Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On May 27, 2021, the 8th China Entrepreneur Development Annual Conference will be held in Chengdu. Song Zhiping, President of China Association of Listed Companies, delivered a speech at the meeting.

What is an entrepreneur? In Song Zhiping’s view, innovation and wealth creation are the general characteristics of entrepreneurs. But for Chinese entrepreneurs, there must be patriotism.

“Entrepreneurs must be a group of people who create wealth, but we must get rich first and help become rich, help the poor, support education, and fulfill social responsibilities. This is what we entrepreneurs should do.” Song Zhiping said. Entrepreneurs who meet the requirements of the times must focus on whether they have repaid the society and fulfilled their social responsibilities.

Song Zhiping gives an example, Recently, Mr. Cao Dewang used 10 billion from his wealth to establish the University of Applied Technology in Fujian. , This is a big thing. For example, in Germany, every city has a university of applied technology, which is equivalent to the former engineering college in China.and also Wang Shi donated part of Vanke’s corporate shares to Tsinghua and set up Tsinghua’s largest fund worth more than 7 billion to support education .

So Song Zhiping sighed that if entrepreneurs want to be respected, they must be educated, they must alleviate the poor, and they must support disadvantaged groups.

“The next step is to redefine entrepreneurs. We will not only define the success of the enterprise and how much wealth it creates, but also our innovation ability and fulfillment of social responsibility. Monopoly is not equal to entrepreneur . “Song Zhiping said.

EU funds for holiday flyers Aid for Condor declared null and void

As of: 06/09/2021 1:00 p.m.

The EU court annulled a decision of the EU Commission that allowed German aid for the Condor airline. Ryanair had sued against the release. Ryanair has achieved a success against state corona aid for the German airline Condor before the EU court (EGG). The judges overturned the EU Commission’s decision to approve the aid. The decision of the Brussels authority was not sufficiently justified, said the court in Luxembourg. In practice, however, this initially has no consequences: the effect of the declaration of invalidity was suspended until the EU Commission has passed a new decision. This means that Condor does not have to repay the money immediately.

Loan of 550 million euros

Germany had registered the aid in favor of Condor in Brussels in April 2020. This involved two government-secured loans with reduced interest rates in the amount of 550 million euros. The background was damage caused by the cancellation or postponement of flights due to travel restrictions in the corona pandemic. The low-cost airline Ryanair complained, among other things, of violations of the free movement of services and filed a lawsuit against the release.

Connection with bankruptcy proceedings?

At Condor, the situation had worsened due to the bankruptcy of the parent company Thomas Cook in autumn 2019, which preceded the corona crisis. The airline was only able to continue working with rescue aid of 380 million euros, which was also approved by the EU. The insolvency proceedings initiated at the time had to be extended after the outbreak of the Corona crisis because the new owner, the Polish aviation company PGL, had jumped off. The 550 million euros in government aid also included costs that resulted from the extension of the insolvency proceedings at Condor. Ryanair had argued that the commission had not explained why it had even included the extended insolvency period when calculating the damage to Condor from the corona crisis. The Condor case is one of many in which Ryanair is taking action against state corona aid for competitors. So far, the plaintiff has succeeded in some cases but not in others. (Case T 665/20)

The Financial Associated Press reported on June 15, Wind data showed that Northbound funds sold a net 5.154 billion yuan throughout the day, of which 5.608 billion yuan was sold for Shanghai Stock Connect and 454 million yuan was bought for Shenzhen Stock Connect.

News on June 15th, the three major indexes opened with mixed changes, and sharply fell after the opening. The index and the Shanghai stock index expanded to 1% successively. The Shanghai Composite Index fell below the bottom of the box, and the ChiNext index was on the 5th and 10th. The moving average was supported, and the Science and Technology 50 Index bucked the trend and rose. In terms of the sector, Huawei Hongmeng concept stocks, which have risen sharply for three consecutive days, opened a callback, the virtual reality sector continued to strengthen, and the chip sector bucked the trend. In the afternoon, the index continued to fluctuate underwater. In terms of the sector, the capital reduction front focused on attacking the technology sector. The front row stocks of Hongmeng concept stocks continued to attack, and some funds returned to the liquor sector. Second-line liquor rebounded. Near the end, Hongmeng concept stocks plunged sharply. Generally speaking, the market sentiment is sluggish, individual stocks have fallen more and rose less, and the effect of making money is poor.

On the disk, the LED concept and the semiconductor sector have the largest gains, and the Hongmeng concept and the textile manufacturing sector have the largest declines.

Hot section:

1. Liquor concept

   The liquor sector fell sharply again on the 15th. As of press time, Yanghe shares (204.000, -7.28, -3.45%), Huangtai Liquor (33.600, 2.34, 7.49%) (rights protection), Luzhou Laojiao (249.860, -) 8.39, -3.25%) fell sharply, Shunxin Agriculture (44.900, -1.13, -2.45%), Yilite (30.900, 0.53, 1.75%), Mogao (8.230, -0.07, -0.84%), Wuliangye (299.260) , -2.31, -0.77%) followed the decline.

   Huaan Securities (5.610, -0.18, -3.11%) pointed out that the price of the liquor sector was volatile and adjusted. On the one hand, the industry was affected by consumption tax concerns. On the other hand, the personnel adjustment of individual stocks Yanghe shares caused market concerns. It is not the first time that the worries about liquor consumption tax have appeared. We continue our previous view that the implementation of liquor consumption tax is less feasible, because the flow of liquor is complicated and diverse, and it is difficult for tax authorities to levy taxes at the end of the sales link. In terms of individual stocks, the chairman of Yanghe Co., Ltd. began to manage all company markets, including sales, worried that personnel adjustments would affect the company’s sales system and reform advancement. Yanghe’s personnel adjustments will not affect the overall development of Yanghe. The company’s overall development is healthy and orderly. Meng 6+ has strong growth and is expected to exceed 10 billion next year. Haitian will return to positive growth. The company’s incentive plan will most likely be implemented this year, driving the enthusiasm of the company’s sales and management personnel. Continue to recommend high-end liquor Mao Wulu, while recommending to pay attention to Shanxi Fenjiu (486.000, 15.75, 3.35%), Yanghe shares, and Shuijingfang (126.130, 3.88, 3.17%).

2. Semiconductor

The semiconductor sector rose sharply during intraday trading on the 15th. As of press time, National Technology (14.650, 2.44, 19.98%), Absen (9.330, 1.13, 13.78%), Espressif Technology (192.000, 21.86, 12.85%), Unimin Technology (9.020, 0.91, 11.22%), Chipeng Micro (90.460, 8.76, 10.72%), Hengxun Technology, etc. rose sharply, Rockchip (129.670, 11.79, 10.00%), Dike (50.550, 4.41, 9.56%) ) Follow up.

Driven by digital economy smart applications such as automobiles, servers, Internet of Things, and 5G, the semiconductor market is expected to enter a three-year-old super boom cycle since 2019. WSTS, IDC, etc. all predict that the global semiconductor market will exceed 500 billion U.S. dollars for the first time in 2021. According to the forecasts collected by SEMI, the average global semiconductor market will reach 570 billion U.S. dollars in 2022. According to ICInsights statistics, the revenue of the top 15 semiconductor companies in the world in 2021Q1 increased by 21% year-on-year. As the storage market enters a new round of upward cycle, Samsung’s revenue in the second quarter of 2021 is expected to surpass Intel to become the world’s number one.

News:

1. JPMorgan Chase released a global market strategy report stating that despite the recent decline in U.S. bond yields, this does not mean that market inflation expectations have cooled, and more likely to be driven by technical factors. JPMorgan Chase advises clients to firmly embrace “procyclical” transactions, and it is expected that “procyclical” transactions will benefit when the global economy reopens this summer.

2. Today, Powerland (100.610, 10.03, 11.07%) public account news: Powerland’s application server software has passed Kunpeng Validated certification. Powerland and Beijing Kunpeng Joint Innovation Center carried out in-depth full-stack optimization of Powerland’s application server software solution based on Kunpeng BoostKit, which increased the typical HTTPS access processing performance (TPS) by more than 38%, while obtaining highly reliable database access , High-performance clustered business deployment support, effectively promoting the safer, more stable and efficient operation of enterprise-level applications based on application server middleware deployment in Kunpeng environment in various industries, and fully tapping Kunpeng’s computing power.

3. According to Sinochem’s WeChat public account, on March 31, with the approval of the State Council, Sinochem Corporation and China National Chemical Corporation Limited implemented a joint reorganization. On May 8, China Sinochem Holdings Co., Ltd. was officially inaugurated and established. Recently, the joint office of the headquarters of the two chemical companies was officially launched.

   Outlook:

   Essence Securities pointed out that the main Shanghai Composite Index continued to trade sideways last week, while the ChiNext ushered in the fifth consecutive week of gains. After entering June, the yield of the domestic bond market has rebounded significantly, restricting the short-term performance of A-shares. The tight inter-bank funding at the end of June may also have a short-term impact on the market. At the same time, a historical review of the 5 major conferences or major celebrations in the past ten years shows that there may be short-term fluctuations in market risk appetite in the first 2-3 weeks of major events and the 2-3 weeks after the end. In the medium and long term, the fundamentals of A-shares in the interim report of this year and the second half of this year are likely to be better than market expectations. Under the background of the Fed’s significant dovishness and the completion of the domestic economic recovery, the domestic bond market yields have limited upward space, liquidity environment and risk appetite The overall factors are still favorable, and the profitability and growth of the company will become the core logic of the next stage of the market.

