{"id":24936,"date":"2026-07-07T13:05:47","date_gmt":"2026-07-07T05:05:47","guid":{"rendered":"https:\/\/openhub365.cn\/?p=24936"},"modified":"2026-07-14T10:04:57","modified_gmt":"2026-07-14T02:04:57","slug":"82-%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%ef%bc%9a%e6%8a%95%e8%9e%8d%e8%b5%84%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%bf%90%e4%bd%9c","status":"publish","type":"post","link":"https:\/\/openhub365.cn\/index.php\/2026\/07\/07\/82-%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%ef%bc%9a%e6%8a%95%e8%9e%8d%e8%b5%84%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%bf%90%e4%bd%9c\/","title":{"rendered":"82.\u5546\u52a1\u82f1\u8bed\uff1a\u6295\u878d\u8d44\u4e0e\u8d44\u672c\u8fd0\u4f5c"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u4e86\u89e3\u66f4\u591a<a href=\"https:\/\/openhub365.cn\/index.php\/2026\/05\/30\/%e5%8d%95%e8%af%8d%e8%af%8d%e6%80%a7%e8%bd%ac%e5%93%81%e7%94%a8%e6%b3%95%e8%a7%a3%e6%9e%90%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"10537\">\u5355\u8bcd\u8bcd\u6027\u8f6c\u54c1\u7528\u6cd5\u89e3\u6790\u76ee\u5f55<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">51. equity stake<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ekw\u0259ti ste\u026ak\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u4efd\u989d\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u8d44\u65b9\u6301\u6709\u7684\u4f01\u4e1a\u80a1\u4efd\u5360\u6bd4<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aHe holds a 15% equity stake in the biotech startup.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4ed6\u6301\u6709\u8fd9\u5bb6\u751f\u7269\u79d1\u6280\u521d\u521b\u516c\u53f815%\u7684\u80a1\u6743\u4efd\u989d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">52. exit channel<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8eks\u026at \u02c8t\u0283\u00e6nl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9000\u51fa\u6e20\u9053\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u8d44\u4eba\u53d8\u73b0\u6536\u56de\u8d44\u91d1\u7684\u6e20\u9053<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIPO and M&amp;A are two main exit channels for VCs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e0a\u5e02\u4e0e\u5e76\u8d2d\u662f\u98ce\u6295\u4e24\u5927\u4e3b\u6d41\u9000\u51fa\u6e20\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">53. fundraising round<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8f\u028cndre\u026az\u026a\u014b ra\u028and\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u878d\u8d44\u8f6e\u6b21\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u5206\u6b21\u5f00\u5c55\u7684\u591a\u8f6e\u5916\u90e8\u52df\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe startup finished its fourth fundraising round this quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u5bb6\u521d\u521b\u672c\u5b63\u5ea6\u5b8c\u6210\u7b2c\u56db\u8f6e\u878d\u8d44\u8f6e\u6b21\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">54. voting right<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8v\u0259\u028at\u026a\u014b ra\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u7968\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u80a1\u4e1c\u53c2\u4e0e\u516c\u53f8\u91cd\u5927\u51b3\u7b56\u8868\u51b3\u7684\u6743\u5229<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPreferred stock may not carry full voting right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f18\u5148\u80a1\u4e0d\u4e00\u5b9a\u62e5\u6709\u5b8c\u6574\u6295\u7968\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">55. fund pool<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd pu\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u6c60\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u5f52\u96c6\u5404\u65b9\u51fa\u8d44\u5f62\u6210\u7684\u6295\u8d44\u603b\u8d44\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe industrial fund pool totals 5 billion yuan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u652f\u4ea7\u4e1a\u57fa\u91d1\u8d44\u91d1\u6c60\u603b\u89c4\u6a2150\u4ebf\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">56. risk premium<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026ask \u02c8pri\u02d0mi\u0259m\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u98ce\u9669\u6ea2\u4ef7\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u9ad8\u98ce\u9669\u6295\u8d44\u989d\u5916\u8981\u6c42\u7684\u6536\u76ca\u8865\u507f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aEarly-stage projects demand a higher risk premium.