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Champu13

Champu13

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2021-10-05

$TENCENT(00700)$hope to open position at 358.8

2021-09-30

$PureFunds ISE Cyber Security ETF(HACK)$If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio. #cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030

2021-09-29

See that $TENCENT(00700)$monthly candle? Buyers are building its volume and seems like to me it is about to overtake sellers. Sellers might find this level is not suitable tofurther their short position. But im ready to invest much more if it drops another 50%. #tencent#0700#china#hongkong#bets#wallstreetcrash#wallstreetbets#beta

2021-09-28

Crypto, Gold, Stocks indexes, Timber, all had their chances to break history high record.But one hasn’t. Crude oil!! The momentum is picking up and it will be wildest ever to beat the history. #crypto#gold#nasdaq#timber#s&p#biden#xi#bets

2021-04-06

Great ariticle, would you like to share it?

FOMC meeting minutes, Powell speaks: What to know this week

2021-04-05

Great ariticle, would you like to share it?

FOMC meeting minutes, Powell speaks: What to know this week

2021-03-22

Ok

Zhihu IPO: China's Quora With Surging Sales Growth

2021-03-22

Ok

Ant’s Alipay Rolls Out Investment Advisory Platform in China

2021-03-12

Sakam

Tesla in talks with India's Tata Power for EV charging infrastructure: report

2021-03-10

Great ariticle, would you like to share it?

抱歉，原内容已删除

2021-03-09

Ark

Cathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF

2021-03-09

Pro

Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important

2021-03-08

印尼咖里辣

A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.

2021-03-05

Gg

抱歉，原内容已删除

2021-03-05

Gg

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2021-03-04

.

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2021-03-03

Really?