   Jufeng Investment Consulting believes that the PMI index has fallen for two consecutive months, indicating that the economic recovery has slowed down; the decline in social financial data and the slowdown in the issuance of public equity funds indicate that liquidity has tightened; the market has renewed its search for certainty. After the quarterly report, winemaking, brokerage, and coal have become the main lines leading the rise. After the Shanghai Composite Index rebounded to around 3,600 points, market divergence increased: brokerages, coal, and technology stocks (Huawei Auto, Hongmeng Concept) rebounded in a relay. On Tuesday, after the opening of the A-share market, the A-share market fluctuated and declined. The steel, nonferrous metals, insurance, and coal industries led the decline, and the market had a strong risk aversion. Recently, the A-share sector has been rotating frequently, showing a see-saw pattern overall. It is recommended that investors control their positions and pay attention to high-quality stocks with valuation advantages in the mid-term bargaining.

   Source: Sina Finance, Financial Association

Founder and CEO of Dat Bike – Nguyen Ba Canh Son. To realize his start-up plan, Son spent a year in the US learning about manufacturing, from mechanics, electronics, to circuit design, industrial design, supply chain… Also in the same period of time. During this time, Son gathered a team of like-minded young engineers, learning how to make an electric motorcycle in the US. This is an important stepping stone for Son’s project formation and development in Vietnam. Founder and CEO of Dat Bike – Nguyen Ba Canh Son, said: “This capital will be used to improve the quality of the bike, perfect the sales team and expand the market.” In particular, improving the quality of the battery and controller will be put on top by Dat Bike. It is known that Dat Bike was established in 2018 with the ambition to become the largest electric motorcycle company in Southeast Asia. In the Vietnamese market, Dat Bike is having an estimated growth rate of 30%. Dat Bike’s first motorcycle model was launched in Vietnam in 2019 from the factory located in Binh Duong, called Weaver. The advantage of this model, which is also the difference with electric cars currently on the market, lies in its long travel time and fast battery charging. The battery installed in the Weaver uses LG’s technology, similar to the battery system installed in Tesla electric cars. In particular, the battery life is up to 10 years in conditions of regular use and is easy to recycle, with no adverse impact on the environment. Compared to other competitors, Dat Bike has the advantage of using domestic materials, instead of importing from other markets. This helps the company reduce transportation costs, increase production efficiency and receive tax support. Currently, Dat Bike has a shop in Ho Chi Minh City. Ho Chi Minh. Currently, Dat Bike has a shop in Ho Chi Minh City. Ho Chi Minh City and a factory in Binh Duong with a capacity of about 1,000 vehicles/month. The company has only focused on developing online sales channels in the Vietnamese market. In addition, another advantage of Dat Bike is that the company’s vehicles are manufactured in the country, most of the component suppliers are local manufacturers. Therefore, the Company can be proactive in logistics and supply chain services. In just a short time, Son and his team of associates have increased the production capacity of Dat Bike from 1 motorcycle shipped per week in the early days to hundreds of units per month. At the end of 2020, Dat Bike opened its first store in Ho Chi Minh City and currently, Dat Bike’s growth rate is 35%/month. In particular, in 2020, the Ministry of Transport has recognized Dat Bike Weaver as the first electric motorcycle originating in Vietnam. This is also the only model on the market today that has the same performance as a traditional petrol motorbike. Jungle Ventures is a Singapore-based venture capital firm that focuses on investing in early-to-growth businesses and start-ups in Southeast Asia and India. With a focus on building sustainable businesses, Jungle Ventures has been working with the region’s most ambitious founders to build high-growth technology businesses, using capital-efficient, with the potential to scale into leading regional or global companies. The $2.6 million capital “poured” from Jungle Ventures and investment funds allows Son and his associates to continue to create and develop the most complete electric motorcycles for users in the Southeast region. Asia and the world through investment in expanding production of Electric Vehicle Factory in Binh Duong. CEO Dat Bike calculates, with more than 80% of households in Indonesia, Malaysia, Thailand and Vietnam owning two-wheeled motorbikes, a total of about 250 million gasoline motorbikes, the size of the motorcycle industry in Southeast Asia. up to $25 billion. These potential numbers are the motivation for Son and Dat Bike team to continue firmly on the chosen path, contributing to promoting wider use of sustainable transportation solutions. Soon, Dat Bike will release the next version of Weaver. This version is capable of running 200 km, fully charged in 2 hours. In the further future, Dat Bike will develop more new models to suit a wide range of customers.

Illustration. Dragon Capital has always had a special interest in banking and real estate, which are the two industries with the largest market capitalization in Vietnam’s stock market. However, following recent developments shows that this group of funds is having a significant change, strongly selling real estate stocks and aggressively collecting banks. STRONG BANK Specifically, as of May 18, Vietnam Enterprise Investment Limited (VEIL), the largest investment fund in Vietnam with a scale of 2.14 billion USD, managed by Dragon Capital, allocated 31.4% of the portfolio to the banking group. increased sharply compared to the figure of 28.83% in early January 2021 and 29.8% compared to April. On May 18, VEIL’s NAV/Share value reached 10.57 USD, up 27.35% compared to the beginning of the year, this is an outstanding growth compared to the increase of the VN-Index which increased by 15.41. %, in USD. Top 10 largest investments of VEIL hold 4 banking stocks, including: VPBank accounting for 11.76%; ACB 9.22%; VCB 6.29%; TCB 3.65%. Most recently, on May 11, VIEL bought 1.5 million shares of VpBank. Besides VEIL, other funds of Dragon Capital such as DC Developing Markets Strategies Public Limited Company purchased 600,000 shares of VPB; CTBC Vietnam Equity Fund and Norges Bank bought 500,000 shares; Samsung Vietnam Securities Master Investment Trust (SSMIT) bought 50,000 shares. Thus, through member funds, Dragon Capital bought a total of 3.15 million VPB shares, estimated to spend 200 billion dong, thereby, raising the bank’s ownership rate from 4.99% to 5.12%, becoming the only major shareholder of VPBank. Previously, in mid-April, Norges Bank and SSMIT also bought a total of 9 million ACB shares out of a total of 10 million registered shares. The remaining one million shares could not be bought because ACB ran out of foreign room. Prior to the purchase, neither Norges Bank nor SSMIT owned any shares in ACB. After the transaction, the ownership ratio of these two funds at the bank increased to 0.396% and 0.017% respectively. If calculated according to the market price of ACB shares during the transaction period, two member funds of Dragon Capital may have spent about 300 billion VND to buy 9 million ACB shares. RUN FROM REAL ESTATE GROUP In the opposite direction, Dragon Capital fund group continuously sold real estate and construction stocks. Specifically, Dragon Capital group continued to divest from Ho Chi Minh City Technical Infrastructure Investment Joint Stock Company. During the period from April 20 to May 13, member funds including Amersham In Industries Limited, SSMIT, Norges Bank continuously sold out with a total of more than 6.3 million shares. After the transaction, Dragon Capital group reduced its total ownership in CII to 7.64%, equivalent to more than 18.2 million CII shares. Not only CII, Dragon Capital also recently continuously sold KBC shares of Kinh Bac Urban Development Corporation in the context that this share price plummeted to 32,000 VND/share compared to the historic peak price in January. is 45,000 VND/share. On May 6, this group of funds sold 2.56 million KBC shares and on May 12 continued to sell 1 million KBC shares, reducing their ownership ratio from 7.5% to 6.7%, equivalent to with 31.9 million shares remaining. In April, this fund group also worked hard to sell KBC shares. Dragon Capital’s continuous selling was also in KDH shares of Khang Dien House Trading and Investment Joint Stock Company. On April 19, Dragon Capital announced a net sale of 1.86 million KDH shares, of which Grinling International Limited’s member fund sold 2 million shares and Norges Bank bought 142,900 KDH shares. After the transaction, the total ownership of Dragon Capital group in KDH decreased from 10.21% or 57.07 million shares to 55.21 million shares, or 9.8%. At Dat Xanh Group Joint Stock Company, a group of large shareholders Dragon Capital also sold 3.78 million shares of DXG in mid-March, reducing its ownership ratio from 17.3% to 16.6% in Dat Xanh. Dragon Capital’s largest fund allocates its portfolio to many large-cap real estate stocks. Along with selling down the proportion of midcap stocks in the real estate industry, Dragon Capital allocated more portfolio to this industry blue chip with typical codes like VIC of Vingroup, VHM of Vinhomes, and NVL of Novaland with respective proportion 8.78%, 5.68% and 3.7% in VEIL’s portfolio. In the investment proportion of VEIL, the real estate group also decreased from 27.24% to 27.03%. Dragon Capital has always had a special interest in banking and real estate, which are the two industries with the largest market capitalization in Vietnam’s stock market. In 2021, these two industry groups also stand out with the story of capital increase, which is expected to raise the share price of these two industries from now until the end of 2021. However, many securities companies believe that residential real estate can increase the proportion, but the banking group should be careful because the outlook has partly reflected in the price. Bank stocks during the past time have grown continuously, cash flow will most likely find other groups with better growth stories such as steel, agriculture, real estate…

Biden’s “rich man tax” levy plan has brought a heavy blow to speculators of cryptocurrency assets.

On April 23, cryptocurrencies plunged one after another. Bitcoin fell by more than 8%, Ethereum fell by 10%, Ripple fell by more than 17%, and Litecoin fell by more than 16%.

On the 23rd, Bitcoin fell below $50,000 per coin, the first time since March 8. It then further fell to 49465 US dollars per piece, a 24-hour drop of more than 8%.

At 0:00 on the 22nd, the price of Bitcoin was still at a high level of $56,000 per coin. In the early morning range of the 23rd, with the news of the tax increase plan, Bitcoin fell sharply. From April 22 to press time,Bitcoin has successively fallen below the six integer barriers of 55000, 54000, 53000, 52000, 51000, and 50000, and has fallen by more than US$6,000 in 24 hours.

According to Bitcoin Home Network,In the past 24 hours, a total of about 457,500 people liquidated their positions, and the liquidated capital was as high as US$3.211 billion, which is equivalent to about 20.86 billion yuan..

