id	sid	tid	token	lemma	pos
fbem-30089	1	1	frontiers	frontier	NOUN
fbem-30089	1	2	in	in	ADP
fbem-30089	1	3	business	business	NOUN
fbem-30089	1	4	,	,	PUNCT
fbem-30089	1	5	economics	economic	NOUN
fbem-30089	1	6	and	and	CCONJ
fbem-30089	1	7	management	management	NOUN
fbem-30089	1	8	issn	issn	PROPN
fbem-30089	1	9	:	:	PUNCT
fbem-30089	1	10	2766	2766	NUM
fbem-30089	1	11	-	-	PUNCT
fbem-30089	1	12	824x	824x	NUM
fbem-30089	1	13	|	|	ADJ
fbem-30089	1	14	vol	vol	NOUN
fbem-30089	1	15	.	.	PROPN
fbem-30089	1	16	18	18	NUM
fbem-30089	1	17	,	,	PUNCT
fbem-30089	1	18	no	no	INTJ
fbem-30089	1	19	.	.	NOUN
fbem-30089	1	20	3	3	NUM
fbem-30089	1	21	,	,	PUNCT
fbem-30089	1	22	2025	2025	NUM
fbem-30089	1	23	151	151	NUM
fbem-30089	1	24	research	research	NOUN
fbem-30089	1	25	on	on	ADP
fbem-30089	1	26	the	the	DET
fbem-30089	1	27	valuation	valuation	NOUN
fbem-30089	1	28	of	of	ADP
fbem-30089	1	29	internet	internet	NOUN
fbem-30089	1	30	companies	company	NOUN
fbem-30089	1	31	based	base	VERB
fbem-30089	1	32	on	on	ADP
fbem-30089	1	33	metcalfe	metcalfe	PROPN
fbem-30089	1	34	’s	’s	PART
fbem-30089	1	35	law	law	PROPN
fbem-30089	1	36	anqi	anqi	PROPN
fbem-30089	1	37	zhang	zhang	PROPN
fbem-30089	2	1	*	*	PUNCT
fbem-30089	2	2	,	,	PUNCT
fbem-30089	2	3	yi	yi	PROPN
fbem-30089	2	4	yang	yang	PROPN
fbem-30089	2	5	guangxi	guangxi	PROPN
fbem-30089	2	6	university	university	PROPN
fbem-30089	2	7	of	of	ADP
fbem-30089	2	8	science	science	NOUN
fbem-30089	2	9	and	and	CCONJ
fbem-30089	2	10	technology	technology	NOUN
fbem-30089	2	11	,	,	PUNCT
fbem-30089	2	12	liuzhou	liuzhou	NOUN
fbem-30089	2	13	,	,	PUNCT
fbem-30089	2	14	545000	545000	NUM
fbem-30089	2	15	,	,	PUNCT
fbem-30089	2	16	china	china	PROPN
fbem-30089	2	17	*	*	PUNCT
fbem-30089	2	18	corresponding	correspond	VERB
fbem-30089	2	19	author	author	NOUN
fbem-30089	2	20	:	:	PUNCT
fbem-30089	2	21	anqi	anqi	PROPN
fbem-30089	2	22	zhang	zhang	PROPN
fbem-30089	2	23	(	(	PUNCT
fbem-30089	2	24	email	email	NOUN
fbem-30089	2	25	:	:	PUNCT
fbem-30089	2	26	1798762372@qq.com	1798762372@qq.com	NUM
fbem-30089	2	27	)	)	PUNCT
fbem-30089	2	28	abstract	abstract	NOUN
fbem-30089	2	29	:	:	PUNCT
fbem-30089	2	30	this	this	DET
fbem-30089	2	31	paper	paper	NOUN
fbem-30089	2	32	employs	employ	VERB
fbem-30089	2	33	metcalfe	metcalfe	PROPN
fbem-30089	2	34	's	's	PART
fbem-30089	2	35	law	law	NOUN
fbem-30089	2	36	to	to	PART
fbem-30089	2	37	study	study	VERB
fbem-30089	2	38	the	the	DET
fbem-30089	2	39	valuation	valuation	NOUN
fbem-30089	2	40	issues	issue	NOUN
fbem-30089	2	41	of	of	ADP
fbem-30089	2	42	social	social	ADJ
fbem-30089	2	43	network	network	NOUN
fbem-30089	2	44	platform	platform	NOUN
fbem-30089	2	45	companies	company	NOUN
fbem-30089	2	46	,	,	PUNCT
fbem-30089	2	47	using	use	VERB
fbem-30089	2	48	kuaishou	kuaishou	NOUN
fbem-30089	2	49	as	as	ADP
fbem-30089	2	50	a	a	DET
fbem-30089	2	51	case	case	NOUN
fbem-30089	2	52	study	study	NOUN
fbem-30089	2	53	to	to	PART
fbem-30089	2	54	validate	validate	VERB
fbem-30089	2	55	the	the	DET
fbem-30089	2	56	model	model	NOUN
fbem-30089	2	57	,	,	PUNCT
fbem-30089	2	58	thereby	thereby	ADV
fbem-30089	2	59	providing	provide	VERB
fbem-30089	2	60	new	new	ADJ
fbem-30089	2	61	insights	insight	NOUN
fbem-30089	2	62	for	for	ADP
fbem-30089	2	63	the	the	DET
fbem-30089	2	64	valuation	valuation	NOUN
fbem-30089	2	65	of	of	ADP
fbem-30089	2	66	such	such	ADJ
fbem-30089	2	67	companies	company	NOUN
fbem-30089	2	68	.	.	PUNCT
fbem-30089	3	1	first	first	ADV
fbem-30089	3	2	,	,	PUNCT
fbem-30089	3	3	th	th	X
fbem-30089	3	4	e	e	NOUN
fbem-30089	3	5	paper	paper	NOUN
fbem-30089	3	6	outlines	outline	VERB
fbem-30089	3	7	the	the	DET
fbem-30089	3	8	background	background	NOUN
fbem-30089	3	9	and	and	CCONJ
fbem-30089	3	10	significance	significance	NOUN
fbem-30089	3	11	of	of	ADP
fbem-30089	3	12	researching	research	VERB
fbem-30089	3	13	these	these	DET
fbem-30089	3	14	companies	company	NOUN
fbem-30089	3	15	,	,	PUNCT
fbem-30089	3	16	summarizing	summarize	VERB
fbem-30089	3	17	the	the	DET
fbem-30089	3	18	content	content	NOUN
fbem-30089	3	19	and	and	CCONJ
fbem-30089	3	20	approach	approach	NOUN
fbem-30089	3	21	of	of	ADP
fbem-30089	3	22	the	the	DET
fbem-30089	3	23	study	study	NOUN
fbem-30089	3	24	.	.	PUNCT
fbem-30089	4	1	it	it	PRON
fbem-30089	4	2	then	then	ADV
fbem-30089	4	3	discusses	discuss	VERB
fbem-30089	4	4	the	the	DET
fbem-30089	4	5	challenges	challenge	NOUN
fbem-30089	4	6	in	in	ADP
fbem-30089	4	7	valuing	value	VERB
fbem-30089	4	8	internet	internet	NOUN
fbem-30089	4	9	companies	company	NOUN
fbem-30089	4	10	and	and	CCONJ
fbem-30089	4	11	determines	determine	VERB
fbem-30089	4	12	the	the	DET
fbem-30089	4	13	use	use	NOUN
fbem-30089	4	14	of	of	ADP
fbem-30089	4	15	a	a	DET
fbem-30089	4	16	modified	modify	VERB
fbem-30089	4	17	metcalfe	metcalfe	PROPN
fbem-30089	4	18	model	model	NOUN
fbem-30089	4	19	for	for	ADP
fbem-30089	4	20	research	research	NOUN
fbem-30089	4	21	.	.	PUNCT
fbem-30089	5	1	finally	finally	ADV
fbem-30089	5	2	,	,	PUNCT
fbem-30089	5	3	kuaishou	kuaishou	PROPN
fbem-30089	5	4	is	be	AUX
fbem-30089	5	5	selected	select	VERB
fbem-30089	5	6	for	for	ADP
fbem-30089	5	7	valuation	valuation	NOUN
fbem-30089	5	8	analysis	analysis	NOUN
fbem-30089	5	9	,	,	PUNCT
fbem-30089	5	10	leading	lead	VERB
fbem-30089	5	11	to	to	ADP
fbem-30089	5	12	the	the	DET
fbem-30089	5	13	following	follow	VERB
fbem-30089	5	14	conclusions	conclusion	NOUN
fbem-30089	5	15	:	:	PUNCT
fbem-30089	5	16	(	(	PUNCT
fbem-30089	5	17	1	1	X
fbem-30089	5	18	)	)	PUNCT
fbem-30089	5	19	user	user	NOUN
fbem-30089	5	20	scale	scale	NOUN
fbem-30089	5	21	is	be	AUX
fbem-30089	5	22	a	a	DET
fbem-30089	5	23	source	source	NOUN
fbem-30089	5	24	of	of	ADP
fbem-30089	5	25	value	value	NOUN
fbem-30089	5	26	for	for	ADP
fbem-30089	5	27	social	social	ADJ
fbem-30089	5	28	network	network	NOUN
fbem-30089	5	29	platform	platform	NOUN
fbem-30089	5	30	companies	company	NOUN
fbem-30089	5	31	but	but	CCONJ
fbem-30089	5	32	not	not	PART
fbem-30089	5	33	the	the	DET
fbem-30089	5	34	sole	sole	ADJ
fbem-30089	5	35	determining	determine	VERB
fbem-30089	5	36	factor	factor	NOUN
fbem-30089	5	37	.	.	PUNCT
fbem-30089	6	1	(	(	PUNCT
fbem-30089	6	2	2	2	X
fbem-30089	6	3	)	)	PUNCT
fbem-30089	6	4	the	the	DET
fbem-30089	6	5	metcalfe	metcalfe	PROPN
fbem-30089	6	6	model	model	NOUN
fbem-30089	6	7	can	can	AUX
fbem-30089	6	8	approximately	approximately	ADV
fbem-30089	6	9	reflect	reflect	VERB
fbem-30089	6	10	the	the	DET
fbem-30089	6	11	value	value	NOUN
fbem-30089	6	12	trends	trend	NOUN
fbem-30089	6	13	of	of	ADP
fbem-30089	6	14	social	social	ADJ
fbem-30089	6	15	network	network	NOUN
fbem-30089	6	16	platform	platform	NOUN
fbem-30089	6	17	companies	company	NOUN
fbem-30089	6	18	,	,	PUNCT
fbem-30089	6	19	but	but	CCONJ
fbem-30089	6	20	it	it	PRON
fbem-30089	6	21	is	be	AUX
fbem-30089	6	22	not	not	PART
fbem-30089	6	23	perfectly	perfectly	ADV
fbem-30089	6	24	suited	suited	ADJ
fbem-30089	6	25	for	for	ADP
fbem-30089	6	26	the	the	DET
fbem-30089	6	27	valuation	valuation	NOUN
fbem-30089	6	28	of	of	ADP
fbem-30089	6	29	all	all	DET
fbem-30089	6	30	such	such	ADJ
fbem-30089	6	31	companies	company	NOUN
fbem-30089	6	32	.	.	PUNCT
fbem-30089	7	1	keywords	keyword	NOUN
fbem-30089	7	2	:	:	PUNCT
fbem-30089	7	3	metcalfe	metcalfe	PROPN
fbem-30089	7	4	’s	’s	PART
fbem-30089	7	5	law	law	NOUN
fbem-30089	7	6	,	,	PUNCT
fbem-30089	7	7	enterprise	enterprise	NOUN
fbem-30089	7	8	valuation	valuation	NOUN
fbem-30089	7	9	,	,	PUNCT
fbem-30089	7	10	social	social	ADJ
fbem-30089	7	11	networking	networking	NOUN
fbem-30089	7	12	.	.	PUNCT
fbem-30089	8	1	1	1	X
fbem-30089	8	2	.	.	X
fbem-30089	8	3	introduction	introduction	NOUN
fbem-30089	8	4	social	social	ADJ
fbem-30089	8	5	networks	network	NOUN
fbem-30089	8	6	have	have	AUX
fbem-30089	8	7	grown	grow	VERB
fbem-30089	8	8	from	from	ADP
fbem-30089	8	9	their	their	PRON
fbem-30089	8	10	infancy	infancy	NOUN
fbem-30089	8	11	to	to	ADP
fbem-30089	8	12	widespread	widespread	ADJ
fbem-30089	8	13	popularity	popularity	NOUN
fbem-30089	8	14	over	over	ADP
fbem-30089	8	15	the	the	DET
fbem-30089	8	16	past	past	ADJ
fbem-30089	8	17	decade	decade	NOUN
fbem-30089	8	18	,	,	PUNCT
fbem-30089	8	19	with	with	ADP
fbem-30089	8	20	the	the	DET
fbem-30089	8	21	market	market	NOUN
fbem-30089	8	22	size	size	NOUN
fbem-30089	8	23	of	of	ADP
fbem-30089	8	24	social	social	ADJ
fbem-30089	8	25	networks	network	NOUN
fbem-30089	8	26	significantly	significantly	ADV
fbem-30089	8	27	increasing	increase	VERB
fbem-30089	8	28	.	.	PUNCT
fbem-30089	9	1	in	in	ADP
fbem-30089	9	2	2022	2022	NUM
fbem-30089	9	3	,	,	PUNCT
fbem-30089	9	4	the	the	DET
fbem-30089	9	5	number	number	NOUN
fbem-30089	9	6	of	of	ADP
fbem-30089	9	7	social	social	ADJ
fbem-30089	9	8	network	network	NOUN
fbem-30089	9	9	platform	platform	NOUN
fbem-30089	9	10	users	user	NOUN
fbem-30089	9	11	in	in	ADP
fbem-30089	9	12	china	china	PROPN
fbem-30089	9	13	reached	reach	VERB
fbem-30089	9	14	1.03	1.03	NUM
fbem-30089	9	15	billion	billion	NUM
fbem-30089	9	16	,	,	PUNCT
fbem-30089	9	17	an	an	DET
fbem-30089	9	18	increase	increase	NOUN
fbem-30089	9	19	of	of	ADP
fbem-30089	9	20	8.0	8.0	NUM
fbem-30089	9	21	%	%	NOUN
fbem-30089	9	22	year	year	NOUN
fbem-30089	9	23	-	-	PUNCT
fbem-30089	9	24	on	on	ADP
fbem-30089	9	25	-	-	PUNCT
fbem-30089	9	26	year	year	NOUN
fbem-30089	9	27	,	,	PUNCT
fbem-30089	9	28	and	and	CCONJ
fbem-30089	9	29	is	be	AUX
fbem-30089	9	30	expected	expect	VERB
fbem-30089	9	31	to	to	PART
fbem-30089	9	32	reach	reach	VERB
fbem-30089	9	33	1.08	1.08	NUM
fbem-30089	9	34	billion	billion	NUM
fbem-30089	9	35	in	in	ADP
fbem-30089	9	36	2023	2023	NUM
fbem-30089	9	37	.	.	PUNCT
fbem-30089	10	1	chinese	chinese	ADJ
fbem-30089	10	2	social	social	ADJ
fbem-30089	10	3	network	network	NOUN
fbem-30089	10	4	platforms	platform	NOUN
fbem-30089	10	5	can	can	AUX
fbem-30089	10	6	generally	generally	ADV
fbem-30089	10	7	be	be	AUX
fbem-30089	10	8	divided	divide	VERB
fbem-30089	10	9	into	into	ADP
fbem-30089	10	10	relationship	relationship	NOUN
fbem-30089	10	11	-	-	PUNCT
fbem-30089	10	12	based	base	VERB
fbem-30089	10	13	(	(	PUNCT
fbem-30089	10	14	e.g.	e.g.	ADV
fbem-30089	10	15	,	,	PUNCT
fbem-30089	10	16	wechat	wechat	NOUN
fbem-30089	10	17	,	,	PUNCT
fbem-30089	10	18	qq	qq	INTJ
fbem-30089	10	19	,	,	PUNCT
fbem-30089	10	20	accounting	account	VERB
fbem-30089	10	21	for	for	ADP
fbem-30089	10	22	62.2	62.2	NUM
fbem-30089	10	23	%	%	NOUN
fbem-30089	10	24	)	)	PUNCT
fbem-30089	10	25	and	and	CCONJ
fbem-30089	10	26	content	content	NOUN
fbem-30089	10	27	-	-	PUNCT
fbem-30089	10	28	based	base	VERB
fbem-30089	10	29	(	(	PUNCT
fbem-30089	10	30	e.g.	e.g.	ADV
fbem-30089	10	31	,	,	PUNCT
fbem-30089	10	32	weibo	weibo	NOUN
fbem-30089	10	33	)	)	PUNCT
fbem-30089	10	34	.	.	PUNCT
fbem-30089	11	1	social	social	ADJ
fbem-30089	11	2	platforms	platform	NOUN
fbem-30089	11	3	are	be	AUX
fbem-30089	11	4	important	important	ADJ
fbem-30089	11	5	information	information	NOUN
fbem-30089	11	6	collection	collection	NOUN
fbem-30089	11	7	points	point	NOUN
fbem-30089	11	8	for	for	ADP
fbem-30089	11	9	internet	internet	NOUN
fbem-30089	11	10	companies	company	NOUN
fbem-30089	11	11	,	,	PUNCT
fbem-30089	11	12	with	with	ADP
fbem-30089	11	13	vast	vast	ADJ
fbem-30089	11	14	user	user	NOUN
fbem-30089	11	15	bases	basis	NOUN
fbem-30089	11	16	and	and	CCONJ
fbem-30089	11	17	significant	significant	ADJ
fbem-30089	11	18	marketing	marketing	NOUN
fbem-30089	11	19	value	value	NOUN
fbem-30089	11	20	.	.	PUNCT
fbem-30089	12	1	activating	activate	VERB
fbem-30089	12	2	the	the	DET
fbem-30089	12	3	value	value	NOUN
fbem-30089	12	4	of	of	ADP
fbem-30089	12	5	user	user	NOUN
fbem-30089	12	6	chains	chain	NOUN
fbem-30089	12	7	is	be	AUX
fbem-30089	12	8	key	key	ADJ
fbem-30089	12	9	to	to	ADP
fbem-30089	12	10	profitability	profitability	NOUN
fbem-30089	12	11	.	.	PUNCT
fbem-30089	13	1	with	with	ADP
fbem-30089	13	2	frequent	frequent	ADJ
fbem-30089	13	3	asset	asset	NOUN
fbem-30089	13	4	restructuring	restructuring	NOUN
fbem-30089	13	5	,	,	PUNCT
fbem-30089	13	6	mergers	merger	NOUN
fbem-30089	13	7	,	,	PUNCT
fbem-30089	13	8	acquisitions	acquisition	NOUN
fbem-30089	13	9	,	,	PUNCT
fbem-30089	13	10	and	and	CCONJ
fbem-30089	13	11	capital	capital	NOUN
fbem-30089	13	12	operations	operation	NOUN
fbem-30089	13	13	among	among	ADP
fbem-30089	13	14	major	major	ADJ
fbem-30089	13	15	mobile	mobile	ADJ
fbem-30089	13	16	social	social	ADJ
fbem-30089	13	17	platform	platform	NOUN
fbem-30089	13	18	companies	company	NOUN
fbem-30089	13	19	,	,	PUNCT
fbem-30089	13	20	effective	effective	ADJ
fbem-30089	13	21	valuation	valuation	NOUN
fbem-30089	13	22	of	of	ADP
fbem-30089	13	23	social	social	ADJ
fbem-30089	13	24	platforms	platform	NOUN
fbem-30089	13	25	can	can	AUX
fbem-30089	13	26	provide	provide	VERB
fbem-30089	13	27	a	a	DET
fbem-30089	13	28	solid	solid	ADJ
fbem-30089	13	29	basis	basis	NOUN
fbem-30089	13	30	for	for	ADP
fbem-30089	13	31	fair	fair	ADJ
fbem-30089	13	32	and	and	CCONJ
fbem-30089	13	33	reasonable	reasonable	ADJ
fbem-30089	13	34	transaction	transaction	NOUN
fbem-30089	13	35	prices	price	NOUN
fbem-30089	13	36	in	in	ADP
fbem-30089	13	37	the	the	DET
fbem-30089	13	38	public	public	ADJ
fbem-30089	13	39	market	market	NOUN
fbem-30089	13	40	.	.	PUNCT
fbem-30089	14	1	however	however	ADV
fbem-30089	14	2	,	,	PUNCT
fbem-30089	14	3	the	the	DET
fbem-30089	14	4	rapid	rapid	ADJ
fbem-30089	14	5	and	and	CCONJ
fbem-30089	14	6	ever	ever	ADV
fbem-30089	14	7	-	-	PUNCT
fbem-30089	14	8	changing	change	VERB
fbem-30089	14	9	development	development	NOUN
fbem-30089	14	10	of	of	ADP
fbem-30089	14	11	the	the	DET
fbem-30089	14	12	social	social	ADJ
fbem-30089	14	13	network	network	NOUN
fbem-30089	14	14	industry	industry	NOUN
fbem-30089	14	15	,	,	PUNCT
fbem-30089	14	16	combined	combine	VERB
fbem-30089	14	17	with	with	ADP
fbem-30089	14	18	the	the	DET
fbem-30089	14	19	unique	unique	ADJ
fbem-30089	14	20	asset	asset	NOUN
fbem-30089	14	21	attributes	attribute	NOUN
fbem-30089	14	22	and	and	CCONJ
fbem-30089	14	23	business	business	NOUN
fbem-30089	14	24	characteristics	characteristic	NOUN
fbem-30089	14	25	of	of	ADP
fbem-30089	14	26	social	social	ADJ
fbem-30089	14	27	network	network	NOUN
fbem-30089	14	28	platforms	platform	NOUN
fbem-30089	14	29	,	,	PUNCT
fbem-30089	14	30	makes	make	VERB
fbem-30089	14	31	traditional	traditional	ADJ
fbem-30089	14	32	valuation	valuation	NOUN
fbem-30089	14	33	theories	theory	NOUN
fbem-30089	14	34	and	and	CCONJ
fbem-30089	14	35	methods	method	NOUN
fbem-30089	14	36	limited	limit	VERB
fbem-30089	14	37	in	in	ADP
fbem-30089	14	38	assessing	assess	VERB
fbem-30089	14	39	their	their	PRON
fbem-30089	14	40	value	value	NOUN
fbem-30089	14	41	.	.	PUNCT
fbem-30089	15	1	it	it	PRON
fbem-30089	15	2	is	be	AUX
fbem-30089	15	3	essential	essential	ADJ
fbem-30089	15	4	to	to	PART
fbem-30089	15	5	"	"	PUNCT
fbem-30089	15	6	adapt	adapt	VERB
fbem-30089	15	7	to	to	ADP
fbem-30089	15	8	local	local	ADJ
fbem-30089	15	9	conditions	condition	NOUN
fbem-30089	15	10	"	"	PUNCT
fbem-30089	15	11	and	and	CCONJ
fbem-30089	15	12	choose	choose	VERB
fbem-30089	15	13	emerging	emerge	VERB
fbem-30089	15	14	or	or	CCONJ
fbem-30089	15	15	modified	modified	ADJ
fbem-30089	15	16	methods	method	NOUN
fbem-30089	15	17	based	base	VERB
fbem-30089	15	18	on	on	ADP
fbem-30089	15	19	the	the	DET
fbem-30089	15	20	characteristics	characteristic	NOUN
fbem-30089	15	21	of	of	ADP
fbem-30089	15	22	the	the	DET
fbem-30089	15	23	company	company	NOUN
fbem-30089	15	24	to	to	PART
fbem-30089	15	25	help	help	VERB
fbem-30089	15	26	potential	potential	ADJ
fbem-30089	15	27	investors	investor	NOUN
fbem-30089	15	28	better	well	ADV
fbem-30089	15	29	identify	identify	VERB
fbem-30089	15	30	risks	risk	NOUN
fbem-30089	15	31	and	and	CCONJ
fbem-30089	15	32	grasp	grasp	VERB
fbem-30089	15	33	the	the	DET
fbem-30089	15	34	value	value	NOUN
fbem-30089	15	35	sources	source	NOUN
fbem-30089	15	36	of	of	ADP
fbem-30089	15	37	mobile	mobile	ADJ
fbem-30089	15	38	social	social	ADJ
fbem-30089	15	39	network	network	NOUN
fbem-30089	15	40	platforms	platform	NOUN
fbem-30089	15	41	.	.	PUNCT
fbem-30089	16	1	constructing	construct	VERB
fbem-30089	16	2	a	a	DET
fbem-30089	16	3	valuation	valuation	NOUN
fbem-30089	16	4	method	method	NOUN
fbem-30089	16	5	suitable	suitable	ADJ
fbem-30089	16	6	for	for	ADP
fbem-30089	16	7	existing	exist	VERB
fbem-30089	16	8	social	social	ADJ
fbem-30089	16	9	network	network	NOUN
fbem-30089	16	10	platform	platform	NOUN
fbem-30089	16	11	companies	company	NOUN
fbem-30089	16	12	is	be	AUX
fbem-30089	16	13	particularly	particularly	ADV
fbem-30089	16	14	important	important	ADJ
fbem-30089	16	15	.	.	PUNCT
fbem-30089	17	1	2	2	X
fbem-30089	17	2	.	.	X
fbem-30089	17	3	characteristics	characteristic	NOUN
fbem-30089	17	4	and	and	CCONJ
fbem-30089	17	5	valuation	valuation	NOUN
fbem-30089	17	6	challenges	challenge	NOUN
fbem-30089	17	7	of	of	ADP
fbem-30089	17	8	social	social	ADJ
fbem-30089	17	9	network	network	NOUN
fbem-30089	17	10	platform	platform	NOUN
fbem-30089	17	11	companies	company	NOUN
fbem-30089	17	12	2.1	2.1	NUM
fbem-30089	17	13	.	.	PUNCT
fbem-30089	18	1	poor	poor	ADJ
fbem-30089	18	2	profitability	profitability	NOUN
fbem-30089	18	3	in	in	ADP
fbem-30089	18	4	the	the	DET
fbem-30089	18	5	early	early	ADJ
fbem-30089	18	6	stages	stage	NOUN
fbem-30089	18	7	of	of	ADP
fbem-30089	18	8	development	development	NOUN
fbem-30089	18	9	,	,	PUNCT
fbem-30089	18	10	social	social	ADJ
fbem-30089	18	11	network	network	NOUN
fbem-30089	18	12	platform	platform	NOUN
fbem-30089	18	13	companies	company	NOUN
fbem-30089	18	14	need	need	VERB
fbem-30089	18	15	to	to	PART
fbem-30089	18	16	invest	invest	VERB
fbem-30089	18	17	heavily	heavily	ADV
fbem-30089	18	18	in	in	ADP
fbem-30089	18	19	user	user	NOUN
fbem-30089	18	20	growth	growth	NOUN
fbem-30089	18	21	,	,	PUNCT
fbem-30089	18	22	subsidies	subsidy	NOUN
fbem-30089	18	23	,	,	PUNCT
fbem-30089	18	24	research	research	NOUN
fbem-30089	18	25	and	and	CCONJ
fbem-30089	18	26	development	development	NOUN
fbem-30089	18	27	,	,	PUNCT
fbem-30089	18	28	and	and	CCONJ
fbem-30089	18	29	maintenance	maintenance	NOUN
fbem-30089	18	30	,	,	PUNCT
fbem-30089	18	31	resulting	result	VERB
fbem-30089	18	32	in	in	ADP
fbem-30089	18	33	long	long	ADJ
fbem-30089	18	34	-	-	PUNCT
fbem-30089	18	35	term	term	NOUN
fbem-30089	18	36	negative	negative	ADJ
fbem-30089	18	37	net	net	ADJ
fbem-30089	18	38	profits	profit	NOUN
fbem-30089	18	39	and	and	CCONJ
fbem-30089	18	40	net	net	ADJ
fbem-30089	18	41	operating	operate	VERB
fbem-30089	18	42	cash	cash	NOUN
fbem-30089	18	43	flows	flow	NOUN
fbem-30089	18	44	.	.	PUNCT
fbem-30089	19	1	to	to	PART
fbem-30089	19	2	sustain	sustain	VERB
fbem-30089	19	3	operations	operation	NOUN
fbem-30089	19	4	,	,	PUNCT
fbem-30089	19	5	companies	company	NOUN
fbem-30089	19	6	rely	rely	VERB
fbem-30089	19	7	on	on	ADP
fbem-30089	19	8	unique	unique	ADJ
fbem-30089	19	9	business	business	NOUN
fbem-30089	19	10	models	model	NOUN
fbem-30089	19	11	for	for	ADP
fbem-30089	19	12	financing	financing	NOUN
fbem-30089	19	13	or	or	CCONJ
fbem-30089	19	14	achieve	achieve	VERB
fbem-30089	19	15	high	high	ADJ
fbem-30089	19	16	market	market	NOUN
fbem-30089	19	17	valuations	valuation	NOUN
fbem-30089	19	18	through	through	ADP
fbem-30089	19	19	overseas	overseas	ADJ
fbem-30089	19	20	or	or	CCONJ
fbem-30089	19	21	hong	hong	PROPN
fbem-30089	19	22	kong	kong	PROPN
fbem-30089	19	23	listings	listing	NOUN
fbem-30089	19	24	.	.	PUNCT
fbem-30089	20	1	negative	negative	ADJ
fbem-30089	20	2	profits	profit	NOUN
fbem-30089	20	3	render	render	VERB
fbem-30089	20	4	the	the	DET
fbem-30089	20	5	price	price	NOUN
fbem-30089	20	6	-	-	PUNCT
fbem-30089	20	7	to	to	ADP
fbem-30089	20	8	-	-	PUNCT
fbem-30089	20	9	earnings	earning	NOUN
fbem-30089	20	10	(	(	PUNCT
fbem-30089	20	11	p	p	X
fbem-30089	20	12	/	/	SYM
fbem-30089	20	13	e	e	NOUN
fbem-30089	20	14	)	)	PUNCT
fbem-30089	20	15	ratio	ratio	NOUN
fbem-30089	20	16	valuation	valuation	NOUN
fbem-30089	20	17	method	method	NOUN
fbem-30089	20	18	ineffective	ineffective	ADJ
fbem-30089	20	19	,	,	PUNCT
fbem-30089	20	20	and	and	CCONJ
fbem-30089	20	21	negative	negative	ADJ
fbem-30089	20	22	cash	cash	NOUN
fbem-30089	20	23	flows	flow	NOUN
fbem-30089	20	24	increase	increase	VERB
fbem-30089	20	25	the	the	DET
fbem-30089	20	26	difficulty	difficulty	NOUN
fbem-30089	20	27	of	of	ADP
fbem-30089	20	28	using	use	VERB
fbem-30089	20	29	income	income	NOUN
fbem-30089	20	30	-	-	PUNCT
fbem-30089	20	31	based	base	VERB
fbem-30089	20	32	valuation	valuation	NOUN
fbem-30089	20	33	methods	method	NOUN
fbem-30089	20	34	.	.	PUNCT
fbem-30089	21	1	2.2	2.2	NUM
fbem-30089	21	2	.	.	PUNCT
fbem-30089	22	1	high	high	ADJ
fbem-30089	22	2	future	future	ADJ
fbem-30089	22	3	risks	risk	NOUN
fbem-30089	22	4	social	social	ADJ
fbem-30089	22	5	platforms	platform	NOUN
fbem-30089	22	6	require	require	VERB
fbem-30089	22	7	continuous	continuous	ADJ
fbem-30089	22	8	technological	technological	ADJ
fbem-30089	22	9	updates	update	NOUN
fbem-30089	22	10	to	to	PART
fbem-30089	22	11	maintain	maintain	VERB
fbem-30089	22	12	users	user	NOUN
fbem-30089	22	13	and	and	CCONJ
fbem-30089	22	14	find	find	VERB
fbem-30089	22	15	new	new	ADJ
fbem-30089	22	16	profit	profit	NOUN
fbem-30089	22	17	growth	growth	NOUN
fbem-30089	22	18	points	point	NOUN
fbem-30089	22	19	,	,	PUNCT
fbem-30089	22	20	and	and	CCONJ
fbem-30089	22	21	the	the	DET
fbem-30089	22	22	industry	industry	NOUN
fbem-30089	22	23	is	be	AUX
fbem-30089	22	24	highly	highly	ADV
fbem-30089	22	25	competitive	competitive	ADJ
fbem-30089	22	26	.	.	PUNCT
fbem-30089	23	1	leading	lead	VERB
fbem-30089	23	2	platforms	platform	NOUN
fbem-30089	23	3	such	such	ADJ
fbem-30089	23	4	as	as	ADP
fbem-30089	23	5	douyin	douyin	PROPN
fbem-30089	23	6	and	and	CCONJ
fbem-30089	23	7	kuaishou	kuaishou	NOUN
fbem-30089	23	8	each	each	PRON
fbem-30089	23	9	have	have	VERB
fbem-30089	23	10	their	their	PRON
fbem-30089	23	11	own	own	ADJ
fbem-30089	23	12	focus	focus	NOUN
fbem-30089	23	13	areas	area	NOUN
fbem-30089	23	14	and	and	CCONJ
fbem-30089	23	15	rapid	rapid	ADJ
fbem-30089	23	16	expansion	expansion	NOUN
fbem-30089	23	17	,	,	PUNCT
fbem-30089	23	18	but	but	CCONJ
fbem-30089	23	19	they	they	PRON
fbem-30089	23	20	face	face	VERB
fbem-30089	23	21	the	the	DET
fbem-30089	23	22	risk	risk	NOUN
fbem-30089	23	23	of	of	ADP
fbem-30089	23	24	being	be	AUX
fbem-30089	23	25	overtaken	overtake	VERB
fbem-30089	23	26	,	,	PUNCT
fbem-30089	23	27	as	as	SCONJ
fbem-30089	23	28	seen	see	VERB
fbem-30089	23	29	with	with	ADP
fbem-30089	23	30	didi	didi	PROPN
fbem-30089	23	31	,	,	PUNCT
fbem-30089	23	32	which	which	PRON
fbem-30089	23	33	lost	lose	VERB
fbem-30089	23	34	market	market	NOUN
fbem-30089	23	35	share	share	NOUN
fbem-30089	23	36	to	to	ADP
fbem-30089	23	37	competitors	competitor	NOUN
fbem-30089	23	38	like	like	ADP
fbem-30089	23	39	cao	cao	PROPN
fbem-30089	23	40	cao	cao	PROPN
fbem-30089	23	41	mobility	mobility	PROPN
fbem-30089	23	42	after	after	ADP
fbem-30089	23	43	a	a	DET
fbem-30089	23	44	security	security	NOUN
fbem-30089	23	45	crisis	crisis	NOUN
fbem-30089	23	46	.	.	PUNCT
fbem-30089	24	1	internet	internet	NOUN
fbem-30089	24	2	companies	company	NOUN
fbem-30089	24	3	face	face	VERB
fbem-30089	24	4	diverse	diverse	ADJ
fbem-30089	24	5	risks	risk	NOUN
fbem-30089	24	6	that	that	PRON
fbem-30089	24	7	are	be	AUX
fbem-30089	24	8	difficult	difficult	ADJ
fbem-30089	24	9	to	to	PART
fbem-30089	24	10	quantify	quantify	VERB
fbem-30089	24	11	.	.	PUNCT
fbem-30089	25	1	2.3	2.3	NUM
fbem-30089	25	2	.	.	PUNCT
fbem-30089	26	1	lack	lack	NOUN
fbem-30089	26	2	of	of	ADP
fbem-30089	26	3	comparable	comparable	ADJ
fbem-30089	26	4	companies	company	NOUN
fbem-30089	26	5	different	different	ADJ
fbem-30089	26	6	social	social	ADJ
fbem-30089	26	7	platforms	platform	NOUN
fbem-30089	26	8	have	have	VERB
fbem-30089	26	9	varying	vary	VERB
fbem-30089	26	10	business	business	NOUN
fbem-30089	26	11	models	model	NOUN
fbem-30089	26	12	.	.	PUNCT
fbem-30089	27	1	for	for	ADP
fbem-30089	27	2	example	example	NOUN
fbem-30089	27	3	,	,	PUNCT
fbem-30089	27	4	kuaishou	kuaishou	PROPN
fbem-30089	27	5	focuses	focus	VERB
fbem-30089	27	6	on	on	ADP
fbem-30089	27	7	advertising	advertising	NOUN
fbem-30089	27	8	and	and	CCONJ
fbem-30089	27	9	live	live	ADJ
fbem-30089	27	10	streaming	streaming	NOUN
fbem-30089	27	11	,	,	PUNCT
fbem-30089	27	12	xigua	xigua	PROPN
fbem-30089	27	13	video	video	PROPN
fbem-30089	27	14	relies	rely	VERB
fbem-30089	27	15	on	on	ADP
fbem-30089	27	16	advertising	advertising	NOUN
fbem-30089	27	17	revenue	revenue	NOUN
fbem-30089	27	18	sharing	sharing	NOUN
fbem-30089	27	19	,	,	PUNCT
fbem-30089	27	20	meipai	meipai	NOUN
fbem-30089	27	21	depends	depend	VERB
fbem-30089	27	22	on	on	ADP
fbem-30089	27	23	advertising	advertising	NOUN
fbem-30089	27	24	income	income	NOUN
fbem-30089	27	25	,	,	PUNCT
fbem-30089	27	26	and	and	CCONJ
fbem-30089	27	27	miaopai	miaopai	NOUN
fbem-30089	27	28	leverages	leverage	NOUN
fbem-30089	27	29	sina	sina	PROPN
fbem-30089	27	30	weibo	weibo	PROPN
fbem-30089	27	31	's	's	PART
fbem-30089	27	32	hierarchical	hierarchical	ADJ
fbem-30089	27	33	user	user	NOUN
fbem-30089	27	34	structure	structure	NOUN
fbem-30089	27	35	.	.	PUNCT
fbem-30089	28	1	companies	company	NOUN
fbem-30089	28	2	differ	differ	VERB
fbem-30089	28	3	in	in	ADP
fbem-30089	28	4	development	development	NOUN
fbem-30089	28	5	stages	stage	NOUN
fbem-30089	28	6	,	,	PUNCT
fbem-30089	28	7	profit	profit	NOUN
fbem-30089	28	8	models	model	NOUN
fbem-30089	28	9	,	,	PUNCT
fbem-30089	28	10	and	and	CCONJ
fbem-30089	28	11	user	user	NOUN
fbem-30089	28	12	scales	scale	NOUN
fbem-30089	28	13	,	,	PUNCT
fbem-30089	28	14	and	and	CCONJ
fbem-30089	28	15	most	most	ADJ
fbem-30089	28	16	are	be	AUX
fbem-30089	28	17	not	not	PART
fbem-30089	28	18	yet	yet	ADV
fbem-30089	28	19	listed	list	VERB
fbem-30089	28	20	,	,	PUNCT
fbem-30089	28	21	making	make	VERB
fbem-30089	28	22	it	it	PRON
fbem-30089	28	23	difficult	difficult	ADJ
fbem-30089	28	24	to	to	PART
fbem-30089	28	25	find	find	VERB
fbem-30089	28	26	comparable	comparable	ADJ
fbem-30089	28	27	data	datum	NOUN
fbem-30089	28	28	and	and	CCONJ
fbem-30089	28	29	historical	historical	ADJ
fbem-30089	28	30	financial	financial	ADJ
fbem-30089	28	31	information	information	NOUN
fbem-30089	28	32	.	.	PUNCT
fbem-30089	29	1	2.4	2.4	NUM
fbem-30089	29	2	.	.	PUNCT
fbem-30089	30	1	significant	significant	ADJ
fbem-30089	30	2	impact	impact	NOUN
fbem-30089	30	3	of	of	ADP
fbem-30089	30	4	non	non	ADJ
fbem-30089	30	5	-	-	ADJ
fbem-30089	30	6	financial	financial	ADJ
fbem-30089	30	7	indicators	indicator	NOUN
fbem-30089	30	8	platform	platform	NOUN
fbem-30089	30	9	profit	profit	NOUN
fbem-30089	30	10	models	model	NOUN
fbem-30089	30	11	(	(	PUNCT
fbem-30089	30	12	advertising	advertising	NOUN
fbem-30089	30	13	,	,	PUNCT
fbem-30089	30	14	live	live	ADJ
fbem-30089	30	15	streaming	streaming	NOUN
fbem-30089	30	16	gifts	gift	NOUN
fbem-30089	30	17	,	,	PUNCT
fbem-30089	30	18	ecommerce	ecommerce	NOUN
fbem-30089	30	19	,	,	PUNCT
fbem-30089	30	20	gaming	gaming	NOUN
fbem-30089	30	21	)	)	PUNCT
fbem-30089	30	22	rely	rely	VERB
fbem-30089	30	23	on	on	ADP
fbem-30089	30	24	user	user	NOUN
fbem-30089	30	25	scale	scale	NOUN
fbem-30089	30	26	,	,	PUNCT
fbem-30089	30	27	requiring	require	VERB
fbem-30089	30	28	analysis	analysis	NOUN
fbem-30089	30	29	of	of	ADP
fbem-30089	30	30	active	active	ADJ
fbem-30089	30	31	user	user	NOUN
fbem-30089	30	32	numbers	number	NOUN
fbem-30089	30	33	,	,	PUNCT
fbem-30089	30	34	user	user	NOUN
fbem-30089	30	35	contribution	contribution	NOUN
fbem-30089	30	36	value	value	NOUN
fbem-30089	30	37	,	,	PUNCT
fbem-30089	30	38	monetization	monetization	NOUN
fbem-30089	30	39	rate	rate	NOUN
fbem-30089	30	40	,	,	PUNCT
fbem-30089	30	41	and	and	CCONJ
fbem-30089	30	42	user	user	NOUN
fbem-30089	30	43	stickiness	stickiness	NOUN
fbem-30089	30	44	.	.	PUNCT
fbem-30089	31	1	however	however	ADV
fbem-30089	31	2	,	,	PUNCT
fbem-30089	31	3	these	these	DET
fbem-30089	31	4	data	datum	NOUN
fbem-30089	31	5	are	be	AUX
fbem-30089	31	6	often	often	ADV
fbem-30089	31	7	not	not	PART
fbem-30089	31	8	publicly	publicly	ADV
fbem-30089	31	9	disclosed	disclose	VERB
fbem-30089	31	10	,	,	PUNCT
fbem-30089	31	11	making	make	VERB
