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Investment opportunities What to do with the savings in inflation?

Status: 22.06.2021 12:28 p.m.

Even in times of rising prices and zero interest rates, many Germans have their money in savings books or call money accounts. But if you want to protect your savings from inflation, you need alternatives.

From Lothar Gries, tagesschau.de

Consumer prices in Germany rose by 2.5 percent in May – more than they have been for almost ten years. At the same time, there is practically no more interest on overnight and fixed-term deposits, the most popular form of investment among Germans. Cash is also in great demand. The value of the notes issued by the Bundesbank rose by 9.5 percent last year. A similarly high growth rate was last seen in 2014. At the end of May 2021, banknotes issued by the Bundesbank to the value of 839 billion euros were in circulation, 52 billion or 6.6 percent more than a year earlier. But if you want your money to grow, you have to consider other investments than hoarding cash or putting it on savings accounts. There is no shortage of alternative investment opportunities. The long lucrative federal bonds are no longer one of them. The yields on these securities have fallen below zero since August 2019. Investors who lend money to the German state have to pay for it – a turning point, as they still got a return of five percent at the beginning of the millennium. “Today federal bonds have no place in assets that are designed to maintain or increase in value,” explains Ulrich Kater, chief economist at Deka-Bank, which is part of the savings bank group.

No prospect of rising interest rates

Investors should also not give in to the hope that consumer prices, which have recently risen again, will lead to higher interest rates. Inflation is likely to accelerate further until the end of the year, but the European Central Bank (ECB) has repeatedly emphasized that it will adhere to the zero interest rate policy. The priority is to stimulate the economy again after the corona crisis, said ECB boss Christine Lagarde. In addition, the current rise in inflation is only temporary.

Investments that are considered to be risk-free, such as savings books and fixed-term deposit accounts, no longer offer any prospect of positive returns for the time being. In order for the saved to experience growth, stocks in particular offer themselves as a way out. Fund savings plans, for example, are a good way to get started. Investors pay regular amounts, in many cases from 25 euros upwards, into an investment fund in which various securities are bundled and which is managed by professionals. Alternatively, of course, investors also have the option of taking their money into their own hands and buying shares in individual companies on their own. In the past few years, you couldn’t go wrong when buying technology stocks.

Alternative ETF?

If you don’t dare to do this, but still want to invest in stocks, you can invest your money in a so-called Exchange Traded Fund (ETF). These funds replicate a stock market index (often with so-called derivatives). This can be the German share index (DAX) or other indices such as the US leading index Dow Jones. The performance of an ETF is closely linked to the respective index. As a result, the fees are usually lower than with other funds. Investing in the stock market is of course not without risk: If the index behind an ETF falls because the stocks in it fall, the fund also loses value.

Nevertheless, ETFs are enjoying growing popularity. According to industry experts, there are almost 7,000 of these funds. This is also due to the low interest rate phase. It ensures that more people invest their money in funds than before. Many have done well with this strategy and have achieved better returns than they would have achieved on a call money account. For example, an ETF on the DAX alone has generated a return of 55 percent in the last five years – provided that you kept your nerve at the beginning of the pandemic and did not sell when the markets collapsed by a third in spring 2020.

Gold and open real estate funds

A popular investment, especially in times of crisis, is gold. The corona pandemic has confirmed this again. By early August 2020, the price of a troy ounce (31.1 grams) had risen to an all-time high of $ 2,063, around a third more than at the beginning of the year. But then things went downhill again, to $ 1,684 in March. It is currently $ 1,775. In fact, gold is extremely volatile because the price is mainly driven by demand, because it has no “intrinsic value” like companies do. The precious metal is therefore not considered a reliable investment. There is also the often unsafe storage of bars or coins.

Those who shy away from the capital market and don’t believe in precious metals can also invest their money in real estate funds. They collect capital from investors and invest it in offices, shopping centers, residential buildings or logistics centers. The so-called open real estate funds are particularly popular with private investors. The income from such a fund, i.e. the rental income after deducting costs, is distributed to the owners as profit. With well-managed funds, an annual return of four to five percent can be achieved, a little more than the inflation rate.

Sometimes there is a risk of total loss

But the system has a catch. A minimum holding period of 24 months applies to open-ended real estate funds. An investor must also announce the return of his money to the fund company. Then he will get his system back after twelve months at the earliest. So if you have to get your money at short notice at any time, you should refrain from such investments.

The examples show that there is no shortage of alternatives to the savings book or a federal bond. But if you want to increase your money, you also have to be prepared to take risks. In some cases, for example when purchasing shares, there is even a risk of total loss, as the example of Wirecard recently showed. A look abroad – especially the USA, where far more people own shares than in Germany – shows that long-term wealth can only be built up with investments in the capital market

Source: GPLP Rhino Finance (ID: gplpcn)

On June 19, Xueda Education (000526.SZ) announced that it would invest no more than 800 million yuan in entrusted financial management in the next 12 months. Entrusted wealth management will invest in short-term, low-risk bank wealth management products, structured deposits and monetary funds with high security and good liquidity.

Xueda education relies heavily on investment income. The annual report shows that in 2020, its investment income will reach 73.397 million yuan, accounting for 94.19% of the total profit. Among them, the income from long-term equity investment was RMB 8,899,300, the investment income during the holding period of transactional financial assets was RMB 1,189,600, the investment income from disposal of trading financial assets was RMB 47.593,000, and the income from bank wealth management products was RMB 15.716 million.

In addition, on June 19, Xueda Education issued another announcement stating that as of June 17, 2021, the company’s fund-raising account balance was about 559 million yuan, and about 247 million yuan of raised funds had been used. Among them, the adjusted investment projects and use plans of raised funds include: teaching online store construction project, teaching network optimization project, OMO online trading platform construction project, repayment of shareholder Ziguang Zhuoyuan’s loan, etc.

The financial report shows that in the first quarter of 2021, Xueda’s education revenue was 692 million yuan, a year-on-year increase of 15.31%; net profit was 5,366,900 yuan, a year-on-year increase of 133.47%, turning losses into profits.

It is worth noting that on May 18, the Beijing Municipal Education Commission issued the “Notice on Examining Problems Found in Off-campus Training Institutions”, which was on the Educational List of Xueda University. The reason for the notification was that it carried out improper advertisements such as low-price marketing and sales anxiety.

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

According to the report, it was learned from the Bao’an District Development and Reform Bureau that the Tencent Dachan Bay project obtained construction permits last year and is currently under construction for foundation pit support. Tencent confirmed that the land that has already started is the “Penguin Island” project. It is reported that Tencent’s Da Chan Bay project is divided into phase I and phase II.One of the construction projects is scheduled to be completed in December 2024, The second phase is planned to be completed in November 2026.

According to the information from Baoan District Development and Reform Bureau,The project covers an area of ​​809,000 square meters, with a total construction area of ​​2 million square meters, The planned total investment will reach 37 billion yuan.

IT Home understands that the project will become Tencent’s global headquarters, which will shape Binhai’s iconic technology park and further expand Tencent’s global influence. It is planned to introduce 7 major industries including Tencent performance advertising, Tencent Cloud, Internet + healthcare, and cutting-edge technology to form a “six bases and one platform”. According to estimates, the project will eventually accommodate 80,000 to 100,000 employees and will be open to all citizens after completion

Produced｜Sohu Finance

Author｜Wu Ya

On June 21, Jiakai City Group Co., Ltd. (000918.SZ, referred to as “Kakai City”) announced that in order to solve the problem of horizontal competition with listed companies, the controlling shareholder Guangzhou Kailong Real Estate Co., Ltd. (abbreviated as “Kay City”) announced that “Long Real Estate”) intends to transfer 29.90% of the company it holds to Shenzhen Huajian Holdings Co., Ltd. (referred to as “Huajian Holdings”).

According to the announcement, Kailong Real Estate’s shareholding in Kakai City will be reduced to 27.85% after the transfer of the aforementioned equity, and will voluntarily waive the voting rights of the above shares. At this point, Kailong Land will no longer be the direct controlling shareholder of Kakai City.

Earlier, Jiakai City announced that the company intends to plan a change of control. Trading of the company’s shares will be temporarily suspended from the opening of the market on June 21. Trading will resume after the company discloses relevant announcements through designated media. At the time of the announcement, Jiakai City’s share price For 4.65 yuan / share, the total market value is about 8.389 billion yuan.

The story of Kailong Real Estate and Kakai City began in 2017. At that time, in order to solve the problem of competition in the industry, Evergrande Real Estate (acquired 52.78% of Kakai City shares in 2016 for 3.6 billion yuan) transferred its shares in Kakai City To Kailong Real Estate, Kailong Real Estate became the controlling shareholder of Kakai City. According to the company’s AP, Kailong Real Estate currently controls Evergrande Real Estate with a shareholding ratio of 59.42%.

After Jiakai City was acquired by Evergrande Real Estate, it embarked on a road of transformation. Among them, “de-real estate” to cooperate with Evergrande Real Estate to solve the problem of “competition in the same industry” has become the primary task of Jiakai City for a long time. Since then, the sale of equity and asset packages has become the norm in Kakai City, with a total amount of over 11 billion yuan. However, the problem of horizontal competition between the two parties has not been resolved smoothly. In July 2019, Kakai City also announced that it would postpone the resolution of horizontal competition with Evergrande Real Estate before August 1, 2021.

The commitment period is approaching. As the direct controlling shareholder of Kakai City, Kailong Real Estate transferred some of its shares. An insider of Evergrande Real Estate told Sohu Finance that “the major shareholder transferred out the relevant shares to become a non-controlling shareholder. The signed agreement on resolving horizontal competition is beneficial and can solve the problem of horizontal competition among listed companies.”

“Transfer of shares and waive voting rights has nothing to do with the company’s capital issues”

According to the announcement, in this equity transfer, Kailong Real Estate intends to transfer its 57.7% equity in Kakai City and transfer 29.9% of it; after the transfer is completed, Kailong Real Estate’s shareholding in Kakai City will be reduced to 27.8%, no longer the direct controlling shareholder of Jiakai City, and will voluntarily waive the voting rights of the above shares.

The acquirer is Shenzhen Huajian Holdings, which is mainly engaged in equity investment business, and the actual controller is Wang Zhongming. Among them, Huajian Holdings is the holding company of Shenzhen Cuilin Investment Holding Group Co., Ltd., and Cuilin Investment has had a lot of intersection with Evergrande before.

According to the data combed by Zongheng Plus, starting from the end of December 2016, Evergrande has introduced 3 rounds of battles for Shenzhen Real Estate in less than a year. There are a total of 24 strategic investment companies with a total amount of 130 billion yuan, which is the largest financing scale in the real estate industry. Among them, there is Huajian Holdings, with an investment of 5 billion yuan.

In September 2016, Evergrande Group issued an announcement on the Hong Kong Stock Exchange to sell “non-main business of grain, oil, dairy products and mineral water” for a total consideration of approximately 2.7 billion yuan. 600 million yuan was sold to Shenzhen Lailai Industrial Co., Ltd.; Dairy Group Company sold to Shenzhen Mingsheng Torino Trading Co., Ltd. and Sunlight Property Management Limited for 300 million yuan; the total consideration of Mineral Water Group Company was 1.8 billion yuan, and the buyer was Shenzhen Sunway Turing Automobile Sales Service Co., Ltd. and Lipu (HongKong) Limited.

Inquiring into the national corporate credit information publicity system, we can find that the three companies that took over this time are related to the same company, Cuilin Real Estate; and Cuilin Real Estate is related to Cuilin Investment.

For example, Wang Haijiao, the legal representative of Shenzhen Lailai Industrial Co., Ltd., is also a director of Cuilin Real Estate; Shenzhen Sunway Turing Auto Sales Service is one of the legal shareholders of Cuilin Real Estate Investor Shenzhen Judan Industrial Development Co., Ltd. 1. Wang Weimin, the legal representative of Shenzhen Mingsheng Turing Trading Co., Ltd. who took over the dairy products, is also a director of Shenzhen Kaifeng Commercial Construction Investment Co., Ltd., a subsidiary of Cuilin Real Estate.

According to the enterprise search app, Cuilin Real Estate is 100% owned by Shenzhen Judan Industrial Development, and after the equity penetration, it is wholly-owned by Cuilin Investment Holdings. The legal representative of Cuilin Investment is Wang Zhongxin.

At that time, some media questioned that Evergrande’s move was playing a left-handed-to-right-hand trick, saying that Evergrande’s mineral water, grain and oil business had been sold to “owners.” According to the Enterprise Check App, Wang Zhongxin is also the current legal person of Evergrande Agriculture and Animal Husbandry Group Yichang Co., Ltd.

Jiakaicheng said that matters related to this transaction still need to pass the review of the concentration of operators by the State Administration for Market Regulation. In view of the uncertainties in the matter, in order to ensure fair information disclosure and safeguard the interests of investors. Since the market opened on June 21, trading of the company’s stocks is expected to be suspended for no more than 5 trading days.

The timing of the transfer of part of the equity held by Jiakaicheng’s controlling shareholders is also more subtle.

According to the data, Jiakai City was formerly known as Yahua Seed Industry (formerly renamed Yahua Holdings). In 2009, Jiakai City was led by Zheshang Group and injected many real estate companies such as International Jiaye, Zhongkai Group, Mingcheng Group, etc. , And sold *ST Yahua’s original agricultural assets to repay part of the debt, thus realizing a backdoor listing.

But only seven years later, in 2016 Kakai City ushered in the second major asset reorganization. At that time, Evergrande Real Estate acquired a 52.78% stake in Jiakai City for 3.6 billion yuan, and thus became the controlling shareholder of Jiakai City.

At that time, Evergrande Real Estate stated in related announcements that by acquiring 52.78% of Jiakai City, it can enrich its own land reserve resources and further increase the proportion of projects in first- and second-tier cities. “The company will have a domestic capital market A-share listing platform. , And through the strategic integration of the two parties, it will further enhance the company’s continued profitability.”

At the time of the acquisition, there was a certain degree of horizontal competition in real estate business between Jiakai City and Evergrande Real Estate and its actual controllers. Therefore, in order to solve the problem of horizontal competition, in February 2017, Evergrande Real Estate The 52.78% shares in Jiakai City were transferred to Kailong Real Estate at a total price of RMB 6.53 per share and a total price of RMB 6.2 billion.

Through this transfer, Kailong Real Estate directly holds 52.78% of the shares of Jiakai City and is the direct controlling shareholder of Jiakai City; this is also an equity transfer between different entities controlled by the same actual controller, combined with the 2016 Evergrande Judging from the cost price of the 3.6 billion yuan of real estate in Jiakai City, Evergrande Real Estate made a profit of nearly 2.6 billion yuan from the transfer.

In addition to changing the direct controlling shareholder through equity equipping, Jiakai City after the acquisition has also embarked on a road of transformation. Among them, “de-real estate” to cooperate with Evergrande Real Estate to solve the problem of “competition in the same industry” has become the primary task of Jiakai City for a long time. Since then, the sale of equity and asset packages has become the norm in Kakai City.

Statistics from Sohu Finance found that during the four years from 016 to 2019, there were 15 subsidiaries with sold equity disclosed in the annual report of Jiakai City, and the above-mentioned sales transactions involved a total of approximately 11.011 billion yuan.