According to CBN News, foreign media reports that Biden plans to propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, it means that investors have the highest federal capital gains tax rate. Will reach 43.4%.

Image source: Visual China

According to sources, the capital gains tax rate for people with an annual income of not less than US$1 million will be raised to 39.6%, far exceeding the current basic tax rate of 20%. Coupled with the 3.8% investment income tax rate to fund Obamacare, the capital gains tax level is higher than the highest salary tax rate.

For people with an annual income of $1 million in high-tax states, the capital gains tax rate may exceed 50%. In New York State, the state and federal total capital gains tax rate may be as high as 52.22%. For California, it may be 56.7%.

U.S. investors who invest in crypto assets (these assets have risen by about 80% since December last year), if they sell cryptocurrencies after holding them for more than a year, they already face the risk of capital gains tax. The Internal Revenue Service has also increased its taxation on the sale of encrypted assets.

Source: Daily Economic News, Comprehensive Market News, Bitcoin Home Network, China Business News

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Compared with the fact that funds frequently experienced explosive products and the fund’s net value repeatedly hit new highs in the previous period, only a quarter has passed, but the investment enthusiasm in the fund market has significantly cooled down. At the same time, due to the impact of market adjustments, the performance of common public funds in the first quarter was not satisfactory. According to data, the overall loss of public funds in the first quarter of 2021 was 210.266 billion yuan, and the total loss of equity funds and hybrid funds was close to 300 billion yuan.

The loss of funds is largely related to the market decline in the first quarter. Among them, the ChiNext Index, the leading index in the A-share market, has experienced the largest cumulative drop of nearly 25% since peaking this year. In addition, the Shanghai Composite Index, which has a high degree of market attention, has the largest cumulative drop of about 10% during the year.

Although the volatility of the market index in the first quarter was great, the degree of market differentiation did not decrease. Even if the market index showed a rapid decline in the first quarter, it was mainly affected by the sharp decline of the White Horse stock. As a white horse stock with a higher market weight, its irrational adjustment trend will definitely have a greater impact on the market index. pressure. However, on the other hand, for the small and medium-sized market capitalization stocks whose growth rate was low in the previous two years, and even far underperformed the market index during the same period, their overall performance this year has not been inferior, and they basically have a certain degree of resilience. This is also the year The manifestation of the serious market differentiation.

While the fund’s performance was poor and the overall loss occurred in the first quarter, the enthusiasm for fund issuance was also largely affected. At the beginning of the year, we also frequently saw the phenomenon of intensive issuance of hot funds, but now, the enthusiasm for fund issuance has dropped to a freezing point.

Faced with the phenomenon that fund issuance has dropped to a freezing point, it is mainly affected by the market environment. In the context of intensive fund issuance and concentrated fundraising in the early stage, in fact, the homogeneity of the overall fund market is still very obvious. Although there is a lot of private capital in the domestic market, the capital is smart and they are willing to find investment channels with profitable effects. Therefore, in the context of intensive fund issuance, it is easier for star funds to complete their fund-raising goals in a short period of time, but for small and medium-sized funds, the task of fundraising is still relatively arduous, and they may even face failures in issuance. risk.

From the historical performance analysis, when the hot funds frequently appear or the average fund position reaches a historical high, this time often indicates that the market may face the risk of adjustment. On the contrary, when funds frequently fail to issue, or when the average fund position declines rapidly, it often indicates that the market adjustment has come to an end.

Judging from the magnitude of the adjustment, many White Horse stocks have generally fallen between 20% and 30%. This level of decline is not low. Relative to the stock price, it has suddenly fallen from the highest position of the bull market to the vicinity of the bull-bear boundary. However, from the analysis of the adjustment cycle, since the adjustment on February 18 this year, the adjustment time of the A-share market has only been 2 months, which is not enough to indicate that the market adjustment has been fully realized. However, judging from the current level of the major market indexes, the technical bear market has not yet been touched, so for the major market indexes, it can still be defined as a bull market.

Since the market operation trend can still be defined as a bull market environment, the adjustment market in the first quarter of this year can be regarded as a mid-term adjustment market under the bull market. However, from the time of adjustment, it seems to be insufficient, and the future market does not rule out that it will complete this turbulent process in the form of time for space.

With the continuous disclosure of the annual report of the A-share market and the quarterly report, the valuation level of the A-share market will also improve to a certain extent. Judging from the financial report data of listed companies in the first quarter of this year, most listed companies have shown their performance pre-happy, which will also add points to the profitability of A-share listed companies this year, and the corresponding valuation pressure will also decrease.

At this stage, the biggest external risk comes from the end of the Fed’s easing cycle or the trend of in-depth adjustments in the US stock market. Internally, there may be concerns about changes in the policy environment, which may affect the high degree of market rebound. However, due to the better domestic economic fundamentals and the strong profitability improvement capabilities of listed companies, under the background of low stock market valuations, the market downside will also be limited. This year, there is a high probability that they will get out of the turbulent market.

In the early trading on April 23, the three major stock indexes fluctuated slightly, and individual stocks in the two cities fell more and rose less. 3184 individual stocks fell, and market sentiment was weak. As of the close, the Shanghai Composite Index rose slightly by 0.05%, the Shenzhen Component Index rose 0.75%, and the ChiNext Index rose 1.67%.

In terms of sector hotspots, the healthcare sector rose sharply, with Yihua Health, Dabo Medical and Gongdong Medical’s daily limit, and Aier Ophthalmology rose 11.74%. Resource stocks and technology stocks weakened, and individual stocks in the coal sector and digital currency sector led the decline. Beijing Capital bought 5.318 billion yuan in early trading, including 2.86 billion yuan in Shanghai Stock Connect and 2.457 billion yuan in Shenzhen Stock Connect.

In early trading, institutional holdings picked up. Among the leading stocks in the industry, the leading pharmaceutical companies have gained the highest momentum. Aier Ophthalmology rose 11.74%, Mindray Medical rose 5.97%, and WuXi AppTec rose 5.58%. Group stocks such as Haitian Flavour, Midea Group and Oriental Yuhong rose more than 3%.

U.S. stocks dive in the market, Biden wants to tax the rich

According to Bloomberg News, not only for companies, the Biden government also plans to increase taxes for high-income groups. According to people familiar with the matter, US President Biden will propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, this means that the federal tax rate for investors may be as high as 43.4%.

The person, who asked not to be named, said that the plan will increase the capital gains tax rate for people with an income of $1 million and above from the current 20% to 39.6%. The plan has not yet been made public. Biden is expected to announce this proposal next week as part of the tax increase to fund social expenditures in the upcoming “American Family Plan.” Then White House Press Secretary Jane Psaki said that Biden believes that the expenditures (planned by American families) may come from the richest people, but the plan has not yet been finalized.

As soon as the news came out, U.S. stocks plunged during intraday trading. The Dow once fell more than 400 points, closing down 0.94%, the Nasdaq fell 0.94%, and the S&P 500 index fell 0.92%. Although the news is still uncertain, the market reacted quite violently. On the one hand, the market is worried that the wealthy will dump a large amount of stocks at the capital gains tax rate, creating panic.

Public fund first quarter report disclosed

Yesterday, the disclosure of the 2021 first quarter report of public funds officially ended . Since the Spring Festival, the A-share market has adjusted downwards as a whole, and most of the holdings of public fund holdings have pulled back sharply, and many of the new foundations who entered the market in January and February have faced substantial losses. According to statistics from Tianxiang Company on April 22, due to the A-share market pullback, the overall loss of public funds during the first quarter of this year exceeded 210 billion yuan; in the fourth quarter of last year, the overall profit of public funds reached 820 billion yuan.

The Securities Times·Databao sorted out the heavy holdings of A-shares of public funds in the first quarter. From the perspective of the total market value of the holdings, compared with last year’s annual report, the top ten heavyweight stocks have not changed much. Kweichow Moutai and Wuliangye hold the first and second positions in public holdings. Hikvision gained a large number of public funds to increase positions and entered the top three positions. China Merchants Bank gained 18.462 billion yuan in public funds in the first quarter, and it newly entered the list of the top ten heavy stocks.

In terms of different industries, bank stocks ranked first in the amount of public fund increase in the first quarter, and the market value of holdings increased by nearly 70 billion yuan. In addition to China Merchants Bank, the market value of public equity funds held by Industrial Bank and Ping An Bank increased by more than 10 billion yuan. In terms of performance, bank stocks all had good returns in the first quarter, with an average increase of 6.26%, 13 bank stocks rose by more than 10%, and the Bank of Nanjing and Postal Savings Bank rose by 25.25% and 22.80% respectively in the first quarter.

Other industries that have a lot of increased positions include the pharmaceutical and biological, electronic, and chemical industries, and the total market value of holdings has increased by more than 30 billion yuan. In the first quarter, the increase of public funds in general tended to pro-cyclical and undervalued stocks, and the enthusiasm for the long-term track of medicine, food and beverage, etc. remained unabated.

While public funds increased their positions in bank stocks in large numbers, the market value of non-bank financial industry positions decreased the most, and holdings of heavy stocks decreased by 34.933 billion yuan. Other industries where the market value of holdings have decreased include electrical equipment and household appliances that have decreased by more than 10 billion yuan, and the market value of holdings of communications, media, computers, and national defense and military industries has decreased slightly.

Based on the statistics of changes in the market value of public fund holdings, there are 5 stocks each in the banking, electronics, and biomedical sectors among the top 20 stocks. The pharmaceutical and biological sector stocks include Zhifei Biotechnology, WuXi AppTec, Changchun High-tech, Meinian Health, and Kanglong Chemical. The electronic sector includes Hikvision, Weir, Sanhuan Group, Transsion Holdings, and Zhuoshengwei. In the first quarter, public fund plus positions rose by an average of 15.34%. Among them, Oriental Yuhong, Meinian Health, and Transsion Holdings rose by more than 30%.

