Recently, the digital dental intelligent medical service company Weiyun Artificial Intelligence announced that it has once again completed a new round of financing of hundreds of millions of yuan. This round of financing was led by Jin Mao Capital, followed by institutions such as Yimei Investment and British family funds.

Since its establishment, Weiyun has relied on the advantages of its entire network of intelligent dental medical service models and all independent research and development of flexible smart factories, with robots and artificial intelligence technologies as the core, and reshaping the upstream and downstream ecological chain of digital dentistry through efficiency improvements and cost reductions . The digital customized dental service process provided by Weiyun is divided into three stages: front-end clinic-cloud brain-back-end smart factory, and a variety of algorithms and intelligent software are applied in each link to form a complete closed loop. It has created technical barriers centered on “device, cloud, factory, and law”, and has a total of hundreds of invention patents and soft works. It uses AI to create structural advantages and breaks through the core pain points commonly faced by the industry.

The World Health Organization (WHO) lists oral health as one of the top ten standards of human health. For a long time, the prevalence of oral diseases in my country is very high. Almost everyone has different degrees of cavity disease problems, and the rate of consultation is extremely low. In particular, the prevalence of dental caries in children, middle-aged and elderly people in my country is very high. In 2008, my country’s dental medical service market has reached 20 billion yuan. In 2011, the scale of my country’s dental service market reached 32 billion yuan. By 2013, the scale of my country’s dental service market was close to 50 billion yuan. By 2016, the scale of my country’s dental service market reached 78.3 billion yuan. As of 2017, my country’s dental service market has reached 88 billion yuan, and my country’s dental medical service market will exceed 100 billion yuan in 2020.

Xiou.com believes that with the development of China’s economy and the improvement of people’s health awareness, the demand for oral medical services has increased rapidly. In recent years, with the continuous promotion of oral health, my country has entered an aging society, and medical demand will continue to rise. As a pioneer in exploring medical artificial intelligence, Weiyun has launched products born in fully automated smart factories, and the future can be expected.

Xiou.com, dedicated to serving entrepreneurs for six years

41 domestically listed Chinese companies, 7 overseas listed Chinese companies, and the amount of IPO financing increased month-on-month.

36 Chinese companies are supported by VC/PE institutions, among which domestic listed companies account for 90%

JD Logistics received the highest IPO financing amount this month, and the logistics industry ranked first in financing amount

The number of listed companies in Guangdong Province remains the leading; Beijing and Shanghai have both raised over RMB 10 billion in financing

 The China Securities Regulatory Commission will study and formulate a package of institutional measures to prohibit improper shareholding by resignees from the system to make up for the shortcomings of the system

According to data from Zero2IPO Private Equity, there are 48 Chinese companies in May 2021[1]The number of IPOs completed in various global trading markets increased by 100% year-on-year; the total financing amount was 64.405 billion yuan, and the financing amount increased by 149.5% year-on-year and 17.6% month-on-month. Chinese companies that completed their IPO this month involved 16 primary industries and landed in 7 trading markets. The average IPO financing amount of Chinese companies was 1.342 billion yuan, an increase of 49.4% from the previous month. The highest single financing amount was 20.229 billion yuan. A total of 36 VC/PE-backed companies went public this month, involving 205 institutions, with a VC/PE penetration rate of 75%.

Figure 1 The number of domestic and overseas listings and total financing amount of Chinese companies from May 2020 to May 2021

Source: Private Equity Pass 2021.6 www.pedata.cn

The total financing amount of IPO companies in the top ten in May accounted for 69.1%

The three IPO companies with the largest amount of financing this month are: JD Logistics listed on the main board of the Hong Kong Stock Exchange, raising a total of 20.229 billion yuan; Hehui Optoelectronics listed on the Shanghai Stock Exchange Science and Technology Innovation Board, raising a total of 7.106 billion yuan; The Shanghai Stock Exchange was listed on the Science and Technology Innovation Board and raised a total of 2.901 billion yuan.

Table 1 Top 10 IPO corporate financing in May

Source: Private Equity Pass 2021.6 www.pedata.cn Table 2 Top 10 listed Chinese companies in financing supported by domestic and overseas VC/PE IPOs in May Source: Private Equity Pass 2021.6 www.pedata.cn Registered listed companies accounted for more than 50%, and the amount of overseas listed financing increased month-on-month In May, there were 41 domestic listed Chinese companies, accounting for 85.4% of the number of Chinese companies IPO this month. The initial financing amounted to 39.646 billion yuan, accounting for 61.6% of the total financing for the month. In May 2021, 11 and 14 companies were successfully registered and listed on the Growth Enterprise Market and the Science and Technology Innovation Board, accounting for 52.1% of the total number of listed companies in the month, and initial financing accounted for 31.6%. In May, 4 Chinese concept stocks were listed on the U.S. stocks, with a financing amount of approximately RMB 3.093 billion; 3 companies were listed on the main board of the Hong Kong Stock Exchange, with a financing amount of approximately RMB 21.666 billion. The amount of financing in the U.S. and Hong Kong stock markets both increased from last month. Figure 2 Distribution of domestic and overseas listings of Chinese companies in May 2021 (by listing sector) Source: Private Equity Pass 2021.6 www.pedata.cn Figure 3 The distribution of Chinese companies listing in the domestic market under different IPO systems from May 2020 to May 2021 Source: Private Equity Pass 2021.6 www.pedata.cn Guangdong Province leads the way in the number of IPOs, and Beijing ranks first in terms of financing According to private equity statistics, in May 2021, the number of IPOs in the five provinces and cities of Guangdong, Jiangsu, Shanghai, Zhejiang and Beijing is 5 or more, a total of 32; the initial financing amount plus a total of RMB 50.99 billion, accounting for the country The total amount is nearly 80%. Among them, Guangdong Province leads other provinces in the number of listings of 9 Chinese companies; Beijing and Shanghai have raised financing amounts of more than 10 billion yuan respectively, and Beijing ranked first in the amount of financing raised by Chinese companies listed at 24.988 billion yuan, accounting for about 38.8%. Table 3: Geographical distribution of Chinese companies’ domestic and overseas listings in May 2021 Source: Private Equity Pass 2021.6 www.pedata.cn The May IPO involved 16 industries, with the logistics industry having the highest amount of financing In May 2021, the IPO will involve 16 industries. The number of listed companies in machinery manufacturing, biotechnology/medical health, chemical raw materials and processing industries is 5 or more. In terms of financing, the logistics industry IPO financing was 21.09 billion yuan, accounting for 32.8% of the total financing of Chinese enterprises, ranking first; semiconductor, electronic equipment, and machinery manufacturing industries ranked second and third respectively, with financing amounts exceeding 7 billion. yuan. Figure 45: Industry distribution of the number of IPO companies and financing amount in month 45 Source: Private Equity Pass 2021.6 www.pedata.cn The VC/PE penetration rate of listed companies in May was 75% Among the listed companies this month, 36 Chinese companies were supported by VC/PE institutions, of which 33 were listed domestically, accounting for 91.7%. There are 7 and 13 IPO companies on the ChiNext Board of the Shenzhen Stock Exchange and the Science and Technology Innovation Board of the Shanghai Stock Exchange, respectively, which have received support from VC/PE institutions. The book returns of VC/PE-invested companies listed on domestic listings have dropped. In May 2021, the book return multiples (calculated at issue price) were 1.96 times, a decrease of 27.4% from the previous month and a year-on-year decrease of 35.1%; the book returns of overseas listings in May 2021 increased significantly year-on-year , An increase of 97.21%. Figure 5 Trend of VC/PE-backed IPO penetration from May 2020 to May 2021 Source: Private Equity Pass 2021.6 www.pedata.cn Figure 6 Distribution of book returns of VC/PE supporting IPOs in domestic and overseas markets of Chinese companies from May 2020 to May 2021 (issuance date) Source: Private Equity Pass 2021.6 www.pedata.cn 16 VC/PE institutions have won no less than 2 Chinese IPOs Among the listed companies this month, 36 Chinese companies received support from VC/PE institutions, a decrease of 12.2% from the previous month. Among them, 16 institutions have invested companies with no less than 2 IPOs. The book return of Lieliang Fund in the Waterdrop IPO was as high as 98.26 times. Table 45 Listed in VC/PE Institution Invested Companies (Partial Institutions) Source: Private Equity Pass 2021.6 www.pedata.cn Note: 1. The IPOs listed in the above table refer to companies headquartered in China (excluding Hong Kong, Macao and Taiwan) that are first listed on domestic and foreign stock exchanges within the scope of the statistics in 2021. Companies listed in the second listing and multiple listings are not listed. Included; 2. The investment institution only lists the named shareholders appearing in the prospectus; 3. The book amount is the number of shares held by the institution before the initial issuance of the invested project (excluding the cornerstone wheel/strategic placement) * issue price It is calculated that part of the book value may be biased because the number of shares held before the IPO was not disclosed in the prospectus. The China Securities Regulatory Commission issued the Guidelines for the Supervision of the Shareholding Behavior of Retired Persons from the Securities Regulatory Commission System, clarifying the verification requirements for the participation of the resigned employees The China Securities Regulatory Commission has always attached great importance to the supervision of shareholders of companies to be listed, continuously improved the shareholder supervision system and mechanism, and made great efforts to prevent illegal and illegal “creation of wealth”. In February of this year, the China Securities Regulatory Commission issued the “Guidelines for the Application of Regulatory Rules Regarding Information Disclosure of Shareholders of Listed Companies Applying for Initial Public Offerings”, which strengthened the regulatory constraints on surprise share purchases, abnormal share prices, transfer of interests, and “shadow shareholders”, and compacted the information of companies to be listed. Disclosure responsibility and intermediary agency verification responsibility to guide legal and compliant investment in companies that are to be listed. During the implementation of the system, the China Securities Regulatory Commission insisted on cutting its blade inward, and simultaneously studied and formulated a package of system measures to prohibit improper shareholding by system resignees to make up for the shortcomings of the system. While strengthening anti-corruption supervision and management and improving the independent review system, we have specially formulated and issued the “Guidelines for the Application of Regulatory Rules Issuance No. 2” (hereinafter referred to as the “Guidelines”) to clarify that the retired personnel of the China Securities Regulatory Commission will participate in the public offering and listing or the New Third Board. The verification requirements of selected-tier listed companies highlight the targeted supervision of resigners who fall within the scope of the specification, compact the verification responsibilities of intermediary agencies, and maintain the “three public” order in the market. The “Guidelines” mainly include the following: One is to clarify the circumstances of improper shareholding. The resignation personnel of the CSRC system used the influence of their original position to seek investment opportunities, the process of shareholding has the transfer of interests, the shareholding during the shareholding prohibition period, the shareholding as an unqualified shareholder, the source of the shareholding funds violates laws and regulations, etc., are considered to be improper shareholding. The second is to strengthen the verification responsibilities of intermediary agencies. In the process of verifying shareholder information, intermediary agencies should comprehensively check whether there is a shareholding situation of resigned personnel specified in the Guidelines and determine whether it is an improper shareholding situation. In the case of improper share purchase, it shall be cleared up. When the issuer and the intermediary institution submit the application documents for the issuance and listing (listing), they shall make a special explanation on the relevant verification status of the resigned personnel of the CSRC system. After submitting an application for issuance and listing (listing), if an improper shareholding situation is discovered or a major media question arises, the intermediary institution shall check and report in a timely manner. The third is to strengthen audit supervision and establish an independent review system. Review the issuance and listing (listing) review process involving the participation of departed employees to ensure that the review process is fair, just, and in compliance with laws and regulations. If clues of violations of law and discipline are found, they shall be handed over to relevant departments for handling. Key case analysis of this month: JD Logistics, Hehui Optoelectronics, Electric Wind Power JD Logistics is listed in Hong Kong, and another listed company is added to the JD department On May 28, 2021, JD Logistics officially listed on the Hong Kong Stock Exchange under the stock code of “02618.HK”. It is the second listed company incubated by JD Group. JD Health has been listed on the Hong Kong Stock Exchange before this. The issue price of JD Logistics is HK$40.36 per share per share, and it plans to issue 60,160,800 shares, with a market value of approximately RMB 202.294 billion. On the day of issuance, the closing price was HK$41.7, and the net proceeds from the IPO were approximately HK$24.113 billion. JD Logistics is a technology-driven supply chain solution and logistics service provider under JD. It was born out of JD Group’s self-built logistics. In 2012, it officially registered a logistics company. In 2017, JD Logistics Group was established. On February 16, 2021, JD Logistics submitted a prospectus on the Hong Kong Stock Exchange and officially launched the IPO. Three months later, JD Logistics officially launched a global public offering of shares. JD Logistics’ IPO has attracted attention from many parties. On May 20, JD Logistics’ IPO subscription ended ahead of schedule. JD Logistics was subscribed by more than 1 million people, oversubscribed by more than 700 times, and frozen funds exceeded 550 billion Hong Kong dollars. According to data from the JD Logistics prospectus, in 2018, 2019 and 2020, JD Logistics’ revenues were 37.9 billion yuan, 49.8 billion yuan, and 73.4 billion yuan, respectively. Among them, there was a year-on-year increase of 31.6% in 2019 and a year-on-year increase of 47.2% in 2020, almost compared to 2018. Doubled. In the first quarter of 2021, JD Logistics’ revenue reached 22.4 billion, a year-on-year increase of 64.1%, and continued to maintain rapid growth. At the same time, JD Logistics already has profitability. According to previously disclosed public data, after excluding changes in fair value such as equity incentives that do not affect the company’s value, JD Logistics has a profit of more than 1.7 billion in 2020. Source: Private Equity Pass 2021.6 www.pedata.cn Display panel manufacturer Hehui Optoelectronics goes public, with an issue market value of RMB 35.529 billion On May 28, 2021, Hehui Optoelectronics “688538.SH” was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange with an issue price of 2.65 yuan per share. It plans to issue 2.681 billion shares, with a total financing amount of 7.106 billion yuan and a market value of 35.529 billion yuan. . The closing price on the day of listing was 4.2 yuan, with a turnover of 6.441 billion yuan. The controlling shareholder of Hehui Optoelectronics is Lianhe Investment. Before this issuance, Union Investment held a total of 8.05 billion shares of the company, accounting for 75.12% of the company’s total share capital. The actual controller of the company is the Shanghai State-owned Assets Supervision and Administration Commission, which holds 100% equity of Lianhe Investment. Hehui Optoelectronics is a well-known AMOLED semiconductor display panel manufacturer in China, focusing on the R&D, production and sales of small and medium-sized AMOLED semiconductor display panels. According to the prospectus, Hehui Optoelectronics has focused on small and medium-sized AMOLED since its establishment. It is the first domestic manufacturer to achieve mass production of AMOLED semiconductor display panels in the industry, breaking the foreign monopoly. At present, Hehui Optoelectronics has two production lines of the 4.5th generation and the 6th generation, both of which can produce rigid and flexible AMOLED panels. Among them, the production capacity of the 4.5th generation AMOLED production line is 15K/month, the planned production capacity of the 6th generation AMOLED production line is 30K/month, and the mass production capacity is 15K/month, and the 15K/month production capacity is expected to be mass-produced in the second quarter of this year. However, although Hehui Optoelectronics believes that the future growth rate of flexible AMOLED is better than that of rigid AMOLED, it is also known that the flexible display scene has not yet appeared on a large scale, so it is still mainly based on rigid AMOLED. Hehui Optoelectronics’ rigid AMOLED panel mass production capacity ranks first in China and second in the world, while the revenue of flexible products in 2020 is only 71,500 yuan. Source: Private Equity Pass 2021.6 www.pedata.cn “The first share of state-owned assets split” electric wind power successfully listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange On May 19, 2021, Shanghai Electric Wind Power Group Co., Ltd. “688660.SH” was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with an issue price of 29.01 yuan per share, 533 million shares issued, and a market value of 7.253 billion yuan. According to the announcement, about 2.901 billion yuan of raised funds will be invested in “new product and technology development projects”, “Shanghai Electric Wind Power Group Shandong Haiyang Test Base Project”, “post-market capability improvement project” and other projects, and Reasonably arrange capital investment. Electric Wind Power was established in 2006 and is a holding subsidiary of Shanghai Electric Group Co., Ltd. As the first state-owned company to split a listed stock, in June last year, Electric Wind Power submitted a listing application to the China Securities Regulatory Commission. After nearly a year, it successfully listed on the Science and Technology Innovation Board. At present, the company’s products cover a full range of wind turbines from 1.25MW to 8MW, basically achieving full power coverage. In addition, the company firmly grasps the major development trends of industry refinement, customization, and large megawatts, and conducts active product development and layout in the onshore 4.X series, 5.X series and the offshore 5.X series and 8.0MW series. . In addition to the overall design technology of wind turbines, the company also has the core technology research and development capabilities of wind turbines represented by blade technology and control technology, and has formed technical research and development capabilities and advantages in key components and key technologies

