CBN Friday Special丨The changing game field: Can Weibo hold on to its second chance in Hong Kong?

S:Speaking of public discussions, what do you think are the most popular topics on Weibo?

R: Well, entertainment news I guess.

S:Yes, contents of entertainment, stars, or idols attracted the most clicks on Weibo. But “Fan Quan”, or the irrational fan culture, also hurt cyber environment. The Cyberspace Administration of the CPC Central Committee (CAC) in June decided to launch a two-month campaign to rectify the distorted fan culture. The campaign focused on “cleaning up” celebrity rankings, hot topics, fan communities, and interactive comments to put a stop on cyberbullying, which apparently targeted a huge part of Weibo’s business. The micro-blogging platform said it has adjusted its rules to follow the new regulations, but it’s still unknown how much impact these changes would make on its business.

R: What Weibo should be worried about now is the reduction of customers for its advertising business, which is still the main source of its revenue. Report shows that 88.6 percent of the company’s third-quarter revenue comes from its advertising and marketing businesses. However, the number of its customer has dropped 43 percent to 800 million.

We’ll wait and see if the Hong Kong listing will bring new changes to the company. But speaking of Weibo’s secondary listing, it seems that there is a trend of U.S.-listed Chinese companies seeking secondary or dual primary in Hong Kong.

S:You are right. Data shows that Hong Kong and the mainland STAR Market have attracted $15.2 billion worth of secondary listings from U.S.-listed Chinese companies so far this year, largely due to strong regulatory headwinds on both sides. The SEC finalizes rules to end the trading of Chinese company shares in the U.S. last Friday, prompting a heated discussion for these firms to find a way to list closer to home.

Plus, China is tightening scrutiny on overseas listings through variable interest entity or VIE structures, which is used by companies including Alibaba, Tencent and Didi, to enable them to sell shares overseas.

12同月8日，博客在联交所正双管深圳证券交易所该公司，股权编码为“9898”。通过全球发售，博客终于的流通量列于每股272.8港元，但开盘即破发，截至收盘，报收253.2港元，急跌7.18%，市值约594亿港元。

这是博客的第二次该公司，第一次是2014年的4同月17日，在此之前，以博客在纳斯达克该公司为标志，里国在线产品的“博客恶战”也落下了帷幕。

完全免费于2009年8同月的博文博客，是里国搜狐里第一个热卖的博客产品线，随后，腾讯、新京报、搜狐等搜狐也分别热卖博客产品线。而在诸多博客产品线的竞争里，起步最早的博文博客终于脱颖而出。在其该公司便，其他搜狐的博客产品线至此关闭，“博客”也成为了“博文博客”的专属。截至2021年9同月，博客的同月能活客户端达到5.73亿，大约日能活跃客户端为2.48亿。

对博客而言，其目前最大的无可奈何就是与客户端体量不转换的获利，拿博客在参考资料里对标的快速手来比，2021年一季度，快速手的同月能活为5.73亿，日能活为3.2亿，获利为205亿元，而与快速手同月能活十分的博客，获利却只有约38亿元。

过去七年，在线服务业出现的一些风口，博客也更促使拥抱过，但结果都有些不令人满意。

2016年，博客热卖电视转播功能，到2018年四季度，博客促使购入一电视转播产品线。但现在谈到整个电视转播服务业的发展趋势但会辨认出，2018年底，整个电视转播服务业面貌不太或许趋于稳定，传统电视转播产品线的产品额度也消退殆尽，博客此时再通过购入进行电视转播业务统合，步子明显慢了。

而对于在此之前风头远因的短图片，直到2020年下半年，博客才激活图片号计划，以通过流速全力支持来上进博客的四肢章节谱写者转向图片谱写。与短图片服务业近两年的人均相比之下，博客仍不够快速，甚至反应滞后。

不过，虽然在电视转播、短图片等产品线上，博客都起个大早却赶个晚集，但这并没有负面影响博客SNS媒体跨平台的威望及负面权威性。基本状况，是因为博客经过多年的积累，归因于了五大基本跨平台属性，分别是公开、实时、病毒双管、全面以及SNS。这些属性汇集于一体，让博客至今仍是里国在线最高效的信息散播跨平台。

