名人的时间能像股票一样交易？时间交易平台合规性存疑

The Beijing-based app was founded in late 2016, and describes itself as the world’s first “time-trading platform” that helps “unearth people’s potential” and “helps people see who they want to see.”
“秒啊”交易平台创立于2016年底，总部位于北京，自称是全球首个“时间交易平台”，旨在“挖掘人们的潜力”，“帮助人们见到他们想见到的人”。

该公司会与一些网红、明星、企业家、创业者等具有变现潜质的名人签约，以相对低价买断其部分时间，然后再将时间拆分成秒，让投资者申购后在其交易平台上交易，整个过程类似于股票公开发行的“打新”以及之后的二级市场交易。用户持有的名人时间达到一定数量后，可以兑换行权服务。线上行权1秒起售，线下2小时起售。

The platform profits by charging a 3 percent service fee on all exchanges. To put users at ease, all transactions are managed through the online payment platform of tech giant Sina. According to the app, an average month sees users trade 300 to 400 million yuan ($45-60 million) in seconds of celebrities’ time.
该平台通过收取3%的交易服务费盈利。为了让用户放心，所有的交易由科技巨头新浪的在线支付平台管理。据“秒啊”称，名人时间的月均交易额为3-4亿元。

The market is primarily driven by China’s growing fan economy: Every second bought can be cashed in for celebrity interactions. One second gets you one line in a text-based chat, while voice or video calls cost a minimum of 600 seconds. Those hoping to meet the celebrity in person must redeem a minimum of 7,200 seconds.
中国不断增长的粉丝经济是这个市场的主要驱动力：用户购买的每秒钟都可以兑换成与名人的互动时间。1秒可以兑换一条文字聊天消息，而语音或视频通话至少需要600秒。想和名人见面的用户至少要兑换7200秒。

The app’s homepage displays a counter showing how many celebrity seconds have been spent: 3.19 million at the time of writing. Beneath, featured celebrities entice users to buy their time.
该应用程序主页上有一个计数器，上面显示目前已被消费的名人时间为319万秒。下面展示了一些名人，来吸引用户购买他们的时间。

More than 500 celebrities appear on the platform, including actors, show hosts, music producers, entrepreneurs, athletes, and even a professional player of popular video game “League of Legends”. You can buy time from an Olympic speed skater, which you can redeem for skating lessons, or from celebrity entrepreneurs and investors offering business consultations.
“秒啊”平台上有500多位名人，包括演员、主持人、音乐制作人、企业家、运动员，甚至还有人气电游《英雄联盟》的职业玩家。你可以购买奥运会速滑选手的时间，兑换滑冰课程，或者购买知名企业家、提供商业咨询的投资人的时间。

Zhang Yuan, lead singer of the Mandopop boy band “Top Combine”, offers seconds that can be redeemed for a personalized recording to be used as a ring tone or alarm. One grateful comment reads, “My little sister is super happy, thank you, kind Zhang Yuan!”
华语流行音乐男子组合“至上励合”队长张远出售的时间能兑换成可设置为铃声或闹铃的专属录音。一条满怀感激的评论写道：“我的妹妹超开心，谢谢你，善良的张远！”

“秒啊”交易平台的设计类似股市大盘，每位名人的时间价值都配有代码、时间指数、K线图、成交量等。与股票交易相类似，“秒啊”也设置了相关交易规则。

每当有新的名人发行时间，用户可以进行申购。与A股市场相同，秒啊也设有申购额度限制，系统会采用摇号抽签的形式确定中签情况。

Business-savvy users can also opt to trade their celebrity seconds in an open exchange. Similar to a stock market, the value of each celebrity’s seconds fluctuates. Trading hours are set from Monday to Saturday.
有经济头脑的用户还可以在开放的交易平台上买卖他们的名人时间。和股票市场类似，每个名人的时间价值都是波动的。交易时间为周一至周六。

“秒啊”平台的名人时间价格也有涨跌停板，最高涨跌幅可达100%。

It is the trading function that has raised questions among legal experts.
正是这项交易功能遭到了法律专家的质疑。

On Tuesday, The Paper, reported that despite having government approval as an app, Miao A harbors financial risks and technical bugs.
澎湃新闻21日报道称，尽管“秒啊”作为一款应用程序具有政府许可，但其存在金融风险和技术缺陷。

Liu Xinyu, an attorney at Dentons Law Offices in Shanghai, told The Paper that despite the platform’s bold claims, “time” is not a commodity that can be traded, and the app violates regulations for stock exchanges.
上海大成律师事务所律师刘新宇告诉澎湃新闻，虽然该平台打着“时间交易”的旗号，但是“时间”并非可以进行买卖的商品，该应用程序违反了证券交易的法规。

The Paper also found that most celebrities’ seconds follow the same pattern: On the day they’re issued, they increase in value rapidly from their initial price, before hitting a peak and dropping back down to their starting price. Most then remain fairly stable.
澎湃新闻还发现，大部分名人时间的交易情况都遵循以下规律：名人时间的价格在发行当天迅速上升，达到峰值后又回落到起始价，之后大多数都保持相对稳定。

名人的时间价格呈明显倒“V”字型。有用户在开始下跌的首日大量抛售，也有用户在最后一个涨停日大笔买入。专家警告，从长远来看，当一个平台变得很大时，倘若用户纷纷开始追逐高收益而频繁转让手中的“时间”，当为赚快钱的投机者数量远超过为行权兑换而买入时间的黏性粉丝时，投机风险隐患不可小觑。