In October 2020, Jiakai City was also revealed that its residential and commercial assets were packaged for sale, involving about 10 billion yuan. However, Jiakai City did not respond to this news.

However, solving the problem of horizontal competition is not an easy task. In July 2019, Jiakai City announced an announcement that it would postpone two years to resolve horizontal competition with Evergrande Real Estate. According to the announcement, the overall stock asset size of Jiakai City has been reduced from 30 billion yuan in the initial acquisition of Evergrande Real Estate to about 13 billion yuan (as of the end of 2018), and the remaining stock is mainly commercial assets.

Jiakaicheng said that the reasons for not fulfilling the commitments were that real estate regulation and other factors led to the inability to clear its real estate sales in a timely manner, and that the second main industry cinema business was still in the cultivation stage. Therefore, Guangzhou Kailong and Xu Jiayin promised to resolve the issue of horizontal competition with Jiakai City in various ways permitted by laws and regulations at that time within 2 years from August 1, 2019.

In other words, before August 1 this year, the time limit agreed upon by both parties is approaching; in this way, there is only about one month left.

An insider of Evergrande Real Estate revealed to Sohu Finance that “the transfer of shares and the waiver of voting rights are mainly to solve the problem of competition among listed companies.” The insider also said that “share transfers are not for cashing out, and have nothing to do with the company’s capital problems.”

Since May of this year, there have been constant negative news surrounding Evergrande, and various rumors have been fermented around the sale of houses at discounts, Evergrande’s operating conditions, and capital chain. On June 7, Evergrande issued a statement to refute the rumors, saying that the company’s production and operation are all normal. In the 25 years since its establishment, there has been no case of late payment of loan interest or overdue return of principal.

Evergrande also stated that since March last year, the company has implemented a development strategy of “high growth, scale control, and debt reduction”, and its interest-bearing debt has dropped by nearly 300 billion yuan in a year; before the end of this month, the company’s Interest-bearing liabilities are expected to fall from last year’s highest of 874.3 billion yuan to less than 600 billion yuan, and at least one of the three red lines will turn green.

Revenue in the first quarter increased by 130%, and the stock price reached 9.14 yuan during the year

In fact, when the issue of horizontal competition between Jiakai City and Evergrande will be resolved, it has always been an issue of concern to investors. Prior to this, Jiakai City had repeatedly expressed to investors on platforms such as Hudongyi that the company is continuing to promote the resolution of related problems, and will accelerate the strategic positioning of its main business to continuously improve its future sustainable development capabilities.

Behind the concerns, there are more concerns about Kakai City’s performance and the company’s development. From the perspective of financial data, the performance of Jiakai City since 2016 is not optimistic. From 2016 to 2020, Jiakai City’s revenue fell from 3 billion yuan to 1 billion yuan; the net profit attributable to the parent company turned from profit to loss, and the year-on-year decline in 2020 was 1202.64%.

The latest annual report shows that in 2020, Kakai City’s revenue is 1 billion, a year-on-year decrease of 39.5%, and the decline is larger than the same period last year; net profit attributable to the parent is -1.26 billion, compared with 110 million in the same period last year, failing to maintain profitability ; Gross profit margin was -4.2%, a year-on-year decrease of 27.1 percentage points; net profit margin was -128.3%, a year-on-year decrease of 130.9 percentage points.

Jiakai City has also developed a “second main business”, that is, the theater business. Among them, in July 2018, Jiakaicheng acquired 100% equity of Beijing Star Times Cinema Investment Co., Ltd. and Aimee (Beijing) Cinema Investment Co., Ltd., and formally stepped into this field.

According to the annual report data, in 2019, 99 cinema companies under Kakai City opened newly opened cinemas, and a total of 117 cinemas have been opened. In the same year, about 14.44 million people watched movies in cinemas, and the box office accounted for about 0.78% of the national market.

Reflected in terms of performance, in 2018, Jiakaicheng film and television projection business revenue was 31 million yuan, accounting for 1.87% of revenue; in 2019, Jiakaicheng film and television projection business revenue was 619 million yuan, a year-on-year increase of 1896.7%; gross profit margin 97.58% , Far exceeding 36.21% of the real estate business in the same period.

However, just as Jiakai City’s second main business theater line business is still in the cultivation stage, and the proportion of revenue and profit of this business is also small, at present Jiakai City’s main business is still real estate, and its revenue contribution ratio in 2020 60.28%.

As of the first quarter of 2021, Jiakai City’s total operating income was 360 million, a year-on-year increase of 130.1%; net profit attributable to the parent was -160 million, compared with -310 million in the same period last year, and the loss narrowed; operating cash flow increased from -190 million Increased to 160 million, an increase of 183.2% year-on-year.

Jiakaicheng believes that the company’s film and television projection business has gradually returned to normal in the first quarter of 2021; in addition, the company’s interest-bearing liabilities have decreased compared with the same period last year, and financial expenses have decreased.

Since the beginning of this year, Jiakai City has experienced high-level personnel changes. On January 26, Jiakai City announced that Shi Shouming was elected as the new chairman of the board. Shi Shouming, 46 years old, has served as Vice President of Evergrande Real Estate Group and Chairman of Inner Mongolia Company, Hainan Company, Beijing Company, President of Evergrande Real Estate Group and Chairman of Sichuan Company, etc.; previously, Shi Shouming worked due to work The reason for the transfer resigned as chairman of Evergrande Automobile (00708.HK).

Also on January 8th, Jiakai City also announced that director Li Huaibin had been recommended by more than half of the directors and became the acting chairman of Jiakai City. Li Huaibin is currently the vice president of Evergrande Real Estate Group. From January 11 to January 20 after the announcement, in these 8 trading days, Jiakai City received a total of 5 daily limit, and the stock price rose from 3.29 yuan to 5.29 yuan, an increase of about 60.79%.

The stock price information shows that this is a rare rise for Kakai City. Since 2019, Jiakai City’s stock price has shown a downward trend as a whole.On February 2 this year, although the stock price had risen to 9.14 yuan /Share high point, but the stock price has declined overall since then.

As of the trading day before the suspension on June 21, Jiakai City reported 6.45 yuan per share. In the past five months, the share has fallen 29%, and the total market value has shrunk by more than 8 billion yuan.

Produced｜Sohu Finance

Author｜Wu Ya

After the market on June 15, Yuexiu Service Group Co., Ltd. (hereinafter referred to as Yuexiu Service) held an online press conference for the global offering. Yuexiu Service Non-executive Director and Chairman of the Board of Directors Lin Feng, Executive Director and Chief Executive Officer Wu Wei, Executive Director and Executive Deputy President Mao Liangmin and CFO Chen Dongpeng attended the press conference.

According to Yuexiu Services, it intends to issue 369.7 million shares in a Hong Kong IPO, with an offer price of between HK$4.88 and HK$6.52 per share; it plans to raise HK$1.804 billion to HK$24.1 billion before the exercise of the over-allotment right, and the exercise of the over-allotment right Later, it plans to raise 2/7.5 billion Hong Kong dollars to 2.772 billion Hong Kong dollars.

Yuexiu Service introduced 10 cornerstone investors, including Xinhua Asset Management (Hong Kong), sensepower held by SenseTime’s founder Tang Xiaoou, Shenghui Holdings, and Sofia Home Furnishing two directors Jiang Ganjun and Ke Jiansheng, Huake Capital and Shanghui Enterprise, etc. It subscribes for approximately 777.2 million yuan worth of shares; it is expected to be priced next Monday (June 21) and will be listed on the 28th with the stock code 6626.

Yuexiu Services stated that about 60% of the proceeds from the IPO will be used for strategic acquisitions and investments, and further strategic alliances will be established to expand the scale of property management; about 15% will be used for further development of value-added services and diversified development of service portfolios to increase profitability Capacity; about 15% is used for the development of information technology systems and smart communities; about 10% is used for working capital and general corporate purposes.

At the press conference, Wu Wei said that in the next three to five years, Yuexiu Service hopes that it will be among the first echelon of the industry. The specific implementation path includes: support from Yuexiu Real Estate, which can stably contribute 20 million square meters in the next three years. Management area; through strong external expansion, the company currently has a professional external expansion team and has professional external expansion capabilities; accelerate mergers and acquisitions, give full play to its own advantages, and take a market-oriented approach to actively participate in outstanding targets in the market Mergers and acquisitions of enterprises.

In response to the development and planning of the TOD model of Yuexiu Service, Lin Feng said, “Yuexiu Service is not limited to the Guangzhou Metro service category. There are certain professional barriers in this field. Yuexiu Service already has rich experience in this field. In the future, the company will conduct negotiations in more provincial capital cities and other regions. The growth in this field is expected.”

“In the depot service, Yuexiu Service undertakes the internal and external cleaning of subway trains, establishes technical barriers for cleaning of special equipment, and becomes the core competitiveness of the same type of business. Yuexiu Service will continue to explore the formation of TOD and cover residential management and construction. The unique management mode of the next site management, this special mode will become the growth point of future scale expansion and new profit points.” Lin Feng said.

In response to this problem, Wu Wei added that relying on Yuexiu Real Estate and Guangzhou Metro, Yuexiu Services has obvious advantages in this field; at the same time, Yuexiu Services has been deeply involved in diversified portfolio services and has core advantages for many years. And competitiveness.

On February 10 this year, Yuexiu Property (00123.HK) issued an announcement regarding Yuexiu Services’ submission of a listing application to the Hong Kong Stock Exchange; on the evening of the same day, the Hong Kong Stock Exchange disclosed the Yuexiu Services prospectus; on May 24, the Hong Kong Stock Exchange disclosed that Yuexiu The service passed the hearing.

The data collection after the hearing shows that from 2018 to 2020, Yuexiu’s service revenue increased from 763 million yuan to 1.168 billion yuan, and its net profit increased from 45.458 million yuan to 199 million yuan; gross profit margins were 25.9%, 27.2%, and 34.5%, respectively. ,Continued growth.

In terms of business structure, Yuexiu’s service revenue mainly comes from two major directions: non-commercial property management and value-added services, commercial property management and operational services. The former accounted for a relatively large income, and the revenue contribution ratio in the past three years exceeded 64%.

As of the end of 2020, the total area under management of Yuexiu Services was 32.6 million square meters, a year-on-year increase of 48%; the number of properties under management was 215, and 96.1% of the properties under management were located in first-tier, new first-tier and second-tier cities. According to the statistics of the Zhongzhi Research Institute, in terms of the market share of the area under management in 2020, Yuexiu Service ranks seventh among the top 100 property service companies.

Different from ordinary property companies, Yuexiu Service relies on the TOD property management model of “Metro + Property”, and is the only one of the top 100 property companies in the country that provides metro property services in the Greater Bay Area.

Prior to this, in November 2020, Yuexiu Services acquired the Guangzhou Metro Environmental Engineering and Guangzhou Metro Property Management from strategic investors, Guangzhou Metro, and became a composite property management company with “metro environmental engineering maintenance + metro property management and operation”. The acquisition has added over 5 million square meters of management area, which will provide Yuexiu Services with new businesses such as subway station lines under management and subway superstructures in depots.

In addition, the direct controlling shareholder of Yuexiu Services is Yuexiu Property, and Guangzhou Metro is the second largest shareholder of Yuexiu Property. In recent years, Yuexiu Services has continuously expanded its TOD scale relying on Yuexiu Property and Guangzhou Metro. As of the end of 2020, Yuexiu Real Estate has 5 TOD residential projects with a total construction area of ​​nearly 4 million square meters. In 2020, the contracted sales of 5 TOD residential projects will be approximately 17 billion yuan.

Owner of public transport application BusMap becomes a member of Phenikaa Phenikaa Group has just announced a strategic investment worth 1.5 million USD, equivalent to more than 34 billion VND, in BusMap Joint Stock Company – the owner of the BusMap public transport application. With the investment and patronage of Phenikaa Group on people, systems and technology, BusMap Joint Stock Company officially became a member unit of Phenikaa Group and was renamed Phenikaa Technology Joint Stock Company. MaaS (referred to as Phenikaa MaaS) BusMap is a technology startup of a group of young technicians, led by General Director Le Yen Thanh. Since 2013, the company aims to develop a free public transport application for passengers using city buses, helping people optimize their travel journey. The application is built on the core technology of digital maps, integrated with artificial intelligence, allowing users to find the shortest travel plan with the lowest cost and time. After 7 years, BusMap has more than 2 million users, made more than 50 million trips. Sharing about this investment decision, Phenikaa Group’s representative said that it is always looking for and developing young talents, sponsoring initiatives, research and development projects for new technologies, technological innovation and startups. breakthrough, positive influence, bringing practical benefits to the community. “Phenikaa MaaS will consider the BusMap application as the core technology, the foundation for developing “personalized” applications according to the needs of each user to solve a variety of problems in life and manufacturing business. From there, Phenikaa MaaS can expand transportation products and services for businesses, organizations and communities,” said a representative of Phenikaa Group about the long-term development orientation for the unit. this new member. Phenikaa is the parent company owning 81.63% of capital Vicostone – an artificial quartz stone business listed on the HNX with a market capitalization of VND 16,864 billion. In addition to Vicostone, Phenikaa is a multi-industry economic group operating in the fields of technology; industry; scientific research; education and training. Becoming a member unit of Phenikaa Group and a part of Phenikaa Ecosystem, Phenikaa MaaS aims to expand the target customer base, not only encapsulating the inner city bus transportation service industry, but also It also expands to other areas of the public transport industry such as trains, trams, waterways, etc., thereby, strongly promoting the comprehensive digital transformation in the field of smart transportation.

=====Spot gold market trend analysis=====

On Tuesday (June 15), international gold prices are expected to stabilize, ending the previous two consecutive days of decline, as the dollar’s fall has boosted the attractiveness of safe-haven gold. Investors are waiting for the results of the Fed meeting to find new clues to reduce the scale of bond purchases. The strategist said: “Technically speaking, gold has fallen below the key support level and appears to be entering a bearish trend… This means that the market may be ready to withstand the Fed’s gradual reduction in asset purchases.” Investors wait for the Fed’s upcoming announcement on Wednesday. Results of the new policy meeting. According to the survey, nearly 60% of economists said that the Fed will release the highly anticipated debt reduction plan in the next quarter. It is also worth noting that the US May retail sales data will be announced later in the day. Previously released data showed that soaring consumer prices in the United States benefited gold, which is often seen as a tool to hedge against inflation. The price of gold closed down mainly because the market was worried that the Fed would reduce QE ahead of schedule before the Fed’s decision. Some investors began to reduce the long positions they had previously established, which put downward pressure on the gold price in the short term. The rise of Bitcoin has led to a slowdown in the outflow of cryptocurrency funds, which is not conducive to the price of gold.

