{"id":24940,"date":"2026-07-07T13:08:53","date_gmt":"2026-07-07T05:08:53","guid":{"rendered":"https:\/\/openhub365.cn\/?p=24940"},"modified":"2026-07-14T10:04:57","modified_gmt":"2026-07-14T02:04:57","slug":"84-%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\/84-%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":"84.\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\/%e4%bb%8e%e5%8f%a5%e5%bc%95%e5%af%bc%e8%af%8d%e5%90%ab%e4%b9%89%e4%b8%8e%e7%94%a8%e6%b3%95%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"10769\">\u4ece\u53e5\u5f15\u5bfc\u8bcd\u542b\u4e49\u4e0e\u7528\u6cd5\u76ee\u5f55<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">151. secondary offering<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8sek\u0259ndri \u02c8\u0252f\u0259r\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u589e\u53d1\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\u4e0a\u5e02\u540e\u518d\u6b21\u53d1\u884c\u65b0\u80a1\u52df\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe tech giant launched a secondary offering for R&amp;D funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u5bb6\u79d1\u6280\u5de8\u5934\u901a\u8fc7\u589e\u53d1\u52df\u96c6\u7814\u53d1\u8d44\u91d1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">152. clawback provision<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8kl\u0254\u02d0b\u00e6k pr\u0259\u02c8v\u026a\u0292n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6536\u76ca\u56de\u62e8\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\u8d85\u989d\u6536\u76ca\u5206\u914d\u540e\u8ffd\u56de\u8d85\u989d\u5206\u6210\u7684\u57fa\u91d1\u7ea6\u5b9a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe clawback provision limits excessive gains of general partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6536\u76ca\u56de\u62e8\u6761\u6b3e\u7ea6\u675f\u666e\u901a\u5408\u4f19\u4eba\u8d85\u989d\u6536\u76ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">153. pari passu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccp\u00e6ri \u02c8p\u00e6su\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u540c\u6743\u540c\u507f\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\u540c\u6295\u8d44\u4eba\u80a1\u6743\u3001\u503a\u6743\u4eab\u6709\u540c\u7b49\u6e05\u507f\u5206\u914d\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll preferred shares rank pari passu in liquidation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6e05\u7b97\u65f6\u6240\u6709\u4f18\u5148\u80a1\u540c\u6743\u540c\u507f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">154. business valuation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8b\u026azn\u0259s \u02ccv\u00e6lju\u02c8e\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f01\u4e1a\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\u7b2c\u4e09\u65b9\u673a\u6784\u6d4b\u7b97\u4f01\u4e1a\u6574\u4f53\u5e02\u573a\u4ef7\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe hired a firm to complete official business valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u8058\u8bf7\u673a\u6784\u5b8c\u6210\u6b63\u5f0f\u4f01\u4e1a\u4f30\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">155. bridge loan<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/br\u026ad\u0292 l\u0259\u028an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8fc7\u6865\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\u77ed\u671f\u8fc7\u6e21\u8d37\u6b3e\uff0c\u7528\u4e8e\u586b\u8865\u957f\u671f\u878d\u8d44\u7a7a\u6863<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aA bridge loan covers costs before Series B closes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fc7\u6865\u8d37\u6b3e\u8986\u76d6B\u8f6e\u878d\u8d44\u5230\u4f4d\u524d\u7684\u5f00\u652f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">156. capital recycling<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02ccri\u02d0\u02c8sa\u026akl\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u518d\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\u9879\u76ee\u9000\u51fa\u56de\u6b3e\u91cd\u65b0\u6295\u5165\u65b0\u6807\u7684<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCapital recycling expands the fund\u2019s investment scale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8d44\u91d1\u518d\u6295\u8d44\u6269\u5927\u57fa\u91d1\u6295\u8d44\u4f53\u91cf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">157. corporate restructuring<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u0254\u02d0p\u0259r\u0259t ri\u02d0\u02c8str\u028ckt\u0283\u0259r\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f01\u4e1a\u91cd\u7ec4\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\u8c03\u6574\u80a1\u6743\u3001\u4e1a\u52a1\u3001\u503a\u52a1\u4f18\u5316\u7ecf\u8425\u7ed3\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCorporate restructuring helped cut heavy liabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f01\u4e1a\u91cd\u7ec4\u524a\u51cf\u9ad8\u989d\u8d1f\u503a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">158. equity grant<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ekw\u0259ti \u0261r\u0251\u02d0nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u6388\u4e88\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\u65e0\u507f\u5411\u5458\u5de5\u53d1\u653e\u9650\u5236\u6027\u80a1\u6743\u6fc0\u52b1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCore managers receive annual equity grant as reward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6838\u5fc3\u7ba1\u7406\u5c42\u6bcf\u5e74\u83b7\u5f97\u80a1\u6743\u6388\u4e88\u4f5c\u4e3a\u6fc0\u52b1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">159. restricted stock<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026a\u02c8str\u026akt\u026ad st\u0252k\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9650\u5236\u6027\u80a1\u7968\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\u6ee1\u8db3\u670d\u52a1\u5e74\u9650\u3001\u4e1a\u7ee9\u76ee\u6807\u624d\u53ef\u6d41\u901a\u7684\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aRestricted stock cannot be sold before vesting period ends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9650\u5236\u6027\u80a1\u7968\u5f52\u5c5e\u671f\u6ee1\u524d\u4e0d\u5f97\u51fa\u552e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">160. vesting schedule<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8vest\u026a\u014b \u02c8\u0283edju\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u5f52\u5c5e\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\u5458\u5de5\u80a1\u6743\u9010\u5e74\u89e3\u9501\u5151\u73b0\u7684\u65f6\u95f4\u7ea6\u5b9a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe vesting schedule follows a four-year linear rule.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u80a1\u6743\u5f52\u5c5e\u8ba1\u5212\u8868\u91c7\u7528\u56db\u5e74\u5300\u901f\u89e3\u9501\u89c4\u5219\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">161. capital shortfall<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8\u0283\u0254\u02d0tf\u0254\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u7f3a\u53e3\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\u73b0\u6709\u8d44\u91d1\u65e0\u6cd5\u8986\u76d6\u7ecf\u8425\u6269\u5f20\u9700\u6c42<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe need new investment to fill the capital shortfall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u9700\u8981\u65b0\u6295\u8d44\u586b\u8865\u8d44\u91d1\u7f3a\u53e3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">162. exit timeline<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8eks\u026at \u02c8ta\u026amla\u026an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9000\u51fa\u65f6\u95f4\u89c4\u5212\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\u9884\u8bbe\u6807\u7684\u4e0a\u5e02\u3001\u5e76\u8d2d\u53d8\u73b0\u7684\u65f6\u95f4\u8282\u70b9<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe team revised the exit timeline amid market changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u53d7\u5e02\u573a\u53d8\u5316\u5f71\u54cd\u56e2\u961f\u8c03\u6574\u9000\u51fa\u65f6\u95f4\u89c4\u5212\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">163. financial leverage<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/fa\u026a\u02c8n\u00e6n\u0283l \u02c8li\u02d0v\u0259r\u026ad\u0292\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d22\u52a1\u6760\u6746\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\u4f9d\u9760\u503a\u52a1\u653e\u5927\u6295\u8d44\u6536\u76ca\u6216\u7ecf\u8425\u89c4\u6a21<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aHigh financial leverage raises enterprise repayment risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9ad8\u8d22\u52a1\u6760\u6746\u52a0\u5927\u4f01\u4e1a\u507f\u503a\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">164. gross asset value<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0261r\u0259\u028as \u02c8\u00e6set \u02c8v\u00e6lju\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4ea7\u603b\u503c GAV\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\u5168\u90e8\u5e95\u5c42\u8d44\u4ea7\u672a\u6263\u9664\u8d1f\u503a\u603b\u4ef7\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund\u2019s gross asset value hit 30 billion yuan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u8d44\u4ea7\u603b\u503c\u7a81\u7834300\u4ebf\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">165. net