以下文章来源于铅笔道 ，作者铅笔道 铅笔道 . 最近10年，获得融资最多的科技媒体之一，关注科技主流趋势。自2015年成立以来，始终践行"Pencil never lies"的内容理念，真实报道创新企业15000家， 内容单周最高影响1600万人群。 还记得雷士照明创始人吴长江吗？10年前，他曾因罪被判10年（挪用资金与职务侵占），最近他出狱了， 并注册了个人抖音号。 12月4日到9日，吴长江在抖音连发6条 分享自己在创业过程中的犯错经历——用1.7亿买了个资本教训。 一晚上输过上亿 创业，永远不要去赌博。 吴长江说，当年真正把他推入深渊的，不是资本局，是赌博。他为什么挪用公司资金？因为补赌债。 导语：创业，永远不要去赌博。 请看他的原话。 "我贪了王冬雷（德豪润达董事长）的8亿借款承诺，跟他换股后他却说没钱。没办法，我们用公司担保贷了5个多亿，最后被提前划扣，造成公司 巨额损失，我因挪用资金罪入狱，整整十年——看守所7年多，监狱2年多。" 早在8年前，国内创投圈就有个小范围共识：凡是喜欢打德扑的创业者，一律不投，更别提赌博。 我不仅不建议创业者赌博，还反对一切在非主业上的高风险行为。 看完我有点震撼。吴长江 ...

Group 1 - Swiss lawmakers proposed a compromise on new capital rules for UBS Group to ensure its international competitiveness, leading to a rise in the bank's stock price to its highest level since 2008, with a pre-market increase of over 1.5% to $43.3 [1] - The Swiss government previously suggested that UBS, after acquiring the failing Credit Suisse in 2023, should increase the capital adequacy ratio of its foreign subsidiaries to 100% from the current 60% to cover potential overseas losses [1] - Following media reports of the compromise proposal by a group of lawmakers, UBS's stock price has doubled since the acquisition of Credit Suisse [1] Group 2 - The proposal supports setting the world's strictest capital rules for UBS, emphasizing that the gap between these regulations and those of major financial centers should not be so large as to affect competitiveness [2] - The plan also includes a suggestion to limit investment banking activities to 30% of the bank's risk-weighted assets on its balance sheet, with UBS stating that the proposal is more constructive than the government's extreme approach [3] - The Swiss Finance Ministry has submitted its proposal and will decide how to proceed in due course, with reports indicating that the government is prepared to soften some of the new regulations [3]

Core Viewpoint - The narrative surrounding Chinese companies delisting from the U.S. stock market is not about patriotism but rather a response to regulatory challenges and the need for data sovereignty [1][12][18] Group 1: Historical Context - In the late 1980s, Chinese companies sought overseas listings due to a lack of domestic financial infrastructure and capital [3] - By the early 2000s, internet companies faced similar challenges, leading them to seek foreign investment as domestic banks were reluctant to lend without tangible assets [5] Group 2: Market Dynamics - After 2010, Chinese companies in the U.S. stock market experienced a surge in capital, leading to unsustainable business practices, such as excessive subsidies in competitive markets [7][8] - The rise of P2P lending platforms in the U.S. market exemplified this trend, with companies prioritizing high-interest loans over risk management [8] Group 3: Regulatory Challenges - The introduction of the Holding Foreign Companies Accountable Act in 2020 mandated that foreign companies listed in the U.S. must provide audit documentation, which raised concerns over data privacy and national security [12] - This regulatory pressure resulted in over 160 Chinese companies being placed on a delisting watchlist, causing significant stock price declines and operational cutbacks [12][14] Group 4: Shift to Hong Kong - Chinese companies are increasingly turning to Hong Kong for secondary listings, viewing it as a long-term strategy rather than a temporary refuge [14][16] - Hong Kong's unique position as an international financial center with compatible regulatory frameworks allows companies to access global capital while addressing domestic data security concerns [16] Group 5: Conclusion - The journey of Chinese companies over the past three decades reflects a process of trial and adjustment in the context of globalization, with decisions to list in the U.S. or return to Hong Kong driven by evolving business needs and regulatory landscapes [18]

Core Viewpoint - A majority of the Swiss public believes that the Swiss government should impose stricter capital rules on UBS, even if these regulations are more stringent than those in other countries [1] Group 1 - The poll indicating public opinion was published on Friday [1]

Group 1 - Swiss regulatory authorities should have the power to reclaim bonuses [1] - Swiss capital rules are expected to be gradually implemented over a period of 6 to 8 years [1]