{"id":730047,"date":"2026-02-25T12:36:27","date_gmt":"2026-02-25T04:36:27","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=730047"},"modified":"2026-02-25T12:36:27","modified_gmt":"2026-02-25T04:36:27","slug":"%e5%b9%b4%e8%90%a5%e6%94%b6%e7%a0%b4%e4%ba%bf%e5%b0%b1%e6%95%a2%e6%90%9e%e8%82%a1%e6%9d%83%e6%bf%80%e5%8a%b1%ef%bc%9f%e8%bf%996%e4%b8%aa%e5%9d%91%e8%83%bd%e8%ae%a9%e4%bd%a0%e4%b8%8a%e5%b8%82%e6%a2%a6","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=730047","title":{"rendered":"\u5e74\u8425\u6536\u7834\u4ebf\u5c31\u6562\u641e\u80a1\u6743\u6fc0\u52b1\uff1f\u8fd96\u4e2a\u5751\u80fd\u8ba9\u4f60\u4e0a\u5e02\u68a6\u788e\uff08IPO\u5bfc\u5411\u7ec8\u6781\u6307\u5357\uff09"},"content":{"rendered":"

\u6587\/\u667a\u548c\u5c9b\u96c6\u56e2\u521b\u59cb\u4eba\u80e1\u534e\u6210<\/p>\n

\u4f60\u5750\u5728\u529e\u516c\u5ba4\u91cc\uff0c\u770b\u7740\u684c\u4e0a\u521a\u6253\u5370\u597d\u7684\u5e74\u5ea6\u8425\u6536\u62a5\u8868<\/span><\/span><\/span>——<\/span><\/span><\/span>\u4e00\u4e2a\u4ebf\u7684\u6570\u5b57\u5f88\u523a\u773c\uff0c\u4f46\u4f60\u5fc3\u91cc\u6e05\u695a\uff0c\u8fd9\u53ea\u662f\u8d77\u70b9\u3002\u672a\u6765<\/span><\/span><\/span>3-5<\/span><\/span><\/span>\u5e74\u51b2\u523a\u4e0a\u5e02<\/a>\uff0c\u624d\u662f\u771f\u6b63\u7684\u786c\u4ed7\u3002\u53ef\u6bcf\u6b21\u6df1\u591c\u60f3\u5230\u6838\u5fc3\u56e2\u961f\uff0c\u4f60\u603b\u4f1a\u6709\u70b9\u614c\uff1a\u8ddf\u7740\u4f60\u7684\u8001\u81e3\u4f1a\u4e0d\u4f1a\u4e2d\u9014\u79bb\u5f00\uff1f\u6316\u6765\u7684\u9ad8\u7ba1\u80fd\u4e0d\u80fd\u771f\u6b63\u843d\u5730\uff1f\u90a3\u4e9b\u85cf\u5728\u4ee3\u7801\u91cc\u3001\u5ba2\u6237\u540d\u5355\u91cc\u7684\u6838\u5fc3\u80fd\u529b\uff0c\u600e\u4e48\u624d\u80fd\u8ddf\u516c\u53f8\u7ed1\u5f97\u66f4\u7d27\uff1f<\/span><\/span><\/span><\/p>\n

\u5f88\u591a\u4eba\u4f1a\u8ddf\u4f60\u8bf4<\/span><\/span><\/span>“<\/span><\/span><\/span>\u641e\u80a1\u6743\u6fc0\u52b1\u554a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4f46\u5f88\u5c11\u6709\u4eba\u544a\u8bc9\u4f60\uff0c<\/span><\/span><\/span>IPO<\/a><\/span><\/span><\/span>\u524d\u7684\u80a1\u6743\u6fc0\u52b1\u4e0d\u662f\u53d1\u798f\u5229\uff0c\u662f\u8d70\u94a2\u4e1d\u3002\u4e00\u6b65\u9519\uff0c\u53ef\u80fd\u8ba9\u4f60\u5728\u7533\u62a5\u65f6\u88ab\u76d1\u7ba1\u95ee\u8be2\u5361\u4f4f\uff0c\u751a\u81f3\u8ba9\u8f9b\u82e6\u6512\u4e0b\u7684\u63a7\u5236\u6743\u65c1\u843d\u3002\u6211\u89c1\u8fc7\u592a\u591a\u521b\u59cb\u4eba\uff0c\u628a\u80a1\u6743\u6fc0\u52b1\u505a\u6210\u4e86<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5206\u86cb\u7cd5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6700\u540e\u8981\u4e48\u56e2\u961f\u56e0\u4e3a\u9884\u671f\u4e0d\u7b26\u95f9\u77db\u76fe\uff0c\u8981\u4e48\u56e0\u4e3a\u5408\u89c4\u95ee\u9898\u5728\u4e0a\u5e02\u524d\u7d27\u6025\u6574\u6539\uff0c\u624b\u5fd9\u811a\u4e71\u3002<\/span><\/span><\/span><\/p>\n

\u4eca\u5929\u8fd9\u7bc7\u6307\u5357\uff0c\u4e0d\u8ddf\u4f60\u8bb2\u865a\u7684\u7406\u8bba\uff0c\u53ea\u7ed9\u4f60\u80fd\u843d\u5730\u7684\u6253\u6cd5\u3002\u4ece\u6218\u7565\u5230\u6267\u884c\uff0c\u4ece\u5408\u89c4\u5230\u4eba\u5fc3\uff0c\u5e2e\u4f60\u628a\u80a1\u6743\u6fc0\u52b1\u53d8\u6210\u51b2\u523a\u4e0a\u5e02\u7684<\/span><\/span><\/span>“<\/span><\/span><\/span>\u63a8\u8fdb\u5668<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u800c\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7eca\u811a\u77f3<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

01 \u5148\u60f3\u660e\u767d\uff1a<\/span><\/span><\/span>IPO\u5bfc\u5411\u7684\u80a1\u6743\u6fc0\u52b1\uff0c\u8ddf\u4f60\u4ee5\u524d\u60f3\u7684\u4e0d\u4e00\u6837<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u641e\u80a1\u6743\u6fc0\u52b1\uff0c\u7b2c\u4e00\u53cd\u5e94\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7ed9\u6838\u5fc3\u5458\u5de5\u5206\u70b9\u80a1\u4efd\uff0c\u8ba9\u4ed6\u4eec\u66f4\u6709\u5e72\u52b2<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8fd9\u8bdd\u6ca1\u9519\uff0c\u4f46\u5982\u679c\u76ee\u6807\u662f\u4e0a\u5e02\uff0c\u53ea\u8fd9\u4e48\u60f3\u5c31\u592a\u6d45\u4e86\u3002\u4f60\u8981\u505a\u7684\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5206\u86cb\u7cd5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u800c\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e00\u8d77\u628a\u86cb\u7cd5\u505a\u4e0a\u5e02\uff0c\u518d\u6309\u89c4\u5219\u5206<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8fd9\u91cc\u9762\u6700\u5173\u952e\u7684\uff0c\u662f\u5148\u8ddf\u6838\u5fc3\u56e2\u961f\u8fbe\u6210\u4e09\u4e2a\u5171\u8bc6\uff0c\u6ca1\u8fd9\u4e2a\u57fa\u7840\uff0c\u540e\u9762\u5168\u662f\u5751\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\u4e2a\u5171\u8bc6\uff1a\u80a1\u6743\u6fc0\u52b1\u4e0d\u662f\u798f\u5229\uff0c\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7ed1\u5b9a\u4e0a\u5e02\u547d\u8fd0<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u5951\u7ea6\u3002<\/span>\u6211\u89c1\u8fc7\u6709\u5bb6\u516c\u53f8\uff0c\u8001\u677f\u89c9\u5f97\u5458\u5de5\u8f9b\u82e6\uff0c\u641e\u4e86\u4e2a\u80a1\u6743\u6fc0\u52b1\uff0c\u6ca1\u8bbe\u8003\u6838\u6761\u4ef6\uff0c\u4e5f\u6ca1\u8bf4\u4e0a\u5e02\u76f8\u5173\u7684\u8981\u6c42\u3002\u7ed3\u679c\u540e\u6765\u516c\u53f8\u51c6\u5907\u7533\u62a5\uff0c\u6709\u4e9b\u5458\u5de5\u89c9\u5f97\u538b\u529b\u5927\u60f3\u79bb\u804c\uff0c\u8fd8\u8981\u6c42\u628a\u80a1\u4efd\u6298\u73b0\uff0c\u95f9\u5f97\u4e0d\u53ef\u5f00\u4ea4\u3002\u4f60\u5fc5\u987b\u4e00\u5f00\u59cb\u5c31\u8ddf\u56e2\u961f\u8bf4\u6e05\u695a\uff1a\u62ff\u5230\u80a1\u6743\uff0c\u610f\u5473\u7740\u8981\u8ddf\u516c\u53f8\u4e00\u8d77\u625b\u8fc7\u4e0a\u5e02\u524d\u7684\u538b\u529b<\/span><\/span><\/span>——<\/span><\/span><\/span>\u53ef\u80fd\u662f\u8fde\u7eed\u52a0\u73ed\u7684\u7814\u53d1\uff0c\u53ef\u80fd\u662f\u4e1a\u7ee9<\/a>\u4e0d\u8fbe\u6807\u7684\u7126\u8651\uff0c\u4e5f\u53ef\u80fd\u662f\u4e0a\u5e02\u5931\u8d25\u7684\u98ce\u9669<\/a>\u3002\u8fd9\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u989d\u5916\u5956\u52b1<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5408\u4f19\u505a\u4e8b\u7684\u95e8\u69db<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\u4e2a\u5171\u8bc6\uff1a\u80a1\u6743\u7684\u4ef7\u503c\uff0c\u53d6\u51b3\u4e8e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u4eec\u80fd\u4e0d\u80fd\u628a\u516c\u53f8\u505a\u4e0a\u5e02<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span>\u5f88\u591a\u5458\u5de5\u4f1a\u95ee<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8fd9\u80a1\u4efd\u503c\u591a\u5c11\u94b1<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4f60\u6ca1\u6cd5\u7ed9\u51c6\u786e\u7b54\u6848\uff0c\u4f46\u5fc5\u987b\u5766\u8bda\u3002\u8981\u8ddf\u4ed6\u4eec\u8bb2\uff1a\u73b0\u5728\u7684\u80a1\u6743\u5c31\u662f\u4e00\u5f20<\/span><\/span><\/span>“<\/span><\/span><\/span>\u671f\u8d27\u5408\u7ea6<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u80fd\u4e0d\u80fd\u5151\u73b0\u3001\u80fd\u5151\u73b0\u591a\u5c11\uff0c\u5168\u770b\u6211\u4eec\u80fd\u4e0d\u80fd\u95ef\u8fc7<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7684\u5173\u3002\u4e0a\u5e02\u6210\u529f\u4e86\uff0c\u53ef\u80fd\u6709\u51e0\u500d\u751a\u81f3\u51e0\u5341\u500d\u7684\u6536\u76ca\uff1b\u4f46\u5982\u679c\u5931\u8d25\u4e86\uff0c\u8fd9\u80a1\u4efd\u53ef\u80fd\u8fde\u6d41\u52a8\u6027\u90fd\u6ca1\u6709\uff0c\u8fd8\u8981\u627f\u62c5\u7a0e\u8d1f\u548c\u9501\u5b9a\u671f\u7684\u6210\u672c\u3002\u8fd9\u79cd\u4e0d\u786e\u5b9a\u6027\uff0c\u5fc5\u987b\u63d0\u524d\u8bf4\u900f\uff0c\u522b\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u753b\u997c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u90a3\u5957\uff0c\u5426\u5219\u540e\u9762\u53ea\u4f1a\u66f4\u9ebb\u70e6\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\u4e2a\u5171\u8bc6\uff1a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5408\u4f19\u4eba\u7cbe\u795e<\/span><\/span><\/span>”<\/span><\/span><\/span>\u4e0d\u662f\u53e3\u53f7\uff0c\u662f\u5177\u4f53\u7684\u505a\u4e8b\u6807\u51c6\u3002<\/span>\u4ec0\u4e48\u662f\u5408\u4f19\u4eba\u7cbe\u795e\uff1f\u4e0d\u662f\u4e00\u8d77\u5403\u996d\u559d\u9152\uff0c\u662f\u9047\u5230\u56f0\u96be\u65f6\u4e0d\u7529\u9505\uff0c\u770b\u5230\u673a\u4f1a\u65f6\u6562\u6295\u5165\uff0c\u505a\u51b3\u7b56\u65f6\u60f3\u7684\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u53f8\u957f\u671f\u4ef7\u503c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u800c\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u90e8\u95e8\u77ed\u671f\u5229\u76ca<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u6bd4\u5982\u7814\u53d1\u56e2\u961f\u4e0d\u80fd\u53ea\u76ef\u7740\u6280\u672f\u5b8c\u7f8e\uff0c\u8fd8\u8981\u8003\u8651\u4ea7\u54c1\u4e0a\u5e02\u7684\u65f6\u95f4\u8282\u70b9\uff1b\u9500\u552e\u56e2\u961f\u4e0d\u80fd\u53ea\u51b2\u4e1a\u7ee9\uff0c\u8fd8\u8981\u4fdd\u8bc1\u56de\u6b3e\u8d28\u91cf<\/span><\/span><\/span>——<\/span><\/span><\/span>\u8fd9\u4e9b\u90fd\u8981\u5728\u505a\u80a1\u6743\u6fc0\u52b1\u524d\uff0c\u8ddf\u6838\u5fc3\u56e2\u961f\u4e00\u8d77\u5b9a\u4e0b\u6765\uff0c\u5199\u8fdb\u300a\u5171\u8bc6\u5907\u5fd8\u5f55\u300b\u91cc\uff0c\u5927\u5bb6\u7b7e\u5b57\u786e\u8ba4\u3002\u8fd9\u6837\u540e\u9762\u6267\u884c\u7684\u65f6\u5019\uff0c\u624d\u6709\u5224\u65ad\u7684\u6807\u51c6\u3002<\/span><\/span><\/span><\/p>\n

\u8bb0\u4f4f\uff1a\u5171\u8bc6\u6ca1\u8fbe\u6210\uff0c\u5343\u4e07\u522b\u6025\u7740\u51fa\u65b9\u6848\u3002<\/span><\/span><\/span>\u4f60\u53ef\u4ee5\u5148\u5f00\u51e0\u6b21<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5171\u8bc6\u5de5\u4f5c\u574a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8ba9\u6838\u5fc3\u56e2\u961f\u4e00\u8d77\u804a\u76ee\u6807\u3001\u804a\u98ce\u9669\u3001\u804a\u89c4\u5219\uff0c\u6700\u540e\u5f62\u6210\u4e00\u4efd\u300a\u80a1\u6743\u6fc0\u52b1\u6218\u7565\u5171\u8bc6\u5907\u5fd8\u5f55\u300b\uff0c\u6bcf\u4e2a\u4eba\u90fd\u7b7e\u5b57\u3002\u8fd9\u4efd\u6587\u4ef6\u4e0d\u662f\u5f62\u5f0f\uff0c\u662f\u540e\u9762\u6240\u6709\u5de5\u4f5c\u7684\u57fa\u7840<\/span><\/span><\/span>——<\/span><\/span><\/span>\u4e07\u4e00\u5c06\u6765\u6709\u4eba\u6709\u5f02\u8bae\uff0c\u62ff\u51fa\u6765\u4e00\u770b\uff0c\u5927\u5bb6\u5f53\u521d\u90fd\u662f\u8ba4\u53ef\u7684\uff0c\u80fd\u5c11\u5f88\u591a\u9ebb\u70e6\u3002<\/span><\/span><\/span><\/p>\n

