Volume of eight billion euros Immediate climate program decided

Status: 23.06.2021 12:01 p.m.

The federal cabinet has launched an emergency program for climate protection. The program has a volume of eight billion euros – the promotion of energy-efficient buildings is the largest item. The federal government has decided on a so-called immediate program for climate protection worth a good eight billion euros. The program is part of the federal budget for 2022, presented by Federal Finance Minister Olaf Scholz. The climate finance plan is intended to help promote the switch to climate-friendly technologies and to achieve the federal government’s new climate targets.

Largest amount for energy-efficient buildings

The package of measures includes around three dozen funding programs for investments, for example in the building, energy and transport sectors, most of which will be allocated to the years 2022 and 2023. With 4.5 billion euros in the next two years, the largest sum is to go into promoting energy-efficient buildings. A total of one billion euros will also be earmarked for climate-friendly social housing in the coming years; 150 million euros should be available for this in 2022. The plan also includes the plan to raise the minimum energy standards for new buildings.

Hundreds of millions for climate protection contracts

The federal government intends to provide another larger amount – 650.2 million euros – for climate protection agreements with industry. These contracts are state funding programs that are intended to offset the additional costs for climate-friendly production, for example for the use of green hydrogen. The steel industry is to receive 100 million euros for converting its blast furnaces to hydrogen-based production processes. The total funding for industry amounts to 860 million euros. There are also more than a billion more for traffic. For example, more than 300 million euros have been budgeted for the expansion of the cycling infrastructure.

Scholz speaks of “money well invested”

After the cabinet decision, the Federal Finance Minister spoke of a “clear signal”: Germany should “become a pioneer in climate protection”. He praised the plan as “money well spent”. Man-made climate change is “the greatest challenge of our time”, continued Scholz.

In the past two years, the federal government had already invested more than 80 billion euros in climate protection projects. The financial plan that has now been adopted is a template for the coming legislative period. Only then can the Bundestag deal with it again within the framework of budget deliberations and adopt the program

Draft budget of the federal government Cabinet approves of high New debt

Status: 23.06.2021 12:18 p.m.

The federal government will also take on massive debts in the coming year. The cabinet approved the draft budget, which provides for new borrowing of almost 100 billion euros for 2022. The debt brake will be suspended again for this. The federal cabinet has approved the government draft for the federal budget for 2022. Once again, the approved budget is shaped by the consequences of the Corona crisis. According to the draft, the federal government wants to incur more new debts in the coming year than previously planned. A net borrowing of 99.7 billion euros is planned, as can be seen from a cabinet proposal. The high level of new borrowing is justified with additional spending as a result of the corona pandemic, for example for corporate aid and to stabilize social contributions.

Debts grow to 470 billion euros

In the benchmarks presented in March, the Ministry of Finance had expected a net borrowing of 81.5 billion euros for 2022. Tax revenues remain below pre-crisis levels. This would mean that the mountain of debt accumulated by the corona pandemic between 2020 and 2022 would grow to around 470 billion euros. However, there are now plans to increase spending on climate protection and health, for example. The federal government had already taken on billions in new debts in 2020 and 2021. The budget plans are, so to speak, subject to change, because the new Bundestag elected in autumn has to pass the budget. There could therefore still be significant changes.

Debt brake suspended again

According to the draft, the debt brake anchored in the Basic Law will also be suspended in the coming year against the background of the Corona crisis. It stipulates that the federal government may only take out new loans to a very small extent – a maximum of 0.35 percent of economic output. According to the draft, the federal government no longer wants to make use of the exemption from 2023. In the afternoon, Federal Finance Minister Olaf Scholz wants to present his budget plan

China News Service, Chongqing, June 21 (Reporter He Penglei) On the 21st, the Chongqing Higher People’s Court held a press conference stating that since 2021, Chongqing courts have concluded 203 cases of telecommunications and network fraud and related cases, 900 of which have been concluded. 790 people were involved in 166 crimes, and the amount of fraud involved reached 1.84 billion yuan (the same below).

According to Zhang Bo, President of the Second Criminal Tribunal of the Chongqing Higher People’s Court, while punishing telecommunications and network fraud crimes in accordance with the law, the Chongqing court also paid attention to source governance and end-of-line attacks, and carried out a full-scale attack on upstream and downstream related crimes, and resolutely cut them off. And destroy the industrial chain of illegal and criminal activities in the telecommunication network Since the beginning of this year, Chongqing courts have accepted 390 cases of telecommunications network fraud and related criminal cases with 1,704 people, and concluded 203 cases with 900 people.

“The city’s courts adhere to the criminal trial policy and philosophy of’emphasize the more important, despise the lesser’, and adhere to the main theme of strict law and strictness in criminal cases of telecommunications network fraud.” Zhang Bo said that for organizing and leading telecommunications network fraud criminal groups Principals, organizers and leaders of telecommunications network fraud criminal groups, and active participants who play a major role in joint crimes shall be severely sentenced in accordance with the law, and severe punishments shall be resolutely sentenced in accordance with the law if the crime is serious. Since the beginning of this year, the city’s courts have sentenced 80 telecommunications network fraud criminals to more than five years but less than 10 years in prison, and 89 telecommunications network fraud criminals have been sentenced to more than 10 years in prison. The severe sentence rate is 9.89%, which is higher than the overall level of criminal cases. About 2.3 percentage points higher.

At the same time, the Chongqing court has also increased its efforts to recover stolen goods from criminals swindling telecommunications networks. We shall resolutely pursue all the property obtained by criminals illegally without setting a time limit, and resolutely prevent criminals from obtaining illegal benefits through telecommunications network fraud. At the same time, increase the application of fines and other property penalties, pay attention to economically punishing and sanction criminals, and resolutely deprive criminals of the economic ability to commit another crime. Since the beginning of this year, the Chongqing court has imposed a fine of more than 62.13 million yuan on criminals in telecommunications network fraud, and all of them have been transferred for execution.

In addition, the Chongqing court also strictly controls the conditions for applying probation and exemption from punishment in accordance with the law, and implements the policy of severely punishing telecommunication network fraud crimes in accordance with the law. Since the beginning of this year, the Chongqing court has applied probation for 206 persons in 86 cases of telecommunications network fraud. There is no exemption from criminal punishment, and the application rate of probation is 24 percentage points lower than the overall level of criminal cases.

It is worth mentioning that while Chongqing courts severely punish telecommunications network fraud crimes in accordance with the law, they also deal with minor crimes, coercion, tricks to participate in telecommunications network fraud criminal activities, and secondary criminals, threatened accomplices, and have Criminals who surrendered, made meritorious services and other statutory leniency punishments, pleaded guilty and punished after returning to the case and actively returned the stolen goods are treated differently and punished with leniency, which fully reflects the appeal of criminal policies.

Zhang Bo said that Chongqing will carry out a three-year national anti-fraud campaign from 2021 to 2023. The Chongqing court will continue to severely punish telecommunication network fraud crimes in accordance with the law, with “strikes” to promote “prevention”, “strikes” to promote “management”, and “strikes” to promote “control”, forming a powerful deterrent to telecom network fraud criminals; Implement the policy of both leniency and strictness, and encourage criminals in telecommunications network fraud to surrender and reform. The Chongqing court will also analyze and study the law and characteristics of telecommunications network fraud crimes in conjunction with trial practice, and promote the strengthening of telecommunication network fraud crimes from the source. (Finish)

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01

The college entrance examination score officially started

Starting from June 23, all parts of the country will announce the results of the college entrance examination one after another, and the time for checking the scores will mainly focus on the 23 to 26. 9 provinces including Inner Mongolia, Shanghai, Anhui, Jiangxi, Guangxi, Sichuan, Yunnan, Gansu and Ningxia will be able to check their college entrance examination results from today.

I wish the candidates the title of the gold list!

02

China’s anti-mining measures make merit

European Nvidia graphics card prices have fallen sharply

On June 22, according to the latest statistics from 3DCenter, the price of Nvidia’s RTX graphics cards in Europe has dropped significantly, from an average premium of 304% in May to 191%.

According to reports, although the price of AMD graphics cards has not dropped significantly, the pricing of Nvidia’s RTX graphics cards has undergone major changes. On average, RTX graphics cards are still 91% more expensive than the suggested retail price, but they have fallen by 113%. The report also pointed out that this price cut also benefited from China’s ban on the mining industry. A few days ago, Sichuan Province, the world’s largest gathering of miners, also launched the withdrawal of virtual currency mining projects, and virtual currency mining machines were collectively powered off. In addition, Bitcoin China stated that it has completely withdrawn from the cryptocurrency trading business in response to domestic policies. 03 Last year, telecommunications network fraud property losses reached 35.37 billion yuan On June 22, the Supreme People’s Court held a press conference to introduce the relevant situation of the crackdown on telecommunication network fraud crimes. Li Ruiyi, deputy chief of the Third Criminal Division of the Supreme People’s Court, said that at present, telecommunications network fraud crimes are still at a high level. In some large and medium-sized cities, such cases account for 50% of criminal cases; telecommunications networks Major fraud cases occur frequently, causing huge losses to the masses’ property. Last year alone, the nationwide telecommunications network fraud cases involving property losses amounted to 35.37 billion yuan. In recent years, telecommunications network fraud and criminal activities have continued to occur frequently, and the criminal situation has become increasingly serious and complex. Around the telecommunications network fraud crimes, a series of black and gray industrial chains have also emerged, forming a large number of upstream and downstream related crimes. “Under the high pressure of severe crackdowns, a large number of domestic telecommunications network fraud dens have moved overseas, frantically committing frauds to the people in our country. According to statistics, currently more than 60% of overseas telecommunications fraud dens have committed crimes.” Li Ruiyi said. 04 A pocket-sized border fish found 423 million years ago in Chongqing On June 21, Chinese scientists announced that the ancient Silurian fish from the Silurian period 423 million years ago was discovered in Chongqing, and they are called pocket border fish. It is reported that 99.8% of vertebrates on the earth, including humans, have jaws (upper jaw and chin), which are collectively referred to as jaws. This research provides important evidence for the origin of modern jaws and the early evolution of teeth. 05 Ministry of Education: It is strictly forbidden to speculate about the champion in the college entrance examination, and strictly investigate and volunteer to fill in high-priced consultations Recently, the Ministry of Education has deployed to further do a good job of volunteering and reporting services for candidates. The Ministry of Education emphasized that all localities should cooperate with cybersecurity and informatization, public security, market supervision and other departments to strengthen supervision of social training institutions or individuals that carry out voluntary reporting and consulting activities. For those who have exaggerated publicity, false publicity, charge high-priced consulting fees, and conduct training services in violation of regulations Intermediary agencies, etc. strictly investigate and deal with laws and regulations It is necessary to further regulate the release of college entrance examination results and related publicity work, and relevant media, training institutions, middle schools, and individuals are strictly prohibited from hyping up information such as “college entrance examination champion”, “college entrance examination entrance rate”, “high score candidates”, and “repetitive students”. 06 Hainan “zero-tariff” operating vehicles The stay in the Mainland shall not exceed 120 days per year In order to do a good job in the management of “zero tariff” operating vehicles in the Hainan Free Trade Port, the Hainan Provincial Department of Transportation drafted the “Implementation Rules for the Management of “Zero Tariff” Operating Vehicles in Hainan Free Trade Port (Trial) (Draft for Soliciting Comments)”, which has been published to the public Open for comments. According to the “Draft Opinions”, “zero-tariff” operating vehicles can be used for passenger and cargo transportation operations to and from the Mainland. At least one end of the origin and destination must be in the Hainan Free Trade Port, and the cumulative duration of stay in the Mainland shall not exceed 120 days per calendar year. (Calculated according to natural days, not counting the number of times). Passengers and trucks from the Hainan Free Trade Port to the Mainland “point-to-point” and “soon-to-go” are not subject to the days limit. ⊙Contribution mailbox: zhenggao@doc88.com(You are welcome to submit original papers) ⊙Doc88public(Enter the Dao Ke Baba Welfare Group and share various benefits from time to time) Extended reading my country’s high-speed rail operating mileage ranks first in the world, and the Cyberspace Administration of China rectifies chaos 8.4 billion network passwords have been leaked globally. This year, the personal medical insurance payment standards for urban and rural residents have been announced See more good content Please long press the picture below Public number: Dao Ke Baba (ID: doc-88) Sina Weibo: @道客巴巴 Anyone knows how Three consecutive ?Waiting online

Edit丨Ziyue

Time draws back to 2004. When Professor Xu Kaihua, the founder of GEM (Shenzhen GEM High-Tech Co., Ltd.), returned to Jingmen, not far from his hometown in Hubei, to start his own business with the first prize of Guangdong Science and Technology Progress Award, people would never dream. I thought that Xu Kaihua used a small waste battery to recycle, which opened the prelude to the battery recycling industry and also started the black-and-white battle between the “regular army” and the “guerrilla”.

“Car owners cannot find or are not sure whether the recycling point is formal or not. Some power batteries recycled from traditional 4S shops and other channels also flow into small workshops.” Yu Puritan, secretary general of the Zhongguancun New Battery Technology Innovation Alliance and chairman of the Battery Hundreds Association In an interview with Chuangyebang, he revealed the inside story of the industry.

The business of “small workshops” is booming, while the supply of retired batteries in 4S stores of regular car companies is constantly losing. This makes people wonder whether battery recycling and cascading use of electric vehicles is a good business?

In the face of a large amount of goods flowing into the black market, formal enterprises are forced to trade with “small workshops”. As the leader of domestic new energy vehicle battery recycling, GEM Chairman Xu Kaihua warned new players in the battery recycling industry:

“Don’t come in, it’s a waste of money. Only the top five in the industry can survive.”

However, investors don’t think so. Just last month, Bocui Cycle, a power battery recycling solution provider, has just completed tens of millions of Pre-A rounds of financing, and Lanchi Ventures has made an exclusive investment.

“ At present, the investment circle is paying too much attention to the battery recycling track. In fact, the capacity of the industry that has been approved for construction has exceeded the battery capacity. “The person in charge of a battery recycling company said.

Why everyone refuses to talk about battery recycling

Industry giants have invested huge sums of money, investors and entrepreneurs are gearing up, coupled with national policy support, it seems that it is only a matter of time before the battery recycling industry becomes the next outlet.

According to data from the China Automotive Technology Research Center, the total number of domestic power batteries retired in 2020 will exceed 200,000 tons (about 25GWh). Where did the 200,000 tons of retired batteries go?

However, when the reporter visited a number of car companies, power battery companies, and battery recycling companies, they found that most companies avoid battery recycling, and new outlets in the 100-billion-level market have even become “taboos.” As a leading company in the field of new energy vehicles in China, BYD has launched the layout of power lithium battery recycling very early. At present, BYD’s battery recycling channels mainly entrust authorized dealers to recycle used power batteries. When there is a customer’s request or when a scrapped vehicle needs to replace the power battery, the dealer will take out the power battery and transport it to BYD Baorong factory for preliminary inspection. If the used batteries can be reused and continue to be used, the used batteries will be further tested at the Baorong factory. These batteries will continue to be used in the field of home energy storage or base station backup power in the future. The reporter wrote to BYD, but the other party was unwilling to reply. Yu Qingjiao stated that in terms of battery recycling ecology, at present, car companies, battery recycling companies and battery manufacturers have not yet formed a unified pricing for battery recycling, and the recycling business model is not perfect. Car companies “peek-a-boo”, power battery manufacturers and battery recycling companies have also played “Tai Chi.” “We have communicated with the relevant departments of battery recycling and will not accept interviews this time.” The relevant person in charge of AVIC lithium battery told reporters. Qingyan, who has had technological innovations in the echelon utilization of power batteries, also said that the relevant person in charge also said that it can only provide an introduction to its battery echelon utilization technology. As for the business model and pricing model of battery recycling, it is inconvenient to answer. “Enterprises have avoided talking about the recycling and utilization of decommissioned power batteries, and they are less motivated. The main reason is that the technical route of battery cascade utilization is not clear.” said Lin Boqiang, dean of the China Energy Policy Research Institute of Xiamen University. The energy storage path, what direction it will take in the future, and whether it is economical, requires both government supervision and government policy support. According to the calculations of Battery China.com, it is estimated that by 2025, the recycling value of power batteries produced in the two directions of cascade utilization and recycling will exceed 50 billion yuan; its potential market value may exceed 100 billion yuan in 2030. The industry is waiting for the “wind.” However, the recycling channels of many formal and qualified enterprises are not smooth, and a large number of retired power batteries flow into the black market. Some formal battery recycling companies even have to cooperate with black market vendors to purchase batteries from the latter to maintain the operation of the factory’s machinery and business promotion. This has undoubtedly contributed to the prosperity of the black recycling market. While pushing up the purchase price, it has also increased the difficulty of making profits for formal recycling companies. “One is because the number of companies is small and the coverage of outlets is limited; the other is that small workshops often use the banner of’high-price recycling, on-site recycling’ to obtain more waste battery resources.” Yu Qingjiao said. Due to technical problems in small workshops, the recovery rate of effective ingredients is not high, and there is a serious problem of waste pollution. The market is still in a period of disorganization, and it is difficult to guarantee the profitability of recovery. “Small workshops” generally have several treatment methods after recycling the batteries. Among them, the most common is to disassemble the battery and extract precious metals such as cobalt and lithium for sale. The price of non-renewable cobalt metal reached more than 600,000 yuan per ton when the price of non-renewable cobalt metal was the highest. In addition, the “Small Workshop” will sell the batteries to low-speed electric vehicles, electric bicycles and other echelon utilization areas not advocated by countries after recycling, causing great hidden dangers to the driving safety of the latter. “Batteries are taken from the black market. The source of waste battery materials is very poorly consistent. There are batteries of all types and types. This poses a big challenge to engineering design and project operation. Some foreign countries’ compliance with waste The collection is well classified, which will reduce the difficulty and cost of later collection, storage, and transportation.” Lin Xiao, founder and CEO of Bocui Cycle, told Chuangyebang. Yu Qingjiao pointed out that the current policies and regulations are still in the exploratory period. Although they have released a clear signal to support battery recycling, there is no real system formed, especially the circulation legal system. Second, traceability management and other regulatory mechanisms need to be strengthened to guide the upstream and downstream of the industry chain to strengthen battery recycling collaboration. “The first is the unblocking of recycling channels. Car companies in my country assume the main responsibility for power battery recycling. Recycling companies need to strengthen close cooperation with car companies, and strengthen battery life cycle traceability with battery companies to reduce recycling costs; secondly, through technology Innovate, increase material recycling rate, and increase recycling revenue.” Yu Qingjiao believes that the battery recycling industry is still in the early stages of development, and scale is also a key factor affecting profitability. The state should guide, regulate, supervise and provide financial support. Is battery recycling a good business? Although the recycling channels of decommissioned batteries need to be improved, and the material recycling rate and recycling efficiency of batteries need to be improved, some companies have already begun to deploy battery recycling business and have gradually become the industry’s leading company. Bangpu Cycle is one of them. “The constant has something.” Directly in front of the desk of Li Changdong, the founder and general manager of Bangpu Cycle, hung these four Chinese characters written in seal script. In Li Changdong’s eyes, Bangpu recognized the battery recycling, and it lasted 16 years, which is the best explanation of these four characters. In 2001, Li Changdong served as the production plant manager at Highpower Battery Factory. At that time, most people only focused on the front-end production of the battery and the intermediate consumption link, and the recycling link was often regarded as “garbage picking” and “recycling tatters.” Li Changdong found that the profit of battery production is getting lower and lower, and the scraps and defective products generated in the battery production process are also difficult to deal with. Handing over to the Environmental Protection Agency for processing will require a huge processing fee, and failure to pay will result in substandard emissions. “Can these battery waste be recycled for subsequent recycling?” This idea often appeared in Li Changdong’s mind. So he quit his job in the battery factory and raised 500,000 yuan with his partners. In 2005, Bangpu Recycling was formally established, with Li Changdong as the general manager, focusing on the recycling business of consumer lithium batteries. In 2008, the promulgation of the “Circular Economy Law” provided policy support for the development of talents and technology for battery recycling companies such as Bangpu. More and more scientific research institutions and talents are paying attention to battery recycling. In 2011, Li Changdong decided to further expand the scope of battery recycling business. He began to focus on power batteries from consumer lithium batteries to extend the battery recycling industry chain. Source: Bangpu Cycle At present, Bangpu has formed four major industrial sectors: battery recycling, automobile recycling, minerals and new materials, specializing in the recycling and processing of power batteries (power batteries for electric vehicles), gradient energy storage utilization; traditional scrap car recycling and dismantling, and key components Remanufacturing; and the provision of industrial production and commercialized recycling service solutions for high-end battery materials and automotive functional bottleneck materials. In 2015, in order to develop a circular economy and form an ecological closed loop, CATL acquired Guangdong Bangpu Cycle, realizing a circular industrial chain integrating R&D, production, sales, and recycling. Bangpu Cycle has now become China’s largest recycling base for used batteries. In September 2018, the Ministry of Industry and Information Technology announced the first batch of “whitelists” of enterprises that comply with the “Industry Standards and Conditions for Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles”. Five companies including Bangpu Cycle, GEM, Huayou Cobalt, Highpower Technology, and Guanghua Technology were selected. However, from 2017 to 2018, the battery recycling market is still in its infancy. The relevant person in charge of Ningde Times told Entrepreneurship that the number of retired power batteries from 2017 to 2018 was relatively small, and the types and regional distribution were concentrated. About 17,000 new energy vehicles produced during the “Ten Cities and Thousand Vehicles” period are the mainstay. The decommissioned power batteries are about 27,200 tons (1.22GWh), of which about 95% are lithium iron phosphate batteries. From 2019 to 2020, buses, rental and other operating vehicles that entered the market in the early stages have reached the mandatory scrapping period. Early private user vehicles have begun to choose complete vehicle scrapping due to factors such as the decline in power battery performance, the lack of spare parts for old batteries, or the high replacement cost. Retired. Starting in 2020, my country’s power batteries have begun to enter a wave of large-scale decommissioning. During the period 2021-2025, my country’s new energy vehicles will enter a stage of rapid growth. New energy vehicles that entered the market in 2014-2018 will enter a period of obsolescence. With the continuous expansion of the scale of decommissioned power batteries, some people believe that the use of cascades should be increased to maximize the effectiveness of decommissioned batteries. Some people also believe that as battery prices continue to drop, the cost advantage of cascading utilization will gradually disappear or even hang upside down, and it should be directly recycled. The 2020 battery survey report released by Bloomberg New Energy Finance shows that by 2030, battery prices may exceed 58 US dollars (about 370 yuan) / kWh, and the use of solid-state batteries will accelerate the process of battery price reductions. By then, the battery cost will even be lower than the cost of cascading utilization. “It needs to be divided into different situations, mainly with technical support, able to accurately detect the condition of retired batteries, select batteries with better battery performance (safety, cycle life, energy density, etc.), and use them in cascades, which is more economical; Those with poor performance are directly recycled to avoid hidden dangers such as safety.” Yu Qingjiao said. Three problems of power battery recycling At present, the power battery recycling model has two major trends, one is echelon utilization, and the other is recycling, dismantling and recycling. Echelon utilization is the dismantling and reorganization of used batteries and re-applying them to energy storage power stations, low-speed electric vehicles, small electrical appliances and other fields that do not require high energy density. It is mainly suitable for lithium iron phosphate batteries with longer life and more stable performance; Recycling is the extraction of valuable metal materials from waste batteries, which is suitable for ternary lithium batteries containing expensive metals such as cobalt and nickel. The recycling of lithium iron phosphate batteries faces the problem of poor economy. Echelon utilization is still in the stage of trial and exploration. The main reason is that the battery specifications and models produced by various manufacturers are different, which makes it difficult to recombine. The battery materials used by each manufacturer are different, and the battery life is different; the battery performance of each manufacturer is different, and the combination Later security is more difficult to guarantee. The relevant person in charge of the Ningde Times pointed out that the economic value of cascade utilization at the current stage is still low, and further technical and industry standards are still needed. The recycling and dismantling can be said to have formed a certain scale, whether it is from the national policy or the market scale, we can get a glimpse of its trend. Although both are positive trends, the problems they face are also extremely challenging. The current battery recycling industry is facing three problems in process technology, policy and profitability. The first is process technology. Whether it is echelon utilization or dismantling and regeneration, they are facing severe barriers. The current biggest obstacle to echelon utilization is the remaining battery life and performance evaluation. In general, the recycling technology is relatively mature, but key technologies and equipment such as the efficient extraction of valuable metals need to be upgraded, and the level of pollution prevention and control in the dismantling and treatment of waste power batteries needs to be improved. At present, hydrometallurgy and physical repair methods are the main technologies for the recycling of used power batteries. The comprehensive recovery rate of metal elements such as nickel, cobalt and manganese in hydrometallurgy can reach 98%. The second is the policy aspect. At present, relevant departments have successively issued systems and regulatory documents that guide and support the development of the industry, and have sorted out a clearer direction for battery recycling. However, how to further effectively manage, rationally build a power battery recycling system, effectively implement full life cycle traceability management, and guide the upstream and downstream entities of the industry chain to fulfill the responsibility of power battery recycling requires the government to consider the market and industry. Planning and overall planning. In 2018, the Ministry of Industry and Information Technology issued the “Interim Measures for the Management of Recycling and Utilization of Power Batteries for New Energy Vehicles”, which for the first time clarified the responsibilities of automobile companies, battery companies, and comprehensive utilization companies in the recycling process, and pointed out that automobile manufacturers bear the main responsibility for power battery recycling. Perform corresponding responsibilities in all links of power battery recycling to ensure the effective use and environmental protection of power batteries. Finally, it is difficult to make profit. At present, the batteries that have really entered the scrap stage are still the earliest batch of batteries when new energy vehicles first entered the market. The number is not that large. Among them, lithium iron phosphate batteries account for a larger portion, which is more suitable for cascading use. In terms of economic benefits, recycling and dismantling The benefit is not high. In contrast, ternary lithium batteries have greater recycling value. But the reality is that it will take time for the ternary battery decommissioning flashpoint to arrive. Currently, the retired power batteries on the market are mainly lithium iron phosphate batteries. Because they contain less precious metal elements, the recycling value of lithium iron phosphate batteries is not high. However, due to its good safety and long service life, it is suitable for cascading utilization. The ternary lithium battery contains rare metals such as nickel and cobalt, so it has a high recycling value. According to the current technical level of ternary lithium batteries, the capacity density of power batteries commonly used in electric vehicles is 260Wh/kg. According to this energy density, at 20,000 kilometers a year, calculated based on shallow charge and shallow discharge, the cycle life is at least 1,000 times . If used properly, it can be used for at least 5 to 8 years on an electric vehicle. In the battery recycling industry, several leading companies have formed a certain scale of regeneration processing capacity, and their technical routes are in a stage where a hundred flowers bloom. Relying on its subsidiary Bangpu Cycle, CATL has created an ecological closed loop of “battery production→use→cascade utilization→recycling and resource regeneration”. Bangpu Cycle will uniformly process the recycled power batteries for electric vehicles. First, the battery modules are completely discharged, the battery cells are separated, and then sorted. After testing and evaluation, disassemble the batteries that do not meet the echelon utilization. Disassemble and separate components such as the positive electrode, negative electrode, electrolyte and diaphragm, and then leaching and removing the electrode material, and then prepare the scrapped power battery into the precursor of the power battery positive electrode material through processes such as ion exchange, precipitation, and adsorption. . Bangpu’s existing capacity for processing waste batteries exceeds 120,000 tons per year, and the total recovery rate of core metal materials for battery products has reached 99.3%. Due to the continuous decrease in the cost of lithium batteries in recent years, the annual report shows that CATL’s revenue of lithium battery materials in 2020 is 3.429 billion yuan, a year-on-year decrease of 20.35%. Source: Grammy As one of the leading companies in the domestic battery recycling industry, GEM’s power battery recycling business only began to make a profit in 2019, three years after the initial production. GEM’s advantage lies in the start of the recycling and utilization of waste batteries. It has accumulated 20 years of experience. In addition, it also has industrial layouts such as home appliance recycling and end-of-life automobiles to play a synergistic role to drive the recycling of power batteries. At present, the flourishing business model and technical route of battery recycling make the future market prospects still confusing, and it is still unknown whether it can effectively solve the pain points of the industry. From the perspective of business models, the current battery recycling is more dependent on other businesses, the tiered utilization is mainly dependent on energy storage, two-wheeler PACK plants or battery factories, and the recycling is dependent on the hydrometallurgical plant. If a company survives only on ladders or regenerative businesses, it may lose money. “How to do the most effective echelon utilization, as the scale of retired power batteries in the market becomes larger and larger, the technical route will gradually become clear.” Lin Boqiang told Chuangyebang. Where are the opportunities for entrepreneurs? Behind the black-and-white war between the “regular army” and the “guerrilla”, a group of start-up technology companies in the battery recycling industry are quietly emerging. In 2019, Lin Xiao, Ph.D. and senior engineer of the Chinese Academy of Sciences, established Bocui Cycle to provide a full set of solutions for battery recycling. According to Lin Xiao, due to the domestic garbage embargo, the issuance of the European mandatory battery law, and the accelerated deployment of battery recycling, ESG and other industries abroad, it is hoped that new links in the power battery industry chain will achieve a strong East Asian power battery manufacturer. breakthrough. The company’s overseas customer demand exceeds expectations, accounting for more than half. The obsolescence cycle of domestic power batteries is also very urgent. As of 2020, domestic new energy vehicles have sold more than 1 million units for three consecutive years, and 900,000 units have been sold in the first May of 2021. “Three years ago, the first batch of electric vehicles with an annual sales of one million units was calculated based on the service life of 5-8 years, that is, 1 million vehicles would be scrapped in two years at the earliest, and the battery pack of each vehicle was calculated at 400~500 kg. Therefore, in the next three years on the market, more than 500,000 tons of waste batteries will be scrapped every year. This amount is actually quite large, and the recycling market needs to be prepared.” Lin Xiao said. In the battery recycling market, everyone hopes to have mature technology and equipment solutions that can be quickly replicated and promoted. If a national processing capacity of 500,000 tons needs to be built in three years, at least 100,000 tons will have been running well in two years. Production capacity, and there are 2-3 kinds of technical routes to choose from, it is possible to achieve five-fold expansion within a year. In other words, one year later, there will be at least 20,000-30,000 tons of mature technology and production lines that can be replicated for battery recycling. In addition, the ratio of “paper-based recycling capacity” and actual battery output is seriously out of balance, which is also a big “blocker” in front of start-ups. In Lin Xiao’s view, the battery has entered the obsolescence cycle for more than five years, leading to a large paper production bubble in the battery recycling industry. “For investors, many of the leading companies that are currently being recycled, such as whitelisted companies, have already been listed or do not need financing. At the same time, paper production capacity is too high and supply exceeds demand. The opportunity for entrepreneurs is that there are still No company can really do this well, and there are still opportunities to try innovation and breakthroughs, although many companies may be eliminated, just like the development of the lithium battery manufacturing industry chain in the past few years, from the hills to the top.” Lin Xiao pointed out. The business opportunities that will be generated in the field of battery recycling need to be paid attention to also include the realization of material regeneration through battery recycling, thereby realizing the closed loop of the industrial chain, and changing the existing industrial structure and profit distribution. The technical direction of recycling will gradually move closer to battery materials, because in essence, battery recycling is a collection of resource collection and material recycling. There will also be many new variables in the collection channels of battery materials and the direction of the material recycling industry. For example, after the battery exchange mode, the requirements for recycling channels will become weaker, but it will give rise to another industry demand, such as battery exchange equipment and batteries. Asset management, etc., and whether it is possible to directly recycle used batteries at the grid swap point. There will also be many new variables in the collection channels of battery materials and the direction of the material recycling industry. For example, after the battery exchange mode, the requirements for recycling channels will become weaker, but it will give rise to another industry demand, such as battery exchange equipment and batteries. Asset management, etc., and whether it is possible to directly recycle used batteries at the grid swap point. “We think that battery recycling will definitely have great technical and market demand. It is just the beginning. This is a big track where few Chinese companies can lead the way from the beginning. It is different from the chip, lithium battery manufacturing and other industries starting from the beginning. , We can take a different development path. Once we can continue to lead the recycling technology and industry at home and abroad, and close the new energy industry chain, we can open up basic industries such as energy, resources, materials, and transportation.” Lin Xiao said. Under the wave of global electrification, the prospect of battery cascade utilization and recycling is beyond doubt. “It’s only a matter of time before the market scale exceeds tens of billions, hundreds of billions, or even trillions of dollars. As the industry chain matures, some high-quality companies will definitely be nurtured.” According to Puritanism, despite the bright future market prospects, battery recycling still lacks uniform pricing, the recycling business model is not perfect, and “small workshops” are rampant, battery recycling is still a game among leading companies. “Without recycling sources, this business is not your turn.” “At present, for entrepreneurs, the business model of battery recycling is very important. After all, it needs to be profitable. However, it is not ruled out that some companies can make the capital market pay, but at least there must be some visible business models before the capital market is willing to pay. “Lin Boqiang said to Chuangyebang. For entrepreneurs, everything is still full of variables

Source | Mustang Finance

But in three years, Wan Hongjian, the eldest son of Shuanghui Empire, was “kicked” out of the core power circle by his father, Bandung. His second son, Wan Hongwei, had a play?