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u65e9\u671f\u9879\u76ee\u9700\u8981\u66f4\u9ad8\u7684\u98ce\u9669\u6ea2\u4ef7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">57. stock option<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/st\u0252k \u02c8\u0252p\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u7968\u671f\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5458\u5de5\u53ef\u4f4e\u4ef7\u8d2d\u5165\u516c\u53f8\u80a1\u4efd\u7684\u6fc0\u52b1\u5de5\u5177<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCore employees get stock option as long-term incentive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6838\u5fc3\u5458\u5de5\u4eab\u6709\u80a1\u7968\u671f\u6743\u4f5c\u4e3a\u957f\u671f\u6fc0\u52b1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">58. market cap<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8m\u0251\u02d0k\u026at k\u00e6p\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e02\u503c\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e0a\u5e02\u516c\u53f8\u5168\u90e8\u80a1\u7968\u7684\u5e02\u573a\u603b\u4ef7\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIts market cap exceeded 100 billion last week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e0a\u5468\u5b83\u7684\u5e02\u503c\u7a81\u7834\u5343\u4ebf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">59. fund maturity<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd m\u0259\u02c8t\u0283\u028a\u0259r\u0259ti\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u5b58\u7eed\u671f\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u79c1\u52df\u57fa\u91d1\u4ece\u6210\u7acb\u81f3\u6e05\u7b97\u7ed3\u675f\u7684\u671f\u9650<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe PE fund has a 10-year fund maturity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u652f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5b58\u7eed\u671f\u4e3a10\u5e74\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">60. subscription capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/s\u0259b\u02c8skr\u026ap\u0283n \u02c8k\u00e6p\u026atl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8ba4\u7f34\u51fa\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5408\u4f19\u4eba\u627f\u8bfa\u5411\u57fa\u91d1\u7f34\u7eb3\u7684\u51fa\u8d44\u603b\u989d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll limited partners shall pay their subscription capital on schedule.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6240\u6709\u6709\u9650\u5408\u4f19\u4eba\u9700\u6309\u671f\u7f34\u6e05\u8ba4\u7f34\u51fa\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">61. capital call<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl k\u0254\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u51fa\u8d44\u7f34\u6b3e\u901a\u77e5\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1aGP\u901a\u77e5LP\u6309\u671f\u5212\u8f6c\u6295\u8d44\u6b3e\u7684\u6307\u4ee4<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe received a capital call for the new investment project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u6536\u5230\u65b0\u9879\u76ee\u7684\u51fa\u8d44\u7f34\u6b3e\u901a\u77e5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">62. asset portfolio<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6set p\u0254\u02d0t\u02c8f\u0259\u028ali\u0259\u028a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4ea7\u6295\u8d44\u7ec4\u5408\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u5206\u6563\u5e03\u5c40\u7684\u591a\u884c\u4e1a\u6295\u8d44\u6807\u7684\u96c6\u5408<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOur asset portfolio covers new energy and semiconductors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u7684\u8d44\u4ea7\u6295\u8d44\u7ec4\u5408\u6db5\u76d6\u65b0\u80fd\u6e90\u4e0e\u534a\u5bfc\u4f53\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">63. stock split<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/st\u0252k spl\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u7968\u62c6\u80a1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u62c6\u5206\u5355\u80a1\u80a1\u7968\u3001\u964d\u4f4e\u5355\u80a1\u4ef7\u683c\u63d0\u5347\u6d41\u901a\u6027<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe listed firm launched a stock split to attract retail investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u4e0a\u5e02\u516c\u53f8\u5b9e\u65bd\u62c6\u80a1\u5438\u5f15\u6563\u6237\u6295\u8d44\u8005\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">64. placement agent<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ple\u026asm\u0259nt \u02c8e\u026ad\u0292\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u52df\u8d44\u627f\u9500\u673a\u6784\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u534f\u52a9\u4f01\u4e1a\u5bf9\u63a5\u6295\u8d44\u4eba\u3001\u5b8c\u6210\u52df\u8d44\u7684\u4e2d\u4ecb<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe hired a placement agent to speed up Series B financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u8058\u8bf7\u627f\u9500\u673a\u6784\u52a0\u5febB\u8f6e\u878d\u8d44\u8fdb\u5ea6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">65. profit