小米投资的老虎证券，被新规砍掉九成客源后押注香港｜附文稿
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:00 | Imagine your favorite local coffee shop. | 想象一下你最喜欢的本地咖啡店 |
| 0:02 | You know, the busy one right on the corner. | 街角那个忙的 |
| 0:04 | Oh yeah, the one that is packed every single morning. | 哦,是的,那个每天早上都打包的 |
| 0:06 | Right. | 对 |
| 0:07 | But one day the city government steps in. | 但有一天市政府会介入 |
| 0:10 | They hand the owner a notice. | 他们给店主一个通知 |
| 0:11 | Okay. | 摆 |
| 0:12 | And the new rule is super strict. | 而新规则是超严格的. |
| 0:14 | It says the shop can no longer sell coffee to 90% of the neighborhood. | 上面说商店不能再向90%的街区出售咖啡. |
| 0:19 | Wow. | 珃 |
展开字幕全文（247 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | Imagine your favorite local coffee shop. | 想象一下你最喜欢的本地咖啡店 |
| 2 | You know, the busy one right on the corner. | 街角那个忙的 |
| 3 | Oh yeah, the one that is packed every single morning. | 哦,是的,那个每天早上都打包的 |
| 4 | Right. | 对 |
| 5 | But one day the city government steps in. | 但有一天市政府会介入 |
| 6 | They hand the owner a notice. | 他们给店主一个通知 |
| 7 | Okay. | 摆 |
| 8 | And the new rule is super strict. | 而新规则是超严格的. |
| 9 | It says the shop can no longer sell coffee to 90% of the neighborhood. | 上面说商店不能再向90%的街区出售咖啡. |
| 10 | Wow. | 珃 |
| 11 | That is a total nightmare. | 简直是噩梦 |
| 12 | Yeah, exactly. | 没错 |
| 13 | They have two choices. | 他们有两个选择。 |
| 14 | They can go bankrupt, | 他们可能会破产 |
| 15 | or, well, they can pack up and find a new neighborhood. | 或者,他们可以打包 找到一个新的社区。 |
| 16 | A much richer neighborhood, hopefully. | 希望是更富有的邻居 |
| 17 | Exactly. | 没错 |
| 18 | So today we are looking at a company facing this exact nightmare. | 今天我们正看着一家公司 面对着这个噩梦 |
| 19 | We are diving into a November 2026 business report. | 我们正在潜入2026年11月的一篇商业报告。 |
| 20 | Right. | 对 |
| 21 | It is from the South China Morning Post. | 摘自"南华早报". |
| 22 | Yes. | 对 |
| 23 | And it is about a very large online financial company called Tiger Brokers. | 这是关于一个非常大型的在线金融公司 叫老虎经纪公司。 |
| 24 | They are huge. | 它们是巨大的。 |
| 25 | Yes. | 对 |
| 26 | They are actually backed by the Chinese smartphone maker Xiaomi. | 他们实际上由中国智能手机制造者小美支撑. |
| 27 | Right. | 对 |
| 28 | But before we go too far, let us explain what they do. | 但在我们走得太远之前,让我们解释一下他们做了什么。 |
| 29 | What exactly is a brokerage? | 什么是经纪? |
| 30 | It is pretty simple. | 很简单 |
| 31 | A brokerage is a company that helps people buy and sell stocks. | 经纪公司是一家帮助人们买卖股票的公司. |
| 32 | So they just connect regular people to the stock market. | 所以他们只是把普通人和股票市场联系起来。 |
| 33 | Exactly. | 没错 |
| 34 | Through an app, usually. | 通常通过应用程序 |
| 35 | Makes sense. | 说得通 |
| 36 | So our mission in this deep dive is to explore how Tiger Brokers handled a massive crisis. | 我们这次深潜的任务是 探索老虎经纪公司如何应对一场大规模危机 |
| 37 | A really big one. | 一个真正的大。 |
| 38 | Their main market was suddenly closed to them. | 他们的主市场突然对他们关闭. |
| 39 | Right. | 对 |
| 40 | And you, our listener, will hear how they had to quickly find a new neighborhood, | 而你,我们的听众,会听到 他们如何迅速找到一个新的社区, |
| 41 | just like that coffee shop. | 就像那个咖啡店 |
| 42 | Because that was the only way to survive. | 因为这是生存的唯一方法。 |
| 43 | Exactly. | 没错 |
| 44 | So before we talk about their new market, we need to understand the roadblock. | 因此,在我们谈论他们的新市场之前,我们需要了解路障。 |