Ting Hsin Weighing $800 Million IPO of KFC’s Chinese Rival

2021-03-01

Smart

In Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners

2021-02-21

All in?//@sakam0t0:Ok

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href=\"https://laohu8.com/S/HACK\">$PureFunds ISE Cyber Security ETF(HACK)$</a>If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio.&nbsp;#cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030","listText":"<a href=\"https://laohu8.com/S/HACK\">$PureFunds ISE Cyber Security ETF(HACK)$</a>If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio.&nbsp;#cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030","text":"$PureFunds ISE Cyber Security ETF(HACK)$If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio. 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Buyers are building its volume and seems like to me it is about to overtake sellers. Sellers might find this level is not suitable tofurther their short position. 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Crude oil!! The momentum is picking up and it will be wildest ever to beat the history. #crypto#gold#nasdaq#timber#s&p#biden#xi#bets","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862991061","isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":343107579,"gmtCreate":1617684854791,"gmtModify":1634297109686,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343107579","repostId":"2125757547","repostType":4,"repost":{"id":"2125757547","pubTimestamp":1617610742,"share":"https://www.laohu8.com/m/news/2125757547?lang=&edition=full","pubTime":"2021-04-05 16:19","market":"us","language":"en","title":"FOMC meeting minutes, Powell speaks: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2125757547","media":"Yahoo Finance","summary":"Traders returning from the long holiday weekend will turn their attention to more commentary out of ","content":"<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.</p><p>The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.</p><p>Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.</p><p>Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.</p><h2>'Forecast disagreement'</h2><h2></h2><p>According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is <a href=\"https://laohu8.com/S/AONE\">one</a> drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"</p><p>\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00f01f2ead30a11c8273f332b00d3da\" tg-width=\"6000\" tg-height=\"4000\" referrerpolicy=\"no-referrer\"><span>WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty Images</span></p><p>But while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.</p><p>Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.</p><p>\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"</p><p>While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.</p><p>That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.</p><p>The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.</p><p>\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)</p></li><li><p><b>Tuesday:</b> JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March Meeting</p></li><li><p><b>Thursday: </b>Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)</p></li><li><p><b>Friday:</b> Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)</p></li></ul><h2>Earnings calendar</h2><ul><li><p><b>Monday: </b>N/A</p></li><li><p><b>Tuesday: </b>N/A</p></li><li><p><b>Wednesday:</b> N/A</p></li><li><p><b>Thursday:</b> Constellation Brands (STZ) before market open</p></li><li><p><b>Friday: </b>N/A</p></li></ul>","source":"yahoofinance_au","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>FOMC meeting minutes, Powell speaks: What to know this week</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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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\">\nFOMC meeting minutes, Powell speaks: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-05 16:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125757547","content_text":"Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.'Forecast disagreement'According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is one drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty ImagesBut while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.Economic calendarMonday: Markit U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)Tuesday: JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)Wednesday: MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March MeetingThursday: Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)Friday: Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)Earnings calendarMonday: N/ATuesday: N/AWednesday: N/AThursday: Constellation Brands (STZ) before market openFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349276291,"gmtCreate":1617620635713,"gmtModify":1634297527579,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349276291","repostId":"2125757547","repostType":4,"repost":{"id":"2125757547","pubTimestamp":1617610742,"share":"https://www.laohu8.com/m/news/2125757547?lang=&edition=full","pubTime":"2021-04-05 16:19","market":"us","language":"en","title":"FOMC meeting minutes, Powell speaks: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2125757547","media":"Yahoo Finance","summary":"Traders returning from the long holiday weekend will turn their attention to more commentary out of ","content":"<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.</p><p>The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.</p><p>Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.</p><p>Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.</p><h2>'Forecast disagreement'</h2><h2></h2><p>According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is <a href=\"https://laohu8.com/S/AONE\">one</a> drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"</p><p>\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00f01f2ead30a11c8273f332b00d3da\" tg-width=\"6000\" tg-height=\"4000\" referrerpolicy=\"no-referrer\"><span>WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty Images</span></p><p>But while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.</p><p>Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.</p><p>\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"</p><p>While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.</p><p>That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.</p><p>The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.</p><p>\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)</p></li><li><p><b>Tuesday:</b> JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March Meeting</p></li><li><p><b>Thursday: </b>Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)</p></li><li><p><b>Friday:</b> Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)</p></li></ul><h2>Earnings calendar</h2><ul><li><p><b>Monday: </b>N/A</p></li><li><p><b>Tuesday: </b>N/A</p></li><li><p><b>Wednesday:</b> N/A</p></li><li><p><b>Thursday:</b> Constellation Brands (STZ) before market open</p></li><li><p><b>Friday: </b>N/A</p></li></ul>","source":"yahoofinance_au","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>FOMC meeting minutes, Powell speaks: What to know this week</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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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\">\nFOMC meeting minutes, Powell speaks: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-05 16:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125757547","content_text":"Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.'Forecast disagreement'According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is one drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty ImagesBut while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.Economic calendarMonday: Markit U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)Tuesday: JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)Wednesday: MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March MeetingThursday: Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)Friday: Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)Earnings calendarMonday: N/ATuesday: N/AWednesday: N/AThursday: Constellation Brands (STZ) before market openFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359202242,"gmtCreate":1616400790186,"gmtModify":1634526049541,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359202242","repostId":"1178841475","repostType":4,"repost":{"id":"1178841475","pubTimestamp":1616397529,"share":"https://www.laohu8.com/m/news/1178841475?lang=&edition=full","pubTime":"2021-03-22 15:18","market":"us","language":"en","title":"Zhihu IPO: China's Quora With Surging Sales Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1178841475","media":"seekingalpha","summary":"Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quor","content":"<p><b>Summary</b></p>\n<ul>\n <li>Zhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.</li>\n <li>Zhihu has become the largest online question and answer community in China.</li>\n <li>The company generated a strong sales growth of 101.7% YoY to reach 1,352.2 million RMB in 2020. Operating margins improved from -157.9% in 2019 to -44.6% in 2020.</li>\n <li>Our base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively.</li>\n <li>In the first few days of trading post-IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/42b34bc66f3b200f1bd94f5bfa2529a9\" tg-width=\"618\" tg-height=\"279\"><span>Photo by aelitta/iStock via Getty Images</span></p>\n<p><b>Valuation Analysis</b></p>\n<p>Zhihu Technology (ZH) announced its IPO terms. It plans to raise up to $632.5 million offering 55 million ADSs. The IPO price range is from $9.50 to $11.5 per share. At the midpoint of the IPO price range, the company would be valued at $6.2 billion. At the high end of the IPO price range ($11.5 per share), it would be valued at $6.8 billion. Along with the IPO, Zhihu also plans to raise $250 million in a private placement to Alibaba (BABA), JD.com(NASDAQ:JD), Tencent(OTCPK:TCEHY), and Lilith Games.</p>\n<p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p>\n<p>In our valuation analysis, we have used the following seven companies below as comps that may be appropriate for Zhihu:</p>\n<ul>\n <li>Baidu (BIDU)</li>\n <li>DouYu (DOYU)</li>\n <li>iQIYI (IQ)</li>\n <li>JOYY (YY)</li>\n <li>Weibo Corp. (WB)</li>\n <li>Bilibili (BILI)</li>\n <li>KuaishouTech(OTCPK:KUASF)</li>\n</ul>\n<p>Our base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively. We do believe that there will be a first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis (market cap of $9.0 billion or $15.2 per share). In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.</p>\n<p>Our base case valuation assumes our 2022E sales estimate of 3.7 billion RMB ($566 million) and apply an EV/Sales multiple of 10.4x to derive an implied EV of 38.3 billion RMB and an implied market cap of 46.1 billion RMB ($7.1 billion). The EV/Sales multiple of 10.4x is based on a 20% premium to the average of Kuaishou Tech andBilibili'sEV/Sales multiples in 2022.</p>\n<p>We believe the 20% premium to the average of these two companies is appropriate for Zhihu mainly due to the latter company's much higher sales growth. For example, Zhihu's sales increased by 101.7% YoY in 2020. In comparison,Bilibili'ssales increased by 77% YoY and the consensus expects Kuaishou Tech's sales to increase by 50.5% YoY in 2020. The consensus expects Bilibili and Kuaishou Tech's sales to increase by 69.8% YoY and 59.3% YoY, respectively in 2021.</p>\n<p>In comparison, we expect Zhihu's sales to increase by 74.9% in 2021. Despite higher sales growth for Zhihu, Bilibili and Kuaishou Tech have much larger market caps and are closer to achieving positive operating margins. With regards to Zhihu, despite slowing growth rate for its advertising revenues, its Paid Memberships and Content Commerce Revenues are exploding higher and many investors are likely to give higher points on these positive growth factors.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Mkt Cap (US$ bil)</b></td>\n   <td><b>Sales (US$bil); 2019</b></td>\n   <td><b>Sales (US$bil); 2020</b></td>\n   <td><b>Sales (US$bil); 2021E</b></td>\n   <td><b>Sales (US$bil); 2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>86.7</td>\n   <td>15.5</td>\n   <td>15.5</td>\n   <td>19.4</td>\n   <td>22.2</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>4.2</td>\n   <td>1.1</td>\n   <td>1.5</td>\n   <td>1.6</td>\n   <td>1.9</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>21.9</td>\n   <td>4.2</td>\n   <td>4.3</td>\n   <td>5.0</td>\n   <td>5.7</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>9.3</td>\n   <td>3.7</td>\n   <td>4.0</td>\n   <td>4.4</td>\n   <td>5.1</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>11.8</td>\n   <td>1.8</td>\n   <td>1.7</td>\n   <td>2.0</td>\n   <td>2.2</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>38.4</td>\n   <td>1.0</td>\n   <td>1.7</td>\n   <td>3.0</td>\n   <td>4.2</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>170.5</td>\n   <td>5.7</td>\n   <td>8.5</td>\n   <td>13.6</td>\n   <td>19.9</td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>P/S (2019)</b></td>\n   <td><b>P/S (2020)</b></td>\n   <td><b>P/S (2021E)</b></td>\n   <td><b>P/S (2022E)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>5.6</td>\n   <td>5.6</td>\n   <td>4.5</td>\n   <td>3.9</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>4.0</td>\n   <td>2.9</td>\n   <td>2.6</td>\n   <td>2.2</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>5.2</td>\n   <td>5.1</td>\n   <td>4.4</td>\n   <td>3.9</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>2.5</td>\n   <td>2.4</td>\n   <td>2.1</td>\n   <td>1.8</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>6.7</td>\n   <td>7.1</td>\n   <td>5.9</td>\n   <td>5.4</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>39.1</td>\n   <td>22.1</td>\n   <td>13.0</td>\n   <td>9.1</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>30.1</td>\n   <td>20.0</td>\n   <td>12.6</td>\n   <td>8.6</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>13.3</b></td>\n   <td><b>9.3</b></td>\n   <td><b>6.4</b></td>\n   <td><b>5.0</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>% Sales Change YoY</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>-0.1%</td>\n   <td>25.2%</td>\n   <td>14.2%</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>39.5%</td>\n   <td>9.5%</td>\n   <td>18.7%</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>2.6%</td>\n   <td>16.1%</td>\n   <td>13.4%</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>6.6%</td>\n   <td>11.4%</td>\n   <td>16.4%</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>-5.4%</td>\n   <td>19.2%</td>\n   <td>10.4%</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>77.4%</td>\n   <td>69.8%</td>\n   <td>43.1%</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>50.5%</td>\n   <td>59.3%</td>\n   <td>46.6%</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>24.4%</b></td>\n   <td><b>30.1%</b></td>\n   <td><b>23.2%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2019</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2020</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2021E</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>0.9</td>\n   <td>3.2</td>\n   <td>3.0</td>\n   <td>3.7</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>-0.1</td>\n   <td>0.1</td>\n   <td>0.0</td>\n   <td>0.2</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>-1.3</td>\n   <td>-0.9</td>\n   <td>-0.7</td>\n   <td>-0.2</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>0.4</td>\n   <td>0.4</td>\n   <td>0.5</td>\n   <td>0.6</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>0.6</td>\n   <td>0.5</td>\n   <td>0.6</td>\n   <td>0.7</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>-0.2</td>\n   <td>-0.4</td>\n   <td>-0.5</td>\n   <td>-0.2</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>0.1</td>\n   <td>-1.6</td>\n   <td>-1.1</td>\n   <td>1.4</td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Operating Margin (2019); (%)</b></td>\n   <td><b>Operating Margin (2020); (%)</b></td>\n   <td><b>Operating Margin (2021E); (%)</b></td>\n   <td><b>Operating Margin (2022E); (%)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>5.9%</td>\n   <td>20.3%</td>\n   <td>15.6%</td>\n   <td>16.7%</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>-6.9%</td>\n   <td>6.8%</td>\n   <td>1.2%</td>\n   <td>8.3%</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>-31.7%</td>\n   <td>-20.2%</td>\n   <td>-13.2%</td>\n   <td>-3.8%</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>10.2%</td>\n   <td>9.4%</td>\n   <td>10.4%</td>\n   <td>12.3%</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>33.9%</td>\n   <td>28.6%</td>\n   <td>28.1%</td>\n   <td>31.0%</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>-21.4%</td>\n   <td>-25.9%</td>\n   <td>-18.2%</td>\n   <td>-4.0%</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>1.8%</td>\n   <td>-18.4%</td>\n   <td>-7.9%</td>\n   <td>7.1%</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>-1.2%</b></td>\n   <td><b>0.1%</b></td>\n   <td><b>2.3%</b></td>\n   <td><b>9.7%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>EV/S (2019)</b></td>\n   <td><b>EV/S (2020)</b></td>\n   <td><b>EV/S (2021E)</b></td>\n   <td><b>EV/S (2022E)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>4.8</td>\n   <td>4.8</td>\n   <td>3.8</td>\n   <td>3.3</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>2.9</td>\n   <td>2.1</td>\n   <td>1.9</td>\n   <td>1.6</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>5.4</td>\n   <td>5.3</td>\n   <td>4.6</td>\n   <td>4.0</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>1.8</td>\n   <td>1.7</td>\n   <td>1.5</td>\n   <td>1.3</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>6.8</td>\n   <td>7.2</td>\n   <td>6.0</td>\n   <td>5.4</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>38.5</td>\n   <td>21.7</td>\n   <td>12.8</td>\n   <td>8.9</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>29.5</td>\n   <td>19.6</td>\n   <td>12.3</td>\n   <td>8.4</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>12.8</b></td>\n   <td><b>8.9</b></td>\n   <td><b>6.1</b></td>\n   <td><b>4.7</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied EV)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(million RMB)</b></td>\n   <td><p><b>EV/S;2022E</b></p></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>3,315</b></td>\n   <td>31,030</td>\n   <td>34,478</td>\n   <td>41,373</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million RMB); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>3,683</b></td>\n   <td>34,478</td>\n   <td><b>38,308</b></td>\n   <td>45,970</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>4,052</b></td>\n   <td>37,925</td>\n   <td>42,139</td>\n   <td>50,567</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(million RMB)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>3,315</b></td>\n   <td>38,807</td>\n   <td>42,255</td>\n   <td>49,150</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million RMB); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>3,683</b></td>\n   <td>42,255</td>\n   <td><b>46,086</b></td>\n   <td>53,747</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>4,052</b></td>\n   <td>45,703</td>\n   <td>49,917</td>\n   <td>58,344</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(US$ million)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>509</b></td>\n   <td>5,961</td>\n   <td>6,491</td>\n   <td>7,550</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million USD); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>566</b></td>\n   <td>6,491</td>\n   <td><b>7,079</b></td>\n   <td>8,256</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>622</b></td>\n   <td>7,020</td>\n   <td>7,668</td>\n   <td>8,962</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Price Per Share)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(US$)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>509</b></td>\n   <td>10.1</td>\n   <td>11.0</td>\n   <td>12.8</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million USD); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>566</b></td>\n   <td>11.0</td>\n   <td><b>12.0</b></td>\n   <td>14.0</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>622</b></td>\n   <td>11.9</td>\n   <td>13.0</td>\n   <td><b>15.2</b></td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<p><b>Zhihu Income Statement Forecast</b></p>\n<p>We estimate the company's sales to increase by 74.9% YoY to reach 2.36 billion RMB in 2021 and increase by 55.8% YoY to reach 3.68 billion RMB in 2022. From 2020 to 2025, we estimate the company's sales to increase at a CAGR of 43.4%. We have assumed Zhihu to start generating positive operating margins in 2024 (4.8%) and have assumed its operating margin to increase to 10.1% in 2025. We have assumed the company's sales to reach 8.21 billion RMB ($1.26 billion) and operating profit of 0.83 billion RMB ($0.13 billion) in 2025.