distribution<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8pr\u0252f\u026at \u02ccd\u026astr\u026a\u02c8bju\u02d0\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6536\u76ca\u5206\u914d\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u76c8\u5229\u540e\u5411\u5408\u4f19\u4eba\u5206\u914d\u7ea2\u5229\u7684\u6d41\u7a0b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe annual profit distribution will start next month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5e74\u5ea6\u6536\u76ca\u5206\u914d\u5c06\u4e8e\u4e0b\u6708\u542f\u52a8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">66. credit rating<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8kred\u026at \u02c8re\u026at\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4fe1\u7528\u8bc4\u7ea7\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u7b2c\u4e09\u65b9\u673a\u6784\u8bc4\u4f30\u4f01\u4e1a\u507f\u503a\u80fd\u529b\u7684\u7b49\u7ea7<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aA high credit rating cuts corporate bond financing costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9ad8\u4fe1\u7528\u8bc4\u7ea7\u80fd\u964d\u4f4e\u4f01\u4e1a\u53d1\u503a\u878d\u8d44\u6210\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">67. corporate bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u0254\u02d0p\u0259r\u0259t b\u0252nd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f01\u4e1a\u503a\u5238\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u5bf9\u5916\u53d1\u884c\u3001\u6309\u671f\u4ed8\u606f\u8fd8\u672c\u7684\u503a\u6743\u5de5\u5177<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aManufacturers issue corporate bond to upgrade production lines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5236\u9020\u4f01\u4e1a\u53d1\u884c\u4f01\u4e1a\u503a\u5238\u7528\u4e8e\u4ea7\u7ebf\u5347\u7ea7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">68. post-money valuation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/p\u0259\u028ast \u02c8m\u028cni \u02ccv\u00e6lju\u02c8e\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u540e\u4f30\u503c\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u672c\u8f6e\u878d\u8d44\u8d44\u91d1\u5230\u8d26\u540e\u7684\u4f01\u4e1a\u603b\u4f30\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIts post-money valuation hit 800 million after Series A.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1aA\u8f6e\u5b8c\u6210\u540e\u4f01\u4e1a\u6295\u540e\u4f30\u503c\u8fbe8\u4ebf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">69. pre-money valuation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/pri\u02d0 \u02c8m\u028cni \u02ccv\u00e6lju\u02c8e\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u524d\u4f30\u503c\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u672a\u8ba1\u5165\u672c\u8f6e\u65b0\u589e\u6295\u8d44\u524d\u7684\u4f01\u4e1a\u4f30\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aNegotiations focus on adjusting the pre-money valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8c08\u5224\u6838\u5fc3\u56f4\u7ed5\u8c03\u6574\u6295\u524d\u4f30\u503c\u5c55\u5f00\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">70. affiliated fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0259\u02c8f\u026alie\u026at\u026ad f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5173\u8054\u57fa\u91d1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u540c\u4e00\u7ba1\u7406\u56e2\u961f\u65d7\u4e0b\u4e0d\u540c\u6295\u8d44\u8d5b\u9053\u7684\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe affiliated fund focuses on consumer brand investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u652f\u5173\u8054\u57fa\u91d1\u4e13\u6ce8\u6d88\u8d39\u54c1\u724c\u6295\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">71. liquidity event<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/l\u026a\u02c8kw\u026ad\u0259ti \u026a\u02c8vent\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6d41\u52a8\u6027\u53d8\u73b0\u4e8b\u4ef6\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e0a\u5e02\u3001\u5e76\u8d2d\u7b49\u6295\u8d44\u4eba\u53ef\u5356\u51fa\u80a1\u6743\u53d8\u73b0\u7684\u573a\u666f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAn acquisition is a common liquidity event for early investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6536\u8d2d\u662f\u65e9\u671f\u6295\u8d44\u4eba\u5e38\u89c1\u7684\u6d41\u52a8\u6027\u53d8\u73b0\u4e8b\u4ef6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">72. majority stake<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/m\u0259\u02c8d\u0292\u0252r\u0259ti ste\u026ak\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u63a7\u80a1\u80a1\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6301\u80a1\u8d8550%\u3001\u638c\u63e1\u516c\u53f8\u63a7\u5236\u6743\u7684\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe industrial giant bought a majority stake in the supplier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u5bb6\u4ea7\u4e1a\u5de8\u5934\u6536\u8d2d\u4f9b\u5e94\u5546\u63a7\u80a1\u80a1\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">73. fund lifecycle<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd \u02c8la\u026afsa\u026akl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u751f\u547d\u5468\u671f\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u52df\u8d44\u3001\u6295\u8d44\u3001\u7ba1\u7406\u3001\u9000\u51fa\u6e05\u7b97\u5b8c\u6574\u5468\u671f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe whole fund lifecycle lasts around 10 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5b8c\u6574\u57fa\u91d1\u751f\u547d\u5468\u671f\u7ea610\u5e74\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">74. interest coverage ratio<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u026antr\u0259st \u02c8k\u028cv\u0259r\u026ad\u0292 \u02c8re\u026a\u0283i\u0259\u028a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5229\u606f\u4fdd\u969c\u500d\u6570\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8861\u91cf\u4f01\u4e1a\u5229\u6da6\u8986\u76d6\u503a\u52a1\u5229\u606f\u80fd\u529b\u7684\u6307\u6807<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aBanks check interest coverage ratio before granting loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u94f6\u884c\u653e\u8d37\u524d\u6838\u67e5\u4f01\u4e1a\u5229\u606f\u4fdd\u969c\u500d\u6570\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">75. treasury stock<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8tre\u0292\u0259ri st\u0252k\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e93\u85cf\u80a1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e0a\u5e02\u516c\u53f8\u56de\u8d2d\u540e\u7559\u5b58\u3001\u6682\u4e0d\u6d41\u901a\u7684\u81ea\u5bb6\u80a1\u7968<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe firm holds treasury stock for employee incentive plans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u7559\u5b58\u5e93\u85cf\u80a1\u7528\u4e8e\u5458\u5de5\u6fc0\u52b1\u8ba1\u5212\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">76. investment mandate<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02c8m\u00e6nde\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u7ea6\u5b9a\u8303\u56f4\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u7ea6\u5b9a\u53ef\u6295\u884c\u4e1a\u3001\u6295\u8d44\u89c4\u6a21\u7684\u7ea6\u675f\u6761\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe investment mandate forbids investment in real estate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6295\u8d44\u7ea6\u5b9a\u8303\u56f4\u7981\u6b62\u6295\u5411\u623f\u5730\u4ea7\u884c\u4e1a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">77. syndicated investment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026and\u026ake\u026at\u026ad \u026an\u02c8vestm\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8054\u5408\u6295\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u591a\u5bb6\u6295\u8d44\u673a\u6784\u5171\u540c\u51fa\u8d44\u6295\u540c\u4e00\u9879\u76ee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThree VC firms carried out syndicated investment in the project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e09\u5bb6\u98ce\u6295\u673a\u6784\u5bf9\u8be5\u9879\u76ee\u5f00\u5c55\u8054\u5408\u6295\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">78. capital surplus<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8s\u025c\u02d0pl\u0259s\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u516c\u79ef\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u80a1\u672c\u4ee5\u5916\u79ef\u7d2f\u7684\u8d44\u672c\u589e\u503c\u6b3e\u9879<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPremium from equity financing goes into capital surplus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u80a1\u6743\u878d\u8d44\u6ea2\u4ef7\u6b3e\u8ba1\u5165\u8d44\u672c\u516c\u79ef\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">79. put option<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/p\u028at \u02c8\u0252p\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u770b\u8dcc\u671f\u6743\/\u56de\u8d2d\u770b\u7a7a\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u7ea6\u5b9a\u6295\u8d44\u65b9\u6709\u6743\u6309\u56fa\u5b9a\u4ef7\u683c\u56de\u552e\u80a1\u6743\u7684\u6761\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe put option protects investors from value shrinkage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u56de\u8d2d\u770b\u7a7a\u6743\u4fdd\u62a4\u6295\u8d44\u65b9\u514d\u53d7\u8d44\u4ea7\u7f29\u6c34\u635f\u5931\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">80. call