Recently, Wanzhou International (0288.HK), the world’s largest pork processing company, suddenly announced that it intends to remove Wan Hongjian from the positions of executive director and vice president, with immediate effect.

The reason for the recall was that Wan Hongjian had recently committed an “improper attack” to the company’s property, making the company believe that he was “unable to perform his responsibilities as a director, prudence and diligence.”

▲ Picture source: Wanzhou International Announcement As soon as the announcement came out, there was an uproar. Wan Hongjian is the eldest son of Wanlong, the founder of Wanzhou International, and has been in the company for many years. . It is worth noting that the inscription of this dismissal announcement is: “Bandung, Chairman and Chief Executive Officer of Wanzhou International Co., Ltd. by order of the board of directors”, which means that this is a “recall order” signed by Bandung himself. What happened between the 81-year-old founder and the 52-year-old eldest son? How will Wanzhou International’s scepter handover plan follow up? Only 16 days have passed since the high vote was elected In China’s pork products industry, no one can match Shuanghui. Under Bandung’s iron fist, Shuanghui has grown from a small meat factory on the verge of bankruptcy to a multinational giant with an annual sales revenue of more than 20 billion U.S. dollars. Bandung is also known as the “king of pigs” and “the world’s number one butcher”. . Bandung, now in its elder age, still owns two listed companies, Shuanghui Development (000895.SZ) and Wanzhou International, with a total market value of more than RMB 190 billion. ▲Image source of Bandung: the company’s official website Wan Hongjian, the eldest son of Bandung, was once regarded as the successor of the “Pork Empire”. Public information shows that Wan Hongjian was born in 1969. From 1990 to 2010, he started as a front-line worker in the deli workshop, and then successively served as the sales director of the Beijing office of the sales department of Shuanghui Group and the deputy director of the foreign trade department. Since February 2012, he has served as Deputy General Manager, Director of International Trade Department, and Vice President of Rotex, the parent company of Shuanghui Development. In 2018, Wan Hongjian was elected as the executive director of Wanzhou International and entered the core decision-making level. At the Wanzhou International Shareholders’ Meeting on June 1, 2021, Wan Hongjian had just been re-elected as an executive director, with 91.1% of the votes in favor, which was even higher than the 75.2% of his father, Bandung. At this time, there are still 16 days before he is removed… ▲Image source: Wanzhou International Announcement After this vote, Wanzhou International immediately announced its intention to repurchase 1.917 billion shares at a price of HK$7.8 per share, involving a capital of HK$14.95 billion. The purpose is to optimize the company’s capital structure, increase the earnings per share of the shares, and reduce the group’s capital cost. Generally speaking, if the stock repurchase plan from public shareholders goes well, the shareholding of listed companies will increase, and the corresponding right to speak will be even greater. As the eldest son, Wan Hongjian is not associated with many companies under the Shuanghui Department. According to Tianyan, he only worked in Guangzhou Shuanghui Commercial Chain Co., Ltd. (hereinafter referred to as “Guangzhou Shuanghui”), Qingyuan Shuanghui Commercial Investment Co., Ltd. (hereinafter referred to as “Qingyuan Shuanghui”), and Wuhu Shuanghui Import and Export Trade Co., Ltd. (hereinafter referred to as “Wuhu”). Shuanghui”) has served as a shareholder and executive. In addition, he has served as the legal representative of Luohe Industrial Investment. Among them, Wan Hongjian is the largest shareholder of Qingyuan Shuanghui. Through this company, he controls 14.67% of Guangzhou Shuanghui’s shares, but both companies have been cancelled. Wuhu Shuanghui, where he served as an executive, is still in existence and is controlled by Rotex. Who will take over? With Wan Hongjian’s sudden dismissal, the succession issue of the Shuanghui system will become complicated and confusing again. Regarding the issue of succession, Bandung said in an interview with CBN in March 2015 that it had already considered ten years ago that it must be resolved through mechanisms. When the succession team matures in 2017, they will withdraw. “I will solve this problem first from the mechanism. The first is to quantify the standards, and the corresponding levels must meet the corresponding standards, that is, to bear the corresponding responsibilities; the second is to compete for posts. All managers at all levels are competing for posts, and A special assessment mechanism is required to be assessed every month and every year. It is precisely because of this set of methods that successors and management teams must rely on this mechanism to generate them.” Bandung said. In March 2018, Wanzhou International announced that the vice president Wan Hongjian was appointed as an executive director. Only a few months later, Wan Hongjian was promoted to vice chairman of the board of directors and held multiple positions at the same time. While Wan Hongjian was entrusted with the important task, Wan Hongwei’s second son Wan Hongwei was also nominated as a non-independent director candidate for the board of directors of Shuanghui Development. According to the data, Wan Hongwei was born in 1973, has a bachelor’s degree, and is a Hong Kong resident. In his early years, he was the director of the Hong Kong branch of Shuanghui Group, the deputy manager of Shuanghui Group Import and Export Company, and the secretary to the chairman of Shuanghui Group. This also means that both Bandung sons have entered the core management of Wanzhou and Shuanghui, which is interpreted by the media as Bandung is preparing for retirement. At the beginning of 2019, Shuanghui Development announced that it intends to issue shares to Rotex, the sole shareholder of the controlling shareholder Shuanghui Group, and rarely adopts the acquisition method of absorbing and merging the parent company by subsidiaries, with the intention of realizing the overall listing of Shuanghui Group. This is also another major capital operation undertaken by Bandung after the acquisition of Smithfield and the promotion of the listing of Wanzhou International. Public information shows that the shareholding structure of Shuanghui Development is quite complicated. Its ultimate actual controller is Xingtai Group Co., Ltd. (hereinafter referred to as “Xingtai Group”) registered in the British Virgin Islands. Its specific shareholding structure is: Xingtai Group holds Xiongyu Investment holds 100% of the shares. Xiongyu Investment is the largest shareholder of Wanzhou International listed in Hong Kong. Wanzhou International holds 100% of Rotex through its wholly-owned subsidiary, Glorious Link, and Rotex holds 100% of Shuanghui Group. % Equity, Shuanghui Group holds Shuanghui Development. Exploring all the way down, from Xingtai Group to Shuanghui Development, its shareholding structure has as many as seven layers. A financial person familiar with Shuanghui told Yema Finance, The overall listing of Shuanghui Group through mergers and acquisitions is an optimization of the equity relationship between Shuanghui Development, Wanzhou International and Xingtai Group by Bandung for its succession plan, which is conducive to strengthening its family’s control over Shuanghui Group. ▲Photo by Yema Finance After Wan Hongjian’s related positions were removed, Wanzhou International currently has only four executive directors: Bandung, Guo Lijun (CFO), Dennis Pat Rick Organ (President and Chief Executive Officer of Smithfield Foods), and Ma Xiangjie (Henan Shuanghui Investment Development) President of the company limited by shares). Wanlong’s second son, Wan Hongwei, also served as an assistant to the chairman of Wanzhou International, but was not a member of the board of directors. The eldest son is frustrated, will the second son Wan Hongwei be pushed to the front? China Food Industry Analyst Zhu Danpeng told Yema Finance, Bandung is more cautious and suspicious. Wan Hongjian’s dismissal is not just about performance, but also some deep-seated problems, including strategy and business philosophy. “So I think Bandung’s youngest son will go to the front of the stage. .” In addition, there are also reports that Wan Zihao, the grandson of Bandung, had served in Shuanghui as early as the vice president of Shuanghui Development. Tianyancha shows that a person named Wan Zihao serves as a director in all seven companies under Shuanghui. However, in the Shuanghui Development Announcement, Wan Zihao’s name was not retrieved. The chairman of the board of directors is still controlled by Bandung, and the “successor candidate” seems unclear. It’s not uncommon to “destroy the long and raise the young” Fathers start their own businesses, and there are many “family succession” paths passed down by their children, and it is not uncommon for second sons to succeed. Linyuan Group is the largest private enterprise group in Taiwan. It was founded by well-known Taiwanese entrepreneur Cai Wanlin. Its predecessor and core company is Cathay Life Insurance. The “Cai Family” represented by Cai Wanlin is Taiwan’s top consortium and Taiwan’s leading financial capital. In July 1995, the US “Forbes” announced the world’s top ten richest people. Cai Wanlin ranked sixth in the world with 8.5 billion US dollars, and was once the world’s richest Chinese. On September 27, 2004, Cai Wanlin unfortunately passed away at the age of 81. Linyuan Group is now succeeded by Cai Hongtu, the second son of Cai Wanlin. According to the data, Cai Hongtu is 69 years old this year, graduated from the Department of Law of National Taiwan University, and later went to the United States for further study. At the age of 28, he obtained a doctor of law and returned to China. At the age of 38, he formally took over the post of chairman of Cathay Life Insurance from his father Cai Wanlin. Cai Hongtu is not the only “second generation” who was born with a golden spoon, studied abroad, and returned to the country to inherit his father’s career. Recently, the China Securities Regulatory Commission’s “Advance Notice of Administrative Penalties and Market Banning” has brought Yihua Life, a listed furniture company and the Chaoshan wealthy Liu Shaoxi family behind it, to the attention of the public. According to the “Administrative Punishment Letter”, after investigation, the China Securities Regulatory Commission determined that Yihua Life’s periodic reports from 2016 to 2019 contained serious false records, and the former chairman Liu Shaoxi was prohibited from entering the securities market for life. Liu Shaoxi is a Chaoshan capital boss. He was born in woodworking in his early years. With the enthusiasm of Chaoshan people to “work hard to win” for many years, Yihua Life has been transformed from a small furniture factory into the first private enterprise in Shantou. It is understood that in Chenghai District, Shantou, there is a jingle, “Chenghai Sanmo die (in dialect, meaning can’t die), Xuemin, must filial piety, Liu Shaoxi.” It means that the three people, including Liu Shaoxi, are in this small place in Chenghai. Turn your hands for the clouds and cover your hands for the rain, and you can’t die. Yihua Life is a typical Chaoshan family business. Many companies under the “Yihua Department” have Liu Shaoxi’s family. Liu Shaoxi’s eldest son Liu Zhuangqing is responsible for the health and capital sectors of the “Yihua Department”; Liu Shaoxi’s second son Liu Zhuangchao takes over Yihua Wood; Liu Shaosheng, the younger brother of Liu Shaoxi, once took over the real estate sector of the “Yihua Department”. Among them, the second son, Liu Zhuangchao, inherited the life in Yihua, the origin of the “Yihua family”. According to data, Liu Zhuangchao went to study in the United States when he was 16 years old. After graduating in 2010, he was only 22 years old and joined the Yihua Life management team. In 2017, Liu Zhuangchao was elected as the chairman of the new board of directors of Yihua Life. At that time, Liu Zhuangchao took the top position of the “Yihua Department” at the age of 29. The “second generation” of Chaoshan family businesses and the real estate company Hesheng Chuangzhan. Zhu Jurong, 32, is the jewel in the hands of Zhu Mengyi, founder of Hopson International. Zhu Jurong started working as an assistant to the president in the company as early as 2009, when he was 20 years old. In 2012, she was appointed as executive director and executive vice president, and was promoted to vice chairman of the board of directors in 2013. On January 10, 2020, Zhu Jurong took over the burden of Zhu Mengyi and became the new chairman of the board of directors of Hopson Chuangzhan. It is understood that Zhu Jurong has two older brothers, both of whom are also working hard in the family business. Some analysis pointed out that Chaoshan people have a tradition of “preferring boys to girls”. Zhu Mengyi’s ability to hand over important listed real estate companies in the hands of young women is evident in his preference for his daughters and Zhu Jurong’s strength. The quasi “post-85” born in finance did not disappoint his fathers. In the first year at the helm, he handed over a beautiful report card in equity investment, which is a typical “one generation engaged in industry and the second generation invested.” Hesheng Chuangzhan, which she is in charge, bought shares of Ping An Insurance, Xiaomi Group, Ping An Health, HSBC Holdings, and China Mobile. As of November 19 last year, except for China Mobile’s loss of HK$186 million, all other stocks have achieved profitability. It brought a book profit of over 3.7 billion Hong Kong dollars for Hopson Development, or about 3.1 billion yuan. For comparison, in the first half of 2020, Hopson Development’s net profit was HK$5.1 billion. If we take HK$3.7 billion as the net profit yardstick for real estate companies, only 22 real estate companies outperform Hopson Chuangzhan, but their revenue is much higher than Hopson Chuangzhan. But not all private companies will choose family members to succeed, compared to how to enjoy the Midea Group, which has a market value of more than 500 billion yuan. Although the sons, daughters, and daughters-in-law of the He family are all talents, the business of Midea mainly relies on the team of professional manager Fang Hongbo. Midea Group’s 2020 semi-annual report data shows that Fang Hongbo, chairman and president, will receive 9.63 million yuan of pre-tax remuneration from the company in 2020; vice presidents Yin Bitong, Gu Yanmin, and Zhu Fengtao will be 7.65 million yuan, 3.48 million yuan, and 4.94 million yuan respectively. yuan. “Sharing” may be the most important secret of “beauty”. ▲He Xiangjian Picture Source: Midea’s official website Li Delin, the well-known financial big V and the founder of Delin News, told Yema Finance, The most critical aspect of Midea’s succession issue is to “manage one’s own power and make good use of the people who can use it.” The He family has mastered the equity and control rights, and made good use of a team of professional managers like Fang Hongbo. And the most important question under the diversified expansion of the United States is whether it can find the second and third Fang Hongbo. Midea Group may be the most adept at using professional managers in the entire A-share listed company, and family members have built a huge “Midea Department” through investment and collaboration. According to incomplete statistics from Yema Finance, the He family members currently control 8 listed companies, including 6 A-shares, 1 Hong Kong stocks, 1 Germany, and 1 NEEQ company. They have also participated in more than 10 financial companies. Institutions spanning manufacturing, automotive, medical, real estate, environmental protection, film and television, finance and other industries, and are still expanding… This model also brings enlightenment to many family-owned private enterprises facing inheritance problems in the A-share market ! Which succession model is most suitable for family-owned private enterprises? Welcome to leave comments.

According to the report, it was learned from the Bao’an District Development and Reform Bureau that the Tencent Dachan Bay project obtained construction permits last year and is currently under construction for foundation pit support. Tencent confirmed that the land that has already started is the “Penguin Island” project. It is reported that Tencent’s Da Chan Bay project is divided into phase I and phase II.One of the construction projects is scheduled to be completed in December 2024, The second phase is planned to be completed in November 2026.

According to the information from Baoan District Development and Reform Bureau,The project covers an area of ​​809,000 square meters, with a total construction area of ​​2 million square meters, The planned total investment will reach 37 billion yuan.

IT Home understands that the project will become Tencent’s global headquarters, which will shape Binhai’s iconic technology park and further expand Tencent’s global influence. It is planned to introduce 7 major industries including Tencent performance advertising, Tencent Cloud, Internet + healthcare, and cutting-edge technology to form a “six bases and one platform”. According to estimates, the project will eventually accommodate 80,000 to 100,000 employees and will be open to all citizens after completion

China Times (www.chinatimes.net.cn) reporter Lu Xiao reports from Beijing
The new life (Love Recycling) who is engaged in the second-hand electronics business rang his own bell to go to the United States.
On the evening of June 18, Wanwu Xinsheng announced that it would first publicly issue approximately 16.23 million ADS shares and begin trading on the New York Stock Exchange on June 18, U.S. stock time. The price of ADS is 14 US dollars per share, and the total issuance scale is approximately 227 million US dollars.
Love Recycling was established in 2011. At the end of May this year, the renamed Wanwu Xinsheng Group submitted a prospectus for the US.
According to the prospectus, as of March 31, 2021, the overall revenue of Wanwu Xinsheng Group in the past 12 months was 5.68 billion yuan, a year-on-year increase of 49.4%. In 2020, its overall revenue was 4.858 billion yuan, a year-on-year increase of 23.5% compared to 2019.
However, despite the increase in income, the new life, which was founded ten years ago, is still at a loss.
The prospectus shows that from 2018 to 2020, the net losses of New Life will be 208 million yuan, 705 million yuan, and 471 million yuan, totaling about 1.4 billion yuan. In the first quarter of this year, Wanwuxinsheng’s loss was close to 95 million yuan.
According to a reporter from China Times, the main business lines of New Life include the C2B mode of Aihui, B2B mode of shooting, C2B mode of shooting and overseas-oriented AHS Device four major businesses.
“China Times” reporters previously learned from Wanwu Xinsheng that among its 70,000 orders a day, the most profitable is the B2C business that trades more than 10,000 units a day. According to the reporter’s understanding, Wanwu Xinsheng’s B2C business came from the merger with Jingdong’s second-hand trading platform “Pai Pai” in June 2019.
However, compared to the more profitable C-end market, the revenue of All New Life mainly depends on the B-end market. The prospectus shows that Wanwuxin’s revenue is divided into self-operated product revenue and platform revenue. Among them, the revenue of self-operated goods in 2020 is 4.24 billion yuan, accounting for 87% of the total income of the new life. Among them, 88% of merchandise sales are sold to second-hand merchants on the B-end through Paijitang. In addition, the revenue of the B2B platform also reached 280 million yuan in service revenue.
Wanwu Xinsheng’s public financing record before the IPO stayed in the F round. Before the IPO, JD.com held a 34.7% stake in Wanwu Xinsheng, making it its largest shareholder. Its founder Chen Xuefeng holds 10.9% of the shares. When it completed the E+ round of financing of more than 100 million U.S. dollars led by JD.com in September last year, Chen Xuefeng once told reporters such as China Times, “The valuation of Aihuishou must be properly based on 40, 50 IPOs will be considered only on the volume of 100 million U.S. dollars.” However, based on a rough calculation of the price of 14 U.S. dollars, the market value of New Life is less than 4 billion U.S. dollars.
Behind the “anxious” listing of Wanwu Xinsheng, its own hematopoietic ability still needs to be improved. In 2019, 2020 and the first quarter of 2021, its operating cash flow was -62716,600 U.S. dollars, -63,016,600 U.S. dollars and -46,174,400 U.S. dollars. As of March 1, 2021, the cash and cash equivalents on its accounts were only 100 million U.S. dollars.
What needs to be mentioned is that Wanwu Xinsheng stated in the prospectus that the net proceeds from the IPO will be mainly used to further improve technical capabilities, provide more diversified platform services, expand the network of Aihuishou stores, and develop new platforms for the auction platform. Sales channels and used for working capital and general corporate purposes.
As of March 31, 2021, Wanwusheng operates 755 offline stores in 172 cities in China. Among them, 753 are love recycling shops and 2 are photo shops. At the same time, AHS Device, the overseas business brand of Wanwu Xinsheng, also covers Hong Kong, the United States, Japan, India and other regions

Inventories and accounts receivable will be affected by different sales channels and are also important indicators to measure the consumption sector. According to Weilong’s prospectus, Weilong spicy strips are sold to downstream distributors in the form of first payment and later goods, and to Internet e-commerce platforms, the industry’s average billing period is about 90 days. Yanjin shop accounts for a relatively high percentage of sales from supermarkets and supermarkets. The number of accounts receivable turnover days is the highest in the industry, 29 days in 2020, and the accounts receivable turnover days of Qiaqia and Liangpin shops are 14-15 days. about. The three squirrels are mainly sold online, and their accounts receivable turnover days are 8.94 days. Weilong’s accounts receivable turnover days are the smallest in the industry. In 2020, it is only 2.5 days, which means that after the product is sold; the payment can be returned in two and a half days, which is a strong position for the downstream. In terms of inventory turnover days, Weilong’s 67 days is second only to Liangpin’s 52 days. Weilong’s ability to clear inventories is also excellent. With fewer inventories, the company’s asset turnover and operating efficiency will naturally increase. In this way, Weilong has the shortest and most efficient operating cycle from procurement to sales to payment collection. Can Weilong’s business support a market value of 60 billion yuan? Where did the pre-IPO valuation of 60 billion come from? Calculated based on Weilong’s only external equity financing, the financing situation of the Pre-IPO in this March A round of this year. Well-known institutions such as CITIC Industry Fund, Hillhouse, Tencent, Yunfeng Fund, Sequoia China and other well-known institutions have invested a total of US$549 million and purchased the newly issued shares of Weilong. The total shareholding ratio is about 5.85%. Assuming that 549 million U.S. dollars, based on the current 6.39 yuan to U.S. dollar exchange rate, 549 million U.S. dollars equals 3.50811 billion yuan, accounting for 5.85%. Therefore, the company’s pre-IPO valuation is 59.968 billion yuan, which is approximately It is equal to 60 billion yuan. It is guessed that this financing from the Pre-IPO round will pay sponsorship and audit fees on the one hand, and on the other hand the company may need to replenish liquidity, which will require a certain amount of money in the near future; perhaps it is worried that the valuation will fluctuate after the IPO. The price transfer of part of the equity and the upcoming listing are the advantages, allowing Hillhouse, Tencent, and Yunfeng Fund to give a valuation of 60 billion, in order to use the “anchor effect” to allow the market to reach a consensus. What will Weilong rely on to support its valuation of 60 billion yuan? Select listed companies in the A-share leisure snack industry for comparison: It is not difficult to find that Weilong’s sales revenue is only higher than that of Yanjin Shop, and its operating revenue is less than 50% of the three squirrels. Because the company’s cost control is better, the sales expenses are the lowest, only 371 million, so the company’s gross profit and net profit margins Compared with the same industry, the net profit margin is as high as 19.9%. It can be seen that the company’s profitability is relatively good. Weilong’s business is indeed a very good business. Weilong’s most eye-catching factor is the return on equity (ROE), which is as high as 66.94%; The reason is that Weilong’s advantage is the relatively high degree of product concentration. The company’s product line is divided into three categories: the first category is seasoned noodle products, spicy noodles, including gluten, spicy sticks and chez-yaki, etc.; the second category is vegetable products. , Including instant snacks such as konjac cool and wind eat kelp; the third category is soy products and others. According to the prospectus, in 2020, the income of spicy strips will account for 65.3% of Weilong’s total income, and the income of vegetable products will account for 28.3%, and the product concentration is relatively high. This means that the company can control the cost of upstream raw materials for food. Judging from the hot strip process in the prospectus, its raw materials are mainly flour and soybean oil. These two products are bulk commodities and are affected by macro-control. There are no substitutes. Based on price fluctuations in recent years, they are basically stable. At the same time, according to the company’s cost situation: 2018-2020 raw material costs accounted for 31.3%, 29.8% and 27.8% of revenue, respectively. It can be inferred that the company’s raw material procurement costs are relatively stable and continuously optimized. In contrast, Liangpin Shop, Three Squirrels, and Yanjin Shop are less optimistic about cost control. The reason is that some of the products of these companies’ product lines are preserved meat, and pork is the main product, accounting for different proportions. They are 25.5%, 13.3%, and 27.7%. Pork has a pig cycle, and its price has fluctuated greatly in recent years. Therefore, cost control is more difficult. Roasted nuts are also the main products of these companies and the raw materials for nuts. Originating from planting or importing, there are more uncertain factors and longer cycles, which makes cost control more difficult, which will affect profitability to a certain extent. In contrast, Weilong’s products have a high degree of concentration. Standardization can be achieved from procurement, production, storage, and sales, and the cost is controllable, which is indeed superior. From the perspective of Weilong’s annual compound growth rate of 22% in revenue and 31% in profit, the company is in the growth stage. From the perspective of the competitive structure of the subdivided “seasoned noodle market”, the current market is relatively fragmented. Although Weilong’s market share is ranked first in 2020, it only accounts for 5.7%. Assuming that the market size of 60 billion seasoned pasta products in 2018 and the CAGR of 10% of the industry are calculated, it is optimistic that the market size will reach 80 billion in 2021. At the same time, based on Weilong’s 7% industry market share, Weilong’s business this year The revenue is expected to be around 5.6 billion, a year-on-year increase of 35.9%, which can still support the current valuation in the short term. However, the growth space of Weilong’s future industry will be constantly compressed by new entrants. And it is important that this market is difficult to unify, because the barriers to entry are low, and other manufacturers are also targeting Weilong’s track. Therefore, it is difficult for Weilong to build a long-term and effective moat, and the growth ceiling in the future is also quite limited. Relying on a single product may become Weilong’s “Achilles’ heel”. Even a world-class consumer leader like Coca-Cola can only be used as an anti-inflation asset allocation tool in the secondary market. The current valuation is relatively high and the performance ranks fourth, but the valuation of 60 billion is the sum of the market value of the top three. It is believed that investment institutions have given higher expectations for the future, so wait and see and pay attention to how Weilong will cash in on its performance after going public

Reporter | Hu Yingjun

The second bank’s wealth management subsidiary was approved during the year.
On June 21, the official website of China Banking and Insurance Regulatory Commission issued the “Approval for the Establishment of Hengfeng Wealth Management Co., Ltd.”, agreeing to Hengfeng Bank’s investment of 2 billion yuan to build Hengfeng Wealth Management Co., Ltd., and the required funds should be allocated from the capital. Hengfeng Bank shall handle the preparatory work in strict accordance with the requirements of relevant laws and regulations, and complete the preparatory work within 6 months from the date of approval. The preparation work accepts the supervision and guidance of the China Banking and Insurance Regulatory Commission. During the preparation period, no financial business activities are allowed. After the completion of the preparatory work, an application for opening business shall be submitted to the China Banking and Insurance Regulatory Commission in accordance with relevant regulations and procedures.
Hengfeng Wealth Management is the second bank financial management subsidiary approved after Bohai Wealth Management in 2021. This also means that among the 12 national joint-stock banks, 11 bank financial management subsidiaries have been approved.
According to Jiemian News reporter, Hengfeng Wealth Management is registered in Laoshan District, Qingdao. This is also the second bank wealth management subsidiary registered in Qingdao in addition to Everbright Wealth Management.
A relevant person from Evergrowing Bank stated that expanding retail is a major strategy that the bank has always adhered to. The closed-end wealth management products launched by the bank, such as the Great Profit series and the Zengxiang series of wealth management products, and the open-end wealth management products such as the Hengmeng wallet, the progressive T+1 gain-winning series, and the Hengxin series of net wealth management products, are both profitable. And liquidity, which can meet the wealth management needs of different types of customers, has always been popular in the market. The establishment of a wealth management subsidiary has been approved, which has opened up a broad space for Evergrowing Bank to expand its retail business and expand its asset management landscape. Hengfeng Wealth Management will be guided by the steady value-added of management assets, taking digital transformation as an opportunity, and agile services as a means, focusing on improving investment and research capabilities and risk control capabilities, resolutely returning to the business origin of asset management, and taking serving the real economy as the foundation and working hard to achieve Customers provide long-term stable returns.
Hengfeng Bank is one of 12 national joint-stock commercial banks, formerly known as Yantai Housing Savings Bank established in 1987. In 2003, approved by the People’s Bank of China, it was restructured into Evergrowing Bank Co., Ltd. In 2019, the market-oriented reform stock reform account was completed, and Central Huijin became the largest shareholder.
Hengfeng Bank is headquartered in Jinan, Shandong, and has 310 branches across the country. Financial data shows that as of the end of 2020, Hengfeng Bank’s total assets reached 1.1 trillion yuan, and its operating income was 21 billion yuan, a year-on-year increase of 53%. Net profit was 5.3 billion yuan, a year-on-year increase of 703%. The provision coverage ratio was 150.37%, an increase of 29.54% from the end of 2019. The non-performing loan ratio was 2.67%, a decrease of 0.71 percentage points from the end of 2019, achieving a decline for two consecutive years.
At the end of the reporting period, the scale of various wealth management products maintained by Hengfeng Bank was RMB 110.685 billion. Among them, the pressure on capital preservation and financial management dropped to zero

At that time, Red Bull China was already a leader in the functional beverage market, but the retail price of 6 yuan was relatively high. For many young consumers, the demand was not fully met. Lin Muqin saw the pain points in the market and hit the price tag. The market price of Dongpeng specialty beverages was only about 3 yuan. In 2012, as a model market for Dongpeng Special Drinks, Dongguan’s sales also exceeded the 100 million yuan mark, starting a national journey from then on. In terms of advertising, Lin Muqin once again learned from Red Bull. It just so happened that in 2013, Red Bull changed the slogan, “Drink Red Bull when tired and sleepy” was abandoned, and this advertisement that has been running for 8 years has already been deeply rooted in the hearts of the people. As a result, Dongpeng then issued the slogan “You must wake up and fight when you are young! Drink Dongpeng special drink when tired and sleepy”. At the same time, it signed Nicholas Tse as the brand spokesperson for Dongpeng special drink, officially with a younger brand image. Promote to the whole country. And Dongpeng Special Drink was once regarded as a “Red Bull imitator” because of its advertising slogan and packaging. Of course, Lin Muqin has also broken out his own advertising and marketing routines, such as bottle cap scanning, dust caps on bottles, and “Band-Aid” advertisements on video websites, all of which were pioneered by Dongpeng Special Drink. Lin Muqin said, “We are thinking about and studying the advertising cases of each brand in the video website every day, including the source of each advertising creative and the original intention of advertising, what kind of advertising format can resonate with consumers, and whether there are other more Good presentation method. Only by personally researching and analyzing in-depth can we dig out the truly effective forms of advertising and the truly valuable advertising content.” In 2018, Dongpeng Special Drink also replaced Red Bull as a sponsor of the Chinese Super League and increased its sports marketing efforts. In 2021, Dongpeng Special Drink will once again implant the brand in the movie “Chinatown Detective 3” to continue to seize the young consumer market. At present, Dongpeng Special Drink has become a brand second only to Red Bull in the market share of energy drinks. In 2020, the company achieved total operating income of 4.96 billion yuan, a year-on-year increase of 17.8%; net profit attributable to the parent company was 810 million yuan, a year-on-year increase of 42.3%. Among them, energy drink revenue accounted for 80.5%. Dongpeng Beverage has now formed production bases in Guangdong, Anhui, Guangxi and other major regions across the country, with more than 1,000 distributors and a sales network covering approximately 1.2 million terminal stores across the country. The rise of Dongpeng Special Drinks, in addition to the company’s own factors, is also inseparable from the boosting role of industry development. In recent years, people’s attention to food safety and health issues has led to a further increase in the market share of functional beverages. It is reported that from 2014 to 2019, the compound growth rate of energy drink sales will reach 15%, which is one of the fastest-growing sub-categories in beverages, which benefits well-known brands in the industry. Compared with the strong development of Dongpeng Special Drink, Red Bull’s development momentum in recent years does not seem to be very strong. Public information shows that in 2015 and before Red Bull’s market share in the field of functional beverages was as high as 80%, but it began to shrink in 2016, and it has fallen to 54.90% by 2020. After years of trademark disputes, Red Bull’s market share has gradually become a rising star. Cannibalize. Public information shows that my country’s energy drink industry has developed over the years. In addition to Red Bull and Dongpeng Special Drinks, many brands including Lehu, Physique Energy, Rejuvenation, and Qili have joined the competition. At the same time, with the rapid development of the industry, in recent years, large companies such as Uni-President, Amway and Yili have launched their own, which has intensified industry competition. However, many investors believe that Dongpeng Beverage has gradually distanced itself from the third and fourth largest competitors and established a brand moat. In addition, energy drinks still maintain a high growth rate of market demand, which has also led to the enthusiasm of Dongpeng Beverage’s share price. Today, with the listing of Dongpeng Beverages, Lin Muqin has become another rich man in the beverage industry. Data shows that Lin Muqin directly holds 49.74% of the company’s shares. Based on the total market value, he holds a stock market value of up to 45.7 billion yuan. In Lin Muqin’s view, the company’s listing is just another new starting point. Let us look forward to the future development of Dongpeng Special Drink

Business support Only a few corona aid accessed

Status: 06/17/2021 10:08 a.m.