</p>\n<p><b>Sales Breakdown</b></p>\n<p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p>\n<p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p>\n<p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p>\n<p><b>Gross Margins</b></p>\n<p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p>\n<p><b>Total Operating Expenses and Operating Margins</b></p>\n<p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Income Statement Forecast</b></td>\n  </tr>\n  <tr>\n   <td><b>(RMB mn)</b></td>\n   <td><b>2019</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td><b>Revenue</b></td>\n   <td><b>670.5</b></td>\n   <td><b>1,352.2</b></td>\n   <td><b>2,364.8</b></td>\n   <td><b>3,683.3</b></td>\n   <td><b>5,180.8</b></td>\n   <td><b>6,691.5</b></td>\n   <td><b>8,212.6</b></td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>577.4</td>\n   <td>843.3</td>\n   <td>1,076.2</td>\n   <td>1,254.6</td>\n   <td>1,441.8</td>\n   <td>1,635.4</td>\n   <td>1,833.0</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>88.0</td>\n   <td>320.5</td>\n   <td>743.8</td>\n   <td>1,333.4</td>\n   <td>1,967.6</td>\n   <td>2,529.0</td>\n   <td>3,106.3</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>0.6</td>\n   <td>135.8</td>\n   <td>421.0</td>\n   <td>863.0</td>\n   <td>1,406.7</td>\n   <td>2,027.1</td>\n   <td>2,652.8</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>4.5</td>\n   <td>52.7</td>\n   <td>123.7</td>\n   <td>232.3</td>\n   <td>364.8</td>\n   <td>500.0</td>\n   <td>620.5</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>358.2</td>\n   <td>594.4</td>\n   <td>1,008.3</td>\n   <td>1,523.4</td>\n   <td>2,078.5</td>\n   <td>2,604.0</td>\n   <td>3,100.1</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>312.3</b></td>\n   <td><b>757.8</b></td>\n   <td><b>1,356.5</b></td>\n   <td><b>2,159.9</b></td>\n   <td><b>3,102.3</b></td>\n   <td><b>4,087.4</b></td>\n   <td><b>5,112.5</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>766.5</td>\n   <td>734.8</td>\n   <td>963.7</td>\n   <td>1,275.9</td>\n   <td>1,525.5</td>\n   <td>1,773.2</td>\n   <td>1,958.7</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>351.0</td>\n   <td>329.8</td>\n   <td>490.2</td>\n   <td>725.3</td>\n   <td>969.2</td>\n   <td>1,189.2</td>\n   <td>1,386.6</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>253.3</td>\n   <td>296.2</td>\n   <td>414.3</td>\n   <td>548.6</td>\n   <td>655.9</td>\n   <td>804.7</td>\n   <td>938.3</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>1,370.7</td>\n   <td>1,360.7</td>\n   <td>1,868.3</td>\n   <td>2,549.8</td>\n   <td>3,150.5</td>\n   <td>3,767.2</td>\n   <td>4,283.6</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-1,058.5</b></td>\n   <td><b>-602.9</b></td>\n   <td><b>-511.8</b></td>\n   <td><b>-389.9</b></td>\n   <td><b>-48.2</b></td>\n   <td><b>320.2</b></td>\n   <td><b>828.9</b></td>\n  </tr>\n  <tr>\n   <td>Non-Operating Items</td>\n   <td>54.3</td>\n   <td>86.4</td>\n   <td>103.5</td>\n   <td>51.8</td>\n   <td>31.1</td>\n   <td>18.6</td>\n   <td>11.2</td>\n  </tr>\n  <tr>\n   <td>Earnings Before Tax</td>\n   <td>-1,004.2</td>\n   <td>-516.5</td>\n   <td>-408.3</td>\n   <td>-338.2</td>\n   <td>-17.2</td>\n   <td>338.9</td>\n   <td>840.1</td>\n  </tr>\n  <tr>\n   <td>Income Tax</td>\n   <td>0.0</td>\n   <td>1.1</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n  </tr>\n  <tr>\n   <td><b>Net Loss</b></td>\n   <td><b>-1,004.2</b></td>\n   <td><b>-517.6</b></td>\n   <td><b>-408.3</b></td>\n   <td><b>-338.2</b></td>\n   <td><b>-17.2</b></td>\n   <td><b>338.9</b></td>\n   <td><b>840.1</b></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><b>% of Sales</b></td>\n   <td><b>2019</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td>Revenue</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>86.1%</td>\n   <td>62.4%</td>\n   <td>45.5%</td>\n   <td>34.1%</td>\n   <td>27.8%</td>\n   <td>24.4%</td>\n   <td>22.3%</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>13.1%</td>\n   <td>23.7%</td>\n   <td>31.5%</td>\n   <td>36.2%</td>\n   <td>38.0%</td>\n   <td>37.8%</td>\n   <td>37.8%</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>0.1%</td>\n   <td>10.0%</td>\n   <td>17.8%</td>\n   <td>23.4%</td>\n   <td>27.2%</td>\n   <td>30.3%</td>\n   <td>32.3%</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>0.7%</td>\n   <td>3.9%</td>\n   <td>5.2%</td>\n   <td>6.3%</td>\n   <td>7.0%</td>\n   <td>7.5%</td>\n   <td>7.6%</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>53.4%</td>\n   <td>44.0%</td>\n   <td>42.6%</td>\n   <td>41.4%</td>\n   <td>40.1%</td>\n   <td>38.9%</td>\n   <td>37.7%</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>46.6%</b></td>\n   <td><b>56.0%</b></td>\n   <td><b>57.4%</b></td>\n   <td><b>58.6%</b></td>\n   <td><b>59.9%</b></td>\n   <td><b>61.1%</b></td>\n   <td><b>62.3%</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>114.3%</td>\n   <td>54.3%</td>\n   <td>40.8%</td>\n   <td>34.6%</td>\n   <td>29.4%</td>\n   <td>26.5%</td>\n   <td>23.8%</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>52.3%</td>\n   <td>24.4%</td>\n   <td>20.7%</td>\n   <td>19.7%</td>\n   <td>18.7%</td>\n   <td>17.8%</td>\n   <td>16.9%</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>37.8%</td>\n   <td>21.9%</td>\n   <td>17.5%</td>\n   <td>14.9%</td>\n   <td>12.7%</td>\n   <td>12.0%</td>\n   <td>11.4%</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>204.4%</td>\n   <td>100.6%</td>\n   <td>79.0%</td>\n   <td>69.2%</td>\n   <td>60.8%</td>\n   <td>56.3%</td>\n   <td>52.2%</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-157.9%</b></td>\n   <td><b>-44.6%</b></td>\n   <td><b>-21.6%</b></td>\n   <td><b>-10.6%</b></td>\n   <td><b>-0.9%</b></td>\n   <td><b>4.8%</b></td>\n   <td><b>10.1%</b></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><b>% Change YoY</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td><b>Revenue</b></td>\n   <td><b>101.7%</b></td>\n   <td><b>74.9%</b></td>\n   <td><b>55.8%</b></td>\n   <td><b>40.7%</b></td>\n   <td><b>29.2%</b></td>\n   <td><b>22.7%</b></td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>46.0%</td>\n   <td>27.6%</td>\n   <td>16.6%</td>\n   <td>14.9%</td>\n   <td>13.4%</td>\n   <td>12.1%</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>264.2%</td>\n   <td>132.1%</td>\n   <td>79.3%</td>\n   <td>47.6%</td>\n   <td>28.5%</td>\n   <td>22.8%</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>21118.8%</td>\n   <td>210.0%</td>\n   <td>105.0%</td>\n   <td>63.0%</td>\n   <td>44.1%</td>\n   <td>30.9%</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>1081.6%</td>\n   <td>135.0%</td>\n   <td>87.8%</td>\n   <td>57.0%</td>\n   <td>37.1%</td>\n   <td>24.1%</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>65.9%</td>\n   <td>69.6%</td>\n   <td>51.1%</td>\n   <td>36.4%</td>\n   <td>25.3%</td>\n   <td>19.1%</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>142.7%</b></td>\n   <td><b>79.0%</b></td>\n   <td><b>59.2%</b></td>\n   <td><b>43.6%</b></td>\n   <td><b>31.8%</b></td>\n   <td><b>25.1%</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>-4.1%</td>\n   <td>31.2%</td>\n   <td>32.4%</td>\n   <td>19.6%</td>\n   <td>16.2%</td>\n   <td>10.5%</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>-6.1%</td>\n   <td>48.7%</td>\n   <td>48.0%</td>\n   <td>33.6%</td>\n   <td>22.7%</td>\n   <td>16.6%</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>16.9%</td>\n   <td>39.9%</td>\n   <td>32.4%</td>\n   <td>19.6%</td>\n   <td>22.7%</td>\n   <td>16.6%</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>-0.7%</td>\n   <td>37.3%</td>\n   <td>36.5%</td>\n   <td>23.6%</td>\n   <td>19.6%</td>\n   <td>13.7%</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-43.0%</b></td>\n   <td><b>-15.1%</b></td>\n   <td><b>-23.8%</b></td>\n   <td><b>-87.6%</b></td>\n   <td><b>TB</b></td>\n   <td><b>158.8%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data; TB = turned black</td>\n  </tr>\n </tbody>\n</table>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p><b>Company Background</b></p>\n<p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p>\n<p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p>\n<p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p>\n<p><b>Major Shareholders of Zhihu</b></p>\n<p>The founder &amp; CEOZhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p>\n<p><b>Key Demographics</b></p>\n<p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\"><span>Source: Author, from Company data</span></p>\n<p><b>Revenue Breakdown</b></p>\n<p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p>\n<p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p>\n<p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p>\n<p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p>\n<p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p>\n<p><b>Market Opportunities</b></p>\n<p><b>China’s Online Content Communities Market Size</b></p>\n<p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p>\n<p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p>\n<p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p>\n<p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p>\n<p><b>China's Online Content Market</b></p>\n<p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p>\n<p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\"><span>Source: CIC Report</span></p>\n<p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\"><span>Source: CIC Report</span></p>\n<p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\"><span>Source: CIC Report</span></p>\n<p><b>Content-commerce solutions</b></p>\n<p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p>\n<p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\"><span>Source: CIC Report</span></p>\n<p></p>\n<p><b>Employees</b>- At the end of 2020, the company had 1,651 full time employees, all of whom were based in China, primarily at its headquarters in Beijing, China.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihui Employees Breakdown (At the end of 2020)</b></td>\n  </tr>\n  <tr>\n   <td><b>Function</b></td>\n   <td><b>Number of employees</b></td>\n   <td><b>% of Total Employees</b></td>\n  </tr>\n  <tr>\n   <td>Content and Content-Related Operations</td>\n   <td>461</td>\n   <td>27.9%</td>\n  </tr>\n  <tr>\n   <td>Research and Development</td>\n   <td>672</td>\n   <td>40.7%</td>\n  </tr>\n  <tr>\n   <td>Sales and Marketing</td>\n   <td>337</td>\n   <td>20.4%</td>\n  </tr>\n  <tr>\n   <td>General Administration</td>\n   <td>181</td>\n   <td>11.0%</td>\n  </tr>\n  <tr>\n   <td><b>Total</b></td>\n   <td><b>1,651</b></td>\n   <td><b>100.0%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Company data</td>\n  </tr>\n </tbody>\n</table>\n<p>Key Investment Risks</p>\n<ul>\n <li>Post COVID-19 environment - The COVID-19 has had a positive impact on the company as millions of people in China spent more time at home and increased their time on the Internet and mobile phones which led to usage of more Internet services such as Zhihu. Although the COVID-19 situation currently is not as dire as a year ago, there are still numerous social distancing measures. In the post COVID-19 environment, this could lead to a slower growth rate of its sales and profit improvement.</li>\n <li>Censorship related risks - Given that Zhihu is one of the largest Q&amp;A websites in China, it is likely to face numerous censorship related issues from the Chinese government and this remains one of the key risk factors.</li>\n <li>Recent share price declines of Chinese tech giants and Chinese tech IPOs in the US - There have been some big declines in share prices of several Chinese tech giants includingAlibaba Group (9988 HK)andTencent Holdings (700 HK). Share prices of other Chinese tech giants such as JD.com and Meituan have also declined in the past few weeks but not as much as Alibaba and Tencent. In addition,Cloopen Group Holding Ltd. (RAAS US),which recently completed its IPO in February saw its share price surge in the first day but it has dropped by more than 50% since then.</li>\n <li>Mostly text-based content platform - For now, most of Zhihu's content tend to be text-based, although the company is offering more video and non-text-based content. For the users that prefer non-text-based content, this could deter some people from becoming paid members or users of Zhihu. However, the company is actively making efforts to provide more videos, live streaming, and other non-text-based content. These efforts to provide a more diversified source of content could result in higher operating costs.</li>\n <li>Lack of profitability - Despite strong sales growth, the company remains unprofitable with an operating margin of -44.6% in 2020.</li>\n</ul>","source":"seekingalpha","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>Zhihu IPO: China's Quora With Surging Sales Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nZhihu IPO: China's Quora With Surging Sales Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 15:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.\nZhihu has become the largest online question and answer community in ...</p>\n\n<a href=\"https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"source_url":"https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1178841475","content_text":"Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.\nZhihu has become the largest online question and answer community in China.\nThe company generated a strong sales growth of 101.7% YoY to reach 1,352.2 million RMB in 2020. Operating margins improved from -157.9% in 2019 to -44.6% in 2020.\nOur base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively.\nIn the first few days of trading post-IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.\n\nPhoto by aelitta/iStock via Getty Images\nValuation Analysis\nZhihu Technology (ZH) announced its IPO terms. It plans to raise up to $632.5 million offering 55 million ADSs. The IPO price range is from $9.50 to $11.5 per share. At the midpoint of the IPO price range, the company would be valued at $6.2 billion. At the high end of the IPO price range ($11.5 per share), it would be valued at $6.8 billion. Along with the IPO, Zhihu also plans to raise $250 million in a private placement to Alibaba (BABA), JD.com(NASDAQ:JD), Tencent(OTCPK:TCEHY), and Lilith Games.\nZhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.\nIn our valuation analysis, we have used the following seven companies below as comps that may be appropriate for Zhihu:\n\nBaidu (BIDU)\nDouYu (DOYU)\niQIYI (IQ)\nJOYY (YY)\nWeibo Corp. (WB)\nBilibili (BILI)\nKuaishouTech(OTCPK:KUASF)\n\nOur base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively. We do believe that there will be a first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis (market cap of $9.0 billion or $15.2 per share). In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.\nOur base case valuation assumes our 2022E sales estimate of 3.7 billion RMB ($566 million) and apply an EV/Sales multiple of 10.4x to derive an implied EV of 38.3 billion RMB and an implied market cap of 46.1 billion RMB ($7.1 billion). The EV/Sales multiple of 10.4x is based on a 20% premium to the average of Kuaishou Tech andBilibili'sEV/Sales multiples in 2022.\nWe believe the 20% premium to the average of these two companies is appropriate for Zhihu mainly due to the latter company's much higher sales growth. For example, Zhihu's sales increased by 101.7% YoY in 2020. In comparison,Bilibili'ssales increased by 77% YoY and the consensus expects Kuaishou Tech's sales to increase by 50.5% YoY in 2020. The consensus expects Bilibili and Kuaishou Tech's sales to increase by 69.8% YoY and 59.3% YoY, respectively in 2021.\nIn comparison, we expect Zhihu's sales to increase by 74.9% in 2021. Despite higher sales growth for Zhihu, Bilibili and Kuaishou Tech have much larger market caps and are closer to achieving positive operating margins. With regards to Zhihu, despite slowing growth rate for its advertising revenues, its Paid Memberships and Content Commerce Revenues are exploding higher and many investors are likely to give higher points on these positive growth factors.\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nMkt Cap (US$ bil)\nSales (US$bil); 2019\nSales (US$bil); 2020\nSales (US$bil); 2021E\nSales (US$bil); 2022E\n\n\nBaidu\n86.7\n15.5\n15.5\n19.4\n22.2\n\n\nDouYu\n4.2\n1.1\n1.5\n1.6\n1.9\n\n\niQIYI\n21.9\n4.2\n4.3\n5.0\n5.7\n\n\nJOYY\n9.3\n3.7\n4.0\n4.4\n5.1\n\n\nWeibo\n11.8\n1.8\n1.7\n2.0\n2.2\n\n\nBilibili\n38.4\n1.0\n1.7\n3.0\n4.2\n\n\nKuaishou Tech\n170.5\n5.7\n8.5\n13.6\n19.9\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nP/S (2019)\nP/S (2020)\nP/S (2021E)\nP/S (2022E)\n\n\nBaidu\n5.6\n5.6\n4.5\n3.9\n\n\nDouYu\n4.0\n2.9\n2.6\n2.2\n\n\niQIYI\n5.2\n5.1\n4.4\n3.9\n\n\nJOYY\n2.5\n2.4\n2.1\n1.8\n\n\nWeibo\n6.7\n7.1\n5.9\n5.4\n\n\nBilibili\n39.1\n22.1\n13.0\n9.1\n\n\nKuaishou Tech\n30.1\n20.0\n12.6\n8.6\n\n\nAverage\n13.3\n9.3\n6.4\n5.0\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\n% Sales Change YoY\n2020\n2021E\n2022E\n\n\nBaidu\n-0.1%\n25.2%\n14.2%\n\n\nDouYu\n39.5%\n9.5%\n18.7%\n\n\niQIYI\n2.6%\n16.1%\n13.4%\n\n\nJOYY\n6.6%\n11.4%\n16.4%\n\n\nWeibo\n-5.4%\n19.2%\n10.4%\n\n\nBilibili\n77.4%\n69.8%\n43.1%\n\n\nKuaishou Tech\n50.5%\n59.3%\n46.6%\n\n\nAverage\n24.4%\n30.1%\n23.2%\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nOperating Profit/(Loss) (US$bil); 2019\nOperating Profit/(Loss) (US$bil); 2020\nOperating Profit/(Loss) (US$bil); 2021E\nOperating Profit/(Loss) (US$bil); 2022E\n\n\nBaidu\n0.9\n3.2\n3.0\n3.7\n\n\nDouYu\n-0.1\n0.1\n0.0\n0.2\n\n\niQIYI\n-1.3\n-0.9\n-0.7\n-0.2\n\n\nJOYY\n0.4\n0.4\n0.5\n0.6\n\n\nWeibo\n0.6\n0.5\n0.6\n0.7\n\n\nBilibili\n-0.2\n-0.4\n-0.5\n-0.2\n\n\nKuaishou Tech\n0.1\n-1.6\n-1.1\n1.4\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nOperating Margin (2019); (%)\nOperating Margin (2020); (%)\nOperating Margin (2021E); (%)\nOperating Margin (2022E); (%)\n\n\nBaidu\n5.9%\n20.3%\n15.6%\n16.7%\n\n\nDouYu\n-6.9%\n6.8%\n1.2%\n8.3%\n\n\niQIYI\n-31.7%\n-20.2%\n-13.2%\n-3.8%\n\n\nJOYY\n10.2%\n9.4%\n10.4%\n12.3%\n\n\nWeibo\n33.9%\n28.6%\n28.1%\n31.0%\n\n\nBilibili\n-21.4%\n-25.9%\n-18.2%\n-4.0%\n\n\nKuaishou Tech\n1.8%\n-18.4%\n-7.9%\n7.1%\n\n\nAverage\n-1.2%\n0.1%\n2.3%\n9.7%\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nEV/S (2019)\nEV/S (2020)\nEV/S (2021E)\nEV/S (2022E)\n\n\nBaidu\n4.8\n4.8\n3.8\n3.3\n\n\nDouYu\n2.9\n2.1\n1.9\n1.6\n\n\niQIYI\n5.4\n5.3\n4.6\n4.0\n\n\nJOYY\n1.8\n1.7\n1.5\n1.3\n\n\nWeibo\n6.8\n7.2\n6.0\n5.4\n\n\nBilibili\n38.5\n21.7\n12.8\n8.9\n\n\nKuaishou Tech\n29.5\n19.6\n12.3\n8.4\n\n\nAverage\n12.8\n8.9\n6.1\n4.7\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied EV)\n\n\n(million RMB)\nEV/S;2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n3,315\n31,030\n34,478\n41,373\n\n\nEstimated sales (million RMB); 2022E\nBase\n3,683\n34,478\n38,308\n45,970\n\n\nHigh\n4,052\n37,925\n42,139\n50,567\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)\n\n\n(million RMB)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n3,315\n38,807\n42,255\n49,150\n\n\nEstimated sales (million RMB); 2022E\nBase\n3,683\n42,255\n46,086\n53,747\n\n\nHigh\n4,052\n45,703\n49,917\n58,344\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)\n\n\n(US$ million)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n509\n5,961\n6,491\n7,550\n\n\nEstimated sales (million USD); 2022E\nBase\n566\n6,491\n7,079\n8,256\n\n\nHigh\n622\n7,020\n7,668\n8,962\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Price Per Share)\n\n\n(US$)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n509\n10.1\n11.0\n12.8\n\n\nEstimated sales (million USD); 2022E\nBase\n566\n11.0\n12.0\n14.0\n\n\nHigh\n622\n11.9\n13.0\n15.2\n\n\nSource: Our Estimates\n\n\n\nZhihu Income Statement Forecast\nWe estimate the company's sales to increase by 74.9% YoY to reach 2.36 billion RMB in 2021 and increase by 55.8% YoY to reach 3.68 billion RMB in 2022. From 2020 to 2025, we estimate the company's sales to increase at a CAGR of 43.4%. We have assumed Zhihu to start generating positive operating margins in 2024 (4.8%) and have assumed its operating margin to increase to 10.1% in 2025. We have assumed the company's sales to reach 8.21 billion RMB ($1.26 billion) and operating profit of 0.83 billion RMB ($0.13 billion) in 2025.\nSales Breakdown\nAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.\nPaid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.\nContent Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.\nGross Margins\nThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.\nTotal Operating Expenses and Operating Margins\nTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.\n\n\n\n\nZhihu Income Statement Forecast\n\n\n(RMB mn)\n2019\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n670.5\n1,352.2\n2,364.8\n3,683.3\n5,180.8\n6,691.5\n8,212.6\n\n\nAdvertising\n577.4\n843.3\n1,076.2\n1,254.6\n1,441.8\n1,635.4\n1,833.0\n\n\nPaid Membership\n88.0\n320.5\n743.8\n1,333.4\n1,967.6\n2,529.0\n3,106.3\n\n\nContent Commerce Solutions\n0.6\n135.8\n421.0\n863.0\n1,406.7\n2,027.1\n2,652.8\n\n\nOthers\n4.5\n52.7\n123.7\n232.3\n364.8\n500.0\n620.5\n\n\nCost of Revenue\n358.2\n594.4\n1,008.3\n1,523.4\n2,078.5\n2,604.0\n3,100.1\n\n\nGross Profit\n312.3\n757.8\n1,356.5\n2,159.9\n3,102.3\n4,087.4\n5,112.5\n\n\nSG&A Expenses\n766.5\n734.8\n963.7\n1,275.9\n1,525.5\n1,773.2\n1,958.7\n\n\nR&D Expenses\n351.0\n329.8\n490.2\n725.3\n969.2\n1,189.2\n1,386.6\n\n\nG&A Expenses\n253.3\n296.2\n414.3\n548.6\n655.9\n804.7\n938.3\n\n\nTotal Operating Expenses\n1,370.7\n1,360.7\n1,868.3\n2,549.8\n3,150.5\n3,767.2\n4,283.6\n\n\nLoss from Operations\n-1,058.5\n-602.9\n-511.8\n-389.9\n-48.2\n320.2\n828.9\n\n\nNon-Operating Items\n54.3\n86.4\n103.5\n51.8\n31.1\n18.6\n11.2\n\n\nEarnings Before Tax\n-1,004.2\n-516.5\n-408.3\n-338.2\n-17.2\n338.9\n840.1\n\n\nIncome Tax\n0.0\n1.1\n0.0\n0.0\n0.0\n0.0\n0.0\n\n\nNet Loss\n-1,004.2\n-517.6\n-408.3\n-338.2\n-17.2\n338.9\n840.1\n\n\n\n% of Sales\n2019\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n\n\nAdvertising\n86.1%\n62.4%\n45.5%\n34.1%\n27.8%\n24.4%\n22.3%\n\n\nPaid Membership\n13.1%\n23.7%\n31.5%\n36.2%\n38.0%\n37.8%\n37.8%\n\n\nContent Commerce Solutions\n0.1%\n10.0%\n17.8%\n23.4%\n27.2%\n30.3%\n32.3%\n\n\nOthers\n0.7%\n3.9%\n5.2%\n6.3%\n7.0%\n7.5%\n7.6%\n\n\nCost of Revenue\n53.4%\n44.0%\n42.6%\n41.4%\n40.1%\n38.9%\n37.7%\n\n\nGross Profit\n46.6%\n56.0%\n57.4%\n58.6%\n59.9%\n61.1%\n62.3%\n\n\nSG&A Expenses\n114.3%\n54.3%\n40.8%\n34.6%\n29.4%\n26.5%\n23.8%\n\n\nR&D Expenses\n52.3%\n24.4%\n20.7%\n19.7%\n18.7%\n17.8%\n16.9%\n\n\nG&A Expenses\n37.8%\n21.9%\n17.5%\n14.9%\n12.7%\n12.0%\n11.4%\n\n\nTotal Operating Expenses\n204.4%\n100.6%\n79.0%\n69.2%\n60.8%\n56.3%\n52.2%\n\n\nLoss from Operations\n-157.9%\n-44.6%\n-21.6%\n-10.6%\n-0.9%\n4.8%\n10.1%\n\n\n\n% Change YoY\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n101.7%\n74.9%\n55.8%\n40.7%\n29.2%\n22.7%\n\n\nAdvertising\n46.0%\n27.6%\n16.6%\n14.9%\n13.4%\n12.1%\n\n\nPaid Membership\n264.2%\n132.1%\n79.3%\n47.6%\n28.5%\n22.8%\n\n\nContent Commerce Solutions\n21118.8%\n210.0%\n105.0%\n63.0%\n44.1%\n30.9%\n\n\nOthers\n1081.6%\n135.0%\n87.8%\n57.0%\n37.1%\n24.1%\n\n\nCost of Revenue\n65.9%\n69.6%\n51.1%\n36.4%\n25.3%\n19.1%\n\n\nGross Profit\n142.7%\n79.0%\n59.2%\n43.6%\n31.8%\n25.1%\n\n\nSG&A Expenses\n-4.1%\n31.2%\n32.4%\n19.6%\n16.2%\n10.5%\n\n\nR&D Expenses\n-6.1%\n48.7%\n48.0%\n33.6%\n22.7%\n16.6%\n\n\nG&A Expenses\n16.9%\n39.9%\n32.4%\n19.6%\n22.7%\n16.6%\n\n\nTotal Operating Expenses\n-0.7%\n37.3%\n36.5%\n23.6%\n19.6%\n13.7%\n\n\nLoss from Operations\n-43.0%\n-15.1%\n-23.8%\n-87.6%\nTB\n158.8%\n\n\nSource: Author, from Company data; TB = turned black\n\n\n\nSource: Author, from Company data, Our Estimates\nSource: Author, from Company data, Our Estimates\nSource: Author, from Company data, Our Estimates\nCompany Background\nAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.\nIn August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.\nZhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.\nMajor Shareholders of Zhihu\nThe founder & CEOZhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.\nKey Demographics\nThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.\nSource: Author, from Company data\nRevenue Breakdown\nAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.\nPaid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.\nIn March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.\nContent Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.\nChina's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).\nMarket Opportunities\nChina’s Online Content Communities Market Size\nOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.\nChina's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.\nChina's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.\nOne of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.\nChina's Online Content Market\nChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.\nChina’s Online Content Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\nMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025E\nSource: CIC Report\nChina’s Paid Membership Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\nContent-commerce solutions\nTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.\nChina’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\n\nEmployees- At the end of 2020, the company had 1,651 full time employees, all of whom were based in China, primarily at its headquarters in Beijing, China.\n\n\n\n\nZhihui Employees Breakdown (At the end of 2020)\n\n\nFunction\nNumber of employees\n% of Total Employees\n\n\nContent and Content-Related Operations\n461\n27.9%\n\n\nResearch and Development\n672\n40.7%\n\n\nSales and Marketing\n337\n20.4%\n\n\nGeneral Administration\n181\n11.0%\n\n\nTotal\n1,651\n100.0%\n\n\nSource: Company data\n\n\n\nKey Investment Risks\n\nPost COVID-19 environment - The COVID-19 has had a positive impact on the company as millions of people in China spent more time at home and increased their time on the Internet and mobile phones which led to usage of more Internet services such as Zhihu. Although the COVID-19 situation currently is not as dire as a year ago, there are still numerous social distancing measures. In the post COVID-19 environment, this could lead to a slower growth rate of its sales and profit improvement.\nCensorship related risks - Given that Zhihu is one of the largest Q&A websites in China, it is likely to face numerous censorship related issues from the Chinese government and this remains one of the key risk factors.\nRecent share price declines of Chinese tech giants and Chinese tech IPOs in the US - There have been some big declines in share prices of several Chinese tech giants includingAlibaba Group (9988 HK)andTencent Holdings (700 HK). Share prices of other Chinese tech giants such as JD.com and Meituan have also declined in the past few weeks but not as much as Alibaba and Tencent. In addition,Cloopen Group Holding Ltd. (RAAS US),which recently completed its IPO in February saw its share price surge in the first day but it has dropped by more than 50% since then.\nMostly text-based content platform - For now, most of Zhihu's content tend to be text-based, although the company is offering more video and non-text-based content. For the users that prefer non-text-based content, this could deter some people from becoming paid members or users of Zhihu. However, the company is actively making efforts to provide more videos, live streaming, and other non-text-based content. These efforts to provide a more diversified source of content could result in higher operating costs.