02 \u6218\u7565\u951a\u5b9a\uff1a\u4ee5<\/span><\/span><\/span>IPO\u4e3a\u7ec8\u70b9\uff0c\u5012\u63a8<\/span><\/span><\/span>3<\/span><\/span><\/span>\u5e74\u884c\u52a8\u8def\u7ebf<\/span><\/span><\/span><\/h2>\n

\u641e<\/span><\/span><\/span>IPO\u5bfc\u5411\u7684\u80a1\u6743\u6fc0\u52b1\uff0c\u6700\u5fcc\u8bb3<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8d70\u4e00\u6b65\u770b\u4e00\u6b65<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u4f60\u5f97\u50cf\u4e0b\u68cb\u4e00\u6837\uff0c\u4ece<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u5e02\u7533\u62a5\u65e5<\/span><\/span><\/span>”<\/span><\/span><\/span>\u8fd9\u4e2a\u7ec8\u70b9\u5f80\u56de\u5012\u63a8\uff0c\u628a\u6bcf\u4e2a\u5173\u952e\u8282\u70b9\u90fd\u8e29\u51c6\u3002\u9519\u8fc7\u4e00\u4e2a\u8282\u70b9\uff0c\u53ef\u80fd\u5c31\u4f1a\u78b0\u5230\u76d1\u7ba1\u7ea2\u7ebf\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7a81\u51fb\u5165\u80a1<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u5230\u65f6\u5019\u60f3\u6539\u90fd\u6765\u4e0d\u53ca\u3002<\/span><\/span><\/span><\/p>\n

\u6211\u7ed9\u4f60\u4e00\u4e2a\u7b80\u5355\u7684\u65f6\u95f4\u8f74\uff0c\u4f60\u53ef\u4ee5\u7167\u7740\u5bf9\uff1a<\/span>\u628a\u4e0a\u5e02\u7533\u62a5\u65e5\u5b9a\u4e3a<\/span><\/span><\/span>“T<\/span><\/span><\/span>\u65e5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u90a3\u4e48<\/span><\/span><\/span>——<\/span><\/span><\/span><\/p>\n

T-36\u4e2a\u6708\uff08\u7533\u62a5\u524d<\/span><\/span><\/span>3<\/span><\/span><\/span>\u5e74\uff09\uff1a<\/span>\u4f60\u8981\u505a\u7684\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5408\u89c4\u6253\u5e95<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8fd9\u65f6\u5019\u522b\u5fd9\u7740\u6388\u4e88\u80a1\u4efd\uff0c\u5148\u628a\u516c\u53f8\u7684\u80a1\u6743\u68b3\u7406\u6e05\u695a\u3002\u6709\u6ca1\u6709\u4ee3\u6301\uff1f\u6709\u6ca1\u6709\u8d28\u62bc\uff1f\u8fd9\u4e9b\u90fd\u8981\u5f7b\u5e95\u6e05\u7406\uff0c\u4e00\u70b9\u542b\u7cca\u90fd\u4e0d\u80fd\u6709\u3002\u6bd4\u5982\u6709\u4e9b\u516c\u53f8\u65e9\u671f\u8ba9\u5458\u5de5\u4ee3\u6301\uff0c\u89c9\u5f97<\/span><\/span><\/span>“<\/span><\/span><\/span>\u53cd\u6b63\u90fd\u662f\u81ea\u5df1\u4eba<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u7ed3\u679c\u5230\u4e86\u7533\u62a5\u524d\uff0c\u4ee3\u6301\u4eba\u8ddf\u516c\u53f8\u95f9\u77db\u76fe\uff0c\u4e0d\u80af\u914d\u5408\u89e3\u9664\uff0c\u62d6\u6162\u4e86\u6574\u4e2a\u8fdb\u5ea6\u3002\u8fd9\u65f6\u5019\u8fd8\u8981\u5f00\u59cb\u642d\u6301\u80a1\u5e73\u53f0\u7684\u6846\u67b6\uff0c\u522b\u7b49\u540e\u9762\u7740\u6025\u3002<\/span><\/span><\/span><\/p>\n

T-24\u4e2a\u6708\uff08\u7533\u62a5\u524d<\/span><\/span><\/span>2<\/span><\/span><\/span>\u5e74\uff09\uff1a<\/span>\u8fd9\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u9996\u6b21\u6388\u4e88<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u5173\u952e\u671f\u3002\u6301\u80a1\u5e73\u53f0\u8981\u6b63\u5f0f\u642d\u597d\uff0c\u6bd4\u5982\u7528\u6709\u9650\u5408\u4f19\uff0c\u4f60\u81ea\u5df1\u505a\u552f\u4e00\u7684<\/span><\/span><\/span>GP<\/span><\/span><\/span>\uff08\u666e\u901a\u5408\u4f19\u4eba\uff09\uff0c\u8fd9\u6837\u80fd\u638c\u63a7\u63a7\u5236\u6743\u3002\u7136\u540e\u5b8c\u6210\u9996\u671f\u80a1\u6743\u6fc0\u52b1\u7684\u6388\u4e88\uff0c\u5e76\u4e14\u8981\u4fdd\u8bc1\u8fd9\u4e2a\u65b9\u6848\u8fd0\u884c\u6ee1\u4e00\u4e2a\u5b8c\u6574\u7684\u4f1a\u8ba1\u5e74\u5ea6<\/span><\/span><\/span>——<\/span><\/span><\/span>\u76d1\u7ba1\u5c42\u8981\u770b\u8fd9\u4e2a\u65b9\u6848\u7684\u5b9e\u9645\u6267\u884c\u60c5\u51b5\uff0c\u6ca1\u6ee1\u4e00\u5e74\uff0c\u5f88\u53ef\u80fd\u4f1a\u88ab\u95ee\u8be2\u3002\u540c\u65f6\uff0c\u4f60\u8981\u628a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u767e\u4ebf\u5e02\u503c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u8fd9\u4e2a\u5927\u76ee\u6807\uff0c\u62c6\u6210\u5404\u4e2a\u90e8\u95e8\u80fd\u843d\u5730\u7684\u6307\u6807\u3002\u6bd4\u5982\u7814\u53d1\u90e8\u95e8\u8981\u5b8c\u6210\u591a\u5c11\u4e2a\u4e13\u5229\uff0c\u5e02\u573a\u90e8\u95e8\u8981\u505a\u5230\u591a\u5c11\u5360\u6709\u7387\uff0c\u8d22\u52a1\u90e8\u95e8\u8981\u628a\u6bdb\u5229\u7387\u63a7\u5236\u5728\u591a\u5c11<\/span><\/span><\/span>——<\/span><\/span><\/span>\u8fd9\u4e9b\u6307\u6807\u8981\u8ddf\u540e\u9762\u7684\u80a1\u6743\u5f52\u5c5e\u6302\u94a9\uff0c\u522b\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5927\u9505\u996d<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

T-12\u4e2a\u6708\uff08\u7533\u62a5\u524d<\/span><\/span><\/span>1<\/span><\/span><\/span>\u5e74\uff09\uff1a<\/span>\u8fd9\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6700\u540e\u4e00\u6b21\u5927\u89c4\u6a21\u6388\u4e88<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u7a97\u53e3\u671f\u3002\u8fc7\u4e86\u8fd9\u4e2a\u65f6\u95f4\u70b9\uff0c\u518d\u641e\u5927\u89c4\u6a21\u6388\u4e88\uff0c\u5f88\u5bb9\u6613\u88ab\u8ba4\u5b9a\u4e3a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7a81\u51fb\u5165\u80a1<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u76d1\u7ba1\u5c42\u4f1a\u91cd\u70b9\u67e5\uff0c\u6bd4\u5982\u8d44\u91d1\u6765\u6e90\u3001\u5b9a\u4ef7\u5408\u7406\u6027\uff0c\u751a\u81f3\u4f1a\u6000\u7591\u662f\u4e0d\u662f\u5229\u76ca\u8f93\u9001\u3002\u6240\u4ee5\u5982\u679c\u8fd8\u6709\u8981\u6fc0\u52b1\u7684\u6838\u5fc3\u4eba\u624d\uff0c\u5fc5\u987b\u5728\u8fd9\u4e2a\u65f6\u95f4\u70b9\u524d\u5b8c\u6210\u3002\u4e4b\u540e\u76f4\u5230\u7533\u62a5\uff0c\u6700\u591a\u53ea\u80fd\u641e\u70b9\u5c0f\u89c4\u6a21\u7684\u3001\u9488\u5bf9\u7279\u6b8a\u4eba\u624d\u7684\u6fc0\u52b1\uff0c\u800c\u4e14\u8981\u66f4\u8c28\u614e\u3002<\/span><\/span><\/span><\/p>\n

\u8fd9\u91cc\u6709\u4e2a\u5173\u952e\u70b9\uff1a\u6240\u6709\u65f6\u95f4\u8282\u70b9\u90fd\u8981\u7559\u7f13\u51b2\u3002<\/span><\/span><\/span>\u6bd4\u5982\u4f60\u8ba1\u5212<\/span><\/span><\/span>T-24\u4e2a\u6708\u5b8c\u6210\u9996\u671f\u6388\u4e88\uff0c\u4f46\u5de5\u5546\u53d8\u66f4\u3001\u534f\u8bae\u7b7e\u7f72\u53ef\u80fd\u4f1a\u51fa\u610f\u5916\uff0c\u6240\u4ee5\u6700\u597d\u63d0\u524d<\/span><\/span><\/span>1-2<\/span><\/span><\/span>\u4e2a\u6708\u542f\u52a8\uff0c\u522b\u5361\u7740\u70b9\u6765\u3002\u6211\u89c1\u8fc7\u6709\u5bb6\u516c\u53f8\uff0c\u672c\u6765\u8ba1\u5212<\/span><\/span><\/span>T-11<\/span><\/span><\/span>\u4e2a\u6708\u641e\u4e00\u6b21\u6388\u4e88\uff0c\u7ed3\u679c\u56e0\u4e3a\u5de5\u5546\u6d41\u7a0b\u803d\u8bef\u4e86\uff0c\u53d8\u6210\u4e86<\/span><\/span><\/span>T-9<\/span><\/span><\/span>\u4e2a\u6708\u624d\u5b8c\u6210\uff0c\u88ab\u76d1\u7ba1\u5c42\u8ffd\u95ee\u4e86\u5f88\u4e45\uff0c\u867d\u7136\u6700\u540e\u89e3\u91ca\u6e05\u695a\u4e86\uff0c\u4f46\u6d6a\u8d39\u4e86\u5f88\u591a\u7cbe\u529b\u3002<\/span><\/span><\/span><\/p>\n

03 \u63a7\u5236\u6743\u4e0d\u80fd\u4e22\uff1a\u4e0a\u5e02\u524d\uff0c\u4f60\u5fc5\u987b\u5b88\u4f4f<\/span><\/span><\/span>30%\u8fd9\u6761\u7ebf<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u641e\u80a1\u6743\u6fc0\u52b1\uff0c\u8d8a\u641e\u8d8a\u614c<\/span><\/span><\/span>——<\/span><\/span><\/span>\u62c5\u5fc3\u80a1\u4efd\u5206\u51fa\u53bb\u591a\u4e86\uff0c\u81ea\u5df1\u5bf9\u516c\u53f8\u7684\u63a7\u5236\u6743\u6ca1\u4e86\u3002\u5c24\u5176\u662f\u5230\u4e86<\/span><\/span><\/span>Pre-IPO<\/span><\/span><\/span>\u8f6e\uff0c\u5f15\u5165\u5916\u90e8\u8d44\u672c\uff0c\u518d\u52a0\u4e0a\u80a1\u6743\u6fc0\u52b1\uff0c\u80a1\u6743\u5f88\u5bb9\u6613\u88ab\u7a00\u91ca\u3002\u4f46\u4f60\u8981\u8bb0\u4f4f\uff1a\u4e0a\u5e02\u524d\uff0c\u4f60\u5fc5\u987b\u901a\u8fc7\u76f4\u63a5\u6216\u95f4\u63a5\u7684\u65b9\u5f0f\uff0c\u4fdd\u6709\u81f3\u5c11<\/span><\/span><\/span>30%<\/span><\/span><\/span>\u7684\u63a7\u5236\u6743\u3002\u4f4e\u4e8e\u8fd9\u4e2a\u6bd4\u4f8b\uff0c\u540e\u9762\u516c\u53f8\u51b3\u7b56\u5f88\u5bb9\u6613\u51fa\u95ee\u9898\uff0c\u751a\u81f3\u53ef\u80fd\u88ab\u8d44\u672c<\/span><\/span><\/span>“<\/span><\/span><\/span>\u67b6\u7a7a<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u600e\u4e48\u5b88\u4f4f\u8fd9<\/span><\/span><\/span>30%\uff1f\u6709\u4e09\u4e2a\u5177\u4f53\u7684\u505a\u6cd5\uff1a<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\uff0c\u7528\u6301\u80a1\u5e73\u53f0\u63a7\u5236\u3002<\/span>\u522b\u8ba9\u5458\u5de5\u76f4\u63a5\u6301\u6709\u516c\u53f8\u80a1\u4efd\uff0c\u800c\u662f\u901a\u8fc7\u6709\u9650\u5408\u4f19\u6301\u80a1\u5e73\u53f0\u6765\u95f4\u63a5\u6301\u6709\u3002\u4f60\u81ea\u5df1\u505a\u8fd9\u4e2a\u5e73\u53f0\u7684\u552f\u4e00<\/span><\/span><\/span>GP\uff0c\u5176\u4ed6\u5458\u5de5\u505a<\/span><\/span><\/span>LP<\/span><\/span><\/span>\uff08\u6709\u9650\u5408\u4f19\u4eba\uff09\u3002\u6839\u636e\u300a\u5408\u4f19\u4f01\u4e1a\u6cd5\u300b\uff0c<\/span><\/span><\/span>GP<\/span><\/span><\/span>\u5bf9\u5408\u4f19\u4f01\u4e1a\u6709\u63a7\u5236\u6743\uff0c\u54ea\u6015\u4f60\u5728\u5e73\u53f0\u91cc\u7684\u80a1\u4efd\u5f88\u5c11\uff0c\u4e5f\u80fd\u51b3\u5b9a\u5e73\u53f0\u7684\u6295\u7968\u65b9\u5411\u3002\u6bd4\u5982\u5e73\u53f0\u6301\u6709\u516c\u53f8<\/span><\/span><\/span>10%<\/span><\/span><\/span>\u7684\u80a1\u4efd\uff0c\u4e0d\u7ba1\u5176\u4ed6<\/span><\/span><\/span>LP<\/span><\/span><\/span>\u52a0\u8d77\u6765\u5360\u591a\u5c11\uff0c\u6700\u7ec8\u8fd9<\/span><\/span><\/span>10%<\/span><\/span><\/span>\u7684\u6295\u7968\u6743\u90fd\u5f52\u4f60\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\uff0c\u7b7e\u300a\u4e00\u81f4\u884c\u52a8\u534f\u8bae\u300b\u3002<\/span>\u627e\u51e0\u4e2a\u8ddf\u4f60\u4e00\u6761\u5fc3\u7684\u6838\u5fc3\u5408\u4f19\u4eba\uff0c\u6bd4\u5982\u8054\u5408\u521b\u59cb\u4eba\u3001<\/span><\/span><\/span>CFO\uff0c\u8ddf\u4ed6\u4eec\u7b7e\u300a\u4e00\u81f4\u884c\u52a8\u534f\u8bae\u300b\u3002\u7ea6\u5b9a\u5728\u516c\u53f8\u91cd\u5927\u51b3\u7b56\u4e0a\uff0c\u4ed6\u4eec\u7684\u6295\u7968\u8981\u8ddf\u4f60\u4fdd\u6301\u4e00\u81f4\u3002\u6bd4\u5982\u5ba1\u8bae<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7533\u62a5\u6750\u6599\u3001\u4fee\u6539\u516c\u53f8\u7ae0\u7a0b\u8fd9\u4e9b\u4e8b\uff0c\u53ea\u8981\u4f60\u6295\u4e86\u8d5e\u6210\u7968\uff0c\u4ed6\u4eec\u4e5f\u5fc5\u987b\u8d5e\u6210\uff1b\u4f60\u53cd\u5bf9\uff0c\u4ed6\u4eec\u4e5f\u53cd\u5bf9\u3002\u8fd9\u6837\u5373\u4f7f\u4f60\u7684\u80a1\u6743\u88ab\u7a00\u91ca\uff0c\u901a\u8fc7\u4e00\u81f4\u884c\u52a8\u4eba\u7684\u652f\u6301\uff0c\u4e5f\u80fd\u4fdd\u8bc1\u63a7\u5236\u6743\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\uff0c\u5728\u6fc0\u52b1\u534f\u8bae\u91cc\u52a0<\/span><\/span><\/span>“<\/span><\/span><\/span>\u80a1\u6743\u53d8\u66f4\u540c\u610f\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\u6761\u6b3e\u3002<\/span>\u660e\u786e\u7ea6\u5b9a\uff1a\u5458\u5de5\u5982\u679c\u8981\u8f6c\u8ba9\u624b\u91cc\u7684\u80a1\u6743\uff08\u4e0d\u7ba1\u662f\u5df2\u5f52\u5c5e\u7684\u8fd8\u662f\u672a\u5f52\u5c5e\u7684\uff09\uff0c\u5fc5\u987b\u7ecf\u8fc7\u4f60\u7684\u4e66\u9762\u540c\u610f\u3002\u6bd4\u5982\u6709\u5458\u5de5\u60f3\u628a\u80a1\u6743\u8f6c\u7ed9\u5916\u90e8\u6295\u8d44<\/a>\u4eba\uff0c\u6216\u8005\u8f6c\u7ed9\u5176\u4ed6\u4e0d\u76f8\u5173\u7684\u4eba\uff0c\u53ea\u8981\u4f60\u4e0d\u540c\u610f\uff0c\u4ed6\u5c31\u4e0d\u80fd\u8f6c\u3002\u8fd9\u6837\u80fd\u9632\u6b62\u6709\u4eba\u901a\u8fc7\u79c1\u4e0b\u8f6c\u8ba9\u80a1\u6743\uff0c\u96c6\u7ed3\u529b\u91cf\u6311\u6218\u4f60\u7684\u63a7\u5236\u6743\u3002<\/span><\/span><\/span><\/p>\n

