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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Review of large-scale summits:

Nirvana Rebirth-2020 China Equity Investment Annual Summit

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

Gathering Potential-2019 China Equity Investment Annual Summit

Capital Breaks-2019 China Fund Partners (GPLP) Summit

Return to Value Investment—2018 China Equity Investment Annual Summit

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

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

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

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

Annual list review:

Investor.com 2020 China Equity Investment Annual Series List Released

Investor.com 2020 China Fund Partners Annual Series List Announced

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

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

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

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

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

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

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

Seek coverage: yangqin6060 (WeChat)

Delivery BP: bp@wefinances.com

Opec Plastics Joint Stock Company, also known in English as Opec Plastics, is headquartered at 13th Floor, BIDV Tower, 194 Tran Quang Khai, Hanoi. The history of the enterprise stretches with important milestones since 2002 as follows: 2002 year Asia Plastic Factory was established and built in Nhu Quynh industrial cluster, Hung Yen province. 2004 Established subsidiaries, namely Dong A AID and Nam A AID, specializing in supplying raw materials for production and distributing products for Asia Plastics Factory. 2006 – 2008 Won Gold Cup for Vietnamese Products, Gold Cup for Environmental Protection, WTO-compliant Products on Intellectual Property, Competitive Trademark. 2009 Established Opec Plastic Joint Stock Company (Opec Plastics., JSC), acquired Asia Plastic Factory. Year 2010 – 2011 The company invests methodically with large capital, senior personnel from abroad, business strategy highly focuses on the value chain and supply chain of the plastic – chemical industry. Year 2012 Put the new factory into operation, in Pho Noi A Industrial Park, Hung Yen province, specializing in the production of export PE packaging. The company became a strategic partner of Dung Quat Oil Refinery, distributing most of PP plastic products for the Plant. 2013 With its position as one of the leading plastic enterprises in Vietnam, with professional management, Opec Plastic continues to expand production and business, create more jobs for workers, and ensure the living standards of the people. employees. Year 2014 to present As the Top Plastic Enterprise in Southeast Asia, the largest plastic resin distributor in Vietnam and Southeast Asia, Opec Plastics always strives to connect and support Plastic enterprises in Vietnam and in the world. world in order to create added value for the parties through win-win and sustainable cooperation. In addition, Opec Plastics is also known as one of the leading manufacturers of biodegradable packaging in the country. Opec Plastic Joint Stock Company is growing and expanding In addition to the head office in Hanoi, Opec Plastic Joint Stock Company also has representative offices and many logistics centers in 3 North – Central – South regions, and representative offices in the United States, Singapore, Indonesia, the Philippines, and China. Quoc, Dubai … have factories producing plastic packaging for export with a total area of ​​​​nearly 10 hectares in Pho Noi A Industrial Park, Hung Yen and at Km 56, Highway 5, City. Hai Duong. These achievements have helped Opec Plastics rank 40th in the Top 100 Largest Private Enterprises in Vietnam and 91st in the Top 500 Largest Enterprises in Vietnam in 2020. As can be seen, the business has completely confirmed it. Top position in Vietnam plastic industry in both depth and breadth. Branch system and factories of Opec Plastic JSC HANOI OFFICE at 13th floor, BIDV Tower, 194 Tran Quang Khai – Ly Thai To Ward, Hoan Kiem District, Hanoi. HO CHI MINH CITY BRANCH at Lot L12A-16, Floor 12A, Vincom Center Dong Khoi Building, 72 Le Thanh Ton, Ben Nghe Ward, District 1, HCMC. CENTRAL BRANCH at Building C1-13, Van Tuong Binh Son Urban Area, Quang Ngai. HAI PHONG BRANCH at Room 703, 7th Floor, LP Builing, No. 508 Le Thanh Tong Street, Van My District, Ngo Quyen District, Hai Phong City, Vietnam. FACTORY 1 at Lot 16, Street 206, Zone A, Pho Noi A Industrial Park, Dinh Du Commune, Van Lam District, Hung Yen Province. FACTORY 2 at Km 56, National Highway 5, Nam Dong, Hai Duong City, Hai Duong Province. How does Opec Plastic Joint Stock Company do business?Continuously increasing capital Formerly known as Asia Plastic Factory, established in September 2009, Opec Plastic Joint Stock Company, formerly known as Asia Plastic Factory, operates mainly in the field of manufacturing foam bags, plastic packaging, etc. plastic beads… with initial charter capital of 55 billion dong. This number is contributed by 3 founding shareholders, including Chairman of the Board of Directors and General Director Dinh Duc Thang (VND 30.25 billion); Mr. Nguyen Minh Tu (19.25 billion VND); Mr. Nguyen Duc Ha (5.5 billion VND). Up to now, through many capital increases, the charter capital of Opec Plastics has increased to VND 550 billion, 10 times higher than before. Total assets by the end of 2019 of Opec Plastics reached VND 7,210 billion, nearly double that of the end of 2016. Equity even reached VND 675 billion at the end of 2019, an increase of more than 8 times in the period. this time. With the ratio of liabilities to total assets regularly maintaining over 90%, most of Opec Plastic’s assets are still financed from debt capital, although this debt ratio is showing signs of decreasing. The business results of Opec Plastics are also significantly affected by the use of high leverage. Revenue far exceeds many “big guys” in the plastic industry Opec Plastic’s revenue grew strongly in the period of 2016-2019 during the expansion process, sometimes reaching double the figure of Tien Phong Plastic (code NTP) and Binh Minh Plastic (code BMP) combined and high much higher than the target of An Phat Xanh Plastic (code AAA), these are all “big guys” in the same listed plastic industry. Specifically, in 2019, Opec Plastics grew 11.5% compared to 2018 when it recorded VND 16,162 billion in revenue. The record revenue that An Phat Xanh Plastic, another big player in the industry, achieved in 2019 is 9,258 billion VND, which is only about 57%. Profits eroded by leverage In 2019, net profit decreased by 64% compared to the previous year when this business only earned 37 billion dong in net profit. With 1,000 dong of revenue, it brought in just over 2 dong of profit, equivalent to a net profit margin of only 0.22%. Profit margins of Opec Plastics are only low because profits cannot keep up with capital raising process. In 2019, the return on equity (ROE) was only approximately 5.5%, and the return on assets (ROA) was only 0.5%.

Of course, London is one of the cities with the most “luxury” real estate prices on the planet, so it’s not difficult to understand, when a house costs several billion dong even though its area is very small. Recently, the real estate floor in London for sale a micro house in Wales with a width of 2.1m, with a total area of ​​​​less than 11m2. Here are a few pictures of a small house with a “super huge” price: General structure of the whole house. The house has a lounge, kitchen, 1 bedroom and bathroom, 1 stairs leading to the first floor – where the bedroom and bathroom are. Everything in the house is cramped, but the house has a parking space outside the front door. From the outside, the apartment is small and pretty. The small house is sandwiched between two massive houses and hidden behind a garden, so most people don’t see it from the outside. The ground floor of the house can be extended for more living space, while the kitchen and dining room are in a small area. Classic small bathroom with simple design. The inside of the house is quite old, the paint has peeled and yellowed. The small space, smart design of the house has attracted the attention of many people. Despite its micro size, this property has quite a lot of potential as it is located in the luxurious Mumbles area on the outskirts of Swansea, South Wales. The Halifax House Price Index shows that the average house price across the UK in April 2021 stood at £258,204 (about VND 10 billion per unit), up 8.2% year-on-year and up 1.2%. 4% compared to March 2021. After 10 years, real estate in London has grown by 86%. On a quarterly basis, house prices in the most recent quarter (February-April 2021) increased by 0.9% from the previous quarter, corresponding to the quarter from November 2020 to January 2021. According to the latest figures from Rightmove, the average selling price of a property in London is currently £604,000. In Haringey, north London, the asking price for the median home rose 10 per cent to an average of £636,000. In Bexley, on the Kent border, Richmond on the Thames, Kingston on the Thames and in the deepest south-west London, have all seen price increases of just over 7 per cent over the past year, to £433,659, £846,164 and £634,482 respectively. The suburbs are the places where the price increases the most, because buyers want to expand more living space and the house price is suitable for their financial ability. Explain (Source The Sun)

Huawei is about to launch P50 with a super zoom camera. Photo: Huawei Huawei has introduced the new HarmonyOS operating system and will be updated for all smartphones in the near future. Currently, more than 100 devices globally have received the new operating system, including tablets like the MatePad Pro. This is a big change for Huawei when Google’s Android operating system has become unusable because of the US government’s ban. HarmonyOS will come to Mate 40, P40 and Mate 30 series, older models like Mate 9, Mate 10, P20 and P10 will receive the update in the first half of next year. In the introductory video, Huawei has revealed the high-end flagship P50 with a beautiful design, adding a unique camera array. HarmonyOS is equipped with four camera lenses, along with two flashes, but there are no specifications such as the number of megapixels or sensor size, but only Huawei is working with Leica in the field of optics. Users hope for the improvement of the periscope telephoto lens like the P40 Pro Plus. Huawei says that it will take photography to the next level on the P50 with the increased camera size to be able to add larger sensors and lenses. Richard Yu, Huawei’s CEO, said that the P50 will have an iconic slim and light design and it will likely ship with Huawei’s new HarmonyOS operating system built in. Huawei has not said when the P50 will be released, but will try to make it available to consumers, as Huawei, like other technology companies, is currently suffering from the shortage of quality supply. Semiconductor.