\nLack of profitability - Despite strong sales growth, the company remains unprofitable with an operating margin of -44.6% in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359206465,"gmtCreate":1616400739757,"gmtModify":1634526050028,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359206465","repostId":"1194949679","repostType":4,"repost":{"id":"1194949679","pubTimestamp":1616399585,"share":"https://www.laohu8.com/m/news/1194949679?lang=&edition=full","pubTime":"2021-03-22 15:53","market":"us","language":"en","title":"Ant’s Alipay Rolls Out Investment Advisory Platform in China","url":"https://stock-news.laohu8.com/highlight/detail?id=1194949679","media":"Bloomberg","summary":"Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers","content":"<ul>\n <li>Tougu Guanjia functions like a supermarket for robo advisers</li>\n <li>Ant is working with five asset managers as part of debut</li>\n</ul>\n<p>Ant Group Co.&nbsp;created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.</p>\n<p>Five Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to chose robo advisory services from the platform that functions like a supermarket.</p>\n<p>The service is in addition to Ant’s existing joint venture with Vanguard Group Inc. and helps it further expand in the robo advisory industry that’s expected to reach&nbsp;$1.1 trillion&nbsp;by 2027 in China. Ant functions as a pipeline and helps verify user identity.</p>\n<p>The five asset managers include&nbsp;Harvest Fund Management Co., Southern Asset Management Co., Zhong Ou Asset Management Co.,E Fund Management Co., and&nbsp;China Asset Management Co.All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.</p>\n<p>A total of 18 companies are approved by the&nbsp;China Securities Regulatory Commission&nbsp;to offer fund investment advisory services in the country.</p>","source":"lsy1584095487587","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>Ant’s Alipay Rolls Out Investment Advisory Platform in China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nAnt’s Alipay Rolls Out Investment Advisory Platform in China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 15:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers as part of debut\n\nAnt Group Co. created an investment advisory platform on its Alipay app, allowing...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"06688":"蚂蚁集团","09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194949679","content_text":"Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers as part of debut\n\nAnt Group Co. created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.\nFive Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to chose robo advisory services from the platform that functions like a supermarket.\nThe service is in addition to Ant’s existing joint venture with Vanguard Group Inc. and helps it further expand in the robo advisory industry that’s expected to reach $1.1 trillion by 2027 in China. Ant functions as a pipeline and helps verify user identity.\nThe five asset managers include Harvest Fund Management Co., Southern Asset Management Co., Zhong Ou Asset Management Co.,E Fund Management Co., and China Asset Management Co.All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.\nA total of 18 companies are approved by the China Securities Regulatory Commission to offer fund investment advisory services in the country.","news_type":1},"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328482638,"gmtCreate":1615551358624,"gmtModify":1703490796009,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Sakam","listText":"Sakam","text":"Sakam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/328482638","repostId":"2118525879","repostType":4,"repost":{"id":"2118525879","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615551169,"share":"https://www.laohu8.com/m/news/2118525879?lang=&edition=full","pubTime":"2021-03-12 20:12","market":"us","language":"en","title":"Tesla in talks with India's Tata Power for EV charging infrastructure: report","url":"https://stock-news.laohu8.com/highlight/detail?id=2118525879","media":"Reuters","summary":"BENGALURU, March 12  - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan","content":"<p>BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.</p>\n<p>Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.</p>\n<p>Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters</p>\n<p>The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..</p>\n<p>The two companies were not immediately available for comment.</p>\n<p>In January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.</p>\n<p>Tata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla in talks with India's Tata Power for EV charging infrastructure: report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nTesla in talks with India's Tata Power for EV charging infrastructure: report\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-12 20:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.</p>\n<p>Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.</p>\n<p>Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters</p>\n<p>The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..</p>\n<p>The two companies were not immediately available for comment.</p>\n<p>In January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.</p>\n<p>Tata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118525879","content_text":"BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.\nShares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.\nTesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters\nThe talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..\nThe two companies were not immediately available for comment.\nIn January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.\nTata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.","news_type":1},"isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323789980,"gmtCreate":1615375636340,"gmtModify":1703488086969,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/323789980","repostId":"1144270781","repostType":4,"isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329546275,"gmtCreate":1615263049497,"gmtModify":1703486435197,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Ark","listText":"Ark","text":"Ark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/329546275","repostId":"1155746710","repostType":4,"repost":{"id":"1155746710","pubTimestamp":1615258748,"share":"https://www.laohu8.com/m/news/1155746710?lang=&edition=full","pubTime":"2021-03-09 10:59","market":"us","language":"en","title":"Cathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF","url":"https://stock-news.laohu8.com/highlight/detail?id=1155746710","media":"Bloomberg","summary":"(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a ","content":"<p>(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our highest-conviction names,” its founder Cathie Wood said.</p>\n<p>Wood’s exchange-traded funds fell again Monday, extending a selloff that has wiped 30% from her flagship investing strategy since a Feb. 12 high. Ark Innovation just logged a third week of declines, the longest stretch of weekly losses since the Covid 19-spurred meltdown last year, according to data compiled by Bloomberg. The fund fell for a fifth day Monday, losing 5.8%, with other products from Wood’s Ark Investment Management dropping in lockstep.</p>\n<p>Speaking in an interview with Bloomberg TV Monday night, Wood said the market is experiencing a rotation out of high-growth companies and into value stocks that is “happening very quickly” and is a sign of the bull market broadening. Her strategy in such an environment is to treat her more liquid holdings such as Facebook Inc. and Apple Inc. as “cash-like instruments” and concentrate her funds in higher-conviction stocks.</p>\n<p>A broadening market “is good news,” she said. “We keep our eye on the prize. We have a five-year time horizon.”</p>\n<p>A glance at some of the biggest Ark holdings helps explain the firm’s current woes: Tesla Inc., its top bet, dropped 5.8% Monday, while Square Inc. plunged 6.7%, and Teladoc Health Inc. declined 6.9%. All of them have been tumbling in recent weeks.</p>\n<p>Those stocks have been some of the hottest on Wall Street, surging amid a shift to online working and the election of U.S. President Joe Biden raising expectations of a policy boost for electric vehicles.</p>\n<p>Now, the prospect of rising inflation amid an economic recovery is driving up bond yields, making the highest priced equities less attractive. The Nasdaq 100 extended its drop to 11% from its all-time high, while the 10-year Treasury rate is around 1.6%.</p>\n<p>The prolonged run of losses across Wood’s funds represents the biggest test yet for the firm she founded in 2014. Investors poured billions of dollars into her ETFs in recent months inspired by Ark’s stellar returns in 2020.</p>\n<p>Recent data showed that Wood’s main fund recorded a small inflow on Thursday, even as it dropped 5.3%. Other funds like the Ark Next Generation Internet ETF (ARKW) and the Ark Genomic Revolution ETF (ARKG) each saw more than $180 million in outflows during Friday’s session. Those funds fell 5.3% and 4% on Monday, respectively.</p>\n<p>Short interest in ARKK, as measured by the percentage of available shares that are on loan, has climbed to a record of more than 5%, according to data from IHS Markit Ltd. Bearish bets had eased slightly on Thursday.</p>\n<p>Still, ARKK has yet to see a large-scale investor exodus despite the recent trouble, possibly due to dip buyers snapping up cheaper shares. Plus the fund is still up more than 100% in the past year.</p>\n<p>“For high-flying niche ETFs that hit a rough patch, money historically has left more slowly than it came in, and we expect ARKK’s flows to be similarly mixed for some time,” Eric Balchunas, ETF analyst for Bloomberg Intelligence, wrote in a recent note.</p>\n<p>(Adds context throughout.)</p>","source":"lsy1584095487587","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>Cathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nCathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 10:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155746710","content_text":"(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our highest-conviction names,” its founder Cathie Wood said.\nWood’s exchange-traded funds fell again Monday, extending a selloff that has wiped 30% from her flagship investing strategy since a Feb. 12 high. Ark Innovation just logged a third week of declines, the longest stretch of weekly losses since the Covid 19-spurred meltdown last year, according to data compiled by Bloomberg. The fund fell for a fifth day Monday, losing 5.8%, with other products from Wood’s Ark Investment Management dropping in lockstep.\nSpeaking in an interview with Bloomberg TV Monday night, Wood said the market is experiencing a rotation out of high-growth companies and into value stocks that is “happening very quickly” and is a sign of the bull market broadening. Her strategy in such an environment is to treat her more liquid holdings such as Facebook Inc. and Apple Inc. as “cash-like instruments” and concentrate her funds in higher-conviction stocks.\nA broadening market “is good news,” she said. “We keep our eye on the prize. We have a five-year time horizon.”\nA glance at some of the biggest Ark holdings helps explain the firm’s current woes: Tesla Inc., its top bet, dropped 5.8% Monday, while Square Inc. plunged 6.7%, and Teladoc Health Inc. declined 6.9%. All of them have been tumbling in recent weeks.\nThose stocks have been some of the hottest on Wall Street, surging amid a shift to online working and the election of U.S. President Joe Biden raising expectations of a policy boost for electric vehicles.\nNow, the prospect of rising inflation amid an economic recovery is driving up bond yields, making the highest priced equities less attractive. The Nasdaq 100 extended its drop to 11% from its all-time high, while the 10-year Treasury rate is around 1.6%.\nThe prolonged run of losses across Wood’s funds represents the biggest test yet for the firm she founded in 2014. Investors poured billions of dollars into her ETFs in recent months inspired by Ark’s stellar returns in 2020.\nRecent data showed that Wood’s main fund recorded a small inflow on Thursday, even as it dropped 5.3%. Other funds like the Ark Next Generation Internet ETF (ARKW) and the Ark Genomic Revolution ETF (ARKG) each saw more than $180 million in outflows during Friday’s session. Those funds fell 5.3% and 4% on Monday, respectively.\nShort interest in ARKK, as measured by the percentage of available shares that are on loan, has climbed to a record of more than 5%, according to data from IHS Markit Ltd. Bearish bets had eased slightly on Thursday.\nStill, ARKK has yet to see a large-scale investor exodus despite the recent trouble, possibly due to dip buyers snapping up cheaper shares. Plus the fund is still up more than 100% in the past year.\n“For high-flying niche ETFs that hit a rough patch, money historically has left more slowly than it came in, and we expect ARKK’s flows to be similarly mixed for some time,” Eric Balchunas, ETF analyst for Bloomberg Intelligence, wrote in a recent note.\n(Adds context throughout.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329546917,"gmtCreate":1615263012939,"gmtModify":1703486434680,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Pro","listText":"Pro","text":"Pro","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329546917","repostId":"1185392550","repostType":4,"repost":{"id":"1185392550","pubTimestamp":1615260305,"share":"https://www.laohu8.com/m/news/1185392550?lang=&edition=full","pubTime":"2021-03-09 11:25","market":"us","language":"en","title":"Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important","url":"https://stock-news.laohu8.com/highlight/detail?id=1185392550","media":"Barrons","summary":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And ","content":"<p>(March&nbsp;9)&nbsp;Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.</p><p>The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&amp;P 500 index.</p><p>In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.</p><p>Berkshire shares have bested the S&amp;P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.</p><p>The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.</p><p>Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.</p><p>WSJ&nbsp;Jobs&nbsp;Summmit&nbsp;|&nbsp;Succeed&nbsp;in&nbsp;the&nbsp;Search&nbsp;|&nbsp;March&nbsp;4</p><p>Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.</p><p>This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill &amp; Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.</p><p>Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.</p><p>It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.</p><p>That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.</p><p>Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.</p><p>The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.</p><p>There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.</p><p>Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.</p><p>Here’s what Buffett wrote:</p><blockquote>When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.</blockquote><blockquote>However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.</blockquote>","source":"lsy1601382232898","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>Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nBerkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 11:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO ...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185392550","content_text":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.WSJ Jobs Summmit | Succeed in the Search | March 4Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.Here’s what Buffett wrote:When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329979514,"gmtCreate":1615203108838,"gmtModify":1703485597096,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"印尼咖里辣","listText":"印尼咖里辣","text":"印尼咖里辣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329979514","repostId":"1109561292","repostType":4,"repost":{"id":"1109561292","pubTimestamp":1615203010,"share":"https://www.laohu8.com/m/news/1109561292?lang=&edition=full","pubTime":"2021-03-08 19:30","market":"us","language":"en","title":"A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109561292","media":"Barrons","summary":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and lo","content":"<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.</p>\n<p>Canadian Pension Plan Investment Board disclosed that it invested more in&nbsp;Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and&nbsp;Intel&nbsp;(INTC), and trimmed holdings in&nbsp;Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.</p>\n<p>The CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.</p>\n<p>The pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.</p>\n<p>Apple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&amp;P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.</p>\n<p>Buzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.</p>\n<p>The CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.</p>\n<p>GE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.</p>\n<p>Shares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.</p>\n<p>Intel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.</p>\n<p>Intel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.</p>\n<p>The pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.</p>\n<p>CPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.</p>\n<p>Coca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.</p>\n<p>Coca-Cola stock is a top<i>Barron’s</i>pick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.</p>","source":"lsy1601382232898","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>A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nA Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-08 19:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.\nCanadian Pension Plan Investment ...</p>\n\n<a href=\"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天","INTC":"英特尔","AAPL":"苹果","KO":"可口可乐"},"source_url":"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109561292","content_text":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.\nCanadian Pension Plan Investment Board disclosed that it invested more in Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and Intel (INTC), and trimmed holdings in Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.\nThe CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.\nThe pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.\nApple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.\nBuzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.\nThe CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.\nGE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.\nShares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.\nIntel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.\nIntel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.\nThe pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.\nCPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.\nCoca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.\nCoca-Cola stock is a topBarron’spick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":367331263,"gmtCreate":1614909103652,"gmtModify":1703482824540,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367331263","repostId":"1151606825","repostType":4,"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367331399,"gmtCreate":1614909091211,"gmtModify":1703482823854,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367331399","repostId":"1151606825","repostType":4,"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364140689,"gmtCreate":1614826684141,"gmtModify":1703481642870,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/364140689","repostId":"2116522854","repostType":4,"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365233209,"gmtCreate":1614742823601,"gmtModify":1703480555577,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Really?&nbsp;","listText":"Really?&nbsp;","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365233209","repostId":"1178860453","repostType":4,"repost":{"id":"1178860453","pubTimestamp":1614737603,"share":"https://www.laohu8.com/m/news/1178860453?lang=&edition=full","pubTime":"2021-03-03 10:13","market":"us","language":"en","title":"Ting Hsin Weighing $800 Million IPO of KFC’s Chinese Rival","url":"https://stock-news.laohu8.com/highlight/detail?id=1178860453","media":"Bloomberg","summary":"(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong bran","content":"<p>(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, people with knowledge of the matter said.</p>\n<p>The firm has invited banks to pitch for a role on the listing, said the people, who asked not to be identified as the information is private. The Taiwanese company may include restaurant chains Dicos, a prominent fried chicken brand, and Master Kong Chef’s Table, which specializes in Taiwan-style beef noodles, in the Hong Kong listing, the people said. The IPO could raise about $800 million, one of the people said.</p>\n<p>Deliberations are at an early stage and the company may decide not to pursue an IPO, the people said. A representative for Ting Hsin couldn’t immediately comment.</p>\n<p>Dicos operates about 2,600 outlets across China and has more than 70,000 employees serving 600 million customers annually, according to a press release. It announced in January that it has added plant-based egg substitute JUST Egg to its menu at over 500 locations in China.</p>\n<p>The chain ranks third in China by market share among limited service restaurants, which comprise fast food and fully-takeaway outlets, according to market research provider Euromonitor International. Dicos’ 1.2% share puts it behind only Yum China Holdings Inc.’s KFC and McDonald’s Corp. in the country.</p>\n<p>Ting Hsin is a major shareholder in Tingyi (Cayman Island) Holding Corp., a Hong Kong-listed firm that sells Master Kong-branded noodles, teas and juices, and which is PepsiCo Inc.’s official partner in China.</p>","source":"lsy1584095487587","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>Ting Hsin Weighing $800 Million IPO of KFC’s Chinese Rival</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nTing Hsin Weighing $800 Million IPO of KFC’s Chinese Rival\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-03 10:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178860453","content_text":"(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, people with knowledge of the matter said.\nThe firm has invited banks to pitch for a role on the listing, said the people, who asked not to be identified as the information is private. The Taiwanese company may include restaurant chains Dicos, a prominent fried chicken brand, and Master Kong Chef’s Table, which specializes in Taiwan-style beef noodles, in the Hong Kong listing, the people said. The IPO could raise about $800 million, one of the people said.\nDeliberations are at an early stage and the company may decide not to pursue an IPO, the people said. A representative for Ting Hsin couldn’t immediately comment.\nDicos operates about 2,600 outlets across China and has more than 70,000 employees serving 600 million customers annually, according to a press release. It announced in January that it has added plant-based egg substitute JUST Egg to its menu at over 500 locations in China.\nThe chain ranks third in China by market share among limited service restaurants, which comprise fast food and fully-takeaway outlets, according to market research provider Euromonitor International. Dicos’ 1.2% share puts it behind only Yum China Holdings Inc.’s KFC and McDonald’s Corp. in the country.\nTing Hsin is a major shareholder in Tingyi (Cayman Island) Holding Corp., a Hong Kong-listed firm that sells Master Kong-branded noodles, teas and juices, and which is PepsiCo Inc.’s official partner in China.","news_type":1},"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362903895,"gmtCreate":1614582046817,"gmtModify":1703478440770,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"Smart","listText":"Smart","text":"Smart","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/362903895","repostId":"1163386540","repostType":4,"repost":{"id":"1163386540","pubTimestamp":1614579494,"share":"https://www.laohu8.com/m/news/1163386540?lang=&edition=full","pubTime":"2021-03-01 14:18","market":"us","language":"en","title":"In Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners","url":"https://stock-news.laohu8.com/highlight/detail?id=1163386540","media":"Benzinga","summary":"As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — min","content":"<p>As&nbsp;<b>Bitcoin</b> trudges back on the path to $50,000, whales are battling the other dominant players — miners,&nbsp; in the backdrop.