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		<title>Hailiang Education and Ruijie Networks formally reached a strategic cooperation, joining forces to achieve a new leap in private education</title>
		<link>https://en.spress.net/hailiang-education-and-ruijie-networks-formally-reached-a-strategic-cooperation-joining-forces-to-achieve-a-new-leap-in-private-education/</link>
		
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		<pubDate>Sat, 26 Jun 2021 09:20:06 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<guid isPermaLink="false">https://en.spress.net/hailiang-education-and-ruijie-networks-formally-reached-a-strategic-cooperation-joining-forces-to-achieve-a-new-leap-in-private-education/</guid>

					<description><![CDATA[On June 19, Hailiang Education Management Group Co., Ltd. and Ruijie Networks Co., Ltd. formally signed a strategic cooperation agreement. Chen Junwei, Secretary of the Party Committee and President of Hailiang Education Management Group, Zhu Hongsheng, President of Hailiang Education Investment Group Co., Ltd., Hang Chengzheng, Dean of Hailiang Education Research Institute, Chen Yuefei, General [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong> On June 19, Hailiang Education Management Group Co., Ltd. and Ruijie Networks Co., Ltd. formally signed a strategic cooperation agreement. Chen Junwei, Secretary of the Party Committee and President of Hailiang Education Management Group, Zhu Hongsheng, President of Hailiang Education Investment Group Co., Ltd., Hang Chengzheng, Dean of Hailiang Education Research Institute, Chen Yuefei, General Manager of Hailiang Supply Chain Management Co., Ltd., and Vice President of Ruijie Networks Co., Ltd. President Huang Yuhui, General Manager Liu Funeng of the Cloud Desktop Product Division, Chen Hengrong, General Manager of the Park and Metro Network Switching Product Division, Meng Liang, General Manager of the Smart Classroom Division, and Huang Haibin, Deputy General Manager of the Enterprise Network Division, attended the signing ceremony. . The two parties will fully integrate superior resources, establish a deep-level strategic cooperative relationship, and actively promote the cooperative construction of &#8220;teaching innovation experimental bases&#8221; and the joint research and co-creation of education informatization solutions, and build private education through in-depth cooperation and empowerment of technology. New heights.</strong></p>
<p><span id="more-27503"></span></p>
<p>▲ High-level meeting between the two parties</p>
<p>Chen Junwei, Secretary of the Party Committee and President of Hailiang Education, introduced the blueprint for the future development of Hailiang Education. He pointed out: Hailiang Education is vigorously implementing the two strategies of &#8220;prospering education with talents&#8221; and &#8220;prospering education with science and technology&#8221;, taking &#8220;making the world without difficult schools&#8221; as its mission, exploring a brand-new smart campus governance system, and setting management thinking into context , To achieve new changes in the future school management model. Ruijie Networks has been focusing on the research and development of smart teaching products and being an expert in smart classrooms for many years, and has provided professional information solutions for 3 million primary and middle school teachers and students. The two parties can form a very good complementation of their advantages and achieve common development, especially in strategic centralized procurement and cooperative research and development with broad prospects for cooperation. It is hoped that through this signing, both parties can work together to accelerate cooperation projects and achieve a win-win situation at an early date.</p>
<p>Huang Yuhui, vice president of Ruijie Networks, said: Hailiang Education&#8217;s vision is very great, and many views coincide with Ruijie. Ruijie&#8217;s market positioning when it was founded was to do education, and it started from K12, with a deep sense of education. In the twenty years of serving and educating users, Ruijie has never forgotten its original intention and is grateful. Based on the trust of users, whether in the field of basic education, vocational education or higher education, Ruijie has continuously launched useful and easy-to-use special solutions for various educational information scenarios. Ruijie and Hailiang Education have many opportunities for cooperation, and hope that through multi-dimensional and deep-level cooperation, they can jointly develop products that meet the needs of Hailiang&#8217;s education, so that revolutionary educational concepts can be implemented in each school.</p>
<p> ▲ The strategic cooperation is officially signed Hailiang Education Party Secretary and President Chen Junwei (left), Ruijie Networks Vice President Huang Yuhui (right) Facing the future, the two parties will cooperate to establish a &#8220;teaching innovation experimental base&#8221; to conduct all-round exchanges and cooperation on cutting-edge technical topics related to education informatization, sharing results, and application practices. The content involves campus all-optical networks, smart classrooms, and campuses. Cloud desktop and many other educational information fields promote the in-depth integration of leading informatization and digital technology with modern teaching concepts.  ▲ Ruijie Networks awarded Hailiang Education the &#8220;Teaching Innovation Experimental Base&#8221; At the same time, Ruijie Networks will also become an important alliance unit of the &#8220;Hailiang Education Smart Campus Global Alliance&#8221;. The &#8220;Hailiang Education Smart Campus Global Alliance&#8221; led by the Hailiang Education Research Institute aims to introduce the world&#8217;s highest-end scientific research and technical forces, and through cooperation with outstanding enterprises in the industry, universities, scientific research institutes, etc., to empower with science and technology&#8221; The construction of &#8220;smart campus&#8221; will ultimately accelerate the realization of the goal of promoting education through science and technology.  ▲ Hailiang Education awarded Ruijie Networks the &#8220;Hailiang Education Smart Campus Global Alliance Strategic Partner&#8221;  ▲ Group photo at the signing ceremony of strategic cooperation In the construction of a smart campus, the daily use and management of a large number of teaching equipment, the management and control of the Internet of Things in meeting rooms, co-class classrooms and special classrooms, the access, use, management, operation and maintenance of various new teaching equipment and scenes, and the school The construction of data management requires a set of high-speed, stable, easy-scalable, and easy-to-manage network topology solutions to carry services. In 2020, Hailiang Education conducted an in-depth discussion on the &#8220;Minimal Ethernet All-Optical Network Solution&#8221; launched by Ruijie, and fully demonstrated it in its two newly-built schools, and then formally adopted the solution for the construction of smart campuses. A good result of informatization construction has been achieved. The high-quality campus network construction, management, and operation and maintenance experience brought by the &#8220;Minimalist Ethernet All Optical Network&#8221; has made Hailiang Education aware of the accelerated realization of &#8220;Using standards and technology to empower traditional basic education, allowing high-quality resources to be shared and The academic experience can be quickly copied.&#8221; The alliance force of the educational construction goal has become a good opportunity for the two sides to carry out strategic cooperation. Based on deep industry accumulation in the education field, Hailiang Education and Ruijie Networks are both shouldering the historical mission and corporate responsibilities of promoting China to become an education power and realizing the great Chinese dream. Become a partner that advances hand in hand and forge ahead. The two parties will realize mutual empowerment, promote the R&amp;D and design of innovative technologies and solutions that meet the application scenarios of education and teaching, and promote the construction and application of higher standards of education informatization. The intelligent campus governance system reforms the management model of future schools, adding more digital and intelligent new vitality to China&#8217;s private education. With the expectation that, as Mr. Ye Cuiwei, the principal of Hailiang Education Management Group and a contemporary education expert, said, &#8220;Hold on our mission, pursue forever, seize opportunities, raise the starting point, and achieve a new leap in private education in the new era!&#8221; [HailiangEducationwasfoundedin1995bytheworld’stop500companies-HailiangGroupIthas26yearsofbasiceducationand19yearsofinternationaleducationhistoryItisChina’sfirstbasiceducationgrouplistedonNASDAQintheUnitedStatesOneoftheprivateeducationgroupswiththewidestcoverageandlargestscaleintheK12fieldItindependentlyorganizesoperatesandmanagesnearly100schools(parks)in12provincesTherearemorethan80000studentsintheschoolfrom34provincesmunicipalitiesand26countriesandregions】 [RuijieNetworksisanindustry-leadingproviderofICTinfrastructureandindustrysolutionsIthasanindependentR&amp;Dteamcomposedofnearly3000R&amp;Dpersonnelanditsbusinessscopecoversmorethan50countriesandregionsaroundtheworldServingeducationfor20yearsRuijie&#8217;sbasiceducationsolutionshavebeenwidelyusedin2000educationmetropolitanareanetworksmorethan80000primaryandsecondaryschoolsandkindergartensmorethan60000wirelessteachingclassroomsand12millionclouddesktopterminalsacrossthecountry】</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">27503</post-id>	</item>
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		<title>Joining the race on TikTok, Lan Ngoc makes viewers &#8220;wash their eyes&#8221; with a series of quality outfits</title>
		<link>https://en.spress.net/joining-the-race-on-tiktok-lan-ngoc-makes-viewers-wash-their-eyes-with-a-series-of-quality-outfits-2/</link>
		
		<dc:creator><![CDATA[Anh Vũ]]></dc:creator>
		<pubDate>Fri, 18 Jun 2021 01:55:09 +0000</pubDate>
				<category><![CDATA[Fashion]]></category>
		<category><![CDATA[Duong Lan Ngoc]]></category>
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					<description><![CDATA[With just 15 seconds, the &#8220;pearl girl&#8221; took viewers from one drama to another with many super-beautiful and super-quality outfits, completely different from her usual &#8216;muse&#8217; style. Ninh Duong Lan Ngoc is a name that, when mentioned, won a lot of love from everyone. She is also one of the top stars with a high [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong>With just 15 seconds, the &#8220;pearl girl&#8221; took viewers from one drama to another with many super-beautiful and super-quality outfits, completely different from her usual &#8216;muse&#8217; style.</strong><br />
<span id="more-24757"></span> <img fifu-featured="1" decoding="async" loading="lazy" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/673302a70ce5e5bbbcf4.jpg" width="625" height="468"> </p>
<p> Ninh Duong Lan Ngoc is a name that, when mentioned, won a lot of love from everyone. She is also one of the top stars with a high number of followers in Vietnamese showbiz. The reason for this is that 9X beauties have worked hard and devoted themselves to the arts. Not only is she an actress and model, she also tries her hand at many other fields such as singing and dancing. Possessing a beautiful appearance and a standard body index, Lan Ngoc is also one of the well-dressed icons that many women over 30 pursue. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/e8c28b5685146c4a3505.jpg" width="625" height="937"> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/4ef22f662124c87a9135.jpg" width="625" height="938"> <em> She is the &#8220;muse&#8221; of many famous designers in the country. The fluttering dresses are always the core item and the brand of her &#8220;screen pearl&#8221;.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/67ba3d2e336cda32837d.jpg" width="625" height="831"> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/25ff7c6b72299b77c238.jpg" width="625" height="831"> <em> Recently, Lan Ngoc has added to her style a little bit more. The outfits she wears have many sexy details but absolutely do not overwhelm the inherent gentle and lovely beauty. This white slit outfit with thin chiffon material showing off these amazing legs is a prime example.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/e49cb008be4a57140e5b.jpg" width="625" height="833"> <em> Saying that Lan Ngoc is beautiful is something everyone knows, but it must be recognized that she knows how to choose outfits to enhance her physical and beauty advantages. She cleverly interweaves the beoed details of the shoulder bridge to balance the sexy features of the bodycon dress.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/bf1cea88e4ca0d9454db.jpg" width="625" height="833"> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/9439c7adc9ef20b179fe.jpg" width="625" height="849"> <em> The 31-year-old beauty of Saigon now adds color and personality with many stylish, hip hop costumes.