Luxury department store in Paris La Samaritaine shines in new splendor

Status: 23.06.2021 2:09 p.m.

It is one of the most famous shopping addresses in the world: La Samaritaine in Paris. The legendary department store was lavishly renovated for 16 years. Today it opened its doors again.

From Stefanie Markert, ARD studio Paris

“O lala!” – Emmanuel Macron is visibly impressed by the sight: Gustave Eiffel’s gray-blue iron staircase spanning five floors with 16,000 gold leaves has been originally restored. Many of the 1700 employees of the department store stand on the landing and applaud the president. He accepted Bernard Arnault’s invitation. The billionaire and boss of the luxury goods company LVMH owns the Samaritaine. He renovated the building complex for 750 million euros and is now attracting customers: “Perhaps you can also shop on the Internet. But there you can’t touch the products, you can’t see them, and you can’t have lunch in such a wonderful atmosphere.”

A water pump as namesake

In the Samaritaine, this is most spectacularly done in the “Voyage” restaurant under the historic glass dome, surrounded by a 115-meter-long peacock frieze in Art Nouveau style. But actually shopping is hip here, emphasizes Head of Marketing Nathalie Montaldier: “You are on the fourth floor – all women’s shoes, from sneakers to luxury. The special thing: when you try them on you have a fantastic view of the Gothic cathedral Saint-Germain-L’Auxerrois . A unique experience.” In 1870 Ernest Cognacq founded the Samaritaine. Before that he had sold fabrics on the bridge next door – the famous Pont Neuf -, then rented a corner café and expanded his business little by little. At that time the first Parisian water pump stood on the Pont Neuf, and it was called “la Samaritaine” – the Samaritan woman. The pump gave the store its name. Today, historical commercials flicker there on old TVs:

Monsieur wants something?

Yes, nails.

We dont have.

An alligator clip.

Neither clamp nor crocodile.

Haven’t you read the name of our store?

No.

This is not the Samaritaine.

Ah, I see – you can find everything in the Samaritaine.

In the Parisian luxury department store you will find one thing above all: French “savoir vivre”. Image: Stefanie Markert / ARD-Studio Paris

A hymn to Paris

The house no longer lives up to this claim, says manager Eleonore de Boysson, but: “You can find all of Paris in the Samaritaine. Its brands and artists. It’s like a promenade with surprises. A visit should trigger a new Parisian feeling.” And convey the French way of life. The house bakes its own croissants, personalizes champagne bottles and sells cosmetics from collapsible crates that resemble those of the bouquinists in front of the door. Mosaics are reminiscent of the Parisian passages and yellow lanterns of the street lighting in the past. Parisian flair en passant.

The luxury department store is a hymn to the city. It offers the largest beauty department in the European Union – 600 brands and products from three-euro hand gel to perfume in a giant crystal bottle for 150,000 euros. Up to five million customers are expected each year. Parisians, French and of course tourists. On the lower floor, the head of marketing points to a long rolling carpet like at the airport: “There was direct access from the parking lot to the department store. We have redesigned this tunnel. This is where the bus tourists will arrive.”

The complex includes a luxury hotel with a 1000 square meter suite. Even the smallest room there costs 1500 euros per night. But there is also a day nursery and almost 100 social housing. Samaritaine General Director Jean Jacques Guiony explains: “That is the law. When building, around 25 percent of the area has to be reserved for social housing. We were free to move it inside in the Rue de Rivoli building.” The tenants look out over a green, roofed courtyard with the department store’s wellness oasis. The Samaritaine is open 364 days a year. It is only closed on May 1st

