起底徐小平的真格基金：割过币圈韭菜 毁誉参半

　　原创： 研究为尚 反做空信息中心 

　　徐小平是这部电影的剧本作者，是真格基金的创始人，是我们今天的主角。

Xu Xiaoping was the author of the film, the founder of the Genuine Foundation and the main actor today.

　　据柴静报道，1980年，俞敏洪复读了三年之后，终于考上了北京大学西语系。在学校里，俞敏洪认识了王强和徐小平。

According to Chai Jing, in 1980, three years after re-reading Yu Min Hong, he finally joined the Western language department of Beijing University, where he met Wang Qiang and Xiaoping Xiaoping.

　　徐小平：中央音乐学院毕业、艺术团老师；

: Graduated from the Central Academy of Music, teacher of the art corps;

　　王强：班长、高考文科状元、广播站站长、艺术团团长；

Wang Jiang : Chief of Section, High Court of Arts, Director of Radio Stations, Head of the Arts Corps;

　　俞敏洪：一口农村口音的普通话、成绩不好、没有社团活动。

Yu Minhong : Mandarin of a rural accent, poor performance and no community activity.

　　大学时光给了这三个人友谊，而在俞敏洪看来，王强、徐小平当时会和自己做朋友，从来不是因为欣赏，而是因为俞敏洪人好，为人质朴，啥事都肯干、能包容。

University time has given these three people friendship, and Wang Qiang and Seo Xiaoping, in Yu Minhong's view, would have been friends with themselves, never because of appreciation, but because of the good people of Yun Min Hong, for the sake of the hostages, would have done anything and would have been able to accommodate them.

　　在学校时，三个人中，得数徐小平的地位最高，学识最高、出国最早，但也是重聚首时，混的最差的。

At school, out of three people, Xiaoping Xiaoping was the most senior, the first to learn, but also the worst when he was reunited.

　　徐小平：留学加拿大——拿到音乐硕士——创业失败——无业；

: Studying in Canada - Master of Music - Failed Entrepreneurship - Unemployed;

　　王强：留学美国，读计算机硕士——进入美国贝尔传讯研究所工作，年薪80万人民币；

Wang Jiang : Studyed abroad in the United States with a Master's degree in computers - entering the Bell Institute of Mission Studies in the United States with an annual salary of RMB 800,000;

　　俞敏洪：三次签证被拒——留在北大做讲师——办校外英语培训班被开除——在家人的助力下，成立新东方。

Yu Minhong : Three visas were denied - to remain as a lecturer in the North - and an out-of-school English course was dismissed - with the help of family members, to create a new East.

　　说实话，如果不看最后一项，俞敏洪在哪里都是一个“LOSER”，但是就是他做了新东方，这让所有人的意想不到，其中就包括王强和徐小平。

To be honest, if you do not look at the last item, Yu Minhong is a “LOSER” everywhere, but he is the one who made the new East, which surprises everyone, including Wang Qiang and Xiaoping Xiaoping.

　　1995年，新东方声色渐起，俞敏洪去美国找到了徐小平和王强。徐小平当时十分潦倒，当然就跟着俞敏洪回来了，王强的回国决定却不太轻松。

In 1995, Yu Xiaoping went to America to find Seo Xiaoping and Wang Qiang. Seo Xiaoping came back with Yu, of course, but Wang Qiang's decision to return was not easy.

　　一个曾经远不如自己的人，如今比自己混得好，这样的地位落差一定会在对方的心力留下印记，和这样的好朋友一起办学，可不是一件轻松的事。

It is not easy for a man who was far from himself, who is now better than himself, to leave a mark on each other's strength and to go to school with such a good friend.

　　一番纠结之后，王强终究也还是回国了。

After some trouble, Wang Qiang returned home.

　　俞敏洪将新东方的业务分成三个部分：俞敏洪负责英文培训、徐小平负责留学咨询、王强负责英语口语。三驾马车，互不干涉，并驾齐驱，一时间，新东方的业务水涨船高。2000年时，就出现了一长串二三十岁的百万富翁老师。

Yu has divided the operation in the new East into three parts: Yu is responsible for English training, Xiaoping is responsible for studying abroad, and Wang Qiang is responsible for speaking English. Three cars, non-interference, and running side by side.