</em> Recently, Lan Ngoc has contributed to dispelling the boredom of social distancing when giving fans a &#8220;transformation&#8221; clip with super fashion. On the vibrant music background of TikTok for just over 10 seconds, she gave viewers the opportunity to &#8220;wash their eyes&#8221; with a series of quality outfits. Even though she is over 30, Lan Ngoc still boldly suggests to the sister association many beauty tips to hack the age to add more eye-catching and personality. <em> Lan Ngoc&#8217;s clip &#8220;catching the trend&#8221; TikTok of Lan Ngoc earned more than 86,000 hearts and thousands of non-stop complimenting comments.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/c49795039b41721f2b50.jpg" width="625" height="500"> <em> What to wear at home? Besides the silk pajama sets, there is one more suggestion for women is the lace set. However, note that the lace is embroidered with cotton to avoid itching and irritation to the skin. Choosing pastel pink for whiter skin and always looking beautiful in the mirror is the best way these days.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/c2d68c4282006b5e3211.jpg" width="625" height="500"> <em> When the distance is over, what should you wear to go &#8220;coffee cannon&#8221;? Either an off-the-shoulder top with shorts and turtleneck boots or slit-legged trousers and a camisole. The off-the-shoulder tops and bib straps are always in line with the summer trend and emphasize the slim features of the wearer.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/e289ad1da35f4a01134e.jpg" width="625" height="500"> <em> If you go with your loved one, how do you dress to always be a &#8220;baby&#8221;? Being over 30 doesn&#8217;t mean we can&#8217;t wear short skirts on our thighs and don&#8217;t forget to add some drama with lace tops. For a more fashionable look, please change your usual doll shoes and try with cowboy boots, a little wide tube will stand out and be more interesting.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/115e5dca5388bad6e399.jpg" width="625" height="1080"> <em> After the epidemic is over and you can travel, you should note that maxi dresses are always a &#8220;must have&#8221; item. Women can be flexible with open back maxi shapes, wide straps or armpits and pleated skirt body, the more floating the better.</em> <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_12_338_39161774/41a40b300572ec2cb563.jpg" width="625" height="1077"> <em> For those who love to show off their figure, don&#8217;t be afraid to choose a short and flexible dress with a cut out design at the waist. This gap is not too obvious, but it has the effect of creating a 3D effect for a smaller, more beautiful waist.</em></p>
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		<post-id xmlns="com-wordpress:feed-additions:1">24757</post-id>	</item>
		<item>
		<title>Original[Observation]Quick joining VS quick overdraft, can the future of the eight horse tea industry be expected?</title>
		<link>https://en.spress.net/originalobservationquick-joining-vs-quick-overdraft-can-the-future-of-the-eight-horse-tea-industry-be-expected/</link>
		
		<dc:creator><![CDATA[editor]]></dc:creator>
		<pubDate>Fri, 18 Jun 2021 01:00:09 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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					<description><![CDATA[Decoding the Hong Kong stocks, the original trump card column of the Hong Kong Caihua News Agency, and financial experts gathered. After reading, remember to subscribe, comment, and like. If the definition of whether a product has brand attributes is the first thing that comes to mind when buying the product, and it is something [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><img fifu-featured="1" decoding="async" src="https://p4.itc.cn/images01/20210615/569575b682754fa18e421c6198253ca7.jpeg" max-width="600"></p>
<p><strong> Decoding the Hong Kong stocks, the original trump card column of the Hong Kong Caihua News Agency, and financial experts gathered. After reading, remember to subscribe, comment, and like.</strong></p>
<p>If the definition of whether a product has brand attributes is the first thing that comes to mind when buying the product, and it is something that is convenient to buy.</p>
<p>Then the brand attributes of Ba Ma tea industry are not strong, because the first thing you think of may be West Lake Longjing, Biluochun, Huangshan Maofeng, Tieguanyin, Yunnan Pu&#8217;er, instead of the Ba Ma tea that can be purchased from the above-mentioned well-known tea products. .</p>
<p>But to say that Ba Ma tea has no brand attributes at all, that would be untrue.</p>
<p>In 2008, Bama Tea launched the traditional fragrant Tieguanyin-Pearl Buck, based on this, and then began to promote the franchise model.</p>
<p>Regarding Pearl S. Buck, according to the introduction of Bama, it needs to go through more than 20 processes, layer by layer, and each step adheres to the traditional tea-making process, and finally forms the fragrance of dry tea fried rice, smells the fruity sweet fragrance of tea soup, and tastes the flavor of orchids. Unique style.</p>
<p>The category of Tieguanyin to which it belongs is originally produced in Xiping Town, Anxi County, Quanzhou, Fujian Province, and is a national geographical indication product. The reason is that Anxi County has a subtropical monsoon climate, with a mild climate, abundant rainfall, deep soil, fertile soil, good water retention, high organic matter content, and rich mineral elements.</p>
<p>So it is this layer of reason that makes the eight horse management Wang Wenbin brothers choose to start their entrepreneurial journey here when they started their business.</p>
<p>And in the author&#8217;s &#8220;The stock price has been cut down this year, Yihai International is not popular? &#8220;In the article, it was mentioned that &#8220;the hot pot base material category, due to its own taste attributes, that is, the full recognition of spicy, hemp, and fragrant, has helped consumers form long-term memories of the product.&#8221;</p>
<p>Putting it here on Pearl Buck, it is that its strong-flavored properties have helped Bama form a long-term memory of consumers relative to the rest of Tieguanyin&#8217;s delicate and scented types. However, due to the existence of tea products in other places, Bama opened up The road to its transformation.</p>
<p>In 2015, Bama launched a full-category tea strategy in order to adapt to market demand and consumer preferences.</p>
<p>From (Anxi) Tieguanyin, Xiangyan tea (also a kind of oolong tea), Pu&#8217;er tea (an important variety of black tea), Jinjunmei and Zhengshanxiaozhong (a kind of black tea), Longjing and Anji white tea (green tea) The expansion of Fuding white tea and Zijin Bailan (a kind of white tea) has formed a business model with retail attributes greater than brand attributes.</p>
<p> So under this business model, how to judge the investment value of BaMa?</p>
<p><strong> Eight horse tea</strong></p>
<p>(Source of Bama tea revenue composition: Caihua News Agency)</p>
<p><img decoding="async" src="https://p2.itc.cn/images01/20210615/d7b913f650654c8b8f4991cc857a86e1.png" max-width="600"></p>
