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2021-06-26

Duuhc jbcfib gu

2021-06-26

Huivddg ggjgc

2021-06-25

Gjvfh vvvv ccc

2021-06-25

Gjhffyu guh

2021-06-22

Huwu hjab ahha

2021-06-22

Uwhw jshab haua

2021-06-21

Cmi lah

2021-06-21

Ok ok ok

2021-06-17

Gu

Buy Coinbase on the dip for a long-term opportunity on the crypto economy, Canaccord says

2021-06-17

Usi

Coinbase Pro Adds Polkadot Listing To Its Lineup

2021-06-17

Suwushah jshshjsjs jajabs

2021-06-17

Uwnanjsjsjs hshwbav

2021-06-16

Shsh

2021-06-16

Jsjsa

2021-06-15

Hi yolo bolo

2021-06-15

Udjdzsjsjsjsjhsjs

2021-06-12

F

@小虎活动:【老虎7周年】集卡瓜分百万奖金

2021-06-12

nice

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2021-02-09

Please like comment

抱歉，原内容已删除

2021-02-09

Great

Hong Kong Proposes Tightening Rules on Stock, Bond Sales

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ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167477238","isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163163156,"gmtCreate":1623862974375,"gmtModify":1634026790797,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"Gu","listText":"Gu","text":"Gu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163163156","repostId":"1137784542","repostType":4,"repost":{"id":"1137784542","kind":"news","pubTimestamp":1623856057,"share":"https://www.laohu8.com/m/news/1137784542?lang=&edition=full","pubTime":"2021-06-16 23:07","market":"us","language":"en","title":"Buy Coinbase on the dip for a long-term opportunity on the crypto economy, Canaccord says","url":"https://stock-news.laohu8.com/highlight/detail?id=1137784542","media":"cnbc","summary":"Coinbase’s price may fluctuate alongside the value of bitcoin in the short-term, but Canaccord is be","content":"<div>\n<p>Coinbase’s price may fluctuate alongside the value of bitcoin in the short-term, but Canaccord is betting on the future of blockchain technology and initiating coverage of the crypto exchange as a buy...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/cryptocurrency-buy-the-dip-on-coinbase-says-canaccord.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Buy Coinbase on the dip for a long-term opportunity on the crypto economy, Canaccord says</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\">\nBuy Coinbase on the dip for a long-term opportunity on the crypto economy, Canaccord says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 23:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/16/cryptocurrency-buy-the-dip-on-coinbase-says-canaccord.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coinbase’s price may fluctuate alongside the value of bitcoin in the short-term, but Canaccord is betting on the future of blockchain technology and initiating coverage of the crypto exchange as a buy...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/cryptocurrency-buy-the-dip-on-coinbase-says-canaccord.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/06/16/cryptocurrency-buy-the-dip-on-coinbase-says-canaccord.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1137784542","content_text":"Coinbase’s price may fluctuate alongside the value of bitcoin in the short-term, but Canaccord is betting on the future of blockchain technology and initiating coverage of the crypto exchange as a buy.\nThe largest U.S. cryptocurrency exchange’s stock, which last traded at around $233, made itspublic debut in mid-Apriland fell sharply with the price of bitcoin in late May. Bitcoin is currently trading around $39,000 following a rollercoaster month of trading after itsprice drop almost a month ago.\nCoinbase’s revenue is largely driven by trading fees, 81% of which come from retail trading and 5% from institutional trading, according to Canaccord. It has the highest trading fees across crypto exchanges, the bank found.\nStill, Canaccord said it’s confident Coinbase’s business will ultimately expand beyond retail trading and into emerging opportunities for the blockchain – which could include supporting new protocols beyond bitcoin and Ethereum, decentralized finance and cloud solutions – and that crypto exchange will be a “super on-ramp” into that new world.\nCanaccord set its one-year price target on the stock at $285, which is 12 times its 2022 enterprise value-to-sales estimate.Enterprise value-to-salesis a ratio that measures a firm’s value versus its sales revenue.\n“Market share and technology leaders that leverage their positions to drive innovation via creating new customer behaviors present some of most compelling, long-term value propositions in the market,” the bank said. “Although we will see ongoing volatility, we don’t think that comparing the longer-term potential of the blockchain and digital assets to what we have seen in ecommerce is off the mark.”\nThe analysts noted that Coinbase shares are likely to see headwinds in the short term, based on crypto spot price volatility so far in June.