The federal government had made available 150 billion euros for companies as corona aid in grant programs – according to the Ifo Institute, just 24 percent of this was accessed. Companies in Germany have so far called on much less Corona aid than planned by the federal government. “Only a fraction of the budgeted aid was paid out to the companies affected by the corona pandemic,” said Selina Schulze-Spüntrup, researcher at the Ifo Institute. “That also has to do with the fact that some of the eligibility requirements were formulated quite strictly to rule out abuse.” According to the information, the federal government provided 150 billion euros in grant programs. Of this, 24 percent have so far been accessed. For emergency aid from the federal government, 50 billion euros were estimated, according to Ifo, less than a third of it was used.

Bridging aids were also not exhausted

In the case of the subsequent bridging aid, too, the money paid out was well below the budgeted amount: According to economic researchers, it was 6 percent for bridging aid I, around 10 percent for bridging aid II, and a good 28 percent for bridging aid III.

56 percent of the available funds were paid out of the November aid, 33 percent of the December aid. The state-owned KfW Bank has so far pledged 46 billion euros from its special program.

Super-fast cellular network Europe is lagging behind in terms of 5G expansion

Status: 16.06.2021 11:11 a.m.

The expansion of the new generation of mobile communications is progressing. Half a billion people worldwide could use 5G this year. According to a study, there are mainly networks in Asia and North America ahead. In the race to expand the fifth generation of mobile communications (5G), Western Europe is in danger of being overtaken by North America, Northeast Asia and the Gulf States on the Arabian Peninsula. That is the result of a study by the Swedish network equipment manufacturer Ericsson. According to this, nine percent of all mobile phone contracts in Northeast Asia (including China and South Korea) had already been converted to 5G by the end of 2020. In Western Europe this value was only one percent. Globally, it is expected that 580 million people will already be using 5G networks by the end of 2021. Because of the corona pandemic, some frequency auctions in Europe have been postponed, Ericsson said in his “Mobility Report”. This has a short-term impact on the provision and coverage of 5G in the region.

06/08/2021

Early expansion in the Gulf States

Nevertheless, 4G technology will also be pushed back in Western Europe in the coming years, in favor of 5G. While 4G (LTE) is currently the dominant access technology and accounts for 78 percent of all contracts, Ericsson is forecasting a decline to 27 percent by the end of 2026. The 5G penetration will then reach around 69 percent. Older standards such as UMTS (3G) disappear almost completely . This would mean that 5G penetration in Western Europe would be lower than in North America, where it is forecast that by 2026 almost 84 percent of all mobile phone contracts could be based on the 5G standard. A share of 73 percent is expected in the Gulf States. In 2019, these countries were among the first in the world to introduce commercial 5G services. In Northeast Asia, on the other hand, only two thirds (65 percent) of all mobile phone contracts are expected to switch to 5G by 2026. In absolute numbers, Asia is forecast to have the largest number of 5G contracts (1.4 billion). The study expects 340 million 5G contracts for North America. In other regions of the world, including India and Latin America, current 4G technology will remain dominant in 2026. Overall, Ericsson expects the number of 5G cellular connections to grow to 3.5 billion by 2026 – almost 500 million of them in Europe.

background December 27, 2020

More wireless landline connections

5G technology is carried by smartphones, which already make up the majority of mobile data traffic. According to Ericsson, a good half – 53 percent – of mobile data traffic should run over 5G networks by 2026. The Swedish network equipment supplier also predicts that the number of wireless fixed network connections (FWA) will reach almost 180 million by the end of 2026. Up to this point in time, mobile communications will account for around 20 percent of global mobile network data traffic for your own four walls. The wireless fixed network connections via 4G or 5G compete with classic broadband connections such as DSL, cable internet or fiber optic connections. They are especially cheaper to provide on the “last mile” because you do not have to lay cables from the distribution box into the apartments or offices.

May 11th of the Lunar Calendar

NowadaysLookSummer graduation song at station B

My colleague said it was taken at his alma mater

I miss my student days

While envious of colleagues

So there are so many stars in the school

In the end, he said he was used to it

I have seen many stars come to school in the four years of university

Here are the other big news today

# Sichuan Bitcoin mining farm collectively cuts off power netizens: Nice job

(China Fund News) It is reported that due to policy reasons, China and even Sichuan, the world’s most important gathering place for Bitcoin mining machines, will usher in a large area of ​​mining machines. According to calculations, the shutdown load is about 8 million kilowatts. Following Inner Mongolia and Xinjiang, Sichuan, which is dominated by clean energy and hydropower, also failed to become the last bastion of Bitcoin mining in China.

A document “Notice of the Sichuan Provincial Development and Reform Commission and the Sichuan Provincial Energy Bureau on the Cleanup and Shutdown of Virtual Currency “Mining” Projects” shows that for virtual currency “mining”, relevant power companies in Sichuan need to do so on June 20. The screening, clean-up and shutdown work was completed a few days ago.

According to data from btc.com, the current average computing power of the entire Bitcoin network is 126.83 EH/s, which is nearly 36% lower than the historical high of 197.61 EH/s (May 13). At the same time, Bitcoin mining pools with Chinese backgrounds such as Huobi Pool, Binance, AntPool and Poolin have fallen sharply in their computing power. The decline in computing power in the past 24 hours has been 36.64%, 25.58%, 22.17%, and 8.05%, respectively.

:plus! Big! force! degree!

# The supply chain has received the design proposal of Huawei Mate 50, and the delivery time is to be determined

(House of IT) According to China Securities Journal, Huawei Supply Chain Company stated that they have received Huawei Mate 50 mobile phone design. “Huawei did not say that it will cancel the release, but the time for mass production and supply has not yet been determined.”

At present, Huawei officials have not yet officially responded to the above news. However, some Huawei coefficient code bloggers said that they will not be cancelled, but will be postponed, and will do their best to launch this year.

According to the period of Huawei’s previous release of new products, the P50 series of mobile phones should have been released in March, and the Mate 50 series should be launched in September this year and equipped with a new generation of Huawei’s self-developed chips.

: Tears again.

# Xiaomi’s three new screens broke the news: MIX4 is FHD+ Huaxing screen, and there will be direct screens next year

(House of IT ) Digital blogger @ 数码闲聊站 recently broke a lot of information about new under-screen cameras and new folding screens from various manufacturers. Although some did not clearly indicate that they are Xiaomi, I believe there are still some small partners who can see it.

Although the news is complicated, there are actually three products about Xiaomi. Digital blogger @ ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ release, Mi MIX4 and MIX FOLD will be released this year. , The latter supports 90/120Hz for both internal and external screens, while the third model is a direct-screen model with 1080p + 90Hz refresh rate and will be released next year.

Combined with the news of @数码闲聊站, the MIX FOLD under-screen version will be equipped with Qualcomm Snapdragon 888 chip, with 5000mah battery, and the rear main camera is still 108MP; while Xiaomi MIX4 will use the upgraded version of the Huaxing Optoelectronics under-screen solution shown last year , The hyperboloid AMOLED screen is expected to be around 6.67 inches, or it will support high refresh rates.

: There are so many people looking forward to MIX4.

# my country’s new crown vaccination has more than 1 billion doses, all regions continue to go all out to ensure vaccine supply

(CCTV )The National Health Commission announced today (June 20) that as of June 19, 31 provinces, autonomous regions, municipalities, and Xinjiang Production and Construction Corps had reported a total of 1.010.48 million doses of COVID-19 vaccine.

my country’s new crown vaccination has more than 1 billion doses, and all localities continue to make every effort to ensure the supply of vaccines, increase the organization and implementation of vaccination, and introduce a number of convenient measures to facilitate the people’s vaccination.

At present, all localities are taking effective measures to ensure the smooth progress of vaccination work.

: The second shot is over!

Produced | Sohu Finance

Author | Zhang Ying

On the evening of June 15, Suning.com issued a supplementary announcement on the freezing of shares, disclosing the reasons for the judicial freezing of 540 million shares of the company held by Zhang Jindong.

According to the announcement, Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan. Zhang Jindong and others provide guarantees for this trust loan. Recently, Huaneng Trust transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied for compulsory execution. Suning Real Estate has filed an enforcement objection to the Beijing Second Intermediate People’s Court, and the court has accepted the enforcement objection.

On the morning of June 15th, Suning.com issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings.

The supplementary announcement discloses that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

Huaneng Trust applied for an enforcement certificate to the notary office with the letter of commitment issued by Suning Real Estate on February 1, 2021 that it did not carry out the notarization that conferred enforcement effect and did not waive its litigation rights.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

The supplementary announcement stated that Huaneng Trust recently transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied to Beijing No. 2 Intermediate People’s Court for compulsory enforcement of notarized debt documents (Case No. (2021) Jing 02 No. 837 ), Beijing No. 2 Intermediate People’s Court ruled to freeze 540 million shares of the company held by Mr. Zhang Jindong.

Suning Real Estate believes that since the execution certificate on which the relevant notarized creditor’s rights document is enforced does not meet the requirements of the Supreme People’s Court on several issues concerning the enforcement of notarized creditor’s rights documents, it has filed an execution objection to the Beijing No. 2 Intermediate People’s Court, and Beijing No. 2 The Intermediate People’s Court accepted the aforementioned enforcement objection on June 11, 2021.

On June 9, Sohu Finance inquired from the China Enforcement Information Disclosure Network that Suning Appliance Group Co., Ltd. added a piece of information about the person subject to enforcement, case number (2021) Jing 02 Zhi No. 837, and the enforcement subject was over 3.082 billion yuan. The enforcement court was Beijing Second Intermediate People’s Court.

According to the China Enforcement Information Disclosure website, Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. are all persons subject to enforcement, and the time for filing the case is June 4. Suning Real Estate and Suning Appliance are actually controlled by Zhang Jindong, the founder of Suning.

According to an enterprise search, Yingming Yuansheng was established on November 12, 2015, with a registered capital of 100,000 yuan, 60% of which was funded by Guizhou Taijia Investment Management Co., Ltd., and 40% by Guizhou Chuangming Investment Management Co., Ltd..

It is worth noting that the registered addresses of Yingming Yuansheng, Guizhou Taijia and Guizhou Chuangming are all located in the administrative office building of the People’s Government of Guanshanhu District, Guiyang City, Guizhou Province. The Development and Reform Bureau of Guanshanhu District of Guiyang City indirectly holds Yingming Yuansheng 43.86% shares.

Since the beginning of this year, Suning.com has been “turbulent.”

On February 28, Zhang Jindong and his concerted actor Suning Holding Group and others planned to transfer 23% of Suning Tesco to Shenzhen International and Kunpeng Capital to introduce state-owned capital.

On the evening of June 2, Suning.com issued an announcement stating that Suning Appliance intends to transfer its 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) to the new retail fund. The total transfer price is 31.82. 100 million yuan.

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

Produced | Sohu Finance

Author | Zhang Ying

On the morning of June 15th, Suning.com issued an announcement stating that Suning Appliances passively reduced its holdings of 10 million shares on June 11, and it is expected that Suning Appliances may reduce its holdings of Suning.com by no more than 384 million shares in the next six months ( (Accounting for 4.12% of Suning Tesco’s total equity).

Since June, Suning Appliance has repeatedly reduced its holdings of Suning Tesco’s shares.

On June 2, Suning.com disclosed that Suning Appliance intends to transfer 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) held by Suning.com to the new retail fund, with a total transfer price of 3.182 billion yuan.

On June 10, Suning Appliance received a supervisory letter from the Shenzhen Stock Exchange. The regulatory letter pointed out that Suning Appliance reduced its holdings by a total of 19.50 million shares through centralized bidding, accounting for 0.21% of the total share capital of listed companies due to the default clauses of the agreement triggered by some stock pledge repurchase transactions. Suning Appliance did not announce the relevant shareholding reduction plan 15 trading days before the first occurrence of the shareholding reduction event.

In addition, on the morning of the 15th, Suning.com also issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings. .

A week ago, Suning Appliance Group Co., Ltd. added a piece of information about the person to be executed, case number (2021) Jing 02, No. 837, and the execution target was over 3.082 billion yuan. Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. Executor.

On February 28 this year, Zhang Jindong and his concerted person, Suning Holding Group, etc., planned to transfer 23% of Suning Tesco’s shares to Shenzhen International and Kunpeng Capital to introduce state-owned shareholders.

After the completion of the share transfer, the listed company will be in a state of no controlling shareholder and no actual controller.

This year, Suning.com has “continuous crises.”

The 2020 annual report previously disclosed by Suning.com showed that Suning.com’s 2020 operating income reached 252.296 billion yuan, a year-on-year decrease of 6.29%. In 2020, Suning.com’s net profit attributable to shareholders of listed companies was -4.275 billion yuan, a year-on-year decrease of 143.43% from 9.84 billion yuan in 2019. This was also the worst year for Suning.com since its listing.

Sohu Finance also learned that Suning Real Estate and Suning Appliance, which were executed this time, were also involved in a loan lawsuit with the leading real estate company Sunac.

Anhui Sunac Real Estate Co., Ltd. and Suning Real Estate, Suning Appliance, and Xuzhou Suning Real Estate related loan contract disputes will be heard on July 19, and Suning will be the defendant.

According to public reports, Suning Real Estate had previously cooperated with Suning Real Estate to develop real estate projects. During the development process, Suning Real Estate borrowed a sum of funds from Suning Real Estate, and Suning Real Estate failed to repay the arrears on time.

As of press time, Suning.com reported 5.65 yuan per share, down 9.02%.

Expelled from the party after more than two years of retirement

According to Liaoning Provincial Commission for Discipline InspectionAccording to the report, after investigation, Qi Yumin lost his ideals and beliefs. Ignore party discipline and state laws and oppose organizational censorshipViolating the spirit of the eight central regulations, accepting gift money that may affect the fair execution of official duties, arranging and using official vehicles in violation of regulations; violating the rules of procedure and violating regulations to determine major issues, concealing personal matters, and failing to truthfully explain the issues when organizing letter inquiries. Use power to seek benefits for others in the selection and appointment of cadres;Borrow money from management and service targets, run business in violation of regulations, get paid for part-time jobs in violation of regulations, and engage in money-and-color transactions; Dereliction of duty and responsibility for the false reporting of profit issues of Brilliance Group; dereliction of control and education of spouses and children; use of the convenience of the position to seek benefits for others and request and illegally accept property;Use the convenience of the position to embezzle public funds to others for profit-making activities; Abuse of power has caused serious losses to state-owned companies and caused heavy losses to national interests.

Qi Yumin seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, constituted a violation of the law and was suspected of crimes of bribery, embezzlement of public funds, and abuse of power by state-owned company personnel. They still do not converge or close their hands after the university, their nature is bad, and the circumstances are serious. They should be dealt with seriously. In accordance with the “Chinese Communist Party Disciplinary Sanctions Regulations”, “The Supervision Law of the People’s Republic of China”, “The Law of the People’s Republic of China on Governmental Sanctions of Public Officials” and other relevant regulations, the Provincial Disciplinary Committee Standing Committee meeting researched and reported to the Provincial Party Committee for approval, and decided to give Qi Yumin expelled from the party; Cancel the treatment they enjoy in accordance with the regulations; collect their income from violations of discipline and law; transfer their suspected crimes to the procuratorial organ for review and prosecution in accordance with the law, and transfer the property involved together.

On December 4 last year, the Central Commission for Discipline Inspection and the State Supervision Commission issued a notice stating that according to the Liaoning Provincial Commission for Discipline Inspection, the former party secretary and chairman of Brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as “Brilliance Group”) Qi Yumin was suspected of serious violations of discipline and law. , Is currently undergoing disciplinary review and supervision and investigation.

According to the official resume, Qi Yumin was born in January 1959. After graduating from Shaanxi Institute of Mechanical Engineering in 1982, he joined Dalian Heavy Machinery Factory and served as deputy director and director of the Economic Planning Department. In 1995, he served as the deputy director of Dazhong Group Corporation. Manager, served as general manager of Dazhong Group Corporation in 1998.

In 2000, Qi Yumin served as chairman and general manager of Dalian Heavy Industry Group Co., Ltd., and the following year as chairman and general manager of Dalian Heavy Industry Lifting Group Co., Ltd. In 2004, Qi Yumin served as the deputy mayor of Dalian.

At the end of December 2005, Qi Yumin was transferred to Brilliance Group as the party secretary and chairman of the board. Many years later, Qi Yumin said frankly in an interview with the media, “It was sudden, very tragic, ignorant and helpless to get the transfer order.” It is reported that the Brilliance Group at the time was still in the aftershocks of the Yangrong incident. The middle-level lost dealers fled and suffered serious losses. Qi Yumin, who arrived at that time, was once regarded as the “fire-fighting captain.”

Qi Yumin (Image source: Visual China)

After that, Qi Yumin cashed out on the capital market through Brilliance’s capital operation team, realizing the supplement to Brilliance’s capital. According to the Securities Daily, Qi Yumin clearly stated in an exclusive interview at the company’s 10th anniversary meeting: “Brilliance Auto’s development over the years has mostly relied on its own financing. Therefore, the financing capabilities of the capital market and Brilliance’s capital The multi-channel financing of development by the market is the key support for the development of independent brands.”

Qi Yumin also allowed Brilliance to obtain technical support through cooperation with BMW.

The industry generally believes that in the ten years of cooperation with BMW, Brilliance can not only lie down and make money, but also actually taste the sweetness of “using the market for technology”.However, Brilliance, whose development capability is too weak, has been unable to digest BMW’s technology, and its sales in its independent sector have also been declining, and its market share has been shrinking..

According to the Beijing News, in 2015, Brilliance Zhonghua’s small SUV Zhonghua V3 was officially launched. At that time, Qi Yumin set a goal: China V3 will be a pattern changer in China’s small SUV market;He repeatedly stated, “Before I retire, I must make Brilliance into the Fortune 500.”However, China V3 did not realize Qi Yumin’s sustenance. In 2017 and 2018, the sales of China V3 declined year after year, with annual sales of 36,000 and 12,500, respectively, down 52% and 65.27% year-on-year..

Finally, on October 11, 2018, at the 15th anniversary celebration of BMW Brilliance, Brilliance Group and BMW Group jointly announced that Brilliance Group intends to sell 25% of the shares in BMW Brilliance to BMW Group by 2022, the transaction price is RMB 29 billion yuan,BMW Brilliance will become the first vehicle joint venture company controlled by a foreign party. This has caused Qi Yumin to suffer from public controversy.

Qi Yumin later revealed when he was a guest on CCTV that the prerequisite for BMW’s negotiations at the time was a 75% share ratio, and everything could be discussed, but the share ratio could not be discussed. As a result, Brilliance had to negotiate two agreements with the other party: First, to make the pie of the joint venture bigger, at least to double it, “otherwise it would be meaningless to liberalize the equity ratio.” In addition, the shareholders of both parties have to obtain greater economic benefits,”Three and a half years later, Brilliance has changed from 50 to 25, but the benefits of 25 must be greater than the current 50.”.

On April 1, 2019, when he retired from Brilliance Group, Qi Yumin said with emotion, “The past was cleared, love and hate are at will, I hope Brilliance will always be well”. But now, Qi Yumin and Brilliance are both running counter to the vision.

Brilliance Group went bankrupt and reorganized last year

According to the official website of Brilliance Group, the company has 4 listed companies (Brilliance China Automotive Holdings Co., Ltd., Shanghai Shenhua Holdings Co., Ltd., Jinbei Automobile Co., Ltd., and Xinchen China Power Holdings Co., Ltd.), and more than 160 wholly-owned, holding and shareholding companies the company. There are 47,000 employees,Total assets exceed 190 billion yuan.

Last year, Brilliance had many operating problems. Since July last year,Brilliance Group was caught in a debt turmoil, was exposed to 100 billion yuan in debt, and many equity shares were frozen. In August, Dagong International and Oriental Jincheng successively included Brilliance Group and its multiple bonds on the rating watch list. In September, both Orient Jincheng and Dagong International downgraded Brilliance Group’s main credit rating, among which Dongfang Jincheng downgraded to AA+ and Dagong International directly downgraded it to AA. On October 16, Oriental Jincheng once again downgraded Brilliance Group’s main credit rating to AA-. On October 21, Dagong International downgraded the main credit rating of Brilliance Group to A+.

On November 16 of that year, Brilliance Group disclosed thatThe company has constituted a total debt default amount of 6.5 billion yuan and overdue interest amount of 144 million yuan. Due to the shortage of corporate funds, the renewal credit approval has not been completed, resulting in failure to repay. Then on November 20, the Shenyang Intermediate People’s Court ruled to accept the creditor personality Zhizhi Automobile Technology Co., Ltd.’s application for reorganization of Brilliance Group.Brilliance Group officially entered the bankruptcy reorganization process.

The court’s ruling stated that the assets of Brilliance Group were insufficient to pay off all its debts, and that it had bankruptcy reasons stipulated in the Corporate Bankruptcy Law. But at the same time, the group has the value and possibility of salvation, and the necessity and feasibility of reorganization.

For driving to this position, according to the relevant person in charge of the Liaoning Provincial SASAC,Brilliance Group’s long-term poor operation and management, its own brands have been in a state of loss, and the debt ratio remains high. Since 2018, the Liaoning Provincial Government and relevant departments have been working hard to help Brilliance Group solve its cash flow problems, but its debt problems have been accumulated. This year, affected by the new crown pneumonia epidemic, the operating conditions of Brilliance Group’s own brands have further deteriorated, and long-term accumulated debt problems have erupted. According to the semi-annual report of Brilliance Group this year, the total liabilities at the group level are 52.376 billion yuan, the debt-to-asset ratio exceeds 110%, and the financing capacity is lost. In order to solve the debt problem, the relevant parties established the Brilliance Group Bank Debt Committee to seek debt reconciliation, but failed.

On the day that Brilliance Group officially entered the bankruptcy and reorganization process, the China Securities Regulatory Commission stated,Special inspections have been carried out on Brilliance Automobile Group in accordance with the law, the administrative supervision measures of issuing warning letters have been taken against Brilliance Group, and it has been decided to file an investigation for suspected violations of information disclosure., Conduct simultaneous inspections of intermediaries involved in the Brilliance Group’s bonds, and strictly investigate and deal with violations of laws and regulations.

Edit| Sun Zhicheng Xiao Yong

Proofreading| Lu Xiangyong

Daily Economic News Comprehensive public information, CCTV news, Beijing News, Securities Daily, etc.

Produced | Sohu Finance

Author | Tianlun Chen

A few days ago, WuXi AppTec, the leader of CRO, broke a big thunder, and its shareholders illegally reduced their holdings to cash out by nearly 3 billion, which aroused public outrage among shareholders.

On the evening of June 11, WuXi AppTec issued an announcement regarding shareholders’ violation of their commitments to reduce their shareholding in the company and an apology through the company. From May 14th to June 8th this year, the company’s shareholder Shanghai Yingyi Investment Center (hereinafter referred to as “Shanghai Yingyi”) reduced its holdings by approximately 17,249,700 shares, accounting for 0.6962% of the company’s total share capital. The price range for the reduction is From 143.49 yuan/share to 176.88 yuan/share, the total amount of reduction is 2.894 billion yuan.

After the reduction, as of the announcement date, Shanghai Yingyi only held 4,174,600 shares of WuXi AppTec, accounting for approximately 0.1419% of the total share capital.

Since May 10 this year, WuXi AppTec’s stock price has continued to rise, from 140.31 yuan/share (without restoring rights) to 180.99 yuan/share (without restoring rights), an increase of nearly 30%. The reduction of Shanghai Yingyi happened during the period when the stock price soared.

Before the implementation of this reduction, as a delegated voter, Shanghai Yingyi did not notify WuXi AppTec in advance, nor did it disclose relevant procedures such as the announcement of the implementation of the reduction plan through the company 15 trading days in advance.

WuXi AppTec said that after the company obtained the latest shareholder register sent by China Securities Depository and Clearing Co., Ltd. on June 8 due to the implementation of the 2020 equity distribution, it noticed the change in the number of shares held by Shanghai Yingyi and immediately approved the issue. Check with Shanghai Yingyi by letter and telephone inquiry and remind the relevant rules and the commitments it has made.

The feedback given by Shanghai Yingyi was that before the reduction, Shanghai Yingyi’s shareholding accounted for 0.8381% of the company’s total share capital, which was less than 1% of the total share capital. When the A-shares were listed, the commitment to reduce the shareholding of the company was made, and relevant regulations of the China Securities Regulatory Commission should be applied, which led to this violation of the commitment to reduce the shareholding. At present, the share reduction has been stopped, and I sincerely apologize for the impact on the company and all shareholders of the company due to the violation of the commitment.

WuXi AppTec’s prospectus shows that, as shareholders of the company, companies such as Shanghai Yingyi have made promises regarding the lock-up and reduction of the company’s shares:

“If the company reduces its holdings of the company’s shares issued before the company’s initial public offering, if the company uses a centralized bidding transaction method, it will disclose its shareholding reduction plan in advance 15 trading days before the first shareholding reduction, and reduce its holdings by other means. The company’s stocks will be announced three trading days in advance. The company is willing to bear the legal liabilities arising from the violation of the above-mentioned commitments. In the event of a situation that requires compensation to investors, the company shall bear the full liability for compensation.”

Public information shows that the executive partner of Shanghai Yingyi is Jiangsu Ruilian Investment, and its legal representative, Chen Zhijie, was the head of the M&A business and investment banking department of Huatai United Securities. Such professionals are not familiar with market rules, and this apology is naturally unacceptable to investors.

Attorney Zhang Yuanzhong, director of Beijing Wentian Law Firm, said that Shanghai Yingyi’s approach has clearly violated the provisions of Article 8 of the “Regulations on Share Reduction of Shareholders of Listed Companies, Directors, Supervisors, and Senior Executives” on the disclosure of information on reductions: “Listing The company’s major shareholders, directors, supervisors, and senior executives plan to reduce their shareholdings through a centralized bidding transaction on the stock exchange, and they shall report to the stock exchange 15 trading days before the first sale and disclose the share reduction plan in advance, and the stock exchange shall put it on record.”