Lungfish (Scientific name is Salamanderfish) is a freshwater fish famous for its ability to live on land. They can live for months without swimming around in the water, even years. The reason is that, with normal fish, the bubble is the part that helps the fish keep balance when swimming. But in lungfish, the bubbles develop into lungs to take oxygen directly from the air. Their fins also gradually change into swimmers. In the presence of water, lungfish swim normally, eating fish and small crustaceans. When the dry season comes, these places run out of water, lungfish will burrow into the mud by eating mud with their mouths and then excreting through the gills. When they reach a sufficient depth, they secrete mucus through their mouths to harden the mud, forming a cocoon around it. The mouth of the fish is the only part that is exposed to the air. Electric eel (electric eel) is a dangerous “water monster” in the Amazon River. They have a special ability, which is to generate electric current from cells called electrocyten located on the side. This current can reach 600 volts, enough to knock down a horse. Many electric shocks from this creature can cause heart attack or respiratory failure in humans. When attacked by electric eels, normal people will be stunned and drowned. Electric eels locate their prey by generating 10 volts of electricity before stunning them and killing them with stronger currents. Clownfish (clownfish) has an orange body with three white stripes. Most of them live in shallow waters in the Indian Ocean, the Red Sea and the western Pacific Ocean. According to the Mother Nature Network, clownfish are hermaphrodites with the ability to reproduce like both males and females. An interesting fact is that up to the right size and condition, clownfish will have the ability to change sex. Specifically, in a school, only the two largest clownfish are responsible for the reproductive function, they are the only couple in the school. If the dominant female dies, the male leader will change sex and become a breeding female. The second largest male will quickly develop into an adult male to pair with a new female. Siamese fish is one of the popular fish in Thailand. Possessing a variety of colors and beautiful round fins, Siamese fish are loved and kept as pets by many people. Besides the colorful appearance, Thai Siamese Siamese fish is also impressed by its unique ability to change color. The color of this fish’s body will change according to the environment, even if their mood is not good. Siamese fish is also known as an intelligent fish. They can be taught to swim with their fingers or push the ball into gold. They are also known to be aggressive and are often used in “fish fights”. Barrel eye fish (Scientific name is Macropinna Microstoma) is a strange fish with tubular eyes, located on the inside of the head and protected by a transparent shield filled with liquid. Their eyes are sensitive to light and contain a green pigment, which helps the barreleye fish to survive in the deep sea when hunting and hiding from predators. These eyes are even rotatable, allowing them to look straight ahead or look up to see everything overhead. The barreleye fish lives in the deep seas of temperate and tropical regions of the Atlantic, Pacific and Indian Oceans. They spend most of the day maintaining a fixed position in the water thanks to their large flat fins. Devil face fish Verrucosa , also known as coral fighting fish, are commonly found in coral reefs under Australian waters. Their bodies can be up to 50 cm long and possess 13 venomous spines on their backs. The venom of the devilfish can cause heart failure if humans accidentally touch its venomous spines. In addition, the devil face fish also has a large body, many fins on the back and rough red-brown patchy skin like rocks. Taking advantage of this advantage, they often hide in coral reefs to hunt. After identifying its prey, it launches a bite in just 0.015 seconds to swallow the opponent.

Many mothers after giving birth to 2 children often feel that they have aged a lot in both appearance and personality. Why is that so? First of all, we need to understand that giving birth consumes a lot of energy from a woman’s body. The body is depleted of energy very easily aging. During pregnancy and childbirth, the mother needs to consume a large amount of energy. Sometimes, your daily diet doesn’t provide enough of this energy. Therefore, many mothers after giving birth to a second child become old and weak because of losing too much energy. And there are also many mothers who give birth often gain too much weight, their bodies are bulky, especially their fat waist, belly, and back also make them look old. Most mothers give birth to a second child when they are in their 30s or older. At this time, their body’s metabolic ability is lower. Therefore, they also suffered a decline during this time. Secondly, after giving birth to the second child, the mother’s mentality changes and becomes more mature After the birth of their second child, many mothers begin to have new understandings of their roles. They even automatically classify themselves as older women than other women. They began to change the way they dress to be age-appropriate. After giving birth to the second child, many mothers will not pursue the youthful style anymore. In addition, to raise two children, a mother needs to put in more effort and under more pressure. For two children to grow up to be human, the mother will have to work harder to work, earn money and take care of both children at the same time every day. A mother has to sacrifice a lot of time, money and energy for her children. Mothers who spend too much time and energy on raising children often do not have time to take care of themselves. That is also the reason why their beauty fades over the years, not as young as before. Quynh Trang / According to Sohu

The 75 meter high eucalyptus tree includes 165 steps to challenge Australian adventurers Many visitors describe the experience of climbing the 75-meter ‘Dave Evans Bicentennial’ ancient eucalyptus tree as intimidating. Of course, the trip is not for those who are afraid of heights. Around the tall tree, people plug 165 ‘stairs’ which are iron stakes attached to the winding tree trunk. The Dave Evans Bicentennial eucalyptus tree, located inside Warren National Park, near Pemberton, West, is Australia’s highest fire observation site. The first time people inserted iron steps into a tree trunk was in 1988, marking 200 years since the arrival of British ships in Sydney in 1788. Now, this giant tree has become an attraction for adventurous tourists who want to conquer the towering tree and enjoy the panoramic view of the green national park. Adam Scott, a TikTok user shared a video of his recent conquest of a giant tree. According to Adam Scott, the only way to go up is to step on a series of iron bars hammered into the side of a tree more than 30 years ago. Adam Scott, who owns a TikTok account with more than 28,000 followers, said: “This is definitely Australia’s scariest attraction. This thing is so sketchy, how have they been around for so many years. “. In his first conquest, Adam Scott climbed to a height of about 25 meters above the ground. There are no seat belts or any instructions. On the way to climb the tree, there will be only you and the space seems to have no end under each iron stake. “If you fall, there won’t be anything to support you,” says Adam Scott. On the TripAdvisor page, many tourists who have joined the journey share that ‘if you are a thrill-seeker, you will love this adventurous tree climbing trip’, ‘Tree climbing is a great experience but sure. Not for the faint of heart’, ‘The distance between the stakes is very large so be careful’, ‘Although the distance is very large and 75 meters high, no one has actually died while climbing a tree’… To participate in this unique experience, you need to buy a Warren National Park pass, 12 USD, or about 276 thousand VND per vehicle, at the Pemberton Visitor Center. Then, traveling by car for about 15 minutes, you will see the old Dave Evans Bicentennial tree.

Elephant Mammoth Columbia Voi Extinction time: 11,500 years ago Living area: America and Mexico Illustration. Elephant Mammoth, you probably already know. They are huge, have long fur and a pair of huge tusks. They appear in many pictures, documentaries, movies. However, here we are talking about the Columbian Mammoth elephant, which is a relative of the long-haired but larger Mammoth. A Mammoth Columbia can be from 3.7 to 4.2m tall, weighing from 5.5 to 11 tons. Their tusks average 3.7m long, the largest of the elephant family and extremely strong, used to handle any carnivores that dare to come close. Prehistoric people, of course. Lazy land Extinction time: 4200 years ago Living area: South America The sloth is a lovely, harmless creature. The Megatherium is also a sloth, but it’s not like the slow, bully sloths you’re used to seeing. Megatherium also does not live on trees, because no tree can withstand its huge body. Megatherium has several subspecies, the smallest species is as big as a rhinoceros, and the largest can weigh up to 4-5 tons when mature, equivalent to modern African elephants. They can be up to 6m tall, similar to giraffes when standing on 2 legs. In addition, they also have a set of super-large claws used to slap the mouth of any carnivore. The ground sloth finally lived peacefully on the islands of the Caribbean, until about 4200 years ago, when the “species that everyone should fear” set foot and drew an end to the sloths walking on the face. land. Orangutan Gigantopithecus Extinction time: 100,000 years ago Living area: Mainly in Southeast Asia Gigantopithecus was a close relative of modern orangutans but was much larger. They can be 3m tall, weigh up to half a ton and are the most massive primates that have ever walked the Earth. If you need a clearer picture to visualize the size of a Gigantopithecus, check out the cute giant orangutan in The Jungle Book. But that’s in the movies, who knew what such a huge beast could do to a small human? Gigantopithecus went extinct with the main cause not being human. The fact that they are large also means that they need a lot of food to survive. However, about 100,000 years before the climate changed and the forests of their homeland – Southeast Asia – became savanna, Gigantopithecus simply “flies” because there is not enough food. Cave hyena Extinction time: 11,000-13,000 years ago Living area: Europe If you often watch documentaries about wildlife in Africa, such as the Diary of the Cat Family, you are probably familiar with spotted hyenas. These guys have a lot of bad reputations. They are cunning, reckless, attack in herds, scavenge for prey of other species such as leopards and lions or even enter villages to capture children. However, spotted hyenas are still not comparable to their ancient relatives – the cave hyena. Cave hyenas were twice the size of modern spotted hyenas, weighing on average 130kg, 90cm high and 1.5m long. They have extremely strong jaws, enough to chew the bones of their prey. Calculations based on fossils show that a cave hyena can easily kill a small elephant weighing about 1 ton. But that’s not enough to say how scary they are. They still live in groups of about 30 to help hunt more effectively. However, with our ancestors, they are not easy to touch. Cave hyenas became extinct somewhere between 11,000 and 13,000 years ago. The main cause is believed by paleontologists to be that prehistoric people took the caves for shelter during the Ice Age. Sword tooth tiger Extinction time: 10,000 years ago Living area: All Americas The saber-toothed tiger sounds like that, but in fact, they don’t have a close family to the tiger. Most saber-toothed tigers became extinct before modern humans appeared. However, there are still a few that can encounter humans, such as Smilodon populator and Smilodon fatalis. In which, Smilodon fatalis is as big as an African lion, and Smilodon populator is bigger, as big as a Siberian tiger (about 350kg). According to the calculations of paleontologists, saber-toothed tigers have rather weak jaws, the bite force is only about 1/3 of that of modern lions. However, in return, they have other things. In addition to their trademark long fangs, saber-toothed tigers also have extremely muscular forelimbs, the strongest of the cat family to assist in capturing prey before slicing its throat with long scythe-like fangs. Another theory is that they can use these fangs as knives to “skewer” their prey to death. But no matter how they killed their prey, a prehistoric human would surely explode if caught by it.

The survey was conducted in Hanoi and Ho Chi Minh City with the access facilities being pharmacies and hospitals – where the majority of people go first when they have health problems and functional food trading/manufacturing companies. The survey and data processing was conducted from January 2019 to October 2019. Pharmacist Phan Ke Son in the laboratory for the production of purple tricolor nano. The research team surveyed patients or people at high risk of osteoporosis such as the elderly, pregnant women,… living in Hanoi or Ho Chi Minh City; conduct random selection so that there is 1 pharmacy/hospital for each district, then for each pharmacy/hospital, interview 5-7 customers who agree to participate in the study to ensure 40 customers answer interview. The survey subjects are also representatives or people/units producing/trading functional foods in Hanoi or Ho Chi Minh City… The survey aims to find out the supply capacity of manufacturers as well as to find out the competitive market, price and technology of products to support osteoporosis prevention from Quang Ninh three purple sizes, and at the same time, research on the production of products to support osteoporosis prevention. This allows to find out the possibility of providing products to support osteoporosis prevention and the need for technology to manufacture products to support osteoporosis prevention, in order to determine the ability to supply products in the market and search for potential partners. partners wishing to transfer technology to produce products to support osteoporosis prevention. The survey results show that the companies participating in the survey 100% have not yet produced/traded preparations from three sizes of purple, 70% of the companies want to participate in the production/trading of products from three sizes. Violet. In which, 57.2% of companies have production plants. The number of production and research people in the company is less than 50, accounting for mainly (85.71%) and the product production capacity in 1 month is 10,000 products is the highest (57.15%), so the company has equipped and invested in modern and large-scale facilities to serve production. Quang Ninh purple basil tubers. In which, about 55% of companies are expected to supply the market with > 10000 products/month, 20% supply the market with 5000 – 10000 products, the proportion of products that can be supplied to the market is very high. large and the desired cost for a product is 100,000 VND (60%). The price of 100,000 VND belongs to the mid-range segment, everyone can afford the drug. Companies that plan to sell on all channels: retail, online, wholesale, etc. account for the majority (40%), Products sold through stores (directly to consumers) and sales channels. The odd ratio is 15%. Thus, the products of the companies are sold to the market in a variety of channels so that they can reach the people who need to use the products. “Through the survey, we see that the potential for production/business to supply the Quang Ninh market with three size purple products is very large when currently no company/business unit has any products. about three Quang Ninh purple sizes while they have all the conditions for production / business to promote products about Quang Ninh purple products to supply the market in quantity “- Pharmacist Phan Ke Son shared.

