财新传媒 财新传媒
财新网首页 > 博客 > 记者博客
桑士东

将导致独立董事无法再增加的规则

桑士东 04月12日

北京德恒律师事务所合伙人、律师,执业于公司融资、上市、并购、公司治理、基金、家族财富传承等业务领域。

202049日,全国股转系统发布《全国中小企业股份转让系统挂牌公司治理指引第2号——独立董事》。其中规定,挂牌公司的独立董事应具备的条件之一为:最近三年内在境内上市公司、创新层或精选层挂牌公司担任过独立董事。

依据上述规定,挂牌公司聘任独立董事时,只能从最近三年内在境内上市公司、创新层或精选层挂牌公司担任过独立董事人员中选任。这也意味着,新三板以后将不会为资本市场带来独立董事的增量。

对于挂牌公司而言,该等要求可能会带来以下不利后果:(1)挂牌公司选择独立董事的范围将受到很大限制。由于精选层公司...

.
罗瑞垚

印度疫情日记 | 总理号召阳台鼓掌,却意外变成狂欢节

罗瑞垚 04月07日

财新传媒前公共政策记者,现居印度班加罗尔

“Bharat mata ki jai !(印度母亲万岁!) 

 

45日晚九点,我和布老师在小区里散步,本来灯火通明的小区,灯一盏盏地灭了,一半以上的住户在阳台上点起了蜡烛和油灯。小区的保安们人手一盏灯,排着队绕着小区走了一圈,站在阳台上的邻居们开始欢呼、鼓掌,还有人带头喊起了爱国口号。

 

(图片来自骑摩托环游印度被困班加罗尔的杜风彦老师)

 

这是印度总理莫迪两天前在讲话时发起的“9pm9minute”行动,号召大家在周日晚上九点,关掉家里的灯,点燃油灯、蜡烛或者打开手机闪光灯,持续9分钟,以展示印度战胜病毒...

.
刘肇宁

据印度媒体《经济时报》消息,Khatabook正在与DST Partners基金、Ribbit Capital和红杉资本接触,拟完成一笔2000万美元的A轮融资,DST Partners基金是投资寡头Yuri Milner旗下DST Global的个人投资工具。此外,超过二十位天使投资人也可能参与本轮融资,包括知名投资人Gokul RajaramCitrus Pay公司创始人Jitendra GuptaCred公司首席执行官Kunal Shah

Khatabook是一款基于智能手机的会计应用程序,可以帮助企业家提供付款提醒,这些提醒会自动发送给客户并有助于客户更好地进行会计统计。

 

...

.
陈燕妮

陈燕妮:洛杉矶“封城”第一天

陈燕妮 03月21日

作家、报人、记者

(洛杉矶“封城”第首日,路上的车辆一如既往地多。)   洛杉矶“封城”的第一个早上我有些惶恐,不知所谓加州政府昨日言明的 惊雷滚滚出行限制,竟会如何展现。  今天也是儿子学校网课开始首日,八点十五分冲去他房间正欲撼其醒 ,见此人已慌忙洗漱。  毫无成就感地摸回我床继续睡之,其间迷糊看下有人贴出“北加室外 健行人际距离不足六英尺者被罚四百美金”的视频,遂带着无可奈何 的惊悚一晃睡到将近中午十二点。  竟过起了颓废不堪的日子。  起床后有些愣怔,转圈打探一众挚爱亲朋的动向,其中竟然有带着女 儿去打高尔夫....
凌华薇

政府并非万能

凌华薇 03月12日

财新传媒主编

适当降低对政府不切实际的期望,各尽其责 

  疫情汹汹,很多认知偏差就此暴露。 

首先,信息透明、实事求是的重要性开始再次为社会各界所共识,这是社会各个层面能尽早发现病毒逼近、提前做好防疫准备的前提。那些认为民众了解到真实情况会引恐慌的想法已被现实挑战。恐慌往往并非来自于事实本身,而是因信息不透明甚至被隐瞒和扭曲,造成谣言满天飞,导致民众错误反应,最终可能会造成反噬,人人自危,甚至对政府体系的不信任。各级政府和疾控部门最应该做的,是在各路信息的洪流之中,尽量为社会提供真实、可靠的信息,并做好科普...