Regarding this incident, Zhang Yuanzhong stated that relevant provisions of Article 197 of the Securities Law should be applied to impose fines and warnings. Since it is the shareholder’s own behavior to reduce shares in violation of regulations, listed companies do not need to bear the responsibility.

Article 197 of the “Securities Law” stipulates that if the information disclosure obligor fails to submit the relevant report or fulfill the information disclosure obligation in accordance with the provisions of this law, it shall be ordered to make corrections, be given a warning, and impose a penalty of more than 500,000 yuan and 5 million yuan. The following fines; the directly responsible persons in charge and other directly responsible persons shall be warned and imposed a fine of not less than 200,000 yuan but not more than 2 million yuan.

But in fact, incidents of illegal shareholding reduction are not uncommon. There are many reasons for violations, and the ultimate punishment is mostly thunder and rain.

In February of this year, Marumi’s third largest shareholder and largest tradable shareholder, L Capital Guangzhou Beauty Ltd., reduced its holdings by 260,000 shares in violation of regulations. The reason was that its staff changes were not handed over in time before and after the Spring Festival, and it was mistaken that it was still in the implementation period of the reduction plan. .

In early June, the incident had a result, and shareholders who violated the regulations received only one warning letter.

Attorney Zhang Yuanzhong said that the increasing number of shareholders’ illegal shareholding reductions is due to insufficient law enforcement, which is difficult to achieve from the perspective of prevention. The key is that follow-up punishments must be implemented in order to truly play the role of “killing chickens and monkeys.”

It is worth mentioning that at the same time that Shanghai Yingyi’s illegal shareholding reduction incident was announced, WuXi AppTec’s report on changes in equity disclosed that 22 companies including actual controllers, persons acting in concert, and delegated voting parties were involved as information disclosures. Obligors still have plans to reduce their holdings of WuXi AppTec’s shares in the next 12 months. They will reduce their holdings of WuXi AppTec’s shares according to market conditions and perform relevant information disclosure obligations; and they will not increase their holdings in the next 12 months. Mingkangde shares plan.

The announcement showed that after Shanghai Yingyi reduced its holdings, WuXi AppTec’s actual controllers Li Ge, Zhao Ning, Zhang Chaohui, and Liu Xiaozhong collectively controlled 25.16% of WuXi AppTec’s voting rights through these 22 institutions.

As of midday’s close, WuXi AppTec’s stock price fell 1.37% to close at 144.02 yuan, with a total market value of 423.5 billion yuan.

The appearance of the “mysterious man” once again brought Gree Electric into the eyes of investors.

After Gree Electric announced on the evening of May 26 to buy back shares for 7.5 billion to 15 billion yuan, on June 2, 8 and 10, there were mysterious buyers through Beijing Gaohua Securities’ Beijing Financial Street Securities business. The Ministry bought 4.16 billion shares of Gree Electric Appliances. Who on earth is sweeping goods so fiercely? How will this affect Gree’s stock price?

The mysterious man bought 4.16 billion in three days

Inquiry of Gree Electric’s bulk transaction records found that on June 2, June 8, and June 10, Gree Electric discovered several large-scale transactions. Moreover, the sellers are all institutional seats, and the buyers are all from a sales department. Such a large transaction comes from the same business department, and the market speculates that the buyer is likely to be the same person or organization.

Specifically, on June 2, Beijing Gaohua Securities Beijing Financial Street Securities Business Department bought 2.73 million shares, amounting to about 153 million yuan, and the transaction price was 56.05 yuan; on June 8, the business department bought 21.435 million shares , The amount was about 1.184 billion yuan, and the transaction price was 55.23 yuan; on June 10, the business department bought 51.242 million shares again, the amount was about 2.819 billion yuan, and the transaction price was 55.01 yuan. In other words, the securities business department of Beijing Gaohua Securities Beijing Financial Street bought nearly 4.16 billion yuan in total during these three days.

Judging from these three transactions, the size of single-day purchases has increased rapidly. From the initial 153 million yuan to the final more than 2.8 billion yuan.

Gree Electric’s stock price has fallen almost continuously recently. In the last 12 trading days, except for 3 days where it closed at a flat price, all the other 9 trading days fell.

Judging from the transaction amount of 4.16 billion yuan, it is likely that it has also set a record for Gree Electric’s large transaction amount. Judging from the record of block transactions since 2014 that the exchange can query, this transaction amount is the highest.

Who is buying?

The timing of this large transaction also happened just after Gree Electric announced the repurchase. On the evening of May 26, Gree Electric announced that it plans to repurchase shares at a price of 7.5 billion to 15 billion yuan, and the repurchase price will not exceed 70 yuan per share.

On the evening of May 31, Gree also announced the progress of the repurchase. As of May 31, 2021, the company’s third phase of the repurchase plan has repurchased 490,700 shares through centralized bidding, with the highest transaction price of 56.11 yuan/ The lowest transaction price is 55.89 yuan/share, and the total payment amount is 27.458 million yuan (excluding transaction costs).

So who is buying this big deal? Judging from the current information, there is a lot of speculation in the market. For example, some investors said that this buying method is very similar to Feng Liu’s style; some investors believe that it may be Fang Fenglei behind Hopu Capital who is optimistic about Gree Electric Appliances and continues to deploy.

According to the data, in Gree Electric’s announcement of a 15% equity transfer of more than 40 billion yuan in 2019, the largest bidders include Zhuhai Mingjun Partnership (Limited Partnership) and Gewuhoude Equity Investment (Zhuhai) Partnership A consortium formed by a company (limited partnership) and GENESIS FINANCIAL IVESTMENT COMOPANY LIMITED. Behind Zhuhai Mingjun is Hillhouse’s Zhang Lei, and behind Gewuhoude’s equity investment is Fang Fenglei of Hopu Investment.

In the end Zhang Lei won the competition. According to Gree Electric’s announcement in December 2019, it was finally agreed that Zhuhai Mingjun would acquire 15% of Gree’s total equity held by Gree Group at a price of 46.17 yuan per share, with a total transfer price of 41.662 billion yuan.

Since the block trade since June 2 was carried out through the Beijing Sales Department of Beijing Gaohua Securities, according to the information from Tianyan, Fang Fenglei is both the founder of Hopu Investment and the chairman of Beijing Gaohua Securities Co., Ltd. Therefore, some investors think that it may be that the company behind Fang Fenglei is buying through the Gaohua Securities business department because it continues to be optimistic about Gree Electric.

Equity structure chart of Beijing Gaohua Securities Co., Ltd. (Source: Tianyancha)

How will Gree Electric’s share price go?

Since 2019, Gree Electric’s stock price has fallen into a stalemate, and the stock price has continued to fluctuate widely at high levels. When many white horse stocks are advancing, Gree seems to have fallen behind. Especially compared with Midea Group, Gree’s share price performance is significantly weaker.

Will the mysterious buyer’s massive purchase of Gree Electric Appliances stimulate the stock price to rise? Although the buyer is very mysterious, and it is still possible to continue to buy Gree Electric. But after all, it is a large-scale transaction, and it is difficult to affect the secondary market stock price. In addition, the sellers of large transactions are also institutions.

In addition, Gree Electric recently launched a large-scale repurchase, but the secondary market has not responded much to this. After the repurchase announcement was issued on May 26, Gree Electric’s share price showed a trend of opening higher and lower prices on May 27. Since then, it has fallen continuously. In 12 trading days, it has fallen from the highest of 59.27 yuan to 54.35 yuan, a cumulative drop of 8%. .

Why is Gree Electric’s repurchase difficult to support the stock price? Some investors believe that the weakening of share repurchase support for stock prices is related to market conditions on the one hand. On the other hand, it is also related to the nature of share repurchases.

Since white horse stocks like Gree Electric have experienced years of rising, they are currently in the stage of valuation digestion, and even repurchases are difficult to drive stock prices. For example, Midea Group is also a frequent visitor to share repurchases, but its impact on stock prices is also limited.

In addition, most of the share repurchases of listed companies are for the purpose of employee stock ownership or equity incentives. Employee shares and equity incentive shares will eventually be sold on the market, and after repurchase, they will only be locked in a short period of time. It will neither affect the size of the total equity, nor increase its performance. Therefore, the share repurchase used for employee stock ownership plans and equity incentives has only a short-term stimulus effect on the shares.

However, there are still institutions optimistic about Gree Electric. The latest research report of Dongguan Securities believes that the company’s large-scale repurchase and employee stock ownership plan will protect the company’s performance. The shares obtained from the repurchase will be used to implement the company’s equity incentives or employee stock ownership plans to further improve the company’s governance structure and build a long-term incentive and restraint mechanism for the management team’s shareholding. The previous 2020 annual report showed that in order to stimulate the enthusiasm and creativity of employees and retain core talents, the company will implement the employee stock ownership plan in 2021 to achieve the binding of employee interests and company interests.

Caixin Securities believes that in the short term, Gree Electric has a single business structure, slow diversification, and short-term performance pressure. However, in the long run, the company will continue to sort out its internal governance structure, actively carry out channel reforms, and accelerate diversified layout. The future development can be expected after the successful implementation of reforms. Comprehensive considerations, the company’s current valuation is attractive, short-term reform implementation and equity incentive catalysis, optimistic about the company’s development potential, give the company 14-16 times PE valuation in 2021, corresponding to a reasonable range of 62.10-70.38 yuan.

In terms of operation, since the beginning of this year, the price increase of raw materials has also brought a lot of impact on the performance of the home appliance industry. In the first quarter of this year, Gree Electric’s gross profit margin was 24.43%, while last year’s gross profit margin was 26.14%; Midea Group’s gross profit margin was 23% in the first quarter and 25.11% last year. The two white power giants Both experienced a decline in gross profit margin of about 2%.

A home appliance dealer told reporters that compared with several major home appliance giants, smaller home appliance companies do not have much brand premium capabilities, and their gross profit margins are relatively meagre. They are more passive in this turbulent wave of raw material price increases. Home appliance industry analyst Hong Shibin also believes that generally for head appliance companies, price increases have little effect on performance. In addition, leading companies can relieve pressure through the advantages of large-scale procurement.

In addition, the upcoming Gree Electric Shareholders’ General Meeting has also attracted much attention. Gree Electric will hold its 2020 Annual General Meeting of Shareholders at 15:00 on June 30. In order to strictly prevent the spread of the novel coronavirus pneumonia epidemic and ensure the safety of participants, the company encourages shareholders to participate in this general meeting of shareholders through online voting.

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The new Google Workspace service will reach more than 3 billion users. Photo: Google Google Workspace is essentially a new version of the previous G-Suite, it will be available to everyone including those using a free Google account. This change will enable deeper collaboration between users using services such as gmail, calendar, drive, documents, sheets, slides, meetings or chat. Not all, but many users will soon get Google’s modern look and feel for services. All of them can be integrated in one tab to help users more convenient in operations. Google will separate the workspace into a top-level form of communication alongside Gmail, chat, and meetups. Google is focusing on some new features such as improved message flow, more emojis, user roles, moderation tools. Google WorkSpace allows users to carry their own encryption keys instead of managing the user’s own code. Photo: Google Users will receive many interface changes. The left sidebar will look like the bottom bar of Gmail on iOS and Android today. The right side will continue to provide various shortcuts for other features like Calendar, Tasks, and Keep. On the security front, Google announced a partnership with providers Flowcrypt, Futurex, Thales, and Virtru to allow users to carry their own encryption keys instead of managing their own. Vice President and GM, Google Workspace, Javier Soltero, said Googe’s focus is on giving consumer workers, teachers and students an equitable approach to collaboration, while still providing flexibility. Enables small groups of different users to take their own approach to communication and collaboration. Sure, Google will charge for its new service, but it’s unclear how much users will pay. With the new interface, users will have access to premium features, including smart booking services, professional video meetings and personalized email marketing. Some markets will be available in the near future and implemented by Google such as: US, Canada, Mexico, Australia, Brazil and Japan.

The 8X boss of the ‘$22 billion company’ will answer questions via an online channel The content of the email, this 8X character (also known as Marin) stated: “In the past time, our corporation has registered a business with charter capital of 500,000 billion. This has caused a stir in public opinion and has caused a lot of problems. People who ask questions and raise many questions about our corporation To clarify all doubts I am Nguyen Vu Quoc Anh, currently the Chairman and CEO of GAB group, will officially open a press conference to answer questions. questions about the registration of Charter Capital 500 trillion and a brief introduction about GAB Group”. The press conference will be held tomorrow Tuesday, June 15, 2021 online via its own Youtube channel. According to Article 41 of the Press Law, Vietnamese agencies, organizations and citizens have the right to hold press conferences to announce, declare, explain and respond to contents related to their tasks, powers or interests. of that agency, organization or individual. Regarding the regulations on press conferences according to Article 19, Chapter V, Decree No. 51/2002/ND-CP of the Government, organizations and citizens who want to hold a press conference must notify in writing at the latest twenty-four (24) hours before the press conference, the state management agency in charge of the press, specifically organizations and citizens in the provinces and centrally run cities, shall notify the People’s Committee of the province or city directly under the Central Government. (Department of Information and Communication). Talking over the phone, Quoc Anh acknowledged that this was not a press conference, because he had not asked for permission from the Department of Information and Communications, so this was an online form to answer questions from the community about the company’s huge capital. As VietnamFinance has information, in 1 month, Nguyen Vu Quoc Anh personally established 5 companies at the same time. Specifically, Mr. Nguyen Vu Quoc Anh held the controlling share when, along with other shareholders, on May 20, he registered a new establishment with a charter capital of up to VND 500,000 billion for the Technology Investment Group Joint Stock Company. global auto. Also on May 20, they registered to establish a joint stock company of a global auto trading group with a capital of VND 25,000 billion and a joint stock company of Global Automated Tools Group with a capital of VND 100 billion. On May 28, Mr. Quoc Anh continued to register to establish a global luxury gift group Joint Stock Company, with a charter capital of VND 50 billion. Previously, on April 27, Mr. Quoc Anh established E-Commerce Headhunter Vietnam Co., Ltd., with a charter capital of 1 billion VND. The total charter capital of these 5 companies is VND 523,151 billion, of which Quoc Anh personally accounted for a total capital of 523,102 billion (equivalent to USD 22.7 billion). The registered address of the company is a level 4 house at 109, street 3, Phuoc Binh ward, TP. Thu Duc, City. HCM. In addition, the sales offices of large companies are located in Bitexco Financial Tower and Landmark 81. Although located in two different places, the leased floors are operated by Compass Offices, a service provider. virtual office and serviced office for rent. According to the homepage of Compass Offices, the rental price of virtual offices at Bitexco Financial Tower and Landmark 81 is only VND 1,200,000/month, including services such as providing business registration addresses, mailboxes, and call centers. customer care… Compass Offices currently provides virtual and serviced office rentals in 9 major cities across Asia-Pacific. In the city. In Ho Chi Minh City, the company has 2 branches at Bitexco Financial Tower and Landmark 81. Virtual office leasing is a service that provides businesses with a physical address and other office facilities, but does not include an office. With a virtual office, the business does not have a workspace but still has a registered business address, mailbox, answering service or other services.

According to Hai Nam, he had his own house quite early. At the age of 30, Hai Nam decided to give himself a penthouse apartment with a classy and luxurious space. Penthouse apartment Nam gave himself before the age of 30. The first floor is used as a living room and common spaces. The penthouse is located in an urban area for the rich. The initial price he received raw handover from the investor was about 14 billion VND. After that, he boldly spent 6 billion to renovate the apartment in accordance with his preferences, usage needs and aesthetic taste. Large living room with large sofa set. After nearly half a year of focusing on repairing, he officially moved in. He revealed, this is the 3rd apartment he owns. “The apartment near 30 is also much different from the house at 20 or 25, still young and modern, but much more “quiet”. As “older”, I prefer to stay at home rather than go to crowded places. So the criterion is that the house must be big enough to have space for the whole family to gather and gather with close friends,” Hai Nam shared. The first floor hangs a large portrait of the owner and displays the Bearbrick array on the TV cabinet. The total area of ​​the apartment including the first and second floors is 220m2. The first floor is designed as an open space, as a common living place. The living room is spacious with a large and long sofa for guests to comfortably sit and chat with the owner, enjoy music, sip a glass of wine, watch the city view when the lights are on. When gathering to watch a movie, everyone can lie down comfortably. Kitchen with dining table enough for 12 people to gather cozy on special occasions. Although not good at cooking, the owner likes the kitchen area. For him, the kitchen is the place to keep the fire for the whole house, when the kitchen is warm, the house is happy. He buys a full range of dishes to eat both European and Asian dishes when gathering with family and friends. Next to the common living space is an office with a sofa to rest and read. The owner spends the entire 2nd floor as a private place including the master bedroom, dressing room, extra bedroom for parents to sleep over and a worship room. In particular, in this apartment, Hainan displays a large Bearbrick collection. Bearbrick is a famous toy among the rich in the world, priced from several tens of millions to several hundred million. Even, many products are up to billions of Vietnamese dong. The owner of the apartment and 2 friends Bearbrick expensive metal. This toy was originally created as a gift for guests at the Character Convention 12 conference in Tokyo, Japan. After that, the toy received a lot of promotion from famous stars, so it became an icon in the world of toy collectors. As a result, Bearbrick is produced in many versions with different designs, themes, sizes, materials including synthetic resin, metal, wood, luminous plastic … All Bearbrick models are produced and released in limited quantities. Another sofa on the first floor, located next to the stairs. Wooden stairs, transparent glass handrail. Below is a reflector and a giant Bearbrick. Large sofas serve homeowners when sipping wine and watching movies. Working room with glass door frame has a panoramic view. Ceiling 4-season air conditioning system. There is also a medium-sized Bearbrick on display. The first floor bathroom is installed separately for dry and wet areas. The dry area has 2 washbasins with gold-plated faucets, 5-star standard. Hall leading to the 2nd floor. In the center of the lobby is a piano. A moment to find a little silence in the day of a young businessman. Changing room, displaying collections of brands and accessories. In the master bedroom, the owner does not place a TV, but designs a projector to be controlled via an app on a smartphone. Every time you watch, just turn on the machine, project it on the wall, add some snacks, and it becomes a mini cinema. Extra bedroom. Bathroom in master bedroom. Separate, spacious worship area.

Many criminals have focused on these groups who do not have a deep understanding of cryptocurrencies and launched various scams. Recently, South Korea has seen one of the largest cryptocurrency fraud cases.

According to CCTV Finance Channel, South Korean police recently disclosed that At least 70,000 people have been defrauded for a total of about 3.85 trillion won, or about 22.1 billion yuan, which is more than twice the total accumulated losses of cryptocurrency crimes in South Korea in the past four years, making it the largest cryptocurrency fraud case in South Korea in recent years.

Under the guise of cryptocurrency investment, this exchange has used short-term high yields such as 300% as bait from August last year to defraud investors of funds and use newcomers’ funds to pay for the return on investment of old users, which is typical Ponzi scheme.

Most of the deceived people are elderly people who are drawn into the game by acquaintances and who don’t know much about cryptocurrencies. They invested in retirement funds and even mortgaged their real estate. Some elderly people attracted a family of 12 people and invested more than 570 yuan Ten thousand yuan, there are still people who still believe that they can make money back, and are unwilling to report the crime to the police.

There are more and more hot scams in the cryptocurrency market

In addition, the domestic police have also detected multiple cases of cryptocurrency fraud recently. Among them, a man in Suzhou was a virtual currency investment enthusiast. He strayed into the virtual currency investment scam and joined a WeChat group of “professionals” with only 210,000 yuan. There is 2,000 yuan left and cannot be withdrawn yet.

According to the police, the reason for the high success rate of this kind of investment fraud is that, on the one hand, the fraud gangs target people with investment needs; on the other hand, the scam gangs have also spent a lot of energy and impersonating investors in the micro-group. Sending fake screenshots of making money in the website to set off the atmosphere and let the victims gradually relax their vigilance.

Source: Fast Technology

Source: Visual China

Reporter丨Chen Jing

The sensational Everbright Securities MPS incident has the latest developments.

On June 11, Everbright Securities issued an announcement to disclose the MPS matters and follow-up situation of the wholly-owned subsidiary Everbright Capital.

The announcement shows that JINXINNC. (Cayman Baptist), the subject of overseas project transactions of Shanghai Baptist Fund, filed fraudulent false statements and breach of tax commitments with individuals and institutions such as RICCARDO SILVA ANDREA RADRZZANI, the original seller shareholder of MPS, in the High Court of England and Wales. The litigation claims that the amount involved is approximately US$661 million (approximately RMB 4.2 billion).

Everbright Securities said that the company’s business operations are currently normal.

Originating from MPS, China Merchants Bank and Huarui Bank invested 3.2 billion in total

What is the MPS project? How did Everbright Securities step on the thunder?

The matter dates back to four years ago. This series of disputes are all related to the “Storm” of the British sports copyright company MP&Silva (the “MPS” project) acquired by Baptist Fund, the executive partner of Everbright Baptist in 2016.

Everbright Baptist, a subsidiary of Everbright Capital, serves as the executive partner of Baptist Fund.

In 2016, Everbright Baptist and Baofeng Investment and Shanghai Qunchang launched the Baptist Fund with a fund size of 10 billion and a total maturity of 5 years. According to Tianyan Check, Baptist Fund has a total of 14 investors, of which China Merchants Wealth holds 53.82%, and Everbright Capital holds 1.15%. The executive partners of Baptist Fund are Shanghai Qunchang Financial Services Co., Ltd. and Everbright Baptist Hui, Baofeng (Tianjin) Investment Management Co., Ltd. Huarui Bank and Shenzhen Hengxiang are also partners of Baptist Fund.

In May 2016, Baptist Fund raised 5.2 billion yuan to complete the acquisition of 65% of MPS. MPS used to be the world’s top sports media company, with business covering more than 200 countries and regions around the world, with more than 90 global event property rights, and more than 30 event rights agency partners. LeTV Sports is its largest partner in China. Against LeEco, the Storm Group at the time also aimed at the sports sector, hoping to formally enter the sports industry.

Among the 5.2 billion yuan raised by the Baptist Fund, Everbright Capital contributed 60 million yuan as an inferior investor. The priority investor China Merchants Bank invested 2.8 billion yuan, and Huarui Bank invested 400 million yuan through Aijian Trust; other investors included Zhaoyuan Yongjin invested 600 million yuan, Shenzhen Hengxiang, Baofeng Department and Everbright Capital jointly invested billions .

In October 2017, MPS lost to rival IMG in the Serie A international copyright bid. In the same year, BeIN Sports took away the Ligue 1 copyright from MPS. Since then, MPS has been losing ground in the sports copyright market. Due to the inability to pay copyright fees, some major copyright owners terminated their contracts with MPS early and even took them to court. In October 2018, with the bankruptcy and liquidation order of the High Court of the United Kingdom, MPS became history. The 5.2 billion yuan investment was “flooded” and the investors encountered Waterloo.

Since then, many partners of the Baptist Fund have demanded compensation from the Everbright Department and the Baofeng Department.

In July 2019, Feng Xin, the actual controller of Baofeng Group, was arrested. Baofeng was in deep crisis and could not protect itself. Everbright Capital has become the main claim target of all investors. Everbright Securities’ 2018 annual report shows that the stakeholders of the Baptist Fund’s priority limited partners have presented a letter of replenishment stamped by Everbright Capital, promising that if the priority limited partners cannot exit, they will be funded by the inferior ones. People Everbright Capital assumes the corresponding obligation to make up the difference.

Everbright Capital was sued or arbitrated by China Merchants Bank, Zhaoyuan Yongjin and Huarui Bank, and Shenzhen Hengxiang, and the amount of “debt collection” involved exceeded 4.1 billion yuan. Among them, the amount involved in China Merchants Bank’s lawsuit against Everbright Capital is approximately 3.489 billion yuan, and the amount involved in arbitration applications for Huarui Bank and Shenzhen Hengxiang is 452 million yuan and 168 million yuan respectively. The arbitration initiated by Zhaoyuan Yongjin involved an amount of 100,000 yuan.

On May 31, 2019, Everbright Securities disclosed that the case was at the stage of filing and acceptance, and the impact on Everbright Capital could not be accurately estimated for the time being.

After the MPS incident, Everbright Securities also experienced a series of executive changes.

In April 2019, Xue Feng resigned as chairman and director of Everbright Securities, and Party Secretary Yan Jun replaced Xue Feng as chairman of the company. In January 2020, Liu Qiuming, the original chairman of CM Investment, was newly appointed as the president of Everbright Securities. The former president Zhou Jiannan resigned due to personal reasons. Several senior executives, including the chief risk officer, compliance director, business director and directors of Everbright Securities, have also changed.

Everbright Securities is also constantly trying to hold Storm Group responsible. In April 2020, Everbright Securities disclosed the result of the first instance of the MPS case. The Shanghai Financial Court ruled that Everbright Capital, a wholly-owned subsidiary of Everbright Securities, should pay approximately 3.116 billion yuan to China Merchants Bank and interest from May 6, 2019 to the date of actual settlement. Loss, and bear part of the litigation fees, property preservation fees and other expenses; pay the investment principal of 400 million yuan to Huarui Bank, pay the investment income from January 1, 2018 to the date of actual performance, and bear litigation fees, preservation fees, etc. Currently, Everbright Capital has filed an appeal, and the relevant litigation is still in the process of performing judicial procedures.

MPS risks are fully accrued, and China Everbright is stepping out of the haze

Following a sharp rebound in performance in 2019, Everbright Securities has achieved a three-fold increase in net profit in 2020.

According to the company’s annual performance report released on March 25, the company achieved a total of 15.866 billion yuan in operating income in 2020, an increase of 58% year-on-year, and a net profit of 2.334 billion yuan attributable to the parent, an increase of 311% year-on-year.

However, dragged down by the MPS incident, Everbright Capital has suffered three consecutive years of performance losses in 2020, with losses of 1.634 billion yuan and 2.909 billion yuan in 2018 and 2019, respectively. As of December 31, 2020, Everbright Capital had total assets of 2.980 billion yuan, net assets of 2.442 billion yuan, and losses of 2.069 billion yuan.

Everbright Securities accrued a liability of 1.55 billion yuan for MPS matters in 2020. In the past two years, it has accrued liabilities of 3.011 billion yuan. Up to now, Everbright Securities has accrued liabilities of 4.565 billion yuan for MPS. In the MPS incident, the largest amount of funds contributed by the stakeholders of the two priority partners-China Merchants Bank and Huarui Bank. According to the announcement on the judgment of the first instance disclosed by Everbright Securities, in addition to the priority principal, a certain amount of interest must be paid. However, as far as the current situation of Everbright Securities’ accrued accrual is concerned, Everbright Securities has made a full accrual for this matter.

Everbright Securities stated that since the occurrence of the MPS incident, the company has deeply analyzed the problems reflected in the risk event, focusing on comprehensively recreating the style from improving the risk management system, achieving full coverage of risk management, implementing the responsibilities of relevant personnel at all levels, strengthening professional management and expert decision-making, etc. Control compliance system. The company has carried out a series of risk investigations and rectifications, comprehensively strengthened the management and control of subsidiaries, further built a sound and prudent risk culture, improved the risk compliance system, and improved risk prevention and resolution capabilities. Judging from the 2020 annual results announcement disclosed by Everbright Securities, the company has stepped out of the haze of MPS risk events, the risks have been basically cleared, and the company’s development will become more healthy.