| 45 | The problem in their home market. | 他们国内市场的问题。 |
| 46 | Yes. | 对 |
| 47 | In mainland China. | 在中国大陆. |
| 48 | So on May 22, the government stepped in. | 于是5月22日,政府介入. |
| 49 | Right. | 对 |
| 50 | A group called the China Securities Regulatory Commission. | 集团称中国证券监督管理委员会. |
| 51 | And for our listener, that is simply the government office that writes the rules for businesses. | 而对我们的听众来说, 那仅仅是政府办公室 写企业的规则。 |
| 52 | Exactly. | 没错 |
| 53 | They make sure companies follow the law. | 他们确保公司遵守法律。 |
| 54 | And they punished Tiger Brokers. | 他们惩罚老虎经纪人 |
| 55 | Along with two other similar companies, actually. | 和另外两个类似的公司,实际上。 |
| 56 | Right. | 对 |
| 57 | Futu Securities and Longbridge Securities. | 福图证券与龙桥证券. |
| 58 | So what was the actual rule they broke? | 那么,什么是实际规则 他们打破? |
| 59 | Well, it was about moving money. | 嗯,这是关于转移钱。 |
| 60 | They allowed mainland Chinese investors to buy stocks in other countries. | 他们允许中国大陆投资者购买其他国家的股票. |
| 61 | Okay. | 摆 |
| 62 | But the government stated they did not have the correct licenses for that specific action. | 但政府表示,他们没有正确的许可证来开展这一具体行动。 |
| 63 | I see. | 原来如此 |
| 64 | So the government issued a penalty. | 于是政府下达处罚令. |
| 65 | Yes, they did. | 是的,他们做到了。 |
| 66 | And it was heavy. | 则其重也. |
| 67 | Like a 410 million yuan fine? | 像4亿1千万人民币罚款? |
| 68 | Which is about 61 million US dollars. | 大约6100万美元。 |
| 69 | Plus, all the illegal profits were taken away by the government. | 此外,所有非法利润都被政府拿走. |
| 70 | Yeah. | 对 |
| 71 | It was a massive penalty. | 这是一个巨大的惩罚。 |
| 72 | I mean, wait. | 我是说,等等 |
| 73 | 61 million dollars is a massive amount of money. | 6100万美元是一大笔钱. |
| 74 | Absolutely. | 当然 |
| 75 | Is this just a small warning or, you know, does a fine like this completely stop a company | 这只是一个小警告,或者,你知道, 做这样的罚款 完全停止一个公司 |
| 76 | from doing its normal business? | 不做正常生意吗? |
| 77 | It really hurts them. | 这真的伤害了他们。 |
| 78 | A fine that big takes away their cash. | 一笔大钱拿走他们的钱 |
| 79 | Right. | 对 |
| 80 | Money they need to pay workers or, you know, advertise. | 他们需要钱支付工人,或者,你知道,广告。 |
| 81 | So it slows everything down. | 故能减慢一切. |
| 82 | Yes. | 对 |
| 83 | But then a few weeks later, it got much worse. | 但几周后,情况变得更糟。 |
| 84 | By June 12th? | 到六月十二日吗? |
| 85 | Exactly. | 没错 |
| 86 | A new rule stopped everything. | 新规则阻止了一切 |
| 87 | Mainland accounts were completely stopped from buying new stocks. | 内地账户被全面停止购买新股票. |
| 88 | They could not even add new money to their accounts, right? | 他们甚至不能 增加新的钱 在他们的账户,对不对? |
| 89 | Right. | 对 |
| 90 | The business was totally frozen. | 生意全被冻结了 |
| 91 | Imagine opening your investing app. | 想象一下打开你的投资应用程序。 |
| 92 | You want to buy a stock, but the button does not work. | 你想买股票,但按钮不起作用。 |
| 93 | The government made a firm rule, and the company had to follow it immediately. | 政府制定了坚定的规则,公司不得不立即遵循. |
| 94 | So that main door closed very firmly. | 因此,主门 关闭非常牢固。 |
| 95 | It really did. | 痷 |
| 96 | Which means the company had to find a new open door to survive. | 这意味着公司必须找到新的敞开的门才能生存下去. |
| 97 | And that door was Hong Kong. | 那扇门是香港 |
| 98 | Yes. | 对 |
| 99 | We have quotes from John Zeng. | 我们引用了曾约翰的话 |