【domestic】

Education concept stocks rise well in the future, they will rise more than 8%

On June 18, the education concept stocks, which had continued to decline, rebounded collectively. As of the close of the U.S. stock market on the same day, the share price of Huafu Education was reported at US$8.13 per share, an increase of 11.37%; the share price of Good Future was reported at US$22.38 per share, an increase of 8.54%; Puxin Education’s share price was reported at US$1.80 per share, an increase of 5.26%; NetEase Youdao’s stock price reported US$22.92/share, an increase of 5.04%; the head of Education’s share price reported US$12.87/share, an increase of 4.55%; Gaotu’s stock price reported US$12.99/share, an increase of 3.42%.

Xueda Education intends to use idle self-owned funds for entrusted financial management

On June 18, Xueda Education issued an announcement stating that the company held the 25th meeting of the Ninth Board of Directors on June 18, 2021, and reviewed and approved the “Regarding the use of idle self-owned funds for entrusted financial management in the next twelve months”. “Proposal”, agreed that under the premise of not affecting the company’s normal operations and controllable risks, the company and its holding subsidiaries use idle self-owned funds for entrusted wealth management, with a limit of no more than 800 million yuan, and the funds can be used on a rolling basis. The aforesaid quota is allocated according to the actual situation, and specific project decision-making and implementation are carried out. The authorization period is within 12 months from the date of approval by the shareholders meeting. Xueda Education stated that through moderate risk-controllable entrusted financial management, it is conducive to improving the efficiency of capital use, increasing the return on cash assets, and creating greater returns for the company and shareholders.

Tianli Education receives an increase of 3 million shares held by the company’s chairman Luo Shi

On June 18, Tianli Education announced that on June 18, 2021, the company’s chairman, chief executive officer and executive director Luo Shi purchased a total of 3 million company shares on the open market at an average price of about 2.95 Hong Kong dollars per share. After Luo Shi made the above-mentioned share purchase, his shareholding in the company has increased to approximately 40.43% of the company’s total issued share capital on the date of this announcement. In addition, from June 7 to 18, 2021 (both dates inclusive), according to the plan and the trust deed, the trustee of the plan will purchase a total of 5.193 million shares in the market at an average price of approximately HK$3.60 per share. It is held in trust for the benefit of eligible participants.

Babytree Group Appoints Co-Chairman of the Board of Directors and Change of Non-executive Directors

On June 18, Babytree Group issued an announcement stating that the board of directors announced that from June 18, 2021, Gao Min, a non-executive director and vice chairman of the board, has been appointed as the co-chairman of the board. He will continue to serve as a non-executive director and will no longer Served as the vice chairman of the board of directors. And Wang Changying has resigned as a non-executive director and a member of the company’s strategy committee, while Chen Weijun has been appointed as a non-executive director and a member of the company’s strategy committee. The announcement shows that the above changes will take effect from June 18, 2021.

New Oriental Yu Minhong refutes rumors: there has never been an internal forum

Recently, “New Oriental’s internal discussion report said that starting from 2022, classes will not be available on weekends, winter and summer vacations; subjects and non-subjects under the age of 6 will not be available; all tools for “shooting and searching questions” will be removed from the shelves.” etc. content. In response to this news, Yu Minhong, the founder of New Oriental Group, responded in the circle of friends: “New Oriental has never held such a meeting, and we don’t know any news. Life is not easy, why do you even stabbed in the back?” Soon after Yu Minhong posted, New Oriental was in The Weibo client officially refuted the rumors, stating that it had not conducted a so-called discussion on the relevant content and was unaware of the above content. New Oriental reserves the right to pursue the legal responsibility of the rumors and take legal measures to protect its legitimate rights and interests.

Henan Province establishes a college entrance examination system for vocational education

Recently, the Henan Provincial Government website announced the “Opinions of the Ministry of Education and Henan Provincial People’s Government on Deepening the Reform of Vocational Education and Promoting the Construction of a Skilled Society” (hereinafter referred to as the “Opinions”). The “Opinions” proposed to support Henan to deepen the reform of the college entrance examination, establish a spring “vocational education college entrance examination” system, and adopt the “cultural quality + vocational skills” examination enrollment method. Applicants are fresh graduates of vocational colleges and social personnel, and “vocational skills” The weight of test scores shall not be less than 50%. Support Henan to expand the scale of enrollment for college graduates entering the undergraduate stage of ordinary colleges and universities; support Henan colleges and universities, applied undergraduate colleges and universities, and undergraduate-level vocational schools to carry out the “3+2” counterpart training pilot. Support Henan in accordance with the relevant regulations of the Ministry of Education to recruit the winners of this province to participate in the World Skills Competition on behalf of my country to receive undergraduate level education.

Shandong Provincial Department of Education: Schools are not allowed to organize summer make-up lessons or participate in tutoring classes

Recently, the Shandong Provincial Department of Education issued the “Notice on Doing a Good Job in the Summer Study and Life Arrangements for Primary and Secondary School Students” (hereinafter referred to as the “Notice”), requiring primary and secondary schools in all regions to carry out safety education as a mandatory action and a required course for students before vacation. Focusing on key contents such as epidemic prevention, drowning prevention, Internet addiction prevention, food hygiene, and traffic safety, comprehensive safety education is carried out. The “Notice” also clearly states that education administrative departments and schools at all levels shall not organize students to come to school collectively or take classes online, make up lessons or organize self-study in a unified manner for any reason, and shall not participate in or organize students to participate in various tutoring training classes in any form, and schools are forbidden Jointly or lease school buildings to social forces to run schools for the establishment of cram schools and training courses. In addition, all cities are required to set up supervisory and reporting telephones and make them public on government websites to actively accept social supervision. Intensify investigation and punishment, and severely deal with schools that violate regulations in accordance with regulations.