After 10 years of artistic activities, Quynh Anh Shyn has bought a 7 billion penthouse in Ho Chi Minh City. After that, she spent 2 billion VND to repair the house in European style. Quynh Anh Shyn’s penhouse is located on the top floor of a high-class apartment complex in District 2 with a total area of ​​160 m2, including 50 m2 for the garden, 110 m2 for living. The 110m2 living space is young and modern, featuring 3 tones of pink, white and blue. For each space, Quynh Anh Shyn and the design team created a separate highlight with sophisticated furniture or unusual architectural accents. The walls and kitchen surface are covered with blue-veined stone tiles that are both in sync with the general color and create a luxurious and modern look. Opposite the kitchen is the dining area. The dining table set is made of wood and painted white. The living room stands out with pink furniture. Large sofa, many pillows, soft to help her watch movies and relax comfortably. Opposite the living room is the guest bedroom. Quynh Anh Shyn’s bedroom has a dome design that creates softness and flexibility. Quynh Anh Shyn reserved a corner to store things. The balcony running around the penthouse is set by Quynh Anh to enjoy tea and plant trees. Photo source: Youtube Quynh Anh Shyn, Instagram, FB Video: House 25m2- opportunity to have a house for many people? Source: VTV24

In the past, all three planets were rocky planets, the surface of which was composed of solid metals and silicates. Among them, our Earth is the largest planet, the mass and radius of Venus is only about 82% and 95% of the Earth, respectively, the mass and radius of Mars only account for about 11% and 53% when compared to our planet. Over the past few decades, humans have launched many unmanned probes to Venus and Mars, and it turns out that the environments on these two planets are very harsh. Venus is too hot, and Mars is too cold, and there is no oxygen on either planet, so life on Earth could not exist in such an environment, and astronomers could not find it. see any other traces of life there. So, how were Venus and Mars 4 billion years ago? Why are Venus and Mars now barren, and only our planet is habitable? Calculated based on the radiant power of the sun, Venus and Mars also operate in the same habitable zone as Earth, which means they can receive just the right amount of solar radiation to water. on their surface can still be in a liquid state. Astronomers speculate based on current signs on Venus and Mars and surmise that there may have been an ocean of liquid water on both Venus and Mars 4 billion years ago. For the first few hundred million years, Venus was a warm and humid planet. In the primordial oceans of Venus, life was fully qualified to evolve. They could be carbon-based life like life on Earth or could be other life forms. However, Venus’s habitable period did not last long. Because Venus is so close to the sun, and the temperature of the sun gradually increases over time, making Venus hotter and hotter, and a large amount of liquid water has also been evaporated. At the same time, the volcanic activity on Venus is also gradually becoming more active and continuously releasing carbon dioxide, causing a strong greenhouse effect. Without oceans, carbon dioxide would not be neutralized. They enter the atmosphere and cause a severe greenhouse effect, which will increase the temperature on Venus. Meanwhile, on Earth, the oceans, plants and minerals absorb large amounts of carbon dioxide, so the Earth will not become too hot due to the strong greenhouse effect during that period. Eventually, Venus’ greenhouse effect was completely out of control, liquid water completely evaporated, and life could have been destroyed. According to data returned by the Venus probe, the current concentration of carbon dioxide in Venus’s atmosphere is as high as 96.5%, and the surface atmospheric pressure is 91 times higher than the Earth’s surface. Under the influence of this extreme greenhouse effect, Venus has essentially reached thermal equilibrium, and the average surface temperature is as high as 464 degrees Celsius. Although it is essentially impossible to have life on the surface of Venus today, some astronomers speculate that there may be some strange life in the atmosphere of Venus. In the sky high enough above the surface of Venus, the atmospheric pressure will be moderate, and the temperature will not be high, possibly for the synthesis of organic matter and the evolution of life. On the other hand, ancient Mars was probably also a habitable planet. Currently, on Mars there is a large amount of water-washed terrain, and there are some iron ores that can only be generated in the aquatic environment, which is strong evidence for the existence of a large amount of water. liquid water on ancient Mars. So, how did Mars become such a uninhabitable planet as it is? At present-day Mars’ North Pole, there is a giant basin whose surface is equivalent to two-fifths of the surface of Mars. This huge Arctic basin was formed by a massive collision. Studies have shown that about 3.9 billion years ago, a dwarf planet (about the size of Pluto) with a diameter of about 2,000 km collided with the north pole of Mars. This massive collision completely changed the core of Mars, causing activities inside Mars to quickly stop, and the Martian magnetic field also gradually weakened and finally almost disappeared. lost. Without the protection of the magnetic field, the solar wind gradually strengthens and melts the atmosphere of Mars, liquid water continues to evaporate, causing Mars to quickly become a barren land. Currently, there is almost no atmosphere on Mars, but there is still some water ice in the polar regions. In addition, there may be a seasonal amount of liquid water in some areas of Mars, which has a high salt content and may be temporarily liquid in the low-temperature Martian environment. At the moment, the temperature on Mars is very low, the average temperature is only -63 degrees Celsius. If humans want to settle on Mars in the future, the first thing to do is to strengthen the star’s magnetic field. Mars and produces large amounts of greenhouse gases to “heat” Mars and melt the solid water that exists on Mars. Mars is much smaller than Earth, so it would have cooled from its molten state at its inception faster than Earth, so liquid water on Mars may have appeared earlier, which could This means that life on Mars may have formed and evolved earlier than our planet. Therefore, there are conspiracy theories that, when celestial bodies collided with Mars, the rocks that were thrown into space by the collisions could have carried the germ of life on Mars into space, and then some someday fall to Earth, becoming the source of life on Earth. And perhaps by coincidence, life on Earth also began to form around the same time that Mars’ North Pole collided. From the point of view of time, this is consistent. In addition, astronomers have discovered traces of suspected life in meteorites on Mars that have fallen to Earth. Life on Earth may have originated on Mars, but this has so far required more convincing evidence. In the past, the Curiosity rover has detected some carbon-containing organic substances in the rocks on Mars, which may be evidence that ancient Mars once had a few living things. Even now, it is still possible for life on Mars, they did not go extinct billions of years ago, but moved into the Martian underground and developed a unique survival mechanism to adapt to the harsh environment. harsh on this planet. Compared to Venus and Mars, our planet is very lucky. For billions of years, Earth has always been a habitable planet, so hundreds of millions of species have appeared here. Our Earth is like a “chosen planet”, a moderate distance from the sun, with a magnetic field that can resist solar radiation so that all kinds of life can continue to multiply and develop. Although it cannot be ruled out that some planets in the solar system (such as Europa) also harbor life, the environments of those planets are very different from those of Earth, and most life on Earth is not ruled out. Soil cannot exist there. In the near future, Earth will still be the only planet inhabited by humans in the universe.

Bob has an experience in the United States. He said that there are no fewer phone scams in the United States than in China. When he was in the United States, he encountered several scam calls.

For example, one day, Bob received a phone call, and he was speaking in curry-scented English, asking if Bob’s computer would occasionally freeze.

At that time, the computer Xiaobai’s computer must have this kind of problem more or less after being used for a long time.

Bob is not a computer novice, and there is nothing wrong with the computer, but he realizes that something is wrong, and wants to see what kind of show operation this buddy wants to play, so he replied “yes” out of conscience.

The other side was very happy to hear this answer, and said, “Don’t wolli, I vill help U!” (Indian accent version, don’t worry, I will help you!)

Then he started to instruct Bob to go to a website to download a certain software. Blahblah said a lot, and finally asked “You understand?”. For this kind of low-level phishing software scam, Bob is naturally impossible to be fooled. He is very disappointed with the scams of the Indian buddies. So he decided to end the topic, and said to the other person “I am studying computer science, I can solve it by myself”, so angry that the other person could not speak, and hung up the phone. I praised Bob’s anti-fraud awareness. He shook his head humbly and said, mainly because the guy’s Indian accent made him vigilant. After all, the white people didn’t bother to do this. Black people generally can’t do this. . . In fact, Bob’s experience can reflect to a certain extent how rampant phone fraud cases are in the United States. According to a survey conducted by an app called Truecaller, phone fraud in the United States has become more and more serious in recent years. In 2020 alone, 56 million Americans were deceived, with a total loss of US$19.7 billion. What is the concept of 56 million people? They account for about 22% of the entire population of the United States, and these are the ones who have been defrauded of money. According to the survey, 30% of people in the U.S. have been scammed by phone scams, and 17% of them have been “scammed several times” . . . Everyone knows that bad reviewers are professionally trained. They usually don’t laugh when they comment on such serious things, unless they can’t help it. So when I saw this data, everyone was stupid. This American’s heart is too big, right? Is it really a per capita wealth boy? According to a data reported by the “New York Times”, phone fraud from India is the main force. The entire Indian phone scam industry, The annual “output value” is as high as 28 billion U.S. dollars, and about 1.2 million people are engaged in phone fraud. At the end of 2020, the police took down a call center in New Delhi, India. These 50 people alone defrauded more than 14 million U.S. dollars in the United States. On the official website of the U.S. Department of Justice, you can also read about India phoneThere are people in India working on fraud cases as early as 2013, and it has a long history. So the question is, why is it in India? phoneCan fraud develop into such a huge industry? For this matter, the major Western companies are still to be blamed. As we all know, India is a country with a large population, and it is also a populous country with English as one of its official languages. Large companies such as Google and Microsoft have money, but the cost of recruiting people as customer service in their own country is too high, so they set their sights on India, which is not so rich but has a lot of people. Many large companies have set up manual customer service call centers in India, and adopted the method of “training on duty” to correct their accents and grammatical habits. This kind of high-end foreign company outsourcing work is a good way out for many poor Indians. After all, it has a very low threshold. They are all Indians. Who doesn’t speak a few English anymore? As a result, a large number of people have received induction training, and manual customer service has even become a dream job for many people. Picture source: @正解局▼ But training belongs to training. After all, there are only a few positions. Those who have received training but can’t go to work think of the crooked way of phone fraud, and this way of making money is much faster than being a customer service. In addition, India has a large population and fierce competition for employment. Every year, educational institutions train a large number of software engineers, but only 20% of them can find decent jobs. Some of the remaining people provide “technical support” for phone fraud, such as using crawler software to obtain personal information of victims, and so on. In addition to labor and technology, India phoneScams are the same as phone scams in Southeast Asia. They use different scams based on the characteristics of the American population. For example, a refund scam specifically for the elderly tells them that there is a refund available, but there is a problem with the bank transfer system. Then he proposed that he needed to remotely connect and manipulate the elderly’s computer to log in to the online bank account and pretend to transfer money to the elderly. In fact, the displayed amount was changed by modifying the front-end code of the web page. Then told the old man that they accidentally transferred too much money and needed the old man to transfer the money back to carry out a wave of empty glove white wolf. For those old people who don’t understand the code, it’s easy to believe them and get cheated of money. There is a computer technical support scam (Bob has encountered that kind),Use phishing websites to induce others to download Trojan horse programs and steal bank account passwords. Or you may use hackers to hack into the victim’s computer to blackmail, and wait for your pornographic photos to be seen on the entire network without paying. Targeting young people, they will use other scams, such as the threat of drug dealing. Since a large number of young people in the United States have been exposed to drugs such as marijuana, these scammers will pretend to be employees of the US Drug Enforcement Administration and claim to have found his bank account on the side of the drug cartel. At the same time, the victim will be told his real address, making the victim panic ▼ Then tell the victim to wait for someone to come and go to jail, unless you pay the money to get acquitted. Faced with such a serious accusation, these young people naturally couldn’t grasp it, and paid on the spot before thinking about it. Some of these scams are even aimed at immigrants who have just arrived in the United States. Scammers will call these new immigrants to pretend that they are from the tax bureau, saying that they are tax evasion and tax evasion. The penalties for tax evasion in the United States are very serious. The key is that there are many miscellaneous taxes. Many newcomers do not know whether they have missed the payment, so they are deceived by scammers. Recently, due to the epidemic, there were not enough hospital beds and oxygen inhalers in the United States. India also invented a scam to sell oxygen cylinders. The money was paid before the goods. The victims disappeared as soon as the money was transferred, deceiving many people. The entire Twitter is that people are reporting scams related to the epidemic. This is a fire extinguisher changed to an oxygen tank ▼ In fact, these scams have flaws. For example, some scammers even ask victims to pay “fines” through Apple Google App Store gift cards, Bitcoin, etc., which is very problematic at first glance. However, the key to all scams is to fascinate the “authorities.” From the perspective of God, we naturally think that such scams are not good, but there is no way to be sure that we will not be fooled in the position of the victim. For example, a colleague in our editorial department was cheated of 40,000 yuan after a hangover one day. Since India phoneScams are so prevalent in the United States, why don’t the U.S. officials carry out a wave of cleanup? Because transnational law enforcement is quite difficult. The nature of this matter is that the Indians are defrauding people, and the Indian side needs to cooperate in arresting people, the deceived are Americans, and the victims in the United States need to file a lawsuit. When those Indians are caught, the local courts will need evidence to sentence them, such as the transfer records of victims in the United States, and it cannot be a casual victim. It must be a victim of scams by those caught. This directly led to the difficulty of the police on both sides wanting to do things, and the fact that they didn’t pay enough attention to them, all of them were slowing down. Officials did not act, but some civil forces in the United States launched a resistance. One of the most famous is Jim Browning, the owner of the tubing UP. He is a highly skilled hacker who has uploaded a lot of content related to overseas scams he discovered on YouTube since seven years ago. In recent years, due to the increasing number of phone scams in India, he also focused his attention on this. He once hacked into the computer camera of an Indian fraud call center and recorded the entire process of the fraudster’s crimes. According to the IP address of this computer, he also located the location of this studio, which is located in Kolkata, India, and even found the specific building. In addition, he is also very phoneThe scammer conducted a wave of “returning to the other side” and made a video, pretending to be deceived, and allowing the scammer to connect with him remotely. Then show the scammer the real identity photos of the scammer he collected early, such as his working place. Ask the scammer if he knows this computer, and is it familiar or not? ▼ And the tools he usually uses. He also asked some specific information about the photos, such as where he took these photos, and found that the scammer was still lying, saying that he took the photos on the company computer. Jim: You are taking pictures of your laptop screen. Liar: Ah this. . . %^&$, yes, yes. (Frustrated)▼ Jim ruthlessly debunked the fact that he took the photo in his own home and told him that the photo was positioned, which meant that the home address of the scammer had been exposed. The liar immediately panicked, turned off the photo on the spot, and cut off the call. Jim: You are scamming in your own home, and you have been lying just now. Liar: Sir, I don’t have one. . . ▼ I can only say that this video of Jim is really refreshing after watching, and the old Murong has recovered! Jim has a lot of Indian scammers realInformation, even the ID cards of many people are available. He sometimes cooperates with other tubing UP (Such as Scammer Payback), To implement his own justice in a “Robin Hood” way. For example, they pretend to be deceived, make a remote connection with the liar, and then use the goose on the screen to pick up the liar’s ID card bit by bit in front of the liar. Scammer Payback will also broadcast live “fishing” scammers, playing tricks on scammers, and it makes people feel very happy. UP owners who focus on anti-fraud, such as Jim Browning and Scammer Payback, have many fans on YouTube, and each video has at least several million views. People who have seen these videos are naturally lucky, and they have a high probability of avoiding phone fraud. But more people don’t know this, and they are still being fooled by phone scams. With the development of the Internet, more and more gray industries are showing a “regional” distribution characteristic, such as the telephone fraud industry in Southeast Asia and India. Criminals use the convenience of the Internet to commit crimes across borders to avoid risks and cheat on a global scale. Isn’t that the law should also keep pace with the times and introduce a related international regulation to crack down on these related scams? Picture, data source: Youtube, Scammer Payback Youtube, Jim Browning Owner and Operator of India-Based Call Centers Sentenced to Prison for Scamming US Victims out of Millions of Dollars 26 Fake Indian Tech Support Call Centers Raided By Police; Arrests Made Indian police cracked huge telecom fraud and arrested 750 people Every year tens of billions of Americans are defrauded. How do Indians do it? TRUECALLER’S TIPS TO AVOID THE NEW COVID SCAMS IN INDIA TRUECALLER INSIGHTS 2020 US SPAM & SCAM REPORT

Youtube, Scammer Payback

Youtube, Jim Browning

Owner and Operator of India-Based Call Centers Sentenced to Prison for Scamming US Victims out of Millions of Dollars

26 Fake Indian Tech Support Call Centers Raided By Police; Arrests Made

Indian police cracked huge telecom fraud and arrested 750 people

Every year tens of billions of Americans are defrauded. How do Indians do it?

TRUECALLER’S TIPS TO AVOID THE NEW COVID SCAMS IN INDIA

TRUECALLER INSIGHTS 2020 US SPAM & SCAM REPORT

From the Financial Association (Shenzhen, reporter Zou Chenhui), Dongxing Securities has ushered in the latest progress in its fixed increase in fundraising, and this is also the 15th listed securities firm to launch a fixed increase since last year. In addition, there are already 11 brokerages that have refinanced through allotment.

The latest announcement of Dongxing Securities stated that the fixed increase application has been reviewed and approved by the China Securities Regulatory Commission, and the company will make another announcement after receiving the official documents reviewed by the China Securities Regulatory Commission.

In February of this year, Dongxing Securities issued a fixed increase plan, which plans to issue no more than 474 million additional shares, and the total amount of funds raised is expected to not exceed 7 billion yuan. In May of this year, Dongxing Securities’ fixed increase application was accepted by the China Securities Regulatory Commission.

Behind the fixed growth of Dongxing Securities is closely related to the current capital market development entering a period of strategic opportunities. Regulatory authorities clearly support securities companies in multiple channels and forms to enhance their capital strength, encourage market-oriented mergers and acquisitions and reorganization, and support the securities industry to become better and stronger. At present, the 8.5 billion fixed increase of Guohai Securities and the 8 billion fixed increase of Huachuang Yangan are on the way. The parent company of Zhongshan Securities also launched the latest fixed increase plan earlier this month.

Dongxing Securities will increase by RMB 7 billion, and invest RMB 6 billion in investment and trading business and expand the business of financing and financing

Dongxing Securities’ previously announced fixed-increasing plan announcement shows that the number of non-public issuance of A shares does not exceed 474 million shares, and the capital raised does not exceed 7 billion yuan. After deducting issuance costs, all will be used to increase the company’s capital and supplement the company’s operations. Capital, expand the company’s business scale, and enhance the company’s market competitiveness.

Specifically, no more than 3 billion yuan is used to expand the scale of investment transaction business; no more than 3 billion yuan is used to expand the scale of margin financing and securities lending business; no more than 500 million yuan is used to increase investment in subsidiaries; no more than 500 million yuan For other working capital arrangements.

Dongxing Securities said that through this fixed increase, the company’s equity capital will be enriched, total assets and net assets will increase correspondingly, and the asset-liability ratio will correspondingly decrease, the company’s capital structure will be further optimized, and the financial structure will become more stable. In addition. The company will increase the scale of net capital, accelerate the development of related businesses, and enhance the company’s overall profitability and risk resistance.

Net profit attributable to the parent in the first quarter fell nearly 20% year-on-year

As the first domestic AMC brokerage listed on A-shares, Dongxing Securities’ controlling shareholder, Orient Asset Management Co., Ltd. (holding 52.74% of the shares), is strong, and the actual controller is the Ministry of Finance.

From the perspective of recent performance, Dongxing Securities in the first quarter of this year showed that during the reporting period, the company achieved revenue of 886 million yuan, a year-on-year increase of 0.71%; realized net profit of 250 million yuan, a year-on-year decrease of 19.01%.

Last year’s annual report showed that the company achieved revenue of 5.687 billion yuan, a year-on-year increase of 27.10%; realized net profit of 1.54 billion yuan, a year-on-year increase of 26.13%. Among them, securities brokerage business accounted for 34.77%; securities investment business accounted for 24.07%; investment banking business accounted for 19.35%; other businesses accounted for 12.53%; asset management business accounted for 9.28%.

According to the ranking data of various securities firms in 2020 released by the China Securities Association, Dongxing Securities ranked 22nd in the industry last year in total assets, 25th in net assets, 23rd in operating income, 22nd in net profit, and 22nd in brokerage business income. Ranked 28th, investment banking income ranked 13th, asset management business income ranked 19th, overseas subsidiary securities business income ranked 22nd, and self-operated business income ranked 57th.

As of June 15, Dongxing Securities’ stock price closed at 10.67 yuan, with a total market value of 29.4 billion yuan.

Many small and medium-sized securities companies are trying to increase their capital strength through fixed increase

According to a reporter from the Cailian News Agency, in recent years, regulators have implemented risk control index management for securities companies with net capital and liquidity as the core. The China Securities Regulatory Commission has successively revised the Measures for the Management of Risk Control Indexes for Securities Companies and the Risk Control Indexes for Securities Companies. The Regulations on Calculation Standards have further improved the risk control index system of securities companies with net capital and liquidity as the core, and has put forward higher standards for the risk management of securities companies.

In the face of liquidity pressure and changes in the operating environment, many securities firms are increasing their capital strength through further fixed increases, reducing liquidity risks, and improving the company’s overall risk management capabilities and risk resistance capabilities.

On June 4, Zhongshan Securities’ parent company Jinlong shares issued a fixed increase plan. This time the proposed additional issuance of no more than 264 million shares (including the number), the issue price is 12.59 yuan, and it is planned to raise no more than 3.324 billion yuan.

In March of this year, Huachuang Yang’an disclosed the fixed increase plan stated that the planned number of non-public issuance of A shares will not exceed 522 million shares, and the raised funds will not exceed RMB 8 billion (including the number). After deducting the issuance costs, it will be used for all Increase capital to Huachuang Securities to increase the capital of Huachuang Securities, supplement its working capital, optimize business structure, expand business scale, and enhance market competitiveness and risk resistance.

In January this year, Guohai Securities announced that the company’s 8.5 billion fixed increase has been approved by the board of directors. The issuance still needs to be approved by the state-owned asset management unit, the company’s shareholders meeting, and the China Securities Regulatory Commission. The 8.5 billion fixed increase, China Sea Securities plans to invest 4 billion yuan in investment and trading business.

It is worth noting that whether securities firms can successfully raise funds in full is also attracting market attention. A reporter from the Financial Associated Press previously reported that many brokerages have seen a decline in their planned additional funds raised.

On May 21, Zheshang Securities announced that after the completion of this non-public offering, the company has added approximately 264 million new shares, and the total amount of funds raised is approximately 2.805 billion yuan. Last year, Zheshang Securities announced that it planned to raise 10 billion yuan.

On April 29, Tianfeng Securities issued a fixed increase announcement stating that the company’s final fundraising amount was 8.18 billion yuan (including issuance costs). Prior to this, the company announced that it planned to raise a total of no more than 12.8 billion yuan.

On December 29 last year, China Securities Construction announced that the company had issued 110 million A shares, raising a total of 3.883 billion yuan. Prior to this, China Securities Construction Investment announced that it planned to raise 13 billion yuan in additional funds.

According to a reporter from the Financial Associated Press, some of the securities firms’ fixed increase and decrease are related to the company’s own stock price changes and capital replenishment. China Securities Investment Corporation previously stated that there are two reasons for the company’s fixed growth and shrinkage: one is that the company’s A-share share price in 2020 has risen sharply compared with January 2019, and the forecast basis has changed; the second is that the company has achieved a certain amount of profit through rollover in the past two years. Capital replenishment.

Large brokerages have also raised funds through refinancing

In addition, large securities companies have also raised funds through fixed increase, allotment and other methods. On the evening of February 26 this year, CITIC Securities announced a 28 billion yuan allotment plan, which is to be used for the development of capital intermediary business, subsidiaries, and information system construction.

In August last year, Haitong Securities planned to raise 20 billion yuan in additional funds. Specifically, Haitong Securities’ fixed increase of 20 billion this time, of which no more than 6 billion will be used to develop capital intermediary business and further enhance financial service capabilities; not more than 10 billion will be used to expand the scale of FICC investment and optimize the asset-liability structure.

Also in August last year, Guosen Securities raised an additional 15 billion yuan. The net proceeds raised this time will be used to supplement the company’s capital, working capital and repay debts to expand the business scale and enhance the company’s ability to resist risks and market competitiveness.

Once highly sought after by capital, now it has fully entered the ice age. Where is the future of online education companies?

Author | Wang Jiarui

Edit | and Yirong

Cover | Mapworm Net

Online education has ushered in an industry shock.

In just one year, the development of online education has been like a “roller coaster”. It has not only experienced the influx of industry outlets and the crazy influx of capital, but also suffered the looting of industry regulatory storms and capital ebb.

With the introduction of a series of regulatory policies, the online education industry has fallen to the bottom, and the stock prices of listed companies such as New Oriental, Good Future, and Gaotu Group have plummeted, and have generally fallen by more than 50% since the beginning of the year.

Many companies have laid off employees and contracted their businesses in order to protect themselves.

According to many media reports, Job Gang is about to start major layoffs and is currently conducting interviews in accordance with the department, mainly for low- and young business lines. Resigned employees are compensated in accordance with the statutory N+1 policy.

Gaotu Class is no exception. According to late reports, the proportion of layoffs was 20%. Its 3 to 8 year old enlightenment business “Early Enlightenment” was cut off across the board, and nearly 1,000 employees were forced to transfer or leave. In addition, news of large-scale layoffs have also been reported in Yuanfudao and Chalk Education.

Once highly sought after by capital, now it has fully entered the ice age. Where is the future of online education companies?

When the tuyere encounters a regulatory storm

A sudden epidemic has pushed online education to the forefront. According to data from iResearch Consulting, the online education industry market scale in 2020 will increase by 35.5% year-on-year to reach 257.3 billion yuan. The main reasons for the rapid growth are low-children, quality education, and the acceleration of the online process of K12 discipline training track.

According to the statistics of the open data of the entrepreneurial state, so far, the total financing of Ape Coaching, Job Gang, VIPKID, and Spark Thinking is 4 billion U.S. dollars, 3.4 billion U.S. dollars, 1 billion U.S. dollars, and 600 million U.S. dollars, respectively. .

According to IT orange statistics, as of June 2, the valuations of Yuandaodao, VIPKID, and Spark Thinking reached 15.5 billion U.S. dollars, 4.5 billion U.S. dollars, and 1.5 billion U.S. dollars, respectively. The last financing of Jobbank occurred on December 28, 2020, and the valuation after the completion of the financing reached approximately US$11 billion.

However, the high financing amount and high valuation cannot change the fact that no online education company is profitable. These online education companies are madly burning money to acquire customers. WeChat, Douyin, APP screens, subway stations, elevators… wherever you can see online education advertisements, and marketing costs remain high. At the same time, false propaganda and excessive propaganda continue to raise questions.

Regulators began to take action.

On April 24, institutions such as Xueersi Online School, Gaotu, Netease Youdao Premium Classes, and Yuanjiao were notified by the Beijing Municipal Education Commission for violations of regulations and early admission fees.

The next day, the Beijing Municipal Bureau of Market Supervision organized special inspections for off-campus education and training institutions, and investigated and dealt with violations of prices and false propaganda by off-campus education and training institutions in accordance with the law. Four off-campus education and training institutions such as Gaotu Classroom, Xueersi, New Oriental Online, and Gaosi were fined 500,000 yuan.

On May 10th, the Beijing Municipal Market Supervision Bureau implemented false or misleading commercial propaganda behaviors and price tactics to lure consumers into transactions due to fictitious teaching experience and other false content, and imposed two leading online education actors in accordance with the law. Beast-Job Gang and Ape Guidance were given a warning and a fine of 2.5 million yuan respectively.

A bigger storm is still behind.

On May 21, the 19th meeting of the Central Comprehensive Deepening Reform Committee formally reviewed and approved the “Opinions on Further Reducing the Burden of Students’ Work and Extra-School Training in the Compulsory Education Stage” (referred to as the “Double Reduction” Opinions). The burden of student homework and off-campus training.

On June 1, the new version of the “Law on the Protection of Minors” came into effect. On the same day, the State Administration of Market Supervision announced the decision to impose top fines on 15 off-campus training institutions for false propaganda and price fraud. The total amount of fines was as high as 36.5 million yuan.

Almost overnight, the “enthusiasm” of online education has cooled.

Way out

Regarding the reason for the sudden advent of strong supervision, a well-known investment institution investor who did not want to be named told Chuangye Bang that the regulators are not only concerned about false propaganda and price measures, but more importantly, social equity. Online education is placed in the current social environment, which actually affects the balance between fairness and efficiency.

Facing strong industry regulation, investors in the primary market have become extremely pessimistic about the online education industry.

“Investors dare not place any more orders. This industry is currently unsustainable.” The above-mentioned investor said.

In this investor’s view, since 2017, companies in the online education industry have been doing online large-scale classes. The essence of large-class classes is to buy and sell classes. Once they do not buy, their income will drop very sharply. At the same time, none of these companies has made money so far. A business model that hasn’t made money for five years under the acceleration of the entire industry is most likely because this business model is a false proposition.

He said that in the absence of follow-up financing for blood transfusion, some top unlisted online education companies are likely to face the risk of breaking the capital chain within six months or one year.

Another unnamed industry analyst said that for online education companies that are currently unlisted, such as job help, ape tutoring, VIPKID and other leading companies, related listing plans may be disturbed, and the pace of listing and financing may slow down and need to be calmly reassessed. Business form, scope of listed assets and timetable for re-planning.

If these companies really can’t continue to operate, it means that investors’ nearly tens of billions of dollars of investment have been in vain.

It is undeniable that online education breaks the traditional education form, breaks through the shackles of time and scene, and brings unprecedented industry changes.

More industry insiders are actively discussing the future of the online education industry. A number of brokerage industry analysts have told Entrepreneur that the logic of industry development and online education will change.

One view is that regulation will benefit leading education companies that have already gone public.

An analyst from Minsheng Securities who did not want to be named believes that in the future, the extracurricular tutoring market may increase supervision or become the norm. In the short term, the industry may experience pains due to stricter regulation. But in the long run, under the premise that the overall selection system remains unchanged, the demand for training is still strong. After the small and medium organizations at the tail are squeezed out, the demand will be concentrated in the large organizations at the head.

For different tracks, the impact of regulatory policies is quite different. For example, the new version of the Law on the Protection of Minors stipulates that “kindergartens and out-of-school training institutions shall not provide primary school curriculum education to preschool-age minors.” All cancellations due to violation of laws and regulations.

Pang Ming believes that under the disorderly expansion of capital, the brutal expansion and extensive operation characterized by low prices, price wars and other vicious competition patterns will no longer be feasible. In the short term, only companies with high marketing efficiency, high renewal rates, and high retention conversion rates are expected to achieve lower customer acquisition costs and are more likely to overcome the difficulties.

At the same time, considering the imbalance in the distribution of educational resources and the difficulty of a fundamental change in the selection and evaluation system in the short term, there is still a demand for online education in the market.

In the future, online education companies should abandon the development mentality of burning money to pursue scale and volume, optimize the balance of large class, small class, and one-to-one curriculum system, and change the placement of conversion as the main purpose to objective publicity. Brands, to strengthen brand awareness-focused placement.

Only in this way can online education adapt to normalized supervision and competition.

Produced | Sohu Technology

Author | Yin Lina

In the morning of June 9, Youxian submitted its prospectus every day, formally sprinting for the IPO of US stocks.

The Daily Fresh Food Plan uses “MF” (abbreviation of the English name MissFresh) as the stock code and is listed on the Nasdaq. The tentative maximum fundraising amount is 100 million US dollars, and it launches an impact on the “first share of fresh food e-commerce” .

Daily Youxian is an old player in the “fresh food e-commerce” track. Because of the extremely high loss rate of this track, but it can also harvest huge traffic. Therefore, in the 6 and a half years of its establishment, Daily Youxian has witnessed the fall of many opponents and ushered in batch after batch of new ones. Players, and at the same time, need successive financing to replenish “ammunition.”

Nowadays, the competition in the “vegetable selling” business has become fierce. Internet giants such as Meituan Optimal, Orange Heart Optimal (under Didi), and Duoduo Maicai (under Pinduoduo) have entered the community group buying, and there are also from Dingdong Maicai and Meituan The opponents of buying food equivalent to the “pre-warehouse + delivery model” are developing rapidly. After the tide of bankruptcy of fresh food e-commerce, the track has become hot again. For Daily Fresh Food, this is a good thing, but it is also a challenge.

Performance dismantling: losses have narrowed significantly, and performance costs accounted for about 1/4 of revenue

From the performance point of view, from 2018 to 2020, the daily revenue of Youxian was 3.55 billion yuan, 6.0 billion yuan and 6.13 billion yuan.

2019 is a year of rapid development of Daily Fresh Food. This is not difficult to see in the “69% year-on-year increase in revenue”.

This is a year of daily excellence and freshness. One example is the large investment in technology and content. For the whole year of 2019, the daily cost of Youxian on technology and content was close to 4.7 billion, an increase of more than 100% compared to the previous year. At the same time, with the expansion of business scale, Daily Youxian has also increased its costs, performance costs, and administrative expenses, but has decreased marketing expenses.

Entering 2020, with more and more players pouring into the fresh food e-commerce track, the daily revenue of Fresh Fresh has only gained a small increase, from 6.0 billion to 6.13 billion. However, compared to the opponent’s strategy of trading losses for growth, Daily Youxian’s losses have significantly narrowed in 2020. The net loss has dropped sharply from 2.91 billion yuan in 2019 to 1.65 billion yuan in 2020, a drop of up to 43.3%.