　　但问题也就来了：因为母亲和亲戚给了俞敏洪第一手援助，21世纪初的新东方，俨然一个家族企业。这让国外留学回来，注重企业规则的王强无法容忍，极力推行改革。给俞敏洪施加压力，要他遣散母亲和亲戚；还要他果断开除犯规员工；规定开会时关机，教学区不准抽烟等。

But the problem then arises: because the mother and relatives gave Yu Minhong first-hand assistance, a family business in the new East at the beginning of the twenty-first century. This led to a return from abroad, and Wang Qiang, who focused on the rules of the business, was intolerant and pushed for reform. He was pressured to release his mother and relatives; he was also asked to dismiss the offending staff decisively; the school area was shut down at the time of the meeting; smoking was not allowed; and so forth.

　　为了给俞敏洪施压，王强连同徐小平，在明知俞敏洪不会让他俩离开的情况下，一起递了辞职信。

In order to put pressure on Yu Minhong, Wang Qiang, along with Seo Xiaoping, sent a letter of resignation knowing that Yu would not allow them to leave.

　　徐小平一直认为，自己在新东方的使命就是要指导、批评、改造俞敏洪。徐小平从来不怵于在大庭广众之下给俞敏洪难堪。虽然俞敏洪习以为常，对公众说不认为这是个大问题，但将心比心，可能也没办法完全不当一回事。

Xu Xiaoping has always believed that his mission in the new East is to guide, criticize, and transform Yu Minhong. Xu Xiaoping has never been in a position to embarrass Yu Min Hong in public.

　　作为新东方主要合伙人，他们没有一个懂资本市场运作，遇到问题，只知道批判，不去建设。当吵架成了常态，连国际著名咨询公司来了，也没能解决问题。

As major partners in the new East, none of them knew how to operate capital markets, encountered problems, were critical and did not build. When a fight became normal, even a prominent international consulting firm came and couldn't solve the problem.

　　在企业中，俞敏洪是老大，王强和徐小平总是骂他，有了友情做铺垫，发生观念冲突之后，他们总是最先把人格搭进去骂。王强说，因为俞敏洪是老大。

In the company, Yu Minhong is the boss, Wang Qiang and Seo Xiaoping always yelled at him, and with friendship as a cushion, and after a clash of ideas, they were always the first to put their personality in their mouths. Wang Qiang said that Yu Min Hong was the boss.

　　其实骂老俞的时候，王强与徐小平也不好受，所有人都将希望寄托在俞敏洪身上，骂的最凶的时候，同样也是希望最大的时候。

It is not easy for Wang Qiang and Seo Xiaoping to yell at Yu, but it is also the best time for everyone to pin their hopes on Yu Minhong.

　　可即使是这样，俞敏洪也没想过要散伙。直到有一次吵架之后，徐小平负气没有去上课，这在俞敏洪看来是底线问题，于是开了董事会要驱逐徐小平，王强投了赞成票，俞敏洪弃权。

Even so, Yu Xiaoping didn't want to break up. Until there was a fight, Seo Xiaoping did not go to class, which was the bottom line in Yu Xiaohong's view, so he opened the board to expel Xiaoping, Wang Qiang voted in favour, Yu Xiaohong abstained.

　　再到后来，王强也离开新东方了。

Then Wang Qiang left the new East.

　　向徐小平在他的书的序言里说的那样，他进入新东方时，新东方需要他，但那时，新东方已经不需要他了，他应该去寻找新的生命寄托了。

As Seo Xiaoping said in the preamble to his book, he needed him in the new East when he entered the new East, but at that time the new East no longer needed him, and it was time for him to look for new life.

　　投出一个板块

　　离开了新东方，徐小平郁闷了一段时间之后就选择进入了投资行业。

Having left the new East, Xiaoping Xiaoping chose to enter the investment industry after a period of depression.