Sufficient operating time: In mobile applications, if the time limit is not a necessary part or key element of the activity, and does not cause the user to have a legal commitment or financial transaction, sufficient time should be left for the user’s operation, and the interface will not change before the user’s operation is completed. 3. Provide obvious prompt operation for the elderly. When users install mobile applications, they should provide significant guidance prompts for age-appropriate settings and common functions for the elderly. The homepage of the mobile application embedded with the old version interface must have a prominent entry, support switching to the old version, or give a noticeable switching prompt when entering it for the first time, and provide the “elder version” entry in the “Settings”. Mobile applications with search functions should use “elderly version” as the standard function name, and users can directly access it through the search function, and set aliases such as “family version”, “care version”, and “care version” as search keywords. 4. To improve the security of mobile phones, it will no longer be possible to insert advertisements and induce clicks on buttons. Prohibit ad plugins: Advertising content and plug-ins are strictly prohibited in the old version interface and the separate old version APP, and advertisements or temporary advertisement pop-up windows are not allowed to appear randomly. Prohibition of induced keys: There are no inducement buttons such as inducement downloading and inducement payment in the mobile application. To ensure the security of personal information of elderly users: No personal information processing that has nothing to do with the purpose of processing to protect the personal information security of elderly users. The above is part of the content of the policy. It can be said that it is closely related to our middle-aged and elderly people, and it is very beneficial. How do you feel about this? Welcome to vote. Wechat rules have been changed, only focusing on easy to lose contact with Beijing Auntie, you have to click watching and like, thank you. ComeSource: Economic Daily, Information and Communication Administration of the Ministry of Industry and Information Technology guess Why does Nie Haisheng, 57, insist on doing this despite the opposition of his relatives and friends?The truth was exposed and moved the Chinese you Retired people across the country must watch it! These 2 stories will let you see the truth about pensions! miss you 63-year-old Feng Gong’s private life exposed! Never thought that he was such a person! Look The Beijing pension plan is announced, the low-key is high-key, the high is low-key, and there is one point that retirees across the country envy! ↓↓↓ Click here for retired people to listen to thousands of lessons for free!

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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1丨The Ministry of Education establishes an off-campus education and training supervision department

According to today’s news on the official website of the Ministry of Education, the General Office of the Ministry of Education issued the “Notice on the Establishment of the Off-campus Education and Training Supervision Department.” Approved by the central editorial board, the Ministry of Education established the Department of Off-campus Education and Training Supervision. Its main responsibilities are: to undertake the management of off-campus education and training for primary and secondary school students (including kindergarten children), to guide the party building of off-campus education and training institutions, and to formulate standard management of off-campus education and training. policy. Work with relevant parties to formulate and supervise the implementation of relevant standards and systems for off-campus education and training (including online and offline) institution settings, training content, training time, personnel qualifications, fee supervision, etc., organize and implement the comprehensive management of off-campus education and training, and guide the comprehensive law enforcement of off-campus education and training . Guiding norms for social competitions and other activities for elementary and middle school students. Reflect and deal with major issues in off-campus education and training in a timely manner.

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Current outfit of the Market Management force. Photo: QL. Since its establishment in 1957, the image of the IRGC has been associated with the “withered grass” green outfit. Over the years, the uniforms of the information management force have basically ensured stability and served their professional duties well. However, practical use shows that the force’s costumes still reveal aesthetic limitations, have not created unity among regions, have not met the requirements of fabric quality, design, style. The new uniform of the TTVN forces will be used from July 3, 2021 on the 64th anniversary of the Tradition Day. Photo: QLTT. According to General Director Tran Huu Linh, the selection and regulation of colors and new dress specifications ensure the majesty, professionalism and modernity of the law enforcement force, but still show harmony and youthfulness. dynamic, not coincident or confusing in color with the costumes of some other force. At the same time, with the improvement of fabric material, it is convenient for civil servants during use in the office, as well as outdoor official activities. Summer outfit. Photo: QLTT. In particular, the improvement and production of new costumes will not incur costs, but still ensure the quality, overcome the limitations that the old costumes still exist, changing the appearance of the force uniforms. QLTT, beautiful and better. According to Newspapers

According to General Director Tran Huu Linh, the new colors and specifications ensure the majesty, professionalism and modernity, but still show youthfulness and dynamism, do not coincide or cause confusion with colors with costumes. of some other force. At the same time, with the improvement of fabric material, it will help civil servants convenient in the process of using in the office as well as outdoor official activities. The new uniform of the TTVN forces is changed to the main color of light blue and dark blue. Photo: DMS. Regarding winter clothes, the improvement and production of new costumes will not incur costs but still ensure quality, overcoming the limitations that the old outfit still exists. Since its establishment in 1957 up to now, the image of the TTVN forces has been associated with the traditional blue outfit, also known as the color “withered grass”. However, practical use shows that the uniforms of the force still reveal limitations such as not creating unity among regions, not showing the formal majesty of the military forces and not meeting some requirements. requirements on fabric quality, designs and styles. In addition, the uniforms of the TTM forces are similar in design to some other units, such as the colors of the People’s Security Forces, the Rangers, some security units or the order-keeping forces of Communes and wards cause confusion among units in the process of performing tasks. Therefore, the change of costumes will be a highly symbolic element in the face of the constant volatility of the market, with the determination to build a force with a new style, with a new vision.

