In April of this year, Uxin released the third quarter financial report for the 2021 fiscal year. The financial report shows that as of December 31, 2020, Uxin Group’s 2C transaction volume was 2,307 vehicles, and the total revenue was 323 million yuan, an increase of 322.6% from the previous quarter. In addition, the company’s consumer net recommendation score (NPS value) increased from 30 points in the second quarter to 42 points, which also shows that Uxin used cars have improved in terms of revenue and word of mouth. “As the first Chinese second-hand car e-commerce company to list in the United States, Uxin was the first to be optimistic. However, the capital market will not tolerate the Chinese concept stocks not making money for a long time. See it.” An analyst told AI Finance and Economics. AI Finance News learned that Uxin was founded in 2011 by Dai Kun, the former vice president of Bitauto Group. Since its establishment, Uxin Group has attracted American Warburg Pincus, Baidu, Tencent, Hillhouse, Tiger, KKR, Junlian Investment by investors and international investment institutions. However, in the ten years since Uxin was founded, the market environment it faced has become more and more complicated. Beginning in 2012, used car e-commerce companies have gradually been favored and sought after by capital. There have been four used car e-commerce companies with multiple business models of B2B, C2B, B2C and C2C. “Continued” has also become an annual hot word in used car e-commerce. Uxin’s initial main business consisted of two highly synergistic parts: Uxin used cars and Uxinpai. Uxin used car is a B2C business that sells used cars to individual consumers, while Uxinpai is a B2B business that provides services to car dealers. At that time, in order to stand out from the fierce competition of used car e-commerce platforms, Uxin invested more than 5 billion yuan in advertising expenses between 2016 and 2019. In order to seize the C position, Uxin invested 180 million yuan in the exclusive title of the well-known variety show “Running Brothers 3”, and used 30 million yuan in advertising fees to photograph the golden 60-second advertising space of “The Voice of China” “Champions Night”, refreshing The price record of a single advertisement on Chinese TV. Under viral marketing, Uxin has become a well-known used car platform. However, behind the high volume, Uxin has never been able to build itself into a profitable company, and was even exposed to “fake car source data” and “fake financing information.” In June 2018, Uxin, which had narrowed financing channels, chose to go to the capital market to raise funds and went public. Uxin’s prospectus shows that Uxin has been in huge losses before its listing, including a loss of 1.39 billion yuan in 2016 and a net loss of more than 2.7 billion yuan in 2017. In 2019, Uxin’s annual continuous operating business loss was 1.292 billion yuan, a significant reduction of nearly 50% from 2.488 billion yuan in the same period in 2018. In order to achieve profitability and positive cash flow, Uxin’s operating model has been changed and changed. There are attempts from B2B, B2B to C2C. However, this also failed to bring stable cash flow to Uxin used cars. On the contrary, huge debts and tight cash flow made Uxin attempt to sell back its core business through divestiture. Starting in 2019, Uxin began to increase its cash flow by selling business lines. In July 2019, Uxin sold Golden Pacer, a used car finance business line, to an auto finance-related company controlled by 58 Group for US$100 million in cash; in January 2020, Uxin divested its accident car auction for RMB 330 million The business “Fengshun Lubao” was sold to Boche.com; in March of the same year, Uxin sold its B2B used car auction business to 58.com again for US$105 million in cash. “In the past two years, Uxin sold its financial and Uxin auction business, and basically sold its core assets. Coupled with layoffs and store closures, I am afraid there is only one empty shell left.” In April this year, one person. Investors commented. In fact, since the second half of 2019, used car e-commerce companies have entered a reshuffle period. There are challenges such as declining passenger flow, declining sales, reduced car sources, and increased financial pressure. Some leading second-hand car e-commerce companies have even been rumored to close down. Entering 2020, China’s second-hand car transactions are all down. The performance on the industry side is that the entire used car market is in a downturn. In terms of total volume, China’s second-hand car transaction volume in 2020 was 14.341,400, a decrease of 581,400 from 2019, a year-on-year decline of 3.9%. In terms of platforms, the market value of Uxin’s second-hand cars fell by nearly 90% after the acquisition, with serious losses. The scale of Guazi’s carefully selected stores for second-hand cars has shrunk, and the business positions of some stores have begun to shift from shopping malls to lower-cost parking lots. Under this circumstance, people and vehicles in the industry are already in debt and have to file for bankruptcy. Uxin adjusted its own business model, and after breaking off its core assets, it attempted to build its own inventory to survive. Some people say that after the transformation, Guazi has become “Taobao”, and Uxin conducts offline transactions through self-built inventory, which is like “JD self-operated”, betting on the To C national purchasing business. Dai Kun said that Uxin is on a “correct” but “unhappy” path. Even internationally, this road will not be too fast. Carmax, the world’s leading second-hand car brand, has gone for 20 years, and Carvana has gone for 9 years. From another perspective, China’s second-hand car transaction and car source distribution have strong geographical attributes and characteristics. The price difference of second-hand cars formed by cross-regional circulation is now significantly weakening. In fact, the geographical characteristics of second-hand car transactions are more obvious. “A second-hand car dealer needs to establish a standardized distribution system for networked operations. In terms of operational logic, second-hand cars are non-standard products and have a long service chain. CarMax of the United States has established a standardized distribution system through cooperation with auction companies. System. Although some people copy in China, there is no good integration point. As a market pioneer, Uxin hopes that they can truly pass the model.” A second-hand car industry person told AI Finance and Economics. Do second-hand car transactions need an e-commerce platform? In April this year, Uxin opened the country’s first second-hand car superstore in Xi’an. The store is linked with Uxin’s online mall to carry functions such as warehousing, inspection, maintenance, and store display. The hypermarket covers an area of ​​24,000 square meters and can accommodate 1,000 vehicles, providing one-stop car purchase services for local consumers. “It turned out that Uxin acted as a B2C lead intermediary. After all, the vehicle is in the hands of others, and there is no way to provide consumers with promises and guarantees. The business is doing well, which is reflected in the various aspects of brand guarantee, acquisition control, testing and after-sales service.” Huang Peiwen, CMO of Xinche Zhilian, told AI Finance and Economics. In this way, the size of Uxin is equivalent to more than a dozen large cars. Quotient. “Now it’s common for large car dealers across the country to earn several hundred million yuan a year. The average price of a car is 200,000 yuan, and the gross profit is about 6%. Coupled with finance, a car can earn more than 10%. With a turnover of 15-30 days and inventory of 500 cars, you can earn more than 10 million yuan a month. In addition to offline inventory, Uxin also has car sources in online shopping malls. Generally speaking, it is at least profitable. “Huang Peiwen said. Of course, some people in the industry believe that this estimation method is too idealistic. “The industry is concerned about the transparency of used car information. Although adjustments and changes have been made under the attention and efforts of all parties, the structure of second-hand car transactions that are mainly dealers and the platform as a service organization has not changed. On the one hand, I haven’t seen a breakthrough change. In addition, I think the conditions are not mature enough to support a large car dealer to do the nation’s second-hand car distribution business.” The above-mentioned industry sources told AI Finance and Economics. For consumers, auto e-commerce still has not been able to resolve industry pain points such as information asymmetry, opaque vehicle conditions, complex transaction processes, and uneven after-sales guarantees in traditional transactions. On many complaint platforms, Uxin has been complained by consumers many times because of the many kinds of “financial loans”, “the loan cannot be transferred after the loan is repaid”, and the vehicle information has been modified. “All second-hand car platforms have not solved the pain points of the industry. Uxin advertises that it saves car prices and enjoys the reserve price, but the reserve price has been no standard for many years.” The above-mentioned investor said. Due to the scattered and fragmented nature of second-hand car sources, the domestic second-hand car market prices are usually in the hands of 40,000 second-hand car dealers. Guazi tried to grab the pricing power, but it was not recognized by the market. If you want to use the big car dealers to call the wind and rain, and combine their own advantages to expand the scale, you need to avoid and control the phenomenon of personnel, vehicle sources, and information running and dripping. However, the capital and management problems behind this are also very complicated. Second-hand car platforms have repeatedly failed, mainly because consumers have not formed brand recognition for second-hand car consumption. Moreover, the cost of bringing new used cars is too high. As a commodity with heavy assets and offline, the replacement cycle of automobiles is at least 3-5 years. As far as the platform is concerned, it is necessary to continuously smash advertisements to attract customers. The cost of bringing new customers to each customer is terribly high. This is enough to prove that the flow of vertical low-frequency used car platforms is an eternal pain. The above-mentioned investors even judged that no platform in the used car industry is an opponent of used car dealers. “The industry experience accumulated over the years is the moat of car dealers. The platform cannot be learned even if you spend money. The so-called hundreds of professional inspection procedures can be standardized, but in fact it is just a process. Even if the used car platform is full The annihilation of the army will not affect transactions in the second-hand car market.” This article was originally produced by AI Finance and Economics, an account of “Finance World” Weekly. Please do not reprint it on any channel or platform without permission. Offenders must be investigated.

Currency under $ 1.20 How weak is the euro going to be?

Status: 06/18/2021 2:09 p.m.

In the USA there are signs of a turnaround in interest rates, in Europe the key interest rate will probably remain low for a long time to come. That has been burdening the euro for days. How much will the common currency still become cheaper? The prospect of rising interest rates in the US has recently weighed on the euro. The common currency fell in the past few days from rates at 1.22 to below 1.19 US dollars. Experts cited the interest rate meeting of the US Federal Reserve (Fed) as an explanation for this strong movement. After years of zero interest rate policy, the American monetary authorities had promised interest rate hikes, at least for the longer term. Accordingly, two rate hikes can be expected by 2023.

First of all, the Fed will in all probability cut back its security purchases later in the year, with which it had pushed down long-term interest rates on the bond market in recent years. The expectation of an economic recovery with rising inflation rates alone had pushed the yield on ten-year US government bonds up from around 0.5 percent to just under 1.8 percent since the summer of last year.

Long-term rates still negative

Yields on the German stock market have also risen sharply in recent months, albeit at a significantly lower level to date. The yield on ten-year Bunds is still around minus 0.2 percent. In the low, the interest rate was only around minus 0.67 percent. Despite rising inflation rates in Germany and the euro area, the European Central Bank in Frankfurt unwilling to be, to follow the central bank colleagues in Washington and to consider at least less security purchases in the near future. In May, the inflation rate in the euro zone was 2.0 percent, slightly above the central bank’s price stability target. In Germany they moved Producer prices even rose 7.2 percent in May compared to the previous year and therefore stronger than it has been for almost 13 years. The prices were driven by the sharply rising prices of so-called intermediate goods.

Bundesbank boss for the end of the bond purchases

“In the long run this will work noticeable in consumer prices The economists at Commerzbank said: “A central bank in crisis mode, which, as ECB President Christine Lagarde said in her last press conference, does not even talk about whether a reduction in bond purchases might be necessary. appears well behind the curve in comparison. “In the opinion of the experts, the monetary authorities have thus missed the entry into the exit from the zero interest rate policy.

An opinion that is also shared by the President of the Bundesbank, Jens Weidmann. Weidmann has spoken out in favor of an early end to the trillion dollar bond purchases by the European Central Bank (ECB) after the pandemic. The focus is on the purchase program called “PEPP” the monetary guardian. “When the emergency for which the PEPP was created is over, it must be ended,” Weidmann told the “Handelsblatt”. But whether Weidmann will prevail is unclear. There are thus signs for the near future that the dollar could retain or even expand its interest rate advantage.

German exporters benefit

For German vacationers who want to spend their free time outside the euro area, that would be bad news – they would have to pay more for foreign currency. The export-oriented German economy, on the other hand, is benefiting from the trend. Last year, just 36 percent of German exports went to the countries of the euro area. And even if you include EU countries with their own currencies such as Denmark, Sweden and the United Kingdom, which has since left the country, the share of exports last year was just over half.

A good sixth of exports even went directly to the USA. In fact, the impact of the dollar rate on German exports is likely to be significantly greater. Because some international currencies are directly linked to the US dollar. These include, for example, the Saudi riyal or the diram of the United Arab Emirates. Both Saudi Arabia and the Emirates are countries that traditionally buy and import many German products with the money they earn from oil exports.

Dollar weakness later in the year?

If the US dollar gains strength, German companies have two options. Either they reap additional profits with unchanged prices. Or they react with price cuts in order to gain market share – both attractive prospects for companies.

