{"id":24938,"date":"2026-07-07T13:07:18","date_gmt":"2026-07-07T05:07:18","guid":{"rendered":"https:\/\/openhub365.cn\/?p=24938"},"modified":"2026-07-14T10:04:57","modified_gmt":"2026-07-14T02:04:57","slug":"83-%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\/83-%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":"83.\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\/%e6%97%b6%e6%80%81%e7%9a%84%e9%87%8d%e8%a6%81%e6%80%a7%e8%a7%a3%e6%9e%90%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"10716\">\u65f6\u6001\u7684\u91cd\u8981\u6027\u89e3\u6790\u76ee\u5f55<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">101. revenue multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8rev\u0259nju\u02d0 \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8425\u6536\u500d\u6570\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\u4f30\u503c\u5e38\u7528\u6307\u6807\uff0c\u4f01\u4e1a\u4f30\u503c\u4e0e\u5e74\u5ea6\u8425\u6536\u7684\u6bd4\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSaaS companies usually trade at high revenue multiple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8f6f\u4ef6\u4f01\u4e1a\u666e\u904d\u62e5\u6709\u8f83\u9ad8\u8425\u6536\u500d\u6570\u4f30\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">102. equity crowdfunding<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ekw\u0259ti \u02c8kr\u0259\u028ad\u02ccf\u028cnd\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u4f17\u7b79\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\u7ebf\u4e0a\u5e73\u53f0\u5411\u5927\u91cf\u666e\u901a\u6295\u8d44\u8005\u5c0f\u989d\u52df\u8d44\u6a21\u5f0f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe consumer brand raised funds via equity crowdfunding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u6d88\u8d39\u54c1\u724c\u901a\u8fc7\u80a1\u6743\u4f17\u7b79\u5b8c\u6210\u52df\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">103. senior debt<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8si\u02d0ni\u0259 det\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f18\u5148\u503a\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\u65f6\u6700\u5148\u53d7\u507f\u3001\u98ce\u9669\u6700\u4f4e\u7684\u94f6\u884c\u8d37\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSenior debt enjoys priority repayment over other creditors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f18\u5148\u503a\u6743\u76f8\u8f83\u5176\u4ed6\u503a\u6743\u4eba\u62e5\u6709\u4f18\u5148\u6e05\u507f\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">104. mezzanine financing<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccmez\u0259\u02c8ni\u02d0n fa\u026a\u02c8n\u00e6ns\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5939\u5c42\u878d\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\u4ecb\u4e8e\u80a1\u6743\u4e0e\u4f18\u5148\u503a\u4e4b\u95f4\uff0c\u9644\u5e26\u8f6c\u80a1\u6743\u7684\u9ad8\u606f\u8d37\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMezzanine financing supports mid-stage enterprise expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5939\u5c42\u878d\u8d44\u52a9\u529b\u4e2d\u671f\u4f01\u4e1a\u89c4\u6a21\u6269\u5f20\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">105. stock warrant<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/st\u0252k \u02c8w\u0252r\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u7968\u8ba4\u80a1\u6743\u8bc1\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\u672a\u6765\u4f4e\u4ef7\u8ba4\u8d2d\u65b0\u80a1\u7684\u6709\u4ef7\u51ed\u8bc1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInvestors get stock warrants as extra investment benefit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6295\u8d44\u4eba\u83b7\u5f97\u80a1\u7968\u8ba4\u80a1\u6743\u8bc1\u4f5c\u4e3a\u989d\u5916\u6295\u8d44\u6536\u76ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">106. sponsor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8sp\u0252ns\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u53d1\u8d77\u4eba\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\u8bbe\u7acb\u79c1\u52df\u57fa\u91d1\u3001\u4e3b\u5bfc\u6295\u8d44\u51b3\u7b56\u7684\u673a\u6784\u4e3b\u4f53<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aA top industrial group acts as the fund sponsor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5934\u90e8\u4ea7\u4e1a\u96c6\u56e2\u62c5\u4efb\u8fd9\u652f\u57fa\u91d1\u53d1\u8d77\u4eba\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">107. distribution waterfall<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccd\u026astr\u026a\u02c8bju\u02d0\u0283n \u02c8w\u0254\u02d0t\u0259f\u0254\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6536\u76ca\u5206\u914d\u7011\u5e03\u673a\u5236\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\u56de\u6b3e\u6309\u56fa\u5b9a\u987a\u5e8f\u5411LP\u3001GP\u5206\u5c42\u5206\u914d\u89c4\u5219<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe agreement clarifies the distribution waterfall for profits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u534f\u8bae\u660e\u786e\u5229\u6da6\u7684\u6536\u76ca\u5206\u914d\u7011\u5e03\u673a\u5236\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">108. book building<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/b\u028ak \u02c8b\u026ald\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7c3f\u8bb0\u8be2\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\uff1aIPO\u524d\u5411\u673a\u6784\u8be2\u4ef7\u3001\u786e\u5b9a\u53d1\u884c\u4ef7\u7684\u6d41\u7a0b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe underwriter finished book building in one week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u627f\u9500\u5546\u4e00\u5468\u5185\u5b8c\u6210\u7c3f\u8bb0\u8be2\u4ef7\u5de5\u4f5c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">109. green shoe option<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0261ri\u02d0n \u0283u\u02d0 \u02c8\u0252p\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7eff\u978b\u8d85\u989d\u914d\u552e\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\u4e0a\u5e02\u627f\u9500\u5546\u8d85\u989d\u53d1\u552e\u80a1\u7968\u3001\u7a33\u5b9a\u80a1\u4ef7\u7684\u6761\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aGreen shoe option prevents sharp stock price fluctuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7eff\u978b\u8d85\u989d\u914d\u552e\u6743\u907f\u514d\u80a1\u4ef7\u5927\u5e45\u6ce2\u52a8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">110. non-dilutive financing<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/n\u0252n da\u026a\u02c8lu\u02d0t\u026av fa\u026a\u02c8n\u00e6ns\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u975e\u7a00\u91ca\u578b\u878d\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\u4e0d\u51fa\u8ba9\u80a1\u6743\uff0c\u8d37\u6b3e\u3001\u8865\u8d34\u7c7b\u878d\u8d44\u65b9\u5f0f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aGovernment subsidies belong to non-dilutive financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u653f\u5e9c\u8865\u8d34\u5c5e\u4e8e\u975e\u7a00\u91ca\u578b\u878d\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">111. secondary buyout<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8sek\u0259ndri \u02c8ba\u026aa\u028at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e8c\u6b21\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\u4e00\u5bb6PE\u4ece\u53e6\u4e00\u5bb6\u79c1\u52df\u624b\u4e2d\u6536\u8d2d\u4f01\u4e1a\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe secondary buyout helped the old fund complete full exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e8c\u6b21\u6536\u8d2d\u8ba9\u65e7\u57fa\u91d1\u5b9e\u73b0\u5168\u90e8\u9000\u51fa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">112. drag-along right<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/dr\u00e6\u0261 \u0259\u02c8l\u0252\u014b ra\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u62d6\u552e\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\u5927\u80a1\u4e1c\u51fa\u552e\u4f01\u4e1a\u65f6\u5f3a\u5236\u5c0f\u80a1\u4e1c\u540c\u6b65\u8f6c\u8ba9\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aDrag-along right simplifies the whole company acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u62d6\u552e\u6743\u7b80\u5316\u4f01\u4e1a\u6574\u4f53\u6536\u8d2d\u6d41\u7a0b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">113. tag-along right<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/t\u00e6\u0261 \u0259\u02c8l\u0252\u014b ra\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u968f\u552e\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\u5927\u80a1\u4e1c\u8f6c\u8ba9\u80a1\u6743\uff0c\u5c0f\u80a1\u4e1c\u53ef\u6309\u540c\u6bd4\u4f8b\u540c\u6b65\u51fa\u552e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aTag-along right protects benefits of minority investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u968f\u552e\u6743\u4fdd\u969c\u4e2d\u5c0f\u6295\u8d44\u4eba\u6743\u76ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">114. capital expenditure<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u026ak\u02c8spend\u026at\u0283\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u5f00\u652f CAPEX\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\u8d2d\u7f6e\u5382\u623f\u3001\u8bbe\u5907\u7b49\u957f\u671f\u56fa\u5b9a\u8d44\u4ea7\u6295\u5165<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aNew capital expenditure will boost production