楼主:同城共享 时间:2017年10月17日 10:01:16 点击:0 回复:0
Lucian Bebchuk is professor of law, economics and finance and director of the program on corporate governance at Harvard law School.卢西恩·别布丘克(Lucian Bebchuk)是法学、经济学和金融学教授,也是哈佛大学法学院(Harvard Law School)公司治理项目的主管。Wall Street is eagerly watching what is expected to be one of the largest initial public offering in history: the offering of the Chinese Internet retailer Alibaba at the end of this week. Investors have been described by the media as “salivating” and “flooding underwriters with orders.” It is important for investors, however, to keep their eyes open to the serious governance risks accompanying an Alibaba investment.华尔街正热切关注着中国互联网零售商阿里巴巴集团本周末的首次公开募股(IPO),预计它将成为有史以来规模最大的IPO之一。媒体报道称,投资者“垂涎”于这次IPO,“承销商已被订单淹没”。不过,投资者却有必要注意到,投资阿里巴巴时面临严重的公司治理风险。Several factors combine to create such risks. For one, insiders have a permanent lock on control of the company but hold only a small minority of the equity capital. Then, there are many ways to divert value to affiliated entities, but there are weak mechanisms to prevent this. Consequently, public investors should worry that, over time, a significant amount of the value created by Alibaba would not be shared with them.这些风险源于多重因素。首先,内部人士虽然只拥有少数股权,但却对公司拥有永久的控制权。其次,阿里巴巴可以有许多办法把价值转移给相关实体,而阻止它这么做的机制却十分脆弱。因此,公众投资者应该担心的是,未来阿里巴巴创造的价值中,将有相当大一部分不会拿出来与他们分享。In Alibaba, control is going to be locked forever in the hands of a group of insiders known as the Alibaba Partnership. These are all managers in the Alibaba Group or related companies. The Partnership will have the exclusive right to nominate candidates for a majority of the board seats. Furthermore, if the Partnership fails to obtain shareholder approval for its candidates, it will be entitled “in its sole discretion and without the need for any additional shareholder approval” to appoint directors unilaterally, thus ensuring that its chosen directors always have a majority of board seats. Many public companies around the world, especially in emerging economies, have a large shareholder with a lock on control. Such controlling shareholders, however, often own a substantial portion of the equity capital that provides them with beneficial incentives. In the case of Alibaba, investors need to worry about the relatively small stake held by the members of the controlling Alibaba Partnership.在阿里巴巴,掌握公司控制权的永远是一群内部人士,也就是阿里巴巴的合伙人。这些合伙人都是阿里巴巴集团或相关企业的管理人员。他们将拥有提名多数董事的独有权利。此外,如果合伙人没能让股东通过他们提名的候选人,他们将有权“全权决定且不需要获得任何股东的持”,就可以单方面任命董事,从而确保他们选择的董事总是能够占据董事会的大部分席位。在世界范围内,特别是新兴经济体,很多上市公司都有一个拥有控制权的大股东。但此类控股股东的资金在权益资本中占据了大部分,他们有追求利益的动力。至于阿里巴巴,投资者有担心的必要,因为阿里巴巴合伙人所持有的股份相对较少。After the I.P.O., Alibaba’s executive chairman, Jack Ma, is expected to hold 7.8 percent of the shares and all the directors and executive officers will hold together 13.1 percent. Over time, insiders may well cash out some of their current holding, but Alibaba’s governance structure would ensure that directors chosen by the Alibaba Partnership will forever control the board, regardless of the size of the stake held by the Partnership’s members.上市之后,阿里巴巴执行主席马云将持有7.8%的股份,所有董事及高管持有的股份总额将达到13.1%。一段时间后,内部人士可能会将一部分股份套现,但阿里巴巴的管理架构将确保阿里巴巴合伙人选出的董事将永远控制董事会,无论合伙人持有多少股份。