asset value<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/net \u02c8\u00e6set \u02c8v\u00e6lju\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u51c0\u8d44\u4ea7\u51c0\u503c NAV\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\u8d44\u4ea7\u603b\u503c\u6263\u9664\u8d1f\u503a\u540e\u7684\u57fa\u91d1\u51c0\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInstitutional investors track weekly net asset value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u673a\u6784\u6295\u8d44\u4eba\u8ddf\u8e2a\u6bcf\u5468\u51c0\u8d44\u4ea7\u51c0\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">166. issuer<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u026a\u0283u\u02d0\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u53d1\u884c\u4e3b\u4f53\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\u53d1\u884c\u80a1\u7968\u3001\u503a\u5238\u5f00\u5c55\u878d\u8d44\u7684\u4f01\u4e1a\u4e3b\u4f53<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe issuer must disclose full financial data publicly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u53d1\u884c\u4e3b\u4f53\u5fc5\u987b\u516c\u5f00\u5b8c\u6574\u8d22\u52a1\u6570\u636e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">167. placement share<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ple\u026asm\u0259nt \u0283e\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u914d\u552e\u80a1\u4efd\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\u5b9a\u5411\u5411\u673a\u6784\u6295\u8d44\u8005\u53d1\u552e\u7684\u975e\u516c\u5f00\u53d1\u884c\u80a1\u7968<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPlacement share is only open to qualified institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u914d\u552e\u80a1\u4efd\u4ec5\u9762\u5411\u5408\u683c\u673a\u6784\u5f00\u653e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">168. qualified investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8kw\u0252l\u026afa\u026ad \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5408\u683c\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\u6ee1\u8db3\u8d44\u4ea7\u3001\u6536\u5165\u95e8\u69db\u53ef\u53c2\u4e0e\u79c1\u52df\u6295\u8d44\u7684\u4e3b\u4f53<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOnly qualified investors can subscribe private fund shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u53ea\u6709\u5408\u683c\u6295\u8d44\u8005\u53ef\u8ba4\u8d2d\u79c1\u52df\u57fa\u91d1\u4efd\u989d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">169. repayment schedule<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026a\u02c8pe\u026am\u0259nt \u02c8\u0283edju\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8fd8\u6b3e\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\u507f\u8fd8\u672c\u91d1\u5229\u606f\u660e\u7ec6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe bank issued a formal repayment schedule with the loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u94f6\u884c\u968f\u8d37\u6b3e\u51fa\u5177\u6b63\u5f0f\u8fd8\u6b3e\u8ba1\u5212\u8868\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">170. asset divestment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6set da\u026a\u02c8vestm\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4ea7\u5265\u79bb\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\u51fa\u552e\u975e\u6838\u5fc3\u8d44\u4ea7\u56de\u7b3c\u6d41\u52a8\u8d44\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAsset divestment reduced the group\u2019s operational burden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8d44\u4ea7\u5265\u79bb\u51cf\u8f7b\u96c6\u56e2\u8fd0\u8425\u8d1f\u62c5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">171. consolidation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0259n\u02ccs\u0252l\u026a\u02c8de\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u884c\u4e1a\u6574\u5408\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\u884c\u4e1a\u5185\u4e2d\u5c0f\u4f01\u4e1a\u5e76\u8d2d\u5408\u5e76\u4f18\u5316\u5e02\u573a\u683c\u5c40<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIndustrial consolidation improves overall profit margins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u884c\u4e1a\u6574\u5408\u63d0\u5347\u6574\u4f53\u5229\u6da6\u7387\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">172. convertible loan note<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0259n\u02c8v\u025c\u02d0t\u0259bl l\u0259\u028an n\u0259\u028at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u53ef\u8f6c\u6362\u8d37\u6b3e\u7968\u636e\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\u77ed\u671f\u501f\u6b3e\uff0c\u540e\u7eed\u53ef\u8f6c\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aStartups