.
李杭蔚

愿你安息,可爱女人

李杭蔚 11月21日

伦敦大学亚非学院政治学与国际研究博士候选人。哈佛大学肯尼迪学院访问学者。前驻非媒体人,曾获联合国记者协会银奖。邮箱:hangwei_li@soas.ac.uk

【一】   在非洲那几年,我遇到了很多可爱的女人,她们让我漂泊异地的生活独自而不孤单,甚至激发想要想写一本关于非洲女性的书——我想应该会比我的博士论文有趣的多。想了很久,一直没有动笔,大概表达欲会随着年龄渐长而渐衰吧。倘若真付于纸上的话,赞比亚的第二位女性议员Rosario Fundanga一定会是我的一个描写对象。可惜,这个愿望恐怕永远无法兑现了。今天,Rosario在卢萨卡逝世,而我在伦敦悲痛得无法入眠。慵懒会让人和人之间产生距离,没想到这距离竟是生死。于是我急忙写下这些文字,希望能触摸到她尚未远去的灵魂,聊以纪....
桑士东

定增保底保收益会被无效吗?

桑士东 11月16日

北京德恒律师事务所合伙人、律师,执业于公司融资、上市、并购、公司治理、基金、家族财富传承等业务领域。

By 桑士东 张建良   过往上市公司定增中,大股东或实际控制人向认购方提供保底保收益承诺,较为普遍。已有案例显示,法院常认可该等承诺的效力。证监会近期发布的《上市公司非公开发行股票实施细则》(征求意见稿)则拟对保底保收益承诺作出禁止。最高人民法院近期发布的《全国法院民商事审判工作会议纪要》中指出,若相关协议违反有关金融安全、市场秩序、家宏观政策等公序良俗的规章的,应认定为无效。   在新的监管、司法政策背景下,定增中的保底保收益的承诺是否会被认定为无效呢?   一、定增中保底保收益承诺被认定为....
黄姝伦
作者 黄姝伦 丁宁   夏秋之交,正值草原旅游旺季,游人如织。内蒙古自治区锡林郭勒盟的赵那斯图一家正忙着招待客人。自从加入达旗合作社后,赵那斯图便不再整日守着牛羊。9户牧民拆掉了网围栏,打通4500亩草场,合作社成员轮流放牧,只需三四个人力就可以维持草场每日的正常运转。   内蒙古拥有13.2亿亩天然草原,占全国草原总面积超过两成,是畜牧业发展核心地带,如何合理利用草场关系着成千上万户牧民的生计。驱车穿过西乌珠穆沁大草原,绿草如海,畜群如云,但牧场间铁丝网不断,显得十分碍眼。   7月底,第四届内蒙古牧区....
桑士东

Wework创始人辞任CEO,给中国创业者和投资人的启示

桑士东 09月28日

北京德恒律师事务所合伙人、律师,执业于公司融资、上市、并购、公司治理、基金、家族财富传承等业务领域。

据华尔街日报925日报道,Wewok的创始人Adam Neumann2019924日在投资人的压力下辞去公司的CEO职位,并继续担任公司的董事会主席,公司原联席CEO之一和公司的财务负责人将担任的公司的联席CEOAdam Neumann辞职后,其持有公司的股权数额不会变化,但其所持股权的超额表决权将降低,由原来的每1股有相当于普通股的10倍的表决权,调减至每1股有相当于普通股3倍的表决权。

据报道,Adam Neumann辞任前,曾经历过五天的与投资人及其代表的拉锯、沟通和协商,直至2019922日,原支持Adam Neumann的投资人仍然支持Adam Neumann留任...

.
蒋飞

 

局部的增量改革,相比整体性的改革并不会更容易

 

文/蒋飞 财新传媒编委、财新网副总编辑

 

科创板首日表现令人瞠目结舌。尽管已经由市场化定价、突破了主板和创业板的首发估值天花板,但汹涌入场的资金仍然在盘中把安集科技(688019.SH)炒至最高5倍的涨幅。收盘25只新股有4只涨幅超过200%,平均涨幅超过140%,成交共计485亿元,是当日创业板成交金额的230%。

如此火爆场面当然与前五日不设定涨跌幅限制直接相关。这样的安排据称意在促进新股充分换手,市场经由博弈之后,找到均衡价格。从数据来看,25只新股首日换手...

.
Doug Young

Bottom line: Baidu's massive ad cleanup in May and shuttering of a site for travelers reflects ongoing pressure on its core ad-dependent search business while spotlighting its inability to branch into non-search areas.

Search giant Baidu (Nasdaq: BIDU) is in a couple of headlines as we head into the latter part of the week, reflecting two major challenges the company is facing. The larger headline says the company has just removed millions of ads, a whopping 237 million to be precise, for rea...