China Merchants Securities pointed out that there are no obvious signs of collapse of public funds. The consumer sector, the food and beverage industry and the pharmaceutical industry are still the most important sectors and industries for public funds. The reason why active public funds have such “falling but not breaking up” results is related to the fact that the fundamentals of these group stocks have not significantly weakened. The high-growth white horse stocks are still the first choice of current public fund managers.

Early morning capital flows to these stocks

In the early trading, a total of 62 stocks received a net inflow of over 100 million yuan in main funds, of which BOE A received a net inflow of main funds of 1.073 billion yuan, which was the top , Rose 1.69% in early trading, Xiaokang shares, Kweichow Moutai, and Sungrow received a net inflow of more than 800 million yuan.

Xiaokang shares in the past five trading days received a total of 4 daily limits and 1 daily limit. The company previously issued a risk warning announcement, stating that the news report stated that the way for the company to expand the marketing channels of Cyrus was normal production with a third party (referring to Huawei). Operating cooperation, and reminded that the expected loss for 2020 is 1.38-17.8 billion yuan.

From an industry perspective, a large amount of the main funds flowed into the medical and biological, electrical equipment sectors in the early trading, and the net outflows from the computer, environmental protection and real estate sectors were the top ones. New energy vehicles have once again been favored by major funds, and Ganfeng Lithium, Tianqi Lithium, and Ningde Times have received a net inflow of more than 200 million yuan in major funds.

In early trading today, A-shares fluctuated slightly. The ChiNext index rose by more than 2%, and hit a new high since the rebound. On the disk, sectors such as health care, beer, electrical equipment, and polysilicon were active, with aquatic products, medical beauty concepts, and digital currencies leading the decline in early-stage popular sectors. The net inflow of funds to the north was over 5.5 billion yuan.

Health care frequent performance surge

Benefiting from the surge in demand from the epidemic, the healthcare industry has ushered in a peak period of performance. After the 2021 quarterly report of Hotview Biotechnology increased by more than a thousand times, last night, a number of blockbuster listed companies in the health care sector announced their excellent quarterly reports at the same time.

Ingram Medical released its report for the first quarter of 2021 last night, achieving operating income of 6.735 billion yuan, a year-on-year increase of 770.86%, net profit of 3.736 billion yuan, a year-on-year increase of 2791.66%, and net cash flow from operating activities of 3.075 billion yuan, a year-on-year increase An increase of 1013.67%. Ingram Medical said that benefiting from the strong demand for disposable gloves at home and abroad, and the company’s new annual production capacity of 9 billion nitrile gloves in the company’s Anhui production base, the company’s profit in the first quarter increased by 41.80% from the previous quarter, and its single-quarter performance reached a new high.

Although Ingram Medical has risen by more than 30 times in recent years, the surging performance growth has made Ingram Medical’s dynamic price-earnings ratio still only over 4 times, even lower than most bank stock-earnings ratios. Stimulated by the surge in the quarterly report, Intech Medical opened higher in the morning and rose by more than 10% during the session. Or they may have some expectations for the performance of Ingram Medical’s first quarterly report. Financing customers reversed the previous five consecutive weeks of net sales this Monday and bought 30.5 million yuan.

Aier Ophthalmology also announced that it achieved operating income of 3.511 billion yuan in the first quarter, an increase of 113.9% year-on-year, and a net profit of 484 million yuan, an increase of 509.88% year-on-year. Aier Ophthalmology also opened high volume in early trading, rose by more than 15% at one time, and the half-day turnover exceeded the full-day turnover of the previous trading day by more than double. Similarly, financing customers this week raised a net purchase of 222 million yuan in advance, waiting for the good performance to be realized.

Driven by the surge in Ingram Medical and Aier Ophthalmology, the entire health care sector surged. The sector index once soared by more than 4% during the intraday session, setting a new high in 2 months. This is the index’s sixth consecutive trading day. rise. Hotview Biotech once again reached a 20% daily limit in the intraday trading, and its stock price also hit a record high. Since the announcement of the first quarterly report, it has risen by more than 200% in just 9 trading days; Yihua Health, Gongdong Medical, Dabo Medical and other daily limit.

The surge in the healthcare sector also led to a surge in medical ETFs. In early trading, Fortune CSI Medical Open-end Index Securities Investment Fund rose 3.64%; Cathay Pacific CSI Medical Open-end Index Securities Investment Fund rose 3.53%; Tianhong Zhong The Securities Index Securities Investment Fund rose 3.28% and hit a record high.

The consumption peak season is coming, the beer sector is active

The beer sector also released a quarterly report last night. The first quarterly report of Lanzhou Yellow River showed that it turned losses into profits, with a net profit of 8.3165 million yuan. Lanzhou Huanghe stated that in the first quarter of 2020, due to the impact of the new crown pneumonia epidemic, the company’s operating income fell sharply and its performance suffered a loss. Since 2021, as the domestic epidemic prevention and control situation continues to improve, the company’s beer and malt production and sales in the first quarter have increased significantly compared with the same period last year, and securities investment disposal and holding income that are non-recurring gains and losses have also increased significantly compared with the same period last year. , The two superimposed, the company’s performance realized a turnaround. After the Lanzhou Yellow River opened slightly higher in the morning, it only took about 5 minutes to pull the daily limit straight.

Although Huiquan Beer reported a quarterly loss of 3,968,500 yuan, it was significantly narrower than the loss of 7,077,600 yuan in the same period last year, and its operating income was 121 million yuan, a year-on-year increase of 10.54%. In the morning, Huiquan Beer opened low and moved high and soared by nearly 7%.

Zhujiang Beer is scheduled to disclose the 2021 quarterly report this evening. Driven by the surge of Lanzhou Yellow River and Huiquan beer, and the advent of the superimposed peak summer consumption season, Zhujiang Beer once hit the daily limit in early trading, and its share price hit a new high during the year. Zhujiang Beer’s 2020 annual report showed that it achieved a net profit of 569 million yuan, a year-on-year increase of 14.43%; Chongqing Beer and other companies also strengthened in the market.

Minsheng Securities pointed out that looking forward to the whole year of 2021, it is expected that the production and sales of the beer industry will achieve recovery growth under the low base last year. The industry TOP5 has formed a firm consensus on high-end and profit demands, and the overall competition in the industry has slowed down and the certainty is high. Recommended ranking: Yanjing Beer + Tsingtao Beer + Chongqing Beer + Zhujiang Beer combination, and pay attention to H shares of China Resources Beer, Budweiser Asia Pacific.

In early trading today, A-shares fluctuated slightly. The ChiNext index rose by more than 2%, and hit a new high since the rebound. On the disk, sectors such as health care, beer, electrical equipment, and polysilicon were active, with aquatic products, medical beauty concepts, and digital currencies leading the decline in early-stage popular sectors. The net inflow of funds to the north was over 5.5 billion yuan.

Health care frequent performance surge

Benefiting from the surge in demand from the epidemic, the healthcare industry has ushered in a peak period of performance. After the 2021 quarterly report of Hotview Biotechnology increased by more than a thousand times, last night, a number of blockbuster listed companies in the health care sector announced their excellent quarterly reports at the same time.

Ingram Medical released its report for the first quarter of 2021 last night, achieving operating income of 6.735 billion yuan, a year-on-year increase of 770.86%, net profit of 3.736 billion yuan, a year-on-year increase of 2791.66%, and net cash flow from operating activities of 3.075 billion yuan, a year-on-year increase An increase of 1013.67%. Ingram Medical said that benefiting from the strong demand for disposable gloves at home and abroad, and the company’s new annual production capacity of 9 billion nitrile gloves in the company’s Anhui production base, the company’s profit in the first quarter increased by 41.80% from the previous quarter, and its single-quarter performance reached a new high.

Although Ingram Medical has risen by more than 30 times in recent years, the surging performance growth has made Ingram Medical’s dynamic price-earnings ratio still only over 4 times, even lower than most bank stock-earnings ratios. Stimulated by the surge in the quarterly report, Intech Medical opened higher in the morning and rose by more than 10% during the session. Or they may have some expectations for the performance of Ingram Medical’s first quarterly report. Financing customers reversed the previous five consecutive weeks of net sales this Monday and bought 30.5 million yuan.

Aier Ophthalmology also announced that it achieved operating income of 3.511 billion yuan in the first quarter, an increase of 113.9% year-on-year, and a net profit of 484 million yuan, an increase of 509.88% year-on-year. Aier Ophthalmology also opened high volume in early trading, rose by more than 15% at one time, and the half-day turnover exceeded the full-day turnover of the previous trading day by more than double. Similarly, financing customers this week raised a net purchase of 222 million yuan in advance, waiting for the good performance to be realized.

Driven by the surge in Ingram Medical and Aier Ophthalmology, the entire health care sector surged. The sector index once soared by more than 4% during the intraday session, setting a new high in 2 months. This is the index’s sixth consecutive trading day. rise. Hotview Biotech once again reached a 20% daily limit in the intraday trading, and its stock price also hit a record high. Since the announcement of the first quarterly report, it has risen by more than 200% in just 9 trading days; Yihua Health, Gongdong Medical, Dabo Medical and other daily limit.

The surge in the healthcare sector also led to a surge in medical ETFs. In early trading, Fortune CSI Medical Open-end Index Securities Investment Fund rose 3.64%; Cathay Pacific CSI Medical Open-end Index Securities Investment Fund rose 3.53%; Tianhong Zhong The Securities Index Securities Investment Fund rose 3.28% and hit a record high.

The consumption peak season is coming, the beer sector is active

The beer sector also released a quarterly report last night. The first quarterly report of Lanzhou Yellow River showed that it turned losses into profits, with a net profit of 8.3165 million yuan. Lanzhou Huanghe stated that in the first quarter of 2020, due to the impact of the new crown pneumonia epidemic, the company’s operating income fell sharply and its performance suffered a loss. Since 2021, as the domestic epidemic prevention and control situation continues to improve, the company’s beer and malt production and sales in the first quarter have increased significantly compared with the same period last year, and securities investment disposal and holding income that are non-recurring gains and losses have also increased significantly compared with the same period last year. , The two superimposed, the company’s performance realized a turnaround. After the Lanzhou Yellow River opened slightly higher in the morning, it only took about 5 minutes to pull the daily limit straight.