\n“If we are in a bitcoin holding pattern here for a while, COIN could likely see sequentially weaker financial performance,” they said.\nStill, “we remain biased to the upside on bitcoin medium term and believe that resilience and elegance in the blockchain provide a great foundation for the entirety of digital assets from here,” the analysts wrote.\nCanaccord’s analysts highlighted bitcoin’s increasingly vertical supply curve – that is, the fact that quantities are limited, regardless of how much investors are willing to pay – as well as institutional interest in digital assets, comparative valuation to other stores of value, and “importantly what we view as an inevitable U.S. ETF.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163169591,"gmtCreate":1623862956113,"gmtModify":1634026791368,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"Usi","listText":"Usi","text":"Usi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163169591","repostId":"2143792023","repostType":4,"repost":{"id":"2143792023","kind":"news","pubTimestamp":1623856852,"share":"https://www.laohu8.com/m/news/2143792023?lang=&edition=full","pubTime":"2021-06-16 23:20","market":"us","language":"en","title":"Coinbase Pro Adds Polkadot Listing To Its Lineup","url":"https://stock-news.laohu8.com/highlight/detail?id=2143792023","media":"TipRanks","summary":"Coinbase, the largest American cryptocurrency exchange platform, has announced the launch of Polkado","content":"<div>\n<p>Coinbase, the largest American cryptocurrency exchange platform, has announced the launch of Polkadot (DOT) on Coinbase Pro (COIN).\nWhile the platform will officially enable trading on or after June ...</p>\n\n<a href=\"https://finance.yahoo.com/news/coinbase-pro-adds-polkadot-listing-114252837.html\">Web Link</a>\n\n</div>\n","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nCoinbase Pro Adds Polkadot Listing To Its Lineup\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 23:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/coinbase-pro-adds-polkadot-listing-114252837.html><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coinbase, the largest American cryptocurrency exchange platform, has announced the launch of Polkadot (DOT) on Coinbase Pro (COIN).\nWhile the platform will officially enable trading on or after June ...</p>\n\n<a href=\"https://finance.yahoo.com/news/coinbase-pro-adds-polkadot-listing-114252837.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://finance.yahoo.com/news/coinbase-pro-adds-polkadot-listing-114252837.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2143792023","content_text":"Coinbase, the largest American cryptocurrency exchange platform, has announced the launch of Polkadot (DOT) on Coinbase Pro (COIN).\nWhile the platform will officially enable trading on or after June 16th, 9:00 AM Pacific Time (PT), Coinbase Pro wallets began accepting DOT transfers from users on June 14th. As per the blog release, Coinbase Pro clients will gain access to multiple trading pairs, including DOT/BTC, DOT/USD, DOT/GBP, DOT/USDT, and DOT/EUR once the required liquidity is achieved. (See Coinbase Stock Chart on TipRanks)\nThese trading pairs will launch in three phases with Coinbase Pro continually assessing market trends: post-only, limit-only, and full trading. Coinbase officials added, “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules. We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.”\nThe DOT token isn’t currently available on Coinbase’s mobile app or its website, although the exchange has reassured users that any plan to add DOT will be announced, if and when the feature is enabled outside Coinbase Pro. The platform has also clarified that DOT will be available for clients in all countries where the exchange is licensed to operate, except for Singapore.\nCoinbase Pro currently supports 50 cryptocurrencies, including 1inch (1INCH), Ankr (ANKR), Ampleforth Governance Token (FORTH), Cardano (ADA), Cartesi (CTSI), Curve DAO Token (CRV), Dogecoin (DOGE), Enjin Coin (ENJ), iExec (RLC), Internet Computer (ICP), Mirror Protocol (MIR), NKN (NKN), Origin Token (OGN), Polygon (MATIC), SKALE (SKL), Storj (STORJ), SushiSwap (SUSHI), Tellor (TRB), Tether (USDT), and more.\nPolkadot, an open-source project associated with the Web3 Foundation, enables cross-blockchain transfers of any type of data or asset. The ecosystem is designed to give consumers the ability to interoperate with other blockchains in the Polkadot network.\nThe DOT token powers the Polkadot network, serving the purposes of governance, staking, and bonding. Additionally, the holders of DOT tokens perform several key functions within the Polkadot ecosystem, including acting as validators, collators, nominators, and participating in the decision-making process for Polkadot’s future upgrades and changes.