“However, it is still too early to announce the modernization of the Su-57”, said Major General Vladimir Popov, member of the Expert Council of the movement “Strong Russia”, Honored Military Pilot. launched and added, so far only 3 squadrons are flying this new generation fighter. “Here, we are most likely talking about the completion of the second-stage engines. By the end of the year they are expected to enter series production with characteristics that are true to the standards of the 5th generation aircraft.” “Today, the Su-57 flies on the AL-41F1S for 4+ generation fighters, despite its high maneuverability thanks to thrust vector control, a new engine has been produced for it, went through testing and the certification was practically passed,” Popov said in an interview with PolitExpert. The upgraded version of the Su-57 is most likely just a second-stage engine integration Now the central question regarding when to put the new engine into production is decided. Boris Popov suggests that Minister Manturov is most likely alluding to this when talking about the modernization of the Su-57. Phase two engines have been included in the project, but their creation is being delayed. “It has to do with economic issues at home and abroad, especially when Western rivals have come a long way. But now this period is over. We are completely independent. production, testing new engines and getting ready for mass production,” Major General Popov explained. “Currently in practice, operational experience is being gathered when the characteristics of the aircraft are confirmed,” emphasized Popov. “It’s not the test engineers that prepare the aircraft, but the technical staff who work directly in the unit. This is like another human quality. In this case, some nuances emerge, those New processes are being approved, parts or even systems are changing,” said the honorary pilot. “Two years have passed since these aircraft entered service with Air Force units. There have been a number of minor changes that need to be made to the structure. This is also a type of modernization for the Air Force. for the Su-57”, Major General Vladimir Popov concluded.