With an absolute lock on control and a limited fraction of the equity capital, the Alibaba insiders will have substantial incentives to divert value from Alibaba to other entities in which they own a substantial percentage of the equity. This can be done by placing future profitable opportunities in such entities, or making deals with such entities on terms that favor them at the expense of Alibaba.有了这种绝对的永久控制,加上一小部分的权益资本,阿里巴巴的内部小圈子将有巨大的动力将该集团的价值转移到他们拥有可观股本的其他实体中。要做到这一点,可以采用的方式是把未来的赚钱机会放到此类实体中,或是与之做交易时达成对阿里巴巴不利的条款。Alibaba’s prospectus discloses information about various past “related party transactions,” and these disclosures reflect the significance and risks to public investors of such transactions. For example, in 2010, Alibaba divested its control and ownership of Alipay, which does all of the financial processing for Alibaba, and Alipay is now fully controlled and substantially owned by Alibaba’s executive chairman.阿里巴巴的招股书中披露了过去多笔“关联方交易”的信息,而这些披露反映了此类交易对公众投资者的重要性和风险。例如,2010年,阿里巴巴剥离了对付宝的控制权和所有权。付宝承担了阿里巴巴旗下平台的所有付款流程,如今变为由马云本人完全控制并大体持有。Public investors should worry not only about whether the Alibaba’s divesting of Alipay benefited Mr. Ma at the expense of Alibaba, but also about the terms of the future transactions between Alibaba and Alipay. Because Alibaba relies on Alipay “to conduct substantially all of the payment processing” in its marketplace, these terms are important for Alibaba’s future success.公共投资者应当担忧的,不限于阿里巴巴剥离付宝是否以自身为代价让马云受益,还有阿里巴巴与付宝之间未来交易的条款。由于阿里巴巴依赖付宝进行旗下市场中“近乎全部的付款流程”,这些条款维系着阿里巴巴未来的成功。Mr. Ma owns a larger fraction of Alipay’s equity capital than of Alibaba’s, so he would economically benefit from terms that would disfavor Alibaba. Indeed, given the circumstances, the I.P.O. prospectus acknowledges that Mr. Ma may act to resolve Alibaba-Alipay conflicts not in Alibaba’s favor.马云在付宝的持股比例超过了在阿里巴巴的持股比例,因此,他可以从那些不利于阿里巴巴的条款中获取经济收益。实际上,鉴于这些情况,阿里巴巴的招股书承认,在化解阿里巴巴与付宝的冲突时,马云或许会不站在前者这一边。The prospectus seeks to allay investor concerns, however, by indicating that Mr. Ma intends to reduce his stake in in Alipay within three to five years, including by having shares in Alipay granted to Alibaba employees. But stating such an intention does not represent an irreversible legal commitment. Furthermore, transfers of Alipay ownership stakes from Mr. Ma to other members of the Alibaba Partnership would still leave the Partnership’s aggregate interest to be decidedly on the side of Alipay rather than Alibaba.不过,招股书试图打消投资者的忧虑,指出马云有意在三五年内减持在付宝的股份,包括将其转给一些阿里巴巴的内部人士。不过,表明这样的意图并不意味着这是不可反悔的法律承诺。此外,将付宝的所有权股从马云手中转到其他的阿里巴巴合伙人那里,仍会让合伙人的总体利益明确无误地落到付宝一边,而非阿里巴巴。Given the significant related party transactions that have aly taken place, and the prospect of such transactions in the future, Alibaba tried to placate investors by putting in a “new related party transaction policy.” But this new policy hardly provides investors with solid protection. Unlike charter and bylaw provisions, corporate policies are generally not binding. Furthermore, Alibaba’s policy explicitly allows the board, where the nominees of Alibaba partnership will always have a majority, to approve any exceptions to the policy that the board chooses.鉴于已经出现过重大的关联方交易,而且未来仍可能发生,阿里巴巴试图通过设置“关联方交易新政策”来安抚投资者。可是,这种新政策几乎不能为投资者提供切实的保障。不同于公司的规章制度,企业政策基本上没有约束力。况且,阿里巴巴的政策明确允许董事局按照自身意愿批准政策例外,而董事局中阿里巴巴合伙人任命的人选将永远占据多数。Of course, the Alibaba partners might elect not to take advantage of the opportunities for diversion provided to them by Alibaba’s structure. And, even if the partners do use such opportunities, the future business success of Alibaba might be large enough to make up for the costs of diversions and leave public investors with good returns on their investment.