　　这是为什么呢？让我们看看徐小平手里有点什么：

Why? Let's see what Seo Xiaoping has:

　　资本：徐小平可以说是当时国内第二有钱的老师了，而且虽然不在新东方工作了，但是股份还在，并不影响经济状况，做中后期投资不够，做早期、天使轮的够了；

Capital: Xiaoping was the second-rich teacher in the country at the time and, while not working in the new East, the shares were still in place, did not affect the economic situation, did not invest enough in the mid-to-late stage, and did enough for the early, angel wheels;

　　创业经历：像前面说到的那样，徐小平早在刚拿到音乐硕士文凭之后就回国创过业，但是因为没有商业知识和人脉，最终失败，这也使得他对于创业前期所需要的资源有一些了解，能帮助一些早期投资者少走一些弯路；

: , as mentioned earlier, Xiaoping returned home to start a business as soon as he had obtained his Master of Music degree, but the lack of business knowledge and connections ultimately failed, which also allowed him to have some understanding of the resources needed in the pre-start phase and helped some early investors to take less turns;

　　外部刺激：当年徐小平的一个朋友投资了一家公司，公司上市之后，朋友投资的20万，仅两年就翻了100倍。这样的金钱刺激，很难让人不动心；

External stimuli: A friend of Xu Xiaoping invested in a company, and after the company's listing, 200,000 of his friends's investments increased 100 times in just two years. Such monetary stimuli are hard to discourage;

　　直接诱因：当时有新东方的学生回国找到徐小平，说希望他投资自己的创业公司。徐小平质疑，学生说“因为我当年也给过新东方钱”。

direct incentive: students from the new East returned home to find Seo Xiaoping and said they wanted him to invest in his own start-up company. Xu Xiaoping questioned and the students said, "Because I also gave money to the new East."

　　有点钱，有点相关经验，想以小博大赚大钱，有项目找上门，徐小平就这么进入了投资圈。

A little money, a little experience, trying to make a lot of money with Bo, having a project, and Xiaoping getting into the investment circle.

　　从2007年开始到创立真格基金之前，徐小平一直以个人投资者身份做咨询和天使投资。后来，王强离开新东方之后，徐小平一边邀请王强一起做投资，另一边开始筹备基金建立。

From 2007 until the creation of the Genuine Fund, Seo Xiaoping has been investing as a personal investor and as an angel. Later, when Wang Xiaoping left the new East, he invited Wang Xiaoping to invest, and he started preparing the fund.

　　2011年，真格基金正式成立。立足点还是天使投资机构。

In 2011, the Genuine Fund was formally established.

　　没办法，这两人都不是正经投资专业出身。王强学的是计算机，徐小平学的是音乐，都和金融相去甚远，只能做早期投资。

No way, neither of these two are serious investment professionals. Wang Xiaoping learns computers, Xu Xiaoping learns music, both financially far apart, and only makes early investments.

　　据真格基金官网介绍，截止目前为止，真格基金已经累计投资了超过600家创业公司，其中包括了罗辑思维、小红书、VIPKID、ofo美菜、蜜芽、找钢网、英雄互娱等行业知名企业，以及世纪佳缘（NASDAQ：DATE）、聚美优品（NYSE：JMEI）、兰亭集势（NYSE：LITB）、51Talk（NYSE：COE）、牛电科技（NASDAQ：NIU）等上市企业。

According to JFW, to date, JFW has invested in more than 600 business start-ups, including .

　　这些企业有一个特点，就是互联网应用企业特别多，新生代的独角兽企业多，前期迅猛烧钱，形成几何级增长，然后很快登陆资本市场。真格基金凭借着这些企业，在中国早期投资领域中占据着的领先地位。

One feature of these enterprises is that they have a particularly large number of Internet applications, with many new-generation Licornes burning money, generating geometric growth, and then fast-tracking capital markets. With these firms, Jingeni funds have taken a leading position in China’s early investment fields.

　　而在真格基金投资的背后，有红杉资本、创新工场、经纬中国、IDG资本和险峰长青屡次成为好基友和接盘侠。其中红杉资本做了真格基金的接盘侠一共有64次，是合作关系最为紧密的投资机构。

And behind the real-age fund’s investments are red-wood capital, innovative workshops, long-term China, IDG capital, and venture peaks, who have repeatedly become best friends and handlers. Of these, Redwood capital has been a matchmaker for the real-time fund 64 times, and is the most closely associated investment agency.