From a technical point of view, the daily level of gold prices rebounded on Monday, and European and American gold prices suffered a sharp drop, hitting the lowest level since May 17, and they rebounded strongly after hitting 1845, the intersection of the 10-day moving average and crossing the 200-day moving average. , And recovered most of the decline, and finally closed at 1866.16. The daily line recorded a bardo line with a long lower shadow. The MACD and KDJ dead cross signals continued, and the 10-day moving average crossed the 20-day moving average to form a dead cross. The gold price rebound failed to regain the upward trend line of 1873 in early May. There is still a risk of falling again in the short-term. Initial support is concerned about the daily low of 1858.7. This position is also close to the lower track of the Bollinger Band. If it breaks below, the price of gold may once again step on 1845 for confirmation. Support; on the whole, gold prices may currently face the greatest downward pressure since the rebound at the end of March. The future trend will largely depend on the Fed’s statement. Before then, gold bulls are expected to remain weak; however, As the price of gold started a strong rebound after it gained support near 1845, the short-term bearish signal has also weakened. If the price of gold can remain above the lower rail of the Bollinger Band 1860, there is still a chance for the price of gold to counterattack further. First, pay attention to the resistance near 1873. The price of gold needs to stabilize this position to effectively reverse the current weakness. Further resistance is near 1888. This position is at the same time the middle of the Bollinger Band and the 10-day moving average. If it breaks through, the price of gold will have the opportunity to hit the 1900 mark again. On the whole, today’s short-term operation thinking Wang Jinyao suggests to rebound from the high altitude, supplemented by the callback low and more. The top short-term focus is on the first-line resistance of 1878-1883, and the bottom short-term focus is on the first-line support of 1845-1850.

===== International crude oil market trend analysis=====

On Tuesday (June 15), international oil prices rose and are expected to rise for the fourth consecutive trading day. With the delay in negotiations for the United States to rejoin the Iran nuclear agreement, the prospect of Iran’s provision of additional supplies to the market soon fades away. The United States and Iran, as well as other parties to the 2015 Iran nuclear agreement, resumed indirect discussions in Vienna last Saturday (June 12). The return of the United States to the agreement will pave the way for the lifting of sanctions on Iran, which will enable the Organization of Petroleum Exporting Countries (OPEC) member states to resume crude oil exports. The Organization of Petroleum Exporting Countries and major oil-producing countries (OPEC+) including Russia have been reducing production to support oil prices. ING said: “Additional supply from OPEC+ will be needed in the second half of this year, as demand is expected to continue to recover.” Encouraged by the obvious signs of rapid global economic recovery and continued reductions in production by US shale oil producers, hedge funds took long positions in oil last week. Raise to pre-pandemic levels. Analysts said: “The technical indicators on the daily chart currently show that crude oil is in the overbought zone and may be pulled back.” He said that investors and traders are also paying attention to the results of the two-day Fed meeting that began late Tuesday. , In order to find the signal when to start reducing monetary stimulus. Three sources familiar with the situation said that under pressure from labor unions and including U.S. senators from his hometown of Delaware, the Biden administration is considering how to reduce the burden of biofuel blending on U.S. refineries.

From a technical point of view, from a daily perspective, crude oil relied on the MA5 daily moving average to rise on the next day, and then fell back slightly after setting a new high during the intraday session. A small sun with a shadow line was recorded, the Bollinger band opened up, and the oil price was running at the upper middle. Track, moving average and long positions are arranged, operating below the oil price to form support, the support below focuses on the opening level of this week, and then the moving average horizontal support. From a 4-hour perspective, crude oil showed a slow upward trend the next day, and then fell back after a short puncture on the upper track. It held high and sideways. The Bollinger Bands are currently in an open period. After the MA moving average is arranged in a long position, the MA 5-10 daily moving average Moving forward, the KDJ stochastic indicator hooks upward in three lines, the MACD indicator diverges, and the fast and slow lines move forward in parallel. On the whole, crude oil is currently insufficient to rise in the short term, or it will rise after a wave of retracements. On the whole, today’s short-term operation thinking Wang Jinyao suggested to call back low and high, supplemented by rebound high altitude, the top short-term focus on the 72.5-73 resistance, the bottom short-term focus on the 68.5-69 first-line support.

Launched in 2020, The CrownX unites two leading enterprises in the industry to establish a leading retail – consumer platform in Vietnam. Within the framework of the transaction, The CrownX will partner with Lazada to accelerate the company’s digital transformation, accelerating the development of the integrated retail market from offline to online (“O2O”) in Vietnam. This transaction strengthens shareholders’ vision of the potential to build Vietnam’s first technology-enabled retail-consumer ecosystem, while expanding its reach to serve consumers nationwide. Alibaba and partners complete the investment of 400 million USD in The CrownX Mr. Danny Le – General Director of Masan Group – shared: The strategic cooperation agreement will help us accelerate the transformation of The CrownX into a Point of Life – an “all-in-one” platform serving the needs of customers. daily necessities of consumers on offline and online shopping channels. Our first priority is to modernize the retail essentials market in Vietnam, serving consumers with the best products and services. I believe this partnership will help the company realize Point of Life more quickly and effectively. Kenny Ho – Investment Director of Alibaba Group in Southeast Asia and India – said: The combination of Alibaba’s understanding in online retail industry, Lazada’s e-commerce platform, and selling system Masan’s scale of offline retail will be a catalyst to promote the modernization of Vietnam’s retail industry. We look forward to accompanying Masan to build a leading retail and consumer platform integrated from offline to online in Vietnam. Within the transaction framework, VinCommerce (VCM) will establish a strategic cooperation agreement with Lazada – Alibaba’s e-commerce platform in Southeast Asia. Accordingly, VCM will be the leading retailer of necessities on the Lazada e-commerce platform. The two sides will share knowledge and experience to promote necessities to become a key industry of e-commerce. At the same time, develop the feature of supplying goods for online orders at VCM’s offline selling points. Although shopping with daily frequency, the ability of consumers to access essential products through online channels is still limited. Masan sets a target that the total value of goods from The CrownX’s online channel will account for at least 5% of the Company’s total sales in the near future.

In terms of sectors, the electronics and automotive sectors bucked the market and rose, while the leisure services and non-ferrous metals sectors fell by more than 3%.

After the Dragon Boat Festival, the rainy season rained and wet the A shares. The high shock before the holiday was “inspiring”, and the plunge after the holiday was “sad”. On June 15, the first trading day after the Dragon Boat Festival, the performance of A shares was “unsatisfactory.” The two markets traded over one trillion yuan, and large market value stocks plummeted significantly.

What is the main logic of the A-share market opening on the first day after the holiday? From the perspective of fundamentals, valuation, liquidity, etc., what is the expected A-share market in the second half of the year? How to choose between large, medium and small market value and sectors?

“International Finance News” reporter interviewed several industry insiders. In their opinion, the current A-shares do not have the conditions for the index to rise sharply, and the hotspots collectively fell again, and the index continued to wash up and gather momentum. The upward momentum of the economy is still weak, liquidity is restricted, and equity market valuations are not low. In the second half of the year, income expectations should be lowered.

The first day after the holiday market “green fat red thin”

On June 15th, the three major A-share indexes rebounded slightly after falling in early trading, and then maintained a low and volatile trend, and the decline narrowed. As of the close, they all fell by about 1%. The Kechuang 50 Index bucked the market and opened higher and then fell back to close up.

In terms of sectors, the electronics and automotive sectors bucked the market and rose, while the leisure services and non-ferrous metals sectors fell by more than 3%. The performance of individual stocks was “green, fat, red and thin”, with 1351 individual stocks rising and 67 daily limit stocks; 2913 individual stocks falling, and 27 falling limit stocks.

In terms of popularity, the turnover of the two cities exceeded one trillion yuan, a slight decrease from the last trading day before the holiday. The net outflow of Beishang capital was 5.2 billion yuan, mainly reducing its holdings of WuXi AppTec, Zijin Mining, Ping An, etc., each of which exceeded 500 million yuan; Beishang capital also “started” Yanghe shares and BYD, and the net sales were about approximately 300 million yuan.

In the first half of the year, a total of 208.3 billion yuan of net inflows of funds from the north, including 88.8 billion yuan in Shanghai Stock Connect. Since June, the net inflow of funds from Beijing to Beijing is 1.5 billion yuan, of which Shenzhen Stock Connect has a net inflow of 1.4 billion yuan.

What is the main reason for the market decline after the holiday?

Qianming Asset Management Fund Manager Bai Yi analyzed to a reporter from the International Finance News that today’s market’s hot cyclical stocks and the concept of Hongmeng fell collectively, and the bull market trend sector securities also appeared to sell off. The deep-seated logic is that there are currently no conditions for the index to rise sharply, and the hotspots collectively fell again, so the index continues to wash up and gather momentum.

“The Shanghai Index fell below the 20th line on the first day after the Dragon Boat Festival, which exceeded most investors’ expectations.” Liu Youhua, head of research on private equity rownets, also told reporters that in terms of popularity, the turnover of the two markets still exceeded one trillion yuan. , The market is still hot, but structural opportunities are more difficult to grasp. In terms of liquidity, over-issuance of foreign currencies has led to global inflation expectations, while the continuous appreciation of the renminbi has led to continued inflows of foreign capital. This expectation will still exist in the second half of the year. From the perspective of individual stock fundamentals, the profitability of most individual stocks has improved, and the semi-annual report will be the focus of the market.

Wang Jiang, general manager of Yuanrong Investment’s stock department, said in an interview with a reporter from the International Finance News that the market tends to choose the direction of least resistance in the short term, which has a certain degree of randomness. On the macro level, the market focuses on US employment data. If employment is weak, the expected contraction of the balance sheet will be delayed, which is conducive to the stability of the valuation level. However, as time goes by, the window of desensitization of inflation data and employment data has not yet recovered is being consumed, and as the Fed’s interest rate meeting approaches, the market will inevitably be worried. “As far as the second half of the year is concerned, there are macro variables, and the current equity market valuation is hardly cheap, and it is reasonable to reduce income expectations. In terms of sectors, the optional consumption branch in the increase in penetration rate and the disturbance of raw material prices The sub-manufacturing sectors that have little real impact can be paid attention to.”

How to switch between large and small market capitalization opportunities

In the first half of the year, the Shanghai Composite Index rose more than 4%, the ChiNext Index rose more than 11%, and the Shanghai and Shenzhen 300 Index and the China Securities 1000 Index both rose more than 2%. Since June, there has been a significant gap in the index of individual stocks representing large, medium and small market capitalization. The Shanghai and Shenzhen 300 Index fell nearly 1% during the year, the Shanghai 50 Index fell more than 3%, and the CSI 1000 Index rose 2.5%.

How to choose large, medium and small market capitalization stocks in the second half of the year?

“Currently, large blue chips and Baotuan stocks are at historical highs, and the probability of shock adjustments in the second half of the year is relatively high; but small market capitalization, second-tier blue chips, and the financial sector are again in the historical underestimation range, and there is an upward trend in the second half of the year. The biggest opportunity in the second half of the year. The risk is the valuation of U.S. stocks, which severely restricts the rise of the big blue chips of A shares.” Bai Yixiang “International Finance” reporter estimated that in terms of liquidity, the central bank is expected to continue to implement moderate monetary policy, and foreign capital will continue to flow into A shares. tendency. On the whole, the index fluctuated more in the second half of the year. Focus on the upside opportunities of undervalued companies. On the sector, it is recommended to pay attention to TMT, domestic substitution, and post-epidemic sectors such as tourism, airports, ports, etc.

Lang Chengcheng, director of the research department of Furong Fund, bluntly stated to the reporter of “International Finance” that the market was mainly high and volatile last week, and structurally small and medium-sized market capitalization companies rose at the top. In fact, since May, from the rotation of large market value companies to small and medium market value companies, both types of companies have seen a certain degree of rise. The core logic is to restore the pessimistic expectations of liquidity. “As the semi-annual report and the 100th anniversary of the founding of the party approach, the round of rising prices may have reached the middle and late stages, and market volatility will increase. Small and medium-sized market value companies under the catalysis of the theme should be treated with caution.

“In the short-term, it is recommended to moderately control the investment rhythm, and be optimistic about low-value banks and some cyclical leaders; in the medium and long term, performance growth is still the core main line, and we are optimistic about the high-period cycle of electronics and electronics.” Lang Chengcheng further analyzed, economic fundamentals. Financing data reflect that the upward momentum of the economy is still weak, the scale of new social financing has fallen sharply year-on-year, and the year-on-year growth rate of the stock of social financing has also continued to decline. The South China Industrial Products Index has risen to a high level again. Last week, the US CPI rose by 5% year-on-year in May, exceeding expectations and setting the largest increase since August 2008. However, the yield of Treasury bonds has continued to decline since then. Compared with inflation, the Fed pays more attention to employment and economic recovery, focusing on the Fed’s interest rate meeting this week.

Institutional view: not overly optimistic in the second half of the year

In terms of sectors, cyclical stocks such as steel, mining, chemical, non-ferrous metals and other cyclical stocks ranked first in the year’s component range (total market value weighted average), with a rise of more than 14%; non-banking finance, defense and military industry, and household appliances all fell more than 11%.

In terms of price-to-earnings ratio PE (TTM, holistic approach), science and technology sectors such as computers, national defense and military industries, transportation, communications, electronics, and medical biology exceed 50 times, of which media, leisure services, and integrated sectors exceed 240 times. The lower valuations are steel, mining, non-banking finance, etc., less than 20 times, and banking, building decoration, and real estate sectors are less than 10 times.

How to choose sector investment in the second half of the year?

Chen Li, chief economist of Chuancai Securities and director of the research institute, predicts that in the second half of the year, sector rotation will become more frequent and structural differentiation will continue. Unlike last year’s single valuation drive and the dominant performance drive in the first half of this year, the market in the second half of the year will no longer be a competition among various industries, and more inclined to comparisons within the industry, with low internal valuations and growth rates. The fast company will become the leader, and vice versa, it will continue to fall. For example, the growth of mid-to-high-end liquor in the liquor industry is expected to have strong certainty; under the background of “carbon neutrality”, the new energy industry is expected to diverge, focusing on both the technological path and cost advantages; Pay attention to the three links.

Looking ahead to the second half of the A-share market, the strategy team of Ping An Securities predicts that the overall market will fluctuate upwards in the second half of the year, and will lay out structural opportunities for growth styles. The economy is basically facing the upward pressure of the market, and there are corresponding constraints on liquidity. However, continued favorable policies and funding levels in the second half of the year are expected to continue to increase risk appetite. Equity valuation is not overly optimistic from the perspective of equity-bond yield ratio and earnings expectations. . It is recommended to pay attention to the proliferation of new energy vehicles, new energy, semiconductors, new chemical materials, biomedicine and other industries, as well as the proliferation of investment opportunities for more companies in the high-prosperity industry chain.

Northeast Securities bluntly stated that the leading factor in the market in the second half of the year will be the topping of profits, and the overall market valuation will be difficult to increase, and low-value and high-prosperity industries will prevail. The market fluctuated in the second half of the year. From the perspective of profit calculations, the profit growth rate in the second half of the year is decreasing quarter by quarter. In terms of funding, the US Taper expectations and the decline in domestic credit entering the second half of the year led to tight macro liquidity in the second half of the year; the stock market remained neutral in the second half of the year, mainly due to the increase in the issuance of new funds at the inflow side and the slowdown in foreign capital inflows. The outflow-end IPO fundraising rose, and the lifting of the ban fell. In terms of valuation and sentiment, the advantages of small and medium-cap valuations are obvious and the position of individual stocks is still low; Sino-US relations and credit risks may still suppress risk appetite.

