To be more specific and lively, it is probably Dilraba’s, with thick eyebrows, big eyes, well-defined features, and delicate writing from head to toe. Almost all female stars who can be called beautiful women in the entertainment industry take this path.

It wasn’t until Gao Junxi was born one day that the public realized that short hair can also be a kind of beauty. It’s not the tomboy we used to think, the girl who pretends to be cool, but the beauty that really makes people feel beautiful.

At that time, there was a short hair style on the Internet. Many good-looking girls tried short haircuts of this length in Gao Junxi, so that everyone could see more beautiful possibilities. But in fact, the real short-haired beauty depends on the heyday of the Hong Kong entertainment industry. Those female stars in Hong Kong are really prettier than each other. Wang Haoer should be one of the female stars with the most beautiful voice. Everyone thinks she is so beautiful that she can’t do without her thick long hair. It is true. Wang Hao’er with short haircut looks like another person, with proper aristocratic temperament and style, but obviously not that good-looking. It depends on Yuan Jieying to maximize the handsomeness and beauty. She is called “the goddess of the most beautiful short hair”, and her bones are really good, with sharp edges and corners. She occupies the prominent cheekbones and square mandibular angles that everyone hates, but they blend perfectly and make people impeccable. If it is relatively flat, there will be no such effect. This face is neither weak nor sturdy. She has a feeling of youth, which can be played in a playful and sweet way. It’s almost a perfect face. You can get a set of bangs on your back. age-img”> Chen Farong gives people a very intellectual feeling, but when she was young, she was actually sexy and youthful. Her eyes and lips are of the more charming kind, and it is easy for people to sink in at a glance, but because she usually wrinkles her eyebrows when she looks at people, and her eyelids are a little sunken, it will give people a kind of grace. The pitiful feeling immediately offset the charm, leaving only purity. Originally, the facial lines are obvious, the nose is also very strong, and the hair is very handsome by combing the back. As a result, the eyes are broken in a second, and they will not be really handsome, and the problem of excessive force and oiliness will also be avoided. Brigitte Lin’s beauty does not require words to describe her. She is a top beauty in women’s clothing, and she can be fake and real in men’s clothing. This kind of youthfulness and heroic spirit are not found in many male stars. Not only is he handsome, he is also very expensive, with a suit and bow tie on his body, just like a noble son of the old age. Such an image should have been able to enshrine the gods, but because she was too handsome and failed to integrate the beauty of men and women, she could only rank third in the ranks of short-haired beauties. Zhang Keyi is the realistic version of Gao Junxi, with small and delicate features and bright eyes, especially the feeling of a Japanese manga boy. But because there is a sense of weakness on the body, and the smile is bad and sweet, it is especially suitable for the beautiful and self-knowing beauty role, and a random look can confuse a group of people. Gigi Leung has thick eyebrows, big eyes, clean and fresh, and short hair is very Japanese. The difference with Zhang Keyi is that the five senses are heavier, the eyes are big, and the face is full. It is too fresh to laugh. It can’t be soft and sweet at all, and it won’t look bad no matter how you laugh, so you have a very first love. The kind that eats all men and women. Yu Qianwen may not be as famous as the previous ones, and some netizens don’t understand it very well, but low reputation does not mean that she has a low appearance. Yu Qianwen’s face is really better than the previous ones. Wild eyebrows and fox eyes. Hair style is very fashionable now. Although the nose is collapsed, it looks relatively young and makes her look younger. Not so wild anymore. Anita Yuan’s male head is so beautiful that she has been in a newspaper, and of course she can’t be missed when it comes to short hair. Maybe when everyone sees the name Anita Yuan, what she thinks of is her shoulder-length hair, but in fact, when she is cut to the length of a boy’s head, she is the most agile and best-looking. She was so tender that she could pinch water, and there was a sense of stubbornness between her eyebrows and eyes. The proper configuration of the heroine of the movie made people feel distressed and liked when she saw it, and she wanted to pick her all the stars in the sky. So she said that it was Zhang Zhilin’s blessing to give her a package, which was really true. Seeing that the previous Hong Kong stars can hold whatever style they can hold, they can switch between long and short hair arbitrarily, and each has its own merits. I really feel that the current female celebrities are a little weaker. Except for a few first-line ones, other people’s styles are uniformly equipped with air bangs, shawls hanging down and long hair or small fresh ponytail heads, without distinctive personality characteristics, even their faces appear to come from the same house, it is really not Know who looks better.

Text/Deer

#电影杂谈#

Last year, according to data from the National Bureau of Statistics, the proportion of national online retail sales in the total retail sales of consumer goods officially exceeded the 20% mark. With the e-commerce dividends over the past decade, China has not only become the world’s largest e-commerce market, but also e-commerce giants such as Alibaba, JD.com, and Pinduoduo have been born in the capital market. The total market value of the three has exceeded RMB 5.5 trillion.

As the e-commerce industry thrives, there are two clearly visible industries: one is the logistics industry, and the other is the brand e-commerce operation service industry that is generally ignored by the market-providing a backstage for the digital business transformation of brand businesses Technical support and front office operations services, etc.

At the end of September last year, the industry leader Baozun e-commerce returned to Hong Kong’s “secondary listing”, or formally started a new wave of tapping the market value of many brand e-commerce companies hidden behind the e-commerce giants, followed closely. Yes, the deep-growing and vertical brand e-commerce companies have also received more attention from the capital market.

The arrival of Youquhui may reopen the window for the reassessment of the brand e-commerce industry.