　　真格投资三大特点

Three Characteristics of Real Investment

　　那我们就来说说，真格基金投资发展的三大特点：

So, let's say, the three main features of the development of the investment of the Genuine Fund:

　　投人为上

　　徐小平和王强两人并非科班出身，但两人执教数十载，阅人无数，见人见多了，自然知道“美”、“丑”之别，这正切和了“早期投资就是投人”的观点，所以做天使投资是两位的不二之选。

Xu Xiaoping and Wang Qiang are not of the same origin, but they have taught them dozens of times, have seen many, have seen many, know the difference between beauty and ugly, which is the correct thing and the view that “early investment is the investment of the people”, so it is the two of them who choose to invest in angels.

　　在徐小平看来，“投人哲学”有时候和专业其实是冲突的，甚至有时候冲突到：明明不认同你的商业模式，但我仍然愿意投你。

In Xu Xiaoping's view, the philosophy of voting is sometimes conflict, and sometimes conflict is:

　　这一切都立足于创始人的素质，相信创始人具有随市场而变的品质。就比如聚美优品的陈欧。当初陈欧从斯坦福回来时，并不是直接想做美妆电商，而是想做游戏分发平台，但是开始做的时候就发现这并不适合当时国情，一番调研后直接转头做起了美妆电商，一手打造了聚美优品，聚美优品的最高市值一度达到38亿美元。

All of this is based on the qualities of the founders, who believe in the quality of the market. For example, Chen Oo, a conglomerate of beauty, came back from Stanford not to be a make-up electrician, but to be a game distribution platform, but at the beginning to find out that it was not appropriate for the country at the time, and then to look directly at the make-up electric dealer, and to create a conglomerate of beauty, the highest market value of which was $3.8 billion at one time.

　　这就是“投人的力量”。真格基金可以算得上国内将“投资就是投人”这句话贯彻的最为彻底的机构了。

This is “the power to invest.” True funds can count as the most thorough institution in the country to implement the phrase “investment is the donor”.

　　宁可错投五个，不可放过一个

　　不管是以前，还是现在，真格基金的投资项目数量都算不得少。

Both before and now, the number of investment projects in the real-economy fund is not insignificant.

　　在徐小平还是一位个人天使投资者的时候，国内的天使投资机构极少，徐小平凭着资本实力和会看人的优势，斩获了不少好项目。成立了真格基金之后，更是竭尽所能的网罗那些优质企业。

When Xu Xiaoping was also a personal angel investor, there were very few angel investment agencies in the country, and Xiaoping gained a lot of good projects based on the strength of capital and the ability to look at people. After the establishment of the Genuine Fund, it was all the more valuable businesses.

　　据创业家报道，2014年-2015年，是真格基金投资项目数量最多的两年。近200个项目、5支美元基金和4支人民币基金，这些都是不到四十名的正式员工在两年的时间里完成的。

According to entrepreneurs, 2014-2015 was the two-year period for the largest number of real-estate funds. Nearly 200 projects, 5 dollar funds and 4 yuan funds, which were completed by less than 40 regular employees in two years.

　　但是，随着中国资本市场日趋成熟，各路资本逐渐将目光从高投资、高收益、竞争惨烈的中后期投资转移到了项目早期投资并一拥而入，以红杉资本、经纬中国为代表的投资机构开始抢占早期投资领域高地。

However, as China's capital markets matured, capital flows gradually shifted from high-investment, high-yielding, competitive mid- and later-stage investments to early investment in projects, and investment institutions, represented by redwood capital and long-term China, began to seize the early investment highlands.

　　天使投资市场逐渐由创业人找投资变成了投资人赵创业者。为了解决发展问题。真格基金联合红杉中国资本，成立了真格基金2.0，来应对越发激烈的市场竞争。

The angel investment market has evolved from an entrepreneur to an investor in Zhao. In order to solve development problems, the Genuine Fund, in association with Redwood China Capital, has established the Genuine Fund 2.0 to deal with the increasing competition in the market.

　　也正是因为这样，真格基金才能进一步扩大规模，尽所能的网罗有发展潜力的优质企业。在一众投资机构都不缺钱的时候，宁可投错五个，也不放过一个的策略提高了决策效率，这也是适应市场竞争的有效举措。

And that is why the true-world fund can expand its size to include high-quality firms with development potential as much as it can. In a time when investment institutions are not short of money, they prefer five to five, and one strategy improves the efficiency of decision-making, which is also an effective measure to adapt to competition in the market.

　　活跃，好口碑、差口碑都来源于此

active, good slogans, bad slogans all come from .

