NASDAQ decides virtual currency

1. The basic property of money is exchange, that is, the money you harvest can be exchanged for equivalent goods, and the price of goods is the relationship between supply and demand

2 to make a long story short, e to the risk of counterfeiting, gold is the final currency in the end, but the total proction of gold inhibits the development of global economy, and the national reputation replaces the currency in the end

3 there is no doubt about the value of gold. No one will not snatch it when they are on the ground, and no one will not beat fast. bitcoin uses a specific algorithm to create the "rare" attribute, but this is not the essence of currency, because the exchange limitation is too large, and the holding value is limited. However, in the current era when paper money can be used as legal money and exchange money, the currency of any country actually has absolute risk, so the emergence of beyond national boundaries bitcoin has aroused the reaction of the market

4 as mentioned above, paper money has the effect of legal currency in the world, which can exchange goods (excluding depreciation), while bitcoin can exchange very few things. In other words, the more things it can exchange, the more valuable the currency is, the more valuable the currency it can exchange for necessities (US dollars), and the more valuable the currency is, the more considerable the seigniorage will be

5 to sum up, currency has the following attributes: purchasing power, recognized, credit (guarantee). In the future, new currency (or exchange method) will be born, but at present, legal currency is the most valuable, but no legal currency has the natural currency attribute of gold.

2. All of these digital coins have no value in themselves. It's all speculative goods. Once the speculative funds withdraw, the value will be zero.

3. First of all, it should be understood that NASDAQ is the growth enterprise market in the United States and the most famous growth enterprise market in the world, so many high-tech enterprises will choose to go to Nasdaq for listing

because large state-owned enterprises have a lot of money to raise funds by issuing shares, and the domestic market can't afford such large enterprises to be listed, so many large state-owned enterprises prefer to be listed in Hong Kong, Now the domestic market has such a bearing capacity, so more state-owned enterprises listed in Hong Kong are back to be listed in China

as long as they comply with the exchange and domestic laws and regulations, they can be listed in several exchanges at the same time, such as ICBC, which is listed in China and Hong Kong at the same time

4. First of all, NASDAQ is the leader of the US stock market

if you refer to the NASDAQ OMX, its stock code is NDAQ. It is traded on Nasdaq, of course, in US dollars, because it is not traded on the domestic market

if you are referring to the NASDAQ index, a stock code is qqq, which represents the 100 stocks with the largest market value traded on the NASDAQ Exchange. It is also traded in US dollars, not on the domestic market.

5.

Zhongtiao Mountain in Yuncheng, Shanxi Province is a transitional area from temperate zone to subtropical zone, with mild climate and suitable precipitation. It is rich in warm vegetation and a variety of Chinese herbal medicines

Du Chengjin's son-in-law's trousers were torn by the Bush because he had been walking in the forest, but they picked nearly 100 Jin of Forsythia suspensa that day, and the harvest was good

as long as you can bear hardships, there is a way to earn money. That's the truth

6.

bus line: K12, the whole journey is about 4.1km

1. Walk about 460m from Shuncheng shopping center to jinmafang station

2. Take K12, pass 3 stops, and reach Kunming Station (Yongping Road)

3. Walk about 460m to Kunming station

7.

1. SBI is a shared business incubator

SBI, SBI Holding Co., Ltd. (strategic business innovator), SBI Holding Co., Ltd. of Japan, namely SBI group, formerly Softbank investment

SBI, same beam interferometry. SBI holdings, Inc., formerly known as the financial investment department of Softbank group, was established in 1999. It has developed into a large comprehensive financial group with investment and Internet as the platform to conct business in the world. SBI Holdings Co., Ltd. is a listed company on the Tokyo Stock Exchange (code 8473) and the first company listed in Hong Kong in Japan, The Chinese name is "siyi" (code 06488)

< H2 > extended materials

located in the National Independent Innovation Demonstration Zone, Wuhan · China Optics Valley is a brilliant blueprint of Optics Valley, with its slogan: "come in by bike and go out by car"

here, incubation has become the most basic start. During incubation, entrepreneurs can not only work under a building, but also live and settle down on the same building. Out of this building, there are also training institutions, ecational institutions and many high style, more fashionable and convenient life and entertainment facilities for entrepreneurs

