Nvidia has become a power broker for the next wave of datacenter technology  \n\n\n  Here are the companies excluded from the list because their revenue increases mainly resulted from large acquisitions: \n\n\n  -- Truist Financial $(TFC)$ is the new name for BB&T after it acquired SunTrust. \n\n\n  -- Hasbro $(HAS)$ completed its acquisition of Entertainment One in December. \n\n\n  -- Centene Corp. $(CNC.UK)$ acquired WellCare Health Plans in January. \n\n\n  -- Principal Financial Group $(PFG)$ acquired Wells Fargo's institutional retirement management and trust businesses in July 2019. \n\n\n  -- Invesco $(IVZ)$ acquired OppenheimerFunds in May 2019. \n\n\n  Don't miss:Nine stocks that face dividend-cut risks from analysts who 'restate' the earnings reports of 32,000 companies  \n\n\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 05, 2020 12:25 ET (16:25 GMT)\n\n\n  Copyright (c) 2020 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921614037,"gmtCreate":1586265823229,"gmtModify":1704360585734,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>不要买它否则你们会无法交易","listText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>不要买它否则你们会无法交易","text":"$瑞幸咖啡(LK)$不要买它否则你们会无法交易","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921614037","isVote":1,"tweetType":1,"viewCount":1600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921333528,"gmtCreate":1586160850264,"gmtModify":1704360168865,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"瑞幸会被强制退市，请大家一定不要购买","listText":"瑞幸会被强制退市，请大家一定不要购买","text":"瑞幸会被强制退市，请大家一定不要购买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921333528","repostId":"1112180266","repostType":2,"repost":{"id":"1112180266","kind":"news","pubTimestamp":1586157460,"share":"https://www.laohu8.com/m/news/1112180266?lang=&edition=full","pubTime":"2020-04-06 15:17","market":"us","language":"zh","title":"中概股造假、做空往事：一群自私浅视者的骗局盛宴","url":"https://stock-news.laohu8.com/highlight/detail?id=1112180266","media":"庞观者清","summary":"这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一","content":"<p><span>这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。</span></p><p><span>因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。</span></p><p><span>财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、雇专业公司、做实地调研之类的常规动作。</span></p><p><span>所以，财务造假这事过去有，现在有，将来还会有的。今天，我就专门聊聊十来年前，华尔街上那一波风起云涌、此起彼伏的中概股造假案。作为亲自经历者，我想借方方的一句话，那些美好的仗我已经打过。</span></p><p><span>十来年前，那时我还在纽约，在中城的一家对冲基金当基金经理，主要负责中概股投资。