But at this point in time it seems questionable how long the euro will actually continue to decline. Because for autumn and winter, experts like those at Commerzbank are expecting inflationary dynamics to decline again in the USA. Then “the US dollar euphoria will soon be over”

Just now, a new round of financial sanctions imposed by the United States on Russia formally came into effect. Since June 14, U.S. companies have been prohibited from buying Russian government bonds issued for the first time, and Russian government bonds issued in euros have also been included in the prohibition of buying, which was once called the “most powerful” punitive measure in the financial market.

Russia’s counterattack was also unrelenting. The Russian Ministry of Finance announced that it would change the structure of the National Wealth Fund in the next month, reducing the share of the US dollar to zero, and Russia almost completely emptied the US long-term national debt.

The timing of this round of competition between the two sides in the financial market is very sensitive. On June 16, local time, US President Biden and Russian President Putin will meet in Geneva, Switzerland for a US-Russian summit. On the eve of the summit, the capitals of the two parties have already released “ruthless words.” Therefore, the market expects that this meeting will be the fiercest political game.

The “most powerful” financial sanctions?The U.S. puts pressure on Russia again

According to CCTV News, since June 14, US financial sanctions against Russia have come into effect. The U.S. government prohibits domestic companies from buying Russian government bonds (in rubles) that are issued for the first time. Russian government bonds issued in euros are also included in the prohibition. However, U.S. companies are allowed to trade Russian government bonds on the secondary market.

So, how much impact will this punitive measure, regarded by the financial market as “the most powerful”, have on the Russian economy?

First, let’s look at the scale of Russian national debt issuance. According to the latest data from the Audit Office of the Russian Federation, as of the first quarter of 2021, Russian national debt has increased by 741.3 billion rubles (approximately RMB 64.4 billion) from the previous quarter. The total scale of Russian debt is as high as 19.7 trillion rubles (about 1.71 trillion yuan), accounting for 17% of Russia’s GDP.

At present, the government bonds of the Russian Federation held by foreign investors are about 2.7989 billion rubles, accounting for about 14% of the total size of Russian bonds, but this part of the government bonds are stocks that are normally traded in the secondary market and are not subject to the US sanctions. limit.

In addition, looking at the issuance of Russian government bonds, Gehrman Greev, President of the Russian Federal Reserve Bank, made it clear that Russia’s related bond issuance plan will be completed as scheduled. According to the Russian Ministry of Finance, starting from June 16, Russia will release its first national debt to the market, and will issue three national debts worth 500 billion rubles on the same day.

The British analyst firm Oxford Economics believes that because the United States only prohibits the purchase of Russian government bonds in the primary market, the sanctions have limited impact on the Russian government bond market, and are more symbolic. If sanctions (the United States against Russia) affect transactions in the secondary market, the threat effect will be very violent.

Faced with the entry into force of US financial sanctions, Russian Finance Minister Siluanov also strongly stated that Russian government bonds will still maintain a high demand rate and that sanctions will only cause losses to US companies.

In fact, this financial sanctions policy began in mid-April this year, when the U.S. government announced a series of measures to sanction Russia, including prohibiting U.S. companies from buying Russian initial treasury bonds, but they can buy and sell Russian treasury bonds on the secondary market. Effective from June 14, 2021.

At that time, the reasons for the sanctions given by the United States were that Russia interfered in the U.S. election, hacked the system, and a series of “hostile acts.” In addition to prohibiting U.S. companies from buying Russian government bonds, it also expelled 10 Russian diplomats. The U.S. Treasury Department Thirty-two Russian entities and individuals were sanctioned.

Fight back! Russia is going to dump the U.S. dollar and U.S. debt?

Russia has already begun to “strike back” against the US financial restrictions. On June 3, local time, Russian Finance Minister Siluanov stated at the St. Petersburg International Economic Forum that the Russian Ministry of Finance will change the structure of the State Wealth Fund within one month, in which the share of the US dollar will be reduced to zero and the share of the British pound will be reduced. At 5%, the yen will remain at 5%, the euro will grow to 40%, the renminbi will grow to 30%, and gold will account for 20%.

It is reported that the Russian National Wealth Fund was established to support the Russian pension system. Its funds can also be used to make up for the budget deficit during the crisis. It has now become an important part of the Russian Federation’s budget assets.

According to data disclosed on the official website of the Russian Ministry of Finance, as of May 1 this year, the total assets of the fund reached 185.87 billion US dollars, or 13.82 trillion rubles (equivalent to RMB 1.2 trillion), accounting for 12% of Russia’s GDP.

As of early May, the fund’s liquid assets were worth approximately US$119 billion, of which one-third (approximately US$41.5 billion) were in US dollars. This means that in the next month, the Russian National Wealth Fund will substantially sell US dollars.

On February 24 this year, the Ministry of Finance of the Russian Federation announced that it would include the RMB and the Japanese Yen in the National Wealth Fund. The two currencies accounted for 15% and 5% of the fund’s foreign exchange structure, respectively. At the same time, the share of the US dollar and the euro both fell to 35%, while the share of the British pound remained unchanged at 10%.

Russian President Press Secretary Peskov said in response to a question about the adjustment of the investment structure of the National Wealth Fund that de-dollarization is a long-term process visible to the naked eye. Not only Russia is de-dollarizing, but many countries in the world are also doing similar things. , Because these countries are beginning to worry about the reliability of the major foreign exchange reserve currencies.

Before March 2018, the U.S. dollar has been one of the most important foreign exchange reserves of the Russian Central Bank, accounting for as high as 43%-48%. Since then, as the United States has tightened sanctions against Russian companies and citizens, in order to minimize the risk of sanctions, the Central Bank of Russia began to continuously reduce the proportion of U.S. dollars in foreign exchange reserves. As of the end of 2020, U.S. dollars and U.S. dollar assets are in Russia’s international The share of reserves has dropped to 21.2%, and the share of gold and RMB has increased to 23.3% and 12.8%.

While Russia is selling the U.S. dollar, it is also reducing its holdings of U.S. Treasury bonds in a “clearing-out” manner. According to the latest data released by the US Treasury Department, in February this year, Russia almost completely emptied long-term US Treasury bonds (only US$306 million left), and reduced its holdings of US debt by US$389 million that month, and the final position dropped to US$5.8 billion. Compared with Russia’s highest holding of US debt, the cumulative sell-off ratio reached 94%.

Biden and Putin are about to meet, how to talk?

Behind the secret rivalry between the United States and Russia may be for the upcoming summit of US-Russian leaders.

According to the official website of the White House, US President Biden will meet with Russian President Putin in Geneva, Switzerland on June 16, local time.

At this point, Biden is already in Europe and has just finished attending the G7 summit. After three days of dialogue and consultation, the leaders of the G7 announced that they have reached a certain consensus on fighting the epidemic, rebuilding the economy, trade reform, and green transformation. It will be announced in the form of a summit communiqué.

China has been mentioned many times in the G7 Communiqué, and it even touched on issues such as Xinjiang, Hong Kong, and Taiwan. Subsequently, the spokesperson of the Chinese Embassy in the United Kingdom said in response to reporters that the G7 Communiqué published distorted and reversed remarks on Xinjiang, Hong Kong, Taiwan and other issues, deliberately slandered China, and arbitrarily interfered in China’s internal affairs. The serious violation of the basic norms of international relations has further exposed the sinister intentions of a few countries such as the United States. We are strongly dissatisfied and firmly opposed to this.

India, which is plagued by the epidemic, is also making small calculations. The Global Times quoted foreign media reports that India may join the G7 infrastructure plan, which aims to provide a so-called “value-driven, high-standard, and transparent” partnership against China. The Belt and Road Initiative.

If the G7 summit is a closed-door game of tongue war, then the probability that the US-Russian summit on June 16 will not make Biden so easy, and the meeting between Biden and Putin will likely be The fiercest political game.

In fact, from the series of signals released by the United States and Russia before the meeting, a strong smell of gunpowder can be smelled.

On June 6, Biden’s signed article in The Washington Post stated that the United States does not seek to conflict with Russia, but will not hesitate to respond to Russia’s harmful activities in the future. When meeting with Putin, he will emphasize again The United States, Europe, and like-minded democracies support the promise of human rights and dignity.

According to CCTV News, on June 4, local time, Russian President Putin spoke at the St. Petersburg International Economic Forum. Speaking of the upcoming summit of Russian-US leaders, he said that Russian-US relations are at a very low level, and he will work with US President Biden to find solutions to the problems of bilateral relations, and will discuss strategic stability, arms reduction, and the new crown epidemic. And other issues.

Putin pointed out that Russia and the United States have no differences, but the United States wants to contain Russia’s development. He said that the relationship between Russia and the United States has largely become a bargaining chip for the United States to govern its internal affairs, and hopes that this situation will end at some point.

In addition to the mutual temptation of the two heads of state on the verbal level, the wrestling of military forces between the United States and Russia has also become more frequent. On June 11, the National Defense Management Center of the Russian Ministry of Defense announced that the US Navy’s “Labourn” guided-missile destroyer had entered the Black Sea and the Russian Black Sea Fleet had begun to monitor it.

On the same day, the U.S. Pentagon suddenly announced that it would allocate 150 million U.S. dollars in security assistance to Ukraine to help Ukraine maintain its territorial integrity and improve its coordination with NATO. On the Russian side, the Russian Navy held the largest military exercise after the collapse of the Soviet Union to show off its muscles.

From this point of view, the secret rivalry between the US and Russia on the financial and military levels may be to increase the weight of the negotiations at the upcoming US-Russian leadership summit.

Author | Cat Brother

Source | Big Cat Finance

To say that the industries that have been uncomfortable lately are all kinds of education and training institutions.

Some time ago, a large number of online education institutions, including New Oriental and Good Future, were not spared, and their stock prices collapsed one after another, and the worst fell. GSX (Gaotu, GOTU.US), at its worst, it has fallen 90% from the high point at the beginning of the year.

why?

All kinds of rectification, the boundaries are becoming clearer and more restrictive, and many businesses are basically impossible to do. As a result, major companies have started to lay off employees.

Sporadic news of layoffs broke out before, and some people who got the offer were notified that they were “not hiring” before joining the job. Various channels of school recruitment and social recruitment were drawn down, and there was a lot of rumors.

By the end of May and the beginning of June, news related to layoffs has completely entered a period of concentrated outbreak:

● Gaotu Group was blasted to lay off 30% of its employees, the early enlightenment project was abandoned, and the information flow and live broadcast business were shut down;

● Yuanjiao started to lay off newly recruited teachers. In June, it laid off 40% of new teachers, and in July, it laid off 10% of teachers in class. Its chalk public examinations laid off more than 7,000 staff. Zebra AI classes cancelled offers or delayed entry;

● In the K12 school section, the “0-to-normal” team, operations and products where the scope of job cuts are concentrated, some departments have been “one pot end”;

● ByteDance’s education business structure adjustment;

● Xueersi suspended recruitment in some cities…

Some company executives are outspoken, “This year’s summer job reduction in the entire industry may exceed 100,000.”

Of course, the news of layoffs will naturally not be claimed by each company. The xx gang even came out to refute the rumors, and the rhetoric is still the same, “this is normal personnel optimization and flow”, and the recruitment of key business talents is still continuing.

Ha ha.

Just forget about layoffs, but there are many ways to do it.

Some civilized companies will reveal some news in advance, and then hint that you can find new job opportunities, and then voluntarily leave; some companies directly offer “training exams” to “optimize.”

Some in-service employees of the xx help broke the news that the company conducted a “rescue” training for old employees, first training and then taking exams, but the exams continued training. Very few can “recover”, and those who fail to pass the exam voluntarily resign; “Recruits” require 200% of the performance to reach the standard, and will organize a written test, pass 80 points, and fail to leave.

Was laid off, but also questioned the ability , But the assessment content has a large area of ​​unregulated training content.

Anyway, in order to get you to leave, the company really used great power, In the final analysis, it is still a question of money.

Neither do they want to retain people nor lose money. When the “savvy” voluntarily resign, they can still have a “clean” back tone. For those “unsavvy”, some Hr are not merciless, and there is no compensation for layoffs, even He threatened that “the wages will not be paid, and the five insurances and one housing fund will not be paid.” If he has the ability, he will go to arbitration.

For these regular employees, they may be able to get money after all the hard work, but there are a few types of people who are the worst.

The first affected are those who have received an offer but have not yet joined the job , After all, the offer is not binding. As long as you haven’t joined the job, you don’t have to bear any responsibilities. Not only is the high salary that you promised is gone, but now the job is gone.