【foreign】

Lingokids completes $40 million Series C financing

Recently, Lingokids announced the completion of a $40 million Series C financing. The lead investors of this round of financing have not yet been disclosed, and the investors include GP Bullhound and existing investors HV Capital and Ravensburger. It is reported that the funds raised will be used for further international expansion, the development of new and attractive content formats for children, and global recruitment, especially for engineering and development teams. According to the data, Lingokids is a language teaching start-up company dedicated to helping children learn a second language. It has developed an online interactive language learning game for children aged 2-6. This game can now be used to learn English and simple Chinese and Spanish learning functions will also be launched soon.

Produced | Sohu Technology

Author | Yin Lina

Edit | Yang Jin

The listing rumors have been brewing for more than three years. In the morning of June 11, Didi finally submitted a prospectus and launched an IPO in the United States.

According to the prospectus, Didi’s stock code is “DIDI”, with Goldman Sachs, Morgan Stanley, JPMorgan Chase, and China Renaissance Capital acting as underwriters.

Since its establishment, Didi has gone through 22 rounds of financing with a total financing amount of nearly 80 billion yuan, making it a well-deserved financing expert.

However, from the perspective of performance, Didi’s online car-hailing seems to be huge, but only has a meager profit of 3.1%; international business is still losing money, and there are large variables due to the epidemic; new businesses such as freight and community group buying have just started. It is still a “cash-burning” machine, and profit is far from expected.

Performance dismantling: loss is still the main theme

Let’s look at the performance first. From 2018 to 2020, Didi’s revenue was 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan, respectively. In the first quarter of this year, Didi’s revenue was 42.2 billion yuan.

From the above figures, it can be seen that in the past three years, Didi’s revenue growth has not been significant. Affected by factors such as the new crown epidemic in 2020, overall revenue has also declined slightly. However, the impact of the epidemic was eased in the second half of last year. The prospectus shows that in the second half of last year, the total transaction volume of Didi’s travel business in China was 121.6 billion yuan, an increase of 80.3% over the first half of the year and an increase of 12.2% over the second half of 2019.

In addition, losses are still the main theme of Didi. In the past three years, Didi’s net losses were 15 billion yuan, 9.7 billion yuan, and 10.6 billion yuan, respectively. The adjusted non-GAAP profits were 8.6 billion yuan, 2.8 billion yuan and 8.4 billion yuan. In the first quarter of this year, due to the unrecognized income of 9.1 billion yuan and an investment income of 3.3 billion yuan from the spin-off of Orange Heart Optimal, the investment income reached 12.36 billion yuan, Didi turned losses, net profit reached 5.5 billion yuan, and an adjusted loss of 5.5 billion yuan. yuan.

In terms of business, the main sources of Didi’s revenue are divided into three categories, namely, China’s travel business (China’s online car-hailing, taxi, agent driving and ride-hailing businesses), international business (international travel and food delivery, etc.) and Other businesses (shared bicycles and motorcycles, car service, freight, autonomous driving, financial services, etc.).

In 2020, these three types of income will be 133.6 billion yuan, 2.3 billion yuan and 5.8 billion yuan respectively. Among them, China’s travel business is the most important source of income, and the proportion of China’s travel business to total revenue is as high as 94.3%.

Among various expenditures, operating costs account for a large proportion, mainly commissions and subsidies paid to drivers. In the past three years, Didi’s gross profit margin was 5.5%, 9.8% and 11.2%, showing an upward trend year by year.

Among various expenses, marketing and marketing expenses accounted for the highest proportion. Last year, the total amount reached 11.14 billion yuan, accounting for 7.86% of total revenue. Followed by general and administrative expenses, about 7.55 billion yuan, accounting for 5.33% of total revenue.

Although as of the end of last year, Didi had 15,914 full-time employees worldwide, including 7,110 R&D employees, which accounted for 44.7% of R&D employees, the proportion of Didi’s technology and R&D related expenses was not the highest: last year it was 63.2 100 million yuan, accounting for 4.46% of total revenue. Finally, operating and support expenses are 4.70 billion yuan, accounting for about 3.32% of revenue.

In terms of operations, in the 12 months ending March 31, 2021, Didi has been operating in more than 4,000 cities and towns in 15 countries around the world. The total transaction volume of the whole platform is 341 billion yuan, of which Didi’s core platform GTV (referring to GTV in China’s travel and international markets) reached 244.2 billion yuan. With the exception of community group buying, the average daily order volume of all businesses reached 41 million, the annual active users reached 493 million, and the annual active drivers were 15 million.

However, the current progress is still far from the “0188” plan released by Didi in March last year. The “0188” plan shows that Didi will serve more than 100 million orders per day during the three years from 2020 to 2022, with a penetration rate of more than 8% for all domestic trips, and a global service user MAU of more than 800 million.

What is more worrying is that in Didi’s “main battlefield” Chinese market, the number of orders has shown a downward trend year by year, and the customer unit price has not increased significantly.

The number of Didi orders in the Chinese market dropped from 8.79 billion orders in 2018 to 8.67 billion orders in 2019 to 7.75 billion orders. However, this trend also has business adjustments and environmental factors. In 2019, Didi discontinued its ride-hailing business. Under the new crown epidemic in 2020, people will go out less frequently, and Didi has also suspended cross-city orders and ride-sharing services. In terms of customer unit prices, they were 23.3 yuan, 23.3 yuan and 24.4 yuan respectively in three years.

However, Didi has achieved profitability in the Chinese travel market: adjusted pre-interest and tax profit of 3.84 billion yuan in 2019, 3.96 billion yuan in 2020, and 3.62 billion yuan in the first quarter of 2021.

The rake puzzle: online car-hailing profit margin is only 3.1%

After the ride-hailing incident occurred in 2018, the outside world had a lot of discussions about Didi. In addition to inadequate security measures, the question of Didi’s profitability was the most acute.

Just when everyone thought that Didi was earning a lot of money, some media broke the news that Didi had “a total loss of 10.9 billion yuan in 2018 and a driver’s subsidy of 11.3 billion yuan”, and “the total loss in the six years of its business has exceeded. 40 billion yuan”.

Entering 2020, discussions on Didi’s high commission rate remain high, with some drivers claiming that the commission rate for some orders has even reached more than 30%. In response, Didi issued a statement stating that the proportion of such “extreme rake orders” was 2.7% last year, and it has now been reduced to 0.03%. The next step will allow this number to continue to decline until it is completely eliminated. Today, Didi has launched a transparent billing function, and drivers can view the flow of funds for orders in the past 7 days.

As a matter of fact, the situation regarding the commission of the online car-hailing business can be seen in the prospectus.

Look at the whole first. The prospectus shows that from 2018 to the first quarter of 2021, drivers from around the world earned more than 600 billion yuan in revenue on the Didi platform. In the Chinese market, in the online car-hailing business in 2020, the total revenue and incentives received by drivers will reach 117.4 billion yuan.

In the prospectus, Didi detailed the financial status of Didi in China’s travel market in 2020.

Last year, Didi’s total transaction volume in the domestic travel market was 189 billion yuan, of which the transaction volume from online car-hailing business (excluding taxis, private cars, and ride-hailing, etc.) was 148.6 billion yuan.

Excluding expenses spent on consumer subsidies and road tolls, Didi’s total revenue was 133.6 billion yuan. Among them, 110.5 billion yuan was used as driver income, accounting for 82% of revenue; 6.9 billion yuan was used as driver incentives, accounting for 5.2% of revenue, and the two together accounted for 87.9% of Didi’s total revenue, accounting for approximately total online car-hailing 79% of the transaction volume is consistent with Didi’s previously announced commission.

Earlier, on May 7, Didi car-hailing issued a statement on the “rake”, stating that in 2020, Didi car-hailing drivers accounted for 79.1% of the total payable by passengers. Of the remaining 20.9%, 10.9% are passenger subsidies, 6.9% are corporate operating costs (technology research and development, servers, security, customer service, manpower, offline operations, etc.), taxation and payment handling fees, etc., and 3.1% are online appointments Net profit of car business.

Overall, excluding driver income and driver subsidies, Didi will receive 16.2 billion yuan in its online car-hailing business. Excluding 12.2 billion yuan in operating expenses, Didi’s online car-hailing business before interest, tax and amortization The profit reached 4 billion yuan, and the profit rate was about 3.1%.

Didi doesn’t want to be just online ride-hailing

The slow revenue growth and the meager profit of domestic online car-hailing have forced Didi to find the next growth point.

In 2018, Didi began its international expansion, trying to replicate its experience in the Chinese market to the world, and was the first to enter Brazil, Mexico, Australia, and Japan. Prospectus data shows that Didi currently has operations in 15 countries around the world.

However, in the case of China’s local online car-hailing is only a meager profit, it is conceivable that it is difficult for the international business to make a profit, especially in the context of the new crown epidemic in foreign countries where there are still large variables. From the beginning of 2018 to the first quarter of this year, Didi’s international business losses have accumulated more than 10 billion yuan.

But one problem is that a series of new businesses such as shared bicycles and motorcycles, car services, freight transport, autonomous driving, and financial services only brought Didi 5.76 billion yuan in revenue last year, but at the same time it brought more than 8.8 billion yuan. The loss is more than twice the profit of online car-hailing.

This year, the loss has further expanded. In the first quarter of this year, the loss of new business in a single quarter reached 8.08 billion yuan. From 2018 to the first quarter of 2021, Didi’s losses in new businesses have totaled more than 26 billion yuan.

It is worth noting that these new businesses have completed independent spin-offs and financing in the first half of this year.

Last year, Qingju launched a round of financing. SoftBank and some other investors invested US$134 million and Didi invested US$750 million. At the beginning of this year, Qingju launched a Series B financing again, in which external investors invested US$166 million and Didi subscribed. A share of US$300 million in equity financing and a US$100 million in convertible notes. Qingju is currently valued at US$1.9 billion, and Didi holds 88.3%;

In the first quarter of this year, Didi Freight received US$1.5 billion in Series A financing, the latest valuation is US$2.8 billion, and Didi currently holds 57.6% of the shares;

Didi’s autonomous driving company has completed a US$1.5 billion Series A financing, with a valuation of US$3.4 billion, and Didi’s shareholding ratio is 70.4%.

Orange Heart Optimal conducted A1 and A2 rounds of financing in March this year. Among them, the A1 round of SoftBank Vision Fund injected US$900 million and the rest of the external investors injected US$100 million; the A2 round was funded by the management of about US$200 million, and the financing was completed. After Didi’s equity fell to 32.8%, it was no longer consolidated. However, in the A2 round, Orange Heart Pride issued USD 3 billion of convertible bonds to Didi. Didi has the right to convert the bonds into stocks before the expiration date of the convertible bonds and become the controlling shareholder of Orange Heart Pride again.

Although these new businesses are at a loss, it is not difficult to see how much Didi attaches importance to internationalization and new businesses from the purpose of fundraising: 30% of the funds raised are used to expand business in international markets outside of China; 30% The raised funds are used to improve technical capabilities including shared travel, electric vehicles and autonomous driving; the remaining about 20% will be used to launch new products and expand existing product categories to continuously improve user experience.