As a company that has been focusing on investments in the new economy for a long time, Hanergy has created a number of successful classic cases in the past, helping many companies to rapidly grow into industry leaders. In addition to JD Logistics recently, the direct recruitment of BOSS, which was just listed in the United States on the evening of June 11, has also brought huge returns to Hanergy’s investment. Chen Hong said: “Investment in direct recruitment of BOSS has earned about a dozen times.”

“Internet celebrity” products may just be a gust of wind

Chen Hong, Chairman and CEO of Hanergy Investment Group.Photo by Xue Yufei, Sino-Singapore Jingwei

As a well-known figure in the investment banking circle, Chen Hong’s entrepreneurial history began in the United States on the other side of the ocean. He started his business in Silicon Valley in 1993. In 1999, he led the founded GRIC company to land on Nasdaq. One of the Chinese entrepreneurs who led the company to go public.

In 2003, he chose to return to China to start his own business and set up the Hanergy Investment Group. Over the years, the company has invested in and participated in mergers and acquisitions of many well-known companies. For example, in the merger of 58.com and Ganji.com, Hanergy acted as the exclusive financial advisor to Ganji.com, helping it sort out the complicated shareholder background and corporate structure, and facilitate the smooth completion of the transaction; in 2011, Hanergy invested in Chinese Online, the latter of which It was listed in January 2015 and became China’s “first share of digital publishing”. Hanergy’s total investment return on Chinese online shares reached 12.34 times, with an IRR of 79%.

Currently, Hanergy focuses on investments in the Internet economy, technology, consumer and medical fields. He told the Sino-Singapore Jingwei Client: “Invest in China’s new economic industries, choose and hold those scarce resources that have good growth potential. You can withdraw part of it when you need a return, and hold the rest for a long time. In the end, the return will definitely follow. Grow with economic development.”

In 2018, Hanergy invested in JD Logistics because of its new economic attributes. Chen Hong said that JD Logistics is not a traditional logistics company. It has a strong sense of science and technology. It has many of its own things and its service quality is higher than that of its peers. JD Logistics is relatively independent, serving both JD Group and other e-commerce companies. “The scale of e-commerce companies is growing rapidly. There are always a few leading companies, so I invested.”

Speaking of the recent changes in investment trends in the Internet field, he said that since the high-speed growth period has passed, “many Internet companies may not have much growth in their daily activities.” This has led to fewer Internet-related investment opportunities than in the past, but there are still some areas that are relatively hot.

The first thing worth paying attention to is the field of corporate services. Chen Hong believes that China’s To B service enters the development period, and there will be the emergence of leading companies, and there will be growth opportunities. The unicorn that Hanergy has just invested in has a turnover of several hundred million yuan, but its market valuation has reached tens of billions of dollars.

Followed by the medical services and biotechnology industries. He estimated that based on China’s huge population base, there may be one or two medical companies with a market value of hundreds of billions or even trillions in the past two years.

In the past, new consumer areas that VCs were not interested in have also undergone many changes. For example, consumer brands such as Heytea, Bubble Mart, and Yuanqi Forest have emerged rapidly and have become popular “net celebrity” products. Chen Hong believes that this sends a signal, “As China becomes more powerful, consumers, especially young people, will gradually like domestic consumer brands.”

However, he also reminded that in the new consumer field, if a company only relies on a “net celebrity” product to make money, it is likely to be a gust of wind, and after a while, it will quickly disappear. In the past, there were a lot of similar “net celebrity” products. He also said: “If the management team has the ability to grasp a favorable market position when they are pushed up by others, and can provide more related products in their value ecosystem, they may survive. But this is not the case. Every entrepreneur can play it.”

In addition, Hanergy is also looking at areas related to “carbon neutrality”, such as new energy batteries, new infrastructure, and electric vehicles.

Investing in startups fancy the founding team

Each venture capital and investment bank has its own investment style. For Hanergy Investment, Chen Hong introduced that Hanergy will generally make a controlling acquisition of the target company with strategic investors. After the holding is achieved, it will use its resources and platforms. Empower the target company to help the company grow. This is also a common style of play between KKR and Blackstone in the world.

In 2005, Chen Hong and his partners made a huge return on their investment in Elevator Advertiser Frame Media, and later entered the Harvard Business School textbook as a case study. The business model of elevator advertising still exists today, and its positioning characteristics are conducive to precision marketing. However, at that time, the market share of elevator advertising was very scattered.

He recalled: “At that time, the company we first invested in had a turnover of 30 million yuan, and the company was insolvent. We went in and held holdings first. Within a few months, we integrated seven or eight companies that do elevator advertising in first-tier cities. Quickly occupy 70% of this market segment.”

Chen Hong said that the benefits of integrating this sub-industry are twofold. First of all, each company does not have to fight price wars, and the competition is smaller. Secondly, as the scale becomes larger and the company’s negotiation ability becomes better, the amount of an order negotiated by an advertising salesperson may change from 500,000 yuan to 10 million yuan. After Frame Media achieved rapid growth, Hanergy assisted in the completion of Focus Media’s acquisition of Frame Media as an exclusive financial advisor. Hanergy’s overall return on investment reached 93 times.

Hanergy Investment has its own criteria for the choice of specific companies. He mentioned that, firstly, it depends on whether the company has the ability to increase its own safety and use its existing market position to continuously innovate to resist risks; secondly, it depends on whether the company can lay a solid foundation in its business field.

He also said that Hanergy will not invest in companies that diversify prematurely. When an enterprise is satisfied with its current market position and intervenes in an industry that it is not good at, it may cause funds to be dispersed and ultimately fail.

In the venture capital circle, there has always been a saying that “investing money is also investing in people”, that is, the quality of the founder and founding team is fancy. Chen Hong also agreed with this statement. He jokingly said, “For start-up companies, this is the only stage that can be seen.”

Hanergy has invested in a start-up company that uses artificial intelligence to detect human breast cancer, lung cancer and other diseases. The research team basically graduated from Peking University with strong professional and technical capabilities. “We believe that with the increase of big data, artificial intelligence will be used to solve some medical problems in the future. In this field, there are many companies that are much larger than this company, but we are very knowledgeable about the technology of the company’s founding team. I admire it very much. The CEO was in charge of China’s medical business at Siemens. It’s very comfortable to talk about. We feel that the company’s people and technology are good, but it’s almost capital and channels. Hanergy was the first to invest. It became the largest shareholder and introduced the business to this company,” he said.

“Put money in” is the real challenge

Chen Hong has always had an external view that the venture capital industry is becoming more and more concentrated, and the Matthew effect is becoming more and more obvious. He also told the Sino-Singapore Jingwei Client: “Large mainstream investment companies have increasingly their own style. You have no style and it is difficult to invest in good projects. The first one is unlikely to give you this opportunity, and the second One is that you can indeed look for companies that no one is optimistic about to invest in, but there are very few opportunities to miss.”

He went on to say that more than a decade ago, it seemed that any person or company could be an investment fund. Now it is not. Investment has become more and more professional. How to systematically invest and get returns is very critical. In the future market, there will not be so many VC and PE funds.

Looking at China’s fast-growing new economic industry, there are many investment opportunities. In each industry, one or several leading companies will emerge to become future leaders. An excellent investment team must first find potential entrepreneurs. However, the biggest challenge is not here. Chen Hong said that smart people can see what a good industry and a good company are, but after finding a company, investment institutions must meet the core demands of entrepreneurs before they can invest funds. This is a real challenge to investors.

Investing in a company is a two-way choice. It is both an investment bank and an investment bank. He said: “When a company accepts investment from an investment bank, it will also look at the reputation of the investment bank and whether it can add points to the company. In addition to capital, whether it can give more empowerment to other external resources.”

For example, he said, some companies may want to connect with Internet companies to seek traffic, and non-head funds do not have much effect in this regard. And this is where Hanergy’s advantage lies. Hanergy has participated in the mergers and acquisitions of about a quarter of large-scale new economy companies in China, and has cooperated with companies such as Tencent, Alibaba, Baidu, JD.com, and Toutiao.

Investment banks are not superior, but serve enterprises with a “Party B” mentality. He said: “I ask our investment team to maintain the’Party B’mentality. When you invest in others, you also ask others to accept investment and to empower and help them. In this way, the work mentality is different.” (Zhongxin Jingwei APP)

Up to now, there are 15 master plans in the city. Chau Doc is approved and publicly held in accordance with regulations. For example: adjusting the master plan on socio-economic development of the city to 2025, orientation to 2030; master plan on development of Sam mountain national tourism zone, An Giang province to 2025, vision to 2030; adjustment of the general planning of the city. Chau Doc, An Giang province until 2035… Chau Doc has completed the entire formulation, adjustment, publication and implementation of the contents of land use planning and land use planning for the final period (2016-2020). suitable with the socio-economic development situation of the city. Chau Doc focuses on investing in developing infrastructure for commerce and tourism The locality has increased calling for investment in the development of commercial, service and tourism infrastructure. Trade promotion, building a network of markets, supermarkets and convenience stores continued to develop. Goods are abundant and diverse, ensuring adequate and timely supply of production and consumption needs of people and visitors. Revenue through the market increased by an average of 11.47% per year. The city focuses on well implementing the project of developing markets, supermarkets, commercial centers and managing security, order and commercial civilization. In the 2016-2020 period, Chau Doc calls for investment and development of 1 general supermarket, 2 electronics supermarkets, 1 agricultural wholesale market and 5 convenience stores. The city will upgrade and expand the central market of Chau Phu A ward into a grade I market; arrange and arrange business households in Vinh Dong market food area; implementing the model of civilized and commercial markets at 4 central markets of Chau Phu A, Chau Long, Chau Phu B and Vinh Dong wards. The city converted 3/8 markets into an enterprise model, a cooperative business, exploitation and management of the market; perform conversion of the function of the Sam Mountain Trade Center. As a result, business and service activities in the area have been gradually rectified; the inspection and control of anti-smuggling, commercial fraud and counterfeit goods are maintained regularly; The negative phenomena in the festival decrease year by year, making an important contribution to the orientation of the city’s economic restructuring. Tourism sector of the city. Chau Doc has many positive changes. The Prime Minister has issued Decision No. 2098/QD-TTg approving the master plan on development of Sam Mountain National Tourist Area to 2025, with orientation to 2030; The Ministry of Culture, Sports and Tourism issued Decision No. 2646/QD-BVHTTDL recognizing Sam Mountain National Tourist Area. City People’s Committee Chau Doc has developed a project to preserve and promote the value of the Ba Chua Xu Festival of Sam Mountain until 2030, approved by the Provincial People’s Committee (Decision No. 2476/QD-UBND) and is preparing a scientific dossier to submit to UNESCO recognized the festival as the representative intangible cultural heritage of humanity. City. Chau Doc continues to identify spiritual tourism as the mainstream, combining with expanding and diversifying tourism types. Some key projects are being implemented by investors in the service – tourism sector, such as: Sam mountain cable car spiritual cultural tourism area, Sam mountain cultural park, 5-star hotel project, etc. The New City urban area project, Hai Den water park amusement park… Transport infrastructure is interested in investing in a complete direction, the traffic routes to tourist attractions are upgraded and expanded, such as: Tan Lo Kieu Luong road, upgrading the road to the top of Sam mountain, bypassing Highway 91 to Vinh Dong market… According to Mr. Lam Quang Thi, the city is focusing and prioritizing resources to invest in building technical infrastructure to develop Chau Doc into a smart tourist city. In which, implementing the list of tourism infrastructure development projects, including: building a wharf serving tourism in the city. Continental Director; Sam mountain cultural park; upgrading and renovating green parks April 30; Sam mountain cultural park loop route combined with parking; City convention center Continental Director; project of preserving, embellishing and promoting the value of national relic – Ba Chua Xu area on the top of Sam mountain. Continue to perform well the state management in the fields of: commercial civilization, tourism culture, environmental protection in tourism activities, festival organization, protection and promotion of the value of relics. Next time, City. Chau Doc focuses on correcting, handling, and limiting the situation of swindling, triggering, and negative phenomena during the festival to ensure security and order in tourist areas and building Chau Doc as a modern tourist destination , safe, civilized, friendly.

5 months, Bac Ninh granted new investment registration for 52 foreign investment projects Specifically, from the beginning of the year until now, the whole province has granted new investment registration for 23 domestic investment projects with a total investment capital of 8,248,456 billion VND; granting adjusted investment registration for 36 investment projects, including 12 capital adjusted projects with the total adjusted capital increasing by VND 3,442.36 billion; adjusted 1 project for industrial park infrastructure investors with total additional investment capital of 1,180.37 billion VND, equivalent to 51.32 million USD. Accumulated up to now, Bac Ninh province has granted 1,455 valid investment registered projects to domestic investors with a total adjusted investment capital of 210,505.18 billion VND. With foreign investment projects, in the first 5 months of the year, Bac Ninh province has granted 52 new projects with a total registered capital of 320,691 million USD. Adjusted capital for 33 projects, with an increased adjusted capital of USD 43,607 million. Along with that, there were 22 times of capital contribution, share purchase and capital contribution with a value of 9,174 million USD. So far, Bac Ninh province has granted investment registration to 1,663 valid foreign investment projects with the total registered investment capital after adjustment and capital contribution to buy and buy shares, the contributed capital reaching 20,045 ,006 million USD. According to the Ministry of Planning and Investment, Bac Ninh is currently ranked 7th out of 63 provinces and cities nationwide in terms of attracting foreign direct investment. Particularly in May 2021, Bac Ninh province has granted new investment registration for 14 foreign investment projects with a total registered capital of 61,072 million USD.