<p>As of the end of the reporting period, BaMa has a total of 366 directly-operated stores and more than 1,700 franchised stores. Among them, directly-operated stores include independent stores and joint-operated stores.</p>
<p>(Source of Bama offline stores: Bama)</p>
<p><img decoding="async" src="https://p2.itc.cn/images01/20210615/d22bc54834eb46289d5182b84ef1d25e.png" max-width="600"></p>
<p>The picture above shows an independent store operated by Bama, which is located in a commercial center and a transportation hub. Independent stores focus on decoration style and space design. Departmental independent stores also provide consumers with private rooms for business negotiation.</p>
<p>Associated stores, that is, stores opened by eight horses in the form of special counters through department stores or large supermarkets, use the traffic of supermarkets and supermarkets to acquire customers, and the supermarkets provide venues to obtain income in a way of sharing.</p>
<p>Taking Rainbow Shopping Mall as an example, the two parties conduct monthly settlements. After Rainbow draws the share and other contractual expenses from the BaMa business funds, the remaining business funds are settled to BaMa Tea.</p>
<p>If the affiliated stores only include Rainbow&#8217;s 46 counters and China Resources Vanguard&#8217;s 44 counters, then the number of independent stores operated by Bama is 276.</p>
<p>In the franchise model, the relationship between franchisees and eight horses is a buy-out operation, that is, under different sales discounts according to different purchase amounts, the franchisees will operate independently in a self-financing manner after the purchase amount. Of course, this independent Not so pure.</p>
<p>First of all, franchisees need to comply with a uniform retail price. Secondly, according to the difference between direct franchise and regional franchise, the latter can grant franchise rights to sub-franchises in the designated business area, and the sub-franchises obtain the direct franchise rights, which cannot be authorized again.</p>
<p>Based on this model, it can be inferred that the accounts receivable that are not low or high are mainly derived from direct online channels. Therefore, it can be further speculated that this channel will not become a strategic offensive direction for BAMA.</p>
<p>The question that needs to be considered here is whether the future consumer habits in the field of tea products will go from offline to online, with online as the focus? If so, can YAMA find an online dealer who acts as a middleman for itself like Marumi does?</p>
<p>Or we can think in reverse, is it because the scale of online product consumption makes it difficult for online distributors to survive, so we haven&#8217;t seen BaMa use such a model?</p>
<p>After talking about the model, let&#8217;s take a look at the competition faced by the eight horses.</p>
<p>Looking at the production first, the production designed by BAMA is finishing. According to the different refining process, it can be divided into independent production and independent sub-assembly. Under independent production, BaMa needs to use its own technology in the process of blending and baking; under independent packaging, BaMa needs to participate in part of the final refining process, mainly picking and packing.</p>
<p>According to the situation of eight horses&#8217; fixed assets, there is no industry threshold for this refining process.</p>
<p>Take 2020 as an example, the total fixed assets are 160 million yuan, of which houses and buildings account for 82.79%, machinery and other electronic equipment account for only 6.96% and 7.67%, and the book value is 11.13 million yuan and 1228 respectively. Ten thousand yuan.</p>
<p>Since the production of tea in Eight Horses does not require too much investment in machinery assets, it is obvious that it is impossible to restrict companies that have the same experience as Eight Horses and are based on tea products in various regions to go out of the Eight Horses model.</p>
<p>(Source of sales of eight horse tea: eight horse tea industry)</p>
<p><img decoding="async" src="https://p4.itc.cn/images01/20210615/36d9f6d11a8d4c81992d3cbb6a1b4052.png" max-width="600"></p>
<p>Looking at sales again, it can be seen that the unit price of Ba Ma tea is basically in a state of constant price increase, but this does not have a positive impact on its gross profit margin.</p>
<p>On the contrary, the gross profit margin of certain categories is still declining. For example, green tea has gross profit margins of 48.9%, 44.1%, and 43.65% from 2018 to 2020, respectively.</p>
<p>At the same time, the gross profit margin of Tieguanyin and Yancha did not increase as rapidly as the unit price, which was only 63.33%, 65.42%, 66.46% and 57.95%, 60.85%, and 62.7% respectively in the same period.</p>
<p>From the longitudinal comparison of gross profit margin, it seems that there is a vague result, that is, with Anxi County as the center of the circle, the further the radius of the regional tea, the lower its gross profit margin.</p>
<p>Does this mean that Ba Ma lacks cost/pricing advantages in green tea, black tea, black tea and other categories? It may come from the production process, the scale of procurement, or the pricing power.</p>
<p>Combining the performance of the production side and the sales side, it can be judged that Bama&#8217;s top three tea markets in China, namely green tea, black tea, and black tea, lack the ability to resist competitors.</p>
<p>So if the three major markets squeeze the oolong tea market, or that Bama intends to continue to enter the three major markets from the dominant oolong tea field, its net interest rate will surely be impacted.</p>
<p>According to the actual situation, from 2018 to 2020, eight horses’ net profit margins have increased to 6.69%, 8.9%, and 9.31% respectively. The reason for this is that the increasing proportion of franchise accounts for rent and hydropower in sales expenses. The ratio of decline.</p>
<p>However, the gross profit margin of the franchise model is much lower than that of the direct sales model.</p>
<p>In other words, the stage of success achieved by the Eight Horses model will result in a decline in the overall gross profit margin due to the continuous expansion of franchisees. The rate of gross profit rate declines faster than the rate of cost (i.e. rent, water and electricity) declines resulting in net profit margins. It terminates at an inflection point.</p>
<p><strong> to sum up</strong></p>
<p>Due to the lack of long-term competitiveness, it can be expected that the market will not give Bama an excessively high valuation. However, due to the existence of ipo fundraising projects and the continued expansion of franchisees, as the price paid by the market moves downward, the short and medium-term There may be local market opportunities, but they are limited to this.</p>