The scale of revenue is industry-leading, and the pre-IPO valuation has increased rapidly

As a number of Japanese FMCG brands have captured a large number of loyal fans in China, Japan has become the country with the highest annual growth rate among the top five countries of origin in the cross-border online retail market, and the business trend of Youquhui has also increased.

According to the prospectus, Youquhui recorded revenue of 2.8 billion yuan in 2020. From the perspective of revenue growth from 2018 to 2020, the company’s revenue has shown a characteristic of steady growth. The company’s revenue scale in 2020 is comparable 247% of the company (Ruo Yuchen, which is positioned as a fast-moving brand e-commerce company on the A-share SME board), has a significant lead.

Another point of concern to investors is that Youquhui has net losses of 79.495 million yuan and 16.162 million yuan in 2019 and 2020, respectively, but according to the prospectus, the losses are mainly due to changes in the fair value of preferred stocks.

In the rapid growth of some companies, it is very common to issue convertible preferred stocks for financing development. During the rapid growth process, the company’s valuation continues to rise, resulting in a huge “book appreciation” of these preferred stocks. The International Financial Reporting and Accounting Standards require that the “book value increase” of this preferred stock be counted as a loss, which has created the illusion that many high-growth companies have a book “loss”.

To borrow from Kai-Fu Lee, the head of Innovation Workshop, the fair value loss of preferred stocks is not a real loss (here refers to a loss incurred in operation), but includes the value-added of investors. That is, the greater the increase in valuation, the greater the “book loss” caused by the fair value of preferred stocks, and these increasing “losses” are in fact a testament to the company’s rapid growth.

Excluding the influence of factors such as changes in the fair value of preferred shares, Youquhui’s adjusted non-IFRS profits for 2019-2020 should actually be 139 million yuan and 107 million yuan. Judging from the adjusted data, Youquhui’s profitability is relatively healthy, and it has been able to continue to generate relatively stable profits.

The company’s investment value and growth, or the changes in the fair value of preferred stocks shown on its books, have a preliminary “show”. The author is still looking forward to the listing of Youquhui, which will further demonstrate long-term value creation capabilities on the track of rapid growth potential. With the continuous release of performance, the company’s valuation may still have a large room for improvement.

Gross profit margin continues to increase, and internal growth is evident

As the TOP1 existence in the e-commerce operation service field of Japanese FMCG brands, we interpret the revenue structure of Youquhui from two dimensions.

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020.

The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020.

The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant.

(Source: company prospectus)

According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively.

Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the same industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective.

Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce

As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities.

According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects.

Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores.

In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui was selected as one of the Top 15 Chinese Brand E-commerce Service Providers in Comprehensive Competitiveness, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry.

According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%.

(Source: company prospectus)

Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan.

Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion.

According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024.

(Source: company prospectus)

And it’s worth emphasizing that Based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities.

Look at the data intuitively, The number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million Among them, the Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin.

Corresponding, Youquhui’s powerful new brand incubation capabilities cannot be ignored . Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of Tmall international stores in Gangwon Province operated by the company has increased from 11% in 2018 to 29% in 2020.

Concluding part

In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly.

It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things.

The menacing Youquhui will undoubtedly bring a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020. The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020. The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant. (Source: company prospectus) According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively. Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective. Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities. According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects. Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores. In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui has been selected as the top 15 comprehensive competitiveness of Chinese brand e-commerce service providers, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry. According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%. (Source: company prospectus) Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan. Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion. According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024. (Source: company prospectus) And it is worth emphasizing that, based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities. Intuitively looking at the data, the number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million, of which Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin. Correspondingly, Youquhui’s strong ability to incubate new brands cannot be ignored. Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of the company’s Gangwon-do Tmall international store has risen from 11% in 2018 to 29% in 2020. Concluding part In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly. It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things. The menacing Youquhui will undoubtedly put a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

Wen|Wang Xin

Edit | Take Shiyang

After taking the helm of Brilliance Group for 13 years, in April 2019, when receiving the retirement notice, Qi Yumin once left a message in the circle of friends: “Life is short, the past is cleared.” Last year, two weeks after Brilliance Group went into bankruptcy and reorganization, Qi Yumin was officially dismissed and investigated. Many people attribute his investigation to the continuous financial crisis of Brilliance Group in the second half of 2020.

Now, Qi Yumin, who has retired for two years, has not returned to his hometown of Xi’an as expected to live his longing for “Going Back to the Garden”. What he has to face is a serious accountability-due to the dereliction of duty in reporting the profits of Brilliance Group during his tenure, he was expelled from the party and collected illegal gains.

On June 15th, with the approval of the Liaoning Provincial Party Committee, the Liaoning Provincial Commission for Discipline Inspection conducted an investigation and investigation on the suspected 10 serious violations of discipline and law by Qi Yumin, chairman and president of Brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as “Brilliance Group”). .

After investigation, Qi Yumin seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, constituted a violation of the law and was suspected of crimes of bribery, embezzlement of public funds, and crimes of abuse of power by state-owned company personnel. Research by the Standing Committee of the Provincial Commission for Discipline Inspection And reported to the provincial party committee for approval, decided to give Qi Yumin expelled from the party; cancel the treatment he enjoyed according to regulations; collect his illegal income; transfer his suspected crime to the procuratorial organ for review and prosecution in accordance with the law, and the property involved is also transferred.