In terms of cost control, Daily Youxian’s gross profit margin has increased from 8.6% in 2018 to 19.4% in 2020. Specifically, in the case of basically flat revenue, the daily operating costs of fresh fresh products have dropped by about 10%, and direct sourcing of commodities may be the main reason for the decrease in costs. Last year, Liu Zhidan, vice president of Daily Fresh Food and head of the Commodity Center, once said that the proportion of direct sourcing of commodities is close to 80% of the target, and that direct sourcing can further reduce costs by more than 10% compared to land sourcing.

In addition, Daily Fresh Food has also reduced various expenses to a greater extent. Among them, performance expenses fell by 14% year-on-year, marketing expenses fell by 20% year-on-year, and administrative expenses fell by 21%, all of which are manifestations of improved operational efficiency.

Among the various expenses, the daily excellent fresh flowers has the highest proportion of the cost of contract performance. From 2018 to 2020, daily Youxian’s performance costs were 1.24 billion yuan, 1.83 billion yuan, and 1.58 billion yuan, accounting for 34.9%, 30.5%, and 25.7% of the company’s current operating income, respectively, a significant decrease.

Since Daily Youxian launched the heavy asset model of pre-warehouses, discussions on performance costs in business analysis have been heated. Since the initial investment has become an established fact, how to increase the customer unit price to cover the cost has become a key concern of Daily Fresh. As of now, the daily average customer unit price of fresh pre-warehouse real-time retail is 94.6 yuan. According to its prospectus, this is currently the company with the highest unit price under the pre-warehouse model.

However, in the field of “selling vegetables”, compared with the previous high-investment pre-warehouse model, the current capital’s most favored model is the light asset model of community group buying, which is an appointment order + self-request. In this track, there are also Internet giants such as Meituan, Pinduoduo, Didi, and JD.com.

From a geographical point of view, the competition between Daily Fresh and the current popular community group buying is not a head-to-head competition.

Daily Youxian’s main battlefields are distributed in four regions: North China, Central China, South China, and East China. They are mainly first-tier or new-tier cities. Cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou are involved. Among them, North China is a key area, and only Beijing City The number of front positions has reached 1/5 of the total.

As for community group buying, as of the end of last year, Didi’s community group buying companies such as Orange Heart, Meituan, Duoduomai, Xingshengyou are still developing in second-tier cities, such as the Hunan and Hubei provinces in central China and the southwestern region. Mainly in Sichuan. However, after nearly half a year of development, as of the end of March this year, Meituan Optimal has stationed in more than 2,600 cities and counties across the country, basically completing national coverage. According to data from Everbright Securities, in April this year, Duoduo’s business coverage has covered about 1,800 counties.

Compared with the rapid expansion of community group buying, Daily Youxian appears to be more cautious in Kaicheng, but it also avoids the problem of further expansion of losses. As of March 31, 2021, Daily Youxian has established 631 front-end warehouses in 16 cities in China, and has accumulated more than 31 million trading users.

Financing story: Xu Zheng and his “100 billion” goal

Compared with the boring research on revenue, contract performance, and supply chain, the daily financing story of Youxian is more interesting.

Behind this fast-growing company is Xu Zheng, who was recommended to the University of Science and Technology of China at the age of 15, and became the youngest general manager of Lenovo’s business department in China at the age of 28. In the 30th year of his establishment, he took the initiative to ask Ying to transfer to Jiawo, abandoning the seemingly high-end business of “selling computers” and moving to the field to study “selling fruits”. Three years later, in 2014, he founded Daily Youxian.

According to incomplete statistics, Daily Youxian has completed 10 rounds of financing, with a cumulative total of more than 11 billion yuan. In the second half of last year alone, Daily Youxian completed two rounds of financing with a total of more than 5 billion yuan. And its investors are also from top VCs, well-known companies and local governments.

Among them, Tencent has invested in 5 consecutive rounds, and Xu Zheng’s old club Lenovo has also participated in the C round of investment. In terms of capital, Daily Youxian’s shareholders include ICBC International, CICC Capital, and Goldman Sachs. At the same time, state-owned assets such as Suzhou Changshu Government Industrial Fund, Qingdao Guoxin, Qingdao Municipal Government Guidance Fund and other local government funds also appeared on the list of investors.

Despite this, Daily Youxian has also encountered the darkest moments in its development. In the most difficult moment of financing, Xu Zheng used all of his real estate mortgage loans to prepare for the company to invest all of his belongings.

Look at the shareholder structure of Daily Youxian. In the management, Xu Zheng, the founder and CEO of Daily Youxian, holds 15.3% of the shares and has 74.1% of the voting rights. In addition, the company’s CFO Wang Jun owns 2.2% of the shares and owns 0.7% of the voting rights; the company’s COO Sun Yuan owns 1.3% of the shares and 0.4% of the voting rights.The directors and the company’s management hold a total of 20.2% of the shares and 75.6% of the voting rights

Among the external shareholders, Xiamen Daily Youxian Equity Investment Partnership (Limited Partnership), with a Qingdao state-owned background, holds the highest share of 8.7%, with 2.7% of the voting rights. According to the total investment of 2 billion yuan in Qingdao’s state-owned assets, as of December last year, the daily valuation of Youxian was around 23 billion yuan.

In addition, Image Frame Investment of Tencent Holdings holds 8.1% of the shares and 2.5% of the voting rights. Genesis Capital holds 7.2% of the shares and has 2.2% of the voting rights. In addition, Zeng Bin, the other founder of Daily Youxian, holds 5.5% of the shares and 0.3% of the voting rights.

The number of “hundred billions” is constantly mentioned in the financing stories of various stages and different versions of Youxian Daily.

In June 2019, Daily Youxian and Tencent jointly held a huge smart retail conference. It was at this press conference that Xu Zheng proposed for the first time the goal of growing into a “hundred billion” scale fresh food retail platform.

Daily Youxian’s latest financing occurred on December 9th last year, and it is also the largest strategic investment of fresh food e-commerce in the local area so far, with a total amount of 2 billion yuan. In this financing conference from the Qingdao government, the perspective of Daily Fresh Food is not limited to the “100 billion” track of “selling vegetables”, but involves the four “100 billion” of ecological chain, finance and technology.

Among them, the ecological chain is mainly undertaken by Sansheng Venture Capital, a fund of Daily Fresh Food, which mainly includes the five aspects of the upstream vegetable industry, dairy industry, fruit industry, fishery and meat industry. Guo Qi, the founding partner of Sansheng Ventures, is also the vice president of Daily Youxian. In his opinion, the cultivation, breeding, and processing of agricultural products are actually extended to deep processing and high added value, from agriculture to industrial products. Conversion.

Finance is mainly for farmers, channel merchants, merchants, and users, including four types of entities, including agricultural insurance for farmers, futures trading for channel merchants, supply chain finance for merchants, and consumer credit to users. The first step is to adopt a weekly settlement policy with the head supplier. In the field of science and technology, it mainly includes biotechnology and AI technology. Among them, biotechnology mainly involves the improvement of varieties, while empowering traditional industries.

However, these stories are far from being realized on the eve of listing. At the beginning of the prospectus, Daily Youxian proposed the formula (A+B)*N. A stands for real-time retail in the front-storage mode, B stands for smart food market, and N stands for retail cloud.

Previously, Daily Youxian has developed an end-to-end intelligent system based on a large amount of data accumulation and algorithm optimization-Smart Retail Network (RAIN), covering core areas such as smart supply chain, smart logistics, and smart marketing. Smart food market and retail cloud are new business formats for the B-end extended on this basis.

According to the prospectus, in the practice of smart vegetable market, Daily Youxian will first obtain the right to operate the vegetable market, then renovate the layout of the venue, optimize the combination of merchants and introduce new business formats; at the same time, provide merchants with electronic payment, online marketing, and CRM tools. SaaS service package including business planning; finally, help merchants of smart food market convert offline customers into online private domain traffic, and realize further increase in e-commerce business revenue through online trading platforms.

Up to now, Daily Youxian has signed operating agreements with 54 vegetable markets in 14 cities, and has started operations in 33 vegetable markets in 10 cities.

In the retail cloud business, Daily Youxian will target long-tail small and medium-sized supermarkets as its target customers, providing online and offline omni-channel retail, customer management, supply chain and performance management digital capabilities, and to achieve vertical e-commerce The development path towards platform.

The first-hand vegetable market and the other-hand supermarket, Daily Youxian has set its sights on the wider retail entrance.

But the story is also just a story. Today, Daily Youxian has turned the story of the pre-storage into reality, but Daily Youxian now has to face more capital influx into the track, and more experienced and well-executed companies as its opponents. .

In Xu Zheng’s prediction, the end result of the fresh food market will be the coexistence of multiple oligarchs at the level of hundreds of billions. For Daily Youxian, who is entering the next stage, it may be re-adjusting the fighting posture.

Text/Song Gui

On June 11, Beijing time, Didi Chuxing formally submitted an IPO prospectus with the stock code “DIDI” to the U.S. Securities and Exchange Commission (SEC). The number of shares to be issued and the price range have not yet been determined, but according to industry insiders’ speculation, Didi’s US stock market value will reach 100 billion U.S. dollars.

Previously, “LatePost” reported that Didi might be listed on Hong Kong stocks in 2021. Later, Tencent reported that Didi had suspended its Hong Kong IPO plan and reconsidered listing on US stocks. The main reason was that the Hong Kong market gave a valuation cap of only 80 billion. US dollars, while the US market can give a valuation of 100 billion US dollars.

In the “2020 China’s Top 200 New Economic Unicorns” released by the analysis agency iiMedia Consulting, Didi ranked third, but its valuation is only 400 billion yuan, about 65 billion US dollars.

Since its establishment in 2012, Didi has raised approximately US$30 billion in financing. As can be seen from the Didi IPO prospectus, executives from SoftBank, Boyu Capital, Alibaba, Tencent, and Apple are all on the board of directors. Multiple rounds of financing make Didi’s valuation inevitably a drumbeat. Only a US$100 billion valuation can bring excitement to the capital.

But can Didi’s existing business support a market value of US$100 billion?

The annual revenue of the three major businesses is 141.7 billion yuan, and travel is the absolute main force

According to the prospectus, Didi currently divides its revenue into three major businesses, namely, China’s travel business, international business and other businesses. The revenue of the three major businesses in 2020 will be 133.6 billion yuan, 2.3 billion yuan and 5.8 billion yuan respectively.

Everyone is already familiar with China’s travel business, which is to provide shared travel services, drawing a commission from the driver. As of March 31, 2021, Didi has 377 million annual active users and 13 million annual active drivers in China. In the first three months of 2021, the average daily order volume of the Didi platform is about 25 million.

On a global scale, Didi Travel’s operating network covers nearly 4,000 cities, counties and towns in 15 countries/regions. In the past 12 months ending March 31, 2021, the total transaction volume of the platform reached RMB 244.2 billion.

From the data point of view, Didi is undoubtedly the hegemon in the shared travel field. How does Didi defend its dominance? On the capacity side, Didi currently has the largest car rental network in China. The prospectus shows that as of March 31, 2021, Didi has approximately 3,000 car rental partners and more than 600,000 rental cars. According to data from China Investment Corporation, drivers who use Didi’s car rental program can save about 20% of the average rental price of the top 10 popular models compared to drivers who rent directly from the rental company.

In addition to the cost of vehicle rental, Didi also cooperates with gas stations and maintenance shops to allow drivers to enjoy discounts on refueling and vehicle maintenance. As of March 31, 2021, Didi has more than 8,000 cooperative gas stations. At the same time, to supplement the energy of electric vehicles, Didi has built the largest charging network in China. According to the data for the first quarter of 2021, Xiaoju Charging (including cooperation) accounted for more than 30% of the total public charging piles nationwide, and Didi drivers can use preferential discounts.

Transport capacity is one of the foundations of shared travel services. Didi obtains transport capacity guarantee by providing convenient services and preferential resources to car owners. Other travel companies will not be able to catch up with the investment in this area in the short term.

The second is the platform’s scheduling algorithm. According to Didi’s prospectus, its core assets are supply and demand forecasting and driver and passenger matching algorithms, which can accurately predict supply and demand fluctuations through AI, and dynamically adjust driver-side incentives in response to fluctuations to achieve inter-regional driver and passenger supply and demand. Balance, increase the driver’s income per unit time, and reduce the average time for passengers to call a taxi.

At the level of user activity, Didi faces great risks. With the addition of ride-hailing applications such as Baidu Maps, AutoNavi Maps, Air Travel, etc., travel companies with abundant transportation resources, such as Shouqi Car-hailing, Xiangdao Travel, and 3T Travel, get rid of Didi’s traffic advantage. , Relying on a larger flow entrance to seize part of Didi’s market. Personally, I have stopped using the Didi app for a long time, but instead use the more convenient AutoNavi map to take a taxi. AutoNavi covers far more functions than Didi, which means AutoNavi users The opening frequency is much higher than that of Didi, and AutoNavi can use WeChat location sharing, and the ease of use is much higher than that of Didi, which only has a single function for taxis.

For express consumers, the attractiveness of subsidies and discounts is higher than waiting time. Moreover, as Didi’s subsidies for drivers decline, Didi’s capacity has also begun to decline, and the waiting time for taxis during peak hours is lower than other times. The advantages of travel companies are not obvious. Although all travel companies are not fighting subsidy wars anymore, in the future, once currency liquidity improves, new players enter the market, and the subsidy war ignites, Didi can only passively fight.

As Yuanchuan Technology Review put forward in the article “The “Deflation Squeeze Dividends” of Meituan’s Lying Win”, the giants that existed during deflation can use the advantages of scale to squeeze small players and take advantage of the gap to improve their operating conditions. It is only temporary. Once the currency trend changes, everyone will come back to fight for subsidies if they have enough ammunition again. It’s not that there are no more people who challenge the overlord, but they all choose to be the “Voldemort” waiting for the spring in this cold winter.

Therefore, I think that Didi’s core revenue source, that is, shared travel business, has its own core advantages, but these advantages cannot play a decisive role in the battle. In terms of long-term growth, Didi’s road ahead is not a smooth one.

Lack of imagination in other business markets

In addition to travel, Didi’s three major businesses have “other businesses”, namely shared bicycles and motorcycles, community group buying, intra-city freight, financial services, etc.

Since the establishment of Didi’s two-wheeler business unit in June 2019, it has two brands, Qingju Bicycle and Street Rabbit Motorcycle. In March 2020, the two-wheeler business unit was upgraded to an independent business unit. At present, the two-wheeler market is dominated by Haro (Ant Financial), Qingju Bicycles, and Meituan Bicycles. According to the prospectus, as of March 31, 2021, Didi has deployed 5.2 million bicycles and 2 million electric bicycles in 220 cities in China. The revenue of shared bicycles and motorcycles increased from 200 million yuan in 2018 to 1.5 billion yuan in 2019, and revenue in 2020 reached 3.2 billion yuan, a very rapid increase.

Community group buying and intra-city freight can only be regarded as derivatives of Didi Chuxing. Didi launched an intra-city freight service in June 2020. With the help of Didi’s shared travel platform algorithm, it can match transportation demand and shared travel demand, and increase the utilization rate of shared travel vehicles. According to the prospectus, from July 2020 to December 2020, within six months of the launch of intra-city freight business, Didi completed 11 million orders in eight cities.

Community group buying also uses the algorithm of the Didi shared travel platform to help residential areas deliver some fresh produce, household necessities and other necessities. This demand was generated during the outbreak of the new crown virus. At present, there are many domestic companies including Meituan and Pinduoduo. All companies have entered the game. However, this business is often criticized. The People’s Daily has also criticized by name, “Don’t just worry about the flow of a few bundles of cabbage and a few kilograms of fruit, the technology giants, the stars and the sea of ​​technological innovation, and the infinite possibilities of the future are actually even more exciting Emotionally”.

The financial business of Didi is hardly mentioned in the prospectus. The addition of financial lending services in the APP has basically become the consensus of domestic Internet giants, but currently only Ant Financial, JD Finance, and WeBank have large markets. Didi Chuxing Compared with other service apps, the frequency of users opening is not high, and the ride-hailing scene does not fit well with financial lending. Therefore, it is conceivable that the financial road is not suitable for Didi.

Other businesses basically carry Didi’s business exploration beyond its main business, but from the perspective of market size, these projects are difficult to support a greater imagination in the capital market.

Electric car Didi just taste it

It has to be said that electric vehicles are the most popular territory in the capital market at this stage. Weilai Automobile closed at $45.68 per share on June 11, with a total market value of $74.848 billion. And in the long run, it may only be a matter of time before Weilai Automobile becomes a car company with a market value of 100 billion U.S. dollars.

It is a pity that Didi wants to prop up its market value of hundreds of billions of dollars without taking advantage of electric vehicles. In fact, in addition to its three major businesses, Didi has four core strategic areas, namely shared travel, car service, electric vehicles, and autonomous driving. Even for electric vehicles, it has also given a clear time chart, including hydrogen fuel cell vehicles. All considered.

However, Didi’s participation in new energy vehicles at this stage can only be side-by-side. In 2020, Didi and BYD jointly launched the first car D1 for travel scenarios. So far, 1,000 D1s have been put into operation. In the D1 project, Didi mainly entered design requirements, and specifically customized and developed battery BMS systems and car-machine systems for shared travel scenarios.

In May of this year, Didi once again announced the cooperation with GAC Aian to jointly develop a pre-installed and mass-produced electric Robotaxi for shared travel scenarios. This will be the second time that Didi has cooperated with OEMs to build new energy vehicles. However, it is clear that the two vehicles were built with the focus on Didi’s shared travel business and did not take the opportunity to make more in-depth actions in the new energy vehicle market.

According to an insider of an auto parts supplier, people from Didi, Baidu, Huawei, and Xiaomi have been in contact with procurement matters before. The impression of Didi’s team is very professional, at least much more professional than the people at Huawei and Xiaomi. As the most recent Internet technology giant in the automotive field, Didi should have had the opportunity and ability to participate more deeply in the new energy vehicle chain, such as the research and development of three electric technologies, the supply of overcharging and point-switching technologies, etc., but it is subject to Didi missed the new energy vehicle track due to the operating and financial pressure of its main business.

Autonomous driving business: the ideal is full, the reality is skinny

Autonomous driving is an opportunity to match the shared travel business direction and face the wind. In 2016, Didi first recognized the deployment of autonomous driving. In 2019, Didi registered “Shanghai Woya Technology Co., Ltd.” in Shanghai and began independent financing. In the same year, it obtained Shanghai’s first batch of demonstration application licenses for intelligent networked vehicles. Currently, Didi Auto The driving team has a size of 500 people.

In June 2020, Didi began its Robotaxi trial operation in the Shanghai Jiading Intelligent Networking Test Area. Currently, there are about 36 Robotaxi modified by Volvo XC60 in operation in Jiading.

In terms of common indicators for measuring autonomous driving companies, fleet operation scale and total test mileage, Didi’s autonomous driving is not the first echelon, but Didi’s advantage lies in relying on a large number of shared travel vehicles to obtain a wide range of real road traffic data . As Didi’s irreplaceable core advantages repeatedly mentioned in the prospectus: “Our advantages are built on our experience in operating a shared mobility platform at tremendous scale as well as our massive repository of real-world traffic data, which is not easily replicable.”

Wei Junqing, CTO of Didi Autonomous Driving, previously stated that Didi is the only autonomous driving company in the world with data on hundreds of billions of kilometers. 50% of Didi’s online ride-hailing devices are equipped with orange vision recorders to collect real road conditions during driving, which can collect nearly 100 billion kilometers each year. This information will be used for the training of autonomous driving models.

In theory, Didi does have a unique advantage, with the ability to collect information beyond Tesla’s shadow mode, and data will be the food that feeds the evolution of the autonomous driving system. But this set of logic requires strong data sorting capabilities, data training models, virtual simulations, large computing power supercomputing platforms, and visual algorithm optimization and development capabilities as support.

The video collected by the sensor can only be called material, and only the information that can be used to train the automatic driving algorithm after effective processing can be called data. Faced with a large amount of material, it is very difficult for Didi to be logically self-consistent. It needs to find typical scenarios that are valuable for autonomous driving training from the huge daily information, and conduct targeted training on autonomous driving algorithms through virtual simulations. Such technologies need to be verified, which requires strong computing power. In order to process the massive data returned by vehicles, Tesla has developed a supercomputer Dojo that can support video-level unsupervised neural network training.

Therefore, although Didi has unique advantages, it does not mean that Didi has a shortcut to self-driving. In terms of fleet size, test mileage, coverage of cities, and even the number of patents, Didi’s current performance of autonomous driving cannot effectively help Didi to hold up a good-looking valuation.

With shared travel, new energy vehicles, and autonomous driving, Didi seems to have set foot on every tuyere, but it seems that it is unable to establish an absolute defensive barrier in every tuyere.

Do you think Didi can hold up a $100 billion valuation?

With a valuation of over 600 billion yuan, the world’s largest travel giant is about to go public!

On June 11, Didi Chuxing formally submitted a prospectus to the US SEC, officially sprinting for listing.

After 10 years of long-distance running and 22 rounds of financing, the largest travel giants in China and even the world have finally entered a new chapter.

Didi’s prospectus has a huge amount of information, including data that shocks the world, such as 493 million global annual active users and 15 million annual active drivers. Create nearly 600 billion yuan in revenue for platform drivers in 3 years…

But there are also multiple hidden worries, such as a three-year loss of 35.3 billion yuan, and continued large-scale profitability is still far away; the future of the autonomous driving business is uncertain; and it is also conducive to high-hanging antitrust supervision.

As a rare super unicorn that has not yet been listed in the past 10 years, who has benefited the most from this round of wealth creation myth Didi? Under the anti-monopoly background, where will its future go?

one

From the perspective of the shareholding structure disclosed in the Didi prospectus, among the hundreds of billions of dollars in valuation, The biggest beneficiary is SoftBank Group . That’s right, it is the Japanese richest man Sun Zhengyi who voted for Ali to become a god in the first battle.

Since its founding in 2012, Didi has seen endless battles and countless small battles over the past 10 years. Fortunately, the reckless era of mobile internet has given it tremendous gains.

As of Q1 of 2021, Didi has been operating in more than 4,000 cities and towns in 15 countries, including China. Its businesses include online ride-hailing, taxis, ride-hailing, shared bicycles, shared motorcycles, on behalf of driving, and car services. , Freight, finance and autonomous driving, etc., the king of proper travel.

Of course, without those 22 rounds of huge financing, there would be no Big Mac today.

According to data, Didi has completed 22 rounds of financing, with a total amount of more than 100 billion yuan.Didi The gold owners include SoftBank, Ali, Tencent, Apple, Hillhouse, Sequoia, and China Merchants Bank, Bank of Communications, Foxconn, Toyota, Morgan Stanley, JP Morgan Chase, Goldman Sachs…the lineup is unprecedentedly luxurious.

In this day group, the highest shareholding ratio of Softbank reached 21.5%, compared with the founder Cheng maintaining only 6%, and co-founder Liu Qing holding 1.7%.

If calculated at a valuation of US$100 billion, Softbank’s investment in Didi will return as much as US$21.5 billion (137 billion yuan), enough to make Son Zhengyi the richest man in Japan again…..

And Didi is not short of money now. The sprint to go public has a lot to do with the eagerness of shareholders like SoftBank to exit.

Why are shareholders eager to withdraw? First of all, although Didi is the world’s largest giant, it still bleeds.

Looking at the data, its annual revenue from 2018 to 2020 is 135.3 billion yuan, 154.786 billion yuan, and 141.736 billion yuan, respectively. The net losses were 15 billion yuan, 9.7 billion yuan, and 10.6 billion yuan, respectively, with a huge loss of 35.3 billion yuan in three years.

With such losses every year, no matter how strong and firm shareholders are, they will not turn a blind eye to it, and there is a need to cash out as soon as possible.

Secondly, after the anti-monopoly storm in China, Didi has entered the supervision field. In May, it was jointly interviewed by eight major departments including the Ministry of Transport. , Requiring the platform to draw a high percentage, arbitrarily adjust pricing rules, and arbitrarily increase membership fees and other issues to immediately carry out rectification.

Under the high pressure of supervision, Didi’s valuation is no longer the same as it was three years ago, and various uncertainties and risks have also followed.

Therefore, the era of Internet giants making big fortunes has completely ended. Didi shareholders can no longer calmly accompany them, and the exit from the listing has become inevitable.

Moreover, the prospectus also pointed out that the board members appointed by Softbank will resign as Didi directors after the prospectus takes effect. This means that the major shareholder SoftBank has no desire to fight, you know what to do after listing.

This can also be seen from the use of Didi’s fundraising. The prospectus shows that Didi’s fundraising will be used in three aspects:

About 30% is used for international expansion, about 30% is used to improve technical capabilities including shared travel, electric vehicles and autonomous driving, and about 20% is used to launch new products and expand existing product categories to continuously improve user experience .

It can be seen that Didi spends all its money on expanding international business, investing in future technologies, and improving user experience. It is not a lack of money that requires a blood transfusion on the market.

In addition, Didi’s uncertain future technology also makes shareholders anxious.

two

Didi summarizes the current complex business lines into four cores and three major businesses.

The four cores are shared travel platforms, car service networks, electric vehicles and autonomous driving. The three major businesses are mainly Didi’s revenue composition. They are China’s travel business (online car-hailing, taxi, agent driving, and ride-hailing, etc.), International business (international travel and food delivery) and other businesses (shared bicycles, freight, autonomous driving, financial services, etc.).

Among them, autonomous driving is regarded by Didi as a key trump card in the decisive battle for the future.

We have said that the most prosperous 10 years of mobile internet have passed. In the future, model innovation will gradually fail. Real technological innovation is the kingly way.

Didi has also seen this trend and made a huge transformation.

As of the end of 2020, Didi has 15,914 full-time employees worldwide, of which 7,110 are R&D employees, and R&D employees account for 44.7%. At that time, Didi, which focused on operations and marketing, has gradually increased investment in R&D and innovation.

Speaking of technological innovation, in the field of travel, electric vehicles and autonomous driving solutions are definitely inevitable, and Didi has long established a plan for this.

In August 2019, Didi split the autonomous driving department into an independent company to focus on autonomous driving research and development. In May 2020, Didi Autopilot announced the completion of a round A financing of over US$525 million, which was jointly invested by Didi and Softbank.

After the A round, the valuation of Didi’s autonomous driving has reached US$3.4 billion, but it has recently been revealed that it has completed a new round of financing of US$300 million, and its valuation may have exceeded US$5 billion.

In addition, 30% of the funds raised this time will be invested in technologies such as shared travel, electric vehicles and autonomous driving, and Didi’s expectations for autonomous driving technology are self-evident.

However, autonomous driving is a big challenge. Technically, it involves functions such as visual computing, AI, 5G, human-computer interaction, as well as hardware such as lidar and chips, and the technical requirements are extremely high.

At the competitor level, the autopilot circuit has been chased by the two giants Tesla and Huawei, as well as players such as Xiaopeng and Baidu.

Judging from past experience, if Huawei does not do it, it will be a blockbuster. Every time it enters a track, it will have a strong voice and let its opponents walk on thin ice.

Now that Huawei’s autonomous driving technology equipped with lidar is mature, car companies such as BAIC and Changan may become its customers. On the other hand, Didi, although the valuation of the autonomous driving company has reached 5 billion US dollars, the specific results have not yet landed.

It is difficult to say whether Didi, which has crossed over from the Internet, can match Huawei in technological innovation, and it is difficult for shareholders to see clearly. This is the problem.

The vigorous model innovation is coming to an end. The market has no patience for Internet giants such as Didi, which have been losing money for years. For example, Kuaishou has plummeted by 50% after its listing, and giants such as Meituan and JD are also making significant adjustments.

Under the regulatory storm, the main business has suffered huge losses year after year, coupled with the huge challenge of autonomous driving. It is still a question of whether Didi, which has many worries, can hold the 100 billion U.S. dollar valuation…

Review of large-scale summits:

Nirvana Rebirth-2020 China Equity Investment Annual Summit

New Capital Bureau—2020 China Fund Partners (GPLP) Summit

Gathering Potential-2019 China Equity Investment Annual Summit

Capital Breaks-2019 China Fund Partners (GPLP) Summit

Return to Value Investment—2018 China Equity Investment Annual Summit

Big Waves Washing the Sand—2018 China Fund Partners (GPLP) Summit

Hundreds of Waters Strive for Streams—2017 China Equity Investment Annual Summit

The Great Era of Equity Investment—2017 China Equity Investment Summit

Looking for Capital Opportunities in Transformation—2016 China Equity Investment Annual Summit

Annual list review:

Investor.com 2020 China Equity Investment Annual Series List Released

Investor.com 2020 China Fund Partners Annual Series List Announced

Investjia.com announced the 2019 China Equity Investment Annual Series List

Investjia.com announced the 2019 China Fund Partners Annual Series List

Investjia.com announced the 2018 China Equity Investment Annual Series List

Investjia.com announced the 2018 China Fund Partners Annual Series List

Investjia.com announced the 2017 China Equity Investment Annual Series List

2016-2017 China’s equity investment industry series list announced by Investjia.com

Investjia.com announced the 2016 China Equity Investment Annual Series List

Seek coverage: yangqin6060 (WeChat)

Delivery BP: bp@wefinances.com

Text / Golden Wrong Knife Channel Yuanyuan

How high can a pair of pants be?

You would never think of someone using a Hermès bag specifically for it.

From the appearance alone, this is a pair of black long trousers that does not exceed 30 yuan.

In fact, it sells for 850/piece, which is twice as expensive as Adinike and ten times as expensive as Decathlon.

The exaggeration is that this is still its basic model, and some pants can sell for thousands.

If pants also have a chain of contempt, then it must be the one standing at the top of the pyramid. After all, this pair of pants is also a symbol of middle-class status.

And behind it is a Canadian clothing brand called Lululemon (hereinafter referred to as “lulu”).

Lulu is absolutely amazing in the industry.

With a pair of trousers sweeping the circle of rich women, it has become a fashion highland for the masters.

There are even people who spontaneously set up fan groups, and they have a kind of faith and worship for Lulu like believers.

In addition to the incomprehensible enthusiasm, lulu’s strength is also reflected in its performance. During the epidemic, its market value surpassed Adi, second only to Nike, and became the world’s second largest sports brand.