\u8fd9\u91cc\u8981\u6ce8\u610f\uff1a\u522b\u4e3a\u4e86\u63a7\u5236\u6743\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6697\u7bb1\u64cd\u4f5c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002 \u6bd4\u5982\u6709\u4e9b\u521b\u59cb\u4eba\u4f1a\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4ee3\u6301<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8868\u9762\u4e0a\u628a\u80a1\u4efd\u5206\u7ed9\u5458\u5de5\uff0c\u5b9e\u9645\u4e0a\u63a7\u5236\u6743\u8fd8\u5728\u81ea\u5df1\u624b\u91cc\uff0c\u4f46\u8fd9\u79cd\u65b9\u5f0f\u4e0d\u5408\u89c4\uff0c\u5230\u4e86<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7533\u62a5\u65f6\u80af\u5b9a\u4f1a\u88ab\u67e5\u51fa\u6765\uff0c\u53cd\u800c\u4f1a\u5f71\u54cd\u4e0a\u5e02\u3002\u6240\u4ee5\u6240\u6709\u64cd\u4f5c\u90fd\u8981\u5408\u89c4\uff0c\u5728\u9633\u5149\u4e0b\u8fdb\u884c\u3002<\/span><\/span><\/span><\/p>\n

\u9664\u4e86\u63a7\u5236\u6743\uff0c\u8fd8\u6709\u4e09\u6761\u5408\u89c4\u7ea2\u7ebf\u7edd\u5bf9\u4e0d\u80fd\u78b0\uff0c\u4e00\u78b0\u5c31\u53ef\u80fd\u8ba9<\/span><\/span><\/span>IPO\u529f\u4e8f\u4e00\u7bd1\uff1a<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\u6761\uff1a\u516c\u53f8\u4e0d\u80fd\u7ed9\u5458\u5de5\u501f\u94b1\u4e70\u80a1\u4efd\uff0c\u4e5f\u4e0d\u80fd\u62c5\u4fdd\u3002<\/span>\u6709\u4e9b\u5458\u5de5\u94b1\u4e0d\u591f\uff0c\u60f3\u8ba9\u516c\u53f8\u5e2e\u5fd9\u51fa\u4e00\u90e8\u5206\uff0c\u6216\u8005\u8ba9\u516c\u53f8\u505a\u62c5\u4fdd\u8d37\u6b3e\uff0c\u4f60\u5343\u4e07\u4e0d\u80fd\u540c\u610f\u3002\u76d1\u7ba1\u5c42\u5bf9\u8fd9\u4e2a\u67e5\u5f97\u5f88\u4e25\uff0c\u4f1a\u8ba4\u4e3a\u8fd9\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5229\u76ca\u8f93\u9001<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u751a\u81f3\u6000\u7591\u516c\u53f8\u8d44\u91d1\u7ba1\u7406\u6709\u95ee\u9898\u3002\u5fc5\u987b\u8ba9\u5458\u5de5\u81ea\u5df1\u7b79\u94b1\uff0c\u800c\u4e14\u8981\u8ba9\u4ed6\u4eec\u63d0\u4f9b\u8d44\u91d1\u6765\u6e90\u8bc1\u660e\uff0c\u6bd4\u5982\u94f6\u884c\u6d41\u6c34\uff0c\u786e\u4fdd\u94b1\u662f\u5408\u6cd5\u7684\u3001\u81ea\u6709\u8d44\u91d1\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\u6761\uff1a\u5f7b\u5e95\u6e05\u7406\u4ee3\u6301\u548c\u8d28\u62bc\u3002<\/span>\u4e0d\u7ba1\u662f\u5458\u5de5\u4e4b\u95f4\u7684\u4ee3\u6301\uff0c\u8fd8\u662f\u4f60\u5e2e\u522b\u4eba\u4ee3\u6301\uff0c\u90fd\u8981\u5728\u7533\u62a5\u524d\u89e3\u9664\uff0c\u5e76\u4e14\u8981\u6709\u5b8c\u6574\u7684\u8bc1\u660e\u6587\u4ef6\u3002\u80a1\u6743\u8d28\u62bc\u4e5f\u4e00\u6837\uff0c\u54ea\u6015\u662f\u5458\u5de5\u81ea\u5df1\u628a\u80a1\u6743\u8d28\u62bc\u7ed9\u94f6\u884c\uff0c\u4e5f\u8981\u89e3\u9664<\/span><\/span><\/span>——<\/span><\/span><\/span>\u76d1\u7ba1\u5c42\u4f1a\u62c5\u5fc3\u8d28\u62bc\u6743\u4eba\u5c06\u6765\u5bf9\u80a1\u6743\u63d0\u51fa\u4e3b\u5f20\uff0c\u5f71\u54cd\u80a1\u6743\u6e05\u6670\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\u6761\uff1a\u5b9a\u4ef7\u8981\u5408\u7406\uff0c\u4e0d\u80fd\u968f\u4fbf\u5b9a\u3002<\/span>\u6bd4\u5982\u4f60\u6700\u8fd1\u4e00\u8f6e\u878d\u8d44<\/a>\u7684\u4f30\u503c\u662f<\/span><\/span><\/span>10\u4ebf\uff0c\u7ed3\u679c\u7ed9\u5458\u5de5\u7684\u80a1\u6743\u6fc0\u52b1\u5b9a\u4ef7\u662f<\/span><\/span><\/span>1<\/span><\/span><\/span>\u4ebf\uff0c\u8fd9\u4e2a\u5dee\u8ddd\u592a\u5927\uff0c\u76d1\u7ba1\u5c42\u4f1a\u95ee<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e3a\u4ec0\u4e48\u8fd9\u4e48\u4fbf\u5b9c\uff1f\u662f\u4e0d\u662f\u6709\u5229\u76ca\u8f93\u9001\uff1f<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u5b9a\u4ef7\u6700\u597d\u8ddf\u6700\u8fd1\u878d\u8d44\u4ef7\u6709\u4e2a\u5408\u7406\u7684\u6298\u6263\uff0c\u6bd4\u5982\u65e9\u671f\u53ef\u4ee5\u6253<\/span><\/span><\/span>5-7<\/span><\/span><\/span>\u6298\uff0c<\/span><\/span><\/span>Pre-IPO<\/span><\/span><\/span>\u8f6e\u53ef\u4ee5\u6253<\/span><\/span><\/span>8-9<\/span><\/span><\/span>\u6298\uff0c\u800c\u4e14\u8981\u8ba9<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u548c\u5ba1\u8ba1\u673a\u6784\u4e00\u8d77\u6d4b\u7b97\uff0c\u7ed9\u51fa\u5408\u7406\u7684\u7406\u7531\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8003\u8651\u5230\u5458\u5de5\u9700\u8981\u627f\u62c5\u957f\u671f\u98ce\u9669\uff0c\u6240\u4ee5\u7ed9\u4e88\u4e00\u5b9a\u6298\u6263<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

04 \u6fc0\u52b1\u5bf9\u8c61\u600e\u4e48\u9009\uff1f\u522b\u5e73\u5747\u4e3b\u4e49\uff0c\u8981<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5206\u5c42\u7ed1\u5b9a<\/span><\/span><\/span>”<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u641e\u80a1\u6743\u6fc0\u52b1\uff0c\u5bb9\u6613\u72af\u4e00\u4e2a\u9519\uff1a\u8981\u4e48\u53ea\u7ed9\u9ad8\u7ba1\uff0c\u5ffd\u7565\u4e86\u6838\u5fc3\u6280\u672f\u6216\u9500\u552e\u9aa8\u5e72\uff1b\u8981\u4e48\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u96e8\u9732\u5747\u6cbe<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6bcf\u4e2a\u4eba\u90fd\u7ed9\u4e00\u70b9\uff0c\u6700\u540e\u6fc0\u52b1\u6548\u679c\u6ca1\u8fbe\u5230\uff0c\u8fd8\u6d6a\u8d39\u4e86\u80a1\u4efd\u3002\u5176\u5b9e<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u524d\u7684\u6fc0\u52b1\u5bf9\u8c61\uff0c\u8981\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5c42\u7ea7<\/span><\/span><\/span>”<\/span><\/span><\/span>\u6765\u5b9a\uff0c\u4e0d\u540c\u5c42\u7ea7\u7684\u4eba\uff0c\u7528\u4e0d\u540c\u7684\u5de5\u5177\uff0c\u7ed1\u5b9a\u4e0d\u540c\u7684\u76ee\u6807\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\u5c42\uff1a\u6838\u5fc3\u5408\u4f19\u4eba\uff08\u4f60\u81ea\u5df1\u3001<\/span><\/span><\/span>CXO\u7ea7\u522b\u7684\u9ad8\u7ba1\uff0c\u6bd4\u5982<\/span><\/span><\/span>CTO<\/span><\/span><\/span>\u3001<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u3001<\/span><\/span><\/span>COO<\/span><\/span><\/span>\uff09\u3002<\/span>\u8fd9\u90e8\u5206\u4eba\u662f\u516c\u53f8\u7684<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5b9a\u6d77\u795e\u9488<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8981\u8ddf\u4f60\u4e00\u8d77\u625b\u4e0b\u4e0a\u5e02\u7684\u6574\u4f53\u98ce\u9669\uff0c\u6240\u4ee5\u80a1\u4efd\u8981\u7ed9\u8db3\uff0c\u4e00\u822c\u5360\u603b\u6fc0\u52b1\u6c60\u7684<\/span><\/span><\/span>5%-8%<\/span><\/span><\/span>\u3002\u5de5\u5177\u6700\u597d\u7528<\/span><\/span><\/span>“<\/span><\/span><\/span>\u9650\u5236\u6027\u80a1\u6743<\/span><\/span><\/span>”——<\/span><\/span><\/span>\u8ba9\u4ed6\u4eec\u5148\u51fa\u8d44\u62ff\u5230\u80a1\u4efd\uff0c\u4f46\u8bbe\u5b9a\u9501\u5b9a\u671f\u548c\u89e3\u9501\u6761\u4ef6\uff0c\u6bd4\u5982\u4e0a\u5e02\u6210\u529f\u540e\u624d\u80fd\u89e3\u9501\u3002\u8fd9\u6837\u4ed6\u4eec\u4f1a\u66f4\u6709<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e3b\u4eba\u7fc1<\/span><\/span><\/span>”<\/span><\/span><\/span>\u610f\u8bc6\uff0c\u4e0d\u4f1a\u56e0\u4e3a\u77ed\u671f\u5229\u76ca\u8ddf\u516c\u53f8\u79bb\u5fc3\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\u5c42\uff1a\u6218\u7565\u9ad8\u7ba1\uff08\u4e8b\u4e1a\u90e8\u8d1f\u8d23\u4eba\u3001\u7814\u53d1\u603b\u76d1\u3001\u9500\u552e\u603b\u76d1\u8fd9\u4e9b\uff09\u3002<\/span>\u8fd9\u90e8\u5206\u4eba\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e1a\u52a1\u5e26\u5934\u4eba<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8981\u5bf9<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7684\u5173\u952e\u6307\u6807\u8d1f\u8d23\uff0c\u6bd4\u5982\u7814\u53d1\u8fdb\u5ea6\u3001\u5e02\u573a\u4efd\u989d\u3001\u5229\u6da6\u76ee\u6807\u3002\u4ed6\u4eec\u7684\u80a1\u4efd\u5360\u6bd4\u53ef\u4ee5\u9ad8\u4e00\u70b9\uff0c<\/span><\/span><\/span>8%-12%<\/span><\/span><\/span>\uff0c\u5de5\u5177\u9996\u9009<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff08\u79d1\u521b\u677f\u7279\u522b\u8ba4\u53ef\u8fd9\u79cd\u5de5\u5177\uff09\u3002\u8fd9\u79cd\u5de5\u5177\u4e0d\u7528\u63d0\u524d\u51fa\u8d44\uff0c\u53ea\u8981\u8fbe\u5230\u8003\u6838\u6761\u4ef6\u5c31\u80fd\u5f52\u5c5e\uff0c\u65e2\u80fd\u51cf\u8f7b\u4ed6\u4eec\u7684\u8d44\u91d1\u538b\u529b\uff0c\u53c8\u80fd\u628a\u4ed6\u4eec\u7684\u5229\u76ca\u8ddf\u4e1a\u52a1\u76ee\u6807\u7ed1\u6b7b\u3002\u6bd4\u5982\u7814\u53d1\u603b\u76d1\u8981\u5728<\/span><\/span><\/span>2<\/span><\/span><\/span>\u5e74\u5185\u5e26\u9886\u56e2\u961f\u5b8c\u6210\u6838\u5fc3\u4ea7\u54c1\u7684\u7814\u53d1\uff0c\u5426\u5219\u80a1\u6743\u5c31\u5f52\u4e0d\u4e86\u5c5e\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\u5c42\uff1a\u5173\u952e\u9aa8\u5e72\uff08\u6838\u5fc3\u6280\u672f\u4eba\u5458\u3001\u6838\u5fc3\u9500\u552e\u3001\u6838\u5fc3\u8fd0\u8425\uff09\u3002<\/span>\u8fd9\u90e8\u5206\u4eba\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6267\u884c\u4e2d\u575a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u516c\u53f8\u7684\u6838\u5fc3\u80fd\u529b\u5f88\u591a\u90fd\u5728\u4ed6\u4eec\u624b\u91cc\u3002\u4ed6\u4eec\u7684\u80a1\u4efd\u5360\u6bd4<\/span><\/span><\/span>10%-15%<\/span><\/span><\/span>\uff0c\u5de5\u5177\u53ef\u4ee5\u7528<\/span><\/span><\/span>“<\/span><\/span><\/span>\u671f\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\u6216\u8005<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8003\u6838\u6761\u4ef6\u8981\u8ddf\u4ed6\u4eec\u7684\u5177\u4f53\u5de5\u4f5c\u6302\u94a9\uff0c\u6bd4\u5982\u6838\u5fc3\u6280\u672f\u4eba\u5458\u8981\u5b8c\u6210\u591a\u5c11\u4e2a\u4e13\u5229\u7533\u8bf7\uff0c\u6838\u5fc3\u9500\u552e\u8981\u5b8c\u6210\u591a\u5c11\u9500\u552e\u989d\u3002\u522b\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5927\u9505\u996d<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8c01\u8d21\u732e\u5927\uff0c\u8c01\u62ff\u5230\u7684\u80a1\u6743\u591a\uff0c\u5f52\u5c5e\u5f97\u5feb\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u56db\u5c42\uff1a\u9ad8\u6f5c\u4eba\u624d\uff08\u672a\u6765\u53ef\u80fd\u6210\u4e3a\u9aa8\u5e72\u7684\u4eba\uff0c\u6216\u8005\u521a\u6316\u6765\u7684\u6709\u6f5c\u529b\u7684\u5e74\u8f7b\u4eba\uff09\u3002<\/span>\u8fd9\u90e8\u5206\u4eba\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u672a\u6765\u50a8\u5907<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8981\u63d0\u524d\u7528\u80a1\u6743\u628a\u4ed6\u4eec\u7559\u4f4f\u3002\u80a1\u4efd\u5360\u6bd4<\/span><\/span><\/span>5%-8%<\/span><\/span><\/span>\uff0c\u5de5\u5177\u7528<\/span><\/span><\/span>“<\/span><\/span><\/span>\u671f\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\u5c31\u597d<\/span><\/span><\/span>——<\/span><\/span><\/span>\u7ed9\u4ed6\u4eec\u4e00\u4e2a\u672a\u6765\u4f4e\u4ef7\u4e70\u80a1\u4efd\u7684\u6743\u5229\uff0c\u53ea\u8981\u4ed6\u4eec\u6210\u957f\u8d77\u6765\uff0c\u8fbe\u5230\u8003\u6838\u6761\u4ef6\uff0c\u5c31\u80fd\u884c\u6743\u3002\u8fd9\u6837\u65e2\u80fd\u6fc0\u52b1\u4ed6\u4eec\u5feb\u901f\u6210\u957f\uff0c\u53c8\u4e0d\u4f1a\u56e0\u4e3a\u4ed6\u4eec\u73b0\u5728\u8d21\u732e\u8fd8\u4e0d\u5927\uff0c\u8ba9\u8001\u5458\u5de5\u89c9\u5f97\u4e0d\u516c\u5e73\u3002<\/span><\/span><\/span><\/p>\n