Skylights have the effect of taking in light and convection of air. (Illustration) As an indispensable space for a modern townhouse, the skylight has the effect of bringing in light and convection air. In addition, the area of ​​​​the skylight is also an ideal place to decorate the small landscape, helping the homeowner add more beauty to the house. Forest miniatures Trees are always the optimal choice when decorating skylights. Planting trees in this area is very easy to rot because of weather conditions, so homeowners should choose plants that are easy to live, do not take much care. To make the green landscape more natural, homeowners can combine it with stones, gravel or other garden decoration materials. If the small landscape design in the skylight is a tree population, the trees should be arranged into three floors. (Illustration) Trees should be arranged according to the principle of three tree layers. Large tree used to create a common theme. The second tier are plants that are shorter and thinner than the host plant. The bottom layer is the trees as the background, the shape needs to be smaller and thinner. When creating forest miniatures at skylights, homeowners should pay attention to the contrasting relationship between trees, such as between sparse and dense; between focused and discrete; between big and small; between host and guest; between competing and yielding… to create a natural tree population. Contrasting relationships between trees in the population should be noted. (Illustration) There are differences in morphology, living conditions as well as care among varieties, so if you want to be effective when designing forest miniatures, homeowners should plant trees of the same species. Small scene of cactus On the market today there are many types of cacti such as grandfather cactus, rabbit ear cactus, dragon fruit cactus, fox tail cactus, melon cactus… each type has its own characteristics in shape, color and flower . The cactus in the skylight is usually designed in the style of a flower bed. (Illustration) Cactus flowers in a very diverse cycle that no other ornamental plant has. Ornamental cacti are selectively bred and tamed for a long time. The appeal of cacti is easy to graft, rich in shape. Small landscape cactus in skylights are often designed as flower beds, depending on the size of the skylight, choose the appropriate number of plants. The front row chooses small plants or creeping plants. In the back, choose taller trees, not necessarily in rows. Sometimes a tall cactus is enough to make a fancy miniature. (Illustration) No need to arrange much, sometimes a tall cactus standing alone also makes a fancy miniature. Note when choosing cacti for beauty, homeowners should use light-colored bricks in the skylight area. Small rock scene Stone miniatures are a very popular style of skylight decoration in Western countries, especially with large-area villas. Natural stones, artificial stones are arranged alternately with plants that will create vivid miniatures. Stone miniatures are very popular in Western countries. (Illustration) When designing a rock landscape, homeowners can combine waterfall decoration with vines, ferns or flowers. With the shape of a small stream, it is possible to combine aquatic plants such as reeds, reeds, water bamboos. To create natural beauty, you should choose rocks with rough surfaces, rough edges, and more valuable moss or lichen. Note that one stone must be used and when stacked, it must be shaped like a natural joint. Small rock landscape combining waterfall, vines. (Illustration) In case the space is not large enough, where it is not suitable to arrange a rock garden, a stone wall as a background for climbing plants is a suitable idea. Note when choosing stone materials, such as display stones, you should choose pebbles, granite, slate…, planter stones that use permeable stone. Stone shape also depends on the function, such as stone for wall or embankment should choose rectangular block stone; waterfall stone used flat type (to create water shelf) combined with cobblestone for stream wall; block stones for stream banks; stone for bridge should use block stone to build foundation. Ceramic miniatures In interior decoration and especially at skylights, ceramic miniatures have created a new and attractive style when bringing an idyllic beauty, rough but bearing the breath of the village. There are many types of ceramics commonly used for display such as ceramic paintings, vases, decorative motifs, etc. The ceramic vase itself is a work of art. (Illustration) Ceramic vases are inherently works of art. Long-necked vases, tall tubular vases, “big belly with tight mouth” vases, combined with other materials such as silk, beads, rattan. If you know how to coordinate with plants, the decorative value of pottery will be higher. Choosing ceramic surface material depends on the design style of the house. With a modern and youthful home style, it is advisable to decorate ceramic vases in a disruptive style, with hot colors and strange shapes. The jars and jars are suitable for traditional tropical style houses. Phuong Anh (synthetic)