所谓中概股，即中国概念股，主要是指中国在美国上市的股票，这既包括许多大家熟悉的公司，比如像<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/EDU\">新东方</a>、<a href=\"https://laohu8.com/S/NTES\">网易</a>、以及像最近两年上市的<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>等，也包括一些不甚出名的中国小公司。</span></p><p><span>当然，也包括这次财务造假的主角，<a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>。</span></p><p><img src=\"https://static.tigerbbs.com/236822a41d45180953102cca5145e7c5\" /></p><p><span>瑞幸门店 图源网络</span></p><p><span>从上市途径上，中概股赴美上市，一般有两条主要途径：IPO和反向并购（reverse merger)，但最近几年主要以IPO为主，包括像瑞幸咖啡，走反向并购的非常少，原因后面我们会谈到。</span></p><p><span>一般而言，要做空一家公司的股票，大致有三种原因：1、财务造假、2、基本面恶化、3、估值明显过高。在操作上，真正的做空老手最喜欢拣财务造假类型的下手，基本面恶化次之。</span></p><p><span>因为财务造假一旦被证实，股价基本上全面崩盘，后面还会伴随着大量旷日持久的集体诉讼，很少能有翻身之日。</span></p><p><span>对估值明显过高的，做空者一般都会比较谨慎。估值可能看上去很高，但它也许会在相当长的时间内一直处于高位，甚至更高。这就是凯恩斯所说的：the market can stay irrational longer than you can stay solvent。</span></p><p><span>我在纽约的那家对冲基金，采取的就是比较常见的多空型策略，既做多也做空。入职时我是分析师，几年后当上基金经理，主要负责中概股投资。</span></p><p><span>当时的工作可以用一句话总结：发现好的标的买进，发现差的标的做空。我在这家基金工作的八年里，亲自参与过的因财务欺诈而做空的案例真是不少。</span></p><p><span>最先想到的一个案例是China Media <a href=\"https://laohu8.com/S/EXPR\">Express</a>，中文名叫中国高速频道（证券代码CCME）。这是一家福建的公司。通常，这种公司在国内并不叫这个名字，但是通过反向并购在美国上市时，喜欢起一个带中国字眼的名字。在当时，这是一个很普通的现象。</span></p><p><span>这家公司的主营业务其实谈不上有新意，在各大城市的机场大巴里，安装显示屏，然后卖广告，商业模式上，有点象今天的<a href=\"https://laohu8.com/S/002027\">分众传媒</a>，以及当时在美国通过正常IPO上市的<a href=\"https://laohu8.com/S/ANTE\">航美传媒</a>。</span></p><p><span>我刚开始看到CCME时，是在2010年的一个路演推介会上，那时的CCME已经顺利转板到了纳斯达克，这大体算是相当于获得主流市场的一个认可。</span></p><p><img src=\"https://static.tigerbbs.com/e6b9f1497a16a7600c50441d0aa8b3f4\" /></p><p><span>纳斯达克 图源网络</span></p><p><span>我记得当时的投行在讲到它时，都很兴奋，因为公司收入增速实在惊人，堪称典型的高速成长股。参会的不少投资者也很激动，感觉它接下来很可能是个大牛股。</span></p><p><span>推介会议结束后，我对它做了仔细分析，并进行横向对比。这一分析，就发现了明显的疑点。比如，它的收入规模和净利润居然能超过航美传媒，以及回款周期明显快过类似的公司如分众传媒、白马广告等。</span></p><p><span>和航美传媒的对比很有意思。两家公司拥有的屏幕数量和已进入的机场数量其实差不多。但是，航美传媒的屏都是那种安装在机场显眼位置的大屏，动辄几十英寸。CCME的则主要是小屏，挂在机场大巴里，大的也就像14英寸彩电那样，商业价值显然不可能同日而语。</span></p><p><span>后来，我让北京的分析师专门在各大城市坐机场大巴，就像这次做空机构调查瑞幸门店的数人头那样，我们专门数它的广告主、广告数量、以及播放频次。</span></p><p><span>此外，我还通过各种渠道找到了它的广告刊例，在此基础上做了一个财务模型。根据我们的测算，公司实际收入可能只有公布的1/3左右，明显存在财务欺诈。</span></p><p><span>所以，我们毫不犹豫的卖空了它的股票。</span></p><p><span>后来，我们没想到的是，一些知名做空机构的参与，让它造假的事迅速曝光。先是2011年1月，美国知名的做空机构Citron Research (香橼研究）发文质疑它夸大业绩水平。几天后，浑水也发布报告称，公司虚构客户关系，夸大业务量。股价当天就暴跌了33.2%。</span></p><p><span>当然，后面的事也就墙倒众人推了。最终，CCME因财务欺诈被强制退市。</span></p><p><span>这其中还有一个小插曲。在做空机构曝光的前一年，上海的一家外资投资机构叫Starr International，对CCME完成了一笔4000万美元的优先可转债投资。这个Starr International 可不简单，它背后是美国保险公司（AIG）前总裁Maurice Greenberg。</span></p><p><span>据说Starr International花了三个月做尽职调查，还聘请了德勤作审计，最终才决定投资。