\nThe Polkadot (DOT) listing on Coinbase Pro comes as a huge boost for the fast-rising DOT token. At the time of writing, DOT tokens traded at $24.67, exhibiting a 24-hour volume of $3.13 billion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163169916,"gmtCreate":1623862938735,"gmtModify":1634026791716,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"Suwushah&nbsp; jshshjsjs jajabs","listText":"Suwushah&nbsp; jshshjsjs jajabs","text":"Suwushah jshshjsjs jajabs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163169916","isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163160535,"gmtCreate":1623862928727,"gmtModify":1634026792083,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"Uwnanjsjsjs hshwbav","listText":"Uwnanjsjsjs hshwbav","text":"Uwnanjsjsjs hshwbav","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163160535","isVote":1,"tweetType":1,"viewCount":113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163949753,"gmtCreate":1623858046572,"gmtModify":1634026933852,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"Shsh&nbsp; 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&#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> &#x1;如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。&#x1;如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 &#x1; &#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","images":[{"img":"https://static.tigerbbs.com/ab28db31a19b458d604a8bf02becddd3","width":"415","height":"125"},{"img":"https://static.tigerbbs.com/5227ebb594fe55b532c840acef147d7b","width":"415","height":"495"},{"img":"https://static.tigerbbs.com/92e88357b534f504b3088bc22f577a83","width":"415","height":"326"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114899451","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186335939,"gmtCreate":1623472837121,"gmtModify":1634032660416,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570533965191321","idStr":"3570533965191321"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186335939","repostId":"181266590","repostType":1,"repost":{"id":181266590,"gmtCreate":1623397086010,"gmtModify":1623408184962,"author":{"id":"20722186463466","authorId":"20722186463466","name":"爱发红包的虎妞","avatar":"https://static.tigerbbs.com/acf27be178fbc21279d1959ce5bec4e7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"20722186463466","idStr":"20722186463466"},"themes":[],"htmlText":"明天下午， 虎妞在北京活动现场等你们噢~[爱你]&nbsp; 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It proposed that at least one of the lead underwriters in an initial public offering should also act as a sponsor and be held legally responsible for due diligence to align costs and incentives, according to a report released on Monday.</p>\n<p>The move comes amid a boom in deals in the city, stoked by an inflow of mainland Chinese cash and high-profile company listings. The fundraising frenzy has attracted more than a million retail investors on some deals, including those of Yidu Tech Inc. and Kuaishou Technology and the withdrawn Ant Group Co. listing. One third of the 144 listings in Hong Kong last year dropped on their first trading day, data compiled by Bloomberg show.</p>\n<p>The regulator has noticed “inflated or opaque demand” in some offerings, as well as preferential treatment, rebates and misleading “book messages,” it said. It proposed to codify good practices such as disclosures of discounts and conflicts of interest.</p>\n<p>“The general market perception is that more issuers were adopting fluid incentive structures (eg, the late determination of fee arrangements) which incentivize sell-side firms to compete more aggressively to join a syndicate, often at a late stage in an offering,” the SFC said.</p>\n<p>In one debt offering, a broker placed an order for HK$20 million on behalf of a client who had only expressed interest in buying HK$5 million of securities, the SFC found in a review. “Submitting knowingly inflated orders or disseminating misleading book messages undermines the price discovery process and can mislead investors,” it said.</p>\n<p>The proposal will also force banks to report their underwriting fee structures earlier to the SFC with an advised split of 75% fixed and 25% discretionary. The banks can alter the ratio if needed and report accordingly.</p>\n<p>“Having a fee ratio guidance will inevitably limit flexibility,” said Leon Xu, managing director at Huatai International. “It would be better to raise to one third. All in all, the principle of the base fee trumping the discretionary fee makes sense.”</p>\n<p>The rules would create new underwriting categories, including naming an overall coordinator and capital market intermediaries. The OC should see to it that the pricing and allocation recommendations to the issuer fully take into account the proposed code, while the CMI needs to ensure credible price discovery and a transparent and actual order book.