Unfortunately, there are fresh graduates Many people have received verbal offers or signed tripartite agreements. Under the temptation of “millions of annual salary”, they have been waiting to reach the pinnacle of their lives. Now the company has broken the contract, and the spring and autumn recruits have been missed. It is even harder to find a job without breaking the contract. The tripartite agreement is also required by the school.

In the past two days, Gao Tu said that fresh student tutors who have signed a tripartite offer can enter the job as normal, but Gaotu’s employees advise the younger students, if there is a pit, don’t jump. “If you have a chance, don’t come first, unless you think you can kill more than 50% of the people.”

Don’t look miserable now, Just half a year ago, online education was still a real “money and power stock.”

In recent years, online education has really been a big trend. After all, the cost of students during the holidays has risen year after year. The summer vacation, which was previously unaffordable by 30,000, has risen to 80,000. When the epidemic begins in 2020, various out-of-home projects cannot be realized. Education has become the only choice for parents.

Education is becoming more and more involuntary, and parents are becoming more and more anxious, which gives online education a lot of room for development.

From Good Future to 51talk to GSX, they went overseas to ring the bell. At the beginning of 2021, they basically reached the high point of the year. The market value of Good Future and GSX both exceeded RMB 200 billion.

And the remaining unicorns are also desperately financing, and then also attacked the capital market, According to the data from Tianyan Check, the total financing amount of the four online education unicorns has exceeded 35.1 billion U.S. dollars, or about 224.3 billion yuan since its establishment.

Strong financing skills, burning money even more.

Each institution focuses on the “famous teacher card”, because having a “famous teacher” means a source of students , So every family is very cheap in robbing teachers for listing. It is very obvious at this time who has the rich and powerful.

At the beginning of this year, online education was still an industry with a large talent gap. Recruitment at that time was still described as a “recruitment war”. The recruitment conditions were very good, with an annual salary of one million at every turn. The monthly salary of the socially recruited lecturers of some institutions can also be opened. To 50,000 to 80,000.

“Famous teachers” are hard to grab, so grab the fresh graduates and train them yourself. In order to grab the seedlings, the salary offered can be said to be amazing.

Gaotu Class has an A+ plan for 2019-2022 graduates. The lecturer has an annual salary of 600,000-1.2 million. Outstanding students can participate in holdings, and the salary is unlimited; Netease has a good autumn recruitment, high school large class lectures start at 500,000, K12 The minimum salary is between 400,000 and 1 million, and the outstanding ones will settle the Beijing hukou.

Even when high technology is craziest, I dare not give such a high salary.

Even for ordinary tutors, the monthly salary is more than ordinary, and some have received a high salary of 20,000 during the internship period. Online class teachers have become one of the most desirable professions for graduates of prestigious schools.

It’s just a pity that the positions that were scrambled in the first half of the year have not yet entered the second half of the year and have become the main targets of layoffs.

Hedong and Hexi, it only took half a year.

A chicken feather, whose pot is it?

have to say, Part of this industry is disabled by themselves.

Because the bubble in this industry is still too big. As mentioned earlier, the financing amount of the four unicorns exceeds 200 billion, and the data of iResearch Consulting shows that The market size of the online education industry in 2020 is only 257.3 billion , And the list of online education can already be pulled out of the “top 100 list”, so in order to grab the share, you can only burn money.

Anyway, investors pay the bill. As for whether the money is worthwhile, it has to be said otherwise.

There was a big joke a while ago. Four companies found a supplier when they were doing promotion, and the supplier was really not responsible. It didn’t matter if the actor was the teacher, but only one actor was found to play the teacher of the four companies. , This money is too easy to make.

The advertisement rolls over, you can imagine how well the goodness of the famous teachers in reality is broken The State Administration of Market Supervision couldn’t stand it anymore, and verified that they had “exaggerated marketing, false propaganda, and price fraud” and imposed top-level punishment.

Homework Gang and Yuanjiao’s fictitious teacher teaching experience, 13 institutions including New Oriental, Xueersi, One-to-One, Wall Street English, etc. have all been blacklisted due to price fraud.

That’s it, it’s already a rule, because the unruly ones have already run off. From 2019 to 2020, a large number of “students” and “one-on-one” have fallen, pitting parents with a large amount of tuition.

I thought it was a shuffle at that time, but I didn’t expect the big shuffle to really begin now, because the killer was coming.

At the end of May, the “double minus” came In order to alleviate the burden of students’ homework and off-campus training, we began to strictly regulate off-campus training institutions, and then there were rumors of the “three noes” that classes were not allowed on holidays, academic institutions were not allowed to go public, and education and training were not allowed to advertise. On the seven inches of the training institution.

While in The “Law on the Protection of Minors” that was implemented on Children’s Day eliminated the big cake of preschool children they wanted to share.

The bane has long been buried, and a wave of layoffs is inevitable.

Now, whether it is online education or laid off employees, they have to make a living separately.

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.

2丨The whole point of investment | Goldman Sachs: Does not rule out oil prices rise to 100 US dollars / barrel

Every AI newsletter, Goldman Sachs Global Commodity Research Director Jeffrey Currie said in an interview with the media that low-income groups will consume more commodities, which will trigger inflation. Governments around the world are discussing reducing the inequality caused by the new crown epidemic, and they must solve this problem. In addition, Jeffrey Currie did not rule out the possibility of oil prices reaching US$100/barrel. Oil prices are expected to reach US$80/barrel or more before the third quarter.

3丨Ministry of Industry and Information Technology: Regulate the SMS marketing behavior of the e-commerce platform “618”

According to the news on the website of the Ministry of Industry and Information Technology on June 15, as commercial marketing activities in the middle of the “618” year approached, the problem of illegally sending marketing text messages on some e-commerce platforms to disturb people began to show an upward trend. The Information and Communication Administration of the Ministry of Industry and Information Technology held an administrative guidance meeting on June 11 to warn e-commerce platform companies to standardize marketing SMS sending behavior and strengthen industry self-discipline. Major e-commerce platform companies such as Alibaba, JD.com, and Pinduoduo, as well as related basic telecommunications companies and short message service companies attended the conference. It is reported that since late May, the bureau has discovered that some e-commerce platform companies have not fully verified the wishes of registered users, “default” users agree, and send “618” commercial marketing text messages without authorization, triggering related user complaints and infringing users’ legitimate rights and interests.

4丨Boeing Airbus Aviation Subsidy Dispute: Europe and the United States may suspend retaliatory tariffs

Through AI Express, according to Agence France-Presse, on June 15, local time, the European Union and the United States will suspend retaliatory tariffs over a dispute over Boeing and Airbus aviation subsidies for a period of five years. Reuters reported that the two sides will seek to reach an agreement to resolve the dispute within five years. The European Union and the United States have not yet released information on this. (CCTV News)

5丨He Jianmin, deputy secretary of the Political and Legal Committee of the Heilongjiang Provincial Party Committee, accepts disciplinary review and supervision and investigation

The Central Commission for Discipline Inspection and State Supervision Commission website reported on the 15th, according to the Heilongjiang Provincial Commission for Discipline Inspection: He Jianmin, deputy secretary of the Heilongjiang Provincial Party Committee’s Political and Legal Committee and first-level inspector, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision and investigation.

Daily economic news

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

On April 14, 2021, local time, Texas, the United States, Blue Origin’s New Shepard rocket was undergoing testing.People’s Visual Information Map

On June 12, an unidentified bidder bid 28 million U.S. dollars (approximately RMB 179 million) for a ticket for the first manned space flight of Blue Origin, a space exploration company owned by Amazon founder Bezos. .

According to a report by the US Consumer News and Business Channel (CNBC) on June 12, the winning bidder will fly into space on the “New Shepard” with Bezos and his brother Mark on July 20. Blue Origin said it will announce the passenger’s name in the next few weeks.

On June 7, Bezos announced on social media that he would participate in the first manned flight of the “New Shepard” as a passenger on July 20, and his brother Mark will also participate. Blue Origin’s astronaut instructor, Arian Cornell, stated in the auction webcast that the first manned flight of the “New Shepard” will carry four passengers, including Bezos, Bezos’ brother, There will be a fourth bidder who will be announced later.

On May 5, Blue Origin announced the sale of a ticket for the first space cruise through an online auction. The initial bid for this ticket was 4.8 million U.S. dollars, but it exceeded 20 million U.S. dollars in the first few minutes of the auction. According to reports, the auction proceeds will be donated to Blue Origin’s education-focused non-profit organization “Future Club”, which provides support to young people interested in future science and engineering careers.

The “New Shepard” is named after Alan Shepard, the first American astronaut to enter space. It consists of a rocket and a crew compartment, both of which can be reused. There are 6 crew compartments. seat. The aircraft being developed by Blue Origin plans to send humans and payloads to suborbital space and return.

(This article is from The Paper. For more original information, please download the “The Paper” APP)

Private wealth at a record high Especially the super-rich get richer

Status: 10.06.2021 8:34 a.m.

Never before have people worldwide amassed so much private wealth as in the Corona year 2020. The wealth of Germans alone climbed – thanks to savings and real estate – to almost 20 trillion dollars. 20,000,000,000,000 dollars – this is the impressive sum of private wealth that private households in Germany had at their disposal in 2020. This emerges from the new “Global Wealth Report” by the Boston Consulting Group (BCG).

Better real estate than stocks

The Germans were helped by their much-cited propensity to save: financial assets, including cash, account balances, stocks, pensions and life insurance, grew by around six percent to around nine trillion dollars, according to the information. Investors in Germany saved above average, emphasized Anna Zakrzewski, BCG partner and author of the study. “Traditionally, Germans prefer to invest in real estate rather than in securities, as the real value quota of almost 60 percent clearly shows,” says the BCG expert. In the crisis year 2020, the real assets of Germans, i.e. real estate, jewelry, art and gold, increased by five percent to 13 trillion dollars. After deducting debts, private households in Germany had a total of just under $ 20 trillion.

Rising stock market prices, growing savings

The developments in Germany are a reflection of a global trend: people around the globe accumulated more wealth than ever in the year of the Corona crisis. Private financial assets rose year-on-year by a good eight percent to a record $ 250 trillion. Rising stock exchange prices and growing savings contributed to this. The BCG experts were surprised, as they expected a year ago that private assets would melt as a result of the corona pandemic. For the first time in 2020, the BCG experts will also consider property such as real estate or gold. Total assets minus debt was $ 431 trillion.

2900 super-rich in Germany

However, wealth is unevenly distributed. Above all, the club of the rich and super-rich grew strongly. The super rich – these are people with a net worth of more than $ 100 million. In the crisis year 2020, 6000 more people were accepted into the club of the super-rich, the number of members grew to 60,000. According to the BCG, these 60,000 people own 15 percent of the world’s investable wealth. In Germany alone there are 2,900 super-rich. This puts the Federal Republic of Germany in third place in the global ranking. The USA is at the top, followed by China.

Getting richer?

Against the background of the expected economic recovery after the Corona crisis, BCG expects steady growth in global private wealth for the coming years. By 2025, it should grow by an average of just under five percent annually to $ 544 trillion. Global inequalities are likely to increase further: According to the BCG forecast, people in North America, Asia excluding Japan and Western Europe in particular will get richer.

Kofi Case has impressed since participating in the reality show Rich Kids Go Skint. His parents are the owners of an international catering company. Living according to the concept of “life is not perfect but what you wear can”, the guy from England often spends time on brand shopping sessions. Through this program, he revealed that he is a person who has a passion for shopping and is willing to spend thousands of dollars a day to satisfy himself. Spending is now seen as a full-time job for Kofi. In an exclusive interview with AZBible, he said Saint Laurent, Gucci and Hermès are his favorite brands. “If I like something, I never look at its price,” Kofi said bluntly. Currently, this guy pursues a luxurious style. He completes his wardrobe with things he can buy everywhere he travels. During the pandemic season, Kofi’s spending habits have not changed. He even went shopping just to celebrate the end of social distancing. This action is contrary to what he replied to AZBible earlier. He believes that sustainable fashion must be promoted during the time when the epidemic has stalled the industry. Although “inlaid” on the body of branded items, Kofi’s mix is ​​still not recognized by many people. They think that he is just a guy born in 2000 famous thanks to his parents. Before that, he was loyal to a dynamic, personality style, bringing a hint of hip hop through popular items such as bomber jackets, hoodies.