capacity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u65b0\u589e\u8d44\u672c\u5f00\u652f\u5c06\u63d0\u5347\u4ea7\u80fd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">115. operating expenditure<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u0252p\u0259re\u026at\u026a\u014b \u026ak\u02c8spend\u026at\u0283\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8fd0\u8425\u5f00\u652f OPEX\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\u65e5\u5e38\u4eba\u529b\u3001\u8425\u9500\u3001\u8fd0\u7ef4\u6301\u7eed\u6027\u7ecf\u8425\u652f\u51fa<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe cut operating expenditure to improve cash flow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u524a\u51cf\u8fd0\u8425\u5f00\u652f\u4f18\u5316\u73b0\u91d1\u6d41\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">116. floating rate bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8fl\u0259\u028at\u026a\u014b re\u026at b\u0252nd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6d6e\u52a8\u5229\u7387\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\u5229\u606f\u968f\u5e02\u573a\u57fa\u51c6\u5229\u7387\u52a8\u6001\u8c03\u6574\u7684\u503a\u5238<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aFloating rate bond resists interest rate market volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6d6e\u52a8\u5229\u7387\u503a\u5238\u62b5\u5fa1\u5229\u7387\u5e02\u573a\u6ce2\u52a8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">117. fixed rate bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u026akst re\u026at b\u0252nd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u56fa\u5b9a\u5229\u7387\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\u5b58\u7eed\u671f\u5185\u4ed8\u606f\u5229\u7387\u4fdd\u6301\u6052\u5b9a\u7684\u503a\u6743\u4ea7\u54c1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aRisk-averse institutions prefer fixed rate bond.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4fdd\u5b88\u578b\u673a\u6784\u504f\u597d\u56fa\u5b9a\u5229\u7387\u503a\u5238\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">118. fund drawdown<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd \u02c8dr\u0254\u02d0da\u028an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u5b9e\u7f34\u63d0\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\uff1aGP\u901a\u77e5LP\u51fa\u8d44\u5e76\u5212\u8f6c\u8d44\u91d1\u5b8c\u6210\u6295\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund drawdown will be completed within 30 days.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u57fa\u91d1\u5b9e\u7f34\u63d0\u6b3e\u5c06\u572830\u65e5\u5185\u5b8c\u6210\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">119. blind pool<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/bla\u026and pu\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u76f2\u6c60\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\u52df\u8d44\u65f6\u672a\u786e\u5b9a\u5177\u4f53\u6295\u8d44\u9879\u76ee\u7684\u79c1\u52df\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMost early VC funds operate as blind pool.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u591a\u6570\u65e9\u671f\u98ce\u6295\u57fa\u91d1\u4e3a\u76f2\u6c60\u57fa\u91d1\u6a21\u5f0f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">120. track record<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/tr\u00e6k r\u026a\u02c8k\u0254\u02d0d\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8fc7\u5f80\u6295\u8d44\u4e1a\u7ee9\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\u56e2\u961f\u5386\u53f2\u9879\u76ee\u6536\u76ca\u3001\u9000\u51fa\u6210\u529f\u7387\u8bb0\u5f55<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aExcellent track record attracts lots of limited partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f18\u5f02\u8fc7\u5f80\u6295\u8d44\u4e1a\u7ee9\u5438\u5f15\u5927\u91cf\u6709\u9650\u5408\u4f19\u4eba\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">121. corporate venture capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u0254\u02d0p\u0259r\u0259t \u02c8vent\u0283\u0259 \u02c8k\u00e6p\u026atl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f01\u4e1a\u98ce\u6295 CVC\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\u4ea7\u4e1a\u96c6\u56e2\u4e0b\u8bbe\u3001\u5e03\u5c40\u4e0a\u4e0b\u6e38\u521d\u521b\u7684\u6295\u8d44\u90e8\u95e8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThis auto firm\u2019s corporate venture capital invests in auto chips.