\u9009\u4eba\u7684\u65f6\u5019\uff0c\u522b\u53ea\u770b<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8fc7\u53bb\u7684\u8d21\u732e<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u66f4\u8981\u770b<\/span><\/span><\/span>“<\/span><\/span><\/span>\u672a\u6765\u7684\u6f5c\u529b<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span>\u6211\u89c1\u8fc7\u6709\u5bb6\u516c\u53f8\uff0c\u7ed9\u4e86\u4e00\u4e2a\u8001\u5458\u5de5\u5f88\u591a\u80a1\u6743\uff0c\u56e0\u4e3a\u4ed6\u8ddf\u7740\u8001\u677f\u5e72\u4e86\u5f88\u591a\u5e74\uff0c\u4f46\u4ed6\u80fd\u529b\u5df2\u7ecf\u8ddf\u4e0d\u4e0a\u516c\u53f8\u53d1\u5c55\u4e86\uff0c\u6700\u540e\u4e0d\u4ec5\u6ca1\u5e2e\u4e0a\u5fd9\uff0c\u8fd8\u56e0\u4e3a\u80a1\u6743\u95ee\u9898\u5728\u56e2\u961f\u91cc\u641e\u77db\u76fe\u3002\u4f60\u53ef\u4ee5\u7528\u4e00\u4e2a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e09\u7ef4\u8bc4\u5206\u6a21\u578b<\/span><\/span><\/span>”<\/span><\/span><\/span>\u6765\u5224\u65ad\uff1a\u804c\u7ea7\u4ef7\u503c\uff08\u4ed6\u7684\u5c97\u4f4d\u5bf9\u516c\u53f8\u6709\u591a\u91cd\u8981\uff09<\/span><\/span><\/span>×<\/span><\/span><\/span>\u5386\u53f2\u8d21\u732e\uff08\u8fc7\u53bb\u505a\u4e86\u4ec0\u4e48\u5173\u952e\u4e8b\uff09<\/span><\/span><\/span>×<\/span><\/span><\/span>\u672a\u6765\u6f5c\u529b\uff08\u672a\u6765\u80fd\u4e0d\u80fd\u5e2e\u516c\u53f8\u51b2\u4e0a\u5e02\uff09\u3002\u4e09\u4e2a\u7ef4\u5ea6\u5f97\u5206\u9ad8\u7684\u4eba\uff0c\u624d\u662f\u91cd\u70b9\u6fc0\u52b1\u5bf9\u8c61\u3002<\/span><\/span><\/span><\/p>\n

05 \u5de5\u5177\u600e\u4e48\u9009\uff1f\u79d1\u521b\u677f\u9996\u9009<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u522b\u778e\u7528\u671f\u6743<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u641e\u4e0d\u6e05\u695a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u9650\u5236\u6027\u80a1\u6743<\/span><\/span><\/span>”“<\/span><\/span><\/span>\u671f\u6743<\/span><\/span><\/span>”“<\/span><\/span><\/span>\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u533a\u522b\uff0c\u968f\u4fbf\u9009\u4e00\u4e2a\u5c31\u7528\uff0c\u7ed3\u679c\u8981\u4e48\u4e0d\u5408\u89c4\uff0c\u8981\u4e48\u5458\u5de5\u4e0d\u4e70\u8d26\u3002\u5176\u5b9e\u4e0d\u540c\u7684\u5de5\u5177\uff0c\u9002\u7528\u573a\u666f\u4e0d\u4e00\u6837\uff0c\u5c24\u5176\u662f\u51b2\u523a\u79d1\u521b\u677f\uff0c\u5de5\u5177\u9009\u4e0d\u5bf9\uff0c\u5f88\u53ef\u80fd\u4f1a\u88ab\u76d1\u7ba1\u95ee\u8be2\u3002<\/span><\/span><\/span><\/p>\n

\u5148\u8ddf\u4f60\u8bf4\u6700\u9002\u5408\u79d1\u521b\u677f\u7684\u5de5\u5177\uff1a\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968\u3002\u4e3a\u4ec0\u4e48\uff1f\u56e0\u4e3a\u5b83\u6709\u4e09\u4e2a\u4f18\u52bf\uff0c\u7279\u522b\u8d34\u5408<\/span><\/span><\/span>IPO\u524d\u7684\u9700\u6c42\uff1a<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\uff0c\u5458\u5de5\u4e0d\u7528\u63d0\u524d\u51fa\u94b1\u3002<\/span>\u5f88\u591a\u6838\u5fc3\u5458\u5de5\u867d\u7136\u60f3\u62ff\u80a1\u6743\uff0c\u4f46\u4e00\u4e0b\u5b50\u62ff\u51fa\u51e0\u5341\u4e07\u3001\u51e0\u767e\u4e07\u6765\u4e70\uff0c\u538b\u529b\u5f88\u5927\u3002\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968\u4e0d\u7528\u63d0\u524d\u51fa\u8d44\uff0c\u53ea\u8981\u8fbe\u5230\u8003\u6838\u6761\u4ef6\uff08\u6bd4\u5982\u516c\u53f8\u4e1a\u7ee9\u8fbe\u6807\u3001\u4e2a\u4eba\u7ee9\u6548\u8fbe\u6807\uff09\uff0c\u80a1\u6743\u5c31\u80fd\u5f52\u5c5e\u5230\u5458\u5de5\u540d\u4e0b\uff0c\u5f52\u5c5e\u7684\u65f6\u5019\u518d\u4ea4\u94b1\uff08\u4e5f\u53ef\u4ee5\u7ea6\u5b9a\u5f52\u5c5e\u540e\u4e00\u5b9a\u65f6\u95f4\u5185\u4ea4\uff09\u3002\u8fd9\u6837\u80fd\u51cf\u8f7b\u5458\u5de5\u7684\u8d44\u91d1\u538b\u529b\uff0c\u8ba9\u66f4\u591a\u6709\u80fd\u529b\u7684\u4eba\u613f\u610f\u53c2\u4e0e\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\uff0c\u76d1\u7ba1\u5c42\u8ba4\u53ef\u3002<\/span>\u79d1\u521b\u677f\u660e\u786e\u652f\u6301\u8fd9\u79cd\u6fc0\u52b1\u5de5\u5177\uff0c\u5ba1\u6838\u7684\u65f6\u5019\u4e0d\u4f1a\u8fc7\u591a\u8ffd\u95ee\u3002\u800c\u4e14\u5b83\u7684\u5b9a\u4ef7\u3001\u5f52\u5c5e\u6761\u4ef6\u3001\u9501\u5b9a\u671f\u90fd\u6709\u660e\u786e\u7684\u89c4\u5219\u53ef\u4ee5\u9075\u5faa\uff0c\u5408\u89c4\u6027\u66f4\u5bb9\u6613\u628a\u63e1\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\uff0c\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u53ef\u63a7\u3002<\/span>\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u4f1a\u5f71\u54cd\u516c\u53f8\u7684\u5229\u6da6\uff0c\u800c\u5229\u6da6\u662f<\/span><\/span><\/span>IPO\u7684\u5173\u952e\u6307\u6807\u4e4b\u4e00\u3002\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968\u7684\u8d39\u7528\u662f\u5728\u5f52\u5c5e\u671f\u5185\u5206\u671f\u644a\u9500\u7684\uff0c\u4f60\u53ef\u4ee5\u6839\u636e\u516c\u53f8\u7684\u5229\u6da6\u60c5\u51b5\uff0c\u8c03\u6574\u5f52\u5c5e\u8282\u594f\uff0c\u907f\u514d\u8d39\u7528\u96c6\u4e2d\u644a\u9500\u5bfc\u81f4\u5229\u6da6\u5927\u5e45\u4e0b\u6ed1\u3002\u6bd4\u5982\u516c\u53f8\u67d0\u4e00\u5e74\u5229\u6da6\u538b\u529b\u5927\uff0c\u53ef\u4ee5\u8ba9\u4e00\u90e8\u5206\u80a1\u6743\u63a8\u8fdf\u5230\u4e0b\u4e00\u5e74\u5f52\u5c5e\uff0c\u5206\u644a\u8d39\u7528\u3002<\/span><\/span><\/span><\/p>\n

\u5b9a\u4ef7\u7684\u65f6\u5019\u8981\u6ce8\u610f\uff1a<\/span>\u65e9\u671f\uff08\u6bd4\u5982<\/span><\/span><\/span>T-36\u4e2a\u6708\u5230<\/span><\/span><\/span>T-24<\/span><\/span><\/span>\u4e2a\u6708\uff09\u53ef\u4ee5\u6309\u6700\u8fd1\u878d\u8d44\u4ef7\u7684<\/span><\/span><\/span>50%-70%<\/span><\/span><\/span>\u6765\u5b9a\uff0c\u56e0\u4e3a\u90a3\u65f6\u5019\u516c\u53f8\u98ce\u9669\u9ad8\uff0c\u7ed9\u5458\u5de5\u4e00\u70b9\u6298\u6263\u5408\u7406\uff1b\u5230\u4e86<\/span><\/span><\/span>Pre-IPO<\/span><\/span><\/span>\u8f6e\uff08<\/span><\/span><\/span>T-12<\/span><\/span><\/span>\u4e2a\u6708\u5de6\u53f3\uff09\uff0c\u5b9a\u4ef7\u5c31\u8981\u63a5\u8fd1\u516c\u5141\u4ef7\u4e86\uff0c\u6700\u597d\u662f\u6700\u8fd1\u878d\u8d44\u4ef7\u7684<\/span><\/span><\/span>80%-90%<\/span><\/span><\/span>\uff0c\u5426\u5219\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u4f1a\u5f88\u9ad8\uff0c\u4fb5\u8680\u5229\u6da6\uff0c\u76d1\u7ba1\u5c42\u4e5f\u4f1a\u95ee<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e3a\u4ec0\u4e48\u5b9a\u4ef7\u8fd9\u4e48\u4f4e<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u9664\u4e86\u7b2c\u4e8c\u7c7b\u9650\u5236\u6027\u80a1\u7968\uff0c<\/span><\/span><\/span>“<\/span><\/span><\/span>\u671f\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\u4e5f\u53ef\u4ee5\u7528\uff0c\u4f46\u66f4\u9002\u5408\u65e9\u671f\u5458\u5de5\u6216\u8005\u9ad8\u6f5c\u4eba\u624d\u3002\u671f\u6743\u662f\u7ed9\u5458\u5de5\u4e00\u4e2a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5728\u672a\u6765\u67d0\u4e2a\u65f6\u95f4\u70b9\uff0c\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u4e70\u516c\u53f8\u80a1\u4efd\u7684\u6743\u5229<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u6bd4\u5982\u7ea6\u5b9a<\/span><\/span><\/span>3<\/span><\/span><\/span>\u5e74\u540e\uff0c\u5458\u5de5\u53ef\u4ee5\u4ee5<\/span><\/span><\/span>1<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\u7684\u4ef7\u683c\u4e70\u516c\u53f8\u80a1\u4efd\uff0c\u5982\u679c\u90a3\u65f6\u5019\u516c\u53f8\u4f30\u503c\u6da8\u5230<\/span><\/span><\/span>10<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\uff0c\u5458\u5de5\u884c\u6743\u540e\u5c31\u80fd\u8d5a<\/span><\/span><\/span>9<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\u3002\u4f46\u671f\u6743\u6709\u4e2a\u7f3a\u70b9\uff1a\u5982\u679c\u516c\u53f8\u4e0a\u5e02\u524d\u4f30\u503c\u6da8\u5f97\u592a\u5feb\uff0c\u884c\u6743\u4ef7\u5b9a\u4f4e\u4e86\uff0c\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u4f1a\u5f88\u9ad8\uff1b\u5b9a\u9ad8\u4e86\uff0c\u5458\u5de5\u89c9\u5f97\u6ca1\u5438\u5f15\u529b\uff0c\u4e0d\u613f\u610f\u884c\u6743\u3002\u6240\u4ee5\u7528\u671f\u6743\u7684\u65f6\u5019\uff0c\u884c\u6743\u4ef7\u4e00\u5b9a\u8981\u8ddf\u6700\u8fd1\u7684\u878d\u8d44\u4ef7\u6302\u94a9\uff0c\u8ba9\u5458\u5de5\u770b\u5230\u660e\u786e\u7684\u83b7\u5229\u7a7a\u95f4\u3002<\/span><\/span><\/span><\/p>\n