Khanh Hoa newspaper reported, after more than 1 year appearing in Khanh Hoa, Japanese gourd proved to be very suitable and a good choice in the process of crop transformation of farmers. Mr. Paul Edward, Director of Capsi Food Company Limited – an enterprise that has planted 340 Japanese gourds, said: After nearly 2 months of planting, the trees have started to bear fruit. Each string can bear fruit continuously for 6 months. In total, one life cycle, one gourd gives 8-12 fruits, each weighing from 9-12kg. Not only in terms of productivity, in terms of proper care and technical process, the quality of the gourd is large and round. The gourd weighs 9kg. (Photo: Khanh Hoa Newspaper) After harvesting, the enterprise will process the gourd by cutting it into 3mm thick and 3cm wide strips, then dried and packaged. Part of it is sold to the domestic market, while most of it is exported to Japan and China. Country. Dried gourd fiber is used in cooking. It is expected that the domestic price of dried gourd fiber can reach 1 million VND/kg. Unique style of ‘putting money in a bucket, getting things in a pot’ during Covid-19 Nguoi Lao Dong Newspaper reported that, in the face of complicated developments of the Covid-19 epidemic, many home-based small businesses in the 7.2 ha temporary market in Vinh Phuc (Ba Dinh, Hanoi) have devised a way to put food in. The buyer then puts the money in the bucket next to it to limit contact and crowd gathering. People who come here to buy goods must stand behind the barricade, not be in close contact and must keep a minimum distance of 2m. Disinfectant water is placed in front of the door by many home-based small businesses for guests to use. Strange dish ‘crawfish on the tree’ of the people of Lang Speaking of Lang Son cuisine, in addition to humiliation, roast duck, and roast pork, there is also a rustic dish with the taste of the mountains and forests of the Tay and Nung people, but not everyone knows it, which is “forest shrimp”. According to Dan Tri newspaper, this strange dish is delicious, but the price is quite high, about more than 300,000 VND / kg and not always available. “Forest shrimp” clinging to trees. Called “forest shrimp” because this species has a similar shape to shrimp but belongs to the insect family. “Forest shrimp” has a small size, which is as big as an adult’s little finger. This species has locust-like legs, the whole body is gray in color, slightly pale. It is from their strange shape and habit of preferring to live in places with a humid climate, dense trees, or shelter in large tree holes that only exist in the deep forest that people give them a strange name. wild shrimp”. The sticky rice shop has a weird name but the food is absolutely delicious This sticky rice shop has the real name Xoi Man, but most customers call it “sticky rice mortuary”. Explaining the strange name, Mr. Luu Bao Minh, the owner of the sticky rice shop, shared on GiadinhNet: “In the past, the restaurant was located on the corner of Nguyen Tri Phuong and Tran Phu streets, but since moving here, it is located near funeral homes and shops. Selling boxes, funeral services, hospitals, so the restaurant is named like that. The sticky rice shop is a car with a glass cabinet that looks like a bread cart that is often seen on many streets in Saigon. The pot of sticky rice is mounted on a gas stove placed in the car, the sticky rice is always smoky. The shop only sells salty sticky rice. In addition to the main ingredients, which are sticky rice, sausages and cotton balls, there are also onion fat and fried onions to create aroma and round taste. Another plus point is that the shop sprinkles more crushed peanuts, creating a strange taste because salty sticky rice is rarely used by this ingredient. Another interesting thing is the unique way of eating, sticky rice will be wrapped in fresh banana leaves into long rolls like Tet cakes. Where guests eat, tear the banana leaves there, absolutely do not use a spoon. Strangely, banh cuon filled with broth in Cao Bang If the light rolled in many places is just a layer of powder coated, added inside with meat, wood ear dipped with fish sauce, Cao Bang rolls are completely different, served with a bowl of bone broth. Cao Bang people consider banh cuon eaten with bone broth as a specialty, a rustic breakfast gift for generations. When eating, the cake will be submerged in a bowl of soup with a little chili, sour bamboo shoots. Instead of sweet and sour fish sauce, Cao Bang rolls are eaten with clear bone broth with chili and bamboo shoots soaked in honey, so this dish is also known as “banh cuon soup”. This is a way to distinguish it from other regions such as banh cuon Phu Ly (Ha Nam), banh cuon Thanh Tri (Hanoi). The farmer who planted a strange jackfruit seed did not get enough fruit to sell According to Dan Tri newspaper, old farmer Nguyen Minh Trang (70 years old, in Vi Dong commune, Vi Thuy district, Hau Giang province) is known as the “father” of the red-fleshed jackfruit tree in the region. Mr. Trang was the first to bring this strange variety of jackfruit to the locality to plant, and also a seller of jackfruit seeds to his relatives. This type of jackfruit has brick red citrus, sweet taste, both chewy and crispy. On an area of ​​1.5 hectares of jackfruit is being harvested, each month Mr. White can collect up to 4 tons of fruit. Because the price of jackfruit is very high, at 70,000 VND/kg, Mr. White can pocket up to 3 billion VND each year. Ca Xiu – a unique specialty only in Kien Giang Ca Xiu is a unique specialty in Ha Tien (Kien Giang). According to Knowledge and Life, the appearance of ca Xiu is quite similar to bivalve seafood, but also like insects with long and large antennae. Diners, when they see the coffee bean, have a feeling of fear, not daring to touch chopsticks. Ca Xiu is a unique specialty in Ha Tien (Photo: IT) Not only has a fancy shape, this dish also makes people curious about its taste. When catching Ca Xiu, people bring salt similar to the three-knot salt. From salted coffee, people have created many delicious and attractive dishes. Strangely, the market in Yen Bai is priced at 5,000 VND According to the Vietnam Agriculture Newspaper, the “5,000” market is located along Highway 32 from Van Chan to Nghia Lo town, Van Chan district, Yen Bai province. Here, the highlanders sell agricultural products and local products at the price of 5 thousand VND. According to longtime traders, the market has been established for more than ten years. Because it has no name and has not been planned as a people’s market, people and passersby call it a 5,000-dollar market or a one-price market. Market 5 thousand is not only meaningful in terms of commerce but also a cultural address that attracts tourists near and far because of the simple, rustic and genuine human factors here. Hanh Nguyen (Synthetic)

At the same time, the grant helps to urgently invest in the production system of materials and equipment to ensure the supply of a sufficient number of necessary vaccines, supplemented with the amount of imported vaccines, towards the completion of the Covid-19 vaccination program. -19 for the people of Vietnam right this year. Test injection of Nanocovax vaccine phase 1 at the Military Medical Academy. Photo: Viet Linh. In phase 3, the Nanocovax vaccine will be tested in multi-centers at domestic facilities with about 13,000 volunteers. In the North, there are Military Medical Academy and Hung Yen, in the South, there are Pasteur Institutes in Ho Chi Minh City and Long An. Phase 3 is divided into several sub-phases, first injecting 800 registered volunteers, then continuing to recruit more. The optimal dose chosen for phase 3 is 25 mcg. Through the study, all 3 dose groups of 25 mcg, 50 mcg and 75 mcg produced equivalent immunity, due to the equal effectiveness, the Ethics Committee chose the lowest dose for production, saving raw materials. If all goes well, by the end of September, phase 3 testing will be complete. At that time, Vietnam can produce the first Covid-19 vaccine. Exchange with Zing Mr. Ho Nhan, founder and general director of Nanogen Company, did not comment or disclose more about this information. He said the company has stocked up enough materials to produce a vaccine right after the third phase of testing is completed. The company said that if it goes well, it can produce 100 million doses this year. Nanocovax vaccine is Vietnam’s first Covid-19 vaccine that is allowed to be tested in clinical trials, manufactured by Nanogen Company based on recombinant protein technology. The phase 1 clinical trial took place from December 17, 2020, to the end of April completed the phase 2 trial on 560 volunteers, expanding the audience from 18 to over 60 years old, of which one the number of people with underlying diseases such as hypertension, dyslipidemia, diabetes, grade 1 cardiovascular disease… are not too severe. Besides Nanocovax, the second domestic vaccine being tested is Covivac of IVAC Company, which has now completed phase 1 injection.

The incident caused the problem of excessive idolatry once again causing pain in public opinion, forcing the General Administration of Radio, Film and Television of China to issue a policy to tighten the operation of entertainment TV shows. Idol selection show. The fact that Thanh Xuan had 3 friends could not record the finale, causing the audience to lose all of their previous investment in idols, according to Sina. “Fans don’t spend money, idols have a hard time living” The above statement is okay Chinanews released after “rolling in” all voting methods in idol selection shows broadcast over the past 3 years in China. The newspaper commented that the producer of the idol selection shows is creating a negative phenomenon for society when despite all means to make money from fans. In which, asking fans to buy sponsored brand items to support idols is a common way. Money contributed by fans determines the career of Chinese idols. Recently, to meet the demand to buy votes for male contestants at the show “Youth with Friends 3”, lines specializing in selling black market votes were formed. According to the Xinhua News Agency , more than 270,000 milk bottles were wasted in the sewers, just for the purpose of getting the voting codes below the bottle caps of fans. In 2020, also with this form of buying votes from this milk bottle, Hua Giai Ky’s fanclub spent millions of dollars to help the female idol stay in the top safe, even debuting The9 group in 3rd place. Luu Vu Han’s fans once spent up to $2.1 million to support the female singer during the Youth With You 2 contest. The act of “public cheating” through donating money from fandoms to buy votes takes place a lot, but is not interested by the organizers. Understandably, if fans are willing to spend money and idols benefit, the program and sponsoring partners will also reap significant benefits. At that time, obviously, the artist who has a large fan base and is willing to spend, or has a good family background and invests in children, will survive to the final round and win a debut in the group. Idol. “Whether an idol group is established or not, whether a star’s career in the world is formed or not, is all decided by the money of the fans. Without fans, the title of an idol star is probably won’t exist in China either,” Xinhua News Agency sarcastic comments. Not only do they have to spend money to help their idols win, the fan group also regularly organizes matches to compete with each other in terms of strength and economy. This activity is used to raise money for idol support activities, especially during the time of the survival voting round on shows. Show that idol turns into a money machine According to the Sina , in 2018, thanks to fan support, the show sponsor of Idol Producer is a mineral water brand, which has increased online sales by 500 times. Meanwhile, the P2P platform also added nearly 2 million app downloads. Huge profits from fans, causing producers and sponsors to constantly think of new “tricks” to promote the audience’s economic race. The new way is to turn fans into consumers, turn polls into sales. Idol shows compete to hook up fans’ purses. Photo: Sohu. In the program “Youth With You 3”, there are two milk lines designated by the manufacturer for this year’s vote. The first is the high-end nut milk line that costs nearly 9 USD/box. The second is fruit milk packed into 10 bottles a batch, priced at 10 USD/lot. With type 1, the audience can exchange for 20 points, while type 2 will only be 10 points. Not only indirectly forcing the audience to buy milk, but this form also gives rise to vote speculation. Capturing fan psychology, distribution agents colluded with each other to draw QR codes in milk cartons and hoard them until the final night to sell at high prices. According to the investigation of China Daily , each QR code sold costs from 4-7 USD/piece. On a scanning site that specializes in black market codes, transactions are measured in seconds. The fact that Thanh Xuan has friends 3 was banned from filming the final night, not releasing a new group because it created a negative social phenomenon, leading to money invested in idols of many fan groups completely. “river down river”. The number is estimated to be in the tens of millions of dollars, according to Xinhua News Agency . According to the Xinhua News Agency , stimulating consumer demand by taking advantage of fans’ affection, not only causes waste of resources and labor, but also causes young people to form the idea of ​​blindly following idols, regardless of their preferences. mortgage at all costs to make money, including borrowing black credit, doing illegal work. On the afternoon of May 10, the Beijing Radio and Television Administration issued a new directive to control the operation of entertainment TV shows and idol selection shows. In the text, the cultural management agency forbids idol selection shows from setting up a voting method by spending money to buy products and buy votes. This is intentional conduct, cheating when encouraging fans to recharge as members to buy votes for contestants. Image of wasting milk to get the voting code for the contestant. Photo: Sina. It is strictly forbidden for organizations or individuals to take advantage of the methods of “buying votes”, “contributing capital to vote” and conducting falsification of data. The audition shows are not allowed to recruit contestants who have criminal records and bad dignity to avoid having a negative impact on society. It is strictly forbidden for minors to participate in the show, resolutely preventing the producer from taking advantage of and promoting the relatives of famous artists.