　　徐小平可能是国内最活跃的投资者之一了，网络上随便一搜，他的媒体采访、演讲、人物特写、会议记录、名言总结一大堆。

Xu Xiaoping is probably one of the most active investors in the country, searching the Internet for media interviews, speeches, close-ups of people, minutes of meetings, summing-up of famous speeches.

　　徐小平一般出现在公众面前的形象就是笑嘻嘻的，对待投资者也是十分的和善，言辞之间也很接地气，并不会让人产生很大的距离感，甚至于对于自己曾经被驱逐出新东方的事也毫不避忌，多次在讲演中提及，用来警示年轻人。

The image of Seo Xiaoping in the public eye is funny, and the treatment of investors is very good, and it does not give people a sense of distance, even when they have been expelled from the new East, and is mentioned repeatedly in speeches to warn young people.

　　这让徐小平在业内的口碑很不错。

That makes Xiaoping's reputation in the business very good.

　　不过，现在的真格基金在目前有着一些投资轮次后移的现象——总得让人家继续投那些已经投过、成功中的企业的后期吧，谁让人家先布局呢？

But now that there's some kind of investment back-to-back movement in the real world -- let's get people to go back to the later stages of what they've done and what they've done, who's gonna get them to go first?

　　真格的三大黑点

/strong'

　　但同样也是因为言行举止“活泼”，说多错多，过于引人注目，真格基金团队的黑点也不少。这些黑点不大不小，反做空研究中心试着举出三个例子，给诸位一览。

But it's also because of the “live” of words and behavior, the many errors, the high profile, and the black spots of the real-estate team. These black spots are not small, and the anti-empty research centers try to give you three examples.

　　徐小平鼓吹比特币，做空狂割韭菜事件

Xiaoping Xiaoping advocated Bitcoin for an empty carving.

　　最近两年来，徐小平并不太活跃，网上找到徐小平的近期报道并不多。

Xu Xiaoping has not been active in the last two years, and there has been little recent online coverage of Xu Xiaoping.

　　只不过，2019年初，有一篇文章挺火的文章叫做《我忍住不又想骂徐小平这个老忽悠》。这篇文章就提到了标题事件。

At the beginning of 2019, however, there was a very hot article called "Strong" "I can't stand and want to curse Xu Xiaoping" . This article refers to the headline event.

　　具体内容就是指责徐小平在2017年的12月19号，芝加哥交易所开通比特币期货交易的一个月后的2018年1月份，在明知卖币的市商们为了应对套期，会集中做空比特币的情况下，还发微博忽悠人们做多，结果一票投资者血本无归，他自己赚得盆满钵满的离开。

Specifically, in January 2018, one month after Xiaoping accused Xiaoping of opening the Bitcoin futures deal on December 19, 2017, the Chicago Exchange, while it was known that the market sellers would concentrate on bitcoin in order to deal with the set-up, posted a lot of tweets, resulting in an investor's loss of blood and his own departure.

　　合伙人陈玲身份成谜，天眼查说他学历造假

　　据天眼查资料显示，真格基金的资金管理人是这三家机构：北京真格天成投资管理有限公司、天津真格天地投资管理有限公司以及西藏达孜真格天祥投资管理有限公司。这三个公司虽然名称不同，但有一个共同点，就在于都有一个关键人物：陈玲。

According to skysight, the fund manager of JFJ is these three institutions: Beijing Gentane Investment Management Ltd., Tianjin Shintsu Investment Management Ltd., and Tibet Daz Jingen Investment Management Ltd. The three companies, though they have a different name, have one thing in common: one key figure: Chen Ling.

　　陈玲是北京真格的最终受益人，控股51%；是天津真格的最终受益人，控股82.35%；除此之外，还是西藏真格的最终受益人，控股51%。

Chen Ling was the ultimate beneficiary of Jinga Beijing, holding 51 per cent of the shares; Tianjin was the final beneficiary, holding 82.35 per cent of the shares; in addition, she was the ultimate beneficiary of Jingu Tibet, holding 51 per cent of the shares.