“<\/span><\/span><\/span>\u9650\u5236\u6027\u80a1\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\u9002\u5408\u6838\u5fc3\u5408\u4f19\u4eba\uff0c\u56e0\u4e3a\u9700\u8981\u63d0\u524d\u51fa\u8d44\uff0c\u80fd\u8ba9\u4ed6\u4eec\u66f4\u6709<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5f52\u5c5e\u611f<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4f46\u8981\u6ce8\u610f\u8d44\u91d1\u6765\u6e90\u5fc5\u987b\u662f\u5458\u5de5\u81ea\u7b79\uff0c\u516c\u53f8\u4e0d\u80fd\u5e2e\u5fd9\u3002\u800c\u4e14\u89e3\u9501\u6761\u4ef6\u4e00\u5b9a\u8981\u8ddf\u4e0a\u5e02\u7ed1\u5b9a\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u53f8\u6210\u529f\u4e0a\u5e02\u540e\uff0c\u624d\u80fd\u89e3\u9501\u5168\u90e8\u80a1\u6743<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8fd9\u6837\u624d\u80fd\u628a\u4ed6\u4eec\u7684\u5229\u76ca\u8ddf\u4e0a\u5e02\u76ee\u6807\u5f7b\u5e95\u7ed1\u6b7b\u3002<\/span><\/span><\/span><\/p>\n

\u4e0d\u7ba1\u7528\u4ec0\u4e48\u5de5\u5177\uff0c\u90fd\u8981\u8bbe\u7f6e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0e<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u6302\u94a9\u7684\u5f52\u5c5e\u6761\u4ef6<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002 \u522b\u53ea\u8bbe\u4e1a\u52a1\u6761\u4ef6\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5b8c\u6210\u591a\u5c11\u9500\u552e\u989d<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8fd8\u8981\u8bbe<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u76f8\u5173\u7684\u6761\u4ef6\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u53f8\u5728<\/span><\/span><\/span>2027<\/span><\/span><\/span>\u5e74<\/span><\/span><\/span>12<\/span><\/span><\/span>\u6708<\/span><\/span><\/span>31<\/span><\/span><\/span>\u65e5\u524d\u63d0\u4ea4\u4e0a\u5e02\u7533\u62a5\u6750\u6599<\/span><\/span><\/span>”“<\/span><\/span><\/span>\u516c\u53f8\u4e0a\u5e02\u7533\u8bf7\u83b7\u5f97\u8bc1\u76d1\u4f1a<\/a>\u6838\u51c6<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8fd9\u6837\u624d\u80fd\u786e\u4fdd\u6240\u6709\u4eba\u90fd\u56f4\u7ed5<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u5e02<\/span><\/span><\/span>”<\/span><\/span><\/span>\u8fd9\u4e2a\u6700\u7ec8\u76ee\u6807\u53d1\u529b\u3002<\/span><\/span><\/span><\/p>\n

06 \u8d22\u52a1\u600e\u4e48\u7b97\uff1f\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u9690\u5f62\u70b8\u5f39<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u5fc5\u987b\u63d0\u524d\u6d4b<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u5ffd\u7565\u4e86\u4e00\u4e2a\u5173\u952e\u95ee\u9898\uff1a\u80a1\u6743\u6fc0\u52b1\u4f1a\u4ea7\u751f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u80a1\u4efd\u652f\u4ed8\u8d39\u7528<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8fd9\u4e2a\u8d39\u7528\u4f1a\u7b97\u8fdb\u516c\u53f8\u7684\u6210\u672c\u91cc\uff0c\u76f4\u63a5\u5f71\u54cd\u5229\u6da6\u3002\u800c\u5229\u6da6\u662f<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u5ba1\u6838\u7684\u6838\u5fc3\u6307\u6807\u4e4b\u4e00\uff0c\u5982\u679c\u56e0\u4e3a\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u5bfc\u81f4\u5229\u6da6\u5927\u5e45\u4e0b\u6ed1\uff0c\u751a\u81f3\u4e8f\u635f\uff0c\u5f88\u53ef\u80fd\u4f1a\u5f71\u54cd\u4e0a\u5e02\u8fdb\u7a0b\u3002\u6240\u4ee5\u5728\u505a\u65b9\u6848\u524d\uff0c\u5fc5\u987b\u8ddf<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u3001\u5ba1\u8ba1\u673a\u6784\u4e00\u8d77\uff0c\u628a\u8fd9\u7b14\u8d39\u7528\u7b97\u6e05\u695a\uff0c\u505a\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u538b\u529b\u6d4b\u8bd5<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u600e\u4e48\u6d4b\u7b97\uff1f\u9996\u5148\u8981\u786e\u5b9a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u5141\u4ef7<\/span><\/span><\/span>”——<\/span><\/span><\/span>\u4e00\u822c\u7528\u6700\u8fd1\u4e00\u8f6e\u5916\u90e8\u878d\u8d44\u7684\u4ef7\u683c\uff08\u5982\u679c\u878d\u8d44\u65f6\u95f4\u4e0d\u957f\uff0c\u4ef7\u683c\u6ca1\u5927\u53d8\u5316\uff09\uff0c\u6216\u8005\u8bf7\u4e13\u4e1a\u7684\u8bc4\u4f30\u673a\u6784\u505a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u80a1\u6743\u4ef7\u503c\u8bc4\u4f30<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u7136\u540e\u7528<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u5141\u4ef7<\/span><\/span><\/span>-<\/span><\/span><\/span>\u6388\u4e88\u4ef7<\/span><\/span><\/span>”<\/span><\/span><\/span>\u4e58\u4ee5\u6388\u4e88\u7684\u80a1\u6570\uff0c\u5f97\u5230\u603b\u7684\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\uff0c\u518d\u6839\u636e\u5f52\u5c5e\u671f\u5206\u671f\u644a\u9500\u3002<\/span><\/span><\/span><\/p>\n

\u4e3e\u4e2a\u4f8b\u5b50\uff1a\u516c\u53f8\u6700\u8fd1\u4e00\u8f6e\u878d\u8d44\u4ef7\u662f<\/span><\/span><\/span>10\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\uff0c\u7ed9\u5458\u5de5\u7684\u6388\u4e88\u4ef7\u662f<\/span><\/span><\/span>5<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\uff0c\u6388\u4e88\u4e86<\/span><\/span><\/span>100<\/span><\/span><\/span>\u4e07\u80a1\uff0c\u5f52\u5c5e\u671f\u662f<\/span><\/span><\/span>3<\/span><\/span><\/span>\u5e74\u3002\u90a3\u4e48\u603b\u7684\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u662f\uff08<\/span><\/span><\/span>10-5<\/span><\/span><\/span>\uff09<\/span><\/span><\/span>×100<\/span><\/span><\/span>\u4e07<\/span><\/span><\/span>=500<\/span><\/span><\/span>\u4e07\uff0c\u6bcf\u5e74\u644a\u9500<\/span><\/span><\/span>500<\/span><\/span><\/span>\u4e07<\/span><\/span><\/span>\/3≈167<\/span><\/span><\/span>\u4e07\u3002\u5982\u679c\u516c\u53f8\u5f53\u5e74\u7684\u51c0\u5229\u6da6\u662f<\/span><\/span><\/span>1000<\/span><\/span><\/span>\u4e07\uff0c\u644a\u9500<\/span><\/span><\/span>167<\/span><\/span><\/span>\u4e07\u540e\uff0c\u51c0\u5229\u6da6\u53d8\u6210<\/span><\/span><\/span>833<\/span><\/span><\/span>\u4e07\uff0c\u8fd9\u4e2a\u5f71\u54cd\u662f\u53ef\u63a7\u7684\uff1b\u4f46\u5982\u679c\u516c\u53f8\u5f53\u5e74\u51c0\u5229\u6da6\u53ea\u6709<\/span><\/span><\/span>200<\/span><\/span><\/span>\u4e07\uff0c\u644a\u9500<\/span><\/span><\/span>167<\/span><\/span><\/span>\u4e07\u540e\uff0c\u51c0\u5229\u6da6\u53ea\u5269<\/span><\/span><\/span>33<\/span><\/span><\/span>\u4e07\uff0c\u5c31\u4f1a\u663e\u5f97\u5229\u6da6\u5f88\u8584\uff0c\u76d1\u7ba1\u5c42\u53ef\u80fd\u4f1a\u8d28\u7591\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u3002<\/span><\/span><\/span><\/p>\n

\u6240\u4ee5\u5728\u5b9a\u65b9\u6848\u7684\u65f6\u5019\uff0c\u8981\u505a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0d\u540c\u573a\u666f\u7684\u538b\u529b\u6d4b\u8bd5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1a<\/span><\/span><\/span><\/p>\n

1.\u6d4b\u8bd5\u4e0d\u540c\u5b9a\u4ef7\u7684\u5f71\u54cd\uff1a\u5982\u679c\u6388\u4e88\u4ef7\u6253<\/span><\/span><\/span>5\u6298\uff0c\u8d39\u7528\u662f\u591a\u5c11\uff1f\u6253<\/span><\/span><\/span>8<\/span><\/span><\/span>\u6298\uff0c\u8d39\u7528\u53c8\u662f\u591a\u5c11\uff1f\u54ea\u79cd\u5b9a\u4ef7\u65e2\u80fd\u8ba9\u5458\u5de5\u63a5\u53d7\uff0c\u53c8\u80fd\u8ba9\u8d39\u7528\u5728\u5229\u6da6\u627f\u53d7\u8303\u56f4\u5185\u3002<\/span><\/span><\/span><\/p>\n

2.\u6d4b\u8bd5\u4e0d\u540c\u5f52\u5c5e\u8282\u594f\u7684\u5f71\u54cd\uff1a\u5982\u679c\u5206<\/span><\/span><\/span>3\u5e74\u5f52\u5c5e\uff0c\u6bcf\u5e74\u644a\u9500\u591a\u5c11\uff1f\u5206<\/span><\/span><\/span>4<\/span><\/span><\/span>\u5e74\u5f52\u5c5e\uff0c\u6bcf\u5e74\u53c8\u644a\u9500\u591a\u5c11\uff1f\u5982\u679c\u67d0\u4e00\u5e74\u5229\u6da6\u538b\u529b\u5927\uff0c\u80fd\u4e0d\u80fd\u628a\u4e00\u90e8\u5206\u5f52\u5c5e\u63a8\u8fdf\u5230\u4e0b\u4e00\u5e74\u3002<\/span><\/span><\/span><\/p>\n

3.\u6d4b\u8bd5\u4e0d\u540c\u6388\u4e88\u89c4\u6a21\u7684\u5f71\u54cd\uff1a\u9996\u671f\u6388\u4e88<\/span><\/span><\/span>50\u4e07\u80a1\uff0c\u8d39\u7528\u662f\u591a\u5c11\uff1f\u6388\u4e88<\/span><\/span><\/span>100<\/span><\/span><\/span>\u4e07\u80a1\uff0c\u8d39\u7528\u53c8\u662f\u591a\u5c11\uff1f\u522b\u4e00\u6b21\u6388\u4e88\u592a\u591a\uff0c\u5bfc\u81f4\u8d39\u7528\u5931\u63a7\u3002<\/span><\/span><\/span><\/p>\n

\u9664\u4e86\u8d39\u7528\u6d4b\u7b97\uff0c\u8fd8\u8981\u7ba1\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6fc0\u52b1\u6c60<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u4e0a\u5e02\u524d\u7684\u603b\u6fc0\u52b1\u6c60\u5efa\u8bae\u7559<\/span><\/span><\/span>10%-15%<\/span><\/span><\/span>\u7684\u516c\u53f8\u80a1\u4efd\uff0c\u522b\u592a\u5c11\uff0c\u5426\u5219\u540e\u9762\u6709\u65b0\u7684\u6838\u5fc3\u4eba\u624d\u52a0\u5165\uff0c\u6ca1\u80a1\u4efd\u53ef\u7ed9\uff1b\u4e5f\u522b\u592a\u591a\uff0c\u5426\u5219\u4f1a\u8fc7\u5ea6\u7a00\u91ca\u4f60\u7684\u80a1\u6743\u3002\u9996\u671f\u6388\u4e88\u7684\u65f6\u5019\uff0c\u522b\u8d85\u8fc7\u603b\u6c60\u7684<\/span><\/span><\/span>50%<\/span><\/span><\/span>\uff0c\u5269\u4e0b\u7684\u7559\u7740\uff0c\u6bcf\u5e74\u6839\u636e\u5458\u5de5\u7684\u7ee9\u6548\u548c\u516c\u53f8\u7684\u53d1\u5c55\u60c5\u51b5\uff0c<\/span><\/span><\/span>“<\/span><\/span><\/span>\u56de\u6536<\/span><\/span><\/span>-<\/span><\/span><\/span>\u518d\u6388\u4e88<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u6bd4\u5982\u6709\u4e9b\u5458\u5de5\u6ca1\u8fbe\u5230\u8003\u6838\u6761\u4ef6\uff0c\u80a1\u6743\u6ca1\u5f52\u5c5e\uff0c\u5c31\u628a\u8fd9\u4e9b\u80a1\u4efd\u6536\u56de\u6765\uff0c\u91cd\u65b0\u6388\u4e88\u7ed9\u90a3\u4e9b\u8d85\u9884\u671f\u5b8c\u6210\u76ee\u6807\u7684\u5458\u5de5\uff0c\u6216\u8005\u65b0\u5f15\u8fdb\u7684\u6838\u5fc3\u4eba\u624d\u3002\u8fd9\u6837\u80fd\u8ba9\u80a1\u4efd<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6d41\u52a8\u8d77\u6765<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u59cb\u7ec8\u7ed9\u5230\u6700\u6709\u4ef7\u503c\u7684\u4eba\uff0c\u4e5f\u80fd\u907f\u514d\u80a1\u4efd\u6d6a\u8d39\u3002<\/span><\/span><\/span><\/p>\n

07 \u79bb\u804c\u4e86\u600e\u4e48\u529e\uff1f\u5fc5\u987b\u63d0\u524d\u5199\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u56de\u8d2d<\/a>\u89c4\u5219<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u522b\u7b49\u95f9\u50f5\u4e86\u518d\u8c08<\/span><\/span><\/span><\/h2>\n

\u5f88\u591a\u521b\u59cb\u4eba\u6700\u5934\u75bc\u7684\u95ee\u9898\uff1a\u5458\u5de5\u62ff\u5230\u80a1\u6743\u540e\u79bb\u804c\u4e86\uff0c\u80a1\u4efd\u600e\u4e48\u5904\u7406\uff1f\u5c24\u5176\u662f\u6838\u5fc3\u5458\u5de5\uff0c\u8981\u662f\u79bb\u804c\u540e\u5e26\u7740\u80a1\u4efd\u8df3\u69fd\u5230\u7ade\u4e89\u5bf9\u624b\u90a3\u91cc\uff0c\u6216\u8005\u8981\u6c42\u516c\u53f8\u9ad8\u4ef7\u56de\u8d2d\uff0c\u4f1a\u5f88\u9ebb\u70e6\u3002\u6240\u4ee5\u5728\u505a\u80a1\u6743\u6fc0\u52b1\u7684\u65f6\u5019\uff0c\u5fc5\u987b\u63d0\u524d\u5199\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u56de\u8d2d\u89c4\u5219<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u628a\u4e0d\u540c\u79bb\u804c\u60c5\u51b5\u7684\u5904\u7406\u65b9\u5f0f\u8bf4\u6e05\u695a\uff0c\u7b7e\u5728\u534f\u8bae\u91cc\uff0c\u522b\u7b49\u51fa\u4e86\u95ee\u9898\u518d\u8c08\u3002<\/span><\/span><\/span><\/p>\n