1. Joy Mangano and the Miracle Mop Joy Mangano invented the Miracle Mop, a mop that can be easily wrung dry without getting the user’s hands wet. The idea for this mop came about when Joy was cleaning up broken wine glasses on the floor. She came up with the idea of ​​​​creating a mop that had never been seen before – a self-squeezing broom, with a removable brush head for washing. Joy sold her invention at trade shows, and by 1995, she had made her first $1 million. Since then, Joy has invented and patented over 100 different useful things like the Huggable Hangers, Forever Fragrant, The Clothes It All Luggage System suitcase and many more. In 2015, her biopic was released starring Jennifer Lawrence. And Joy’s fortune was also up to 50 million dollars at that time. 2. Guy Laliberté and the Cirque du Soleil . Circus Guy Laliberté used to be a street performer and one day he came up with the idea of ​​creating his own circus, with the idea of ​​performing dangerous and crazy acrobatics, instead of the peaceful animal circus that was popular. variable then. And his circus, Cirque du Soleil, has been famous for its hit shows since 1984. Cirque du Soleil has received numerous awards around the world and is starred on the Hollywood Walk of Fame. Thanks to that, Guy Laliberté made several billion dollars and became one of the first space tourists. 3. Richard T. James and the rainbow spring the slinky When it comes to the 90s, we can’t help but nostalgic for the rainbow spring toy. This was invented by Richard T. James in 1943. He was a naval engineer and at that time, James was focusing on developing a system that could support and support sensitive parts of the ship. . This device has a spiral spring shape made from metal. In a time when he accidentally dropped a set of springs from a shelf, he noticed that it did not fall directly to the floor, but automatically bounced up and down, rolling many times through the shelves, and then plunging to the floor, stimulating the senses. James’s curiosity. And that was the beginning of his big and successful business idea. Originally slinky was manufactured using ferrous metal. James did not stop making improvements and turned Slinky into one of the hottest toys at that time. He sold over 100 million Slinkys in the first two years of production. When he kept the toy price at 1 USD (about 22,500 VND at current exchange rates), he made a revenue equivalent to 1 billion USD (more than 22,500 billion VND). In the 70s, a colorful plastic version of Slinky was born with the idea of ​​​​Betty-wife James. She took the prototype from the traditional Slinky and developed it into a product “expensive like hot cakes”. 4. Gary Dahl and his pet rock pet Rock Pet Rock’s success stemmed from a joke. The future founder of the company decided that it would be fun to have a stone as a pet! This idea became a ‘silver bullet’ in 1975 and brought Gary millions of dollars. The rocks are sold in small cardboard cribs, to allow ventilation and an extra straw nest for the little ones to feel comfortable. Buyers are taught how to care for the stone, how to walk it, and what to do if it gets sick or dies. And Pet Rock became popular again in 2012. 5. Byron Reese and Santa’s Mailing Service (SantaMail) Byron founded the company SantaMail in 2001. He set up an address in the North Pole (a town in Alaska) and sent letters to children from Santa Claus at the request of their parents. Since 2002, Santa Mail has been sending children’s individual letters with their names and a postmark from a town in the northernmost tip of Alaska. The cost of each service is $10. And 300,000 letters have been sent since SantaMail was founded, showing that this is a smart idea.

Of course, no one could answer that question but the insiders. In the short term, Mr. Bill Gates and Mrs. Melina will continue to accompany each other as co-chairmen of the Bill – Melinda Gates charity. Villa Xanadu 2.0 is built in a unique dome on the shores of Lake Washington (USA). This villa is about 6,000 square meters wide, located on a hill overlooking Lake Washington in the Seattle area (USA). It is estimated that this property is worth more than $ 130 million. The villa on a hill overlooking Lake Washington is worth $ 130 million The couple has hidden information about the mansion, but some visitors and media accounts have posted pictures of this expensive villa. It is known that the Xanadu 2.0 parking lot can accommodate 20 units. Both indoors and outdoors have swimming pools with an underwater music system. In particular, the villa has a gym of over 200 square meters. It is not surprising that this mansion is equipped with a cinema or the fact that each room is integrated with intelligent technology that can monitor the air, light and temperature in the room. An aerial photo taken in 1996 when the Gates family home was under construction. The special thing is that this house has only 7 bedrooms but has 24 bathrooms. In a report by a Microsoft intern who had visited Bill Gates’ home earlier, it was written: “The whole house is built from beautiful orange wood. Words cannot describe the beauty of the surrounding landscape ”. Bill Gates started building this mansion before the couple met. It is known that Mrs. Melinda has hired a new architect to redesign to her liking. Villa with 7 bedrooms and 24 bathrooms It is known that because this mansion is too large, Mrs. Melinda once expressed her desire to live with her family in a house of nearly 140 square meters, small but cozy. Mr. Gate’s spokesman did not answer any questions regarding who will own the house after their divorce, but perhaps Melinda will not dispute any properties. .

Tencent Technology News, April 23 news, Elon Musk (Elon Musk) is conducting a charity donation carnival. In the months after becoming the world’s richest man for a short while, Musk has always changed his image as a philanthropist, seeming to appear in public with “gifts” every few weeks. This is completely different from Musk’s focus on privacy and the history of making fewer large donations, even though he has been one of the richest people in the United States for ten years. In the past few months, the Tesla CEO seems to have experienced the most active charitable donation activity in his life, acting so fast that sometimes he will not send advance notice to recipients. Musk is making his largest public donation in history, which seems to be faster than any other stage in his career. On Thursday, local time in the United States, Musk announced that he will provide the winner of the XPrize climate competition with a $100 million first prize. According to relevant reports and public announcements, only in the first four months of 2021, Musk directly pledged to donate nearly US$150 million to charities. This is more than the total amount of all his charitable donations before 2021. According to available information, his total charitable donations are about 100 million U.S. dollars. However, this is not over yet. In the past few months, Musk’s foundation has spent more time behind the scenes contacting other major philanthropists and intermediaries, trying to find donation ideas and learn about best practices. He wrote on Twitter in January: “Critical feedback is always super welcome, and some donations are really effective.” What happened next was a coincidence, partly because of the influence of this tweet. In the next three months, Musk promised: -Provide a prize of 100 million US dollars for the XPrize climate competition; ――Donated US$30 million to non-profit organizations in the Grand River Valley of South Texas, including US$20 million to local school districts and charter schools, and US$10 million to revitalize the downtown of Brownsville, Texas; ――Donated US$5 million to the online course platform Khan Academy, which was a complete “surprise” for this non-profit organization; ――Donated US$5 million to two researchers in the Boston area who are studying the new coronavirus; ――Donated US$1 million to Feeding Texas, the new hometown of Musk and his foundation ― Musk also provided unidentified donations to the fund operated by Barstool Sports, a US sports blog site, SteamSpace’s space-focused competition, and the UNICEF-operated developing countries to expand Internet access projects; But the XPrize climate competition is Musk’s largest charitable commitment to date, with $100 million rewarded to entrepreneurs who come up with the best technology to capture carbon dioxide in the atmosphere and store it permanently. Musk will announce the details of the four-year game at Cape Canaveral, Florida, and answer questions. This donation is a direct feedback from his tweet in January. Peter Diamandis (Peter Diamandis) is the organizer of this challenge. He saw Musk’s request and gave him a public reply. Then he contacted Musk privately. Musk had supported XPrize before. competition. Dimantis’ idea is that he can hold the challenge again while working on solving new problems. Dimantis said: “Musk’s character is that when he clearly wants to do something, he will act very fast.” Musk finally agreed to participate in the XPrize climate competition launch event, “The purpose of publicity is Let as many people as possible know about the existence of this award.” Musk’s other donation activities are more low-key. Last fall, after seeing a tweet about Feeding Texas, Jared Birchall, the head of the Musk family’s financial office, asked Celia Cole, the head of the organization. With a helping hand, Musk is interested in donating US$100,000 for the new crown pneumonia. That winter, when the winter storm hit Texas, Cole’s team again asked Musk for help, who added a zero to his “first gift”. Musk’s propaganda machine sometimes gets ahead, as he easily does on Twitter. When Musk first announced the XPrize competition on Twitter, he said “details will be announced next week,” but it was not announced until nearly three weeks later. When Musk told the world that he would donate US$30 million to the Brownsville area, he somehow forgot to tell the city of Brownsville. The mayor of the city, Trey Mendez, said that in this tweet Before the text was sent out, he didn’t even know that Musk would donate the money. However, the money has not yet arrived. The Mayor of Mendes confirmed that the city has had “preliminary discussions” with the Musk Foundation since the tweet was published a month ago. City officials are now making plans for how to use the money. For schools in the area, this is a moment of “pie in the sky”. More than one-third of families in the United States live in poverty, and these schools mainly teach Latino students. Just after Easter, Musk’s team held a series of meetings with the head of Cameron County and the principal of the charter school, asking them how much money they might need and their wish list. Of the 20 million yuan donated to regional schools, 5 million yuan was deposited based on the number of enrolled students in each region. Another 15 million US dollars are expected to be allocated in phases starting this summer for more projects. The Rio Hondo Independent School District, where Roger Lee is located, received a $100,000 donation to promote local transportation services and support a robotics project in an elementary school. He said: “Their judgment will be whether we do what we say and whether they get what they want us to get in return. This is my understanding.” Musk’s private space company, SpaceX, has always established operations in the Rio Grande Valley, and his charitable activities in the region will certainly help deal with local relations. Musk has brought leaders like Roger Lee to SpaceX’s office. His interest in improving local schools and vocational training may bring dividends to SpaceX in the long run. Musk said that SpaceX needs to recruit more local technical talents, which will help enhance the company’s reputation. What is certain is that even with this philanthropy boom, Musk still has a long way to go if he wants to leave the name of “great philanthropist” among his generation. Although he is no longer the richest person in the world, he has benefited from the soaring Tesla stock price, which pushed his net worth to US$190 billion. However, as critics quickly pointed out, the currently disclosed donations of around $250 million accounted for only about 0.1% of Musk’s total assets. Musk has said that he should not expect major charitable donations until he may finally be free to sell some Tesla shares in a few decades. But looking at it now, Musk seems to be increasing the intensity of charitable donations, and changes may be in the making. (Tencent Technology Review/Golden Deer)

Zendaya’s perfect appearance at this year’s Oscar. Actress Euphoria is one of the people to announce the results at this year’s Oscar, which took place on the morning of April 26 in Los Angeles, USA. Zendaya wore a Valentino gold dress, Jimmy Choo shoes combined with a diamond jewelry set totaling more than 183 carats of Bulgari. Amanda Seyfried stood out in a red Armani dress with a deep, sexy neck. Viola Davis wore a white dress by Alexander McQueen. Reese Witherspoon breaks out in an ombré red dress of the Christian Dior brand. Laura Dern chose an Oscar de la Renta’s black-and-white evening gown. Strange Halle Berry with short hair and red purple chiffon dress by Dolce & Gabbana. Angela Bassett is also extremely personality in the vibrant red color of Alberta Ferretti that combines Chopard jewelry. Regina King chose Louis Vuitton’s sophisticated blue dress. Vanessa Kirby in Gucci’s courteous pink dress. Carey Mulligan stands out in Valentino’s gold sequin design. Korean actress You Yuh-jung chooses age-appropriate and very courteous clothing. Glenn Close with Armani Privé outfit. Quynh An

Photo: People, UsWeekly

Over the past 20 years, China has produced many of the richest people, but according to the geographical division, Zhejiang merchants are the most. There was Ding Lei of NetEase at first, Zong Qinghou, who became the richest man three times, and then Jack Ma, who was the richest man in China four times. Today, the new richest man is born, he is the founder of Nongfu Spring, Zhong Suansui, but he is still from Zhejiang. In fact, there is another Zhejiang businessman who hopes to become the richest man, but he himself gave up. He is the founder of Pinduoduo, Huang Zheng. He was once the second richest man in China and chased the richest man, but he took the initiative to give up 13.9% of the richest man. The share price dropped from 43.3% to 29.4%.

Judging from the current situation, it seems that Zhejiang merchants and Cantonese merchants will continue to maintain the “two-horse battle for hegemony” situation, but in fact there is a merchant gang that is rising rapidly and may give birth to the next richest man in China, which is Fujian merchants.

Recently, Hu Run said in an interview that the next richest man is likely to be Zhang Yiming. He thinks that after Kuaishou’s listing, the market value exceeds RMB 1 trillion, and Douyin is at least twice its value. After the listing, it is likely to rise again. It is possible to reach 2 to 3 trillion yuan. Zhang Yiming holds 15% of Douyin’s shares. , It is not difficult to become the richest man.