When Xiaomi announced to build a car, Mr. Xingkong thought of one thing. In a sense, Xiaomi actually has its own car: the number nine. The No. 9 company is a company in the Xiaomi industry chain, and the No. 9 balance bike was once all the rage. According to the No. 9 prospectus, Xiaomi, through its controlled People Better, holds 10.91% of the shares of No. 9 Company, which corresponds to 5.08% of the voting rights. People Better affiliate Shunwei (Shunwei Capital) holds 10.91% of the shares of No. 9 Company. Corresponds to 5.08% of voting rights. In addition to the balance bike, No.9 launched a kart co-branded with Lamborghini in August 2020. No matter how big the car is, it can be listed, and Xiaomi is only one step away from building a car. 1 Nine’s performance Careful investors may find that there are a few letters hanging behind the stock abbreviation of No. 9 Company: UWD. This is a unique logo on the Science and Technology Innovation Board, where U indicates that the company has not yet made a profit; W indicates that the company has different rights in the same share; D indicates that the company is listed in the form of CDR (Depository Receipt). However, the annual report shows that the company is profitable in 2020, why is there U? In 2020, the company’s consolidated financial statements will achieve a net profit of RMB 73,473,100, of which the net profit attributable to shareholders of the listed company is RMB 73,473,100. This is because the company’s accumulated undistributed profit is still a loss: as of December 31, 2020, the company’s accumulated undistributed profit in the consolidated financial statements was -3,482,0641 million. During the reporting period, the company achieved sales of 23,17,415 units of smart electric scooters, with a sales income of RMB 4,258,277,100, sales of 5,834,064 units of smart electric balance bikes, with a sales income of RMB 1,104,034,600, and sales of 1,141,320 smart electric two-wheelers with a sales income of RMB 432,057.1. Data source: iFind for flush, drawing: starry sky data Due to the special regulations that allow loss-making listings on the Science and Technology Innovation Board, when looking at profit, you should not only look at the current year’s profit, but also the accumulated undistributed profit. What is interesting is that the undistributed profit will be reflected in the owner’s equity column of the balance sheet after the financial carry-over process. Everyone remembers to come here and look at it, and the detailed accounting entries will not be discussed. Although the economic situation in 2020 is not optimistic, on the 9th, it has turned losses into profits. Is it the secret that No. 9 has mastered? There are two secrets, one is to hug Xiaomi’s thigh, and the other is the mysterious supplier behind the company: Xinwangda. 2 Mr. Lei’s true love: Xinwangda The No. 9 company’s largest supplier is Xinwangda. Those who are familiar with Xingkongjun’s article know that Xinwangda is an old friend of Mr. Lei. Although Xiaomi still has no signs of investing in Xinwangda, Xinwangda is Lei’s most loyal partner. Xiaomi’s sweeper is manufactured by Xinwangda, Xiaomi’s mobile phone and laptop batteries are purchased from Xinwangda, and Xiaomi’s drones are manufactured by Xinwangda…… The largest supplier of No.9 is also Xinwangda. The battery is purchased from Xinwangda, and the entire production line of electric scooters is made by Xinwangda. Why is the relationship between Xiaomi and Xinwangda so ambiguous? This starts with Steve Jobs. Around 2010, Jobs reorganized Apple’s mobile phone supply chain and launched the iPhone 4s, which became a smash hit. When the entire supply chain was fed by Apple’s huge production capacity, Xinwangda, which had just expanded its production capacity, fell into a trough, and it was kicked out of the supply chain by Apple. At this time, Lei Jun, who was about to be laid off and re-employed, found Xinwangda and wanted to be a Xiaomi mobile phone. It is still unknown what deal the men who cherish each other finally reached, but since then, Xinwangda has become the strongest man in the supply chain of Xiaomi. Over the past ten years, Xinwangda has quietly contributed to Xiaomi with a very low gross profit margin. With Xiaomi’s new mobile phones and new products one after another, stock prices have reached new highs. 3 The big millet family staged a Gongdou drama Later, Xinwangda ended with a happy ending. Because of the excessive demand for Apple and the demand for anti-risk, Xinwangda later entered Apple’s supply chain. However, will there be similar risks in Xiaomi’s industrial chain? The so-called Mijia ecological chain was once prosperous. Recently, there are often discordant sounds. For example, the latest Xiaomi Mi Watch has “abandoned” the imperial company of Mi Watch: Huami invested by Xiaomi itself. After Huami went public on the Nasdaq, it wanted to be bigger and wanted to strip off the label and influence of Xiaomi. In turn, Xiaomi used the method of replacing the foundry to “play side by side.” To be an ecological chain company for Xiaomi is also like a Gongdouxi. Mijia industrial chain companies are actually divided into three to six or nine grades. Some have more investment shares in Xiaomi or Lei Jun and have actual control rights; some have fewer investment shares and only have limited influence. The shareholding structure of No. 9 is quite similar to that of Huami, and similar situations may occur in the future. The company even specifically mentioned in the annual report: During the reporting period, the company strengthened the development and maintenance of non-related party channels and customers. Non-related sales accounted for more than 50% of operating income, which continued to increase compared with the same period last year. The structure continues to be optimized, and the operating stability has improved year by year. This sentence, Mr. Xingkong has seen the original words in the annual report of Huami. Of course, the consequences afterwards are also obvious. 4 Breakthrough pressure for electric scooters Similar to sweeping robots, the style of Xiaomi’s series of products is to conquer the world with the ultimate price-performance ratio. The company’s electric scooters already have considerable market competitiveness, Data source: iFind for flush, drawing: starry sky data The annual report data shows that the scooters manufactured by Xinwangda are part of the company’s core revenue. However, what is different from sweeping robots is that electric scooters have road restrictions in many cities. Currently Beijing, Shanghai, Taiyuan, Nanjing, Ningbo, Guangzhou, Kunming, Fujian, Jiangsu, Changzhou, Shenzhen, Ganzhou, Jiujiang, Zhangye, Nanning, Yangquan, Tianjin City, Hainan Province, Shaoyang City, Weifang City, Xuchang City, Chenzhou City, Shiyan City, Xi’an City, Zhangjiajie City, Xiamen Special Economic Zone, Wuhan City, Yangzhou City and other regions have restrictions on electric balance vehicles and electric scooters on the road. Regulations. With the emphasis on road safety, more and more cities will join the army of restricting electric scooters. This casts a shadow on the company’s future development breakthroughs. -END- Disclaimer: This article is an analysis and research based on the public company attributes of listed companies and the core information (including but not limited to temporary announcements, periodic reports, and official interactive platforms) disclosed by listed companies according to their statutory obligations; Poetry and Xingkong strives to be objective and fair in the content and opinions contained in the article, but does not guarantee its accuracy, completeness, timeliness, etc.; the information or opinions expressed in this article do not constitute any investment advice, and the poetry and Xingkong are not correct because of the use of this article. Take any responsibility for any actions taken. Copyright statement: The content of this article is original by Poetry and Starry Sky, and may not be reproduced without authorization.