Although Huiquan Beer reported a quarterly loss of 3,968,500 yuan, it was significantly narrower than the loss of 7,077,600 yuan in the same period last year, and its operating income was 121 million yuan, a year-on-year increase of 10.54%. In the morning, Huiquan Beer opened low and moved high and soared by nearly 7%.

Zhujiang Beer is scheduled to disclose the 2021 quarterly report this evening. Driven by the surge of Lanzhou Yellow River and Huiquan beer, and the advent of the superimposed peak summer consumption season, Zhujiang Beer once hit the daily limit in early trading, and its share price hit a new high during the year. Zhujiang Beer’s 2020 annual report showed that it achieved a net profit of 569 million yuan, a year-on-year increase of 14.43%; Chongqing Beer and other companies also strengthened in the market.

Minsheng Securities pointed out that looking forward to the whole year of 2021, it is expected that the production and sales of the beer industry will achieve recovery growth under the low base last year. The industry TOP5 has formed a firm consensus on high-end and profit demands, and the overall competition in the industry has slowed down and the certainty is high. Recommended ranking: Yanjing Beer + Tsingtao Beer + Chongqing Beer + Zhujiang Beer combination, and pay attention to H shares of China Resources Beer, Budweiser Asia Pacific.

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This kind of equipment is sold well in first- and second-tier cities with large floating populations, as well as kindergartens in areas where the parents work. For one or two hundred yuan, you can remotely see children frolicking, eating and playing in the kindergarten. This is actually a typical scene where technological advancement benefits ordinary workers. It is a very good thing.

It is said that the industry is very good, and the room for growth is large enough, but when it comes to the company Zhangtongjiayuan, it is a bit weird.

As early as August 2018, I wrote an article “Thousands of Parents of Pre-paid Parents of Zhangtong Jiayuan’s “Forced Demolition” of Agents”. In Sichuan, Chongqing and other places, after disputes between Zhangtong Jiayuan and agents, I jumped The agent directly contacted the kindergarten and used “delete data” to coerce users to pay in advance. At that time, there were thousands of parents of young children involved.

Later, I heard that Zhangtong Jiayuan sued the agent Xia at the time, claiming that it spread false information and harmed the company’s reputation. However, I did not find the judgment of the case on the trial documents website, so the two parties should have settled it in private. But how the affected parents resolved it, and I didn’t find any public information online, I don’t know.

All disputes are actually explained from the perspective of “replenishing liquidity”, which may be better understood.

Recently, Zhangtongjiayuan (Shenzhou Eagle is its company name and Zhangtong is the name of its main product) has been tossing its own agents. Heiqishi has received a copy of the April channel policy of Zhangtongjiayuan. The whole plan has two main points: 1 , All agents need to pay a deposit, according to the difference in market fat and thin, the amount of the deposit ranges from 20,000 to 50,000; 2. Break the market segmentation and set up a “partner agent”. The partner agent can develop users all over the country. Restricted by the original agent, the follow-up service is still borne by the original agent.

In response to this policy, the agent’s original words were “fried the pot.”

The agent insider interviewed by Hekist said that this should be due to the company’s financial pressure, and it is trying to draw blood from the agent to supplement its liquidity. Next, Hakist will review this case, which can help readers understand the real business logic.

It’s been nine years since I got VC investment, the capital story can’t go

According to the information on its official website, Shenzhou Eagle was established in January 2011 and received angel investment from Zhen Fund and Qualcomm China in December of the following year. In June of the third year, it received a round of financing of 30 million yuan from Hetong Investment, Zhenge and Qualcomm.

Until this time, the company’s main product “Zhangtongjiayuan” was still not online.

Before the product went public, it received a huge amount of financing of more than 30 million yuan from a well-known VC. I have to say that the entrepreneurial story of Shenzhou Eagle has made a good start, but no one knows what the end of the story looks like.

It’s April 2021. I really want to ask Zhenge and Qualcomm, who voted for his angel round and A round, and can’t withdraw after nine years of investment. What kind of experience is it?

In terms of capital operation, Shenzhou Eagle is really a master. Since 2012, it has raised 8 rounds and raised more than 1 billion yuan. The ABCD round, the letters are almost used up by him…have not been listed yet, so I can’t start the Sun Hongbin round.

Capital telling stories is nothing more than a few tricks: Before the B round, talk about how big the market space is, how the company has the advantages of technology and talents, and how high the realization efficiency is. After the C round, you have to prepare to go public and expose the financial statements. Generally, companies with flaws in their business models or teams will be planted at this node.

Calculated by one letter in each round, Shenzhou Eagle’s financing has reached the G round, which is the Dazheng Capital in December 2018, which raised 100 million US dollars. (Of course the official announcement is D round, he actually has C round, C+ round and C++ round, hahaha, capitalist’s alphabet game)

It is worth mentioning that Dazheng Capital is also the largest institutional shareholder of Ruixing Coffee. (Everyone knows Luckin’s financial fraud, hehe)

Equity crowdfunding, performance gambling, Zhangtongjiayuan’s cash flow is not abundant

In June 2018, “China Business News” published an in-depth article about Zhangtongjiayuan’s flashing and moving technique in two financings in June 2017 and July 2018. (The link is here: https://www.chinaz.com/news/2018/0611/900484.shtml)

In June 2017, China Eagle finalized a C+ round of financing that was said to be over 100 million yuan. Investors included Shenzhen Cyberspace Huachuang Investment Co., Ltd. According to its equity filing information, Cyberspace Huachuang Investment Zhangtongjiayuan invested in shares in the form of a fund and established Shenzhen Qianhai Saida Investment Partnership (Limited Partnership) (hereinafter referred to as “Saidah Partnership”) for this purpose.

The funds for the fund of Seda Partners’ investment in Shenzhou Eagle come from equity crowdfunding, and Chuangfuzhi, as the lead investor, released the Zhangtongjiayuan equity financing project on the Zhongtoubang platform.

It is reported that the equity crowdfunding project actually signed performance gambling and equity repurchase terms with investors. Zhangtongjiayuan promises that if the company does not complete the listing before the end of 2018 (the market value before financing is not less than 1.68 billion yuan, and the financing amount is not less than 100 million yuan, it will be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, GEM, NASDAQ Stock Exchange, Hong Kong Stock Exchange or New Third Board listing), its founding shareholders will repurchase equity investments at a compound annual rate of return of 15%.

To put it in human terms: In the June 2017 round of financing, the part of Cyberspace Huachuang has a gambling clause. If the listing is not completed at the end of the year, the founding shareholders of Zhangtongjiayuan need to add 15% interest to repurchase these shares.

Based on this calculation, there should be similar terms for the funds invested by the remaining shareholders, except that this part of the crowdfunding website is open to the public to raise funds.

It is precisely because of the existence of the gambling clause that there is huge pressure on the cash flow of the company, so Zhangtongjiayuan had to take the big money in December 2018 (remember this time, you need to pay back the money in June 2017) Capital’s $100 million Series D financing.

What if profit is hopeless, no one listens to storytelling, and can’t be marketed?

I have counted all the media reports since the establishment of Shenzhou Eagle, and none of them mentioned his profitability. This is an example for a “unicorn company” that has been established for ten years and has obtained well-known venture capital for nine years. Very unusual thing.

Only in the equity crowdfunding in June 2017, Zhangtongjiayuan ever disclosed its profitability. According to the information disclosed by the equity crowdfunding project, from 2014 to 2016, Zhangtongjiayuan lost 10.54 million yuan, 22.71 million yuan, and 48.23 million yuan respectively.

At this point, I manually calculated the amount of financing of Zhangtongjiayuan over the years, and found a very interesting thing: according to the algorithm of “over 100 million is calculated as 100 million, hundreds of millions is calculated as 300 million”, his total financing has reached 15.34. 100 million yuan, and only “over 1 billion” is written on the website. This is obviously too much bragging in the past few rounds of financing to tell the story.

According to the operating rules of general enterprises, if there is no major change in their profit model, there will be no big difference in their profit. In 2016, Zhangtong Jiayuan has been established for the sixth year, and its market share and competitiveness will not change significantly. Calculated based on the loss of that year of 48.23 million yuan, its cumulative loss will be at least 200 million yuan from 2017 to 2020. More than RMB (actually, as the scale of the enterprise expands, the amount of loss will often increase).

For the US$100 million of Dazheng Capital, after removing the money from the two rounds of financing and gambling in June 2017 and July 2018, there may only be God knows how much money will be left after two years.

With so much financing, it has not been able to go public for a long time.

In December 2018, Zhangtongjiayuan, which received a financing of US$100 million, once stated to the media with confidence that “within two years, it will be listed overseas.”

It is April 2021, and this “two-year agreement” is obviously not fulfilled.

Continue to want to go public, continue to toss money

Shenzhou Eagle is indeed working hard to promote the listing plan.

In September 2020, the relevant departments of Fujian Province issued a “List of Key Listed Reserve Companies in Fujian Province in 2020”, among which Zhangtongjiayuan was listed.

It seems that the so-called “overseas listing” is actually a fake shot, and the real purpose is to list in A shares.

However, there are more than 300 companies on this list. The A-share market cannot accommodate so many Fujian companies in a short period of time. Therefore, the listing of Zhangtongjiayuan still needs to wait.

At least it is impossible to go on the market within 6 months to 1 year.

During this time of waiting, continuing to “make money” is the biggest event in the palm of the home.