In fact, according to foreign media reports, the valuation of ByteDance, the parent company of Douyin, is approaching US$400 billion. Zhang Yiming holds a quarter of Bytedance’s equity, which will be worth $100 billion. According to the 2021 Forbes Global Rich List released some time ago, this value can enter the world’s top five, which is the highest record ever. In the “2021 Hurun Global Self-made U40 Rich List”, Zhang Yiming ranked first in China with a net worth of 350 billion.

Zhang Yiming was born in 1983 and is only 38 years old now. He grew up in a business unit family, but his father later went to sea to start a business. Zhang Yiming’s feeling is not good at words, even a little restrained and shy. But in fact, he is a very ambitious and challenging person. After graduating from university, he worked briefly at Microsoft, and then he continued to start a business until he founded Bytedance in 2012.

ByteDance launched its first product, Toutiao, a news information aggregation platform. Different from traditional news apps, Toutiao uses algorithms to recommend information based on each person’s interests, as well as accurately recommend advertising information. As a result, Toutiao has developed rapidly, gaining 300 million monthly active users under the noses of portal giants such as Tencent.

Another King Fried product of ByteDance is Douyin. Short videos have become the fastest growing track of the Internet. The largest one is undoubtedly Douyin. Statistics show that as of March this year, Douyin’s daily active users have reached 610 million. In the social field, Tencent has always occupied a dominant position through QQ and WeChat. Now Douyin is attacking, quickly grabbing user time and becoming a strong competitor of Tencent.

In the past two or two years, the “to-teng war” has continued to erupt. Tencent launched its own short video app Weishi, and has invested in Douyin’s competitor Kuaishou. In addition, Douyin was blocked on WeChat. ByteDance is not to be outdone, and its products are not allowed to display information such as WeChat signals. However, Tencent has been unable to stop the development of Bytedance, and can only let it grow into a super giant.

It is understood that Bytedance’s revenue in 2020 has reached 240 billion yuan, with a profit of about 45 billion yuan, of which advertising revenue is 183 billion yuan. And Tencent’s revenue in 2020 is 482.064 billion yuan, which means that the beating of bytes after just over 8 years of establishment has reached half of Tencent’s revenue.

In addition to competing with Tencent, Bytedance is increasing its competitiveness with Alibaba. Its e-commerce business will increase from 170 billion yuan last year to 600 billion yuan in 2021. In addition, Alibaba has always been the company with the highest advertising revenue. Now ByteDance wants to increase its advertising revenue to 260 billion yuan, which will undoubtedly compete with Ali.

Zhang Yiming’s ambitions are far more than that. He has extended the tentacles of Bytedance to industries such as gaming, finance, online education, office software, etc. From all indications, Bytedance’s goal is directed at China’s largest Internet company, surpassing Ali and Tencent.

In China’s Internet industry, there are two big mountains, Ali and Tencent, and emerging companies generally choose to stand on one side. But Zhang Yiming was the only one who insisted. ByteDance did not have Ali and Tencent in the 9 rounds of financing. He just blazed a trail from the two giants. Zhang Yiming does not want to be attached to these two companies, he wants to be his own giant.

A few hundred or a few thousand are considered normal prices, and being fired to tens of thousands is already very expensive, but can you imagine that a pair of shoes can be worth a house?

In August last year, the Nike Air Jordan1 sneaker that Jordan wore when he dunked a rebound was auctioned for $610,000, becoming the sneaker with the highest transaction record in auction history.

Now, a pair of shoes may break this record.

In the few days from April 16th to 21st, at the Hong Kong Convention and Exhibition Center, a pair of sneakers on display attracted the attention of the world. This was the first pair of Nike Air Yeezy worn by Kanye West that year.

After being exhibited, the shoes will be auctioned at Sotheby’s auction house, and the transaction price is estimated to exceed $1 million.

According to Agence France-Presse, this pair of sneakers is owned by shoe collector Ryan Chang, and this auction is also a private auction, which means that the final transaction price and the buyer will not be disclosed unless the buyer and seller privately disclose it.

Why are these shoes so expensive?

It was at the 50th Grammy Awards in 2008. Kanye sang the two songs “Hey Mama” and “Stronger” in a black suit. He won eight nominations and won the “Best Rap” as he wished. “Album” (“Graduation”), “Best Rap Singer” (“Stronger”), “Best Rap Song” (“Good Life”), and “Best Rap Group” (He and Common (listening to the song) “Southside”) these four awards.

At that time, sharp-eyed fans immediately noticed the pair of shoes worn by Grandpa Kan, because it had never been on sale.

After that, fans looked forward to it, hoping to wear the same style of Kanye, but in the end these shoes were not sold on the market. Although it is a pity, this collaboration caused a sensation in the fashion industry because Nike previously only worked with athletes.

It can be said that this pair of Nike Air Yeezy redefines “what is an iconic shoe”, laid the cornerstone of today’s Yeezy shoe style, and has a great influence on the Yeezy brand, which is now over billions in size. It is also a trend culture. Important symbol.

Because this pair of shoes is too legendary, Sotheby’s even cooperated with the sneaker appraisal consultant Suede One to ensure the authenticity of this pair of sneakers with a valuation of more than one million dollars.

After that, in 2009 Kanye West cooperated with Nike to launch a limited edition Air Yeezy 1.

Because these shoes are too popular, in 2012, they once again jointly launched the Air Yeezy 2.

In 2013, Kanye West ended its partnership with Nike and invested in Adidas in 2014.

So far, Yeezy has become one of the hottest and most profitable fashion brands. According to an internal report by Bloomberg citing UBS bank, the Yeezy brand has generated nearly $1.7 billion in revenue in 2020 alone.

Just last month, multiple media reports stated that Kanye West is the richest black in the United States, with a net worth of US$6.6 billion.Previously, Bloomberg reported that the total value of his sneaker brand Yeezy plus Yeezy Gap, which has not yet sold a piece of clothing, is as high as $4.7 billion.

But according to “Forbes” (Forbes) in the latest announcement, Robert F. Smith, who is worth $6 billion, is still the richest black American man, and “Forbes” gave Kanye West a “valuation” of $1.8 billion.

Among them, the business of Yeezy and Adidas under Kanye West is worth 1.5 billion U.S. dollars, and other assets such as cash, real estate and vehicles are worth 160 million U.S. dollars. His songs can bring millions of royalties and a valuation of 90 million U.S. dollars each year. The ex-wife Kim Kardashian’s company Skimms has a small share in the company and is valued at $64 million.

In addition, “Forbes” also stated that although Kanye West’s team insists that the Yeezy x Gap transaction is worth about $1.5 billion, Forbes will not give any value until the product is sold, so the valuation is $0.

Although there is still a long way to go before becoming the richest black man, it has to be said that this hip-hop superstar has made a lot of money from his sideline business of clothing and shoes in full swing.

Kanye West’s influence is really great. The ordinary Air Yeezy currently on the market has sky-high prices, not to mention the numerous iconic “first pairs”.

Recently, it has been reported that Kanye is planning to release a documentary of his own. Although there is no further news, and even the title has not been decided, Netflix has already announced that it will purchase the copyright for 30 million US dollars. Lord’s influence.

Faruk Fatih Ozer, founder of cryptocurrency exchange Thodex. One of the largest cryptocurrency exchanges in Turkey declared that they no longer had enough financial capacity to continue operating, causing hundreds of thousands of investors to fear that they would have lost all their money poured into this exchange. Meanwhile, Turkish authorities are trying to locate the 27-year-old founder of the cryptocurrency exchange, who has fled overseas, Bloomberg reported. It is not clear how many customers of the cryptocurrency exchange called Thodex lost money in this case, and how much the total damage. In a statement sent from a secret location, Thodex founder and CEO, Faruk Fatih Ozer, promised to return the money to the investor and return to Turkey to face the public. refund after refund. However, the Turkish government has launched a blockade on Thodex’s accounts, and its headquarters in Istabul has been ransacked by police. According to Turkish media, the damage in this virtual currency exchange crash could reach $ 2 billion. A lawyer representing the victims said that the investment capital of about 390,000 investors had fallen into a “irreversible” state. However, through a statement posted on the company’s website, Ozer denied both numbers, saying that only about 30,000 investors were affected. Some Turkish officials see the incident as another reason to increase control of the cryptocurrency market. Over the past years, the rapid rise of virtual currency prices globally has been paralleled with many frauds and frauds related to exchanges. Mr. Cemil Ertem, a senior economic adviser to President Tayyip Erdogan, said that the Turkish government needs to act as soon as possible. “Patterns of pyramid fraud are emerging. Turkey needs to implement surveillance regulations that are both suitable to the domestic economic situation and in accordance with global developments”. Thodex is part of the virtual currency fever that attracts a large number of Turkish investors who want to find a “shelter” for their savings in the context of dizzying inflation and a lack of local currency rates. stability. In March, inflation in Turkey was 16.2%, 3 times higher than the 5% inflation target set by the Central Bank of this country. This year, the Lira rate has dropped 10% against the dollar, marking the 9th consecutive year of decline. On Wednesday, Mr. Erdogan revealed that the Turkish government has “burned” $ 165 billion of foreign exchange reserves in the past two years to protect the local currency rate, but has not brought the desired results. Concerns about inflation and exchange rate motivate the Turkish people to look for alternative investment channels, including virtual currency. On Friday last week, the value of virtual currency transactions in Turkey reached more than 1.2 billion USD, up 3 times compared to a week earlier, according to data from coingecko.com. Meanwhile, the average daily trading value of the Turkish stock market is only about $ 3.1 billion.

1,250 million US dollars in the ultimate rescue: capital is kind and lucky

Luckin’s story once again staged “God Reversal”. On April 15, 2021, Luckin announced that it has reached a new financing agreement with an entity under the company’s existing major shareholder, Dazheng Capital, and Joy Capital, and Dazheng Capital will lead the round of financing.

2. Japan’s Nissan Motor will significantly reduce domestic production in May due to a shortage of chips

Nissan, Japan’s third-largest automaker, will cut production at several domestic factories next month, becoming the latest case in which a global semiconductor shortage has hit automakers. According to sources, Nissan’s plant in southern Kyushu will suspend production for eight days from May 10 to 19.

3. SMIC was reduced by the “national team” and cashed in at 2.6 billion in 2 days! Was the chip industry hit again?

On the evening of April 15, according to the latest data disclosed by the Hong Kong Stock Exchange, the National Integrated Circuit Industry Investment Fund reduced its holdings of 100 million SMIC Hong Kong stocks on April 9 and 12. The shareholding ratio fell from 9.62% to 8.93. %.

4. Samsung’s OLED panels are snapped up by major mobile phone manufacturers to release the leading production capacity in China

Samsung Display OLED panels have been snapped up, and Xiaomi, OPPO, vivo, Apple, etc. have already planned to sign 2022 OLED procurement contracts with Samsung Display in advance.

5. The “Universal Studios” hot Atour Hotel was investigated for infringement

An Atour Hotel franchise store near Liyuan Subway Station in Tongzhou District was reported to the market supervision department by the trademark owner for using the word “Universal Studios” without permission to engage in business activities. The informant was reported to the market supervision department for suspected infringement of “Universal Studios”. The exclusive right to use the “city” registered trademark was investigated by the Tongzhou District Market Supervision Bureau in accordance with the law.

6, 5-year losses of up to 5 trillion won South Korea’s LG Electronics is determined to switch to new energy vehicles

LG Electronics plans to use its “selection and concentration” strategy to focus its efforts on core businesses that can effectively use internal resources to ensure competitive advantage. Taking the opportunity of cutting off the smartphone business, the company will focus on developing two areas of home appliances and electric vehicles.

7. Citigroup announced that it will withdraw from the Chinese mainland and other 13 markets personal business corporate customers will not be affected

On April 15, Citigroup announced that it would reorganize its global personal banking business. In 13 global markets, including the Chinese market, it would seek to withdraw its personal business plans to focus resources and investment on those with more competitive advantages and scale. Effective business, thereby improving long-term returns for the company’s shareholders.

8. When will Polar Rabbit Best be asked to rectify the price melee in the express delivery industry?

Not long ago, due to “low-price dumping”, Jitu and Best were punished by the postal administration, and some distribution centers were suspended for rectification. From the perspective of industry insiders, the unspoken rule of “low price for market” for express delivery companies for a long time finally broke out this time.

