BTC $62,987.76 -0.10%
ETH $1,878.40 -0.09%
BNB $604.85 -1.01%
XRP $1.00 -0.32%
SOL $75.37 +0.05%
TRX $0.3310 -0.42%
DOGE $0.0697 -0.46%
ADA $0.1769 -1.43%
BCH $203.49 -1.12%
LINK $9.34 -0.55%
HYPE $57.10 +1.49%
AAVE $85.87 -1.30%
SUI $0.6753 -1.10%
XLM $0.1568 -1.11%
ZEC $486.61 -0.94%
BTC $62,987.76 -0.10%
ETH $1,878.40 -0.09%
BNB $604.85 -1.01%
XRP $1.00 -0.32%
SOL $75.37 +0.05%
TRX $0.3310 -0.42%
DOGE $0.0697 -0.46%
ADA $0.1769 -1.43%
BCH $203.49 -1.12%
LINK $9.34 -0.55%
HYPE $57.10 +1.49%
AAVE $85.87 -1.30%
SUI $0.6753 -1.10%
XLM $0.1568 -1.11%
ZEC $486.61 -0.94%

big

All
Article
Flash

hot_img Yushu Technology starts subscription, Meituan and Sequoia may become the biggest external winners, DJI misses out on approximately 3.7 billion yuan in floating profits

Yushu Technology officially launched online and offline subscriptions on August 10, with an issue price of 150.80 yuan per share. The total market value after issuance is approximately 60.993 billion yuan, with total fundraising of nearly 6.1 billion yuan, and the issuance price-to-earnings ratio is 219.23 times, significantly higher than the industry average of 38.56 times.Meituan holds a total of 9.65% of Yushu's shares before issuance through its three subsidiaries, making it the largest external institutional shareholder; Sequoia China holds a total of 7.11%, ranking second. Based on the issue price, the two institutions will receive substantial paper returns. Sequoia first participated in the capital increase in December 2019 with 15 million yuan, at which time the post-investment valuation was only 150 million yuan.A fund under DJI planned to invest 10.1286 million yuan in 2018 for a corresponding shareholding of about 17%, and completed the business registration, but chose to withdraw its investment in 2019. If this investment had been retained until now, the corresponding market value would be approximately 3.7 billion yuan based on the issue price. DJI did not explain the reason for the withdrawal, but in 2019, the company announced an anti-corruption notice, disclosing the handling of 45 employees suspected of corruption, which led to a complete halt of the investment department's work.Among other major shareholders, Jingwei Venture Capital holds 5.45%, Shunwei Capital holds 4.42%, and CITIC Securities holds a total of 4.49%. In terms of strategic placement, DeepSeek received 933,400 shares (subscription of 141 million yuan), and Shanghai Qishan Investment, a subsidiary of Tencent, received 903,300 shares. CITIC Securities, as the sole sponsor, will receive approximately 145 million yuan in sponsorship underwriting fees and will be allocated 808,900 shares through co-investment. Yushu also reminds that the issuance price-to-earnings ratio is significantly higher than the industry average, posing a risk of stock price decline. The deadline for payment for successful applicants is August 12.

Michael Saylor: The biggest challenge for Bitcoin's future is not external competition, but the internal erosion of consensus rules

Strategy founder Michael Saylor stated that Bitcoin has gained market recognition, but the biggest challenge in the future is not external competition, but rather the erosion of consensus rules from within. He believes that Bitcoin's consensus rules are like a "constitution," determining property rights, scarcity, settlement mechanisms, and boundaries of power. Any modification of the rules for the benefit of specific groups is an infringement on the economic rights of all participants.He warned that Bitcoin is expected to grow a hundredfold in the future and become the infrastructure of the global capital market, while a single erroneous rule modification could harm markets, technologies, and economic freedoms that have yet to be born. Saylor specifically pointed out certain proposals, including BIP-110, arguing that they undermine the neutrality of the Bitcoin protocol by limiting effective paid transactions, introducing contract mechanisms, or expanding block capacity. He stated that although these proposals take different forms, they all weaken the scarcity of block space, increase network bandwidth and verification costs, expand protocol complexity, and introduce new security risks. At the same time, weakening the fee market will affect miners' income sources after block rewards continue to halve, thereby undermining the long-term security of the Bitcoin network. Furthermore, once a particular interest group is able to modify Bitcoin rules through certain means, other interest groups will follow suit, leading to long-term conflicts in protocol governance, capital outflows, slowed innovation, and deteriorating network security. Saylor called for keeping the Bitcoin base layer simple, neutral, scarce, and secure, leaving innovation to the second layer and application layer, promoting development through voluntary adoption rather than frequent modifications of the underlying protocol, and emphasized that protocol upgrades should be approached with extreme caution and only advanced when truly necessary to maintain the foundation for Bitcoin's long-term development.
app_icon
ChainCatcher Building the Web3 world with innovations.