Provincial road 330 – the main traffic route of Ba Che district has been repaired and upgraded. Provincial road 330 is an arterial traffic route with a total length of nearly 50km. This is the route connecting from the town center of Ba Che district with 5 highland communes: Thanh Son, Thanh Lam, Dap Thanh, Minh Cam and Luong Mong. At the same time, this route also connects and trades between Ba Che district and Bac Giang province. Although it is an important road, but because it was invested more than 20 years ago, many sections have been seriously degraded, the road surface is subsided, muddy, many dangerous bends and steep sleeves. At underground points overflowing along the route on heavy rain days, the water level rises, even in some villages, the flood situation lasts for a long time, affecting people’s travel and economic development. Typically, the flood from August 12 to 14, 2017, the high water level of the Ba Che river caused 19 local flooding points along the provincial road 330. In which, many of them flooded more than 2m deep. Facing difficulties and inadequacies, voters and Ba Che district authorities have proposed to the province and central government to pay attention to renovating and upgrading the local arterial roads. In order to gradually overcome the deterioration of provincial road 330, in 2018, the Non-business Capital Management Board, the Department of Transport and Communications completed repairing 6 low-lying points, causing flooding on the route. By August 2020, this route continues to be renovated at key points nearly 16km long. In which, upgrading and replacing some underground overflows; carry out roadside reinforcement; strengthen nails; widen the road from 3.5m to 5.5m; locally repair the road surface with standard crushed stone and pave it on the basis of the existing roadbed, ensuring two lanes of traffic; supplement and replace the longitudinal trench system and traffic safety infrastructure. Up to now, the project has basically completed the items, the overall project has reached 95% of the volume, is eligible to be put into use, ensures traffic safety and serves the travel needs of people. people. Mr. Nguyen Van Hung, from Khe Long Ngoai village, Thanh Son commune, Ba Che district, said: In the past, it was difficult to travel on long distances, so people here often sold acacia wood at a lower price than the market. Now there is a beautiful road, so trucks go to the edge of the forest to buy acacia at a high price. People are very excited. However, on some turns from provincial road 330 to residential areas because the roadway is higher than the houses, the continued deployment of road railings to ensure traffic safety for people is important. absolutely necessary. It can be affirmed that, basically, when the provincial road 330 is repaired and upgraded, it has helped people travel more conveniently and safely. If before the spillway points were flooded every time the rainy season came, it has been replaced by bridges and large box culverts, ending the isolation in the rainy season. Thereby, helping the people of Ba Che district not only facilitate production, develop the forest economy and transport goods in the rainy season. Traffic infrastructure is invested to help trade goods in Ba Che highland. Along with the investment of the provincial road 330, up to now, from the capital of the national target programs and of Quang Ninh province. , Many roads of the district have been renovated, upgraded and renewed. Especially the transport system connecting the district center with communes and villages is concreted. This is a great effort of the province as well as officials and people of Ba Che district because the investment in infrastructure in mountainous areas and complicated terrain requires huge funds. Mr. Khieu Anh Tu, Vice Chairman of Ba Che District People’s Committee, said: Thanks to the investment in transport infrastructure, the material and spiritual life of people in Ba Che district has been increasingly improved. By the end of 2019, Ba Che has completed the removal of communes and villages from extremely difficult situations. The district also completed Project 196 1 year ahead of schedule. However, currently in Ba Che area, provincial road 342 is an important traffic route serving travel, goods exchange, socio-economic development between Ba Che district and neighboring localities. dilapidated, narrow road surface. In the coming time, if this road is invested, it will help people travel less hard and have conditions for economic development and poverty reduction more sustainably. Concrete road to each village, replacing muddy dirt road. Ba Che is the most difficult mountainous district of Quang Ninh province. Therefore, in order to create motivation for the locality to develop comprehensively in all fields, narrowing the gap with the lowland; In addition to the efforts of the Party Committee, the government and the entire people, infrastructure investment is one of the urgent and important solutions that need to be implemented.

Natural green spaces are always the desire of many families In the past few years, the high rate of urbanization has made the living environment in big cities like Hanoi and Ho Chi Minh City stifling. People are often confined in an “industrial” space with concrete, glass doors and especially smoke and waste from vehicles. A green space with fresh air has become the desire of many people. In particular, the fact that families spend time every weekend to participate in resort and fun activities outside the city has become a habit. Or as with families with good economic conditions, choosing an apartment that is close to nature, in harmony with nature has become a top priority, even though the location of the apartment may be far from the center or the cost. expensive. According to Stanford University research, walking in nature instead of an urban environment helps reduce anxiety, stress and negative influences, while enhancing cognitive ability and improving work performance. Living space close to nature also plays an important role as a connection between people and people. All the above factors make modern residents want to find green living trends to balance and enjoy life. Around the world, the trend of bringing nature into your own living space has become very close and popular, such as in Copenhagen (Denmark), Ho Chi Minh City. Reykjavik (Iceland), City. Malmo (Sweden), Vancouver (Canada), Ecuador, Sydney (Australia), Colombia, Curitiba (Brazil), England…. In Asia, Singapore is one of the leading countries in urban green space design. The “Lion Island” is overwhelmed by the harmonious alternation between high-rise buildings and the proportion of trees. In Australia, two cities. Sydney and Melbourne have applied the form of greening roofs in shopping centers to attract visitors while improving the environment for residents and workers. The city government encourages residents to plant trees on the roof and turn office walls into green walls. The form of planting trees on the roof is also very diverse, from small and simple Styrofoam boxes to a garden with an area of ​​​​up to 2,600m2 on the roof of Mcentral building, Harris Street, Pyrmont area, City. Sydney… D’. El Dorado is one of the rare projects that owns a large natural green space Meanwhile in Vietnam, taking advantage of green spaces from nature is still a rarity for real estate projects. The narrow land fund and high population density have pushed apartment buildings to become more secret than ever. In the context that modern customers are more and more concerned about the quality of the living environment, forcing investors to build more artificial green spaces in the project site and make the most of natural green spaces. provided by the surrounding environment. That explains why project D’. El Dorado II of investor Tan Hoang Minh has become the first choice of customers who love green life. Located in a prime location right next to West Lake – the natural “green lung” of Hanoi capital, D’. El Dorado II owns a truly natural fresh living environment with more than 500ha of West Lake water surface and a system of green trees running along the lake. Besides, with a unique location, residents at D’. El Dorado II also enjoys the cool breeze blowing from the romantic Red River. According to many scientific studies, the lake not only helps purify the air, but also reduces the ambient temperature by 2-4 degrees Celsius in the summer, increases humidity by 5-12% and reduces 2-4 .5% of solar radiation, while enhancing the circulation of cool and hot air flows between adjacent areas of the city. In particular, not only purifying the air to help people stay healthy and full of energy, but the lake also contributes to the joy of life, helps circulate energy, relieves stress, helps to refresh the spirit, and relieves stress. relieve anxiety, increase resistance. The large balcony has a panoramic view of West Lake and helps make the most of the fresh air Understanding the preeminent advantages of the project with large natural spaces, in each apartment, Tan Hoang Minh Group did not hesitate to invest in a system of large glass doors and balconies to maximize the space. green, natural light and fresh air of this place. With a prime location to make the most of the natural green areas, sophisticated architecture and a diverse system of internal utilities, project D’. El Dorado II will surely satisfy customers who are looking forward to a green life in harmony with nature.

(Source: Vietnam+) Korea Eyewear Cooperation Association was established in 2020 by eyewear manufacturing companies and related businesses. The association includes companies with diverse capabilities from manufacturing, coating to B2B export and B2C online sales, including Hanmi Swiss Optical, German Tech (Hwashin Optical), Nauri Corporation, Ovius and Covis… Talking about the development of an overseas sales platform through Ovius and its cooperation association, a representative of the company said: “We aim to integrate regional linkage projects that are competitive and diversified characteristics to export domestic eyewear manufacturing technology with greater competitiveness.” Currently, the cooperative association is implementing a business project with the target audience of domestic and foreign eyewear wholesalers as well as retailers of finished products including lenses and sunglasses. The business targets countries in Europe, Africa (EMEA), Asia-Pacific (APAC), Americas (AMERICAS). Currently, in addition to facilities in Korea, Ovius also owns production infrastructure in foreign regions, which is very competitive. In particular, Ovius is a domestic brand of lenses and sunglasses established in 2011, whose standards and features are not inferior to those of world-class glasses brands. gender. High-quality color-changing sunglasses for kids and sports sunglasses that last 50 times the FDA safety standard are also popular. In March of this year, the company succeeded in developing a new generation of full-frame tinted glasses and is preparing to apply for a patent. A representative of the association said that in the case of color-changing sunglasses, the new generation of full-frame color-changing glasses that have been developed recently is equipped with the function of changing the entire frame, so it has surpassed The product is currently on the market, which can only be changed color lenses under the sun. Usually glasses with transparent frames with pink, yellow, green, brown, and blue lenses will change color to sunglasses with black, semi-transparent frames when exposed to sunlight. (Source: Vietnam+) In addition, ICT-linked tint smart sunglasses have improved the existing bone conduction method by installing a Bluetooth device in the frame. This is an advanced technology product that transmits music directly to the ear with a small speaker inserted into the glass frame. The cooperative association is conducting discussions with members to build a target revenue level after launching the online sales platform overseas in June. The online platform under development is now a fast, simple and suitable online ordering system for both retail and wholesale eyewear businesses, which can conveniently deliver both orders balance (available stock) and Rx (custom stock). Talking about the plan in the near future, the association’s representative said: “We will continue to recruit more members who are eyewear manufacturers and related businesses (circulation, transportation, etc.) , providing product packages…) to exploit domestic and foreign markets so that the quality and services are getting better and better.” “In addition to selling, we will also do our best to improve transparency and efficiency in counting, data collection, and relevant information on technical innovation, quality improvement, regulation, price average, price volatility, circulation mechanism…of the eyewear industry.” In addition, the association also plans to provide English speaker services to foreign markets.

(Source: Reuters) Sumitomo Corp. (Japan) will provide mobile service in Ethiopia through a consortium with a telecommunications service provider Vodafone Group (United Kingdom). The move will make Sumitomo the first Japanese company to enter the African market. Ethiopia has approved a license for the consortium on mobile service providers in the country. It is expected that Sumitomo will hold about 30% of the shares in the new business and invest about 8 billion USD in 10 years, including investment capital for base stations. This will be the largest foreign direct investment on record in Ethiopia. According to the plan, service delivery will begin in 2022. Ethiopia is one of the largest countries in Africa, with 112 million inhabitants. According to statistics, when the rate of mobile phone usage is only about 40%, the new consortium has seen growth opportunities in this country. In addition to mobile services, the consortium also plans to launch services in areas such as digital currency, education, and health information technology. The announcement of the cooperation between Sumitomo and Vodafone comes amid concerns in Japan, the US and the UK about the trend of Chinese companies such as Huawei Technologies and ZTE building much of Africa’s telecommunications infrastructure.

According to the SCMP , the Covid-19 pandemic makes fashion auctions on the Internet more popular. Last year, the number of Chinese customers bidding online for luxury fashion tripled. Katie McNaughton, a vintage store owner in London, UK, says the craving for vintage items has grown so much that people are investing in clothes, bags and shoes. They hope they will turn out to be attractive investments. These people hired McNaughton to take her advice. The bags “profitable” “The classic Chanel bag is like a savings account. It increased in value 12 percent last year and can continue to grow,” McNaughton said. Last year, Hermès handbags, Nike sneakers, Chanel shoes and Patek Philippe watches were the key items that determined sales at hit auction houses such as Sotheby’s, Christie’s and Phillips. The major auction houses are focusing on selling historic items. Photo: SCMP. In December 2020, Christie’s Hong Kong caused a stir when it set an auction record for a handbag. It was the Hermès Himalaya Kelly model that sold for $437,330 to a young Chinese customer. This is like a new development in the fashion industry. As a result, handbags remain the most popular fashion item to buy and sell at auctions. It’s the accessory McNaughton now specializes in. She advises customers around the world to carefully select the items being auctioned for future profits. “If you want a safe and secure investment, you should choose classic bags from big brands like Chanel or Hermès. Because they create styles that are mainly seasonal. Bottega Veneta likes to create pieces. Unique items are also an option you should consider. Similarly, the Dior saddlebags many bought in the 1990s have suddenly become popular again at auction. My prediction for next year is the Fendi baguette,” McNaughton said. Hire storytellers to engage young people The demand for vintage bags is increasing due to the issue of sustainability being promoted in the fashion industry. In fact, designers also regularly revisit their archives to create new collections. This makes the new collections still breathe from the old design. Since then, the old item is remembered and becomes more valuable. Street-inspired items are also put on the auction floor to attract young people. Photo: AFP. Besides, in a pandemic year without much social contact, customers are also looking for personal items and products with meaningful historical elements. Therefore, the shortest way that can be met is to buy an item at an auction. To make the items more valuable and attract young people, brands rely on the help of social media influencers from China. Christie’s has announced the upcoming online handbag sale for Hermès and Chanel through an influencer. Similarly, Sotheby’s tells their jewelry stories with the help of Mr Bags (Tao Liang) – one of the top handbag and jewelry influencers in the world. Mr Bags is a big influence in the fashion industry in the country of billions of people. Photo: Tao Liang. Liang has more than 7 million followers on social media platforms. Recently, he posted a video about himself preparing to participate in the auction. In the end, he won a light gray Hermès Birkin bag for over $10,000. From there, people who watch Liang’s videos tend to follow suit. Aside from handbags, watches and jewelry, the most popular items in the auction are usually streetwear pieces. Auction houses are trending to help young Chinese collectors invest in sneakers, skateboards, sweatshirts and caps. “Many bidders have a love for art. They want to buy shoes and bags the same way they buy paintings or sculptures. They carefully consider both aesthetic value and resale value. in the future. Fendi Baguettes and Nike sneakers are the two items that could explode next.” SCMP identify. The rapper spends a villa room for 200 pairs of shoes Rapper J Balvin is a man with a passion for shoes. In his Japanese-style mansion, he reserved a room to store 200 pairs of shoes.

“There’s been a lot of discussion around whether investing in Bitcoin is ultimately good or bad, what is the real value of Bitcoin, or is it actually just a bubble. Honestly, I don’t know,” Mr. Son said. said at SoftBank’s earnings press conference. Even so, the Japanese investment billionaire said that adding the popularity of cryptocurrencies has made Bitcoin an “unforgettable” platform, like diamonds or bonds. “It’s not necessarily anti-crypto. We’ve had such internal discussions,” he added. Billionaire Masayoshi Son – founder of SoftBank. Photo: Bloomberg. Over time, more and more big companies like Tesla, Square and Nexon are turning to buying Bitcoin. Many firms started accepting cryptocurrencies as a form of payment to promote the development of cryptocurrencies. However, recently, billionaire Elon Musk’s electric car company Tesla suddenly “turned away” from Bitcoin when it announced that it would stop accepting Bitcoin payments when buying cars. Immediately, the price of the world’s largest cryptocurrency by market capitalization plunged 5% just minutes after Musk’s announcement. According to the Coindesk , Bitcoin price currently fluctuates at 49,976 USD/dong, down 12.61% compared to 24 hours ago. The market capitalization of Bitcoin also dropped to $937 billion. Also in the press conference, SoftBank CEO revealed that he is holding many stocks with high liquidity such as Amazon, Microsoft and Facebook. He said such an investment decision will help the company hold the edge, ready for future investment opportunities.