Recently, 63 institutions including CITIC Securities and China International Capital Corporation (ZFZJ.CN) focused on investigating the licensed payment institution Lakala. Chairman Sun Taoran and the new general manager Chen Lie received a reception. During the exchange session, Sun Taoran targeted Digital currency, SaaS, payment rate, local push staff cost Responded to hot issues. There are investors asking questions, Please analyze, for example, within two to three years, where are the huge business opportunities for large-scale implementation of digital currency? In response, Sun Taoran responded: “About the new payment form, we talked about two sentences. First, it will change the payment pattern. Second, it will have an impact on the business format. In the era of digital currency, It will change the position and voice of the acquiring side in the payment industry, including Lakala. For business, it will give birth to many possibilities. After the digital renminbi comes out, all these things may have some changes, which will bring There are many business opportunities. As we just mentioned, in the supply chain, in the clearing and payment between wholesalers at all levels, it is very likely that digital currency will have a very big advantage, and digital currency may also create many other New things, because the entire digital currency is paid by you and all the information is recorded as a record. When we look forward, we can at least see these.” In 2020, La Cala’s performance continues to grow steadily. The annual net profit attributable to the parent is 931 million yuan, a year-on-year increase of 15.43%. From 2015 to 2019, La Cala’s net profit in the first five years has increased by more than 30%. From 2015 to 2020, the compound annual growth rate of net profit reached 50%, and the gross profit margin has remained high at 41%. In terms of strategic planning, Lakala disclosed that the deployment of digital currency and cross-border payment has achieved remarkable results, and the payment ecosystem is taking shape. It is building a technology platform to provide SaaS to enterprises and financial institutions and reconstructing new retail with full supply chain services. By 2023, La Cala will be established “ Payment, technology, new retail “The multi-dimensional merchant service system has achieved one of the best payment scale industries, the first echelon of cross-border payments, the best industrial Internet technology platform industry, and the top three in the new retail industry. Payment ecology , La Kala disclosed that the basis of La Kala payment is the “payment ecology”. By giving full play to the first-mover advantage of digital RMB, iterating payment tools, upgrading the payment industry ecology, and improving La Kala’s merchant structure, forming Merchants, users, banks, expansion agencies, promoters A widely connected ecology. At present, as one of the first two payment institutions to sign a strategic cooperation agreement with the Central Bank’s Digital Research Institute, Lakala has the ability to fully accept digital renminbi transactions. Digital renminbi is a national strategy, and the iteration of the payment method itself will give birth to new businesses. Opportunity, Lakala, as the first batch of in-depth participants, will undoubtedly reap more development dividends. Cross-border payment business will further broaden the scope of merchant services, and the expansion of merchant services will make it possible to implement value-added services. Technology , Lakala disclosed that with payment as the link, technology as the platform, through SaaS and various systems Financial institutions, banks, people, goods, markets All parties are connected to meet the needs of every piece of the ecology by generating data and risk control to help everyone make money. At present, Lakala’s technology SaaS includes corporate SaaS, merchant SaaS, cross-border e-commerce SaaS and financial institution SaaS. Through SaaS services, it covers corporate fund management, account management, risk management, and collection of ordinary merchants and cross-border e-commerce. Optimize various value-added services such as, marketing, operation, etc., and optimize the acquiring system and risk management system of financial institutions to better serve the small and micro merchant groups. New retail , La Kala disclosed that the deep integration of technological services and payment ecology has made the merchant service system more comprehensive and efficient, and the emergence of new retail business has given La Kala merchants more room for service. There are currently 144 million Chinese companies, 12 million retail merchants, and more than 4,000 banks. Lakala has built a business service system of “payment, technology, and new retail” to match the commercial value generated by the closed-loop ecosystem built by all parties. Lakala entered the third-party supply chain platform business market at the end of 2020. In the early stage, samples have been sampled in multiple cities to provide high-quality sources for retail stores, and further promote the in-depth coordination of payment business, supply chain, and technology services. The current market penetration rate is close to that of peers. 3-year level. Attachment: Communication link (Q investor, A chairman Sun Taoran) Q: The 2020 annual report has a more detailed explanation of the operation of digital currency, and also said that there may be an investment of 500 million yuan in the promotion of digital currency in the future. Can you expand or give an example to explain in detail, for example, how our digital currency is connected to the interfaces of various companies. In the future, in the process of using digital currency, how we will do business with UnionPay, or the apps of major banks. Okay, or other institutions that have the ability to act as a digital currency can generate synergy, or they can get more market share. A: Digital currency. In fact, the company established a special department more than a year ago, and a lot of people are participating. However, because this involves the overall progress, it has not been disclosed to the outside world, which is also a requirement of strategic partners. We only announced the strategic cooperation agreement when we entered the pilot program. The investment of 500 million yuan is only our first phase of the plan. In the future of digital currency operation, there are several things that can be seen. The first thing is that all places must be able to use digital currency, just like bank cards and scanning codes back then. When everyone has a digital currency in the future, all the acceptance links will become an acceptable digital currency. This is what we will see in the future. The country’s promotion of the issuance of legal digital currency means that all places that scan codes must be able to accept digital currency today. This is a very big thing to do. This thing requires technical capabilities and system capabilities to be connected. This is the transformation of the business side. The second thing is that from the issuance of digital currency to the circulation and promotion, tens of millions of merchants must be connected to the platform that receives the payment to help merchants quickly acquire the ability to accept digital currency. In the future, there will be many commercial banks. At present, more than 4,000 small and medium banks and rural credit cooperatives do not have the ability to accept digital renminbi. They have to connect with digital currencies. Lakala can provide them with digital renminbi interface services and include An aggregate payment solution within the digital renminbi. Therefore, in the future market of La Cala, we may not only cooperate with merchants, but also provide services for financial institutions and other institutions. The third is to cooperate with our current pilot projects and promotion. For some key points, such as the Winter Olympics, we will do more hands-on activities in advance. These three aspects are foreseeable. For example, in the new retail platform, such a multi-level B2B is the payment from the enterprise to the enterprise, and the multi-level payment at the distribution level. If each level pays a payment fee, even one thousand five or one thousand three. Very high numbers. It is possible that after the emergence of digital currency, through the SaaS system docking, it may be possible to greatly reduce the payment cost. These new innovations are also what we want to do. Q: The company’s logic is very clear. From the small high-frequency payment as the traffic entrance and the SaaS+ stickiness as the channel to improve user retention, it actually falls into the new consumption. The SaaS market is a hot spot for everyone. Can you expand it and share it with us? In fact, SaaS will face, it may be divided into large customers, medium-sized merchants, and small customers. In fact, the three types of play and logic are completely different, because the larger the customer, the higher the customer unit price, but the churn rate is relatively low, but its customization needs There are more, it may be heavier to do, and it may be biased towards the logic of traditional software. However, the small customer may seem to have a low unit price, but the quantity will not be large. This may have a certain relationship with the company’s strategy or thinking. I don’t know how the company considers this in the future? Can you share with us? Thank you. A: We use small high frequency as the entrance, use SaaS + stickiness, and finally enter the new retail and new consumption field. SaaS We form a product system by investing in kilometers, plus our own accumulation in the past. The key to SaaS is the core function, because SaaS is just a payment method and an interactive method. It is a software-as-a-service method. The core depends on your function. What we do is to implement all the functions in the entire link of B2B, cloud stores, and cloud procurement in e-commerce, from the manufacturer to the end user, in the past eight years. For Lakala, the kilometer is equivalent to a semi-finished factory. There are all the accessories in this factory, which can be combined into any product. Lakala combined one thing, which is the system for offline retail stores. We docked the B2B on the cloud shop, docked cloud procurement, a series of functions, and then grafted our original accumulated functions, making this SaaS for the small shop, a user name and account can be used. But after all the data running on this, the payment is no problem, then you have to escrow, the bank can also evaluate your credit, or escrow, and bring the goods at the same time. This is our entry point. At present, the optimization problem of the supply chain must be solved. So our slogan is “good goods”, let it be good goods, more categories of goods, more good price goods, more money, this is what Lakala has to do. Q: If the digital currency level is implemented, we call it a new level, a new payment medium. So in the case of the second payment medium, the future is nothing more than establishing an ecosystem, whether it is a small cloud store or the supply side, or even the demand side. Please analyze, for example, within two to three years, where are the huge business opportunities for large-scale implementation of digital currency? A: Regarding the new payment form, we talked about two sentences. First, it will change the payment pattern. Second, it will have an impact on the business format. In the era of digital currency, the position and voice of the acquirer, including Lakala, in the payment industry will be changed. For business, it will give birth to many possibilities. After the digital renminbi comes out, there may be some changes in all these things, which will bring a lot of business opportunities. As we just mentioned, in the supply chain, in the clearing and payment between wholesalers at all levels, it is very likely that digital currency will have a very big advantage, and digital currency may also create many other new things, because The entire digital currency is paid by you and all the information in the entire process is recorded as a record. If we look forward, we can at least see these. Q: Payment is such a high-frequency application to provide more diversified corporate services to small and micro merchants. What is the key difficulty in the turning point? A: If only payment services are provided to merchants, in fact, the substitutability is still relatively large, but there is still the value of brands and services, and the brands and services themselves are also competitive in payment. After the “96 price reform” , The payment fee rate is going down, but Lakala’s market share is expanding, and profitability is improving, which is to concentrate on the head. If we superimpose it in addition to payment, and reach the merchant’s cash register and reach its shelf, the stickiness with the merchant will increase a lot. In fact, Square in the United States follows this model, which is to enter the cashiers and shelves of merchants. This is from our perspective. The merchant’s point of view is that when we provide these services, we have two benefits. The first one might be more SKUs and better prices. The second and more important thing is that when it puts its sales data, invoicing data and payment data on my platform, we can help it sort out its credit, which was originally unable to borrow money. Enterprises, cooperative banks can lend it to them. So merchants also have this kind of demand. As for why Lakala can do this? We currently include people who may certainly rely on ourselves in the cloud shop in the future. The number of expansion data for a single person and a month has reached more than 20. Why is it that local push is our business? To push this matter, it has a few data to calculate. The first is whether a local pusher can support himself, whether you can increase your monthly sales, the gross profit you earn, and whether you can provide your own salary. This will be a number. For example, if you develop X home in one month, you can support yourself. Second, can it feed the branch company? This branch company has amortized all its costs, so once everyone may assume that the first number is 8 and the second number is 15 for a month, the output per capita reaches 15 At home, this branch is break-even. Third, can you feed the headquarters? That number may be 25. When the per capita production capacity reaches 25, you can feed the headquarters, break even, start making profits, and repurchase. A lot of our data shows that each store purchases a larger amount and quantity in the second and third months. The good news is that our two-month per capita output is in the 60-point supply chain and 80-point system, and the per capita output exceeds 20 companies. For us, we know very well what it is. If this data can be maintained, and if our repurchase data can be maintained, we will look at it for another three months. If these numbers can be maintained, it is very likely to be in this area. We will make progress very quickly. Q: Now the concentration of the entire third-party payment is increasing. However, this rate may actually have a gap of more than 5 times compared with overseas Square. Do you think the rate gap will gradually stabilize through the increase in concentration in the future? The second question, maybe everyone is also concerned that in the context of digital renminbi, it can be anonymous. Will this bring some challenges to our acquiring business in the past? For example, whether the entire market capacity will shrink, the currency may be transferred directly through offline transactions, and it is no longer necessary to complete this liquidation through a third-party acquirer as it is now. A: Of course we hope that our rates are the same as internationally, but the reality in China is not like this, and under such a reality, the entire ecological development is now the best in the world. So I personally think that the matter of rates is a bit like the secondary stock market. The important thing is not how much you buy, but how much you sell. The difference between your buying and selling is what you earn. Therefore, for Lakala and for the acquirer, the important thing is that the space between the cost charged by the merchant and your cost is important, so it affects your income. So if it drops year-on-year, then your space will not change, or if the bottom drops more and the top drops less, your space will increase. This is an understanding of the rate, that is, you cannot look at a value in isolation , But should look at the space between them. Well, when the space is not as big as overseas, for example, what matters is the business management ability and scale effect, which will promote concentration. When this space is large, you may be able to make money by doing 100,000 merchants. But when the space is compressed, companies with less than 1 million merchants or less than 5 million merchants will have been squeezed out, and the rest will be more and more concentrated in the head. Therefore, such a situation is actually beneficial to La Cala. In the past two or three years, in fact, with the downward trend of rate competition, La Cala’s market share and profitability have been expanding. The latter question is the question of the transaction method. The merchant’s demand for payment is not just about swiping the card, you give me the money. It actually has a variety of needs. For example, the first is the need for account reconciliation. For merchants, he has to reconcile the accounts. Every transaction cannot be wrong. All transactions today cannot be wrong. There are errors in handling. There are also many payment-based requirements. These are not offline transactions, which can be solved by handling them yourself. It’s just a form of transaction, and it’s still a relatively small form of it. But behind this form, the entire other merchant services cannot be replaced. We have encountered this kind of merchant, he is willing to accept a payment institution, he is not willing to say that he accepts this and that. Because for him, if 200 goods are sold today, these 200 goods come from four payment institutions. For him, it is a huge workload. He is completely unable to make statistics on today’s sales, purchases, etc. A series of things. A company we invested in has done a lot of services in this area, such as a platform-like SaaS product-Qianacantong. Merchants are willing to treat you only. On this platform, I will clarify all your acceptance methods and needs. . Q: Let me ask again. For example, some customers just want to say that you provide streamlined services and transaction services, such as some newsstands. A: It’s just that you can complete the transaction. There are actually very few such merchants. Not at newsstands. When you buy a newspaper, he takes a small book and writes it down, which magazine you sell, how much money you receive, and takes a small book to keep track of, and then when you receive RMB, small merchants also take it. In a small book, write down how much the buns are, and how much is it. In fact, what payment institutions help merchants do is not just collecting money. After we gave him the cloud shop system, in fact, his ERP and CRM are all in it. For him, after every shipment comes in, it sells. How much we go out, how much we have left, and whether to purchase goods, have all been realized on IT. In fact, this is the impact of technology on business. This impact was originally provided by an independent SaaS company, but now it is only carried in with the service of Lakala payment.

On April 29, at the Van Xuong spacecraft launch center in Hainan province, China successfully launched the first module of the Tianhe space station with the Truong Chinh 5B rocket, marking an important step in the build the country’s own space station. However, instead of falling to a predetermined place in the sea like the previous rockets, the central stage of the Truong Chinh 5B boosters started spinning around the Earth in a low orbit in a state of out-of-control. With a weight of about 21 tons, 30m long and 5m wide, the remnants of the Truong Chinh 5B rocket are flying in orbit around the Earth every 90 minutes / rev, at a speed of 27,600 km / h at an altitude of over 300 kilometer. Since the end of last week until now, this remaining part has decreased altitude by nearly 80km. According to the observations of underground amateur astronomers, this missile is in a very unstable state. Some calculations show that the central floor of the Truong Chinh 5B missile will plunge into the atmosphere on May 8. When it crosses the Earth’s atmosphere, it could be burned, but it is likely that large pieces of the missile will remain and will fall scattered over an area of ​​160km wide. Worth mentioning, this is not the first time that China’s Truong Chinh 5B missile has fallen into a state of out-of-control during the biosphere. In May 2020, a similar incident happened. Beijing is expected to have at least 10 more similar launches, bringing all additional equipment into orbit, before completing the station by 2022. China’s Truong Chinh 5B missile was launched into orbit on April 29 at the Wenchang launch pad, southern China. . Prior to the US Space Command’s forecast that the 2021-035B Truong Chinh 5B (Long March 5B or Chang Zheng 5B) missile core, called 2021-035B, was capable of falling uncontrollably on Earth on the day. May 8-9, many people questioned: Will Russia or the US plan to use the missile to shoot the core of the Truong Chinh 5B missile, to save the planet’s citizens? On May 6, the US said it was tracking the object’s path, but had no plans to shoot it down. Cosmic garbage Australia currently holds the record as the country that contains the largest space waste in the world. In 1979, the 77-ton American SkyLab space station disintegrated in Western Australia, leaving the area around the coastal town of Esperance splashed by debris. Although no deaths or serious injuries have been reported from being hit by these cosmic debris, it is quite dangerous. Just a year before the fall of SkyLab, a Soviet remote sensing satellite, Cosmos 954, crashed into a barren area of ​​Canada’s Northwest Territory, spreading radioactive debris over several hundred square kilometers. As the Cold War was at its height, the nuclear sensitivity of the Cosmos 954 led to unfortunate delays in locating and cleaning the wreck. Who has to pay for cleaning? International law sets out a compensation regime that applies in many cases of damage on Earth, as well as when satellites collide in space. The 1972 conventions, a United Nations treaty, impose liability for the damage caused by space debris, which includes a regime of absolute liability as they fall to Earth like fragments. crumbs. In the case of Long March 5B, this would impose potential liability on China. The new treaty has only been invoked once before (for the Cosmos 954 incident) and therefore may not be considered a incentive. Of course, this legal framework only applies after the damage has occurred. In 1978, a Soviet nuclear-powered satellite crashed in northern Canada, resulting in a $ 3,000,000 fine for the tundra radioactive cleanup for Canada.

