1. 股权结构与信息披露：透明度是关键 纳斯达克要求上市公司充分披露外国股东的信息，确保投资者了解公司股权分布及潜在利益冲突。具体包括： 2. 锁定期（Lock-up Period）：限制短期抛售 纳斯达克要求主要股东（包括外国股东）在IPO后遵守6个月的锁定期（部分情况可延长至12个月），期间不得出售或转让所持 股份。锁定期的目的是稳定股价，防止大股东短期内抛售导致市场波动。 3. 合规性：反洗钱（AML）与外汇管制 外国个人投资者； 外国机构投资者（如主权财富基金、 pension funds、对冲基金、商业银行）； 外国政府或其下属机构； 境外注册的公司（如离岸群岛公司）。 纳斯达克IPO对外国股东的要求，主要体现在股权透明度、合规性、锁定期及信息披露等方面，核心是确保美国资本市场对股东 结构的信任，同时符合美国证券法规（如《1933年证券法》《1934年证券交易法》）及纳斯达克的上市规则。以下是重点要求 的梳理： 一、外国股东的定义与分类 纳斯达克将"外国股东"定义为非美国居民或非美国注册实体的股东，包括： 二、核心要求重点 5. 控制权变更：外国股东出售的影响 若外国控股股东（持股≥50%）出售大量 ...

阿根廷大规模救市 当地时间周五，阿根廷央行抛售了6.78亿美元来支撑阿根廷比索汇率，这是本周第三次干预汇市。此前阿根廷央行已在周四、周三分别抛售了3.79亿美元、 5300万美元。 阿根廷央行大规模救市的背后是，阿根廷比索汇率持续暴跌。过去一个月，阿根廷比索兑美元已累计贬值幅度接近11%，年内累计跌幅高达30.1%。 周五晚些时候，一名当地记者拦住阿根廷总统哈维尔・米莱进行简短采访，他表示，市场正处于恐慌模式。他还誓言要不惜一切代价捍卫比索。 阿根廷打响"货币保卫战"。 面对阿根廷比索汇率持续暴跌，阿根廷央行于周三、周四、周五连续出手干预汇市，合计抛售11.1亿美元。分析人士称，考虑到阿根廷的流动性外汇储备， 如此干预规模在该国堪称惊人。 与此同时，阿根廷政府近期还连续出台了外汇管制新规。Outlier金融咨询公司的经济学家Gabriel认为，米莱政府需要通过展示政治实力来安抚市场，或者寻 找新的美元来源，以阻止对比索的挤兑。 随着阿根廷央行的美元储备加速消耗，市场愈发怀疑阿根廷政府是否有能力维持现行的汇率政策。美国外交关系协会（CFR）高级研究员Brad Setser评论 称，阿根廷央行连续3天的救市意味着 ...

周三晚些时候，阿根廷央行否认比索已突破其交易区间上限，表示其计算结果与根据公开披露公式得出 的数字略有不同，声称其内部计算的上限为1474.5比索，但市场普遍认为这一事件暴露了政府外汇策略 的脆弱性。投资者担忧，在外汇储备有限的情况下，持续捍卫汇率区间可能进一步削弱阿根廷的金融稳 定性。 当地时间17日周三，阿根廷比索汇率首次突破政府设定的交易区间上限，迫使央行动用外储进行干预， 这标志着阿根廷总统米莱控制通胀和稳定汇率政策遭遇挫折。 此次比索突破交易区间上限发生在米莱政府加码外汇管制措施之际。政府近期连续收紧银行外汇规则， 限制券商利用比索融资购买美元，试图通过多重手段抑制美元需求并稳定比索汇率。 阿根廷比索兑美元周三跌近0.4%，1美元可兑1474.50比索，首次突破阿根廷与国际货币基金组织 （IMF）协议设定的交易区间上限1474.345比索。此后，阿根廷央行披露的报告显示，当天抛售了5300 万美元外储进行干预，这是新汇率框架实施以来央行首次直接入市操作。 交易区间突破引发政策困境 根据阿根廷4月与IMF达成的200亿美元协议，比索交易区间以每月1%的增幅逐步扩大。一旦突破上 限，央行获准直接干预即期 ...