| 100 | He's the chief financial officer of Tiger Brokers. | 他是老虎经纪公司的首席财务官. |
| 101 | So he handles all the money for the company. | 所以他负责公司所有的钱 |
| 102 | Exactly. | 没错 |
| 103 | And he said the company is now fully focused on local Hong Kong clients. | 而他表示,公司现在完全专注于本地的香港客户. |
| 104 | And well, the results of this move are massive. | 这个动作的结果是巨大的。 |
| 105 | Like really massive. | 像真正的大规模。 |
| 106 | Let us look at the new user accounts. | 让我们看看新的用户账户。 |
| 107 | Specifically, the funded accounts. | 具体来说,是资金帐户。 |
| 108 | Right. | 对 |
| 109 | Let me explain that really quick. | 让我解释一下,真的很快。 |
| 110 | Funded accounts are user accounts that actually have real money put into them. | 资金账户是用户账户,它们实际投入了资金。 |
| 111 | Right. | 对 |
| 112 | Not just someone downloading the app and doing nothing. | 不只是有人下载了应用程序 却什么都不做 |
| 113 | Exactly. | 没错 |
| 114 | Real customers. | 真正的顾客。 |
| 115 | And in just the first nine months of the year, they hit a crazy goal. | 而在一年的前九个月里,他们打入了一个疯狂的进球. |
| 116 | Tell us. | 告诉我们 |
| 117 | The number of new funded accounts beat the total expected for the entire year of 2025. | 新的供资账户数目超过了2025年全年的预期总数。 |
| 118 | Wow. | 珃 |
| 119 | In less than one year, they beat their goals for the next year. | 在不到一年的时间里,他们就击败了下一年的目标. |
| 120 | Yeah. | 对 |
| 121 | They are growing incredibly fast. | 他们的成长速度惊人快 |
| 122 | Look at the total money, too. | 看总钱也. |
| 123 | The report talks about the retail client assets. | 报告讲述了零售客户的资产. |
| 124 | Okay. | 摆 |
| 125 | So assets are just the money and stocks that people own. | 所以资产只是人们拥有的钱和股票。 |
| 126 | Right. | 对 |
| 127 | The wealth of regular people using the app. | 普通人使用应用程序的财富. |
| 128 | And that total wealth nearly doubled in the three months leading up to September. | 在9月之前的三个月里,财富总额几乎翻了一番。 |
| 129 | Doubled compared to the same time last year. | 与去年同期相比翻了一番. |
| 130 | Yes. | 对 |
| 131 | And it also jumped 40% from just the previous quarter. | 也比上个季度跳了40%。 |
| 132 | Wow. | 珃 |
| 133 | That is a lot of new money coming in very fast. | 这是很多新的钱 来得很快。 |
| 134 | It goes back to the coffee shop analogy. | 回到咖啡店类比. |
| 135 | It is not just that people are walking into their new store. | 不仅仅是人们走进他们的新商店。 |
| 136 | Right. | 对 |
| 137 | It's like every single person who walks in is buying a lot of items. | 就像每个走进来的人都在买很多东西 |
| 138 | By the whole menu. | 整个菜单。 |
| 139 | Exactly. | 没错 |
| 140 | Which brings us to a really surprising detail about these new users. | 这给我们带来了一个非常令人惊讶的细节 关于这些新用户。 |
| 141 | The big spenders. | 大费者. |
| 142 | Yes. | 对 |
| 143 | It is not just the high number of new users. | 这不仅仅是大量新用户。 |
| 144 | It is the shocking amount of money each user brings. | 这是每个用户带来的惊人数额。 |
| 145 | Let us hear the number. | 让我们听听号码。 |
| 146 | The average first deposit by a new Hong Kong user is about 30,000 US dollars. | 香港新用户平均首次存款约3万美元. |
| 147 | 30,000 dollars. | 三万块 |
| 148 | Just to start. | 刚刚开始。 |
| 149 | Yeah. | 对 |
| 150 | John Zhang noted this is the highest average across all their different markets. | 张约翰指出,这是他们所有不同市场中最高的平均数。 |
| 151 | It is a shocking number. | 这是一个令人震惊的数字。 |
| 152 | I mean, wait. | 我是说,等等 |