According to the Bloomberg Chinese tech giants like Jack Ma’s Alibaba and Tencent Holdings operate similarly to America’s Facebook and Alphabet. They mine user data to refine digital services. Data strengths will lead to better products. As a result, large technology corporations become richer, more powerful and easily dominate the market. Over the years, the Chinese government has gone further than the rest of the world in tightening control of the Big Tech group. In March, Beijing publicly plans to “rule” platform companies that accumulate data to monopolize and swallow smaller competitors. Chinese authorities fined Alibaba $ 2.8 billion for abusing their dominant market position. Dozens of other major Internet companies also spent a month correcting their anti-competitive practices. China is tightening control of major tech corporations, including Alibaba and Ant Group of billionaire Jack Ma. Photo: Reuters. Risk of nationalization of data Beijing is pouring money into digital infrastructure, drafting new data usage laws, and building new data centers across the country. China’s goal is to be at the forefront of economic transformation in the coming decades. “It’s not a short-term initiative. China really sees data as an economic engine,” said Kendra Schaefer, Head of Digital Research at Trivium China. According to the China Institute of Information and Communication Technologies, China’s digital economy grows much faster than GDP in 2019. Market research firm IDC predicts China will hold about 1. / 3 of the world’s data in 2025, or about 48.6 zettabytes, 60% more than the US. The Chinese regime’s challenge is to get big tech companies to join. Those are the organizations that hold the most data in a country of 1.4 billion people. Companies like Alibaba and Tencent have benefited when China blocked foreign companies like Google and Facebook. Now, they have to share those benefits Professor Zhao Yanqing At a Chinese economic forum, professor Zhao Yanqing at Xiamen University pointed out that big tech companies have to nationalize data. “Companies like Alibaba and Tencent benefit when China blocks foreign platforms like Google and Facebook. Now, they have to share those benefits,” he added. However, most analysts say that is unlikely. Nationalization of data can hamper innovation. Beijing is in need of technological breakthroughs as the US works with its allies to prevent China from making new strides. “China needs highly competitive companies,” said Associate Professor Lizhi Liu at Georgetow University. “Nationalization of data will hurt technology companies. If data is taken away, they also lose their motivation and ability to innovate,” the expert added. Beijing’s difficult position In recent years, Chinese lawmakers have turned their attention to security. According to a law in 2017, authorities will have access to most personal data when necessary, even requiring foreign businesses to store data of Chinese customers in the country. Chinese leaders are now stepping up the use of big data to improve government services. Firefighters can use data to respond more quickly to calls. Hospital data will help track people down and prevent Covid-19 from spreading widely. Data lays the foundation for everything from smart cities to financial regulation to surveillance activities against dissidents. The Chinese authorities are also developing the digital yuan, competing with Ant Group’s Alipay and Tencent’s WeChat Pay. These two platforms now dominate the Chinese mobile payments market. Ant Group’s Alipay and Tencent’s WeChat Pay now dominate the Chinese mobile payments market. Photo: Reuters. The digital yuan will allow the People’s Bank of China to collect huge amounts of data about people’s transactions. Authorities have also made significant progress in the corporate social credit measurement system, from paying taxes, protecting the environment to product quality. The Chinese authorities insist that they will not force businesses to deliver data. “As for the use, development and exchange of data, we are still exploring the mechanisms,” said Hu Jianhua, deputy general manager of the Guizhou Big Data Development Administration. “Enterprises have ownership of the data. We encourage, but do not force them to, disclose the data,” he added. Data privacy is China’s “biggest obstacle” in dealing with the tech giants Expert Angela Zhang of the University of Hong Kong Another solution is that the government also invests in businesses. Last month, Bloomberg reported that China has proposed to set up a joint venture led by the People’s Bank of China (PBoC) with major technology corporations. The joint venture will monitor the data of hundreds of millions of users. Financial Times reports that billionaire Ma’s Ant Group declined the proposal. However, according to Bloomberg , a few years ago, when not agreeing to share data with the PBoC, Alibaba and Tencent faced many troubles. “Data privacy is China’s ‘biggest stumbling block’ in dealing with the tech giants. There is a conflict in protecting user privacy and fostering competition among these giants. Different backgrounds, “commented Angela Zhang, director of the China Law Center at the University of Hong Kong. China’s biggest companies are also looking to reduce damage from Beijing’s new rules. After Alibaba’s investigation is over, CEO Daniel Zhang said the company will continue to work with the data privacy regulator. Last month, Tencent’s Pony Ma proposed stricter rules for Internet businesses, including Tencent. He also has a “voluntary meeting” with the country’s antitrust agencies.

So less than a year, Angela Baby appeared on the cover of the Chinese-language version of ELLE magazine, the last time she appeared on the cover of this famous magazine was in August 2020. Compared to the image back then, this time Angela Baby had a completely different look, she wore fancy hair, took pictures with impressive personality expressions, not in the style of “great princess” as beautiful as many another set of pictures. Angela Baby wears all costumes and accessories in Dior’s Pre-Fall 2021 collection, her brand ambassador. Sharing in an interview with ELLE magazine this time, Angela Baby revealed the loving gifts that have empowered her in her life and career, namely: Cats, children, fans, windsurfing. , friendship… Angela also has some pictures taken with a black cat that looks extremely magical and eye-catching. Sharing her advice on how to love herself, Angela Baby said extremely sincere words: “ Strength comes from the heart. Try to keep yourself in top shape, naturally you will have the energy to love all around you. If you are always anxious and irritable every day, you won’t even have the strength to love yourself. ” Angela Baby is currently the flower girl with the frequency of appearing on the covers of the biggest magazines in C-Biz. In the fashion miniatures at the same time, in the magazine and fashion segment, if Angela Baby is second, no one dares to be first. JEANIE According to Angelababy Duong Dinh / Yang Ying / 杨 颖 Vietnam Fanpage

Old South American bananas are selling cheap lottery There are both yellow and green bananas sold here. The common point is that the goods sold here are large in size compared to normal, many people call “giant” bananas. On Nguyen Oanh street (Go Vap district), just on a short road, there are 2 places selling “cheap” old bananas at the price of 6,000 VND / kg, attracting quite a lot of buyers. Young men selling here said that because they cannot be exported this year, bananas are so cheap. Dong Nai banana retail in HCMC is only 6,000 VND / kg Ms. Tran Thi Mai, a nearby house, said she bought a large bunch, weighing up to 6 kg, to try it. “I bought it when the fruit was still green, but the next day it was ripe, soft and sweet, and they would sell it for a long time. Normally, this banana has to cost 10,000-15,000 VND / kg.” – Ms. Mai said. Bananas are cheap, consumers can choose freely, can buy less than 1 bunch Mr. Do Ngoc Chat, Director of Viet A Agrifood Co., Ltd. (Ho Chi Minh City) – specializing in the official export of fruit to China, said that due to the Covid-19 epidemic, the main market for bananas was China, the purchasing power decreased. Old bananas at supermarkets are also on a discount, from the original price of 20,900 VND / kg to 12,000 VND / kg “But the banana area increased a lot. Previously, Vietnam mainly competed with bananas from the Philippines, now there are many newly opened farms in Cambodia and Laos with an area of ​​thousands of hectares. We currently buy bananas that meet export standards. about 5,000 VND / kg while before and immediately after Tet is 14,000 VND / kg. This price, farmers do not have much income because the cultivated area is small, mostly less than 1 ha “- Mr. Chat said. Bananas that are too old can only be sold domestically And Mr. Ly Minh Hung, Director of Thanh Binh Cooperative (Dong Nai), specializing in old South American bananas, said that the banana industry was oversupply. “Farmers grow spontaneously in bulk while large farms follow the contract to spread crops less affected. Bananas are too cheap, farmers keep waiting for price increases, but bananas are too old, too size to be exported. The oversized banana here farmers sell only 2,000 VND / kg, many people suffer losses.With bananas that are too big can only be sold fresh in the domestic market, plastic and dried banana processors are also excluded because it was not uniform. ” – Mr. Hung explained.

Once labeled as “fake”, then this company will definitely be voted by investors with their feet.

Following the continuous thunderstorms last year, Guangzhou Langqi “has an accident” again this time.

On the evening of April 14, Guangzhou Langqi issued an announcement on the revision of the 2020 annual performance forecast. The content of the announcement showed that the company’s original estimated loss of 2.46 billion to 3.56 billion yuan was revised to a loss of 3.5 to 4.6 billion yuan.

The company lost one billion yuan thanks to the revisions.

I didn’t know if I didn’t check it, and I was surprised when I checked it. The financial report shows that Guangzhou Langqi has a greater loss of non-net profit, with a revised loss of 5.1 billion yuan to 6.2 billion yuan, a year-on-year decrease of 46464% to 56464%.

So, why does a company with a market value of 1.8 billion lose so much money?

The explanation given by Guangzhou Langqi is that the accountants of the company and the auditing agency believed that the revenue recognition basis of some trading businesses during the reporting period was insufficient and adjusted it.

Obviously, such a reason cannot be convinced.

Since the end of September last year, Guangzhou Langqi has played a new game of “washing powder ran away” in the capital market.

Inventories are missing. With the Shenzhen Stock Exchange’s letter of concern, there are more and more problematic warehouses, which eventually expanded from 2 to 6, and the value of disappeared inventories also increased from 572 million to 867 million.

In the face of increasingly stronger supervision, the “washing powder ran away” game is obviously not going to be played. Under the new regulations, Guangzhou Langqi can only honestly disclose “true” performance.