这也是为什么，博客但会成为很多信息的发源地，即便不是源头，也是引爆舆论的主要跨平台。而这些，也推展了博客近几年客户端的持续上升，并保证了博客的产品威望。

博客正因如此推展了娱乐服务业的流速工商业发展，娱乐明星章节也成为了博客众所周知的流速举由此可知来说，但也急剧危害了博客跨平台毫无疑问的能活力。

今年6同月15日，东欧国家网信筹办开展“‘红豆圈’放任地方政府”专项秘密行动，随后于2021年8同月25日刊发《关于促使遏制“红豆圈”放任地方政府的通知》（缩写“通知”），力图地方政府有关明星的互联网“红豆圈”放任，特别是在明星前十名单、议论纷纷、网路上社区及网路上交流功能等不足之处，遏制羞辱、污名化、怂恿、制造对立、侮辱、诽谤、造谣、恶意营销和散播其他有害信息等。

博客在参考资料里表示，其已在适用于博客业务的范围内采取了通知里规定的措施，以外取消跨平台上的明星势力榜功能。

红豆圈放任的出现，博客逃不了干系，而对红豆圈放任的整治，对博客也势必造就负面影响。只不过目前，对博客是不是归因于多大的负面影响尚不得知，这或许要从下个季度的净资产里才能找到一些解法。

根据博客Q3净资产，在获利相关联上，广告商及营销利润是博客相当多的获利举由此可知来说，占总获利的经济指标为88.6%。但是，博客的广告商主数量却频仍回升。2021年前三季度，博客的广告商主数量为80万，较去年同期的140万减少了60万。

第二次该公司，除了筹募约13.8亿港元的资金投入除此以外，能否给博客造就一些新每况愈下，值得期待。

R: Right. On a different note, the Chinese mainland reported 37 new local COVID-19 cases yesterday, including 24 from Inner Mongolia and 5 from Zhejiang.

全国性昨日新增本土确诊37由此可知（内蒙古24由此可知，均在锡林郭勒盟；浙江5由此可知，其里绍兴市3由此可知、宁波市2由此可知；云南省5由此可知，均在德宏傣族景颇族自治州；松花江2由此可知，均在长春；陕西1由此可知，在渭南市）。

S: And the central bank is trying to restrain the rise of the yuan after the currency hit a 3 1/2-year high against the dollar. Commercial banks were ordered Thursday to increase the amount of their foreign currency deposits that are held as reserves for the second time this year.

Thursday’s order raised banks’ foreign currency reserves to 9 percent of deposits from 7 percent. It was increased to that level from 5 percent in May, the first change since 2007.

为遏制金融机构现金流动性管理，里国人民银行重新考虑，自2021年12同月15日起，上调金融机构现金现金里央银行率2个估，即现金现金里央银行率由现行的7%大大提高到9%。产品人士表示，央行提升现金现金里央银行的借机，或是努力缓解人民币缩水的压力和节奏，假消息传出后离岸人民币汇率出现回跌，人民币兑美元跌破6.38从江。但临近同月初，产品结汇需求旺盛，对人民币汇率仍有所支撑。

R: Last but not least, let’s take a quick look at the stock markets. Chinese stocks closed lower today with lithium battery and solar energy stocks leading the gains. The Shanghai Composite lost 0.18 percent, and the Shenzhen Component lost 0.24 percent. The Hang Seng Index closed 1.07 percent lower, dragged by a 1.11-percent loss in TECH Index.

周五A股香港股市走弱，沪指跌0.18%，深成指收跌0.24%。两市先于多数上涨，光伏、笔记本电脑等高赤字度板块联袂走强。港股恒生指数收跌1.07%，恒生科技指数跌1.11%。

（欢迎大家获取意见和一个系统，请联系主持人赵莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委: 于晓娜

策划、编辑：赵艳霞

播音：赵莹亮

主笔：赵莹亮、张然

徐小明：向秀芳

音频制作：张然、袁思杰

内部设计：郑和蔼、廖苑妮

21世纪工商业报道海除此以外部 南财音图片部 牵头制作

的东北财经全媒体母公司 出品

来得多章节请串流21财经APP