In the latest financial report, revenue in the first quarter of 2021 increased by 88%, which is impressive.

1

Defeating Adidas and making Nike afraid, why is it?

It is said that the birth of a Niucha brand is bound to be accompanied by a maverick founder.

The same is true for Lululemon. Although it specifically designs clothes for women, the person who proposed this idea is a bad old man.

The founder Chip Wilson was a real internet celebrity at the time. He liked all kinds of sports, from skiing to swimming, and even triathlon.

So much so that the physical pain caused by high-intensity exercise all the year round made him think of trying yoga.

At the age of 42, he joined a yoga class and after practicing for a while he discovered a problem.

There is no yoga pants suitable for women on the market.

At that time, most people came wearing cotton clothes or dance clothes, but clothes of this kind were not suitable for hot and sweaty sports scenes.

As a former sportsman, Chip Wilson has a lot of research on sportswear.

If you want to design a fabric suitable for women, you must approach the user.

So he did a lot of offline surveys and listened to various students complaining about the various yoga clothes, what is not sweat-absorbent, and the quick-drying is poor, he wrote down in a small book, returned home and summarized the knowledge points, and tried to use yoga. This niche market serves as an entry point.

Chip Wilson developed Lululemon’s first yoga pants after several fabric improvements.

Once launched, Amway used it for colleagues and friends around, and the result was rave reviews.

The first is the use of materials.

Friends who often go to gyms and other places must understand that wearing tight sports pants does not dare to stretch greatly, because the fabric is too thin and the range is slightly larger, and certain body parts will appear very embarrassing.

The thickness of the material used by lulu is very elastic and completely avoids this shortcoming.

The second is tailoring.

Yoga pants or pants worn by many women always have camel toe problems due to tight crotch. Lulu specifically increases the thickness and uses diamond-shaped lining to solve this problem.

The last is the most successful point, and that is the beauty of beauty.

lulu uses a Japanese flat-lock sewing machine to pull the stitches to the outside, which can also highlight the curves of women’s hips and legs.

Just imagine, who wouldn’t want to wear such yoga pants outside?

After all, in the sports market, there is no sports pants type specifically for women. All her trouser legs are so big that she looks like a boy at first glance.

But the emergence of Lulu makes female training equipment comfortable and beautiful.

I didn’t expect that a pair of professional yoga pants could be regarded as the darling of fashion street photography.

After all, yoga pants with good looks are too scarce, and lulu is very smart to fill this gap, and subsequently open the market step by step in North America and Canada.

As of the end of 2020, they have 521 stores around the world. The latest financial report shows that in the three months ending May 2nd, revenue increased by 88% to 1.2 billion US dollars, exceeding the market consensus of 1.13 billion US dollars.

The outside world is puzzled how a niche brand can compete with Nike Adi. Brother Dao will give everyone an analysis.

2

A pair of yoga pants sells for 900 yuan, how can they be snatched?

At the beginning, Lulu is strange, not that Brother Dao came from nowhere. First, let’s analyze the strangeness one by one.

1. Do not invite celebrities to endorse

When other sports brands, Adidas Nike Li Ning An Dema spokesperson, changed wave after wave, and constantly signed new traffic stars, let’s take a look at what Lulu has done.

It hardly invites celebrities, does not advertise, and does not have a grand official announcement spokesperson ceremony.

Instead, the focus is all on selecting the right KOL internet celebrities and yoga instructors.

For example, every time Lulu enters a city, it will find about 20 local yoga teachers to cooperate in the form of clothing sponsorship.

It will also provide additional professional photography, as well as new product try-on + gift. These signs or videos will be used as promotional materials for store windows, as well as social platforms such as ins, WeChat and Weibo, allowing KOLs to spontaneously spread it to fans. In the first mixed face familiar.

Don’t underestimate the power of internet celebrities. Their fans are very sticky. For yoga novices and sports beginners, they are vertical KOLs, and they are more professional and have the right to speak than a celebrity endorsement.

It is equivalent to the effect of Wei Ya and Li Jiaqi’s carrying goods, and consumers just trust them.

2. Hold a big yoga party

In order to bring consumers closer, lululemon will hold many large-scale events.

For example, Lululemon used to sponsor two yoga classes every week in Bryant Park in Manhattan, almost every time hundreds of women participated, and the scene was very popular.

In June 2017, more than 5,000 yoga enthusiasts gathered in Beijing Olympic Forest Park, under the leadership of yoga instructors, held a huge yoga party.

Such large-scale group activities give lulu its own community culture.

The Canadian media used the term “cult-like” to describe this phenomenon.

Although the wording is extreme, it fully shows that the cognition of “yoga=lululemon” is being implanted in the minds of consumers.

3. Earn money for middle-class women

Lulu’s positioning has not changed, that is, young and wealthy women aged 25-35, the early founders called them “super girls”.

Brother Dao is simply and rudely understood as: women with outstanding abilities in all aspects.

Once “Character” wrote an article called “Lululemon Sweatpants Addicts”, one of the details is very interesting.

“When someone enters a high-end yoga training venue wearing a set of 200 yuan worth of other brand equipment, and looking at the Lulu logo on the hands of people around, there is a feeling of “offending the dignity of others.”

It can be seen that lululemon is not only a commodity, but a kind of life philosophy with a sense of quality.

Just like a platinum bag, it is a knock-on bag to enter the upper class, and now, a pair of yoga pants worth 900 yuan has been given the same value.

Wearing it tells everyone: I not only have money, but I also have time to manage my figure.

For the middle class, what is needed is this low-key with deep fame and merit.

It’s nothing more than these three wonderful marketing points, which accurately hit every audience, and also allows lulu to be on its own track.

When talking about lulu’s success today, I don’t want to copy another one, but to learn from it.

3

Lululemon’s success is difficult to replicate

Lulu’s development over the years is inseparable from the dividend period of the Internet.

From 2010 to 2016, there has been a large wave of KOLs in different fields, such as gourmet beauty and sports talents. Many excellent content authors have appeared on platforms such as station B and Weibo.

Brother Dao remembers seeing Lululemon as early as 2018.

Later, on the Xiaohongshu and Douyin platforms, I saw many bloggers recommending.

At the same time, there was no mass marketing of women’s sports apparel at that time. As one of the few, lulu has tasted the sweetness brought by KOL earlier.

The so-called rushing early is not as good as rushing by coincidence.

Secondly, Brother Dao discovered an important factor that lulu cannot be copied, and that is: slow growth.

This slowness means that when entering the international market, it will not rush to expand, focusing on the crazy expansion of stores to occupy the center of the business district.

This phenomenon is very interesting. According to Dao Ge’s observation, the brands that have been forced to die in the past few years have survived well in the early stage, but because of expansion, they blocked the road and went bankrupt step by step.

Take the national brand Metersbonwe as an example. The early stage went smoothly, but in the later stage, it bought land and opened stores. At its peak, there were more than 5,000 stores across the country, all of which were large stores of thousands of square meters.

La Chapelle and some Jinjiang brands also collapsed due to expansion.

It’s completely lost his wife and broke down, and she has put herself to death.

And Lululemon is too smart, how does it do it?

When it wanted to enter the Chinese market, it did not expand for expansion, but did enough market research.

According to unofficial estimates from the global research firm Matthew Crabbe of Mintel Group Ltd., there were about 10 million people practicing yoga in China in 2018. Some people predict that China’s yoga industry will develop three times faster than the United States.

Coupled with the emerging Chinese middle class in recent years, they pay more attention to a healthy lifestyle.

Lulu saw this piece of cake, but he didn’t immediately spend money to open a shop.

Instead, he took small steps very cautiously and started recruiting his own team in China in 2014, maintaining cooperative relationships with local yoga studios and gyms, and infiltrating the local area.

It has only been 6 years since I entered China. As of 2020, only 55 stores have been opened. Compared with the speed of opening stores of some domestic brands, it is really weak.

But let’s take a look at its growth rate. In the third quarter 2020 financial report, it was mentioned that international revenue increased by 45%. Among them, total sales in China increased by more than 100%, and Chinese stores are expected to be second only to Canada in 2021. The second largest country.

We often say that haste is not enough, lululemon has learned the essence.

Conclusion:

In the end, Brother Dao wanted to mention a little detail of lululemon.

That is, there are very few discounts and very few promotions.

So that some people say that expensive is my problem, not to blame lululemon.

But Brother Dao is worried, when Lululemon, who started his business with Internet celebrities, will go to after tearing off this label? The middle class will buy it, but it doesn’t mean it will continue to buy it.

By then, will Lululemon still be able to laugh?

The cause of the incident was that on June 7, Baidu’s wholly-owned subsidiary Dazi County Bairuixiang Venture Capital Management Co., Ltd. invested and established Jidu Technology Co., Ltd. with a registered capital of 2 billion yuan. The legal representative is the CEO of Jidu Automobile. Xia Yiping’s business scope includes sales of new energy vehicles, new energy vehicle production and testing equipment, and so on.

But it is worth noting that the Jidu Technology Co., Ltd., which was solely funded by Baidu, is not the previously known Jidu Automobile.

As we all know, Baidu and Geely jointly established Jidu Automobile in March this year, with Baidu and Geely holding 55% and 45% of the shares respectively.

So why does Baidu set up Jidu Technology in addition to Jidu Auto, and does Geely know about this?

At present, Baidu has responded that Jidu is a technology-based automobile startup invested and established by Baidu and Geely. Based on the current business development needs of the company, the shareholders of both parties have jointly decided to register the company in Beijing, the company’s future shareholding structure and Operation and management methods will be further communicated to the outside world after specific information is available.

In short, the state of Baidu’s sole proprietorship is only temporary, and the company’s equity ratio and operating ownership will be further adjusted in the future.

But it is intriguing that Geely has not responded to this so far.

Because of this, many people in the industry have also speculated whether Baidu might leave Geely aside and build cars on its own.

However, from the perspective of Kung Fu Motors, it is unlikely that Baidu will build a vehicle solely at this time.

For Baidu, Geely chose Geely because Geely has strong core technology and advanced manufacturing capabilities, including industry-leading car-building architectures such as CMA and SEA Haohan.

In particular, the SEA Haohan architecture released in September last year is a pure electric original architecture with user travel experience as the core. It realizes the trinity of hardware layer, system layer, and ecological layer. It has the world’s largest bandwidth and is the world’s most efficient smart electric vehicle solution. The plan is to create a highly customized and evolving zero-boundary intelligent travel experience for users. Using Geely’s established platform architecture, design and R&D, supply chain and factories, Baidu only needs to develop and redefine software on a mature platform, and use user thinking and experience thinking to easily build a different smart car.

One is a leading domestic Internet company, and the other is the largest domestic brand auto manufacturer. The cooperation between Baidu and Geely can be described as a cross-regional strong alliance of leading forces in different fields. It is precisely based on this that Baidu has no need to jump out and do it alone.

In addition, Jidu Automobile CEO Xia Yiping also publicly disclosed the new progress of car manufacturing recently. He said that Jidu Automobile will unveil a concept production car at the 2022 Beijing Auto Show. The appearance and interior design of the vehicle have been basically determined, and it is initially expected to accept reservations next year. Therefore, this is definitely not the time to leave Geely flying solo.

Kung Fu Make a Case

To be sure, Baidu currently has no plans to build cars solo. Judging from this large amount of more than 2 billion, Baidu is determined to win the first model. This new model that combines the advantages of the current two major domestic giants is also worthy of our continued attention.

Produced | Sohu Finance

Author | Zhang Ying

On the evening of June 15, Suning.com issued a supplementary announcement on the freezing of shares, disclosing the reasons for the judicial freezing of 540 million shares of the company held by Zhang Jindong.

According to the announcement, Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan. Zhang Jindong and others provide guarantees for this trust loan. Recently, Huaneng Trust transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied for compulsory execution. Suning Real Estate has filed an enforcement objection to the Beijing Second Intermediate People’s Court, and the court has accepted the enforcement objection.

On the morning of June 15th, Suning.com issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings.

The supplementary announcement disclosed that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

Huaneng Trust applied for an enforcement certificate to the notary office with the letter of commitment issued by Suning Real Estate on February 1, 2021 that it did not carry out the notarization that conferred enforcement effect and did not waive its litigation rights.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

The supplementary announcement stated that Huaneng Trust recently transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied to Beijing No. 2 Intermediate People’s Court for compulsory enforcement of notarized debt documents (Case No. (2021) Jing 02 No. 837 ), Beijing No. 2 Intermediate People’s Court ruled to freeze 540 million shares of the company held by Mr. Zhang Jindong.

Suning Real Estate believes that since the execution certificate on which the relevant notarized creditor’s rights document is enforced does not meet the requirements of the Supreme People’s Court on several issues concerning the enforcement of notarized creditor’s rights documents, it has filed an execution objection to the Beijing No. 2 Intermediate People’s Court, and Beijing No. 2 The Intermediate People’s Court accepted the aforementioned enforcement objection on June 11, 2021.

On June 9, Sohu Finance inquired from the China Enforcement Information Disclosure Network that Suning Appliance Group Co., Ltd. added a piece of information about the person subject to enforcement, case number (2021) Jing 02 Zhi No. 837, and the enforcement subject was over 3.082 billion yuan. The enforcement court was Beijing Second Intermediate People’s Court.

According to the China Enforcement Information Disclosure website, Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. are all persons subject to enforcement, and the time for filing the case is June 4. Suning Real Estate and Suning Appliance are actually controlled by Zhang Jindong, the founder of Suning.

According to an enterprise search, Yingming Yuansheng was established on November 12, 2015, with a registered capital of 100,000 yuan, 60% of which was funded by Guizhou Taijia Investment Management Co., Ltd., and 40% by Guizhou Chuangming Investment Management Co., Ltd..

It is worth noting that the registered addresses of Yingming Yuansheng, Guizhou Taijia and Guizhou Chuangming are all located in the administrative office building of the People’s Government of Guanshanhu District, Guiyang City, Guizhou Province. The Development and Reform Bureau of Guanshanhu District of Guiyang City indirectly holds Yingming Yuansheng 43.86% shares.

Since the beginning of this year, Suning.com has been “turbulent.”

On February 28, Zhang Jindong and his concerted actor Suning Holding Group and others planned to transfer 23% of Suning Tesco to Shenzhen International and Kunpeng Capital to introduce state-owned capital.

On the evening of June 2, Suning.com issued an announcement stating that Suning Appliance intends to transfer its 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) to the new retail fund. The total transfer price is 31.82. 100 million yuan.

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

Author: Zhang Rui Produced | Deep Web・QQ MusicNews Xiaoman Studio May 24,quick workerScience and Technology announces its financial report for the first quarter of 2021 (three months ended March 31, 2021). The financial report shows that Kuaishou’s revenue in the first quarter was 17.019 billion yuan, a year-on-year increase of 36.6%; a net loss of 57.75 billion yuan, an increase of 89.4% year-on-year, and an adjusted net loss of 4.918 billion yuan, an increase of 13.2% year-on-year. For adjusted net losses, Kuaishou financial reports are defined as losses during the period plus share-based compensation expenses and changes in the fair value of convertible redeemable preferred stocks. Adjusted net loss of 4.918 billion yuan increased employee compensation expenses The financial report shows that the cost of sales of Kuaishou increased by 22.3% from RMB 8.2 billion in the same period in 2020 to RMB 10 billion in the first quarter of 2021. Regarding the increase in cost of sales, Kuaishou provided the following explanation in the financial report: The expansion of the user base and business growth have led to an increase in user traffic, as well as increased bandwidth fees and server hosting costs, depreciation of property and equipment and right-of-use assets, and amortization of intangible assets. On the other hand, increasing the number of employees and increasing share-based compensation expenses in order to support business growth has led to an increase in employee compensation expenses. In terms of gross profit, Kuaishou’s gross profit increased by 64.1% from RMB 4.3 billion in the same period in 2020 to RMB 7 billion in the first quarter of 2021. Gross profit margin increased from 34.2% in the same period in 2020 to 41.1% in the first quarter of 2021. Kuaishou’s explanation in the financial report was mainly due to the expansion of other businesses such as online marketing services and e-commerce business, which led to a decrease in our live broadcast revenue as a percentage of total revenue, which in turn led to a decrease in sales cost as a percentage of total revenue. Sales and marketing expenses increased by 44.0% from RMB 8.1 billion in the same period in 2020 to RMB 11.7 billion in the first quarter of 2021. Its percentage of total revenue increased from 65.0% to 68.5%, mainly due to promotion and Due to increased advertising expenses. Promotion and advertising expenditures increase in the first quarter of 2021. The explanation given by Kuaishou in the financial report was mainly due to the increase in marketing expenses and brand promotion activities for our promotion of Kuaishou Express Edition and other applications. In terms of administrative expenses, it increased by 128.2% from RMB 308.2 million in the same period in 2020 to RMB 703.4 million in the first quarter of 2021, and its percentage of total revenue increased from 2.5% to 4.1%. The explanation given by Kuaishou in the financial report was mainly due to the increase in the number of administrative staff and the increase in share-based compensation expenses to support business development, which led to an increase in employee welfare expenses. Excluding the impact of share-based compensation expenses, the percentages of administrative expenses to revenue in the first quarter of 2021 and 2020 are 2.7% and 1.8%, respectively. In terms of R&D expenditure, it increased by 199.2% from RMB 939.5 million in the same period in 2020 to RMB 2.8 billion in the first quarter of 2021, and its percentage of total revenue increased from 7.5% to 16.5%. Kuaishou’s explanation in the financial report was mainly due to the continued investment in artificial intelligence, big data and other advanced technologies, which significantly increased the number of R&D personnel and increased share-based compensation expenses, resulting in increased employee welfare expenses. Excluding the impact of share-based compensation expenses, the percentages of R&D expenses to revenue in the first quarter of 2021 and 2020 are 10.8% and 6.4%, respectively. Live broadcast revenue declines, online marketing services revenue has increased significantly From the perspective of revenue composition, revenue from online marketing services and other services increased year-on-year, while revenue from live broadcast business declined year-on-year. Revenue from online marketing services increased by 161.5% from RMB 3.3 billion in the same period in 2020 to RMB 8.6 billion in the first quarter of 2021. Kuaishou’s financial report explained that it was mainly due to the expansion of the user base to attract more online marketing customers, and the strength of artificial intelligence and big data to enhance the effectiveness of online marketing services. The revenue of live broadcast business decreased by 19.5% from RMB 9 billion in the same period in 2020 to RMB 7.3 billion in the first quarter of 2021. The explanation of the Kuaishou financial report is mainly due to the fact that the average monthly paying users of live broadcast have changed from 67.0 million in the same period in 2020 to 52.4 million in the first quarter of 2021. There were more monthly paying users in the first quarter of 2020, partly due to strict quarantine during the COVID-19 outbreak, and more users turned to online social and entertainment activities. In the first quarter of 2021, the general public returned to their normal lifestyles. The time spent on activities is reduced. Revenue from other services increased by 589.1% from RMB 175.8 million in the same period in 2020 to RMB 1.2 billion in the first quarter of 2021, mainly due to the expansion of e-commerce business. Over 150 million MAU in overseas markets In terms of user volume, both the scale and activity of Q1 users in 2021 will increase significantly. In 2021, the average daily active users of Chinese apps and mini programs of Kuaishou in Q1 of 2021 reached 379.2 million, a year-on-year increase of 26.4%. The average daily usage time of each daily active user of the Kuaishou app increased to 99.3 minutes, an increase of 10.5% from the 89.9 minutes announced in the fourth quarter of last year. Kuaishou also disclosed the latest developments in the international market for the first time: with South America and Southeast Asia as its core targets, it has achieved breakthroughs in different overseas products such as Kwai and SnackVideo. Data shows that the average monthly active users in overseas markets in the first quarter of Kuaishou exceeded 100 million. In April this year, MAU (monthly active users) in overseas markets further increased to more than 150 million. Kuaishou’s overseas business began to deploy around 2017. Since 2020, Kuaishou has further adjusted its strategy, increased investment and layout in overseas markets, and demonstrated a clear determination to internationalize. At the end of 2020, the former Didi international business COO Qiu Guangyu joined Kuaishou and became the new Kuaishou international business head; in April this year, Kuaishou ushered in a new head of overseas technology, former Facebook Chinese engineering executive Wang Meihong. Kuaishou’s investment in overseas markets shows Kuaishou’s determination to enter the international market. According to statistics, the number of active users of the overseas version of Bytedance TikTok has reached more than 800 million globally. Copyright statement: The content produced by Tencent News is not allowed to be copied or reprinted without authorization, otherwise legal responsibility will be pursued.

Accordingly, US investors have made a profit of up to $ 4.1 billion by investing in this world’s number 1 “virtual currency”. Right behind the US is China with 1.1 billion USD. The remaining positions in the top 5 include Japan ($0.9 billion), UK ($0.8 billion) and Russia ($0.6 billion). Notably, this list also includes the presence of Vietnam. According to Chainalysis estimates, Vietnamese investors have earned $0.4 billion in 2020 by investing in Bitcoin. On a global scale, Vietnam ranks 13th in the world in terms of Bitcoin-related profitability. Vietnam is also the 4th country in terms of cryptocurrency profits, just behind China, Japan, and South Korea. Ranking of the 25 most profitable countries from Bitcoin in 2020. According to Chainalysis, due to the decentralized nature of the technology, it is very difficult to find out where the parties are in a cryptocurrency transaction. The published results were estimated using transaction data from services that Chainalysis tracks. In its analysis, Chainalysis measures the total volume of Bitcoin transactions at each crypto exchange. They estimate the amount earned by the difference in the price of Bitcoin at 2 times of entering and leaving the exchange. Chainalysis then distributes this profit based on each country’s share of web traffic on each exchange. By doing this, Chainalysis has produced a report on how much return investors in each country will make with Bitcoin in 2020. Even so, Chainalysis’s methodology is approximate and not yet available. regardless of the profits from the digital assets still in the exchanges. Vietnam currently ranks 10th on the Global Cryptocurrency Acceptance Index. According to Chainalysis, Vietnam is a perfect example of a country where the level of participation in cryptocurrency transactions far exceeds the ranking of the economy. Although only ranked 53rd in GDP with about $262 billion and ranked as a low-middle-income country, Vietnam still has a fairly high level of acceptance for cryptocurrency transactions. Accordingly, Vietnam ranks 10th out of 154 countries in the Global Cryptocurrency Acceptance Index. This is one of the rare indexes where Vietnam has the same rank as developed countries such as the US, China or South Africa, even more than many other developed countries such as the UK, France, Germany, and Spain. , Japan, Korea,… With such popularity, Chainalysis is not surprised that Vietnamese investors ranked 13th in the world in terms of income earned from Bitcoin in 2020. Many Vietnamese Bitcoin investors have won big in 2020. Similar to Vietnam, this phenomenon also occurs in a number of other countries such as the Czech Republic (54th in GDP, 18th in income from Bitcoin), Turkey (25th in GDP, 16th in revenue). Bitcoin income) and Spain (19th in GDP, 9th in Bitcoin income). On the other hand, despite having the 4th largest economy with the 2nd largest population in the world, India is being left behind in the crypto economy. In 2020, the country’s investors only made 241 million USD from the increase in the price of Bitcoin, ranked 18th in the world. This is because the Indian government does not seem to be very friendly with cryptocurrencies. India used to ban all cryptocurrency transactions in the country, until the Supreme Court of India lifted the ban in March 2020. Although many Vietnamese investors are making big profits from cryptocurrencies. Having said that, investing in Bitcoin or other cryptocurrencies is a very risky investment. Therefore, investors need to be careful and learn carefully before deciding to enter this harsh market.

Nowadays, in the Chinese beverage market, there has been an energy drink second only to Red Bull, and it has been listed in the A-share market at the end of May, becoming the “first share of functional drinks” with an annual revenue of nearly 5 billion. It is called ” The Dongpeng drink behind the Dongpeng special drink which is highly imitation of Red Bull.

As of the close on June 11, the share price of Dongpeng Beverage has reached 190 yuan, with a market value of 76 billion yuan, while the issue price on May 27 was only 46.27 yuan, and the market valuation was 18.5 billion yuan. In other words, In just 16 days, the market value of Dongpeng Special Drink has increased by nearly 58 billion.

The actual controller Lin Muqin’s shareholding ratio is 50.74%. Now converted into net worth, his shareholding value is as high as 38.5 billion yuan.

Why did Dongpeng Special Drink take the road of “high imitation Red Bull”? This is related to the experience of Lin Muqin, the founder of Dongpeng.

The predecessor of Dongpeng Beverage Group was Dongpeng Industry, which was established in 1987. This old state-owned beverage factory mainly produces herbal tea and water beverages. After Red Bull entered China in 1995, it quickly opened up the functional beverage market. Soon, Dongpeng Beverage also followed suit and launched Dongpeng Special Drink in 1997.

But at this time, Dongpeng Beverage is a small factory on the verge of bankruptcy, with an annual output value of 20 million yuan. Because of its poor profitability, let alone promoting new products, it is very difficult to even pay wages. Until 2003, Dongpeng Beverage ushered in the private reform, and the privatization of factory assets was the priority for internal employees.

At that time, Lin Muqin was the general manager of sales in the factory. He thought this was a good opportunity for a big fight. So, he and the two brothers Lin Mugang spent 1.46 million yuan together to take over the old Dongpeng factory.

Before taking the post of Dongpeng Beverages, Lin Muqin also served as the director of Red Bull’s foundry. Therefore, he has a better understanding of the procurement, technology, and sales of the functional beverage market. After taking over Dongpeng Beverages, he settled for a few years. In 2009, he launched Dongpeng Special Drinks in plastic bottles, intending to enter the functional beverage market with all his strength. In 2013, Nicholas Tse was signed as the brand spokesperson for Dongpeng Special Drinks, and the brand was officially promoted nationwide with a younger brand image.

At that time, only Red Bull took the lead in the domestic functional beverage market. Although there were brands such as Sainiu, Wangniu, and Lehu competing for the second place in the market, they basically followed the low-end route, with a market price of 3 yuan. Around, it’s only half the price of Red Bull. In order to get to the top as soon as possible, Lin Muqin decided to take advantage of the “bull” in brand marketing in addition to differentiation in price and packaging.

In 2013, Red Bull iterated the slogan, and “Drink Red Bull when tired and sleepy” was abandoned. But this slogan, which has been used for 8 years, has been deeply rooted in the hearts of the people. So, Dongpeng special drink painted a gourd, and then shouted, “You must wake up and fight when you are young! Drink Dongpeng special drink when you are tired.”

It is this high imitation slogan that makes Dongpeng Special Drink wear the “high imitation Red Bull” hat.

In the following years, because of the slogan and Red Bull’s Dongpeng special drink, it began to vigorously market through celebrity endorsements, film and television placements, and the World Cup. It soon became a market in third- and fourth-tier cities with more affordable prices, and not only became Red Bull. The cheap alternative version of, has also sat on the market’s second place as hoped.

The rapid development of Dongpeng Beverages is inseparable from the trend of energy drinks in the world. Since the huge success of Monster Beverages in the United States in 2002, energy drinks have become popular in Europe and the United States and swept across Asia.

According to the Pacific Securities Research Report, between 2014 and 2019, the size of my country’s functional beverage market increased by 125%, from 58 billion yuan to 111.9 billion yuan, becoming the third largest beverage market in the beverage industry.

Among them, Red Bull steadily ranks first with a market share of 57%, Dongpeng Special Drinks occupies 15% of the market share, and Lehu occupies 10% of the market. The development potential of the entire market is very considerable, and the gross profit margin of energy drinks is relatively high. .

However, the original low-price strategy also laid hidden dangers for Dongpeng Special Drinks, which not only failed to test the high-end market, but also exposed the problem of too single category.

In 2017, Dongpeng Special Drinks tried high-end products and launched 250ML gold cans, priced at 3.6 yuan, and wanted to enter the high-end market, but its own 500ML plastic bottle version became the biggest obstacle, and it has been reduced to 2.3 yuan per can. .

According to data from its prospectus, Dongpeng Special Drink’s revenue in the first quarter of 2021 was 1.711 billion yuan, a year-on-year increase of 83.37%, and its net profit was 342 million yuan, a year-on-year increase of 122.52%. This performance growth is precisely dependent on Dongpeng Specialty. The sales volume of 500ml gold bottles.

At the same time, the sales of other beverage categories under Dongpeng Beverage are relatively poor. From 2018 to 2020, the performance of Dongpeng Beverage’s functional beverages has increased year by year, respectively 2.886 billion yuan, 4.003 billion yuan, and 4.655 billion yuan. Yuan, which accounts for more than 90% of the company’s total revenue annually.

Although the strength of Red Bull is very different, many investors believe that Dongpeng Beverage has gradually widened the distance from the third and fourth competitors, and has established a brand moat. In addition, energy drinks still maintain high market demand. The growth rate, which has also led to the continuous speculation of Dongpeng Beverage’s share price.

In which, the total import-export value of enterprises with foreign direct investment (FDI) reached 182.81 billion USD, up 38.2% (equivalent to 50.56 billion USD); the import-export value of domestic enterprises was 79.93 billion USD, up 24.5% (equivalent to 15.71 billion USD) over the same period last year. In the 2nd period of May, 2021, the trade balance of goods has a deficit of 129 million USD. Generally, in the 5 months of 2021, the trade balance will have a deficit of 473 million USD. Illustration/nhandan.vn Regarding exports: The total value of Vietnam’s exports in the 2nd period of May, 2021 reached US$ 14.28 billion, up 20.1% (equivalent to an increase of US$ 2.39 billion in absolute terms) compared to the same period last year. May 1, 2021. The export value of the second period of May, 2021, fluctuated and increased compared to the period of May 1, 2021 in the following commodity groups: Textile and garment increased by USD 303 million; iron and steel of all kinds increased by 199 million USD; machinery, equipment, tools and spare parts increased by 185 million USD; footwear of all kinds increased by $182 million… Thus, in the first 5 months of 2021, the total export value of Vietnam reached 131.13 billion USD, an increase of 30.9%, equivalent to an increase of 30.96 billion USD over the same period in 2020. Statistics of the General Department of Customs also show that the export value of goods of foreign direct investment (FDI) enterprises in the 2nd period of May, 2021 reached 10.15 billion USD, up 16 6%, equivalent to an increase of $ 1.44 billion compared to the first period of the month, thereby bringing the total export value of goods from the beginning of the year to the end of May 2021 of this group of enterprises to $ 97.20 billion, an increase 36.7% (equivalent to an increase of 26.08 billion USD) over the same period last year, accounting for 74.1% of the total export value of the country. Regarding imports: The total value of imported goods of Vietnam in the 2nd period of May, 2021 reached 14.41 billion USD, an increase of 4.3% (equivalent to an increase of 594 million USD in absolute number) compared to the actual result. in the first half of May 2021. Import value of goods in the 2nd period of May 5-2021 increased compared to the previous period 1 mainly in a number of commodity groups: Computers, electronic products and components increased by 168 million USD; crude oil increased by 132 million USD; Ore and other minerals increased by 126 million USD… Thus, in the first 5 months of 2021, the total import value of the whole country reached 131.6 billion USD, up 36.7% (equivalent to 35.3 billion USD) over the same period in 2020. Import value of goods by FDI enterprises in this period reached US$9.1 billion, a slight increase of 2.6% (equivalent to an increase of US$232 million) compared to the first period of May 2021. Calculated in the 5 months of 2021, the total import value of this group of enterprises reached 85.61 billion USD, up 40% (equivalent to 24.47 billion USD) over the same period last year, accounting for 65% of the total import value. import value of the country.