often use convertible loan note for seed financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u521d\u521b\u4f01\u4e1a\u5e38\u7528\u53ef\u8f6c\u503a\u7968\u636e\u5b8c\u6210\u79cd\u5b50\u8f6e\u878d\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">173. valuation cap<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccv\u00e6lju\u02c8e\u026a\u0283n k\u00e6p\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f30\u503c\u4e0a\u9650\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\u8f6c\u503a\u8f6c\u80a1\u65f6\u7ea6\u5b9a\u6700\u9ad8\u4f01\u4e1a\u4f30\u503c\u9650\u5236<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe valuation cap protects early investors from heavy dilution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f30\u503c\u4e0a\u9650\u4fdd\u62a4\u65e9\u671f\u6295\u8d44\u4eba\u514d\u4e8e\u5927\u5e45\u7a00\u91ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">174. discount rate<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8d\u026aska\u028ant re\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6298\u73b0\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\u73b0\u91d1\u6d41\u4f30\u503c\u6a21\u578b\u6298\u7b97\u672a\u6765\u6536\u76ca\u7684\u5229\u7387\u53c2\u6570<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAnalysts adjust discount rate based on market risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5206\u6790\u5e08\u6839\u636e\u5e02\u573a\u98ce\u9669\u8c03\u6574\u6298\u73b0\u7387\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">175. terminal value<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8t\u025c\u02d0m\u026anl \u02c8v\u00e6lju\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7ec8\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\u957f\u671f\u4f30\u503c\u6a21\u578b\u4f01\u4e1a\u671f\u672b\u6c38\u7eed\u4ef7\u503c\u6d4b\u7b97\u503c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aTerminal value accounts for most of DCF valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7ec8\u503c\u5360\u73b0\u91d1\u6d41\u6298\u73b0\u4f30\u503c\u7684\u4e3b\u8981\u90e8\u5206\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">176. cash equity<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u00e6\u0283 \u02c8ekw\u0259ti\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5b9e\u7f34\u73b0\u91d1\u80a1\u672c\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\u4ee5\u73b0\u91d1\u5b9e\u7f34\u5230\u4f4d\u7684\u80a1\u6743\u51fa\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe investor injected 50 million as cash equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6295\u8d44\u65b9\u5b9e\u7f345000\u4e07\u73b0\u91d1\u80a1\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">177. in-kind contribution<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an ka\u026and \u02cck\u0252ntr\u026a\u02c8bju\u02d0\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5b9e\u7269\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\u4ee5\u8bbe\u5907\u3001\u571f\u5730\u3001\u77e5\u8bc6\u4ea7\u6743\u66ff\u4ee3\u73b0\u91d1\u5165\u80a1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe factory owner made in-kind contribution with production lines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5de5\u5382\u4e3b\u4ee5\u4ea7\u7ebf\u8fdb\u884c\u5b9e\u7269\u51fa\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">178. capital surplus reserve<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8s\u025c\u02d0pl\u0259s r\u026a\u02c8z\u025c\u02d0v\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u516c\u79ef\u50a8\u5907\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\u6ea2\u4ef7\u7559\u5b58\u4e13\u9879\u50a8\u5907\u8d44\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCapital surplus reserve can be converted into registered capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8d44\u672c\u516c\u79ef\u50a8\u5907\u53ef\u8f6c\u589e\u6ce8\u518c\u8d44\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">179. preemptive right<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/pri\u02d0\u02c8empt\u026av ra\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f18\u5148\u8ba4\u8d2d\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\u589e\u53d1\u65b0\u80a1\u65f6\u539f\u6709\u80a1\u4e1c\u4f18\u5148\u8d2d\u4e70\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aShareholders hold preemptive right in new financing rounds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u539f\u6709\u80a1\u4e1c\u5728\u65b0\u4e00\u8f6e\u878d\u8d44\u4eab\u6709\u4f18\u5148\u8ba4\u8d2d\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">180. corporate