Today, Didi’s listing process has begun, but it will take more time to wait for these new businesses to grow into the next “ace” besides online car-hailing.

(Original article by Sohu Technology, please indicate the source for reprinting)

In the eyes of the industry, although rice has opened up a new scene of eating and catering for one person, convenience and speed are more important for young people today. This kind of light cooking rice is between self-cooking, takeaway and self-heating rice. From the perspective of the essence of the product, there is not much innovation. How to make consumers pay for repeated consumption after a few adventures has become a problem that fans need to face.

Expected revenue to exceed 60 million yuan

The light cooking rice brand Fanhu announced that it has completed two rounds of financing in the first half of this year, the angel round and the A round of tens of millions of yuan, of which the angel round financing was completed in February 2021, and it was exclusively invested by Qiaqia Food Family Fund Xinxian Capital. Ten thousand yuan RMB, A round of tens of millions of yuan in financing was completed in May 2021, led by Lenovo Star, followed by Zhuopu Investment. Both rounds of financing were funded by FoodPlus Capital, a boutique investment bank focused on the food and beverage industry, as the financial advisor. .

According to He Hua, the A round of financing will be used for brand marketing and supply chain optimization, in order to further consolidate Fanhu’s advantages in the field of light cooking rice and lay a solid foundation for Fanhu’s future growth.

It is understood that Fanhu is an emerging brand established in the second half of 2020. In January 2021, its products will be officially launched on the Tmall flagship store. By June 2021, the revenue will reach more than 5 million yuan, and the January revenue when the Fanhu product is officially launched is less than 100,000 yuan.

The product that Fanhu has already launched is the quick-cooking claypot rice, which can cook a pot of claypot rice with crispy rice in 15 minutes, and has achieved standardized cooking in different ways such as open flames, microwave ovens, rice cookers, and induction cookers. Currently, Fanhu’s products include Lamei Sambo Claypot Rice, Smoked Bacon Claypot Rice, and Chopped Pepper and Little Silver Fish Claypot Rice. Flavors under development include Xuanwei Ham Claypot Rice, Yunnan Style and Sichuan Style. The highest sales volume on Taobao is the Cantonese-style wax-flavored casserole claypot rice, with a monthly sales volume of more than 8,000 copies. The price with a casserole is about 28 yuan/box, and the price without a casserole is about 23 yuan/box.

Xinxian Capital Investment Director Liu Yuan believes that claypot rice originated in Guangdong and Guangxi but spreads all over the country. There is no obvious geographical restriction, the production process is complicated, and the requirements for raw materials, heat, and sense of operation are high. It is popular with consumers but difficult to achieve. Home-made products. Fanhu provides consumers with a complete set of product solutions, and provides consumers with raw materials and cooking tools casserole. This is precisely the biggest advantage compared to the existing self-heating claypot rice products. Fanhu cuts into the rice category through claypot rice, and expands to other categories related to rice and rice in the future, which has the potential to create a matrix of multiple explosive products.

Shen Meng, director of Chanson Capital, believes that Fanhu is in line with social consumption preferences, and the demand for products and services such as Fanhu has increased significantly in the habits of young people.

Regarding the planning of the future product line, Fanhu said that on the one hand, it will continue to cultivate claypot rice, and on the other hand, it will dig out special rice delicacies from various places. Fanhu has a certain degree of confidence in the light cooking rice market, and Fanhu has an expected revenue of 60-80 million yuan in 2021. In terms of market competition, Fanhu said that it will build core competition barriers from the aspects of market size, product mix and product strength, consumer perception, supply chain foundation, brand marketing and market launch.

Fanhu VS Instant Products, Takeaway

Fanhu regards ready-to-eat products as its main competitive category, which means that Zihai Pot, Kaixiaozao, Mo Xiaoxian and traditional instant noodles are all competitors.

According to Nielsen data, in the first half of 2019, China’s instant noodle market sales increased by 7.5% year-on-year, and overall sales increased by 1.4% year-on-year. Last year, the sales volume of instant noodles reached 40 billion packs. As an instant noodle “giant” company, Master Kong and Uni-President’s revenue and net profit have both achieved significant increases in 2020. Last year’s “Double 11”, since the hot pot sold 100 million in 21 minutes, becoming the first merchant to break 100 million in the convenience and fast food category on the day of the shopping festival. After experiencing the downturn in 2013, the instant noodle market in my country began to turn around in 2018 and 2019.

The food delivery industry also competes with Fanhu on the same stage. Our foreign sales market is in a stage of rapid development and has not yet reached saturation. Data shows that as of March 2020, the number of online food delivery users in China reached 397.8 million, and the utilization rate of food delivery users reached 44%; among them, the number of online food delivery users on mobile phones reached 39653 million, and the utilization rate reached 44.2%.

He Hua believes that the concept of quick-cooking rice is different from self-heating rice and frozen vegetables. Both self-heating rice and frozen vegetables are instant products, while the fast-cooking rice provides users with cooking solutions. The shelf life of Fanhu’s products is only 6-9 months. The ingredients are raw and do not contain any additives. “Different from the lazy house fast food on the market for the Z generation, Fanhu’s target users are positioned at the refined white-collar workers and senior middle class who are over 26 years old, have financial foundations and have requirements for dining quality, aiming at the homeowner table scene. Hua said.

However, economist Song Qinghui believes that rice is almost half-finished to provide pre-made meals, so it needs to be cooked with the help of open flames, microwave ovens, etc. This kind of one-person meal only solves the problem of raw materials, but does not solve the problem of cooking methods, especially For many office workers, the light cooking of rice seems to be just “changing the soup without changing the medicine.”

Some consumers said: “Claypot rice with casserole is actually very’chicken ribs’. Since it is already a fast-food meal, it is more simple and convenient. If you really want to cook by yourself, it will be more ritual. “Some netizens even said on Fanhu’s flagship store on Tmall: “Isn’t Meituan takeaway fragrant? You have to cook it yourself if it is expensive.”

There are also some consumers who bought the casserole because they bought rice and gave it to the casserole. However, in the evaluation of the Fanhu Tmall flagship store, there are not a few complaints about the quality of the casserole: “The casserole will crack after only one use.” “Don’t expect peace. The same casserole I bought.”

“Although Fanhu’s product positioning is healthier and better than instant products and convenience foods, and the segmentation level is higher, the price is also higher, and the targeted user groups may not be as big as lower-end products.” Shen Meng said that Fanhu has a certain market demand basis. If new products can be launched continuously, rapid growth may occur, but it also requires continuous investment of resources. Beijing Commercial Daily reporter Qian Yu Baiyang intern reporter Yan Hui (photo source: Fanhu Tmall flagship store)

Government advisory council proposal Will you retire at 68?

Status: 07.06.2021 6:49 p.m.

Advisors to the federal government consider it necessary to raise the retirement age to 68 years. Otherwise, the pension will soon be heading for a “financing shock”. The left reacted indignantly. Advisors to the federal government proposed a reform towards the retirement age at 68 around three months before the general election. There was a risk of “sudden increasing financing problems in the statutory pension insurance from 2025”, predicted the Scientific Advisory Board at the Federal Ministry of Economics on the occasion of its new report on the future of pensions. According to the current legal situation, the age limit for the pension without deductions will be gradually increased from 65 to 67 years until 2029. The proposal could catapult the topic of pensions more strongly into the debates ahead of the federal elections. Because the positions of the advisory board are likely to meet with rejection from the SPD, the Greens, the left and the trade unions. “This is the anti-social Oberhammer,” said left party leader Susanne Hennig-Wellsow with a view to the report. Economics minister Peter Altmaier had to “cash in immediately” the corresponding report from his advisors, “otherwise the pension election campaign will start tomorrow”. The left will “defend the rights of pensioners with tooth and nail”. What would be necessary would be a clear pension guarantee that bindingly excludes pension cuts as a result of the corona pandemic, said Hennig-Wellsow.

“Dynamic coupling of the retirement age to life expectancy”

The experts emphasized that the retirement age cannot be decoupled from the development of life expectancy in the long term. “Instead, the additional years of life must be divided according to a clear rule between working more and receiving a longer pension.” To this end, there should be a “dynamic link between the retirement age and life expectancy”. The relationship between the time spent in work and in retirement should remain constant. According to current projections of life expectancy, such a rule would reach retirement age in 2042 at 68, said the director at the Max Planck Institute for Social Law and Social Policy, Axel Börsch-Supan, who was in charge of the report. The advisory board emphasized in its announcement: “Should life expectancy decrease, the retirement age may also decrease.”

“Sharply increasing subsidies from the federal budget” necessary

By calling for the retirement age to be linked to life expectancy, the committee made a proposal that has been causing waves in the pension policy debates in Germany for years. It is illusory to expect “that higher contributions and a lower pension level can be avoided in the long term”, according to the panel of experts. In the opinion of the advisory board, “sharply increasing subsidies from the federal budget” would have to flow into the pension fund if the valid holding lines for contributions and the pension level were to be maintained. “That would be at the expense of future investments, for example in education, infrastructure and climate protection, and would undermine the sustainability of our social system,” said the chairman of the advisory board, Klaus M. Schmidt, according to the announcement. The advisory board’s proposals also include making existing pensions less dynamic than new pensions when it comes to pension increases.

Photo by Zhou Cong

Picture/Visual China

Text / Huang Ting Zhou Cong On April 22, the Department of Human Resources and Social Security of Guangdong Province (Guangdong Province “Cantonese Cuisine Master”, “Guangdong Technician” and “Southern Guangdong Housekeeping” Three Project Leading Group Office) and the Guangdong Provincial Branch of the Bank of China jointly issued the “Boosting” Cantonese Cuisine The “Master”, “Guangdong Technician” and “Nan Yue Housekeeping” project implemented the exclusive financing service plan for promoting employment and entrepreneurship. The first 9 customers who landed signed contracts and awarded licenses on site. Comrade Chen Yiwei, Secretary of the Party Leadership Group and Director of the Department of Human Resources and Social Security of Guangdong Province, and Comrade Li Ruiqiang, Secretary of the Party Committee and President of the Bank of China Guangdong Branch, attended the meeting. The Department of Human Resources and Social Security of Guangdong Province and the Guangdong Branch of Bank of China jointly issued the “Promoting “Cantonese Cuisine Masters”, “Guangdong Technicians” and “Southern Guangdong Housekeeping” Projects to Implement Exclusive Financing Service Plans to Promote Employment and Entrepreneurship. The policies, resources and wisdom of banks, associations, leading enterprises, etc., provide precise services for skilled talents and related service organizations. Both the government and the bank will strengthen the sharing of information about skilled talents and related service organizations’ financing needs, financial rewards and qualifications, and support rapid Submit for review and approval to ensure that skilled talents and related service organizations obtain loans efficiently. The launch of the “Service Plan” will create targeted financial services for skilled talents and their service organizations, meet the funding needs of various types of high-skilled talents and related service organizations at all levels in Guangdong Province in the process of innovation and entrepreneurship, and create a “work and enjoyment” The good atmosphere of “only good use, technical expertise, and old-age care” will better promote skill innovation, skill employment, and skill enrichment. At the event site, the first nine customers who landed were invited to sign contracts and award licenses. Chen Guanzhong, an entrepreneur of the “Zhongji Yunlai” store in Zhengguo Town, Zengcheng District, Guangzhou, said that he opened a store in the town last year, but due to insufficient funds, only 1/3 of the store was used. The catering industry is operated on a small scale without mortgage. In the past, it was difficult to borrow money from the bank. Now with the exclusive financing plan jointly launched by the Human Resources and Social Security Department and the Bank of China, it will quickly receive financial support, which will further expand the store and have more confidence in future development. Yang Bo, chairman of the Guangdong Association of Elderly Service Industry, also said frankly that despite the high level of social attention in the elder care industry in recent years, financing for elder care institutions is not easy. This exclusive plan can not only solve the financing problems of the organization, but also solve the financial needs of home ownership, study and further education, and children’s education for excellent domestic employees. It is really considerate.