During his 13 years as chairman of Brilliance Group, Qi Yumin left a lot of controversy. In the past 13 years, Brilliance Group relied on a joint venture with BMW, and its own brands eventually fell out of the mainstream market. Since then, Brilliance Group, which has lost its hematopoietic ability, entered the bankruptcy reorganization process at the end of last year, and its Hong Kong-listed company Brilliance China (01114.hk) has fallen into rumors of “privatization”.

Qi Yumin: In the past, it could not be cleared

Some people say that Qi Yumin is different from other Autobots. He never wanted to enter the auto industry.

Looking at his work experience, Qi Yumin has a complete resume of a state-owned enterprise. From 1982 to 2004, a planner from Dalian Heavy Machinery Factory has been the chairman and general manager of Dazhong, Crane Group. In 2004, he served as Deputy Mayor of Dalian Municipal People’s Government. Since 2005, he has been in charge of Brilliance Group for 13 years until retirement.

“I came to Brilliance in a daze. After I came, I really felt like I fell into a fire pit.” Qi Yumin said when he just took over the Brilliance Group.

At that time, the Brilliance Group, which was transformed from a privately-owned company to a state-owned holding company, experienced an unprecedented four-year era of great turbulence and chaos, and its development was in trouble. At this time, Brilliance Auto was in a huge loss for three years, unable to pay wages, and still owed the supplier 1 billion yuan in payment. Due to poor efficiency, there was a serious loss of personnel. The first thing Qi Yumin did was to go to the bank to borrow money everywhere, and in just 5 days he took a loan of 700 million yuan to open his salary, repay the arrears, reorganized parts suppliers, launched the Junjie model, and successfully raised 1.5 billion yuan in Hong Kong. , To solve the urgent need of Brilliance Auto.

Although Qi Yumin had hoped to make a breakthrough in the self-owned brand sector, many attempts were unsuccessful. After years of decline in the technical strength and sales performance of Brilliance’s independent business, it ranked bottom among large state-owned auto companies.

Public data shows that the sales of Brilliance’s own brands have been declining year by year in the past three years. In 2018, Brilliance Automotive’s overall sales volume was 89,400, a year-on-year decline of 31.7%, ranking bottom. In 2019, Brilliance Auto’s sales volume was 49,100. In 2020, Brilliance Auto’s sales slashed again to only 22,800 units, ranking bottom among state-owned auto companies again.

According to the data released by the Passenger Association, in 2020, coupled with the impact of the epidemic, Brilliance China, which had a high-light moment, suspended production and shifts, and its annual sales were even zero. Huasong MPV models also encountered the same dilemma.

The explanation for the decline in sales of independent brands by the executives of Brilliance Auto has always been that there are shortcomings in terms of channels and brand power. “Because the market operation cannot keep up with the product, the network system is relatively fragile and cannot provide support for the current sales target.”

In fact, Brilliance Auto was once a disruptor in the auto industry, aggressively and boldly experimenting with the shareholding system and the bankruptcy system.

In the era of Yangrong, Brilliance took three steps: in 1989, the Jinbei opened the way to introduce technology from Toyota and other companies; in 1992, Jinbei GM and 2003, BMW Brilliance launched a joint venture model; in 2000, China Motor launched its own autonomy. The prelude to research and development.

In addition, Brilliance International negotiated with Rover of the United Kingdom and Renault of France to conspire to acquire Shaanxi Qinchuan. However, due to the “Rover Project” in the later period, Yang Rong and the government had conflicts over the ownership of Brilliance. After the breakdown of the negotiations, Yang Rong went to the United States in 2002 and did not return. The Liaoning Provincial Party Committee dispatched a working team to Brilliance to conduct a comprehensive inventory of Brilliance’s assets, and thus took back control of Brilliance.

At present, as a state-owned enterprise in Liaoning Province, Brilliance Group directly or indirectly controls and participates in four listed companies, and through its listed company Brilliance China and BMW jointly established BMW Brilliance, which has its own brands Zhonghua, Jinbei, Huasong and BMW Brilliance, Two joint venture brands of Brilliance Renault.

But after 2002, Brilliance suffered from the “common problems of large state-owned enterprises”: product system confusion, lack of pillar models, excessive reliance on joint ventures, and the escape of a large number of talents and dealers caused Brilliance’s mid-level failure, which has not changed so far.

From a historical perspective, Brilliance Auto has lost many good opportunities, including the Rover project (termination of compensation), Renault domestic project (termination of compensation), Chevrolet SUV, domestic pickup project (integrated by SAIC GM), and joint venture projects in BMW China also lost the right to speak.

In the capital market, Brilliance has planned many plans, including adding some new listing platforms, but they have not been realized so far, including the listing of Shenyang special vehicles. In 2015, Brilliance had a plan to go public in two years, but it failed to materialize. As the No. 1 Jinbei brand in China, and even China Motors, which was once comparable to the international brands, it gradually became silent after news of wage arrears, suspension of production, and long vacations came out.

Earlier, some Brilliance insiders told AI Finance and Economics that the government-based management and the officialization of personnel are the fundamental reason for the decline of state-owned auto companies.

A 1 billion bond default triggers bankruptcy and reorganization

Everything is so sudden, Brilliance Group is “bankrupted”.

As Brilliance Group’s 1 billion private placement debt “17 Huaqi 05” expired on October 23, 2020 and failed to be paid on schedule, Brilliance Automotive was sold by its supplier, Gezhi Automotive Technology Co., Ltd. in Liaoning. The Intermediate People’s Court of Shenyang City in the province filed for bankruptcy and reorganization.