With the disclosure of the financial report, its net assets have also turned from positive to negative. The owner’s equity attributable to shareholders of the listed company is -23.7 billion yuan.

According to the new delisting regulations, if the net assets at the end of the audited period in the most recent year are negative, the exchange will implement a delisting risk warning for its stocks, which is commonly known as “*ST”.

In fact, since September last year, investors have voted for Guangzhou Langqi with their feet.

In just 90 trading days, its stock price fell from the highest 5.95 yuan to the lowest 1.97 yuan, a drop of more than 65%. If we stretch the long-term axis, we will find that after Guangzhou Langqi reached a high price of 21.39 yuan in 2015, it has been in a downward trend for the next six years. As of today, its stock price has only a fraction of the high.

In February of this year, Ligen Leasing applied to the Guangzhou Intermediate People’s Court for bankruptcy and reorganization of Guangzhou Langqi.

On April 6, Guangzhou Intermediate Court held a hearing to pre-reorganize Guangzhou Langqi.

Guangzhou Langqi said that if the company’s pre-restructuring is successful, the company’s debt crisis will be resolved in the future.

At present, how many problems Guangzhou Langqi still has is not clear to the outside world, but Guangzhou Langqi is not at the final dead end. In December last year, Guangzhou Langqi issued an announcement that the land to be purchased and stored is located on Huangpu Avenue in Tianhe District. East 128 has an area of ​​approximately 120,000 square meters. According to the agreement, Guangzhou Langqi will deliver all the land as required within 12 months of the signing of the agreement. Guangzhou Development Center will pay an additional 10% reward. This wave of land sales Guangzhou Langqi will receive 2.569 billion yuan in income. In the end, there are variables in the transaction, but it is not completely hopeless.

On January 23, Guangzhou Langqi issued an announcement stating that due to the 4.487 billion yuan of compensation frozen by the Guangzhou Land Development Center as required by the relevant courts, the Guangzhou Land Development Center was temporarily unable to pay the aforementioned outstanding payments. Therefore, whether Guangzhou Langqi can receive the above remaining compensation is uncertain.

On the whole, I think that if Guangzhou Langqi can successfully bankrupt and reorganize, then after clarifying the debt problem, Guangzhou Langqi can start again. With the previous book cash and some land reserves, Guangzhou Langqi is likely to have assets in 2021. Turn from negative to positive.

However, I think at the moment, being labeled as “fake” is probably the most troublesome thing after Guangzhou Langqi’s reorganization, because it may take a long time to build trust, and it only takes a moment to destroy it.

Guangzhou Langqi has consumed too many investors’ trust in it over and over again. If it is ST, then Guangzhou Langqi’s stock price is likely to fall below 1 yuan, and the delisting of the face value will also be Guangzhou Langqi. Problems that have to be faced.

Source: GPLP Rhino Finance (ID: gplpcn)

“The first stock of children’s clothing” Annel (002875.SZ) performance report was released. Following the “cutting” of its performance in 2019, its net profit in 2020 has fallen sharply.

On April 15, Annel released the 2020 annual performance bulletin, stating that it achieved operating income of 1.257 billion yuan, a year-on-year decrease of 5.26%; a net loss of 47,783,900 yuan, a year-on-year decrease of 213.45%.

(Source: Annell’s 2020 performance bulletin)

Public information shows that Anner was founded in 2001 and listed on the Shenzhen Stock Exchange in 2017. It is mainly engaged in mid-to-high-end children’s own brand clothing, which is known as the “first share of children’s wear.”

Net profit declined for two consecutive years

Regarding the changes in performance, Annaer said that due to the impact of the new crown epidemic, its operating income has declined compared to 2019. The direct sales model has caused the related labor costs, rent and management expenses involved in the external lease of stores to remain relatively rigid. , The provision for asset impairment on the balance of long-term equity investment has caused certain adverse effects on its net profit.

At the same time, according to the announcement, Anner’s 2020 operating profit loss was 57.015 million yuan, a year-on-year decrease of 217.18%; the total profit loss was 56.809 million yuan, a year-on-year decrease of 216.02%.

As the “first share of children’s clothing”, Annell, is the decline in its net profit only due to the impact of the epidemic?

In fact, before the epidemic began, Annel’s performance had fallen sharply, and its net profit in 2019 fell by nearly 50% year-on-year.

In 2019, Annel achieved operating income of 1.327 billion yuan, a year-on-year increase of 9.41%; realized a net profit of 42.117 million yuan, a year-on-year decrease of 49.49%. The increase in revenue did not increase profit.

(Source: Annel’s 2019 Annual Report)

Annelle did not specifically explain the decline in its net profit in the 2019 annual report.

It is worth noting that the net cash flow generated by the company’s operating activities in 2019 was -46,172,700, a year-on-year decrease of 203.51%. It is understood that this is the first operating cash flow of Annel since its performance was disclosed in 2012. negative.

Business problems “misfortune never comes singly”

Seeing that the performance fell into the situation of “increasing revenue but not profit”, Annal began to find a way to solve it, but the results were very low.

In 2019, Annier increased its capital in Xinyu Infant with 24 million yuan in cash, obtained a 20% stake in Xinyu Infant, and appointed directors, and announced that it will form a synergistic effect with the well-known brand “Sunshine Mouse” under the cooperative enterprise.

Unfortunately, this cooperation lasted less than a year and ended in failure, and the synergistic effect that Annael hoped to form was not achieved.

Affected by the epidemic, Xinyu Yingtong suffered successive losses, coupled with a series of problems such as improper internal management of the company, until 2020, the company has been unable to issue even its annual financial statements.

When I met Xinyu Yingtong, I thought it was already a headache for Annel, but I didn’t expect that the problem that made him even more headache occurred in the same year.

At the beginning of 2019, Annel was brought to court by Honglian International. Honglian International filed a prosecution with the court on the grounds that Annel infringed on its 5 trademark rights, demanding that Annaer stop the infringement, publicly apologize and compensate 61 million yuan for economic losses.

In the end, Annal lost the lawsuit and compensated the other party with 3 million yuan.

However, misfortunes never come singly. After entering 2020, a large number of Annel’s stores have closed down, from 1,505 in 2019 to 1,280 by the end of 2020.

The children’s clothing industry should have been the most potential sector in the footwear industry. In recent years, the compound growth rate of the industry has exceeded 12%. However, the net profit of Annelle has been declining successively. Is the children’s clothing “not easy to sell”? Or is it Annell’s “not selling well” children’s clothes?

(This article is for reference only, and does not constitute investment advice, and operates at your own risk accordingly.)

Article丨BT Finance HAN

Jia Yueting, who has been stuck in “returning home next week”, has been abroad for more than three years.

Today, LeEco’s ecological dream is broken, and countless investors are “buried”; on the other side, FF Faraday is still looking for a listing with the undeserved desire to build cars.

latest news,LeTV and 14 responsible persons were fined a total of 480 million yuan by the China Securities Regulatory Commission, setting a record for the highest fine in the history of A-shares.After the penalty decision is made, the collection of investor claims will also start. With the heavy hammer falling, should Jia Yueting wake up in his dream of “LeEco + FF Cars”?

The real hammer of financial fraud, stock prices are everywhere

Since its delisting, LeTV (400084.OC) will be transferred to the “Old Third Board” (two networks and delisted companies of the National SME Share Transfer System) from February 3rd. The transaction will be transferred three times a week, and the price limit will be limited. 5%.

What is staggering is thatLeTV, which retired from the third board, turned on its “demonization” mode and recorded 25 consecutive daily limit. The price soared from 0.19 yuan/share in early February to 0.48 yuan/share, an increase of about 250%.

But willLeTV 3Pulling to the daily limit does not require much capital. Because the company’s rise and fall is limited to 5%, and the price is 0.2 to 0.4 yuan per share of the “floor price”, it means that LeTV 3’s biggest daily rise and fall is no more than 1 cent, and the daily trading volume is sluggish, hundreds of thousands The daily turnover of the yuan can create the appearance of a “surge”.

In this kind of fanaticism, the penalty decision of the Beijing Securities Regulatory Bureau fell heavily.The market is not unprepared for this, because the investigation of LeTV began as early as April 2019, when the China Securities Regulatory Commission opened a case for alleged violations of laws and regulations by LeTV and Jia Yueting.

After more than a year of investigation, in 2020, the China Securities Regulatory Commission issued administrative penalties and advance notice of market bans, “Real Hammer” LeTV’s financial fraud from 2007 to 2016, and determined that the company did not disclose related parties in accordance with regulations. Other illegal facts such as transactions and fraudulent issuance.

The latest news shows that, based on the level of violations and the degree of harm, the Beijing Securities Regulatory Bureau has decided to fine 240 million yuan on LeTV, 241 million yuan on Jia Yueting, and 600,000 yuan on then-executives Yang Lijie, Wu Meng and others. Fines ranging from 30,000 yuan.

It is worth noting that the overall business of LeTV is currently in a state of suspension, and the litigation and arbitration issues involved are still at stake.according toChina Merchants Securities, The major litigation and arbitration of LeTV 3 listed entities involved nearly 5.7 billion yuan. At this time, participating in the share price speculation of LeTV 3 is tantamount to a knife. Although LeTV 3 can be traded on the Old Third Board, the company still has the risk of terminating the transfer due to huge fluctuations.

Investors lost their money, solicitation of claim conditions opens

What’s incredible is that even though LeTV and Jia Yueting have been ruined and burialed with countless leeks, there are still no shortage of investors to support them. For example, on the forum, some investors believed that “the huge fine this time signifies that LeTV can no longer get worse, and the road ahead will be all the way up.”

This view that LeTV has “bottomed out” may not be correct, and investors are still waiting for compensation.

According to “Securities Star” citing lawyer Song Yixin’s point of view, after the decision of the Securities Regulatory Commission’s penalty, it means that the time conditions for investors’ claim litigation have been determined and the collection of claims has started.

There are precedents that listed companies have been sued by investors and awarded compensation for fraud.For example, in January, the China Securities Journal reported that a law firm announced that the court’s decision had previously been involved in financial fraud.YabaiteCompensation of 3.447 million yuan to investors. In addition,Luckin CoffeeIn the fraud case, 14 overseas investment institutional investors have also filed claims in a group.

Jia Yueting is also prepared for compensation, but some of it is out of responsibility to investors and some of it is out of self-protection. From his various performances, it is not difficult to pry and guess.

His debt handling team once stated that “Jia Yueting’s creditor trust does not exceed 10%, and it will still be used for possible LeTV shareholder compensation.” Before the huge loss, it is still a huge question mark to what extent this 10% trust fund can play a role.

