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<\/a><\/p>\n

\u3000\u3000\u3010\u718a\u732b\u65f6\u62a5\u8baf\u3011\u4fd7\u8bdd\u8bf4\uff0c\u6811\u5927\u62db\u98ce\u3002\u5bf9\u4e8e\u51c6\u5907\u8fdb\u884c\u9996\u6b21\u516c\u5f00\u52df\u80a1(IPO)\u7684\u8682\u8681\u91d1\u670d\u6765\u8bf4\uff0c\u8981\u60f3\u62b5\u5fa1\u72c2\u66b4\u7684\u76d1\u7ba1\u52b2\u98ce\uff0c\u5f6d\u857e\u9700\u8981\u627e\u4e2a\u300c\u907f\u98ce\u6e2f\u300d\u3002<\/p>\n

\u3000\u3000\u8682\u8681\u91d1\u670d\u662f\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\u65d7\u4e0b\u7684\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u5f6d\u857e\u662f\u8682\u8681\u91d1\u670d\u7684\u638c\u95e8\u4eba\u3002\u5979\u6b63\u5c31\u4e00\u7cfb\u5217\u8fd8\u5728\u53d1\u5c55\u53d8\u5316\u7684\u76d1\u7ba1\u89c4\u5219\u4e0e\u6709\u5173\u90e8\u95e8\u5c55\u5f00\u8c08\u5224\uff0c\u8fd9\u4e9b\u89c4\u5219\u6d89\u53ca\u652f\u4ed8\u7cfb\u7edf\u3001\u8d44\u91d1\u7ba1\u7406\u548c\u5c0f\u989d\u8d37\u6b3e\u7b49\u4f17\u591a\u9886\u57df\u3002<\/p>\n

\u3000\u3000\u4f5c\u4e3a\u4e2d\u56fd\u91d1\u878d\u79d1\u6280\u754c\u7684\u300c\u5de8\u65e0\u9738\u300d\uff0c\u8682\u8681\u91d1\u670d\u6700\u4e3a\u4eba\u719f\u77e5\u7684\u5c31\u662f\u652f\u4ed8\u5b9d\u3002\u4f46\u662f\uff0c2016\u5e7412\u6708\u5f6d\u857e\u9996\u6b21\u63a5\u53d7\u6d77\u5916\u5a92\u4f53\u63a1\u8bbf\u65f6\u5374\u6307\u51fa\uff1a\u300c\u652f\u4ed8\u4e1a\u52a1\u53ea\u662f\u51b0\u5c71\u4e00\u89d2\uff0c\u6d77\u9762\u4e0b\u7684\u90a3\u90e8\u5206\u624d\u771f\u5927\u3002\u300d<\/p>\n

\u3000\u3000\u5bf9\u4e8e\u4e2d\u56fd\u4e0d\u65ad\u58ee\u5927\u7684\u4e2d\u4ea7\u9636\u7ea7\u800c\u8a00\uff0c\u8682\u8681\u91d1\u670d\u8fd8\u662f\u8d44\u91d1\u7ba1\u7406\u516c\u53f8\uff0c\u662f\u653e\u8d37\u4eba\u548c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u3002\u5b83\u63a7\u5236\u8457\u5168\u7403\u6700\u5927\u7684\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff0c\u9980\u989d\u5b9d\u3002\u622a\u81f32017\u5e749\u6708\uff0c\u9980\u989d\u5b9d\u62e5\u6709\u8d85\u8fc71.5\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\u7684\u8d44\u4ea7\u3002\u5b83\u4e0d\u4ec5\u5411\u963f\u91cc\u5df4\u5df4\u7535\u5b50\u5546\u52a1\u5e73\u53f0\u4e0a\u7684\u6570\u767e\u4e07\u4f7f\u7528\u8005\u63d0\u4f9b\u6d88\u8d39\u8d37\u6b3e\uff0c\u8fd8\u62e5\u6709\u7f51\u7edc\u94f6\u884c\u6267\u7167\u3002\u4e00\u65e6\u4e2d\u56fd\u592e\u884c\u5f00\u59cb\u63a5\u53d7\u4ee5\u7535\u5b50\u65b9\u5f0f\u8fdb\u884c\u5ba2\u6237\u5c3d\u804c\u8c03\u67e5\u7684\u60f3\u6cd5\uff0c\u8682\u8681\u91d1\u670d\u5c31\u53ef\u4ee5\u5438\u6536\u5bb6\u5ead\u5b58\u6b3e\u4e86\u3002<\/p>\n