fbem-30089	31	12	quantification	quantification	NOUN
fbem-30089	31	13	difficult	difficult	ADJ
fbem-30089	31	14	and	and	CCONJ
fbem-30089	31	15	increasing	increase	VERB
fbem-30089	31	16	valuation	valuation	NOUN
fbem-30089	31	17	challenges	challenge	NOUN
fbem-30089	31	18	.	.	PUNCT
fbem-30089	32	1	2.5	2.5	NUM
fbem-30089	32	2	.	.	PUNCT
fbem-30089	32	3	difficulty	difficulty	NOUN
fbem-30089	32	4	in	in	ADP
fbem-30089	32	5	determining	determine	VERB
fbem-30089	32	6	lifecycle	lifecycle	NOUN
fbem-30089	32	7	valuing	value	VERB
fbem-30089	32	8	internet	internet	NOUN
fbem-30089	32	9	companies	company	NOUN
fbem-30089	32	10	requires	require	VERB
fbem-30089	32	11	considering	consider	VERB
fbem-30089	32	12	their	their	PRON
fbem-30089	32	13	lifecycle	lifecycle	NOUN
fbem-30089	32	14	stages	stage	NOUN
fbem-30089	32	15	,	,	PUNCT
fbem-30089	32	16	but	but	CCONJ
fbem-30089	32	17	most	most	ADJ
fbem-30089	32	18	social	social	ADJ
fbem-30089	32	19	platforms	platform	NOUN
fbem-30089	32	20	are	be	AUX
fbem-30089	32	21	in	in	ADP
fbem-30089	32	22	the	the	DET
fbem-30089	32	23	startup	startup	NOUN
fbem-30089	32	24	or	or	CCONJ
fbem-30089	32	25	growth	growth	NOUN
fbem-30089	32	26	phases	phase	NOUN
fbem-30089	32	27	,	,	PUNCT
fbem-30089	32	28	with	with	ADP
fbem-30089	32	29	highly	highly	ADV
fbem-30089	32	30	volatile	volatile	ADJ
fbem-30089	32	31	valuations	valuation	NOUN
fbem-30089	32	32	and	and	CCONJ
fbem-30089	32	33	limited	limited	ADJ
fbem-30089	32	34	historical	historical	ADJ
fbem-30089	32	35	data	datum	NOUN
fbem-30089	32	36	.	.	PUNCT
fbem-30089	33	1	traditional	traditional	ADJ
fbem-30089	33	2	market	market	NOUN
fbem-30089	33	3	-	-	PUNCT
fbem-30089	33	4	based	base	VERB
fbem-30089	33	5	methods	method	NOUN
fbem-30089	33	6	and	and	CCONJ
fbem-30089	33	7	financial	financial	ADJ
fbem-30089	33	8	data	datum	NOUN
fbem-30089	33	9	are	be	AUX
fbem-30089	33	10	insufficient	insufficient	ADJ
fbem-30089	33	11	for	for	ADP
fbem-30089	33	12	accurate	accurate	ADJ
fbem-30089	33	13	valuation	valuation	NOUN
fbem-30089	33	14	.	.	PUNCT
fbem-30089	34	1	152	152	NUM
fbem-30089	34	2	3	3	X
fbem-30089	34	3	.	.	PUNCT
fbem-30089	34	4	existing	exist	VERB
fbem-30089	34	5	models	model	NOUN
fbem-30089	34	6	based	base	VERB
fbem-30089	34	7	on	on	ADP
fbem-30089	34	8	metcalfe	metcalfe	PROPN
fbem-30089	34	9	's	's	PART
fbem-30089	34	10	law	law	NOUN
fbem-30089	34	11	and	and	CCONJ
fbem-30089	34	12	their	their	PRON
fbem-30089	34	13	pros	pro	NOUN
fbem-30089	34	14	and	and	CCONJ
fbem-30089	34	15	cons	con	NOUN
fbem-30089	34	16	mary	mary	PROPN
fbem-30089	34	17	meeker	meeker	PROPN
fbem-30089	34	18	proposed	propose	VERB
fbem-30089	34	19	the	the	DET
fbem-30089	34	20	deva	deva	PROPN
fbem-30089	34	21	model	model	PROPN
fbem-30089	34	22	for	for	ADP
fbem-30089	34	23	internet	internet	NOUN
fbem-30089	34	24	company	company	NOUN
fbem-30089	34	25	valuation	valuation	NOUN
fbem-30089	34	26	based	base	VERB
fbem-30089	34	27	on	on	ADP
fbem-30089	34	28	metcalfe	metcalfe	PROPN
fbem-30089	34	29	's	's	PART
fbem-30089	34	30	law	law	NOUN
fbem-30089	34	31	.	.	PUNCT
fbem-30089	35	1	chinese	chinese	ADJ
fbem-30089	35	2	securities	securities	PROPN
fbem-30089	35	3	firm	firm	PROPN
fbem-30089	35	4	guotai	guotai	PROPN
fbem-30089	35	5	junan	junan	PROPN
fbem-30089	35	6	,	,	PUNCT
fbem-30089	35	7	based	base	VERB
fbem-30089	35	8	on	on	ADP
fbem-30089	35	9	metcalfe	metcalfe	PROPN
fbem-30089	35	10	's	's	PART
fbem-30089	35	11	law	law	NOUN
fbem-30089	35	12	and	and	CCONJ
fbem-30089	35	13	zeng	zeng	PROPN
fbem-30089	35	14	liqing	liqing	PROPN
fbem-30089	35	15	's	's	PART
fbem-30089	35	16	node	node	PROPN
fbem-30089	35	17	distance	distance	NOUN
fbem-30089	35	18	perspective	perspective	NOUN
fbem-30089	35	19	,	,	PUNCT
fbem-30089	35	20	introduced	introduce	VERB
fbem-30089	35	21	a	a	DET
fbem-30089	35	22	monetization	monetization	NOUN
fbem-30089	35	23	factor	factor	NOUN
fbem-30089	35	24	k	k	PROPN
fbem-30089	35	25	and	and	CCONJ
fbem-30089	35	26	a	a	DET
fbem-30089	35	27	premium	premium	NOUN
fbem-30089	35	28	rate	rate	NOUN
fbem-30089	35	29	coefficient	coefficient	NOUN
fbem-30089	35	30	to	to	PART
fbem-30089	35	31	establish	establish	VERB
fbem-30089	35	32	the	the	DET
fbem-30089	35	33	guotai	guotai	PROPN
fbem-30089	35	34	junan	junan	PROPN
fbem-30089	35	35	model	model	NOUN
fbem-30089	35	36	,	,	PUNCT
fbem-30089	35	37	widely	widely	ADV
fbem-30089	35	38	used	use	VERB
fbem-30089	35	39	by	by	ADP
fbem-30089	35	40	scholars	scholar	NOUN
fbem-30089	35	41	for	for	ADP
fbem-30089	35	42	company	company	NOUN
fbem-30089	35	43	valuation	valuation	NOUN
fbem-30089	35	44	.	.	PUNCT
fbem-30089	36	1	this	this	DET
fbem-30089	36	2	chapter	chapter	NOUN
fbem-30089	36	3	mainly	mainly	ADV
fbem-30089	36	4	introduces	introduce	VERB
fbem-30089	36	5	the	the	DET
fbem-30089	36	6	formulas	formula	NOUN
fbem-30089	36	7	and	and	CCONJ
fbem-30089	36	8	pros	pro	NOUN
fbem-30089	36	9	and	and	CCONJ
fbem-30089	36	10	cons	con	NOUN
fbem-30089	36	11	of	of	ADP
fbem-30089	36	12	the	the	DET
fbem-30089	36	13	two	two	NUM
fbem-30089	36	14	existing	exist	VERB
fbem-30089	36	15	derivative	derivative	ADJ
fbem-30089	36	16	models	model	NOUN
fbem-30089	36	17	of	of	ADP
fbem-30089	36	18	metcalfe	metcalfe	PROPN
fbem-30089	36	19	's	's	PART
fbem-30089	36	20	law	law	NOUN
fbem-30089	36	21	.	.	PUNCT
fbem-30089	37	1	3.1	3.1	NUM
fbem-30089	37	2	.	.	PUNCT
fbem-30089	38	1	deva	deva	PROPN
fbem-30089	38	2	model	model	PROPN
fbem-30089	38	3	the	the	DET
fbem-30089	38	4	model	model	NOUN
fbem-30089	38	5	formula	formula	NOUN
fbem-30089	38	6	is	be	AUX
fbem-30089	38	7	as	as	SCONJ
fbem-30089	38	8	follows	follow	VERB
fbem-30089	38	9	:	:	PUNCT
fbem-30089	38	10	𝑉	𝑉	PROPN
fbem-30089	38	11	=	=	SYM
fbem-30089	38	12	𝑀	𝑀	PROPN
fbem-30089	38	13	×	×	PROPN
fbem-30089	38	14	𝐶2	𝐶2	X
fbem-30089	38	15	(	(	PUNCT
fbem-30089	38	16	3	3	NUM
fbem-30089	38	17	-	-	SYM
fbem-30089	38	18	1	1	NUM
fbem-30089	38	19	)	)	PUNCT
fbem-30089	38	20	where	where	SCONJ
fbem-30089	38	21	:	:	PUNCT
fbem-30089	38	22	v	v	X
fbem-30089	38	23	---	---	PUNCT
fbem-30089	38	24	value	value	NOUN
fbem-30089	38	25	of	of	ADP
fbem-30089	38	26	the	the	DET
fbem-30089	38	27	company	company	NOUN
fbem-30089	38	28	being	be	AUX
fbem-30089	38	29	evaluated	evaluate	VERB
fbem-30089	38	30	m	m	PROPN
fbem-30089	38	31	---	---	PUNCT
fbem-30089	38	32	unit	unit	NOUN
fbem-30089	38	33	initial	initial	ADJ
fbem-30089	38	34	cost	cost	NOUN
fbem-30089	38	35	of	of	ADP
fbem-30089	38	36	investment	investment	NOUN
fbem-30089	38	37	c	c	NOUN
fbem-30089	38	38	---	---	PUNCT
fbem-30089	38	39	value	value	NOUN
fbem-30089	38	40	created	create	VERB
fbem-30089	38	41	by	by	ADP
fbem-30089	38	42	a	a	DET
fbem-30089	38	43	single	single	ADJ
fbem-30089	38	44	user	user	NOUN
fbem-30089	38	45	per	per	ADP
fbem-30089	38	46	economic	economic	ADJ
fbem-30089	38	47	cycle	cycle	NOUN
fbem-30089	38	48	3.1.1	3.1.1	NUM
fbem-30089	38	49	.	.	PUNCT
fbem-30089	39	1	advantages	advantage	NOUN
fbem-30089	39	2	first	first	ADV
fbem-30089	39	3	,	,	PUNCT
fbem-30089	39	4	this	this	DET
fbem-30089	39	5	model	model	NOUN
fbem-30089	39	6	emphasizes	emphasize	VERB
fbem-30089	39	7	the	the	DET
fbem-30089	39	8	importance	importance	NOUN
fbem-30089	39	9	of	of	ADP
fbem-30089	39	10	single	single	ADJ
fbem-30089	39	11	-	-	PUNCT
fbem-30089	39	12	user	user	NOUN
fbem-30089	39	13	value	value	NOUN
fbem-30089	39	14	for	for	ADP
fbem-30089	39	15	internet	internet	NOUN
fbem-30089	39	16	company	company	NOUN
fbem-30089	39	17	valuation	valuation	NOUN
fbem-30089	39	18	.	.	PUNCT
fbem-30089	40	1	it	it	PRON
fbem-30089	40	2	allocates	allocate	VERB
fbem-30089	40	3	the	the	DET
fbem-30089	40	4	company	company	NOUN
fbem-30089	40	5	's	's	PART
fbem-30089	40	6	production	production	NOUN
fbem-30089	40	7	and	and	CCONJ
fbem-30089	40	8	operation	operation	NOUN
fbem-30089	40	9	costs	cost	NOUN
fbem-30089	40	10	and	and	CCONJ
fbem-30089	40	11	revenues	revenue	NOUN
fbem-30089	40	12	to	to	ADP
fbem-30089	40	13	each	each	DET
fbem-30089	40	14	user	user	NOUN
fbem-30089	40	15	,	,	PUNCT
fbem-30089	40	16	fully	fully	ADV
fbem-30089	40	17	considering	consider	VERB
fbem-30089	40	18	the	the	DET
fbem-30089	40	19	interaction	interaction	NOUN
fbem-30089	40	20	between	between	ADP
fbem-30089	40	21	users	user	NOUN
fbem-30089	40	22	and	and	CCONJ
fbem-30089	40	23	its	its	PRON
fbem-30089	40	24	impact	impact	NOUN
fbem-30089	40	25	on	on	ADP
fbem-30089	40	26	network	network	NOUN
fbem-30089	40	27	value	value	NOUN
fbem-30089	40	28	.	.	PUNCT
fbem-30089	41	1	second	second	ADJ
fbem-30089	41	2	,	,	PUNCT
fbem-30089	41	3	the	the	DET
fbem-30089	41	4	model	model	NOUN
fbem-30089	41	5	quantifies	quantify	VERB
fbem-30089	41	6	the	the	DET
fbem-30089	41	7	coefficient	coefficient	NOUN
fbem-30089	41	8	in	in	ADP
fbem-30089	41	9	metcalfe	metcalfe	PROPN
fbem-30089	41	10	's	's	PART
fbem-30089	41	11	law	law	NOUN
fbem-30089	41	12	as	as	ADP
fbem-30089	41	13	the	the	DET
fbem-30089	41	14	unit	unit	NOUN
fbem-30089	41	15	initial	initial	ADJ
fbem-30089	41	16	cost	cost	NOUN
fbem-30089	41	17	per	per	ADP
fbem-30089	41	18	user	user	NOUN
fbem-30089	41	19	,	,	PUNCT
fbem-30089	41	20	incorporating	incorporate	VERB
fbem-30089	41	21	cost	cost	NOUN
fbem-30089	41	22	factors	factor	NOUN
fbem-30089	41	23	into	into	ADP
fbem-30089	41	24	the	the	DET
fbem-30089	41	25	valuation	valuation	NOUN
fbem-30089	41	26	from	from	ADP
fbem-30089	41	27	an	an	DET
fbem-30089	41	28	investment	investment	NOUN
fbem-30089	41	29	perspective	perspective	NOUN
fbem-30089	41	30	.	.	PUNCT
fbem-30089	42	1	third	third	ADJ
fbem-30089	42	2	,	,	PUNCT
fbem-30089	42	3	the	the	DET
fbem-30089	42	4	model	model	NOUN
fbem-30089	42	5	avoids	avoid	VERB
fbem-30089	42	6	the	the	DET
fbem-30089	42	7	difficulties	difficulty	NOUN
fbem-30089	42	8	of	of	ADP
fbem-30089	42	9	discounted	discount	VERB
fbem-30089	42	10	cash	cash	NOUN
fbem-30089	42	11	flow	flow	NOUN
fbem-30089	42	12	(	(	PUNCT
fbem-30089	42	13	dcf	dcf	NOUN
fbem-30089	42	14	)	)	PUNCT
fbem-30089	42	15	valuation	valuation	NOUN
fbem-30089	42	16	methods	method	NOUN
fbem-30089	42	17	due	due	ADP
fbem-30089	42	18	to	to	ADP
fbem-30089	42	19	negative	negative	ADJ
fbem-30089	42	20	or	or	CCONJ
fbem-30089	42	21	unstable	unstable	ADJ
fbem-30089	42	22	cash	cash	NOUN
fbem-30089	42	23	flows	flow	NOUN
fbem-30089	42	24	and	and	CCONJ
fbem-30089	42	25	unpredictable	unpredictable	ADJ
fbem-30089	42	26	risks	risk	NOUN
fbem-30089	42	27	.	.	PUNCT
fbem-30089	43	1	3.1.2	3.1.2	X
fbem-30089	43	2	.	.	PUNCT
fbem-30089	43	3	disadvantages	disadvantage	NOUN
fbem-30089	43	4	first	first	ADV
fbem-30089	43	5	,	,	PUNCT
fbem-30089	43	6	the	the	DET
fbem-30089	43	7	model	model	NOUN
fbem-30089	43	8	assumes	assume	VERB
fbem-30089	43	9	that	that	SCONJ
fbem-30089	43	10	all	all	DET
fbem-30089	43	11	users	user	NOUN
fbem-30089	43	12	bring	bring	VERB
fbem-30089	43	13	the	the	DET
fbem-30089	43	14	same	same	ADJ
fbem-30089	43	15	value	value	NOUN
fbem-30089	43	16	to	to	ADP
fbem-30089	43	17	the	the	DET
fbem-30089	43	18	company	company	NOUN
fbem-30089	43	19	,	,	PUNCT
fbem-30089	43	20	which	which	PRON
fbem-30089	43	21	can	can	AUX
fbem-30089	43	22	severely	severely	ADV
fbem-30089	43	23	overestimate	overestimate	VERB
fbem-30089	43	24	the	the	DET
fbem-30089	43	25	value	value	NOUN
fbem-30089	43	26	of	of	ADP
fbem-30089	43	27	internet	internet	NOUN
fbem-30089	43	28	companies	company	NOUN
fbem-30089	43	29	.	.	PUNCT
fbem-30089	44	1	active	active	ADJ
fbem-30089	44	2	and	and	CCONJ
fbem-30089	44	3	paying	pay	VERB
fbem-30089	44	4	users	user	NOUN
fbem-30089	44	5	of	of	ADP
fbem-30089	44	6	social	social	ADJ
fbem-30089	44	7	network	network	NOUN
fbem-30089	44	8	platforms	platform	NOUN
fbem-30089	44	9	can	can	AUX
fbem-30089	44	10	bring	bring	VERB
fbem-30089	44	11	value	value	NOUN
fbem-30089	44	12	to	to	ADP
fbem-30089	44	13	the	the	DET
fbem-30089	44	14	company	company	NOUN
fbem-30089	44	15	,	,	PUNCT
fbem-30089	44	16	while	while	SCONJ
fbem-30089	44	17	users	user	NOUN
fbem-30089	44	18	who	who	PRON
fbem-30089	44	19	only	only	ADV
fbem-30089	44	20	register	register	VERB
fbem-30089	44	21	but	but	CCONJ
fbem-30089	44	22	do	do	AUX
fbem-30089	44	23	not	not	PART
fbem-30089	44	24	use	use	VERB
fbem-30089	44	25	the	the	DET
fbem-30089	44	26	platform	platform	NOUN
fbem-30089	44	27	can	can	AUX
fbem-30089	44	28	not	not	PART
fbem-30089	44	29	bring	bring	VERB
fbem-30089	44	30	value	value	NOUN
fbem-30089	44	31	and	and	CCONJ
fbem-30089	44	32	should	should	AUX
fbem-30089	44	33	be	be	AUX
fbem-30089	44	34	excluded	exclude	VERB
fbem-30089	44	35	.	.	PUNCT
fbem-30089	45	1	second	second	ADJ
fbem-30089	45	2	,	,	PUNCT
fbem-30089	45	3	the	the	DET
fbem-30089	45	4	model	model	NOUN
fbem-30089	45	5	only	only	ADV
fbem-30089	45	6	considers	consider	VERB
fbem-30089	45	7	the	the	DET
fbem-30089	45	8	initial	initial	ADJ
fbem-30089	45	9	cost	cost	NOUN
fbem-30089	45	10	of	of	ADP
fbem-30089	45	11	acquiring	acquire	VERB
fbem-30089	45	12	users	user	NOUN
fbem-30089	45	13	and	and	CCONJ
fbem-30089	45	14	does	do	AUX
fbem-30089	45	15	not	not	PART
fbem-30089	45	16	account	account	VERB
fbem-30089	45	17	for	for	ADP
fbem-30089	45	18	subsequent	subsequent	ADJ
fbem-30089	45	19	annual	annual	ADJ
fbem-30089	45	20	maintenance	maintenance	NOUN
fbem-30089	45	21	costs	cost	NOUN
fbem-30089	45	22	,	,	PUNCT
fbem-30089	45	23	retention	retention	NOUN
fbem-30089	45	24	costs	cost	NOUN
fbem-30089	45	25	,	,	PUNCT
fbem-30089	45	26	and	and	CCONJ
fbem-30089	45	27	new	new	ADJ
fbem-30089	45	28	customer	customer	NOUN
fbem-30089	45	29	acquisition	acquisition	NOUN
fbem-30089	45	30	costs	cost	NOUN
fbem-30089	45	31	,	,	PUNCT
fbem-30089	45	32	making	make	VERB
fbem-30089	45	33	it	it	PRON
fbem-30089	45	34	unreasonable	unreasonable	ADJ
fbem-30089	45	35	.	.	PUNCT
fbem-30089	46	1	3.2	3.2	NUM
fbem-30089	46	2	.	.	PUNCT
fbem-30089	47	1	guotai	guotai	PROPN
fbem-30089	47	2	junan	junan	PROPN
fbem-30089	47	3	model	model	VERB
fbem-30089	47	4	the	the	DET
fbem-30089	47	5	model	model	NOUN
fbem-30089	47	6	formula	formula	NOUN
fbem-30089	47	7	is	be	AUX
fbem-30089	47	8	as	as	SCONJ
fbem-30089	47	9	follows	follow	VERB
fbem-30089	47	10	:	:	PUNCT
fbem-30089	47	11	2	2	NUM
fbem-30089	47	12	2	2	NUM
fbem-30089	47	13	r	r	NOUN
fbem-30089	47	14	n	n	NOUN
fbem-30089	47	15	pkv	pkv	NOUN
fbem-30089	47	16	=	=	INTJ
fbem-30089	47	17	(	(	PUNCT
fbem-30089	47	18	3	3	NUM
fbem-30089	47	19	-	-	SYM
fbem-30089	47	20	2	2	NUM
fbem-30089	47	21	)	)	PUNCT
fbem-30089	47	22	where	where	SCONJ
fbem-30089	47	23	:	:	PUNCT
fbem-30089	47	24	v	v	X
fbem-30089	47	25	---	---	PUNCT
fbem-30089	47	26	value	value	NOUN
fbem-30089	47	27	of	of	ADP
fbem-30089	47	28	the	the	DET
fbem-30089	47	29	company	company	NOUN
fbem-30089	47	30	k	k	NOUN
fbem-30089	47	31	---	---	PUNCT
fbem-30089	47	32	monetization	monetization	NOUN
fbem-30089	47	33	factor	factor	NOUN
fbem-30089	47	34	p	p	NOUN
fbem-30089	47	35	---	---	PUNCT
fbem-30089	47	36	premium	premium	NOUN
fbem-30089	47	37	rate	rate	NOUN
fbem-30089	47	38	coefficient	coefficient	NOUN
fbem-30089	47	39	n	n	CCONJ
fbem-30089	47	40	---	---	PUNCT
fbem-30089	47	41	user	user	NOUN
fbem-30089	47	42	scale	scale	NOUN
fbem-30089	47	43	r	r	NOUN
fbem-30089	47	44	---	---	PUNCT
fbem-30089	47	45	distance	distance	NOUN
fbem-30089	47	46	between	between	ADP
fbem-30089	47	47	network	network	NOUN
fbem-30089	47	48	nodes	nod	VERB
fbem-30089	47	49	3.2.1	3.2.1	NUM
fbem-30089	47	50	.	.	PUNCT
fbem-30089	48	1	advantages	advantage	NOUN
fbem-30089	48	2	the	the	DET
fbem-30089	48	3	coefficient	coefficient	NOUN
fbem-30089	48	4	is	be	AUX
fbem-30089	48	5	transformed	transform	VERB
fbem-30089	48	6	into	into	ADP
fbem-30089	48	7	the	the	DET
fbem-30089	48	8	product	product	NOUN
fbem-30089	48	9	of	of	ADP
fbem-30089	48	10	the	the	DET
fbem-30089	48	11	monetization	monetization	NOUN
fbem-30089	48	12	factor	factor	NOUN
fbem-30089	48	13	and	and	CCONJ
fbem-30089	48	14	the	the	DET
fbem-30089	48	15	premium	premium	NOUN
fbem-30089	48	16	rate	rate	NOUN
fbem-30089	48	17	coefficient	coefficient	NOUN
fbem-30089	48	18	.	.	PUNCT
fbem-30089	49	1	the	the	DET
fbem-30089	49	2	introduction	introduction	NOUN
fbem-30089	49	3	of	of	ADP
fbem-30089	49	4	the	the	DET
fbem-30089	49	5	monetization	monetization	NOUN
fbem-30089	49	6	factor	factor	NOUN
fbem-30089	49	7	makes	make	VERB
fbem-30089	49	8	the	the	DET
fbem-30089	49	9	valuation	valuation	NOUN
fbem-30089	49	10	process	process	NOUN
fbem-30089	49	11	more	more	ADV
fbem-30089	49	12	focused	focused	ADJ
fbem-30089	49	13	on	on	ADP
fbem-30089	49	14	the	the	DET
fbem-30089	49	15	company	company	NOUN
fbem-30089	49	16	's	's	PART
fbem-30089	49	17	actual	actual	ADJ
fbem-30089	49	18	monetization	monetization	NOUN
fbem-30089	49	19	ability	ability	NOUN
fbem-30089	49	20	.	.	PUNCT
fbem-30089	50	1	the	the	DET
fbem-30089	50	2	premium	premium	NOUN
fbem-30089	50	3	rate	rate	NOUN
fbem-30089	50	4	coefficient	coefficient	NOUN
fbem-30089	50	5	measures	measure	VERB
fbem-30089	50	6	the	the	DET
fbem-30089	50	7	contribution	contribution	NOUN
fbem-30089	50	8	of	of	ADP
fbem-30089	50	9	the	the	DET
fbem-30089	50	10	matthew	matthew	PROPN
fbem-30089	50	11	effect	effect	NOUN
fbem-30089	50	12	in	in	ADP
fbem-30089	50	13	the	the	DET
fbem-30089	50	14	internet	internet	NOUN
fbem-30089	50	15	industry	industry	NOUN
fbem-30089	50	16	to	to	ADP
fbem-30089	50	17	the	the	DET
fbem-30089	50	18	company	company	NOUN
fbem-30089	50	19	's	's	PART
fbem-30089	50	20	value	value	NOUN
fbem-30089	50	21	,	,	PUNCT
fbem-30089	50	22	assessing	assess	VERB
fbem-30089	50	23	the	the	DET
fbem-30089	50	24	company	company	NOUN
fbem-30089	50	25	's	's	PART
fbem-30089	50	26	value	value	NOUN
fbem-30089	50	27	based	base	VERB
fbem-30089	50	28	on	on	ADP
fbem-30089	50	29	its	its	PRON
fbem-30089	50	30	position	position	NOUN
fbem-30089	50	31	in	in	ADP
fbem-30089	50	32	the	the	DET
fbem-30089	50	33	external	external	ADJ
fbem-30089	50	34	market	market	NOUN
fbem-30089	50	35	environment	environment	NOUN
fbem-30089	50	36	.	.	PUNCT
fbem-30089	51	1	3.2.2	3.2.2	NUM
fbem-30089	51	2	.	.	PUNCT
fbem-30089	51	3	disadvantages	disadvantage	NOUN
fbem-30089	51	4	first	first	ADV
fbem-30089	51	5	,	,	PUNCT
fbem-30089	51	6	the	the	DET
fbem-30089	51	7	model	model	NOUN
fbem-30089	51	8	does	do	AUX
fbem-30089	51	9	not	not	PART
fbem-30089	51	10	clearly	clearly	ADV
fbem-30089	51	11	define	define	VERB
fbem-30089	51	12	user	user	NOUN
fbem-30089	51	13	scale	scale	NOUN
fbem-30089	51	14	.	.	PUNCT
fbem-30089	52	1	second	second	ADJ
fbem-30089	52	2	,	,	PUNCT
fbem-30089	52	3	the	the	DET
fbem-30089	52	4	distance	distance	NOUN
fbem-30089	52	5	between	between	ADP
fbem-30089	52	6	network	network	NOUN
fbem-30089	52	7	nodes	node	NOUN
fbem-30089	52	8	r	r	NOUN
fbem-30089	52	9	is	be	AUX
fbem-30089	52	10	difficult	difficult	ADJ
fbem-30089	52	11	to	to	PART
fbem-30089	52	12	quantify	quantify	VERB
fbem-30089	52	13	.	.	PUNCT
fbem-30089	53	1	finally	finally	ADV
fbem-30089	53	2	,	,	PUNCT
fbem-30089	53	3	the	the	DET
fbem-30089	53	4	formula	formula	NOUN
fbem-30089	53	5	does	do	AUX
fbem-30089	53	6	not	not	PART
fbem-30089	53	7	consider	consider	VERB
fbem-30089	53	8	user	user	NOUN
fbem-30089	53	9	costs	cost	NOUN
fbem-30089	53	10	.	.	PUNCT
fbem-30089	54	1	4	4	X
fbem-30089	54	2	.	.	X
fbem-30089	54	3	valuation	valuation	NOUN
fbem-30089	54	4	model	model	NOUN
fbem-30089	54	5	construction	construction	NOUN
fbem-30089	54	6	based	base	VERB
fbem-30089	54	7	on	on	ADP
fbem-30089	54	8	metcalfe	metcalfe	PROPN
fbem-30089	54	9	's	's	PART
fbem-30089	54	10	law	law	NOUN
fbem-30089	54	11	from	from	ADP
fbem-30089	54	12	the	the	DET
fbem-30089	54	13	above	above	NOUN
fbem-30089	54	14	,	,	PUNCT
fbem-30089	54	15	we	we	PRON
fbem-30089	54	16	can	can	AUX
fbem-30089	54	17	see	see	VERB
fbem-30089	54	18	that	that	SCONJ
fbem-30089	54	19	the	the	DET
fbem-30089	54	20	valuation	valuation	NOUN
fbem-30089	54	21	models	model	NOUN
fbem-30089	54	22	based	base	VERB
fbem-30089	54	23	on	on	ADP
fbem-30089	54	24	metcalfe	metcalfe	PROPN
fbem-30089	54	25	's	's	PART
fbem-30089	54	26	law	law	NOUN
fbem-30089	54	27	mainly	mainly	ADV
fbem-30089	54	28	include	include	VERB
fbem-30089	54	29	deva	deva	PROPN
fbem-30089	54	30	model	model	PROPN
fbem-30089	54	31	and	and	CCONJ
fbem-30089	54	32	guotai	guotai	PROPN
fbem-30089	54	33	junan	junan	PROPN
fbem-30089	54	34	model	model	PROPN
fbem-30089	54	35	.	.	PUNCT
fbem-30089	55	1	deva	deva	PROPN
fbem-30089	55	2	model	model	PROPN
fbem-30089	55	3	takes	take	VERB
fbem-30089	55	4	the	the	DET
fbem-30089	55	5	promotion	promotion	NOUN
fbem-30089	55	6	cost	cost	NOUN
fbem-30089	55	7	per	per	ADP
fbem-30089	55	8	user	user	NOUN
fbem-30089	55	9	and	and	CCONJ
fbem-30089	55	10	the	the	DET
fbem-30089	55	11	value	value	NOUN
fbem-30089	55	12	of	of	ADP
fbem-30089	55	13	user	user	NOUN
fbem-30089	55	14	-	-	PUNCT
fbem-30089	55	15	user	user	NOUN
fbem-30089	55	16	interaction	interaction	NOUN
fbem-30089	55	17	into	into	ADP
fbem-30089	55	18	consideration	consideration	NOUN
fbem-30089	55	19	,	,	PUNCT
fbem-30089	55	20	which	which	PRON
fbem-30089	55	21	has	have	VERB
fbem-30089	55	22	a	a	DET
fbem-30089	55	23	breakthrough	breakthrough	NOUN
fbem-30089	55	24	significance	significance	NOUN
fbem-30089	55	25	in	in	ADP
fbem-30089	55	26	the	the	DET
fbem-30089	55	27	valuation	valuation	NOUN
fbem-30089	55	28	theory	theory	NOUN
fbem-30089	55	29	,	,	PUNCT
fbem-30089	55	30	but	but	CCONJ
fbem-30089	55	31	because	because	SCONJ
fbem-30089	55	32	it	it	PRON
fbem-30089	55	33	does	do	AUX
fbem-30089	55	34	not	not	PART
fbem-30089	55	35	clearly	clearly	ADV
fbem-30089	55	36	define	define	VERB
fbem-30089	55	37	the	the	DET
fbem-30089	55	38	effective	effective	ADJ
fbem-30089	55	39	users	user	NOUN
fbem-30089	55	40	of	of	ADP
fbem-30089	55	41	the	the	DET
fbem-30089	55	42	internet	internet	NOUN
fbem-30089	55	43	enterprise	enterprise	NOUN
fbem-30089	55	44	and	and	CCONJ
fbem-30089	55	45	does	do	AUX
fbem-30089	55	46	not	not	PART
fbem-30089	55	47	take	take	VERB
fbem-30089	55	48	into	into	ADP
fbem-30089	55	49	account	account	NOUN
fbem-30089	55	50	the	the	DET
fbem-30089	55	51	followup	followup	ADJ
fbem-30089	55	52	cost	cost	NOUN
fbem-30089	55	53	of	of	ADP
fbem-30089	55	54	the	the	DET
fbem-30089	55	55	users	user	NOUN
fbem-30089	55	56	,	,	PUNCT
fbem-30089	55	57	the	the	DET
fbem-30089	55	58	indexes	index	NOUN
fbem-30089	55	59	are	be	AUX
fbem-30089	55	60	not	not	PART
fbem-30089	55	61	mature	mature	ADJ
fbem-30089	55	62	enough	enough	ADV
fbem-30089	55	63	to	to	PART
fbem-30089	55	64	be	be	AUX
fbem-30089	55	65	taken	take	VERB
fbem-30089	55	66	into	into	ADP
fbem-30089	55	67	consideration	consideration	NOUN
fbem-30089	55	68	,	,	PUNCT
fbem-30089	55	69	whereas	whereas	SCONJ
fbem-30089	55	70	in	in	ADP
fbem-30089	55	71	guotai	guotai	PROPN
fbem-30089	55	72	junan	junan	PROPN
fbem-30089	55	73	model	model	PROPN
fbem-30089	55	74	,	,	PUNCT
fbem-30089	55	75	the	the	DET
fbem-30089	55	76	realizing	realizing	ADJ
fbem-30089	55	77	factor	factor	NOUN
fbem-30089	55	78	and	and	CCONJ
fbem-30089	55	79	the	the	DET
fbem-30089	55	80	section	section	NOUN
fbem-30089	55	81	cost	cost	NOUN
fbem-30089	55	82	are	be	AUX
fbem-30089	55	83	taken	take	VERB
fbem-30089	55	84	into	into	ADP
fbem-30089	55	85	consideration	consideration	NOUN
fbem-30089	55	86	,	,	PUNCT
fbem-30089	55	87	which	which	PRON
fbem-30089	55	88	is	be	AUX
fbem-30089	55	89	the	the	DET
fbem-30089	55	90	same	same	ADJ
fbem-30089	55	91	as	as	ADP
fbem-30089	55	92	in	in	ADP
fbem-30089	55	93	the	the	DET
fbem-30089	55	94	other	other	ADJ
fbem-30089	55	95	valuation	valuation	NOUN
fbem-30089	55	96	models	model	NOUN
fbem-30089	55	97	.	.	PUNCT
fbem-30089	56	1	in	in	ADP
fbem-30089	56	2	the	the	DET
fbem-30089	56	3	model	model	NOUN
fbem-30089	56	4	,	,	PUNCT
fbem-30089	56	5	the	the	DET
fbem-30089	56	6	realization	realization	NOUN
fbem-30089	56	7	factor	factor	NOUN
fbem-30089	56	8	and	and	CCONJ
fbem-30089	56	9	the	the	DET
fbem-30089	56	10	section	section	NOUN
fbem-30089	56	11	in	in	ADP
fbem-30089	56	12	the	the	DET
fbem-30089	56	13	guotai	guotai	PROPN
fbem-30089	56	14	junan	junan	PROPN
fbem-30089	56	15	model	model	PROPN
fbem-30089	56	16	,	,	PUNCT
fbem-30089	56	17	the	the	DET
fbem-30089	56	18	realization	realization	NOUN
fbem-30089	56	19	factor	factor	NOUN
fbem-30089	56	20	and	and	CCONJ
fbem-30089	56	21	the	the	DET
fbem-30089	56	22	distance	distance	NOUN
fbem-30089	56	23	of	of	ADP
fbem-30089	56	24	the	the	DET
fbem-30089	56	25	nodes	node	NOUN
fbem-30089	56	26	are	be	AUX
fbem-30089	56	27	difficult	difficult	ADJ
fbem-30089	56	28	to	to	PART
fbem-30089	56	29	characterize	characterize	VERB
fbem-30089	56	30	,	,	PUNCT
fbem-30089	56	31	which	which	PRON
fbem-30089	56	32	causes	cause	VERB
fbem-30089	56	33	great	great	ADJ
fbem-30089	56	34	difficulties	difficulty	NOUN
fbem-30089	56	35	in	in	ADP
fbem-30089	56	36	the	the	DET
fbem-30089	56	37	valuation	valuation	NOUN
fbem-30089	56	38	process	process	NOUN
fbem-30089	56	39	.	.	PUNCT
fbem-30089	57	1	therefore	therefore	ADV
fbem-30089	57	2	,	,	PUNCT
fbem-30089	57	3	it	it	PRON
fbem-30089	57	4	is	be	AUX
fbem-30089	57	5	necessary	necessary	ADJ
fbem-30089	57	6	to	to	PART
fbem-30089	57	7	use	use	VERB
fbem-30089	57	8	the	the	DET
fbem-30089	57	9	research	research	NOUN
fbem-30089	57	10	of	of	ADP
fbem-30089	57	11	other	other	ADJ
fbem-30089	57	12	scholars	scholar	NOUN
fbem-30089	57	13	to	to	PART
fbem-30089	57	14	modify	modify	VERB
fbem-30089	57	15	and	and	CCONJ
fbem-30089	57	16	quantify	quantify	VERB
fbem-30089	57	17	the	the	DET
fbem-30089	57	18	indexes	index	NOUN
fbem-30089	57	19	in	in	ADP
fbem-30089	57	20	order	order	NOUN
fbem-30089	57	21	to	to	PART
fbem-30089	57	22	make	make	VERB
fbem-30089	57	23	the	the	DET
fbem-30089	57	24	valuation	valuation	NOUN
fbem-30089	57	25	model	model	NOUN
fbem-30089	57	26	more	more	ADV
fbem-30089	57	27	perfect	perfect	ADJ
fbem-30089	57	28	.	.	PUNCT
fbem-30089	58	1	this	this	DET
fbem-30089	58	2	chapter	chapter	NOUN
fbem-30089	58	3	mainly	mainly	ADV
fbem-30089	58	4	introduces	introduce	VERB
fbem-30089	58	5	the	the	DET
fbem-30089	58	6	modification	modification	NOUN
fbem-30089	58	7	of	of	ADP
fbem-30089	58	8	the	the	DET
fbem-30089	58	9	parameters	parameter	NOUN
fbem-30089	58	10	and	and	CCONJ
fbem-30089	58	11	the	the	DET
fbem-30089	58	12	re	re	NOUN
fbem-30089	58	13	-	-	NOUN
fbem-30089	58	14	quantification	quantification	NOUN
fbem-30089	58	15	of	of	ADP
fbem-30089	58	16	the	the	DET
fbem-30089	58	17	valuation	valuation	NOUN
fbem-30089	58	18	model	model	NOUN
fbem-30089	58	19	based	base	VERB
fbem-30089	58	20	on	on	ADP
fbem-30089	58	21	the	the	DET
fbem-30089	58	22	guotai	guotai	PROPN
fbem-30089	58	23	junan	junan	PROPN
fbem-30089	58	24	model	model	PROPN
fbem-30089	58	25	.	.	PUNCT
fbem-30089	59	1	this	this	DET
fbem-30089	59	2	chapter	chapter	NOUN
fbem-30089	59	3	introduces	introduce	VERB
fbem-30089	59	4	the	the	DET
fbem-30089	59	5	process	process	NOUN
fbem-30089	59	6	of	of	ADP
fbem-30089	59	7	modifying	modify	VERB
fbem-30089	59	8	the	the	DET
fbem-30089	59	9	parameters	parameter	NOUN
fbem-30089	59	10	and	and	CCONJ
fbem-30089	59	11	rebuilding	rebuild	VERB
fbem-30089	59	12	the	the	DET
fbem-30089	59	13	model	model	NOUN
fbem-30089	59	14	based	base	VERB
fbem-30089	59	15	on	on	ADP
fbem-30089	59	16	the	the	DET
fbem-30089	59	17	guotai	guotai	PROPN
fbem-30089	59	18	junan	junan	PROPN
fbem-30089	59	19	model	model	PROPN
fbem-30089	59	20	.	.	PUNCT
fbem-30089	60	1	4.1	4.1	NUM
fbem-30089	60	2	.	.	PUNCT
fbem-30089	60	3	corrections	correction	NOUN
fbem-30089	60	4	to	to	ADP
fbem-30089	60	5	the	the	DET
fbem-30089	60	6	parameters	parameter	NOUN
fbem-30089	60	7	first	first	ADV
fbem-30089	60	8	,	,	PUNCT
fbem-30089	60	9	correct	correct	VERB
fbem-30089	60	10	the	the	DET
fbem-30089	60	11	user	user	NOUN
fbem-30089	60	12	size	size	NOUN
fbem-30089	60	13	n.	n.	PROPN
fbem-30089	60	14	social	social	ADJ
fbem-30089	60	15	network	network	NOUN
fbem-30089	60	16	platforms	platform	NOUN
fbem-30089	60	17	require	require	VERB
fbem-30089	60	18	many	many	ADJ
fbem-30089	60	19	users	user	NOUN
fbem-30089	60	20	,	,	PUNCT
fbem-30089	60	21	but	but	CCONJ
fbem-30089	60	22	not	not	PART
fbem-30089	60	23	all	all	PRON
fbem-30089	60	24	of	of	ADP
