名人的時間能像股票一樣交易？時間交易平臺合規性存疑大綱
The Beijing-based app was founded in late 2016, and describes itself as the world’s first “time-trading platform” that helps “unearth people’s potential” and “helps people see who they want to see.”
“秒啊”交易平臺創立於2016年底，總部位於北京，自稱是全球首個“時間交易平臺”，旨在“挖掘人們的潛力”，“幫助人們見到他們想見到的人”。
該公司會與一些網紅、明星、企業家、創業者等具有變現潛質的名人簽約，以相對低價買斷其部分時間，然後再將時間拆分成秒，讓投資者申購後在其交易平臺上交易，整個過程類似於股票公開發行的“打新”以及之後的二級市場交易。用戶持有的名人時間達到一定數量後，可以兌換行權服務。線上行權1秒起售，線下2小時起售。
The platform profits by charging a 3 percent service fee on all exchanges. To put users at ease, all transactions are managed through the online payment platform of tech giant Sina. According to the app, an average month sees users trade 300 to 400 million yuan ($45-60 million) in seconds of celebrities’ time.
該平臺通過收取3%的交易服務費盈利。爲了讓用戶放心，所有的交易由科技巨頭新浪的在線支付平臺管理。據“秒啊”稱，名人時間的月均交易額爲3-4億元。
The market is primarily driven by China’s growing fan economy: Every second bought can be cashed in for celebrity interactions. One second gets you one line in a text-based chat, while voice or video calls cost a minimum of 600 seconds. Those hoping to meet the celebrity in person must redeem a minimum of 7,200 seconds.
中國不斷增長的粉絲經濟是這個市場的主要驅動力：用戶購買的每秒鐘都可以兌換成與名人的互動時間。1秒可以兌換一條文字聊天消息，而語音或視頻通話至少需要600秒。想和名人見面的用戶至少要兌換7200秒。
The app’s homepage displays a counter showing how many celebrity seconds have been spent: 3.19 million at the time of writing. Beneath, featured celebrities entice users to buy their time.
該應用程序主頁上有一個計數器，上面顯示目前已被消費的名人時間爲319萬秒。下面展示了一些名人，來吸引用戶購買他們的時間。
More than 500 celebrities appear on the platform, including actors, show hosts, music producers, entrepreneurs, athletes, and even a professional player of popular video game “League of Legends”. You can buy time from an Olympic speed skater, which you can redeem for skating lessons, or from celebrity entrepreneurs and investors offering business consultations.
“秒啊”平臺上有500多位名人，包括演員、主持人、音樂製作人、企業家、運動員，甚至還有人氣電遊《英雄聯盟》的職業玩家。你可以購買奧運會速滑選手的時間，兌換滑冰課程，或者購買知名企業家、提供商業諮詢的投資人的時間。
Zhang Yuan, lead singer of the Mandopop boy band “Top Combine”, offers seconds that can be redeemed for a personalized recording to be used as a ring tone or alarm. One grateful comment reads, “My little sister is super happy, thank you, kind Zhang Yuan!”
華語流行音樂男子組合“至上勵合”隊長張遠出售的時間能兌換成可設置爲鈴聲或鬧鈴的專屬錄音。一條滿懷感激的評論寫道：“我的妹妹超開心，謝謝你，善良的張遠！”
“秒啊”交易平臺的設計類似股市大盤，每位名人的時間價值都配有代碼、時間指數、K線圖、成交量等。與股票交易相類似，“秒啊”也設置了相關交易規則。
每當有新的名人發行時間，用戶可以進行申購。與A股市場相同，秒啊也設有申購額度限制，系統會採用搖號抽籤的形式確定中籤情況。
Business-savvy users can also opt to trade their celebrity seconds in an open exchange. Similar to a stock market, the value of each celebrity’s seconds fluctuates. Trading hours are set from Monday to Saturday.
有經濟頭腦的用戶還可以在開放的交易平臺上買賣他們的名人時間。和股票市場類似，每個名人的時間價值都是波動的。交易時間爲週一至週六。
“秒啊”平臺的名人時間價格也有漲跌停板，最高漲跌幅可達100%。
It is the trading function that has raised questions among legal experts.
正是這項交易功能遭到了法律專家的質疑。
On Tuesday, The Paper, reported that despite having government approval as an app, Miao A harbors financial risks and technical bugs.
澎湃新聞21日報道稱，儘管“秒啊”作爲一款應用程序具有政府許可，但其存在金融風險和技術缺陷。
Liu Xinyu, an attorney at Dentons Law Offices in Shanghai, told The Paper that despite the platform’s bold claims, “time” is not a commodity that can be traded, and the app violates regulations for stock exchanges.
上海大成律師事務所律師劉新宇告訴澎湃新聞，雖然該平臺打着“時間交易”的旗號，但是“時間”並非可以進行買賣的商品，該應用程序違反了證券交易的法規。
The Paper also found that most celebrities’ seconds follow the same pattern: On the day they’re issued, they increase in value rapidly from their initial price, before hitting a peak and dropping back down to their starting price. Most then remain fairly stable.
澎湃新聞還發現，大部分名人時間的交易情況都遵循以下規律：名人時間的價格在發行當天迅速上升，達到峯值後又回落到起始價，之後大多數都保持相對穩定。
名人的時間價格呈明顯倒“V”字型。有用戶在開始下跌的首日大量拋售，也有用戶在最後一個漲停日大筆買入。專家警告，從長遠來看，當一個平臺變得很大時，倘若用戶紛紛開始追逐高收益而頻繁轉讓手中的“時間”，當爲賺快錢的投機者數量遠超過爲行權兌換而買入時間的黏性粉絲時，投機風險隱患不可小覷。