"incubation" to a certain time, start-ups to enter the experimental, instrial stage. In the past, we had to graate and move in incubators, but we could still stay at home in Chuangye street. In this short one kilometer street, there are 180 high-tech start-ups and nearly 1000 entrepreneurs. From the beginning to the end, it's full of vitality

8. Standard 1: (1) shareholder's equity reaches 15 million US dollars 2) Has a pre tax income of $1 million in the most recent financial year or two of the most recent three years 3) 1.1 million public shares 4) The value of public ownership is 8 million US dollars 5) The purchase price is at least $5 per share 6) At least 400 shareholders holding more than 100 shares 7) Three market makers 8) It must meet the requirements of corporate governance. Standard 2: (1) shareholders' equity reaches 30 million US dollars 2) 1.1 million public shares 3) The market value of public shares is 18 million US dollars 4) The purchase price is at least $5 per share 5) At least 400 shareholders holding more than 100 shares 6) Three market makers 7) Two years of operation history 8) It must meet the requirements of corporate governance. Standard 3: (1) the market value is 75 million US dollars; Or, the total assets and total income reach 75 million US dollars respectively 2) 1.1 million public shares 3) The market value of public shares should be at least US $20 million 4) The purchase price is at least $5 per share 5) At least 400 shareholders holding more than 100 shares 6) Four market makers 7) It must meet the requirements of corporate governance. If an enterprise wants to be listed in the small capital market, it can apply to the SEC and nasdr of the United States as long as it meets the three conditions and one principle on the next page. The prerequisite is to operate biochemical, biotechnology, medicine, science and Technology (hardware, software, semiconctor, network and communication equipment), franchise, manufacturing and retail chain service companies, whose economy has been active for more than one year, and has high growth and high development potential. Under negative conditions, the net tangible asset value is more than US $5 million, or the net profit before tax in the latest year is more than US $750000, or the income before tax in the last three years, including two years, is more than US $750000, or the company's market capitalization is more than US $50 million. Positive conditions after the SEC and nasdr have passed the review, more than 300 public shareholders (Non-IPO must set up a holding company abroad, and the original shareholders must be more than 300) can be listed. According to the SEC manual, the so-called public shareholding requires that the number of shares held by the public shareholders should be more than the whole shares, and the whole shares in the United States are 100 shares of the basic circulation unit. Principle of good faith there is a popular slang in Nasdaq: "any company can be listed, but time will tell the tale.". That is to say, as long as the application company adheres to the principle of good faith, listing is sooner or later, but time and good faith will determine everything. The process of IPO is a challenging and exciting process. Bold decision, excellent performance of the IPO team and good market conditions will show the style and image of a successful Chinese company based on the US capital market. 1. The formation of a listing advisory team, the final listing of a company in the United States, is often the result of the successful operation of an effective listing advisory team. In addition to the company itself, especially the top management of the company, which needs to invest a lot of time and energy, the company should form a listing advisory team including investment banks, legal advisers and accountants. Among them, the investment bank will lead the whole process of transaction and underwriting. When considering the candidates of investment banks, the company should fully understand whether the investment banks have the experience of assisting other companies in the instry to go public and their sales ability. The legal adviser selected by the company must be qualified to practice in the United States. Similarly, the company should consider whether it has rich experience in securities business. The accounting firm shall independently review the financial position of the company in accordance with the U.S. general accounting standards. Accounting firms should also have a comprehensive understanding of China's accounting standards in order to adjust certain data to meet the reporting requirements of American accounting standards. 2. Due diligence the company will conct comprehensive and in-depth e diligence on the company's management, operation, finance and legal affairs with the assistance of the listing consultant team. Due diligence will lay the foundation for the company to draft the registration prospectus, prospectus, roadshow promotion, etc. In order to better grasp and understand the business status of the issuing company and facilitate the drafting of an accurate and attractive prospectus, the lead underwriter, the legal adviser of the lead underwriter and the legal adviser of the issuing company will conct extensive review on the property and relevant contracts and agreements of the issuing company, including all loan agreements, important contracts and government permission, etc. In addition, they will have discussions with the company's senior management, financial personnel and auditors. At the same time, the lead underwriter often requires the company's legal advisers and accountants to provide opinions on the events in the prospectus. The underwriting agreement will stipulate that the legal adviser of the company will issue legal opinions on the legal establishment and operation of the company, the validity of the securities issued and other legal matters. In addition, the underwriting agreement will require the company's legal adviser to give an opinion on whether the prospectus is fully disclosed. Finally, the issuing company is also required to provide a "letter of comfort", that is, its independent certified public accountant confirms the various financial data in the prospectus. 