<p>By Zhou Zhiwei</p>
<p>Author: Zhou Zhiwei</p>
<p>Edit: lala</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">24731</post-id>	</item>
		<item>
		<title>Joining Social Media Doesn&#8217;t Make You a Journalist</title>
		<link>https://en.spress.net/joining-social-media-doesnt-make-you-a-journalist/</link>
		
		<dc:creator><![CDATA[Thu Thảo (Dịch từ Thời báo Seattle)]]></dc:creator>
		<pubDate>Wed, 09 Jun 2021 14:38:07 +0000</pubDate>
				<category><![CDATA[Tech]]></category>
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		<guid isPermaLink="false">https://en.spress.net/joining-social-media-doesnt-make-you-a-journalist/</guid>

					<description><![CDATA[After recent deliberations, the Supreme Court in Washington (USA) said that, under federal law, the use of cameras and YouTube channels is not enough to help someone become a journalist in the digital age. this. Illustration The case involved a YouTuber who had a confrontation with the sheriff&#8217;s deputy in Pierce County. After the incident, [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong>After recent deliberations, the Supreme Court in Washington (USA) said that, under federal law, the use of cameras and YouTube channels is not enough to help someone become a journalist in the digital age. this.</strong><br />
<span id="more-21834"></span> <img fifu-featured="1" decoding="async" loading="lazy" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_04_359_39088842/b6ff18df979c7ec2278d.jpg" width="625" height="327"> </p>
<p> <em> Illustration</em> The case involved a YouTuber who had a confrontation with the sheriff&#8217;s deputy in Pierce County. After the incident, he filed a Public Records Act request for names, dates of birth, photos, and other information to all deputies and subsequent employees. Often, many of these records are not made public to protect law enforcement from harassment, retaliation, and potential identity theft. However, there is still an exception. Members as “news media,” as defined in state law, may receive records. Although based on media interests, the press is generally opposed to making employees&#8217; birthdays private to anyone. But lawmakers have given the press privileged access, because they believe professional journalists can be trusted to use personal information responsibly. The press becomes the backbone of the public. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_04_359_39088842/35af7f9c6dde8480ddcf.jpg" width="625" height="351"> <em> Illustration</em> For example, a news organization may need a date of birth and a photo to check an official&#8217;s past employment in connection with a certain scandal or to verify that a law enforcement officer is acting illegally. . In this, the YouTuber claims he is an &#8220;investigative journalist&#8221; who is considered a member of the news media based on his YouTube channel called &#8220;Libertys Champion&#8221;. The relevant authorities disagreed, and the case was referred to the Supreme Court. There, the majority was against him becoming a member of the news media. The court&#8217;s analysis focused mainly on the fact that he worked alone, not as a member of a newsroom. The nature of news and journalism is evolving rapidly. There are famous people who have added the label &#8220;Press &#8211; Press&#8221; when attending and participating in protests. People use Twitter to announce what&#8217;s happening at local government hearings. Others run reporting websites on focused topics, such as the helpful Seattle Insight City Council. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_06_04_359_39088842/583a1609044bed15b45a.jpg" width="625" height="316"> <em> Illustration</em> The Legislature has tried to draw a line when it comes to being repeatedly blurred between YouTubers performing personally or Tweeters howling at perceived injustice. Back then, traditional newspapers and television news organizations had been the mainstay of a vibrant, free local press for decades. However, clarifying this distinction has always been difficult. Most people would trust a trained plumber to fix a leaky pipe that flooded their basement, rather than someone who just had a wrench and said he knew the pipes. Wrench doesn&#8217;t make a plumber, and Social Media doesn&#8217;t make a journalist. Members of the press are trained and adhere to journalistic ethics and standards. The YouTuber in this case will have a hard time convincing any unfriendly reader that he&#8217;s a real journalist. But besides that, there are also a lot of serious journalists today who don&#8217;t work for any newsroom.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">21834</post-id>	</item>
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		<title>Joining hands to protect wildlife in Vietnam: Facing a declining trend</title>
		<link>https://en.spress.net/joining-hands-to-protect-wildlife-in-vietnam-facing-a-declining-trend-2/</link>
		
		<dc:creator><![CDATA[(TTXVN/Vietnam+)]]></dc:creator>
		<pubDate>Sat, 22 May 2021 05:30:11 +0000</pubDate>
				<category><![CDATA[Science]]></category>
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		<guid isPermaLink="false">https://en.spress.net/joining-hands-to-protect-wildlife-in-vietnam-facing-a-declining-trend-2/</guid>

					<description><![CDATA[According to the International Union for Conservation of Nature, the number of threatened species distributed in Vietnam is 745 species, including 64 species of mammals, 53 species of birds, 70 species of reptiles, 45 species of amphibians and 96 species of fish. Elephants in the Central Highlands. (Photo source: PV/Vietnam+) Wild animals and plants play [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong>According to the International Union for Conservation of Nature, the number of threatened species distributed in Vietnam is 745 species, including 64 species of mammals, 53 species of birds, 70 species of reptiles, 45 species of amphibians and 96 species of fish.</strong><br />
<span id="more-17262"></span> <img fifu-featured="1" decoding="async" loading="lazy" src="https://photo-baomoi.zadn.vn/w700_r1/2021_05_21_293_38915199/c3399a1786556f0b3644.jpg" width="625" height="400"> </p>