\u3000\u3000\u6eda\u6eda\u8d22\u6e90\u6321\u4e0d\u4f4f\u3002\u4f2f\u6069\u65af\u5766\u7814\u7a76\u516c\u53f8(Bernstein
\nResearch)\u8868\u793a\uff0c\u9884\u8ba12017\u5e74\u8682\u8681\u91d1\u670d\u7684\u8425\u4e1a\u5229\u6da6\u5c06\u8d85\u8fc7200\u4ebf\u5143\uff0c\u5229\u6da6\u7387\u5c06\u8fbe\u523029%\u3002\u622a\u81f3\u6700\u65b0\u5b63\u5ea6\uff0c\u8682\u8681\u91d1\u670d\u7684\u76c8\u5229\u80fd\u529b\u8d85\u8fc7\u4e2d\u56fd\u5927\u90e8\u5206\u5730\u533a\u6027\u94f6\u884c\u3002<\/p>\n

\u3000\u3000\u6b64\u5916\uff0c\u8682\u8681\u91d1\u670d\u7684\u6536\u5165\u6765\u6e90\u4e5f\u5f88\u591a\u5143\u5316\uff0c\u652f\u4ed8\u4e1a\u52a1\u8d21\u732e\u7ea6\u4e00\u534a\u7684\u6536\u5165\uff0c\u6d88\u8d39\u4fe1\u8d37\u548c\u4fdd\u9669\u5206\u9500\u5206\u522b\u8d21\u732e20%\u3002<\/p>\n

\u3000\u3000\u91d1\u878d\u79d1\u6280\u5e1d\u56fd<\/p>\n

\u3000\u3000\u8682\u8681\u91d1\u670d\u7684\u6536\u5165\u6765\u81ea\u652f\u4ed8\u4e1a\u52a1\u3001\u6d88\u8d39\u4fe1\u8d37\u548c\u4fdd\u9669\u5206\u9500\u7b49\u591a\u79cd\u9886\u57df<\/p>\n

\u3000\u3000\u6210\u529f\u81ea\u7136\u4f1a\u5f15\u6765\u5173\u6ce8\u3002\u4e2d\u56fd\u653f\u5e9c\u4e00\u76f4\u4e50\u89c1\u91d1\u878d\u79d1\u6280\u4f01\u4e1a\u7684\u84ec\u52c3\u53d1\u5c55\uff0c\u76f4\u5230\u4ed6\u4eec\u6210\u957f\u4e3a\u53ef\u5f15\u53d1\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u5de8\u5934\u3002\u7136\u540e\uff0c\u4e2d\u56fd\u592e\u884c\u6216\u94f6\u76d1\u4f1a\u7684\u5934\u5934\u8111\u8111\u5c31\u4f1a\u62ff\u51fa\u5404\u79cd\u89c4\u5b9a\u6765\u6253\u538b\u8fd9\u4e9b\u5de8\u5934\u3002<\/p>\n

\u3000\u3000\u827e\u745e\u8c18\u8be2(iResearch)\u7684\u8d44\u6599\u663e\u793a\uff0c\u4e2d\u56fd\u592e\u884c\u6b63\u5728\u52a0\u5927\u5bf9\u7b2c\u4e09\u65b9\u79fb\u52a8\u652f\u4ed8\u884c\u4e1a\u7684\u76d1\u7ba1\u3002\u9884\u8ba12018\u5e74\uff0c\u4e2d\u56fd\u7b2c\u4e09\u65b9\u79fb\u52a8\u652f\u4ed8\u884c\u4e1a\u5c06\u5904\u7406\u4eba\u6c11\u5e01200\u4e07\u4ebf\u5143\u7684\u4ea4\u6613\uff0c\u5176\u4e2d\u8682\u8681\u91d1\u670d\u7ea6\u4f5440%\uff0c\u817e\u8baf\u63a7\u80a1\u4f5430%\u3002<\/p>\n

