灿谷终止ADR项目，标志着公司资本市场战略的根本性重构。2025年10月15日，公司公告将终止其美 国存托凭证（ADR）项目，并计划以A类普通股的形式在纽约证券交易所（NYSE）直接挂牌交易。这 一举措不仅是技术层面的调整，更反映出公司融资架构的战略性演进。继2025年5月以3.519亿美元出售 国内汽车金融业务，灿谷的业务重心已彻底由金融科技转向算力运营。其资本结构亟需与美国矿业板块 的估值逻辑和投资者结构相匹配。 解除美资机构投资的结构性壁垒，是本次调整的核心意义。根据Russell指数的成分纳入标准，约62%的 美国长期基金（如Vanguard与BlackRock）对"非直接上市证券"设有限制。由于中美审计及监管差异， ADR常被列为受限资产。通过转为直接上市，灿谷显著扩大了潜在投资者基础，并改善了被动型与基 准跟踪资金的可投资性。在当前约8.08亿美元市值下，可新增的潜在投资资金约为9,000万美元，大致对 应Russell 2000指数的被动资金缺口。以BitDeer为例，其在美转板后三个月内机构持股比例由12%提升 至27%，灿谷亦有望迎来类似提升。 9月运营数据展现出公司算力效率的韧性。尽管比特 ...

纳斯达克IPO后的锁定期（Lock-up Period）是指公司内部人、早期投资者或承销商在公司上市后一定期限内不得转售所持股份 的规定，核心目的是稳定股价、防止短期抛售压力、保护投资者信心。以下是其核心要点的系统梳理： 一、锁定期的核心逻辑与监管依据 锁定期并非纳斯达克独有的规则，而是基于美国证券交易委员会（SEC）的法规（如Rule 144、Rule 145）和纳斯达克交易所的 上市规则（如Listing Rule 5635）共同约束的结果。其本质是通过限制特定主体的股份转售，避免上市初期市场供给突然增加导 致股价暴跌。 二、主要适用主体及锁定期时长 纳斯达克的锁定期要求因主体身份（是否为公司关联方）和股份来源（是否为受限证券）而异，核心分类如下： 1. 公司关联方（Affiliates）：180天锁定期（最严格） 适用主体： 锁定期： 从IPO上市首日（First Day of Trading）起算，180天内不得转售所持股份（包括IPO前持有的股份和IPO中认购的新股）。 依据： 纳斯达克Listing Rule 5635(a)明确规定，关联方的受限证券（Restricted Securities）在 ...

Core Viewpoint - Sony is accelerating its transformation into an entertainment technology group by announcing a strategic plan for the spin-off of its financial business, which is seen as a new chapter in corporate transformation [1] Group 1: Financial Business Spin-off - Sony will detail its spin-off plan and growth strategy for the financial unit during its investor day, with plans to distribute over 80% of Sony Financial Group shares to shareholders through a physical dividend [1] - This spin-off marks the first use of Japan's 2023 tax reform policy for partial spin-offs and is the first direct listing case in over 20 years, scheduled for September 29 [1] - The separation will allow for clearer understanding of the different business development goals by separating the capital-efficient non-financial business from the capital-dependent financial business [1] Group 2: Entertainment Expansion - Sony is expanding its entertainment portfolio from gaming to film and music while maintaining its global leadership in smartphone image sensors [3] - The company is considering various strategies for its chip business, including self-operation, strategic investors, or a light wafer fab strategy [3] - Sony has allocated 1.7 trillion yen for capital investments and 1.8 trillion yen for strategic investments over the next three years [4] Group 3: Anime Business Growth - The anime business is expected to contribute 35%-40% of the profits from the film and television sector in the next two to three years, highlighting its potential as a profitable growth area [5] - Sony's influence in the anime sector is increasing through its Aniplex animation planning company and Crunchyroll streaming platform, which are seen as significant opportunities in a growing market [4][5]