veil<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u0254\u02d0p\u0259r\u0259t ve\u026al\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6cd5\u4eba\u72ec\u7acb\u5c4f\u969c\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\u6709\u9650\u8d23\u4efb\u9694\u79bb\u80a1\u4e1c\u4e2a\u4eba\u4e0e\u4f01\u4e1a\u503a\u52a1\u98ce\u9669<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe corporate veil shields personal assets from corporate debts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6cd5\u4eba\u72ec\u7acb\u5c4f\u969c\u9694\u79bb\u4e2a\u4eba\u8d44\u4ea7\u4e0e\u4f01\u4e1a\u503a\u52a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">181. insolvency<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8s\u0252lv\u0259nsi\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4e0d\u62b5\u503a\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\u4f01\u4e1a\u8d44\u4ea7\u4e0d\u8db3\u4ee5\u6e05\u507f\u5168\u90e8\u5230\u671f\u503a\u52a1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aContinuous losses pushed the firm into insolvency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6301\u7eed\u4e8f\u635f\u5bfc\u81f4\u4f01\u4e1a\u8d44\u4e0d\u62b5\u503a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">182. liquidation sale<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccl\u026akw\u026a\u02c8de\u026a\u0283n se\u026al\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6e05\u7b97\u53d8\u5356\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\u7834\u4ea7\u62cd\u5356\u5168\u90e8\u8d44\u4ea7\u507f\u8fd8\u503a\u6743\u4eba<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll equipment entered liquidation sale after bankruptcy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7834\u4ea7\u540e\u5168\u90e8\u8bbe\u5907\u8fdb\u5165\u6e05\u7b97\u53d8\u5356\u6d41\u7a0b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">183. residual asset<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026a\u02c8z\u026ad\u0292u\u0259l \u02c8\u00e6set\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5269\u4f59\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\u4f01\u4e1a\u6e05\u507f\u5168\u90e8\u503a\u52a1\u540e\u7559\u5b58\u7684\u53ef\u5206\u914d\u8d44\u4ea7<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aOrdinary shareholders split residual asset after liquidation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6e05\u7b97\u5b8c\u6bd5\u666e\u901a\u80a1\u80a1\u4e1c\u5206\u914d\u5269\u4f59\u8d44\u4ea7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">184. subscription agreement<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/s\u0259b\u02c8skr\u026ap\u0283n \u0259\u02c8\u0261ri\u02d0m\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u51fa\u8d44\u8ba4\u8d2d\u534f\u8bae\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\u4e0e\u57fa\u91d1\u7b7e\u8ba2\u7684\u6b63\u5f0f\u51fa\u8d44\u6cd5\u5f8b\u6587\u4ef6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll limited partners sign a binding subscription agreement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6240\u6709\u6709\u9650\u5408\u4f19\u4eba\u7b7e\u7f72\u5177\u5907\u7ea6\u675f\u529b\u7684\u51fa\u8d44\u8ba4\u8d2d\u534f\u8bae\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">185. side letter<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/sa\u026ad \u02c8let\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8865\u5145\u6295\u8d44\u534f\u8bae\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\u5355\u72ec\u4e0e\u7279\u5b9a\u6295\u8d44\u4eba\u7b7e\u8ba2\u7684\u7279\u6b8a\u6761\u6b3e\u8865\u5145\u6587\u4ef6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe pension fund obtained favorable terms via a side letter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u517b\u8001\u57fa\u91d1\u901a\u8fc7\u8865\u5145\u6295\u8d44\u534f\u8bae\u83b7\u5f97\u4f18\u5f85\u6761\u6b3e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">186. co-investment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/k\u0259\u028a \u026an\u02c8vestm\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e73\u884c\u8ddf\u6295\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\u8ddf\u968f\u57fa\u91d1\u540c\u6b65\u51fa\u8d44\u6295\u8d44\u5355\u4e00\u9879\u76ee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLarge institutional investors enjoy co-investment rights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5927\u578b\u673a\u6784\u6295\u8d44\u4eba\u4eab\u6709\u5e73\u884c\u8ddf\u6295\u6743\u9650\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">187. hurdle multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8h\u025c\u02d0dl \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u95e8\u69db\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\u57fa\u91d1\u8fbe\u6807\u540eGP\u624d\u53ef\u63d0\u53d6\u4e1a\u7ee9\u5206\u6210\u7684\u6536\u76ca\u500d\u6570<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund sets a 2x hurdle multiple for carried interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u8bbe\u7f6e2\u500d\u95e8\u69db\u56de\u62a5\u500d\u6570\u4f5c\u4e3a\u5206\u6210\u6807\u51c6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">188. deal pipeline<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/di\u02d0\u0259l \u02c8pa\u026apla\u026an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u50a8\u5907\u9879\u76ee\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\u6b63\u5728\u5c3d\u8c03\u3001\u6d3d\u8c08\u7684\u6f5c\u5728\u6295\u8d44\u6807\u7684\u6e05\u5355<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe investment team has a rich deal pipeline this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6295\u8d44\u56e2\u961f\u4eca\u5e74\u62e5\u6709\u4e30\u5bcc\u50a8\u5907\u9879\u76ee\u6c60\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">189. industry vertical<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u026and\u0259stri \u02c8v\u025c\u02d0t\u026akl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5782\u76f4\u7ec6\u5206\u8d5b\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\u4ea7\u4e1a\u94fe\u5355\u4e00\u7ec6\u5206\u4e13\u4e1a\u9886\u57df<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund focuses on medical device industry vertical.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u4e13\u6ce8\u533b\u7597\u5668\u68b0\u5782\u76f4\u7ec6\u5206\u8d5b\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">190. horizontal integration<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cch\u0252r\u026a\u02c8z\u0252ntl \u02cc\u026ant\u026a\u02c8\u0261re\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6a2a\u5411\u6574\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\u6536\u8d2d\u540c\u884c\u4e1a\u7ade\u54c1\u6269\u5927\u5e02\u573a\u5360\u6709\u7387<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aHorizontal integration eliminates redundant market competition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6a2a\u5411\u6574\u5408\u6d88\u9664\u540c\u8d28\u5316\u5e02\u573a\u7ade\u4e89\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">191. vertical integration<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8v\u025c\u02d0t\u026akl \u02cc\u026ant\u026a\u02c8\u0261re\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u7eb5\u5411\u6574\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\u6536\u8d2d\u4e0a\u4e0b\u6e38\u4f01\u4e1a\u6253\u901a\u5b8c\u6574\u4ea7\u4e1a\u94fe<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aVertical integration cuts supply chain procurement costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u7eb5\u5411\u6574\u5408\u964d\u4f4e\u4f9b\u5e94\u94fe\u91c7\u8d2d\u6210\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">192. capital buffer<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8b\u028cf\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u7f13\u51b2\u57ab\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\u7559\u5b58\u95f2\u7f6e\u8d44\u91d1\u5e94\u5bf9\u7a81\u53d1\u7ecf\u8425\u8d44\u91d1\u9700\u6c42<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe maintained a capital buffer against market downturns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u7559\u5b58\u8d44\u672c\u7f13\u51b2\u57ab\u5e94\u5bf9\u5e02\u573a\u4e0b\u884c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">193. float capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/fl\u0259\u028at \u02c8k\u00e6p\u026atl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6d41\u901a\u80a1\u672c\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\u53ef\u5728\u4e8c\u7ea7\u5e02\u573a\u81ea\u7531\u4ea4\u6613\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe float capital accounts for 30% of total shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6d41\u901a\u80a1\u672c\u5360\u603b\u80a1\u672c30%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">194. lock-up expiry<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8l\u0252k \u028cp \u026ak\u02c8spa\u026a\u0259ri\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9501\u5b9a\u671f\u5c4a\u6ee1\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\u9650\u552e\u671f\u9650\u5230\u671f\uff0c\u80a1\u4efd\u53ef\u81ea\u7531\u51cf\u6301<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLock-up expiry triggers short-term stock price pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9501\u5b9a\u671f\u5c4a\u6ee1\u5e26\u6765\u77ed\u671f\u80a1\u4ef7\u629b\u552e\u538b\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">195. capital taxation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl t\u00e6k\u02c8se\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u5229\u5f97\u7a0e\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\u6743\u3001\u8bc1\u5238\u589e\u503c\u6536\u76ca\u9700\u7f34\u7eb3\u7684\u7a0e\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCross-border investment involves complicated capital taxation rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8de8\u5883\u6295\u8d44\u6d89\u53ca\u590d\u6742\u8d44\u672c\u5229\u5f97\u7a0e\u89c4\u5219\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">196. offshore fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cc\u0252f\u02c8\u0283\u0254\u02d0 f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u79bb\u5cb8\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\u8bbe\u7acb\u5728\u5883\u5916\u5730\u533a\u7684\u8de8\u5883\u6295\u8d44\u79c1\u52df\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe group raised an offshore fund for overseas M&amp;A.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u96c6\u56e2\u8bbe\u7acb\u79bb\u5cb8\u57fa\u91d1\u5f00\u5c55\u6d77\u5916\u5e76\u8d2d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">197. onshore fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cc\u0252n\u02c8\u0283\u0254\u02d0 f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5728\u5cb8\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\u6ce8\u518c\u8bbe\u7acb\u4e8e\u5883\u5185\u7684\u672c\u571f\u6295\u8d44\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aDomestic new energy projects rely mainly on onshore fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u56fd\u5185\u65b0\u80fd\u6e90\u9879\u76ee\u4e3b\u8981\u4f9d\u9760\u5728\u5cb8\u57fa\u91d1\u6295\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">198. investment lock-in<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026an\u02c8vestm\u0259nt \u02c8l\u0252k\u026an\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u9501\u5b9a\u7ea6\u675f\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\u77ed\u671f\u5185\u4e0d\u5f97\u8d4e\u56de\u3001\u8f6c\u8ba9\u57fa\u91d1\u4efd\u989d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aRetail investors face a two-year investment lock-in period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e2a\u4eba\u6295\u8d44\u4eba\u4eab\u6709\u4e24\u5e74\u6295\u8d44\u9501\u5b9a\u7ea6\u675f\u671f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">199. project IRR<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/pr\u0259\u02c8d\u0292ekt \u02cca\u026a \u0251\u02d0 \u0251\u02d0(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9879\u76ee\u5185\u90e8\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\u5355\u4e00\u6295\u8d44\u9879\u76ee\u73b0\u91d1\u6d41\u5e74\u5316\u6536\u76ca\u6d4b\u7b97\u6307\u6807<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aQualified projects require project IRR higher than 12%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5408\u683c\u9879\u76ee\u8981\u6c42\u9879\u76ee\u5185\u90e8\u6536\u76ca\u7387\u9ad8\u4e8e12%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">200. fund IRR<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/f\u028cnd \u02cca\u026a \u0251\u02d0 \u0251\u02d0(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u6574\u4f53\u5185\u90e8\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\u5168\u90e8\u6295\u8d44\u7ec4\u5408\u7efc\u5408\u5e74\u5316\u6536\u76ca\u6307\u6807<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund IRR reached 15% after full exit of core projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6838\u5fc3\u9879\u76ee\u5168\u90e8\u9000\u51fa\u540e\u57fa\u91d1\u6574\u4f53\u5185\u90e8\u6536\u76ca\u7387\u8fbe15%\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\u4ece\u53e5\u5f15\u5bfc\u8bcd\u542b\u4e49\u4e0e\u7528\u6cd5\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-24940","post","type-post","status-publish","format-standard","hentry","category-510"],"_links":{"self":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24940","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=24940"}],"version-history":[{"count":0,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24940\/revisions"}],"wp:attachment":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/media?parent=24940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/categories?post=24940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/tags?post=24940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}