</p>\n<p>This will avoid the unclear seniority and responsibilities under the various roles such as “joint global coordinators,” “joint representatives” and “billing and delivery banks,” the regulator said.</p>\n<p>The new rule would cover IPOs, other share offerings, real estate investment trusts, placings oflisted sharesto third party investors followed by a top up subscription, and all types of debt offerings.</p>\n<p>Market participants have until May 7 to respond to the consultation.</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>Hong Kong Proposes Tightening Rules on Stock, Bond Sales</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Proposes Tightening Rules on Stock, Bond Sales\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 18:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong’s SFC issues consultation proposal on underwriting\nH.K. regulator warns of ‘inflated’ demand in market deals\n\nHong Kong’s market regulator proposed to tighten rules for brokerages handling ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSCCI":"红筹指数","HSCEI":"国企指数","HSI":"恒生指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134902557","content_text":"Hong Kong’s SFC issues consultation proposal on underwriting\nH.K. regulator warns of ‘inflated’ demand in market deals\n\nHong Kong’s market regulator proposed to tighten rules for brokerages handling stock and bond sales to clamp down on inflated orders and the chase after higher fees in the Asian financial hub.\nIn a consultation for feedback from the financial industry, the Securities and Futures Commission, called on fixing syndicate memberships and fees at an earlier stage, as well as limiting a growth in discretionary fees over fixed payments. It proposed that at least one of the lead underwriters in an initial public offering should also act as a sponsor and be held legally responsible for due diligence to align costs and incentives, according to a report released on Monday.\nThe move comes amid a boom in deals in the city, stoked by an inflow of mainland Chinese cash and high-profile company listings. The fundraising frenzy has attracted more than a million retail investors on some deals, including those of Yidu Tech Inc. and Kuaishou Technology and the withdrawn Ant Group Co. listing. One third of the 144 listings in Hong Kong last year dropped on their first trading day, data compiled by Bloomberg show.\nThe regulator has noticed “inflated or opaque demand” in some offerings, as well as preferential treatment, rebates and misleading “book messages,” it said. It proposed to codify good practices such as disclosures of discounts and conflicts of interest.\n“The general market perception is that more issuers were adopting fluid incentive structures (eg, the late determination of fee arrangements) which incentivize sell-side firms to compete more aggressively to join a syndicate, often at a late stage in an offering,” the SFC said.\nIn one debt offering, a broker placed an order for HK$20 million on behalf of a client who had only expressed interest in buying HK$5 million of securities, the SFC found in a review. “Submitting knowingly inflated orders or disseminating misleading book messages undermines the price discovery process and can mislead investors,” it said.\nThe proposal will also force banks to report their underwriting fee structures earlier to the SFC with an advised split of 75% fixed and 25% discretionary. The banks can alter the ratio if needed and report accordingly.\n“Having a fee ratio guidance will inevitably limit flexibility,” said Leon Xu, managing director at Huatai International. “It would be better to raise to one third. All in all, the principle of the base fee trumping the discretionary fee makes sense.”\nThe rules would create new underwriting categories, including naming an overall coordinator and capital market intermediaries. The OC should see to it that the pricing and allocation recommendations to the issuer fully take into account the proposed code, while the CMI needs to ensure credible price discovery and a transparent and actual order book.\nThis will avoid the unclear seniority and responsibilities under the various roles such as “joint global coordinators,” “joint representatives” and “billing and delivery banks,” the regulator said.\nThe new rule would cover IPOs, other share offerings, real estate investment trusts, placings oflisted sharesto third party investors followed by a top up subscription, and all types of debt offerings.