\u56de\u8d2d\u89c4\u5219\u7684\u6838\u5fc3\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u539f\u56e0\u5bfc\u5411\u3001\u9636\u68af\u4ef7\u683c<\/span><\/span><\/span>”——<\/span><\/span><\/span>\u4e0d\u540c\u7684\u79bb\u804c\u539f\u56e0\uff0c\u56de\u8d2d\u4ef7\u683c\u4e0d\u4e00\u6837\uff0c\u672a\u5f52\u5c5e\u7684\u80a1\u6743\u5904\u7406\u65b9\u5f0f\u4e5f\u4e0d\u4e00\u6837\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e00\u79cd\u60c5\u51b5\uff1a\u8fc7\u5931\u6027\u5f00\u9664\uff08\u6bd4\u5982\u4e25\u91cd\u8fdd\u89c4\u3001\u6cc4\u9732\u516c\u53f8\u673a\u5bc6\u3001\u635f\u5bb3\u516c\u53f8\u5229\u76ca\uff09\u3002<\/span>\u8fd9\u79cd\u60c5\u51b5\u8981<\/span><\/span><\/span>“<\/span><\/span><\/span>\u96f6\u5bb9\u5fcd<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u5df2\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u516c\u53f8\u53ef\u4ee5\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u539f\u59cb\u51fa\u8d44\u989d<\/span><\/span><\/span>”<\/span><\/span><\/span>\u6216\u8005<\/span><\/span><\/span>“1<\/span><\/span><\/span>\u5143\u540d\u4e49\u4ef7<\/span><\/span><\/span>”<\/span><\/span><\/span>\u56de\u8d2d\uff0c\u76f8\u5f53\u4e8e\u628a\u4ed6\u7684\u80a1\u4efd\u6536\u56de\u6765\uff0c\u800c\u4e14\u4e0d\u7528\u7ed9\u9ad8\u4ef7\uff1b\u672a\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u76f4\u63a5\u65e0\u507f\u6536\u56de\uff0c\u4e00\u5206\u94b1\u90fd\u4e0d\u7ed9\u3002\u8fd9\u6837\u80fd\u8d77\u5230\u8b66\u793a\u4f5c\u7528\uff0c\u8ba9\u5458\u5de5\u4e0d\u6562\u89e6\u78b0\u7ea2\u7ebf\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e8c\u79cd\u60c5\u51b5\uff1a\u4e3b\u52a8\u8df3\u69fd\u5230\u7ade\u4e89\u5bf9\u624b\u3002\u8fd9\u79cd\u60c5\u51b5\u4e5f\u5f88\u5371\u9669\uff0c\u5f88\u53ef\u80fd\u4f1a\u5e26\u8d70\u516c\u53f8\u7684\u6838\u5fc3\u6280\u672f\u6216\u5ba2\u6237\u3002<\/span>\u5df2\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u539f\u59cb\u51fa\u8d44\u989d<\/span><\/span><\/span>”<\/span><\/span><\/span>\u548c<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5f53\u524d\u516c\u5141\u4ef7<\/span><\/span><\/span>”<\/span><\/span><\/span>\u91cc\u7684\u4f4e\u8005\u56de\u8d2d\uff0c\u6bd4\u5982\u539f\u59cb\u51fa\u8d44\u989d\u662f<\/span><\/span><\/span>5<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\uff0c\u5f53\u524d\u516c\u5141\u4ef7\u662f<\/span><\/span><\/span>10<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\uff0c\u5c31\u6309<\/span><\/span><\/span>5<\/span><\/span><\/span>\u5143<\/span><\/span><\/span>\/<\/span><\/span><\/span>\u80a1\u56de\u8d2d\uff0c\u8ba9\u4ed6\u8d5a\u4e0d\u5230\u5dee\u4ef7\uff1b\u672a\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u7acb\u5373\u5931\u6548\uff0c\u4e0d\u80fd\u518d\u5f52\u5c5e\u3002\u8fd9\u6837\u80fd\u9632\u6b62\u4ed6\u901a\u8fc7\u8df3\u69fd\u83b7\u5229\uff0c\u4e5f\u80fd\u4fdd\u62a4\u516c\u53f8\u5229\u76ca\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e09\u79cd\u60c5\u51b5\uff1a\u4e3b\u52a8\u79bb\u804c\uff08\u975e\u7ade\u4e89\uff0c\u6bd4\u5982\u4e2a\u4eba\u539f\u56e0\u3001\u56de\u8001\u5bb6\u53d1\u5c55\uff09\u3002<\/span>\u8fd9\u79cd\u60c5\u51b5\u53ef\u4ee5\u7a0d\u5fae\u5bbd\u677e\u4e00\u70b9\uff0c\u4f46\u4e5f\u8981\u63a7\u5236\u6210\u672c\u3002\u5df2\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u4e00\u8f6e\u878d\u8d44\u4f30\u503c\u7684<\/span><\/span><\/span>30%-50%”<\/span><\/span><\/span>\u56de\u8d2d\uff0c\u6216\u8005\u6309\u534f\u8bae\u91cc\u7ea6\u5b9a\u7684\u516c\u5f0f\uff08\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6700\u8fd1\u4e00\u5e74\u51c0\u5229\u6da6<\/span><\/span><\/span>×<\/span><\/span><\/span>\u5e02\u76c8\u7387<\/span><\/span><\/span>×<\/span><\/span><\/span>\u80a1\u6743\u6bd4\u4f8b<\/span><\/span><\/span>×50%”<\/span><\/span><\/span>\uff09\u8ba1\u7b97\uff0c\u8ba9\u4ed6\u80fd\u62ff\u5230\u4e00\u70b9\u6536\u76ca\uff0c\u4f46\u53c8\u4e0d\u4f1a\u592a\u9ad8\uff1b\u672a\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u7acb\u5373\u5931\u6548\u3002\u8fd9\u6837\u65e2\u4f53\u73b0\u4e86\u5bf9\u5458\u5de5\u8fc7\u53bb\u8d21\u732e\u7684\u8ba4\u53ef\uff0c\u53c8\u4e0d\u4f1a\u8ba9\u516c\u53f8\u4ed8\u51fa\u592a\u9ad8\u6210\u672c\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u56db\u79cd\u60c5\u51b5\uff1a\u516c\u53f8\u88c1\u5458\u3001\u975e\u8fc7\u9519\u79bb\u804c\uff08\u6bd4\u5982\u5458\u5de5\u751f\u75c5\u4e0d\u80fd\u5de5\u4f5c\uff09\u3002<\/span>\u8fd9\u79cd\u60c5\u51b5\u8981\u66f4\u4eba\u6027\u5316\u4e00\u70b9\uff0c\u6bd5\u7adf\u4e0d\u662f\u5458\u5de5\u7684\u9519\u3002\u5df2\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u4e00\u8f6e\u878d\u8d44\u4f30\u503c\u7684<\/span><\/span><\/span>50%-70%”<\/span><\/span><\/span>\u56de\u8d2d\uff0c\u8ba9\u4ed6\u80fd\u62ff\u5230\u66f4\u5408\u7406\u7684\u6536\u76ca\uff1b\u672a\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u53ef\u4ee5\u8003\u8651\u90e8\u5206\u52a0\u901f\u5f52\u5c5e\uff0c\u6bd4\u5982\u5df2\u7ecf\u670d\u52a1\u4e86<\/span><\/span><\/span>2<\/span><\/span><\/span>\u5e74\uff0c\u5f52\u5c5e\u671f\u662f<\/span><\/span><\/span>3<\/span><\/span><\/span>\u5e74\uff0c\u53ef\u4ee5\u8ba9\u4ed6\u5f52\u5c5e<\/span><\/span><\/span>2\/3<\/span><\/span><\/span>\u7684\u80a1\u6743\uff0c\u5269\u4e0b\u7684\u5931\u6548\u3002\u8fd9\u6837\u80fd\u8ba9\u5458\u5de5\u611f\u53d7\u5230\u516c\u53f8\u7684\u6e29\u5ea6\uff0c\u907f\u514d\u95f9\u5f97\u592a\u50f5\u3002<\/span><\/span><\/span><\/p>\n

\u7b2c\u4e94\u79cd\u60c5\u51b5\uff1a\u9000\u4f11\u3001\u91cd\u5927\u75be\u75c5\uff08\u6bd4\u5982\u764c\u75c7\u3001\u762b\u75ea\uff09\u3002<\/span>\u8fd9\u79cd\u60c5\u51b5\u8981\u7ed9\u4e88\u7167\u987e\uff0c\u6bd5\u7adf\u5458\u5de5\u4e3a\u516c\u53f8\u4ed8\u51fa\u4e86\u5f88\u591a\u3002\u5df2\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u53ef\u4ee5\u5141\u8bb8\u5458\u5de5\u4fdd\u7559\uff0c\u6216\u8005\u6309<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u4e00\u8f6e\u878d\u8d44\u4f30\u503c\u7684<\/span><\/span><\/span>80%-100%”<\/span><\/span><\/span>\u56de\u8d2d\uff0c\u8ba9\u4ed6\u80fd\u62ff\u5230\u8db3\u989d\u7684\u6536\u76ca\uff1b\u672a\u5f52\u5c5e\u7684\u80a1\u6743\uff0c\u53ef\u4ee5\u5168\u989d\u52a0\u901f\u5f52\u5c5e\uff0c\u6216\u8005\u8ddf\u5bb6\u5c5e\u534f\u5546\u5904\u7406\u3002\u8fd9\u6837\u65e2\u80fd\u4f53\u73b0\u516c\u53f8\u7684\u4eba\u6587\u5173\u6000\uff0c\u4e5f\u80fd\u8ba9\u5176\u4ed6\u5458\u5de5\u89c9\u5f97\u6e29\u6696\u3002<\/span><\/span><\/span><\/p>\n

\u6240\u6709\u56de\u8d2d\u89c4\u5219\uff0c\u90fd\u8981\u5199\u8fdb\u300a\u80a1\u6743\u6fc0\u52b1\u6388\u4e88\u534f\u8bae\u300b\u91cc\uff0c\u8ba9\u5458\u5de5\u7b7e\u5b57\u786e\u8ba4\u3002<\/span><\/span><\/span>\u522b\u89c9\u5f97<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0d\u597d\u610f\u601d\u8c08<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u63d0\u524d\u8bf4\u6e05\u695a\uff0c\u53cd\u800c\u80fd\u907f\u514d\u540e\u9762\u7684\u77db\u76fe\u3002\u6211\u89c1\u8fc7\u6709\u5bb6\u516c\u53f8\uff0c\u6ca1\u5199\u6e05\u695a\u56de\u8d2d\u89c4\u5219\uff0c\u6709\u4e2a\u6838\u5fc3\u5458\u5de5\u79bb\u804c\u540e\uff0c\u8981\u6c42\u6309\u6700\u65b0\u878d\u8d44\u4ef7\u56de\u8d2d\u80a1\u4efd\uff0c\u516c\u53f8\u4e0d\u540c\u610f\uff0c\u6700\u540e\u95f9\u5230\u6cd5\u9662\uff0c\u4e0d\u4ec5\u82b1\u4e86\u5f88\u591a\u94b1\uff0c\u8fd8\u5f71\u54cd\u4e86\u516c\u53f8\u7684\u58f0\u8a89\uff0c\u5dee\u70b9\u803d\u8bef\u4e86\u4e0a\u5e02\u8fdb\u7a0b\u3002<\/span><\/span><\/span><\/p>\n

08 \u5b9e\u65bd\u8def\u5f84\uff1a\u5206\u56db\u6b65\u8d70\uff0c\u4ece\u7b79\u5907\u5230\u4e0a\u5e02\u540e\uff0c\u4e00\u6b65\u90fd\u522b\u9519<\/span><\/span><\/span><\/h2>\n

\u524d\u9762\u8bf4\u4e86\u8fd9\u4e48\u591a\u6218\u7565\u548c\u8bbe\u8ba1\uff0c\u6700\u540e\u8fd8\u8981\u843d\u5730\u3002<\/span><\/span><\/span>IPO\u5bfc\u5411\u7684\u80a1\u6743\u6fc0\u52b1\uff0c\u5b9e\u65bd\u8d77\u6765\u8981\u5206\u56db\u4e2a\u9636\u6bb5\uff0c\u6bcf\u4e2a\u9636\u6bb5\u6709\u660e\u786e\u7684\u4efb\u52a1\uff0c\u4e00\u6b65\u90fd\u4e0d\u80fd\u9519\u3002<\/span><\/span><\/span><\/p>\n

\u9636\u6bb5\u4e00\uff1a\u6218\u7565\u7b79\u5907\u4e0e\u8bca\u65ad\uff08<\/span><\/span><\/span>IPO\u524d<\/span><\/span><\/span>18-24<\/span><\/span><\/span>\u4e2a\u6708\uff09<\/span><\/span><\/span><\/p>\n

\u8fd9\u4e2a\u9636\u6bb5\u7684\u6838\u5fc3\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6253\u57fa\u7840<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u522b\u6025\u7740\u51fa\u65b9\u6848\u3002\u9996\u5148\u8981\u5f00<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5171\u8bc6\u5de5\u4f5c\u574a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8ddf\u6838\u5fc3\u56e2\u961f\u8fbe\u6210\u5171\u8bc6\uff0c\u8f93\u51fa\u300a\u5171\u8bc6\u5907\u5fd8\u5f55\u300b\uff1b\u7136\u540e\u7ec4\u5efa\u4e13\u9879\u5c0f\u7ec4\uff0c\u6210\u5458\u5fc5\u987b\u5305\u62ec\u4f60\u3001<\/span><\/span><\/span>HRD<\/span><\/span><\/span>\uff08\u4eba\u529b\u8d44\u6e90<\/a>\u8d1f\u8d23\u4eba\uff09\u3001<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u3001\u5916\u90e8\u80a1\u6743\u5f8b\u5e08\uff08\u4e00\u5b9a\u8981\u627e\u6709<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7ecf\u9a8c\u7684\uff09\u3001\u5238\u5546<\/a>\u987e\u95ee\uff08\u63d0\u524d\u8ba9\u5238\u5546\u4ecb\u5165\uff0c\u4e86\u89e3\u76d1\u7ba1\u8981\u6c42\uff09\uff1b\u63a5\u4e0b\u6765\u505a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e09\u7ef4\u6478\u5e95<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1a\u6478\u6e05\u695a\u516c\u53f8\u7684\u8d44\u672c\u89c4\u5212\uff08\u6bd4\u5982\u4ec0\u4e48\u65f6\u5019\u878d<\/span><\/span><\/span>Pre-IPO<\/span><\/span><\/span>\u8f6e\uff0c\u4f30\u503c\u591a\u5c11\uff09\u3001\u56e2\u961f\u7684\u9884\u671f\uff08\u5458\u5de5\u60f3\u8981\u4ec0\u4e48\u6837\u7684\u6fc0\u52b1\u65b9\u5f0f\uff0c\u80fd\u63a5\u53d7\u591a\u5c11\u51fa\u8d44\uff09\u3001<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u7684\u5408\u89c4\u8981\u6c42\uff08\u76d1\u7ba1\u5c42\u5bf9\u80a1\u6743\u6fc0\u52b1\u7684\u6700\u65b0\u5ba1\u6838\u6807\u51c6\uff09\uff1b\u6700\u540e\u786e\u5b9a\u6301\u80a1\u5e73\u53f0\u7684\u65b9\u6848\uff08\u6bd4\u5982\u7528\u6709\u9650\u5408\u4f19\uff0c\u6ce8\u518c\u5728\u54ea\u91cc\uff0c<\/span><\/span><\/span>GP<\/span><\/span><\/span>\u662f\u8c01\uff09\uff0c\u5b8c\u6210\u6ce8\u518c\u3002<\/span><\/span><\/span><\/p>\n