So in April, Zhangtongjiayuan came up with such a channel reorganization plan to “make money”:

Let me translate for you:

1. All agents must pay, a deposit of 50,000 for a new area (county), 20,000 for the original county, and 10,000 for halfway withdrawal. According to the coverage rate stated on its official website, in 2408 counties, a deposit of 120 million will be collected.

2. In addition to local agents, there are also so-called “promotion partners”. When a partner signs a contract, he will pay 20,000 yuan, and withdraw 10,000 yuan. This money is in addition to 120 million yuan. It can fool a partner to join. There are 20,000 yuan. (This policy is obviously aimed at certain people with “backstage”. If I have a sister-in-law who runs a kindergarten, but I am not an agent, what should I do if I want to make money? If I pay 20,000 yuan to join this partner, I will continue to receive energy from Zhangtongjiayuan takes money)

   However, this policy seriously harmed the interests of the principal and agents. At present, most of the principals and agents in this market are locals. They belong to the kind of “you can’t run to the temple even if you run away from the monk”. If there is a problem in the process of using Palm Communication, the first thing that parents face is The principal of the kindergarten, followed by the local agents, are responsible for solving the problem immediately, whether it is a software problem or a hardware problem.

   And this “promotion partner” directly signed a contract with the headquarters, and the money went to him, but the dean and the agent were left to solve the problem. They belong to the kind of “monks who can run freely”. When something goes wrong, the user is looking for a temple that can’t run away—that is, kindergarten. This invisibly magnifies the risk that the kindergarten takes (for example, when a child has a problem in the kindergarten, is the headquarters or your kindergarten anxious?)

   Regarding the risks brought about by this channel policy, all agents understood. Some agents said, “Don’t sign the contract. He’s got a wave of capital in his hand to the homeland. If he doesn’t have any money, he will come to us.”

   Agent turbulence cannot affect the interests of users

   All in all, it’s all for profit, all for money.

   However, as an important part of the home-education market, agents bear the important responsibility of linking the kindergarten users with the Zhangtongjiayuan company.

   Once the agents are in turmoil, there may be an adverse event of June 2018 where agents and Zhangtongjiayuan grabbed users from each other and used “delete data” to coerce users to pay.

   I hope that this turmoil can also be passed safely, and not “the gods fight, and the users suffer.”

   References for this article:

3. The financing game of “Zhangtongjiayuan” from the beginning: equity crowdfunding, related operation, performance gambling

   https://www.chinaz.com/news/2018/0611/900484.shtml

Skynet recovered, and He Xuemei was finally sentenced to 20 years in prison. She paid the price for her actions.

Screenshot of China Judging Documents Network

Public information shows that He Xuemei was born in 1970 in Nanshan District, Shenzhen, Guangdong Province. She graduated from the School of Mechanical Engineering of Chongqing University in 1991.

But looking at the first half of life, she is undoubtedly dazzling.

In 1997, He Xuemei joined ZTE Corporation and began serving as the company’s labor union chairman in 2000. The labor union has two wholly-owned subsidiaries, namely Zhongxing Yihe Company and Yihe Tiancheng Company. He Xuemei serves as the legal representative and chairman of the two companies. In office, she can directly decide to allocate funds from Zhongxing Yihe Company without the consent of any other directors and no board resolution.

The reporter of “Legal Evening News · View News” combed in 2017 and found that He Xuemei often puts three labels on herself: public welfare person, outstanding alumni of Chongqing University, and wife who loves her husband deeply. In January of that year, the first batch of scholarships named after her had just been awarded; when she was interviewed again, she talked about the 30 years that she had walked hand in hand with her husband, “I love his steady and gentle”.

Such a president with a double harvest of career and family, but failed to write the happiness story to the end.

On July 13, 2017, ZTE announced that due to suspicion of illegal fund-raising and duty-related crimes, He Xuemei, the former chairman of the trade union, had voluntarily surrendered to the public security organs. On August 24, the Shenzhen Municipal People’s Procuratorate issued a notice on its official account, announcing that He Xuemei had been arrested on suspicion of embezzling funds.

Screenshot of Shenzhen People’s Procuratorate’s WeChat Official Account

The publication of the criminal ruling of the second instance of this case officially puts the details of the case in front of the public.

Take advantage of your position to embezzle

Observer.com found that from the beginning of 2015 to March 2017, He Xuemei released information about fundraising through his WeChat official account, “He Fan Club”, Yixiu’s personal Weibo, WeChat group, QQ group, etc., advocating that it has low risk , Investment channels with stable returns. He Xuemei used high returns as bait to raise funds from many victims in 26 phases on the “ZTE E-Home” e-commerce platform of Yihe Tiancheng.

Subsequently, He Xuemei used a large number of private accounts to receive and transfer the funds raised, and used the funds raised to Buy high-risk trust wealth management products , Buy real estate , Buy and sell stocks on the secondary market , Return the embezzled company funds , Repay personal debts , Embezzlement and transfer abroad Wait. When it was difficult to return the funds raised due to financial loss and transfer of funds, He Xuemei fabricated the financial performance to continue to raise funds, and used the newly raised funds to return the principal and interest of the due funds, staged a “Ponzi scheme.”

In addition to committing the crime herself, He Xuemei also instructed the trade union secretary Hu Mou, Yihe Tiancheng Company’s Vice Minister of Business Services, Wang Mou and others to commit the crime together. When the confession reached this point, He Xuemei said frankly, “They are just my subordinates and do things according to my instructions, and I don’t need to give them any benefits.” A sum of money fell into this way by “borrowing” from others. He Xuemei’s pocket.

After auditing, He Xuemei has raised a total of 2.11916570107 billion yuan of funds , 8819 participants 25580 person-times, 3921 personnel not returned The total amount of financial management funds is 89,856,809,607 million yuan. The huge amount of funds and the wide range of personnel involved are shocking. After the incident, ZTE Corporation paid all the outstanding funds in advance.

The incident in the East Window can not escape the law

The fire can’t be contained in paper, and things will eventually be revealed.

The “misfortune” caused Xiaoqiang. The internal audit of ZTE Corporation found He Xuemei’s footing.

In 2017, during a routine audit of ZTE, it was found that from March 2015 to December 2016, He Xuemei instructed Yihe’s chief financial officer Ji to borrow and invest in the name of Yihe’s board of directors without a resolution. Unauthorized transfers from the company’s public accounts to individuals (including Yihe employees and non-employees), and company accounts that have no business dealings with the company, accumulatively transferred about 399 million yuan.

After investigation, ZTE found that the above-mentioned funds embezzled by Yihe Company had been returned, but the flow of loans and repayment were inconsistent. After an audit interview, Ji, Hu and others all stated that they acted in accordance with He Xuemei’s instructions. ZTE believed that He Xuemei and Ji had misappropriated Yihe’s funds.

The audit also found that Yihe’s canteen, “ZTE E-home” shopping mall, etc.’s sales revenue, as well as Yihe’s loans, all flowed to accounts actually controlled by He Xuemei. The company believes that He Xuemei is suspected of embezzlement. However, He Xuemei did not cooperate with the company’s investigation and did not clearly state the above facts and the direction of related funds.

On June 21, ZTE commissioned legal counsel Tang to report the case, accusing He Xuemei and others of embezzling funds and embezzling their positions.

On July 11, the investigating agency filed a case for investigation with “He Xuemei and others suspected of embezzling funds.” On the same day, He Xuemei took 50 tablets of clonazepam (a sleeping pill) by herself and was admitted to the hospital for emergency treatment .

On July 12, He Xuemei was discharged from the hospital after treatment and returned to the company accompanied by ZTE staff. She expressed willingness to cooperate with the public security agency in the investigation. Later, her accomplices Hu and Wang were arrested and brought to justice.

On August 9, the investigative agency discovered that He Xuemei was involved in fund-raising fraud while investigating the fact that He Xuemei was “misappropriating funds”. The case of “He Xuemei’s suspected fund-raising fraud” was opened for investigation.

As if she was stripping away a cocoon, He Xuemei’s criminal facts were finally uncovered layer by layer. After careful investigation and solemn trial, she also ushered in the final outcome.

“The defendant, He Xuemei, guilty of fund-raising fraud, was sentenced to 15 years in prison and confiscated RMB 20 million of personal property; for embezzlement of funds, he was sentenced to seven years in prison; for the crime of embezzlement by office, he was sentenced to six years in prison. Combined punishment, a total sentence of 28 years imprisonment, confiscation of personal property of RMB 20 million, Decided to carry out a 20-year imprisonment and impose a confiscation of 20 million yuan of personal property . ”

Because of her own private thoughts, the female president who was once in power will spend the next twenty years of her long life with Tie Lao Han Chuang.

This article is an exclusive manuscript from Observer.com and may not be reproduced without authorization.

According to statistics from Tianxiang Investment Consulting, as of the end of the first quarter, the top ten major stocks of 3544 actively investing in partial-equity funds included in the statistics were: Kweichow Moutai, Wuliangye, Hikvision, China Freedom, Luzhou Laojiao, Mindray Medical, WuXi AppTec, Midea Group, Longji. Among them, Kweichow Moutai continues to be the largest stock in public funds. At the end of the first quarter, a total of 1,476 funds held Kweichow Moutai, holding a total of 69.937 million shares, an increase of 7,319,700 shares from the previous quarter; total fund holdings The market value is 140.503 billion yuan, an increase of 15.394 billion yuan compared to the market value of positions held at the end of the fourth quarter of last year. The stock rose 0.55% in the first quarter of this year.

It is worth mentioning that in addition to Kweichow Moutai, liquor stocks also include Wuliangye and Luzhou Laojiao in the list of the top ten heavy warehouse stocks. It is reported that at the end of last year, Wuliangye was the second-largest stock in public funds, and the position of Luzhou Laojiao rose one position from the seventh-largest to the sixth-largest stock. Among them, the total market value of the fund holdings of the two stocks is 101.561 billion and 46.302 billion respectively.