当然,阿里巴巴合伙人或许会选择不去利用阿里巴巴的公司结构提供给他们的转移机会。此外,就算合伙人的确利用了这样的机会,阿里巴巴未来的商业成功可能也足以弥补转移的成本,留给公众投资者不错的投资回报率。Before jumping in, however, investors rushing to participate in the Alibaba I.P.O. must recognize the substantial governance risks that they would be taking. Alibaba’s structure does not provide adequate protections to public investors.尽管如此,急于参与阿里巴巴IPO的投资者们,在纵身一跃之前,必须意识到自己会承担可观的公司治理风险。阿里巴巴的结构并未给公众投资者提供充分的保护。 /201409/329419As part of its continuing series on the #39;Future of the Internet,#39; the Pew Research Center asked a group of thinkers in science and technology about what the Internet -- turning 25 years old on Wednesday -- might look like in another 10 years. 在其“互联网的未来”(Future of the Internet)系列调研中,皮尤研究中心(Pew Research Center)调查了一批科学技术领域的思想家,询问他们在3月12日年满25岁的互联网再过10年可能会是什么模样。Their responses speak of a world that is connected deep within homes and well beyond borders. Pew collected the answers into theses buckets of a hopeful and not-so hopeful future (with some other random ideas ginned up, too). 他们的回答描绘了一个深深扎根家庭、远远跨越国界的互联世界。皮尤研究中心把这些归集为“未来有希望”、“未来不太有希望”的两类(还有其他一些随意的想法)。Pew posed an open-ended question asking for predictions about the role of the Internet in people#39;s lives in 2025, and what impact it will have on social, economic and political processes. #39;Good and/or bad, what do you expect to be the most significant overall impacts of our uses of the Internet on humanity between now and 2025?#39; Pew asked. The group polled researchers, entrepreneurs, writers, developers, advocates and others. 皮尤提了一个开放性的问题,要求被访者预测2025年互联网在人们生活中的作用,以及它对社会、经济和政治进程的影响。这个问题是:“不论好与坏,你预计从现在到2025年,我们对互联网的使用对人类最明显的整体影响将是什么?”皮尤调查的对象有研究人员、企业家、作家、软件开发者、维权人士等。Here is a selection of responses plucked from the overview of #39;Digital Life in 2025.#39; You can see the entire report with more anecdotes on Pew#39;s site. 以下是选自“2025年的数字生活”(Digital Life in 2025)概述的一组回答。更丰富的报告全文可在皮尤中心的网站上看到。David Clark , senior research scientist at MIT: #39;Devices will more and more have their own patterns of communication, their own #39;social networks,#39; which they use to share and aggregate information, and undertake automatic control and activation. More and more, humans will be in a world in which decisions are being made by an active set of cooperating devices. The Internet (and computer-mediated communication in general) will become more pervasive but less explicit and visible. It will, to some extent, blend into the background of all we do.#39; 戴维#12539;克拉克(David Clark),麻省理工学院(MIT)高级研究科学家:终端将越来越多地拥有它们自己的传播形态,它们自己用于分享、汇总信息的“社交网络”,并越来越多地从事自动化控制与激活。人类所处的世界,将越来越多地由一组活跃的、相互配合的终端来做出各种决定。互联网(以及整个以计算机为媒介的传播)将变得更加普遍,但更不明显、更不可见。在某种程度上,它将融入我们所做的一切这个背景当中。Aron Roberts , software developer at the University of California, Berkeley: #39;We may well see wearable devices and/or home and workplace sensors that can help us make ongoing lifestyle changes and provide early detection for disease risks, not just disease. We may literally be able to adjust both medications and lifestyle changes on a day-by-day basis or even an hour-by-hour basis, thus enormously magnifying the effectiveness of an ever more understaffed medical delivery system.#39; 阿伦#12539;罗伯茨(Aron Roberts),加州大学伯克利分校(University of California, Berkeley)软件开发员:很有可能出现能够帮助我们持续改变生活方式、及早侦测到疾病风险而不只是疾病的可穿戴设备和/或居家、办公传感器。