| 153 | 30,000 dollars is a huge amount of money just to open a new account. | 30,000美元是一大笔钱 只是开个新账户。 |
| 154 | It really is. | 没错 |
| 155 | Does this mean they are only trying to find very rich people? | 这是否意味着他们只是想找到非常富有的人? |
| 156 | Or is this just how much money normal investors have in Hong Kong? | 还是普通投资者在香港有多少钱? |
| 157 | Well, Hong Kong is a huge financial city. | 香港是个巨大的金融城市 |
| 158 | A lot of normal investors there just have more money saved up. | 那里很多正常的投资者 都存了很多钱 |
| 159 | Oh, okay. | 哦,还好。 |
| 160 | But this changes the whole business strategy. | 但这改变了整个业务策略. |
| 161 | Let me explain it simply. | 让我简单解释一下。 |
| 162 | Please do. | 请吧 |
| 163 | If your average user only brings 100 dollars, you need millions of users to make money. | 如果普通用户仅带来100美元,则需要数百万用户赚钱. |
| 164 | Right. | 对 |
| 165 | You need a massive crowd. | 你需要一大群人来 |
| 166 | But when users bring 30,000 dollars, everything changes. | 但当用户带来3万美元时,一切都会改变. |
| 167 | The company does not need millions of users to be successful. | 公司不需要数百万用户成功. |
| 168 | Oh, I see. | 原来如此 |
| 169 | A smaller group of users with a lot of money can easily support the whole business. | 数量较少的用户群拥有大量资金,可以轻松支持整个业务. |
| 170 | That makes total sense. | 这是完全合理的。 |
| 171 | They do not need the whole neighborhood anymore. | 他们不再需要整个社区了 |
| 172 | Just a few very good customers. | 只是几个很好的顾客 |
| 173 | Exactly. | 没错 |
| 174 | And because these Hong Kong clients are bringing in so much money, | 因为香港的客户带了这么多钱 |
| 175 | the company is making a big choice. | 公司正在做出一个大选择。 |
| 176 | They are deciding to put down permanent roots in the city. | 他们决定在这个城市永久地扎根。 |
| 177 | Right. | 对 |
| 178 | They are staying for good. | 他们将永远留下来。 |
| 179 | 报道称UP Fintech Holding宣布了一项重大计划. | |
| 180 | They're the parent company that owns Tiger Brokers, right? | 他们是拥有老虎经纪公司的母公司 对吧? |
| 181 | Yes. | 对 |
| 182 | They announced they will spend 100 million US dollars in Hong Kong. | 他们宣布将在香港花费1亿美元. |
| 183 | Wow. | 珃 |
| 184 | 100 million dollars. | 1亿元. |
| 185 | Over the next one to two years. | 在接下来的一到两年。 |
| 186 | And Zeng said they might even spend more. | 曾说他们可能会花更多钱 |
| 187 | Really? | 真的吗? |
| 188 | Yeah. | 对 |
| 189 | If the business keeps growing fast, they will adjust the budget dynamically. | 如果企业继续快速增长,他们将动态调整预算。 |
| 190 | So where is all that money going? | 那这些钱都去哪了? |
| 191 | A lot of it is going to workers. | 有很多事情要交给工人 |
| 192 | They are doubling the number of people who work for them in Hong Kong. | 在香港工作的人数翻了一番。 |
| 193 | That is a lot of new jobs. | 这是很多新的工作。 |
| 194 | Specifically, they are hiring for their wealth management team. | 具体来说,他们正在雇用他们的财富管理团队。 |
| 195 | Oh, that makes sense. | 哦,这有道理。 |
| 196 | If people bring 30,000 dollars, they want special advice on how to grow it. | 如果人们带来了3万美金,他们想要特别的建议如何种植. |
| 197 | Exactly. | 没错 |
| 198 | They actually reached their two-year goal for hiring new workers in just one year. | 他们实际上达到了在一年内雇用新工人的两年目标。 |
| 199 | Everything is moving so fast for them. | 对他们来说一切进展如此之快 |
| 200 | It is. | 没错 |
| 201 | But here is something I found interesting. | 但这里有件事我发现很有趣。 |
| 202 | They plan to grow by themselves. | 他们计划自己成长 |
| 203 | What do you mean? | 你说什么? |
| 204 | Well, Zeng said they are not likely to buy other smaller companies. | 曾说他们不可能买其他小公司 |