9. The merger of Tencent Video and Weishi came too late

On April 15, Tencent’s Platform and Content Business Group (PCG) announced a new round of organizational structure and personnel adjustments. The most interesting thing was the establishment of the “Online Video BU”, which was integrated by Tencent Video, Weishi, and AppBao. Tencent Video and Weishi are still operating independently. Sun Zhonghuai, the former head of Tencent Video, serves as the CEO of the BU, in charge of content, operations and membership systems; the former head of Microvision, Lin Songtao, is the president of the BU, in charge of product systems and technology.

10. In the first quarter, the huge loss of nearly 7.8 billion yuan, but Delta Air Lines is still optimistic?

According to CNBC reports, Delta Air Lines announced its quarterly financial report on the 15th. In the first quarter, total revenue was US$4.15 billion, exceeding analysts’ expectations, but it was down 60% from the same period in 2019, with a net loss of US$1.18 billion.

Mosquitoes transmit diseases such as chikungunya, dengue fever and zika. (Source: wwmedgroup) These mosquito carriers, species rodent animals Destroying crops, wood boring insects, and even domestic cats are invasive species that are causing enormous harm to humans and the natural environment. According to a study published March 31 in the journal Nature, researchers working at the Laboratory of Ecology, Taxonomy and Evolution at the University of Paris-Sacla in France estimate invasive species. the so-called damaging alien species has cost the global economy nearly $ 1,300 since 1970, averaging $ 26.8 billion a year. The actual number could be even higher, researchers warn. The team synthesized a wide range of harms that invasive species cause to different habitats, including plants, insects, reptiles, birds, fish, mollusks, microorganisms or animals. mammal. Most harm is related to ecosystems, crops, fisheries and disease control measures. The team has made a preliminary list of the top 10 invasive pests, including the plant-eating rats and the Asian gypsy moth – two species that are devastating crops across the Northern Hemisphere. The list also includes zebra mosquitoes native to Southeast Asia that transmit diseases such as chikungunya, dengue fever and Zika. According to the researchers, the average annual damage caused by invasive species triples every decade. However, there is some evidence that the number of invasive species has increased “exponentially” due to increasing international trade, as humans import many species of organisms. In Australia, wild rabbit populations of European origin, first recorded in the early 19th century, have become invasive species causing great harm to the ecology of the Oceania nation. this over the past 150 years. They reproduce at an uncontrollable rate, consume soil, damage native species, as well as destroy crops with billions of dollars in damage. On the island of Guam, US overseas territories in the Pacific, invasive brown tree snakes native to Australia and Indonesia have “slaughtered” the majority of native bird and lizard populations since being accidentally brought in to come here in the mid-20th century. They also threaten people and sneak into equipment, causing frequent power outages. In forests in the US and more recently Europe, the longhorn beetle originating from Asia is also destroying the vegetation, causing serious damage to the ecosystem. According to the study, domestic cats are also among the top 10 invasive pests. This animal that has been “traveling” around the world for hundreds of years has now become an “invasive” species on most islands in the world, “slaughtering” birds, reptiles and animals. Amphibians in many parts of the world. The United Nations Scientific Advisory Committee on Biodiversity (IPBES) said that it is among the top 5 culprits of environmental destruction worldwide, along with changes in land use and resource exploitation. , pollution and climate change. In 2019, IPBES estimates that the number of invasive species has increased to 70% since 1970 in the 21 countries studied. Laboratory director on Franck Courchamp said international trade will increase more species of organisms introduced, while climate change will help more of these imported species survive and thrive. With the above research, scientists hope that by giving a figure of the damage caused by invasive species, people as well as authorities will raise awareness about the severity. of invasive species. Early detection, good data combined with preventive measures can significantly reduce the damage invasive species cause. The researchers also hope this issue will be included in the list of the serious environmental challenges facing humanity to receive more attention.

The container crisis is re-emerging, and the cost is passed on to consumers?

It’s the season of shipping contract signing again. Most large retailers and manufacturers will sign annual agreements with shipping companies to lock in their container freight rates. However, signing the shipping contract for the next 12 months at the current shipping price can be said to be a lot of work. The import and export companies complained repeatedly.

From China to the West Coast of the United States to European ports, container prices have been hovering near record highs for several months.

It is understood that the Freightos Baltic Daily Indices (Freightos Baltic Daily Indices) recently hit a record high again. According to George Griffiths of S&P Global Platts’ global container freight pricing team, on the major global trade routes connecting Asia and North America, the contract price of a 40-foot container has been around US$2,500 to US$3,000 in recent weeks. , An increase of 25% to 50% from a year ago.

In the United States and other parts of the world, shipping usually has two peak seasons each year, including Christmas purchases before the Spring Festival holiday and late summer. The transition period between these two peak seasons can clear the previous container cargo backlog, but due to the Suez in March The congestion of the canal has worsened the backlog of container cargo.

Due to the shortage of containers and skyrocketing shipping prices, many foreign trade companies have been affected, and many companies even count it as a cost, which is borne by consumers.

An industry insider said: “The freight rates of the two main international container routes from Shanghai to Rotterdam and Shanghai to Los Angeles remain high. Merchants have begun to sign a one-year freight contract and put the freight into the cost.” Obviously, the freight rate has skyrocketed, and the company may be affected. These additional costs will eventually be passed on to consumers, especially smaller companies are more susceptible to the impact of freight and price increases.

It is understood that due to the impact of freight and raw materials, many companies have adjusted their commodity prices one after another, and some companies have raised commodity prices four times before and after. A person in charge of a foreign trade company said bluntly: “Price increases are inevitable, and once goods are piled up in containers or ports, the prices will increase more. However, fortunately, all competition is on the same ship.”

Previously, the world’s three largest shipping companies, ONE, Hapag-Lloyd and Maersk, have informed shippers that the chaotic situation of container trade is expected to wait until the second half of the year to return to normal.

On April 13, the State Council Information Office held a press conference. Due to the impact of the relevant international epidemic, the transportation market, especially the shipping market, saw a sharp rise in transportation prices and the shortage of international shipping containers.

In response to issues such as “difficult to find a box”, Li Kuiwen, a spokesperson for the General Administration of Customs and Director of the Statistical Analysis Department, responded at the press conference that the General Administration of Customs is closely monitoring the latest changes in the international transportation market in conjunction with relevant departments such as transportation. In terms of creating a business environment, in conjunction with relevant departments, we are continuing to work hard to promote the healthy development of foreign trade.

Air freight increases again, Apple’s Huawei chartered flight is wrong?

While the shipping situation is not optimistic, air freight also adds to the congestion for sellers. An Amazon seller said that the three UPS tickets that he issued at the beginning of the month are still blocked in Hong Kong, and the explanation given by the freight forwarder is that Apple and Huawei chartered flights and vaccines, resulting in fewer and fewer flights. In addition, the price of air freight has been constantly increasing. rise.

The seller raised a question. If it is for vaccine transportation, it is understandable. Those brands have not released new products. Why do they have chartered flights? Many sellers said that this should be an excuse for freight forwarders. The so-called “brand charter” had a similar excuse as early as October last year. It should be that orders are still being queued, but the recent air freight prices are really shocking.

Earlier, due to the blockage of the Suez Canal, many sellers’ bulky goods such as bicycles and treadmills have also begun to board the plane. Many sellers bluntly say that it is better to spend more money than to wait. If you have to wait that long, it will be a drain on the company.

I learned from the freight forwarding office that the United States has recently increased the price of air delivery very severely. The price of one flight has been increased three times. The price list has just been sent out, and it didn’t take long to notify the price increase.

Not only that, the recent Amazon FBA listing speed has made sellers complain. A forwarder issued a notice and received a DPD notice. Due to the recent adjustment of the Amazon Amm warehouse’s warehousing plan, the goods currently sent to the warehouse are likely to be delayed and slow to sign. Remind sellers and friends to avoid sending to Amazon Amm warehouse (Spedition AmmHamburger Str. 99, 90451 Nürnberg, Germany). Recently, sellers and friends who have sent to the warehouse should pay more attention, prepare in advance, and pay more attention to the information in the warehouse.

In addition, several freight forwarders have learned that not only the prices of sea and air transportation have risen, but the prices of railway channels have also increased. According to the freight forwarder, the information obtained by their company’s inquiry is that the railway to Rotterdam has risen to 11,000 US dollars, which is three times the amount before the epidemic, and the position is extremely tight. “At present, the freight rates of Eurokey Port and West Coast Port are almost twice the highest rates I have seen in the past 20 years in the industry.”

Source: Hugo Net

Can the China-Europe Express train continue to “fire”?Analysis on the development prospects of China-Europe Express

China Railway Express

From a distance, Madsummer looked like a sparkling white ice 95 meters high, but only when he got closer could one feel its true beauty. The superyacht built by Lürssen was launched in 2019 and has a total of 5 6-star luxury decks, including a deck used to house the boat owners’ seaplanes.

Madsummer is the ideal choice for travelers who wish to own a yacht and an aircraft at the same time. To meet the needs of the boat owner, Italian designer Laura Sessa put on this yacht a vibrant yet unobtrusive beach house style.

The main living room is filled with mulberry blues and pinks, bolstered by striped Tai Ping silk carpets and a formal lacquer dining table. According to Sessa, blue is the boat owner’s favorite color. This is not surprising as blue continues to appear on the upper deck, but this time is reinforced by the flaming orange reflected on the upper living room armchairs and the ceiling of the observation room.

To match boat owners, red, white and blue are the colors chosen for the overall. There are six passenger cabins, each decorated in a distinctive color, from magenta to orange and blue. Madsummer owns a 12 meter long swimming pool located behind the main deck with large sunshades.

Just a few steps away, guests can leave worries and worries behind at the spa and beach club. You are also free to choose from a boat, Madsummer has a total of 5 Jet Ski water motorcycles, canoes, windsurfing and a complete diving suit.

Madsummer entered the market at the end of 2020 with a price of 30 million USD, equivalent to nearly 700 billion VND, the rental price for this super yacht was up to 1.4 million USD / week.

Bitcoin is the first digital currency created in the world. It is an encrypted currency created by complex mathematical equations. According to media reports, Bitcoin was created in 2009 by an unidentified programmer named Satoshi Nakamoto, who is believed to own about 1 million Bitcoins, accounting for 5% of the total number of Bitcoins. Currently, one Bitcoin is equivalent to 63,000 US dollars, which means that Satoshi Nakamoto’s wealth is approximately 62 billion US dollars. The Bitcoin story is so attractive because no one knows who Satoshi Nakamoto is. Some people say that he may not be a single person, but a group of people.

It is believed that the original Bitcoin wallet belongs to the inventor. Currently, there are 980000 Bitcoins in these wallets, but they have not been used for more than a decade. So people speculated that Satoshi Nakamoto was actually dead. In the past 12 months, as mainstream companies began to accept the use of Bitcoin, the currency value of Bitcoin has jumped by 900%. The concept of Bitcoin was first proposed in 2009 in the form of the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. Dr. Craig Wright of Australia claims to be the inventor of Bitcoin. But more people still tend to believe in Satoshi Nakamoto.

Some details show that Satoshi Nakamoto was born in 1975 and lives in Japan. In 2014, Dorian Nakamoto appeared in Temple City, Los Angeles County, but he denied that he was the creator of Bitcoin. Over the years, many others have been touted to be the real Satoshi Nakamoto or claim to be themselves, but in fact, this is still a mystery. Microsoft boss Bill Gates recently warned that if you are not as rich as Elon Musk, then you should stay away from Bitcoin. When asked if he had made a bitcoin investment, Gates said that he would prefer to invest in companies that “manufacture products.”

“Technological innovation” has become a hot topic in the Internet industry. What kind of innovation is the innovation that a technology company should have? Through “China Innovation Company 100”, we try to answer these questions.

Recently, Sohu Technology held the first phase of the “China Innovation Company 100” chip series salon event. Liu Leibo, long-term professor of Tsinghua University and distinguished professor of Changjiang Scholars, Wu Youwen, vice president of Wingtech Technology, and Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, discussed the new opportunities for domestic substitution under the global core shortage. This article is a wonderful view shared by Zhao Zhanxiang at the salon.

Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, participated in the online salon discussion

Produced | Sohu Technology

Author | Liang Changjun

Edit | Yang Jin

Under the global core shortage, the domestic semiconductor primary market is still hot. Recently, at the first phase of the “China Innovative Company 100” chip series salon held by Sohu Technology, Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, mentioned that in the past two years, investment institutions have begun to look at semiconductors, and many are rushing to pre- -IPO projects, but some institutions are not pure investment, but are highly speculative.