\nMarket participants have until May 7 to respond to the consultation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":383978437,"gmtCreate":1612833935229,"gmtModify":1703765614966,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570533965191321","authorIdStr":"3570533965191321"},"themes":[],"htmlText":"Please like comment","listText":"Please like comment","text":"Please like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/383978437","repostId":"1163750848","repostType":4,"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125404124,"gmtCreate":1624683467468,"gmtModify":1633949596430,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570533965191321","authorIdStr":"3570533965191321"},"themes":[],"htmlText":"Duuhc jbcfib gu","listText":"Duuhc jbcfib gu","text":"Duuhc jbcfib gu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125404124","isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125405740,"gmtCreate":1624683456980,"gmtModify":1633949596803,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570533965191321","authorIdStr":"3570533965191321"},"themes":[],"htmlText":"Huivddg ggjgc","listText":"Huivddg ggjgc","text":"Huivddg ggjgc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125405740","isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122231026,"gmtCreate":1624621869965,"gmtModify":1633950444414,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570533965191321","authorIdStr":"3570533965191321"},"themes":[],"htmlText":"Gjvfh vvvv&nbsp; 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&#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> &#x1;如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。&#x1;如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 &#x1; &#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","images":[{"img":"https://static.tigerbbs.com/ab28db31a19b458d604a8bf02becddd3","width":"415","height":"125"},{"img":"https://static.tigerbbs.com/5227ebb594fe55b532c840acef147d7b","width":"415","height":"495"},{"img":"https://static.tigerbbs.com/92e88357b534f504b3088bc22f577a83","width":"415","height":"326"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114899451","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186335939,"gmtCreate":1623472837121,"gmtModify":1634032660416,"author":{"id":"3570533965191321","authorId":"3570533965191321","name":"bluetrade","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570533965191321","authorIdStr":"3570533965191321"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186335939","repostId":"181266590","repostType":1,"repost":{"id":181266590,"gmtCreate":1623397086010,"gmtModify":1623408184962,"author":{"id":"20722186463466","authorId":"20722186463466","name":"爱发红包的虎妞","avatar":"https://static.tigerbbs.com/acf27be178fbc21279d1959ce5bec4e7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"20722186463466","authorIdStr":"20722186463466"},"themes":[],"htmlText":"明天下午， 虎妞在北京活动现场等你们噢~[爱你]&nbsp; 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It proposed that at least one of the lead underwriters in an initial public offering should also act as a sponsor and be held legally responsible for due diligence to align costs and incentives, according to a report released on Monday.</p>\n<p>The move comes amid a boom in deals in the city, stoked by an inflow of mainland Chinese cash and high-profile company listings. The fundraising frenzy has attracted more than a million retail investors on some deals, including those of Yidu Tech Inc. and Kuaishou Technology and the withdrawn Ant Group Co. listing. One third of the 144 listings in Hong Kong last year dropped on their first trading day, data compiled by Bloomberg show.</p>\n<p>The regulator has noticed “inflated or opaque demand” in some offerings, as well as preferential treatment, rebates and misleading “book messages,” it said. It proposed to codify good practices such as disclosures of discounts and conflicts of interest.</p>\n<p>“The general market perception is that more issuers were adopting fluid incentive structures (eg, the late determination of fee arrangements) which incentivize sell-side firms to compete more aggressively to join a syndicate, often at a late stage in an offering,” the SFC said.</p>\n<p>In one debt offering, a broker placed an order for HK$20 million on behalf of a client who had only expressed interest in buying HK$5 million of securities, the SFC found in a review. “Submitting knowingly inflated orders or disseminating misleading book messages undermines the price discovery process and can mislead investors,” it said.</p>\n<p>The proposal will also force banks to report their underwriting fee structures earlier to the SFC with an advised split of 75% fixed and 25% discretionary. The banks can alter the ratio if needed and report accordingly.</p>\n<p>“Having a fee ratio guidance will inevitably limit flexibility,” said Leon Xu, managing director at Huatai International. “It would be better to raise to one third. All in all, the principle of the base fee trumping the discretionary fee makes sense.”</p>\n<p>The rules would create new underwriting categories, including naming an overall coordinator and capital market intermediaries. The OC should see to it that the pricing and allocation recommendations to the issuer fully take into account the proposed code, while the CMI needs to ensure credible price discovery and a transparent and actual order book.