罗宾汉市场股份有限公司：商业模式挑战 Robinhood Markets Inc.: Business Model Challenges (Simplified Chinese version)

2021年1月底，总部位于加州的初创公司罗宾汉市场股份公司(Robinhood Markets Inc.) 面临法律和市场的挑战，这家公司以零佣金交易颠覆了证券经纪行业。美国证交会曾对该公司处以巨额罚款，原因是该公司未充分披露向市场经纪人支付的款项。此外，州监管机构已就这家初创公司的投资“游戏化”提出行政投诉，据称这可能导致不知情的客户蒙受损失。GameStop 公司股价的大幅上涨使罗宾汉及其商业行为成为人们关注的焦点。在竞争方面，嘉信理财和中国初创企业微牛证券等传统券商都在挑战罗宾汉的千禧一代投资者客户群。罗宾汉的联合创始人兼首席执行官弗拉基米尔·特涅夫和他的团队需要应对这些挑战，以便公司能够在2021年3月提交文件，申请2021年年中首次公开募股。

In late January 2021, Robinhood Markets Inc. (Robinhood), the California-based start-up that had upended the securities brokerage industry with its zero-commission trades, faced legal and market challenges. The US Securities and Exchange Commission had imposed a hefty fine on the company for its inadequate disclosure of payments to market brokers. In addition, a state regulator had filed an administrative complaint about the start-up's "gamification" of investing that had arguably led unwitting customers to lose money. A huge run-up in the stock of GameStop Corp. had put the spotlight on Robinhood and its business practices. On the competitive front, both traditional brokers such as Charles Schwab Corporation and Webull Financial LLC, a China-based start-up, were challenging Robinhood for the millennial investor customer base. Robinhood’s co-founder and chief executive officer, Vladimir Tenev, and his team needed to respond to these challenges so the company could file papers in March 2021 for a mid-2021 initial public offering.