　　这位对真格基金如此重要的合伙人究竟是谁呢？加拿大萨斯喀彻温大学的搜狐博客显示，徐小平和陈玲是夫妻关系，都是萨大校友。不过我们没有找到徐小平和陈玲一道面对公众的照片，也没有在真格基金名下找到陈玲的照片，她究竟长什么样子，不得而知。

Who is this partner so important to the Genuine Foundation? The search for Fox blog at Saskatchewan University, Canada, shows that Seo Xiaoping and Chen Ling are husband-and-wife relationships and alumni. But we didn't find any pictures of Seo Xiaoping and Chen Ling facing the public together, nor did we find any pictures of Chen Ling under the name of the Genuine Foundation, and it's not clear what she looks like.

　　不过根据天眼查的资料，我们还看到关于陈玲有这样一句描述： 

However, on the basis of the information found in Heaven's eyes, we also see a description of Chen Ling: & nbsp;

　　对于图示时间的具体描述，请移步经济日报文章《开除患癌女教师的兰州交大博文学院，院长被质疑博士学位造假》。我们现在无法确认这位兰州交通大学文学院的女院长陈玲和真格基金陈玲究竟是否是同一个人，但作为一位吃瓜群众，我们只能在这里坐着围观，但没有发现真格基金有什么声明或说明。当然，反做空研究中心希望两个陈玲不是同一人，否则陷于风评缺陷的合伙人和最大受益人，会让投资者睡不着觉。

For a detailed description of the indicative time, please note the article of the Daily Journal of Transient Economy, " The University of Lanzhou, which dismissed female cancer teachers, where the Dean is questioned about the counterfeiting of the doctoral degree ". We cannot now confirm whether the woman president of the Faculty of Arts of Lanzhou Transport University, Chen Ling and Jinge Foundation Chen Ling, are the same person, but as a cucumber-eating crowd, we can only sit around here, but we find no statement or explanation from the Genuine Foundation. Of course, CSR hopes that the two Chen Ling are not the same person, otherwise the partner and the biggest beneficiary, who is in a state of discomfort, will not sleep with the investors.

　　什么叫情怀？什么叫故作姿态？

What do you mean, "strong"? What do you mean, "strong"?

　　一位真格基金的公关写了一篇文章名叫《北京风起时：我如何在万亿估值梦中保持镇定》，随后真格基金的官微博也发了这篇文章，换了一个名字，叫做《阴谋、背叛，理想主义|我如何在亿万估值迷梦中保持镇定？》。

A Genuine Fund publicist wrote an article called Beijing Wind: How can I keep calm in a trillion-dollar valuation dream, and then Genuine Foundation official Weibo sent the article with a new name called Conspiracy, Betrayal, Idealism How can I keep calm in a billion-valued dream?

　　这篇文章引发了不小的热度，该文章没有体现一点清醒，而是充斥着上位者对下位者的蔑视，将前来真格寻求资金支持的创业者们，描绘成“礼盒男”、“赚过1000多万虽然亏了但我还有梦快给我10万男”，“怀疑创意被盗精神崩溃男”，“Word乱七八糟天天堵投资人中专男”等等。言辞之间，真是潇洒得很呐，轮不到这位公关经理指点江山，真是糟践人才了。

This article, which has given rise to a lot of heat, does not reflect a bit of soberness, but rather is replete with the contempt of superiors for their subordinates, portrays entrepreneurs who come to the truth and seek financial support as “the man of the gift box”, “the man who earned more than 10 million dollars, but I still have a dream to give me 100,000 men”, “the man who suspected of the theft of ideas, the man who is the prime investor” and so on. It's a terrible thing to say.

　　哈哈哈哈哈，创投圈里什么人都有。可不知道下一个马云是谁，姑且看吧。　

Ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-a-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ah-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-a-a-ha-ha-ha-ha-ah-ah-ah-ah-ah-ah-ha-ha-ha-ha-ah-ah-ah-ah-ha-ha-ah-ah-ah-ha-ah-ah-ah-ah-ah-ah-ha-ha-ah-ah-ah-ha-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-

　　反做空研究中心会持续为你关注真格基金。

The Anti-Air Research Center will keep an eye on the Genuine Fund.

免责声明：自媒体综合提供的内容均源自自媒体，版权归原作者所有，转载请联系原作者并获许可。文章观点仅代表作者本人，不代表新浪立场。若内容涉及投资建议，仅供参考勿作为投资依据。投资有风险，入市需谨慎。

责任编辑：唐婧