fbem-30089	60	25	them	they	PRON
fbem-30089	60	26	create	create	VERB
fbem-30089	60	27	value	value	NOUN
fbem-30089	60	28	.	.	PUNCT
fbem-30089	61	1	inactive	inactive	ADJ
fbem-30089	61	2	users	user	NOUN
fbem-30089	61	3	(	(	PUNCT
fbem-30089	61	4	no	no	ADV
fbem-30089	61	5	longer	long	ADV
fbem-30089	61	6	use	use	VERB
fbem-30089	61	7	after	after	ADP
fbem-30089	61	8	registration	registration	NOUN
fbem-30089	61	9	)	)	PUNCT
fbem-30089	61	10	should	should	AUX
fbem-30089	61	11	be	be	AUX
fbem-30089	61	12	eliminated	eliminate	VERB
fbem-30089	61	13	,	,	PUNCT
fbem-30089	61	14	and	and	CCONJ
fbem-30089	61	15	active	active	ADJ
fbem-30089	61	16	users	user	NOUN
fbem-30089	61	17	(	(	PUNCT
fbem-30089	61	18	continue	continue	VERB
fbem-30089	61	19	to	to	PART
fbem-30089	61	20	use	use	VERB
fbem-30089	61	21	and	and	CCONJ
fbem-30089	61	22	consume	consume	VERB
fbem-30089	61	23	)	)	PUNCT
fbem-30089	61	24	can	can	AUX
fbem-30089	61	25	bring	bring	VERB
fbem-30089	61	26	resources	resource	NOUN
fbem-30089	61	27	and	and	CCONJ
fbem-30089	61	28	traffic	traffic	NOUN
fbem-30089	61	29	.	.	PUNCT
fbem-30089	62	1	in	in	ADP
fbem-30089	62	2	this	this	DET
fbem-30089	62	3	paper	paper	NOUN
fbem-30089	62	4	,	,	PUNCT
fbem-30089	62	5	we	we	PRON
fbem-30089	62	6	use	use	VERB
fbem-30089	62	7	the	the	DET
fbem-30089	62	8	number	number	NOUN
fbem-30089	62	9	of	of	ADP
fbem-30089	62	10	monthly	monthly	ADJ
fbem-30089	62	11	active	active	ADJ
fbem-30089	62	12	users	user	NOUN
fbem-30089	62	13	to	to	PART
fbem-30089	62	14	denote	denote	VERB
fbem-30089	62	15	n.	n.	PROPN
fbem-30089	62	16	second	second	PROPN
fbem-30089	62	17	,	,	PUNCT
fbem-30089	62	18	correct	correct	VERB
fbem-30089	62	19	the	the	DET
fbem-30089	62	20	node	node	PROPN
fbem-30089	62	21	distance	distance	NOUN
fbem-30089	62	22	r.	r.	VERB
fbem-30089	62	23	the	the	DET
fbem-30089	62	24	shorter	short	ADJ
fbem-30089	62	25	the	the	DET
fbem-30089	62	26	node	node	ADJ
fbem-30089	62	27	distance	distance	NOUN
fbem-30089	62	28	,	,	PUNCT
fbem-30089	62	29	the	the	PRON
fbem-30089	62	30	greater	great	ADJ
fbem-30089	62	31	the	the	DET
fbem-30089	62	32	network	network	NOUN
fbem-30089	62	33	value	value	NOUN
fbem-30089	62	34	,	,	PUNCT
fbem-30089	62	35	but	but	CCONJ
fbem-30089	62	36	the	the	DET
fbem-30089	62	37	concept	concept	NOUN
fbem-30089	62	38	is	be	AUX
fbem-30089	62	39	abstract	abstract	ADJ
fbem-30089	62	40	.	.	PUNCT
fbem-30089	63	1	in	in	ADP
fbem-30089	63	2	this	this	DET
fbem-30089	63	3	paper	paper	NOUN
fbem-30089	63	4	,	,	PUNCT
fbem-30089	63	5	we	we	PRON
fbem-30089	63	6	define	define	VERB
fbem-30089	63	7	r	r	NOUN
fbem-30089	63	8	as	as	ADP
fbem-30089	63	9	the	the	DET
fbem-30089	63	10	acquisition	acquisition	NOUN
fbem-30089	63	11	and	and	CCONJ
fbem-30089	63	12	maintenance	maintenance	NOUN
fbem-30089	63	13	cost	cost	NOUN
fbem-30089	63	14	per	per	ADP
fbem-30089	63	15	unit	unit	NOUN
fbem-30089	63	16	of	of	ADP
fbem-30089	63	17	active	active	ADJ
fbem-30089	63	18	users	user	NOUN
fbem-30089	63	19	,	,	PUNCT
fbem-30089	63	20	i.e.	i.e.	X
fbem-30089	63	21	,	,	PUNCT
fbem-30089	63	22	r	r	NOUN
fbem-30089	63	23	=	=	SYM
fbem-30089	63	24	total	total	ADJ
fbem-30089	63	25	cost	cost	NOUN
fbem-30089	63	26	/	/	SYM
fbem-30089	63	27	number	number	NOUN
fbem-30089	63	28	of	of	ADP
fbem-30089	63	29	active	active	ADJ
fbem-30089	63	30	users	user	NOUN
fbem-30089	63	31	,	,	PUNCT
fbem-30089	63	32	the	the	PRON
fbem-30089	63	33	higher	high	ADJ
fbem-30089	63	34	the	the	DET
fbem-30089	63	35	cost	cost	NOUN
fbem-30089	63	36	,	,	PUNCT
fbem-30089	63	37	the	the	PRON
fbem-30089	63	38	lower	low	ADJ
fbem-30089	63	39	the	the	DET
fbem-30089	63	40	enterprise	enterprise	NOUN
fbem-30089	63	41	value	value	NOUN
fbem-30089	63	42	.	.	PUNCT
fbem-30089	64	1	once	once	ADV
fbem-30089	64	2	again	again	ADV
fbem-30089	64	3	,	,	PUNCT
fbem-30089	64	4	correct	correct	VERB
fbem-30089	64	5	the	the	DET
fbem-30089	64	6	realization	realization	NOUN
fbem-30089	64	7	factor	factor	NOUN
fbem-30089	64	8	k.	k.	PROPN
fbem-30089	65	1	the	the	PRON
fbem-30089	65	2	stronger	strong	ADJ
fbem-30089	65	3	the	the	DET
fbem-30089	65	4	realization	realization	NOUN
fbem-30089	65	5	ability	ability	NOUN
fbem-30089	65	6	,	,	PUNCT
fbem-30089	65	7	the	the	PRON
fbem-30089	65	8	greater	great	ADJ
fbem-30089	65	9	the	the	DET
fbem-30089	65	10	enterprise	enterprise	NOUN
fbem-30089	65	11	value	value	NOUN
fbem-30089	65	12	.	.	PUNCT
fbem-30089	66	1	in	in	ADP
fbem-30089	66	2	this	this	DET
fbem-30089	66	3	paper	paper	NOUN
fbem-30089	66	4	,	,	PUNCT
fbem-30089	66	5	k	k	PROPN
fbem-30089	66	6	is	be	AUX
fbem-30089	66	7	defined	define	VERB
fbem-30089	66	8	as	as	ADP
fbem-30089	66	9	the	the	DET
fbem-30089	66	10	ratio	ratio	NOUN
fbem-30089	66	11	of	of	ADP
fbem-30089	66	12	cash	cash	NOUN
fbem-30089	66	13	flow	flow	NOUN
fbem-30089	66	14	from	from	ADP
fbem-30089	66	15	operating	operate	VERB
fbem-30089	66	16	activities	activity	NOUN
fbem-30089	66	17	to	to	ADP
fbem-30089	66	18	operating	operate	VERB
fbem-30089	66	19	income	income	NOUN
fbem-30089	66	20	,	,	PUNCT
fbem-30089	66	21	which	which	PRON
fbem-30089	66	22	reflects	reflect	VERB
fbem-30089	66	23	the	the	DET
fbem-30089	66	24	actual	actual	ADJ
fbem-30089	66	25	realization	realization	NOUN
fbem-30089	66	26	ability	ability	NOUN
fbem-30089	66	27	of	of	ADP
fbem-30089	66	28	the	the	DET
fbem-30089	66	29	enterprise	enterprise	NOUN
fbem-30089	66	30	.	.	PUNCT
fbem-30089	67	1	finally	finally	ADV
fbem-30089	67	2	,	,	PUNCT
fbem-30089	67	3	correct	correct	VERB
fbem-30089	67	4	the	the	DET
fbem-30089	67	5	premium	premium	NOUN
fbem-30089	67	6	rate	rate	NOUN
fbem-30089	67	7	factor	factor	NOUN
fbem-30089	67	8	p.	p.	NOUN
fbem-30089	67	9	this	this	DET
fbem-30089	67	10	variable	variable	NOUN
fbem-30089	67	11	reflects	reflect	VERB
fbem-30089	67	12	the	the	DET
fbem-30089	67	13	industry	industry	NOUN
fbem-30089	67	14	position	position	NOUN
fbem-30089	67	15	of	of	ADP
fbem-30089	67	16	the	the	DET
fbem-30089	67	17	enterprise	enterprise	NOUN
fbem-30089	67	18	,	,	PUNCT
fbem-30089	67	19	the	the	PRON
fbem-30089	67	20	higher	high	ADJ
fbem-30089	67	21	the	the	DET
fbem-30089	67	22	market	market	NOUN
fbem-30089	67	23	share	share	NOUN
fbem-30089	67	24	,	,	PUNCT
fbem-30089	67	25	the	the	PRON
fbem-30089	67	26	higher	high	ADJ
fbem-30089	67	27	the	the	DET
fbem-30089	67	28	valuation	valuation	NOUN
fbem-30089	67	29	.	.	PUNCT
fbem-30089	68	1	in	in	ADP
fbem-30089	68	2	this	this	DET
fbem-30089	68	3	paper	paper	NOUN
fbem-30089	68	4	,	,	PUNCT
fbem-30089	68	5	we	we	PRON
fbem-30089	68	6	use	use	VERB
fbem-30089	68	7	the	the	DET
fbem-30089	68	8	proportion	proportion	NOUN
fbem-30089	68	9	of	of	ADP
fbem-30089	68	10	monthly	monthly	ADJ
fbem-30089	68	11	active	active	ADJ
fbem-30089	68	12	users	user	NOUN
fbem-30089	68	13	to	to	ADP
fbem-30089	68	14	the	the	DET
fbem-30089	68	15	total	total	ADJ
fbem-30089	68	16	number	number	NOUN
fbem-30089	68	17	of	of	ADP
fbem-30089	68	18	monthly	monthly	ADJ
fbem-30089	68	19	active	active	ADJ
fbem-30089	68	20	users	user	NOUN
fbem-30089	68	21	of	of	ADP
fbem-30089	68	22	industry	industry	NOUN
fbem-30089	68	23	head	head	NOUN
fbem-30089	68	24	enterprises	enterprise	NOUN
fbem-30089	68	25	to	to	PART
fbem-30089	68	26	denote	denote	VERB
fbem-30089	68	27	p	p	PRON
fbem-30089	68	28	,	,	PUNCT
fbem-30089	68	29	i.e.	i.e.	X
fbem-30089	68	30	,	,	PUNCT
fbem-30089	68	31	p	p	X
fbem-30089	68	32	=	=	NOUN
fbem-30089	68	33	the	the	DET
fbem-30089	68	34	number	number	NOUN
fbem-30089	68	35	of	of	ADP
fbem-30089	68	36	monthly	monthly	ADJ
fbem-30089	68	37	active	active	ADJ
fbem-30089	68	38	users	user	NOUN
fbem-30089	68	39	/	/	PUNCT
fbem-30089	68	40	the	the	DET
fbem-30089	68	41	total	total	ADJ
fbem-30089	68	42	number	number	NOUN
fbem-30089	68	43	of	of	ADP
fbem-30089	68	44	monthly	monthly	ADJ
fbem-30089	68	45	active	active	ADJ
fbem-30089	68	46	users	user	NOUN
fbem-30089	68	47	of	of	ADP
fbem-30089	68	48	industry	industry	NOUN
fbem-30089	68	49	head	head	NOUN
fbem-30089	68	50	enterprises	enterprise	NOUN
fbem-30089	68	51	.	.	PUNCT
fbem-30089	69	1	4.2	4.2	NUM
fbem-30089	69	2	.	.	PUNCT
fbem-30089	70	1	determination	determination	NOUN
fbem-30089	70	2	of	of	ADP
fbem-30089	70	3	valuation	valuation	NOUN
fbem-30089	70	4	model	model	NOUN
fbem-30089	70	5	the	the	DET
fbem-30089	70	6	new	new	ADJ
fbem-30089	70	7	model	model	NOUN
fbem-30089	70	8	is	be	AUX
fbem-30089	70	9	obtained	obtain	VERB
fbem-30089	70	10	by	by	ADP
fbem-30089	70	11	correcting	correct	VERB
fbem-30089	70	12	the	the	DET
fbem-30089	70	13	cathay	cathay	PROPN
fbem-30089	70	14	pacific	pacific	PROPN
fbem-30089	70	15	model	model	PROPN
fbem-30089	70	16	as	as	ADP
fbem-30089	70	17	:	:	PUNCT
fbem-30089	70	18	2	2	NUM
fbem-30089	70	19	2	2	NUM
fbem-30089	70	20	r	r	NOUN
fbem-30089	70	21	n	n	NOUN
fbem-30089	70	22	pkv	pkv	NOUN
fbem-30089	71	1	=	=	INTJ
fbem-30089	71	2	(	(	PUNCT
fbem-30089	71	3	4	4	NUM
fbem-30089	71	4	-	-	SYM
fbem-30089	71	5	1	1	NUM
fbem-30089	71	6	)	)	PUNCT
fbem-30089	71	7	153	153	NUM
fbem-30089	71	8	among	among	ADP
fbem-30089	71	9	them	they	PRON
fbem-30089	71	10	:	:	PUNCT
fbem-30089	71	11	v	v	X
fbem-30089	71	12	-	-	PUNCT
fbem-30089	71	13	value	value	NOUN
fbem-30089	71	14	of	of	ADP
fbem-30089	71	15	the	the	DET
fbem-30089	71	16	business	business	NOUN
fbem-30089	71	17	k	k	NOUN
fbem-30089	71	18	-	-	NOUN
fbem-30089	71	19	cash	cash	NOUN
fbem-30089	71	20	generated	generate	VERB
fbem-30089	71	21	from	from	ADP
fbem-30089	71	22	operating	operate	VERB
fbem-30089	71	23	cash	cash	NOUN
fbem-30089	71	24	activities	activity	NOUN
fbem-30089	71	25	/	/	SYM
fbem-30089	71	26	operating	operate	VERB
fbem-30089	71	27	income	income	NOUN
fbem-30089	72	1	p	p	NOUN
fbem-30089	72	2	-	-	PUNCT
fbem-30089	72	3	average	average	ADJ
fbem-30089	72	4	monthly	monthly	ADJ
fbem-30089	72	5	active	active	ADJ
fbem-30089	72	6	users	user	NOUN
fbem-30089	72	7	/	/	SYM
fbem-30089	72	8	monthly	monthly	ADJ
fbem-30089	72	9	average	average	ADJ
fbem-30089	72	10	active	active	ADJ
fbem-30089	72	11	users	user	NOUN
fbem-30089	72	12	of	of	ADP
fbem-30089	72	13	short	short	ADJ
fbem-30089	72	14	video	video	NOUN
fbem-30089	72	15	platform	platform	NOUN
fbem-30089	72	16	-	-	PUNCT
fbem-30089	72	17	based	base	VERB
fbem-30089	72	18	companies	company	NOUN
fbem-30089	72	19	with	with	ADP
fbem-30089	72	20	top	top	ADJ
fbem-30089	72	21	industry	industry	NOUN
fbem-30089	72	22	position	position	NOUN
fbem-30089	72	23	in	in	ADP
fbem-30089	72	24	the	the	DET
fbem-30089	72	25	current	current	ADJ
fbem-30089	72	26	year	year	NOUN
fbem-30089	72	27	p	p	X
fbem-30089	72	28	-	-	PUNCT
fbem-30089	72	29	average	average	ADJ
fbem-30089	72	30	monthly	monthly	ADJ
fbem-30089	72	31	active	active	ADJ
fbem-30089	72	32	users	user	NOUN
fbem-30089	72	33	/	/	SYM
fbem-30089	72	34	the	the	DET
fbem-30089	72	35	sum	sum	NOUN
fbem-30089	72	36	of	of	ADP
fbem-30089	72	37	the	the	DET
fbem-30089	72	38	monthly	monthly	ADJ
fbem-30089	72	39	average	average	ADJ
fbem-30089	72	40	active	active	ADJ
fbem-30089	72	41	users	user	NOUN
fbem-30089	72	42	of	of	ADP
fbem-30089	72	43	the	the	DET
fbem-30089	72	44	top	top	ADJ
fbem-30089	72	45	short	short	ADJ
fbem-30089	72	46	video	video	NOUN
fbem-30089	72	47	platform	platform	NOUN
fbem-30089	72	48	companies	company	NOUN
fbem-30089	72	49	in	in	ADP
fbem-30089	72	50	the	the	DET
fbem-30089	72	51	industry	industry	NOUN
fbem-30089	72	52	in	in	ADP
fbem-30089	72	53	the	the	DET
fbem-30089	72	54	current	current	ADJ
fbem-30089	72	55	year	year	NOUN
fbem-30089	72	56	n	n	CCONJ
fbem-30089	72	57	-	-	PUNCT
fbem-30089	72	58	number	number	NOUN
fbem-30089	72	59	of	of	ADP
fbem-30089	72	60	monthly	monthly	ADJ
fbem-30089	72	61	active	active	ADJ
fbem-30089	72	62	users	user	NOUN
fbem-30089	72	63	r	r	NOUN
fbem-30089	72	64	-	-	PUNCT
fbem-30089	72	65	total	total	NOUN
fbem-30089	72	66	cost	cost	NOUN
fbem-30089	72	67	for	for	ADP
fbem-30089	72	68	a	a	DET
fbem-30089	72	69	few	few	ADJ
fbem-30089	72	70	active	active	ADJ
fbem-30089	72	71	users	user	NOUN
fbem-30089	72	72	for	for	ADP
fbem-30089	72	73	a	a	DET
fbem-30089	72	74	period	period	NOUN
fbem-30089	72	75	5	5	NUM
fbem-30089	72	76	.	.	PUNCT
fbem-30089	72	77	application	application	NOUN
fbem-30089	72	78	of	of	ADP
fbem-30089	72	79	the	the	DET
fbem-30089	72	80	modified	modify	VERB
fbem-30089	72	81	metcalfe	metcalfe	PROPN
fbem-30089	72	82	model	model	NOUN
fbem-30089	72	83	the	the	DET
fbem-30089	72	84	case	case	NOUN
fbem-30089	72	85	of	of	ADP
fbem-30089	72	86	racer	racer	NOUN
fbem-30089	72	87	5.1	5.1	NUM
fbem-30089	72	88	.	.	PUNCT
fbem-30089	73	1	introduction	introduction	NOUN
fbem-30089	73	2	to	to	ADP
fbem-30089	73	3	the	the	DET
fbem-30089	73	4	case	case	NOUN
fbem-30089	73	5	of	of	ADP
fbem-30089	73	6	racer	racer	NOUN
fbem-30089	73	7	5.1.1	5.1.1	NOUN
fbem-30089	73	8	.	.	PUNCT
fbem-30089	74	1	background	background	NOUN
fbem-30089	74	2	of	of	ADP
fbem-30089	74	3	racer	racer	NOUN
fbem-30089	74	4	founded	found	VERB
fbem-30089	74	5	in	in	ADP
fbem-30089	74	6	2011	2011	NUM
fbem-30089	74	7	,	,	PUNCT
fbem-30089	74	8	snapdragon	snapdragon	VERB
fbem-30089	74	9	(	(	PUNCT
fbem-30089	74	10	beijing	beijing	PROPN
fbem-30089	74	11	snapdragon	snapdragon	PROPN
fbem-30089	74	12	technology	technology	PROPN
fbem-30089	74	13	co.	co.	PROPN
fbem-30089	74	14	,	,	PUNCT
fbem-30089	74	15	ltd	ltd	PROPN
fbem-30089	74	16	.	.	PROPN
fbem-30089	74	17	)	)	PUNCT
fbem-30089	74	18	was	be	AUX
fbem-30089	74	19	initially	initially	ADV
fbem-30089	74	20	a	a	DET
fbem-30089	74	21	motion	motion	NOUN
fbem-30089	74	22	picture	picture	NOUN
fbem-30089	74	23	production	production	NOUN
fbem-30089	74	24	and	and	CCONJ
fbem-30089	74	25	sharing	share	VERB
fbem-30089	74	26	app	app	NOUN
fbem-30089	74	27	,	,	PUNCT
fbem-30089	74	28	and	and	CCONJ
fbem-30089	74	29	then	then	ADV
fbem-30089	74	30	transformed	transform	VERB
fbem-30089	74	31	into	into	ADP
fbem-30089	74	32	a	a	DET
fbem-30089	74	33	short	short	ADJ
fbem-30089	74	34	video	video	NOUN
fbem-30089	74	35	social	social	ADJ
fbem-30089	74	36	platform	platform	NOUN
fbem-30089	74	37	,	,	PUNCT
fbem-30089	74	38	with	with	ADP
fbem-30089	74	39	the	the	DET
fbem-30089	74	40	main	main	ADJ
fbem-30089	74	41	business	business	NOUN
fbem-30089	74	42	of	of	ADP
fbem-30089	74	43	online	online	ADJ
fbem-30089	74	44	marketing	marketing	NOUN
fbem-30089	74	45	,	,	PUNCT
fbem-30089	74	46	live	live	ADJ
fbem-30089	74	47	broadcasting	broadcasting	NOUN
fbem-30089	74	48	and	and	CCONJ
fbem-30089	74	49	other	other	ADJ
fbem-30089	74	50	businesses.2021	businesses.2021	PROPN
fbem-30089	74	51	in	in	ADP
fbem-30089	74	52	march	march	PROPN
fbem-30089	74	53	,	,	PUNCT
fbem-30089	74	54	snapdragon	snapdragon	PROPN
fbem-30089	74	55	was	be	AUX
fbem-30089	74	56	listed	list	VERB
fbem-30089	74	57	on	on	ADP
fbem-30089	74	58	the	the	DET
fbem-30089	74	59	hong	hong	PROPN
fbem-30089	74	60	kong	kong	PROPN
fbem-30089	74	61	stock	stock	PROPN
fbem-30089	74	62	exchange	exchange	PROPN
fbem-30089	74	63	,	,	PUNCT
fbem-30089	74	64	with	with	ADP
fbem-30089	74	65	an	an	DET
fbem-30089	74	66	opening	opening	NOUN
fbem-30089	74	67	price	price	NOUN
fbem-30089	74	68	of	of	ADP
fbem-30089	74	69	rmb	rmb	NOUN
fbem-30089	74	70	280.54	280.54	NUM
fbem-30089	74	71	,	,	PUNCT
fbem-30089	74	72	which	which	PRON
fbem-30089	74	73	is	be	AUX
fbem-30089	74	74	a	a	DET
fbem-30089	74	75	surge	surge	NOUN
fbem-30089	74	76	of	of	ADP
fbem-30089	74	77	1.94	1.94	NUM
fbem-30089	74	78	times	time	NOUN
fbem-30089	74	79	compared	compare	VERB
fbem-30089	74	80	with	with	ADP
fbem-30089	74	81	the	the	DET
fbem-30089	74	82	issue	issue	NOUN
fbem-30089	74	83	price	price	NOUN
fbem-30089	74	84	of	of	ADP
fbem-30089	74	85	rmb	rmb	PROPN
fbem-30089	74	86	95.45	95.45	NUM
fbem-30089	74	87	,	,	PUNCT
fbem-30089	74	88	and	and	CCONJ
fbem-30089	74	89	attracted	attract	VERB
fbem-30089	74	90	a	a	DET
fbem-30089	74	91	large	large	ADJ
fbem-30089	74	92	amount	amount	NOUN
fbem-30089	74	93	of	of	ADP
fbem-30089	74	94	capital	capital	NOUN
fbem-30089	74	95	.	.	PUNCT
fbem-30089	75	1	racer	racer	NOUN
fbem-30089	75	2	increased	increase	VERB
fbem-30089	75	3	its	its	PRON
fbem-30089	75	4	user	user	NOUN
fbem-30089	75	5	scale	scale	NOUN
fbem-30089	75	6	and	and	CCONJ
fbem-30089	75	7	activity	activity	NOUN
fbem-30089	75	8	through	through	ADP
fbem-30089	75	9	short	short	ADJ
fbem-30089	75	10	videos	video	NOUN
fbem-30089	75	11	and	and	CCONJ
fbem-30089	75	12	live	live	VERB
fbem-30089	75	13	interactions	interaction	NOUN
fbem-30089	75	14	to	to	PART
fbem-30089	75	15	realize	realize	VERB
fbem-30089	75	16	cash	cash	NOUN
fbem-30089	75	17	.	.	PUNCT
fbem-30089	76	1	by	by	ADP
fbem-30089	76	2	the	the	DET
fbem-30089	76	3	end	end	NOUN
fbem-30089	76	4	of	of	ADP
fbem-30089	76	5	2022	2022	NUM
fbem-30089	76	6	,	,	PUNCT
fbem-30089	76	7	shutterstock	shutterstock	NOUN
fbem-30089	76	8	had	have	VERB
fbem-30089	76	9	more	more	ADJ
fbem-30089	76	10	than	than	ADP
fbem-30089	76	11	300	300	NUM
fbem-30089	76	12	million	million	NUM
fbem-30089	76	13	daily	daily	ADJ
fbem-30089	76	14	active	active	ADJ
fbem-30089	76	15	users	user	NOUN
fbem-30089	76	16	and	and	CCONJ
fbem-30089	76	17	more	more	ADJ
fbem-30089	76	18	than	than	ADP
fbem-30089	76	19	400	400	NUM
fbem-30089	76	20	million	million	NUM
fbem-30089	76	21	monthly	monthly	ADJ
fbem-30089	76	22	active	active	ADJ
fbem-30089	76	23	users	user	NOUN
fbem-30089	76	24	,	,	PUNCT
fbem-30089	76	25	with	with	ADP
fbem-30089	76	26	revenue	revenue	NOUN
fbem-30089	76	27	of	of	ADP
fbem-30089	76	28	rmb	rmb	PROPN
fbem-30089	76	29	58.776	58.776	NUM
fbem-30089	76	30	billion	billion	NUM
fbem-30089	76	31	,	,	PUNCT
fbem-30089	76	32	of	of	ADP
fbem-30089	76	33	which	which	PRON
fbem-30089	76	34	rmb	rmb	VERB
fbem-30089	76	35	33.2	33.2	NUM
fbem-30089	76	36	billion	billion	NUM
fbem-30089	76	37	was	be	AUX
fbem-30089	76	38	from	from	ADP
fbem-30089	76	39	live	live	ADJ
fbem-30089	76	40	broadcasting	broadcasting	NOUN
fbem-30089	76	41	,	,	PUNCT
fbem-30089	76	42	rmb	rmb	VERB
fbem-30089	76	43	21.86	21.86	NUM
fbem-30089	76	44	billion	billion	NUM
fbem-30089	76	45	from	from	ADP
fbem-30089	76	46	online	online	ADJ
fbem-30089	76	47	marketing	marketing	NOUN
fbem-30089	76	48	,	,	PUNCT
fbem-30089	76	49	and	and	CCONJ
fbem-30089	76	50	rmb	rmb	VERB
fbem-30089	76	51	3.71	3.71	NUM
fbem-30089	76	52	billion	billion	NUM
fbem-30089	76	53	from	from	ADP
fbem-30089	76	54	other	other	ADJ
fbem-30089	76	55	businesses	business	NOUN
fbem-30089	76	56	.	.	PUNCT
fbem-30089	77	1	with	with	ADP
fbem-30089	77	2	its	its	PRON
fbem-30089	77	3	social	social	ADJ
fbem-30089	77	4	features	feature	NOUN
fbem-30089	77	5	,	,	PUNCT
fbem-30089	77	6	high	high	ADJ
fbem-30089	77	7	-	-	PUNCT
fbem-30089	77	8	quality	quality	NOUN
fbem-30089	77	9	content	content	NOUN
fbem-30089	77	10	and	and	CCONJ
fbem-30089	77	11	user	user	NOUN
fbem-30089	77	12	growth	growth	NOUN
fbem-30089	77	13	,	,	PUNCT
fbem-30089	77	14	shutterstock	shutterstock	NOUN
fbem-30089	77	15	has	have	AUX
fbem-30089	77	16	become	become	VERB
fbem-30089	77	17	the	the	DET
fbem-30089	77	18	world	world	NOUN
fbem-30089	77	19	's	's	PART
fbem-30089	77	20	second	second	ADV
fbem-30089	77	21	largest	large	ADJ
fbem-30089	77	22	short	short	ADJ
fbem-30089	77	23	video	video	NOUN
fbem-30089	77	24	platform	platform	NOUN
fbem-30089	77	25	.	.	PUNCT
fbem-30089	78	1	5.1.2	5.1.2	X
fbem-30089	78	2	.	.	X
fbem-30089	78	3	analysis	analysis	NOUN
fbem-30089	78	4	of	of	ADP
fbem-30089	78	5	kuaishou	kuaishou	NOUN
fbem-30089	78	6	's	's	PART
fbem-30089	78	7	annual	annual	ADJ
fbem-30089	78	8	report	report	NOUN
fbem-30089	78	9	(	(	PUNCT
fbem-30089	78	10	1	1	X
fbem-30089	78	11	)	)	PUNCT
fbem-30089	78	12	user	user	NOUN
fbem-30089	78	13	number	number	NOUN
fbem-30089	78	14	analysis	analysis	NOUN
fbem-30089	78	15	the	the	DET
fbem-30089	78	16	majority	majority	NOUN
fbem-30089	78	17	of	of	ADP
fbem-30089	78	18	kuaishou	kuaishou	NOUN
fbem-30089	78	19	's	's	PART
fbem-30089	78	20	users	user	NOUN
fbem-30089	78	21	come	come	VERB
fbem-30089	78	22	from	from	ADP
fbem-30089	78	23	its	its	PRON
fbem-30089	78	24	main	main	ADJ
fbem-30089	78	25	app	app	NOUN
fbem-30089	78	26	,	,	PUNCT
fbem-30089	78	27	which	which	PRON
fbem-30089	78	28	includes	include	VERB
fbem-30089	78	29	the	the	DET
fbem-30089	78	30	standard	standard	ADJ
fbem-30089	78	31	version	version	NOUN
fbem-30089	78	32	,	,	PUNCT
fbem-30089	78	33	a	a	DET
fbem-30089	78	34	lite	lite	ADJ
fbem-30089	78	35	version	version	NOUN
fbem-30089	78	36	,	,	PUNCT
fbem-30089	78	37	and	and	CCONJ
fbem-30089	78	38	a	a	DET
fbem-30089	78	39	concept	concept	NOUN
fbem-30089	78	40	version	version	NOUN
fbem-30089	78	41	.	.	PUNCT
fbem-30089	79	1	the	the	DET
fbem-30089	79	2	kuaishou	kuaishou	PROPN
fbem-30089	79	3	app	app	PROPN
fbem-30089	79	4	is	be	AUX
fbem-30089	79	5	a	a	DET
fbem-30089	79	6	trusted	trust	VERB
fbem-30089	79	7	and	and	CCONJ
fbem-30089	79	8	beloved	beloved	ADJ
fbem-30089	79	9	platform	platform	NOUN
fbem-30089	79	10	for	for	ADP
fbem-30089	79	11	recording	recording	NOUN
fbem-30089	79	12	and	and	CCONJ
fbem-30089	79	13	sharing	sharing	NOUN
fbem-30089	79	14	content	content	NOUN
fbem-30089	79	15	.	.	PUNCT
fbem-30089	80	1	the	the	DET
fbem-30089	80	2	user	user	NOUN
fbem-30089	80	3	trend	trend	NOUN
fbem-30089	80	4	analysis	analysis	NOUN
fbem-30089	80	5	of	of	ADP
fbem-30089	80	6	the	the	DET
fbem-30089	80	7	kuaishou	kuaishou	ADJ
fbem-30089	80	8	app	app	NOUN
fbem-30089	80	9	from	from	ADP
fbem-30089	80	10	2019	2019	NUM
fbem-30089	80	11	to	to	ADP
fbem-30089	80	12	2022	2022	NUM
fbem-30089	80	13	.	.	PUNCT
fbem-30089	81	1	during	during	ADP
fbem-30089	81	2	this	this	DET
fbem-30089	81	3	period	period	NOUN
fbem-30089	81	4	,	,	PUNCT
fbem-30089	81	5	the	the	DET
fbem-30089	81	6	average	average	ADJ
fbem-30089	81	7	daily	daily	ADJ
fbem-30089	81	8	active	active	ADJ
fbem-30089	81	9	users	user	NOUN
fbem-30089	81	10	(	(	PUNCT
fbem-30089	81	11	dau	dau	NOUN
fbem-30089	81	12	)	)	PUNCT
fbem-30089	81	13	,	,	PUNCT
fbem-30089	81	14	monthly	monthly	ADJ
fbem-30089	81	15	active	active	ADJ
fbem-30089	81	16	users	user	NOUN
fbem-30089	81	17	(	(	PUNCT
fbem-30089	81	18	mau	mau	PROPN
fbem-30089	81	19	)	)	PUNCT
fbem-30089	81	20	,	,	PUNCT
fbem-30089	81	21	and	and	CCONJ
fbem-30089	81	22	daily	daily	ADJ
fbem-30089	81	23	usage	usage	NOUN
fbem-30089	81	24	time	time	NOUN
fbem-30089	81	25	per	per	ADP
fbem-30089	81	26	dau	dau	NOUN
fbem-30089	81	27	of	of	ADP
fbem-30089	81	28	the	the	DET
fbem-30089	81	29	kuaishou	kuaishou	PROPN
fbem-30089	81	30	app	app	PROPN
fbem-30089	81	31	continued	continue	VERB
fbem-30089	81	32	to	to	PART
fbem-30089	81	33	grow	grow	VERB
fbem-30089	81	34	.	.	PUNCT
fbem-30089	82	1	the	the	DET
fbem-30089	82	2	growth	growth	NOUN
fbem-30089	82	3	rates	rate	NOUN
fbem-30089	82	4	of	of	ADP
fbem-30089	82	5	dau	dau	NOUN
fbem-30089	82	6	from	from	ADP
fbem-30089	82	7	2019	2019	NUM
fbem-30089	82	8	to	to	ADP
fbem-30089	82	9	2022	2022	NUM
fbem-30089	82	10	were	be	AUX
fbem-30089	82	11	75.56	75.56	NUM
fbem-30089	82	12	%	%	NOUN
fbem-30089	82	13	,	,	PUNCT
fbem-30089	82	14	49.96	49.96	NUM
fbem-30089	82	15	%	%	NOUN
fbem-30089	82	16	,	,	PUNCT
fbem-30089	82	17	and	and	CCONJ
fbem-30089	82	18	50.68	50.68	NUM
fbem-30089	82	19	%	%	NOUN
fbem-30089	82	20	,	,	PUNCT
fbem-30089	82	21	respectively	respectively	ADV
fbem-30089	82	22	.	.	PUNCT
fbem-30089	83	1	the	the	DET
fbem-30089	83	2	growth	growth	NOUN
fbem-30089	83	3	rates	rate	NOUN
fbem-30089	83	4	of	of	ADP
fbem-30089	83	5	mau	mau	PROPN
fbem-30089	83	6	were	be	AUX
fbem-30089	83	7	76.60	76.60	NUM
fbem-30089	83	8	%	%	NOUN
fbem-30089	83	9	,	,	PUNCT
fbem-30089	83	10	37.27	37.27	NUM
fbem-30089	83	11	%	%	NOUN
fbem-30089	83	12	,	,	PUNCT
fbem-30089	83	13	and	and	CCONJ
fbem-30089	83	14	45.61	45.61	NUM
fbem-30089	83	15	%	%	NOUN
fbem-30089	83	16	,	,	PUNCT
fbem-30089	83	17	respectively	respectively	ADV
fbem-30089	83	18	.	.	PUNCT
fbem-30089	84	1	the	the	DET
fbem-30089	84	2	growth	growth	NOUN
fbem-30089	84	3	rates	rate	NOUN
fbem-30089	84	4	of	of	ADP
fbem-30089	84	5	daily	daily	ADJ
fbem-30089	84	6	usage	usage	NOUN
fbem-30089	84	7	time	time	NOUN
fbem-30089	84	8	per	per	ADP
fbem-30089	84	9	dau	dau	NOUN
fbem-30089	84	10	were	be	AUX
fbem-30089	84	11	23.15	23.15	NUM
fbem-30089	84	12	%	%	NOUN
fbem-30089	84	13	,	,	PUNCT
fbem-30089	84	14	14.95	14.95	NUM
fbem-30089	84	15	%	%	NOUN
fbem-30089	84	16	,	,	PUNCT
fbem-30089	84	17	and	and	CCONJ
fbem-30089	84	18	17.02	17.02	NUM
fbem-30089	84	19	%	%	NOUN
fbem-30089	84	20	,	,	PUNCT
fbem-30089	84	21	respectively	respectively	ADV
fbem-30089	84	22	.	.	PUNCT
fbem-30089	85	1	these	these	DET
fbem-30089	85	2	metrics	metric	NOUN
fbem-30089	85	3	of	of	ADP
fbem-30089	85	4	active	active	ADJ
fbem-30089	85	5	user	user	NOUN
fbem-30089	85	6	numbers	number	NOUN
fbem-30089	85	7	,	,	PUNCT
fbem-30089	85	8	user	user	NOUN
fbem-30089	85	9	engagement	engagement	NOUN
fbem-30089	85	10	,	,	PUNCT
fbem-30089	85	11	and	and	CCONJ
fbem-30089	85	12	experience	experience	NOUN
fbem-30089	85	13	quality	quality	NOUN
fbem-30089	85	14	significantly	significantly	ADV
fbem-30089	85	15	impact	impact	VERB
fbem-30089	85	16	the	the	DET
fbem-30089	85	17	income	income	NOUN
fbem-30089	85	18	from	from	ADP
fbem-30089	85	19	virtual	virtual	ADJ
fbem-30089	85	20	gifts	gift	NOUN
fbem-30089	85	21	,	,	PUNCT
fbem-30089	85	22	advertising	advertising	NOUN
fbem-30089	85	23	client	client	NOUN
fbem-30089	85	24	expenditures	expenditure	NOUN
fbem-30089	85	25	,	,	PUNCT
fbem-30089	85	26	and	and	CCONJ
fbem-30089	85	27	other	other	ADJ
fbem-30089	85	28	monetization	monetization	NOUN
fbem-30089	85	29	channels	channel	NOUN
fbem-30089	85	30	such	such	ADJ
fbem-30089	85	31	as	as	ADP
fbem-30089	85	32	e	e	NOUN
fbem-30089	85	33	-	-	NOUN
fbem-30089	85	34	commerce	commerce	NOUN
fbem-30089	85	35	.	.	PUNCT
fbem-30089	85	36	table	table	NOUN
fbem-30089	85	37	5	5	NUM
fbem-30089	85	38	-	-	SYM
fbem-30089	85	39	1	1	NUM
fbem-30089	85	40	.	.	PUNCT
fbem-30089	85	41	racer	racer	NOUN
fbem-30089	85	42	operating	operating	NOUN
fbem-30089	85	43	income	income	NOUN
fbem-30089	85	44	,	,	PUNCT
fbem-30089	85	45	2019	2019	NUM
fbem-30089	85	46	-	-	SYM
fbem-30089	85	47	2022	2022	NUM
fbem-30089	85	48	operating	operating	NOUN
fbem-30089	85	49	income	income	NOUN
fbem-30089	85	50	(	(	PUNCT
fbem-30089	85	51	100	100	NUM
fbem-30089	85	52	million	million	NUM
fbem-30089	85	53	yuan	yuan	NOUN
fbem-30089	85	54	)	)	PUNCT
fbem-30089	85	55	83.4	83.4	NUM
fbem-30089	85	56	203	203	NUM
fbem-30089	85	57	391	391	NUM
fbem-30089	85	58	.	.	PUNCT
fbem-30089	85	59	2	2	NUM
fbem-30089	85	60	587.7	587.7	NUM
fbem-30089	85	61	6	6	NUM
fbem-30089	85	62	revenue	revenue	NOUN
fbem-30089	85	63	from	from	ADP
fbem-30089	85	64	live	live	ADJ
fbem-30089	85	65	streaming	streaming	NOUN
fbem-30089	85	66	business	business	NOUN
fbem-30089	85	67	(	(	PUNCT
fbem-30089	85	68	billion	billion	NUM
fbem-30089	85	69	yuan	yuan	NOUN
fbem-30089	85	70	)	)	PUNCT
fbem-30089	85	71	79.5	79.5	NUM
fbem-30089	85	72	186	186	NUM
fbem-30089	85	73	.	.	PUNCT
fbem-30089	85	74	1	1	NUM
fbem-30089	85	75	314	314	NUM
fbem-30089	85	76	.	.	PUNCT
fbem-30089	85	77	4	4	NUM
fbem-30089	85	78	332.1	332.1	NUM
fbem-30089	85	79	online	online	ADJ
fbem-30089	85	80	marketing	marketing	NOUN
fbem-30089	85	81	services	service	NOUN
fbem-30089	85	82	(	(	PUNCT
fbem-30089	85	83	billion	billion	NUM
fbem-30089	85	84	yuan	yuan	NOUN
fbem-30089	85	85	)	)	PUNCT
fbem-30089	85	86	3.9	3.9	NUM
fbem-30089	85	87	16.7	16.7	NUM
fbem-30089	85	88	74.2	74.2	NUM
fbem-30089	85	89	218.6	218.6	NUM
fbem-30089	85	90	other	other	ADJ
fbem-30089	85	91	revenues	revenue	NOUN
fbem-30089	85	92	(	(	PUNCT
fbem-30089	85	93	billion	billion	NUM
fbem-30089	85	94	yuan	yuan	NOUN
fbem-30089	85	95	)	)	PUNCT
fbem-30089	85	96	0	0	NUM
fbem-30089	85	97	0.2	0.2	NUM
fbem-30089	85	98	2.6	2.6	NUM
fbem-30089	85	99	37.1	37.1	NUM
fbem-30089	85	100	from	from	ADP
fbem-30089	85	101	2019	2019	NUM
fbem-30089	85	102	to	to	ADP
fbem-30089	85	103	2022	2022	NUM
fbem-30089	85	104	,	,	PUNCT
fbem-30089	85	105	the	the	DET
fbem-30089	85	106	total	total	ADJ
fbem-30089	85	107	revenue	revenue	NOUN
fbem-30089	85	108	of	of	ADP
fbem-30089	85	109	crypto	crypto	NOUN
fbem-30089	85	110	will	will	AUX
fbem-30089	85	111	be	be	AUX
fbem-30089	85	112	rmb	rmb	VERB
fbem-30089	85	113	8.34	8.34	NUM