我们或许真的能够按天、甚至是按小时地调整药物以及生活方式的改变,从而极大地放大一个人员越来越少的医疗务系统的有效性。David Hughes , who has four decades of experience in digital communications: #39;All 7-plus billion humans on this planet will sooner or later be #39;connected#39; to each other and fixed destinations, via the Uber(not Inter)net. That can lead to the diminished power over people#39;s lives within nation-states. When every person on this planet can reach, and communicate two-way, with every other person on this planet, the power of nation-states to control every human inside its geographic boundaries may start to diminish.#39; 戴维#12539;休斯(David Hughes),在数字传播领域拥有40年的经验:地球上的70多亿人口迟早将会通过“Ubernet”(超级网)而非互联网实现相互连接以及与固定目的地的连接。这可能导致民族国家对人们生活的控制力减弱。当地球上每一个人都可以和地球上其他所有人双向接触、沟通时,民族国家控制其地理界线之内每一个人的力量可能就会开始减弱。Hal Varian , chief economist for Google: #39;The biggest impact on the world will be universal access to all human knowledge. The smartest person in the world currently could well be stuck behind a plow in India or China. Enabling that person -- and the millions like him or her -- will have a profound impact on the development of the human race. Cheap mobile devices will be available worldwide, and educational tools like the Khan Academy will be available to everyone. This will have a huge impact on literacy and numeracy and will lead to a more informed and more educated world population.#39; 哈尔#12539;瓦里安(Hal Varian),谷歌(Google)首席经济学家:对世界最大的影响将是能够无处不在地获取所有人类知识。目前世界上最聪明的人很有可能是束缚在了印度或中国的一张耕犁后面。把机会赋予这个人――以及像他或她的几百万人――将对人类的发展产生深刻的影响。世界各地都将能够买到廉价手机,每一个人都将能够获得可汗学院(Khan Academy)之类的教育工具。这将对人们的识字算数水平产生巨大的影响,将使世界人口更有知识、更有文化。Llewellyn Kriel , CEO of TopEditor International Media Services: #39;Everything -- every thing -- will be available online with price tags attached. Cyber-terrorism will become commonplace. Privacy and confidentiality of any and all personal will become a thing of the past. Online #39;diseases#39; -- mental, physical, social, addictions (psycho-cyber drugs) -- will affect families and communities and sp willy-nilly across borders. The digital divide will grow and worsen beyond the control of nations or global organizations such as the UN. This will increasingly polarize the planet between haves and have-nots. Global companies will exploit this polarization. Digital criminal networks will become realities of the new frontiers. Terrorism, both by organizations and individuals, will be daily realities. The world will become less and less safe, and only personal skills and insights will protect individuals.#39; 卢埃林#12539;克里埃尔(Llewellyn Kriel),TopEditor International Media Services的CEO:所有东西――所有东西――都将在网上明码标价地出售。网络恐怖主义将成为常态。任何人的隐私和机密都将成为过去时。网络“疾病”――精神疾病、生理疾病、社交疾病、毒瘾(心理-网络毒品)――将影响到家庭和社区,并肆无忌惮地跨越国界而扩散。数字鸿沟将会扩大并恶化,超出各个国家以及联合国等国际组织的掌控范围。这将越来越多地造成有产者和无产者之间的两极分化。跨国公司将获利于这种分化。数字犯罪团伙将成为新疆界的现实。不管是组织化的恐怖主义还是个人恐怖主义,都将成为每天都存在的现实。世界将变得越来越不安全,只有自己的技能与见识才能保护个人。Paul Babbitt , an associate professor at Southern Arkansas University: #39;Governments will become much more effective in using the Internet as an instrument of political and social control. That is, filters will be increasingly valuable and important, and effective and useful filters will be able to charge for their services. People will be more than happy to trade the free-wheeling aspect common to many Internet sites for more structured and regulated environments.