</p>\n<p><b>What Happened:</b>On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a whale war, and you know who got the real power.”</p>\n<p>Ki observed that while whales and U.S. institutional investor parameters were signaling BUY, Miners were indicating SELL.</p>\n<p>The analyst posted a chart indicating the money flow of BTC transferred to and from affiliated miners’ wallets.</p>\n<p>It's a whale war, and you know who got the real power.</p>\n<p>US Institutional Investors</p>\n<ul>\n <li>Coinbase Outflow = STRONG BUY</li>\n <li>Coinbase Premium = BUY</li>\n</ul>\n<p>BTC Whales</p>\n<ul>\n <li>BTC Reserve = BUY</li>\n <li>Stablecoin Inflow TXs = BUY</li>\n</ul>\n<p>Miners</p>\n<ul>\n <li>Miner Outflows = SELL</li>\n <li>Miner to Exchange Flows = SELL</li>\n</ul>\n<p>The apex cryptocurrency traded 0.32% lower at $46,369.59 at press time. BTC hit a 24-hour high of $46,576.97, according to CoinMarketCap data.</p>\n<p><b>Why It Matters:</b>Earlier, Kiurgedhis followers on social media not to blame mining pool owners as the outflows came from affiliated miners, who have participated in the mining pool at least once.</p>\n<p>The analyst’s Twitter posts spurred a robust debate with some people observing that miners have the power in the current power equation, while others alluding to collusion between whales and miners.</p>\n<p><img src=\"https://static.tigerbbs.com/d4b880ad8879f03a740a72724652e246\" tg-width=\"580\" tg-height=\"805\">Bitcoin has fallen 24% in the past seven days leading up to Sunday, making it the worst week for the cryptocurrency since March 2020.</p>\n<p>The cryptocurrency is up nearly 60% year-to-date at press time, buoyed by institutional interest, including from&nbsp;<b>Tesla Inc.</b>,&nbsp;<b>MicroStrategy Inc.</b>,&nbsp;<b>Square Inc.</b>, and&nbsp;<b>PayPal Holdings Inc.</b>.</p>","source":"lsy1606299360108","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>In Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners</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; 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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\">\nIn Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 14:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — miners,  in the backdrop.\nWhat Happened:On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a...</p>\n\n<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","PYPL":"PayPal","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163386540","content_text":"As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — miners,  in the backdrop.\nWhat Happened:On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a whale war, and you know who got the real power.”\nKi observed that while whales and U.S. institutional investor parameters were signaling BUY, Miners were indicating SELL.\nThe analyst posted a chart indicating the money flow of BTC transferred to and from affiliated miners’ wallets.\nIt's a whale war, and you know who got the real power.\nUS Institutional Investors\n\nCoinbase Outflow = STRONG BUY\nCoinbase Premium = BUY\n\nBTC Whales\n\nBTC Reserve = BUY\nStablecoin Inflow TXs = BUY\n\nMiners\n\nMiner Outflows = SELL\nMiner to Exchange Flows = SELL\n\nThe apex cryptocurrency traded 0.32% lower at $46,369.59 at press time. BTC hit a 24-hour high of $46,576.97, according to CoinMarketCap data.\nWhy It Matters:Earlier, Kiurgedhis followers on social media not to blame mining pool owners as the outflows came from affiliated miners, who have participated in the mining pool at least once.\nThe analyst’s Twitter posts spurred a robust debate with some people observing that miners have the power in the current power equation, while others alluding to collusion between whales and miners.\nBitcoin has fallen 24% in the past seven days leading up to Sunday, making it the worst week for the cryptocurrency since March 2020.\nThe cryptocurrency is up nearly 60% year-to-date at press time, buoyed by institutional interest, including from Tesla Inc., MicroStrategy Inc., Square Inc., and PayPal Holdings Inc..","news_type":1},"isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360846951,"gmtCreate":1613891347173,"gmtModify":1634551932800,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559427160267055","idStr":"3559427160267055"},"themes":[],"htmlText":"All in?//<a href=\"https://laohu8.com/U/3568717943755464\">@sakam0t0</a>:Ok","listText":"All in?//<a href=\"https://laohu8.com/U/3568717943755464\">@sakam0t0</a>:Ok","text":"All in?//@sakam0t0:Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/360846951","repostId":"1163973263","repostType":4,"isVote":1,"tweetType":1,"viewCount":269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":360846951,"gmtCreate":1613891347173,"gmtModify":1634551932800,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"All in?//<a href=\"https://laohu8.com/U/3568717943755464\">@sakam0t0</a>:Ok","listText":"All in?//<a href=\"https://laohu8.com/U/3568717943755464\">@sakam0t0</a>:Ok","text":"All in?//@sakam0t0:Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/360846951","repostId":"1163973263","repostType":4,"isVote":1,"tweetType":1,"viewCount":269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328482638,"gmtCreate":1615551358624,"gmtModify":1703490796009,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Sakam","listText":"Sakam","text":"Sakam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/328482638","repostId":"2118525879","repostType":4,"repost":{"id":"2118525879","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615551169,"share":"https://www.laohu8.com/m/news/2118525879?lang=&edition=full","pubTime":"2021-03-12 20:12","market":"us","language":"en","title":"Tesla in talks with India's Tata Power for EV charging infrastructure: report","url":"https://stock-news.laohu8.com/highlight/detail?id=2118525879","media":"Reuters","summary":"BENGALURU, March 12  - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan","content":"<p>BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.</p>\n<p>Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.</p>\n<p>Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters</p>\n<p>The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..</p>\n<p>The two companies were not immediately available for comment.</p>\n<p>In January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.</p>\n<p>Tata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla in talks with India's Tata Power for EV charging infrastructure: report</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nTesla in talks with India's Tata Power for EV charging infrastructure: report\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-12 20:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.</p>\n<p>Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.</p>\n<p>Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters</p>\n<p>The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..</p>\n<p>The two companies were not immediately available for comment.</p>\n<p>In January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.</p>\n<p>Tata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118525879","content_text":"BENGALURU, March 12 (Reuters) - Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.\nShares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.\nTesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters\nThe talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet, the report said..\nThe two companies were not immediately available for comment.\nIn January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.\nTata Motors Ltd, the carmaking unit of Tata Sons, last week deniedbit.ly/3kKLz1Many tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.","news_type":1},"isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323789980,"gmtCreate":1615375636340,"gmtModify":1703488086969,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/323789980","repostId":"1144270781","repostType":4,"isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359206465,"gmtCreate":1616400739757,"gmtModify":1634526050028,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359206465","repostId":"1194949679","repostType":4,"repost":{"id":"1194949679","pubTimestamp":1616399585,"share":"https://www.laohu8.com/m/news/1194949679?lang=&edition=full","pubTime":"2021-03-22 15:53","market":"us","language":"en","title":"Ant’s Alipay Rolls Out Investment Advisory Platform in China","url":"https://stock-news.laohu8.com/highlight/detail?id=1194949679","media":"Bloomberg","summary":"Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers","content":"<ul>\n <li>Tougu Guanjia functions like a supermarket for robo advisers</li>\n <li>Ant is working with five asset managers as part of debut</li>\n</ul>\n<p>Ant Group Co.&nbsp;created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.</p>\n<p>Five Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to chose robo advisory services from the platform that functions like a supermarket.</p>\n<p>The service is in addition to Ant’s existing joint venture with Vanguard Group Inc. and helps it further expand in the robo advisory industry that’s expected to reach&nbsp;$1.1 trillion&nbsp;by 2027 in China. Ant functions as a pipeline and helps verify user identity.</p>\n<p>The five asset managers include&nbsp;Harvest Fund Management Co., Southern Asset Management Co., Zhong Ou Asset Management Co.,E Fund Management Co., and&nbsp;China Asset Management Co.All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.</p>\n<p>A total of 18 companies are approved by the&nbsp;China Securities Regulatory Commission&nbsp;to offer fund investment advisory services in the country.</p>","source":"lsy1584095487587","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>Ant’s Alipay Rolls Out Investment Advisory Platform in China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nAnt’s Alipay Rolls Out Investment Advisory Platform in China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 15:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers as part of debut\n\nAnt Group Co. created an investment advisory platform on its Alipay app, allowing...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"06688":"蚂蚁集团","09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-22/ant-s-alipay-rolls-out-investment-advisory-platform-in-china","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194949679","content_text":"Tougu Guanjia functions like a supermarket for robo advisers\nAnt is working with five asset managers as part of debut\n\nAnt Group Co. created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.\nFive Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to chose robo advisory services from the platform that functions like a supermarket.\nThe service is in addition to Ant’s existing joint venture with Vanguard Group Inc. and helps it further expand in the robo advisory industry that’s expected to reach $1.1 trillion by 2027 in China. Ant functions as a pipeline and helps verify user identity.\nThe five asset managers include Harvest Fund Management Co., Southern Asset Management Co., Zhong Ou Asset Management Co.,E Fund Management Co., and China Asset Management Co.All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.\nA total of 18 companies are approved by the China Securities Regulatory Commission to offer fund investment advisory services in the country.","news_type":1},"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329546275,"gmtCreate":1615263049497,"gmtModify":1703486435197,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Ark","listText":"Ark","text":"Ark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/329546275","repostId":"1155746710","repostType":4,"repost":{"id":"1155746710","pubTimestamp":1615258748,"share":"https://www.laohu8.com/m/news/1155746710?lang=&edition=full","pubTime":"2021-03-09 10:59","market":"us","language":"en","title":"Cathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF","url":"https://stock-news.laohu8.com/highlight/detail?id=1155746710","media":"Bloomberg","summary":"(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a ","content":"<p>(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our highest-conviction names,” its founder Cathie Wood said.</p>\n<p>Wood’s exchange-traded funds fell again Monday, extending a selloff that has wiped 30% from her flagship investing strategy since a Feb. 12 high. Ark Innovation just logged a third week of declines, the longest stretch of weekly losses since the Covid 19-spurred meltdown last year, according to data compiled by Bloomberg. The fund fell for a fifth day Monday, losing 5.8%, with other products from Wood’s Ark Investment Management dropping in lockstep.</p>\n<p>Speaking in an interview with Bloomberg TV Monday night, Wood said the market is experiencing a rotation out of high-growth companies and into value stocks that is “happening very quickly” and is a sign of the bull market broadening. Her strategy in such an environment is to treat her more liquid holdings such as Facebook Inc. and Apple Inc. as “cash-like instruments” and concentrate her funds in higher-conviction stocks.</p>\n<p>A broadening market “is good news,” she said. “We keep our eye on the prize. We have a five-year time horizon.”</p>\n<p>A glance at some of the biggest Ark holdings helps explain the firm’s current woes: Tesla Inc., its top bet, dropped 5.8% Monday, while Square Inc. plunged 6.7%, and Teladoc Health Inc. declined 6.9%. All of them have been tumbling in recent weeks.</p>\n<p>Those stocks have been some of the hottest on Wall Street, surging amid a shift to online working and the election of U.S. President Joe Biden raising expectations of a policy boost for electric vehicles.</p>\n<p>Now, the prospect of rising inflation amid an economic recovery is driving up bond yields, making the highest priced equities less attractive. The Nasdaq 100 extended its drop to 11% from its all-time high, while the 10-year Treasury rate is around 1.6%.</p>\n<p>The prolonged run of losses across Wood’s funds represents the biggest test yet for the firm she founded in 2014. Investors poured billions of dollars into her ETFs in recent months inspired by Ark’s stellar returns in 2020.</p>\n<p>Recent data showed that Wood’s main fund recorded a small inflow on Thursday, even as it dropped 5.3%. Other funds like the Ark Next Generation Internet ETF (ARKW) and the Ark Genomic Revolution ETF (ARKG) each saw more than $180 million in outflows during Friday’s session. Those funds fell 5.3% and 4% on Monday, respectively.</p>\n<p>Short interest in ARKK, as measured by the percentage of available shares that are on loan, has climbed to a record of more than 5%, according to data from IHS Markit Ltd. Bearish bets had eased slightly on Thursday.</p>\n<p>Still, ARKK has yet to see a large-scale investor exodus despite the recent trouble, possibly due to dip buyers snapping up cheaper shares. Plus the fund is still up more than 100% in the past year.</p>\n<p>“For high-flying niche ETFs that hit a rough patch, money historically has left more slowly than it came in, and we expect ARKK’s flows to be similarly mixed for some time,” Eric Balchunas, ETF analyst for Bloomberg Intelligence, wrote in a recent note.</p>\n<p>(Adds context throughout.)</p>","source":"lsy1584095487587","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>Cathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nCathie Wood Keeps ‘Eye on the Prize’ as Rotation Pummels Ark ETF\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 10:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/cathie-wood-having-worst-run-102954992.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155746710","content_text":"(Bloomberg) -- The violent stock rotation that sent the Ark Innovation ETF to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our highest-conviction names,” its founder Cathie Wood said.\nWood’s exchange-traded funds fell again Monday, extending a selloff that has wiped 30% from her flagship investing strategy since a Feb. 12 high. Ark Innovation just logged a third week of declines, the longest stretch of weekly losses since the Covid 19-spurred meltdown last year, according to data compiled by Bloomberg. The fund fell for a fifth day Monday, losing 5.8%, with other products from Wood’s Ark Investment Management dropping in lockstep.\nSpeaking in an interview with Bloomberg TV Monday night, Wood said the market is experiencing a rotation out of high-growth companies and into value stocks that is “happening very quickly” and is a sign of the bull market broadening. Her strategy in such an environment is to treat her more liquid holdings such as Facebook Inc. and Apple Inc. as “cash-like instruments” and concentrate her funds in higher-conviction stocks.\nA broadening market “is good news,” she said. “We keep our eye on the prize. We have a five-year time horizon.”\nA glance at some of the biggest Ark holdings helps explain the firm’s current woes: Tesla Inc., its top bet, dropped 5.8% Monday, while Square Inc. plunged 6.7%, and Teladoc Health Inc. declined 6.9%. All of them have been tumbling in recent weeks.\nThose stocks have been some of the hottest on Wall Street, surging amid a shift to online working and the election of U.S. President Joe Biden raising expectations of a policy boost for electric vehicles.\nNow, the prospect of rising inflation amid an economic recovery is driving up bond yields, making the highest priced equities less attractive. The Nasdaq 100 extended its drop to 11% from its all-time high, while the 10-year Treasury rate is around 1.6%.\nThe prolonged run of losses across Wood’s funds represents the biggest test yet for the firm she founded in 2014. Investors poured billions of dollars into her ETFs in recent months inspired by Ark’s stellar returns in 2020.\nRecent data showed that Wood’s main fund recorded a small inflow on Thursday, even as it dropped 5.3%. Other funds like the Ark Next Generation Internet ETF (ARKW) and the Ark Genomic Revolution ETF (ARKG) each saw more than $180 million in outflows during Friday’s session. Those funds fell 5.3% and 4% on Monday, respectively.\nShort interest in ARKK, as measured by the percentage of available shares that are on loan, has climbed to a record of more than 5%, according to data from IHS Markit Ltd. Bearish bets had eased slightly on Thursday.\nStill, ARKK has yet to see a large-scale investor exodus despite the recent trouble, possibly due to dip buyers snapping up cheaper shares. Plus the fund is still up more than 100% in the past year.\n“For high-flying niche ETFs that hit a rough patch, money historically has left more slowly than it came in, and we expect ARKK’s flows to be similarly mixed for some time,” Eric Balchunas, ETF analyst for Bloomberg Intelligence, wrote in a recent note.\n(Adds context throughout.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362903895,"gmtCreate":1614582046817,"gmtModify":1703478440770,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Smart","listText":"Smart","text":"Smart","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/362903895","repostId":"1163386540","repostType":4,"repost":{"id":"1163386540","pubTimestamp":1614579494,"share":"https://www.laohu8.com/m/news/1163386540?lang=&edition=full","pubTime":"2021-03-01 14:18","market":"us","language":"en","title":"In Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners","url":"https://stock-news.laohu8.com/highlight/detail?id=1163386540","media":"Benzinga","summary":"As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — min","content":"<p>As&nbsp;<b>Bitcoin</b> trudges back on the path to $50,000, whales are battling the other dominant players — miners,&nbsp; in the backdrop.</p>\n<p><b>What Happened:</b>On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a whale war, and you know who got the real power.”</p>\n<p>Ki observed that while whales and U.S. institutional investor parameters were signaling BUY, Miners were indicating SELL.</p>\n<p>The analyst posted a chart indicating the money flow of BTC transferred to and from affiliated miners’ wallets.</p>\n<p>It's a whale war, and you know who got the real power.</p>\n<p>US Institutional Investors</p>\n<ul>\n <li>Coinbase Outflow = STRONG BUY</li>\n <li>Coinbase Premium = BUY</li>\n</ul>\n<p>BTC Whales</p>\n<ul>\n <li>BTC Reserve = BUY</li>\n <li>Stablecoin Inflow TXs = BUY</li>\n</ul>\n<p>Miners</p>\n<ul>\n <li>Miner Outflows = SELL</li>\n <li>Miner to Exchange Flows = SELL</li>\n</ul>\n<p>The apex cryptocurrency traded 0.32% lower at $46,369.59 at press time. BTC hit a 24-hour high of $46,576.97, according to CoinMarketCap data.</p>\n<p><b>Why It Matters:</b>Earlier, Kiurgedhis followers on social media not to blame mining pool owners as the outflows came from affiliated miners, who have participated in the mining pool at least once.</p>\n<p>The analyst’s Twitter posts spurred a robust debate with some people observing that miners have the power in the current power equation, while others alluding to collusion between whales and miners.</p>\n<p><img src=\"https://static.tigerbbs.com/d4b880ad8879f03a740a72724652e246\" tg-width=\"580\" tg-height=\"805\">Bitcoin has fallen 24% in the past seven days leading up to Sunday, making it the worst week for the cryptocurrency since March 2020.</p>\n<p>The cryptocurrency is up nearly 60% year-to-date at press time, buoyed by institutional interest, including from&nbsp;<b>Tesla Inc.</b>,&nbsp;<b>MicroStrategy Inc.</b>,&nbsp;<b>Square Inc.</b>, and&nbsp;<b>PayPal Holdings Inc.</b>.</p>","source":"lsy1606299360108","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>In Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nIn Bitcoin's Path Back To $50,000, Institutional Investors, Whales Battle Miners\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 14:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — miners,  in the backdrop.\nWhat Happened:On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a...</p>\n\n<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","PYPL":"PayPal","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/02/19904210/in-bitcoins-path-back-to-50-000-institutional-investors-whales-battle-miners","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163386540","content_text":"As Bitcoin trudges back on the path to $50,000, whales are battling the other dominant players — miners,  in the backdrop.\nWhat Happened:On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter, “It's a whale war, and you know who got the real power.”\nKi observed that while whales and U.S. institutional investor parameters were signaling BUY, Miners were indicating SELL.\nThe analyst posted a chart indicating the money flow of BTC transferred to and from affiliated miners’ wallets.\nIt's a whale war, and you know who got the real power.\nUS Institutional Investors\n\nCoinbase Outflow = STRONG BUY\nCoinbase Premium = BUY\n\nBTC Whales\n\nBTC Reserve = BUY\nStablecoin Inflow TXs = BUY\n\nMiners\n\nMiner Outflows = SELL\nMiner to Exchange Flows = SELL\n\nThe apex cryptocurrency traded 0.32% lower at $46,369.59 at press time. BTC hit a 24-hour high of $46,576.97, according to CoinMarketCap data.\nWhy It Matters:Earlier, Kiurgedhis followers on social media not to blame mining pool owners as the outflows came from affiliated miners, who have participated in the mining pool at least once.\nThe analyst’s Twitter posts spurred a robust debate with some people observing that miners have the power in the current power equation, while others alluding to collusion between whales and miners.\nBitcoin has fallen 24% in the past seven days leading up to Sunday, making it the worst week for the cryptocurrency since March 2020.\nThe cryptocurrency is up nearly 60% year-to-date at press time, buoyed by institutional interest, including from Tesla Inc., MicroStrategy Inc., Square Inc., and PayPal Holdings Inc..","news_type":1},"isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365233209,"gmtCreate":1614742823601,"gmtModify":1703480555577,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Really?