</p>\n<p>This will avoid the unclear seniority and responsibilities under the various roles such as “joint global coordinators,” “joint representatives” and “billing and delivery banks,” the regulator said.</p>\n<p>The new rule would cover IPOs, other share offerings, real estate investment trusts, placings oflisted sharesto third party investors followed by a top up subscription, and all types of debt offerings.</p>\n<p>Market participants have until May 7 to respond to the consultation.</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>Hong Kong Proposes Tightening Rules on Stock, Bond Sales</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Proposes Tightening Rules on Stock, Bond Sales\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 18:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong’s SFC issues consultation proposal on underwriting\nH.K. regulator warns of ‘inflated’ demand in market deals\n\nHong Kong’s market regulator proposed to tighten rules for brokerages handling ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSCCI":"红筹指数","HSCEI":"国企指数","HSI":"恒生指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-02-08/hong-kong-regulator-proposes-tighter-rules-on-stock-bond-sales?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134902557","content_text":"Hong Kong’s SFC issues consultation proposal on underwriting\nH.K. regulator warns of ‘inflated’ demand in market deals\n\nHong Kong’s market regulator proposed to tighten rules for brokerages handling stock and bond sales to clamp down on inflated orders and the chase after higher fees in the Asian financial hub.\nIn a consultation for feedback from the financial industry, the Securities and Futures Commission, called on fixing syndicate memberships and fees at an earlier stage, as well as limiting a growth in discretionary fees over fixed payments. It proposed that at least one of the lead underwriters in an initial public offering should also act as a sponsor and be held legally responsible for due diligence to align costs and incentives, according to a report released on Monday.\nThe move comes amid a boom in deals in the city, stoked by an inflow of mainland Chinese cash and high-profile company listings. The fundraising frenzy has attracted more than a million retail investors on some deals, including those of Yidu Tech Inc. and Kuaishou Technology and the withdrawn Ant Group Co. listing. One third of the 144 listings in Hong Kong last year dropped on their first trading day, data compiled by Bloomberg show.\nThe regulator has noticed “inflated or opaque demand” in some offerings, as well as preferential treatment, rebates and misleading “book messages,” it said. It proposed to codify good practices such as disclosures of discounts and conflicts of interest.\n“The general market perception is that more issuers were adopting fluid incentive structures (eg, the late determination of fee arrangements) which incentivize sell-side firms to compete more aggressively to join a syndicate, often at a late stage in an offering,” the SFC said.\nIn one debt offering, a broker placed an order for HK$20 million on behalf of a client who had only expressed interest in buying HK$5 million of securities, the SFC found in a review. “Submitting knowingly inflated orders or disseminating misleading book messages undermines the price discovery process and can mislead investors,” it said.\nThe proposal will also force banks to report their underwriting fee structures earlier to the SFC with an advised split of 75% fixed and 25% discretionary. The banks can alter the ratio if needed and report accordingly.\n“Having a fee ratio guidance will inevitably limit flexibility,” said Leon Xu, managing director at Huatai International. “It would be better to raise to one third. All in all, the principle of the base fee trumping the discretionary fee makes sense.”\nThe rules would create new underwriting categories, including naming an overall coordinator and capital market intermediaries. The OC should see to it that the pricing and allocation recommendations to the issuer fully take into account the proposed code, while the CMI needs to ensure credible price discovery and a transparent and actual order book.\nThis will avoid the unclear seniority and responsibilities under the various roles such as “joint global coordinators,” “joint representatives” and “billing and delivery banks,” the regulator said.\nThe new rule would cover IPOs, other share offerings, real estate investment trusts, placings oflisted sharesto third party investors followed by a top up subscription, and all types of debt offerings.\nMarket participants have until May 7 to respond to the consultation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}