Deputy Head of Propaganda Department of the Central Committee, Mr. Vo Van Phuong at the opening ceremony tonight. Photo: Tan Chau Mr. Vo Van Phuong (Deputy Central Propaganda Department) and leaders of Tay Ninh province and neighboring localities attended the opening ceremony. Maraton BaDen Mountain 2021 will take place April 24-25, organized by the Department of Culture and Tourism of Tay Ninh province, and sponsored and co-organized by Sun World BaDen Mountain (belonging to Sun Group). Tay Ninh province leaders attended the opening ceremony on the evening of April 24. Photo: Tan Chau This is the province’s first amateur run for Vietnamese citizens, on the occasion of the 46th anniversary of the complete liberation of the South (April 30, 1975–30 / April 2021). Participating in this run, the athletes will explore the beautiful and rich Tay Ninh land on the impressive roads of the run with 4 distances: 42km, 21km, 10km, 5km. The starting point is Sun World BaDen Mountain KDL Square in the National Tourist Area of ​​Nui Ba Den, dubbed the “roof of the South”. Intersection in BaDen Mountain Maraton 2021 Specially designed running tracks around and along the mountainside, taking athletes on a journey to experience the magnificent, greenish natural sceneries, crossing peaceful roads to the center of the province. back to the foot of the legendary Nui Ba. All roads are equipped with water, electrolyte, fruit and medical stations according to standards to “relay” for athletes. Road in the 2021 Mountain Marathon According to the organizers, the BaDen Mountain Marathon 2021 race also spread the spirit of responsible tourism – green tourism and environmental protection. With the theme “Green Run” is not only a message, but also a call for the community to join hands in protecting and protecting nature and the environment through three specific actions: “No litter; Planting. Green trees, Responsible Tourism “to contribute to preserving and beautifying the destination, building and promoting a green-clean – beautiful Tay Ninh tourism image in the eyes of domestic and international tourists. In addition to 3,000 people registered to attend, the Organizing Committee said that the BaDen Mountain Marathon 2021 race had the appearance of special names such as Mr. Doan Ngoc Hai (former Vice Chairman of District 1 People’s Committee, Ho Chi Minh City) – guests honor, Thanh Vu – female athlete who has conquered 4 deserts, Do Trong Nhon – champion of Vietnam Jungle Marathon 2019 … Ba Den mountain peak – Tay Ninh. Mr. Nguyen Thanh Ngoc (Deputy Secretary of the Provincial Party Committee, Chairman of the People’s Committee of Tay Ninh province) said that the organization of the 2021 BaDen Mountain Marathon is in line with the province’s tourism development criteria, towards “green, civilized. , modern”. Mr. Ngoc hopes that this run will become one of the traditional tournaments of the province in the near future.

Staff of the Information Technology Management Department (Department of Information and Communications) actively prepares technological conditions for the prevention and control of the COVID-19 epidemic. The Department of Information and Communications has directed Viettel Thanh Hoa and Telecommunication Thanh Hoa to coordinate with the People’s Committees of districts, towns and cities to implement a monitoring system operating in isolated areas, connecting online to relevant agencies. participate in monitoring. Research and deploy a paperless online meeting room system solution on Jitsi platform to ensure information security for meetings. Set up and create accounts of the online meeting room system ready to serve the meetings of the COVID-19 Steering Committee for epidemic prevention and control at all levels. Guide departments, departments, branches at provincial level, People’s Committees of districts, towns and cities to inspect, review and maintain infrastructure, IT equipment to be ready to serve the management and direction. on the network environment. In particular, continue to promote effective use of document and work record management software to manage, direct, operate and create, exchange, process, and digitally sign electronic documents on the environment. to limit direct exposure. Increase the use of online video conferencing systems, paperless meeting rooms and other IT applications to quickly, economically and efficiently deploy tasks, especially to avoid crowds the maximum spread of the COVID-19 epidemic. Continue to effectively use the National Online Service Portal of the province and the country; promote information, propagate, guide and encourage people and businesses to use level 3 and level 4 online public services within the scope of their providers and make online payment of fees. , fees and other financial obligations in handling administrative procedures to minimize travel, direct contact, and avoid crowds. Continuing to inform, propagate and guide the installation and use of the COVID-19 disease prevention and control technology solution suite at the request of the Ministry of Information and Communications for medical declaration and information update, for traceability infections in the community. Direct postal and telecommunications businesses to ensure safe and uninterrupted post, telecommunications and IT infrastructures serving the direction and administration in epidemic prevention and control by agencies and units in the area. .