#39; 保罗#12539;巴比特(Paul Babbitt),南阿肯色大学(Southern Arkansas University)副教授:在将互联网用作政治和社会控制工具方面,政府的效率将大大提高。也就是说,过滤器将越来越宝贵、越来越重要,有效、有用的过滤器将可以为其务收费。人们将非常乐意牺牲很多网站随心所欲的方面,换取秩序更加井然、监管更加严格的环境。Randy Kluver , an associate professor of communication at Texas Aamp;M University: #39;The most neglected aspect of the impact is in the geopolitics of the Internet. There are very few experts focused on this, and yet the rise of digital media promises significant disruption to relations between and among states. Some of the really important dimensions include the development of transnational political actors/movements, the rise of the virtual state, the impact of digital diplomacy efforts, the role of information in undermining state privilege (think Wikileaks), and ... the development of cyber-conflict (in both symmetric and asymmetric forms).#39; 兰迪#12539;克吕弗(Randy Kluver),德州农工大学(Texas Aamp;M University)传播学副教授:最被人忽略的影响在于互联网的地缘政治方面。关注这方面的专家非常少,但数字媒体的崛起很有可能给国与国关系带来重折。一些非常重要的维度包括跨国政治角色/运动的发展,虚拟政府的兴起,数字民主化行动的冲击,信息在削弱政府特权方面的作用(如维基解密(Wikileaks)),以及……网络冲突(包括对称的和非对称的冲突)的发展。Vint Cerf , Google vice president: #39;There will be increased franchise and information sharing. There will be changes to business models to adapt to the economics of digital communication and storage. We may finally get to Internet voting, but only if we have really strong authentication methods available. Privacy must be improved but transparency about what information is retained about users also has to increase. More business will be born online with a global market from the beginning. Massive open online courses will become important revenue streams.#39; 文特#12539;瑟夫(Vint Cerf),谷歌副总裁:特许经营和信息共享将会越来越多。商业模式将会改变,以适应数字传播与存储的经济学。最后我们可能会有网络选举,但条件是拥有非常可靠的认方法。隐私必须得到改进,但有关已获取用户信息的透明度也必须提高。越来越多的企业将是在网上诞生,一开始就瞄准全球市场。大众化网络公开课将成为重要的收入来源。John Markoff, senior Science writer at the New York Times: #39;What happens the first time you answer the phone and hear from your mother or a close friend, but it#39;s actually not, and instead, it#39;s a piece of malware that is designed to social engineer you. What kind of a world will we have crossed over into? I basically began as an Internet utopian (think John Perry Barlow), but I have since realized that the technical and social forces that have been unleashed by the microprocessor hold out the potential of a very dystopian world that is also profoundly inegalitarian. I often find myself thinking, #39;Who said it would get better?#39;#39; 约翰#12539;马尔科夫(John Markoff),《纽约时报》(New York Times)资深科学撰稿人:当你第一次接电话听到母亲或好友的声音、其实那不是母亲或好友而是一款旨在对你展开社会化工程攻击(social engineering)的恶意软件时,会发生什么事情?我们所跨入的将是一个什么样的世界?最初我基本上是一个对互联网存在乌托邦式幻想的人(想想约翰#12539;佩里#12539;巴洛(John Perry Barlow)),但我后来意识到,微处理器释放的技术力量和社会力量有可能造就一个反面乌托邦的、极不平等的世界。我经常不由自主地想:“谁说世界会越来越好的?”You can see the entire report with plenty more anecdotes on Pew#39;s site. What do you think the Internet will be like in 10 years -- flowing invisibly in the background like electricity, a tangible and omnipresent part of every day life, something else? Tell us what you think in the comments. 拥有更多丰富细节的报告全文可以在皮尤研究中心的网站上看到。你认为10年过后的互联网会是什么样子的?是像电流一样在幕后无形地流动,还是成为日常生活中看得见摸得着而又无处不在的一部分?还是其他什么样子?请在中写下你的想法。 /201404/283472