\u3000\u3000\u622a\u81f32016\u5e74\u5e95\uff0c\u8682\u8681\u91d1\u670d\u7ba1\u7406\u7684\u5ba2\u6237\u8a17\u7ba1\u8d44\u91d1\u8fd15000\u4ebf\u5143\uff0c\u7531\u6b64\u8d5a\u53d6\u4e86\u53ef\u89c2\u7684\u5229\u606f\u6536\u5165\u3002\u4f46\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\uff0c\u4e2d\u56fd\u592e\u884c\u8981\u6c42\u6240\u6709\u7b2c\u4e09\u65b9\u652f\u4ed8\u5e73\u53f0\u987b\u5c0620%\u7684\u8a17\u7ba1\u8d44\u91d1\u4ea4\u5b58\u81f3\u6307\u5b9a\u94f6\u884c\u4e13\u7528\u5b58\u6b3e\u8d26\u6237\uff0c\u8be5\u8d26\u6237\u8d44\u91d1\u6682\u4e0d\u8ba1\u4ed8\u5229\u606f\u3002<\/p>\n

\u3000\u3000\u5982\u679c\u4e2d\u56fd\u592e\u884c\u8fdb\u4e00\u6b65\u6536\u7d27\u653f\u7b56\uff0c\u8682\u8681\u91d1\u670d\u7684\u5229\u606f\u6536\u5165\u53ef\u80fd\u4f1a\u964d\u4e3a\u96f6\u3002\u636e\u4f30\u8ba1\uff0c\u76ee\u524d\u5b83\u7684\u5229\u606f\u6536\u5165\u4f54\u516c\u53f8\u603b\u6536\u5165\u768417%\u3002<\/p>\n

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\u3000\u3000\u4e8e\u662f\uff0c\u8682\u8681\u91d1\u670d\u7acb\u5373\u5411\u8da3\u5e97\u53d1\u51fa\u901a\u77e5\uff0c\u8981\u6c42\u5176\u5e73\u53f0\u4e0a\u7684\u7b2c\u4e09\u65b9\u653e\u8d37\u673a\u6784\u7684\u5229\u606f\u548c\u6536\u8d39\u4e0d\u5f97\u8d85\u8fc7\u5e74\u531624%\u3002<\/p>\n

\u3000\u3000\u8682\u8681\u91d1\u670d\u81ea\u8eab\u7684\u8d37\u6b3e\u4e1a\u52a1\u4e5f\u53d7\u5230\u8d44\u4ea7\u652f\u63f4\u8bc1\u5238\u5e02\u573a\u76d1\u7ba1\u6536\u7d27\u7684\u5a01\u80c1\u3002\u76ee\u524d\uff0c\u8682\u8681\u91d1\u670d\u63a1\u7528\u7684\u662f\u8f7b\u8d44\u4ea7\u6a21\u5f0f\uff0c\u5c06\u8d37\u6b3e\u6253\u5305\u51fa\u552e\u7ed9\u94f6\u884c\u7b49\u673a\u6784\u6295\u8d44\u8005\u3002\u5f6d\u535a\u5f59\u7f16\u7684\u8d44\u6599\u663e\u793a\uff0c\u91cd\u5e86\u5e02\u8682\u8681\u5546\u8bda\u5c0f\u989d\u8d37\u6b3e\u6709\u9650\u516c\u53f8\u5df2\u7ecf\u53d1\u884c\u4e86\u8d85\u8fc71000\u4ebf\u5143\u7684\u8d44\u4ea7\u652f\u63f4\u8bc1\u5238\u3002\u8be5\u516c\u53f8\u662f\u8682\u8681\u91d1\u670d\u73b0\u91d1\u8d37\u6b3e\u4e1a\u52a1\u501f\u5457\u7684\u670d\u52a1\u63d0\u4f9b\u4e3b\u4f53\u3002<\/p>\n