This wave of intensified core shortages does not seem to affect the market’s pursuit of semiconductors, but the impact on enterprises is real. Zhao Zhanxiang said that compared with the shortage of memory chips in 2016 and 2017, this time there is a shortage of cores in the entire industry, which is relatively rare, and has a different impact on each link in the industry chain.

For terminal manufacturers, relying too much on a certain supplier may be affected to a certain extent; design companies and Foundry (chip foundries) with production capacity or stocks on hand can adjust their product structure and prioritize production of high profitable ones. Products, earn more money; some start-up companies are expected to get the opportunity to enter the supply chain of major customers; the most influential companies are those that have no capacity before and want to take capacity temporarily.

For investment institutions, in addition to listing, mergers and acquisitions are also an important exit path, but the current domestic semiconductor mergers and acquisitions are not active. Zhao Zhanxiang believes that in a few years, the number of mergers and acquisitions by Chinese semiconductor companies will be very large, and the scale will gradually increase. Now there are three or four thousand domestic chip companies, and it is expected that in 10 years, there will be more than 50 companies with a market value of more than tens of billions. US dollars, in which many mergers and acquisitions will occur.

Different types of companies have different merger strategies. He said that mergers and acquisitions of digital chip companies are often for the deployment of new products or next-generation technologies-taking time to do it yourself, it is easy to miss the time window, and it is better to acquire start-up companies that have done better. M&As of analog chip companies are more to expand product lines. The more products and the more complete they are, the easier it is to be favored by customers, but a company often cannot do it all by itself.

In the salon exchange, Zhao Zhanxiang also shared his views on the core manufacturing of major Internet companies from the perspective of investment. He believes that domestic Internet companies must first solve the business model problem of making cores. Either turn the chip into a product that helps the company make money, or invest in an independent chip company outside and have a certain control over it. These companies can also use their own The platform is growing rapidly, and the latter is a better way.

Regarding the investment opportunities under the domestic substitution, Zhao Zhanxiang said that now semiconductor investment has entered the deep water zone, all the good fruits have been picked, and the rest are difficult to pick. He mentioned that since the beginning of this year, investment institutions are also focusing on areas with deep moats, low localization rates, and large capital needs, such as large chips such as CPUs and GPUs, and EDA.

In addition, IDM-based domestic memory chip manufacturers and third-generation compound semiconductor manufacturers have also raised large amounts of financing this year; automotive sensors, radars, and high-end chips in the industrial field are also very hot, with high thresholds. , Has the ability to expand horizontally in the future.

He also called on the state to have more policy support for chip companies that are willing to sit on the “cold bench”, difficult and long-cycle chip companies, and investment institutions should be more patient and pay attention to more early stage and greater value for China’s innovation. the company.

The following is Zhao Zhanxiang’s sharing record (deleted and sorted out)

Sohu Technology: You have been in contact with many startups. What impact does the current lack of cores have on them?

Zhao Zhanxiang:The impact of the lack of cores on each link of the industry chain, such as terminal manufacturers, intermediary agents, chip design companies, and Foundry (chip foundry), is different. For terminal manufacturers, relying too much on a certain supplier will be affected. For example, a certain chip of a mobile phone manufacturer has always come from one supplier. Suddenly the capacity of this supplier is tight. At this time, it is difficult to transfer to another supplier. Without a long-term cooperative relationship, the other party will not temporarily give you the capacity. .

When I made memory chips myself, it was normal to be out of stock, especially memory chips have a very strong periodicity. For example, in 2016, NAND FLASH (flash memory) was in short supply globally; in 2017, DRAM (memory) chips were in short supply globally, and the price increased seven times. If the agent has gone through this cycle, it can predict the situation of tight production capacity and stock up in advance.

For design companies and Foundry, if it is a company that has production capacity or stocks on hand, it actually hopes that it lacks cores and raises prices, so that its profits will be higher. If there is a relatively stable supply of production capacity, the response to the shortage of cores will be adequate. Although the production capacity cannot be further increased, the proportion of some high-margin products can be expanded. In this way, although the overall sales revenue volume does not grow so fast, the gross profit increases, and the final profit margin will increase.

In addition, under the current situation, large customers are also willing to introduce new suppliers, which is just an opportunity for some start-up companies. But it does have an impact on small, low-capacity companies, and these companies still have to reserve cash for the winter at this point in time. The biggest impact of the lack of core is that companies that did not have production capacity before, and want to temporarily take production capacity, now it is difficult to squeeze production capacity.

Sohu Technology: There were also global core shortages in 2016 and 2017. What is the difference between this time and the previous ones?

Zhao Zhanxiang:The semiconductor industry has been cyclical since its inception, and it is difficult to fundamentally solve the lack of core tide. The core reason is that it takes more than a year for semiconductor production capacity expansion, but demand is increasing rapidly. In 2016, NAND FLASH shifted from 2D technology to 3D technology. 2D production capacity was partially withdrawn and turned to 3D. However, the yield rate of 3D did not increase, resulting in a decrease in market supply, and increased demand for mobile phones and data centers. PC SSD (solid state) Hard drives) have increased in capacity and demand soared. This is the same as the memory shortage in 2017, which is an imbalance between supply and demand.

This time there is a shortage of cores in the entire industry, which has a lot to do with the epidemic and the rapid spread of 5G mobile phones. Market demand has increased and supply cannot keep up. This kind of large-scale core shortage is relatively rare, and companies need to prepare in advance to stock up in advance when there is a sign of core shortage. In addition, the financial strength must be large, and a long-term cooperative relationship with the fab is also required.

Sohu Technology: How do you view the opportunities for domestic substitution from the current shortage of cores? How to treat the current level of localization?

Zhao Zhanxiang:What domestically produced substitutes have to solve is the stuck neck problem. Now the good fruits of the semiconductor industry have been picked, and the rest are more difficult to pick, such as CPU, GPU, DSP, FPGA, and memory chips NAND FLASH, DRAM and other fields with a low localization rate. These localization rates in the next ten years need to exceed 50% or even higher, which is a very difficult task.

Semiconductor manufacturing equipment and materials currently have the greatest impact on the neck. China can now build lithography machines, but it is relatively low-end and can only do 90nm. Once the key materials, key EDA tools used for designing chips, and IP are blocked, it will have an impact on the industry. It is also very large, and it is urgent to realize domestic substitution.

On the other hand, my country’s innovation fields need to be synchronized with the world, such as quantum chips, photonic computing, and new sensors in mobile phones. Now we are faster in the iterative speed of new technologies than abroad, the pace of work is faster, capital investment, human investment are stronger, there are reasons to be more confident in our level of innovation.

Sohu Technology: Semiconductor investment has been very hot since last year. Under the tide of domestic substitution, what are the relatively large investment opportunities?

Zhao Zhanxiang:Yunxiu Capital has been paying attention to the semiconductor industry very early. According to our observations, there were not many investment institutions that looked at semiconductors before 2017. After the ZTE Huawei incident, many institutions began to look at this field. Semiconductors are not only a policy-oriented market, but there is really strong market demand. Large domestic customers used to have only the top three suppliers in the world, but now they also want to supply the domestic supply chain. This is a big market opportunity.

After the establishment of the Sci-tech Innovation Board, semiconductor companies performed very well on the Sci-tech Innovation Board. Although the number of the SCI-Tech Innovation Board accounted for only 15%, the total market value exceeded 30%. Last year, the market value increased by an average of 40%. Due to the popularity of the science and technology innovation board, the amount of investment in the primary market of semiconductors last year exceeded 140 billion yuan, a nearly five-fold increase compared to 2019. Last year’s primary market equity investment enthusiasm was mainly concentrated in Pre-IPO projects, but their valuations are very high, and the return on exit may not be that large. Everyone is going to grab the Pre IPO quota. It is no longer pure investment, but very speculative.

This year, many investment institutions are focusing on areas with deep moats, low localization rates and relatively large capital needs, such as large chips such as GPUs and CPUs, and companies in areas such as EDA software. IDM’s financing this year is also very large. Many domestic memory chip manufacturers and third-generation compound semiconductor manufacturers are all in the IDM model. Subdivision areas have also attracted much attention, such as automotive sensors, radars, and high-end chips in the industrial field. The threshold is very high, and the future has the ability to expand horizontally.

Sohu Technology: For investment institutions, mergers and acquisitions are also an important exit path. What do you think of the M&A trends in China’s semiconductor industry?

Zhao Zhanxiang:Last year, global semiconductor mergers and acquisitions were very hot, and the overall capital estimate exceeded 100 billion U.S. dollars. M&As of overseas giants often lie in their strategic layout. There are not so many domestic mergers and acquisitions, but now there are three or four thousand domestic chip companies. In 10 years, there will be more than 50 companies that will become tens of billions of dollars. There will be many mergers and acquisitions. Integration occurs mainly due to three factors:

First, the market value of leading companies in the industry is relatively high, and they need to install new assets to support their stock prices; second, digital chip companies need to lay out the upstream and downstream industrial chain, and analog chip companies need to increase product lines in order to continue to expand; third , The future liquidity of small market capitalization companies on the Science and Technology Innovation Board may not be so good, and capital withdrawal after listing may not be ideal. It is better to sell to large companies for cash in advance. Therefore, the number of mergers and acquisitions of Chinese semiconductor companies in the future will be very large, and the scale will gradually increase.

Sohu Technology: If domestic chip companies become bigger and stronger, are mergers and acquisitions necessary? What are the differences in M&A strategies for different types of companies?

Zhao Zhanxiang:The threshold of the semiconductor industry is very high. If you do not acquire, you need to do it yourself from scratch, and the time and cost to spend is very high. So now many companies are willing to go overseas mergers and acquisitions, because overseas companies have already accumulated a lot. However, the ultimate goal of the acquisition is either for technology or for the team, but if it cannot be digested, the value of the acquisition will not be that great.

From the perspective of the development of technology companies, it is common for large companies to acquire small companies, but the acquisition strategies of digital chip companies and analog chip companies are different. Digital chip company acquisitions are often for the layout of the next product or next-generation technology. There are many new directions, and it is impossible to invest heavily in research and development for each. Instead of spending four or five years trial and error, it is better to acquire a ready-made company so as not to miss the time window.

Many times analog chip companies merge to expand their product lines. China’s largest analog chip company now has thousands of product lines, and giant companies such as TI and ADI have tens of thousands of product specifications, which is convenient for customer supply chain management and has a great advantage in winning customers. Therefore, for domestic analog chip companies, the future will definitely increase product lines through mergers and acquisitions.

Sohu Technology: From an investment point of view, how do you think about the Internet to make cores? What problems will you face?

Zhao Zhanxiang:Internet companies must first solve the business model problem for core manufacturing. Internet companies may only need hundreds of thousands or millions of chips a year, while the chip industry has technological iterations every year, and the annual investment in new products is high or even doubled. How can Internet manufacturers bear the cost? Strength to feed the chip team? This is difficult commercially.

Foreign Google and Amazon are very successful in making chips. They are not made to digest the chips by themselves and reduce costs, but are strategic layouts. Through self-developed chips, the number of virtual machines supported by a single machine increases, and then the services are sold to cloud computing customers. , To recover the cost of the chip through service.

How do domestic Internet companies recover the cost of making chips through services? Either through business model innovation to turn the chip into a product that helps the company make money, or invest in an external independent chip company to have a certain degree of control over it, and let them grow quickly with their own platform. This is a better way.

Sohu Technology: Do you have any suggestions for promoting the development of China’s chip industry and domestic substitution?

Zhao Zhanxiang:The Sci-tech Innovation Board needs to continue to encourage high-quality loss-making companies to be listed. The development cycle of chips is very long, and it is difficult to generate tens of millions or hundreds of millions of profits in the short term. If these companies are required to make profits before they can go public, everyone is not willing to make difficult chips, but will be short and fast, attracting speculative people. , This is bad for the industry.

The country needs to have some policy inclination for companies that are willing to sit on the “cold bench”, with long cycles and high difficulties. Many institutions now tend to invest in Pre IPO projects for short-term IPOs and exits. This is not very helpful for many innovative companies or companies that really need money. Therefore, I also hope that the exit cycle of investment institutions can be longer and be patient to invest in earlier and earlier, Companies with greater innovation value to China.