It is understood that the “Service Plan” has three series of exclusive financing products: “Cantonese Cuisine Master”, “Guangdong Technician” and “Nan Yue Housekeeping”, closely linking the three projects of “Cantonese Cuisine Master”, “Guangdong Technician” and “Nan Yue Housekeeping”. The service targets include not only individual skilled talents and innovative entrepreneurial entities of skilled talents, but also market entities, vocational skill training institutions, schools, etc. that establish employment relationships with skilled talents. For corporate loans, the maximum limit of a single corporate mortgage-free guarantee loan is 10 million yuan; the corporate loan period is up to 5 years, and the grace period for repayment can be set in accordance with the actual situation. The Bank of China corporate E-loan business can also be borrowed and repaid on the line. Interest is calculated on a daily basis. For personal loans, the maximum amount of personal business mortgage guaranteed loans is 10 million yuan, the maximum amount of personal business mortgage-free guaranteed loans is 2 million yuan, the maximum personal consumption mortgage-free guaranteed loan amount is 300,000 yuan, and the maximum period of personal business loans is 10 years. People who apply for personal consumption loans can also be given preferential treatment.

The three projects of Guangdong Province’s “Cantonese Cuisine Master”, “Guangdong Technician” and “Southern Guangdong Housekeeping” are the provincial party committee and the provincial government implementing the important speech and important instructions of General Secretary Jin Ping to Guangdong, focusing on meeting the needs of the people for a better life and supporting high-quality development. Major livelihood projects deployed. The provincial party committee and the provincial government put the three projects in an important position, and made every effort to build a strategic brand in Guangdong, and achieved obvious results.

At present, there are 13.32 million skilled talents in the province, of which 4.45 million are high-skilled talents. The province’s 184 technical colleges and vocational colleges have opened Cantonese cuisine-related majors, and built 100 provincial training bases and master studios. “Cantonese cuisine masters” trained 154,000; currently, the basic information of housekeeping attendants collected on the national and provincial housekeeping platforms exceeds 700,000 person-times, four major training programs for mothers and infants, home, elderly care, and medical care have been implemented, and 696,100 person-times of “South Guangdong Housekeeping” training have been carried out. . The in-depth implementation of the three projects has provided important technical talent support for the high-quality development of Guangdong’s economy and society. This time, the Department of Human Resources and Social Security of Guangdong Province and the Guangdong Provincial Branch of the Bank of China jointly launched an exclusive financing service plan, introduced financial water, and improved preferential support policies, which will help high-skilled talents innovate and start businesses, and help build Guangdong “Cantonese cuisine master” “Guangdong Technician” and “Southern Guangdong Housekeeping” are the golden signs of the three projects.

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Features of exclusive financing services

“Promoting “Cantonese Cuisine Master”, “Guangdong Skilled Workers”, and “Southern Guangdong Housekeeping” Projects Implement Exclusive Financing Service Programs to Promote Employment and Entrepreneurship” includes a series of financing plans for “Cantonese Cuisine Master”, “Guangdong Skilled Workers” and “Southern Guangdong Housekeeping”, which brings together the government, The policies, resources and wisdom of banks, associations, leading enterprises and other parties provide precise services to skilled talents and related service organizations, which have distinct characteristics:

One, strong pertinence

The “Service Plan” uses three series of exclusive financing products: “Cantonese Cuisine Master”, “Guangdong Technician” and “Southern Guangdong Housekeeping”, closely linking the three projects of “Cantonese Cuisine Master”, “Guangdong Technician” and “Southern Guangdong Housekeeping”. The service objects include not only Individual skilled talents and innovative entrepreneurship entities of skilled talents also cover market entities that establish labor relations with skilled talents, vocational skill training institutions, schools, etc.

1. Strong support

   (1) Corporate loans. The maximum amount of a single enterprise mortgage-free guaranteed loan is 10 million yuan; the enterprise loan period is up to 5 years, and the grace period for repayment can be set according to the actual situation. The bank can also borrow and repay the loan on the whole line, and the interest is calculated on a daily basis. .

   (2) Personal loans. Personal business mortgage guarantee loan line is up to 10 million yuan, personal business mortgage-free secured loan line is up to 2 million yuan, personal consumption mortgage-free secured loan line is up to 300,000 yuan, personal business loan line is up to 10 years, and skilled talents apply for personal consumption Loans can also be given preferential interest rates.

   Guangdong Bank of China and its institutions provide green approval and fund issuance channels, and the use of funds is complete and the funds can be released within one day as soon as possible.

2. Wide use of funds

   (1) Enterprise loan funds can be used for raw material procurement, special equipment purchase, venue rent payment, business premises renovation, brand promotion, payment of employee salaries, online and offline training platform construction, course research and development, skills training, etc.

   (2) Personal business loan funds can be used for skills talents’ entrepreneurship, business turnover, skills training, and further studies; personal consumption loans can be used for personal skills training, study and further education, children’s education, etc., to support the reasonable consumption needs of skilled talents.

3. Multiple application channels

   Eligible companies and individuals can apply for and handle corporate E loans online through Bank of China Corporate Online Banking and Bank of China Mobile Banking from institutions under the jurisdiction of Bank of China Guangdong. They can also use the Guangdong Bank of China Pratt & Whitney Network Tongbao platform, and “Xinyidai”, You can submit comprehensive loan requirements online through platforms such as “Yuexinrong” and channels such as hotlines, and you can also go to the nearest Bank of China branch for consultation. Guangdong Bank of China and its affiliated institutions will respond in a timely manner, provide green approval and fund distribution channels, and complete payment information Loan within 1 day as soon as possible.

   

“OTE” received millions of yuan in angel round financing. The new and existing shareholders jointly participated in the small appliance brand ote OTE (hereinafter referred to as OTE). Recently, the multi-million yuan angel round of financing was completed by Hanergy Capital and Huakai Assets ( Chuanhua Holdings) Joint Investment, Weitou Innovation and Jinghe Capital acted as financial advisors for this round. This round of financing will be used for brand building, product research and development, team building, supply chain improvement, marketing and channel construction, etc. OTE once completed a seed round of financing led by Weitou Innovation in the second half of 2020.

Whale standard display: OTE OTE was established in February 2019. It is an aesthetic small appliance brand operator. It faces new middle-class users. It focuses on high-quality, high-value and affordable prices. It hopes to use small appliances for a better life as a carrier. Users convey the life philosophy of “every moment, enjoy life”, and are committed to creating an IP-based family series of aesthetic small home appliances brands for billions of new middle-class consumer groups.

“Modou Technology” completed the Pre-A round of 5 million financing and was chased by angel investors. Recently, Guangzhou Modou Information Technology Co., Ltd. (hereinafter referred to as “Modou Technology”) has completed the 5 million yuan Pre-A round of financing in early 2021. This round is pursued by its angel investors. This round of financing will be used for product development and marketing.

Whale Standard Display: Modou Information Technology Co., Ltd. was established in March 2018. It is an innovative technology company that uses Internet and Internet of Things technologies to improve labor efficiency in the construction industry.

“Avocado Technology” completed tens of millions of Pre-A rounds of financing, and Shunwei Capital led the investment. Recently, “Avocado Technology”, a SaaS service provider that provides intelligent solutions for large-scale recruitment, completed tens of millions of yuan in October last year. In the Pre-A round of financing, Shunwei Capital led the investment, and the old shareholders Sequoia China, Jinshajiang Venture Capital, and Qiji Ventures followed up. The amount of this round of financing will be used to invest in product development and sales team system construction. dvd.com.cn/china.org/cn/index.php?==========================================================================================================================================================================================================================2

Whale Standard Display: Avocado Technology was established in August 2019. It is an intelligent recruitment service provider dedicated to providing users with intelligent recruitment services based on artificial intelligence to improve the interview process and human resource evaluation.

“Yingke Cloud” completed a multi-million RMB angel round of financing. Ruma Capital led the investment. Recently, the digital marketing solution service provider Yingke Cloud completed a multi-million RMB angel round of financing. The investors are Ruma Capital (leading investment), Huawan Zhongmu.

Whale Standard Display: Established in March 2020, Ercheng Technology is a full-link digital intelligent marketing cloud platform provider. Its “Yingke Cloud” marketing platform matrix includes “ABM Jike Cloud + PRM Partner Cloud + CEM Experience Cloud” The three major products, with business + data as the core capabilities, help companies establish a closed loop from marketing and sales to partner distributors and end users through multi-channel integration, multi-marketing scenario services, user and product data insight analysis, and automated marketing engine drive. Channels help companies reduce customer acquisition costs, speed up transaction conversion, and improve channel dealer effectiveness.

“Bianmei Diary” completed tens of millions of yuan in Pre-A round of financing, Ceyuan Ventures led the investment Recently, Bianmei Diary completed tens of millions of yuan in Pre-A round of financing, led by Ceyuan Ventures, and Lingbo Capital served Exclusive financial advisor. This round of financing will be mainly used to build a private domain system and deepen the supply chain system.

Whale Standard Display: Founded in April 2020, Bianmei Diary is a medical beauty live broadcast e-commerce company. The company combines medical beauty institutions, anchors, and doctors to form an industrial chain, and promotes the conversion rate of medical beauty projects in the form of live broadcast. Operate in the mode of receiving live broadcast sharing.

“Xingyun Zhilian” completed hundreds of millions of yuan in financing, and Hillhouse Ventures led the investment. It is reported that Zhuhai Xingyun Zhilian (hereinafter referred to as Nebulas Zhilian) announced the completion of hundreds of millions of yuan in angel round financing, led by Hillhouse Ventures (GL Ventures), CDH VGC (CDH Innovation and Growth Fund) and Walden International China Fund participated in the investment.

Whale Standard Display: Nebulas Zhilian was established in March 2021. It is a DPU chip developer. It focuses on the research and development of basic interconnection communication architecture and chips in the data center field. It can provide users with smart network card chips and DPU chip products.

“Vomma Technology” received tens of millions of Pre-A round of financing, Atomic Ventures has exclusive investment. Recently, “VOMMA” (VOMMA), a provider of 3D machine inspection solutions for light field cameras, has completed a Pre-A round of investment, and the amount has reached Ten million levels. This financing was exclusively invested by Atomic Ventures. Li Haotian, CEO and co-founder of Yimu Technology, said that this round of financing will be used to increase R&D investment, team building, and procurement and construction of production equipment.