<p> <em> Elephants in the Central Highlands. (Photo source: PV/Vietnam+)</em> <em> Wild animals and plants play an important role in maintaining ecological balance, ensuring </em> <em> <strong> Ecosystem</strong> </em> <em> are complete systems, contributing to the provision of ecosystem services for sustainable development, bringing direct benefits to people. </em> <em> The strengthening of wildlife protection is one of the most important tasks of biodiversity conservation. A clear legal system, behavior change communication, and effective law enforcement are considered to be the three decisive factors for the success of a conservation campaign. </em> <em> VNA introduces a series of 4 articles &#8220;Joining hands to protect wildlife in Vietnam.&#8221;</em> <strong> Lesson 1: Facing a downtrend</strong> According to the United Nations Intergovernmental Committee in the Global Assessment Report on Biodiversity and Ecosystem Services, the rate at which biodiversity is being degraded is unprecedented in history. One million plant and animal species out of a total of 8 million species on earth are on the verge of extinction. In Vietnam, in recent years, biodiversity resources are continuing to decline. The situation of illegal hunting, killing, slaughtering, transporting, trading, and consuming wild animals is still complicated, leading to an increase in the risk of extinction of many wild animals in the environment. nature, negatively affecting ecological balance, human health and the country&#8217;s reputation in the international arena. There is also a risk of disease transmission to humans, livestock and poultry. Biodiversity is reduced mainly due to natural loss, overexploitation, climate change, environmental pollution from the use of pesticides, plastic products&#8230; and invasive species. In which, urbanization, deforestation, and agricultural development are the main causes causing nearly 75% of the terrestrial environment to be changed, causing species and ecosystems to decline. The wildlife trade has also created many consequences, wreaking havoc on the environment, severely reducing species populations with 67% of animals worldwide already in decline. <strong> High diversity comes with risk </strong> <strong> extinction</strong> <strong> increase</strong> According to the 6th national report to the Convention on Biological Diversity, Vietnam currently has about 51,400 species of organisms that have been identified, including 7,500 species/microorganism strains, about 20,000 terrestrial and aquatic plant species, 10,900 species of terrestrial animals, 2,000 species of invertebrates and freshwater fish, and 11,000 other marine species. Many species have great value for conservation, contribute to science and affirm the global importance of Vietnam&#8217;s biodiversity, such as saola, silver-backed chevrotain, giant gill, Truong Son gill, striped rabbit, etc. Asian elephants, bison, gray cows, tigers, leopards, star deer, primates, sea turtles and freshwater tortoises&#8230; The International Bird Conservation Organization has also identified Vietnam as having 63 important bird areas. important. Compared with other countries in Indochina, the fauna of Vietnam is quite rich in species composition and has a high degree of endemism. Of the 21 monkey species found in this region, Vietnam has 15 species, of which 7 are endemic species and subspecies. Of the 49 endemic bird species in the region, Vietnam has 33 species, of which 10 are endemic to Vietnam alone. From 2014-2018, 334 new species were discovered for science including 208 animal species, 136 plant species described and published in prestigious international scientific journals and the Institute&#8217;s Journal of Biology Vietnam Academy of Science and Technology. According to statistics, the number of species and individuals of Vietnam&#8217;s wild species is on a sharp decline, many endangered, precious and rare species are at very high risk of extinction. Like the Ho Guom turtle, there are only 4 known living individuals in the world, including 1 individual in China and 3 individuals in Vietnam. Other large mammals such as elephants, tigers, bears, big cats and pangolins are also threatened with extinction if no resolute and effective protection measures are taken. Sao la &#8211; a species endemic to the Truong Son range is also on the verge of extinction. Investigation and monitoring efforts to date have not found any populations of the species in the wild. According to the International Union for Conservation of Nature&#8217;s Red List updated in November 2020, the number of threatened species distributed in Vietnam is 745 species, including 64 mammal species, 53 bird species, 70 reptile species, etc. 45 species of amphibians and 96 species of fish. The total number of wild species recorded in the Red Book of Vietnam is 882 species, of which 464 are precious and rare animals (an increase of 108 species within 10 years). There are 116 species that are critically endangered and 6 species that have been converted from different endangered levels to considered extinct, including two-horned rhinoceros, gray bull, tapir, otter civet, lilac crocodile, star deer . The 2016 species inventory proposed to include 1,211 species in the updated Red Book, including 600 species of plants and 611 species of animals. Compared with the 2007 Red Book, the number of threatened and endangered species has increased significantly. <strong> Big challenge</strong> According to the assessment of the Department of Nature Conservation and Biodiversity (General Department of Environment, Ministry of Natural Resources and Environment), the conservation of wild animals and plants is facing many challenges and limitations. . The issue of protecting wild species, especially endangered, precious and rare species has not yet been unified in the approach to management and conservation; management regime for species in different categories. Especially in matters of criteria for species identification, the list of endangered, precious and rare species and endangered, precious and rare species are prioritized for protection. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_05_21_293_38915199/e7ca9a168154680a3145.jpg" width="625" height="400"> <em> An otter belonging to group 1B, imprisoned in an iron cage, is illegally sold by stall owner Yen Tam in Thanh Hoa, Long An province in 2020 for 10 million VND. (Photo: Hung Vo/Vietnam+)</em> Duplicating the list leads to an overlap in management regimes and makes it difficult to apply legal documents as well as handle violations in practice. Specifically, the three-bar box turtle belongs to the list of endangered, precious and rare species prioritized for protection and is not allowed to be traded, but at the same time belongs to group IIB &#8211; forest plants and animals that are not yet threatened. extinct, but at risk of being threatened if not strictly managed, limited exploitation and use for commercial purposes. The overexploitation and use of wildlife resources, deforestation, and conversion of forest use purposes also lead to habitat loss of species leading to increasing conflicts between humans and species in the region. nature. Species conservation programs are approved by the authorities, but in practice there are few resources to implement. The demand for illegal and unsustainable