&nbsp;","listText":"Really?&nbsp;","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365233209","repostId":"1178860453","repostType":4,"repost":{"id":"1178860453","pubTimestamp":1614737603,"share":"https://www.laohu8.com/m/news/1178860453?lang=&edition=full","pubTime":"2021-03-03 10:13","market":"us","language":"en","title":"Ting Hsin Weighing $800 Million IPO of KFC’s Chinese Rival","url":"https://stock-news.laohu8.com/highlight/detail?id=1178860453","media":"Bloomberg","summary":"(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong bran","content":"<p>(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, people with knowledge of the matter said.</p>\n<p>The firm has invited banks to pitch for a role on the listing, said the people, who asked not to be identified as the information is private. The Taiwanese company may include restaurant chains Dicos, a prominent fried chicken brand, and Master Kong Chef’s Table, which specializes in Taiwan-style beef noodles, in the Hong Kong listing, the people said. The IPO could raise about $800 million, one of the people said.</p>\n<p>Deliberations are at an early stage and the company may decide not to pursue an IPO, the people said. A representative for Ting Hsin couldn’t immediately comment.</p>\n<p>Dicos operates about 2,600 outlets across China and has more than 70,000 employees serving 600 million customers annually, according to a press release. It announced in January that it has added plant-based egg substitute JUST Egg to its menu at over 500 locations in China.</p>\n<p>The chain ranks third in China by market share among limited service restaurants, which comprise fast food and fully-takeaway outlets, according to market research provider Euromonitor International. Dicos’ 1.2% share puts it behind only Yum China Holdings Inc.’s KFC and McDonald’s Corp. in the country.</p>\n<p>Ting Hsin is a major shareholder in Tingyi (Cayman Island) Holding Corp., a Hong Kong-listed firm that sells Master Kong-branded noodles, teas and juices, and which is PepsiCo Inc.’s official partner in China.</p>","source":"lsy1584095487587","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>Ting Hsin Weighing $800 Million IPO of KFC’s Chinese Rival</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nTing Hsin Weighing $800 Million IPO of KFC’s Chinese Rival\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-03 10:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/ting-hsin-weighing-800-million-100152657.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178860453","content_text":"(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, people with knowledge of the matter said.\nThe firm has invited banks to pitch for a role on the listing, said the people, who asked not to be identified as the information is private. The Taiwanese company may include restaurant chains Dicos, a prominent fried chicken brand, and Master Kong Chef’s Table, which specializes in Taiwan-style beef noodles, in the Hong Kong listing, the people said. The IPO could raise about $800 million, one of the people said.\nDeliberations are at an early stage and the company may decide not to pursue an IPO, the people said. A representative for Ting Hsin couldn’t immediately comment.\nDicos operates about 2,600 outlets across China and has more than 70,000 employees serving 600 million customers annually, according to a press release. It announced in January that it has added plant-based egg substitute JUST Egg to its menu at over 500 locations in China.\nThe chain ranks third in China by market share among limited service restaurants, which comprise fast food and fully-takeaway outlets, according to market research provider Euromonitor International. Dicos’ 1.2% share puts it behind only Yum China Holdings Inc.’s KFC and McDonald’s Corp. in the country.\nTing Hsin is a major shareholder in Tingyi (Cayman Island) Holding Corp., a Hong Kong-listed firm that sells Master Kong-branded noodles, teas and juices, and which is PepsiCo Inc.’s official partner in China.","news_type":1},"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329979514,"gmtCreate":1615203108838,"gmtModify":1703485597096,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"印尼咖里辣","listText":"印尼咖里辣","text":"印尼咖里辣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329979514","repostId":"1109561292","repostType":4,"repost":{"id":"1109561292","pubTimestamp":1615203010,"share":"https://www.laohu8.com/m/news/1109561292?lang=&edition=full","pubTime":"2021-03-08 19:30","market":"us","language":"en","title":"A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109561292","media":"Barrons","summary":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and lo","content":"<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.</p>\n<p>Canadian Pension Plan Investment Board disclosed that it invested more in&nbsp;Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and&nbsp;Intel&nbsp;(INTC), and trimmed holdings in&nbsp;Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.</p>\n<p>The CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.</p>\n<p>The pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.</p>\n<p>Apple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&amp;P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.</p>\n<p>Buzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.</p>\n<p>The CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.</p>\n<p>GE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.</p>\n<p>Shares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.</p>\n<p>Intel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.</p>\n<p>Intel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.</p>\n<p>The pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.</p>\n<p>CPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.</p>\n<p>Coca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.</p>\n<p>Coca-Cola stock is a top<i>Barron’s</i>pick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.</p>","source":"lsy1601382232898","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>A Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nA Giant Pension Bought Apple, GE, and Intel Stock. Here’s What It Sold.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-08 19:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.\nCanadian Pension Plan Investment ...</p>\n\n<a href=\"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天","INTC":"英特尔","AAPL":"苹果","KO":"可口可乐"},"source_url":"https://www.barrons.com/articles/pension-bought-apple-ge-intel-stock-sold-coca-cola-51614715921?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109561292","content_text":"One of the largest pensions in the world recently bought more shares of the maker of iPhones, and loaded up on large-cap stocks that lagged behind the market in 2020.\nCanadian Pension Plan Investment Board disclosed that it invested more in Apple(ticker: AAPL) stock, significantly lifted its stakes in General Electric (GE) and Intel (INTC), and trimmed holdings in Coca-Cola(KO). The CPPIB disclosed the stock trades, among others, ina form it filedwith the Securities and Exchange Commission.\nThe CPPIB, which managed assets totaling $376 billion at Dec. 31, declined to comment on the moves.\nThe pension bought 969,407 more Apple shares in the fourth quarter to end 2020 with 7.3 million shares.\nApple stock surged 80.8% in 2020, but so far in 2021, it has slipped 8.5%. In comparison, theS&P 500 index,a measure of the broader market, rose 16.3% last year, and is up 2.3% so far in 2021.\nBuzz is buildingfor the upcoming iPhone, just a few months after the arrival of the iPhone 12 lineup, and related orders seem to be flowing from Apple through its supply chain. One analyst expects moreMacBook Pro laptopmodels this year. Most intriguing, though, are rumors that Apple isdeveloping a car.\nThe CPPIB nearly quintupled its investment in GE stock by buying 6 million more shares of the conglomerate to end the fourth quarter with 7.6 million shares.\nGE stock slipped 3.2% in 2020, but it has wiped out that loss and more with a gain of 25.9% so far in 2021.\nShares of GE got a lift near the end of January as its fourth-quarter results showed the company is generating plenty offree cash flow. One bullish analyst subsequently wrote that GE stockcould hit $15, while the stock closed Friday at $13.60. Arecovery in manufacturinghas benefited GE and its industrial peers.\nIntel stock slid 16.8% in 2020, but it has more than made up for that loss by surging 21.9% year to date.\nIntel announceda CEO changein January, and outgoing CEO Bob Swanbought stocknear the end of his tenure. Intel has been consideringoutsourcing chip production, but new CEO Pat Gelsinger has said the company will continue tomake the majority of its chips in house.\nThe pension bought 2.67 million more Intel shares, swelling its holdings to 2.74 million shares of the chip giant at year-end 2020.\nCPPIB sold 473,458 Coca-Cola shares in the fourth quarter, trimming its holdings to 4.9 million shares of the beverage giant.\nCoca-Cola stock slipped 1% in 2020, and so far in 2021 it has slipped 7.4%.\nCoca-Cola stock is a topBarron’spick for 2021. “With half of its sales coming from restaurants, stadiums, and other out-of-home locations, Coca-Cola was slammed by the pandemic,” we wrote. “Yet as the world normalizes in 2021, it stands to benefit.” The company reported upbeatfourth-quarter earningsin early February. Also last month, Randall Eley, manager of the portfolio manager of the Edgar Lomax Value fund (LOMAX), told us he wasupbeat on the shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":364140689,"gmtCreate":1614826684141,"gmtModify":1703481642870,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/364140689","repostId":"2116522854","repostType":4,"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862506405,"gmtCreate":1632886948553,"gmtModify":1632910447373,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"See that <a href=\"https://laohu8.com/S/00700\">$TENCENT(00700)$</a>monthly candle?&nbsp;Buyers are building its volume and seems like to me it is about to overtake sellers.&nbsp;Sellers might find this level is not suitable tofurther their short position.&nbsp;But im&nbsp;ready to invest much&nbsp;more if it drops another 50%.&nbsp;#tencent#0700#china#hongkong#bets#wallstreetcrash#wallstreetbets#beta","listText":"See that <a href=\"https://laohu8.com/S/00700\">$TENCENT(00700)$</a>monthly candle?&nbsp;Buyers are building its volume and seems like to me it is about to overtake sellers.&nbsp;Sellers might find this level is not suitable tofurther their short position.&nbsp;But im&nbsp;ready to invest much&nbsp;more if it drops another 50%.&nbsp;#tencent#0700#china#hongkong#bets#wallstreetcrash#wallstreetbets#beta","text":"See that $TENCENT(00700)$monthly candle? Buyers are building its volume and seems like to me it is about to overtake sellers. Sellers might find this level is not suitable tofurther their short position. But im ready to invest much more if it drops another 50%. #tencent#0700#china#hongkong#bets#wallstreetcrash#wallstreetbets#beta","images":[{"img":"https://static.tigerbbs.com/775c6bac7e5fb157d8b8f5ad0e3f2e53","width":"750","height":"2179"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862506405","isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":329546917,"gmtCreate":1615263012939,"gmtModify":1703486434680,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Pro","listText":"Pro","text":"Pro","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329546917","repostId":"1185392550","repostType":4,"repost":{"id":"1185392550","pubTimestamp":1615260305,"share":"https://www.laohu8.com/m/news/1185392550?lang=&edition=full","pubTime":"2021-03-09 11:25","market":"us","language":"en","title":"Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important","url":"https://stock-news.laohu8.com/highlight/detail?id=1185392550","media":"Barrons","summary":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And ","content":"<p>(March&nbsp;9)&nbsp;Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.</p><p>The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&amp;P 500 index.</p><p>In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.</p><p>Berkshire shares have bested the S&amp;P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.</p><p>The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.</p><p>Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.</p><p>WSJ&nbsp;Jobs&nbsp;Summmit&nbsp;|&nbsp;Succeed&nbsp;in&nbsp;the&nbsp;Search&nbsp;|&nbsp;March&nbsp;4</p><p>Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.</p><p>This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill &amp; Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.</p><p>Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.</p><p>It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.</p><p>That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.</p><p>Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.</p><p>The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.</p><p>There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.</p><p>Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.</p><p>Here’s what Buffett wrote:</p><blockquote>When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.</blockquote><blockquote>However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.</blockquote>","source":"lsy1601382232898","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>Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nBerkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 11:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO ...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185392550","content_text":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.WSJ Jobs Summmit | Succeed in the Search | March 4Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.Here’s what Buffett wrote:When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862991061,"gmtCreate":1632825647583,"gmtModify":1632826920067,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Crypto, Gold, Stocks indexes, Timber, all had their chances to break history high record.But one hasn’t.&nbsp;Crude oil!!&nbsp;The momentum is picking up and it will be wildest ever to beat the history.&nbsp;#crypto#gold#nasdaq#timber#s&amp;p#biden#xi#bets","listText":"Crypto, Gold, Stocks indexes, Timber, all had their chances to break history high record.But one hasn’t.&nbsp;Crude oil!!&nbsp;The momentum is picking up and it will be wildest ever to beat the history.&nbsp;#crypto#gold#nasdaq#timber#s&amp;p#biden#xi#bets","text":"Crypto, Gold, Stocks indexes, Timber, all had their chances to break history high record.But one hasn’t. Crude oil!! The momentum is picking up and it will be wildest ever to beat the history. #crypto#gold#nasdaq#timber#s&p#biden#xi#bets","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862991061","isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":343107579,"gmtCreate":1617684854791,"gmtModify":1634297109686,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343107579","repostId":"2125757547","repostType":4,"repost":{"id":"2125757547","pubTimestamp":1617610742,"share":"https://www.laohu8.com/m/news/2125757547?lang=&edition=full","pubTime":"2021-04-05 16:19","market":"us","language":"en","title":"FOMC meeting minutes, Powell speaks: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2125757547","media":"Yahoo Finance","summary":"Traders returning from the long holiday weekend will turn their attention to more commentary out of ","content":"<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.</p><p>The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.</p><p>Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.</p><p>Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.</p><h2>'Forecast disagreement'</h2><h2></h2><p>According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is <a href=\"https://laohu8.com/S/AONE\">one</a> drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"</p><p>\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00f01f2ead30a11c8273f332b00d3da\" tg-width=\"6000\" tg-height=\"4000\" referrerpolicy=\"no-referrer\"><span>WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty Images</span></p><p>But while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.</p><p>Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.</p><p>\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"</p><p>While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.</p><p>That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.</p><p>The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.</p><p>\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)</p></li><li><p><b>Tuesday:</b> JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March Meeting</p></li><li><p><b>Thursday: </b>Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)</p></li><li><p><b>Friday:</b> Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)</p></li></ul><h2>Earnings calendar</h2><ul><li><p><b>Monday: </b>N/A</p></li><li><p><b>Tuesday: </b>N/A</p></li><li><p><b>Wednesday:</b> N/A</p></li><li><p><b>Thursday:</b> Constellation Brands (STZ) before market open</p></li><li><p><b>Friday: </b>N/A</p></li></ul>","source":"yahoofinance_au","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>FOMC meeting minutes, Powell speaks: What to know this week</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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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\">\nFOMC meeting minutes, Powell speaks: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-05 16:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125757547","content_text":"Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.'Forecast disagreement'According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is one drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty ImagesBut while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.Economic calendarMonday: Markit U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)Tuesday: JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)Wednesday: MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March MeetingThursday: Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)Friday: Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)Earnings calendarMonday: N/ATuesday: N/AWednesday: N/AThursday: Constellation Brands (STZ) before market openFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349276291,"gmtCreate":1617620635713,"gmtModify":1634297527579,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349276291","repostId":"2125757547","repostType":4,"repost":{"id":"2125757547","pubTimestamp":1617610742,"share":"https://www.laohu8.com/m/news/2125757547?lang=&edition=full","pubTime":"2021-04-05 16:19","market":"us","language":"en","title":"FOMC meeting minutes, Powell speaks: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2125757547","media":"Yahoo Finance","summary":"Traders returning from the long holiday weekend will turn their attention to more commentary out of ","content":"<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.</p><p>The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.</p><p>Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.</p><p>Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.</p><h2>'Forecast disagreement'</h2><h2></h2><p>According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is <a href=\"https://laohu8.com/S/AONE\">one</a> drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"</p><p>\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00f01f2ead30a11c8273f332b00d3da\" tg-width=\"6000\" tg-height=\"4000\" referrerpolicy=\"no-referrer\"><span>WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty Images</span></p><p>But while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.</p><p>Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.</p><p>\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"</p><p>While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.</p><p>That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.</p><p>The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.</p><p>\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)</p></li><li><p><b>Tuesday:</b> JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March Meeting</p></li><li><p><b>Thursday: </b>Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)</p></li><li><p><b>Friday:</b> Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)</p></li></ul><h2>Earnings calendar</h2><ul><li><p><b>Monday: </b>N/A</p></li><li><p><b>Tuesday: </b>N/A</p></li><li><p><b>Wednesday:</b> N/A</p></li><li><p><b>Thursday:</b> Constellation Brands (STZ) before market open</p></li><li><p><b>Friday: </b>N/A</p></li></ul>","source":"yahoofinance_au","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>FOMC meeting minutes, Powell speaks: What to know this week</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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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\">\nFOMC meeting minutes, Powell speaks: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-05 16:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/fomc-meeting-minutes-powell-speaks-what-to-know-in-the-week-ahead-154814153.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125757547","content_text":"Traders returning from the long holiday weekend will turn their attention to more commentary out of the Federal Reserve, with the Federal Open Market Committee's latest meeting minutes and a speech from Fed Chair Jerome Powell on deck. Relatively few new economic data reports or corporate earnings results are scheduled for release.The FOMC's meeting minutes, due out Wednesday afternoon, will elucidate members' thinking from their March meeting. At the conclusion of that meeting, the central bank's median forecast for economic growth was sharply upwardly revised, reflecting improving growth trends as the trajectory of new COVID-19 infections improved and vaccinations broadened out. The central bank said it expects real GDP to grow 6.5% this year, versus the 4.2% rate it anticipated in December. The Fed also said it sees the unemployment rate improving to 4.5% by year-end before returning to its pre-pandemic level of 3.5% by 2023.Despite these improving projections, the Fed still telegraphed that interest rates would likely remain on hold at current near-zero levels through 2023, with the central bank maintaining its ultra-accommodative monetary policy posturing despite a quicker-than-previously-expected economic recovery. Market participants have been wary of this message, with the Fed suggesting a stubborn tilt toward easy monetary policy even in the face of rising inflation. The Fed's latest forecast showed the median member believed core inflation would rise to 2.4% this year, hitting and exceeding the Fed's 2% target two years earlier than previously anticipated.Fed Chair Powell said in his mid-March press conference that inflation would need to be \"on track to exceed 2% moderately for some time\" in order for the Fed to consider its inflation goal met and allow for liftoff on rates. However, that assertion has left some room for interpretation by market participants, leading many to speculate the Fed may be pushed to adjust policy sooner than it has recently telegraphed.'Forecast disagreement'According to a recent survey from Deustche Bank, \"The current gap between the market and the Fed is mostly about forecast disagreement. In particular, survey respondents expect that core PCE in the 2.2%-2.3% range in 2022 and 2023 will beget a more hawkish Fed response,\" Deutsche Bank economist Matthew Luzzetti wrote in a note. \"While we learned at the FOMC meeting that 2.1% core PCE [personal consumption expenditures] inflation is not sufficiently high to trigger liftoff, it is still unclear whether inflation rates in the 2.2%-2.3% range — as expected by our survey and market pricing — would be high enough to get the Fed to tighten. This ambiguity is one drawback of the Fed's flexible average inflation targeting (FAIT) approach which leaves key parameters undefined.