.
Doug Young

Bottom line: The US decision to force a sale of gay dating app Grindr by its Chinese owner reflects a new environment where Washington is almost certain to veto China purchases of local firms with access to sensitive user information.

A new report on the unhinging of a Chinese purchase of US gay dating app Grindr is shedding some interesting light on how Washington sees such deals, and offers insight into how far Chinese tech firms might be allowed into the country going forward. The picture ...

.
Doug Young

INTERNET: Loss Shakes Baidu to the Core

Doug Young 05月20日

财新传媒英文部编辑

Bottom line: Baidu's first-ever loss since going public reflects a long-anticipated decline for its core search business, which could mark the start of a longer-term decline due to lack of a strong new business lines.

It seems that profits are increasingly hard to come by these days on China's Internet. That's the major takeaway coming in the latest results from search giant Baidu (Nasdaq: BIDU), which has just posted its first loss since becoming a publicly listed company 14 years ago. Perha...

.
Doug Young

Bottom line: Live streaming gamer DouYu should get relatively strong demand for its $500 million New York IPO, while a smaller listing plan by younger coffee specialist Luckin is likely to die on the vine.

One of the longest runs I can recall for New York IPOs by Chinese firms continues to chug ahead, with two new filings, one by live streaming game operator DouYu and the other by a high-tech Starbucks (Nasdaq: SBUX) challenger called Luckin. This particular IPO window is now rapidly creeping...

.
Doug Young

E-COMMERCE: Is Amazon Leaving China, or Not?

Doug Young 04月22日

财新传媒英文部编辑

Bottom line: Amazon's withdrawal from selling domestic goods to local buyers in China was inevitable due to its lack of a standout service and cut-throat competition from Alibaba and the money-losing JD.com.

The e-commerce headlines have been buzzing these last few days with word that global giant Amazon (Nasdaq: AMZN) is abandoning China, representing the latest setback for a western Internet company in the large market. Amazon has come out with some statements clarifying the matter, in a mo...

.
Doug Young

E-COMMERCE: Profit-Seeking JD.com in Overhaul Frenzy

Doug Young 04月10日

财新传媒英文部编辑

Bottom line: A steady stream of layoff and cost-cutting reports around JD.com appear to show it's trying to sharpen its operations to achieve sustained profits starting in the second half of this year. 

What's up with e-commerce giant JD.com (Nasdaq: JD)? That seems to be the question of the moment, amid a recent series of nonstop reports of shakeup at China's perennial No. 2 in the e-commerce world. The company was stuck under a cloud for much of the second half of last year as its founder, ...

.
Doug Young

MEDIA: Qutoutiao in Fund-Raising Frenzy

Doug Young 04月04日

财新传媒英文部编辑

Bottom line: Qutoutiao's recent flurry of fund-raising, including a major  loan from Alibaba, underscores rising confidence in the news aggregator after its lackluster IPO last year.

News aggregator Qutoutiao (Nasdaq: QTT) is making up for lost time following its lackluster IPO last fall that raised far less than its original target. The company has just announced a new share sale that will generate about $30 million in cash, just days after raising another $171 million from e-commerce giant ...

.
Doug Young

INTERNET: Online Education Looks Good in Principle

Doug Young 04月01日

财新传媒英文部编辑

Bottom line: The online education sector is currently in a teething phase that could last for the next two years, but could offer big potential for investors who can separate the wheat from the chaff. 

Today I thought I'd look at some of the major online education stocks to hit the market over the last two years, most turning in a decidedly negative performance that may or may not be justified. The latest of those, Koolearn (HKEx: 1797) stumbled out of the gate late last week with a flat trad...

.
Doug Young

Bottom line: Apple will continue discounting its iPhones in China to stop its sinking market share, which could slow but not halt its decline in the face of growing competition from the likes of Huawei.

Following a break of a month, I'm returning to my writer's seat with discussion of the China outlook for tech giant Apple (Nasdaq: AAPL), which has turned to a very un-Apple-like strategy of discounting its products in the world's largest smartphone market. China has been a fickle place for Ap...

.
Doug Young

Bottom line: Alibaba's interest in Metro's China operations is part of its new retail strategy, while the purchase of a British payments company by its Ant Financial unit could give it a strong toehold in the European payments market.

After a period of relative quiet, e-commerce giant Alibaba (NYSE: BABA) is suddenly springing into three relatively major headlines simultaneously on the investment front. Two have a European angle, one involving a major potential investment in German retailer M...

.