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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:hang......

【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,聊以纪念。
【二】
我带着研究团队在卢萨卡的印度餐厅进行访谈的那天,是我们第一次见面。她迟......
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有效
我们共查询到4起涉及定增中保底保收益承诺的已判案例。在该等案件中,法院认可了保底保收益承诺的效力......
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,第四届内蒙古牧区合作社经验交流会在西乌珠穆沁旗举行,由慈善机构乐施会(香港)资助。牧民合作社代表们穿着传统的蒙古族服饰......
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9月25日报道,Wewok的创始人Adam Neumann于2019年9月24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CEO。Adam 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2019年9月22日,原支持Adam Neumann的投资人仍然支持Adam Neumann留任CEO职位。次日,原支持Adam Neumann的一位铁杆投资人突然转向,告诉Adam Neumann其将和软银站在一起,促使......
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只新股首日换手率均超过65%,最高的安集科技达到86%,中位数在77%左右。换手不可谓不充分。但这种善意政策可能错误估计了A股市场游......
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 reasons including being misleading and promoting unhealthy topics like porn. The second has the c......
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 isn't exactly too encouraging, though perhaps some might over-interpret things in light of all......
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. Perhaps most worrisome, the biggest issue appears to lie in Baidu's core search busines......
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 up on its second anniversary and doesn't seem to show too many signs of running out of steam.......
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 move somewhat akin to what happened when Internet peer Google (Nasdaq: GOOG) made a similar with......
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, Richard Liu, stood accused of rape in the US. That cloud was finally lifted when ......
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 Alibaba (NYSE: BABA).
Investors didn't seem too impressed with the latest cash-r......
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 trading debut, and since has posted some minor gains that probably don't mean too much. (......
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 Apple, at one point accounting for nearly a quarter of the company's global sales, a......
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 Metro and the other in a British financial services provider by its Ant Financial affiliate......
Doug Young
Bottom line: A slowdown in New York IPOs by Chinese firms at the start of the year was largely caused by the government shutdown, and activity could soon pick up starting with a listing by leading live broadcaster Douyu.
We'll kick off my first post of the Lunar New Year with a look at New York IPO activity in the first part of 2019, or more precisely the lack of activity for Chinese companies. If this were any other year, I would say such a silence is probably normal, since in the past the first quarter has been a difficult period due to the western New Year holiday on Jan. 1 followe......
苑苏文

记者的心结 | 某种渺小

苑苏文 01月12日

财新记者

一枚逆流而上的小浪花,改变不了浪潮的倾覆,搅动不了大海的永寂。
只有小浪花自己在乎自己的路。
——by本文作者

我一度感到绝望,不再接范阿姨的电话。但她没有放弃,换新号不断打给我,当我接通陌生的号码,听到她的声音,我的心脏都会虚脱一下。
她不在乎这些细节,只会在开场白中显露出些许介意。有时她会说:“喂,苑记者,你还记得我是谁吗?”,还有时更加直接:“喂,苑记者,我是你范阿姨”,
但大多数时间她是不自报家门的,但我每次都会辨认出陌生数字后熟悉的她,强行调动情绪,热切地回答:“哎,范阿姨,官司怎么样了?”
2018年12月底的一天,我......
Doug Young
Bottom line: Xiaomi's stock is probably oversold at current levels due to selling at the end of a lockup period, but will remain an underpeformer for at least the next 1-2 years until it can prove its strategy of moving up-market has legs.
It's been a rocky week so far for smartphone wannabe Xiaomi (HKEx: 1810), which is desperately trying to show investors it's more than just a maker of cheap, low-margin products. The company is getting set to unveil a new strategy to show it plans to wean itself from the low-end phones that are its bread-and-butter, with an upcoming announce......
Doug Young
Bottom line: A US prosecutor's decision not to file rape charges against JD.com's founder may bring short-term relief to the stock, but the case still shows the importance of understanding the unusual role Chinese founders play at their companies.
On this day after Christmas I thought I'd play a little catch-up by weighing in on the controversial decision that saw a Minnesota prosecutor decline to press rape charges against JD.com's (Nasdaq: JD) founder and CEO Richard Liu. Following the big announcement at the end of last week, there's been a minor follow-up as anothe......
Doug Young
Bottom line: The US case against Huawei's CFO is likely to end with her release on technical grounds as part of a deal between the US and China, though the company could still face punishment for illegally selling US products to Iran.
It's a few days old by now, but I wanted to begin the new week by sharing some of my thoughts on the recent blow-up involving telecoms equipment giant Huawei's CFO, who was detained in Canada at Washington's request. At this point I mostly want to give my views on the politics behind this story, and also my take on how things are likely ......

精彩评论

陈酿老久 实朴

原文:还乡琐记:草木叩门 生活继续

吴春波H-R “乡田同井,出入相望,守望互助,疾病相持”,已成追忆。

原文:还乡琐记:草木叩门 生活继续

小胖子真不瘦 风口浪尖上的传奇人物!如果你就这样被打败,那你就真的太失败了,但是我相信你不是这种人,期待你东山再起的那天。

原文:回来吧,贾跃亭

lulud 创业英雄还是欺诈惯犯

原文:回来吧,贾跃亭

zhangmingxiao 川普执政一百多天,初见端倪

原文:商人治国成笑柄

孙越 史上有很多传奇,更有很多英雄,他们的死彰显生命的价值。

原文:对外侦察局的掏心猎手

zhangmingxiao 这个不是一起超售事件,是美联航因为内部员工需要乘坐飞机,旅客满员的情况下利用超售这个工具来达到赶下旅客的目的。

原文:美联航赶乘客下飞机 资深机长告诉你是否违规

郭杰群 在美国,地产开发商将出售资产所得在一定期限内进行类似房产的再投资可以享受一定的免税条款。这在我国当前还不具备,因此在一定程度上制约了地产商的能动性。

原文:REIT的海外发展及启示

Lypsey3543 “据个人了解,中国一线城市住宅投资收益率不会高于3,美国可以达到6。”作者这里说的应是租金收益率。首先,因(特大)人口增长加速,在新兴市场投资房产,主要看资本利得,动态租金收益要会延后实现,静态比较同期没有太大意义。其次,物业年均持有成本,纽约和中国一线城市不可比。第三,纽约和曼哈顿是两个概念。离开曼岛,租金中位数值完全是不是一个档次。而中国一线城市的租金上涨范围更大。因为仍处于成长期。总体而言,虽然在中美两国都投资的是房产,但从收益分布特征和波动率来说,完全可以看作是差别极大的两类资产。就如同高等级债券和蓝筹股票,横比收益没有意义,因为后者大幅超越。归根结底更可能是风险偏好异质性(含Demographic factors)和经济周期所处阶段决定了投资者更偏爱哪一类。

原文:2017年美国房地产市场展望——美国市场、中国视角

王争春 价格和土地供给的问题,我们慢慢谈。市场有垄断市场、寡头市场和竞争市场,定价规则自然有差异。

原文:面对房价,教科书自焚吗?经济规律笑了

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