\"\"If the Fed were to clearly signal that core PCE inflation in the 2.2%-2.3% range for a year or two is consistent with their view of FAIT and would not trigger a tightening of monetary policy, they could impact market pricing,\" he added. \"Conversely, if the FOMC believes they would raise rates in response to these inflation realizations, then the market is currently pricing an appropriate reaction function and it will take some time for a verdict on whether the Fed or market is correct about the persistence of this inflation shock.\"WASHINGTON, DC - JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)Samuel Corum via Getty ImagesBut while the jury appears to be out among market participants when it comes to the timing of the next rate hike, many agree that the first step toward tightening by the Federal Reserve will likely occur in their crisis-era asset purchase program. Fed Chair Powell said that the central bank would be looking for \"substantial further progress\" — and specifically \"actual progress\" in the data and not \"forecast progress\" — toward the Fed's employment and inflation goals before considering tapering.Still, with the latest batch of March economic data exceeding estimates, the Fed may soon begin offering up firmer guidance around its plan for tapering the $120 billion per-month asset purchase program, which was first put into place at the start of the pandemic last year.\"Financial conditions should remain quite accommodative for a while, and in our view risks an overshoot,\" Rich Rieder, BlackRock chief investment officer, said in a note. \"We think that the Fed should be able to taper asset purchases sooner than many expect and perhaps by the end of the year, or early next year, which suggests to us that communicating its plan could come as early as the June meeting.\"While the forthcoming meeting minutes will not take into account FOMC members' appraisal of the latest batch of economic data, it will offer market participants a sense of whether some members were inclined to look past the first signs of a faster-than-expected economic recovery in dictating the direction of monetary policy.That said, Fed Chair Powell's public remarks this coming Thursday will offer a more timely view of the central bank's policy thinking. Powell will be speaking at an International Monetary Fund panel on the global economy Thursday afternoon.The discussion will come about a week after the Labor Department's March jobs report, which showed a much better than expected gain of 916,000 non-farm payrolls and a dip in the unemployment rate to 6.0%. Plus, last week's Institute for Supply Management's manufacturing purchasing managers' index unexpectedly jumped to a 37-year high, with some survey participants already citing a rise in commodity prices and a supply and demand mismatch that could exacerbate upward price pressures. Market participants will eye Powell's address to see whether or not these prints shift the needle in the Fed's monetary policy projections.\"We expect that as the data come in, the volatility in Fed views will become more pronounced over coming months,\" RBC Capital Markets economists wrote in a note last week.Economic calendarMonday: Markit U.S. Services PMI, March Final (60.2 expected, 60.0 in prior print); Markit U.S. Composite PMI, March Final (59.1 in prior print); ISM Services Index, March (58.7 expected, 55.3 in February); Factory Orders, February (-0.5% expected, 2.6% in January); Durable Goods Orders, February Final (-1.1% expected, -1.1% in prior print); Durable Goods Orders excluding transportation, February final (-0.9% expected, -0.9% in prior print); Non-defense capital goods orders excluding aircraft, February final (-0.8% in prior print); Non-defense capital goods shipments excluding aircraft, February final (-1.0% in prior print)Tuesday: JOLTS Job Openings, February (6.944 million expected, 6.917 million in prior print)Wednesday: MBA Mortgage Applications, week ended April 2 (-2.2% during prior week); Trade Balance, February (-$70.5 billion expected, -$68.2 billion in January); Consumer credit, February ($2.800 billion expected, -$1.315 billion in January) FOMC Meeting Minutes, March MeetingThursday: Initial jobless claims, week ended April 3 (690,000 expected, 719,000 during prior week); Continuing claims, week ended March 27 (3.794 million during prior week)Friday: Producer Price Index, month-over-month, March (0.5% expected, 0.5% in February); Producer Price Index excluding food and energy, month-over-month, March (0.2% expected, 0.2% in February); Producer Price Index, year-over-year, March (3.8% expected, 2.5% in February); Producer Price Index excluding food and energy year-over-year, March (2.7% expected, 2.5% in February); Wholesale inventories, month-over-month, February final (0.5% expected, 0.5% in prior print)Earnings calendarMonday: N/ATuesday: N/AWednesday: N/AThursday: Constellation Brands (STZ) before market openFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359202242,"gmtCreate":1616400790186,"gmtModify":1634526049541,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359202242","repostId":"1178841475","repostType":4,"repost":{"id":"1178841475","pubTimestamp":1616397529,"share":"https://www.laohu8.com/m/news/1178841475?lang=&edition=full","pubTime":"2021-03-22 15:18","market":"us","language":"en","title":"Zhihu IPO: China's Quora With Surging Sales Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1178841475","media":"seekingalpha","summary":"Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quor","content":"<p><b>Summary</b></p>\n<ul>\n <li>Zhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.</li>\n <li>Zhihu has become the largest online question and answer community in China.</li>\n <li>The company generated a strong sales growth of 101.7% YoY to reach 1,352.2 million RMB in 2020. Operating margins improved from -157.9% in 2019 to -44.6% in 2020.</li>\n <li>Our base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively.</li>\n <li>In the first few days of trading post-IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/42b34bc66f3b200f1bd94f5bfa2529a9\" tg-width=\"618\" tg-height=\"279\"><span>Photo by aelitta/iStock via Getty Images</span></p>\n<p><b>Valuation Analysis</b></p>\n<p>Zhihu Technology (ZH) announced its IPO terms. It plans to raise up to $632.5 million offering 55 million ADSs. The IPO price range is from $9.50 to $11.5 per share. At the midpoint of the IPO price range, the company would be valued at $6.2 billion. At the high end of the IPO price range ($11.5 per share), it would be valued at $6.8 billion. Along with the IPO, Zhihu also plans to raise $250 million in a private placement to Alibaba (BABA), JD.com(NASDAQ:JD), Tencent(OTCPK:TCEHY), and Lilith Games.</p>\n<p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p>\n<p>In our valuation analysis, we have used the following seven companies below as comps that may be appropriate for Zhihu:</p>\n<ul>\n <li>Baidu (BIDU)</li>\n <li>DouYu (DOYU)</li>\n <li>iQIYI (IQ)</li>\n <li>JOYY (YY)</li>\n <li>Weibo Corp. (WB)</li>\n <li>Bilibili (BILI)</li>\n <li>KuaishouTech(OTCPK:KUASF)</li>\n</ul>\n<p>Our base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively. We do believe that there will be a first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis (market cap of $9.0 billion or $15.2 per share). In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.</p>\n<p>Our base case valuation assumes our 2022E sales estimate of 3.7 billion RMB ($566 million) and apply an EV/Sales multiple of 10.4x to derive an implied EV of 38.3 billion RMB and an implied market cap of 46.1 billion RMB ($7.1 billion). The EV/Sales multiple of 10.4x is based on a 20% premium to the average of Kuaishou Tech andBilibili'sEV/Sales multiples in 2022.</p>\n<p>We believe the 20% premium to the average of these two companies is appropriate for Zhihu mainly due to the latter company's much higher sales growth. For example, Zhihu's sales increased by 101.7% YoY in 2020. In comparison,Bilibili'ssales increased by 77% YoY and the consensus expects Kuaishou Tech's sales to increase by 50.5% YoY in 2020. The consensus expects Bilibili and Kuaishou Tech's sales to increase by 69.8% YoY and 59.3% YoY, respectively in 2021.</p>\n<p>In comparison, we expect Zhihu's sales to increase by 74.9% in 2021. Despite higher sales growth for Zhihu, Bilibili and Kuaishou Tech have much larger market caps and are closer to achieving positive operating margins. With regards to Zhihu, despite slowing growth rate for its advertising revenues, its Paid Memberships and Content Commerce Revenues are exploding higher and many investors are likely to give higher points on these positive growth factors.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Mkt Cap (US$ bil)</b></td>\n   <td><b>Sales (US$bil); 2019</b></td>\n   <td><b>Sales (US$bil); 2020</b></td>\n   <td><b>Sales (US$bil); 2021E</b></td>\n   <td><b>Sales (US$bil); 2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>86.7</td>\n   <td>15.5</td>\n   <td>15.5</td>\n   <td>19.4</td>\n   <td>22.2</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>4.2</td>\n   <td>1.1</td>\n   <td>1.5</td>\n   <td>1.6</td>\n   <td>1.9</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>21.9</td>\n   <td>4.2</td>\n   <td>4.3</td>\n   <td>5.0</td>\n   <td>5.7</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>9.3</td>\n   <td>3.7</td>\n   <td>4.0</td>\n   <td>4.4</td>\n   <td>5.1</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>11.8</td>\n   <td>1.8</td>\n   <td>1.7</td>\n   <td>2.0</td>\n   <td>2.2</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>38.4</td>\n   <td>1.0</td>\n   <td>1.7</td>\n   <td>3.0</td>\n   <td>4.2</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>170.5</td>\n   <td>5.7</td>\n   <td>8.5</td>\n   <td>13.6</td>\n   <td>19.9</td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>P/S (2019)</b></td>\n   <td><b>P/S (2020)</b></td>\n   <td><b>P/S (2021E)</b></td>\n   <td><b>P/S (2022E)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>5.6</td>\n   <td>5.6</td>\n   <td>4.5</td>\n   <td>3.9</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>4.0</td>\n   <td>2.9</td>\n   <td>2.6</td>\n   <td>2.2</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>5.2</td>\n   <td>5.1</td>\n   <td>4.4</td>\n   <td>3.9</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>2.5</td>\n   <td>2.4</td>\n   <td>2.1</td>\n   <td>1.8</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>6.7</td>\n   <td>7.1</td>\n   <td>5.9</td>\n   <td>5.4</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>39.1</td>\n   <td>22.1</td>\n   <td>13.0</td>\n   <td>9.1</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>30.1</td>\n   <td>20.0</td>\n   <td>12.6</td>\n   <td>8.6</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>13.3</b></td>\n   <td><b>9.3</b></td>\n   <td><b>6.4</b></td>\n   <td><b>5.0</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>% Sales Change YoY</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>-0.1%</td>\n   <td>25.2%</td>\n   <td>14.2%</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>39.5%</td>\n   <td>9.5%</td>\n   <td>18.7%</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>2.6%</td>\n   <td>16.1%</td>\n   <td>13.4%</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>6.6%</td>\n   <td>11.4%</td>\n   <td>16.4%</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>-5.4%</td>\n   <td>19.2%</td>\n   <td>10.4%</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>77.4%</td>\n   <td>69.8%</td>\n   <td>43.1%</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>50.5%</td>\n   <td>59.3%</td>\n   <td>46.6%</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>24.4%</b></td>\n   <td><b>30.1%</b></td>\n   <td><b>23.2%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2019</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2020</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2021E</b></td>\n   <td><b>Operating Profit/(Loss) (US$bil); 2022E</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>0.9</td>\n   <td>3.2</td>\n   <td>3.0</td>\n   <td>3.7</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>-0.1</td>\n   <td>0.1</td>\n   <td>0.0</td>\n   <td>0.2</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>-1.3</td>\n   <td>-0.9</td>\n   <td>-0.7</td>\n   <td>-0.2</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>0.4</td>\n   <td>0.4</td>\n   <td>0.5</td>\n   <td>0.6</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>0.6</td>\n   <td>0.5</td>\n   <td>0.6</td>\n   <td>0.7</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>-0.2</td>\n   <td>-0.4</td>\n   <td>-0.5</td>\n   <td>-0.2</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>0.1</td>\n   <td>-1.6</td>\n   <td>-1.1</td>\n   <td>1.4</td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>Operating Margin (2019); (%)</b></td>\n   <td><b>Operating Margin (2020); (%)</b></td>\n   <td><b>Operating Margin (2021E); (%)</b></td>\n   <td><b>Operating Margin (2022E); (%)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>5.9%</td>\n   <td>20.3%</td>\n   <td>15.6%</td>\n   <td>16.7%</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>-6.9%</td>\n   <td>6.8%</td>\n   <td>1.2%</td>\n   <td>8.3%</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>-31.7%</td>\n   <td>-20.2%</td>\n   <td>-13.2%</td>\n   <td>-3.8%</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>10.2%</td>\n   <td>9.4%</td>\n   <td>10.4%</td>\n   <td>12.3%</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>33.9%</td>\n   <td>28.6%</td>\n   <td>28.1%</td>\n   <td>31.0%</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>-21.4%</td>\n   <td>-25.9%</td>\n   <td>-18.2%</td>\n   <td>-4.0%</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>1.8%</td>\n   <td>-18.4%</td>\n   <td>-7.9%</td>\n   <td>7.1%</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>-1.2%</b></td>\n   <td><b>0.1%</b></td>\n   <td><b>2.3%</b></td>\n   <td><b>9.7%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Comparable Companies Valuation Analysis</b></td>\n  </tr>\n  <tr>\n   <td><b>Companies</b></td>\n   <td><b>EV/S (2019)</b></td>\n   <td><b>EV/S (2020)</b></td>\n   <td><b>EV/S (2021E)</b></td>\n   <td><b>EV/S (2022E)</b></td>\n  </tr>\n  <tr>\n   <td>Baidu</td>\n   <td>4.8</td>\n   <td>4.8</td>\n   <td>3.8</td>\n   <td>3.3</td>\n  </tr>\n  <tr>\n   <td>DouYu</td>\n   <td>2.9</td>\n   <td>2.1</td>\n   <td>1.9</td>\n   <td>1.6</td>\n  </tr>\n  <tr>\n   <td>iQIYI</td>\n   <td>5.4</td>\n   <td>5.3</td>\n   <td>4.6</td>\n   <td>4.0</td>\n  </tr>\n  <tr>\n   <td>JOYY</td>\n   <td>1.8</td>\n   <td>1.7</td>\n   <td>1.5</td>\n   <td>1.3</td>\n  </tr>\n  <tr>\n   <td>Weibo</td>\n   <td>6.8</td>\n   <td>7.2</td>\n   <td>6.0</td>\n   <td>5.4</td>\n  </tr>\n  <tr>\n   <td>Bilibili</td>\n   <td>38.5</td>\n   <td>21.7</td>\n   <td>12.8</td>\n   <td>8.9</td>\n  </tr>\n  <tr>\n   <td>Kuaishou Tech</td>\n   <td>29.5</td>\n   <td>19.6</td>\n   <td>12.3</td>\n   <td>8.4</td>\n  </tr>\n  <tr>\n   <td><b>Average</b></td>\n   <td><b>12.8</b></td>\n   <td><b>8.9</b></td>\n   <td><b>6.1</b></td>\n   <td><b>4.7</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data, Yahoo Finance, Marketscreener</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied EV)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(million RMB)</b></td>\n   <td><p><b>EV/S;2022E</b></p></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>3,315</b></td>\n   <td>31,030</td>\n   <td>34,478</td>\n   <td>41,373</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million RMB); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>3,683</b></td>\n   <td>34,478</td>\n   <td><b>38,308</b></td>\n   <td>45,970</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>4,052</b></td>\n   <td>37,925</td>\n   <td>42,139</td>\n   <td>50,567</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(million RMB)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>3,315</b></td>\n   <td>38,807</td>\n   <td>42,255</td>\n   <td>49,150</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million RMB); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>3,683</b></td>\n   <td>42,255</td>\n   <td><b>46,086</b></td>\n   <td>53,747</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>4,052</b></td>\n   <td>45,703</td>\n   <td>49,917</td>\n   <td>58,344</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(US$ million)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>509</b></td>\n   <td>5,961</td>\n   <td>6,491</td>\n   <td>7,550</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million USD); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>566</b></td>\n   <td>6,491</td>\n   <td><b>7,079</b></td>\n   <td>8,256</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>622</b></td>\n   <td>7,020</td>\n   <td>7,668</td>\n   <td>8,962</td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Zhihu Comparable Companies Valuation Sensitivity Analysis (Implied Price Per Share)</b></p></td>\n  </tr>\n  <tr>\n   <td><b>(US$)</b></td>\n   <td><b>EV/S; 2022E</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>Base</b></td>\n   <td><b>High</b></td>\n  </tr>\n  <tr>\n   <td><b>9.4</b></td>\n   <td><b>10.4</b></td>\n   <td><b>12.5</b></td>\n  </tr>\n  <tr>\n   <td><b>Low</b></td>\n   <td><b>509</b></td>\n   <td>10.1</td>\n   <td>11.0</td>\n   <td>12.8</td>\n  </tr>\n  <tr>\n   <td><b>Estimated sales (million USD); 2022E</b></td>\n   <td><b>Base</b></td>\n   <td><b>566</b></td>\n   <td>11.0</td>\n   <td><b>12.0</b></td>\n   <td>14.0</td>\n  </tr>\n  <tr>\n   <td><b>High</b></td>\n   <td><b>622</b></td>\n   <td>11.9</td>\n   <td>13.0</td>\n   <td><b>15.2</b></td>\n  </tr>\n  <tr>\n   <td>Source: Our Estimates</td>\n  </tr>\n </tbody>\n</table>\n<p><b>Zhihu Income Statement Forecast</b></p>\n<p>We estimate the company's sales to increase by 74.9% YoY to reach 2.36 billion RMB in 2021 and increase by 55.8% YoY to reach 3.68 billion RMB in 2022. From 2020 to 2025, we estimate the company's sales to increase at a CAGR of 43.4%. We have assumed Zhihu to start generating positive operating margins in 2024 (4.8%) and have assumed its operating margin to increase to 10.1% in 2025. We have assumed the company's sales to reach 8.21 billion RMB ($1.26 billion) and operating profit of 0.83 billion RMB ($0.13 billion) in 2025.</p>\n<p><b>Sales Breakdown</b></p>\n<p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p>\n<p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p>\n<p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p>\n<p><b>Gross Margins</b></p>\n<p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p>\n<p><b>Total Operating Expenses and Operating Margins</b></p>\n<p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihu Income Statement Forecast</b></td>\n  </tr>\n  <tr>\n   <td><b>(RMB mn)</b></td>\n   <td><b>2019</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td><b>Revenue</b></td>\n   <td><b>670.5</b></td>\n   <td><b>1,352.2</b></td>\n   <td><b>2,364.8</b></td>\n   <td><b>3,683.3</b></td>\n   <td><b>5,180.8</b></td>\n   <td><b>6,691.5</b></td>\n   <td><b>8,212.6</b></td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>577.4</td>\n   <td>843.3</td>\n   <td>1,076.2</td>\n   <td>1,254.6</td>\n   <td>1,441.8</td>\n   <td>1,635.4</td>\n   <td>1,833.0</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>88.0</td>\n   <td>320.5</td>\n   <td>743.8</td>\n   <td>1,333.4</td>\n   <td>1,967.6</td>\n   <td>2,529.0</td>\n   <td>3,106.3</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>0.6</td>\n   <td>135.8</td>\n   <td>421.0</td>\n   <td>863.0</td>\n   <td>1,406.7</td>\n   <td>2,027.1</td>\n   <td>2,652.8</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>4.5</td>\n   <td>52.7</td>\n   <td>123.7</td>\n   <td>232.3</td>\n   <td>364.8</td>\n   <td>500.0</td>\n   <td>620.5</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>358.2</td>\n   <td>594.4</td>\n   <td>1,008.3</td>\n   <td>1,523.4</td>\n   <td>2,078.5</td>\n   <td>2,604.0</td>\n   <td>3,100.1</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>312.3</b></td>\n   <td><b>757.8</b></td>\n   <td><b>1,356.5</b></td>\n   <td><b>2,159.9</b></td>\n   <td><b>3,102.3</b></td>\n   <td><b>4,087.4</b></td>\n   <td><b>5,112.5</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>766.5</td>\n   <td>734.8</td>\n   <td>963.7</td>\n   <td>1,275.9</td>\n   <td>1,525.5</td>\n   <td>1,773.2</td>\n   <td>1,958.7</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>351.0</td>\n   <td>329.8</td>\n   <td>490.2</td>\n   <td>725.3</td>\n   <td>969.2</td>\n   <td>1,189.2</td>\n   <td>1,386.6</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>253.3</td>\n   <td>296.2</td>\n   <td>414.3</td>\n   <td>548.6</td>\n   <td>655.9</td>\n   <td>804.7</td>\n   <td>938.3</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>1,370.7</td>\n   <td>1,360.7</td>\n   <td>1,868.3</td>\n   <td>2,549.8</td>\n   <td>3,150.5</td>\n   <td>3,767.2</td>\n   <td>4,283.6</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-1,058.5</b></td>\n   <td><b>-602.9</b></td>\n   <td><b>-511.8</b></td>\n   <td><b>-389.9</b></td>\n   <td><b>-48.2</b></td>\n   <td><b>320.2</b></td>\n   <td><b>828.9</b></td>\n  </tr>\n  <tr>\n   <td>Non-Operating Items</td>\n   <td>54.3</td>\n   <td>86.4</td>\n   <td>103.5</td>\n   <td>51.8</td>\n   <td>31.1</td>\n   <td>18.6</td>\n   <td>11.2</td>\n  </tr>\n  <tr>\n   <td>Earnings Before Tax</td>\n   <td>-1,004.2</td>\n   <td>-516.5</td>\n   <td>-408.3</td>\n   <td>-338.2</td>\n   <td>-17.2</td>\n   <td>338.9</td>\n   <td>840.1</td>\n  </tr>\n  <tr>\n   <td>Income Tax</td>\n   <td>0.0</td>\n   <td>1.1</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n   <td>0.0</td>\n  </tr>\n  <tr>\n   <td><b>Net Loss</b></td>\n   <td><b>-1,004.2</b></td>\n   <td><b>-517.6</b></td>\n   <td><b>-408.3</b></td>\n   <td><b>-338.2</b></td>\n   <td><b>-17.2</b></td>\n   <td><b>338.9</b></td>\n   <td><b>840.1</b></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><b>% of Sales</b></td>\n   <td><b>2019</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td>Revenue</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n   <td>100.0%</td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>86.1%</td>\n   <td>62.4%</td>\n   <td>45.5%</td>\n   <td>34.1%</td>\n   <td>27.8%</td>\n   <td>24.4%</td>\n   <td>22.3%</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>13.1%</td>\n   <td>23.7%</td>\n   <td>31.5%</td>\n   <td>36.2%</td>\n   <td>38.0%</td>\n   <td>37.8%</td>\n   <td>37.8%</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>0.1%</td>\n   <td>10.0%</td>\n   <td>17.8%</td>\n   <td>23.4%</td>\n   <td>27.2%</td>\n   <td>30.3%</td>\n   <td>32.3%</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>0.7%</td>\n   <td>3.9%</td>\n   <td>5.2%</td>\n   <td>6.3%</td>\n   <td>7.0%</td>\n   <td>7.5%</td>\n   <td>7.6%</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>53.4%</td>\n   <td>44.0%</td>\n   <td>42.6%</td>\n   <td>41.4%</td>\n   <td>40.1%</td>\n   <td>38.9%</td>\n   <td>37.7%</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>46.6%</b></td>\n   <td><b>56.0%</b></td>\n   <td><b>57.4%</b></td>\n   <td><b>58.6%</b></td>\n   <td><b>59.9%</b></td>\n   <td><b>61.1%</b></td>\n   <td><b>62.3%</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>114.3%</td>\n   <td>54.3%</td>\n   <td>40.8%</td>\n   <td>34.6%</td>\n   <td>29.4%</td>\n   <td>26.5%</td>\n   <td>23.8%</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>52.3%</td>\n   <td>24.4%</td>\n   <td>20.7%</td>\n   <td>19.7%</td>\n   <td>18.7%</td>\n   <td>17.8%</td>\n   <td>16.9%</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>37.8%</td>\n   <td>21.9%</td>\n   <td>17.5%</td>\n   <td>14.9%</td>\n   <td>12.7%</td>\n   <td>12.0%</td>\n   <td>11.4%</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>204.4%</td>\n   <td>100.6%</td>\n   <td>79.0%</td>\n   <td>69.2%</td>\n   <td>60.8%</td>\n   <td>56.3%</td>\n   <td>52.2%</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-157.9%</b></td>\n   <td><b>-44.6%</b></td>\n   <td><b>-21.6%</b></td>\n   <td><b>-10.6%</b></td>\n   <td><b>-0.9%</b></td>\n   <td><b>4.8%</b></td>\n   <td><b>10.1%</b></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><b>% Change YoY</b></td>\n   <td><b>2020</b></td>\n   <td><b>2021E</b></td>\n   <td><b>2022E</b></td>\n   <td><b>2023E</b></td>\n   <td><b>2024E</b></td>\n   <td><b>2025E</b></td>\n  </tr>\n  <tr>\n   <td><b>Revenue</b></td>\n   <td><b>101.7%</b></td>\n   <td><b>74.9%</b></td>\n   <td><b>55.8%</b></td>\n   <td><b>40.7%</b></td>\n   <td><b>29.2%</b></td>\n   <td><b>22.7%</b></td>\n  </tr>\n  <tr>\n   <td>Advertising</td>\n   <td>46.0%</td>\n   <td>27.6%</td>\n   <td>16.6%</td>\n   <td>14.9%</td>\n   <td>13.4%</td>\n   <td>12.1%</td>\n  </tr>\n  <tr>\n   <td>Paid Membership</td>\n   <td>264.2%</td>\n   <td>132.1%</td>\n   <td>79.3%</td>\n   <td>47.6%</td>\n   <td>28.5%</td>\n   <td>22.8%</td>\n  </tr>\n  <tr>\n   <td>Content Commerce Solutions</td>\n   <td>21118.8%</td>\n   <td>210.0%</td>\n   <td>105.0%</td>\n   <td>63.0%</td>\n   <td>44.1%</td>\n   <td>30.9%</td>\n  </tr>\n  <tr>\n   <td>Others</td>\n   <td>1081.6%</td>\n   <td>135.0%</td>\n   <td>87.8%</td>\n   <td>57.0%</td>\n   <td>37.1%</td>\n   <td>24.1%</td>\n  </tr>\n  <tr>\n   <td>Cost of Revenue</td>\n   <td>65.9%</td>\n   <td>69.6%</td>\n   <td>51.1%</td>\n   <td>36.4%</td>\n   <td>25.3%</td>\n   <td>19.1%</td>\n  </tr>\n  <tr>\n   <td><b>Gross Profit</b></td>\n   <td><b>142.7%</b></td>\n   <td><b>79.0%</b></td>\n   <td><b>59.2%</b></td>\n   <td><b>43.6%</b></td>\n   <td><b>31.8%</b></td>\n   <td><b>25.1%</b></td>\n  </tr>\n  <tr>\n   <td>SG&amp;A Expenses</td>\n   <td>-4.1%</td>\n   <td>31.2%</td>\n   <td>32.4%</td>\n   <td>19.6%</td>\n   <td>16.2%</td>\n   <td>10.5%</td>\n  </tr>\n  <tr>\n   <td>R&amp;D Expenses</td>\n   <td>-6.1%</td>\n   <td>48.7%</td>\n   <td>48.0%</td>\n   <td>33.6%</td>\n   <td>22.7%</td>\n   <td>16.6%</td>\n  </tr>\n  <tr>\n   <td>G&amp;A Expenses</td>\n   <td>16.9%</td>\n   <td>39.9%</td>\n   <td>32.4%</td>\n   <td>19.6%</td>\n   <td>22.7%</td>\n   <td>16.6%</td>\n  </tr>\n  <tr>\n   <td>Total Operating Expenses</td>\n   <td>-0.7%</td>\n   <td>37.3%</td>\n   <td>36.5%</td>\n   <td>23.6%</td>\n   <td>19.6%</td>\n   <td>13.7%</td>\n  </tr>\n  <tr>\n   <td><b>Loss from Operations</b></td>\n   <td><b>-43.0%</b></td>\n   <td><b>-15.1%</b></td>\n   <td><b>-23.8%</b></td>\n   <td><b>-87.6%</b></td>\n   <td><b>TB</b></td>\n   <td><b>158.8%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Author, from Company data; TB = turned black</td>\n  </tr>\n </tbody>\n</table>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\"><span>Source: Author, from Company data, Our Estimates</span></p>\n<p><b>Company Background</b></p>\n<p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p>\n<p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p>\n<p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p>\n<p><b>Major Shareholders of Zhihu</b></p>\n<p>The founder &amp; CEOZhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p>\n<p><b>Key Demographics</b></p>\n<p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\"><span>Source: Author, from Company data</span></p>\n<p><b>Revenue Breakdown</b></p>\n<p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p>\n<p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p>\n<p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p>\n<p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p>\n<p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p>\n<p><b>Market Opportunities</b></p>\n<p><b>China’s Online Content Communities Market Size</b></p>\n<p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p>\n<p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p>\n<p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p>\n<p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p>\n<p><b>China's Online Content Market</b></p>\n<p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p>\n<p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\"><span>Source: CIC Report</span></p>\n<p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\"><span>Source: CIC Report</span></p>\n<p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\"><span>Source: CIC Report</span></p>\n<p><b>Content-commerce solutions</b></p>\n<p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p>\n<p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\"><span>Source: CIC Report</span></p>\n<p></p>\n<p><b>Employees</b>- At the end of 2020, the company had 1,651 full time employees, all of whom were based in China, primarily at its headquarters in Beijing, China.</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><b>Zhihui Employees Breakdown (At the end of 2020)</b></td>\n  </tr>\n  <tr>\n   <td><b>Function</b></td>\n   <td><b>Number of employees</b></td>\n   <td><b>% of Total Employees</b></td>\n  </tr>\n  <tr>\n   <td>Content and Content-Related Operations</td>\n   <td>461</td>\n   <td>27.9%</td>\n  </tr>\n  <tr>\n   <td>Research and Development</td>\n   <td>672</td>\n   <td>40.7%</td>\n  </tr>\n  <tr>\n   <td>Sales and Marketing</td>\n   <td>337</td>\n   <td>20.4%</td>\n  </tr>\n  <tr>\n   <td>General Administration</td>\n   <td>181</td>\n   <td>11.0%</td>\n  </tr>\n  <tr>\n   <td><b>Total</b></td>\n   <td><b>1,651</b></td>\n   <td><b>100.0%</b></td>\n  </tr>\n  <tr>\n   <td>Source: Company data</td>\n  </tr>\n </tbody>\n</table>\n<p>Key Investment Risks</p>\n<ul>\n <li>Post COVID-19 environment - The COVID-19 has had a positive impact on the company as millions of people in China spent more time at home and increased their time on the Internet and mobile phones which led to usage of more Internet services such as Zhihu. Although the COVID-19 situation currently is not as dire as a year ago, there are still numerous social distancing measures. In the post COVID-19 environment, this could lead to a slower growth rate of its sales and profit improvement.</li>\n <li>Censorship related risks - Given that Zhihu is one of the largest Q&amp;A websites in China, it is likely to face numerous censorship related issues from the Chinese government and this remains one of the key risk factors.</li>\n <li>Recent share price declines of Chinese tech giants and Chinese tech IPOs in the US - There have been some big declines in share prices of several Chinese tech giants includingAlibaba Group (9988 HK)andTencent Holdings (700 HK). Share prices of other Chinese tech giants such as JD.com and Meituan have also declined in the past few weeks but not as much as Alibaba and Tencent. In addition,Cloopen Group Holding Ltd. (RAAS US),which recently completed its IPO in February saw its share price surge in the first day but it has dropped by more than 50% since then.</li>\n <li>Mostly text-based content platform - For now, most of Zhihu's content tend to be text-based, although the company is offering more video and non-text-based content. For the users that prefer non-text-based content, this could deter some people from becoming paid members or users of Zhihu. However, the company is actively making efforts to provide more videos, live streaming, and other non-text-based content. These efforts to provide a more diversified source of content could result in higher operating costs.</li>\n <li>Lack of profitability - Despite strong sales growth, the company remains unprofitable with an operating margin of -44.6% in 2020.</li>\n</ul>","source":"seekingalpha","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>Zhihu IPO: China's Quora With Surging Sales Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nZhihu IPO: China's Quora With Surging Sales Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-22 15:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.\nZhihu has become the largest online question and answer community in ...</p>\n\n<a href=\"https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"source_url":"https://seekingalpha.com/article/4415306-zhihu-ipo-chinas-quora-with-surging-sales-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1178841475","content_text":"Summary\n\nZhihu is expected to complete its IPO in the next few days. Zhihu is basically China's Quora with surging sales growth.\nZhihu has become the largest online question and answer community in China.\nThe company generated a strong sales growth of 101.7% YoY to reach 1,352.2 million RMB in 2020. Operating margins improved from -157.9% in 2019 to -44.6% in 2020.\nOur base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively.\nIn the first few days of trading post-IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.\n\nPhoto by aelitta/iStock via Getty Images\nValuation Analysis\nZhihu Technology (ZH) announced its IPO terms. It plans to raise up to $632.5 million offering 55 million ADSs. The IPO price range is from $9.50 to $11.5 per share. At the midpoint of the IPO price range, the company would be valued at $6.2 billion. At the high end of the IPO price range ($11.5 per share), it would be valued at $6.8 billion. Along with the IPO, Zhihu also plans to raise $250 million in a private placement to Alibaba (BABA), JD.com(NASDAQ:JD), Tencent(OTCPK:TCEHY), and Lilith Games.\nZhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.\nIn our valuation analysis, we have used the following seven companies below as comps that may be appropriate for Zhihu:\n\nBaidu (BIDU)\nDouYu (DOYU)\niQIYI (IQ)\nJOYY (YY)\nWeibo Corp. (WB)\nBilibili (BILI)\nKuaishouTech(OTCPK:KUASF)\n\nOur base case and high case implied market caps of the company are $7.1 billion ($12 per share) and $9.0 billion ($15.2 per share), respectively. We do believe that there will be a first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis (market cap of $9.0 billion or $15.2 per share). In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($12 to $15.2 per share). We have a positive view of the Zhihu IPO.\nOur base case valuation assumes our 2022E sales estimate of 3.7 billion RMB ($566 million) and apply an EV/Sales multiple of 10.4x to derive an implied EV of 38.3 billion RMB and an implied market cap of 46.1 billion RMB ($7.1 billion). The EV/Sales multiple of 10.4x is based on a 20% premium to the average of Kuaishou Tech andBilibili'sEV/Sales multiples in 2022.\nWe believe the 20% premium to the average of these two companies is appropriate for Zhihu mainly due to the latter company's much higher sales growth. For example, Zhihu's sales increased by 101.7% YoY in 2020. In comparison,Bilibili'ssales increased by 77% YoY and the consensus expects Kuaishou Tech's sales to increase by 50.5% YoY in 2020. The consensus expects Bilibili and Kuaishou Tech's sales to increase by 69.8% YoY and 59.3% YoY, respectively in 2021.\nIn comparison, we expect Zhihu's sales to increase by 74.9% in 2021. Despite higher sales growth for Zhihu, Bilibili and Kuaishou Tech have much larger market caps and are closer to achieving positive operating margins. With regards to Zhihu, despite slowing growth rate for its advertising revenues, its Paid Memberships and Content Commerce Revenues are exploding higher and many investors are likely to give higher points on these positive growth factors.\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nMkt Cap (US$ bil)\nSales (US$bil); 2019\nSales (US$bil); 2020\nSales (US$bil); 2021E\nSales (US$bil); 2022E\n\n\nBaidu\n86.7\n15.5\n15.5\n19.4\n22.2\n\n\nDouYu\n4.2\n1.1\n1.5\n1.6\n1.9\n\n\niQIYI\n21.9\n4.2\n4.3\n5.0\n5.7\n\n\nJOYY\n9.3\n3.7\n4.0\n4.4\n5.1\n\n\nWeibo\n11.8\n1.8\n1.7\n2.0\n2.2\n\n\nBilibili\n38.4\n1.0\n1.7\n3.0\n4.2\n\n\nKuaishou Tech\n170.5\n5.7\n8.5\n13.6\n19.9\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nP/S (2019)\nP/S (2020)\nP/S (2021E)\nP/S (2022E)\n\n\nBaidu\n5.6\n5.6\n4.5\n3.9\n\n\nDouYu\n4.0\n2.9\n2.6\n2.2\n\n\niQIYI\n5.2\n5.1\n4.4\n3.9\n\n\nJOYY\n2.5\n2.4\n2.1\n1.8\n\n\nWeibo\n6.7\n7.1\n5.9\n5.4\n\n\nBilibili\n39.1\n22.1\n13.0\n9.1\n\n\nKuaishou Tech\n30.1\n20.0\n12.6\n8.6\n\n\nAverage\n13.3\n9.3\n6.4\n5.0\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\n% Sales Change YoY\n2020\n2021E\n2022E\n\n\nBaidu\n-0.1%\n25.2%\n14.2%\n\n\nDouYu\n39.5%\n9.5%\n18.7%\n\n\niQIYI\n2.6%\n16.1%\n13.4%\n\n\nJOYY\n6.6%\n11.4%\n16.4%\n\n\nWeibo\n-5.4%\n19.2%\n10.4%\n\n\nBilibili\n77.4%\n69.8%\n43.1%\n\n\nKuaishou Tech\n50.5%\n59.3%\n46.6%\n\n\nAverage\n24.4%\n30.1%\n23.2%\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nOperating Profit/(Loss) (US$bil); 2019\nOperating Profit/(Loss) (US$bil); 2020\nOperating Profit/(Loss) (US$bil); 2021E\nOperating Profit/(Loss) (US$bil); 2022E\n\n\nBaidu\n0.9\n3.2\n3.0\n3.7\n\n\nDouYu\n-0.1\n0.1\n0.0\n0.2\n\n\niQIYI\n-1.3\n-0.9\n-0.7\n-0.2\n\n\nJOYY\n0.4\n0.4\n0.5\n0.6\n\n\nWeibo\n0.6\n0.5\n0.6\n0.7\n\n\nBilibili\n-0.2\n-0.4\n-0.5\n-0.2\n\n\nKuaishou Tech\n0.1\n-1.6\n-1.1\n1.4\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nOperating Margin (2019); (%)\nOperating Margin (2020); (%)\nOperating Margin (2021E); (%)\nOperating Margin (2022E); (%)\n\n\nBaidu\n5.9%\n20.3%\n15.6%\n16.7%\n\n\nDouYu\n-6.9%\n6.8%\n1.2%\n8.3%\n\n\niQIYI\n-31.7%\n-20.2%\n-13.2%\n-3.8%\n\n\nJOYY\n10.2%\n9.4%\n10.4%\n12.3%\n\n\nWeibo\n33.9%\n28.6%\n28.1%\n31.0%\n\n\nBilibili\n-21.4%\n-25.9%\n-18.2%\n-4.0%\n\n\nKuaishou Tech\n1.8%\n-18.4%\n-7.9%\n7.1%\n\n\nAverage\n-1.2%\n0.1%\n2.3%\n9.7%\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Analysis\n\n\nCompanies\nEV/S (2019)\nEV/S (2020)\nEV/S (2021E)\nEV/S (2022E)\n\n\nBaidu\n4.8\n4.8\n3.8\n3.3\n\n\nDouYu\n2.9\n2.1\n1.9\n1.6\n\n\niQIYI\n5.4\n5.3\n4.6\n4.0\n\n\nJOYY\n1.8\n1.7\n1.5\n1.3\n\n\nWeibo\n6.8\n7.2\n6.0\n5.4\n\n\nBilibili\n38.5\n21.7\n12.8\n8.9\n\n\nKuaishou Tech\n29.5\n19.6\n12.3\n8.4\n\n\nAverage\n12.8\n8.9\n6.1\n4.7\n\n\nSource: Author, from Company data, Yahoo Finance, Marketscreener\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied EV)\n\n\n(million RMB)\nEV/S;2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n3,315\n31,030\n34,478\n41,373\n\n\nEstimated sales (million RMB); 2022E\nBase\n3,683\n34,478\n38,308\n45,970\n\n\nHigh\n4,052\n37,925\n42,139\n50,567\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)\n\n\n(million RMB)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n3,315\n38,807\n42,255\n49,150\n\n\nEstimated sales (million RMB); 2022E\nBase\n3,683\n42,255\n46,086\n53,747\n\n\nHigh\n4,052\n45,703\n49,917\n58,344\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Market Cap)\n\n\n(US$ million)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n509\n5,961\n6,491\n7,550\n\n\nEstimated sales (million USD); 2022E\nBase\n566\n6,491\n7,079\n8,256\n\n\nHigh\n622\n7,020\n7,668\n8,962\n\n\nSource: Our Estimates\n\n\n\n\n\n\n\nZhihu Comparable Companies Valuation Sensitivity Analysis (Implied Price Per Share)\n\n\n(US$)\nEV/S; 2022E\n\n\nLow\nBase\nHigh\n\n\n9.4\n10.4\n12.5\n\n\nLow\n509\n10.1\n11.0\n12.8\n\n\nEstimated sales (million USD); 2022E\nBase\n566\n11.0\n12.0\n14.0\n\n\nHigh\n622\n11.9\n13.0\n15.2\n\n\nSource: Our Estimates\n\n\n\nZhihu Income Statement Forecast\nWe estimate the company's sales to increase by 74.9% YoY to reach 2.36 billion RMB in 2021 and increase by 55.8% YoY to reach 3.68 billion RMB in 2022. From 2020 to 2025, we estimate the company's sales to increase at a CAGR of 43.4%. We have assumed Zhihu to start generating positive operating margins in 2024 (4.8%) and have assumed its operating margin to increase to 10.1% in 2025. We have assumed the company's sales to reach 8.21 billion RMB ($1.26 billion) and operating profit of 0.83 billion RMB ($0.13 billion) in 2025.\nSales Breakdown\nAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.\nPaid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.\nContent Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.\nGross Margins\nThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.\nTotal Operating Expenses and Operating Margins\nTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.\n\n\n\n\nZhihu Income Statement Forecast\n\n\n(RMB mn)\n2019\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n670.5\n1,352.2\n2,364.8\n3,683.3\n5,180.8\n6,691.5\n8,212.6\n\n\nAdvertising\n577.4\n843.3\n1,076.2\n1,254.6\n1,441.8\n1,635.4\n1,833.0\n\n\nPaid Membership\n88.0\n320.5\n743.8\n1,333.4\n1,967.6\n2,529.0\n3,106.3\n\n\nContent Commerce Solutions\n0.6\n135.8\n421.0\n863.0\n1,406.7\n2,027.1\n2,652.8\n\n\nOthers\n4.5\n52.7\n123.7\n232.3\n364.8\n500.0\n620.5\n\n\nCost of Revenue\n358.2\n594.4\n1,008.3\n1,523.4\n2,078.5\n2,604.0\n3,100.1\n\n\nGross Profit\n312.3\n757.8\n1,356.5\n2,159.9\n3,102.3\n4,087.4\n5,112.5\n\n\nSG&A Expenses\n766.5\n734.8\n963.7\n1,275.9\n1,525.5\n1,773.2\n1,958.7\n\n\nR&D Expenses\n351.0\n329.8\n490.2\n725.3\n969.2\n1,189.2\n1,386.6\n\n\nG&A Expenses\n253.3\n296.2\n414.3\n548.6\n655.9\n804.7\n938.3\n\n\nTotal Operating Expenses\n1,370.7\n1,360.7\n1,868.3\n2,549.8\n3,150.5\n3,767.2\n4,283.6\n\n\nLoss from Operations\n-1,058.5\n-602.9\n-511.8\n-389.9\n-48.2\n320.2\n828.9\n\n\nNon-Operating Items\n54.3\n86.4\n103.5\n51.8\n31.1\n18.6\n11.2\n\n\nEarnings Before Tax\n-1,004.2\n-516.5\n-408.3\n-338.2\n-17.2\n338.9\n840.1\n\n\nIncome Tax\n0.0\n1.1\n0.0\n0.0\n0.0\n0.0\n0.0\n\n\nNet Loss\n-1,004.2\n-517.6\n-408.3\n-338.2\n-17.2\n338.9\n840.1\n\n\n\n% of Sales\n2019\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n100.0%\n\n\nAdvertising\n86.1%\n62.4%\n45.5%\n34.1%\n27.8%\n24.4%\n22.3%\n\n\nPaid Membership\n13.1%\n23.7%\n31.5%\n36.2%\n38.0%\n37.8%\n37.8%\n\n\nContent Commerce Solutions\n0.1%\n10.0%\n17.8%\n23.4%\n27.2%\n30.3%\n32.3%\n\n\nOthers\n0.7%\n3.9%\n5.2%\n6.3%\n7.0%\n7.5%\n7.6%\n\n\nCost of Revenue\n53.4%\n44.0%\n42.6%\n41.4%\n40.1%\n38.9%\n37.7%\n\n\nGross Profit\n46.6%\n56.0%\n57.4%\n58.6%\n59.9%\n61.1%\n62.3%\n\n\nSG&A Expenses\n114.3%\n54.3%\n40.8%\n34.6%\n29.4%\n26.5%\n23.8%\n\n\nR&D Expenses\n52.3%\n24.4%\n20.7%\n19.7%\n18.7%\n17.8%\n16.9%\n\n\nG&A Expenses\n37.8%\n21.9%\n17.5%\n14.9%\n12.7%\n12.0%\n11.4%\n\n\nTotal Operating Expenses\n204.4%\n100.6%\n79.0%\n69.2%\n60.8%\n56.3%\n52.2%\n\n\nLoss from Operations\n-157.9%\n-44.6%\n-21.6%\n-10.6%\n-0.9%\n4.8%\n10.1%\n\n\n\n% Change YoY\n2020\n2021E\n2022E\n2023E\n2024E\n2025E\n\n\nRevenue\n101.7%\n74.9%\n55.8%\n40.7%\n29.2%\n22.7%\n\n\nAdvertising\n46.0%\n27.6%\n16.6%\n14.9%\n13.4%\n12.1%\n\n\nPaid Membership\n264.2%\n132.1%\n79.3%\n47.6%\n28.5%\n22.8%\n\n\nContent Commerce Solutions\n21118.8%\n210.0%\n105.0%\n63.0%\n44.1%\n30.9%\n\n\nOthers\n1081.6%\n135.0%\n87.8%\n57.0%\n37.1%\n24.1%\n\n\nCost of Revenue\n65.9%\n69.6%\n51.1%\n36.4%\n25.3%\n19.1%\n\n\nGross Profit\n142.7%\n79.0%\n59.2%\n43.6%\n31.8%\n25.1%\n\n\nSG&A Expenses\n-4.1%\n31.2%\n32.4%\n19.6%\n16.2%\n10.5%\n\n\nR&D Expenses\n-6.1%\n48.7%\n48.0%\n33.6%\n22.7%\n16.6%\n\n\nG&A Expenses\n16.9%\n39.9%\n32.4%\n19.6%\n22.7%\n16.6%\n\n\nTotal Operating Expenses\n-0.7%\n37.3%\n36.5%\n23.6%\n19.6%\n13.7%\n\n\nLoss from Operations\n-43.0%\n-15.1%\n-23.8%\n-87.6%\nTB\n158.8%\n\n\nSource: Author, from Company data; TB = turned black\n\n\n\nSource: Author, from Company data, Our Estimates\nSource: Author, from Company data, Our Estimates\nSource: Author, from Company data, Our Estimates\nCompany Background\nAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.\nIn August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.\nZhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.\nMajor Shareholders of Zhihu\nThe founder & CEOZhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.\nKey Demographics\nThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.\nSource: Author, from Company data\nRevenue Breakdown\nAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.\nPaid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.\nIn March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.\nContent Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.\nChina's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).\nMarket Opportunities\nChina’s Online Content Communities Market Size\nOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.\nChina's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.\nChina's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.\nOne of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.\nChina's Online Content Market\nChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.\nChina’s Online Content Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\nMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025E\nSource: CIC Report\nChina’s Paid Membership Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\nContent-commerce solutions\nTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.\nChina’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E\nSource: CIC Report\n\nEmployees- At the end of 2020, the company had 1,651 full time employees, all of whom were based in China, primarily at its headquarters in Beijing, China.\n\n\n\n\nZhihui Employees Breakdown (At the end of 2020)\n\n\nFunction\nNumber of employees\n% of Total Employees\n\n\nContent and Content-Related Operations\n461\n27.9%\n\n\nResearch and Development\n672\n40.7%\n\n\nSales and Marketing\n337\n20.4%\n\n\nGeneral Administration\n181\n11.0%\n\n\nTotal\n1,651\n100.0%\n\n\nSource: Company data\n\n\n\nKey Investment Risks\n\nPost COVID-19 environment - The COVID-19 has had a positive impact on the company as millions of people in China spent more time at home and increased their time on the Internet and mobile phones which led to usage of more Internet services such as Zhihu. Although the COVID-19 situation currently is not as dire as a year ago, there are still numerous social distancing measures. In the post COVID-19 environment, this could lead to a slower growth rate of its sales and profit improvement.\nCensorship related risks - Given that Zhihu is one of the largest Q&A websites in China, it is likely to face numerous censorship related issues from the Chinese government and this remains one of the key risk factors.\nRecent share price declines of Chinese tech giants and Chinese tech IPOs in the US - There have been some big declines in share prices of several Chinese tech giants includingAlibaba Group (9988 HK)andTencent Holdings (700 HK). Share prices of other Chinese tech giants such as JD.com and Meituan have also declined in the past few weeks but not as much as Alibaba and Tencent. In addition,Cloopen Group Holding Ltd. (RAAS US),which recently completed its IPO in February saw its share price surge in the first day but it has dropped by more than 50% since then.\nMostly text-based content platform - For now, most of Zhihu's content tend to be text-based, although the company is offering more video and non-text-based content. For the users that prefer non-text-based content, this could deter some people from becoming paid members or users of Zhihu. However, the company is actively making efforts to provide more videos, live streaming, and other non-text-based content. These efforts to provide a more diversified source of content could result in higher operating costs.\nLack of profitability - Despite strong sales growth, the company remains unprofitable with an operating margin of -44.6% in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367331263,"gmtCreate":1614909103652,"gmtModify":1703482824540,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367331263","repostId":"1151606825","repostType":4,"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367331399,"gmtCreate":1614909091211,"gmtModify":1703482823854,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367331399","repostId":"1151606825","repostType":4,"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820486241,"gmtCreate":1633416538025,"gmtModify":1633416538172,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/00700\">$TENCENT(00700)$</a>hope to open position at 358.8","listText":"<a href=\"https://laohu8.com/S/00700\">$TENCENT(00700)$</a>hope to open position at 358.8","text":"$TENCENT(00700)$hope to open position at 358.8","images":[{"img":"https://static.tigerbbs.com/526ab61912aceedd7cf3a85fc8ebf138","width":"750","height":"2179"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820486241","isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":865510363,"gmtCreate":1632999363985,"gmtModify":1633000179224,"author":{"id":"3559427160267055","authorId":"3559427160267055","name":"Champu13","avatar":"https://static.tigerbbs.com/5f6277b7f77b4310d811ee73420346d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559427160267055","authorIdStr":"3559427160267055"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HACK\">$PureFunds ISE Cyber Security ETF(HACK)$</a>If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio.&nbsp;#cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030","listText":"<a href=\"https://laohu8.com/S/HACK\">$PureFunds ISE Cyber Security ETF(HACK)$</a>If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio.&nbsp;#cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030","text":"$PureFunds ISE Cyber Security ETF(HACK)$If debt ceiling caused Nasdaq to fall dramatically, I will not hesistate to grab this into myportfolio. #cybersecurity#nasdaq#wallstreetbets#futureneeds#dataprotection#2030","images":[{"img":"https://static.tigerbbs.com/b4d81da3983703731b134a632cb4130b","width":"750","height":"2236"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865510363","isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}