3. Registration and approval under the U.S. Securities Act, securities must be registered with the U.S. Securities Regulatory Commission before they are issued to the public, and a detailed prospectus must be provided to the public investors. Registration and approval is the core stage of listing. The company, the company's selected legal adviser and the independent auditor will jointly prepare the first draft of the registration statement. Therefore, the ability and experience of the legal adviser will be fully displayed at this stage. The registration prospectus should include two parts: the first part contains the prospectus, and the second part includes supplementary information, signature and attachments. The Prospectus has the following characteristics: first, it must meet the requirements of the U.S. Securities Regulatory Commission, and it must truly disclose the information required by the relevant forms. Generally, the disclosure requirements for overseas companies are consistent with those for domestic companies in the United States, including the business, risk factors, financial status, compensation and shareholding of management, major shareholders, related party transactions, use of funds and financial audit reports of the company in the past five years. In addition, the prospectus is also a sales promotion manual. The prospectus must describe the "highlights" of the issuing company to attract investors. The Underwriters and their legal advisers will carefully review and comment on the draft. When the prospectus is ready, it will be sent to the sec. After the registration prospectus is submitted to the SFC and before the document is declared effective, the preliminary prospectus included in the prospectus will be circulated by the investment bank to potential investors. During this period, the company can offer shares in writing, but can not promise to sell shares. In the meantime, the underwriting bank will arrange a roadshow (detailed below). The SEC will review the prospectus within 30 days. After the review, the SFC issued a letter to the company, asking for supplementary information or more detailed disclosure, mainly involving disclosure and accounting issues. The company will make amendments in accordance with the opinions and submit them to the CSRC. The SFC will review it again. If it is a company registered for the first time, the SFC will often require multiple amendments. The SFC will declare the prospectus effective after examining and approving the final draft of the prospectus. For the first time registrant, it takes 4 to 8 weeks from the first delivery to the announcement. 4. After the registration of promotion and roadshow, the company can carry out promotion with the assistance of investment bank, including roadshow tour. Roadshow refers to a series of reports to potential investors, analysts or fund managers, which usually last for one to two weeks. At that time, under the arrangement of the investment bank, the company's management will tour around the country to present its business plan. The performance of the management on the roadshow also plays a crucial role in the success of the securities issuance. In the United States, important roadshow cities include New York, San Francisco, Boston, Chicago and Los Angeles. As international financial centers, London and Hong Kong are often included in the roadshow itinerary. Once the roadshow is over, the final prospectus will be issued to investors, and the company's management will determine the final issue price and quantity with the assistance of the investment bank. Investment banks often put forward a price proposal based on the needs of investors and market conditions. Once the offering price is determined, the IPO will take effect two days after the investors receive the formal prospectus, and the listing will begin. The lead underwriter will be responsible for ensuring the smooth trading of the company's shares in the first key days of listing. So far, the IPO was successful.

9. Personal point of view, for reference only

What's wrong with big and small Fei? It is a special situation in our country and a conflict between state-owned problems and market problems. This is not the case in the United States. Hong Kong did not have it before. After the mainland companies passed, there appeared so-called red chips, which should be whether there are circulating state-owned shares. These will be reformed and become fully circulating

I don't think there is much to say about ESOP in companies. The so-called number of millionaires refers to their value, not their actual wealth. If the stock price falls, they are still poor. The shares that the company gives them should be divided in proportion to their positions and contributions. The shares that look at the gate are definitely different from those that look at the website. These are to motivate the employees of the company to work hard for the company. The more they work, the more they earn. There must be strict rules for cash out, such as how many years can't sell or transfer the company's shares. Of course, those who hold a large number of shares will not sell. It has nothing to do with them if they sell the company. Moreover, their holding restriction period must be longer. If they sell, they will not be able to make a difference.