Ho Van Cuong’s sand level makes many people curious How much can Ho Van Cuong earn? The story of singer Phi Nhung with adopted son Ho Van Cuong has attracted attention in the past few days, of which it is interesting that Phi Nhung admits that in the past 5 years, all the money for her adopted children to sing has been kept by her manager. She herself does not know how much money Ho Van Cuong has, but it is estimated that it may be about 1 billion VND or more than 1 billion. That is the total amount of money for singing in the country and going on shows abroad, excluding airfare, investment… Phi Nhung will give back to Ho Van Cuong that total amount after the adopted child turns 18 years old. This information is controversial. Many figures about Ho Van Cuong’s salary are given to show that the figure of 1 billion dong is less than his 5 years of singing. It is estimated that his salary level may be 50-70 million/show after being crowned Vietnam Idol Kids 2016 Champion, but many people think that this is just an exaggerated number. The young vocalist’s show at the time of the coronation only fell at 30-35 million VND/show. At the moment, it is only about 15-20 million VND/show (or even lower) because in recent years, Ho Van Cuong has not been so prominent. In fact, up to now, there is still no authentic information about Ho Van Cuong’s sands. According to an anonymous vote, few people book Ho Van Cuong privately, but mainly he sings with his adoptive mother Phi Nhung. The salary level of singer Phi Nhung was also revealed. Specifically, Phi Nhung’s salary is not fixed, sometimes 60 million, sometimes 90 million/show. The total amount of Ho Van Cuong’s 5 years of singing is not officially public This price does not include adoption, but sometimes Phi Nhung still takes her adopted children to sing along, including Ho Van Cuong. Therefore, how to calculate the salary for young vocalists, how to eat and what percentage, only Phi Nhung’s company knows. Phi Nhung once said that she paid more attention to Ho Van Cuong’s studies than singing. Therefore, if you think that the young vocalist who sings at the weekend with the sands is about 10-15 million/show, he will have more than 500 million/year (if he receives 1 show every weekend). 3 years of singing (according to the manager, the last 2 years Ho Van Cuong did not sing), the amount of money the male singer can have is about 1.5 billion dong. This number does not include Ho Van Cuong’s fair singing show, participation in game shows, advertising … and does not include % with management. Ho Van Cuong himself also appeared in many gameshows such as “Talented Talent”, “Super Surprise”… Cassia depends on many factors However, that is only an estimate. In fact, according to industry insiders, it is difficult to estimate how much money Ho Van Cuong has earned in the past 5 years. The salary levels given are for reference only, not the exact salary. Because, the performance of the Child Champion depends on the program that the singer is crowned with and the name of the child voice. Phuong My Chi’s catse was once publicly known by Quang Le as $6,000/show in the US, but whether this price is accurate or not, not everyone knows. This is easy to see when Quang Le once revealed that Phuong My Chi’s salary when performing in the US was 6000 USD (about 140 million VND)/show. Meanwhile, also the winner of the music contest, Quang Anh fluctuates around 10 million/show, higher can be up to 30 million/show. Or Thien Nhan did not disclose the salary, but said that it was only enough to cover tuition fees, living expenses and send some to his parents. According to Mr. Nam Cuong, biological father and manager of The Voice Kid 2016 Champion Trinh Nhat Minh, in fact, many singers have crews that inflate the price of sand when they are announced, while the number is How they actually get is only known. “I don’t book shows with singers, so I don’t know the price, but I think with a salary of about 70 million for Ho Van Cuong, it is not possible. For example, Nhat Minh, since the coronation of The Voice Kid 2016 has been singing regularly for several years and his name still retains a certain heat, but the sand is not that good. When he just came out of the competition a few years ago, Minh’s event in Hanoi was only about 25 million / show, outside the province will charge a different price. The show event will have a different price. If there is no epidemic and plays all year round, in a few years, it is normal for children to earn 1 billion or several billion, “said Mr. Cuong. However, he said that this amount also depends on how the singer chooses the show. If you accept to sing at the fair, the singer’s schedule may be thicker. The level of pay will depend on the name and ability of each singer, not to mention each boss will book singers in different styles with different prices. As the Champion of The Voice Kid 2016, stepping out of the contest, Trinh Nhat Minh has a salary range of only about 25 million VND/show. Commenting on Ho Van Cuong’s total ability after 5 years of singing, Mr. Cuong said that it is difficult to determine. “It is impossible to know how much money the singer earns. Phi Nhung can be selected as the main book and Phi Nhung installs Ho Van Cuong to let Cuong collide and get used to the stage. When going to “eat ke” like that, the price will be different from the price of a separate book. Or vote for the book by “cluster” is both, the price is different. Therefore, it is difficult to assess how much money Ho Van Cuong earns in a few years or say about 1 billion is more or less”, the manager of The Voice Kid 2016 said.

The equity that was purchased at the time of 3.4 billion yuan has now been transferred at a price of 900 million yuan. “Thor” Tianshen Entertainment (002354.SZ) has once again sparked controversy.

On the evening of June 14th, Tianshen Entertainment announced that in order to optimize the company’s asset structure and business layout, reduce the company’s operational risks, and improve the company’s future profitability, the company plans to transfer its holdings of Beijing Fantasy Joy Tour at a total consideration of approximately 903 million yuan. Network Technology Co., Ltd. (hereinafter referred to as “Fantasy Yueyou”) 93.5417% equity.

The 93.5417% equity of Fantasy Yueyou was acquired by Tianshen Entertainment in 2016. At that time, it cost about 3.417 billion yuan, which also means that the transfer of the underlying assets was a 2.643% discount.

As soon as the news came out, the netizens of the stock bar had a lot of discussions. Some netizens said that “it was bought for 3.4 billion a few years ago, and now 900 million is sold.” Some netizens said, “The subsidiary has sold 900 million, and the company should have the money to repay its debt.” The latest data shows that as of March 31, the number of A-share shareholders of Tianshen Entertainment was 26,700.

On the 15th, Tianshen Entertainment’s share price rose once, but then turned and fell. As of the close, it fell 1.84% to 3.74 yuan per share.The stock price fell more than 85% from the highest point of 25.85 yuan in 2017, and the current total market is about 6.2 billion yuan.

A company bought for 3.4 billion yuan

Now sold for 900 million yuan

In 2016, Tianshen Entertainment disclosed that it intends to acquire 93.5417% of the equity of Fantasy Yueyou and 96.36% of Herun Media through the issuance of shares and payment of cash. The transaction price of 93.5417% of the equity of Fantasy Yueyou is 3.417 billion yuan and Herun Media is 96.36 yuan. The transaction price of% equity is 742 million yuan.

It is understood that Fantasy Joy Tour is a company whose main business is the overseas distribution of online games and mobile precision advertising. Since its establishment, Fantasy Travel has focused on markets in the Middle East, South America, and Europe. It has achieved remarkable results in the field of overseas game publishing with differentiation as a path. As of June 30, 2016, Fantasy Travel has represented a total of 45 web games. And mobile online games.

For the purpose of the above acquisition, Tianshen Entertainment has also stated that after the completion of this acquisition, the company’s business map will be more complete, and there will be sufficient synergy and support between the business segments. The two major targets of this acquisition can be used simultaneously. The three major sections of listed companies’ online games, advertising media and film and television content will simultaneously carry out multiple reinforcements to create a pan-entertainment industry aggregation platform of “film and television + games + advertising”.

However, things went counterproductive. After the completion of the merger, Fantasy Yueyou repeatedly failed to fulfill its performance promises. Take 2018 as an example.Fantasy Joy Tour achieved net profit of 141 million yuan after deduction of non-profits in 2018, and the difference from the performance promise was 265 million yuan, and the completion rate was 34.7%.

According to Tianshen Entertainment, as a pure overseas game publisher, Fantastical Yueyou has continued to increase in game acquisition costs and promotion expenses in recent years, and its profit margin has been severely squeezed, and its operating performance has continued to decline. It will be even more severe in 2019 and 2020. With continuous losses, it is expected that there will be greater uncertainty in future performance. After this transaction, the company no longer holds the equity of Fantasy Yueyou, and Fantasy Yueyou is no longer included in the scope of the company’s consolidated statements.This transaction is expected to generate revenue of approximately 130 million yuan.

Tianshen Entertainment’s announcement shows that the takeover party this time is Hainan Feichi Trinidad Technology Partnership (Limited Partnership) and Creation Network Limited (HK). Both counterparties were established for less than one year, and their actual controllers are all natural person Li Jiaxuan.

“Thor” came back to life

In February 2010, Tianshen Entertainment was listed on the Shenzhen Stock Exchange. After a major asset reorganization, its main business was changed to e-sports games in 2014. Data traffic is another main business.

What is still fresh in the public’s memory is that in 2015, Zhu Ye, the founder and major shareholder of Tianshen Entertainment, spent US$2.34 million (approximately 15 million yuan) for dinner with Buffett.

As the business continues to expand, Tianshen Entertainment’s revenue also continues to expand.

From 2015 to 2017, Tianshen Entertainment’s operating income reached 941 million, 1.675 billion, and 3.101 billion yuan, respectively, and net profits attributable to the parent reached 362 million, 547 million, and 1.02 billion yuan, respectively.

In 2018, Tianshen Entertainment initiated more than 10 mergers and acquisitions, with a purchase amount of nearly 10 billion yuan. However, the return of expansion has not yet appeared, and Tianshen Entertainment has ushered in a loss of nearly 8.3 billion for two consecutive years.

From 2018 to 2019, Tianshen Entertainment’s revenue was 2.599 billion yuan and 1.335 billion yuan; the net profit attributable to shareholders of listed companies was -7151 billion yuan and 1.198 billion yuan. Tianshen Entertainment was once called “Thunder God” by shareholders.

Regarding the loss, Tianshen Entertainment explained that due to the excessive expansion of the previous period, the resulting debt scale has increased sharply. In 2018, affected by regulatory policy adjustments such as the freezing of the game industry’s version number, total volume control, etc., as well as the regulation of taxation in the film and television industry, restrictions on specific themes, and governance of artist salaries, the company’s operating performance fell sharply, causing a chain reaction and falling into serious debt Crisis and business crisis.

In August 2019, Tianshen Entertainment received an investigation by the China Securities Regulatory Commission, and together with Zhu Ye received a warning letter from the Dalian Securities Regulatory Bureau. The warning letter revealed the problems of Tianshen Entertainment and Zhu Ye in terms of capital occupation, related transactions, and letter disclosure.

In August of the same year, Tianshen Entertainment began to save the crisis. From the previous announcements issued by Tianshen Entertainment, it can be seen that the change first occurred internally. Chairman Yang Kai resigned and introduced a new management.

Then comes debt restructuring. April 2020*ST Tianyu submitted a reorganization application, and on December 9th of the same year, the reorganization was completed.

On the evening of May 21, 2021, Tianshen Entertainment announced that the stocks will withdraw the delisting risk warning from May 25, 2021 (Tuesday), and the stock abbreviation will be changed from “*ST Tianyu” to “Tianshen Entertainment”; the stock code is not Change, still “002354”.

The announcement also showed that in 2020, Dahua Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. After auditing,The company’s operating income in 2020 is 996 million yuan, and the net profit attributable to shareholders of listed companies is 153 million yuan.The net assets attributable to shareholders of listed companies are 2.78 billion yuan.

(The content of this article is for reference only, not as an investment basis. Investors operate accordingly at their own risk.)

Edit| He Xiaotao Du Hengfeng Hu Ling Wang Jiaqi

Proofreading| Lu Xiangyong

The cover picture is self-photographed, and the picture and text are irrelevant

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Competition with china US Senate passed Billion program

Status: 09.06.2021 09:01 a.m.

With a $ 250 billion program, the US wants to make up economic ground against China. The aim is semiconductor production and the research area Artificial Intelligence. The US Senate has passed a huge investment program in research and technology. Across all parties, the senators voted in favor of the package of measures designed to strengthen the US economy in competition with China. One of the goals is to advance the production of semiconductors in the USA and research in the field of artificial intelligence. Senate Democratic Majority Leader Chuck Schumer said after the vote: “If we don’t do anything, our days as the dominant superpower could be numbered.” US President Joe Biden was satisfied with the Senate decision: “We are competing for victory in the 21st century and the starting shot has been fired.” The US would have to maintain its position as “the most innovative and productive nation in the world”, according to Biden.

Production capacities decreased

According to the White House, the proportion of semiconductor production capacity in the US has fallen from 37 percent to around 12 percent of global production over the past 20 years. US companies are dependent on foreign countries, in particular on countries in Asia, which is a risk in the supply chain. Currently, many automakers and electronics manufacturers are struggling with not enough chips on the market. Among other things, the surge in demand for notebooks and other computer technology during the pandemic led to the shortage of semiconductors.

Discover the technologies of tomorrow

President Biden said the bill will enable the US to discover, manufacture and improve tomorrow’s key technologies – from artificial intelligence to computer chips to lithium batteries used in smart devices and electric vehicles – in the United States United States. The House of Representatives must also give its approval for the Investment Act to come into force. According to the US media, it could meet with resistance there.

The Land Rover Defender 90 has a design that is not too different from the Defender 110, still a square but rounded design, giving it a stronger and more modern feel than the first generation Defender. The vehicle has an overall length of 4,583 mm, 435 mm shorter than the Defender 110. Thanks to the shortening of the length, the Defender 90 has an angle of incidence and exit angle of up to 37.5 and 40 degrees, and the angle of overshoot is 30 degrees. Defender 90 is equipped with matrix LED lighting system similar to Defender 110. The car has 4 wheel size options from 18 inches to 22 inches. Besides the standard Terrain Respone suspension, customers can also spend more money to own an air suspension with the ability to lower 40 mm or raise 75 mm. Stepping into the cockpit, it is difficult to recognize Defender 90 and Defender 110 if only looking at the dashboard. Range Rover provides Land Rover Defender 90 with 2 seat configurations of 5 or 6 seats. The middle front seat can be folded and turned into a cup holder. The car is equipped with a 10-inch Pivi Pro entertainment screen and can be upgraded to 11.4 inches. The car entertainment system is capable of connecting to Apple CarPlay / Android Auto and can use the Vietnamese virtual assistant Kiki. As a cross-country model, the Defender 90 has a luggage space of 397 liters and can be expanded to 1,563 liters when the rear seats are folded. The car has a rubber floor with a door step design that lies flat with the floor, allowing users to clean the car easily after every off-road trip. If you want to upgrade the car’s equipment, users can choose between 4 accessory packages: Urban, Country, Adventure or Explorer. Each accessory pack will have accompanying equipment that matches the name. Land Rover Defender 90 has 2 engine options, P300 and P400. In particular, the P300 engine is a 2.0L type that produces 300 horsepower and maximum torque of 400 Nm, the 3.0L P400 engine has mild hybrid technology, producing 400 horsepower and torque. 550 Nm. Land Rover Defender 90 is distributed genuine with 2 versions, SE and X. The SE version using the P300 engine is priced from 3,935 billion VND, while the X version using the P400 engine has a starting price of 6,555 billion VND. .

Is OEM still not a good business?

Wen丨Chinese Business Strategies A Yun

Compared with the “quick money” made by emerging industries such as the Internet, the traditional industry of shoemaking is often looked down upon, and the considerable productivity and steady growth in revenue of shoemaking companies in Taiwan have caused people to rethink about foundry. business.

【Shoe King】

On May 6, 2021, Forbes China Taiwan Rich List was released.

It was not Terry Gou, the founder of Foxconn, the world’s largest contract manufacturer, nor the Wei family behind the food giant Master Kong, who aspired to the throne of the richest man. Rather, it was a shoe maker with a net worth of US$13.8 billion (approximately 89 billion yuan). Zhang Congyuan.

Maybe you don’t know who Zhang Congyuan is, but the Converse, Nike, and Puma you wear on your feet are likely to come from his foundry-Huali Group.

Just over a month ago, Huali Group successfully went public and became the first sports shoe manufacturer in A shares. The prospectus shows that even in 2020 affected by the epidemic, its net profit is still as high as 1.876 billion yuan, a year-on-year increase of 7.27%.

▲Huali Group listed on the ChiNext of Shenzhen Stock Exchange

Zhang Congyuan was born in the countryside of Yunlin County, Taiwan Province in 1948. His father farmed the fields for a living. He graduated from Chiayi Agricultural School at the age of 18 and joined a shoe factory in Yunlin at the age of 20 as an ordinary administrator. After he became famous, the media interviewed his fellow villagers and classmates in Tainan and talked about his achievements. The most described as “unexpected”.

With management experience in a shoe factory, in the 1980s, Zhang Congyuan decided to start his own shoe factory, Jingxin Shoes. Due to limited funds, he can only buy pig houses and farmhouses as factories. “If I don’t have money at home, I will live a life without money. If people buy lots and buildings, I will buy pig houses and farmhouses in the country.”

With insufficient funds, it is natural not to choose products with high thresholds and difficult production. In an interview with the media, Zhang Congyuan said: “If football shoes and basketball shoes are the first and second profit kings in shoes, vulcanized shoes (canvas shoes) are probably the last one.”

And it is precisely this “least profitable” vulcanized shoe that made him start and gain a foothold.

Because Taiwan is rich in rubber and cheap in materials, if ordinary sports shoes are produced, there is almost no R&D cost; while vulcanized shoe soles need to be cross-linked with sulfur under a certain temperature and pressure environment to make the two strong Combining land together, the quality is not easy to be guaranteed, and many shoe companies have given up.

There is only one logic for Zhang Congyuan to change his original idea and choose to go the opposite way with his peers:

Doing business that others don’t mean less competition. As long as you do a good job, you can survive.

“I didn’t think it would be more difficult if you can only do the leftover orders from others… The point is, do you have the determination to do better than others.” Zhang Congyuan said.

Compared with “Huali”, Zhang Congyuan is better known in Taiwan as his shoe factory “Hongfu”. Hongfu is the world’s second largest shoe factory with 150,000 employees worldwide, and it is also the world’s largest vulcanized shoe factory.

Personal success is inseparable from the creation of the times and the environment. Zhang Congyuan’s story is only a microcosm of the development of the footwear industry in Taiwan.

【Rise】

In 1832, an Irishman immigrated to the United States. When he was a printer in a small town in Massachusetts, he stood in front of the machine every day. Because he felt pain after standing for a long time, he put a rubber pad on the sole of his feet and the pain was significantly reduced. After he got home, he simply fixed the rubber skin to the sole, and rubber-soled shoes were invented.

It is only natural that Taiwan, which has a huge rubber output, has become the “base camp of raw materials” for rubber soles.

During the Second World War, the Japanese established large-scale rubber factories in Taiwan, imported natural rubber from Nanyang, and mass produced products such as tires and rubber shoes.

In 1955, Hollywood star James Dean became popular with the movie “Rebellion Without a Cause”. He wore jeans and white canvas shoes, making canvas shoes (that is, sulfurized shoes) once a symbol of youth rebellion and hippie spirit. All the rage.

▲The image of James Dean wearing canvas shoes

Since then, Converse and Puma have carried out technical research on canvas shoes, through the use of sulfurized steam technology to make the upper and sole have higher strength and elasticity, which makes it possible to mass-produce sulfurized shoes and become popular consumer products.

The earliest companies that produced Puma and Converse were the “Hongfu” of Zhang Congyuan.

In the early 1970s, developed countries in Europe and the United States gradually entered the post-industrial era, and the market was in a highly competitive state. The transfer of manufacturing industries to reduce manufacturing costs became a common outlet for European and American companies. The central region of Taiwan, China, which has cheap labor, has become the “place of heaven,” and the shoe industry has been able to grow rapidly.

In 1971, the number of shoes sold abroad in Taiwan reached 100 million pairs. In 1976, the export sales of the footwear industry in Taiwan surpassed that of Italy, becoming the world’s largest footwear export region. The shoe industry, together with the electronics and textile industries, is believed to have created the economic miracle of Taiwan in the 1970s.

In the 1980s, internationally renowned foundry shoe factories such as Hongfu, Baocheng, Fengtai, Yuqi, Longdian, Qinglu, Kainan, and Jiuxing emerged in Taiwan, and Taiwan also gained the beauty of the “kingdom of shoemaking”. name.

In 1986, the total amount of footwear sold abroad in Taiwan reached its peak, exceeding 800 million pairs. At that time, the global population was approximately 4.9 billion, which means that one out of every six people in the world could wear shoes made in Taiwan.

▲Shoe factories in Taiwan in the 1970s and 1980s

In 1987, the total export value of rubber products in Taiwan was 7.46 billion Taiwan dollars (approximately 287 million U.S. dollars), of which the export value of rubber shoes was 3 billion Taiwan dollars, accounting for almost half.

However, Taiwan’s economy, which relied on the rapid rise of “foundry” in various industries, has gradually unbalanced the industrial structure due to long-term excess output, and at the same time is greatly affected by the export market, which has laid hidden dangers for its subsequent industrial predicament.

In 1988, Taiwan’s economy overheated and the Taiwan dollar’s ​​appreciation against the U.S. dollar accelerated, causing the footwear industry’s exports to suddenly chill. From January to April of this year, the number of shoes exported from Taiwan to the United States decreased by 29% compared with the same period of the previous year.

According to statistics from the Taiwan Shoemaking Association, in 1988 and 1989, more than 600 production lines in Taiwan were discontinued.

Exports are cold, production is trapped, and the “small profits but quick turnover” route is unsustainable. Taiwanese shoe companies, which control more than 80% of the world’s branded shoe production, have set their sights on the other side of the strait.

【migrate】

In the 1990s, many Taiwanese shoe companies moved their factories to the mainland, including Zhang Congyuan’s companies.

He co-founded Xinfeng Group as a joint venture to engage in sports shoes foundry in mainland China. In 1995, the company established its headquarters in Hong Kong and successfully went public. Zhang Congyuan owns 15.7% of the shares.

Cheap and sufficient labor was the advantage of the mainland at that time in attracting shoe companies in Taiwan. Statistics show that in 1987, the wages of shoe-makers in Taiwan were US$1.55/hour, while the wages of shoe-makers in mainland China were only US$1.75/day.

Coupled with the policy advantages of reform and opening up, In a very short period of time, the mainland shoe industry has replicated the glory of the shoe industry in Taiwan.

The two provinces of Guangdong and Fujian, which are the closest to Taiwan, have become destinations for the relocation of the shoe industry in Taiwan. Cities such as Dongguan, Putian, and Jinjiang have become beneficiaries of this wave of industrial relocation.

Take Putian as an example. Before Taiwanese businessmen entered Putian, Putian was already the center of the footwear industry in Fujian Province. In 1986, the total output value of Putian’s shoe leather industry exceeded 100 million yuan, accounting for more than 70% of the province. After Taiwanese businessmen brought in a large number of international orders, it exploded at an astonishing rate of development.

Putian had more than 100 shoe companies in 1993, producing over 100 million pairs of shoes each year; by 1996, Putian’s total output value of the shoe industry had risen to 4.29 billion yuan.

however, The brilliance created by relying on labor advantages and following the foundry model is also short-lived.

To put it bluntly, OEMs still make hard money. According to the survey of the International Consumers Union, the gross profit of the factory accounts for 2% of the cost of a pair of shoes, the labor cost accounts for 0.4%, and the labor cost accounts for 20% of the gross profit of the factory.

The rising cost of raw materials is inevitable, and the factory can only make a fuss on this 20% of labor if it wants to increase its net profit.

Thanks to the regional economic development brought about by the rise of the manufacturing industry, the rising labor cost in the mainland has once again made the foundry inevitably fall into a vicious circle. In 2001, the minimum wage in Fujian Province was 380 yuan/month, while the minimum wage in Vietnam was about 164 yuan/month.

In 2012, the sports shoe giant Adidas announced that it would close its only own factory in China and relocate its production line to Southeast Asia, kicking off a new wave of industrial transfer. Taiwanese shoe companies have also begun to move to Southeast Asia where labor costs are lower.

【future】

Labor costs continue to rise, and shoemaking alone can no longer bring considerable profits.

After Zhang Congyuan’s Xinfeng Group went public, it began to diversify its development and create a number of sports brands, and even increased investment in the real estate industry. The proportion of shoemaking businesses in the overall business has become smaller and smaller.

In July 2013, Xinfeng Group announced that it would sell the entire equity of Yiming Investment for a total consideration of 429 million yuan, and its main business is the manufacture of footwear products.

It was the Zhang Congyuan family who took over. Zhang Congyuan, who started from shoemaking, was obviously not willing to give up his old business that he had accumulated over the years. He renamed the shoemaking business of Xinfeng Group to “Huali” and started to operate independently.

A short time after taking over, the Zhang Congyuan family first acquired 15 Vietnam factories and Dominican factories through the family-controlled Hong Kong company, and the trading business of 24 trading companies, and then acquired 15 companies in Hong Kong, China through the subsidiaries of Huali Co., Ltd. .

At present, the majority of Huali Group’s employees are in northern Vietnam, while the proportion of manufacturing personnel in mainland China and Taiwan is only 0.3%. As of the first half of 2020, the company’s self-produced output totaled 75.4 million pairs, of which 74.61 million pairs were produced in Vietnam and 800,000 pairs were produced in Dominica, each accounting for 98.9% and 1.1% of the total.

▲Development history of Huali Group’s main customers

Image source: Huali Group Prospectus

Zhang Congyuan’s consistent strategy of “small profits but quick turnover” determines that the cheap labor force in Southeast Asia will be the key to Huali’s profit.

In the first half of 2020, Huali’s average sales unit price to Converse is 72.50 yuan/pair, and the average sales unit price to Nike is 80.20 yuan/pair. The other factory is mainly concentrated in Taiwan and the mainland shoe company Winterthur. The unit price to Nike is about 120 to 140 yuan, nearly twice that of Huali.

In terms of output, Huali is also far ahead among the shoe companies in Taiwan. In 2019, the per capita footwear output of Yuyuan, Yuqi, and Fengtai were 929 pairs/year, 927 pairs/year, and 792 pairs/year, respectively, while Huali reached 1,378 pairs/year.

In addition, compared with other Southeast Asian countries, Vietnam has the advantages of being close to China, which can effectively save transportation costs and have low import tariffs on European and American countries. This is why Huali chose to locate its factory here.

In 2018, the shoe manufacturing business revenue growth rates of several major shoe companies in Taiwan, Yuyuan, Yuqi, and Winterthur were -3.12%, -3.91%, and 9.41%, respectively, with an average growth rate of 0.79%. The closing achieved a high growth of 23.96%.

From the disclosure of Huali Group’s prospectus, Huali Group has nearly 136,000 employees in 2020, more than 180 million pairs of shoes, operating income of more than 15 billion yuan, and net profit of 1.821 billion yuan.

Huali’s considerable productivity and year-round steady growth in revenue have allowed people to see the amazing resilience of the traditional industry of shoemaking and begin to re-understand the business of “foundry”.

However, everything has two sides, What people see is brilliance, but what they don’t see is crisis.

Under the influence of the epidemic, European and American sports shoe brands have cut orders. The revenue of Huali’s two major customers, Nike and VF, has dropped significantly. The Nike report showed that the net profit in the fourth quarter of 2019 was a direct loss of 5.634 billion yuan; VF revenue also plummeted, and the revenue in the first quarter of 2020 fell by as much as 47.51%.

Misfortune never comes singly, Vietnam, which has an advantage in labor, has also been exposed to a “labor shortage”.

Vietnam Express (VnExpress) pointed out that in Ho Chi Minh City and Binh Duong Province, the monthly salary of textile and shoe factories, including social insurance and lunch, is between 5 million and 12 million VND, but they are affected by emerging industries such as the Internet. , Even if it pays 15 million (approximately RMB 4,200), it is still difficult to find workers.

At the same time, the emerging economy is surging, which has also accelerated the fleeing of some young people from traditional manufacturing. The prospectus of Huali Group’s listing also shows that the company’s turnover rates in the past three years have been 22.04%, 22.83%, and 27.31%. At least 20% of employees leave each year, and the turnover rate has increased.

Following in the footsteps of the footwear industry in Taiwan, Zhang Congyuan, who started from scratch, relied on the rapid pursuit of cheaper labor and now leads the way as a “dark horse”. However, under the general trend of accelerated disappearance of labor cost advantages, the future challenges will only be More.

Traditional “foundry” is still profitable, but when “low-cost labor” no longer becomes the advantage of the shoe industry, can Taiwanese foundry companies represented by Huali continue their shoemaking kingdom? In other words, whether the dependence on labor can be reduced will largely determine the future of “foundry”.

In fact, Huali is also making plans for its future, which is to upgrade from OEM production to design and OEM production, and gradually has a strong product development and design strength.

【Reference Materials】

[1]”Exclusive Interview: From Pioneer Entrepreneurship to New Richest Man” Business Weekly

[2]”Dismantling the “first share of sports shoe foundry” Huali shares: R&D investment is only 2%, binding to Nike and other big names, what is the competitive advantage” Vitality Capital

[3]”Taiwan’s new richest man, making shoes and making billions of net worth | Juchao” Juchao Business Review

[4]”Taiwan’s Export Industry-The Rise and Fall of the Footwear Industry” Journal of Hangzhou Normal University

[5]”Recent Situation of Taiwan’s Footwear Industry” Western Leather

——END——

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