fbem-30089	85	114	billion	billion	NUM
fbem-30089	85	115	,	,	PUNCT
fbem-30089	85	116	rmb	rmb	VERB
fbem-30089	85	117	20.30	20.30	NUM
fbem-30089	85	118	billion	billion	NUM
fbem-30089	85	119	,	,	PUNCT
fbem-30089	85	120	rmb	rmb	VERB
fbem-30089	85	121	39.12	39.12	NUM
fbem-30089	85	122	billion	billion	NUM
fbem-30089	85	123	,	,	PUNCT
fbem-30089	85	124	and	and	CCONJ
fbem-30089	85	125	rmb	rmb	VERB
fbem-30089	85	126	58.78	58.78	NUM
fbem-30089	85	127	billion	billion	NUM
fbem-30089	85	128	,	,	PUNCT
fbem-30089	85	129	respectively	respectively	ADV
fbem-30089	85	130	,	,	PUNCT
fbem-30089	85	131	with	with	ADP
fbem-30089	85	132	a	a	DET
fbem-30089	85	133	cagr	cagr	NOUN
fbem-30089	85	134	of	of	ADP
fbem-30089	85	135	91.7	91.7	NUM
fbem-30089	85	136	%	%	NOUN
fbem-30089	85	137	.	.	PUNCT
fbem-30089	86	1	the	the	DET
fbem-30089	86	2	company	company	NOUN
fbem-30089	86	3	's	's	PART
fbem-30089	86	4	operating	operating	NOUN
fbem-30089	86	5	revenue	revenue	NOUN
fbem-30089	86	6	mainly	mainly	ADV
fbem-30089	86	7	comes	come	VERB
fbem-30089	86	8	from	from	ADP
fbem-30089	86	9	live	live	ADJ
fbem-30089	86	10	broadcasting	broadcasting	NOUN
fbem-30089	86	11	,	,	PUNCT
fbem-30089	86	12	advertising	advertising	NOUN
fbem-30089	86	13	,	,	PUNCT
fbem-30089	86	14	and	and	CCONJ
fbem-30089	86	15	other	other	ADJ
fbem-30089	86	16	businesses	business	NOUN
fbem-30089	86	17	the	the	DET
fbem-30089	86	18	revenue	revenue	NOUN
fbem-30089	86	19	share	share	NOUN
fbem-30089	86	20	of	of	ADP
fbem-30089	86	21	live	live	ADJ
fbem-30089	86	22	broadcasting	broadcasting	NOUN
fbem-30089	86	23	business	business	NOUN
fbem-30089	86	24	declined	decline	VERB
fbem-30089	86	25	from	from	ADP
fbem-30089	86	26	95.3	95.3	NUM
fbem-30089	86	27	%	%	NOUN
fbem-30089	86	28	in	in	ADP
fbem-30089	86	29	2019	2019	NUM
fbem-30089	86	30	to	to	ADP
fbem-30089	86	31	56.5	56.5	NUM
fbem-30089	86	32	%	%	NOUN
fbem-30089	86	33	in	in	ADP
fbem-30089	86	34	2022	2022	NUM
fbem-30089	86	35	,	,	PUNCT
fbem-30089	86	36	and	and	CCONJ
fbem-30089	86	37	39	39	NUM
fbem-30089	86	38	%	%	NOUN
fbem-30089	86	39	in	in	ADP
fbem-30089	86	40	the	the	DET
fbem-30089	86	41	first	first	ADJ
fbem-30089	86	42	three	three	NUM
fbem-30089	86	43	quarters	quarter	NOUN
fbem-30089	86	44	of	of	ADP
fbem-30089	86	45	2021	2021	NUM
fbem-30089	86	46	,	,	PUNCT
fbem-30089	86	47	and	and	CCONJ
fbem-30089	86	48	the	the	DET
fbem-30089	86	49	advertisement	advertisement	NOUN
fbem-30089	86	50	business	business	NOUN
fbem-30089	86	51	is	be	AUX
fbem-30089	86	52	becoming	become	VERB
fbem-30089	86	53	the	the	DET
fbem-30089	86	54	core	core	ADJ
fbem-30089	86	55	force	force	NOUN
fbem-30089	86	56	of	of	ADP
fbem-30089	86	57	the	the	DET
fbem-30089	86	58	revenue	revenue	NOUN
fbem-30089	86	59	of	of	ADP
fbem-30089	86	60	shutterbugs	shutterbug	NOUN
fbem-30089	86	61	,	,	PUNCT
fbem-30089	86	62	with	with	ADP
fbem-30089	86	63	the	the	DET
fbem-30089	86	64	share	share	NOUN
fbem-30089	86	65	increasing	increase	VERB
fbem-30089	86	66	from	from	ADP
fbem-30089	86	67	4.68	4.68	NUM
fbem-30089	86	68	%	%	NOUN
fbem-30089	86	69	in	in	ADP
fbem-30089	86	70	2019	2019	NUM
fbem-30089	86	71	to	to	ADP
fbem-30089	86	72	37.2	37.2	NUM
fbem-30089	86	73	%	%	NOUN
fbem-30089	86	74	in	in	ADP
fbem-30089	86	75	2020	2020	NUM
fbem-30089	86	76	and	and	CCONJ
fbem-30089	86	77	52	52	NUM
fbem-30089	86	78	%	%	NOUN
fbem-30089	86	79	in	in	ADP
fbem-30089	86	80	the	the	DET
fbem-30089	86	81	first	first	ADJ
fbem-30089	86	82	three	three	NUM
fbem-30089	86	83	quarters	quarter	NOUN
fbem-30089	86	84	of	of	ADP
fbem-30089	86	85	2021	2021	NUM
fbem-30089	86	86	,	,	PUNCT
fbem-30089	86	87	and	and	CCONJ
fbem-30089	86	88	other	other	ADJ
fbem-30089	86	89	services	service	NOUN
fbem-30089	86	90	,	,	PUNCT
fbem-30089	86	91	including	include	VERB
fbem-30089	86	92	the	the	DET
fbem-30089	86	93	ecommerce	ecommerce	NOUN
fbem-30089	86	94	business	business	NOUN
fbem-30089	86	95	,	,	PUNCT
fbem-30089	86	96	have	have	AUX
fbem-30089	86	97	grown	grow	VERB
fbem-30089	86	98	to	to	ADP
fbem-30089	86	99	6.3	6.3	NUM
fbem-30089	86	100	%	%	NOUN
fbem-30089	86	101	in	in	ADP
fbem-30089	86	102	2022	2022	NUM
fbem-30089	86	103	and	and	CCONJ
fbem-30089	86	104	9	9	NUM
fbem-30089	86	105	%	%	NOUN
fbem-30089	86	106	in	in	ADP
fbem-30089	86	107	the	the	DET
fbem-30089	86	108	first	first	ADJ
fbem-30089	86	109	three	three	NUM
fbem-30089	86	110	quarters	quarter	NOUN
fbem-30089	86	111	of	of	ADP
fbem-30089	86	112	2023	2023	NUM
fbem-30089	86	113	since	since	SCONJ
fbem-30089	86	114	its	its	PRON
fbem-30089	86	115	inception	inception	NOUN
fbem-30089	86	116	in	in	ADP
fbem-30089	86	117	2018	2018	NUM
fbem-30089	86	118	.	.	PUNCT
fbem-30089	87	1	most	most	ADJ
fbem-30089	87	2	of	of	ADP
fbem-30089	87	3	the	the	DET
fbem-30089	87	4	racer	racer	NOUN
fbem-30089	87	5	's	's	PART
fbem-30089	87	6	revenue	revenue	NOUN
fbem-30089	87	7	comes	come	VERB
fbem-30089	87	8	from	from	ADP
fbem-30089	87	9	its	its	PRON
fbem-30089	87	10	live	live	ADJ
fbem-30089	87	11	streaming	streaming	NOUN
fbem-30089	87	12	business	business	NOUN
fbem-30089	87	13	,	,	PUNCT
fbem-30089	87	14	which	which	PRON
fbem-30089	87	15	generates	generate	VERB
fbem-30089	87	16	revenues	revenue	NOUN
fbem-30089	87	17	of	of	ADP
fbem-30089	87	18	$	$	SYM
fbem-30089	87	19	7.95	7.95	NUM
fbem-30089	87	20	billion	billion	NUM
fbem-30089	87	21	,	,	PUNCT
fbem-30089	87	22	$	$	SYM
fbem-30089	87	23	18.61	18.61	NUM
fbem-30089	87	24	billion	billion	NUM
fbem-30089	87	25	,	,	PUNCT
fbem-30089	87	26	$	$	SYM
fbem-30089	87	27	31.44	31.44	NUM
fbem-30089	87	28	billion	billion	NUM
fbem-30089	87	29	,	,	PUNCT
fbem-30089	87	30	and	and	CCONJ
fbem-30089	87	31	$	$	SYM
fbem-30089	87	32	33.21	33.21	NUM
fbem-30089	87	33	billion	billion	NUM
fbem-30089	87	34	from	from	ADP
fbem-30089	87	35	2019	2019	NUM
fbem-30089	87	36	to	to	ADP
fbem-30089	87	37	2022	2022	NUM
fbem-30089	87	38	,	,	PUNCT
fbem-30089	87	39	respectively	respectively	ADV
fbem-30089	87	40	.	.	PUNCT
fbem-30089	88	1	as	as	SCONJ
fbem-30089	88	2	shown	show	VERB
fbem-30089	88	3	in	in	ADP
fbem-30089	88	4	table	table	NOUN
fbem-30089	88	5	5	5	NUM
fbem-30089	88	6	-	-	SYM
fbem-30089	88	7	2	2	NUM
fbem-30089	88	8	below	below	ADP
fbem-30089	88	9	for	for	ADP
fbem-30089	88	10	crypto	crypto	NOUN
fbem-30089	88	11	's	's	PART
fbem-30089	88	12	live	live	ADJ
fbem-30089	88	13	streaming	streaming	NOUN
fbem-30089	88	14	revenues	revenue	NOUN
fbem-30089	88	15	,	,	PUNCT
fbem-30089	88	16	the	the	DET
fbem-30089	88	17	average	average	ADJ
fbem-30089	88	18	monthly	monthly	ADJ
fbem-30089	88	19	paid	pay	VERB
fbem-30089	88	20	subscribers	subscriber	NOUN
fbem-30089	88	21	for	for	ADP
fbem-30089	88	22	live	live	ADJ
fbem-30089	88	23	streaming	streaming	NOUN
fbem-30089	88	24	increased	increase	VERB
fbem-30089	88	25	from	from	ADP
fbem-30089	88	26	12.6	12.6	NUM
fbem-30089	88	27	million	million	NUM
fbem-30089	88	28	to	to	ADP
fbem-30089	88	29	57.6	57.6	NUM
fbem-30089	88	30	million	million	NUM
fbem-30089	88	31	from	from	ADP
fbem-30089	88	32	2019	2019	NUM
fbem-30089	88	33	to	to	ADP
fbem-30089	88	34	2022	2022	NUM
fbem-30089	88	35	,	,	PUNCT
fbem-30089	88	36	and	and	CCONJ
fbem-30089	88	37	the	the	DET
fbem-30089	88	38	average	average	ADJ
fbem-30089	88	39	monthly	monthly	ADV
fbem-30089	88	40	paid	pay	VERB
fbem-30089	88	41	subscriber	subscriber	NOUN
fbem-30089	88	42	revenue	revenue	NOUN
fbem-30089	88	43	decreased	decrease	VERB
fbem-30089	88	44	from	from	ADP
fbem-30089	88	45	$	$	SYM
fbem-30089	88	46	52.5	52.5	NUM
fbem-30089	88	47	to	to	PART
fbem-30089	88	48	$	$	SYM
fbem-30089	88	49	48.0	48.0	NUM
fbem-30089	88	50	.	.	PUNCT
fbem-30089	89	1	table	table	NOUN
fbem-30089	89	2	5	5	NUM
fbem-30089	89	3	-	-	SYM
fbem-30089	89	4	2	2	NUM
fbem-30089	89	5	.	.	PUNCT
fbem-30089	89	6	racer	racer	NOUN
fbem-30089	89	7	live	live	ADJ
fbem-30089	89	8	streaming	streaming	NOUN
fbem-30089	89	9	revenue	revenue	NOUN
fbem-30089	89	10	,	,	PUNCT
fbem-30089	89	11	2019	2019	NUM
fbem-30089	89	12	-	-	SYM
fbem-30089	89	13	2022	2022	NUM
fbem-30089	89	14	2019	2019	NUM
fbem-30089	89	15	2020	2020	NUM
fbem-30089	89	16	2021	2021	NUM
fbem-30089	89	17	2022	2022	NUM
fbem-30089	89	18	average	average	ADJ
fbem-30089	89	19	monthly	monthly	ADJ
fbem-30089	89	20	paying	pay	VERB
fbem-30089	89	21	users	user	NOUN
fbem-30089	89	22	(	(	PUNCT
fbem-30089	89	23	million	million	NUM
fbem-30089	89	24	)	)	PUNCT
fbem-30089	89	25	12.6	12.6	NUM
fbem-30089	89	26	28.3	28.3	NUM
fbem-30089	89	27	48.9	48.9	NUM
fbem-30089	89	28	57.6	57.6	NUM
fbem-30089	89	29	average	average	ADJ
fbem-30089	89	30	monthly	monthly	ADV
fbem-30089	89	31	paid	pay	VERB
fbem-30089	89	32	user	user	NOUN
fbem-30089	89	33	revenue	revenue	NOUN
fbem-30089	89	34	(	(	PUNCT
fbem-30089	89	35	rmb	rmb	PROPN
fbem-30089	89	36	)	)	PUNCT
fbem-30089	89	37	52.5	52.5	NUM
fbem-30089	89	38	54.9	54.9	NUM
fbem-30089	89	39	53.6	53.6	NUM
fbem-30089	89	40	48.0	48.0	NUM
fbem-30089	89	41	source	source	NOUN
fbem-30089	89	42	:	:	PUNCT
fbem-30089	89	43	annual	annual	ADJ
fbem-30089	89	44	report	report	NOUN
fbem-30089	89	45	of	of	ADP
fbem-30089	89	46	crypto	crypto	NOUN
fbem-30089	89	47	advertising	advertising	NOUN
fbem-30089	89	48	revenue	revenue	NOUN
fbem-30089	89	49	as	as	ADP
fbem-30089	89	50	a	a	DET
fbem-30089	89	51	percentage	percentage	NOUN
fbem-30089	89	52	of	of	ADP
fbem-30089	89	53	total	total	ADJ
fbem-30089	89	54	revenue	revenue	NOUN
fbem-30089	89	55	continues	continue	VERB
fbem-30089	89	56	to	to	PART
fbem-30089	89	57	increase	increase	VERB
fbem-30089	89	58	.	.	PUNCT
fbem-30089	90	1	advertising	advertising	NOUN
fbem-30089	90	2	revenue	revenue	NOUN
fbem-30089	90	3	is	be	AUX
fbem-30089	90	4	$	$	SYM
fbem-30089	90	5	390	390	NUM
fbem-30089	90	6	million	million	NUM
fbem-30089	90	7	,	,	PUNCT
fbem-30089	90	8	$	$	SYM
fbem-30089	90	9	1.67	1.67	NUM
fbem-30089	90	10	billion	billion	NUM
fbem-30089	90	11	,	,	PUNCT
fbem-30089	90	12	$	$	SYM
fbem-30089	90	13	7.42	7.42	NUM
fbem-30089	90	14	billion	billion	NUM
fbem-30089	90	15	,	,	PUNCT
fbem-30089	90	16	and	and	CCONJ
fbem-30089	90	17	$	$	SYM
fbem-30089	90	18	21.86	21.86	NUM
fbem-30089	90	19	billion	billion	NUM
fbem-30089	90	20	,	,	PUNCT
fbem-30089	90	21	or	or	CCONJ
fbem-30089	90	22	4.7	4.7	NUM
fbem-30089	90	23	%	%	NOUN
fbem-30089	90	24	,	,	PUNCT
fbem-30089	90	25	8.2	8.2	NUM
fbem-30089	90	26	%	%	NOUN
fbem-30089	90	27	,	,	PUNCT
fbem-30089	90	28	19.0	19.0	NUM
fbem-30089	90	29	%	%	NOUN
fbem-30089	90	30	,	,	PUNCT
fbem-30089	90	31	and	and	CCONJ
fbem-30089	90	32	37.2	37.2	NUM
fbem-30089	90	33	%	%	NOUN
fbem-30089	90	34	of	of	ADP
fbem-30089	90	35	revenue	revenue	NOUN
fbem-30089	90	36	,	,	PUNCT
fbem-30089	90	37	from	from	ADP
fbem-30089	90	38	2019	2019	NUM
fbem-30089	90	39	to	to	ADP
fbem-30089	90	40	2022	2022	NUM
fbem-30089	90	41	,	,	PUNCT
fbem-30089	90	42	respectively	respectively	ADV
fbem-30089	90	43	.	.	PUNCT
fbem-30089	91	1	the	the	DET
fbem-30089	91	2	average	average	ADJ
fbem-30089	91	3	advertising	advertising	NOUN
fbem-30089	91	4	revenue	revenue	NOUN
fbem-30089	91	5	from	from	ADP
fbem-30089	91	6	daily	daily	ADJ
fbem-30089	91	7	active	active	ADJ
fbem-30089	91	8	users	user	NOUN
fbem-30089	91	9	of	of	ADP
fbem-30089	91	10	the	the	DET
fbem-30089	91	11	racer	racer	NOUN
fbem-30089	91	12	app	app	NOUN
fbem-30089	91	13	from	from	ADP
fbem-30089	91	14	2019	2019	NUM
fbem-30089	91	15	to	to	ADP
fbem-30089	91	16	2022	2022	NUM
fbem-30089	91	17	is	be	AUX
fbem-30089	91	18	$	$	SYM
fbem-30089	91	19	5.9	5.9	NUM
fbem-30089	91	20	,	,	PUNCT
fbem-30089	91	21	$	$	SYM
fbem-30089	91	22	14.2	14.2	NUM
fbem-30089	91	23	$	$	SYM
fbem-30089	91	24	42.3	42.3	NUM
fbem-30089	91	25	,	,	PUNCT
fbem-30089	91	26	and	and	CCONJ
fbem-30089	91	27	$	$	SYM
fbem-30089	91	28	82.6	82.6	NUM
fbem-30089	91	29	.	.	PUNCT
fbem-30089	92	1	racer	racer	NOUN
fbem-30089	92	2	also	also	ADV
fbem-30089	92	3	derives	derive	VERB
fbem-30089	92	4	revenue	revenue	NOUN
fbem-30089	92	5	from	from	ADP
fbem-30089	92	6	other	other	ADJ
fbem-30089	92	7	services	service	NOUN
fbem-30089	92	8	,	,	PUNCT
fbem-30089	92	9	which	which	PRON
fbem-30089	92	10	include	include	VERB
fbem-30089	92	11	e	e	NOUN
fbem-30089	92	12	-	-	NOUN
fbem-30089	92	13	commerce	commerce	NOUN
fbem-30089	92	14	,	,	PUNCT
fbem-30089	92	15	games	game	NOUN
fbem-30089	92	16	,	,	PUNCT
fbem-30089	92	17	and	and	CCONJ
fbem-30089	92	18	other	other	ADJ
fbem-30089	92	19	valueadded	valueadded	ADJ
fbem-30089	92	20	services	service	NOUN
fbem-30089	92	21	.	.	PUNCT
fbem-30089	93	1	revenue	revenue	NOUN
fbem-30089	93	2	from	from	ADP
fbem-30089	93	3	other	other	ADJ
fbem-30089	93	4	services	service	NOUN
fbem-30089	93	5	is	be	AUX
fbem-30089	93	6	$	$	SYM
fbem-30089	93	7	0.0	0.0	NUM
fbem-30089	93	8	billion	billion	NUM
fbem-30089	93	9	,	,	PUNCT
fbem-30089	93	10	$	$	SYM
fbem-30089	93	11	0.2	0.2	NUM
fbem-30089	93	12	billion	billion	NUM
fbem-30089	93	13	,	,	PUNCT
fbem-30089	93	14	$	$	SYM
fbem-30089	93	15	2.6	2.6	NUM
fbem-30089	93	16	billion	billion	NUM
fbem-30089	93	17	,	,	PUNCT
fbem-30089	93	18	and	and	CCONJ
fbem-30089	93	19	$	$	SYM
fbem-30089	93	20	3.71	3.71	NUM
fbem-30089	93	21	billion	billion	NUM
fbem-30089	93	22	from	from	ADP
fbem-30089	93	23	2019	2019	NUM
fbem-30089	93	24	to	to	ADP
fbem-30089	93	25	2022	2022	NUM
fbem-30089	93	26	,	,	PUNCT
fbem-30089	93	27	respectively	respectively	ADV
fbem-30089	93	28	,	,	PUNCT
fbem-30089	93	29	as	as	ADP
fbem-30089	93	30	a	a	DET
fbem-30089	93	31	percentage	percentage	NOUN
fbem-30089	93	32	of	of	ADP
fbem-30089	93	33	revenue	revenue	NOUN
fbem-30089	93	34	of	of	ADP
fbem-30089	93	35	0	0	NUM
fbem-30089	93	36	,	,	PUNCT
fbem-30089	93	37	0.1	0.1	NUM
fbem-30089	93	38	%	%	NOUN
fbem-30089	93	39	,	,	PUNCT
fbem-30089	93	40	0.6	0.6	NUM
fbem-30089	93	41	%	%	NOUN
fbem-30089	93	42	,	,	PUNCT
fbem-30089	93	43	and	and	CCONJ
fbem-30089	93	44	6.3	6.3	NUM
fbem-30089	93	45	%	%	NOUN
fbem-30089	93	46	,	,	PUNCT
fbem-30089	93	47	respectively	respectively	ADV
fbem-30089	93	48	.	.	PUNCT
fbem-30089	94	1	crypto	crypto	PROPN
fbem-30089	94	2	launched	launch	VERB
fbem-30089	94	3	its	its	PRON
fbem-30089	94	4	e	e	PROPN
fbem-30089	94	5	-	-	NOUN
fbem-30089	94	6	commerce	commerce	NOUN
fbem-30089	94	7	business	business	NOUN
fbem-30089	94	8	in	in	ADP
fbem-30089	94	9	august	august	PROPN
fbem-30089	94	10	2018	2018	NUM
fbem-30089	94	11	.	.	PUNCT
fbem-30089	95	1	e	e	X
fbem-30089	95	2	-	-	NOUN
fbem-30089	95	3	commerce	commerce	NOUN
fbem-30089	95	4	merchandise	merchandise	NOUN
fbem-30089	95	5	transactions	transaction	NOUN
fbem-30089	95	6	totaled	total	VERB
fbem-30089	95	7	$	$	SYM
fbem-30089	95	8	0.097	0.097	NUM
fbem-30089	95	9	billion	billion	NUM
fbem-30089	95	10	,	,	PUNCT
fbem-30089	95	11	$	$	SYM
fbem-30089	95	12	59.6	59.6	NUM
fbem-30089	95	13	billion	billion	NUM
fbem-30089	95	14	,	,	PUNCT
fbem-30089	95	15	and	and	CCONJ
fbem-30089	95	16	$	$	SYM
fbem-30089	95	17	381.17	381.17	NUM
fbem-30089	95	18	billion	billion	NUM
fbem-30089	95	19	from	from	ADP
fbem-30089	95	20	2019	2019	NUM
fbem-30089	95	21	to	to	ADP
fbem-30089	95	22	2022	2022	NUM
fbem-30089	95	23	,	,	PUNCT
fbem-30089	95	24	respectively	respectively	ADV
fbem-30089	95	25	,	,	PUNCT
fbem-30089	95	26	and	and	CCONJ
fbem-30089	95	27	crypto	crypto	NOUN
fbem-30089	95	28	e	e	NOUN
fbem-30089	95	29	-	-	NOUN
fbem-30089	95	30	commerce	commerce	NOUN
fbem-30089	95	31	revenues	revenue	NOUN
fbem-30089	95	32	are	be	AUX
fbem-30089	95	33	also	also	ADV
fbem-30089	95	34	growing	grow	VERB
fbem-30089	95	35	rapidly	rapidly	ADV
fbem-30089	95	36	.	.	PUNCT
fbem-30089	96	1	as	as	SCONJ
fbem-30089	96	2	can	can	AUX
fbem-30089	96	3	be	be	AUX
fbem-30089	96	4	seen	see	VERB
fbem-30089	96	5	in	in	ADP
fbem-30089	96	6	figure	figure	NOUN
fbem-30089	96	7	5	5	NUM
fbem-30089	96	8	-	-	SYM
fbem-30089	96	9	3	3	NUM
fbem-30089	96	10	,	,	PUNCT
fbem-30089	96	11	the	the	DET
fbem-30089	96	12	sales	sale	NOUN
fbem-30089	96	13	expense	expense	NOUN
fbem-30089	96	14	ratio	ratio	NOUN
fbem-30089	96	15	of	of	ADP
fbem-30089	96	16	racer	racer	NOUN
fbem-30089	96	17	increases	increase	NOUN
fbem-30089	96	18	at	at	ADP
fbem-30089	96	19	a	a	DET
fbem-30089	96	20	faster	fast	ADJ
fbem-30089	96	21	rate	rate	NOUN
fbem-30089	96	22	,	,	PUNCT
fbem-30089	96	23	especially	especially	ADV
fbem-30089	96	24	in	in	ADP
fbem-30089	96	25	2022	2022	NUM
fbem-30089	96	26	in	in	ADP
fbem-30089	96	27	order	order	NOUN
fbem-30089	96	28	to	to	PART
fbem-30089	96	29	expand	expand	VERB
fbem-30089	96	30	the	the	DET
fbem-30089	96	31	audience	audience	NOUN
fbem-30089	96	32	of	of	ADP
fbem-30089	96	33	the	the	DET
fbem-30089	96	34	newly	newly	ADV
fbem-30089	96	35	launched	launch	VERB
fbem-30089	96	36	racer	racer	NOUN
fbem-30089	96	37	extreme	extreme	NOUN
fbem-30089	96	38	edition	edition	NOUN
fbem-30089	96	39	and	and	CCONJ
fbem-30089	96	40	increase	increase	VERB
fbem-30089	96	41	the	the	DET
fbem-30089	96	42	number	number	NOUN
fbem-30089	96	43	of	of	ADP
fbem-30089	96	44	users	user	NOUN
fbem-30089	96	45	.	.	PUNCT
fbem-30089	97	1	especially	especially	ADV
fbem-30089	97	2	in	in	ADP
fbem-30089	97	3	2022	2022	NUM
fbem-30089	97	4	,	,	PUNCT
fbem-30089	97	5	in	in	ADP
fbem-30089	97	6	order	order	NOUN
fbem-30089	97	7	to	to	PART
fbem-30089	97	8	expand	expand	VERB
fbem-30089	97	9	the	the	DET
fbem-30089	97	10	audience	audience	NOUN
fbem-30089	97	11	and	and	CCONJ
fbem-30089	97	12	increase	increase	VERB
fbem-30089	97	13	the	the	DET
fbem-30089	97	14	number	number	NOUN
fbem-30089	97	15	of	of	ADP
fbem-30089	97	16	users	user	NOUN
fbem-30089	97	17	of	of	ADP
fbem-30089	97	18	the	the	DET
fbem-30089	97	19	newly	newly	ADV
fbem-30089	97	20	launched	launch	VERB
fbem-30089	97	21	maktivo	maktivo	NOUN
fbem-30089	97	22	extreme	extreme	PROPN
fbem-30089	97	23	edition	edition	NOUN
fbem-30089	97	24	,	,	PUNCT
fbem-30089	97	25	the	the	DET
fbem-30089	97	26	sales	sale	NOUN
fbem-30089	97	27	expense	expense	NOUN
fbem-30089	97	28	ratio	ratio	NOUN
fbem-30089	97	29	increased	increase	VERB
fbem-30089	97	30	from	from	ADP
fbem-30089	97	31	25.22	25.22	NUM
fbem-30089	97	32	%	%	NOUN
fbem-30089	97	33	to	to	PART
fbem-30089	97	34	45.28	45.28	NUM
fbem-30089	97	35	%	%	NOUN
fbem-30089	97	36	maktivo	maktivo	NOUN
fbem-30089	97	37	's	's	PART
fbem-30089	97	38	research	research	NOUN
fbem-30089	97	39	and	and	CCONJ
fbem-30089	97	40	development	development	NOUN
fbem-30089	97	41	expenses	expense	NOUN
fbem-30089	97	42	showed	show	VERB
fbem-30089	97	43	a	a	DET
fbem-30089	97	44	rising	rise	VERB
fbem-30089	97	45	trend	trend	NOUN
fbem-30089	97	46	year	year	NOUN
fbem-30089	97	47	by	by	ADP
fbem-30089	97	48	year	year	NOUN
fbem-30089	97	49	,	,	PUNCT
fbem-30089	97	50	except	except	SCONJ
fbem-30089	97	51	for	for	ADP
fbem-30089	97	52	the	the	DET
fbem-30089	97	53	decrease	decrease	NOUN
fbem-30089	97	54	in	in	ADP
fbem-30089	97	55	2021	2021	NUM
fbem-30089	97	56	.	.	PUNCT
fbem-30089	98	1	racer	racer	NOUN
fbem-30089	98	2	's	's	PART
fbem-30089	98	3	administrative	administrative	ADJ
fbem-30089	98	4	expenses	expense	NOUN
fbem-30089	98	5	basically	basically	ADV
fbem-30089	98	6	did	do	AUX
fbem-30089	98	7	not	not	PART
fbem-30089	98	8	fluctuate	fluctuate	VERB
fbem-30089	98	9	.	.	PUNCT
fbem-30089	99	1	the	the	DET
fbem-30089	99	2	gross	gross	ADJ
fbem-30089	99	3	profit	profit	NOUN
fbem-30089	99	4	margin	margin	NOUN
fbem-30089	99	5	of	of	ADP
fbem-30089	99	6	racer	racer	NOUN
fbem-30089	99	7	basically	basically	ADV
fbem-30089	99	8	remained	remain	VERB
fbem-30089	99	9	stable	stable	ADJ
fbem-30089	99	10	from	from	ADP
fbem-30089	99	11	2019	2019	NUM
fbem-30089	99	12	to	to	ADP
fbem-30089	99	13	2021	2021	NUM
fbem-30089	99	14	,	,	PUNCT
fbem-30089	99	15	at	at	ADP
fbem-30089	99	16	31.4	31.4	NUM
fbem-30089	99	17	%	%	NOUN
fbem-30089	99	18	,	,	PUNCT
fbem-30089	99	19	28.7	28.7	NUM
fbem-30089	99	20	%	%	NOUN
fbem-30089	99	21	from	from	ADP
fbem-30089	99	22	2019	2019	NUM
fbem-30089	99	23	to	to	ADP
fbem-30089	99	24	2021	2021	NUM
fbem-30089	99	25	,	,	PUNCT
fbem-30089	99	26	the	the	DET
fbem-30089	99	27	gross	gross	ADJ
fbem-30089	99	28	profit	profit	NOUN
fbem-30089	99	29	margin	margin	NOUN
fbem-30089	99	30	of	of	ADP
fbem-30089	99	31	racer	racer	NOUN
fbem-30089	99	32	will	will	AUX
fbem-30089	99	33	remain	remain	VERB
fbem-30089	99	34	stable	stable	ADJ
fbem-30089	99	35	at	at	ADP
fbem-30089	99	36	31.4	31.4	NUM
fbem-30089	99	37	%	%	NOUN
fbem-30089	99	38	,	,	PUNCT
fbem-30089	99	39	28.7	28.7	NUM
fbem-30089	99	40	%	%	NOUN
fbem-30089	99	41	and	and	CCONJ
fbem-30089	99	42	36.2	36.2	NUM
fbem-30089	99	43	%	%	NOUN
fbem-30089	99	44	respectively	respectively	ADV
fbem-30089	99	45	,	,	PUNCT
fbem-30089	99	46	and	and	CCONJ
fbem-30089	99	47	will	will	AUX
fbem-30089	99	48	increase	increase	VERB
fbem-30089	99	49	to	to	ADP
fbem-30089	99	50	40.5	40.5	NUM
fbem-30089	99	51	%	%	NOUN
fbem-30089	99	52	in	in	ADP
fbem-30089	99	53	2022	2022	NUM
fbem-30089	99	54	.	.	PUNCT
fbem-30089	100	1	the	the	DET
fbem-30089	100	2	increase	increase	NOUN
fbem-30089	100	3	in	in	ADP
fbem-30089	100	4	gross	gross	ADJ
fbem-30089	100	5	profit	profit	NOUN
fbem-30089	100	6	margin	margin	NOUN
fbem-30089	100	7	was	be	AUX
fbem-30089	100	8	mainly	mainly	ADV
fbem-30089	100	9	attributable	attributable	ADJ
fbem-30089	100	10	to	to	ADP
fbem-30089	100	11	the	the	DET
fbem-30089	100	12	increase	increase	NOUN
fbem-30089	100	13	in	in	ADP
fbem-30089	100	14	revenue	revenue	NOUN
fbem-30089	100	15	contribution	contribution	NOUN
fbem-30089	100	16	from	from	ADP
fbem-30089	100	17	advertising	advertising	NOUN
fbem-30089	100	18	and	and	CCONJ
fbem-30089	100	19	ecommerce	ecommerce	NOUN
fbem-30089	100	20	business	business	NOUN
fbem-30089	100	21	.	.	PUNCT
fbem-30089	101	1	154	154	NUM
fbem-30089	101	2	(	(	PUNCT
fbem-30089	101	3	3	3	NUM
fbem-30089	101	4	)	)	PUNCT
fbem-30089	101	5	analysis	analysis	NOUN
fbem-30089	101	6	of	of	ADP
fbem-30089	101	7	earnings	earning	NOUN
fbem-30089	101	8	table	table	NOUN
fbem-30089	101	9	5	5	NUM
fbem-30089	101	10	-	-	SYM
fbem-30089	101	11	3	3	NUM
fbem-30089	101	12	.	.	PUNCT
fbem-30089	101	13	racer	racer	NOUN
fbem-30089	101	14	per	per	ADP
fbem-30089	101	15	share	share	NOUN
fbem-30089	101	16	metrics	metric	NOUN
fbem-30089	101	17	,	,	PUNCT
fbem-30089	101	18	2019	2019	NUM
fbem-30089	101	19	-	-	SYM
fbem-30089	101	20	2022	2022	NUM
fbem-30089	101	21	per	per	ADP
fbem-30089	101	22	share	share	NOUN
fbem-30089	101	23	indicators	indicator	NOUN
fbem-30089	101	24	2019	2019	NUM
fbem-30089	101	25	2020	2020	NUM
fbem-30089	101	26	2021	2021	NUM
fbem-30089	101	27	2022	2022	NUM
fbem-30089	101	28	basic	basic	ADJ
fbem-30089	101	29	earnings	earning	NOUN
fbem-30089	101	30	per	per	ADP
fbem-30089	101	31	share	share	NOUN
fbem-30089	101	32	(	(	PUNCT
fbem-30089	101	33	yuan	yuan	NOUN
fbem-30089	101	34	)	)	PUNCT
fbem-30089	101	35	-21.46	-21.46	PROPN
fbem-30089	101	36	-13.31	-13.31	PROPN
fbem-30089	101	37	-21.04	-21.04	NUM
fbem-30089	101	38	-125.25	-125.25	PROPN
fbem-30089	101	39	net	net	ADJ
fbem-30089	101	40	assets	asset	NOUN
fbem-30089	101	41	per	per	ADP
fbem-30089	101	42	share	share	NOUN
fbem-30089	101	43	(	(	PUNCT
fbem-30089	101	44	yuan	yuan	NOUN
fbem-30089	101	45	)	)	PUNCT
fbem-30089	101	46	-25.6104	-25.6104	PUNCT
fbem-30089	101	47	-43.2916	-43.2916	PUNCT
fbem-30089	101	48	-68.6839	-68.6839	PUNCT
fbem-30089	101	49	-184.4946	-184.4946	NOUN
fbem-30089	101	50	operating	operate	VERB
fbem-30089	101	51	cash	cash	NOUN
fbem-30089	101	52	flow	flow	NOUN
fbem-30089	101	53	per	per	ADP
fbem-30089	101	54	share	share	NOUN
fbem-30089	101	55	(	(	PUNCT
fbem-30089	101	56	yuan	yuan	NOUN
fbem-30089	101	57	)	)	PUNCT
fbem-30089	101	58	2.3727	2.3727	NUM
fbem-30089	101	59	2.2058	2.2058	NUM
fbem-30089	101	60	9.8845	9.8845	NUM
fbem-30089	101	61	2.6382	2.6382	NUM
fbem-30089	101	62	operating	operating	NOUN
fbem-30089	101	63	income	income	NOUN
fbem-30089	101	64	per	per	ADP
fbem-30089	101	65	share	share	NOUN
fbem-30089	101	66	(	(	PUNCT
fbem-30089	101	67	yuan	yuan	NOUN
fbem-30089	101	68	)	)	PUNCT
fbem-30089	101	69	9.627	9.627	NUM
fbem-30089	101	70	24.6145	24.6145	NUM
fbem-30089	101	71	48.2143	48.2143	NUM
fbem-30089	101	72	67.7531	67.7531	NUM
fbem-30089	101	73	source	source	NOUN
fbem-30089	101	74	:	:	PUNCT
fbem-30089	101	75	annual	annual	ADJ
fbem-30089	101	76	report	report	NOUN
fbem-30089	101	77	of	of	ADP
fbem-30089	101	78	racer	racer	NOUN
fbem-30089	101	79	as	as	SCONJ
fbem-30089	101	80	can	can	AUX
fbem-30089	101	81	be	be	AUX
fbem-30089	101	82	seen	see	VERB
fbem-30089	101	83	in	in	ADP
fbem-30089	101	84	table	table	NOUN
fbem-30089	101	85	5	5	NUM
fbem-30089	101	86	-	-	SYM
fbem-30089	101	87	3	3	NUM
fbem-30089	101	88	,	,	PUNCT
fbem-30089	101	89	racer	racer	NOUN
fbem-30089	101	90	's	's	PART
fbem-30089	101	91	earnings	earning	NOUN
fbem-30089	101	92	per	per	ADP
fbem-30089	101	93	share	share	NOUN
fbem-30089	101	94	have	have	AUX
fbem-30089	101	95	been	be	AUX
fbem-30089	101	96	in	in	ADP
fbem-30089	101	97	a	a	DET
fbem-30089	101	98	loss	loss	NOUN
fbem-30089	101	99	position	position	NOUN
fbem-30089	101	100	since	since	SCONJ
fbem-30089	101	101	2019	2019	NUM
fbem-30089	101	102	and	and	CCONJ
fbem-30089	101	103	reaches	reach	VERB
fbem-30089	101	104	a	a	DET
fbem-30089	101	105	loss	loss	NOUN
fbem-30089	101	106	value	value	NOUN
fbem-30089	101	107	of	of	ADP
fbem-30089	101	108	$	$	SYM
fbem-30089	101	109	125.25	125.25	NUM
fbem-30089	101	110	per	per	ADP
fbem-30089	101	111	share	share	NOUN
fbem-30089	101	112	at	at	ADP
fbem-30089	101	113	the	the	DET
fbem-30089	101	114	end	end	NOUN
fbem-30089	101	115	of	of	ADP
fbem-30089	101	116	2022	2022	NUM
fbem-30089	101	117	,	,	PUNCT
fbem-30089	101	118	and	and	CCONJ
fbem-30089	101	119	its	its	PRON
fbem-30089	101	120	net	net	ADJ
fbem-30089	101	121	worth	worth	NOUN
fbem-30089	101	122	per	per	ADP
fbem-30089	101	123	share	share	NOUN
fbem-30089	101	124	is	be	AUX
fbem-30089	101	125	also	also	ADV
fbem-30089	101	126	in	in	ADP
fbem-30089	101	127	a	a	DET
fbem-30089	101	128	loss	loss	NOUN
fbem-30089	101	129	position	position	NOUN
fbem-30089	101	130	.	.	PUNCT
fbem-30089	102	1	on	on	ADP
fbem-30089	102	2	the	the	DET
fbem-30089	102	3	books	book	NOUN
fbem-30089	102	4	,	,	PUNCT
fbem-30089	102	5	crypto	crypto	NOUN
fbem-30089	102	6	is	be	AUX
fbem-30089	102	7	not	not	PART
fbem-30089	102	8	a	a	DET
fbem-30089	102	9	good	good	ADJ
fbem-30089	102	10	company	company	NOUN
fbem-30089	102	11	in	in	ADP
fbem-30089	102	12	the	the	DET
fbem-30089	102	13	traditional	traditional	ADJ
fbem-30089	102	14	sense	sense	NOUN
fbem-30089	102	15	of	of	ADP
fbem-30089	102	16	being	be	AUX
fbem-30089	102	17	able	able	ADJ
fbem-30089	102	18	to	to	PART
fbem-30089	102	19	generate	generate	VERB
fbem-30089	102	20	profits	profit	NOUN
fbem-30089	102	21	for	for	ADP
fbem-30089	102	22	shareholders	shareholder	NOUN
fbem-30089	102	23	.	.	PUNCT
fbem-30089	103	1	as	as	SCONJ
fbem-30089	103	2	shown	show	VERB
fbem-30089	103	3	in	in	ADP
fbem-30089	103	4	figure	figure	NOUN
fbem-30089	103	5	5	5	NUM
fbem-30089	103	6	-	-	SYM
fbem-30089	103	7	4	4	NUM
fbem-30089	103	8	,	,	PUNCT
fbem-30089	103	9	crypto	crypto	NOUN
fbem-30089	103	10	's	's	PART
fbem-30089	103	11	net	net	ADJ
fbem-30089	103	12	profit	profit	NOUN
fbem-30089	103	13	attributable	attributable	ADJ
fbem-30089	103	14	to	to	ADP
fbem-30089	103	15	the	the	DET
fbem-30089	103	16	parent	parent	NOUN
fbem-30089	103	17	company	company	NOUN
fbem-30089	103	18	from	from	ADP
fbem-30089	103	19	2019	2019	NUM
fbem-30089	103	20	to	to	ADP
fbem-30089	103	21	2022	2022	NUM
fbem-30089	103	22	will	will	AUX
fbem-30089	103	23	be	be	AUX
fbem-30089	103	24	rmb	rmb	NOUN
fbem-30089	103	25	-20,045	-20,045	NUM
fbem-30089	103	26	million	million	NUM
fbem-30089	103	27	,	,	PUNCT
fbem-30089	103	28	-12,429	-12,429	PROPN
fbem-30089	103	29	million	million	NUM
fbem-30089	103	30	,	,	PUNCT
fbem-30089	103	31	-19,652	-19,652	NOUN
fbem-30089	103	32	million	million	NUM
fbem-30089	103	33	,	,	PUNCT
fbem-30089	103	34	and	and	CCONJ
fbem-30089	103	35	-11,663.5	-11,663.5	PROPN
fbem-30089	103	36	million	million	NUM
fbem-30089	103	37	,	,	PUNCT
fbem-30089	103	38	respectively	respectively	ADV
fbem-30089	103	39	,	,	PUNCT
fbem-30089	103	40	mainly	mainly	ADV
fbem-30089	103	41	due	due	ADP
fbem-30089	103	42	to	to	ADP
fbem-30089	103	43	the	the	DET
fbem-30089	103	44	fact	fact	NOUN
fbem-30089	103	45	that	that	SCONJ