Leadership Department of Information Management and City Police. Ho Chi Minh signed the Regulation on coordination against smuggling and counterfeiting Mr. Truong Van Ba ​​- Director of Department of Information Management, City. Ho Chi Minh – recognize, TP. Ho Chi Minh City is currently the largest economic center in the country, the whole city now has more than 271,000 businesses, about 1 million business households and the flow of goods accounts for about 30% of the country. However, the City is also at the center of the trafficking, transporting of contraband goods, production and storage of counterfeit goods, poor quality goods, commercial fraud, and many new economic crimes that arise with many tricks. sophisticated, especially high-tech crimes, on the e-commerce space … increasingly popular. Mr. Truong Van Ba, said that, for a long time, the coordination between the force of intelligence management and the City Police has been regularly and effectively carried out, specifically, 85% of the cases were discovered and handled by the intelligence management. all have active participation of police forces. The signing of a coordination regulation between the two forces will increase the strength and efficiency in the fight against smuggling, trade fraud and counterfeiting. “In the situation that the information management force is too thin, each information management officer is tasked with monitoring more than 300 enterprises and about 1,000 individual business households. The signing of regulations in coordination with the police force will promote and apply the functions and duties of each unit, contributing to improving efficiency in the fight and detection of violations of the law. in economic activities in the area ”, shared Mr. Truong Van Ba. City intelligence management force. Ho Chi Minh checked and discovered a store dealing in infringing goods on models and origins in the area Major General Dinh Thanh Nhan – Deputy Director and Head of Police Investigation City Police. Ho Chi Minh City – said, in 2020 and the first 3 months of 2021, City Police Economic Police. Ho Chi Minh City discovered and handled 1,559 cases with 1674 economic criminals, the value of infringing material evidences was more than 314.4 billion VND. Through investigation and verification have prosecuted 1,121 cases with 375 defendants. However, this is just the number of criminal cases detected by the Economic Police, which have not fully and properly reflected the situation of crime and violations occurring in the city. In order to fight fiercely with this type of crime, it is necessary to have the synchronous and timely coordination of many agencies and departments, but the focus is still on Information Management, Customs, and Public Security … According to Nhan, for many years, the economic police force has actively coordinated with the City intelligence management force and discovered and handled many smuggling, commercial fraud, and counterfeit production in the area. . Only in 2020 and the first quarter of 2021, the police force of the Economic and National Administration has detected and handled 154 violations with 167 objects, the value of infringing goods is more than 145 billion VND. However, Mr. Nhan assessed that the results of the recent coordination in handling economic crimes between the Economic Police and the City intelligence management force are remarkable, but not high, not meeting the needs of business. industry and society. Because, due to the lack of regulations, the decentralization, decentralization, judgment organization, and sharing of information about contraband and counterfeit goods are still lacking fluently. After having the regulation, Mr. Nhan said, the city police department will thoroughly grasp and deploy the content of the regulations to each unit, assign and assign responsibility to each force to coordinate with Thanh city ​​in order to increase strength, professionalism and efficiency in the fight against and repel economic crimes in the area. With the strong development of science and technology, the cyber commodity trading, the theft of intellectual property rights, the technology of organizations and enterprises will be increasingly popular. . This fact also arose many complicated consequences because the subjects took advantage of the production and trading of poor quality goods in large quantity, affecting the interests of enterprises and consumers. At the conference, the parties agreed to disseminate the regulations to all officers in the unit and thoroughly implement the implementation, ensuring seriousness, timeliness and efficiency in the coming time.

Through the inspection and review of legal documents, approved project design documents and current construction status, the construction of the above works arises by the Ba Ria Fishing Port Management Board – Vung Tau is not in accordance with the guidelines allowed by the Provincial People’s Committee and the Department of Agriculture and Rural Development, not in accordance with the approved planning and design. Construction works on sea encroachment in contravention of approved planning at Ben Loi – Binh Chau estuary storm shelter area of ​​Xuyen Moc district. Ba Ria – Vung Tau fishing port management board allows people to arbitrarily build sea encroachment works, pour pillars on the embankment to protect the border to build, seriously affect the safety of the protective talus, possibly potential landslides, later subsidence, danger to ships, loss of aesthetics and affect the overall site of the project, causing frustration in public opinion. The management board of Ba Ria – Vung Tau province’s fishing port does not comply with the regulations on the commencement of the work to the local authority. At the meeting with the inspection team, at the time of signing the minutes, Mr. Ngo Thanh Liem, Director was absent. Mr. Le Hong Liem, Deputy Director was present and presented opinions to the delegation to write in the minutes but did not agree to sign the minutes, indicating the non-cooperation of leaders of Ba Ria – Vung Tau Fishing Port Management Board. with local authorities. Immediately after the report of the People’s Committee of Xuyen Moc district, on February 1, 2021, Mr. Tran Van Tuan, Vice Chairman of the People’s Committee of Ba Ria – Vung Tau province issued the document of express speed No. 1022 / UBND-VP on the inspection inspecting construction works in the storm shelter anchorage for fishing ships of Ben Loi – Binh Chau. Accordingly, the Provincial People’s Committee assigned the Department of Agriculture and Rural Development to preside over and coordinate with the Department of Construction and the People’s Committee of Xuyen Moc district to inspect and handle. One of the wrongly planned constructions at Ben Loi – Binh Chau estuary, used for business purposes, was requested to be dismantled. On January 25, 2021, the Department of Agriculture and Rural Development presided over and coordinated with the People’s Committee of Xuyen Moc district and relevant branches to organize the inspection. Thereby, the Department of Agriculture and Rural Development has concluded that the construction of works in the storm shelter anchorage for Ben Loi – Binh Chau fishing boat is not consistent with the master plan. The Provincial People’s Committee approves and requests the Provincial Fishing Port Management Board to stop construction and dismantle all construction items that are not in accordance with the planning, and return to the original state before February 28, 2021. . Through the inspection and supervision at the locality, the Provincial Fishing Port Management Board has stopped the construction of work items. However, up to now, the Fishing Port Management Board only dismantled 01 item of sea encroachment, built on the guard’s slope (area 8.2m x 15.5m = 80.6m2). The remaining construction items that are not in accordance with the remaining planning remain unchanged and have not been dismantled (the un-dismantled works include 12 items, an area of ​​about 1,869 square meters). The Department of Agriculture and Rural Development of Ba Ria – Vung Tau province has 3 times issued a document to the Provincial Fishing Port Management Board to urgently dismantle completely and return the original state of construction works. in accordance with the master plan of the site approved by the Provincial People’s Committee on the adjustment of the investment project to build storm shelter anchorage for fishing ships of Ben Loi – Binh Chau. For unknown reasons, until now, Ba Ria – Vung Tau Fishing Port Management Board still “defies” the instruction documents from the Provincial People’s Committee, the Department of Agriculture and Rural Development, has not carried out the dismantlement of the wrong builder here? Legal forums will continue to update developments regarding this incident.