事后，我就有些纳闷，CCME的财务造假水平并不算很高，这个投资机构三个月的尽调都在干吗？</span></p><p><span>所以，你如果以为大机构的调研能力往往都很强，但其实未必。后面的一些例证会进一步证实这一点。</span></p><p><span>另外，在香椽的报告发布后，当时纽约一个小投行Global Hunter有个分析师，姓罗，专程回到中国。在做了一番调研后，她写了一篇报告，力挺公司，认为它根本没有造假。</span></p><p><span>写到这，熟悉瑞幸咖啡事件的朋友有没有感觉到很熟悉？ 因为这次浑水发布的做空报告出来后，中金的分析师也跳出来，公然力挺瑞信，称匿名报告缺乏证据。</span></p><p><span>Global Hunter的那个罗姓分析师，因为在错误的时间，跳出来发表错误的观点，最终让她丢了工作。不知这次中金的分析师被迅速打脸后，是不是也会要开始着手修改简历了。</span></p><p><span>当然，在美国上市的中概股中，和那些更大牌的财务造假相比，CCME只能算是一盘小菜。在瑞幸像之前，在美国发生的最大牌的中概股财务欺诈案应该是东南融通（Longtop Financial，代码LFT)。</span></p><p></p><p><img src=\"https://static.tigerbbs.com/cbacafec7701e0a4042844954fd8a941\" /></p><p><span>东南融通</span></p><p><span>这是一家福建厦门的软件企业，主要给金融系统做应用软件和解决方案的。2007年在美国IPO，由<a href=\"https://laohu8.com/S/GS\">高盛</a>承销，德勤审计。在事发前，它也曾是高速成长的典范，一度成为中国在美上市最大的软件企业。</span></p><p><span>它当时也是许多著名对冲基金的宠儿，其中就包括不少“老虎系”的基金，如Lone Pine Capital（孤松资本）,Maverick Capital（小牛资本）, Tiger Global（老虎环球）等一批著名基金。</span></p><p><span>我开始盯上东南融通，是因为在看一家北京叫宇诚科技的公司时，把东南融通做参照，结果注意到后者的利润率明显高出一大截。后来，我又找了一些同业的上市公司对比，发现东南融通的毛利率、运营利润率、以及回款周期等，均明显超出同业公司一大截。后来在进一步调研的支持上，我们悄悄地卖空了这支股票。</span></p><p><span>真正踢爆东南融通造假的，其实还是Citron Research(香橼研究）。它在2011年初公开发表看空报告，质疑公司虚增收入。当然，造假公开后，像大多数财务欺诈案一样，东南融通股价暴跌，并最终退市。</span></p><p><span>只是这起事件，让前面提到的那些以深度研究出名的“老虎系”基金闹得灰头土脸，称得上集体折戟。</span></p><p><span>这次瑞幸咖啡造假被公布后，中招的又包括许多美国著名的对冲基金，包括像Lone Pine Capital （孤松资本）, Alkeon Capital等。其中最苦的，估计还是孤松资本。</span></p><p><span>孤松资本的创始人是史蒂芬.蒙代尔（Stephen Mandel)，他曾是老虎基金大名鼎鼎的创始人朱利安.罗伯逊的左右手，即使在“老虎系”里也是资历很老的。但是，孤松资本上次没躲过东南融通，这次又没躲过瑞幸咖啡，你猜这心里得有多苦。</span></p><p><span>其实，由大投行承销高光上市，后来曝出财务欺诈大丑闻的可不止东南融通。比它稍早一些的是古杉环境能源，创始人是福建商人俞建秋。这家公司IPO时由美林证券承销，审计师是毕马威。</span></p><p><span>当时它主打的概念也很好，是生物柴油，原材料主要是泔水油。这东西的供应其实很不稳定，而且一度价格飞涨。后来它被发现，公司雇了些卡车，在福州工厂门口进进出出，似乎很忙碌。但是和这些卡车司机一聊，才发现基本上是空车进出。</span></p><p><span>盖子一揭开，股价自然是暴跌。</span></p><p><span>这个事情的教训是，中概股上市时，大牌投行加四大的组合，并不能保证公司不造假。就像这次瑞幸，承销团是由瑞信、大摩和中金组成的豪华团，审计用的是安永，但割起韭菜来，照样不含糊。</span></p><p><img src=\"https://static.tigerbbs.com/eb9a561f92f30245f843ffb9ef36451a\" /></p><p><span>图源网络</span></p><p><span>我因为曾因古杉能源之故，详细研究过生物柴油行业，后来还居然因此成功避开过一次暗雷。</span></p><p><span>大概也是2010年时，有一家通过反向并购上市的企业，叫陕西宝润，当时想做一轮上市公司私募（即所谓的PIPE，private investment in public equity，这在当时的中概股中是很流行的一种募资方式)，领头的是一家加州的中型投行。</span></p><p><span>当时投行发了一堆材料过来，我认真看了一遍，提了两个关键问题：一、技术从哪里来，二、原材料如何解决。尤其是第一个问题，因为大规模商业化的生物柴油制备技术，只有当时的一些西欧国家才有。</span></p><p><span>问题提完后，对方投行迟迟不肯回复。催急了，对方才回复称，技术是一家日本公司提供的。我要求这家日本公司的更详细的资料，对方称去找公司要，但很久没有下文。关于原材料的解释，也无法让我满意。</span></p><p><span>当年秋天，这家投行在中国组织了一次投资者的实地调研。我在北京的一个同事也和一大批机构投资者去了。他回来反馈说，对方生产机器轰鸣，繁忙异常，认为应该投资。我是坚决反对，因为公司方始终没有正面回答一些关键问题。