Faraday’s future is confusing

The left-handed LeTV’s ecological dream is broken, and the right-handed FF (Faraday Future) has ushered in the wind. This is the reason for the speculation of LeTV 3’s stock price. Rejuvenate the LeTV ecology.

On April 5th, Eastern time, FF formally submitted the S4 listing document to the US Securities Regulatory Commission, intending to use the SPAC (Special Purpose Acquisition Company) model to enter the secondary market.However, there is still uncertainty about whether FF, which has not confirmed any revenue, can be successfully listed.

At the business level, Jia Yueting once stated that the FF91 model is expected to be mass-produced and delivered in the first half of 2022.At the same time, FF finalizedauspiciousIt is a Chinese partner and signed a framework agreement, and said that it will get the support of a certain tier city in China. At present, this city is generally considered to be Zhuhai.

In terms of manpower, in March not long ago, FF announced that Chen Xuefeng, the executive vice president of Chery Jaguar Land Rover (a Sino-British joint venture automobile company), joined as the CEO of FF China.

However, Geely Holdings and FF signed a “framework agreement” and once stated to CBN and other media that “a small amount of investment in FF listed companies”; Guangdong media “Times Weekly” also reported that Zhuhai State-owned Assets and FF is still in contact Negotiation stage.

All in all, it is too early to say that FF is expected to come back to life after almost stagnating for two years.However, the secondary market and the news have long been foggy, attracting some investors to run into the market and want to “play big”; the truth may be that LeTV’s new leek has sprouted. With the heavy hammer of fines falling, Jia Yueting’s dream of “LeEco + FF Cars” may be time to wake up.

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Misconceptions about nutrition of parents will significantly affect the development of children. Illustration

The story shared by a Chinese couple on social networks recently made many mothers and fathers startled by misconceptions in how to care and nurture their children.

Vuong himself is 1.78m tall, his wife is 1.64m and his son Dao Dao is 12 years old this year, but he is 1.65m tall. The boy is nearly a head taller than most of his classmates, and it can be said that Dao Dao is the tallest person in the class. Mr. Vuong is very happy, feeling that his son will definitely be taller than 1.8m.

Being very interested in the development of his child, Mr. Wang took Dao Dao to the hospital to check the health, as well as the growth of the body or the age of the bones to see how much taller his son could be.

Amazingly, the doctor told Mr. Wang that the child’s cartilage gland was ready to stop growing and once it stopped growing, it would be difficult to grow taller in the future. In other words, although she has not yet begun to enter puberty – the stage of rapid growth in height, Dao Dao cannot grow taller. As a son, only 1.65m is a bit short indeed.

Mr. Wang told the doctor that they often pay close attention to the child’s nutrition and often feed him with bone broth every day. Starting from kindergarten, Dao Dao eats bone broth 2-3 times / week.

“Can not bone broth be fortified with calcium?”, Mr. Vuong wondered.

The doctor told Dao Dao’s father: “The bone broth contains very little calcium but the fat content is high. If you feed your child this type of fat-rich food regularly, it will easily cause fat accumulation in the child’s body. Too much fat will affect the baby’s growth hormone secretion, leading to early puberty, accelerating bone age, not beneficial for the child’s development.

Foods that affect the child’s height development, no matter how much they like it, should be limited.

Stewed bone broth

The bones are high in calcium but the broth is only high in fat. Illustration

Calcium content in bone is high, but calcium content in bone broth is very low, no matter how long it is simmered, calcium will almost remain in the bones and calcium content in broth will be very small. Conversely, after the bones are simmered for a long time, the main ingredient in the broth will be the bone marrow, which contains a lot of fat.

Therefore, children who use a lot of bone broth will increase the risk of obesity. Obesity is the enemy of children’s development, when children are obese, the aromatase content in adipose tissue will increase, leading to increased estrogen, increasing the age of the child’s bones and affecting the child’s development.

Soft drink

Children often enjoy drinking a variety of soft drinks. Although the taste is very popular with children, these drinks are not good for children’s height.

Carbonated soft drinks like Cola contain a lot of phosphorus but too much phosphorus will promote calcium loss, leading to calcium deficiency in children, affecting the growth and development of bones.

To make the taste even better, these drinks add a lot of sugar. White sugar is a high calorie food that can only provide calories for children, not vitamins, minerals, and protein … Therefore, children who drink these beverages can only gain weight easily without benefits. for height growth.

Cake

The ice cream used in bakery shops is usually vegetable ice cream, containing a large amount of trans fatty acids, which is not good for the child’s body. It only increases the amount of fat in the child’s body, makes the child obese and affects the height.

Fast food

Ingredients used in fast food are not guaranteed but add more spices like MSG. MSG will interfere with the absorption of zinc in the body, zinc deficient children will also affect height development and anorexia.

In addition, fast foods have a lot of salt, if they eat too much salt, they will eliminate excess sodium, when they excrete sodium, they will also excrete calcium, leading to calcium deficiency in the body and affecting child’s development.

Foods to help children develop height

Fish

Fish is one of the foods that help children develop the best height. Illustration

One of the best foods for height growth is fish. Salmon and tuna are two types of fish that are rich in vitamin D and protein. Children who use a lot of tuna will help increase height.

In addition, you should encourage your baby to spend a lot of time outdoors so that vitamin D in the sun can help absorb calcium well, so that the child can reach the ideal height.

Fresh fruits and vegetables

Consuming a lot of fresh fruits and vegetables is also very important for a child’s development. Fruits such as papaya, carrots, broccoli, spinach are foods rich in fiber, potassium, folate, especially vitamin A, which will help in the development of bones and tissues for children.

In addition, vitamin C in citrus fruits also aids in increasing height for children and also helps them to be healthier.

Milk

Milk is a calcium-rich drink that promotes development, while helping your baby’s bones become strong. Besides, vitamin A in milk helps the child’s body absorb calcium better. Besides, milk is also a very good source of protein, which helps in the growth of cells in the body.

Cereals

Grains are not only a great source of energy, but also a good source of fiber, vitamins, iron, magnesium and selenium. In addition, cereals are also very high in calories, play an important role in the development of children. Typically brown rice, pasta and whole wheat are foods that help children grow taller.

Soy bean

Soybeans are the most protein-rich foods in foods that help children develop a plant-derived height, which greatly aids in the child’s bone development.

Soy milk also contains more fiber, copper, iron, niacin and more phytonutrients than cow’s milk. This is very necessary for brain development, stabilizing the digestive tract for the child.

Hoa Vu (According to Sina)

Following the one-digit limit on Friday, SF Express once again dropped the limit on April 12, and its market value has nearly halved since its historical high on February 18, evaporating more than 200 billion yuan.

There is no warning about the huge loss.

On April 8, SF Express released its financial report for the first quarter of 2021. The financial report shows that in the first quarter of this year, the company is expected to lose 900 million to 1.1 billion yuan, while in the same period of 2020, the company will make a profit of 907 million yuan under the epidemic. Just last month, SF Express released its 2020 financial report data showing that the net profit attributable to shareholders of listed companies was 7.326 billion yuan, a year-on-year increase of 26.39%.

SF Express Image Source/Visual China

For this reason, on April 9th, Wang Wei apologized to shareholders at the general meeting of shareholders: “First of all, I apologize to shareholders, because I think the first quarter really did not manage well.” He admitted that he had negligence in management, similar The problem does not appear a second time.

Why did SF Express, with thick eyebrows and big eyes, also start to lose money? Various market rumors have been circling around, trying to explain this unexpected incident. Among them, the most gimmicky, and at first glance, the most “ultimate answer” is that taxation and government affairs have brought a fatal blow.

Industry Viewpoint Source/Weibo

But this is not the core of the problem, and it has greatly misjudged the real competitive landscape of the express industry.

What is the real answer? What kind of changes will the express delivery industry, which is mired in price wars, usher in? What is the logic for the decent top student SF Express to choose to join the “introduction”? How to judge the future of SF Express?

What happened to SF Express?

After the financial report was released, Wang Wei publicly explained the losses of SF Express.

Shenzhen Stock Exchange released SF Express loss announcement source/official website

On the one hand, due to the slower-than-expected growth rate of time-sensitive parts in the first quarter, the expected profits did not appear; the growth of superimposed economic parts caused false high costs and was also part of the reason for the losses.

Prior to this, the fundamental advantage of SF Express’s stable business lies in its “time-sensitive parts”, which are stable, efficient, and safe, and are basically a must-choice for commercial products. It has always contributed a high profit margin to SF Express.

There is a view in the industry that due to the conversion of electronic invoices and electronic contracts, the number of corporate orders used for SF Express’s distribution has been greatly reduced.

In this regard, Zhao Xiaomin, deputy director of the Post and Express Special Committee of the Shanghai Transportation Commission, believes that electronic invoices and electronic contracts will not have much impact on SF’s business.

From the beginning of the pilot program of electronic invoicing in 2012, to the end of 2019, the nationwide unified electronic invoicing public service platform was built, and the country has accelerated the promotion and application of electronic invoicing. This process is constantly advancing and the impact will not suddenly be reflected in this year’s A certain fiscal season.

In the 2020 annual report, SF Express’s time-sensitive parts still achieved revenue of 66.3 billion yuan, a year-on-year increase of 17.41%. The growth rate in the first quarter was not as fast as expected. According to the analysis of various securities firms’ research reports, there were also reasons why the demand for time-sensitive parts increased sharply during the epidemic last year, and the base number therefore increased abnormally.

Regarding the slowdown in this quarter, Wang Wei gave two solutions. One is to continue to explore “time-sensitive” customers; the other is to use data to reflect specific scenarios in the supply chain, so as to make more refined for different customers. Operations. In the next step, SF Express will further optimize the upgrade of time-sensitive products-forming a new product system including SF Express, Express and Standard Express.

If there were obvious decision-making errors in the first quarter, it was a waste of labor costs during the Spring Festival.

In response to the government’s policy of in situ New Year, the Spring Festival overtime subsidy was close to 1 billion yuan, which was three to four billion yuan more than expected. Wang Wei particularly emphasized that the cost of guaranteeing capacity during the Spring Festival is relatively high, and the lack of business volume of time-sensitive products has resulted in a high cost input.

It is worth noting that the 2021 Spring Festival, including Ali, JD.com, Pinduoduo, and Four Links, are all promoting “not closing”. Delivery as usual during the Spring Festival holiday.

As far as Quanxian understands, during the Spring Festival, many express outlets left enough couriers, but the total number of orders has not soared compared with previous years. More people stay in place, but the workload is not saturated, which undoubtedly increases the company. cost.

“This year’s Spring Festival is not closed during the Spring Festival, but the results are so great. Each company should match according to demand. Otherwise, e-commerce and logistics will be “involved” together.” Bailian Consulting founder Zhuang Shuai believes.