Since Brilliance Group has constituted a debt default amount of 6.5 billion yuan, the total amount of overdue interest is 144 million yuan. Brilliance was unable to repay due to tight funds.

On November 20, 2020, the Shenyang Intermediate People’s Court ruled to accept the creditor’s application for reorganization of Brilliance Auto Group, marking that Brilliance Group has officially entered the bankruptcy reorganization process. The reorganization only involves the self-owned brand sector of the group’s headquarters, and does not involve the group’s listed companies and joint ventures with BMW and Renault.

Since the second half of last year, problems such as the collapse of bonds, high debt levels, freezing of equity, zero sales, and decline of independent brands have continued to emerge. Brilliance Auto has undoubtedly become a brand that is on the verge of life and death.

“If I caught a cold, I entered the morgue.” This is the intuitive feeling of the outside world about Brilliance Automobile’s sullenness.

Who knows, such a billion-dollar giant can’t pay 1 billion private debts, and the fundamental problem is no longer an overnight disaster. Behind this, the assets of Brilliance Group are not healthy.

According to statistics, in the three years from 2017 to 2019, the total liabilities of Brilliance Automotive Group were 114.256 billion yuan, 119.585 billion yuan and 144.781 billion yuan respectively; and the asset-liability ratios for the three years were 70.84%, 69.93% and 74.11% respectively. .

In the first half of 2020, the total liabilities of Brilliance Group have reached 132.844 billion yuan. After deducting goodwill and intangible assets, the asset-liability ratio is 71.4%. In addition, as of October last year, Brilliance Auto had issued 34 bonds and 14 remaining bonds, with a total outstanding bond balance of 16.2 billion yuan.

In September of that year, Qi Kai, the vice president of Brilliance Automobile Group Holding Co., Ltd., who had just taken office, said in an interview that, in terms of finance, Brilliance Group did encounter the problem of shortage of funds and liquidity, but “Brilliance Group sits on 170 billion assets. , The debt is more than 120 billion, and the debt ratio is about 70%.” Therefore, “as a production and operation enterprise, the debt and assets are relatively reasonable, and the debt-to-asset ratio is at the middle level of the industry.”

While explaining the rationality of assets and liabilities, while exporting to the market confidence in boosting the sales of its own brands, Qi Kai’s presence did not divert everyone’s worries about the insolvency of Brilliance Group.

The latest news is that in May 2021, Brilliance Group issued a reorganization progress announcement stating that as of May 19, 2021, the administrator has received a total of 5,986 creditors to declare claims, and the total amount of claims is 53.673 billion yuan, of which the administrator The total amount determined in the preliminary investigation was RMB 39.1 billion.

Over-reliance on BMW’s own brand is weak

“I know that many people scold me for not engaging in self-owned brands, but in fact, if others are better than you, they are better than you. You have to be brave enough to admit it.” Qi Yumin said in an interview with the media in 2017.

The focus on joint ventures, the abandonment of autonomy, the lack of technical input, and the lack of pillar models have left hidden dangers for the decline of Brilliance Auto.

Critics believe that Qi Yumin’s “not enterprising” on products and his “ignorant” to the group are the important reasons for the decline of Brilliance.

“The money earned from BMW Brilliance will be returned to Brilliance’s independent business.” Qi Yumin said, “If you haven’t learned technology in 30 years, China should reflect on it. My reflection is that foreign teachers did not teach well and Chinese students did not learn well. .”

So Qi Yumin chose a shortcut: use joint ventures to feed back independence. Qi Yumin intends to use the “big plane” to provide power-technology comes from BMW, and then high technology to support his own brand, in addition to continue to integrate the automotive industry and capital markets, and finally corporate culture and management-internationalization, modernization, and marketization . Two tail wings: one is the engine and the other is diversified, including the capital market.

“Our proposition is a healthy interaction between the financial market and the automobile industry. The reason why I set up a capital company is to develop an independent industry. 100% of the money I financed and the return on investment I earn are invested in the two independent brands of Zhonghua and Jinbei. Development.” Qi Yumin said.

It is a pity that things go against people’s wishes.

BMW Brilliance almost supported the entire Brilliance Group and continued to provide blood transfusions for Brilliance, while Brilliance’s own brands have almost stagnated.

Since 2011, Brilliance China’s annual operating income has been maintained at 5-6 billion yuan, but its net profit has ranged from 1.8 billion to 5.3 billion yuan. At the same time, BMW Brilliance provides annual profits of Brilliance China of RMB 1.7-5.5 billion, accounting for 94.9% -119.6%. In the five years from 2015 to 2019, if the profit of BMW Brilliance is excluded, Brilliance Auto has been at a loss, with a cumulative loss of 3.484 billion yuan.

In 2018, the 15th anniversary of BMW Brilliance, BMW acquired 25% of the shares of BMW Brilliance for 3.6 billion euros, with a shareholding ratio of 75%, which caused an uproar in the industry.

Many people worry that when the shareholders of BMW Brilliance complete the equity change, it may be the beginning of the loss of Brilliance China. It is also said that Brilliance Auto is likely to be completely reduced to BMW’s foundry.

At that time, Qi Yumin responded to the change in share ratio on TV: “Hong Kong’s listed companies are mainly supported by BMW Brilliance. As soon as the share ratio is released, the capital market will react soon, but they only know that Brilliance will leave BMW and it will be over. Since the 75% share ratio is nothing to talk about, then I have to talk about other benefits. I have limited two, one is to ask the joint venture to make the cake bigger and at least double it, otherwise it would be meaningless to liberalize the share ratio. The second is that the shareholders of both parties need to obtain greater economic benefits. Even if Brilliance’s equity ratio changes from 50% to 25% in three years, the interest at that time must be greater than the current 50% equity ratio.”