Ms. Do Thu Trang, Marketing Manager of Newway Company, said that this is the 8th time that Newway has participated in the exhibition. Here, Newway introduces new products, specializing in inkjet printing, which are manual printers with high technical requirements. Modern packaging printing technology of SIC Printing Import-Export Joint Stock Company at VPSE 2021 “We participate in exhibitions every year because we see the positive effects it brings. After each exhibition, the number of our partners and customers from all regions increases. This is a fairly effective investment attraction. I hope businesses in the field of printing and advertising will have many opportunities to cooperate at home and abroad, attracting investment in Hanoi in this field ”, emphasized Ms. Thu Trang. In the framework of the International Exhibition of Machinery and Equipment for the printing, packaging and printing industry of Vietnam labels (VPSE 2021), SIC Printing Import and Export Joint Stock Company also exhibited a huge booth including products and modern printer line. Mr. Nguyen Duc Dung, Sales Manager of SIC said that the company has participated in the 3rd VPSE 2021 exhibition. Through the exhibition, SIC has attracted many interested customers and partners. According to Mr. Dung, the trend of using paper packaging has been very developed in recent years, so this is an opportunity for companies to find a satisfied partner. Since participating in the exhibition, the company has developed many new customers, usually after each exhibition there will be at least 30 customers / partners from all over the provinces, creating many opportunities for business cooperation. and attract customers to the Hanoi packaging advertising industry. Ms. Do Thu Trang, Marketing Manager of Newway Company: “This is a fairly effective investment attraction” Present at a large showroom with the most modern 2-sided printer technology today, Mr. Tran Long, Deputy Technical Department, sales specialist of 3-domain printing advertising and commercial limited liability company said, This is the third time the company has participated in the International Exhibition of Advertising Equipment and Technology in Hanoi. After each participation, the number of customers and partners increased by 30%, the brand also “exploded” more, especially in the field of providing advertising materials. “The exhibition has opened up opportunities for Hanoi businesses to a business exchange environment, attracting investment from provinces. In addition, many advertising companies in the provinces and cities, although not participating in the exhibition, but through the spread of the media, they realize that this is a prestigious playground so they come to trade. I hope more and more domestic and foreign partners visiting this exhibition will cooperate with Hanoi enterprises ”, Mr. Tran Long shared. Mr. Tran Long: “I hope more and more domestic and foreign partners visiting this exhibition will cooperate with Hanoi enterprises” According to Mr. Nguyen Thanh Dao, General Director of Southeast Trade Promotion and Advertising Joint Stock Company, after 8 years of establishment, development and 3 years of affirming its role in the North, VietAd Exhibition has become important events not to be missed by the advertising industry business community. This is a place to trade, meet, exchange experiences as well as open up new cooperation opportunities for businesses in the advertising industry. Starting in 2017, VietAd Exhibition was organized at the same time the International Exhibition of Machinery and Equipment for printing packaging industry, printing Vietnamese labels, VPSE. With the support and sponsorship of the Ministry of Culture, Sports and Tourism, the Ministry of Industry and Trade, the Ministry of Information and Communications; was chaired by the Vietnam Advertising Association and Hanoi Advertising Association with more than 1,000 booths of more than 250 participating enterprises. Two-sided printers operating at the show This year VietAd Hanoi focuses on introducing many advanced machines, equipment and technologies of the advertising industry, including many areas such as the display of advertising machinery: Digital inkjet printers, UV printers, printers Heat transfer, heat press, CNC engraving machine, laser cutter, fiber cutter, multifunctional color photocopy machine, Led technology, equipment, advertising materials: ink, decal, mica, hiflex, glue, PP , standee, advertising screen … VietAd Hanoi Exhibition has become an important event that cannot be ignored of the Vietnamese advertising business community. This is a place to trade, meet, exchange experiences as well as open up new cooperation opportunities for businesses in the advertising industry. In particular, VietAd Hanoi 2021 contributes to enhancing competitiveness and promoting the development of the advertising industry for the capital economy in particular and for Vietnam in general. Posts and photos: Bao Thoa

Some people in the group filing the denunciation said more than 600 applications have been sent to the authorities from April 19 to the present. Investors practiced more than 400 denunciations to send to the Ho Chi Minh City Police on the afternoon of April 23. Photo: TA According to the accusers, Coolcat introduced as the company providing investment transaction insurance platform. Coolcat has an exchange that specializes in trading gold, USD, Bitcoin, short-term price prediction trading. The participants in the system only need to download the Coolcat software to their mobile phones and log in with their phone number to start investing. The job of each investor is to press to predict the price of Bitcoin, gold, and foreign currency up or down. If their guess is correct, they receive 73% of the winnings. If they are wrong, their capital will be deducted. But when losing 6 times in a row, the investor must stop and report to the system for 100% compensation. The insurance reimbursement is committed automatically by Coolcat within the same day. In addition to predicting the price of Bitcoin, gold, and foreign currencies up or down to earn interest or receive insurance money. Investors also make money by introducing new members, commissions up to 1.8 million VND each time. The Coolcat Company’s website advertises that they have a British holding corporation and is licensed by the Bahamas Securities Commission. This company also introduced a representative office located on Nguyen Huu Canh Street, Binh Thanh District. Coolcat Company has held many events at 5-star hotels to increase trust with investors. Photo: Website Coolcat. This website also introduces them as the only company that insures 100% of trading capital in Vietnam, so “absolutely safe, not afraid of losses”. Coolcat has 2 main websites: https://www.coolcat.com.vn and https://coolcatvietnam.com. Currently both websites are inaccessible. According to those who have played Coolcat, Coolcat has organized many events at 5-star hotels and invited investors to attend to increase confidence. On the night of April 17, all the applications related to the Coolcat system suddenly crashed. The websites related to this company cannot be accessed. The entire amount of money the investors submitted to the application are paralyzed, not withdrawn. One investor said that by the time the Coolcat application “collapsed”, there were more than 68,000 members. Many of them have billions of dong frozen in the application. Investors then went to Coolcat headquarters in Binh Thanh district to work with the representative, and found that this was just a virtual location, without any representative offices or people in charge.

This article was originally created by the “Suning Institute of Finance” and the author is Huang Dazhi, a researcher at the Suning Institute of Finance

The Forbes Global Rich List, which includes the rankings of the rich in various countries, attracts the eyes of the world and arouses heated discussions from all walks of life when it is announced every year. People marvel at the total wealth of the billionaires, and lament the speed at which the wealth of the rich has increased in value.

In the history of the Forbes rich list for 40 to 50 years, elites from all walks of life have been on the list. There have been capitalists, bankers, oil tycoons, real estate companies, manufacturers, retailers, and Entrepreneurs… But among these billionaires, only those who are on the list by investing in the stocks of other companies are extremely rare. Among them, the most prestigious person is Buffett, who is known as the “stock god”.

However, in the history of the US securities market for more than two hundred years, another investment legend, Shelby Kalom Davis, also ranked on the Forbes rich list for investment.

20 times in 5 years, “Davis double click” and triple profit

According to the popular saying now, Davis’s investment career started after the “mid-life crisis.” Davis, who has just entered the field of securities investment, is 38 years old. He has no personal investment experience before graduating from history.

At this time, Davis had less than three years of insurance industry supervision experience with investment-related knowledge. A draft called “Facing America in the 1940s” to reflect on the causes of the Great Depression, a section of financial editors working experience.

Leaving his post as a civil servant in the New York State Government, with a loan of $50,000 from his wife Catherine, Davis started a life that was not lost to the investment legend of Warren Buffett.

Three years of insurance industry supervision experience has given Davis a deep understanding of insurance companies, so he strongly recommends insurance stocks to investors just after he went to sea. But at this time, the insurance industry in the United States is basically not favored by any investors, and the trading seats that Davis bought are naturally bleak.

It is not difficult to understand that at this time (1947) the United States had not fully recovered from the war. The war caused “overall moral deficiencies”, the demobilized American soldiers caused an extremely high crime rate, and insurance companies faced countless compensations, coupled with concerns about nuclear damage and a major explosion in the near future. , Which exacerbated investors’ worries about the investment value of insurance companies. It is difficult for investors to accept such an insurance company that is strictly regulated and may face huge claims.

Precisely because of this, insurance stocks are at an absolute historical low at this time, and the P/E ratio of insurance companies is less than 4 times. Davis, who failed to promote insurance stocks to investors, bought these insurance stocks with money borrowed from his wife.

With the recovery of the US economy after the war, the yields of insurance companies’ investment portfolios continued to rise, and the increase in people’s income also brought huge demand for insurance, and insurance stocks finally ushered in the spring. ( Related recommended reading: Are current insurance stocks suitable for bargain hunting? ) Only five years later, Davis, who first entered the securities market, became a millionaire relying on insurance stocks, with a book profit of more than 20 times. The key lies in the triple profit including the “Davis double-click”. Stock price = price-to-earnings ratio × earnings per share. Davis bought insurance stocks at a price-earnings ratio of less than 4 times. Assuming that the earnings per share at this time is 1 yuan, as the insurance company’s investment income increases and earnings improve, the earnings per share increase to 8 yuan. The sentiment of the bull market will increase the risk appetite of investors. By the end of the 1950s, the insurance stock market earnings ratio reached 12-20 times. At a price-earnings ratio of only 16 times, the price of insurance stocks has increased by as much as 32 times. This spiral of earnings and valuation is called “Davis Double Click” by Davis. Not only that, insurance companies generally have good dividends, which are higher than twice the yield of Treasury bonds, which brings the second largest profit to Davis’s investment portfolio. The most important point is the use of financing leverage, which is also the investment know-how jointly owned by Davis and Buffett. Throughout Davis’s investment career, he has almost always maintained double financial leverage, that is to say, when there is 50,000 yuan, he will raise 50,000 yuan and hold 100,000 yuan. It can be said that this is the most important factor affecting the rate of return in addition to stock picking ability. We can make a simple calculation. Without financing, the annualized rate of return is 11.5%. After 47 years, the cumulative rate of return will reach 167 times. If financing is carried out at a 1:1 ratio, the annualized rate of return will double to 23% (without considering financing costs), and the cumulative rate of return will reach nearly 17,000 times after 47 years! In other words, 1 times the financing leverage, under the action of compound interest in 47 years, has increased the cumulative yield by more than 100 times. Looking around the world, looking for depressions of value Any industry has cycles, especially insurance. Some investors will choose to sell overvalued stocks, hold cash or invest in other industries during the bubble period, but the worry is that you will never know all industries. By the end of the 1950s, the price-earnings ratio of the Dow Jones constituent stocks had reached 18 times, which had reached the high level at that time. More than a decade of bull market dispelled any stock market skeptics, and everyone who entered the stock market became a faithful believer. American Life magazine wrote an article “The People’s Stock Market: Optimistic and Unpredictable Buying Makes Wall Street Experts Confused”. Stock critics also believe that the rise in the stock market is not obviously positive. However, whether it is rising interest rates or absolute trade deficits, or even the threat of war from the Cuban Missile Crisis, these brief retracements have not undermined investor confidence. The bull market that has lasted for more than a decade has made Davis’s insurance stocks no longer cheap. At this time, six European countries signed the “Rome Treaty” and soon after the establishment of the European Economic Community, Japan, as far away as Asia, also began its post-war economic boom. Davis’s historical background and his early travels in Europe, the Soviet Union, and the Mediterranean gave him a broad vision and began to invest overseas. Japan was the first destination for investigation. Through the journey of a securities analyst to investigate Japan, Davis and his wife completed the dual purpose of inspection of the Japanese insurance industry and family travel, and gradually bought insurance stocks that operate insurance business in Japan. . Since then, with the successful hosting of the 1964 Japanese Olympic Games and the economic take-off, Japanese stocks quickly made his wealth soar, which made him a staunch international investor. Subsequently, he began to look for investment targets on a global scale, including South Africa, Europe, the Far East, and even the Soviet Union. Before long, Davis’s insurance stocks were already a “United Nations”, and 35 insurance company stocks from the Netherlands, Germany, France, and Italy became a supplement to his holdings of Japanese stocks. By 1965, Davis’ portfolio of insurance stocks had reached $50 million. Of course, this is inseparable from the credit of leverage, including more than 20 million US dollars in financing. From 50,000 U.S. dollars in 1947 to 50 million U.S. dollars in 1965, Davis achieved a cumulative profit of 1,000 times by relying on insurance stocks that no one was optimistic about. Black Monday, others fear me greedy Any investor cannot avoid experiencing a long bear market, and this has never distinguished between stock gods and ordinary investors. The only difference is that ordinary investors lose money in a bear market, while investment gurus seize opportunities in a bear market. In the investment legend that runs through the Davis family, it has experienced 2 long bull markets, 25 adjustments, 2 severe bear markets, 1 major crash, 7 mild bear markets, and 9 recessions; the Second World War, The Cold War, the Korean War, the human landing on the moon, the oil crisis, the rise and collapse of the “Pretty Fifty”, the Vietnam War; 1 president assassination, 1 president resignation, 1 president impeachment; 34 years of interest rate rise, 18 years The interest rate has fallen… Three adjustments, including the collapse of the “Pretty Fifty”, caused Davis’s insurance stock portfolio to lose 60%, but this did not weaken its determination to continue to hold and invest in insurance stocks. The performance of “Black Monday” gave Davis, then 78, the last chance to bargain. Within one day of the closing of the “Black Monday”, Davis’s portfolio had a book loss of 125 million U.S. dollars. These assets bought at the bottom of the history helped Davis to be listed in the 1988 Forbes. “The magazine’s rich list has also become an important part of the 900 million dollars left in his lifetime. In 1994, Davis passed away, leaving behind a $900 million trust. His son Shelby and his grandson Chris threw out Davis’s original holdings and put the realised funds into other family-controlled investment funds, and their sons and grandsons continued to manage operations. From the age of 38 with a loan of 50,000 US dollars, to his death at 85, Davis left a fortune of 900 million US dollars. In 47 years, Davis used insurance stocks as the “parent mine”, with a cumulative return of 18,000 times and an annual compound interest return of 23.18%. Another legend in the investment world, “Stock God” Buffett, from 26 to 88 years old (as of 2019), 63 years of investment career annualized rate of return of 20%, 63 years accumulated 77,549 times of return (during only two Annual loss). The two have many common characteristics, including diligence and frugality even reaching the point of iron cock; both are Graham believers; both have achieved an annual growth rate of 23% to 24% (before 1994, Buffett’s portfolio The annualized income has reached more than 23%)… Of course, they also have many similar investment concepts. From this perspective, the methods are the same on the road to long-term investment success. Finally, attach ten investment principles that have always remained unchanged during Davis’s successful investment career:

First, avoid cheap stocks; Second, avoid high-priced stocks; Third, purchase company stocks with moderate growth at a reasonable price; Fourth, wait for a reasonable price to appear; Fifth, follow the trend; Sixth, thematic investment; Seventh, let your winner continue to run; Eighth, invest in excellent management; Ninth, ignore the rearview mirror (that is, historical performance); Tenth, stick to the end. Reference materials:

1. John Rothchild, Davis Dynasty, published by Renmin University of China, 2018.11

2. Translated by Wang Zhonghua and Huang Yiyi, Benjamin Graham, Smart Investor (original 4th edition), China Posts and Telecommunications Press, 2011.07

Mr. Buffett has achieved a high compound income growth rate in the past half-century, beating the S&P 500 index. In the field of global investment, he is a unique existence, so he is regarded as a “stock god”.

When it comes to successful experience, Mr. Buffett always talks about the concept of “value investment”. So what is value investing? What is the magic of this investment philosophy?

The author believes that the investment in American Express is a good example of the value investment philosophy that Mr. Buffett insists on. As of the end of 2020, American Express, which holds 152 million shares, is the fourth largest stock of Berkshire Hathaway under the control of Mr. Buffett. Since then, American Express shares have risen by 20%. This has increased the value of Berkshire Hathaway’s holdings in American Express by approximately US$4 billion, reaching US$23 billion, which has exceeded the value of its holdings in Coca-Cola stocks.

The story between Mr. Buffett and American Express does not stop there. It has been 25 years since the father started with American Express. Since 1998, he has never adjusted the position of American Express. This means that Mr. Buffett invested 1.3 billion U.S. dollars to build a position in American Express, and his income so far is nearly 18 times.