新华财经北京9月16日电阿根廷监管机构采取行动，抑制金融市场对美元的需求，这是政府防止阿根廷 比索跌出交易区间的最新举措。 阿根廷国家证券委员会（CNV）上周五对一项现行规定作出新的解释：如果券商在本地市场持有以比 索计价的回购协议（REPO）或其他短期贷款头寸，则禁止其出售本地以美元计价的金融工具。 布宜诺斯艾利斯咨询公司Outlier的经济学家胡安·曼努埃尔·特鲁法写道："这显然是外汇管制的收紧。" （文章来源：新华财经） 这一规定实际上阻止了市场参与者利用短期比索融资购买美元，再次体现出米莱领导的自由主义政府愿 意干预市场以捍卫比索的态度。政府此前已加大美元期货的买入力度，并采取措施收紧市场流动性。尽 管如此，比索周一仍逼近其交易区间的上限。 ...

Core Viewpoint - The case involves UBS AG's former executive Sun Jianrong, who was convicted of money laundering and contempt of court for embezzling over HKD 130 million from clients, leading to a prison sentence of ten years and six months, along with a lifetime ban from the financial industry [2][3]. Group 1: Embezzlement Details - Sun Jianrong embezzled funds from clients, specifically a couple named Yu Quanli and Lou Xiaojie, between November 2016 and February 2018, transferring a total of 1.3 billion RMB into various bank accounts, including 5 million RMB directly into his own account [2][3]. - The funds were disguised through fake transaction documents and monthly statements that mimicked UBS's official formats, misleading the clients into believing their money was secure [2][3]. Group 2: Discovery of Fraud - The fraud was uncovered in June 2018 when a new advisor took over the couple's accounts and found discrepancies, revealing that over 100 million HKD was missing from the accounts [3]. - Investigations showed that the embezzled funds were funneled into Sun's controlled accounts at HSBC and Hang Seng Bank, and he used the money to purchase properties in London and luxury cars [3]. Group 3: Criminal Background of Victims - The plaintiffs, Yu Quanli and Lou Xiaojie, were identified as involved in organized illegal activities, specifically a prostitution ring in Nanjing, which raised questions about the source of the funds [5][7]. - Yu Quanli was convicted in 2020 for operating a large-scale prostitution ring and sentenced to 15 years in prison, which further complicated the legal proceedings regarding the embezzled funds [7].

割不动中国，美国收割印度，数万亿资金撤离，莫迪的重大失误 近期印度股市波澜起伏，国际资本如同乘坐过山车，时而疯狂涌入，时而纷纷逃离。此次抛售规模之 大，令人不禁联想到1999年的金融风暴，印度民众措手不及，莫迪政府面临严峻挑战。他们的经济学 3.0版原本雄心勃勃，旨在引领印度经济腾飞，却意外撞上南墙，众人纷纷猜测莫迪究竟在何处犯了 错。 10月3日，国际资本仿佛约好般集体撤离印度市场，规模之大令人瞠目结舌。一天之内，1.017亿美元债 券和18.5亿美元股票被抛售。此次大撤退幕后黑手非美联储莫属。美联储一调整利率，全球资金便如同 听到集结号般疯狂转向，那些热衷于新兴市场淘金的热钱纷纷逃离，印度成为众矢之的。 这场景宛如商场打折时的抢购潮，只不过这次是反向操作，众人争相逃离，印度政府陷入焦头烂额的境 地。一边是资金如潮水般退去，一边又要稳定市场信心，莫迪恐怕做梦也没想到，自己精心设计的经济 政策，竟被美联储的一个小动作搞得天翻地覆。 但究其本质，国际资本的这一波操作并非漫无目的，其意图昭然若揭，正如印度咖喱的浓郁，旨在迫使 印度政府放宽外汇管制。对这类资本而言，市场并非仅供观赏的风景，而是他们自由穿梭的游乐场。 ...