On February 3 this year, Brilliance China’s stock changed, and even the stock price of the same automobile Jiefang soared. There are rumors that FAW Group will acquire the shares of Brilliance China. The transaction value is about 7.2 billion U.S. dollars (about 46.7 billion yuan) in an attempt to privatize Brilliance. , But soon, Brilliance China responded: “I don’t know the source of the information contained in the media report.”

At present, this is the biggest good news for Brilliance Group in the process of bankruptcy and reorganization.

This article was originally produced by AI Finance and Economics, an account of “Finance World” Weekly. Please do not reprint it on any channel or platform without permission. Offenders must be investigated.

It’s been almost a century since colorful neon signs have become a unique symbol of Hong Kong’s streets, contributing to attracting a large number of tourists every year. And not only reflected in the twinkling lights every night, but the modern spirit of Asia’s most vibrant city is being discovered in every corner of the city, created by countless enthusiastic and creative young artists. Szabotage – An enthusiastic artist working on his work on a street corner of Hong Kong. While street art took its first steps and quickly became a diverse form of artistic expression since the late 20th century, Hong Kong still embraces its own ancient heritage values. But as soon as it has become one of Asia’s top destinations, Hong Kong’s traditional beauty has absorbed a multitude of different cultural flows that follow travelers around the world. In the past few years, a vibrant youth culture has brought an energetic and colorful spirit to this city. Artists Carol and Rebecca are drawing their work to life. Starting with a few murals decorating the restaurant in 2014, Bibo restaurant (also known as Sheung Wan at the time) was the birthplace of street art. The French shop owner invited artists to come to Hong Kong to decorate his restaurant. And then, this young art form created its own cultural story. Coming from all over the world, talented and passionate artists are joining hands to make Hong Kong even more brilliant. Artist Elsa and one of my favorite works Behind each work is the emotional story of artists from around the world. Renowned artist Elsa Jean de Dieu has developed her talents from decorative paintings for shops, hotels, restaurants to countless street corners in Central, Soho and Sai Ying Pun. When she first came to Hong Kong, Elsa could not communicate with others in Cantonese. But very soon, she and the people here began to connect with each other through works of art. She put into it the endless inspiration about Hong Kong, in harmony with the peaceful beauty of nature and the soft femininity of herself. Carol and Rebecca with nature-themed work Hong Kong is known as the busiest financial and economic center in Asia. Therefore, the development of street art has greened the industrial urban appearance with a lot of fresh and refreshing nature themes. This is also the main theme in the works of young artist couple Carol Mui and Rebecca T Lin. They find creative inspiration in Hong Kong’s many beautiful and magnificent natural settings. Street art lovers can enjoy the bustling streets of Central, playful graffiti at Wong Chuk Hang industrial park or colorful hipster-style works at Sham Shui Po . In addition, Soho’s Peel Street is becoming more and more attractive thanks to the strong bloom of this art form. The most beloved works of artist Elsa Jean de Dieu can also be found here. Besides, if you are looking for a harmonious Hong Kong between old and new, Sai Ying Pun is a place worth visiting. Every street corner here is brightly colored by local and international artists. Posts : Beautiful Travel

Overexploitation The researchers analyzed DNA to test eel products, including grilled eel and sushi, sold in restaurants. The results recorded that nearly 50% of the samples were identified as European eels (Anguilla anguilla) on the endangered animal list. This species is threatened by overexploitation due to increased consumer demand from Asia, especially China and Japan. These two countries consider eel a delicacy and aphrodisiac. Critically endangered and endangered eels are being sold in sushi restaurants in Hong Kong. Photo: South China Morning Post. European eels are listed in Appendix II of the Convention on International Trade in Endangered Species (Cites). The Ordinance for the Protection of Endangered Species of Fauna and Flora requires an export permit and inspection of the species upon arrival in Hong Kong. Of the 80 samples, 36 were confirmed as critically endangered European eels, 29 were American eels, and 5 were Japanese eels. Critically endangered European eel is sold in 45% of the 80 sushi restaurants surveyed in Hong Kong. Photo: South China Morning Post. Gap The World Wide Fund for Nature (WWF) said the results showed the animals were illegally existing in Hong Kong’s eel supply chain. The organization calls for urgent action to stop the illegal wildlife trade. To this day, Hong Kong remains one of the biggest hubs for the illegal wildlife industry, with a record number of wildlife seizures. In February, HKU published a study showing that thousands of species are legally trafficked through Hong Kong with inadequate traceability. At the heart of the problem lies a vague code system that customs officials around the world use to classify species. “The codes used for the eel trade are too general and only list products that are goods of the Anguilla species. However, those codes do not distinguish between different Anguilla species and their life stages,” said Jovy Chan, wildlife conservation manager at WWF. “Complete, specific and accurate commercial data are important to facilitate the implementation of conservation policies for eel species. In addition to European eels managed by Cites, some parts of Asia, for example the Philippines, Indonesia and Taiwan, have bans on the trade in European eels. Customs codes have a key role to play on issues of legality, traceability and sustainability of eels,” added Ms Jovy. David Baker, staff member of HKU’s Conservation Forensic laboratory and who led the eel study, said the results reflect the vulnerability of the retail market. “Our hope is to partner with WWF. This enhances surveillance at distribution points to prevent illegal seafood products from entering the market,” Mr. Baker said. A fisherman releases a Japanese eel in the Enshu Sea off Hamamatsu, Shizuoka Prefecture. Photo: South China Morning Post. In 2020, HKU published a study showing that nearly half of eel products retailed in supermarkets and convenience stores in Hong Kong are endangered European eels. Based on DNA testing, the study found that nearly half (45%) of retail eel products originate from critically endangered European eel species. Products are only labeled as “eels”. “Consumers have the right to know where their food comes from and whether it is sourced in ethical and sustainable ways. This problem is not limited to eels,” Mr. Baker said.