</span></p><p><span>当时我们基金的老板有些犹豫，但由于我是这块中国业务的负责人，后来还是尊重了我的意见，一分钱没投。</span></p><p><span>后来的发展非常戏剧化。在2011年那一波做空中概股的高潮中，陕西宝润也被扒了出来。在这批投资者实地调研之前，早有一家空头机构派员在公司工厂外面，安装了摄像头，实行24小时的监控。</span></p><p><span>所以，这次做空机构在瑞幸咖啡店里安排摄像头，录了几万小时的视频。应该说，他们从前人的做法里汲取到成功的养份。</span></p><p><span>在后来公布的关于宝润的做空报告里，我看到了这段很长的未经删减的视频，其中显示：宝润的工厂平时基本是黑灯瞎火，没有什么生产。但是在投资人达到的那一天，整个工厂全面启动，机器轰鸣，一片繁忙。这批人走后不久，很快又停掉了所有生产，整个厂区再次回到一片沉寂的状态。</span></p><p><span>那批实地调研的投资人里，就包括我的同事。</span></p><p><span>我在纽约这家基金任职时，平时主要待在纽约，有调查时也一般让北京的同事们去。不过，我做过调查记者，对实地调研有着天然的兴趣。所以，后来亲自出马，也揭穿了一起财务造假。</span></p><p><span>当时，我们通过上市公司私募的形式，曾投资过一家福建的企业，叫China Marine Food（中国海鲜食品，代码CMFO），它其实是福建石狮一家的公司，主营是做海鲜产品，通过反向并购在美国上市。</span></p><p><span>刚投资这家公司头两年，感觉一切还正常。这家公司的老板我也见过，看上去是挺老实的一个人，好象当过村书记。CFO是一个香港人，能说会道，看上去也还称职。</span></p><p><span>突然有一天，这个公司宣布，大概是以1亿多美金的代价，从一个第三方手里，买了一个饮料配方，用海藻生产一种叫“海葆”的饮料。</span></p><p><span>公司CFO对投资者的疑问时，侃侃而谈，称这是公司产品线的自然延伸，并且成长性好。从那以后的几个季度，公司饮料这块的销售收入果然连续大增，净利润也跟着大涨。</span></p><p><span>不过，我当时就有些怀疑。根据我的经验，让一个国内不大的企业，一下子拿出几个亿人民币来购买一个所谓的配方，这事听上去就不太靠谱。所以，我借一次回国考察企业时，直奔石狮。</span></p><p><span>快到这家公司门口，我才给公司负责投资者关系的人打电话，称顺便路过，想看一下公司的生产。对方不好拒绝，只好领着我参观生产车间。最后到了那个生产“海葆”饮料的车间时，整个车间空无一人，设备倒是崭新。</span></p><p><span>后来对方的IR人员解释称，他们公司只生产浓缩液，不直接生产成品。灌装这块交给了两家合作的企业。我又按图索骥，找到了这两家合作企业，发现一家压根没有生产过，另一家确实是简单生产过一段时间，但因为就没有新订单很快就停掉了。</span></p><p><span>当晚，我迅速和我们基金老板沟通了一下，决定全部卖出。</span></p><p><img src=\"https://static.tigerbbs.com/27e8abc13da59996587e946eb722ee8a\" /></p><p><span>图源网络</span></p><p><span>其实，在这一波财务造假案中，最大的重灾区是那些通过反向并购在美上市的企业。根据我的经验，当时至少有一半以上的这类上市的企业被发现财务上有问题。</span></p><p><span>这最终葬送了反向并购作为中国企业赴美上市的有效路径。美国的投资者被反复收割过多次后，他们也终于明白，这是一条非常高风险的路，最终决定弃而不用。</span></p><p><span>另外，细心的人读到这里，可能会注意到一个现象，我提到的财务造假的企业里，似乎来自福建的特别多，比如像东南融通、古杉能源、中国高速频道、以及这家石狮的企业。</span></p><p><span>我对福建没有任何地域上的偏见，但是见得多了，后来不自觉养成了一个习惯：当看到来自福建的上市公司时，我通常会小心一些。</span></p><p><span>这次瑞幸事件，好像又一次印证了我的小心。瑞幸咖啡的最大股东、公司董事长陆振耀是福建屏南人。</span></p><p><span>另外，我注意到，在财务造假丑闻曝出后，瑞幸股价大跌，在五六美元的价位上交易量剧增。我猜，那些敢于此时出手，抢带血的筹码，无非是怀有侥幸心理，下注瑞幸能触底反弹，起死回生。</span></p><p><span>但是，从我过去经历过的诸多案例看，只要财务造假被坐实，几乎全是以被强制退市的方式收场，这既包括那些相当高光的IPO企业如东南融通和古杉能源，也包括许多不知名的小公司。</span></p><p><span>有些投资者还可能有错觉，因为即使丑闻曝出后，往往股票在价格大跌后，还能继续交易。但接下来，就很可能像中国高速频道所经在的那样：当有一天，我们正在加州开一个投资者会议时，当时使用的<a href=\"https://laohu8.com/S/BB\">黑莓</a>手机上，突然跳出一条彭博新闻：公司的股票被直接停止交易了。</span></p><p><span>然后一切就结束了。