consumption of endangered wild species for food, medicine, pets, decoration&#8230; still exists. The illegal trade in these species is increasingly sophisticated, organized and complicated, with elements of transnational crime. Law enforcement is still limited and ineffective due to lack of resources, including physical, human and financial facilities. Remuneration regimes and policies for enforcement officers are not commensurate with the high responsibilities and risks when facing this crime. The specialized force&#8217;s ability to fight against this type of violation on endangered, precious and rare wild species has not yet kept up with the sophisticated and professional tricks of criminals. Some shortcomings and gaps in legal documents make it difficult to handle violations such as the lack of regulations on handling exhibits. In practice, it may take a lot of time for the investigating agency, the procuracies or the people&#8217;s court, the trial panel to make a decision, or it may also take time to get the assessment results when the individuals Live and healthy wild animals need to be treated and immediately released back into the wild, which is very expensive to preserve until the case is heard. Cooperation between enforcement agencies has improved, but there has not been a close coordination mechanism, no guidance on the investigation process after the arrest of wildlife individuals or products, including: including the process of making and transferring dossiers from customs, border guards and forest rangers to the police, assessment agencies, procuracies and courts; handling wild animals and their parts after confiscation. In addition, the awareness of the whole society towards species conservation, <strong> biodiversity conservation</strong> has been improved, but there are still many limitations. Some parts of the people still have a high demand to use endangered wildlife, leading to increased hunting, trading and consumption. Awareness of all levels and branches has been raised, but not enough and not drastically to contribute to the conservation of endangered, precious and rare species effectively and comprehensively. Deputy Director of the Center for Education for Nature (Vietnam Union of Science and Technology Associations) Bui Thi Ha said that corruption is also a big obstacle to wildlife law enforcement efforts because there are With the help of a number of corrupt officials, many criminals have been and are blatantly committing crimes without fear of being discovered, arrested, put on trial or facing punishment. prison./.</p>
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		<post-id xmlns="com-wordpress:feed-additions:1">17262</post-id>	</item>
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		<title>Looking at Sakura&#8217;s style before and after joining IZ * ONE, Korean stylist is too good</title>
		<link>https://en.spress.net/looking-at-sakuras-style-before-and-after-joining-iz-one-korean-stylist-is-too-good/</link>
		
		<dc:creator><![CDATA[Miu Miu]]></dc:creator>
		<pubDate>Thu, 06 May 2021 10:55:07 +0000</pubDate>
				<category><![CDATA[Fashion]]></category>
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		<guid isPermaLink="false">https://en.spress.net/looking-at-sakuras-style-before-and-after-joining-iz-one-korean-stylist-is-too-good/</guid>

					<description><![CDATA[When looking back at the image of Sakura when she first arrived in Korea and the day she left Korea to return to Japan, netizens can see that her style has changed dramatically and of course in a more trendy direction. That&#8217;s how K-Pop stylist is a witch with a magic wand. Before Sakura went [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong>When looking back at the image of Sakura when she first arrived in Korea and the day she left Korea to return to Japan, netizens can see that her style has changed dramatically and of course in a more trendy direction. That&#8217;s how K-Pop stylist is a witch with a magic wand.</strong><br />
<span id="more-11932"></span> <img fifu-featured="1" decoding="async" loading="lazy" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/1f2347d266908fced681.jpg" width="625" height="1074"> </p>
<p> Before Sakura went on a survival show <em> Produce 48</em> Although she is already a famous singer in Japan, she still dresses very simply, does not pay much attention to clothes. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/6dd430251167f839a176.jpg" width="625" height="928"> Looking at Sakura at the airport, one would think of some normal girl, grabbing a dress in a closet, picking up a cloth bag and rushing away in time. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/f511aae08ba262fc3bb3.jpg" width="625" height="937"> Clearly, Sakura is very pretty and has a very good physique, but because she does not pay attention to dress, she often has a very unremarkable appearance when appearing in front of the audience. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/6aae345f151dfc43a50c.jpg" width="625" height="445"> <em> Netizen</em> At that time, she got used to the image of Sakura with a flat hair, wearing a canvas bag or a simple backpack, and even carrying plastic bags flying out at the airport, without the glamorous charisma of an idol at all. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/bc89fd78dc3a35646c2b.jpg" width="625" height="937"> Until being a member of the group IZ * ONE, do <em> idol</em> K-Pop, Sakura can quickly <em> stylist</em> In Korea, invest carefully in appearance. She looked unbelievably different. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/2dbd6d4c4c0ea550fc1f.jpg" width="625" height="915"> No need to wear too strange but still these <em> set</em> Young clothes like jeans and t-shirts, but Sakura has chosen the right outfit, choosing the right accessories, so she looks a lot more prominent. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/24ad675c461eaf40f60f.jpg" width="625" height="915"> Sakura still retains a simple style, not fussy but eye-catching, much more impressive than before. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/bec8fc39dd7b34256d6a.jpg" width="625" height="868"> Her neatly-dried hair, light makeup is enough for Sakura to look out <em> idol</em> K-Pop, always in public. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/f473b18290c0799e20d1.jpg" width="625" height="781"> Recently, when IZ * ONE disbanded and Sakura left for Japan to return to Japan, netizens see how much her style has improved. No longer a Sakura wearing a plastic flip-flop, Sakura now wears a Dior bag with a Chanel necklace full of elegance and elegance. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/8d93c962e820017e5831.jpg" width="625" height="1051"> Indeed want to know <em> stylist</em> How talented K-Pop is, just look at Sakura&#8217;s transformation screen. <img decoding="async" loading="lazy" class="lazy-img" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_29_105_38681418/c4a82d830ac1e39fbad0.jpg" width="625" height="237"></p>