Minutes after taking delivery of a white Tesla Model S on Friday in Beijing, Yu Xinquan took a wrench and smashed the front windshield of the one million yuan (about 3,600) vehicle.于鑫泉拿起一把扳手,把几分钟前刚刚交付的一辆白色特斯拉Model S的前挡风玻璃砸碎。这一幕发生在周五,被砸车辆价值人民币100万元(约合173,600美元)。#39;It#39;s a protest against the company,#39; said Mr. Yu, an e-commerce entrepreneur from the northern Chinese region of Inner Mongolia, in an interview. #39;Tesla#39;s arrogance made me angry.#39;于鑫泉来自中国内蒙古,是经营电子商务的企业家。他在接受媒体采访时说,这是对特斯拉的抗议,特斯拉的傲慢让他生气。Tesla in China didn#39;t immediately respond to a request for comment Friday afternoon.特斯拉(Tesla)中国公司周五下午没有立即回应记者的置评请求。The incident, a of which began to make the rounds of Chinese social media on Friday, represents Mr. Yu#39;s latest broadcast against the U.S. electric car maker, which this year entered the China market.于鑫泉怒砸特斯拉的视频周五在中国社交媒体上热传,这是他又一次通过媒体表达对今年进入中国市场的这家美国电动车生产商的不满。Mr. Yu led other disgruntled Tesla customers in China to protest delayed deliveries of their cars on April 21, a day before the electric-vehicle maker was set to make its first China delivery.今年4月21日,也就是特斯拉预定向第一批中国区客户交付Model S的前一天,于鑫泉带领其他对推迟交付感到不满的中国客户向特斯拉提出抗议。They later met with Tesla Chief Executive Elon Musk, who apologized and pledged to start building the delayed cars. #39;I think we#39;ve resolved that, #39; Mr. Musk told reporters on April 22.他们后来见到了特斯拉首席执行长埃龙#8226;马斯克(Elon Musk),马斯克向他们表示歉意,并承诺开始生产被推迟交付的汽车。马斯克4月22日对记者说,相信问题已经解决。While that seemed to silence other customers, Mr. Yu remains unappeased. He said that in early April Tesla promised him delivery within six weeks, a complimentary limited-edition plate carrying Tesla#39;s logo and free installation of charging equipment at his home. #39;The company hasn#39;t delivered,#39; he said.得到CEO的承诺后,别的车主似乎沉寂了下来,但于鑫泉怒气难消。他说,特斯拉在4月初向他承诺六周内交车,还附带赠送带有特斯拉车标的限量版铭牌,并免费在他家安装充电桩。他说,特斯拉没有兑现承诺。Mr. Yu said he ordered a Tesla S in October and made a down payment of 250,000 yuan. But his hope of becoming one of Tesla#39;s first drivers in China was dashed in April when he discovered his vehicle had yet to be manufactured in the U.S. even as Tesla commenced delivering cars to customers in China.于鑫泉说,他去年10月份订购了一辆特斯拉S,交了人民币25万元定金。他本想成为首批在华提车的车主,结果到4月份特斯拉第一批新车交付时他发现,首批提车的车主中没有他,他订购的汽车还未在美国生产。Tesla told him that it wouldn#39;t ship to customers outside Beijing and Shanghai on the basis of #39;first come, first served#39; because of a lack of service centers and charging considerations, said Mr. Yu. #39;Nobody from Tesla told me that when I made the order,#39; he said.于鑫泉说,特斯拉给他的解释是,因为务中心和充电设施不足,公司并没有根据“先到先得”的原则向北京和上海以外地区的车主交车。他说,买车的时候特斯拉没有提醒他这点。Last week, Mr. Yu said, he was told by Tesla that his Model S was seized by Chinese customs because the record number on the customs declaration statement didn#39;t match the car#39;s vehicle identify number, and that delivery would be further delayed.于鑫泉说,特斯拉上周通知他,因为他预定的S型汽车在清关时发现关单号和车架号不符,车被扣在中国海关,交车时间将进一步延迟。Tesla suggested Mr. Yu take delivery of one of its showroom display cars or he wait for another month to get a new car from the U.S. Mr. Yu said neither of the Tesla proposals satisfied him and driving a display car is just not the same.特斯拉建议于鑫泉提走一台展车,否则就要再等一个月才能提到从美国运来的新车。但于鑫泉说,这两个方案都不能令他满意,展车不能代替新车。#39;I feel like I just married a woman who has been married before,#39; he said.他说,开二手车就和二婚一样。Reaction on China#39;s social media was mixed, with some stressing the importance of customer service and others questioning Mr. Yu#39;s conduct.这一事件在中国社交媒体上引发不同反应。一些人强调客户务的重要性,但也有人质疑于鑫泉的做法。 /201407/309003

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