China will need in the decades to come rather for afterschool tutoring which arguably doesn't have much of an effect on the real economy. So really this is a case of the Chinese central state trying as they always do to pick winners and direct from

在未來幾十年裡，中國需要的是課外輔導，而課外輔導對實體經濟的影響可以說並不大。是以，這實際上是中國中央政府試圖一如既往地挑選贏家，並直接從

Beijing the economy and more than that consumer spending.

北京的經濟，更多的是消費支出。

Well I would argue that it's more geared to providing relief to Chinese families that that this move is painful at a spin for investors both publicly as well as in the private space. It's largely largely been cheered by social media in China that parents are saying thank you to the government for relieving them from having to pay very high percentages of their income to have to deal with afterschool tutoring. So I don't I don't think it's necessarily picking winners as opposed to listening to what the population wants. And this is clearly something that they wanted relief from and they got it which would be a positive. Brendan in the long run. But I think the stocks and investors now just have a lot of uncertainty about what sectors China may be coming for next. You know in the K Web phone which is kind of the flagship everyone follows that you guys have. You don't have D.D. in there.

我想說的是，此舉更多的是為了給中國家庭提供救濟，無論是對公眾投資者還是對私人投資者來說，此舉都是痛苦的。這在很大程度上受到了中國社交媒體的歡呼，家長們紛紛表示，感謝政府減輕了他們的負擔，使他們不必再為課外輔導支付很高比例的收入。是以，我不認為這一定是在挑選贏家，而不是傾聽民眾的需求。而這顯然是他們所希望的，他們得到了緩解，這將是一個積極的方面。從長遠來看，布倫丹。但我認為，現在的股票和投資者對於中國下一步可能會在哪些領域採取行動還存在很多不確定性。你知道在 K 網絡手機，這是一種旗艦，每個人都遵循你們有。

Is that just because it hadn't qualified yet in terms of timing or are there. Are you kind of going through and trying to figure out if that one needs to be specifically excluded. I'm just curious what you know what to do now as the Chinese government is more than ever involved with its marquee tech Internet names. Yeah. In the case of D.D. it's very clear that whether explicitly or implicitly they probably shouldn't have gone public that very similar. What's happening to D.D. is kind of what why they stopped

是因為它在時間上還不符合條件，還是有其他原因？你是在考慮是否要把它排除在外？我只是很好奇，中國政府比以往任何時候都更加重視科技互聯網公司的名字，你現在知道該怎麼做了嗎？是的，在 D.D. 的案例中，很明顯，不管是明示還是暗示，他們都不應該公開那個非常相似的名字。D.D.發生的事情，就是他們停止的原因。

Ant Group from going public which was if you're about to get regulated to be supervised and you go public then your IPO prospectus financials aren't reflective of that regulation. And you know Ant was going to go public in Hong Kong so they could stop that. They couldn't stop the foreign listing of D.D. So we believe it is going to be heavily fined. And K Web's index provider has made the decision not to include D.D. until there's more clarification.

螞蟻金服集團被禁止上市的原因是，如果你即將被監管，而你又上市了，那麼你的首次公開募股說明書中的財務數據就不能反映監管要求。你知道螞蟻金服要在香港上市，所以他們可以阻止。他們無法阻止 D.D.在國外上市，是以我們相信它將受到重罰。K Web 的指數提供商已決定在進一步澄清之前不納入 D.D.。

Shepard Smith here. Thanks for watching CNBC on YouTube.

我是謝潑德-史密斯。感謝您收看 YouTube 上的 CNBC。