option<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0254\u02d0l \u02c8\u0252p\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u770b\u6da8\u671f\u6743\/\u8d4e\u56de\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u6709\u6743\u6309\u7ea6\u5b9a\u4ef7\u683c\u8d4e\u56de\u6295\u8d44\u65b9\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe call option activates after five years of operation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u8fd0\u8425\u4e94\u5e74\u540e\u8d4e\u56de\u6743\u751f\u6548\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">81. institutional investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cc\u026anst\u026a\u02c8tju\u02d0\u0283\u0259nl \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u673a\u6784\u6295\u8d44\u8005\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4fdd\u9669\u3001\u57fa\u91d1\u3001\u5238\u5546\u7b49\u4e13\u4e1a\u6295\u8d44\u6cd5\u4eba<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInstitutional investors dominate the primary market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u673a\u6784\u6295\u8d44\u8005\u4e3b\u5bfc\u4e00\u7ea7\u5e02\u573a\u4ea4\u6613\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">82. retail investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ri\u02d0te\u026al \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e2a\u4eba\u6563\u6237\u6295\u8d44\u8005\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4ee5\u81ea\u6709\u5c0f\u989d\u8d44\u91d1\u53c2\u4e0e\u8bc1\u5238\u6295\u8d44\u7684\u81ea\u7136\u4eba<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aRetail investors mainly trade stocks on the secondary market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6563\u6237\u6295\u8d44\u8005\u4e3b\u8981\u5728\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u80a1\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">83. asset under management<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6set \u02c8\u028cnd\u0259 \u02c8m\u00e6n\u026ad\u0292m\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21AUM\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u673a\u6784\u53d7\u6258\u7ba1\u7406\u7684\u5168\u90e8\u8d44\u4ea7\u603b\u89c4\u6a21<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIts asset under management exceeded 200 billion this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4eca\u5e74\u8be5\u673a\u6784\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21\u7a81\u78342000\u4ebf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">84. investment thesis<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02c8\u03b8i\u02d0s\u026as\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u903b\u8f91\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u673a\u6784\u770b\u597d\u8d5b\u9053\u3001\u6807\u7684\u7684\u6838\u5fc3\u6295\u8d44\u5224\u65ad<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOur core investment thesis lies in AI manufacturing track.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u6838\u5fc3\u6295\u8d44\u903b\u8f91\u805a\u7126\u4eba\u5de5\u667a\u80fd\u5236\u9020\u8d5b\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">85. convertible preferred stock<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0259n\u02c8v\u025c\u02d0t\u0259bl pr\u026a\u02c8f\u025c\u02d0d st\u0252k\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u53ef\u6309\u6bd4\u4f8b\u8f6c\u4e3a\u666e\u901a\u80a1\u3001\u4eab\u6709\u4f18\u5148\u5206\u7ea2\u7684\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMost early-stage investors hold convertible preferred stock.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u591a\u6570\u65e9\u671f\u6295\u8d44\u4eba\u6301\u6709\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">86. amortization schedule<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0259\u02ccm\u0254\u02d0t\u026a\u02c8ze\u026a\u0283n \u02c8\u0283edju\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u672c\u606f\u644a\u9500\u8ba1\u5212\u8868\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u503a\u6743\u878d\u8d44\u5206\u671f\u8fd8\u672c\u4ed8\u606f\u7684\u660e\u7ec6\u6e05\u5355<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe amortization schedule is attached to the loan contract.