\u3000\u3000\u65b0\u89c4\u53ef\u80fd\u4f1a\u8feb\u4f7f\u8682\u8681\u91d1\u670d\u5f7b\u5e95\u6539\u53d8\u8f7b\u8d44\u4ea7\u7684\u5546\u4e1a\u6a21\u5f0f\u3002\u76d1\u7ba1\u673a\u6784\u8868\u793a\uff0c\u5bf9\u4e8e\u6240\u53d1\u8d37\u6b3e\u5df2\u7ecf\u6253\u5305\u5230\u8d44\u4ea7\u652f\u63f4\u8bc1\u5238\u4e2d\u7684\u8d37\u6b3e\u4eba\u6765\u8bf4\uff0c\u987b\u6301\u6709\u76f8\u5e94\u7684\u8d44\u672c\u3002\u56e0\u6b64\uff0c\u5728\u91cd\u5e86\u83b7\u5f97\u724c\u7167\u7684\u501f\u5457\u53d1\u884c\u7684\u8d44\u4ea7\u652f\u63f4\u8bc1\u5238\u89c4\u6a21\u81f3\u591a\u662f\u5176\u603b\u8d44\u672c(\u622a\u81f32016\u5e74\u4ec5\u4e3a38\u4ebf\u5143)\u76842.3\u500d\u30022017\u5e7412\u6708\uff0c\u8682\u8681\u91d1\u670d\u5c06\u501f\u5457\u7684\u6ce8\u518c\u8d44\u672c\u63d0\u5347\u81f3120\u4ebf\u5143\u3002<\/p>\n

\u3000\u3000\u6536\u7d27\u76d1\u7ba1\u653f\u7b56\u4f1a\u5a01\u80c1\u5230\u4e00\u4e2a\u5229\u6da6\u4e30\u539a\u7684\u4f01\u4e1a\u3002\u65b0\u95fb\u7f51\u7ad9\u4ecb\u9762\u7684\u8d44\u6599\u663e\u793a\uff0c\u4eca\u5e74\u524d9\u4e2a\u6708\uff0c\u501f\u5457\u5b9e\u73b0\u8425\u4e1a\u5229\u6da653\u4ebf\u5143\uff0c\u9500\u552e\u989d69\u4ebf\u5143\uff0c\u5229\u6da6\u7387\u9ad8\u8fbe77%\u3002<\/p>\n

\u3000\u3000\u5c0f\u8d37\u6b3e\uff0c\u5927\u4f01\u4e1a<\/p>\n

\u3000\u3000\u5728\u53d1\u884c\u8d44\u4ea7\u652f\u63f4\u8bc1\u5238\u7684\u52a9\u529b\u4e0b\uff0c\u8682\u8681\u91d1\u670d\u7684\u73b0\u91d1\u8d37\u6b3e\u4e1a\u52a1\u84b8\u84b8\u65e5\u4e0a<\/p>\n

\u3000\u3000\u5f53\u7136\uff0c\u8682\u8681\u91d1\u670d\u4e0d\u5dee\u94b1\uff0c\u53ef\u4ee5\u968f\u65f6\u7ed9\u501f\u5457\u6ce8\u5165\u8d44\u91d1\uff0c\u52a0\u5f3a\u5b83\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u4e0d\u8fc7\uff0c\u6d88\u8d39\u4fe1\u8d37\u4e1a\u52a1\u7684\u5229\u6da6\u4e5f\u4f1a\u50cf\u652f\u4ed8\u4e1a\u52a1\u90a3\u6837\u9010\u6e10\u53d8\u5f97\u4e0d\u90a3\u9ebd\u4e30\u539a\u3002<\/p>\n

\u3000\u3000\u76d1\u7ba1\u98ce\u5411\u7684\u53d8\u5316\u610f\u5473\u8457\uff0c\u8682\u8681\u91d1\u670d\u660e\u5e74IPO\u7684\u53ef\u80fd\u6027\u5fae\u4e4e\u5176\u5fae\u3002<\/p>\n

\u3000\u3000\u4f5c\u4e3a\u963f\u91cc\u5df4\u5df4\u7684\u521b\u529e\u4eba\u4e4b\u4e00\uff0c\u5f6d\u857e\u4e0e\u8463\u4e8b\u957f\u9a6c\u4e91\u663e\u7136\u4e0d\u662f\u4e00\u4e2a\u8def\u5b50\u3002\u540e\u8005\u4f1a\u5728\u5458\u5de5\u9762\u524d\u5927\u8df3\u6770\u514b\u900a(Michael
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