This shows how wise Mr. Buffett’s decision to invest heavily in American Express was. The old man looked at the overall situation of the global economy and determined that this credit card company has huge room for business development in the future and will bring him stable and strong cash returns. Facts have proved that the judgment of “stock god” is completely correct. The selection of individual stocks is the first priority and one of the core of the value investment philosophy.

Another core concept of value investing is centralized investment. Since Mr. Buffett is very optimistic about the development prospects of American Express, he invested heavily. At present, Mr. Buffett’s largest holding stock-Apple’s holding value accounts for about 48% of his total holding value, which is also a very good embodiment of the concept of centralized investment.

Another core concept of value investing is long-term holding. Berkshire Hathaway has held American Express for 25 years and has never adjusted its position since 1998. Because the value of a really good company is like a pot for a long time, the longer it will last. Mr. Buffett’s other heavyweight, Coca-Cola, has a longer holding history than American Express.

Of course, the value investment philosophy does not mean “set in stone”. Regarding another former “good-hearted” bank-Wells Fargo, Mr. Buffett significantly reduced his position last year, mainly because of major problems in the operation and management of Wells Fargo Bank. Therefore, investors’ use of value investment concepts must also change with time, with events, and with local conditions.

JerryZang

Disclaimer: The content and opinions of this article are for reference only and do not constitute any investment advice. Investors operate accordingly at their own risk. For all accurate information about the market, please refer to the relevant official announcement. Market risk, the investment need to be cautious.

Specifically, with the above violation, Becamex was fined for false declaration of nearly 8.5 billion VND, the late payment of value added tax was more than 2.9 billion VND, the late payment interest of corporate income tax. industry is more than 1.4 billion. Becamex Industrial Development and Investment Corporation was fined and had to pay 57 billion VND. According to the decision of the Tax Department of Binh Duong province, Becamex corporate income tax to be temporarily paid in 2020 is 1.87 billion VND, temporarily not sanctioned for false declaration and late payment interest due to the deadline for the inspection conclusion. time of submission of corporate income tax finalization declarations. Thus, the total amount of fines and tax arrears that Becamex has to pay into the state budget is more than 57 billion VND. In particular, Becamex has fully paid the arrears of corporate income tax and value added tax of 2019 and 2020 into the state budget on February 25. Regarding the business situation, accumulated in 2020, BCM’s net revenue reached 7,723 billion VND, a decrease of 6% compared to the previous year, profit after tax reached 2,149 billion VND, a decrease of 18% compared to 2019. In 2020, Becamex planned Total revenue target is 6,016 billion VND, EAT is 931 billion VND, 40% and 65% lower, respectively compared to 2019. Accordingly, although the business result is lower than 2019, BCM still has completed. successfully exceeded 28% of its revenue target and reached 131% of its profit after tax target. As of 31/12/2020, BCM’s total assets increased by 10.7% compared to the beginning of the year to 48,190.8 billion dong. In which, main assets are inventories reached 24,165.6 billion VND, accounting for 50.1% of total assets; long-term financial investment reached 11,893.5 billion VND, accounting for 24.7% of total assets; Short-term receivables reached 3,655.4 billion VND, accounting for 7.6% of total assets. In the fiscal year, total short-term and long-term loans increased by 2.4% compared to the beginning of the year, corresponding to an increase of VND352.6 billion to 14,900.3 billion and accounting for 30.9% of total capital of BCM. . Thu Ha (Th)

Books to serve readers in the CAND more and more and more abundant. According to the Department of Party Affairs and Political Work, the Ministry of Public Security in the period of 2018 – 2020, 100% of the units were provided with and supplemented with documents, with nearly 100 books equivalent to nearly 15,000 books / 3 years. . The police of units and localities have received the books and put them into effective use to serve cadres and soldiers, ensuring the need to enjoy the cultural and spiritual enjoyment of CAND officials and soldiers. The latest statistical results show that the total document capital of libraries, reading rooms, bookcases, especially the document capital of academies and CAND schools is rich and diverse in types and quantity. including books, printed materials, digitized documents and electronic documents. Library centers have focused on building databases, digital documents and electronic documents. The number of readers going to the library and reading room has increased over the years. Nine out of 12 school units in the Public Security have the average number of readers going to the library by over 40%. There are 45/63 local police increased the number of readers going to the library and reading room. In which, the number of readers going to the Phu Yen Public Security library increased by 159% in 2018; the number of readers going to Hoa Binh Public Security Library increased by 40%, Phu Tho Police increased by 30% … Some police units and localities have focused on investing in upgrading, renovating and building libraries, reading rooms, bookcases, investment in equipment. In addition, libraries and reading rooms have been equipped with computers and some modern equipment for readers. Specifically, the computer system and the server have 1,222 machines. 100% of the school libraries have copiers, scanners, printers and other modern equipment. In the academy, the CAND school blocks 100% of the library applying library and database management software….

Flag of the European Union at headquarters in Belgium. Photo: Reuters Reuters recently released a document showing that the European Union (EU) will introduce a series of conditions that force the transport, industry and construction industries to meet in order to be classified into the category. Sustainable investments in Europe. Besides, the EU has yet to decide whether to label gas and nuclear power as a “green” label. According to the document, the EU’s “sustainable financial classification” is a long list of economic activities and regulations that industries must meet in order to be labeled as a sustainable investment in the EU from 2022. This landmark regulation aims to make “green” activities more attractive to investors, while at the same time ensuring that a sustainable investment label is only granted to economic activities that comply. meeting the EU’s targets on reducing greenhouse gas emissions. Natural gas is not mentioned in the draft regulations. European nations are divided over whether gas-fired power plants should be considered “green”, and the European Commission (EC) plans to tackle the fuel issue, along with electricity. kernel, in a separate proposal later this year or not. Draft regulations on “green labeling” include detailed definitions of what is considered sustainable investment in different sectors including transportation, energy generation from sources such as wind. and hydroelectricity, building rehabilitation and manufacturing of cement, steel and batteries. For example, emissions at cement plants must be below 0.72 tons CO2 equivalent to each ton of gray cement produced. Meanwhile, car production from now until the end of 2025 will be considered a sustainable investment if these vehicles emit less than 50g of CO2 per km. After 2025, only the production of zero-emission cars will be green-labeled./.

Not long ago, Dong Son Xuzhou Court, China tried the divorce case between a 70-year-old couple. Ms. Liu said she had difficulty resolutely demanding a divorce even when her family went bankrupt. In 1975, Ms. Liu and Mr. Wang registered their marriage. For more than 40 years, Ms. Liu suffered year-round domestic violence resulting in repeated miscarriages, her health was not normal. At the age near the earth, she decided to divorce her husband with the solid support of her children. “This nightmare is finally over!” – Ms. Liu burst into tears when she received her divorce verdict. Writer Strindberg said: “The most beautiful and painful is love. Marrying someone is the most important investment in a person’s life. A good marriage doesn’t have to be paradise but one. Bad marriage is definitely hell. Illustration. There was a topic on social networks: “What experience can we learn from a good husband?”. A reader named Xiao shared her story. Her husband is very stingy, does not allow her to use credit cards, does not allow her to go to restaurants, let alone use expensive skin care products and rarely gives her gifts except for her birthday. This taciturn, taciturn man often made her question her original choice. Xiao has a disability in her legs, her parents abandoned her at a young age. During an argument, she blamed her husband for being stingy, he shouted: “Don’t you know how to eat and drink? But is it time? I want to save enough money for you to have surgery sooner. Recovery becomes more difficult as you get older. Only then did Xiao understand her husband’s sincere feelings for her. Marriage is to find a normal person, to live a normal life happily. A good marriage can help one complete person. A bad marriage can bury a person. Shakespeare said: “Marriage is not satisfactory like hell, fighting for a lifetime is also not peaceful, on the contrary, choosing a mate like that can be peaceful, happy hundred years”. Japanese filmmaker Miyazaki says that whoever you choose from is their lifestyle and values. Which partner you choose not only determines your current life circumstances and moods, but also all the emotions you will experience in your future life. How is marrying the right person? As the saying goes, the other half is the most important investment in life. A spouse with negative energy will only bring negative energy into your life, while someone with positive energy can give you more positive energy. Illustration. In fact, the so-called right marriage is probably two people going through the storms of life together. In the end, you get better and make the enemy better. Many people wonder, how do you know if a man is worthy of marriage? Many people agree that a person worthy of marriage will have the same mindset in solving big problems. Many people avoid discussing some issues in love and marriage, and even classify them as forbidden areas, but these issues will emerge sooner or later. For example: Do you agree to live with your parents-in-law? Is there a monthly allowance for parents? Can dowry money be negotiated? If one day the other half leaves? … Before getting married, these issues need to be seriously discussed with your spouse, being honest about each other’s ideas, what can be done, and what can’t. Not everyone is suitable for getting old with you. Someone comes to help us become more mature, someone comes to live with, and someone has to spend a lifetime to remember. Life is an adventure full of unknowns, it is impossible to choose the starting point, let alone predict the future correctly. However, as long as you marry the right people, the value you can get is much greater than your wealth. Choosing a suitable spouse, taking care of each other, caring for each other, having children and raising children are the happiest things in the world.

Du Lihong, the special author of this journal / article

As the world’s largest alternative investment management company, Blackstone has three main sources of income: management fees, performance compensation, and return on principal investment. Among them, the proportion of management fee income in the total income (management fee income + performance return + net investment income) is relatively stable between 40%-50%. Affected by the epidemic from January to September 2020, performance returns will be reduced to negative Correspondingly, the proportion of management fee income in total revenue has increased significantly to more than 100%; in the past 5 years (2015-2019), Blackstone management fee income accounted for an average of 49% of total revenue.

Compared with management fee income, performance compensation is more sensitive to the fund’s own investment income. Since performance compensation is usually withdrawn when the fund’s return rate exceeds the threshold, even if the fund’s assets are still appreciating during the period, as long as its appreciation is reduced, the performance compensation of its management company may drop sharply, or even When the fund assets depreciate, the manager may face the risk of returning the performance rewards that have been withdrawn before. At this time, the performance rewards will be negative. In 2020, affected by the epidemic, Blackstone’s performance compensation in the first quarter fell to -3.274 billion U.S. dollars; with the rebound of the capital market valuation in the second and third quarters, the company’s performance compensation and principal investment income also rebounded, but the first three quarters The cumulative performance reward is still US$300 million; and during the financial crisis, Blackstone also experienced negative performance rewards (in 2008, Blackstone’s performance reward was -12.5 billion US dollars).

Conversely, when the appreciation of fund assets exceeds the threshold, Blackstone’s performance returns will increase exponentially. It can be seen that the performance returns of alternative investment management companies have high volatility characteristics. On average, in the past 5 years (2015-2019), Blackstone’s performance compensation accounted for an average of 45% of total revenue.

As for the principal investment income, for the alternative investment management company, the principal investment at the business level is mainly composed of two parts: one is the amount of capital contributed by the alternative investment management company as a GP (general partner) in the funds initiated and managed by the alternative investment management company. , This part of the capital contribution will be the same as the capital contribution of other LPs (limited partners), which can share the investment income of the fund in proportion and bear the investment loss of the fund; the second is that alternative investment management companies will incubate new business lines/product lines with their own Funds are used as seed capital investment in some new projects and external acquisitions of new teams. We collectively refer to them as “seed capital” business. In addition to the income contribution of the asset itself, this part of the investment will also increase as the business line/product line matures. It will leverage higher asset management leverage to lay the foundation for future expansion of asset management scale, higher management fees and performance rewards. In fact, for many alternative investment management companies, the management leverage of principal investment is of great significance. Far greater than the significance of its investment income.

Blackstone’s business-level principal investment in 2019 is approximately US$6.8 billion, and the resulting net investment income (realized and unrealized asset appreciation income + net interest income + dividend income) is only 530 million US dollars, which is only equivalent to the current year. 7.6% of the total income; but this part of the principal investment supported the scale of assets under management of US$570 billion, which contributed US$3.484 billion in management fee income and US$3.0 billion in performance returns that year; affected by the epidemic in 2020, investment assets will be slightly Depreciation, the cumulative investment income from January to September fell to -71 million U.S. dollars, but because investment income accounted for a relatively low proportion of the total income, short-term fluctuations had little effect on the company’s overall performance. More importantly, It lies in whether these seed capitals can leverage a higher proportion of the scale of assets under management in the long run. In the past 5 years (2015-2019), Blackstone’s principal investment income accounted for an average of 6% of total income.

In summary, for mature alternative investment management companies, the first two together account for more than 80% of the total income, while the principal investment income usually accounts for less than 20%. Among them, the contribution rate of the performance reward in the boom period can reach more than 50%, but the performance reward in the low period will be greatly reduced or even negative. Therefore, the management fee income maintains the basic operation of the company in the long run, and the performance reward determines the company The short-term performance volatility of the investment; as for the principal investment, the contribution of its investment income is less. The more important significance is to maintain the innovation power of the enterprise in the form of seed capital and promote the continuous growth of the scale of managed assets.

The principal investment of alternative investment management companies will amplify the management leverage, and the management leverage will amplify the risk of volatility while amplifying the return on income. That is, when the appreciation of fund assets slows down, the manager’s performance returns will also be greatly reduced. Even negative; however, because the incentive compensation part of the management team in operating costs will also change with performance fluctuations, the incentive compensation will also be greatly compressed in years when investment performance has fallen sharply, and may even be reduced to a negative value (ie , The part of the salary payable that has been confirmed and yet to be paid to the management team is reversed), so in the long run, the profit margin of alternative investment management companies is relatively stable.

Taking Blackstone as an example, Blackstone’s operating profit margins have always been high, ranging from 30% to 60%. Except for 2008, when performance returns were negative, Blackstone’s operating profit margins in all other years were within 30% to 60%. In the years with good performance, the operating profit margin can rise to more than 50%. In the years with poor performance, the operating profit margin can generally be maintained at more than 30%. In recent years, there has been an upward trend. This is largely due to Due to its ever-expanding scale of managed assets and huge single fund scale, the scale effect has effectively reduced the personnel costs and other operating expenses allocated on the unit’s managed assets.

In contrast, Carlyle’s refined product line has reduced the company’s overall operating profit margin to a certain extent. Unlike the giant funds deployed by Blackstone globally, Carlyle pursues a multi-fund strategy that subdivides product lines by region and industry. Correspondingly, the scale of its single fund is small, but its product lines are numerous and the total number of funds is large. This undoubtedly increases the company’s fund-raising costs and the cost of call payment, distribution, and reporting during the fund operation process, and also weakens the management team. The synergy between the two, its operating profit margin is usually between 20%-40%, which is lower than that of Blackstone. However, as Carlyle gradually withdrew from some under-performing business lines and product lines, and introduced an insurance sustainability platform through mergers and acquisitions, its operating profit margins have increased.

Compared with operating profit margins, for alternative investment management companies, a more meaningful indicator is the ratio of rigid expenditure to management fee income, which shows whether alternative investment management companies can continue to maintain profitability and maintain dividends in the trough. According to historical data, Carlyle’s rigid expenditure ratio has always been the highest among the five companies, with an average of about 80%. Among them, in addition to the cost of product line refinement, the follow-up incentive cost of M&A expansion also accounts for a considerable proportion. .