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u5bb6\u8f66\u4f01\u7684\u4f01\u4e1a\u98ce\u6295\u5e03\u5c40\u8f66\u8f7d\u82af\u7247\u8d5b\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">122. fair market value<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/fe\u0259 \u02c8m\u0251\u02d0k\u026at \u02c8v\u00e6lju\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u516c\u5141\u5e02\u573a\u4ef7\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\u5e02\u573a\u516c\u5e73\u4ea4\u6613\u4e0b\u8d44\u4ea7\u3001\u80a1\u6743\u5ba2\u89c2\u516c\u5141\u4ef7\u683c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAssets shall be recorded at fair market value in reports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u62a5\u8868\u4e2d\u8d44\u4ea7\u9700\u6309\u516c\u5141\u5e02\u573a\u4ef7\u503c\u5165\u8d26\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">123. escrow account<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8eskr\u0259\u028a \u0259\u02c8ka\u028ant\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u76d1\u7ba1\u8d26\u6237\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\u6258\u7ba1\u4ea4\u6613\u8d44\u91d1\uff0c\u6ee1\u8db3\u6761\u4ef6\u540e\u518d\u5212\u8f6c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aM&amp;A payment is placed into an escrow account first.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5e76\u8d2d\u6b3e\u9879\u5148\u5b58\u5165\u8d44\u91d1\u76d1\u7ba1\u8d26\u6237\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">124. earn-out clause<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u025c\u02d0na\u028at kl\u0254\u02d0z\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e1a\u7ee9\u5bf9\u8d4c\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\u5e76\u8d2d\u6309\u540e\u7eed\u4e1a\u7ee9\u8ffd\u52a0\u6216\u6263\u51cf\u4ea4\u6613\u5bf9\u4ef7\u7ea6\u5b9a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe earn-out clause links payment to three-year revenue targets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e1a\u7ee9\u5bf9\u8d4c\u6761\u6b3e\u5c06\u4ed8\u6b3e\u4e0e\u4e09\u5e74\u8425\u6536\u76ee\u6807\u7ed1\u5b9a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">125. treasury bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8tre\u0292\u0259ri b\u0252nd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u56fd\u503a\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\u5bb6\u53d1\u884c\u3001\u4f4e\u98ce\u9669\u57fa\u51c6\u56fa\u5b9a\u6536\u76ca\u4ea7\u54c1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInstitutional investors allocate part funds to treasury bond.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u673a\u6784\u914d\u7f6e\u90e8\u5206\u8d44\u91d1\u8d2d\u4e70\u56fd\u503a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">126. junk bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/d\u0292\u028c\u014bk b\u0252nd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9ad8\u98ce\u9669\u5783\u573e\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\u4fe1\u7528\u8bc4\u7ea7\u5dee\u3001\u8fdd\u7ea6\u98ce\u9669\u9ad8\u3001\u7968\u9762\u5229\u7387\u9ad8\u7684\u503a\u5238<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOnly aggressive funds will invest in junk bond.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6fc0\u8fdb\u578b\u57fa\u91d1\u624d\u4f1a\u914d\u7f6e\u5783\u573e\u503a\u5238\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">127. investment holding company<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02c8h\u0259\u028ald\u026a\u014b \u02c8k\u028cmp\u0259ni\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u63a7\u80a1\u516c\u53f8\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\u4ec5\u6301\u6709\u65d7\u4e0b\u4f01\u4e1a\u80a1\u6743\u3001\u4e0d\u76f4\u63a5\u7ecf\u8425\u4e1a\u52a1\u4e3b\u4f53<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe set up an investment holding company to manage all stakes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8bbe\u7acb\u6295\u8d44\u63a7\u80a1\u516c\u53f8\u7edf\u4e00\u7ba1\u7406\u5168\u90e8\u80a1\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">128. capital lockup<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8l\u0252k\u028cp\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u9501\u5b9a\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\uff1aLP\u51fa\u8d44\u540e\u77ed\u671f\u5185\u65e0\u6cd5\u8d4e\u56de\u8d44\u91d1\u7684\u7ea6\u675f\u5468\u671f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThis fund has a three-year capital lockup period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u8bbe\u7f6e\u4e09\u5e74\u8d44\u91d1\u9501\u5b9a\u671f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">129. gross multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0261r\u0259\u028as \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6bdb\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\u6263\u9664\u7ba1\u7406\u8d39\u3001\u7a0e\u8d39\u524d\u9879\u76ee\u6295\u8d44\u56de\u62a5\u500d\u6570<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe project gross multiple reaches 5 times initial investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9879\u76ee\u6bdb\u56de\u62a5\u500d\u6570\u8fbe\u521d\u59cb\u6295\u8d44\u76845\u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">130. net multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/net \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u51c0\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\u6263\u9664\u5404\u9879\u8d39\u7528\u3001\u5206\u6210\u540e\u6295\u8d44\u4eba\u5b9e\u9645\u6536\u76ca\u500d\u6570<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aNet multiple is the core index for limited partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u51c0\u56de\u62a5\u500d\u6570\u662f\u6709\u9650\u5408\u4f19\u4eba\u6838\u5fc3\u8003\u6838\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">131. syndicate loan<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026and\u026ak\u0259t l\u0259\u028an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u94f6\u56e2\u8d37\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\u591a\u5bb6\u94f6\u884c\u8054\u5408\u4e3a\u5927\u578b\u5e76\u8d2d\u3001\u6269\u5f20\u53d1\u653e\u5927\u989d\u8d37\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe group obtained a large syndicate loan for acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u96c6\u56e2\u83b7\u53d6\u5927\u989d\u94f6\u56e2\u8d37\u6b3e\u7528\u4e8e\u5e76\u8d2d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">132. voting trust<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8v\u0259\u028at\u026a\u014b tr\u028cst\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8868\u51b3\u6743\u4fe1\u6258\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\u96c6\u4e2d\u6295\u7968\u6743\u59d4\u6258\u7edf\u4e00\u4e3b\u4f53\u884c\u4f7f\u63a7\u5236\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aFounders built voting trust to keep corporate control.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u521b\u59cb\u4eba\u8bbe\u7acb\u8868\u51b3\u6743\u4fe1\u6258\u7a33\u56fa\u516c\u53f8\u63a7\u5236\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">133. asset swap<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6set sw\u0252p\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4ea7\u7f6e\u6362\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\u4e92\u76f8\u4ea4\u6362\u80a1\u6743\u3001\u56fa\u5b9a\u8d44\u4ea7\u5b9e\u73b0\u4e1a\u52a1\u91cd\u7ec4<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aTwo groups finished asset swap to focus core business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e24\u5927\u96c6\u56e2\u5b8c\u6210\u8d44\u4ea7\u7f6e\u6362\u805a\u7126\u4e3b\u4e1a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">134. fund of funds<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd \u0252v f\u028cndz\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6bcd\u57fa\u91d1 FOF\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\u4e13\u95e8\u6295\u8d44\u5404\u7c7bVC\u3001PE\u5b50\u57fa\u91d1\u7684\u6295\u8d44\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPension funds often allocate capital to fund of funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u517b\u8001\u8d44\u91d1\u5e38\u914d\u7f6e\u6bcd\u57fa\u91d1\u4ea7\u54c1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">135. soft circular<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/s\u0252ft \u02c8s\u025c\u02d0kj\u0259l\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8f6f\u627f\u8bfa\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\uff1aLP\u521d\u6b65\u610f\u5411\u51fa\u8d44\uff0c\u672a\u7b7e\u8ba2\u6b63\u5f0f\u6cd5\u5f8b\u534f\u8bae<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe collected soft circular from over ten institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u5df2\u6536\u96c6\u5341\u4f59\u5bb6\u673a\u6784\u8f6f\u627f\u8bfa\u51fa\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">136. hard commitment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/h\u0251\u02d0d k\u0259\u02c8m\u026atm\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5b9e\u76d8\u51fa\u8d44\u627f\u8bfa\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\u5177\u5907\u6cd5\u5f8b\u7ea6\u675f\u529b\u3001\u5fc5\u987b\u8db3\u989d\u7f34\u6b3e\u7684\u51fa\u8d44\u534f\u8bae<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aHard commitment marks the formal completion of fundraising.