On the other hand, the rapid growth of “economy” in the first quarter was behind the price of participating in a bloody price war. After the proportion of economic items in 2020 exceeds the time limit, SF Express’s revenue per ticket in 2020 will be 17.77 yuan, compared with 21.94 yuan in the same period last year, a year-on-year decrease of 18.99%. In the first quarter of this year, e-commerce products continued to exert strength, and the gross profit margin fell from 17.42% to 16.35%.

“Economic parts” in SF’s financial report mainly refers to “special express mail” mainly based on e-commerce parts. However, the competition for e-commerce parts is fierce, and SF has no choice but to participate in the war with a low price model. As a result, although there are many “economic parts”, the profits are not high. .

Finally, Wang Wei also explained that another reason for the loss is the investment in new businesses, such as the purchase of new aircraft, the construction of airport capacity centers, and the adjustment of the transportation network to undertake economical businesses and optimize cost efficiency.

“More than one logistics company” is a story that SF Express has been trying to tell. In addition to the basic plate of time-sensitive parts, e-commerce parts are indisputable. New businesses such as express delivery, cold delivery and medicine, intra-city express delivery, international express delivery, and supply chain are also new battlefields for SF Express. It can be seen from the financial report that the growth rate of new businesses such as international express delivery, intra-city express delivery, and supply chain is very impressive.

Source of development expenditures in SF Express’s 2020 annual report/official website

“How to better match the product operation model with resources, and how to form economies of scale between the entire links.” Wang Wei stated, “In the first quarter, it happened to be the flash point for these issues to collide with each other, and the company will form a better prevention mechanism. And countermeasures, we will not have this kind of problem in the future.”

SF Express pointed out that the cost input in the first quarter was difficult to “stop bleeding” quickly, and it is expected to gradually improve in the second quarter and beyond. “A more complete track and product matrix will bring SF Express a broader user base, larger market space, and better scale synergy. With the rapid growth of new businesses, it will gradually release pattern dividends and scale dividends.”

Profitable students who were “involved”

Taking orders for “time-sensitive parts” from major companies does not allow SF Express to sit back and relax.

Beginning in 2018, SF Express entered the e-commerce market and launched a “special offer”. In grain-producing areas such as Zhejiang and Guangdong, SF Express’s preferential price has dropped to about 3 kilograms and 3 yuan. For an average weight of more than 2 kilograms, SF Express has taken away many customers who originally belonged to the Tongda department.

E-commerce parts were originally a world of three links and one access, but Cainiao and JD Logistics appeared later. While deploying e-commerce, they also continued to impact SF Express’s high-end customers. Previously, when JD Logistics submitted its prospectus, its valuation had exceeded US$50 billion, second only to SF Express in the logistics industry. At the same time, JD Logistics also emphasizes supply chain solutions for 2B business.

“SF Express entered the e-commerce software too late. Not only was it less than the three links and one connection, but also caught up with Pinduoduo and JD.com’s entry node. The original advantage was greatly weakened.” Zhuang Shuai believes.

In fact, in the field of e-commerce parts, express companies represented by three links and one delivery have never stopped price wars. Yiwu, a place where the express industry is anxious about competition, has repeatedly exploded the tragic situation of price wars. After the rising star Extreme Rabbit entered the game, the “1 yuan” express was once launched in Yiwu, and the bloody level of the price war set a new record.

Extreme Rabbit Express spoils the “e-commerce piece” Source/Vision China

At the time of the rise of Taobao, small and medium-sized e-commerce companies blossomed everywhere in Yiwu; Pinduoduo’s rise, and small commodity e-commerce ushered in heavy growth; last year, the epidemic accelerated the popularity of live broadcast and promoted online sales. The rise of national e-commerce has triggered a new era. Poland’s express industry turf battle.

SF Express, which has repeatedly failed in the e-commerce market, can no longer miss the opportunity in this wave. In order to expand the business of “e-commerce parts”, SF Express, which has never participated in the express price war, will also join the game of express price war in 2020.

SF Holdings Secretary General Gan Ling once revealed that the cost of special offers was more than 10 yuan in the past, and the cost in 2019 has been reduced to less than 10 yuan, but there is still a distance from the 5 yuan unit price for customers. In early 2020, the target positioning cost will be reduced again. 50%.

Behind the continuous price reduction, SF Express’s overall profit and single ticket revenue have been affected.

SF Express’s overall gross profit margin in 2019 decreased slightly by 0.5 percentage points from the previous year to 17.42%; in 2020, SF Express’s overall gross profit margin dropped to 16.35%.

From January to February 2021, the business volume of the three links and Yida achieved a year-on-year increase, but the profitability was reduced: the express delivery revenue of SF Express, Yuantong, Shentong, and Yunda was 17.26 yuan, 2.38 yuan, 2.51 yuan, 2.23 yuan, a year-on-year decrease of 12.4%, 19.3%, 23.9%, 22%.

Although Zhongtong did not separately disclose the single ticket revenue, CFO Yan Huiping said: In 2020, the price of a single ticket for Zhongtong has dropped by about 20%.

In order to further reduce costs, SF Express opened its test and opened up direct sales, pulling up another low-priced franchise “Fengwang.” In the second half of 2020, “Fengwang” will enter the testing phase. SF Express revealed at the 2020 financial report that Fengwang broke the daily average of 1 million orders during Double Eleven in 2020, and its current business volume is around 1 to 2 million daily. “However, Fengwang needs to reach an average of 8 million orders per day to achieve a stable scale, and it is expected to take another 6 to 12 months to continue to advance.” Wang Wei said.

According to user feedback, the price of Fengwang Express has been lowered than that of the three links, but the speed is slow, and it takes 3-5 days to arrive. If you need to speed up the efficiency of e-commerce parts, you can choose another product-e-commerce express .

The variables that sink the market include technology and hardware in addition to price.

After 2020, the continuous outbreak of Pinduoduo and live broadcast e-commerce has caused Tongda to increase investment in technology and hardware. At present, Zhongtong is the company with the largest number of factories with independent property rights, self-owned vehicles and automatic sorting equipment in the industry. In 2020, the express delivery industry has experienced “the most invested year over the years, which may be the sum of the previous two years”, Zhao Xiaomin believes.

And SF’s previous play style has been difficult to bear pressure. For example, SF Express’s “special preferential distribution” was mainly based on the mode of “filling in warehouses”, and there is no need to increase the investment in transportation capacity. However, with the rapid rise of e-commerce parts, SF Express also has to equip e-commerce parts with special warehousing, which is another big expense.

Wang Wei has repeatedly emphasized that “SF Express is only using surplus resources” to make e-commerce products. For example, in terms of transportation capacity, after the integration of the four networks, the number and flow of shuttle buses will be more, and the cost for new business use is also the best cost-effective.

In fact, in order to gain the right to speak in e-commerce component companies, SF Express still needs to invest continuously to catch up with the three links and one access. According to the financial report, SF Express is currently adjusting its network construction and integrating it into the express delivery system. In the first- and second-tier and third- and fourth-tier cities, SF Express will newly form different systems to reduce costs and increase efficiency.

“SF’s e-commerce business is not as advantageous as the time-effective business. The Fengwang, which Wang Wei has always emphasized, is slowly spreading, and revenue restrictions are increasing. However, SF’s e-commerce business is correct. Cost.” Zhao Xiaomin thinks.

Why is the express company worth 60 times PE?

In the white horse stock market last year, the market once pushed SF Express’s P/E ratio to more than 60 times. If you compare it with other peers, you will find how obvious the market’s preference for SF Express is: before this plunge, Zhongtong’s P/E ratio was 33.6 times, Yun was 22.2 times, and Shentong was 29.3 times.

This valuation difference is already a cross-industry gap. Is it just a spillover effect of excess liquidity? In fact, apart from SF Express’s stronger profitability, investors are betting on its future growth to a certain extent.

The statement made by SF’s chief strategy officer Huang S at the performance meeting corresponds to this concern.

“Investors pay close attention to SF Express’s time-sensitive products, believing that the scale, growth and unit price of time-effective products are very important factors that affect the stock price. In fact, shareholders are more anxious about when SF Express can produce new businesses and products that can replace time-sensitive products for the company. Contribution status of performance.”

In addition to time-sensitive components, SF Express has been trying to find the second largest growth curve, but SF Express has not yet seen a clear answer for the exploration of new businesses.

According to the 2020 financial report, SF Express’s new business, intra-city express delivery, international and supply chain businesses are all in a rapid growth trend, but this business has a small contribution to SF’s overall revenue, accounting for only about 11% of the overall revenue.

The 2020 annual report disclosed that its total development expenditure for 15 projects, including drone projects, international business systems, and Ezhou Airport project management system, was 541 million yuan.

The financial report expenditure for the first quarter of 2021 also shows that SF Express has made two major capital investments, acquired Kerry Logistics to deploy international businesses in its new business, and increased its capital by 409 million yuan in its subsidiary SF Express to develop its intra-city business.

Zhao Xiaomin mentioned that due to the epidemic, part of SF’s investment in new business and technology has been postponed to 2021, which is also an important reason for the loss. In the next step, SF Express will also invest in vehicles in the fields of storage, cold chain and medicine. The number of aircraft will exceed 70, and the aviation hub airport under its subsidiary will also be operated by the end of the year, and scientific research will continue.

There are also many bright spots in the new business. For example, SF Express terminal products-Fengchao Express Cabinet. At present, Fengchao Technology has realized the layout of 200+ key cities, 140,000+ communities, and 280,000+ cabinet outlets. The platform has accumulatively registered 4.1 million couriers and serves nearly 350 million consumer users.

Fengchao Express Cabinet Picture Source/Visual China

The industry once speculated that SF Express will use Fengchao to enter the community group purchase as an intelligent offline pickup point. But Wang Wei resolutely responded that instead of doing business flow business including community group buying, SF Express still wants to grow an independent third-party industry solution data technology service company.

So far, SF Express has “opened its bow without turning back.” On the one hand, it is necessary to reverse the sluggish growth of the main business, and make efforts in economic and time-sensitive components at the same time to ensure that 2B business is not snatched away by four links, JD, etc., while continuing to develop e-commerce components and improve 2C new business commercialize. The pains of early investment are necessary.

Zhao Xiaomin is optimistic about the growth of SF Express in 2021. Compared with some friends who stick to traditional business, SF Express is already a very courageous company in the express delivery industry and has been increasing investment in new business. In his opinion, SF Express In the accumulation and precipitation stage, the strength in logistics and technology for many years is worth looking forward to, and the market should give it more patience.