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u672c\u606f\u644a\u9500\u8ba1\u5212\u8868\u9644\u4e8e\u8d37\u6b3e\u5408\u540c\u5185\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">87. horizontal merger<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cch\u0252r\u026a\u02c8z\u0252ntl \u02c8m\u025c\u02d0d\u0292\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6a2a\u5411\u5e76\u8d2d\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u540c\u884c\u4e1a\u7ade\u54c1\u4f01\u4e1a\u4e4b\u95f4\u7684\u6536\u8d2d\u5408\u5e76<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe horizontal merger expands its domestic market share rapidly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6a2a\u5411\u5e76\u8d2d\u5feb\u901f\u6269\u5927\u4f01\u4e1a\u56fd\u5185\u5e02\u573a\u4efd\u989d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">88. vertical acquisition<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8v\u025c\u02d0t\u026akl \u02cc\u00e6kw\u026a\u02c8z\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7eb5\u5411\u6536\u8d2d\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6536\u8d2d\u4e0a\u4e0b\u6e38\u4ea7\u4e1a\u94fe\u914d\u5957\u4f01\u4e1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aVertical acquisition cuts raw material procurement costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7eb5\u5411\u6536\u8d2d\u964d\u4f4e\u539f\u6750\u6599\u91c7\u8d2d\u6210\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">89. investment cycle<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02c8sa\u026akl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u5468\u671f\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4ece\u51fa\u8d44\u5230\u5b8c\u5168\u9000\u51fa\u53d8\u73b0\u7684\u5b8c\u6574\u65f6\u957f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe average investment cycle of VC funds is 5 to 7 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u98ce\u6295\u57fa\u91d1\u5e73\u5747\u6295\u8d44\u5468\u671f\u4e3a5\u81f37\u5e74\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">90. collateral asset<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0259\u02c8l\u00e6t\u0259r\u0259l \u02c8\u00e6set\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u62b5\u62bc\u8d44\u4ea7\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d37\u6b3e\u8d28\u62bc\u3001\u62c5\u4fdd\u6240\u7528\u7684\u4f01\u4e1a\u56fa\u5b9a\u8d44\u4ea7\u6216\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLand and factory buildings act as collateral asset for bank loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u571f\u5730\u5382\u623f\u4f5c\u4e3a\u94f6\u884c\u8d37\u6b3e\u62b5\u62bc\u8d44\u4ea7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">91. underwriter<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u028cnd\u0259ra\u026at\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u627f\u9500\u5546\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d1f\u8d23\u4f01\u4e1aIPO\u3001\u53d1\u503a\u53d1\u884c\u7684\u5238\u5546\u673a\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aA top-tier investment bank acts as our IPO underwriter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5934\u90e8\u6295\u884c\u62c5\u4efb\u6211\u4eec\u4e0a\u5e02\u627f\u9500\u5546\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">92. lock-in clause<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8l\u0252k \u026an kl\u0254\u02d0z\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6301\u80a1\u9501\u5b9a\u6761\u6b3e\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u9650\u5236\u80a1\u4e1c\u77ed\u671f\u5185\u8f6c\u8ba9\u3001\u51cf\u6301\u80a1\u6743\u7684\u534f\u8bae\u7ea6\u5b9a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aFounders accept a three-year lock-in clause after financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u521b\u59cb\u4eba\u878d\u8d44\u540e\u63a5\u53d7\u4e09\u5e74\u6301\u80a1\u9501\u5b9a\u6761\u6b3e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">93. return multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026a\u02c8t\u025c\u02d0n \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u56de\u62a5\u500d\u6570\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u8d44\u6700\u7ec8\u6536\u56de\u8d44\u91d1\u76f8\u8f83\u521d\u59cb\u51fa\u8d44\u7684\u500d\u6570<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe project delivers a 4x return multiple upon exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u9879\u76ee\u9000\u51fa\u540e\u5b9e\u73b0\u56db\u500d\u56de\u62a5\u500d\u6570\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">94. hurdle rate<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8h\u025c\u02d0dl re\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u51c6\u6536\u76ca\u7387\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u76c8\u5229\u8fbe\u6807\u540eGP\u624d\u53ef\u63d0\u53d6\u4e1a\u7ee9\u5206\u6210\u7684\u95e8\u69db\u6536\u76ca<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund sets an 8% annual hurdle rate for carried interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u8bbe\u7f6e8%\u5e74\u5316\u57fa\u51c6\u6536\u76ca\u7387\u4f5c\u4e3a\u4e1a\u7ee9\u5206\u6210\u95e8\u69db\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">95. recapitalization<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccri\u02d0k\u0259\u02ccp\u026at\u0259la\u026a\u02c8ze\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u91cd\u7ec4\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8c03\u6574\u4f01\u4e1a\u80a1\u6743\u3001\u503a\u52a1\u7ed3\u6784\u4f18\u5316\u8d44\u672c\u72b6\u51b5<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe firm conducted recapitalization to reduce debt burden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u5f00\u5c55\u8d44\u672c\u91cd\u7ec4\u51cf\u8f7b\u503a\u52a1\u538b\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">96. securities regulator<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/s\u026a\u02c8kj\u028a\u0259r\u0259t\u026az \u02c8re\u0261jule\u026at\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u76d1\u7ba1\u8d44\u672c\u5e02\u573a\u3001\u6295\u878d\u8d44\u5408\u89c4\u7684\u653f\u5e9c\u90e8\u95e8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll IPO plans need approval from securities regulator.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5168\u90e8\u4e0a\u5e02\u65b9\u6848\u9700\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u5ba1\u6279\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">97. capital outflow<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8a\u028atfl\u0259\u028a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u5916\u6d41\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u56fd\u5185\u8d44\u91d1\u5927\u89c4\u6a21\u6295\u5411\u6d77\u5916\u5e02\u573a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPolicy adjustments effectively control excessive capital outflow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u653f\u7b56\u8c03\u6574\u6709\u6548\u7ba1\u63a7\u8fc7\u5ea6\u8d44\u672c\u5916\u6d41\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">98. capital inflow<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8\u026anfl\u0259\u028a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u6d41\u5165\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5883\u5916\u5916\u8d44\u8fdb\u5165\u672c\u56fd\u5e02\u573a\u5f00\u5c55\u6295\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aNew energy sectors attract steady cross-border capital inflow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u65b0\u80fd\u6e90\u8d5b\u9053\u6301\u7eed\u5438\u5f15\u8de8\u5883\u8d44\u672c\u6d41\u5165\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">99. shareholder register<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u0283e\u0259h\u0259\u028ad\u0259 \u02c8red\u0292\u026ast\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u4e1c\u540d\u518c\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8bb0\u5f55\u5168\u90e8\u6301\u80a1\u4eba\u3001\u6301\u80a1\u6570\u91cf\u7684\u5b98\u65b9\u767b\u8bb0\u6587\u4ef6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe shareholder register shall be updated after each financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6bcf\u8f6e\u878d\u8d44\u540e\u5fc5\u987b\u66f4\u65b0\u80a1\u4e1c\u540d\u518c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">100. residual claim<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026a\u02c8z\u026ad\u0292u\u0259l kle\u026am\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5269\u4f59\u7d22\u53d6\u6743\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u6e05\u7b97\u507f\u8fd8\u503a\u52a1\u540e\uff0c\u80a1\u4e1c\u5206\u914d\u5269\u4f59\u8d44\u4ea7\u7684\u6743\u5229<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOrdinary shareholders hold the final residual claim of the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u666e\u901a\u80a1\u80a1\u4e1c\u4eab\u6709\u4f01\u4e1a\u6700\u7ec8\u5269\u4f59\u7d22\u53d6\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bf7\u70b9\u51fb\u8fd4\u56de\u9996\u9875<a href=\"https:\/\/openhub365.cn\/index.php\/2026\/07\/07\/%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%e8%af%8d%e6%b1%87%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"25150\">\u5546\u52a1\u82f1\u8bed\u8bcd\u6c47\u76ee\u5f55<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e86\u89e3\u66f4\u591a\u5355\u8bcd\u8bcd\u6027\u8f6c\u54c1\u7528\u6cd5\u89e3\u6790\u76ee&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[],"class_list":["post-24936","post","type-post","status-publish","format-standard","hentry","category-510"],"_links":{"self":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/comments?post=24936"}],"version-history":[{"count":0,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24936\/revisions"}],"wp:attachment":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/media?parent=24936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/categories?post=24936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/tags?post=24936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}