\u8fd9\u4e2a\u9636\u6bb5\u6700\u5bb9\u6613\u5ffd\u7565\u7684\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8ddf\u5ba1\u8ba1\u673a\u6784\u63d0\u524d\u6c9f\u901a<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8981\u8ba9\u5ba1\u8ba1\u673a\u6784\u5c3d\u65e9\u4ecb\u5165\uff0c\u5e2e\u4f60\u5224\u65ad\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u7684\u6d4b\u7b97\u65b9\u5f0f\u3001\u4f1a\u8ba1\u5904\u7406\u65b9\u6cd5\uff0c\u907f\u514d\u540e\u9762\u65b9\u6848\u8bbe\u8ba1\u597d\u4e86\uff0c\u5ba1\u8ba1\u4e0d\u8ba4\u53ef\uff0c\u53c8\u8981\u6539\u3002<\/span><\/span><\/span><\/p>\n

\u9636\u6bb5\u4e8c\uff1a\u65b9\u6848\u8bbe\u8ba1\u4e0e\u6388\u4e88\uff08<\/span><\/span><\/span>IPO\u524d<\/span><\/span><\/span>12-18<\/span><\/span><\/span>\u4e2a\u6708\uff09<\/span><\/span><\/span><\/p>\n

\u8fd9\u4e2a\u9636\u6bb5\u8981<\/span><\/span><\/span>“<\/span><\/span><\/span>\u843d\u5730\u6267\u884c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u9996\u5148\u6839\u636e\u524d\u9762\u7684\u6478\u5e95\u7ed3\u679c\uff0c\u786e\u5b9a\u9996\u671f\u6fc0\u52b1\u5bf9\u8c61\u3001\u6bcf\u4e2a\u4eba\u7684\u80a1\u4efd\u989d\u5ea6\u3001\u5b9a\u4ef7\u3001\u8003\u6838\u6761\u4ef6\uff1b\u7136\u540e\u8ba9\u5f8b\u5e08\u8d77\u8349\u5168\u5957\u6cd5\u5f8b\u6587\u4ef6\uff0c\u5305\u62ec\u300a\u80a1\u6743\u6fc0\u52b1\u8ba1\u5212\u7ba1\u7406\u529e\u6cd5\u300b\u300a\u6388\u4e88\u534f\u8bae\u300b\u300a\u6301\u80a1\u5e73\u53f0\u5408\u4f19\u534f\u8bae\u300b\uff0c\u8fd9\u4e9b\u6587\u4ef6\u4e00\u5b9a\u8981\u4e25\u8c28\uff0c\u522b\u51fa\u6cd5\u5f8b\u6f0f\u6d1e\uff1b\u63a5\u7740\u5f00<\/span><\/span><\/span>“<\/span><\/span><\/span>\u80a1\u6743\u6388\u4e88\u4eea\u5f0f<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4f60\u8981\u4eb2\u81ea\u4e3b\u8bb2\uff0c\u518d\u6b21\u5f3a\u8c03\u5171\u8bc6\u548c\u76ee\u6807\uff0c\u522b\u641e\u5f97\u592a\u968f\u610f\uff0c\u8981\u8ba9\u5458\u5de5\u611f\u53d7\u5230\u8fd9\u4efd\u80a1\u6743\u7684\u91cd\u91cf\uff1b\u7136\u540e\u5b8c\u6210\u534f\u8bae\u7b7e\u7f72\u3001\u51fa\u8d44\u6b3e\u7f34\u7eb3\uff08\u5982\u679c\u662f\u9650\u5236\u6027\u80a1\u6743\uff09\u3001\u5de5\u5546\u53d8\u66f4\uff08\u628a\u6301\u80a1\u5e73\u53f0\u7684\u80a1\u6743\u767b\u8bb0\u5230\u5458\u5de5\u540d\u4e0b\uff09\uff1b\u6700\u540e\u5efa\u7acb\u80a1\u6743\u7ba1\u7406\u53f0\u8d26\uff0c\u8bb0\u5f55\u6bcf\u4e2a\u4eba\u7684\u6388\u4e88\u60c5\u51b5\u3001\u5f52\u5c5e\u8fdb\u5ea6\u3001\u79bb\u804c\u60c5\u51b5\uff0c\u65b9\u4fbf\u540e\u7eed\u7ba1\u7406\u3002<\/span><\/span><\/span><\/p>\n

\u6388\u4e88\u4eea\u5f0f\u5f88\u91cd\u8981\uff0c\u6211\u89c1\u8fc7\u6709\u5bb6\u516c\u53f8\uff0c\u53ea\u662f\u8ba9<\/span><\/span><\/span>HR\u628a\u534f\u8bae\u53d1\u7ed9\u5458\u5de5\u7b7e\u5b57\uff0c\u5458\u5de5\u6ca1\u4ec0\u4e48\u611f\u89c9\uff0c\u6fc0\u52b1\u6548\u679c\u5927\u6253\u6298\u6263\u3002\u800c\u53e6\u4e00\u5bb6\u516c\u53f8\uff0c\u641e\u4e86\u4e2a\u6b63\u5f0f\u7684\u6388\u4e88\u4eea\u5f0f\uff0c\u521b\u59cb\u4eba\u7ed9\u6bcf\u4e2a\u5458\u5de5\u53d1<\/span><\/span><\/span>“<\/span><\/span><\/span>\u80a1\u6743\u8bc1\u4e66<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8bb2\u516c\u53f8\u7684\u4e0a\u5e02\u613f\u666f\uff0c\u5458\u5de5\u7684\u5f52\u5c5e\u611f\u4e00\u4e0b\u5b50\u5c31\u4e0a\u6765\u4e86\u3002<\/span><\/span><\/span><\/p>\n

\u9636\u6bb5\u4e09\uff1a\u52a8\u6001\u7ba1\u7406\u4e0e\u6c9f\u901a\uff08\u6301\u7eed\u81f3<\/span><\/span><\/span>IPO\u7533\u62a5\uff09<\/span><\/span><\/span><\/p>\n

\u8fd9\u4e2a\u9636\u6bb5\u7684\u6838\u5fc3\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4fdd\u6548\u679c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u9996\u5148\u8981\u5b9a\u671f\u505a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4ef7\u503c\u6c9f\u901a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6bcf\u5b63\u5ea6\u8ba9<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u53d1\u4e00\u4efd\u300a\u80a1\u6743\u4ef7\u503c\u900f\u89c6\u7b80\u62a5\u300b\uff0c\u544a\u8bc9\u5458\u5de5\u516c\u53f8\u7684\u6700\u65b0\u4f30\u503c\u3001\u4e1a\u52a1\u8fdb\u5c55\u3001\u4e0a\u5e02\u8fdb\u5ea6\uff0c\u8ba9\u4ed6\u4eec\u77e5\u9053\u80a1\u6743\u7684\u4ef7\u503c\u5728\u589e\u957f\uff1b\u6bcf\u534a\u5e74\u5f00\u4e00\u6b21\u521b\u59cb\u4eba\u6c9f\u901a\u4f1a\uff0c\u8ddf\u6838\u5fc3\u5458\u5de5\u9762\u5bf9\u9762\u804a\uff0c\u89e3\u7b54\u4ed6\u4eec\u7684\u7591\u95ee\uff0c\u6bd4\u5982<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u5e02\u8fdb\u5ea6\u600e\u4e48\u6837\u4e86<\/span><\/span><\/span>”“<\/span><\/span><\/span>\u80a1\u6743\u4ec0\u4e48\u65f6\u5019\u80fd\u5f52\u5c5e<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u522b\u8ba9\u5458\u5de5\u89c9\u5f97<\/span><\/span><\/span>“<\/span><\/span><\/span>\u62ff\u5230\u80a1\u6743\u5c31\u6ca1\u4eba\u7ba1\u4e86<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u7136\u540e\u8981\u4e25\u683c\u6267\u884c<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8003\u6838\u4e0e\u5f52\u5c5e<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6bcf\u4e2a\u8003\u6838\u671f\u7ed3\u675f\u540e\uff0c\u6839\u636e\u4e1a\u7ee9\u60c5\u51b5\u5224\u65ad\u5458\u5de5\u662f\u5426\u8fbe\u6807\uff0c\u8fbe\u6807\u4e86\u5c31\u6309\u7ea6\u5b9a\u5f52\u5c5e\u80a1\u6743\uff0c\u4e0d\u8fbe\u6807\u5c31\u6536\u56de\uff0c\u522b\u641e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4eba\u60c5\u5f52\u5c5e<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u6bd4\u5982\u7814\u53d1\u603b\u76d1\u6ca1\u5b8c\u6210\u6838\u5fc3\u4ea7\u54c1\u7814\u53d1\uff0c\u5c31\u4e0d\u80fd\u7ed9\u4ed6\u5f52\u5c5e\u80a1\u6743\uff0c\u5426\u5219\u5176\u4ed6\u5458\u5de5\u4f1a\u89c9\u5f97\u4e0d\u516c\u5e73\u3002<\/span><\/span><\/span><\/p>\n

\u8fd8\u8981\u5904\u7406\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u79bb\u804c\u56de\u8d2d<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u4e00\u65e6\u6709\u5458\u5de5\u79bb\u804c\uff0c\u7acb\u5373\u6309\u534f\u8bae\u6267\u884c\u56de\u8d2d\uff0c\u522b\u62d6\u5ef6\u3002\u6bd4\u5982\u5458\u5de5\u4e3b\u52a8\u79bb\u804c\uff0c\u8981\u5728<\/span><\/span><\/span>15<\/span><\/span><\/span>\u5929\u5185\u5b8c\u6210\u56de\u8d2d\u6b3e\u7684\u652f\u4ed8\u548c\u80a1\u6743\u53d8\u66f4\uff0c\u907f\u514d\u591c\u957f\u68a6\u591a\u3002<\/span><\/span><\/span><\/p>\n

\u9636\u6bb5\u56db\uff1a\u4e0a\u5e02\u51b2\u523a\u4e0e\u8854\u63a5\uff08<\/span><\/span><\/span>IPO\u7533\u62a5\u524d<\/span><\/span><\/span>6<\/span><\/span><\/span>\u4e2a\u6708\u81f3\u4e0a\u5e02\u540e\uff09<\/span><\/span><\/span><\/p>\n

\u8fd9\u4e2a\u9636\u6bb5\u8981<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4fdd\u5408\u89c4<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u9996\u5148\u505a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6700\u7ec8\u5408\u89c4\u68c0\u67e5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u8ba9\u5f8b\u5e08\u548c\u5238\u5546\u4e00\u8d77\u67e5\uff0c\u786e\u4fdd\u6240\u6709\u80a1\u6743\u53d8\u52a8\u8bb0\u5f55\u6e05\u6670\u3001\u8d44\u91d1\u6d41\u6c34\u5b8c\u5907\u3001\u6ca1\u6709\u4ee3\u6301\u548c\u8d28\u62bc\uff0c\u6240\u6709\u534f\u8bae\u90fd\u5408\u89c4\uff1b\u7136\u540e\u51c6\u5907<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5ba1\u6838\u95ee\u8be2\u6750\u6599<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6bd4\u5982\u80a1\u6743\u6fc0\u52b1\u7684\u5408\u89c4\u6027\u8bf4\u660e\u3001\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u7684\u6d4b\u7b97\u4f9d\u636e\u3001\u6fc0\u52b1\u5bf9\u8c61\u7684\u9009\u62e9\u6807\u51c6\uff0c\u8fd9\u4e9b\u6750\u6599\u8981\u63d0\u524d\u51c6\u5907\u597d\uff0c\u907f\u514d\u88ab\u76d1\u7ba1\u5c42\u95ee\u8be2\u65f6\u7b54\u4e0d\u4e0a\u6765\u3002<\/span><\/span><\/span><\/p>\n

\u4e0a\u5e02\u540e\u4e5f\u4e0d\u80fd\u6389\u4ee5\u8f7b\u5fc3\uff0c\u8981\u505a\u597d<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8854\u63a5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1a\u4e00\u65b9\u9762\u8981\u5236\u5b9a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u89e3\u7981\u540e\u51cf\u6301<\/a>\u6307\u5f15<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u544a\u8bc9\u5458\u5de5\u4ec0\u4e48\u65f6\u5019\u53ef\u4ee5\u51cf\u6301\uff0c\u600e\u4e48\u51cf\u6301\uff0c\u907f\u514d\u8fdd\u89c4\u51cf\u6301\uff1b\u53e6\u4e00\u65b9\u9762\u8981\u8bbe\u8ba1<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e0a\u5e02\u540e\u7684\u65b0\u4e00\u8f6e\u6fc0\u52b1\u8ba1\u5212<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6bd4\u5982\u7528<\/span><\/span><\/span>“<\/span><\/span><\/span>\u9650\u5236\u6027\u80a1\u7968<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u7ee7\u7eed\u6fc0\u52b1\u6838\u5fc3\u56e2\u961f\uff0c\u6bd5\u7adf\u4e0a\u5e02\u4e0d\u662f\u7ec8\u70b9\uff0c\u662f\u65b0\u7684\u8d77\u70b9\u3002<\/span><\/span><\/span><\/p>\n

09 \u6700\u540e\uff1a\u80a1\u6743\u6fc0\u52b1\u7684\u672c\u8d28\uff0c\u662f\u628a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u7684\u516c\u53f8<\/span><\/span><\/span>”<\/span><\/span><\/span>\u53d8\u6210<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u4eec\u7684\u516c\u53f8<\/span><\/span><\/span>”<\/span><\/span><\/span><\/h2>\n