Compared with Carlyle, Apollo Asset Management’s rigid expenditure ratio has always been lower. The reason is mainly due to the construction of the perpetual capital platform. With the contributions of its insurance platforms Athene and Athora, perpetual capital has already accounted for To 60% of Apollo’s total assets under management, and contributed a relatively stable management fee income to it, saving fund-raising costs, and its large entrusted scale also reduced personnel costs, so that the company’s overall rigid expenditure accounted for a relatively high proportion. Low level.

As for Oaktree Capital, on the one hand, the non-performing asset disposal strategy in the post-financial crisis period has reduced investment opportunities and the pace of fundraising has slowed, resulting in a slowdown in the growth rate of management fee income; on the other hand, in order to maintain its stickiness to investors, the company has since 2011 Since the beginning of the year, the pace of launching new products has been accelerated, which has led to an increase in the proportion of rigid expenditures; as a result, from the listing in 2012 to the end of 2018, the company’s management fee income has basically maintained at the level of 700 million US dollars per year, but the cash remuneration of the business department The increase from US$330 million to US$400 million, and the general management fee from US$110 million to US$160 million, caused the company’s rigid expenditures to rise from 59% in 2012 to 71% in 2018.

In contrast, with the expansion of the scale of its assets under management, the ratio of rigid expenditure to management fee income has dropped from 70% during the financial crisis to about 50%, so that it can maintain positive cash flow and provide investors with relatively stable dividends. income.

In summary, the ratio of rigid expenditure to management fee income of large alternative investment management companies is usually between 50% and 80%. The refinement of product lines and subsequent incentive costs of mergers and acquisitions will increase the proportion of rigid expenditures to a certain extent. , And the growth of the scale of the perpetual capital platform can reduce the proportion of rigid expenditure to a certain extent; in addition, the difference in salary structure will also affect the proportion of rigid expenditure. Some companies have a slight proportion of basic salary in total compensation. High, in order to maintain the stability of employees, and some are based on incentive compensation to enhance the incentive effect; but in general, even in the downturn of the industry, the management fee income of large alternative investment management companies can basically cover their rigid expenditures. As a result, the company maintains a continuous positive cash flow. Correspondingly, even under the impact of the epidemic, several listed alternative investment management companies have maintained relatively stable dividend income.

As of the end of 2020, Blackstone’s dividend rate was 3.0%, the average dividend rate for the past 5 years was 6.1%, and the dividend yield rate for the past year was 3.3%; the lowest dividend rate was KKR, which had a dividend rate of only 1.3% as of the end of 2020 , The average dividend rate in the past 5 years is 3.7%, and the dividend yield in the past year is 1.8%; the highest dividend rate is Apollo, which has a dividend rate of 4.8% as of the end of 2020, and the average dividend rate in the past 5 years is 6.4 %, the dividend yield in the past year is 4.8%; while Carlyle’s dividend yield is similar to that of Blackstone. As of the end of 2020, the dividend rate is 3.4%. The average dividend rate in the past five years is 7.7%. The dividend yield in the past year The yield is 3.1%. In short, in the past five years, dividend income has contributed 20%-40% of the total shareholder return of large-scale alternative investment management companies listed in Europe and the United States.

(The author is a partner of Beta Strategy Studio, and the WeChat public account is Du Lihong Alternative Finance.)

The market performance of constituent stocks directly affects the net value of the fund, so it is a good angle to study a fund from the composition of constituent stocks. Next, let’s take a look at the constituent stocks of the Shanzheng Dividend Potential ETF? And what are the characteristics of these constituent stocks?

1. Constituent stocks are concentrated in consumer and other sectors, 80% of the constituent stocks will achieve positive returns in 2020

From the perspective of industry distribution, the 50 component stocks of the Shanzheng Dividend Potential ETF are mainly concentrated in the fields of daily consumption, optional consumption, finance, real estate and materials. Among them, daily consumption and optional consumption accounted for approximately 32% and 18% respectively, and the total accounted for approximately 50%. The proportion of consumer stocks reaching half is related to the screening indicators of the Shanzheng Dividend Potential ETF. The consumer industry generally has a higher return on net assets, which can better meet the fund’s requirements for related indicators.

From the perspective of the top ten constituent stocks, as of the end of 2020, the top ten constituent stocks of the Shanzheng Dividend Potential ETF are Ping An of China, Midea Group, Kweichow Moutai, Wuliangye, Yili, Poly Real Estate, China Pacific Insurance, China Shenhua, Conch Cement He Yanghe shares accounted for approximately 13.71%, 10.00%, 9.69%, 6.53%, 5.39%, 4.79%, 3.95%, 3.54%, 3.47 and 3.12% of the fund’s net asset value, respectively. The total weight of the top ten constituent stocks reached approximately 64%, and the total weight of other constituent stocks accounted for approximately 36%

It is worth noting that in 2020, 40 of the 50 constituent stocks of the Shanzheng Dividend Potential ETF have received positive returns, accounting for up to 80%.

Thanks to the continuously high liquor market, many liquor stocks held by the Shanzheng Dividend Potential ETF in 2020 have achieved excellent market performance, including Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu and so on. Among them, Shanxi Fenjiu’s stock price rose 321% last year, Luzhou Laojiao’s annual growth rate reached 164%, Wuliangye’s annual growth rate reached 122%, and Kweichow Moutai’s annual growth rate reached 71%.

In addition, Midea Group, Haitian Flavor, Shuanghui Development, Hualan Bio, Gigabit, and Farah Electronics, which are held by Shanzheng Dividend Potential ETF, also recorded good market performance. For example, Midea Group’s share price rose 74% last year, Haitian Flavor’s share price rose 126% last year, and Farah Electronics’ share price rose 123% last year.

2. Multiple index screening, annual adjustments to ensure that the constituent stocks are all high-quality companies

The Shanzheng Dividend Potential ETF tracks the yield of the China Securities Dividend Potential Index. The investment style is a balanced market. The constituent stocks with a market value of more than 100 billion account for 42%. The constituent stocks span the Shanghai and Shenzhen stock markets and are representative of the market. The 50 constituent stocks of the fund are all high-quality stocks. These companies have established leading market positions in their respective industries, with strong competitiveness and stable performance, showing large market capitalization, high return on equity, low turnover rate, low volatility and high Growth characteristics.

In order to select high-quality constituent stocks with growth potential, the Shanzheng Dividend Potential ETF has increased the requirements for corporate profitability indicators and growth capabilities on the basis of the original screening of the dividend potential index. Therefore, the Shanzheng Dividend Potential ETF has achieved Market performance that is better than the broader market index and better than the index being tracked brings stable and considerable investment returns to investors.

According to Wind data, compared with the Shanghai and Shenzhen 300 constituent stocks and all A shares, the dividend potential index constituent stocks have higher average return on equity and earnings per share in the past three years, that is, the index reflecting the company’s profitability is superior. Not only that, compared with the Shanghai and Shenzhen 300 constituent stocks and all A shares, the dividend potential index constituent stocks have higher revenue growth and net profit growth in the past three years, that is, the index reflecting the company’s growth ability is superior.

It should be noted that these constituent stocks of the fund are not static. The constituent stocks of the dividend potential index will be re-ranked and adjusted once a year according to the quality factor. This ensures that the companies in the portfolio basket will always be the best companies in the market, making the index Continue to perform well. For example, on December 16, 2019, the component stocks of the Dividend Potential Index underwent a substantial adjustment, including good companies such as Haitian Weiye, Gigabit, and excluding Chaohongji, Guoguang Stock, and Jiangzhong Medicine. Industry and other companies.

3. The fall in valuation of constituent stocks highlights investment advantages

After the overall adjustment after the Spring Festival, the valuation advantages of many leading companies in the industry have begun to become prominent. For example, Kweichow Moutai, a major stock of the Shanzheng Dividend Potential ETF, had a price-earnings ratio (TTM) of more than 73 times this year, and has now fallen to around 54 times. Another major stock, Midea Group, is no exception. Its price-to-earnings ratio (TTM) has changed from It fell from about 30 times to about 22 times. As of April 15, 2021, the median stock-to-earnings ratio (TTM) of the fund’s 50 constituents is about 23 times, and the median price-to-book ratio is about 4 times.

From an investment point of view, these high-quality companies have no problems in their operations, but stock prices have adjusted due to short-term market fluctuations. As their valuations fall, the company’s investment attractiveness has increased. In addition, these constituent stocks themselves have high cash dividends and have great potential for future dividends. When the market adjusts, the dividend rate will rise. They are good dividend-receiving stocks. For example, among the constituent stocks of Shanzheng’s dividend potential ETF, China Fortune Fortune, Wen’s shares, Daqin Railway, China Merchants Shekou, China Shenhua, Gemdale Group, Poly Real Estate and other companies have dividend rates above 5%.

In summary, the constituent stocks of the Shanzheng Dividend Potential ETF are all high-performance benchmarks, which can reflect value and growth. The market performed well last year. Now that the overall valuation is more reasonable after the valuation declines, and the high dividend rate lays a safety margin, this index fund is suitable for investors with low risk appetite and long-term financial planning.

On April 16, the first Pinqi Real Estate Conference was held in the China Ship Pavilion at the Shanghai World Expo. At the meeting, the world’s first operational property digital asset management platform-iREAM system was officially released.

On April 16, the world’s first operational property digital asset management platform-iREAM system was officially released.

It is reported that iREAM uses blockchain, AI and other digital technologies to connect real estate investment, transformation, investment promotion, and operation, to create information transparency and build a new integrated platform for commercial property management. Each user can conduct property investment and operation management on the online platform anytime, anywhere.

At present, China’s real estate has entered the “stock era”, and many real estate developers are actively exploring the real estate stock. Available real estate is in the ascendant, and the industry is facing many pain points: the large transaction acquisition process is complex, real estate information is opaque; asset flows lack capital support; traditional businesses cannot keep up with the innovation of the times; front-end data collection is decoupled from practical applications and cannot meet the requirements of operational diversity… …For ordinary investors, investing in commercial real estate often has a high investment threshold, and it is difficult to identify the value of the project.

Under the epidemic, the outbreak of new demands and the emergence of new scenarios have been accelerated, which has promoted the transition of new service models in the real estate industry from offline to online, and promoted the digital development of work scenarios.

At the conference, Wang Qian, founder of Yufeng (Shanghai) Real Estate Co., Ltd. and iREAM digital real estate asset management platform; Li Chong, a professor in the Department of Electronic Engineering at Columbia University, explained how AI and other cutting-edge technologies can subvert the existing asset management value system, and for the first time Publicly introduce the iREAM asset management platform.

It is understood that iREAM applies digital technologies such as blockchain and AI to all aspects of real estate investment, renovation, investment promotion, and operation. Transaction and real estate data are on the chain to ensure the authenticity of real estate information; point-to-point services and transactions using smart contracts, decentralized communication; asset tokenization splits equity, small amounts can invest in commercial real estate; AI empowerment, intelligent recommendation of housing Source, service automation; VR remote experience real estate structure, open up the real estate information flow, capital chain, business flow, decentralized management, and change the traditional asset management model.

Since April 2020, the iREAM asset management platform has managed 9 real estate projects in the Shanghai and San Francisco Bay Areas, and its business covers all asset management links such as investment, renovation, investment promotion, and operation. In 2021, the team will use cutting-edge technologies such as blockchain, NFT, and AI to realize single-asset digital transactions, digital original certificates, dynamic pricing, smart contracts and other functions.

Currently, many companies in the real estate industry are actively transforming, and technology is one of the important directions. “Technology improves the efficiency of different aspects of real estate, changes the operational structure, and brings new increments,” said Wang Qian, the founder of iREAM. Today, in the digital age, exploring new models of asset management with technology will allow more investors to participate in commercial real estate investment and operation and maintenance.

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

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

Use artificial intelligence to help risk assessment

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

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

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

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

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

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

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

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

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

Serving various financial institutions

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

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

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

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

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

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

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

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

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

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

Investment is concentrated in the head

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

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

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

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

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

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

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

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

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

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

A corner of Ho Chi Minh City. (Photo: Getty)

Ho Chi Minh City strives to become the leading destination in the region by 2025 attracting investment, innovation, develop science and technology and create business environment equality and safety for people, businesses and investors.

This is the target identified by the City People’s Committee in the recently issued plan to improve the business environment, investment environment, and improve the provincial competitiveness index (PCI) of Ho Chi Minh City. the period of 2021-2025.

Along with that, Ho Chi Minh City determined to continue to improve the PCI every year, resolutely overcome the shortcomings and weaknesses, propose self-improvement solutions to have clearer improvement steps on the environment. the city’s business and investment school in the direction of convenience, transparency and equality among all economic sectors; put the city in the group of localities with the best socio-economic management quality in the country.

On the other hand, improving the business and investment environment in the direction of digital transformation towards digital economic development in order to improve competitiveness to help businesses in the city develop sustainably; striving for the period of 2021-2025 to be in the group of 5 leading localities in the country in terms of PCI index.

To accomplish the above objectives, the City People’s Committee proposed groups of solutions including strengthening the leadership and direction of the committees and authorities; promote the role of the Fatherland Front at all levels, socio-political organizations and people.

In particular, it is necessary to grasp deep awareness and uniform action among cadres, civil servants and public employees on the task of enhancing the city’s competitiveness; strengthen leadership, inspect, urge, preliminarily review and promptly rectify the improvement of the business environment, investment environment, and improve competitiveness at the unit.

Commissars at all levels lead government agencies to develop programs and plans to improve the business and investment environment, improve competitiveness, especially reform administrative procedures to serve people and businesses. Karma.

Regarding the improvement of the PCI component indexes for the 2021-2025 period, the City People’s Committee focuses on implementing and assigning functional agencies to improve related indicators. Specifically, on the market entry index for enterpriseThe city strives to have 93% or more of documents for business registration via electronic information network; The rate of investment registration certificates online reached more than 40% …

Regarding the index of land access and stable use of production premises, the city focuses on improving the operational efficiency of the Land Fund Development Center in order to well prepare a clean land fund and call for investment; publicizing master plans, plans on land use, unused land fund in order to create favorable conditions for investors to access land resources, production premises …

Regarding the index of publicity and transparency, the People’s Committee of Ho Chi Minh City assigns departments, branches, Chairman of the People’s Committee of Thu Duc city, districts to publicize internal processes to resolve administrative procedures in all state management agencies so that people and businesses can control the progress of the procedures, problems and responsibilities of the acceptor; regularly organize dialogues between authorities with people and businesses in various forms; overcome the status of the record is late.

Along with that, Ho Chi Minh City focuses on implementing many solutions to improve and improve indicators such as time cost; unofficial fees; fair competition index; Index promotes dynamism and pioneering of the city government; development index and quality improvement of business support services; indicators of improving the quality of human resources to reduce training costs for businesses; The index improves enforcement efficiency of legal institutions.

The City People’s Committee also assigned the City Department of Planning and Investment to assume the prime responsibility for, and coordinate with the Vietnam Chamber of Commerce and Industry in, formulating and advising the City People’s Committee to issue and implement the Ministry of Industry and Trade. evaluation number of executive capacity at department level, departments, city of Thu Duc and districts to serve as a basis for evaluating the performance of tasks, solutions to improve business environment, investment environment , improve the city’s PCI for the period 2021-2025 of units ./.