</span></p>","source":"lsy1574823738297","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>中概股造假、做空往事：一群自私浅视者的骗局盛宴</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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中概股造假、做空往事：一群自私浅视者的骗局盛宴\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-04-06 15:17 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw><strong>庞观者清</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/324e43c6c2694249d5fc03a098a94f36","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/YKMPdifOT563W4Io8y0WVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112180266","content_text":"这两天瑞幸造假事件还在持续发酵，本来我是不打算凑热闹的，但看得多了，发现许多文章主要集中在这件事本身。我过去在工作中接触过不少财务造假的实例，又亲自做空过不少中概股，所以今天决定从历史钩陈的角度，写一点东西。因为，在看了瑞幸事件的诸多细节后，我只能说，这真是熟悉的配方，熟悉的味道。财务造假这东西，玩来玩去也还是那些手段。在识破如何财务造假上，也没有什么新鲜的花样，无非也还是数人头、录视频、做模型、雇专业公司、做实地调研之类的常规动作。所以，财务造假这事过去有，现在有，将来还会有的。今天，我就专门聊聊十来年前，华尔街上那一波风起云涌、此起彼伏的中概股造假案。作为亲自经历者，我想借方方的一句话，那些美好的仗我已经打过。十来年前，那时我还在纽约，在中城的一家对冲基金当基金经理，主要负责中概股投资。所谓中概股，即中国概念股，主要是指中国在美国上市的股票，这既包括许多大家熟悉的公司，比如像阿里巴巴、京东、百度、新东方、网易、以及像最近两年上市的拼多多、哔哩哔哩等，也包括一些不甚出名的中国小公司。当然，也包括这次财务造假的主角，瑞幸咖啡。瑞幸门店 图源网络从上市途径上，中概股赴美上市，一般有两条主要途径：IPO和反向并购（reverse merger)，但最近几年主要以IPO为主，包括像瑞幸咖啡，走反向并购的非常少，原因后面我们会谈到。一般而言，要做空一家公司的股票，大致有三种原因：1、财务造假、2、基本面恶化、3、估值明显过高。在操作上，真正的做空老手最喜欢拣财务造假类型的下手，基本面恶化次之。因为财务造假一旦被证实，股价基本上全面崩盘，后面还会伴随着大量旷日持久的集体诉讼，很少能有翻身之日。对估值明显过高的，做空者一般都会比较谨慎。估值可能看上去很高，但它也许会在相当长的时间内一直处于高位，甚至更高。这就是凯恩斯所说的：the market can stay irrational longer than you can stay solvent。我在纽约的那家对冲基金，采取的就是比较常见的多空型策略，既做多也做空。入职时我是分析师，几年后当上基金经理，主要负责中概股投资。当时的工作可以用一句话总结：发现好的标的买进，发现差的标的做空。我在这家基金工作的八年里，亲自参与过的因财务欺诈而做空的案例真是不少。最先想到的一个案例是China Media Express，中文名叫中国高速频道（证券代码CCME）。这是一家福建的公司。通常，这种公司在国内并不叫这个名字，但是通过反向并购在美国上市时，喜欢起一个带中国字眼的名字。在当时，这是一个很普通的现象。这家公司的主营业务其实谈不上有新意，在各大城市的机场大巴里，安装显示屏，然后卖广告，商业模式上，有点象今天的分众传媒，以及当时在美国通过正常IPO上市的航美传媒。我刚开始看到CCME时，是在2010年的一个路演推介会上，那时的CCME已经顺利转板到了纳斯达克，这大体算是相当于获得主流市场的一个认可。纳斯达克 图源网络我记得当时的投行在讲到它时，都很兴奋，因为公司收入增速实在惊人，堪称典型的高速成长股。参会的不少投资者也很激动，感觉它接下来很可能是个大牛股。推介会议结束后，我对它做了仔细分析，并进行横向对比。这一分析，就发现了明显的疑点。比如，它的收入规模和净利润居然能超过航美传媒，以及回款周期明显快过类似的公司如分众传媒、白马广告等。和航美传媒的对比很有意思。两家公司拥有的屏幕数量和已进入的机场数量其实差不多。但是，航美传媒的屏都是那种安装在机场显眼位置的大屏，动辄几十英寸。CCME的则主要是小屏，挂在机场大巴里，大的也就像14英寸彩电那样，商业价值显然不可能同日而语。后来，我让北京的分析师专门在各大城市坐机场大巴，就像这次做空机构调查瑞幸门店的数人头那样，我们专门数它的广告主、广告数量、以及播放频次。此外，我还通过各种渠道找到了它的广告刊例，在此基础上做了一个财务模型。根据我们的测算，公司实际收入可能只有公布的1/3左右，明显存在财务欺诈。所以，我们毫不犹豫的卖空了它的股票。后来，我们没想到的是，一些知名做空机构的参与，让它造假的事迅速曝光。先是2011年1月，美国知名的做空机构Citron Research (香橼研究）发文质疑它夸大业绩水平。几天后，浑水也发布报告称，公司虚构客户关系，夸大业务量。股价当天就暴跌了33.2%。当然，后面的事也就墙倒众人推了。最终，CCME因财务欺诈被强制退市。这其中还有一个小插曲。在做空机构曝光的前一年，上海的一家外资投资机构叫Starr International，对CCME完成了一笔4000万美元的优先可转债投资。这个Starr International 可不简单，它背后是美国保险公司（AIG）前总裁Maurice Greenberg。据说Starr International花了三个月做尽职调查，还聘请了德勤作审计，最终才决定投资。事后，我就有些纳闷，CCME的财务造假水平并不算很高，这个投资机构三个月的尽调都在干吗？所以，你如果以为大机构的调研能力往往都很强，但其实未必。后面的一些例证会进一步证实这一点。另外，在香椽的报告发布后，当时纽约一个小投行Global Hunter有个分析师，姓罗，专程回到中国。