| 205 | Oh, I see. | 原来如此 |
| 206 | But, I mean, they have 100 million dollars to spend. | 但是,我的意思是,他们有1亿美元要花。 |
| 207 | Why build a new house from nothing when they could just buy a house that is already built? | 为什么他们可以买一栋已经建好的房子 却一无所有地建造新房子? |
| 208 | Well, think about buying a small company. | 想想买个小公司吧 |
| 209 | You are buying their old computer systems, right? | 你要买他们的电脑系统,对吧? |
| 210 | Yeah, I guess so. | 是的,我想是这样。 |
| 211 | You have to connect their old computers to your new computers. | 你必须把他们的旧电脑 连接到你的新电脑上 |
| 212 | It is very messy. | 这很乱 |
| 213 | That sounds like a headache. | 这听起来像头痛。 |
| 214 | It is. | 没错 |
| 215 | Things break. | 东西断了. |
| 216 | It often takes longer to fix the old house than to just build a new one. | 修旧房子往往比修新房子需要更长的时间. |
| 217 | That is a great point. | 这是一个伟大的观点。 |
| 218 | So they just hire new people and build it perfectly from the start. | 所以他们只是雇用了新人,从一开始就完美地建造起来。 |
| 219 | Exactly. | 没错 |
| 220 | And clearly it is working for them. | 很明显,这对他们是有效的。 |
| 221 | So let us quickly summarize this whole journey. | 因此,让我们迅速总结一下整个旅程。 |
| 222 | A lot has happened. | 发生了很多事情。 |
| 223 | Right. | 对 |
| 224 | It started with a strict rule change in mainland China. | 开始于中国大陆严格的规则变更. |
| 225 | Which led to a heavy 61 million dollar fine. | 这导致了6100万美元的巨额罚款。 |
| 226 | But instead of failing, Tiger Brokers found a highly profitable new home in Hong Kong. | 但"老虎经纪公司"并没有失败,反而在香港找到了一个利润丰厚的新家. |
| 227 | Where users are depositing an average of $30,000 just to start. | 在用户刚开始就存款30 000美元的地方。 |
| 228 | It is an amazing comeback. | 这是一个惊人的复出。 |
| 229 | And, you know, for you listening, there is a big lesson here about adaptability. | 而且,你知道,你听着, 这里有一个关于适应性的大教训。 |
| 230 | Definitely. | 当然 |
| 231 | When a main road is blocked, finding a busy, wealthy side street can save the entire trip. | 当一条主干道被封锁时,找到一条繁忙,富有的侧街可以拯救整个旅程. |
| 232 | It really shows how quickly a business can change its whole plan to survive. | 这真的表明一个企业 能够迅速改变整个计划以生存。 |
| 233 | Yes, they moved incredibly fast. | 是的,他们移动的非常快。 |
| 234 | But before we go, I want to leave you with one final question to think about. | 但在我们走之前 我想留给你最后一个问题 |
| 235 | Let us hear it. | 让我们听到它。 |
| 236 | Tiger Brokers found a great life raft in Hong Kong. | 老虎经纪公司在香港找到一具伟大的救生筏. |
| 237 | But what happens if the Hong Kong market slows down? | 但如果香港市场减速了怎么办? |
| 238 | That is a very real danger. | 这是一个非常真实的危险。 |
| 239 | Can a massive global company survive for a long time by leaning so heavily on just one single city? | 一个庞大的全球性公司能否依靠一个单一的城市来生存很长时间? |
| 240 | It is risky. | 这是危险的。 |
| 241 | If that one city has a bad year, the whole company feels it. | 如果那个城市的年头不好 整个公司都会感觉到 |
| 242 | Exactly. | 没错 |
| 243 | It is definitely something to watch in the future. | 这绝对是将来要看的东西。 |
| 244 | Well, thank you so much for joining us today on this deep dive. | 谢谢你今天来参加这次深潜 |
| 245 | Yes, thank you for listening. | 是的,谢谢你的聆听。 |
| 246 | We always love exploring these stories with you. | 我们一直喜欢跟你探讨这些故事 |
| 247 | Have a great day and we will talk to you next time. | 祝你有愉快的一天 我们下次再跟你谈 |
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