While the rest of the world struggled to find a way to relax travel restrictions, the two Asian financial centers have been trying for months to open up to tourism. In November 2020, the number of Covid-19 infections in Hong Kong skyrocketed, forcing Singapore and Hong Kong to postpone the “travel bubble”. And now, a new outbreak in Singapore has extinguished hopes of a “travel bubble” once again. “Next time, they should announce the enforcement 24 hours in advance so that Covid-19 does not have time to react,” Wong, 33, joked. The “travel bubble” connecting Singapore and Hong Kong was postponed twice because of the Covid-19 epidemic. Photo: Getty Images. Travel thirst The two city governments carefully drafted detailed criteria and announced new safety regulations to open the border. Many people who want to travel rush to book tickets to secure seats on two scheduled return flights each day. They plan to go to specific places, meet friends. Now again they are disappointed. “Singapore is only a 3.5 hour flight from Hong Kong, but now it feels like the other side of the world.” WSJ quoted Emma Herblot – 42-year-old French expert working for an online payment company in Singapore – lamented. Singapore and Hong Kong have been relatively successful in containing the Covid-19 epidemic and are still applying strict isolation regulations. People returning from anywhere still have to be isolated in concentrated for 2-3 weeks. So many Singaporeans and Hong Kongers have not traveled for more than a year now. Travel blogger Aaron Wong at Changi Airport in February 2020. This is his last trip before the Covid-19 epidemic. Photo: WSJ. Unlike the US or Europe, people stuck in Singapore and Hong Kong don’t have much choice when it comes to commuting. The area of ​​Singapore is only 728 square kilometers, Hong Kong is only slightly larger. Andrew Scott – a 41-year-old editor who works at a Hong Kong media company – said he planned to visit friends in Singapore. “It was fine until around January, I really wanted to go somewhere,” he lamented. I was so excited about the travel bubble plan and then it was all a disappointment.” Last year, Asian tourism experts and officials asserted that the “tourist bubble” was the key to opening the border. They say that two-dimensional “bubbles” will appear first, followed by regional “bubbles”. Some experts envision a giant Asian “travel bubble” consisting of countries that have succeeded in containing the Covid-19 epidemic. The Hong Kong government has used a “travel bubble” to encourage people to get vaccinated in recent weeks. “Great but dull Singapore” Since the beginning of the pandemic, Singapore has recorded more than 61,600 cases of Covid-19 per 5.8 million people and 31 deaths. Meanwhile, Hong Kong recorded 11,800 cases per 7.5 million people and 210 deaths. As the number of infections in Singapore increased, Chitra Karamchandani (30 years old, in Hong Kong) was extremely worried. She has not seen her fiancé for the past 1.5 years because of restrictions on entry to non-citizens. According to the plan, he was supposed to fly to Hong Kong at the end of this month and they will hold a wedding in June. Karamchandani had detailed plans to welcome her fiance, including walking around the city and learning to cook Japanese noodles. The “bubble” burst made her extremely disappointed. “When will the border reopen? We just want to see each other again,” she lamented. Dennison Wee – 26 years old, working in finance in Singapore – hopes his trip to Hong Kong will become an inspiration for him to continue blogging. He has written about journeys through nearly 100 cities around the world. Without a “tourist bubble”, Singaporeans and Hong Kongers are trapped in the city’s small size. Photo: Getty Images. But since March 2020, he has only written a few reviews about hotels within a radius of about 20 km around his apartment. Mr Wee, 26, said: “Singapore is great but it’s dull. We must have only one hill to walk on, a few islands.” To keep himself busy, travel blogger Wong participates in projects to stimulate local tourism. He continued to wait for another 2 weeks until the authorities had a new notice. “All we can do is hope,” Wong said.