Whale standard display: YiMu Technology was established in July 2019. It is a manufacturer of industrial light field 3D cameras. Through bionic insect compound eye imaging, tiny compound eye sensors are precisely packaged into a 3D light field camera, which can be applied to 3D defects and 3D dimensions. Fast and precise inspection field.

“Keao Information” completed the Pre-A round of financing, with the participation of new and existing shareholders. Recently, Guangzhou Keao Information Technology Co., Ltd. (hereinafter referred to as: “Keau Information”) has completed the Pre-A round of financing. This round of financing is jointly invested by Zhongguang Investment and Lihua Investment, and will be used for platform system research and development upgrade, curriculum product research and development, market promotion and brand building.

Whale Standard Display: Keao Information Technology was established in July 2014. It is an academic exchange platform provider, providing AIScholar one-stop academic service platform, digital academic conference management system, AIReviewer intelligent reviewer platform and other platforms, oriented to academic exchanges , Provide a one-stop service system for academic exchanges in the field of higher education project operation.

After the slogan “Shoes are not fried” was called out by the platform again, the minibus of the shoe-fried shoemaker typed “Hehe”.

Recently, The limited edition Li Ning sneakers were fired up to 40,000 yuan a pair on the trend trading platform Dewu, and they were removed from the Dewu App and the transaction account was blocked. , The madness and danger of fried shoes has once again attracted the attention of the public.

The last time I was severely hit was in October 2019. The central bank issued a document warning of the financial risks behind the “shoe speculation fever”, including naming and criticizing the trendy shoe trading platforms such as Dewu, nice, stock, and 95 points. At that time, Dewu (formerly known as “Poison App”) and Nice issued a statement that “shoes should not be fried”, but only from the interaction on Weibo comments, netizens did not buy it.

Image source: Weibo screenshot

After a year and a half, the platform once again made a sound of cracking down on fried shoes. Will the market for fried shoes cool down?

Since Li Ning’s sneakers were fired in early April, reporters from the “Daily Business News” interviewed more than ten senior shoe speculators with a long “shoe age”. They generally believe that: The shoe market is temporarily calm, but driven by interests, brand owners, trading platforms, and shoe buyers are still at the “card table”, and the shoe market will not be quiet.

The rise of platforms, opening up the C2C market

Retail investors flood into the “secondary market” of sneakers

In the post-80s to post-95 youths, wearing a pair of Nike and Adi sneakers will automatically “walk with the wind” to gain the capital to show off in the class. NBA enters China, “Slam Dunk” is popular, basketball has become a national sport, and “shoe culture” also has soil in China.

Recalling when he was in middle school, Zhou Shou felt that there were only three things that attracted the attention of others, “playing well, studying well, and looking handsome”, but he didn’t account for the same. Until one time, when he went to school wearing a pair of Nike shoes, he unexpectedly discovered that he was part of the group.

“Going back to the early stages of users, especially in China, students can best demonstrate their individuality in shoes.” Yang Bing, born in Jiangxi in 1986, said in an interview that he has developed a strong interest in basketball since middle school. Like other basketball enthusiasts, good sneakers are what he dreams of.

With interest and business opportunities, Yang Bing and Zhou Shou started their business when they were in college. The former founded the sports information website Hupu and derived it, and the latter founded nice. These two apps quickly developed into the main platform for online sneaker trading, and the business rooted in sneaker culture began.

Image source: Screenshot of Dewu APP

Before these two platforms came out, the sneaker enthusiast Hu Ge mainly bought shoes through the forum. He still retains the bbs website that he used before, although it is now a link that cannot be clicked. “At that time, you had to leave a message in the forum to buy shoes, add QQ to other people, make appointments for offline transactions, and also look at the credibility of the other party.” Brother Hu told reporters.

After Dewu, nice and other apps that carry trendy shoe trading functions are launched, the threshold for buying and selling sneakers has been lowered, and the threshold for frying shoes has also been lowered.

“Before there was a platform, there were transactions in private. Everyone made profits by their own ability.” The shoemaker minibus revealed to reporters, “After the platform appeared, disputes about transactions, such as disputes over defective shoes, were reduced. It’s easier to trade.”

“If the brand sells limited editions, wholesalers get the goods and then sell them to agents, it is the primary market for sneaker trading; then countless retail investors frequently buy and sell sneakers through the platform, which is the secondary market for sneaker trading.” Five-year-old Xiaoyi said, “When I first entered this industry, there was no platform. To buy shoes, you must have dealer resources to get the goods; to sell shoes, you must also have customer resources to ship. The platform has opened up a C2C market. You don’t need to have shoes on your hands, you don’t need to have customers on your hands, you can plunge into the heat of frying shoes.”

In Xiaoyi’s view, the platform has promoted the “shoe-fried shoe fever.” “In 2016 and 2017, I used AJ shoes with discounts, and now there are no discounted shoes. Because of the large number of people playing, the high popularity, and the high demand, the price naturally rises. I can say that the price of sneakers fluctuates like this. It’s so big, 80% of the reason lies in the platform, which gives the public link the entrance to fry shoes. Before the information was blocked, there were few people participating, and there were not so many “downs” in the middle. Now anyone can buy and sell frequently on it, and the number of flips increases, and the price will definitely come up. ”

“Great God” earns one million a month, buys luxury houses and luxury cars

No amount of financing risk can withstand the temptation to make wealth

In order to improve transaction efficiency, the American shoe speculation platform took the lead in launching the Adi, Nike, and AJ index, and nearly ten domestic shoe trading platforms followed suit. Sales charts, ups and downs, price curves…The data that the platform beats is money that never tires, and it stimulates the nerves of players all the time.

At the craziest time, some small platforms even sold sneaker tickets. Retail investors can buy 0.3 pairs of AJ and 2.5 pairs of Adi, and sneakers have completely become virtual securities products. Small loan companies also ran into the market to provide instalment and leveraged services for the shoe speculation platform. The financial snowball of speculation shoes is getting bigger and bigger.

And no matter how high the financing cost and the big financing risk are, it can’t resist the temptation to create a rich myth by speculating shoes.

Image source of Nike stores: Photo by reporter Zhang Jian

“In more than three years, I have made more than 1 million yuan in shoes.” Li Da, who entered the shoe market in 2018, has established his own supply channels in just a few years and has many fixed merchants downstream. When business is good, Li Da can sell two to three thousand pairs of shoes a day. “For example, the AJ bargain that was very popular before. The price I got was 4,000 yuan/pair, and I sold it to merchants at 10,000 yuan. A pair of net profit was 5,000 or 6,000.”

“I’m still earning less.” In Li Da’s mind, the “great gods” in the industry are those “predecessors” who earn millions of dollars a month to buy luxury houses and luxury cars through their shoes.

When he first entered the industry, Xu Huan was also making money. “By directly collecting sneakers at the sale site, I made a small profit of more than 20,000.” Xu Huan recalled to every reporter that since then, she has been out of control. Without a stable source of front-end supplies, she can only sell in the secondary market. Get shoes at a higher price.

Sneaker resale platform trading volume source: nice APP screenshot

“I don’t know how many times my shoes have turned hands.” After the sneakers were priced up layer by layer, Xu Huan’s profit was meager. In order to make another charge, she began to borrow money from people around her, and she had nowhere to go. After borrowing, they will add leverage to third-party institutions in the form of installments to continue to fry shoes. “Ribunli, now I can’t support it anymore.”

Xu Huan did not disclose the specific amount owed, but she said that she has been unable to repay her debts by frying shoes, and now she has decided to withdraw from the shoe market. “The risk of speculating shoes is high, and once the capital chain is broken, I will lose my money. I understand all these principles, and I blame me for being too young.”

In the shoe market, some people make a lot of money, while others lose money. In Xu Huan’s view, the platform is always the one that makes steady profits without losing money.

Every time the reporter noticed, considering a pair of sneakers priced at 3477 yuan, if you sell on nice, you need to pay 1.2% of the share to the platform, or 41.7 yuan; and for the goods, you need to pay a 5% share to the platform. , Which is 173.82 yuan. However, there is a “cap” on the commission for the goods. When the transaction amount reaches 5,000 yuan and above, the platform share is fixed at 249 yuan. How exactly is the commission rate for gains determined? Every time the reporter asked about getting things, but as of press time, no response has been received.

Nice (left) and Dewu commission comparison. Picture source: Photo courtesy of the respondent

There are also shoe speculators who believe that platform commissioning is not a big problem. “If you don’t have something, nice, where would you go to sell it? (Fried shoes) have already made so much, so don’t worry about the platform’s share. No matter it is the 5% handling fee or higher, I can accept it. “Shoe-fried shoemaker Ahao told reporters that the handling fee for trading sneakers on overseas platforms is higher. “A pair of more than $250 shoes will cost about $30.”

No matter how the market for frying shoes changes, whether it is a high price or a sharp drop in the dive, the shoe fryers need to take risks, but the platform is a stable commission “driving and flooding to ensure income.” Zhang Yi, founder and CEO of iiMedia Consulting Group, pointed out in an interview with reporters that after deducting promotion and operating costs, “the platform is still profitable.”

Image source: iiMedia Consulting

You can grab 200 pairs of sneakers at one time

The robot is the “efficient” ordering program

Those who don’t want to become “leeks” know that for those limited editions with hype value, taking shoes from the “secondary market” means that the price may have been overturned several times. In the “primary market” that is the source of the brand, the cost will be lower if the goods are bought at the selling price.

But getting goods from the “primary market” is not easy. Through open channels, the brand’s limited edition sneakers are as difficult as buying a house lottery. To pass the online lottery, after winning the lottery online, you have to draw another lottery offline before you can finally be eligible for purchase.

In order to increase the “lottery winning rate”, shoe speculators have long used the “scratch plug-in”. “The main purpose of using plug-ins is to receive reminders before the sneakers are sold, so that they can raid the sale pages more accurately and quickly.” Ahao told reporters that there are many free plug-ins in 2016 and 2017, but The charging mode is now open. “The one-stop membership system is about 25 to 35 yuan per month.”

Using plug-ins to grab shoes can only be said to be a step ahead, but whether they can be grabbed and how many can be grabbed in the end is unknown. This has prompted the industry to evolve a more advanced gameplay-robot grabbing shoes.

“Our team’s channels are abroad, and they mainly use robots to grab shoes, and they can grab about 200 pairs of sneakers at a time.” According to Ahao’s description, the robot is equivalent to an “efficient” order processing program. The use of robots can help shoe speculators improve the efficiency of grabbing shoes on overseas official websites when sneakers are on sale.

Nowadays, even the price of robots has risen, and it has become a limited amount of sweet pastry. “There are good robots both abroad and domestic, which is equivalent to selling you an ID, and you have the authority to pay for the ID.” Ahao said, “ The current price of robots ranges from 2,000 yuan/unit to 130,000 yuan/unit, most of which are still between 20,000 and 50,000/unit. With robots, regular renewal is required. In fact, the original price of the robot is not that expensive, but it is basically impossible to buy it now, so there is a high premium. ”

From plug-ins to robots, tools for fry shoes are also being fired.

There are a large number of second-hand sneakers transaction information on the platform. Image source: APP screenshot

In fact, in terms of production links, the sneaker manufacturing industry, which has already been industrialized and mass-produced, basically does not have the problem of technology and capacity supply. But for the brand, selling high-end limited edition sneakers can increase brand value. Scarcity brings “nobleness”, and a game of “hunger marketing” has been played since the beginning.