\u5199\u5230\u8fd9\u91cc\uff0c\u4f60\u5e94\u8be5\u660e\u767d\uff1a<\/span><\/span><\/span>IPO\u5bfc\u5411\u7684\u80a1\u6743\u6fc0\u52b1\uff0c\u4e0d\u662f\u4e00\u4efd\u7b80\u5355\u7684\u5206\u914d\u65b9\u6848\uff0c\u800c\u662f\u4e00\u5957<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6218\u7565<\/span><\/span><\/span>+<\/span><\/span><\/span>\u5408\u89c4<\/span><\/span><\/span>+<\/span><\/span><\/span>\u4eba\u5fc3<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u7cfb\u7edf\u3002\u5b83\u7684\u672c\u8d28\uff0c\u662f\u8ba9\u4f60\u4ece<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e00\u4e2a\u4eba\u625b<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u53d8\u6210<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e00\u7fa4\u4eba\u4e00\u8d77\u625b<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1b\u8ba9\u6838\u5fc3\u56e2\u961f\u4ece<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e3a\u4f60\u6253\u5de5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u53d8\u6210<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e3a\u81ea\u5df1\u7684\u8d44\u4ea7\u589e\u503c\u800c\u6218<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u6211\u89c1\u8fc7\u5f88\u591a\u521b\u59cb\u4eba\uff0c\u505a\u5b8c\u80a1\u6743\u6fc0\u52b1\u540e\uff0c\u56e2\u961f\u7684\u72b6\u6001\u5b8c\u5168\u4e0d\u4e00\u6837\uff1a\u4ee5\u524d\u5458\u5de5\u52a0\u73ed\u4f1a\u62b1\u6028<\/span><\/span><\/span>“<\/span><\/span><\/span>\u53c8\u8981\u52a0\u73ed<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u73b0\u5728\u4f1a\u4e3b\u52a8\u95ee<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8fd9\u4e2a\u9879\u76ee\u80fd\u4e0d\u80fd\u5feb\u70b9\u63a8\u8fdb\uff0c\u65e9\u70b9\u4e0a\u5e02<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1b\u4ee5\u524d\u90e8\u95e8\u4e4b\u95f4\u4f1a\u62a2\u8d44\u6e90\uff0c\u73b0\u5728\u4f1a\u4e3b\u52a8\u914d\u5408<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8fd9\u4e2a\u4e8b\u5bf9\u4e0a\u5e02\u6709\u5e2e\u52a9\uff0c\u6211\u4eec\u90e8\u95e8\u53ef\u4ee5\u652f\u6301<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u8fd9\u5c31\u662f\u80a1\u6743\u6fc0\u52b1\u7684\u529b\u91cf<\/span><\/span><\/span>——<\/span><\/span><\/span>\u5b83\u80fd\u628a\u4e00\u7fa4\u4f18\u79c0\u7684\u4eba\uff0c\u53d8\u6210\u4e00\u4e2a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u547d\u8fd0\u5171\u540c\u4f53<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u4f46\u4f60\u8981\u8bb0\u4f4f\uff1a\u80a1\u6743\u6fc0\u52b1\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e07\u80fd\u836f<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u5b83\u4e0d\u80fd\u89e3\u51b3\u6240\u6709\u95ee\u9898\u3002<\/span>\u5982\u679c\u516c\u53f8\u7684\u4e1a\u52a1\u65b9\u5411\u9519\u4e86\uff0c\u4ea7\u54c1\u6ca1\u7ade\u4e89\u529b\uff0c\u5c31\u7b97\u7ed9\u518d\u591a\u80a1\u6743\uff0c\u4e5f\u4e0d\u53ef\u80fd\u4e0a\u5e02\u3002\u5b83\u53ea\u662f\u4e00\u4e2a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5de5\u5177<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u9700\u8981\u8ddf\u4f60\u7684\u6218\u7565\u3001\u4f60\u7684\u7ba1\u7406\u3001\u4f60\u7684\u6587\u5316\u7ed3\u5408\u8d77\u6765\uff0c\u624d\u80fd\u53d1\u6325\u6700\u5927\u7684\u4f5c\u7528\u3002\u6bd4\u5982\u4f60\u5b9a\u4e86<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e24\u5e74\u5185\u5b8c\u6210\u6838\u5fc3\u6280\u672f\u7a81\u7834<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u6218\u7565\u76ee\u6807\uff0c\u5c31\u8981\u5728\u80a1\u6743\u6fc0\u52b1\u7684\u8003\u6838\u6761\u4ef6\u91cc\u660e\u786e<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7814\u53d1\u56e2\u961f\u5fc5\u987b\u5728<\/span><\/span><\/span>24<\/span><\/span><\/span>\u4e2a\u6708\u5185\u5b8c\u6210<\/span><\/span><\/span>3<\/span><\/span><\/span>\u9879\u6838\u5fc3\u4e13\u5229\u7533\u62a5<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u518d\u901a\u8fc7\u5b9a\u671f\u7684\u6c9f\u901a\u4f1a\u8ddf\u8fdb\u8fdb\u5ea6\uff0c\u8fd9\u6837\u624d\u80fd\u8ba9\u6218\u7565\u843d\u5730\uff0c\u8ba9\u80a1\u6743\u771f\u6b63\u8d77\u5230<\/span><\/span><\/span>“<\/span><\/span><\/span>\u63a8\u8fdb\u5668<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u4f5c\u7528\u3002<\/span><\/span><\/span><\/p>\n

\u6709\u65f6\u5019\uff0c\u8fde\u4f60\u81ea\u5df1\u90fd\u6ca1\u60f3\u5230\uff0c\u80a1\u6743\u6fc0\u52b1\u80fd\u5e26\u6765\u8fd9\u4e48\u5927\u7684\u6539\u53d8\u3002\u6709\u4f4d\u521b\u59cb\u4eba\u8ddf\u6211\u8bf4\uff0c\u4ee5\u524d\u4ed6\u5f00\u4f1a\u7684\u65f6\u5019\uff0c\u9ad8\u7ba1\u4eec\u603b\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u53ea\u8bf4\u4e0d\u505a<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u9047\u5230\u95ee\u9898\u5c31\u7529\u9505\uff1b\u505a\u5b8c\u80a1\u6743\u6fc0\u52b1\u540e\uff0c\u6709\u6b21\u516c\u53f8\u73b0\u91d1\u6d41\u7d27\u5f20\uff0c<\/span><\/span><\/span>CFO<\/span><\/span><\/span>\u4e3b\u52a8\u63d0\u51fa<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u53ef\u4ee5\u5148\u628a\u81ea\u5df1\u7684\u94b1\u57ab\u4e0a\uff0c\u7b49\u516c\u53f8\u56de\u6b3e\u4e86\u518d\u8fd8<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>CTO<\/span><\/span><\/span>\u5e26\u7740\u7814\u53d1\u56e2\u961f\u8fde\u7eed\u52a0\u73ed\u4e09\u4e2a\u6708\uff0c\u63d0\u524d\u5b8c\u6210\u4e86\u4ea7\u54c1\u8fed\u4ee3\u3002\u8fd9\u79cd<\/span><\/span><\/span>“<\/span><\/span><\/span>\u628a\u516c\u53f8\u7684\u4e8b\u5f53\u6210\u81ea\u5df1\u7684\u4e8b<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u72b6\u6001\uff0c\u4e0d\u662f\u9760\u8bf4\u6559\u80fd\u6362\u6765\u7684\uff0c\u800c\u662f\u9760\u80a1\u6743\u628a\u5927\u5bb6\u7684\u5229\u76ca\u771f\u6b63\u7ed1\u5728\u4e00\u8d77\u3002<\/span><\/span><\/span><\/p>\n

\u5f53\u7136\uff0c\u8fd9\u4e2a\u8fc7\u7a0b\u4e2d\u4e5f\u4f1a\u6709\u77db\u76fe\u3002\u6bd4\u5982\u6709\u4e9b\u8001\u5458\u5de5\u89c9\u5f97<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u8ddf\u7740\u516c\u53f8\u8fd9\u4e48\u4e45\uff0c\u80a1\u6743\u600e\u4e48\u6bd4\u65b0\u6316\u6765\u7684\u9ad8\u7ba1\u5c11<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u6709\u4e9b\u5458\u5de5\u89c9\u5f97<\/span><\/span><\/span>“<\/span><\/span><\/span>\u8003\u6838\u6761\u4ef6\u592a\u4e25\uff0c\u80a1\u6743\u5f88\u96be\u5f52\u5c5e<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u9047\u5230\u8fd9\u4e9b\u95ee\u9898\uff0c\u522b\u56de\u907f\uff0c\u8981\u5766\u8bda\u6c9f\u901a\u3002\u4f60\u53ef\u4ee5\u8ddf\u8001\u5458\u5de5\u8bf4<\/span><\/span><\/span>“<\/span><\/span><\/span>\u65b0\u9ad8\u7ba1\u5e26\u6765\u7684\u8d44\u6e90\u548c\u80fd\u529b\uff0c\u80fd\u5e2e\u516c\u53f8\u66f4\u5feb\u4e0a\u5e02\uff0c\u4e0a\u5e02\u540e\u5927\u5bb6\u7684\u80a1\u6743\u90fd\u4f1a\u66f4\u503c\u94b1<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff1b\u8ddf\u89c9\u5f97\u8003\u6838\u4e25\u7684\u5458\u5de5\u8bf4<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6b63\u662f\u56e0\u4e3a\u6709\u96be\u5ea6\uff0c\u4e0a\u5e02\u540e\u7684\u6536\u76ca\u624d\u4f1a\u5927\uff0c\u6211\u4eec\u4e00\u8d77\u60f3\u529e\u6cd5\u8fbe\u6210\u76ee\u6807<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u6c9f\u901a\u7684\u5173\u952e\uff0c\u662f\u8ba9\u5927\u5bb6\u660e\u767d\uff1a\u80a1\u6743\u7684\u4ef7\u503c\uff0c\u4e0d\u662f\u770b\u73b0\u5728\u5206\u591a\u5c11\uff0c\u800c\u662f\u770b\u672a\u6765\u80fd\u5171\u540c\u521b\u9020\u591a\u5c11\u3002<\/span><\/span><\/span><\/p>\n

\u73b0\u5728\uff0c\u4f60\u5df2\u7ecf\u6709\u4e86\u5b8c\u6574\u7684\u884c\u52a8\u6307\u5357\uff0c\u63a5\u4e0b\u6765\u8981\u505a\u7684\u5c31\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u7acb\u5373\u884c\u52a8<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u522b\u7b49<\/span><\/span><\/span>“<\/span><\/span><\/span>\u516c\u53f8\u518d\u5927\u4e00\u70b9<\/span><\/span><\/span>”“<\/span><\/span><\/span>\u4e1a\u7ee9\u518d\u597d\u4e00\u70b9<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u524d\u7684\u80a1\u6743\u6fc0\u52b1\uff0c\u8d8a\u65e9\u542f\u52a8\uff0c\u8d8a\u6709\u65f6\u95f4\u8c03\u6574\uff0c\u8d8a\u80fd\u907f\u5f00\u5408\u89c4\u98ce\u9669\u3002\u4ece\u5f00\u7b2c\u4e00\u6b21<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5171\u8bc6\u5de5\u4f5c\u574a<\/span><\/span><\/span>”<\/span><\/span><\/span>\u5f00\u59cb\uff0c\u628a\u6bcf\u4e2a\u73af\u8282\u843d\u5730\uff0c\u628a\u6bcf\u4e2a\u98ce\u9669\u63a7\u5236\u4f4f\u3002<\/span><\/span><\/span><\/p>\n

\u672a\u6765<\/span><\/span><\/span>3-5\u5e74\uff0c\u4f60\u4f1a\u9047\u5230\u5f88\u591a\u56f0\u96be\uff1a\u53ef\u80fd\u662f\u7814\u53d1\u74f6\u9888\u8fdf\u8fdf\u7a81\u7834\u4e0d\u4e86\uff0c\u53ef\u80fd\u662f\u5e02\u573a\u7ade\u4e89\u7a81\u7136\u52a0\u5267\uff0c\u53ef\u80fd\u662f<\/span><\/span><\/span>IPO<\/span><\/span><\/span>\u5ba1\u6838\u653f\u7b56\u53d1\u751f\u53d8\u5316\u3002\u4f60\u4f1a\u6709\u5f88\u591a\u591c\u665a\u7761\u4e0d\u7740\u89c9\uff0c\u4f1a\u6709\u60f3\u653e\u5f03\u7684\u65f6\u5019\u3002\u4f46\u5f53\u4f60\u770b\u7740\u6838\u5fc3\u56e2\u961f\u8ddf\u4f60\u4e00\u8d77\u51b2\u950b\uff0c\u770b\u7740\u516c\u53f8\u7684\u4e1a\u7ee9\u4e00\u6b65\u6b65\u589e\u957f\uff0c\u770b\u7740\u4e0a\u5e02\u7684\u76ee\u6807\u8d8a\u6765\u8d8a\u8fd1\uff0c\u4f60\u4f1a\u660e\u767d\uff1a\u6240\u6709\u7684\u4ed8\u51fa\u90fd\u503c\u5f97\u3002<\/span><\/span><\/span><\/p>\n

\u800c\u4e14\u4f60\u8981\u77e5\u9053\uff0c\u8fd9\u79cd<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4e00\u8d77\u594b\u6597<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u7ecf\u5386\uff0c\u6bd4\u4e0a\u5e02\u672c\u8eab\u66f4\u73cd\u8d35\u3002\u5f88\u591a\u5e74\u540e\uff0c\u5f53\u4f60\u548c\u4f60\u7684\u6838\u5fc3\u56e2\u961f\u56de\u5fc6\u8d77\u8fd9\u6bb5\u65f6\u5149\uff0c\u4f60\u4eec\u4f1a\u8bb0\u5f97\u4e00\u8d77\u52a0\u73ed\u7684\u591c\u665a\uff0c\u4e00\u8d77\u653b\u514b\u7684\u96be\u5173\uff0c\u4e00\u8d77\u4e3a\u4e86\u4e0a\u5e02\u76ee\u6807\u800c\u6b22\u547c\u7684\u65f6\u523b\u3002\u8fd9\u4e9b\u8bb0\u5fc6\uff0c\u4f1a\u6210\u4e3a\u4f60\u4eec\u4e4b\u95f4\u6700\u5b9d\u8d35\u7684\u8d22\u5bcc\u3002<\/span><\/span><\/span><\/p>\n

\u6700\u540e\uff0c\u795d\u4f60\u548c\u4f60\u7684\u56e2\u961f\uff0c\u80fd\u987a\u5229\u6572\u5f00\u8d44\u672c\u5e02\u573a\u7684\u5927\u95e8\uff0c\u628a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u767e\u4ebf\u5e02\u503c<\/span><\/span><\/span>”<\/span><\/span><\/span>\u7684\u68a6\u60f3\uff0c\u53d8\u6210\u73b0\u5b9e\u3002\u800c\u4f60\u4ea4\u4ed8\u7ed9\u8d44\u672c\u5e02\u573a\u7684\uff0c\u4e0d\u4ec5\u662f\u4e00\u5bb6\u5408\u89c4\u7684\u4f01\u4e1a\uff0c\u66f4\u662f\u4e00\u652f\u5229\u76ca\u9ad8\u5ea6\u4e00\u81f4\u3001\u6218\u6597\u529b\u7206\u8868\u7684<\/span><\/span><\/span>“<\/span><\/span><\/span>\u4f20\u5947\u6218\u961f<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002\u5f53\u4f60\u4eec\u7ad9\u5728\u4ea4\u6613\u6240\u7684\u6572\u949f\u53f0\u4e0a\uff0c\u770b\u7740\u80a1\u4ef7\u4e0a\u6da8\uff0c\u770b\u7740\u56e2\u961f\u6210\u5458\u8138\u4e0a\u7684\u7b11\u5bb9\uff0c\u4f60\u4f1a\u771f\u6b63\u7406\u89e3\uff1a\u80a1\u6743\u6fc0\u52b1\u7684\u7ec8\u6781\u610f\u4e49\uff0c\u4e0d\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u5206\u80a1\u4efd<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u800c\u662f<\/span><\/span><\/span>“<\/span><\/span><\/span>\u805a\u4eba\u5fc3<\/span><\/span><\/span>”——<\/span><\/span><\/span>\u628a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u7684\u516c\u53f8<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u53d8\u6210<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u4eec\u7684\u516c\u53f8<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u628a<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u7684\u68a6\u60f3<\/span><\/span><\/span>”<\/span><\/span><\/span>\uff0c\u53d8\u6210<\/span><\/span><\/span>“<\/span><\/span><\/span>\u6211\u4eec\u7684\u5f81\u9014<\/span><\/span><\/span>”<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587\/\u667a\u548c\u5c9b\u96c6\u56e2\u521b\u59cb\u4eba\u80e1\u534e\u6210 \u4f60\u5750\u5728\u529e\u516c\u5ba4\u91cc\uff0c\u770b\u7740\u684c\u4e0a\u521a\u6253\u5370\u597d\u7684\u5e74\u5ea6\u8425\u6536\u62a5\u8868——\u4e00\u4e2a\u4ebf\u7684 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":[],"categories":[6],"tags":[57,195,266,245,85,49,241,144,48,238,192],"views":27,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/730047"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=730047"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/730047\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=730047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=730047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=730047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}