在做了一番调研后，她写了一篇报告，力挺公司，认为它根本没有造假。写到这，熟悉瑞幸咖啡事件的朋友有没有感觉到很熟悉？ 因为这次浑水发布的做空报告出来后，中金的分析师也跳出来，公然力挺瑞信，称匿名报告缺乏证据。Global Hunter的那个罗姓分析师，因为在错误的时间，跳出来发表错误的观点，最终让她丢了工作。不知这次中金的分析师被迅速打脸后，是不是也会要开始着手修改简历了。当然，在美国上市的中概股中，和那些更大牌的财务造假相比，CCME只能算是一盘小菜。在瑞幸像之前，在美国发生的最大牌的中概股财务欺诈案应该是东南融通（Longtop Financial，代码LFT)。东南融通这是一家福建厦门的软件企业，主要给金融系统做应用软件和解决方案的。2007年在美国IPO，由高盛承销，德勤审计。在事发前，它也曾是高速成长的典范，一度成为中国在美上市最大的软件企业。它当时也是许多著名对冲基金的宠儿，其中就包括不少“老虎系”的基金，如Lone Pine Capital（孤松资本）,Maverick Capital（小牛资本）, Tiger Global（老虎环球）等一批著名基金。我开始盯上东南融通，是因为在看一家北京叫宇诚科技的公司时，把东南融通做参照，结果注意到后者的利润率明显高出一大截。后来，我又找了一些同业的上市公司对比，发现东南融通的毛利率、运营利润率、以及回款周期等，均明显超出同业公司一大截。后来在进一步调研的支持上，我们悄悄地卖空了这支股票。真正踢爆东南融通造假的，其实还是Citron Research(香橼研究）。它在2011年初公开发表看空报告，质疑公司虚增收入。当然，造假公开后，像大多数财务欺诈案一样，东南融通股价暴跌，并最终退市。只是这起事件，让前面提到的那些以深度研究出名的“老虎系”基金闹得灰头土脸，称得上集体折戟。这次瑞幸咖啡造假被公布后，中招的又包括许多美国著名的对冲基金，包括像Lone Pine Capital （孤松资本）, Alkeon Capital等。其中最苦的，估计还是孤松资本。孤松资本的创始人是史蒂芬.蒙代尔（Stephen Mandel)，他曾是老虎基金大名鼎鼎的创始人朱利安.罗伯逊的左右手，即使在“老虎系”里也是资历很老的。但是，孤松资本上次没躲过东南融通，这次又没躲过瑞幸咖啡，你猜这心里得有多苦。其实，由大投行承销高光上市，后来曝出财务欺诈大丑闻的可不止东南融通。比它稍早一些的是古杉环境能源，创始人是福建商人俞建秋。这家公司IPO时由美林证券承销，审计师是毕马威。当时它主打的概念也很好，是生物柴油，原材料主要是泔水油。这东西的供应其实很不稳定，而且一度价格飞涨。后来它被发现，公司雇了些卡车，在福州工厂门口进进出出，似乎很忙碌。但是和这些卡车司机一聊，才发现基本上是空车进出。盖子一揭开，股价自然是暴跌。这个事情的教训是，中概股上市时，大牌投行加四大的组合，并不能保证公司不造假。就像这次瑞幸，承销团是由瑞信、大摩和中金组成的豪华团，审计用的是安永，但割起韭菜来，照样不含糊。图源网络我因为曾因古杉能源之故，详细研究过生物柴油行业，后来还居然因此成功避开过一次暗雷。大概也是2010年时，有一家通过反向并购上市的企业，叫陕西宝润，当时想做一轮上市公司私募（即所谓的PIPE，private investment in public equity，这在当时的中概股中是很流行的一种募资方式)，领头的是一家加州的中型投行。当时投行发了一堆材料过来，我认真看了一遍，提了两个关键问题：一、技术从哪里来，二、原材料如何解决。尤其是第一个问题，因为大规模商业化的生物柴油制备技术，只有当时的一些西欧国家才有。问题提完后，对方投行迟迟不肯回复。催急了，对方才回复称，技术是一家日本公司提供的。我要求这家日本公司的更详细的资料，对方称去找公司要，但很久没有下文。关于原材料的解释，也无法让我满意。当年秋天，这家投行在中国组织了一次投资者的实地调研。我在北京的一个同事也和一大批机构投资者去了。他回来反馈说，对方生产机器轰鸣，繁忙异常，认为应该投资。我是坚决反对，因为公司方始终没有正面回答一些关键问题。当时我们基金的老板有些犹豫，但由于我是这块中国业务的负责人，后来还是尊重了我的意见，一分钱没投。后来的发展非常戏剧化。在2011年那一波做空中概股的高潮中，陕西宝润也被扒了出来。在这批投资者实地调研之前，早有一家空头机构派员在公司工厂外面，安装了摄像头，实行24小时的监控。所以，这次做空机构在瑞幸咖啡店里安排摄像头，录了几万小时的视频。应该说，他们从前人的做法里汲取到成功的养份。在后来公布的关于宝润的做空报告里，我看到了这段很长的未经删减的视频，其中显示：宝润的工厂平时基本是黑灯瞎火，没有什么生产。但是在投资人达到的那一天，整个工厂全面启动，机器轰鸣，一片繁忙。这批人走后不久，很快又停掉了所有生产，整个厂区再次回到一片沉寂的状态。那批实地调研的投资人里，就包括我的同事。我在纽约这家基金任职时，平时主要待在纽约，有调查时也一般让北京的同事们去。不过，我做过调查记者，对实地调研有着天然的兴趣。所以，后来亲自出马，也揭穿了一起财务造假。当时，我们通过上市公司私募的形式，曾投资过一家福建的企业，叫China Marine Food（中国海鲜食品，代码CMFO），它其实是福建石狮一家的公司，主营是做海鲜产品，通过反向并购在美国上市。刚投资这家公司头两年，感觉一切还正常。这家公司的老板我也见过，看上去是挺老实的一个人，好象当过村书记。CFO是一个香港人，能说会道，看上去也还称职。突然有一天，这个公司宣布，大概是以1亿多美金的代价，从一个第三方手里，买了一个饮料配方，用海藻生产一种叫“海葆”的饮料。公司CFO对投资者的疑问时，侃侃而谈，称这是公司产品线的自然延伸，并且成长性好。从那以后的几个季度，公司饮料这块的销售收入果然连续大增，净利润也跟着大涨。不过，我当时就有些怀疑。根据我的经验，让一个国内不大的企业，一下子拿出几个亿人民币来购买一个所谓的配方，这事听上去就不太靠谱。所以，我借一次回国考察企业时，直奔石狮。