Take a domestic brand sneaker that has recently been pushed up in the secondary market. The shoe vendor Xiaoye discovered that the store where he often took the goods quickly controlled discounts. “We used to get a 40% discount on shoes, but now we can only get a 20% discount, and there is even no discount. When we get the shoes at the original price and put them on the secondary platform, the price will definitely be higher than before.”

“Later I couldn’t get the shoes at all, and I just asked if I didn’t. Now the store manager just likes to answer, and he sends a message to reply four or five sentences a day. He said that he would sell my shoes at a discount, but in the end they were all released with pigeons, or just “Original price.” Xiaoye vomited, “When I asked for the first time, she said that the store was too busy; the second time, she said that she would consider it, and only the third time she agreed to give me some.” In short, as the prices of certain brands have risen. In order to get shoes that were not so popular before, the shoe-fried shoemaker needs to grind hard and soak with the brand channel.

In Xiaoye’s view, the brand can bear the blame for the price increase of sneakers in the secondary market.

Shoe-fried people are mostly Generation Z

The borders of emerging markets are ambiguous, and supervision is almost blank

The more people interviewed, the harder it is to define each individual involved in shoe-making with a simple “black” or “white”. For example, a minibus whose side business is to fry shoes. His hobby is to study sneakers. “If the price of my hoarded sneakers goes up, the reason for being happy is not just making money, but it also proves that my vision has been affirmed. If I fall severely, I usually wear them myself.”

In this emerging market with ambiguous borders, rules and supervision are almost blank, traps and scams are proliferating, and every shoe speculator will encounter big and small “pits.”

Chen Ru, who only stepped into the “shoe circle” in 2019, “for a time doubted his commercial ability.” Every time the reporter interviewed more than a dozen shoe speculators, most of them were born in 1995 or even after 00. Chen Ru is a middle-aged man with decades of business experience.

“At that time, for investment immigration, I set up a trendy brand store and opened fire. After returning to China, there was nothing wrong with me. I felt that I could do a good job in frying shoes. The amount of money invested in a shoe alone was quite large. I became famous because I lost tens of millions.” Chen Ru told reporters.

Li Ning Sports Brand Image Source: Photo by reporter Zhang Jian (data map)

“I have been trading in the secondary market for luxury goods very early, and the hype price of Rolex’green water ghost’ far exceeds sneakers. But we are basically dealing with mature businessmen. When I placed an order, a watch was worth 70,000 yuan. Even if it was up to 75,000 yuan when it was delivered, normal suppliers would basically hand it over to me at the original price. But these little friends who fry shoes will “pigeon” you without any shame. “

“He (Chen Ru) was deceived by the’pigeon’, and I was deceived directly.” Xiaoyi, a shoemaker sitting next to Chen Ru, said to every reporter: “I once gave people money to get the goods, but they took the money and didn’t ship the goods, so they just rolled the money and ran away.”

Later, the middleman who ran away was arrested. He defrauded a total of more than 6 million yuan, and 1 million yuan from Xiaoyi. And this middleman is just a 21-year-old young man. “With millions in his hand, he can’t control so much money. He may have squandered it. He didn’t realize that this kind of deceptive behavior would bring himself more than ten years of imprisonment.”

Young age, weak legal awareness and risk awareness, these are common problems existing in mainstream shoe speculators.

And what responsibilities does the platform have to shoulder in it?

In 2019, after being named by the central bank as the “financial risk of speculating shoes”, nice issued a statement to comprehensively rectify speculation on the platform, including: offline and shutting down the transaction curve, increase list, and sales list; clear the guide in the community , Content and comments that instigate fried shoes.

On April 14th, every reporter opened nice and saw that the sales curve, the increase list, the sales list, and the comments in the community have already made a comeback. Regarding the content displayed on the nice platform, every time the reporter inquired about the nice aspect, as of press time, no response has been received.

Image source: Screenshot of the trading platform

In fact, if the platform wants to monitor the speculation of shoes, the easiest way is to monitor those shoes whose prices fluctuate particularly greatly. “The obvious deviation from the normal brand premium is caused by the hype premium.” Xiaoyi said. “But I think the most important thing to reflect on is that those who come in with a sense of wealth and speculation will not lose money on shoes, but they will also stumbling on others.”

(In the article, the interviewed shoe buyers are all pseudonyms)

Reporter’s Notes | Beware of the aging of the fried shoe market

Generation Z is a buzzword, it seems that once something is grafted to “Generation Z”, it seems a little bit of magic.However, when the shoe-fried shoes meet the Z generation, it is a phenomenon worthy of vigilance.

It is true that on the sneaker trading platform, ID cards are required to be uploaded, and registration is not allowed under the age of 18, but there is no shortage of middle school students who are keen to fry shoes under the age of 18.

Even if they are between 18 and 21 years old, most of them are undergraduates who have not yet graduated. They do not yet have a stable source of income, where does the principal of the shoes come from?

Liu Yonghao once said that his son also invested in the sneaker business and invested 20,000 yuan, but the other party ran away. Liu Yonghao felt that this was a good business education for his children.

The problem is that not every young person comes from a wealthy family, and the greed that cannot stand the temptation of wealth and profiteering is human nature. At this time, if high-interest Internet lending methods that can be mortgage-free are opened to them, once there is a runaway The collapse and the financial snowball are the students who lack the ability to resist risks.

reporter:Ding ZhouyangDu Wei Shu Dongni

Intern: He Qiwei

Editor: Dong Xingsheng Song Hong

Video Editor: Zhu Xingyun

Vision: Zou Li

Typesetting: Dong Xingsheng Ma Yuan

Daily economic news

The “14th Five-Year Plan” proposes the establishment of a modern fiscal, taxation and financial system, especially the establishment of a financial system that effectively supports the real economy, and promotes the balanced development of finance and the real economy; the plan also proposes to increase the proportion of direct financing and emphasize the improvement of the modern financial supervision system. Improve financial supervision transparency and the level of rule of law.

Recently, the gradual implementation of the A-share market registration system is continuously improving the inclusiveness and openness of the capital market, and increasing support for high-quality new economy enterprises and innovative enterprises, shortening the listing cycle and further improving financing efficiency. At the same time, many outstanding U.S. listed Chinese concept stocks have also returned to the Hong Kong stock market for secondary listings. In the relatively loose IPO market environment, private equity institutions have obtained more investment exit channels, and outstanding start-ups or unlisted companies are increasingly favored by private equity institutions, and the entire capital market has also shown a positive attitude towards IPOs. .

Over the years, Ernst & Young has accumulated rich experience in assisting companies in financing and listing domestic and overseas private equity. We sincerely invite you to participate in this seminar to explain the main process and challenges of corporate financing, financing valuation, potential investors’ main concerns on corporate operations and finances, domestic/overseas listing fiscal and tax issues, and Key points of equity incentives, etc. We hope to share the latest practical experience and thinking with you through this seminar.

Workshop agenda

Time: April 28, 2021 (Wednesday)

Address: Multifunctional Hall, 8th Floor, Block C, China Resources Land Building, 9668 Shennan Avenue, Nanshan District, Shenzhen, Guangdong Province

ways of registration

Please visit this address and follow the relevant prompts to register:

https://mp.weixin.qq.com/s/UefY_AK6dJUhNdAhiY0Phw

Due to limited seats at the venue, registration will be processed on a first-come, first-served basis. After registration, we will send you a confirmation letter by email, and look forward to your participation!

This article is written for the purpose of providing general information and is not intended to be relied upon accounting, taxation, legal or other professional advice.Please ask your consultant for specific advice

Juefei Technology is an intelligent data service operator of China’s autonomous driving and vehicle-road collaboration industry. With “road digitization” as the cornerstone and “multi-sensor fusion” as the core technology route, it provides customized, High-standard data service and computing platform. At present, Juefei Technology has mature high-precision map data service capabilities and a vehicle-level mass production data platform. It is oriented to OEMs and autonomous driving scene operators, and can support autonomous driving applications in different scenarios from L2 to L4; at the same time, Juefei Technology Take the lead in launching a roadside fusion sensing solution that integrates lidar, and build a regional “roadbed sensing system”, which has been implemented in multiple scenarios at home and abroad, effectively improving various customers in smart transportation, smart logistics, digital cities and other scenarios Operational efficiency and safety. Tackling tough roads and collaborative industries Committed to data empowerment and innovation Jufei Technology was established in January 2019. Since its establishment, Jufei Technology has determined to cut into different scenarios in the field of China’s vehicle-road collaboration. The goal is to create a data service and computing platform for the entire smart transportation industry. On the one hand, it can empower operation scenarios through high-precision digital capabilities. Yes, on the other hand, through the time and space synchronization and fusion of vehicle and roadside sensor data and high-precision data, it provides reliable and accurate scene-based solutions. With “data fusion and innovation” as the main driving force, Juefei Technology is empowering different levels of the industry through platform-based data application services. With the further deepening of cooperation between Juefei Technology and all parties in the industry, combining software and hardware integration edge deployment and AI reasoning algorithms, in multiple scenarios such as intelligent network connection demonstration areas, highways, logistics parks, ports, etc., Juefei Technology’s The vehicle-road collaborative data platform and computing engine have been implemented at multiple points, and the business is developing in-depth in the direction of scale. three Business model Facilitate the digital upgrade of the industry Currently, Jufei Technology has three business models: First, it uses laser and vision fusion as the main data collection method to provide L2-L4 level high-precision map data and advisory services; second, vehicle-road collaboration is the main technical path , For L2-L4 level autonomous driving, it provides software engine services for high-precision positioning, path planning, and fusion perception; third, through the integration of software and hardware edge devices, combined with self-developed edge computing fusion perception and positioning algorithms, for the road The collaborative scene provides real-time L4 level traffic data calculation engine services. In 2019, as the “China Mobile Autonomous Driving Solution Partner”, Juefei Technology combined with China Mobile’s 5G through roadside fusion sensing high-precision positioning, and realized the technology landing of vehicle-road synergy in the industry for the first time; in 2020, Juefei Non-tech and Yutong Bus, self-developed AR fusion navigation system empowers Yutong smart buses, creating a new mode of combining autonomous driving technology with manned passenger transportation, and this is also the first large-scale volume of autonomous driving technology in the domestic commercial vehicle market Produce. Picture: Juefei Technology and China Mobile to achieve the implementation of vehicle-road collaboration technology Picture: Juefei Technology and Yutong Bus Fusion Perception AR Navigation Engine Through self-developed edge computing terminals and solutions, Juefei Technology is actively deploying in the field of smart transportation. “Road asset digitization and intelligent inspection system” has not only been implemented in key highway sections such as Anhui and Zhejiang, but has also been applied to railway road inspections during the epidemic period. It provides intelligent control and maintenance of road facilities through full automation. Operation and maintenance management. In the construction of smart cities, Juefei Technology has realized digital modeling of urban traffic through intelligent networked urban road solutions, constructed an urban roadbed perception system, and realized intelligent monitoring of vehicles, safety warnings, and other The coordinated operation of vehicles in the same domain is more important to provide important safety guarantees for traffic participants. Picture: Juefei Technology’s “Intelligent Networking Solution” landing site Juefei Technology believes that the most critical problem in achieving vehicle-road collaboration is to solve the problem of the inequity of data information between vehicles and roads and other facilities, and data fusion will become more and more important in this process. Juefei Technology will continue to deepen data fusion technology to provide effective support for the construction of new infrastructure digital economy. Continue to deepen the market Build an industrial ecosystem At present, Juefei Technology has provided highly customized and high-standard data and computing platform services for many customers and strategic partners. It is compatible with Yutong Bus, Geely, JD, Foxconn, Qianxun Location, Datang Gaohong, China Mobile, Tsinghua University Industry partners such as the School of Vehicles and Transportation have continuously promoted the landing of product technology in the Chinese market. At the same time, it has always maintained close collaboration with partners in various links in the industrial chain, such as sensor hardware, computing chips, and automotive supply chain, to jointly promote the implementation of automated driving mass production, and jointly explore the road of coordinated development of vehicles with Chinese characteristics. Juefei Technology CEO Li Dong F said that the financing will further strengthen Juefei Technology’s leading position in the industry, consolidate the technology construction and data asset accumulation of the integrated data platform, and improve the integration and reliability of software and hardware integration. The large-scale deployment of data closed-loop services and the full implementation of various application scenarios have established a “feeling-feeling” model for the Chinese path of autonomous driving and smart transportation.