fbem-30089	103	46	crypto	crypto	NOUN
fbem-30089	103	47	has	have	AUX
fbem-30089	103	48	adjusted	adjust	VERB
fbem-30089	103	49	the	the	DET
fbem-30089	103	50	portion	portion	NOUN
fbem-30089	103	51	of	of	ADP
fbem-30089	103	52	its	its	PRON
fbem-30089	103	53	net	net	ADJ
fbem-30089	103	54	current	current	ADJ
fbem-30089	103	55	liabilities	liability	NOUN
fbem-30089	103	56	that	that	PRON
fbem-30089	103	57	was	be	AUX
fbem-30089	103	58	originally	originally	ADV
fbem-30089	103	59	classified	classify	VERB
fbem-30089	103	60	as	as	ADP
fbem-30089	103	61	net	net	ADJ
fbem-30089	103	62	current	current	ADJ
fbem-30089	103	63	liabilities	liability	NOUN
fbem-30089	103	64	to	to	ADP
fbem-30089	103	65	net	net	ADJ
fbem-30089	103	66	non	non	ADJ
fbem-30089	103	67	-	-	ADJ
fbem-30089	103	68	current	current	ADJ
fbem-30089	103	69	liabilities	liability	NOUN
fbem-30089	103	70	,	,	PUNCT
fbem-30089	103	71	causing	cause	VERB
fbem-30089	103	72	changes	change	NOUN
fbem-30089	103	73	in	in	ADP
fbem-30089	103	74	the	the	DET
fbem-30089	103	75	fair	fair	ADJ
fbem-30089	103	76	value	value	NOUN
fbem-30089	103	77	of	of	ADP
fbem-30089	103	78	in	in	ADP
fbem-30089	103	79	2019	2019	NUM
fbem-30089	103	80	and	and	CCONJ
fbem-30089	103	81	in	in	ADP
fbem-30089	103	82	2020	2020	NUM
fbem-30089	103	83	,	,	PUNCT
fbem-30089	103	84	respectively	respectively	ADV
fbem-30089	103	85	.	.	PUNCT
fbem-30089	104	1	19.87	19.87	NUM
fbem-30089	104	2	billion	billion	NUM
fbem-30089	104	3	and	and	CCONJ
fbem-30089	104	4	-106.81	-106.81	PROPN
fbem-30089	104	5	billion	billion	NUM
fbem-30089	104	6	in	in	ADP
fbem-30089	104	7	2019	2019	NUM
fbem-30089	104	8	and	and	CCONJ
fbem-30089	104	9	2020	2020	NUM
fbem-30089	104	10	,	,	PUNCT
fbem-30089	104	11	respectively	respectively	ADV
fbem-30089	104	12	,	,	PUNCT
fbem-30089	104	13	which	which	PRON
fbem-30089	104	14	caused	cause	VERB
fbem-30089	104	15	crypto	crypto	NOUN
fbem-30089	104	16	to	to	PART
fbem-30089	104	17	sustain	sustain	VERB
fbem-30089	104	18	losses	loss	NOUN
fbem-30089	104	19	.	.	PUNCT
fbem-30089	105	1	the	the	DET
fbem-30089	105	2	net	net	ADJ
fbem-30089	105	3	profit	profit	NOUN
fbem-30089	105	4	margins	margin	NOUN
fbem-30089	105	5	of	of	ADP
fbem-30089	105	6	racer	racer	NOUN
fbem-30089	105	7	from	from	ADP
fbem-30089	105	8	2017	2017	NUM
fbem-30089	105	9	to	to	ADP
fbem-30089	105	10	2020	2020	NUM
fbem-30089	105	11	are	be	AUX
fbem-30089	105	12	-240.36	-240.36	PROPN
fbem-30089	105	13	%	%	NOUN
fbem-30089	105	14	,	,	PUNCT
fbem-30089	106	1	-61.23	-61.23	PROPN
fbem-30089	106	2	%	%	NOUN
fbem-30089	106	3	,	,	PUNCT
fbem-30089	106	4	-50.23	-50.23	PROPN
fbem-30089	106	5	%	%	INTJ
fbem-30089	106	6	,	,	PUNCT
fbem-30089	106	7	and	and	CCONJ
fbem-30089	106	8	-198.44	-198.44	PROPN
fbem-30089	106	9	%	%	NOUN
fbem-30089	106	10	,	,	PUNCT
fbem-30089	106	11	respectively	respectively	ADV
fbem-30089	106	12	,	,	PUNCT
fbem-30089	106	13	which	which	PRON
fbem-30089	106	14	shows	show	VERB
fbem-30089	106	15	that	that	SCONJ
fbem-30089	106	16	the	the	DET
fbem-30089	106	17	profitability	profitability	NOUN
fbem-30089	106	18	of	of	ADP
fbem-30089	106	19	racer	racer	NOUN
fbem-30089	106	20	's	's	PART
fbem-30089	106	21	books	book	NOUN
fbem-30089	106	22	continues	continue	VERB
fbem-30089	106	23	to	to	PART
fbem-30089	106	24	be	be	AUX
fbem-30089	106	25	negative	negative	ADJ
fbem-30089	106	26	.	.	PUNCT
fbem-30089	107	1	5.1.3	5.1.3	NUM
fbem-30089	107	2	.	.	PUNCT
fbem-30089	107	3	analysis	analysis	NOUN
fbem-30089	107	4	of	of	ADP
fbem-30089	107	5	the	the	DET
fbem-30089	107	6	value	value	NOUN
fbem-30089	107	7	characteristics	characteristic	NOUN
fbem-30089	107	8	of	of	ADP
fbem-30089	107	9	fast	fast	ADJ
fbem-30089	107	10	hands	hand	NOUN
fbem-30089	107	11	(	(	PUNCT
fbem-30089	107	12	1	1	NUM
fbem-30089	107	13	)	)	PUNCT
fbem-30089	107	14	user	user	NOUN
fbem-30089	107	15	scale	scale	NOUN
fbem-30089	107	16	affects	affect	VERB
fbem-30089	107	17	the	the	DET
fbem-30089	107	18	three	three	NUM
fbem-30089	107	19	major	major	ADJ
fbem-30089	107	20	profit	profit	NOUN
fbem-30089	107	21	models	model	NOUN
fbem-30089	107	22	:	:	PUNCT
fbem-30089	107	23	the	the	DET
fbem-30089	107	24	main	main	ADJ
fbem-30089	107	25	business	business	NOUN
fbem-30089	107	26	of	of	ADP
fbem-30089	107	27	deft	deft	ADJ
fbem-30089	107	28	hand	hand	NOUN
fbem-30089	107	29	includes	include	VERB
fbem-30089	107	30	live	live	ADJ
fbem-30089	107	31	broadcasting	broadcasting	NOUN
fbem-30089	107	32	,	,	PUNCT
fbem-30089	107	33	advertising	advertising	NOUN
fbem-30089	107	34	and	and	CCONJ
fbem-30089	107	35	other	other	ADJ
fbem-30089	107	36	businesses	business	NOUN
fbem-30089	107	37	(	(	PUNCT
fbem-30089	107	38	such	such	ADJ
fbem-30089	107	39	as	as	ADP
fbem-30089	107	40	e	e	NOUN
fbem-30089	107	41	-	-	NOUN
fbem-30089	107	42	commerce	commerce	NOUN
fbem-30089	107	43	,	,	PUNCT
fbem-30089	107	44	games	game	NOUN
fbem-30089	107	45	,	,	PUNCT
fbem-30089	107	46	etc	etc	X
fbem-30089	107	47	.	.	X
fbem-30089	107	48	)	)	PUNCT
fbem-30089	107	49	,	,	PUNCT
fbem-30089	107	50	all	all	PRON
fbem-30089	107	51	of	of	ADP
fbem-30089	107	52	which	which	PRON
fbem-30089	107	53	rely	rely	VERB
fbem-30089	107	54	on	on	ADP
fbem-30089	107	55	user	user	NOUN
fbem-30089	107	56	scale	scale	NOUN
fbem-30089	107	57	.	.	PUNCT
fbem-30089	108	1	attracting	attract	VERB
fbem-30089	108	2	users	user	NOUN
fbem-30089	108	3	through	through	ADP
fbem-30089	108	4	red	red	ADJ
fbem-30089	108	5	packets	packet	NOUN
fbem-30089	108	6	and	and	CCONJ
fbem-30089	108	7	subsidies	subsidy	NOUN
fbem-30089	108	8	,	,	PUNCT
fbem-30089	108	9	the	the	DET
fbem-30089	108	10	live	live	ADJ
fbem-30089	108	11	broadcasting	broadcasting	NOUN
fbem-30089	108	12	business	business	NOUN
fbem-30089	108	13	is	be	AUX
fbem-30089	108	14	profitable	profitable	ADJ
fbem-30089	108	15	through	through	ADP
fbem-30089	108	16	user	user	NOUN
fbem-30089	108	17	reward	reward	NOUN
fbem-30089	108	18	draws	draw	VERB
fbem-30089	108	19	,	,	PUNCT
fbem-30089	108	20	the	the	DET
fbem-30089	108	21	advertising	advertising	NOUN
fbem-30089	108	22	business	business	NOUN
fbem-30089	108	23	provides	provide	VERB
fbem-30089	108	24	advertisers	advertiser	NOUN
fbem-30089	108	25	with	with	ADP
fbem-30089	108	26	accurate	accurate	ADJ
fbem-30089	108	27	marketing	marketing	NOUN
fbem-30089	108	28	through	through	ADP
fbem-30089	108	29	data	datum	NOUN
fbem-30089	108	30	analysis	analysis	NOUN
fbem-30089	108	31	,	,	PUNCT
fbem-30089	108	32	and	and	CCONJ
fbem-30089	108	33	the	the	DET
fbem-30089	108	34	e	e	NOUN
fbem-30089	108	35	-	-	NOUN
fbem-30089	108	36	commerce	commerce	NOUN
fbem-30089	108	37	and	and	CCONJ
fbem-30089	108	38	other	other	ADJ
fbem-30089	108	39	value	value	NOUN
fbem-30089	108	40	-	-	PUNCT
fbem-30089	108	41	added	add	VERB
fbem-30089	108	42	services	service	NOUN
fbem-30089	108	43	gain	gain	VERB
fbem-30089	108	44	revenue	revenue	NOUN
fbem-30089	108	45	through	through	ADP
fbem-30089	108	46	user	user	NOUN
fbem-30089	108	47	transactions	transaction	NOUN
fbem-30089	108	48	and	and	CCONJ
fbem-30089	108	49	activity	activity	NOUN
fbem-30089	108	50	.	.	PUNCT
fbem-30089	109	1	user	user	NOUN
fbem-30089	109	2	scale	scale	NOUN
fbem-30089	109	3	is	be	AUX
fbem-30089	109	4	the	the	DET
fbem-30089	109	5	basis	basis	NOUN
fbem-30089	109	6	of	of	ADP
fbem-30089	109	7	racer	racer	NOUN
fbem-30089	109	8	's	's	PART
fbem-30089	109	9	value	value	NOUN
fbem-30089	109	10	.	.	PUNCT
fbem-30089	110	1	(	(	PUNCT
fbem-30089	110	2	2	2	X
fbem-30089	110	3	)	)	PUNCT
fbem-30089	110	4	user	user	NOUN
fbem-30089	110	5	cost	cost	NOUN
fbem-30089	110	6	affects	affect	VERB
fbem-30089	110	7	enterprise	enterprise	NOUN
fbem-30089	110	8	value	value	NOUN
fbem-30089	110	9	:	:	PUNCT
fbem-30089	110	10	the	the	DET
fbem-30089	110	11	total	total	ADJ
fbem-30089	110	12	cost	cost	NOUN
fbem-30089	110	13	of	of	ADP
fbem-30089	110	14	racer	racer	NOUN
fbem-30089	110	15	includes	include	VERB
fbem-30089	110	16	operating	operating	NOUN
fbem-30089	110	17	cost	cost	NOUN
fbem-30089	110	18	and	and	CCONJ
fbem-30089	110	19	three	three	NUM
fbem-30089	110	20	major	major	ADJ
fbem-30089	110	21	expenses	expense	NOUN
fbem-30089	110	22	(	(	PUNCT
fbem-30089	110	23	sales	sale	NOUN
fbem-30089	110	24	,	,	PUNCT
fbem-30089	110	25	r&d	r&d	NOUN
fbem-30089	110	26	,	,	PUNCT
fbem-30089	110	27	and	and	CCONJ
fbem-30089	110	28	management	management	NOUN
fbem-30089	110	29	)	)	PUNCT
fbem-30089	110	30	.	.	PUNCT
fbem-30089	111	1	operating	operate	VERB
fbem-30089	111	2	costs	cost	NOUN
fbem-30089	111	3	and	and	CCONJ
fbem-30089	111	4	sales	sale	NOUN
fbem-30089	111	5	costs	cost	NOUN
fbem-30089	111	6	are	be	AUX
fbem-30089	111	7	directly	directly	ADV
fbem-30089	111	8	used	use	VERB
fbem-30089	111	9	to	to	PART
fbem-30089	111	10	acquire	acquire	VERB
fbem-30089	111	11	users	user	NOUN
fbem-30089	111	12	,	,	PUNCT
fbem-30089	111	13	such	such	ADJ
fbem-30089	111	14	as	as	ADP
fbem-30089	111	15	anchor	anchor	NOUN
fbem-30089	111	16	share	share	NOUN
fbem-30089	111	17	and	and	CCONJ
fbem-30089	111	18	user	user	NOUN
fbem-30089	111	19	acquisition	acquisition	NOUN
fbem-30089	111	20	costs	cost	NOUN
fbem-30089	111	21	;	;	PUNCT
fbem-30089	111	22	sales	sale	NOUN
fbem-30089	111	23	costs	cost	NOUN
fbem-30089	111	24	are	be	AUX
fbem-30089	111	25	mainly	mainly	ADV
fbem-30089	111	26	used	use	VERB
fbem-30089	111	27	for	for	ADP
fbem-30089	111	28	user	user	NOUN
fbem-30089	111	29	retention	retention	NOUN
fbem-30089	111	30	and	and	CCONJ
fbem-30089	111	31	brand	brand	NOUN
fbem-30089	111	32	marketing	marketing	NOUN
fbem-30089	111	33	;	;	PUNCT
fbem-30089	111	34	r&d	r&d	NOUN
fbem-30089	111	35	and	and	CCONJ
fbem-30089	111	36	management	management	NOUN
fbem-30089	111	37	costs	cost	NOUN
fbem-30089	111	38	indirectly	indirectly	ADV
fbem-30089	111	39	support	support	VERB
fbem-30089	111	40	user	user	NOUN
fbem-30089	111	41	maintenance	maintenance	NOUN
fbem-30089	111	42	and	and	CCONJ
fbem-30089	111	43	system	system	NOUN
fbem-30089	111	44	optimization	optimization	NOUN
fbem-30089	111	45	.	.	PUNCT
fbem-30089	112	1	these	these	DET
fbem-30089	112	2	costs	cost	NOUN
fbem-30089	112	3	directly	directly	ADV
fbem-30089	112	4	affect	affect	VERB
fbem-30089	112	5	the	the	DET
fbem-30089	112	6	value	value	NOUN
fbem-30089	112	7	assessment	assessment	NOUN
fbem-30089	112	8	of	of	ADP
fbem-30089	112	9	racer	racer	NOUN
fbem-30089	112	10	.	.	PUNCT
fbem-30089	113	1	5.1.4	5.1.4	X
fbem-30089	113	2	.	.	PUNCT
fbem-30089	113	3	applicability	applicability	NOUN
fbem-30089	113	4	analysis	analysis	NOUN
fbem-30089	113	5	of	of	ADP
fbem-30089	113	6	fast	fast	ADJ
fbem-30089	113	7	hand	hand	NOUN
fbem-30089	113	8	valuation	valuation	NOUN
fbem-30089	113	9	(	(	PUNCT
fbem-30089	113	10	1	1	NUM
fbem-30089	113	11	)	)	PUNCT
fbem-30089	113	12	profitability	profitability	NOUN
fbem-30089	113	13	analysis	analysis	NOUN
fbem-30089	113	14	:	:	PUNCT
fbem-30089	113	15	the	the	DET
fbem-30089	113	16	net	net	ADJ
fbem-30089	113	17	profit	profit	NOUN
fbem-30089	113	18	,	,	PUNCT
fbem-30089	113	19	earnings	earning	NOUN
fbem-30089	113	20	per	per	ADP
fbem-30089	113	21	share	share	NOUN
fbem-30089	113	22	and	and	CCONJ
fbem-30089	113	23	net	net	ADJ
fbem-30089	113	24	assets	asset	NOUN
fbem-30089	113	25	of	of	ADP
fbem-30089	113	26	racer	racer	NOUN
fbem-30089	113	27	are	be	AUX
fbem-30089	113	28	negative	negative	ADJ
fbem-30089	113	29	and	and	CCONJ
fbem-30089	113	30	fluctuating	fluctuate	VERB
fbem-30089	113	31	,	,	PUNCT
fbem-30089	113	32	with	with	ADP
fbem-30089	113	33	limited	limited	ADJ
fbem-30089	113	34	historical	historical	ADJ
fbem-30089	113	35	data	datum	NOUN
fbem-30089	113	36	after	after	ADP
fbem-30089	113	37	listing	list	VERB
fbem-30089	113	38	in	in	ADP
fbem-30089	113	39	2021	2021	NUM
fbem-30089	113	40	,	,	PUNCT
fbem-30089	113	41	making	make	VERB
fbem-30089	113	42	financial	financial	ADJ
fbem-30089	113	43	forecasting	forecasting	NOUN
fbem-30089	113	44	difficult	difficult	ADJ
fbem-30089	113	45	and	and	CCONJ
fbem-30089	113	46	unable	unable	ADJ
fbem-30089	113	47	to	to	PART
fbem-30089	113	48	use	use	VERB
fbem-30089	113	49	the	the	DET
fbem-30089	113	50	dcf	dcf	PROPN
fbem-30089	113	51	method	method	NOUN
fbem-30089	113	52	.	.	PUNCT
fbem-30089	114	1	the	the	DET
fbem-30089	114	2	market	market	NOUN
fbem-30089	114	3	method	method	NOUN
fbem-30089	114	4	requires	require	VERB
fbem-30089	114	5	comparable	comparable	ADJ
fbem-30089	114	6	companies	company	NOUN
fbem-30089	114	7	and	and	CCONJ
fbem-30089	114	8	complete	complete	ADJ
fbem-30089	114	9	historical	historical	ADJ
fbem-30089	114	10	data	datum	NOUN
fbem-30089	114	11	,	,	PUNCT
fbem-30089	114	12	which	which	PRON
fbem-30089	114	13	is	be	AUX
fbem-30089	114	14	difficult	difficult	ADJ
fbem-30089	114	15	to	to	PART
fbem-30089	114	16	realize	realize	VERB
fbem-30089	114	17	,	,	PUNCT
fbem-30089	114	18	and	and	CCONJ
fbem-30089	114	19	the	the	DET
fbem-30089	114	20	priceearnings	priceearning	NOUN
fbem-30089	114	21	ratio	ratio	NOUN
fbem-30089	114	22	,	,	PUNCT
fbem-30089	114	23	price	price	NOUN
fbem-30089	114	24	-	-	PUNCT
fbem-30089	114	25	net	net	NOUN
fbem-30089	114	26	ratio	ratio	NOUN
fbem-30089	114	27	and	and	CCONJ
fbem-30089	114	28	price	price	NOUN
fbem-30089	114	29	-	-	PUNCT
fbem-30089	114	30	sales	sale	NOUN
fbem-30089	114	31	ratio	ratio	NOUN
fbem-30089	114	32	are	be	AUX
fbem-30089	114	33	not	not	PART
fbem-30089	114	34	applicable	applicable	ADJ
fbem-30089	114	35	.	.	PUNCT
fbem-30089	115	1	snapdragon	snapdragon	NOUN
fbem-30089	115	2	is	be	AUX
fbem-30089	115	3	a	a	DET
fbem-30089	115	4	light	light	ADJ
fbem-30089	115	5	-	-	PUNCT
fbem-30089	115	6	asset	asset	NOUN
fbem-30089	115	7	enterprise	enterprise	NOUN
fbem-30089	115	8	,	,	PUNCT
fbem-30089	115	9	intangible	intangible	ADJ
fbem-30089	115	10	assets	asset	NOUN
fbem-30089	115	11	and	and	CCONJ
fbem-30089	115	12	financial	financial	ADJ
fbem-30089	115	13	assets	asset	NOUN
fbem-30089	115	14	account	account	VERB
fbem-30089	115	15	for	for	ADP
fbem-30089	115	16	a	a	DET
fbem-30089	115	17	large	large	ADJ
fbem-30089	115	18	proportion	proportion	NOUN
fbem-30089	115	19	,	,	PUNCT
fbem-30089	115	20	and	and	CCONJ
fbem-30089	115	21	the	the	DET
fbem-30089	115	22	cost	cost	NOUN
fbem-30089	115	23	method	method	NOUN
fbem-30089	115	24	is	be	AUX
fbem-30089	115	25	difficult	difficult	ADJ
fbem-30089	115	26	to	to	PART
fbem-30089	115	27	assess	assess	VERB
fbem-30089	115	28	and	and	CCONJ
fbem-30089	115	29	should	should	AUX
fbem-30089	115	30	not	not	PART
fbem-30089	115	31	be	be	AUX
fbem-30089	115	32	used	use	VERB
fbem-30089	115	33	.	.	PUNCT
fbem-30089	116	1	(	(	PUNCT
fbem-30089	116	2	2	2	X
fbem-30089	116	3	)	)	PUNCT
fbem-30089	116	4	analysis	analysis	NOUN
fbem-30089	116	5	of	of	ADP
fbem-30089	116	6	the	the	DET
fbem-30089	116	7	relationship	relationship	NOUN
fbem-30089	116	8	between	between	ADP
fbem-30089	116	9	users	user	NOUN
fbem-30089	116	10	and	and	CCONJ
fbem-30089	116	11	revenue	revenue	NOUN
fbem-30089	116	12	:	:	PUNCT
fbem-30089	116	13	from	from	ADP
fbem-30089	116	14	2019	2019	NUM
fbem-30089	116	15	to	to	ADP
fbem-30089	116	16	2022	2022	NUM
fbem-30089	116	17	,	,	PUNCT
fbem-30089	116	18	the	the	DET
fbem-30089	116	19	growth	growth	NOUN
fbem-30089	116	20	rate	rate	NOUN
fbem-30089	116	21	of	of	ADP
fbem-30089	116	22	daily	daily	ADJ
fbem-30089	116	23	active	active	ADJ
fbem-30089	116	24	users	user	NOUN
fbem-30089	116	25	of	of	ADP
fbem-30089	116	26	quick	quick	ADJ
fbem-30089	116	27	hands	hand	NOUN
fbem-30089	116	28	will	will	AUX
fbem-30089	116	29	be	be	AUX
fbem-30089	116	30	75.56	75.56	NUM
fbem-30089	116	31	%	%	NOUN
fbem-30089	116	32	,	,	PUNCT
fbem-30089	116	33	49.96	49.96	NUM
fbem-30089	116	34	%	%	NOUN
fbem-30089	116	35	and	and	CCONJ
fbem-30089	116	36	50.68	50.68	NUM
fbem-30089	116	37	%	%	NOUN
fbem-30089	116	38	respectively	respectively	ADV
fbem-30089	116	39	,	,	PUNCT
fbem-30089	116	40	the	the	DET
fbem-30089	116	41	growth	growth	NOUN
fbem-30089	116	42	rate	rate	NOUN
fbem-30089	116	43	of	of	ADP
fbem-30089	116	44	monthly	monthly	ADJ
fbem-30089	116	45	active	active	ADJ
fbem-30089	116	46	users	user	NOUN
fbem-30089	116	47	will	will	AUX
fbem-30089	116	48	be	be	AUX
fbem-30089	116	49	76.60	76.60	NUM
fbem-30089	116	50	%	%	NOUN
fbem-30089	116	51	,	,	PUNCT
fbem-30089	116	52	37.27	37.27	NUM
fbem-30089	116	53	%	%	NOUN
fbem-30089	116	54	and	and	CCONJ
fbem-30089	116	55	45.61	45.61	NUM
fbem-30089	116	56	%	%	NOUN
fbem-30089	116	57	,	,	PUNCT
fbem-30089	116	58	and	and	CCONJ
fbem-30089	116	59	the	the	DET
fbem-30089	116	60	growth	growth	NOUN
fbem-30089	116	61	rate	rate	NOUN
fbem-30089	116	62	of	of	ADP
fbem-30089	116	63	operating	operating	NOUN
fbem-30089	116	64	revenue	revenue	NOUN
fbem-30089	116	65	will	will	AUX
fbem-30089	116	66	be	be	AUX
fbem-30089	116	67	143.41	143.41	NUM
fbem-30089	116	68	%	%	NOUN
fbem-30089	116	69	,	,	PUNCT
fbem-30089	116	70	92.71	92.71	NUM
fbem-30089	116	71	%	%	NOUN
fbem-30089	116	72	and	and	CCONJ
fbem-30089	116	73	50.25	50.25	NUM
fbem-30089	116	74	%	%	NOUN
fbem-30089	116	75	respectively	respectively	ADV
fbem-30089	116	76	.	.	PUNCT
fbem-30089	117	1	the	the	DET
fbem-30089	117	2	user	user	NOUN
fbem-30089	117	3	growth	growth	NOUN
fbem-30089	117	4	rate	rate	NOUN
fbem-30089	117	5	fell	fall	VERB
fbem-30089	117	6	first	first	ADV
fbem-30089	117	7	and	and	CCONJ
fbem-30089	117	8	then	then	ADV
fbem-30089	117	9	rose	rise	VERB
fbem-30089	117	10	,	,	PUNCT
fbem-30089	117	11	revenue	revenue	NOUN
fbem-30089	117	12	continued	continue	VERB
fbem-30089	117	13	to	to	PART
fbem-30089	117	14	fall	fall	VERB
fbem-30089	117	15	,	,	PUNCT
fbem-30089	117	16	the	the	DET
fbem-30089	117	17	relationship	relationship	NOUN
fbem-30089	117	18	between	between	ADP
fbem-30089	117	19	the	the	DET
fbem-30089	117	20	three	three	NUM
fbem-30089	117	21	is	be	AUX
fbem-30089	117	22	not	not	PART
fbem-30089	117	23	obvious	obvious	ADJ
fbem-30089	117	24	.	.	PUNCT
fbem-30089	118	1	5.2	5.2	NUM
fbem-30089	118	2	.	.	PUNCT
fbem-30089	118	3	application	application	NOUN
fbem-30089	118	4	of	of	ADP
fbem-30089	118	5	metcalfe	metcalfe	PROPN
fbem-30089	118	6	's	's	PART
fbem-30089	118	7	valuation	valuation	NOUN
fbem-30089	118	8	model	model	NOUN
fbem-30089	118	9	in	in	ADP
fbem-30089	118	10	order	order	NOUN
fbem-30089	118	11	to	to	PART
fbem-30089	118	12	reduce	reduce	VERB
fbem-30089	118	13	the	the	DET
fbem-30089	118	14	uncertainty	uncertainty	NOUN
fbem-30089	118	15	of	of	ADP
fbem-30089	118	16	the	the	DET
fbem-30089	118	17	valuation	valuation	NOUN
fbem-30089	118	18	results	result	NOUN
fbem-30089	118	19	as	as	ADV
fbem-30089	118	20	well	well	ADV
fbem-30089	118	21	as	as	ADP
fbem-30089	118	22	to	to	PART
fbem-30089	118	23	analyze	analyze	VERB
fbem-30089	118	24	the	the	DET
fbem-30089	118	25	trend	trend	NOUN
fbem-30089	118	26	of	of	ADP
fbem-30089	118	27	changes	change	NOUN
fbem-30089	118	28	in	in	ADP
fbem-30089	118	29	the	the	DET
fbem-30089	118	30	value	value	NOUN
fbem-30089	118	31	of	of	ADP
fbem-30089	118	32	racer	racer	NOUN
fbem-30089	118	33	,	,	PUNCT
fbem-30089	118	34	this	this	DET
fbem-30089	118	35	paper	paper	NOUN
fbem-30089	118	36	selects	select	NOUN
fbem-30089	118	37	december	december	PROPN
fbem-30089	118	38	31	31	NUM
fbem-30089	118	39	,	,	PUNCT
fbem-30089	118	40	2022	2022	NUM
fbem-30089	118	41	as	as	ADP
fbem-30089	118	42	the	the	DET
fbem-30089	118	43	valuation	valuation	NOUN
fbem-30089	118	44	base	base	NOUN
fbem-30089	118	45	date	date	NOUN
fbem-30089	118	46	for	for	ADP
fbem-30089	118	47	the	the	DET
fbem-30089	118	48	enterprise	enterprise	NOUN
fbem-30089	118	49	value	value	NOUN
fbem-30089	118	50	assessment	assessment	NOUN
fbem-30089	118	51	of	of	ADP
fbem-30089	118	52	racer	racer	NOUN
fbem-30089	118	53	,	,	PUNCT
fbem-30089	118	54	and	and	CCONJ
fbem-30089	118	55	utilizes	utilize	VERB
fbem-30089	118	56	the	the	DET
fbem-30089	118	57	same	same	ADJ
fbem-30089	118	58	methodology	methodology	NOUN
fbem-30089	118	59	to	to	PART
fbem-30089	118	60	assess	assess	VERB
fbem-30089	118	61	the	the	DET
fbem-30089	118	62	value	value	NOUN
fbem-30089	118	63	of	of	ADP
fbem-30089	118	64	racer	racer	NOUN
fbem-30089	118	65	from	from	ADP
fbem-30089	118	66	the	the	DET
fbem-30089	118	67	end	end	NOUN
fbem-30089	118	68	of	of	ADP
fbem-30089	118	69	2019	2019	NUM
fbem-30089	118	70	to	to	ADP
fbem-30089	118	71	the	the	DET
fbem-30089	118	72	end	end	NOUN
fbem-30089	118	73	of	of	ADP
fbem-30089	118	74	2021	2021	NUM
fbem-30089	118	75	,	,	PUNCT
fbem-30089	118	76	based	base	VERB
fbem-30089	118	77	on	on	ADP
fbem-30089	118	78	the	the	DET
fbem-30089	118	79	foregoing	forego	VERB
fbem-30089	118	80	characteristics	characteristic	NOUN
fbem-30089	118	81	of	of	ADP
fbem-30089	118	82	the	the	DET
fbem-30089	118	83	industry	industry	NOUN
fbem-30089	118	84	and	and	CCONJ
fbem-30089	118	85	the	the	DET
fbem-30089	118	86	value	value	NOUN
fbem-30089	118	87	of	of	ADP
fbem-30089	118	88	the	the	DET
fbem-30089	118	89	enterprise	enterprise	NOUN
fbem-30089	118	90	,	,	PUNCT
fbem-30089	118	91	the	the	DET
fbem-30089	118	92	financial	financial	ADJ
fbem-30089	118	93	analysis	analysis	NOUN
fbem-30089	118	94	,	,	PUNCT
fbem-30089	118	95	and	and	CCONJ
fbem-30089	118	96	based	base	VERB
fbem-30089	118	97	on	on	ADP
fbem-30089	118	98	the	the	DET
fbem-30089	118	99	current	current	ADJ
fbem-30089	118	100	business	business	NOUN
fbem-30089	118	101	model	model	NOUN
fbem-30089	118	102	and	and	CCONJ
fbem-30089	118	103	profitability	profitability	NOUN
fbem-30089	118	104	of	of	ADP
fbem-30089	118	105	racer	racer	NOUN
fbem-30089	118	106	,	,	PUNCT
fbem-30089	118	107	the	the	DET
fbem-30089	118	108	application	application	NOUN
fbem-30089	118	109	of	of	ADP
fbem-30089	118	110	the	the	DET
fbem-30089	118	111	modified	modify	VERB
fbem-30089	118	112	guotai	guotai	NOUN
fbem-30089	118	113	junan	junan	PROPN
fbem-30089	118	114	model	model	NOUN
fbem-30089	118	115	for	for	ADP
fbem-30089	118	116	the	the	DET
fbem-30089	118	117	valuation	valuation	NOUN
fbem-30089	118	118	,	,	PUNCT
fbem-30089	118	119	and	and	CCONJ
fbem-30089	118	120	the	the	DET
fbem-30089	118	121	selected	select	VERB
fbem-30089	118	122	data	datum	NOUN
fbem-30089	118	123	and	and	CCONJ
fbem-30089	118	124	valuation	valuation	NOUN
fbem-30089	118	125	results	result	NOUN
fbem-30089	118	126	are	be	AUX
fbem-30089	118	127	described	describe	VERB
fbem-30089	118	128	below	below	ADV
fbem-30089	118	129	.	.	PUNCT
fbem-30089	119	1	5.2.1	5.2.1	X
fbem-30089	119	2	.	.	PUNCT
fbem-30089	119	3	selection	selection	NOUN
fbem-30089	119	4	of	of	ADP
fbem-30089	119	5	data	datum	NOUN
fbem-30089	119	6	(	(	PUNCT
fbem-30089	119	7	1	1	NUM
fbem-30089	119	8	)	)	PUNCT
fbem-30089	119	9	determination	determination	NOUN
fbem-30089	119	10	of	of	ADP
fbem-30089	119	11	user	user	NOUN
fbem-30089	119	12	size	size	NOUN
fbem-30089	119	13	n.	n.	PROPN
fbem-30089	119	14	the	the	DET
fbem-30089	119	15	user	user	NOUN
fbem-30089	119	16	scale	scale	NOUN
fbem-30089	120	1	n	n	PART
fbem-30089	120	2	is	be	AUX
fbem-30089	120	3	the	the	DET
fbem-30089	120	4	number	number	NOUN
fbem-30089	120	5	of	of	ADP
fbem-30089	120	6	monthly	monthly	ADJ
fbem-30089	120	7	active	active	ADJ
fbem-30089	120	8	users	user	NOUN
fbem-30089	120	9	of	of	ADP
fbem-30089	120	10	racer	racer	NOUN
fbem-30089	120	11	.	.	PUNCT
fbem-30089	121	1	it	it	PRON
fbem-30089	121	2	can	can	AUX
fbem-30089	121	3	be	be	AUX
fbem-30089	121	4	obtained	obtain	VERB
fbem-30089	121	5	directly	directly	ADV
fbem-30089	121	6	from	from	ADP
fbem-30089	121	7	the	the	DET
fbem-30089	121	8	annual	annual	ADJ
fbem-30089	121	9	report	report	NOUN
fbem-30089	121	10	,	,	PUNCT
fbem-30089	121	11	and	and	CCONJ
fbem-30089	121	12	the	the	DET
fbem-30089	121	13	number	number	NOUN
fbem-30089	121	14	of	of	ADP
fbem-30089	121	15	monthly	monthly	ADJ
fbem-30089	121	16	active	active	ADJ
fbem-30089	121	17	users	user	NOUN
fbem-30089	121	18	of	of	ADP
fbem-30089	121	19	crypto	crypto	NOUN
fbem-30089	121	20	from	from	ADP
fbem-30089	121	21	2019	2019	NUM
fbem-30089	121	22	to	to	ADP
fbem-30089	121	23	2022	2022	NUM
fbem-30089	121	24	is	be	AUX
fbem-30089	121	25	136.3	136.3	NUM
fbem-30089	121	26	million	million	NUM
fbem-30089	121	27	,	,	PUNCT
fbem-30089	121	28	240.7	240.7	NUM
fbem-30089	121	29	million	million	NUM
fbem-30089	121	30	,	,	PUNCT
fbem-30089	121	31	330.4	330.4	NUM
fbem-30089	121	32	million	million	NUM
fbem-30089	121	33	,	,	PUNCT
fbem-30089	121	34	and	and	CCONJ
fbem-30089	121	35	481.1	481.1	NUM
fbem-30089	121	36	million	million	NUM
fbem-30089	121	37	,	,	PUNCT
fbem-30089	121	38	respectively	respectively	ADV
fbem-30089	121	39	.	.	PUNCT
fbem-30089	122	1	(	(	PUNCT
fbem-30089	122	2	2	2	X
fbem-30089	122	3	)	)	PUNCT
fbem-30089	122	4	determination	determination	NOUN
fbem-30089	122	5	of	of	ADP
fbem-30089	122	6	node	node	ADJ
fbem-30089	122	7	distance	distance	NOUN
fbem-30089	122	8	r	r	NOUN
fbem-30089	122	9	table	table	NOUN
fbem-30089	122	10	5	5	NUM
fbem-30089	122	11	-	-	SYM
fbem-30089	122	12	4	4	NUM
fbem-30089	122	13	.	.	PUNCT
fbem-30089	122	14	node	node	NOUN
fbem-30089	122	15	distance	distance	NOUN
fbem-30089	122	16	r	r	NOUN
fbem-30089	122	17	calculation	calculation	NOUN
fbem-30089	122	18	process	process	NOUN
fbem-30089	122	19	diagram	diagram	NOUN
fbem-30089	122	20	2019	2019	NUM
fbem-30089	122	21	2020	2020	NUM
fbem-30089	122	22	2021	2021	NUM
fbem-30089	122	23	2022	2022	NUM
fbem-30089	122	24	cost	cost	NOUN
fbem-30089	122	25	of	of	ADP
fbem-30089	122	26	sales	sale	NOUN
fbem-30089	122	27	(	(	PUNCT
fbem-30089	122	28	billion	billion	NUM
fbem-30089	122	29	)	)	PUNCT
fbem-30089	122	30	57.29	57.29	NUM
fbem-30089	122	31	144.98	144.98	NUM
fbem-30089	122	32	250.17	250.17	NUM
fbem-30089	122	33	349.61	349.61	NUM
fbem-30089	122	34	cost	cost	NOUN
fbem-30089	122	35	of	of	ADP
fbem-30089	122	36	sales	sale	NOUN
fbem-30089	122	37	(	(	PUNCT
fbem-30089	122	38	billion	billion	NUM
fbem-30089	122	39	)	)	PUNCT
fbem-30089	122	40	13.6	13.6	NUM
fbem-30089	122	41	42.62	42.62	NUM
fbem-30089	122	42	98.65	98.65	NUM
fbem-30089	122	43	351.09	351.09	NUM
fbem-30089	122	44	administrative	administrative	ADJ
fbem-30089	122	45	expenses	expense	NOUN
fbem-30089	122	46	(	(	PUNCT
fbem-30089	122	47	billion	billion	NUM
fbem-30089	122	48	)	)	PUNCT
fbem-30089	122	49	2.28	2.28	NUM
fbem-30089	122	50	5.42	5.42	NUM
fbem-30089	122	51	8.65	8.65	NUM
fbem-30089	122	52	16.77	16.77	NUM
fbem-30089	122	53	r&d	r&d	NOUN
fbem-30089	122	54	expenses	expense	NOUN
fbem-30089	122	55	(	(	PUNCT
fbem-30089	122	56	billion	billion	NUM
fbem-30089	122	57	)	)	PUNCT
fbem-30089	122	58	4.77	4.77	NUM
fbem-30089	122	59	17.55	17.55	NUM
fbem-30089	122	60	29.44	29.44	NUM
fbem-30089	122	61	65.48	65.48	NUM
fbem-30089	122	62	total	total	ADJ
fbem-30089	122	63	cost	cost	NOUN
fbem-30089	122	64	(	(	PUNCT
fbem-30089	122	65	billion	billion	NUM
fbem-30089	122	66	)	)	PUNCT
fbem-30089	122	67	77.94	77.94	NUM
fbem-30089	122	68	210.57	210.57	NUM
fbem-30089	122	69	386.91	386.91	NUM
fbem-30089	122	70	782.95	782.95	NUM
fbem-30089	122	71	average	average	ADJ
fbem-30089	122	72	monthly	monthly	ADJ
fbem-30089	122	73	active	active	ADJ
fbem-30089	122	74	users	user	NOUN
fbem-30089	122	75	(	(	PUNCT
fbem-30089	122	76	billion	billion	NUM
fbem-30089	122	77	)	)	PUNCT
fbem-30089	122	78	1.363	1.363	NUM
fbem-30089	122	79	2.407	2.407	NUM
fbem-30089	122	80	3.304	3.304	NUM
fbem-30089	122	81	4.811	4.811	NUM
fbem-30089	122	82	unit	unit	NOUN
fbem-30089	122	83	user	user	NOUN
fbem-30089	122	84	acquisition	acquisition	NOUN
fbem-30089	122	85	cost	cost	VERB
fbem-30089	122	86	r	r	NOUN
fbem-30089	122	87	57.18	57.18	NUM
fbem-30089	122	88	87.48	87.48	NUM
fbem-30089	122	89	117.10	117.10	NUM
fbem-30089	122	90	162.74	162.74	NUM
fbem-30089	122	91	data	datum	NOUN
fbem-30089	122	92	source	source	NOUN
fbem-30089	122	93	:	:	PUNCT
fbem-30089	122	94	annual	annual	ADJ
fbem-30089	122	95	report	report	NOUN
fbem-30089	122	96	of	of	ADP
fbem-30089	122	97	racer	racer	NOUN
fbem-30089	122	98	r	r	NOUN
fbem-30089	122	99	is	be	AUX
fbem-30089	122	100	the	the	DET
fbem-30089	122	101	cost	cost	NOUN
fbem-30089	122	102	paid	pay	VERB
fbem-30089	122	103	by	by	ADP
fbem-30089	122	104	the	the	DET
fbem-30089	122	105	enterprise	enterprise	NOUN
fbem-30089	122	106	for	for	ADP
fbem-30089	122	107	acquiring	acquire	VERB