快到这家公司门口，我才给公司负责投资者关系的人打电话，称顺便路过，想看一下公司的生产。对方不好拒绝，只好领着我参观生产车间。最后到了那个生产“海葆”饮料的车间时，整个车间空无一人，设备倒是崭新。后来对方的IR人员解释称，他们公司只生产浓缩液，不直接生产成品。灌装这块交给了两家合作的企业。我又按图索骥，找到了这两家合作企业，发现一家压根没有生产过，另一家确实是简单生产过一段时间，但因为就没有新订单很快就停掉了。当晚，我迅速和我们基金老板沟通了一下，决定全部卖出。图源网络其实，在这一波财务造假案中，最大的重灾区是那些通过反向并购在美上市的企业。根据我的经验，当时至少有一半以上的这类上市的企业被发现财务上有问题。这最终葬送了反向并购作为中国企业赴美上市的有效路径。美国的投资者被反复收割过多次后，他们也终于明白，这是一条非常高风险的路，最终决定弃而不用。另外，细心的人读到这里，可能会注意到一个现象，我提到的财务造假的企业里，似乎来自福建的特别多，比如像东南融通、古杉能源、中国高速频道、以及这家石狮的企业。我对福建没有任何地域上的偏见，但是见得多了，后来不自觉养成了一个习惯：当看到来自福建的上市公司时，我通常会小心一些。这次瑞幸事件，好像又一次印证了我的小心。瑞幸咖啡的最大股东、公司董事长陆振耀是福建屏南人。另外，我注意到，在财务造假丑闻曝出后，瑞幸股价大跌，在五六美元的价位上交易量剧增。我猜，那些敢于此时出手，抢带血的筹码，无非是怀有侥幸心理，下注瑞幸能触底反弹，起死回生。但是，从我过去经历过的诸多案例看，只要财务造假被坐实，几乎全是以被强制退市的方式收场，这既包括那些相当高光的IPO企业如东南融通和古杉能源，也包括许多不知名的小公司。有些投资者还可能有错觉，因为即使丑闻曝出后，往往股票在价格大跌后，还能继续交易。但接下来，就很可能像中国高速频道所经在的那样：当有一天，我们正在加州开一个投资者会议时，当时使用的黑莓手机上，突然跳出一条彭博新闻：公司的股票被直接停止交易了。然后一切就结束了。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921010560,"gmtCreate":1585960516850,"gmtModify":1704359909670,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921010560","repostId":"923578148","repostType":1,"repost":{"id":923578148,"gmtCreate":1585897810783,"gmtModify":1704359595333,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/162e12f8dcec770ec19f66f2abb0d5db","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3514329116425907","authorIdStr":"3514329116425907"},"themes":[],"htmlText":"\n \n \n  【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> <a href=\"https://laohu8.com/S/00699\">$神州租车(00699)$</a>\n \n","listText":"【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> <a href=\"https://laohu8.com/S/00699\">$神州租车(00699)$</a>","text":"【华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注】4月2日，瑞幸咖啡承认财务造假致股价大跌。华尔街大空头查诺斯表示，今年早些时候他根据做空机构浑水公司创始人卡森·布洛克的建议，首次建仓做空瑞幸，4月2日结束押注。受瑞幸丑闻影响，神州租车暴跌54%后停牌[眼眼]$瑞幸咖啡(LK)$ $神州租车(00699)$","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923578148","isVote":1,"tweetType":2,"object":{"id":"d9c5ce4533c3463aa17a2f857e290807","tweetId":"923578148","title":"华尔街大空头年初建仓瑞幸，4月2日暴跌时结束押注_公司联播-梨视频官网-Pear Video","videoUrl":"https://video.pearvideo.com/mp4/adshort/20200403/cont-1666588-15061406_adpkg-ad_sd.mp4","poster":"https://image2.pearvideo.com/cont/20200403/cont-1666588-12350588.jpg","shareLink":"https://www.pearvideo.com/video_1666588"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923844881,"gmtCreate":1585832732443,"gmtModify":1704359166353,"author":{"id":"18448952564448","authorId":"18448952564448","name":"是来客","avatar":"https://static.tigerbbs.com/d021b10f13e3e12e212d017da5529f89","