Group 1 - The core viewpoint of the articles revolves around the complexities and challenges of international factoring business, particularly in the context of foreign exchange controls and the risks associated with it [1][10][12] - International factoring serves to accelerate cash flow for exporters and mitigate buyer default risks, but it involves more intricate operations due to cross-border transactions [1][2] - The rise of export factoring is linked to the shift from traditional payment methods like letters of credit to more flexible credit sales, which has increased the demand for such services [2][3] Group 2 - Export factoring can be categorized into recourse and non-recourse factoring, with non-recourse factoring being more prevalent, allowing exporters to transfer both payment terms and risks [3][4] - Non-recourse factoring poses higher bad debt risks for banks and factoring companies, as they cannot pursue exporters for payment if importers default [4][5] - Risk transfer mechanisms include involving third-party institutions like insurance companies or adopting a dual factoring model to mitigate risks [5][6] Group 3 - The potential for fraudulent activities, such as fictitious trade and money laundering, can undermine the effectiveness of non-recourse agreements, allowing factoring companies to reclaim debts under certain conditions [7][8] - The complexity of cross-border transactions makes it challenging to implement digital platforms for international factoring, which are more established in domestic markets [10][11] - Current market speculation suggests that using NRA and FT accounts for circumventing foreign exchange controls is fraught with regulatory challenges and operational limitations [12]

Group 1 - The core argument suggests that discussions around stablecoin legislation in the U.S. as a means to alleviate national debt are premature, given the current market size of stablecoins compared to the vast U.S. national debt [2] - The largest stablecoin currently has a market cap in the billions, which is insignificant when compared to the $36 trillion U.S. national debt [2] - China is unlikely to permit the circulation of foreign stablecoins or the issuance of domestic stablecoins due to concerns over its foreign exchange control system being compromised [4] Group 2 - There is a belief that if the Chinese yuan is expected to depreciate over the next 30 years, individuals may prefer to use stablecoins, which are pegged to the U.S. dollar, over the digital yuan [6] - The interest rates on U.S. Treasury bonds are significantly higher than those offered by Chinese banks, making stablecoins more attractive for investment [6] - The potential legalization of stablecoins in China could lead to instability in the yuan, as it would challenge the existing foreign exchange control framework [8]

Group 1 - The Argentine financial market is experiencing a new phase due to the recent foreign exchange liberalization policy implemented by President Milei's government, leading to a stable dollar exchange rate [1][3] - The wholesale dollar price decreased by 4.50 pesos (approximately 0.4%) to 1,169.50 pesos per dollar, with an overall increase of 91.5 pesos (8.5%) since the government relaxed foreign exchange controls on April 11 [3] - The average dollar selling price at banks is reported at 1,193.61 pesos, with a buying price of 1,064.56 pesos, while the informal market (blue dollar) rate fell by 15 pesos (1.2%) to 1,210 pesos, narrowing the gap with the official rate to just 3.5% [3][4] Group 2 - Financial analysis firm GrupoSBS noted that the market is in a price consolidation phase, emphasizing the importance of observing at what level the exchange rate stabilizes to return to a declining inflation trajectory [4] - The central bank has not intervened in the foreign exchange market for eight consecutive trading days, with spot trading volume reaching $683.7 million and international reserves increasing by $89 million to $39.165 billion, the highest level since February 23, 2023 [4] - The Argentine stock market, represented by the S&P Merval index, saw a slight decline of 0.3% to 2,225,243 points, indicating a selective trading environment, while local factors are increasingly influencing the performance of Argentine global bonds [5]

如果说2025年之前，出海还只是部分公司的选择， 那在2025年之后，出海已经成为了一个"必答题"。 因为对于国内大部分企业来说，海外市场都是远大于国内市场的。 然而，在贸易战、关税壁垒和逆全球化冲击下，当前企业出海的风险和困难比大部分人想象的还要大， 为了提升企业出海的成功率， 我们已经把企业出海最容易失败的地方和重点注意事项逐一梳理好了， 就在最新上线的 《中国企业出海指南》 中。 中国企业出海指南 1.纸质资料《中国企业出海指南》 2.线上课程《境内企业赴美国上市的法律实务解读》 3.梧桐定制笔记本1个 中国企业出海指南 新品特惠 扫码 立减20元 《中国企业出海指南》共有 332页 ， 15.5万字 ，9个章节，主要从海外布局、监管要求、股权架构、 审批流程、交易文件、合规风险、税务考量、区域国别等角度出发，全景式梳理了企业出海的实务要 点。 境外投资的主要法律文件 操作时间境外投资敏感类项目 0 限制/禁止开展的境外投资 商务流程 ODI备案/核准流程 境外投资的常见流程与风险 ⊙ 没有办理ODI备案的后果 发改委备案/核准 3. 境外投资的境 商务部备案/核准 内审批流程 外汇登记 境外投资的境内 ...