In addition to three liquor stocks, which continue to be in the top ten stocks list, there are also the top ten stocks of new funds such as Hikvision and WuXi AppTec. According to data from Tianxiang Investment Consulting, as of the end of the first quarter, there were 505 active equity funds holding Hikvision, an increase of 231 from the previous quarter, and the market value of fund holdings reached 61.230 billion yuan; while the active equity funds holding WuXi AppTec had a total of 505 active equity funds 474, an increase of 78 from the previous month, and the market value of fund holdings exceeded 40 billion yuan.

According to data from Tianxiang Investment Consulting, as of the end of the first quarter, the 50 stocks with the largest increase in active equity funds were mainly concentrated in several sub-sectors such as banking, information technology components, and biological products.

If there is an increase in holdings, there will be a decrease in holdings. In the first quarter, Luxshare Precision suffered a massive sell-off. According to data from Tianxiang Investment Consulting, at the end of the first quarter, a total of 222 active equity funds held Luxshare Precision, holding 49,303.06 million shares; and at the end of the fourth quarter of last year, Shigekura held as many as 627 Luxshare Precision Funds. The number of shares is also as high as 702,371,400 shares. It can be seen that there has been a sharp drop in the number of funds held and the number of shares held.

Produced | Sohu Technology

Editor | Zhang Yating

Today is Friday, April 23. Last night and this morning, what major events happened in the science and technology circle, please pay attention to Today’s Science and Technology Morning Post.

Tesla re-issued a post late at night: Willing to be tested by any authoritative testing agency under the witness of three parties

Tesla posted a post on Weibo, announcing the specific progress of communication with related parties. It is reported that on the afternoon of the 22nd, Tesla has sent the sealed paper version of the data to Ms. Zhang by express mail; at 18:00 on the 22nd, it has gone to the Zhengdong New District City Supervision Bureau to receive the notice of ordering rectification.

At the same time, Tesla once again promised that it will unreservedly cooperate with the regulatory authorities to carry out in-depth investigations and openly accept social supervision. With the consent of the customer, government designation or supervision, the three parties will jointly witness and conduct testing at any qualified and authoritative testing organization across the country.

Meituan completes $6.6 billion first-to-new allotment

According to the WeChat official account of “CLSA”, CITIC Securities/CLSA successfully assisted Meituan to complete the US$6.6 billion stock allotment on the 22nd. CITIC Securities/CLSA served as the joint bookrunner in this project.

The former chairman of ZTE’s labor union raised 2.1 billion yuan of funds

Recently, a judgment published by the Judgment Document Network showed that He Momei, the former chairman of the labor union of ZTE Corporation, used his position to receive and transfer funds raised through a large number of private accounts, and used the funds raised to purchase wealth management products, real estate, and sales. Stocks, etc., have raised a total of 2.119 billion yuan and unreturned funds of 899 million yuan.

In the end, He Momei was guilty of fund-raising fraud, embezzlement, and other crimes. The total sentence was 28 years in prison, and 20 million yuan of personal property was confiscated. He decided to execute 20 years in prison and was sentenced to confiscation of personal property of 2000 yuan. Ten thousand yuan.

TSMC’s board of directors approves a US$2.8 billion increase in chip production capacity plan

TSMC, the world’s largest foundry chip manufacturer, confirmed on Thursday that the company’s board of directors has approved a $2.89 billion expenditure to increase chip production capacity. This move is seen as a response to the global chip supply shortage, and the crisis of chip shortage has a particularly serious impact on automakers.

In a brief statement, TSMC stated that its board of directors has approved the expenditure, “the purpose is to launch mature process capacity.” However, the company did not give a detailed explanation.

Apple and Google attended antitrust hearing, sued by app developers

According to foreign media reports, on the 21st local time in the United States, the US Senate Subcommittee on Competition Policy, Antitrust and Consumer Rights convened executives from companies including Apple, Google, and Spotify to hold an antitrust hearing on Apple and Google’s app stores. Question whether it abuses its dominant market position.

This hearing is also part of the antitrust review of large technology companies by the U.S. Congress. Most of the complaints from app developers are directed against Apple, because Apple’s closed ecosystem prohibits apps on iOS from being installed anywhere outside of Apple’s App Store; the complaints against Google are mainly focused on its search and advertising business.

App developers expressed throughout the conference that the two companies can deal a heavy blow to their businesses by adjusting the rules of the app store. They also complained about the high fees for in-app purchases and the ambiguity of platform rules.

SMIC intends to sell a holding subsidiary for US$397 million

SMIC issued an announcement stating that the company intends to sell all the equity interests in its holding subsidiary SJ Semiconductor Corporation, with a total transaction consideration of approximately US$397 million. The transaction parties include CICC SAIC Emerging Industry Fund, Suzhou Yuanhe Houwang and Suzhou Puhuachuang Yu etc.

Tesla releases data for 1 minute before the brake accident of Zhengzhou car owners

Tesla provided data from one minute before the vehicle accident and provided a text description. The full text of the text description is as follows:

When the driver stepped on the brake pedal for the last time, the data showed that the speed of the vehicle was 118.5 kilometers per hour. Within 2.7 seconds after the driver stepped on the brake pedal, the maximum brake master cylinder pressure was only 45.9 bar. After that, the driver increased the stepping on the brake pedal, and the brake master cylinder pressure reached 92.7 bar. The front collision warning and automatic emergency braking function were activated (the maximum brake master cylinder pressure reached 140.7bar) and played a role, reducing the amplitude of the collision. 1.8 seconds after the ABS was applied, the system recorded the occurrence of the collision. After the driver stepped on the brake pedal, the vehicle speed continued to decrease, and before the collision, the vehicle speed was reduced to 48.5 kilometers per hour.

To sum up, the vehicle is running at a higher speed, and the driver starts to depress the brake pedal with less force. After that, the automatic emergency braking function is activated and takes effect, increasing the braking force and reducing the impact of the collision. The driving system is normally involved in the work and reduces the speed of the car.

In addition, with regard to the condition of the vehicle 30 minutes before the accident, Tesla stated this: In the 30 minutes before the accident, the driver drove the vehicle normally and had more than 40 records of depressing the brake pedal. The vehicle has repeatedly stopped more than 100 kilometers per hour and stopped repeatedly.

Xiaomi: Car manufacturing has not yet officially started, release in advance hopes to obtain better global resources

At the second WIN·Global Managers Forum and the 5th Anniversary Ceremony of Guests, Xiaomi Group President Wang Xiang said that Xiaomi decided to join the electric vehicle field by relying on its mobile phone and AIoT business’s ability to grow steadily, as well as the ability to pull internal resources. At present, car building has not officially started. The reason for the early announcement is to take into account two factors: one is that there are many rumors in the previous period, in order to make the information disclosure in time to decide the official announcement; the second is to obtain better global resources through early release , And jointly develop Xiaomi cars.

Tesla responds to the resignation of Vice President Tao Lin: rumors

In response to online news that Tesla Vice President Tao Lin took the blame and resigned, Tesla responded: This is a rumor, and Mr. Tao is working normally.

Storm is sentenced to more than 12 million in compensation to iQiyi due to contract disputes

China Judgment Document Network published the first-instance civil judgment on the contract dispute between Beijing iQiyi Technology Co., Ltd. and Baofeng Group Co., Ltd. on April 6. The People’s Court of Haidian District of Beijing made a judgment: The defendant Baofeng Company paid 12 million yuan to the plaintiff’s iqiyi company’s contract and 416,400 yuan for breach of contract for late payment.

According to the judgment, the plaintiff, iQiyi, alleged that on May 28, 2019, it and Baofeng Company signed a “Reconciliation Agreement” through consultation and agreed that before December 15, 2019, Baofeng Company will pay a lump-sum settlement of 12 million yuan. If the payment is overdue, the overdue penalty shall be paid at the rate of 1/10,000 of the total settlement amount for each day overdue. However, Baofeng Company has not paid the amount so far, so it filed a lawsuit in this case.

Defendant Baofeng Company argued that due to business difficulties, our company is temporarily unable to pay; according to the “Settlement Agreement”, the liquidated damages should be calculated from January 15, 2020 instead of December 15, 2019.

Ziguang Guowei’s 2020 revenue is 3.27 billion, and its net profit has increased by 98.74% year-on-year

Ziguang Guoxin Microelectronics Co., Ltd. released its 2020 annual report. During the reporting period, operating income was 3,270,255,200 yuan, a decrease of 4.67% from the same period of the previous year. After deducting the impact of changes in the scope of consolidation, the same caliber increased by 26.38%; net profit attributable to shareholders of listed companies was 806,422,900 yuan, an increase from the same period last year 98.74%.

Among them, the integrated circuit business realized an operating income of RMB 3,046,840,400, accounting for 93.17% of the company’s operating income, and the electronic component business realized an operating income of RMB 196,829,600, accounting for 6.02% of the company’s operating income.

As of December 31, 2020, the company’s total assets were RMB 7,627,730,800, a year-on-year increase of 19.20%; the owner’s equity attributable to shareholders of listed companies was RMB 4,962,143,300, a year-on-year increase of 18.48%.

Apple CEO Cook: M1 chip version of Mac computers has sold more than Intel version

At the Apple 2021 spring conference, Apple CEO Tim Cook said that the sales of Mac computers equipped with Apple’s self-developed chip M1 have surpassed those equipped with Intel processors.

Cook also said that although it was only released in November last year, the sales of Mac computers equipped with the M1 chip now account for most of its Mac sales.

Earlier, Apple disclosed in its financial report for the first quarter of 2021 that in the quarter, sales of its Mac computers increased by 21% year-on-year. Although the company no longer shares the details of hardware sales, IDC data shows that the company shipped approximately 6.7 million Mac computers in the first quarter of 2021, a year-on-year increase of 115.5%.