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"18448952564448","authorIdStr":"18448952564448"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923844881","repostId":"980947371","repostType":1,"repost":{"id":980947371,"gmtCreate":1582188951093,"gmtModify":1704346017576,"author":{"id":"3531915079729543","authorId":"3531915079729543","name":"猛兽财经网","avatar":"https://static.tigerbbs.com/417bb784450c13c87f9fe76e9d9776e8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3531915079729543","authorIdStr":"3531915079729543"},"themes":[],"title":"猛兽财经独家专访国际做空机构尘光研究：瑞幸财务造假铁证如山","htmlText":"瑞幸咖啡（纳斯达克：LK）似乎已成为了资本市场上最为瞩目的中概股之一，从成立到上市仅花了 18 个月。在美国知名做空机构浑水连发两份做空报告后，瑞幸咖啡的股价还能够保持坚挺。但市场质疑声音不断。一份名为《尘光研究关于瑞幸咖啡重大财务数据造假和业务数据造假的研究报告》，于 2 月 5 日曝出，直指瑞幸咖啡的财务数据造假。猛兽财经一直密切关注美股市场上所有的中概股公司，此前第一时间在全网发布了浑水做空报告，也在第一时间发布了尘光研究做空报告（文章链接见文末）。我们注意到，就在尘光研究的报告发布约一周后，美国东部时间 2 月 13 日，瑞幸咖啡及其两名高管在美国纽约南区联邦法院被投资者代表提起集体诉讼，理由是瑞幸咖啡去年第三季度以来所披露的财务和经营信息存在重大不实，要求法院判令瑞幸咖啡及相关高管赔偿上述被代表的全部投资者因信息不实遭受的损失。连续遭到机构及投资者的强烈质疑，“明星股”瑞幸咖啡是否真的存在财务和经营信息重大失实？尘光研究发出的瑞幸咖啡财务数据造假和业务数据造假，究竟是延续了浑水的结论，还是有其独特发现？我们带着这些问题，独家专访了尘光研究。以下是尘光研究对于本次做空报告的一些关键回复：1、我们在尽调时采用的统计方法是利用了瑞幸咖啡的程序“漏洞”，以子之矛攻子之盾；2、瑞幸在在我们报告发布后没过多久，就已经修改了后台程序，对单品购物车中可添加的数量进行了随机上限的设定；3、浑水的努力令人钦佩，但在研究角度上，他们是针对现制饮品的统计得出现制饮品日均销量虚增，进而推断出预制食品销售数量造假；我们是只针对预制食品，因为我们的报告中拒绝使用任何模棱两可人为猜测的数据，我们要求所使用的数据必须全部是真实采集验证的数据；4、广告费用造假方面，浑水做得比我们好很多，我们只是发现广告费用异常，给出了不合常理的数据，浑水的数据非常有价值；5、瑞幸咖啡是顶级的资本玩家，财务上做得非常","listText":"瑞幸咖啡（纳斯达克：LK）似乎已成为了资本市场上最为瞩目的中概股之一，从成立到上市仅花了 18 个月。在美国知名做空机构浑水连发两份做空报告后，瑞幸咖啡的股价还能够保持坚挺。但市场质疑声音不断。一份名为《尘光研究关于瑞幸咖啡重大财务数据造假和业务数据造假的研究报告》，于 2 月 5 日曝出，直指瑞幸咖啡的财务数据造假。猛兽财经一直密切关注美股市场上所有的中概股公司，此前第一时间在全网发布了浑水做空报告，也在第一时间发布了尘光研究做空报告（文章链接见文末）。我们注意到，就在尘光研究的报告发布约一周后，美国东部时间 2 月 13 日，瑞幸咖啡及其两名高管在美国纽约南区联邦法院被投资者代表提起集体诉讼，理由是瑞幸咖啡去年第三季度以来所披露的财务和经营信息存在重大不实，要求法院判令瑞幸咖啡及相关高管赔偿上述被代表的全部投资者因信息不实遭受的损失。连续遭到机构及投资者的强烈质疑，“明星股”瑞幸咖啡是否真的存在财务和经营信息重大失实？尘光研究发出的瑞幸咖啡财务数据造假和业务数据造假，究竟是延续了浑水的结论，还是有其独特发现？我们带着这些问题，独家专访了尘光研究。以下是尘光研究对于本次做空报告的一些关键回复：1、我们在尽调时采用的统计方法是利用了瑞幸咖啡的程序“漏洞”，以子之矛攻子之盾；2、瑞幸在在我们报告发布后没过多久，就已经修改了后台程序，对单品购物车中可添加的数量进行了随机上限的设定；3、浑水的努力令人钦佩，但在研究角度上，他们是针对现制饮品的统计得出现制饮品日均销量虚增，进而推断出预制食品销售数量造假；我们是只针对预制食品，因为我们的报告中拒绝使用任何模棱两可人为猜测的数据，我们要求所使用的数据必须全部是真实采集验证的数据；4、广告费用造假方面，浑水做得比我们好很多，我们只是发现广告费用异常，给出了不合常理的数据，浑水的数据非常有价值；5、瑞幸咖啡是顶级的资本玩家，财务上做得非常","text":"瑞幸咖啡（纳斯达克：LK）似乎已成为了资本市场上最为瞩目的中概股之一，从成立到上市仅花了 18 个月。在美国知名做空机构浑水连发两份做空报告后，瑞幸咖啡的股价还能够保持坚挺。但市场质疑声音不断。一份名为《尘光研究关于瑞幸咖啡重大财务数据造假和业务数据造假的研究报告》，于 2 月 5 日曝出，直指瑞幸咖啡的财务数据造假。猛兽财经一直密切关注美股市场上所有的中概股公司，此前第一时间在全网发布了浑水做空报告，也在第一时间发布了尘光研究做空报告（文章链接见文末）。我们注意到，就在尘光研究的报告发布约一周后，美国东部时间 2 月 13 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