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5b9e\u76d8\u51fa\u8d44\u627f\u8bfa\u4ee3\u8868\u52df\u8d44\u6b63\u5f0f\u843d\u5730\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">137. delisting<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/di\u02d0\u02c8l\u026ast\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9000\u5e02\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\u4e0a\u5e02\u516c\u53f8\u7ec8\u6b62\u8bc1\u5238\u4ea4\u6613\u6240\u516c\u5f00\u4ea4\u6613\u8d44\u683c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aContinuous losses may trigger forced delisting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6301\u7eed\u4e8f\u635f\u4f1a\u89e6\u53d1\u5f3a\u5236\u9000\u5e02\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">138. relisting<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccri\u02d0\u02c8l\u026ast\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u91cd\u65b0\u4e0a\u5e02\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\u9000\u5e02\u4f01\u4e1a\u6574\u6539\u8fbe\u6807\u540e\u518d\u6b21\u767b\u9646\u8d44\u672c\u5e02\u573a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe firm plans asset restructuring for relisting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u8ba1\u5212\u8d44\u4ea7\u91cd\u7ec4\u5b9e\u73b0\u91cd\u65b0\u4e0a\u5e02\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">139. pre-IPO share<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/pri\u02d0 a\u026a pi\u02d0 \u0259\u028a \u0283e\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e0a\u5e02\u524d\u539f\u59cb\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\u4f01\u4e1aIPO\u524d\u6d41\u901a\u8f6c\u8ba9\u7684\u5b58\u91cf\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInstitutions cautiously trade pre-IPO share.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u673a\u6784\u8c28\u614e\u4ea4\u6613\u4e0a\u5e02\u524d\u539f\u59cb\u80a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">140. stock exchange<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/st\u0252k \u026aks\u02c8t\u0283e\u026and\u0292\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8bc1\u5238\u4ea4\u6613\u6240\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\u7968\u3001\u503a\u5238\u516c\u5f00\u6302\u724c\u4ea4\u6613\u5b98\u65b9\u573a\u6240<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe enterprise submits listing application to stock exchange.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u5411\u8bc1\u5238\u4ea4\u6613\u6240\u9012\u4ea4\u4e0a\u5e02\u7533\u8bf7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">141. cash burn rate<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u00e6\u0283 b\u025c\u02d0n re\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6708\u5ea6\u73b0\u91d1\u6d88\u8017\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\u521d\u521b\u4f01\u4e1a\u6bcf\u6708\u7ecf\u8425\u51c0\u6d88\u8017\u8d44\u91d1\u89c4\u6a21<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe cut costs to lower the cash burn rate rapidly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7f29\u51cf\u6210\u672c\u5feb\u901f\u964d\u4f4e\u6708\u5ea6\u73b0\u91d1\u6d88\u8017\u7387\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">142. cash runway<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u00e6\u0283 \u02c8r\u028cnwe\u026a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u73b0\u91d1\u5b58\u7eed\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\u73b0\u6709\u8d44\u91d1\u53ef\u652f\u6491\u4f01\u4e1a\u6301\u7eed\u8fd0\u8425\u7684\u65f6\u957f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe firm\u2019s cash runway extends to 24 months after financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u878d\u8d44\u540e\u4f01\u4e1a\u73b0\u91d1\u5b58\u7eed\u5468\u671f\u5ef6\u957f\u81f324\u4e2a\u6708\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">143. warrant coverage<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8w\u0252r\u0259nt \u02c8k\u028cv\u0259r\u026ad\u0292\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6743\u8bc1\u8986\u76d6\u6bd4\u4f8b\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\u914d\u5957\u8ba4\u80a1\u6743\u8bc1\u5bf9\u5e94\u4f01\u4e1a\u80a1\u6743\u6bd4\u4f8b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe deal includes 10% warrant coverage for investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u672c\u6b21\u4ea4\u6613\u5411\u6295\u8d44\u4eba\u914d\u595710%\u6743\u8bc1\u8986\u76d6\u6bd4\u4f8b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">144. capital guarantee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02cc\u0261\u00e6r\u0259n\u02c8ti\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u672c\u91d1\u515c\u5e95\u62c5\u4fdd\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\u627f\u8bfa\u4fdd\u969c\u6295\u8d44\u4eba\u521d\u59cb\u51fa\u8d44\u4e0d\u53d7\u635f\u5931<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aState-backed platforms provide capital guarantee for projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u56fd\u8d44\u5e73\u53f0\u4e3a\u9879\u76ee\u63d0\u4f9b\u672c\u91d1\u515c\u5e95\u62c5\u4fdd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">145. sector