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		<post-id xmlns="com-wordpress:feed-additions:1">11932</post-id>	</item>
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		<title>Promotion focused Hanoi City 2021: Joining hands to connect, stimulate domestic demand</title>
		<link>https://en.spress.net/promotion-focused-hanoi-city-2021-joining-hands-to-connect-stimulate-domestic-demand/</link>
		
		<dc:creator><![CDATA[Nam Giang (TTXVN)]]></dc:creator>
		<pubDate>Fri, 23 Apr 2021 17:24:09 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[Promotion]]></category>
		<category><![CDATA[Raise demand]]></category>
		<category><![CDATA[sale]]></category>
		<category><![CDATA[Stimulate]]></category>
		<category><![CDATA[Tran Thi Phuong Lan]]></category>
		<category><![CDATA[Travel]]></category>
		<guid isPermaLink="false">https://en.spress.net/promotion-focused-hanoi-city-2021-joining-hands-to-connect-stimulate-domestic-demand/</guid>

					<description><![CDATA[On the morning of April 23, the Hanoi Department of Industry and Trade held a conference to implement the Hanoi City Centralized Promotion Program in 2021, with the theme &#8216;Joining hands to connect, stimulating domestic demand&#8217; to spread the message, responding to participate to develop the domestic consumer market. Ms. Tran Thi Phuong Lan, Acting [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><strong>On the morning of April 23, the Hanoi Department of Industry and Trade held a conference to implement the Hanoi City Centralized Promotion Program in 2021, with the theme &#8216;Joining hands to connect, stimulating domestic demand&#8217; to spread the message, responding to participate to develop the domestic consumer market.</strong><br />
<span id="more-6926"></span> <img fifu-featured="1" decoding="async" loading="lazy" src="https://photo-baomoi.zadn.vn/w700_r1/2021_04_23_294_38612922/8ec2cd09eb4b02155b5a.jpg" width="625" height="374"> </p>
<p> <em> Ms. Tran Thi Phuong Lan, Acting Director of Hanoi Department of Industry and Trade speaking at the conference. Photo: Phuong Anh / VNA</em> Speaking at the Conference, Ms. Tran Thi Phuong Lan, Acting Director of Hanoi Department of Industry and Trade, said that during the Hanoi centralized promotion program, participating businesses are allowed to carry out the program. promotion, customer gratitude with promotion up to 100%. The program is expected to be a lever to stimulate consumption after the impact of the COVID-19 epidemic, creating conditions for a large number of people in the capital to access and purchase tens of thousands of products with deep discounts and quality. guaranteed across the city. Thereby, contributing to the domestic market development goal is associated with the campaign &#8220;Vietnamese people give priority to using Vietnamese goods&#8221;, promoting production and business, stabilizing prices, stabilizing the market, curb inflation, ensure social security in the capital area. According to Mr. Nguyen Bach Tung, representative of the Organizing Committee of the Program, this second year, Hanoi has implemented the centralized promotion program of Hanoi city. In 2020, the program has brought encouraging results with the revenue of businesses participating in the event increasing from 100% &#8211; 200%, the number of other visitors to visit and shopping increased from 200% &#8211; 315% compared to normal days. With the results achieved by the program, it contributes to economic development, boost consumption, and perform the dual task of preventing the COVID-19 epidemic and ensuring economic development. Representative of BigC Long Bien Trade Center said that the unit participated in the program and achieved unexpected results. Especially the program &#8220;HaNoi Midnight sale without sleep&#8221; has attracted a large number of customers to shop, the unit is also very passive, so it has not prepared enough goods to serve the shopping needs of people. This year, the unit continues to register to participate in the program and wants the Organizing Committee to promote the program earlier so that people know and the unit also prepares goods to better serve consumers. This year, the opening ceremony of the program will be held at 8:00 p.m. on April 29 at King Ly Thai To Monument Square, Hoan Kiem District and officially launch demand stimulus, discount and promotion activities focusing on the months. 5, 7 and November. The program has the participation of 30 promotional centers gathering together with 2,000 promotional points throughout Hanoi city. Besides, there will be a series of attractive stimulus events. Accordingly, expected from April 29, 2021 &#8211; May 1, 2021, the &#8220;Nha Xinh for you&#8221; stimulus event at the sidewalk of Dinh Tien Hoang street, Hoan Kiem district with the scale of 25-30 display booths. , promote and stimulate demand in the fields of construction, furniture, home decoration, real estate. Hanoi summer shopping tourism stimulus festival 2021 at 30-50 major tourist and shopping destinations in the area. The launching ceremony of the program is expected to be held on May 21, 2021 and there will be a tourist stimulating booth, summer shopping taking place in 03 days 21-23 at Times City Square / Royal City with the participation of tourism businesses, transportation, airlines, supermarkets, commercial centers &#8230; for consumers to experience shopping and promotion. In order to stimulate the promotion and consumption of products of the Program One commune per commune (OCOP) and also the highlight of 2021, Hanoi organized the 2021 Hanoi traditional product stimulus month, the theme &#8220;Hanoi. past and present &#8220;at about 50-100 business points of participating businesses in the area. The launching ceremony of the program is expected to be held on July 10 and there will be a booth to stimulate tourism, summer shopping taking place in 3 days from 10 to 12/7 at Bat Trang craft village with the participation of businessmen. organizations, individuals trading traditional products, craft villages, OCOP &#8230; In November 2021, the Department of Industry and Trade of Hanoi coordinated with the Center for Investment Promotion, Trade and Tourism, to implement the program of the Hanoi Promotion Month in 2021 and the special stimulus and promotion programs on the last occasion. The year includes the opening ceremony of the Promotional Month Hanoi year 2021 on October 29, 2021; the opening ceremony of the &#8220;Cash Free Day&#8221; event; event &#8220;Tourism Promotion Day&#8221; in 3 days October 29 &#8211; October 31, 2021 &#8230;</p>
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