After the valuation of A shares has risen sharply, in 2021, Hong Kong stocks in the moderate valuation area will be favored by funds from the south. It is reported that Dacheng Hong Kong Stock Selected Mixed Fund (QDII) (code: Class A 011583, Class C 011584) under Dacheng Fund has been put on sale on April 15. This fund is personally helmed by Bo Yang, the director of Dacheng International Business Department and the research director of Dacheng Fund’s cross-border team. Bo Yang has lived in Hong Kong for 22 years, managed cross-border assets of more than 10 billion Hong Kong dollars, and has invested in Hong Kong stocks for more than 10 years. He is very close to the Hong Kong stock market and is familiar with global liquidity. Bo Yang had academic experience. After graduating from the Junior Class of the University of Science and Technology of China, he was the youngest assistant professor at the Business School of the University of Hong Kong. Later, he moved to the financial market and became the youngest Asia-Pacific and emerging market strategist at Morgan Stanley. Bo Yang’s investment framework is a combination of top-down and bottom-up. It has a global perspective, is good at asset allocation and selected individual stocks. It has previously won the Overseas Golden Bull Award twice (awarding institution: China Securities Journal; time: 2018 August 3, 2019, December 27).

22 years of residence in Hong Kong in the first round of public offerings

Bo Yang, Director of International Business Department of Dacheng Fund and Research Director of Dacheng Fund’s Cross-border Team. Born in the Junior Class of the University of Science and Technology of China, PhD in Finance from the University of Hong Kong, with more than 10 years of experience in Hong Kong stock investment management, he has won the China Securities Journal’s second and third overseas fund golden bull awards for two consecutive years.

According to the data, Bo Yang joined Dacheng Fund in 2015, and since March 2018, he has served as the investment manager of the first batch of Southbound Stock Connect commissioned portfolios of the National Social Security Fund. Prior to this, he has been in contact with institutional investors that dominate the Hong Kong market for a long time during more than 20 years of cross-industry experience in academia, research, and investment, including large global sovereign funds, large foreign long position funds, hedge funds, and Chinese and domestic investors. He has a strong grasp of his style preference; at the same time, he has a deep understanding of global liquidity and plays an important role in investing in Hong Kong, a capital market where the currency is directly linked to the US dollar.

As Bai Yang said, in the Hong Kong stock market, “the one who does not seek the overall situation is not enough to seek a domain.” Only from the forest of global assets can we see the specific tree of Hong Kong stocks clearly.

At present, Bo Yang manages a number of cross-border special account products, with a total asset scale of more than 10 billion yuan, of which the equity product management scale is about 5 billion yuan, which is mainly invested in Hong Kong stocks.