concentration risk<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8sekt\u0259 \u02cck\u0252nsn\u02c8tre\u026a\u0283n r\u026ask\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u884c\u4e1a\u96c6\u4e2d\u98ce\u9669\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\u6295\u8d44\u8fc7\u5ea6\u96c6\u4e2d\u5355\u4e00\u8d5b\u9053\u5e26\u6765\u6ce2\u52a8\u98ce\u9669<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aDiversify projects to reduce sector concentration risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5206\u6563\u9879\u76ee\u964d\u4f4e\u884c\u4e1a\u96c6\u4e2d\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">146. cross holding<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/kr\u0252s \u02c8h\u0259\u028ald\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4ea4\u53c9\u6301\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\u591a\u5bb6\u4f01\u4e1a\u4e92\u76f8\u6301\u6709\u5bf9\u65b9\u516c\u53f8\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCross holding stabilizes long-term industrial cooperation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4ea4\u53c9\u6301\u80a1\u7a33\u56fa\u957f\u671f\u4ea7\u4e1a\u5408\u4f5c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">147. profit participation right<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8pr\u0252f\u026at p\u0251\u02d0\u02cct\u026as\u026a\u02c8pe\u026a\u0283n ra\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5229\u6da6\u53c2\u4e0e\u5206\u914d\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\u503a\u6743\u65b9\u989d\u5916\u5206\u4eab\u4f01\u4e1a\u8d85\u989d\u7ecf\u8425\u5229\u6da6\u7684\u6743\u5229<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMezzanine debt carries profit participation right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5939\u5c42\u8d37\u6b3e\u9644\u5e26\u5229\u6da6\u53c2\u4e0e\u5206\u914d\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">148. annual distribution<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6nju\u0259l \u02ccd\u026astr\u026a\u02c8bju\u02d0\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e74\u5ea6\u5206\u7ea2\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\u6bcf\u5e74\u5411\u51fa\u8d44\u4eba\u5206\u914d\u5df2\u5b9e\u73b0\u6295\u8d44\u6536\u76ca<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund releases annual distribution report every March.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u57fa\u91d1\u6bcf\u5e74\u4e09\u6708\u53d1\u5e03\u5e74\u5ea6\u5206\u7ea2\u62a5\u544a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">149. investment memorandum<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02ccmem\u0259\u02c8r\u00e6nd\u0259m\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u5907\u5fd8\u5f55\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\u9762\u5411LP\u4ecb\u7ecd\u57fa\u91d1\u7b56\u7565\u3001\u56e2\u961f\u3001\u8d5b\u9053\u7684\u63a8\u4ecb\u6587\u4ef6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe team revised investment memorandum for new fundraising.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u56e2\u961f\u66f4\u65b0\u6295\u8d44\u5907\u5fd8\u5f55\u7528\u4e8e\u65b0\u4e00\u8f6e\u52df\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">150. risk diversification<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026ask da\u026a\u02ccv\u025c\u02d0s\u026af\u026a\u02c8ke\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u98ce\u9669\u5206\u6563\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\u8de8\u884c\u4e1a\u3001\u5206\u9879\u76ee\u914d\u7f6e\u8d44\u91d1\u964d\u4f4e\u6574\u4f53\u4e8f\u635f\u6982\u7387<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aRisk diversification is the core investment principle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u98ce\u9669\u5206\u6563\u662f\u6838\u5fc3\u6295\u8d44\u539f\u5219\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","protected":false},"excerpt":{"rendered":"<p>\u4e86\u89e3\u66f4\u591a\u65f6\u6001\u7684\u91cd\u8981\u6027\u89e3\u6790\u76ee\u5f55 &#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-24938","post","type-post","status-publish","format-standard","hentry","category-510"],"_links":{"self":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24938","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=24938"}],"version-history":[{"count":0,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24938\/revisions"}],"wp:attachment":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/media?parent=24938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/categories?post=24938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/tags?post=24938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}