Illustration. The cybersecurity situation has undergone drastic changes in recent times, especially in the context of the Covid-19 epidemic and the trend of remote working. This manifests itself in large-scale and increasingly complex attacks. Hackers perform an average of 50 million password attacks per day, 579 attacks per second. AGAINST MALWARE AND RAMSOMWARE WITH DEVELOPMENT Microsoft’s telemetry results released over the weekend showed that the prevalence of malware and ransomware infections in Asia-Pacific has been increasing over the past 18 months, stretching back to before the Covid-19 pandemic. -19 outbreak to date. Specifically, in Australia it is 23%; China is 80%; India 15%; Japan 16%; New Zealand 19%, Singapore 43%, Hong Kong 38%, South Korea 22%, Malaysia 2%, Philippines 15%, Taiwan 16%, Thailand 3% and Vietnam 7%. Among them, Indonesia alone has a 24% decrease in malware infection rate. The number of cyber attacks and the number of Vietnamese IP addresses in botnets increased in March 2021 due to hackers taking advantage of the increasing demand for Internet use by users as well as people’s interest in translation information. Covid-19. During the same period, the number of ransomware infections (a subset of malware) also increased by 453% in Australia; China (463%); India (100%); Japan (541%); New Zealand (825%); Singapore (296%), Hong Kong (179%), Indonesia (31%), South Korea (64%), Malaysia (72%), Philippines (70%), Taiwan (407%), Thailand (6%) ). This figure in Vietnam is recorded at 15%. In Vietnam, in March 2021 alone, the Information Security Administration recorded 491 incidents of cyber attacks on information systems, an increase of 8.15% compared to February 2021. In which, the number of Malware attacks is 180, while Phishing and Deface attacks are 164 and 147, respectively. In the first quarter of 2021, although compared to the same period in 2020, the number of cyberattacks causing problems on information systems decreased by 20%, but from the beginning of 2021 to now, the number of cyberattack incidents has decreased by 20%. is still in an uptrend. Experts believe that the reason for the increase in the number of cyberattacks and the number of Vietnamese IP addresses in botnets in March 2021 was because hackers took advantage of users’ increasing demand for Internet use as well as the interest People’s attention to information about Covid-19 epidemic. Therefore, the number of Phishing and Malware attacks on systems has increased to cheat, destroy and steal information illegally… It can be seen that, in the context of complicated epidemic developments, when more and more organizations, businesses and individual users work remotely, work from home, they are creating an environment for bad guys to exploit vulnerabilities, Attacks, information theft, large-scale cyberattacks take place in Vietnam and around the world. ABOUT 3.5 MILLION SECURITY PROFESSIONALS IN 2021 Experts say that even as more people begin returning to the office, hybrid work is forecast to remain the norm in the future. According to Forrester, as people gradually settle into a new working model after the pandemic, we will still see an increase in the proportion of employees working remotely compared to before the pandemic, at 300%. And the current Job Trends Index report shows that 53% of respondents in Asia plan to move to a new place because they can work remotely, compared to 46 percent globally. %. That change has been demanding an urgent need for new security solutions to meet the way of working, especially when the network of organizations is no longer limited to the “office wall”. This requires a very different mindset from the traditional “network is the border” and “device protection” approaches. Organizations and businesses need to take data and authentication as the center. While there are many other ways to secure these days, addressing identity, authentication, and information management issues is still critical. Experts have pointed out 4 main pillars to protect users against new work era cyber threats, including: identity protection, Zero Trust mindset, cloud application, and resource investment. security personnel. The network of organizations is no longer limited to the “office wall”. This requires a very different mindset from the traditional “network is the border” and “device protection” approaches. As recent attacks have shown, identity will be the “battlefield” for future attacks. Microsoft Vice President of Security, Compliance, and Identity Vasu Jakkal said that, in a world where identity is the new battleground, adopting a Zero Trust strategy has become a must for businesses. Karma. The hybrid workplace is virtually borderless, so it’s important to establish protective “barriers” around identities and devices. As part of his journey to building a Zero Trust mindset, the expert emphasized that “passwordless authentication will be the trend of the future and that transformation will be seen this year”. Besides the application of technology, experts also emphasize the special importance of people and skills in ensuring information security of each business organization. However, the lack of security professionals and the lack of diversity in security teams are two weaknesses that attackers will find to hit next year, the expert said. It is estimated that the information security industry will be short of about 3.5 million security professionals this year.

Accordingly, this time, Quang Nam urgently provides medical equipment and supplies for the prevention and control of Covid-19 disease to Se Kong province (Laos), including 2 ventilators, 10 body temperature monitors, 50,000 masks. cloth masks and medical masks, 500 anti-epidemic costumes, 100 bottles of quick antiseptic solution and many chlorine solutions, mouthwash… the total support value is more than 530 million. Quang Nam province hands over medical supplies for the prevention of Covid-19 to Se Kong province (Laos). Previously, the Border Guard of Quang Nam province provided rice, food, food, medical supplies and many other equipment to serve the prevention and control of the Covid-19 epidemic such as body temperature monitors, bottles, etc. spray disinfectant, antiseptic solution, gloves and some other equipment worth more than 450 million VND to the government, armed forces and people of Sekong province of your country. Mr. Le Van Dung, Standing Deputy Secretary of the Quang Nam Provincial Party Committee said: “The leaders of Quang Nam province have connected the online conference line with Sekong province, Laos to encourage and share your difficulties. At the same time, Quang Nam has spent a source of funding to support masks, antiseptic water and other medical tools to serve your epidemic prevention work. The Standing Board of the Quang Nam Provincial Party Committee agreed to budget to support you with nearly 3 billion VND and other equipment and rice to support your country in difficulty during this period of fighting the Covid-19 epidemic.