fbem-30089	122	108	and	and	CCONJ
fbem-30089	122	109	maintaining	maintain	VERB
fbem-30089	122	110	unit	unit	NOUN
fbem-30089	122	111	active	active	ADJ
fbem-30089	122	112	users	user	NOUN
fbem-30089	122	113	,	,	PUNCT
fbem-30089	122	114	i.e.	i.e.	X
fbem-30089	122	115	,	,	PUNCT
fbem-30089	122	116	r	r	NOUN
fbem-30089	122	117	=	=	SYM
fbem-30089	122	118	total	total	NOUN
fbem-30089	122	119	cost	cost	NOUN
fbem-30089	122	120	for	for	ADP
fbem-30089	122	121	a	a	DET
fbem-30089	122	122	certain	certain	ADJ
fbem-30089	122	123	period	period	NOUN
fbem-30089	122	124	/	/	SYM
fbem-30089	122	125	number	number	NOUN
fbem-30089	122	126	of	of	ADP
fbem-30089	122	127	active	active	ADJ
fbem-30089	122	128	users	user	NOUN
fbem-30089	122	129	for	for	ADP
fbem-30089	122	130	a	a	DET
fbem-30089	122	131	certain	certain	ADJ
fbem-30089	122	132	period	period	NOUN
fbem-30089	122	133	.	.	PUNCT
fbem-30089	123	1	the	the	DET
fbem-30089	123	2	numerator	numerator	NOUN
fbem-30089	123	3	is	be	AUX
fbem-30089	123	4	the	the	DET
fbem-30089	123	5	total	total	ADJ
fbem-30089	123	6	cost	cost	NOUN
fbem-30089	123	7	per	per	ADP
fbem-30089	123	8	year	year	NOUN
fbem-30089	123	9	,	,	PUNCT
fbem-30089	123	10	and	and	CCONJ
fbem-30089	123	11	the	the	DET
fbem-30089	123	12	denominator	denominator	NOUN
fbem-30089	123	13	is	be	AUX
fbem-30089	123	14	the	the	DET
fbem-30089	123	15	number	number	NOUN
fbem-30089	123	16	of	of	ADP
fbem-30089	123	17	monthly	monthly	ADJ
fbem-30089	123	18	active	active	ADJ
fbem-30089	123	19	users	user	NOUN
fbem-30089	123	20	per	per	ADP
fbem-30089	123	21	year	year	NOUN
fbem-30089	123	22	to	to	PART
fbem-30089	123	23	get	get	VERB
fbem-30089	123	24	the	the	DET
fbem-30089	123	25	annual	annual	ADJ
fbem-30089	123	26	r.	r.	NOUN
fbem-30089	123	27	as	as	SCONJ
fbem-30089	123	28	shown	show	VERB
fbem-30089	123	29	in	in	ADP
fbem-30089	123	30	table	table	NOUN
fbem-30089	123	31	5	5	NUM
fbem-30089	123	32	-	-	SYM
fbem-30089	123	33	4	4	NUM
fbem-30089	123	34	,	,	PUNCT
fbem-30089	123	35	we	we	PRON
fbem-30089	123	36	can	can	AUX
fbem-30089	123	37	get	get	VERB
fbem-30089	123	38	the	the	DET
fbem-30089	123	39	data	datum	NOUN
fbem-30089	123	40	of	of	ADP
fbem-30089	123	41	cost	cost	NOUN
fbem-30089	123	42	of	of	ADP
fbem-30089	123	43	sales	sale	NOUN
fbem-30089	123	44	,	,	PUNCT
fbem-30089	123	45	selling	sell	VERB
fbem-30089	123	46	expenses	expense	NOUN
fbem-30089	123	47	,	,	PUNCT
fbem-30089	123	48	management	management	NOUN
fbem-30089	123	49	expenses	expense	NOUN
fbem-30089	123	50	and	and	CCONJ
fbem-30089	123	51	r&d	r&d	NOUN
fbem-30089	123	52	expenses	expense	NOUN
fbem-30089	123	53	from	from	ADP
fbem-30089	123	54	racer	racer	NOUN
fbem-30089	123	55	's	's	PART
fbem-30089	123	56	annual	annual	ADJ
fbem-30089	123	57	report	report	NOUN
fbem-30089	123	58	,	,	PUNCT
fbem-30089	123	59	the	the	DET
fbem-30089	123	60	cost	cost	NOUN
fbem-30089	123	61	of	of	ADP
fbem-30089	123	62	sales	sale	NOUN
fbem-30089	123	63	and	and	CCONJ
fbem-30089	123	64	selling	selling	NOUN
fbem-30089	123	65	expenses	expense	NOUN
fbem-30089	123	66	are	be	AUX
fbem-30089	123	67	the	the	DET
fbem-30089	123	68	direct	direct	ADJ
fbem-30089	123	69	costs	cost	NOUN
fbem-30089	123	70	paid	pay	VERB
fbem-30089	123	71	for	for	ADP
fbem-30089	123	72	acquiring	acquire	VERB
fbem-30089	123	73	the	the	DET
fbem-30089	123	74	number	number	NOUN
fbem-30089	123	75	of	of	ADP
fbem-30089	123	76	users	user	NOUN
fbem-30089	123	77	,	,	PUNCT
fbem-30089	123	78	and	and	CCONJ
fbem-30089	123	79	the	the	DET
fbem-30089	123	80	management	management	NOUN
fbem-30089	123	81	expenses	expense	NOUN
fbem-30089	123	82	and	and	CCONJ
fbem-30089	123	83	r&d	r&d	NOUN
fbem-30089	123	84	expenses	expense	NOUN
fbem-30089	123	85	are	be	AUX
fbem-30089	123	86	the	the	DET
fbem-30089	123	87	indirect	indirect	ADJ
fbem-30089	123	88	costs	cost	NOUN
fbem-30089	123	89	paid	pay	VERB
fbem-30089	123	90	for	for	ADP
fbem-30089	123	91	acquiring	acquire	VERB
fbem-30089	123	92	the	the	DET
fbem-30089	123	93	number	number	NOUN
fbem-30089	123	94	of	of	ADP
fbem-30089	123	95	users	user	NOUN
fbem-30089	123	96	,	,	PUNCT
fbem-30089	123	97	which	which	PRON
fbem-30089	123	98	should	should	AUX
fbem-30089	123	99	be	be	AUX
fbem-30089	123	100	included	include	VERB
fbem-30089	123	101	in	in	ADP
fbem-30089	123	102	the	the	DET
fbem-30089	123	103	user	user	NOUN
fbem-30089	123	104	costs	cost	NOUN
fbem-30089	123	105	.	.	PUNCT
fbem-30089	124	1	the	the	DET
fbem-30089	124	2	cost	cost	NOUN
fbem-30089	124	3	of	of	ADP
fbem-30089	124	4	sales	sale	NOUN
fbem-30089	124	5	and	and	CCONJ
fbem-30089	124	6	selling	selling	NOUN
fbem-30089	124	7	expenses	expense	NOUN
fbem-30089	124	8	are	be	AUX
fbem-30089	124	9	the	the	DET
fbem-30089	124	10	direct	direct	ADJ
fbem-30089	124	11	costs	cost	NOUN
fbem-30089	124	12	of	of	ADP
fbem-30089	124	13	acquiring	acquire	VERB
fbem-30089	124	14	users	user	NOUN
fbem-30089	124	15	,	,	PUNCT
fbem-30089	124	16	while	while	SCONJ
fbem-30089	124	17	administrative	administrative	ADJ
fbem-30089	124	18	expenses	expense	NOUN
fbem-30089	124	19	and	and	CCONJ
fbem-30089	124	20	r&d	r&d	NOUN
fbem-30089	124	21	expenses	expense	NOUN
fbem-30089	124	22	are	be	AUX
fbem-30089	124	23	the	the	DET
fbem-30089	124	24	indirect	indirect	ADJ
fbem-30089	124	25	costs	cost	NOUN
fbem-30089	124	26	of	of	ADP
fbem-30089	124	27	acquiring	acquire	VERB
fbem-30089	124	28	users	user	NOUN
fbem-30089	124	29	,	,	PUNCT
fbem-30089	124	30	which	which	PRON
fbem-30089	124	31	should	should	AUX
fbem-30089	124	32	be	be	AUX
fbem-30089	124	33	included	include	VERB
fbem-30089	124	34	in	in	ADP
fbem-30089	124	35	the	the	DET
fbem-30089	124	36	cost	cost	NOUN
fbem-30089	124	37	of	of	ADP
fbem-30089	124	38	users	user	NOUN
fbem-30089	124	39	,	,	PUNCT
fbem-30089	124	40	and	and	CCONJ
fbem-30089	124	41	then	then	ADV
fbem-30089	124	42	divided	divide	VERB
fbem-30089	124	43	by	by	ADP
fbem-30089	124	44	the	the	DET
fbem-30089	124	45	average	average	ADJ
fbem-30089	124	46	number	number	NOUN
fbem-30089	124	47	of	of	ADP
fbem-30089	124	48	155	155	NUM
fbem-30089	124	49	monthly	monthly	ADJ
fbem-30089	124	50	active	active	ADJ
fbem-30089	124	51	users	user	NOUN
fbem-30089	124	52	per	per	ADP
fbem-30089	124	53	year	year	NOUN
fbem-30089	124	54	to	to	PART
fbem-30089	124	55	obtain	obtain	VERB
fbem-30089	124	56	the	the	DET
fbem-30089	124	57	cost	cost	NOUN
fbem-30089	124	58	of	of	ADP
fbem-30089	124	59	acquiring	acquire	VERB
fbem-30089	124	60	users	user	NOUN
fbem-30089	124	61	.	.	PUNCT
fbem-30089	125	1	(	(	PUNCT
fbem-30089	125	2	3	3	X
fbem-30089	125	3	)	)	PUNCT
fbem-30089	125	4	determination	determination	NOUN
fbem-30089	125	5	of	of	ADP
fbem-30089	125	6	realization	realization	NOUN
fbem-30089	125	7	factor	factor	NOUN
fbem-30089	125	8	k	k	PROPN
fbem-30089	125	9	in	in	ADP
fbem-30089	125	10	this	this	DET
fbem-30089	125	11	paper	paper	NOUN
fbem-30089	125	12	,	,	PUNCT
fbem-30089	125	13	k	k	PROPN
fbem-30089	125	14	is	be	AUX
fbem-30089	125	15	defined	define	VERB
fbem-30089	125	16	as	as	ADP
fbem-30089	125	17	the	the	DET
fbem-30089	125	18	ratio	ratio	NOUN
fbem-30089	125	19	of	of	ADP
fbem-30089	125	20	cash	cash	NOUN
fbem-30089	125	21	generated	generate	VERB
fbem-30089	125	22	from	from	ADP
fbem-30089	125	23	operating	operate	VERB
fbem-30089	125	24	cash	cash	NOUN
fbem-30089	125	25	activities	activity	NOUN
fbem-30089	125	26	and	and	CCONJ
fbem-30089	125	27	total	total	ADJ
fbem-30089	125	28	assets	asset	NOUN
fbem-30089	125	29	,	,	PUNCT
fbem-30089	125	30	which	which	PRON
fbem-30089	125	31	represents	represent	VERB
fbem-30089	125	32	the	the	DET
fbem-30089	125	33	real	real	ADJ
fbem-30089	125	34	liquidity	liquidity	NOUN
fbem-30089	125	35	of	of	ADP
fbem-30089	125	36	the	the	DET
fbem-30089	125	37	enterprise	enterprise	NOUN
fbem-30089	125	38	in	in	ADP
fbem-30089	125	39	the	the	DET
fbem-30089	125	40	process	process	NOUN
fbem-30089	125	41	of	of	ADP
fbem-30089	125	42	profitability	profitability	NOUN
fbem-30089	125	43	,	,	PUNCT
fbem-30089	125	44	i.e.	i.e.	X
fbem-30089	125	45	as	as	SCONJ
fbem-30089	125	46	shown	show	VERB
fbem-30089	125	47	in	in	ADP
fbem-30089	125	48	table	table	NOUN
fbem-30089	125	49	5	5	NUM
fbem-30089	125	50	-	-	SYM
fbem-30089	125	51	5	5	NUM
fbem-30089	125	52	:	:	PUNCT
fbem-30089	125	53	table	table	NOUN
fbem-30089	125	54	5	5	NUM
fbem-30089	125	55	-	-	SYM
fbem-30089	125	56	5	5	NUM
fbem-30089	125	57	.	.	PUNCT
fbem-30089	125	58	calculation	calculation	NOUN
fbem-30089	125	59	procedure	procedure	NOUN
fbem-30089	125	60	for	for	ADP
fbem-30089	125	61	the	the	DET
fbem-30089	125	62	liquidity	liquidity	NOUN
fbem-30089	125	63	factor	factor	NOUN
fbem-30089	125	64	k	k	PROPN
fbem-30089	125	65	2019	2019	NUM
fbem-30089	126	1	2020	2020	NUM
fbem-30089	126	2	2021	2021	NUM
fbem-30089	126	3	2022	2022	NUM
fbem-30089	126	4	cash	cash	NOUN
fbem-30089	126	5	generated	generate	VERB
fbem-30089	126	6	from	from	ADP
fbem-30089	126	7	operating	operate	VERB
fbem-30089	126	8	activities	activity	NOUN
fbem-30089	126	9	20.76	20.76	NUM
fbem-30089	126	10	18.98	18.98	NUM
fbem-30089	126	11	88.82	88.82	NUM
fbem-30089	126	12	31.19	31.19	NUM
fbem-30089	126	13	total	total	ADJ
fbem-30089	126	14	assets	asset	NOUN
fbem-30089	126	15	76.94	76.94	NUM
fbem-30089	127	1	164.79	164.79	NUM
fbem-30089	127	2	324.14	324.14	NUM
fbem-30089	127	3	521.47	521.47	NUM
fbem-30089	127	4	k	k	PROPN
fbem-30089	127	5	26.98	26.98	NUM
fbem-30089	127	6	%	%	NOUN
fbem-30089	127	7	11.52	11.52	NUM
fbem-30089	127	8	%	%	NOUN
fbem-30089	127	9	27.40	27.40	NUM
fbem-30089	127	10	%	%	NOUN
fbem-30089	127	11	5.98	5.98	NUM
fbem-30089	127	12	%	%	NOUN
fbem-30089	127	13	data	datum	NOUN
fbem-30089	127	14	source	source	NOUN
fbem-30089	127	15	:	:	PUNCT
fbem-30089	127	16	racer	racer	NOUN
fbem-30089	127	17	's	's	PART
fbem-30089	127	18	annual	annual	ADJ
fbem-30089	127	19	report	report	NOUN
fbem-30089	127	20	(	(	PUNCT
fbem-30089	127	21	4	4	X
fbem-30089	127	22	)	)	PUNCT
fbem-30089	127	23	determination	determination	NOUN
fbem-30089	127	24	of	of	ADP
fbem-30089	127	25	premium	premium	NOUN
fbem-30089	127	26	rate	rate	NOUN
fbem-30089	127	27	coefficient	coefficient	VERB
fbem-30089	127	28	the	the	DET
fbem-30089	127	29	premium	premium	NOUN
fbem-30089	127	30	rate	rate	NOUN
fbem-30089	127	31	coefficient	coefficient	NOUN
fbem-30089	127	32	analyzed	analyze	VERB
fbem-30089	127	33	above	above	ADV
fbem-30089	127	34	=	=	PUNCT
fbem-30089	127	35	average	average	ADJ
fbem-30089	127	36	monthly	monthly	ADJ
fbem-30089	127	37	active	active	ADJ
fbem-30089	127	38	users	user	NOUN
fbem-30089	127	39	/	/	SYM
fbem-30089	127	40	the	the	DET
fbem-30089	127	41	sum	sum	NOUN
fbem-30089	127	42	of	of	ADP
fbem-30089	127	43	average	average	ADJ
fbem-30089	127	44	monthly	monthly	ADJ
fbem-30089	127	45	active	active	ADJ
fbem-30089	127	46	users	user	NOUN
fbem-30089	127	47	of	of	ADP
fbem-30089	127	48	social	social	ADJ
fbem-30089	127	49	network	network	NOUN
fbem-30089	127	50	platform	platform	NOUN
fbem-30089	127	51	-	-	PUNCT
fbem-30089	127	52	type	type	NOUN
fbem-30089	127	53	enterprises	enterprise	NOUN
fbem-30089	127	54	with	with	ADP
fbem-30089	127	55	top	top	ADJ
fbem-30089	127	56	industry	industry	NOUN
fbem-30089	127	57	status	status	NOUN
fbem-30089	127	58	,	,	PUNCT
fbem-30089	127	59	according	accord	VERB
fbem-30089	127	60	to	to	ADP
fbem-30089	127	61	the	the	DET
fbem-30089	127	62	public	public	ADJ
fbem-30089	127	63	information	information	NOUN
fbem-30089	127	64	showing	show	VERB
fbem-30089	127	65	that	that	SCONJ
fbem-30089	127	66	the	the	DET
fbem-30089	127	67	average	average	ADJ
fbem-30089	127	68	monthly	monthly	ADJ
fbem-30089	127	69	active	active	ADJ
fbem-30089	127	70	users	user	NOUN
fbem-30089	127	71	of	of	ADP
fbem-30089	127	72	shutterstock	shutterstock	NOUN
fbem-30089	127	73	accounted	account	VERB
fbem-30089	127	74	for	for	ADP
fbem-30089	127	75	the	the	DET
fbem-30089	127	76	proportion	proportion	NOUN
fbem-30089	127	77	of	of	ADP
fbem-30089	127	78	the	the	DET
fbem-30089	127	79	sum	sum	NOUN
fbem-30089	127	80	of	of	ADP
fbem-30089	127	81	average	average	ADJ
fbem-30089	127	82	monthly	monthly	ADJ
fbem-30089	127	83	active	active	ADJ
fbem-30089	127	84	users	user	NOUN
fbem-30089	127	85	of	of	ADP
fbem-30089	127	86	top	top	ADV
fbem-30089	127	87	-	-	PUNCT
fbem-30089	127	88	ranked	rank	VERB
fbem-30089	127	89	short	short	ADJ
fbem-30089	127	90	-	-	PUNCT
fbem-30089	127	91	video	video	NOUN
fbem-30089	127	92	companies	company	NOUN
fbem-30089	127	93	to	to	PART
fbem-30089	127	94	determine	determine	VERB
fbem-30089	127	95	its	its	PRON
fbem-30089	127	96	premium	premium	NOUN
fbem-30089	127	97	rate	rate	NOUN
fbem-30089	127	98	coefficient	coefficient	NOUN
fbem-30089	127	99	each	each	DET
fbem-30089	127	100	year	year	NOUN
fbem-30089	127	101	,	,	PUNCT
fbem-30089	127	102	and	and	CCONJ
fbem-30089	127	103	it	it	PRON
fbem-30089	127	104	is	be	AUX
fbem-30089	127	105	known	know	VERB
fbem-30089	127	106	from	from	ADP
fbem-30089	127	107	the	the	DET
fbem-30089	127	108	review	review	NOUN
fbem-30089	127	109	of	of	ADP
fbem-30089	127	110	the	the	DET
fbem-30089	127	111	information	information	NOUN
fbem-30089	127	112	that	that	PRON
fbem-30089	127	113	shutterstock	shutterstock	NOUN
fbem-30089	127	114	's	's	PART
fbem-30089	127	115	market	market	NOUN
fbem-30089	127	116	share	share	NOUN
fbem-30089	127	117	from	from	ADP
fbem-30089	127	118	2019	2019	NUM
fbem-30089	127	119	to	to	ADP
fbem-30089	127	120	2022	2022	NUM
fbem-30089	127	121	will	will	AUX
fbem-30089	127	122	be	be	AUX
fbem-30089	127	123	35.31	35.31	NUM
fbem-30089	127	124	%	%	NOUN
fbem-30089	127	125	,	,	PUNCT
fbem-30089	127	126	33.34	33.34	NUM
fbem-30089	127	127	%	%	NOUN
fbem-30089	127	128	,	,	PUNCT
fbem-30089	127	129	26.96	26.96	NUM
fbem-30089	127	130	%	%	NOUN
fbem-30089	127	131	,	,	PUNCT
fbem-30089	127	132	34.40	34.40	NUM
fbem-30089	127	133	%	%	NOUN
fbem-30089	127	134	.	.	PUNCT
fbem-30089	128	1	5.2.2	5.2.2	X
fbem-30089	128	2	.	.	X
fbem-30089	128	3	determine	determine	VERB
fbem-30089	128	4	the	the	DET
fbem-30089	128	5	results	result	NOUN
fbem-30089	128	6	bringing	bring	VERB
fbem-30089	128	7	the	the	DET
fbem-30089	128	8	above	above	ADJ
fbem-30089	128	9	data	datum	NOUN
fbem-30089	128	10	into	into	ADP
fbem-30089	128	11	the	the	DET
fbem-30089	128	12	modified	modify	VERB
fbem-30089	128	13	guotai	guotai	NOUN
fbem-30089	128	14	junan	junan	PROPN
fbem-30089	128	15	model	model	PROPN
fbem-30089	128	16	shows	show	VERB
fbem-30089	128	17	that	that	SCONJ
fbem-30089	128	18	the	the	DET
fbem-30089	128	19	year	year	NOUN
fbem-30089	128	20	-	-	PUNCT
fbem-30089	128	21	end	end	NOUN
fbem-30089	128	22	value	value	NOUN
fbem-30089	128	23	of	of	ADP
fbem-30089	128	24	racer	racer	NOUN
fbem-30089	128	25	in	in	ADP
fbem-30089	128	26	2019	2019	NUM
fbem-30089	128	27	,	,	PUNCT
fbem-30089	128	28	2020	2020	NUM
fbem-30089	128	29	,	,	PUNCT
fbem-30089	128	30	2021	2021	NUM
fbem-30089	128	31	and	and	CCONJ
fbem-30089	128	32	2022	2022	NUM
fbem-30089	128	33	is	be	AUX
fbem-30089	128	34	541.253	541.253	NUM
fbem-30089	128	35	billion	billion	NUM
fbem-30089	128	36	yuan	yuan	NOUN
fbem-30089	128	37	,	,	PUNCT
fbem-30089	128	38	290.661	290.661	NUM
fbem-30089	128	39	billion	billion	NUM
fbem-30089	128	40	yuan	yuan	NOUN
fbem-30089	128	41	,	,	PUNCT
fbem-30089	128	42	588.007	588.007	NUM
fbem-30089	128	43	billion	billion	NUM
fbem-30089	128	44	yuan	yuan	NOUN
fbem-30089	128	45	and	and	CCONJ
fbem-30089	128	46	179.820	179.820	NUM
fbem-30089	128	47	billion	billion	NUM
fbem-30089	128	48	yuan	yuan	NOUN
fbem-30089	128	49	,	,	PUNCT
fbem-30089	128	50	respectively	respectively	ADV
fbem-30089	128	51	,	,	PUNCT
fbem-30089	128	52	and	and	CCONJ
fbem-30089	128	53	the	the	DET
fbem-30089	128	54	total	total	ADJ
fbem-30089	128	55	number	number	NOUN
fbem-30089	128	56	of	of	ADP
fbem-30089	128	57	shares	share	NOUN
fbem-30089	128	58	is	be	AUX
fbem-30089	128	59	934	934	NUM
fbem-30089	128	60	million	million	NUM
fbem-30089	128	61	,	,	PUNCT
fbem-30089	128	62	934	934	NUM
fbem-30089	128	63	million	million	NUM
fbem-30089	128	64	,	,	PUNCT
fbem-30089	128	65	934	934	NUM
fbem-30089	128	66	million	million	NUM
fbem-30089	128	67	and	and	CCONJ
fbem-30089	128	68	931	931	NUM
fbem-30089	128	69	million	million	NUM
fbem-30089	128	70	,	,	PUNCT
fbem-30089	128	71	and	and	CCONJ
fbem-30089	128	72	the	the	DET
fbem-30089	128	73	value	value	NOUN
fbem-30089	128	74	per	per	ADP
fbem-30089	128	75	share	share	NOUN
fbem-30089	128	76	is	be	AUX
fbem-30089	128	77	579.46	579.46	NUM
fbem-30089	128	78	,	,	PUNCT
fbem-30089	128	79	311.26	311.26	NUM
fbem-30089	128	80	,	,	PUNCT
fbem-30089	128	81	629.54	629.54	NUM
fbem-30089	128	82	,	,	PUNCT
fbem-30089	128	83	and	and	CCONJ
fbem-30089	128	84	193.10	193.10	NUM
fbem-30089	128	85	,	,	PUNCT
fbem-30089	128	86	and	and	CCONJ
fbem-30089	128	87	the	the	DET
fbem-30089	128	88	calculation	calculation	NOUN
fbem-30089	128	89	process	process	NOUN
fbem-30089	128	90	is	be	AUX
fbem-30089	128	91	shown	show	VERB
fbem-30089	128	92	in	in	ADP
fbem-30089	128	93	table	table	NOUN
fbem-30089	128	94	5	5	NUM
fbem-30089	128	95	-	-	SYM
fbem-30089	128	96	6	6	NUM
fbem-30089	128	97	.	.	PUNCT
fbem-30089	128	98	table	table	NOUN
fbem-30089	128	99	5	5	NUM
fbem-30089	128	100	-	-	SYM
fbem-30089	128	101	6	6	NUM
fbem-30089	128	102	.	.	PUNCT
fbem-30089	128	103	calculation	calculation	NOUN
fbem-30089	128	104	process	process	NOUN
fbem-30089	128	105	of	of	ADP
fbem-30089	128	106	the	the	DET
fbem-30089	128	107	valuation	valuation	NOUN
fbem-30089	128	108	of	of	ADP
fbem-30089	128	109	racer	racer	NOUN
fbem-30089	128	110	in	in	ADP
fbem-30089	128	111	2017	2017	NUM
fbem-30089	128	112	-	-	SYM
fbem-30089	128	113	2020	2020	NUM
fbem-30089	128	114	total	total	ADJ
fbem-30089	128	115	value	value	NOUN
fbem-30089	128	116	of	of	ADP
fbem-30089	128	117	racer	racer	NOUN
fbem-30089	128	118	2019.12.31	2019.12.31	NUM
fbem-30089	128	119	2020.12.31	2020.12.31	NUM
fbem-30089	128	120	2021.12.31	2021.12.31	NUM
fbem-30089	128	121	2022.12.31	2022.12.31	NUM
fbem-30089	129	1	k	k	PROPN
fbem-30089	130	1	26.98	26.98	NUM
fbem-30089	130	2	%	%	NOUN
fbem-30089	130	3	11.52	11.52	NUM
fbem-30089	130	4	%	%	NOUN
fbem-30089	130	5	27.40	27.40	NUM
fbem-30089	130	6	%	%	NOUN
fbem-30089	130	7	5.98	5.98	NUM
fbem-30089	130	8	%	%	NOUN
fbem-30089	130	9	p	p	NOUN
fbem-30089	130	10	35.31	35.31	NUM
fbem-30089	130	11	%	%	NOUN
fbem-30089	130	12	33.34	33.34	NUM
fbem-30089	130	13	%	%	NOUN
fbem-30089	130	14	26.96	26.96	NUM
fbem-30089	130	15	%	%	NOUN
fbem-30089	130	16	34.40	34.40	NUM
fbem-30089	130	17	%	%	NOUN
fbem-30089	130	18	n	n	CCONJ
fbem-30089	130	19	1.363	1.363	NUM
fbem-30089	130	20	2.407	2.407	NUM
fbem-30089	130	21	3.304	3.304	NUM
fbem-30089	130	22	4.811	4.811	NUM
fbem-30089	130	23	square	square	NOUN
fbem-30089	130	24	of	of	ADP
fbem-30089	130	25	n	n	PROPN
fbem-30089	130	26	1.857769	1.857769	NUM
fbem-30089	130	27	5.793649	5.793649	NUM
fbem-30089	130	28	10.916416	10.916416	NUM
fbem-30089	130	29	23.145721	23.145721	NUM
fbem-30089	130	30	r	r	NOUN
fbem-30089	130	31	5.71827×10	5.71827×10	NUM
fbem-30089	130	32	-	-	SYM
fbem-30089	130	33	7	7	NUM
fbem-30089	130	34	8.74823×10	8.74823×10	NUM
fbem-30089	130	35	-	-	SYM
fbem-30089	130	36	7	7	NUM
fbem-30089	130	37	1.1710×10	1.1710×10	PROPN
fbem-30089	130	38	-	-	SYM
fbem-30089	130	39	6	6	NUM
fbem-30089	130	40	1.62742×10	1.62742×10	NUM
fbem-30089	130	41	-	-	SYM
fbem-30089	130	42	6	6	NUM
fbem-30089	130	43	square	square	NOUN
fbem-30089	130	44	of	of	ADP
fbem-30089	130	45	r	r	NOUN
fbem-30089	130	46	3.2698×10	3.2698×10	NOUN
fbem-30089	130	47	-	-	SYM
fbem-30089	130	48	13	13	NUM
fbem-30089	130	49	7.6531×10	7.6531×10	NOUN
fbem-30089	130	50	-	-	SYM
fbem-30089	130	51	13	13	NUM
fbem-30089	130	52	1.371×10	1.371×10	NUM
fbem-30089	130	53	-	-	SYM
fbem-30089	130	54	12	12	NUM
fbem-30089	130	55	2.64848×10	2.64848×10	NUM
fbem-30089	130	56	-	-	SYM
fbem-30089	130	57	12	12	NUM
fbem-30089	130	58	v	v	NOUN
fbem-30089	130	59	(	(	PUNCT
fbem-30089	130	60	billion	billion	NUM
fbem-30089	130	61	)	)	PUNCT
fbem-30089	130	62	5421.53	5421.53	NUM
fbem-30089	130	63	2906.61	2906.61	NUM
fbem-30089	130	64	5880.07	5880.07	NUM
fbem-30089	130	65	1798.20	1798.20	NUM
fbem-30089	130	66	number	number	NOUN
fbem-30089	130	67	of	of	ADP
fbem-30089	130	68	shares	share	NOUN
fbem-30089	130	69	(	(	PUNCT
fbem-30089	130	70	billion	billion	NUM
fbem-30089	130	71	)	)	PUNCT
fbem-30089	130	72	9.34	9.34	NUM
fbem-30089	130	73	9.34	9.34	NUM
fbem-30089	130	74	9.34	9.34	NUM
fbem-30089	130	75	9.31	9.31	NUM
fbem-30089	130	76	value	value	NOUN
fbem-30089	130	77	per	per	ADP
fbem-30089	130	78	share	share	NOUN
fbem-30089	130	79	579.46	579.46	NUM
fbem-30089	130	80	311.26	311.26	NUM
fbem-30089	130	81	629.54	629.54	NUM
fbem-30089	130	82	193.10	193.10	NUM
fbem-30089	130	83	source	source	NOUN
fbem-30089	130	84	:	:	PUNCT
fbem-30089	130	85	calculation	calculation	NOUN
fbem-30089	130	86	obtained	obtain	VERB
fbem-30089	130	87	5.3	5.3	NUM
fbem-30089	130	88	.	.	PUNCT
fbem-30089	131	1	analysis	analysis	NOUN
fbem-30089	131	2	of	of	ADP
fbem-30089	131	3	business	business	NOUN
fbem-30089	131	4	valuation	valuation	NOUN
fbem-30089	131	5	results	result	NOUN
fbem-30089	131	6	(	(	PUNCT
fbem-30089	131	7	1	1	X
fbem-30089	131	8	)	)	PUNCT
fbem-30089	131	9	analysis	analysis	NOUN
fbem-30089	131	10	of	of	ADP
fbem-30089	131	11	valuation	valuation	NOUN
fbem-30089	131	12	changes	change	NOUN
fbem-30089	131	13	:	:	PUNCT
fbem-30089	131	14	taking	take	VERB
fbem-30089	131	15	december	december	PROPN
fbem-30089	131	16	31	31	NUM
fbem-30089	131	17	,	,	PUNCT
fbem-30089	131	18	2022	2022	NUM
fbem-30089	131	19	as	as	ADP
fbem-30089	131	20	the	the	DET
fbem-30089	131	21	benchmark	benchmark	NOUN
fbem-30089	132	1	,	,	PUNCT
fbem-30089	132	2	the	the	DET
fbem-30089	132	3	valuation	valuation	NOUN
fbem-30089	132	4	of	of	ADP
fbem-30089	132	5	crypto	crypto	NOUN
fbem-30089	132	6	per	per	ADP
fbem-30089	132	7	share	share	NOUN
fbem-30089	132	8	is	be	AUX
fbem-30089	132	9	193.10	193.10	NUM
fbem-30089	132	10	yuan	yuan	NOUN
fbem-30089	132	11	.	.	PUNCT
fbem-30089	133	1	2019	2019	NUM
fbem-30089	133	2	-	-	SYM
fbem-30089	133	3	2022	2022	NUM
fbem-30089	133	4	valuation	valuation	NOUN
fbem-30089	133	5	fluctuates	fluctuate	VERB
fbem-30089	133	6	a	a	DET
fbem-30089	133	7	lot	lot	NOUN
fbem-30089	133	8	,	,	PUNCT
fbem-30089	133	9	and	and	CCONJ
fbem-30089	133	10	the	the	DET
fbem-30089	133	11	value	value	NOUN
fbem-30089	133	12	per	per	ADP
fbem-30089	133	13	share	share	NOUN
fbem-30089	133	14	is	be	AUX
fbem-30089	133	15	higher	high	ADJ
fbem-30089	133	16	in	in	ADP
fbem-30089	133	17	2019	2019	NUM
fbem-30089	133	18	(	(	PUNCT
fbem-30089	133	19	579.46	579.46	NUM
fbem-30089	133	20	yuan	yuan	NOUN
fbem-30089	133	21	)	)	PUNCT
fbem-30089	133	22	,	,	PUNCT
fbem-30089	133	23	mainly	mainly	ADV
fbem-30089	133	24	due	due	ADP
fbem-30089	133	25	to	to	ADP
fbem-30089	133	26	the	the	DET
fbem-30089	133	27	inflated	inflated	ADJ
fbem-30089	133	28	realization	realization	NOUN
fbem-30089	133	29	factor	factor	NOUN
fbem-30089	133	30	k	k	PROPN
fbem-30089	133	31	(	(	PUNCT
fbem-30089	133	32	small	small	ADJ
fbem-30089	133	33	asset	asset	NOUN
fbem-30089	133	34	size	size	NOUN
fbem-30089	133	35	,	,	PUNCT
fbem-30089	133	36	low	low	ADJ
fbem-30089	133	37	marketing	marketing	NOUN
fbem-30089	133	38	investment	investment	NOUN
fbem-30089	133	39	,	,	PUNCT
fbem-30089	133	40	low	low	ADJ
fbem-30089	133	41	user	user	NOUN
fbem-30089	133	42	acquisition	acquisition	NOUN
fbem-30089	133	43	cost	cost	NOUN
fbem-30089	133	44	,	,	PUNCT
fbem-30089	133	45	resulting	result	VERB
fbem-30089	133	46	in	in	ADP
fbem-30089	133	47	a	a	DET
fbem-30089	133	48	small	small	ADJ
fbem-30089	133	49	model	model	NOUN
fbem-30089	133	50	denominator	denominator	NOUN
fbem-30089	133	51	and	and	CCONJ
fbem-30089	133	52	large	large	ADJ
fbem-30089	133	53	results	result	NOUN
fbem-30089	133	54	)	)	PUNCT
fbem-30089	133	55	.	.	PUNCT
fbem-30089	134	1	2020	2020	NUM
fbem-30089	134	2	valuation	valuation	NOUN
fbem-30089	134	3	decline	decline	NOUN
fbem-30089	134	4	is	be	AUX
fbem-30089	134	5	mainly	mainly	ADV
fbem-30089	134	6	due	due	ADJ
fbem-30089	134	7	to	to	ADP
fbem-30089	134	8	the	the	DET
fbem-30089	134	9	decrease	decrease	NOUN
fbem-30089	134	10	in	in	ADP
fbem-30089	134	11	cash	cash	NOUN
fbem-30089	134	12	inflow	inflow	NOUN
fbem-30089	134	13	from	from	ADP
fbem-30089	134	14	operating	operating	NOUN
fbem-30089	134	15	activities	activity	NOUN
fbem-30089	134	16	and	and	CCONJ
fbem-30089	134	17	lower	low	ADJ
fbem-30089	134	18	realization	realization	NOUN
fbem-30089	134	19	factor	factor	NOUN
fbem-30089	134	20	k.	k.	NOUN
fbem-30089	134	21	reasons	reason	NOUN
fbem-30089	134	22	include	include	VERB
fbem-30089	134	23	the	the	DET
fbem-30089	134	24	increase	increase	NOUN
fbem-30089	134	25	in	in	ADP
fbem-30089	134	26	operating	operating	NOUN
fbem-30089	134	27	costs	cost	NOUN
fbem-30089	134	28	and	and	CCONJ
fbem-30089	134	29	expenses	expense	NOUN
fbem-30089	134	30	leading	lead	VERB
fbem-30089	134	31	to	to	ADP
fbem-30089	134	32	higher	high	ADJ
fbem-30089	134	33	cash	cash	NOUN
fbem-30089	134	34	expenses	expense	NOUN
fbem-30089	134	35	,	,	PUNCT
fbem-30089	134	36	profitability	profitability	NOUN
fbem-30089	134	37	has	have	AUX
fbem-30089	134	38	not	not	PART
fbem-30089	134	39	been	be	AUX
fbem-30089	134	40	improved	improve	VERB
fbem-30089	134	41	in	in	ADP
fbem-30089	134	42	parallel	parallel	NOUN
fbem-30089	134	43	,	,	PUNCT
fbem-30089	134	44	and	and	CCONJ
fbem-30089	134	45	the	the	DET
fbem-30089	134	46	speed	speed	NOUN
fbem-30089	134	47	of	of	ADP
fbem-30089	134	48	asset	asset	NOUN
fbem-30089	134	49	expansion	expansion	NOUN
fbem-30089	134	50	is	be	AUX
fbem-30089	134	51	faster	fast	ADJ
fbem-30089	134	52	than	than	ADP
fbem-30089	134	53	the	the	DET
fbem-30089	134	54	speed	speed	NOUN
fbem-30089	134	55	of	of	ADP
fbem-30089	134	56	cash	cash	NOUN
fbem-30089	134	57	generation	generation	NOUN
fbem-30089	134	58	.	.	PUNCT
fbem-30089	135	1	in	in	ADP
fbem-30089	135	2	2021	2021	NUM
fbem-30089	135	3	,	,	PUNCT
fbem-30089	135	4	the	the	DET
fbem-30089	135	5	growth	growth	NOUN
fbem-30089	135	6	of	of	ADP
fbem-30089	135	7	pre	pre	ADJ
fbem-30089	135	8	-	-	ADJ
fbem-30089	135	9	tax	tax	ADJ
fbem-30089	135	10	profit	profit	NOUN
fbem-30089	135	11	and	and	CCONJ
fbem-30089	135	12	the	the	DET
fbem-30089	135	13	increase	increase	NOUN
fbem-30089	135	14	in	in	ADP
fbem-30089	135	15	accounts	account	NOUN
fbem-30089	135	16	payable	payable	ADJ
fbem-30089	135	17	led	lead	VERB
fbem-30089	135	18	to	to	ADP
fbem-30089	135	19	the	the	DET
fbem-30089	135	20	large	large	ADJ
fbem-30089	135	21	increase	increase	NOUN
fbem-30089	135	22	in	in	ADP
fbem-30089	135	23	cash	cash	NOUN
fbem-30089	135	24	inflow	inflow	NOUN
fbem-30089	135	25	from	from	ADP
fbem-30089	135	26	operating	operating	NOUN
fbem-30089	135	27	activities	activity	NOUN
fbem-30089	135	28	and	and	CCONJ
fbem-30089	135	29	a	a	DET
fbem-30089	135	30	significant	significant	ADJ
fbem-30089	135	31	increase	increase	NOUN
fbem-30089	135	32	in	in	ADP
fbem-30089	135	33	the	the	DET
fbem-30089	135	34	realization	realization	NOUN
fbem-30089	135	35	factor	factor	NOUN
fbem-30089	135	36	k.	k.	PROPN
fbem-30089	135	37	in	in	ADP
fbem-30089	135	38	2022	2022	NUM
fbem-30089	135	39	,	,	PUNCT
fbem-30089	135	40	the	the	DET
fbem-30089	135	41	pre	pre	ADJ
fbem-30089	135	42	-	-	ADJ
fbem-30089	135	43	tax	tax	ADJ
fbem-30089	135	44	profit	profit	NOUN
fbem-30089	135	45	increased	increase	VERB
fbem-30089	135	46	significantly	significantly	ADV
fbem-30089	135	47	,	,	PUNCT
fbem-30089	135	48	but	but	CCONJ
fbem-30089	135	49	due	due	ADP
fbem-30089	135	50	to	to	ADP
fbem-30089	135	51	the	the	DET
fbem-30089	135	52	change	change	NOUN
fbem-30089	135	53	in	in	ADP
fbem-30089	135	54	financial	financial	ADJ
fbem-30089	135	55	liabilities	liability	NOUN
fbem-30089	135	56	and	and	CCONJ
fbem-30089	135	57	the	the	DET
fbem-30089	135	58	adjustment	adjustment	NOUN
fbem-30089	135	59	of	of	ADP
fbem-30089	135	60	accounting	accounting	NOUN
fbem-30089	135	61	methods	method	NOUN
fbem-30089	135	62	.	.	PUNCT
fbem-30089	136	1	losses	loss	NOUN
fbem-30089	136	2	due	due	ADP
fbem-30089	136	3	to	to	ADP
fbem-30089	136	4	changes	change	NOUN
fbem-30089	136	5	in	in	ADP