Xiaomi was enforced by the court, and the subject matter was 32310 yuan

According to the Tianyan Check App, Xiaomi Technology Co., Ltd. recently added a piece of information about the person subject to enforcement, case number (2021) Jing 0108 Zhi 10164, the subject of enforcement is 32310 yuan, the enforcement court is the People’s Court of Haidian District, Beijing, and the related case is The copyright dispute between Xiaomi Technology Co., Ltd. and China Music Copyright Association.

GSX announced that it will be renamed Gaotu Group, and the listing name will also be updated simultaneously

GSX announced that it will be renamed Gaotu Group, and the listing name and code will also be updated simultaneously. Previously, Gaotu Classroom was one of GSX’s brands.

At the business level, the K12 business brand is still “Gaotu Classroom”, and the adult online brand is renamed “Gaotu College”, from elementary school to university adult.

At the same time, Gaotu Classroom announced the release of a new generation of online education products, and began to explore “local online courses” to realize online courses localization, localized enrollment, localized services, local high-quality teachers, in order to continue to improve online education products, teaching and services .

In addition, Gaotu College for online learning for adults currently has a number of online courses in the fields of language training, financial education, public examinations, business management, study abroad, and study promotion.

Chanel loses a trademark dispute with Huawei, the court: the signs of the two sides are different in the direction of the semicircle, there is a difference in visual difference

Recently, Caijing Life was informed by the BBC that the French luxury brand Chanel had lost a trademark dispute with Huawei.

It is understood that this dispute began in 2017, when Huawei applied to the trademark agency the European Union Intellectual Property Office (EUIPO) for approval to register its computer hardware trademark, which is composed of two vertical semicircles intersecting.

Chanel objected to this, saying the design was similar to its “double C” trademark. Since then, the Trademark Office rejected Chanel’s objections in 2019, saying that there are no similarities and it is unlikely to cause confusion in the public mind.

Subsequently, Chanel again challenged this ruling in the Luxembourg court. The court rejected its appeal in Wednesday’s ruling and stated that the two signs have different semicircular directions and visually significant differences.

The Ministry of Transport confirmed that the allocation of budget estimates for the maintenance of the national railway system to the Vietnam Railway Administration is in compliance with the provisions of the State Budget Law 2020. Photo: VNA

Regarding the document No. 803 / BC-ĐS of the Vietnam Railway Corporation (VNR), make an urgent petition to the Prime Minister about problems in the management and maintenance of national railway infrastructure; In which, VNR emphasized that the difficulty of funding maintenance of railway infrastructure makes it difficult for the railway industry to stand by the end of April 2021, talking to the Vietnam News Agency on the morning of April 16, Mr. Le Hoang Minh, Director of the Department of Transport Infrastructure affirmed that the Ministry of Transport assigning the budget estimate for the maintenance of the national railway system to the Vietnam Railway Administration is in compliance with regulations. the current Law on State Budget 2020.

Specifically, Mr. Le Hoang Minh said that the Ministry of Transport cannot arbitrarily do any problems if it does not base on the current law provisions. The Ministry of Transport does not have to voluntarily assign it to the Vietnam Railway Administration because in the past (before 2018) when the Vietnam Railways Corporation was under the Ministry of Transport, according to the Law on State Budget, It is normal for the Ministry of Transport to assign the maintenance capital of VNR.

“However, when the State Budget Law 2020 came into existence to replace the old State Budget Law, and at the same time VNR moved to be under the State Capital Management Committee in Enterprises, the Ministry of Transport was only assigned capital to affiliated units. On the other hand, state budget capital is only allocated to specialized management units that the railway sector is assigned to the Vietnam Railway Administration ”, said Mr. Le Hoang Minh.

The Director of the Department of Transport Infrastructure affirmed that the Ministry of Transport is implementing the basis of Clause 5, Article 9; Clause 8 of Article 44 and Clause 1 of Article 49 of the 2020 Law on State Budget to allocate capital to the Vietnam Railway Administration. The Vietnam Railway Administration will then sign a contract to order the maintenance of the national railway infrastructure system with the maintenance units of VNR.

Mr. Le Minh Hoang added that in 2020, the above problem was also encountered when the Ministry of Transport could not hand over maintenance capital to VNR, so the Ministry of Transport and Vietnam Railway Corporation must have a written document. a report to the Government, then to the National Assembly resolutions on this issue; including the content of the Ministry of Transport assigning budget estimates to VNR as 2019 and earlier. In implementing the resolution of the National Assembly, the Government also issued Resolution No. 41 / NQ-CP dated April 9, 2020; including the implementation of the Resolution of the National Assembly. After this resolution, the Ministry of Transport has just assigned the 2020 budget estimate for national railway infrastructure maintenance to the VNR.

“Thus, the key is that if it wants to assign a budget that is different from the current State Budget Law, the agency that promulgates the law must issue a resolution on that matter and the Government must issue a resolution. decided to guide the implementation of the contents of the National Assembly’s resolutions ”, Mr. Le Hoang Minh emphasized.

Regarding the content of maintenance companies that are facing difficulties because they do not have maintenance funds, they have to borrow money from banks to pay workers’ salaries, Mr. Le Hoang Minh once again affirmed that the Ministry of Transport attended The budget estimate for the maintenance of the national railway structure system for the Vietnam Railway Administration is in accordance with the Law on State Budget and if the allocation of this budget estimate to the Vietnam Railway Corporation is inconsistent with the regulations. of the State Budget Law.

Returning to the story of the difficulties that 20 maintenance units of Vietnam Railway Corporation are facing, Mr. Le Hoang Minh said that before December 31, 2020, the Ministry of Transport issued a plan. general maintenance for the whole industry; including the railway industry. At the same time, at this time, the Ministry of Transport has also assigned a budget estimate to the Vietnam Railway Administration.

To implement this estimate, the Vietnam Railway Administration has invited 20 railway maintenance units to negotiate and sign an order contract, but so far these units do not sign a contract with the Vietnam Railway Administration. Male. The important reason that these 20 units cannot sign order contracts with the Vietnam Railway Administration is because the Vietnam Railways Corporation currently accounts for more than 50% of the equity in these companies. a member unit signing a contract with the Vietnam Railway Administration. This is the reason why the contract negotiation has been delayed up to this point.

“Thus, the information that the Ministry of Transport and the Vietnam Railway Administration do not assign the budget estimates to the VNR and its member units is not the correct nature. Currently budget estimates and maintenance plans have been built, funding for the maintenance of national railway infrastructure in 2021 is also under the management of the Ministry of Transport, which means money is ready to transport any. When is the time?

Sharing more, Mr. Le Minh Hoang said that the VNR gave the reason that the 2017 Railway Law stipulates a number of powers for the Vietnam Railway Corporation; including the authority to manage the maintenance of national railway infrastructure. However, it must be confirmed that before November 2018, when the VNR was still under the Ministry of Transport. However, when the VNR is no longer under the Ministry but transferred to the State Capital Management Committee in enterprises, and at the same time the State Budget Law in 2020 comes into being, then the new law must be complied with. Although the 2017 Railway Law is still in effect, the budget and financial matters must comply with the State Budget Law (general law) and the Railway Law 2017 is a specialized law.

Before December 31, 2020, the Ministry of Transport issued a general maintenance plan for the whole industry; including the railway industry. Photo: VNA

Previously, Vietnam Railway Corporation issued document No. 803 / BC-ĐS on April 12, 2021, making an urgent petition to the Prime Minister regarding problems in the management and maintenance of infrastructure. national railway.

According to the above document, VNR said that 3,143 km of railway nationwide are currently assigned to the Vietnam Railway Corporation to directly organize the operation, the collected funds are deducted from the state budget 20%, 80 The remaining% is the Corporation’s revenue which is used to spend on operations for the exploitation organization (labor costs, asset maintenance and maintenance …). The maintenance of railway infrastructure assets must always be associated with train operation because the plan for maintenance and maintenance of railway infrastructure assets depends on the train run chart (both running train and exam. railway infrastructure maintenance).

Document No. 803 / BC-ĐS of VNR also said that the project on management and use of national railway infrastructure assets, submitted by the Ministry of Transport to the Prime Minister up to now, still created a lot. intermediate management level, many administrative procedures in the management, maintenance and exploitation of assets. Especially, to increase licensing and approving subprojects (sub-permits) when proposing a mechanism for assigning maintenance cost estimates to the Vietnam Railway Administration. Because VNR said that the Vietnam Railway Administration is currently only performing the function of advising the Ministry of Transport, not managing the railway infrastructure, if the capital is allocated to this unit before allocating it to the VNR, it will slow down. Late maintenance, congestion.

Representative of the Vietnam Railway Corporation said that according to the annual estimate, the budget capital for railway maintenance is VND 2,800 billion, but so far it has not been assigned. Currently, 20 railway maintenance companies under the Vietnam National Railways Corporation, which are responsible for the maintenance of railway infrastructure systems, owe wages to workers for many months, and have not yet had funds to buy maintenance materials. maintenance …

This is not the first time that Vietnam Railway Corporation has called for help because of the slow allocation of maintenance capital. Before that, in early 2020, the railway industry also had to face the same situation when by the end of February 2020, the Ministry of Transport had not yet been assigned funding for railway maintenance. Then, to resolve this situation, the Ministry of Transport had to temporarily hand over the capital to the Railway Corporation after the Resolution of the National Assembly and the Government to place public service orders with 20 companies. under VNR to promptly ensure the safety of train operation such as maintenance, maintenance, patrol, guarding, signal information system … However, by 2021, the plan to allocate capital to any unit has not been remove.

According to the Vietnam Railway Corporation, the industry currently has 11,315 employees. In which, there are 1,241 workers in bridge week, road patrol, tunnel week; 915 workers indirectly perform the task of planning and cost estimating the maintenance of the works …; 6,278 maintenance work and quality management of maintenance work; 2,881 workers on duty guarding the crossroads to ensure the safety of the train./.