VW not only has to pay damages to damaged diesel buyers. The company now has to reimburse a customer for the cost of financing the car because she took out a loan to buy the car. That was decided by the Federal Court of Justice in Karlsruhe.

Financing by home loan

In the specific case, the plaintiff had bought a used VW Golf Diesel from a car dealership in 2013. To finance the car, she signed a loan agreement with the VW bank and borrowed more than 3,000 euros. Later it turned out that the manipulated EA 189 diesel engine was installed in the Golf, which only complied with the prescribed exhaust gas values ​​on the test bench, but not in road traffic. After the diesel scandal became known, she returned the Golf and demanded compensation. That was awarded to her – after deducting the interim mileage. In addition, the VW customer demanded the interest she had paid on the financing loan. This was already awarded to her in the lower court, but Volkswagen appealed to the BGH on an appeal. This has now made the final decision. Regarding the reasons for the judgment, the chairman of the BGH judge Stephan Seiters said that in the event of immoral damage, the claim for damages would also include these costs: “The buyer is to be treated as if it had not been purchased.”

A precedent ruling by the BGH?

To what extent the judgment can also be transferred to other VW customers, the plaintiff and defendant disagree. According to the purchaser’s lawyer, Florian Rosing, the BGH ruling is significant for thousands of customers, as the majority of car purchases were financed by loans. It is about an interest refund of several thousand euros on average. VW announced, however, that the BGH judgment could not be applied to all financed vehicle purchases. Most of the VW Bank loan agreements contained a “documented right of return” whereby the customer could return the vehicle at an agreed price at the end of the loan period. The BGH did not currently have to decide on the interest claim for these contracts. So far, courts have decided differently whether the claim for damages also includes the financing interest. Ref. VI ZR 274/20 With information from Klaus Hempel, ARD legal editors

On April 12, Shanghai Bingjian Information Technology Co., Ltd. (hereinafter referred to as “Bingjian Technology”), an artificial intelligence risk control company, announced the completion of a C2 round of financing of 228 million yuan. This round of financing was led by Guochuang Zhongding, and Oriental Fuhai and Xi Domain Capital followed the investment, and China Investment Capital served as the exclusive investment advisor. Before the end of 2020, Bingjian Technology had just completed the C1 round of financing with an amount of approximately 200 million yuan. The amount of Series C financing completed by Bingjian Technology in two times has exceeded 400 million yuan.

Use artificial intelligence to help risk assessment

Bingjian Technology was established in 2015. Relying on artificial intelligence technology, it provides services such as personal risk prediction, enterprise risk prediction, intelligent risk control decision-making center, and intelligent customer acquisition. It can provide banks, consumer finance companies, insurance and other financial institutions with the entire process solution.

As a pure technology company, Bingjian Technology does not engage in joint loan or loan assistance business. At present, Bingjian Technology’s standard risk control products have more than 10 million daily calls, helping millions of small and micro enterprises and hundreds of millions of long-tailed people to obtain financial services.

Bingjian Technology takes deep learning, knowledge graphs, NLP (natural language processing), federal learning and other cutting-edge artificial intelligence technologies as innovative breakthroughs. It has obtained 31 national invention patents, 118 national software copyrights, and 34 patents are under substantive examination. in. Bingjian Technology has been selected as one of the top 50 leading financial technology companies in China by KPMG for five consecutive years.

In addition to the financial field, Bingjian Technology is also actively expanding the application of artificial intelligence in other industries, such as medical care, government affairs, security, and so on.

Bingjian Technology completed 5 rounds of financing from 2015 to 2019. Investors include Fengrui Capital, Yunqi Capital, and Chuangshi Partners Capital. Up to now, Bingjian Technology has received nearly 1.1 billion yuan in financing.

Gu Lingyun, the founder, chairman and CEO of Bingjian Technology, graduated from the School of Computer Science at Carnegie Mellon University with a doctorate degree. He has served as the founder and head of the ZestFinance model group, co-founder and chief risk control officer of Turbo Financial Group, and chief of Kabbage Scientist, and worked for Merrill Lynch Securities and IDG Capital.

Gu Lingyun told a reporter from China Times that years of financial industry experience is particularly important for the establishment of Bingjian Technology. As a technology company that started in the financial industry, Bingjian Technology has a deep understanding of the business processes of financial institution customers.

According to Gu Lingyun, Bingjian Technology has achieved profitability and its revenue has grown rapidly, so there is no need to rely on financing to supplement blood. This round of financing is mainly used to expand the R&D team, conduct investment and mergers in the upstream and downstream, improve the business map, and actively expand overseas markets. .

At present, Bingjian Technology has reached cooperation with Singapore Overseas Chinese Wing Hang Bank (OCBC), Thailand Commercial Bank (SCB), etc., and its business covers Southeast Asia, the United States, Canada, Australia and other countries and regions.

Serving various financial institutions

It is understood that the financial customers served by Bingjian Technology include not only large banks such as Bank of China, Industrial and Commercial Bank, and Bank of Communications, but also many high-quality city commercial banks, rural commercial banks, etc., as well as most licensed consumer finance companies.

In Gu Lingyun’s view, the services of different types of financial institutions are very different. The big banks have relatively complete IT construction and have a better understanding of the frontier areas of financial technology, so they are relatively clear about the products and services they need.

Some small and medium-sized banks are also very ambitious in financial technology, hoping to expand the market within the scope of compliance by increasing investment in technology. However, due to factors such as weak technical foundation and difficulty in recruiting scientific and technological talents, there are certain difficulties in its financial technology construction. Moreover, due to the pressure of operating performance, small and medium-sized banks are also more prone to risk agglomeration, and digital transformation is imminent. Small and medium-sized banks often need technology companies to provide turnkey services. Bingjian Technology can provide tailor-made services according to the needs of small and medium banks.

In the past few years, while cooperating with Internet giants in Internet loan business, small and medium-sized banks often rely heavily on cooperative institutions for diversion and customer acquisition, and even risk control outsourcing, and risks have gradually exposed.

Therefore, the recent introduction of new regulations on Internet loans and other regulatory policies have emphasized the independent risk control capabilities of small and medium-sized banks.

Our reporter learned that after the introduction of these policies, local corporate banks are also actively transforming, and industry differentiation is emerging. Some people in the banking industry said that strengthening their own risk control capabilities, increasing the proportion of self-operating business, and reducing their dependence on joint lending partners are the current direction of small and medium-sized banks.

In addition, the recent introduction of the support policy for inclusive small and micro enterprise loans has also encouraged local corporate banks to tilt their loans to inclusive small and micro enterprises.

According to data from the China Banking and Insurance Regulatory Commission, in 2020, China’s banking financial institutions will provide 15.27 trillion yuan in inclusive small and micro enterprise loans, of which urban commercial banks will issue 2.22 trillion yuan, and rural financial institutions will issue 5.18 trillion yuan. Local corporate banks have gradually Become the main force of loans for small and micro enterprises.

Bingjian Technology stated that the combination model of bank + technology company is a low-cost breakthrough for small and medium banks to expand their small and micro loan business.

According to sales personnel of Bingjian Technology, since the implementation of the new Internet loan regulations, local corporate banks have gradually increased their business consultations on joint modeling and technology. “Many local corporate banks also provide technical services for risk control of small and micro enterprise loans. Very interested.”

Investment is concentrated in the head

With the economic recovery in the first quarter of this year, global investment and financing in areas such as artificial intelligence and financial technology have gradually become active.

The latest 2021 AI Index Report released by Stanford University shows that although the total amount of global AI company financing reached a new high in 2020, the number of AI companies that received financing has declined for three consecutive years since 2017. Investment is increasingly concentrated in leading companies.

So-called financial technology companies that directly engage in lending-related businesses are increasingly struggling to survive under the new regulatory environment. Companies that simply provide technology, especially those that focus on providing enterprise-level services with artificial intelligence technology and empowering financial institutions, are receiving more capital.

Huang Aizhou, the managing partner of KPMG China’s financial technology, said: “One of the biggest changes we will see in 2020 is the shift in the focus of financial technology companies. Now companies are focusing on how to empower traditional financial institutions instead of directly Consumers provide products.”

Gu Lingyun told reporters that as the artificial intelligence track continues to mature, both the primary market and the secondary market have a clearer understanding: technology companies driven by algorithms and technology, and traditional data companies are huge. Value difference. The investment market has increasingly respected technology content, and Bingjian Technology’s first-mover technological advantages have become more obvious.

Jiang Yifeng, managing director of Guochuang Zhongding, said that Guochuang Zhongding focuses on the application of a new generation of information technology in the new economy, and pays special attention to product innovation, new market demand and efficiency improvement opportunities brought about by technological progress. As an artificial intelligence technology company, Bingjian Technology provides risk control model customization and application scenario development for various customers based on algorithms and technologies. In the past few years, Bingjian has continuously increased R&D investment, not only for banks of different sizes. Demand, provide a variety of standardized products, greatly improve the efficiency of delivery; and expand the service targets from banks to non-bank financial institutions and then to medical, government, security and other industries.

Huang Xiaoli, founding partner of Xiyu Capital, believes that Bingjian’s long-term accumulation of intelligent risk control modeling has built its core basic capabilities, and its AI modeling capabilities have gradually expanded the industry application boundary, which will continue to expand with the continuous expansion of data and scenarios , The ability to continue to increase, is expected to become an indispensable key force in the future digital economy.

“Only financial institutions that embrace the development of supervision and compliance have a future. This also means that financial institutions have to improve their technological strength. Therefore, the strengthening of supervision is a good thing for pure technology companies such as Bingjian Technology.” Gu Lingyun told a reporter from China Times.

Industry insiders pointed out to reporters that around 2000, China’s banking industry ushered in the first IT revolution, which also gave birth to many listed financial technology companies. Now, the banking industry has entered the era of financial technology 2.0, and its business has shifted from offline to online. Through artificial intelligence technology, the banking business will also be deeply restructured. This is a good development opportunity for third-party companies that focus on technology.

Editor-in-charge: Meng Junlian Editor-in-chief: Ran Xuedong