fbem-30089	136	6	financial	financial	ADJ
fbem-30089	136	7	liabilities	liability	NOUN
fbem-30089	136	8	and	and	CCONJ
fbem-30089	136	9	adjustments	adjustment	NOUN
fbem-30089	136	10	in	in	ADP
fbem-30089	136	11	accounting	accounting	NOUN
fbem-30089	136	12	methods	method	NOUN
fbem-30089	136	13	,	,	PUNCT
fbem-30089	136	14	and	and	CCONJ
fbem-30089	136	15	a	a	DET
fbem-30089	136	16	significant	significant	ADJ
fbem-30089	136	17	decrease	decrease	NOUN
fbem-30089	136	18	in	in	ADP
fbem-30089	136	19	the	the	DET
fbem-30089	136	20	realization	realization	NOUN
fbem-30089	136	21	factor	factor	NOUN
fbem-30089	136	22	k.	k.	PUNCT
fbem-30089	137	1	the	the	DET
fbem-30089	137	2	number	number	NOUN
fbem-30089	137	3	of	of	ADP
fbem-30089	137	4	monthly	monthly	ADJ
fbem-30089	137	5	active	active	ADJ
fbem-30089	137	6	users	user	NOUN
fbem-30089	137	7	and	and	CCONJ
fbem-30089	137	8	cost	cost	NOUN
fbem-30089	137	9	per	per	ADP
fbem-30089	137	10	user	user	NOUN
fbem-30089	137	11	grows	grow	VERB
fbem-30089	137	12	from	from	ADP
fbem-30089	137	13	2019	2019	NUM
fbem-30089	137	14	-	-	SYM
fbem-30089	137	15	2022	2022	NUM
fbem-30089	137	16	,	,	PUNCT
fbem-30089	137	17	but	but	CCONJ
fbem-30089	137	18	the	the	DET
fbem-30089	137	19	valuation	valuation	NOUN
fbem-30089	137	20	is	be	AUX
fbem-30089	137	21	mainly	mainly	ADV
fbem-30089	137	22	affected	affect	VERB
fbem-30089	137	23	by	by	ADP
fbem-30089	137	24	fluctuations	fluctuation	NOUN
fbem-30089	137	25	in	in	ADP
fbem-30089	137	26	the	the	DET
fbem-30089	137	27	realization	realization	NOUN
fbem-30089	137	28	factor	factor	NOUN
fbem-30089	137	29	.	.	PUNCT
fbem-30089	138	1	the	the	DET
fbem-30089	138	2	realization	realization	NOUN
fbem-30089	138	3	factor	factor	NOUN
fbem-30089	138	4	reflects	reflect	VERB
fbem-30089	138	5	the	the	DET
fbem-30089	138	6	ability	ability	NOUN
fbem-30089	138	7	of	of	ADP
fbem-30089	138	8	the	the	DET
fbem-30089	138	9	company	company	NOUN
fbem-30089	138	10	's	's	PART
fbem-30089	138	11	assets	asset	NOUN
fbem-30089	138	12	to	to	PART
fbem-30089	138	13	generate	generate	VERB
fbem-30089	138	14	cash	cash	NOUN
fbem-30089	138	15	,	,	PUNCT
fbem-30089	138	16	defined	define	VERB
fbem-30089	138	17	as	as	ADP
fbem-30089	138	18	the	the	DET
fbem-30089	138	19	ratio	ratio	NOUN
fbem-30089	138	20	of	of	ADP
fbem-30089	138	21	cash	cash	NOUN
fbem-30089	138	22	flow	flow	NOUN
fbem-30089	138	23	from	from	ADP
fbem-30089	138	24	operating	operate	VERB
fbem-30089	138	25	activities	activity	NOUN
fbem-30089	138	26	to	to	ADP
fbem-30089	138	27	total	total	ADJ
fbem-30089	138	28	assets	asset	NOUN
fbem-30089	138	29	.	.	PUNCT
fbem-30089	139	1	in	in	ADP
fbem-30089	139	2	2019	2019	NUM
fbem-30089	139	3	-	-	SYM
fbem-30089	139	4	2020	2020	NUM
fbem-30089	139	5	,	,	PUNCT
fbem-30089	139	6	the	the	DET
fbem-30089	139	7	revenue	revenue	NOUN
fbem-30089	139	8	of	of	ADP
fbem-30089	139	9	crypto	crypto	NOUN
fbem-30089	139	10	continues	continue	VERB
fbem-30089	139	11	to	to	PART
fbem-30089	139	12	grow	grow	VERB
fbem-30089	139	13	,	,	PUNCT
fbem-30089	139	14	but	but	CCONJ
fbem-30089	139	15	the	the	DET
fbem-30089	139	16	growth	growth	NOUN
fbem-30089	139	17	of	of	ADP
fbem-30089	139	18	cash	cash	NOUN
fbem-30089	139	19	flow	flow	NOUN
fbem-30089	139	20	from	from	ADP
fbem-30089	139	21	operating	operate	VERB
fbem-30089	139	22	activities	activity	NOUN
fbem-30089	139	23	is	be	AUX
fbem-30089	139	24	unstable	unstable	ADJ
fbem-30089	139	25	,	,	PUNCT
fbem-30089	139	26	which	which	PRON
fbem-30089	139	27	indicates	indicate	VERB
fbem-30089	139	28	that	that	SCONJ
fbem-30089	139	29	its	its	PRON
fbem-30089	139	30	cashgenerating	cashgenerating	NOUN
fbem-30089	139	31	ability	ability	NOUN
fbem-30089	139	32	does	do	AUX
fbem-30089	139	33	not	not	PART
fbem-30089	139	34	match	match	VERB
fbem-30089	139	35	the	the	DET
fbem-30089	139	36	expansion	expansion	NOUN
fbem-30089	139	37	of	of	ADP
fbem-30089	139	38	its	its	PRON
fbem-30089	139	39	assets	asset	NOUN
fbem-30089	139	40	,	,	PUNCT
fbem-30089	139	41	affecting	affect	VERB
fbem-30089	139	42	the	the	DET
fbem-30089	139	43	valuation	valuation	NOUN
fbem-30089	139	44	.	.	PUNCT
fbem-30089	140	1	table	table	NOUN
fbem-30089	140	2	5	5	NUM
fbem-30089	140	3	-	-	SYM
fbem-30089	140	4	7	7	NUM
fbem-30089	140	5	.	.	NUM
fbem-30089	140	6	selected	select	VERB
fbem-30089	140	7	financial	financial	ADJ
fbem-30089	140	8	data	datum	NOUN
fbem-30089	140	9	of	of	ADP
fbem-30089	140	10	racer	racer	NOUN
fbem-30089	140	11	in	in	ADP
fbem-30089	140	12	2019	2019	NUM
fbem-30089	140	13	-	-	SYM
fbem-30089	140	14	2022	2022	NUM
fbem-30089	140	15	2019	2019	NUM
fbem-30089	140	16	2020	2020	NUM
fbem-30089	140	17	2021	2021	NUM
fbem-30089	140	18	2022	2022	NUM
fbem-30089	140	19	cash	cash	NOUN
fbem-30089	140	20	generated	generate	VERB
fbem-30089	140	21	from	from	ADP
fbem-30089	140	22	operating	operate	VERB
fbem-30089	140	23	activities	activity	NOUN
fbem-30089	140	24	20.76	20.76	NUM
fbem-30089	140	25	18.98	18.98	NUM
fbem-30089	140	26	88.82	88.82	NUM
fbem-30089	140	27	31.19	31.19	NUM
fbem-30089	140	28	operating	operate	VERB
fbem-30089	140	29	income	income	NOUN
fbem-30089	140	30	83.4	83.4	NUM
fbem-30089	140	31	203	203	NUM
fbem-30089	140	32	391.2	391.2	NUM
fbem-30089	140	33	587.76	587.76	NUM
fbem-30089	140	34	total	total	ADJ
fbem-30089	140	35	assets	asset	NOUN
fbem-30089	140	36	76.94	76.94	NUM
fbem-30089	140	37	164.79	164.79	NUM
fbem-30089	140	38	324.14	324.14	NUM
fbem-30089	140	39	521.47	521.47	NUM
fbem-30089	140	40	current	current	ADJ
fbem-30089	140	41	assets	asset	NOUN
fbem-30089	140	42	56.42	56.42	NUM
fbem-30089	140	43	107.83	107.83	NUM
fbem-30089	140	44	173.11	173.11	NUM
fbem-30089	140	45	315.28	315.28	NUM
fbem-30089	140	46	non	non	ADJ
fbem-30089	140	47	-	-	ADJ
fbem-30089	140	48	current	current	ADJ
fbem-30089	140	49	assets	asset	NOUN
fbem-30089	140	50	20.52	20.52	NUM
fbem-30089	140	51	56.96	56.96	NUM
fbem-30089	140	52	151.03	151.03	NUM
fbem-30089	140	53	206.19	206.19	NUM
fbem-30089	140	54	growth	growth	NOUN
fbem-30089	140	55	rate	rate	NOUN
fbem-30089	140	56	of	of	ADP
fbem-30089	140	57	cash	cash	NOUN
fbem-30089	140	58	generated	generate	VERB
fbem-30089	140	59	from	from	ADP
fbem-30089	140	60	operating	operate	VERB
fbem-30089	140	61	activities	activity	NOUN
fbem-30089	140	62	-0.09	-0.09	NUM
fbem-30089	140	63	3.68	3.68	NUM
fbem-30089	140	64	-0.65	-0.65	ADP
fbem-30089	140	65	growth	growth	NOUN
fbem-30089	140	66	rate	rate	NOUN
fbem-30089	140	67	of	of	ADP
fbem-30089	140	68	operating	operate	VERB
fbem-30089	140	69	income	income	NOUN
fbem-30089	140	70	1.43	1.43	NUM
fbem-30089	140	71	0.93	0.93	NUM
fbem-30089	140	72	0.50	0.50	NUM
fbem-30089	140	73	total	total	ADJ
fbem-30089	140	74	assets	asset	NOUN
fbem-30089	140	75	growth	growth	NOUN
fbem-30089	140	76	rate	rate	NOUN
fbem-30089	140	77	1.14	1.14	NUM
fbem-30089	140	78	0.97	0.97	NUM
fbem-30089	140	79	0.61	0.61	NUM
fbem-30089	140	80	growth	growth	NOUN
fbem-30089	140	81	rate	rate	NOUN
fbem-30089	140	82	of	of	ADP
fbem-30089	140	83	current	current	ADJ
fbem-30089	140	84	assets	asset	NOUN
fbem-30089	140	85	0.91	0.91	NUM
fbem-30089	140	86	0.61	0.61	NUM
fbem-30089	140	87	0.82	0.82	NUM
fbem-30089	140	88	growth	growth	NOUN
fbem-30089	140	89	rate	rate	NOUN
fbem-30089	140	90	of	of	ADP
fbem-30089	140	91	noncurrent	noncurrent	ADJ
fbem-30089	140	92	assets	asset	NOUN
fbem-30089	140	93	1.78	1.78	NUM
fbem-30089	140	94	1.65	1.65	NUM
fbem-30089	140	95	0.37	0.37	NUM
fbem-30089	140	96	data	datum	NOUN
fbem-30089	140	97	source	source	NOUN
fbem-30089	140	98	:	:	PUNCT
fbem-30089	140	99	racer	racer	NOUN
fbem-30089	140	100	's	's	PART
fbem-30089	140	101	annual	annual	ADJ
fbem-30089	140	102	report	report	NOUN
fbem-30089	140	103	(	(	PUNCT
fbem-30089	140	104	2	2	NUM
fbem-30089	140	105	)	)	PUNCT
fbem-30089	140	106	comparison	comparison	NOUN
fbem-30089	140	107	and	and	CCONJ
fbem-30089	140	108	analysis	analysis	NOUN
fbem-30089	140	109	with	with	ADP
fbem-30089	140	110	market	market	NOUN
fbem-30089	140	111	price	price	NOUN
fbem-30089	140	112	:	:	PUNCT
fbem-30089	140	113	the	the	DET
fbem-30089	140	114	revised	revise	VERB
fbem-30089	140	115	metcalfe	metcalfe	PROPN
fbem-30089	140	116	model	model	NOUN
fbem-30089	140	117	shows	show	VERB
fbem-30089	140	118	that	that	SCONJ
fbem-30089	140	119	the	the	DET
fbem-30089	140	120	valuation	valuation	NOUN
fbem-30089	140	121	of	of	ADP
fbem-30089	140	122	quick	quick	ADJ
fbem-30089	140	123	hands	hand	NOUN
fbem-30089	140	124	is	be	AUX
fbem-30089	140	125	in	in	ADP
fbem-30089	140	126	a	a	DET
fbem-30089	140	127	high	high	ADJ
fbem-30089	140	128	start	start	NOUN
fbem-30089	140	129	-	-	PUNCT
fbem-30089	140	130	low	low	ADJ
fbem-30089	140	131	trend	trend	NOUN
fbem-30089	140	132	,	,	PUNCT
fbem-30089	140	133	falling	fall	VERB
fbem-30089	140	134	from	from	ADP
fbem-30089	140	135	579.46	579.46	NUM
fbem-30089	140	136	yuan	yuan	NOUN
fbem-30089	140	137	in	in	ADP
fbem-30089	140	138	2019	2019	NUM
fbem-30089	140	139	to	to	ADP
fbem-30089	140	140	193.10	193.10	NUM
fbem-30089	140	141	yuan	yuan	NOUN
fbem-30089	140	142	in	in	ADP
fbem-30089	140	143	2022.in	2022.in	NUM
fbem-30089	140	144	february	february	PROPN
fbem-30089	140	145	2021	2021	NUM
fbem-30089	140	146	,	,	PUNCT
fbem-30089	140	147	quick	quick	ADJ
fbem-30089	140	148	hands	hand	NOUN
fbem-30089	140	149	was	be	AUX
fbem-30089	140	150	listed	list	VERB
fbem-30089	140	151	on	on	ADP
fbem-30089	140	152	the	the	DET
fbem-30089	140	153	hong	hong	PROPN
fbem-30089	140	154	kong	kong	PROPN
fbem-30089	140	155	stock	stock	PROPN
fbem-30089	140	156	exchange	exchange	PROPN
fbem-30089	140	157	,	,	PUNCT
fbem-30089	140	158	with	with	ADP
fbem-30089	140	159	an	an	DET
fbem-30089	140	160	opening	opening	NOUN
fbem-30089	140	161	price	price	NOUN
fbem-30089	140	162	of	of	ADP
fbem-30089	140	163	280.5	280.5	NUM
fbem-30089	140	164	yuan	yuan	NOUN
fbem-30089	140	165	,	,	PUNCT
fbem-30089	140	166	a	a	DET
fbem-30089	140	167	surge	surge	NOUN
fbem-30089	140	168	of	of	ADP
fbem-30089	140	169	1.95	1.95	NUM
fbem-30089	140	170	times	time	NOUN
fbem-30089	140	171	compared	compare	VERB
fbem-30089	140	172	with	with	ADP
fbem-30089	140	173	the	the	DET
fbem-30089	140	174	156	156	NUM
fbem-30089	140	175	issue	issue	NOUN
fbem-30089	140	176	price	price	NOUN
fbem-30089	140	177	,	,	PUNCT
fbem-30089	140	178	and	and	CCONJ
fbem-30089	140	179	the	the	DET
fbem-30089	140	180	market	market	NOUN
fbem-30089	140	181	capitalization	capitalization	NOUN
fbem-30089	140	182	reached	reach	VERB
fbem-30089	140	183	1.15	1.15	NUM
fbem-30089	140	184	trillion	trillion	NUM
fbem-30089	140	185	yuan	yuan	NOUN
fbem-30089	140	186	.	.	PUNCT
fbem-30089	141	1	a	a	DET
fbem-30089	141	2	year	year	NOUN
fbem-30089	141	3	after	after	ADP
fbem-30089	141	4	the	the	DET
fbem-30089	141	5	listing	listing	NOUN
fbem-30089	141	6	,	,	PUNCT
fbem-30089	141	7	the	the	DET
fbem-30089	141	8	share	share	NOUN
fbem-30089	141	9	price	price	NOUN
fbem-30089	141	10	gradually	gradually	ADV
fbem-30089	141	11	stabilized	stabilize	VERB
fbem-30089	141	12	at	at	ADP
fbem-30089	141	13	about	about	ADP
fbem-30089	141	14	65	65	NUM
fbem-30089	141	15	yuan	yuan	NOUN
fbem-30089	141	16	.	.	PUNCT
fbem-30089	142	1	the	the	DET
fbem-30089	142	2	initial	initial	ADJ
fbem-30089	142	3	valuation	valuation	NOUN
fbem-30089	142	4	of	of	ADP
fbem-30089	142	5	racer	racer	NOUN
fbem-30089	142	6	has	have	VERB
fbem-30089	142	7	a	a	DET
fbem-30089	142	8	bubble	bubble	NOUN
fbem-30089	142	9	,	,	PUNCT
fbem-30089	142	10	the	the	DET
fbem-30089	142	11	commercialization	commercialization	NOUN
fbem-30089	142	12	ability	ability	NOUN
fbem-30089	142	13	is	be	AUX
fbem-30089	142	14	inflated	inflate	VERB
fbem-30089	142	15	,	,	PUNCT
fbem-30089	142	16	and	and	CCONJ
fbem-30089	142	17	the	the	DET
fbem-30089	142	18	stock	stock	NOUN
fbem-30089	142	19	market	market	NOUN
fbem-30089	142	20	frenzy	frenzy	NOUN
fbem-30089	142	21	returns	return	NOUN
fbem-30089	142	22	to	to	ADP
fbem-30089	142	23	the	the	DET
fbem-30089	142	24	real	real	ADJ
fbem-30089	142	25	profit	profit	NOUN
fbem-30089	142	26	level	level	NOUN
fbem-30089	142	27	.	.	PUNCT
fbem-30089	143	1	the	the	DET
fbem-30089	143	2	industry	industry	NOUN
fbem-30089	143	3	environment	environment	NOUN
fbem-30089	143	4	is	be	AUX
fbem-30089	143	5	severe	severe	ADJ
fbem-30089	143	6	,	,	PUNCT
fbem-30089	143	7	technology	technology	NOUN
fbem-30089	143	8	companies	company	NOUN
fbem-30089	143	9	are	be	AUX
fbem-30089	143	10	affected	affect	VERB
fbem-30089	143	11	by	by	ADP
fbem-30089	143	12	the	the	DET
fbem-30089	143	13	policy	policy	NOUN
fbem-30089	143	14	,	,	PUNCT
fbem-30089	143	15	2023	2023	NUM
fbem-30089	143	16	hang	hang	PROPN
fbem-30089	143	17	seng	seng	PROPN
fbem-30089	143	18	technology	technology	PROPN
fbem-30089	143	19	index	index	NOUN
fbem-30089	143	20	and	and	CCONJ
fbem-30089	143	21	china	china	PROPN
fbem-30089	143	22	internet	internet	PROPN
fbem-30089	143	23	index	index	NOUN
fbem-30089	143	24	fell	fall	VERB
fbem-30089	143	25	24.79	24.79	NUM
fbem-30089	143	26	%	%	NOUN
fbem-30089	143	27	and	and	CCONJ
fbem-30089	143	28	36.50	36.50	NUM
fbem-30089	143	29	%	%	NOUN
fbem-30089	143	30	respectively	respectively	ADV
fbem-30089	143	31	,	,	PUNCT
fbem-30089	143	32	tencent	tencent	NOUN
fbem-30089	143	33	,	,	PUNCT
fbem-30089	143	34	ali	ali	PROPN
fbem-30089	143	35	,	,	PUNCT
fbem-30089	143	36	meituan	meituan	PROPN
fbem-30089	143	37	shares	share	NOUN
fbem-30089	143	38	also	also	ADV
fbem-30089	143	39	fell	fall	VERB
fbem-30089	143	40	sharply	sharply	ADV
fbem-30089	143	41	.	.	PUNCT
fbem-30089	144	1	however	however	ADV
fbem-30089	144	2	,	,	PUNCT
fbem-30089	144	3	with	with	ADP
fbem-30089	144	4	the	the	DET
fbem-30089	144	5	improvement	improvement	NOUN
fbem-30089	144	6	of	of	ADP
fbem-30089	144	7	content	content	ADJ
fbem-30089	144	8	quality	quality	NOUN
fbem-30089	144	9	and	and	CCONJ
fbem-30089	144	10	business	business	NOUN
fbem-30089	144	11	expansion	expansion	NOUN
fbem-30089	144	12	in	in	ADP
fbem-30089	144	13	the	the	DET
fbem-30089	144	14	short	short	ADJ
fbem-30089	144	15	video	video	NOUN
fbem-30089	144	16	industry	industry	NOUN
fbem-30089	144	17	,	,	PUNCT
fbem-30089	144	18	the	the	DET
fbem-30089	144	19	number	number	NOUN
fbem-30089	144	20	of	of	ADP
fbem-30089	144	21	users	user	NOUN
fbem-30089	144	22	and	and	CCONJ
fbem-30089	144	23	retention	retention	NOUN
fbem-30089	144	24	rate	rate	NOUN
fbem-30089	144	25	is	be	AUX
fbem-30089	144	26	expected	expect	VERB
fbem-30089	144	27	to	to	PART
fbem-30089	144	28	grow	grow	VERB
fbem-30089	144	29	,	,	PUNCT
fbem-30089	144	30	and	and	CCONJ
fbem-30089	144	31	the	the	DET
fbem-30089	144	32	share	share	NOUN
fbem-30089	144	33	price	price	NOUN
fbem-30089	144	34	of	of	ADP
fbem-30089	144	35	quick	quick	ADJ
fbem-30089	144	36	hand	hand	NOUN
fbem-30089	144	37	will	will	AUX
fbem-30089	144	38	return	return	VERB
fbem-30089	144	39	to	to	ADP
fbem-30089	144	40	the	the	DET
fbem-30089	144	41	fundamentals	fundamental	NOUN
fbem-30089	144	42	.	.	PUNCT
fbem-30089	145	1	(	(	PUNCT
fbem-30089	145	2	3	3	X
fbem-30089	145	3	)	)	PUNCT
fbem-30089	145	4	comparative	comparative	ADJ
fbem-30089	145	5	analysis	analysis	NOUN
fbem-30089	145	6	with	with	ADP
fbem-30089	145	7	zipf	zipf	PROPN
fbem-30089	145	8	's	's	PART
fbem-30089	145	9	law	law	NOUN
fbem-30089	145	10	:	:	PUNCT
fbem-30089	145	11	the	the	DET
fbem-30089	145	12	valuation	valuation	NOUN
fbem-30089	145	13	of	of	ADP
fbem-30089	145	14	multiple	multiple	ADJ
fbem-30089	145	15	rounds	round	NOUN
fbem-30089	145	16	of	of	ADP
fbem-30089	145	17	financing	financing	NOUN
fbem-30089	145	18	before	before	ADP
fbem-30089	145	19	the	the	DET
fbem-30089	145	20	listing	listing	NOUN
fbem-30089	145	21	of	of	ADP
fbem-30089	145	22	fast	fast	ADJ
fbem-30089	145	23	hand	hand	NOUN
fbem-30089	145	24	compared	compare	VERB
fbem-30089	145	25	with	with	ADP
fbem-30089	145	26	the	the	DET
fbem-30089	145	27	model	model	NOUN
fbem-30089	145	28	in	in	ADP
fbem-30089	145	29	this	this	DET
fbem-30089	145	30	paper	paper	NOUN
fbem-30089	145	31	shows	show	VERB
fbem-30089	145	32	that	that	SCONJ
fbem-30089	145	33	the	the	DET
fbem-30089	145	34	valuation	valuation	NOUN
fbem-30089	145	35	in	in	ADP
fbem-30089	145	36	2019	2019	NUM
fbem-30089	145	37	-	-	SYM
fbem-30089	145	38	2021	2021	NUM
fbem-30089	145	39	is	be	AUX
fbem-30089	145	40	high	high	ADJ
fbem-30089	145	41	,	,	PUNCT
fbem-30089	145	42	and	and	CCONJ
fbem-30089	145	43	the	the	DET
fbem-30089	145	44	valuation	valuation	NOUN
fbem-30089	145	45	in	in	ADP
fbem-30089	145	46	2022	2022	NUM
fbem-30089	145	47	is	be	AUX
fbem-30089	145	48	close	close	ADJ
fbem-30089	145	49	to	to	ADP
fbem-30089	145	50	the	the	DET
fbem-30089	145	51	valuation	valuation	NOUN
fbem-30089	145	52	of	of	ADP
fbem-30089	145	53	institutional	institutional	ADJ
fbem-30089	145	54	investors	investor	NOUN
fbem-30089	145	55	(	(	PUNCT
fbem-30089	145	56	147.305	147.305	NUM
fbem-30089	145	57	billion	billion	NUM
fbem-30089	145	58	yuan	yuan	NOUN
fbem-30089	145	59	)	)	PUNCT
fbem-30089	145	60	,	,	PUNCT
fbem-30089	145	61	indicating	indicate	VERB
fbem-30089	145	62	that	that	SCONJ
fbem-30089	145	63	the	the	DET
fbem-30089	145	64	model	model	NOUN
fbem-30089	145	65	's	's	PART
fbem-30089	145	66	valuation	valuation	NOUN
fbem-30089	145	67	of	of	ADP
fbem-30089	145	68	the	the	DET
fbem-30089	145	69	fastdeveloping	fastdevelope	VERB
fbem-30089	145	70	short	short	ADJ
fbem-30089	145	71	video	video	NOUN
fbem-30089	145	72	platform	platform	NOUN
fbem-30089	145	73	as	as	ADP
fbem-30089	145	74	a	a	DET
fbem-30089	145	75	whole	whole	NOUN
fbem-30089	145	76	is	be	AUX
fbem-30089	145	77	on	on	ADP
fbem-30089	145	78	the	the	DET
fbem-30089	145	79	high	high	ADJ
fbem-30089	145	80	side	side	NOUN
fbem-30089	145	81	,	,	PUNCT
fbem-30089	145	82	and	and	CCONJ
fbem-30089	145	83	gradually	gradually	ADV
fbem-30089	145	84	returns	return	VERB
fbem-30089	145	85	to	to	ADP
fbem-30089	145	86	the	the	DET
fbem-30089	145	87	market	market	NOUN
fbem-30089	145	88	value	value	NOUN
fbem-30089	145	89	.	.	PUNCT
fbem-30089	146	1	after	after	ADP
fbem-30089	146	2	the	the	DET
fbem-30089	146	3	introduction	introduction	NOUN
fbem-30089	146	4	of	of	ADP
fbem-30089	146	5	zipf	zipf	NOUN
fbem-30089	146	6	's	's	PART
fbem-30089	146	7	law	law	NOUN
fbem-30089	146	8	correction	correction	NOUN
fbem-30089	146	9	,	,	PUNCT
fbem-30089	146	10	the	the	DET
fbem-30089	146	11	valuation	valuation	NOUN
fbem-30089	146	12	of	of	ADP
fbem-30089	146	13	racer	racer	NOUN
fbem-30089	146	14	per	per	ADP
fbem-30089	146	15	share	share	NOUN
fbem-30089	146	16	at	at	ADP
fbem-30089	146	17	the	the	DET
fbem-30089	146	18	end	end	NOUN
fbem-30089	146	19	of	of	ADP
fbem-30089	146	20	2022	2022	NUM
fbem-30089	146	21	is	be	AUX
fbem-30089	146	22	$	$	SYM
fbem-30089	146	23	63.05	63.05	NUM
fbem-30089	146	24	,	,	PUNCT
fbem-30089	146	25	which	which	PRON
fbem-30089	146	26	is	be	AUX
fbem-30089	146	27	far	far	ADV
fbem-30089	146	28	below	below	ADP
fbem-30089	146	29	the	the	DET
fbem-30089	146	30	market	market	NOUN
fbem-30089	146	31	price	price	NOUN
fbem-30089	146	32	of	of	ADP
fbem-30089	146	33	$	$	SYM
fbem-30089	146	34	240	240	NUM
fbem-30089	146	35	-	-	SYM
fbem-30089	146	36	300	300	NUM
fbem-30089	146	37	,	,	PUNCT
fbem-30089	146	38	indicating	indicate	VERB
fbem-30089	146	39	that	that	SCONJ
fbem-30089	146	40	zipf	zipf	PROPN
fbem-30089	146	41	's	's	PART
fbem-30089	146	42	law	law	NOUN
fbem-30089	146	43	valuation	valuation	NOUN
fbem-30089	146	44	is	be	AUX
fbem-30089	146	45	too	too	ADV
fbem-30089	146	46	low	low	ADJ
fbem-30089	146	47	.	.	PUNCT
fbem-30089	147	1	metcalfe	metcalfe	PROPN
fbem-30089	147	2	's	's	PART
fbem-30089	147	3	law	law	NOUN
fbem-30089	147	4	is	be	AUX
fbem-30089	147	5	more	more	ADV
fbem-30089	147	6	applicable	applicable	ADJ
fbem-30089	147	7	in	in	ADP
fbem-30089	147	8	the	the	DET
fbem-30089	147	9	early	early	ADJ
fbem-30089	147	10	stage	stage	NOUN
fbem-30089	147	11	of	of	ADP
fbem-30089	147	12	development	development	NOUN
fbem-30089	147	13	of	of	ADP
fbem-30089	147	14	short	short	ADJ
fbem-30089	147	15	video	video	NOUN
fbem-30089	147	16	platforms	platform	NOUN
fbem-30089	147	17	.	.	PUNCT
fbem-30089	148	1	table	table	NOUN
fbem-30089	148	2	5	5	NUM
fbem-30089	148	3	-	-	SYM
fbem-30089	148	4	8	8	NUM
fbem-30089	148	5	.	.	PUNCT
fbem-30089	148	6	calculation	calculation	NOUN
fbem-30089	148	7	process	process	NOUN
fbem-30089	148	8	of	of	ADP
fbem-30089	148	9	the	the	DET
fbem-30089	148	10	valuation	valuation	NOUN
fbem-30089	148	11	of	of	ADP
fbem-30089	148	12	racer	racer	NOUN
fbem-30089	148	13	in	in	ADP
fbem-30089	148	14	2017	2017	NUM
fbem-30089	148	15	-	-	SYM
fbem-30089	148	16	2020	2020	NUM
fbem-30089	148	17	total	total	ADJ
fbem-30089	148	18	value	value	NOUN
fbem-30089	148	19	of	of	ADP
fbem-30089	148	20	racer	racer	NOUN
fbem-30089	148	21	2019.12.31	2019.12.31	NUM
fbem-30089	148	22	2020.12.31	2020.12.31	NUM
fbem-30089	148	23	2021.12.31	2021.12.31	NUM
fbem-30089	148	24	2022.12.31	2022.12.31	NUM
fbem-30089	149	1	k	k	PROPN
fbem-30089	149	2	26.98	26.98	NUM
fbem-30089	149	3	%	%	NOUN
fbem-30089	149	4	11.52	11.52	NUM
fbem-30089	149	5	%	%	NOUN
fbem-30089	149	6	27.40	27.40	NUM
fbem-30089	149	7	%	%	NOUN
fbem-30089	149	8	5.98	5.98	NUM
fbem-30089	149	9	%	%	NOUN
fbem-30089	149	10	p	p	NOUN
fbem-30089	149	11	35.31	35.31	NUM
fbem-30089	149	12	%	%	NOUN
fbem-30089	149	13	33.34	33.34	NUM
fbem-30089	149	14	%	%	NOUN
fbem-30089	149	15	26.96	26.96	NUM
fbem-30089	149	16	%	%	NOUN
fbem-30089	149	17	34.40	34.40	NUM
fbem-30089	149	18	%	%	NOUN
fbem-30089	149	19	n	n	CCONJ
fbem-30089	149	20	1.363	1.363	NUM
fbem-30089	149	21	2.407	2.407	NUM
fbem-30089	149	22	3.304	3.304	NUM
fbem-30089	149	23	4.811	4.811	NUM
fbem-30089	149	24	nln(n	nln(n	NOUN
fbem-30089	149	25	)	)	PUNCT
fbem-30089	149	26	0.42	0.42	NUM
fbem-30089	149	27	2.11	2.11	NUM
fbem-30089	149	28	3.95	3.95	NUM
fbem-30089	149	29	7.56	7.56	NUM
fbem-30089	149	30	r	r	NOUN
fbem-30089	149	31	5.72×10	5.72×10	NUM
fbem-30089	149	32	-	-	SYM
fbem-30089	149	33	7	7	NUM
fbem-30089	149	34	8.75×10	8.75×10	NUM
fbem-30089	149	35	-	-	SYM
fbem-30089	149	36	7	7	NUM
fbem-30089	149	37	1.17×10	1.17×10	NUM
fbem-30089	149	38	-	-	SYM
fbem-30089	149	39	6	6	NUM
fbem-30089	149	40	1.63×10	1.63×10	NUM
fbem-30089	149	41	-	-	SYM
fbem-30089	149	42	6	6	NUM
fbem-30089	149	43	square	square	NOUN
fbem-30089	149	44	of	of	ADP
fbem-30089	149	45	r	r	NOUN
fbem-30089	149	46	3.27×10	3.27×10	NUM
fbem-30089	149	47	-	-	SYM
fbem-30089	149	48	13	13	NUM
fbem-30089	149	49	7.66×10	7.66×10	NUM
fbem-30089	149	50	-	-	SYM
fbem-30089	149	51	13	13	NUM
fbem-30089	149	52	1.37×10	1.37×10	NUM
fbem-30089	149	53	-	-	SYM
fbem-30089	149	54	12	12	NUM
fbem-30089	149	55	2.65×10	2.65×10	NUM
fbem-30089	149	56	-	-	SYM
fbem-30089	149	57	12	12	NUM
fbem-30089	149	58	v	v	NOUN
fbem-30089	149	59	(	(	PUNCT
fbem-30089	149	60	billion	billion	NUM
fbem-30089	149	61	)	)	PUNCT
fbem-30089	149	62	1229.78	1229.78	NUM
fbem-30089	149	63	1060.70	1060.70	NUM
fbem-30089	149	64	2126.96	2126.96	NUM
fbem-30089	149	65	587.15	587.15	NUM
fbem-30089	149	66	number	number	NOUN
fbem-30089	149	67	of	of	ADP
fbem-30089	149	68	shares	share	NOUN
fbem-30089	149	69	(	(	PUNCT
fbem-30089	149	70	billion	billion	NUM
fbem-30089	149	71	)	)	PUNCT
fbem-30089	149	72	9.34	9.34	NUM
fbem-30089	149	73	9.34	9.34	NUM
fbem-30089	149	74	9.34	9.34	NUM
fbem-30089	149	75	9.31	9.31	NUM
fbem-30089	149	76	value	value	NOUN
fbem-30089	149	77	per	per	ADP
fbem-30089	149	78	share	share	NOUN
fbem-30089	149	79	131.66	131.66	NUM
fbem-30089	149	80	113.59	113.59	NUM
fbem-30089	149	81	227.72	227.72	NUM
fbem-30089	149	82	63.05	63.05	NUM
fbem-30089	149	83	data	datum	NOUN
fbem-30089	149	84	source	source	NOUN
fbem-30089	149	85	:	:	PUNCT
fbem-30089	149	86	calculation	calculation	NOUN
fbem-30089	149	87	process	process	NOUN
fbem-30089	149	88	in	in	ADP
fbem-30089	149	89	the	the	DET
fbem-30089	149	90	third	third	ADJ
fbem-30089	149	91	quarter	quarter	NOUN
fbem-30089	149	92	of	of	ADP
fbem-30089	149	93	2023	2023	NUM
fbem-30089	149	94	,	,	PUNCT
fbem-30089	149	95	monthly	monthly	ADJ
fbem-30089	149	96	active	active	ADJ
fbem-30089	149	97	users	user	NOUN
fbem-30089	149	98	of	of	ADP
fbem-30089	149	99	shutter	shutter	NOUN
fbem-30089	149	100	reached	reach	VERB
fbem-30089	149	101	580	580	NUM
fbem-30089	149	102	million	million	NUM
fbem-30089	149	103	(	(	PUNCT
fbem-30089	149	104	+19.6	+19.6	NOUN
fbem-30089	149	105	%	%	NOUN
fbem-30089	149	106	year	year	NOUN
fbem-30089	149	107	-	-	PUNCT
fbem-30089	149	108	on	on	ADP
fbem-30089	149	109	-	-	PUNCT
fbem-30089	149	110	year	year	NOUN
fbem-30089	149	111	)	)	PUNCT
fbem-30089	149	112	and	and	CCONJ
fbem-30089	149	113	daily	daily	ADJ
fbem-30089	149	114	active	active	ADJ
fbem-30089	149	115	users	user	NOUN
fbem-30089	149	116	reached	reach	VERB
fbem-30089	149	117	310	310	NUM
fbem-30089	149	118	million	million	NUM
fbem-30089	149	119	(	(	PUNCT
fbem-30089	149	120	+18.0	+18.0	ADJ
fbem-30089	149	121	%	%	NOUN
fbem-30089	149	122	year	year	NOUN
fbem-30089	149	123	-	-	PUNCT
fbem-30089	149	124	on	on	ADP
fbem-30089	149	125	-	-	PUNCT
fbem-30089	149	126	year	year	NOUN
fbem-30089	149	127	)	)	PUNCT
fbem-30089	149	128	.	.	PUNCT
fbem-30089	150	1	user	user	NOUN
fbem-30089	150	2	activity	activity	NOUN
fbem-30089	150	3	and	and	CCONJ
fbem-30089	150	4	cash	cash	NOUN
fbem-30089	150	5	flow	flow	NOUN
fbem-30089	150	6	will	will	AUX
fbem-30089	150	7	continue	continue	VERB
fbem-30089	150	8	to	to	PART
fbem-30089	150	9	improve	improve	VERB
fbem-30089	150	10	in	in	ADP
fbem-30089	150	11	the	the	DET
fbem-30089	150	12	future	future	NOUN
fbem-30089	150	13	,	,	PUNCT
fbem-30089	150	14	thanks	thank	NOUN
fbem-30089	150	15	to	to	ADP
fbem-30089	150	16	the	the	DET
fbem-30089	150	17	optimization	optimization	NOUN
fbem-30089	150	18	of	of	ADP
fbem-30089	150	19	operational	operational	ADJ
fbem-30089	150	20	efficiency	efficiency	NOUN
fbem-30089	150	21	,	,	PUNCT
fbem-30089	150	22	content	content	NOUN
fbem-30089	150	23	supply	supply	NOUN
fbem-30089	150	24	and	and	CCONJ
fbem-30089	150	25	recommendation	recommendation	NOUN
fbem-30089	150	26	technology	technology	NOUN
fbem-30089	150	27	.	.	PUNCT
fbem-30089	151	1	e	e	X
fbem-30089	151	2	-	-	NOUN
fbem-30089	151	3	commerce	commerce	NOUN
fbem-30089	151	4	and	and	CCONJ
fbem-30089	151	5	advertising	advertising	NOUN
fbem-30089	151	6	business	business	NOUN
fbem-30089	151	7	has	have	VERB
fbem-30089	151	8	significant	significant	ADJ
fbem-30089	151	9	room	room	NOUN
fbem-30089	151	10	for	for	ADP
fbem-30089	151	11	growth	growth	NOUN
fbem-30089	151	12	,	,	PUNCT
fbem-30089	151	13	with	with	ADP
fbem-30089	151	14	online	online	ADJ
fbem-30089	151	15	marketing	marketing	NOUN
fbem-30089	151	16	revenue	revenue	NOUN
fbem-30089	151	17	of	of	ADP
fbem-30089	151	18	10.92	10.92	NUM
fbem-30089	151	19	billion	billion	NUM
fbem-30089	151	20	yuan	yuan	NOUN
fbem-30089	151	21	(	(	PUNCT
fbem-30089	151	22	+76.6	+76.6	PROPN
fbem-30089	151	23	%	%	NOUN
fbem-30089	151	24	yearon	yearon	NOUN
fbem-30089	151	25	-	-	PUNCT
fbem-30089	151	26	year	year	NOUN
fbem-30089	151	27	)	)	PUNCT
fbem-30089	151	28	in	in	ADP
fbem-30089	151	29	the	the	DET
fbem-30089	151	30	third	third	ADJ
fbem-30089	151	31	quarter	quarter	NOUN
fbem-30089	151	32	of	of	ADP
fbem-30089	151	33	2023	2023	NUM
fbem-30089	151	34	,	,	PUNCT
fbem-30089	151	35	and	and	CCONJ
fbem-30089	151	36	expected	expect	VERB
fbem-30089	151	37	to	to	PART
fbem-30089	151	38	reach	reach	VERB
fbem-30089	151	39	42.322	42.322	NUM
fbem-30089	151	40	billion	billion	NUM
fbem-30089	151	41	yuan	yuan	NOUN
fbem-30089	151	42	(	(	PUNCT
fbem-30089	151	43	+95	+95	PROPN
fbem-30089	151	44	%	%	NOUN
fbem-30089	151	45	year	year	NOUN
fbem-30089	151	46	-	-	PUNCT
fbem-30089	151	47	on	on	ADP
fbem-30089	151	48	-	-	PUNCT
fbem-30089	151	49	year	year	NOUN
fbem-30089	151	50	)	)	PUNCT
fbem-30089	151	51	for	for	ADP
fbem-30089	151	52	the	the	DET
fbem-30089	151	53	full	full	ADJ
fbem-30089	151	54	year	year	NOUN
fbem-30089	151	55	;	;	PUNCT
fbem-30089	151	56	ecommerce	ecommerce	NOUN
fbem-30089	151	57	revenue	revenue	NOUN
fbem-30089	151	58	of	of	ADP
fbem-30089	151	59	1.87	1.87	NUM
fbem-30089	151	60	billion	billion	NUM
fbem-30089	151	61	yuan	yuan	NOUN
fbem-30089	151	62	(	(	PUNCT