Deeply research individual stocks and focus on risks

Markets often underreact to the beginning of long-term structural changes and overreact to short-term events. Relying on the long-term market strategy research experience of top investment banks, Bo Yang is good at accurately grasping the direction in the early stage of major macro-trends, and capturing the drift of market winds and the formation of large-scale investment themes. Different from the mainstream of the market, Bo Yang’s stock selection is based on top-down, and the investment style remains open. It does not exclude any asset in growth, value, or cycle, nor is it limited to one or certain industries. The existing management investment targets range from the “old economy” to the “new economy”, from consumption, finance, real estate to health care, and information technology, covering all industries in the entire market.

Bo Yang believes that investment should maintain an open mind, not set limits on oneself, and not antagonize growth and value. For long-term management institutions (including social security funds) special accounts, Bo Yang’s investment style is a bit of an absolute return style, so he attaches great importance to risk control and dislikes large drawdowns, because drawdowns are directly related to the speed of returning to net worth. Bo Yang emphasized: Going air is not a risk, but losing money is!

Bo Yang Investment is mainly held in the medium and long term. Only in a few extreme cases will significant position adjustments and style switching be carried out. Bai Yang believes,

Accurately grasp the market trend, dare to grasp the turning point and concentrate on trading

Bo Yang’s investment framework is a combination of top-down and bottom-up, and tends to be top-down: judge the status quo of macroeconomic and monetary and fiscal policies, and then observe the expectations of the capital market, valuations, and valuations of various sectors , Earnings growth rate, selection of countries, regions and industries with the best price/performance ratio, and finally stock selection based on in-depth bottom-up individual stock research. There are more choices of industries and styles, and fewer choices. There are exceptions only when the market is in extreme valuation and sentiment situations. This is consistent with the results of the academic analysis of fund performance, that is, the vast majority of investment returns come from asset allocation, followed by stock selection, and very few come from timing. The difference between a top-down investment framework and a purely bottom-up framework is that the former can simultaneously obtain the benefits of style selection and sector rotation in asset allocation.

Bai Yang said that if he judges that the market valuation level or style rotation is close to an important turning point, he will do long and concentrated transactions. In addition, his investment is mainly based on steady and slow substitution, and the overall annual turnover rate of the investment portfolio is not high.

He believes that benefiting from the dual changes in the size and structure of Hong Kong stocks and the valuation of Hong Kong stocks dragged down by the global epidemic last year, Hong Kong stocks will most likely outperform A shares in 2021. In terms of volume, Hong Kong stocks have been active in IPOs, and their volume has continued to increase. At present, it is almost half the value of the A stock market, and has ranked among the top three in total global IPO value for two consecutive years. Structurally, due to the differences in the listing rules between Hong Kong and the Mainland, the Hong Kong stock market has gathered a large number of extremely dynamic TMT and biomedical companies. He believes that Hong Kong stocks are very likely to become the Chinese version of Nasdaq in the future. According to the GICS industry classification, the proportion of the “new economy” component of the Hong Kong stock Hang Seng Index in the total market value has increased from 16% five years ago to 39% at present. In addition, Hong Kong stocks have recently benefited from the return of China’s concept stocks, looking high.

In terms of general allocation, he pays attention to “three U assets” (Under-loved, Under-owned and Undervalued), that is, stocks that people don’t like, are seldom held by institutional investors, and are deeply undervalued. He believes that this type of There are good medium and long-term investment opportunities hidden in stocks.

The first is to strive to build Moutai Group into a Fortune 500 company in 2025, and to promote the realization of the “zero breakthrough” of leading companies in the Fortune 500; the second is to cultivate Xijiu into a 20 billion-level enterprise, and cultivate Guotai, Jinsha, and rare wine. To be built into a 10 billion-level enterprise, Dongjiu and Diaoyutai will be cultivated into a 5 billion-level enterprise, and to “double” the scale and strength of key enterprises; the third is to promote the listing of 3-5 companies and promote the listing of growth companies. “Increase the number” and form an enterprise echelon of “10 billion output value and 100 billion market value”. At the same time, other small and medium-sized enterprises are encouraged to take the road of “specialization, specialization and innovation”.

Ao Hong also said that in the first quarter of this year, the added value of the liquor industry in Guizhou Province increased by 23.9% year-on-year, which drove the industrial economic growth by 7.7 percentage points and continued to maintain a strong development momentum.

In addition, under the leadership of Moutai Group, Xijiu, Guotai, Jinsha, Zhenjiu, etc. have also made rapid progress. Xijiu’s sales income increased by 38.96%, Guotai’s sales income increased by 309%, Jinsha sales income increased by 285%, and Zhenjiu sales income An increase of 207%.

Beijing News reporter Xue Chen Photo courtesy of the organizer

Editor Xu Jingjing proofreads Chen Diyan

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