fbem-30089	151	63	+54	+54	PROPN
fbem-30089	151	64	%	%	NOUN
fbem-30089	151	65	year	year	NOUN
fbem-30089	151	66	-	-	PUNCT
fbem-30089	151	67	on	on	ADP
fbem-30089	151	68	-	-	PUNCT
fbem-30089	151	69	year	year	NOUN
fbem-30089	151	70	)	)	PUNCT
fbem-30089	151	71	,	,	PUNCT
fbem-30089	151	72	and	and	CCONJ
fbem-30089	151	73	expected	expect	VERB
fbem-30089	151	74	to	to	PART
fbem-30089	151	75	reach	reach	VERB
fbem-30089	151	76	2.4	2.4	NUM
fbem-30089	151	77	billion	billion	NUM
fbem-30089	151	78	yuan	yuan	NOUN
fbem-30089	151	79	(	(	PUNCT
fbem-30089	151	80	+42	+42	NOUN
fbem-30089	151	81	%	%	NOUN
fbem-30089	151	82	year	year	NOUN
fbem-30089	151	83	-	-	PUNCT
fbem-30089	151	84	on	on	ADP
fbem-30089	151	85	-	-	PUNCT
fbem-30089	151	86	year	year	NOUN
fbem-30089	151	87	)	)	PUNCT
fbem-30089	151	88	in	in	ADP
fbem-30089	151	89	the	the	DET
fbem-30089	151	90	fourth	fourth	ADJ
fbem-30089	151	91	quarter	quarter	NOUN
fbem-30089	151	92	.	.	PUNCT
fbem-30089	152	1	e	e	X
fbem-30089	152	2	-	-	NOUN
fbem-30089	152	3	commerce	commerce	NOUN
fbem-30089	152	4	turnover	turnover	NOUN
fbem-30089	152	5	of	of	ADP
fbem-30089	152	6	rmb	rmb	PROPN
fbem-30089	152	7	175.9	175.9	NUM
fbem-30089	152	8	billion	billion	NUM
fbem-30089	152	9	(	(	PUNCT
fbem-30089	152	10	+87	+87	NUM
fbem-30089	152	11	%	%	NOUN
fbem-30089	152	12	y	y	PROPN
fbem-30089	152	13	-	-	PUNCT
fbem-30089	152	14	o	o	NOUN
fbem-30089	152	15	-	-	NOUN
fbem-30089	152	16	y	y	NOUN
fbem-30089	152	17	)	)	PUNCT
fbem-30089	152	18	will	will	AUX
fbem-30089	152	19	continue	continue	VERB
fbem-30089	152	20	to	to	PART
fbem-30089	152	21	grow	grow	VERB
fbem-30089	152	22	in	in	ADP
fbem-30089	152	23	the	the	DET
fbem-30089	152	24	future	future	NOUN
fbem-30089	152	25	.	.	PUNCT
fbem-30089	153	1	selling	sell	VERB
fbem-30089	153	2	expenses	expense	NOUN
fbem-30089	153	3	remain	remain	VERB
fbem-30089	153	4	high	high	ADJ
fbem-30089	153	5	,	,	PUNCT
fbem-30089	153	6	with	with	ADP
fbem-30089	153	7	marketing	marketing	NOUN
fbem-30089	153	8	expenses	expense	NOUN
fbem-30089	153	9	of	of	ADP
fbem-30089	153	10	11.02	11.02	NUM
fbem-30089	153	11	billion	billion	NUM
fbem-30089	153	12	yuan	yuan	NOUN
fbem-30089	153	13	(	(	PUNCT
fbem-30089	153	14	+80	+80	NOUN
fbem-30089	153	15	%	%	NOUN
fbem-30089	153	16	year	year	NOUN
fbem-30089	153	17	-	-	PUNCT
fbem-30089	153	18	on	on	ADP
fbem-30089	153	19	-	-	PUNCT
fbem-30089	153	20	year	year	NOUN
fbem-30089	153	21	)	)	PUNCT
fbem-30089	153	22	in	in	ADP
fbem-30089	153	23	q3	q3	PROPN
fbem-30089	153	24	,	,	PUNCT
fbem-30089	153	25	mainly	mainly	ADV
fbem-30089	153	26	due	due	ADP
fbem-30089	153	27	to	to	ADP
fbem-30089	153	28	industry	industry	NOUN
fbem-30089	153	29	competition	competition	NOUN
fbem-30089	153	30	and	and	CCONJ
fbem-30089	153	31	overseas	overseas	ADJ
fbem-30089	153	32	market	market	NOUN
fbem-30089	153	33	promotion	promotion	NOUN
fbem-30089	153	34	.	.	PUNCT
fbem-30089	154	1	overall	overall	ADV
fbem-30089	154	2	,	,	PUNCT
fbem-30089	154	3	crypto	crypto	NOUN
fbem-30089	154	4	needs	need	VERB
fbem-30089	154	5	to	to	PART
fbem-30089	154	6	realize	realize	VERB
fbem-30089	154	7	future	future	ADJ
fbem-30089	154	8	value	value	NOUN
fbem-30089	154	9	growth	growth	NOUN
fbem-30089	154	10	by	by	ADP
fbem-30089	154	11	increasing	increase	VERB
fbem-30089	154	12	active	active	ADJ
fbem-30089	154	13	users	user	NOUN
fbem-30089	154	14	,	,	PUNCT
fbem-30089	154	15	improving	improve	VERB
fbem-30089	154	16	cash	cash	NOUN
fbem-30089	154	17	generation	generation	NOUN
fbem-30089	154	18	,	,	PUNCT
fbem-30089	154	19	lowering	lower	VERB
fbem-30089	154	20	cost	cost	NOUN
fbem-30089	154	21	of	of	ADP
fbem-30089	154	22	sales	sale	NOUN
fbem-30089	154	23	and	and	CCONJ
fbem-30089	154	24	improving	improve	VERB
fbem-30089	154	25	operational	operational	ADJ
fbem-30089	154	26	efficiency	efficiency	NOUN
fbem-30089	154	27	.	.	PUNCT
fbem-30089	155	1	6	6	X
fbem-30089	155	2	.	.	X
fbem-30089	155	3	summary	summary	NOUN
fbem-30089	155	4	in	in	ADP
fbem-30089	155	5	recent	recent	ADJ
fbem-30089	155	6	years	year	NOUN
fbem-30089	155	7	,	,	PUNCT
fbem-30089	155	8	the	the	DET
fbem-30089	155	9	social	social	ADJ
fbem-30089	155	10	network	network	NOUN
fbem-30089	155	11	platform	platform	NOUN
fbem-30089	155	12	industry	industry	NOUN
fbem-30089	155	13	has	have	AUX
fbem-30089	155	14	been	be	AUX
fbem-30089	155	15	developing	develop	VERB
fbem-30089	155	16	rapidly	rapidly	ADV
fbem-30089	155	17	,	,	PUNCT
fbem-30089	155	18	especially	especially	ADV
fbem-30089	155	19	the	the	DET
fbem-30089	155	20	short	short	ADJ
fbem-30089	155	21	video	video	NOUN
fbem-30089	155	22	platforms	platform	NOUN
fbem-30089	155	23	represented	represent	VERB
fbem-30089	155	24	by	by	ADP
fbem-30089	155	25	jitterbug	jitterbug	PROPN
fbem-30089	155	26	and	and	CCONJ
fbem-30089	155	27	shutterbug	shutterbug	PROPN
fbem-30089	155	28	are	be	AUX
fbem-30089	155	29	highly	highly	ADV
fbem-30089	155	30	favored	favor	VERB
fbem-30089	155	31	by	by	ADP
fbem-30089	155	32	capital	capital	NOUN
fbem-30089	155	33	,	,	PUNCT
fbem-30089	155	34	and	and	CCONJ
fbem-30089	155	35	their	their	PRON
fbem-30089	155	36	valuation	valuation	NOUN
fbem-30089	155	37	issues	issue	NOUN
fbem-30089	155	38	are	be	AUX
fbem-30089	155	39	becoming	become	VERB
fbem-30089	155	40	increasingly	increasingly	ADV
fbem-30089	155	41	important	important	ADJ
fbem-30089	155	42	.	.	PUNCT
fbem-30089	156	1	however	however	ADV
fbem-30089	156	2	,	,	PUNCT
fbem-30089	156	3	short	short	ADJ
fbem-30089	156	4	video	video	NOUN
fbem-30089	156	5	social	social	ADJ
fbem-30089	156	6	platforms	platform	NOUN
fbem-30089	156	7	have	have	VERB
fbem-30089	156	8	valuation	valuation	NOUN
fbem-30089	156	9	difficulties	difficulty	NOUN
fbem-30089	156	10	such	such	ADJ
fbem-30089	156	11	as	as	ADP
fbem-30089	156	12	poor	poor	ADJ
fbem-30089	156	13	profitability	profitability	NOUN
fbem-30089	156	14	,	,	PUNCT
fbem-30089	156	15	few	few	ADJ
fbem-30089	156	16	comparable	comparable	ADJ
fbem-30089	156	17	companies	company	NOUN
fbem-30089	156	18	,	,	PUNCT
fbem-30089	156	19	and	and	CCONJ
fbem-30089	156	20	high	high	ADJ
fbem-30089	156	21	future	future	ADJ
fbem-30089	156	22	risks	risk	NOUN
fbem-30089	156	23	,	,	PUNCT
fbem-30089	156	24	and	and	CCONJ
fbem-30089	156	25	traditional	traditional	ADJ
fbem-30089	156	26	valuation	valuation	NOUN
fbem-30089	156	27	methods	method	NOUN
fbem-30089	156	28	have	have	VERB
fbem-30089	156	29	limitations	limitation	NOUN
fbem-30089	156	30	in	in	ADP
fbem-30089	156	31	assessing	assess	VERB
fbem-30089	156	32	the	the	DET
fbem-30089	156	33	value	value	NOUN
fbem-30089	156	34	of	of	ADP
fbem-30089	156	35	internet	internet	NOUN
fbem-30089	156	36	enterprises	enterprise	NOUN
fbem-30089	156	37	.	.	PUNCT
fbem-30089	157	1	short	short	ADJ
fbem-30089	157	2	video	video	NOUN
fbem-30089	157	3	platforms	platform	NOUN
fbem-30089	157	4	combine	combine	VERB
fbem-30089	157	5	the	the	DET
fbem-30089	157	6	matthew	matthew	PROPN
fbem-30089	157	7	effect	effect	NOUN
fbem-30089	157	8	,	,	PUNCT
fbem-30089	157	9	network	network	NOUN
fbem-30089	157	10	effect	effect	NOUN
fbem-30089	157	11	and	and	CCONJ
fbem-30089	157	12	unique	unique	ADJ
fbem-30089	157	13	business	business	NOUN
fbem-30089	157	14	model	model	NOUN
fbem-30089	157	15	of	of	ADP
fbem-30089	157	16	internet	internet	NOUN
fbem-30089	157	17	enterprises	enterprise	NOUN
fbem-30089	157	18	,	,	PUNCT
fbem-30089	157	19	attracting	attract	VERB
fbem-30089	157	20	a	a	DET
fbem-30089	157	21	large	large	ADJ
fbem-30089	157	22	number	number	NOUN
fbem-30089	157	23	of	of	ADP
fbem-30089	157	24	users	user	NOUN
fbem-30089	157	25	through	through	ADP
fbem-30089	157	26	pre	pre	ADJ
fbem-30089	157	27	-	-	ADJ
fbem-30089	157	28	promotional	promotional	ADJ
fbem-30089	157	29	and	and	CCONJ
fbem-30089	157	30	preferential	preferential	ADJ
fbem-30089	157	31	activities	activity	NOUN
fbem-30089	157	32	,	,	PUNCT
fbem-30089	157	33	building	build	VERB
fbem-30089	157	34	social	social	ADJ
fbem-30089	157	35	ecosystems	ecosystem	NOUN
fbem-30089	157	36	,	,	PUNCT
fbem-30089	157	37	and	and	CCONJ
fbem-30089	157	38	creating	create	VERB
fbem-30089	157	39	traffic	traffic	NOUN
fbem-30089	157	40	through	through	ADP
fbem-30089	157	41	diversified	diversified	ADJ
fbem-30089	157	42	operations	operation	NOUN
fbem-30089	157	43	,	,	PUNCT
fbem-30089	157	44	realizing	realize	VERB
fbem-30089	157	45	the	the	DET
fbem-30089	157	46	value	value	NOUN
fbem-30089	157	47	of	of	ADP
fbem-30089	157	48	realizing	realizing	NOUN
fbem-30089	157	49	,	,	PUNCT
fbem-30089	157	50	and	and	CCONJ
fbem-30089	157	51	forming	form	VERB
fbem-30089	157	52	a	a	DET
fbem-30089	157	53	sustainable	sustainable	ADJ
fbem-30089	157	54	business	business	NOUN
fbem-30089	157	55	model	model	NOUN
fbem-30089	157	56	.	.	PUNCT
fbem-30089	158	1	user	user	NOUN
fbem-30089	158	2	scale	scale	NOUN
fbem-30089	158	3	is	be	AUX
fbem-30089	158	4	the	the	DET
fbem-30089	158	5	core	core	NOUN
fbem-30089	158	6	of	of	ADP
fbem-30089	158	7	the	the	DET
fbem-30089	158	8	value	value	NOUN
fbem-30089	158	9	of	of	ADP
fbem-30089	158	10	short	short	ADJ
fbem-30089	158	11	video	video	NOUN
fbem-30089	158	12	platforms	platform	NOUN
fbem-30089	158	13	,	,	PUNCT
fbem-30089	158	14	and	and	CCONJ
fbem-30089	158	15	the	the	DET
fbem-30089	158	16	basis	basis	NOUN
fbem-30089	158	17	of	of	ADP
fbem-30089	158	18	realizing	realize	VERB
fbem-30089	158	19	value	value	NOUN
fbem-30089	158	20	depends	depend	VERB
fbem-30089	158	21	on	on	ADP
fbem-30089	158	22	users	user	NOUN
fbem-30089	158	23	and	and	CCONJ
fbem-30089	158	24	traffic	traffic	NOUN
fbem-30089	158	25	.	.	PUNCT
fbem-30089	159	1	based	base	VERB
fbem-30089	159	2	on	on	ADP
fbem-30089	159	3	the	the	DET
fbem-30089	159	4	unique	unique	ADJ
fbem-30089	159	5	business	business	NOUN
fbem-30089	159	6	model	model	NOUN
fbem-30089	159	7	of	of	ADP
fbem-30089	159	8	social	social	ADJ
fbem-30089	159	9	network	network	NOUN
fbem-30089	159	10	platforms	platform	NOUN
fbem-30089	159	11	,	,	PUNCT
fbem-30089	159	12	this	this	DET
fbem-30089	159	13	paper	paper	NOUN
fbem-30089	159	14	adopts	adopt	VERB
fbem-30089	159	15	the	the	DET
fbem-30089	159	16	modified	modified	PROPN
fbem-30089	159	17	metcalfe	metcalfe	PROPN
fbem-30089	159	18	's	's	PART
fbem-30089	159	19	law	law	NOUN
fbem-30089	159	20	model	model	NOUN
fbem-30089	159	21	for	for	ADP
fbem-30089	159	22	valuation	valuation	NOUN
fbem-30089	159	23	,	,	PUNCT
fbem-30089	159	24	defining	define	VERB
fbem-30089	159	25	the	the	DET
fbem-30089	159	26	realization	realization	NOUN
fbem-30089	159	27	factor	factor	NOUN
fbem-30089	159	28	as	as	ADP
fbem-30089	159	29	the	the	DET
fbem-30089	159	30	ratio	ratio	NOUN
fbem-30089	159	31	of	of	ADP
fbem-30089	159	32	cash	cash	NOUN
fbem-30089	159	33	flow	flow	NOUN
fbem-30089	159	34	from	from	ADP
fbem-30089	159	35	operating	operate	VERB
fbem-30089	159	36	activities	activity	NOUN
fbem-30089	159	37	to	to	ADP
fbem-30089	159	38	total	total	ADJ
fbem-30089	159	39	assets	asset	NOUN
fbem-30089	159	40	,	,	PUNCT
fbem-30089	159	41	reflecting	reflect	VERB
fbem-30089	159	42	the	the	DET
fbem-30089	159	43	enterprise	enterprise	NOUN
fbem-30089	159	44	's	's	PART
fbem-30089	159	45	ability	ability	NOUN
fbem-30089	159	46	to	to	PART
fbem-30089	159	47	obtain	obtain	VERB
fbem-30089	159	48	cash	cash	NOUN
fbem-30089	159	49	through	through	ADP
fbem-30089	159	50	its	its	PRON
fbem-30089	159	51	assets	asset	NOUN
fbem-30089	159	52	;	;	PUNCT
fbem-30089	159	53	the	the	DET
fbem-30089	159	54	node	node	ADJ
fbem-30089	159	55	distance	distance	NOUN
fbem-30089	159	56	is	be	AUX
fbem-30089	159	57	replaced	replace	VERB
fbem-30089	159	58	by	by	ADP
fbem-30089	159	59	the	the	DET
fbem-30089	159	60	cost	cost	NOUN
fbem-30089	159	61	of	of	ADP
fbem-30089	159	62	active	active	ADJ
fbem-30089	159	63	users	user	NOUN
fbem-30089	159	64	per	per	ADP
fbem-30089	159	65	unit	unit	NOUN
fbem-30089	159	66	;	;	PUNCT
fbem-30089	159	67	the	the	DET
fbem-30089	159	68	premium	premium	NOUN
fbem-30089	159	69	rate	rate	NOUN
fbem-30089	159	70	coefficient	coefficient	NOUN
fbem-30089	159	71	is	be	AUX
fbem-30089	159	72	measured	measure	VERB
fbem-30089	159	73	in	in	ADP
fbem-30089	159	74	terms	term	NOUN
fbem-30089	159	75	of	of	ADP
fbem-30089	159	76	the	the	DET
fbem-30089	159	77	market	market	NOUN
fbem-30089	159	78	position	position	NOUN
fbem-30089	159	79	,	,	PUNCT
fbem-30089	159	80	and	and	CCONJ
fbem-30089	159	81	the	the	DET
fbem-30089	159	82	user	user	NOUN
fbem-30089	159	83	scale	scale	NOUN
fbem-30089	159	84	is	be	AUX
fbem-30089	159	85	based	base	VERB
fbem-30089	159	86	on	on	ADP
fbem-30089	159	87	the	the	DET
fbem-30089	159	88	number	number	NOUN
fbem-30089	159	89	of	of	ADP
fbem-30089	159	90	monthly	monthly	ADJ
fbem-30089	159	91	active	active	ADJ
fbem-30089	159	92	users	user	NOUN
fbem-30089	159	93	.	.	PUNCT
fbem-30089	160	1	combining	combine	VERB
fbem-30089	160	2	the	the	DET
fbem-30089	160	3	business	business	NOUN
fbem-30089	160	4	model	model	NOUN
fbem-30089	160	5	and	and	CCONJ
fbem-30089	160	6	valuation	valuation	NOUN
fbem-30089	160	7	results	result	NOUN
fbem-30089	160	8	of	of	ADP
fbem-30089	160	9	racer	racer	NOUN
fbem-30089	160	10	,	,	PUNCT
fbem-30089	160	11	the	the	DET
fbem-30089	160	12	following	follow	VERB
fbem-30089	160	13	conclusions	conclusion	NOUN
fbem-30089	160	14	are	be	AUX
fbem-30089	160	15	drawn	draw	VERB
fbem-30089	160	16	:	:	PUNCT
fbem-30089	160	17	user	user	NOUN
fbem-30089	160	18	scale	scale	NOUN
fbem-30089	160	19	is	be	AUX
fbem-30089	160	20	a	a	DET
fbem-30089	160	21	source	source	NOUN
fbem-30089	160	22	of	of	ADP
fbem-30089	160	23	value	value	NOUN
fbem-30089	160	24	,	,	PUNCT
fbem-30089	160	25	but	but	CCONJ
fbem-30089	160	26	not	not	PART
fbem-30089	160	27	the	the	DET
fbem-30089	160	28	only	only	ADJ
fbem-30089	160	29	determinant	determinant	ADJ
fbem-30089	160	30	.	.	PUNCT
fbem-30089	161	1	fast	fast	ADJ
fbem-30089	161	2	hand	hand	NOUN
fbem-30089	161	3	through	through	ADP
fbem-30089	161	4	subsidies	subsidy	NOUN
fbem-30089	161	5	to	to	PART
fbem-30089	161	6	obtain	obtain	VERB
fbem-30089	161	7	users	user	NOUN
fbem-30089	161	8	,	,	PUNCT
fbem-30089	161	9	user	user	NOUN
fbem-30089	161	10	scale	scale	NOUN
fbem-30089	161	11	is	be	AUX
fbem-30089	161	12	the	the	DET
fbem-30089	161	13	basis	basis	NOUN
fbem-30089	161	14	for	for	ADP
fbem-30089	161	15	cash	cash	NOUN
fbem-30089	161	16	,	,	PUNCT
fbem-30089	161	17	but	but	CCONJ
fbem-30089	161	18	the	the	DET
fbem-30089	161	19	user	user	NOUN
fbem-30089	161	20	retention	retention	NOUN
fbem-30089	161	21	rate	rate	NOUN
fbem-30089	161	22	and	and	CCONJ
fbem-30089	161	23	cash	cash	NOUN
fbem-30089	161	24	ability	ability	NOUN
fbem-30089	161	25	is	be	AUX
fbem-30089	161	26	equally	equally	ADV
fbem-30089	161	27	important	important	ADJ
fbem-30089	161	28	,	,	PUNCT
fbem-30089	161	29	blind	blind	ADJ
fbem-30089	161	30	expansion	expansion	NOUN
fbem-30089	161	31	of	of	ADP
fbem-30089	161	32	user	user	NOUN
fbem-30089	161	33	scale	scale	NOUN
fbem-30089	161	34	is	be	AUX
fbem-30089	161	35	not	not	PART
fbem-30089	161	36	desirable	desirable	ADJ
fbem-30089	161	37	.	.	PUNCT
fbem-30089	162	1	(	(	PUNCT
fbem-30089	162	2	2	2	X
fbem-30089	162	3	)	)	PUNCT
fbem-30089	162	4	the	the	DET
fbem-30089	162	5	metcalfe	metcalfe	PROPN
fbem-30089	162	6	model	model	NOUN
fbem-30089	162	7	can	can	AUX
fbem-30089	162	8	approximate	approximate	VERB
fbem-30089	162	9	the	the	DET
fbem-30089	162	10	value	value	NOUN
fbem-30089	162	11	trend	trend	NOUN
fbem-30089	162	12	.	.	PUNCT
fbem-30089	163	1	the	the	DET
fbem-30089	163	2	2019	2019	NUM
fbem-30089	163	3	-	-	SYM
fbem-30089	163	4	2022	2022	NUM
fbem-30089	163	5	valuation	valuation	NOUN
fbem-30089	163	6	of	of	ADP
fbem-30089	163	7	shutterstock	shutterstock	NOUN
fbem-30089	163	8	is	be	AUX
fbem-30089	163	9	high	high	ADJ
fbem-30089	163	10	and	and	CCONJ
fbem-30089	163	11	low	low	ADJ
fbem-30089	163	12	,	,	PUNCT
fbem-30089	163	13	gradually	gradually	ADV
fbem-30089	163	14	returning	return	VERB
fbem-30089	163	15	to	to	ADP
fbem-30089	163	16	market	market	NOUN
fbem-30089	163	17	value	value	NOUN
fbem-30089	163	18	,	,	PUNCT
fbem-30089	163	19	indicating	indicate	VERB
fbem-30089	163	20	that	that	SCONJ
fbem-30089	163	21	the	the	DET
fbem-30089	163	22	model	model	NOUN
fbem-30089	163	23	is	be	AUX
fbem-30089	163	24	informative	informative	ADJ
fbem-30089	163	25	in	in	ADP
fbem-30089	163	26	assessing	assess	VERB
fbem-30089	163	27	such	such	ADJ
fbem-30089	163	28	enterprises	enterprise	NOUN
fbem-30089	163	29	,	,	PUNCT
fbem-30089	163	30	helping	help	VERB
fbem-30089	163	31	investors	investor	NOUN
fbem-30089	163	32	identify	identify	VERB
fbem-30089	163	33	value	value	NOUN
fbem-30089	163	34	drivers	driver	NOUN
fbem-30089	163	35	and	and	CCONJ
fbem-30089	163	36	avoiding	avoid	VERB
fbem-30089	163	37	blind	blind	ADJ
fbem-30089	163	38	investment	investment	NOUN
fbem-30089	163	39	.	.	PUNCT
fbem-30089	164	1	(	(	PUNCT
fbem-30089	164	2	3	3	X
fbem-30089	164	3	)	)	PUNCT
fbem-30089	164	4	the	the	DET
fbem-30089	164	5	metcalfe	metcalfe	PROPN
fbem-30089	164	6	model	model	NOUN
fbem-30089	164	7	is	be	AUX
fbem-30089	164	8	not	not	PART
fbem-30089	164	9	perfectly	perfectly	ADV
fbem-30089	164	10	applicable	applicable	ADJ
fbem-30089	164	11	.	.	PUNCT
fbem-30089	165	1	due	due	ADP
fbem-30089	165	2	to	to	ADP
fbem-30089	165	3	the	the	DET
fbem-30089	165	4	diversity	diversity	NOUN
fbem-30089	165	5	of	of	ADP
fbem-30089	165	6	short	short	ADJ
fbem-30089	165	7	video	video	NOUN
fbem-30089	165	8	platforms	platform	NOUN
fbem-30089	165	9	and	and	CCONJ
fbem-30089	165	10	the	the	DET
fbem-30089	165	11	specificity	specificity	NOUN
fbem-30089	165	12	of	of	ADP
fbem-30089	165	13	valuation	valuation	NOUN
fbem-30089	165	14	,	,	PUNCT
fbem-30089	165	15	the	the	DET
fbem-30089	165	16	model	model	NOUN
fbem-30089	165	17	can	can	AUX
fbem-30089	165	18	not	not	PART
fbem-30089	165	19	accurately	accurately	ADV
fbem-30089	165	20	measure	measure	VERB
fbem-30089	165	21	the	the	DET
fbem-30089	165	22	value	value	NOUN
fbem-30089	165	23	of	of	ADP
fbem-30089	165	24	all	all	DET
fbem-30089	165	25	enterprises	enterprise	NOUN
fbem-30089	165	26	.	.	PUNCT
fbem-30089	166	1	the	the	DET
fbem-30089	166	2	model	model	NOUN
fbem-30089	166	3	needs	need	VERB
fbem-30089	166	4	to	to	PART
fbem-30089	166	5	be	be	AUX
fbem-30089	166	6	revised	revise	VERB
fbem-30089	166	7	according	accord	VERB
fbem-30089	166	8	to	to	ADP
fbem-30089	166	9	the	the	DET
fbem-30089	166	10	enterprise	enterprise	NOUN
fbem-30089	166	11	's	's	PART
fbem-30089	166	12	industry	industry	NOUN
fbem-30089	166	13	status	status	NOUN
fbem-30089	166	14	,	,	PUNCT
fbem-30089	166	15	development	development	NOUN
fbem-30089	166	16	mode	mode	NOUN
fbem-30089	166	17	and	and	CCONJ
fbem-30089	166	18	value	value	NOUN
fbem-30089	166	19	characteristics	characteristic	NOUN
fbem-30089	166	20	to	to	PART
fbem-30089	166	21	reduce	reduce	VERB
fbem-30089	166	22	the	the	DET
fbem-30089	166	23	error	error	NOUN
fbem-30089	166	24	.	.	PUNCT
fbem-30089	167	1	references	reference	NOUN
fbem-30089	167	2	[	[	X
fbem-30089	167	3	1	1	X
fbem-30089	167	4	]	]	PUNCT
fbem-30089	167	5	metcalfe	metcalfe	PROPN
fbem-30089	167	6	b.	b.	PROPN
fbem-30089	167	7	metcalfe	metcalfe	PROPN
fbem-30089	167	8	's	's	PART
fbem-30089	167	9	law	law	NOUN
fbem-30089	167	10	after	after	ADP
fbem-30089	167	11	40	40	NUM
fbem-30089	167	12	years	year	NOUN
fbem-30089	167	13	of	of	ADP
fbem-30089	167	14	ethernet	ethernet	NOUN
fbem-30089	167	15	.	.	PUNCT
fbem-30089	168	1	ieee	ieee	NOUN
fbem-30089	168	2	computer	computer	NOUN
fbem-30089	168	3	,	,	PUNCT
fbem-30089	168	4	2013	2013	NUM
fbem-30089	168	5	,	,	PUNCT
fbem-30089	168	6	46(12):26	46(12):26	NUM
fbem-30089	168	7	-	-	SYM
fbem-30089	168	8	31	31	NUM
fbem-30089	168	9	157	157	NUM
fbem-30089	169	1	[	[	X
fbem-30089	169	2	2	2	X
fbem-30089	169	3	]	]	X
fbem-30089	169	4	d.p	d.p	PROPN
fbem-30089	169	5	.	.	PROPN
fbem-30089	169	6	reed	reed	PROPN
fbem-30089	169	7	.	.	PUNCT
fbem-30089	170	1	"	"	PUNCT
fbem-30089	170	2	that	that	DET
fbem-30089	170	3	sneaky	sneaky	ADJ
fbem-30089	170	4	exponential	exponential	NOUN
fbem-30089	170	5	-	-	PUNCT
fbem-30089	170	6	beyond	beyond	ADP
fbem-30089	170	7	metcalfe	metcalfe	PROPN
fbem-30089	170	8	's	's	PART
fbem-30089	170	9	law	law	NOUN
fbem-30089	170	10	to	to	ADP
fbem-30089	170	11	the	the	DET
fbem-30089	170	12	power	power	NOUN
fbem-30089	170	13	of	of	ADP
fbem-30089	170	14	community	community	NOUN
fbem-30089	170	15	building	building	NOUN
fbem-30089	170	16	,	,	PUNCT
fbem-30089	170	17	"	"	PUNCT
fbem-30089	170	18	1999	1999	NUM
fbem-30089	170	19	:	:	PUNCT
fbem-30089	170	20	www	www	PROPN
fbem-30089	170	21	.	.	PROPN
fbem-30089	170	22	reed	reed	PROPN
fbem-30089	170	23	.	.	PUNCT
fbem-30089	170	24	com	com	NOUN
fbem-30089	170	25	/	/	SYM
fbem-30089	170	26	dpr	dpr	PROPN
fbem-30089	170	27	/	/	SYM
fbem-30089	170	28	locus	locus	NOUN
fbem-30089	170	29	/	/	SYM
fbem-30089	170	30	gfn	gfn	NOUN
fbem-30089	170	31	/	/	SYM
fbem-30089	170	32	reedslaw	reedslaw	NOUN
fbem-30089	170	33	.	.	PUNCT
fbem-30089	171	1	html	html	NOUN
fbem-30089	172	1	[	[	X
fbem-30089	172	2	3	3	X
fbem-30089	172	3	]	]	PUNCT
fbem-30089	172	4	b.briscoe	b.briscoe	NOUN
fbem-30089	172	5	,	,	PUNCT
fbem-30089	172	6	a.	a.	NOUN
fbem-30089	172	7	odlyzko	odlyzko	PROPN
fbem-30089	172	8	,	,	PUNCT
fbem-30089	172	9	and	and	CCONJ
fbem-30089	172	10	b.	b.	PROPN
fbem-30089	172	11	tilly	tilly	PROPN
fbem-30089	172	12	,	,	PUNCT
fbem-30089	172	13	"	"	PUNCT
fbem-30089	172	14	metcalfe	metcalfe	PROPN
fbem-30089	172	15	's	's	PART
fbem-30089	172	16	law	law	NOUN
fbem-30089	172	17	is	be	AUX
fbem-30089	172	18	wrong	wrong	ADJ
fbem-30089	172	19	,	,	PUNCT
fbem-30089	172	20	"	"	PUNCT
fbem-30089	172	21	ieee	ieee	PROPN
fbem-30089	172	22	spec	spec	PROPN
fbem-30089	172	23	trum	trum	NOUN
fbem-30089	172	24	,	,	PUNCT
fbem-30089	172	25	2006	2006	NUM
fbem-30089	172	26	,	,	PUNCT
fbem-30089	172	27	1	1	NUM
fbem-30089	172	28	[	[	SYM
fbem-30089	172	29	4	4	X
fbem-30089	172	30	]	]	PUNCT
fbem-30089	172	31	xingzhou	xingzhou	NOUN
fbem-30089	172	32	.	.	PUNCT
fbem-30089	173	1	zhang	zhang	PROPN
fbem-30089	173	2	.	.	PUNCT
fbem-30089	174	1	and	and	CCONJ
fbem-30089	174	2	jing	jing	PROPN
fbem-30089	174	3	,	,	PUNCT
fbem-30089	174	4	j.	j.	PROPN
fbem-30089	174	5	l.	l.	PROPN
fbem-30089	174	6	and	and	CCONJ
fbem-30089	174	7	wei	wei	PROPN
fbem-30089	174	8	,	,	PUNCT
fbem-30089	174	9	x.	x.	NOUN
fbem-30089	174	10	tencent	tencent	NOUN
fbem-30089	174	11	and	and	CCONJ
fbem-30089	174	12	facebook	facebook	PROPN
fbem-30089	174	13	data	data	PROPN
fbem-30089	174	14	validate	validate	VERB
fbem-30089	174	15	metcalfe	metcalfe	PROPN
fbem-30089	174	16	's	's	PART
fbem-30089	174	17	law	law	NOUN
fbem-30089	175	1	[	[	X
fbem-30089	175	2	j	j	X
fbem-30089	175	3	]	]	X
fbem-30089	175	4	.	.	PUNCT
fbem-30089	176	1	journal	journal	PROPN
fbem-30089	176	2	of	of	ADP
fbem-30089	176	3	computer	computer	NOUN
fbem-30089	176	4	science	science	NOUN
fbem-30089	176	5	and	and	CCONJ
fbem-30089	176	6	technology	technology	NOUN
fbem-30089	176	7	,	,	PUNCT
fbem-30089	176	8	2015	2015	NUM
fbem-30089	176	9	,	,	PUNCT
fbem-30089	176	10	v30(2	v30(2	PROPN
fbem-30089	176	11	):	):	PUNCT
fbem-30089	176	12	246	246	NUM
fbem-30089	176	13	-	-	SYM
fbem-30089	176	14	251	251	NUM
fbem-30089	176	15	[	[	X
fbem-30089	176	16	5	5	NUM
fbem-30089	176	17	]	]	PUNCT
fbem-30089	176	18	deny	deny	VERB
fbem-30089	176	19	rahardjo	rahardjo	PROPN
fbem-30089	176	20	,	,	PUNCT
fbem-30089	176	21	mr	mr	PROPN
fbem-30089	176	22	.	.	PROPN
fbem-30089	176	23	sugiarto	sugiarto	PROPN
fbem-30089	176	24	.	.	PUNCT
fbem-30089	177	1	valuation	valuation	NOUN
fbem-30089	177	2	model	model	NOUN
fbem-30089	177	3	using	use	VERB
fbem-30089	177	4	a	a	DET
fbem-30089	177	5	mixed	mixed	ADJ
fbem-30089	177	6	real	real	ADJ
fbem-30089	177	7	options	option	NOUN
fbem-30089	177	8	method	method	NOUN
fbem-30089	177	9	:	:	PUNCT
fbem-30089	177	10	a	a	DET
fbem-30089	177	11	review	review	NOUN
fbem-30089	177	12	on	on	ADP
fbem-30089	177	13	singapore	singapore	PROPN
fbem-30089	177	14	and	and	CCONJ
fbem-30089	177	15	indonesia	indonesia	PROPN
fbem-30089	177	16	digital	digital	ADJ
fbem-30089	177	17	startups	startup	NOUN
fbem-30089	178	1	[	[	X
fbem-30089	178	2	p	p	X
fbem-30089	178	3	]	]	PUNCT
fbem-30089	178	4	.	.	PUNCT
fbem-30089	179	1	proceedings	proceeding	NOUN
fbem-30089	179	2	of	of	ADP
fbem-30089	179	3	the	the	DET
fbem-30089	179	4	16th	16th	ADJ
fbem-30089	179	5	international	international	ADJ
fbem-30089	179	6	symposium	symposium	NOUN
fbem-30089	179	7	on	on	ADP
fbem-30089	179	8	management	management	NOUN
fbem-30089	179	9	(	(	PUNCT
fbem-30089	179	10	insyma	insyma	NOUN
fbem-30089	179	11	2019	2019	NUM
fbem-30089	179	12	)	)	PUNCT
fbem-30089	179	13	,	,	PUNCT
fbem-30089	179	14	2019	2019	NUM
fbem-30089	179	15	.	.	PUNCT
fbem-30089	180	1	[	[	X
fbem-30089	180	2	6	6	NUM
fbem-30089	180	3	]	]	X
fbem-30089	180	4	chiang	chiang	PROPN
fbem-30089	180	5	hsiu	hsiu	PROPN
fbem-30089	180	6	-	-	PUNCT
fbem-30089	180	7	sen	sen	PROPN
fbem-30089	180	8	;	;	PUNCT
fbem-30089	180	9	hsiao	hsiao	PROPN
fbem-30089	180	10	kuo	kuo	PROPN
fbem-30089	180	11	-	-	PUNCT
fbem-30089	180	12	lun	lun	PROPN
fbem-30089	180	13	.	.	PUNCT
fbem-30089	181	1	you	you	PRON
fbem-30089	181	2	tube	tube	NOUN
fbem-30089	181	3	stickiness	stickiness	NOUN
fbem-30089	181	4	:	:	PUNCT
fbem-30089	181	5	the	the	DET
fbem-30089	181	6	needs	need	NOUN
fbem-30089	181	7	,	,	PUNCT
fbem-30089	181	8	personal	personal	ADJ
fbem-30089	181	9	,	,	PUNCT
fbem-30089	181	10	andenvironmental	andenvironmental	ADJ
fbem-30089	181	11	perspective	perspective	NOUN
fbem-30089	182	1	[	[	X
fbem-30089	182	2	j	j	X
fbem-30089	182	3	]	]	X
fbem-30089	182	4	.	.	PUNCT
fbem-30089	182	5	internet	internet	NOUN
fbem-30089	182	6	research	research	NOUN
fbem-30089	182	7	,	,	PUNCT
fbem-30089	182	8	2019(3	2019(3	NUM
fbem-30089	182	9	):	):	PUNCT
fbem-30089	182	10	85	85	NUM
fbem-30089	182	11	-	-	SYM
fbem-30089	182	12	106	106	NUM
fbem-30089	182	13	.	.	PUNCT
fbem-30089	183	1	[	[	X
fbem-30089	183	2	7	7	X
fbem-30089	183	3	]	]	PUNCT
fbem-30089	183	4	xingzhou	xingzhou	NOUN
fbem-30089	183	5	.	.	PUNCT
fbem-30089	184	1	zhang	zhang	PROPN
fbem-30089	184	2	.	.	PUNCT
fbem-30089	185	1	and	and	CCONJ
fbem-30089	185	2	jing	jing	PROPN
fbem-30089	185	3	,	,	PUNCT
fbem-30089	185	4	j.	j.	PROPN
fbem-30089	185	5	l.	l.	PROPN
fbem-30089	185	6	and	and	CCONJ
fbem-30089	185	7	wei	wei	PROPN
fbem-30089	185	8	,	,	PUNCT
fbem-30089	185	9	x.	x.	NOUN
fbem-30089	185	10	tencent	tencent	NOUN
fbem-30089	185	11	and	and	CCONJ
fbem-30089	185	12	facebook	facebook	PROPN
fbem-30089	185	13	data	data	PROPN
fbem-30089	185	14	validate	validate	VERB
fbem-30089	185	15	metcalfe	metcalfe	PROPN
fbem-30089	185	16	's	's	PART
fbem-30089	185	17	law	law	NOUN
fbem-30089	186	1	[	[	X
fbem-30089	186	2	j	j	X
fbem-30089	186	3	]	]	X
fbem-30089	186	4	.	.	PUNCT
fbem-30089	187	1	journal	journal	PROPN
fbem-30089	187	2	of	of	ADP
fbem-30089	187	3	computer	computer	NOUN
fbem-30089	187	4	science	science	NOUN
fbem-30089	187	5	and	and	CCONJ
fbem-30089	187	6	technology	technology	NOUN
fbem-30089	187	7	,	,	PUNCT
fbem-30089	187	8	2015	2015	NUM
fbem-30089	187	9	,	,	PUNCT
fbem-30089	187	10	v30(2	v30(2	PROPN
fbem-30089	187	11	):	):	PUNCT
fbem-30089	187	12	246	246	NUM
fbem-30089	187	13	-	-	SYM
fbem-30089	187	14	251	251	NUM
fbem-30089	187	15	.	.	PUNCT
fbem-30089	188	1	[	[	X
fbem-30089	188	2	8	8	X
fbem-30089	188	3	]	]	X
fbem-30089	188	4	b.	b.	PROPN
fbem-30089	188	5	briscoe	briscoe	PROPN
fbem-30089	188	6	,	,	PUNCT
fbem-30089	188	7	a.	a.	NOUN
fbem-30089	188	8	odlyzko	odlyzko	PROPN
fbem-30089	188	9	,	,	PUNCT
fbem-30089	188	10	and	and	CCONJ
fbem-30089	188	11	b.	b.	PROPN
fbem-30089	188	12	tilly	tilly	PROPN
fbem-30089	188	13	,	,	PUNCT
fbem-30089	188	14	"	"	PUNCT
fbem-30089	188	15	metcalfe	metcalfe	PROPN
fbem-30089	188	16	's	's	PART
fbem-30089	188	17	law	law	NOUN
fbem-30089	188	18	is	be	AUX
fbem-30089	188	19	wrong	wrong	ADJ
fbem-30089	188	20	,	,	PUNCT
fbem-30089	188	21	"	"	PUNCT
fbem-30089	188	22	ieee	ieee	PROPN
fbem-30089	188	23	spec	spec	PROPN
fbem-30089	188	24	trum	trum	NOUN
fbem-30089	188	25	,	,	PUNCT
fbem-30089	188	26	2006	2006	NUM
fbem-30089	188	27	,	,	PUNCT
fbem-30089	188	28	1	1	NUM
fbem-30089	188	29	.	.	PUNCT