Sleep capsule hotel is located in the Sheung Wan neighborhood of Hong Kong, China. Photo: Stairs going up to the hotel. It seems a bit like looking for a secret passage. When you see sleep related messages, you are about to see this hotel. One of the best things about the hotel is that there is no reception or keys. You just need to move your hand outside the door. A QR code is sent to you on the day of check-in. Simply scan the QR code on the scanner below to open the hotel door. 11 o’clock at night. Everyone in the hotel is sleeping. The screen at the entrance displays a message welcoming guests to the hotel and offers some useful information. Guest shoes are on a bench under the door. The hotel has an area of ​​34m2, according to Lifestyle Asia. The light on the bed flickered when the guest checked in, but I didn’t detect it because the bed was in a row not visible from the entrance. My cabinet code is stuck. A dear friend helped me unlock it – she also had trouble entering the passcode. The locker holds a cup of water, a towel, enough space for a small suitcase, and places to hang clothes. But neither me nor my friend could fit the suitcase because it was too narrow. A large self-sliding door separates the public bathroom from the sleeping area. But every time it opens and closes, the noise squeaks. When you turn on the faucet to brush your teeth, you also need to be aware. After brushing my teeth, I go to bed. I put my Kindle, phone, laptop, and water bottle in my bed. The magnetic induction curtain closes. Each bedroom is covered with rounded wood panels, with lights and charging ports. I grabbed my laptop intending to send out a bedtime email, but as soon as I started typing, I knew I couldn’t work because I would wake other guests. I could hear everything in the hotel, water running from the faucet, someone sifting through lockers and opening and closing the bathroom. The Sleep Hotel provides headphones, reading lights and a sleeping mask. It feels more like a hostel than a hotel. The big benefit of staying in a hostel (aside from being inexpensive) is that you can easily meet other travelers. There is a pamphlet next to the bed with all the information about the hotel. I’m not ready to sleep yet. But there’s nothing to do. I was really excited because at least in the morning the shower was still hot. I feel terrible. The other guests also tried their best to be as quiet as possible.

The Sun reported Eiza Gonzalez on the cover of Shape’s May issue magazine. Godzilla vs. Beauty Kong wore one-piece swimsuits, showing off his physique advantage. She shared: “I find myself very attractive with lumpy skin and round 3 of me”. Photo: Shape. In normal life, the actress likes two-piece bikinis with high hips and rabbit ears. This design helps her show off the tattoo. Photo: @eizagonzalez. Eiza Gonzalez’s casual style does not focus on vibrant colors, but stands out with deep bras. In addition, skinny pants or wide-legged jeans are her favorite items because they are easy to mix with many styles of shirts. Vogue judged that the ordinary fashion style of the actress born in 1990 was about simplicity, mainly formality. Photo: @eizagonzalez. Her streetwear recipe is often to reveal buttons or tight t-shirts. She used to like a fashion without lingerie. Photo: @eizagonzalez. Contrary to the usual liberal look, Eiza Gonzalez always looks luxurious, dressed in long, bold, unreserved outfits on the red carpet. “You can say she is on a boom. Her red carpet look says a lot,” commented Vogue editor. Photo: @eizagonzalez. In addition to dresses, she also likes to wear tight or flared pants. A special feature of the 31-year-old beauty is that she rarely wears large accessories, creating a cumbersome feeling. Therefore, despite her formal clothes, her appearance still feels comfortable for the opposite person. Photo: @eizagonzalez.

The artistic nudity of Eiza González posted on Vogue. Photo: Vogue. In this photo, taken on a beach in Malibu, California, González is nude and painted by artist Alex Israel in blues, marigolds and tangerines. The idea was inspired by sunset. González didn’t wear a costume, but she didn’t look objectionable. Beauty is also not provocative. Artistic intentions are put on top. Beautiful people shared above Vogue : “I rolled on the magic rainbow-colored sand”. González said the scan was simple, but it took 9 hours to complete and another 4 hours to cleanse the body. “You can imagine removing paint as the last step of exfoliating. You can’t play with this skin,” she said. Eiza González is delighted to be partnering with Louis Vuitton. Until now, the French brand has rarely chosen Mexican women as their representative faces. “I’ve been following all of its beauty campaigns since the 1990s and haven’t seen many Mexican women show up, especially in the context of Louis Vuitton’s growing growth. my turning point, ”adds González. Eiza González in blockbuster Godzilla vs. blockbuster. Kong. Photo: Twitter. Over time, Eiza González has become a sought-after face in many entertainment fields. She just joined the science fiction blockbuster Godzilla vs. Kong , before that is a sensational, black comedy I Care a Lot. She had a few short seconds appearing in an action project Fast & Furious Presents: Hobbs & Shaw (2019). As an immigrant to Hollywood looking for opportunities, González believes that his efforts must be two or three times that of his colleagues to be recognized in this tough market.

Eiza Gonzalez is the face of Louis Vuitton’s new fragrance line with On The Beach herbal citrus scent. The Mexican beauty said it took her nearly 9 hours for the artist to paint her nude body, and then it took nearly 4 hours to erase it. Inspired by the sunset, these rainbow-colored nude photos of the 31-year-old actress are said to be very artistic. Recently, a 31-year-old beauty was seen walking the streets of Los Angeles with a mask and a beautiful little Louis Vuitton handbag. She wore short, sexy boots showing off her long legs Eiza Gonzalez often wears no lingerie fashion on the street. Mexican beauty born in 1990, 1m73 tall, started her career in 2007. In addition to a sexy hot body, Eiza Gonzalez is also said to possess a beauty no less than the beauty queen. She often appears with sexy images … ,,, sometimes as clear as a muse. Having appeared in the action movie Fast & Furious: Hobbs & Shaw, the new movie of beauty named “Godzilla Vs. Kong (Godzilla Great War Kong) has just released to the audience. Eiza Gonzalez is currently dating “Call me by your name” Timotheé Chalamet. He also has the nickname “peach prince” 4 years younger than his girlfriend. Close-up of the perfect beauty lines of the Mexican actress

In the May 2021 issue of Shape magazine, actress Eiza González appeared on the cover position. This time, Star Godzilla vs. Star Kong has simple makeup, but still boasts the advantage of an angular face. Like most of her previous appearances in magazines, Eiza González received praise for her beautiful, seductive look, and an hourglass figure. Eiza González 1.73 m tall, weighs 56 kg. In an interview with Hola, the Mexican star said she was obsessed with training. Even when she did not have to squeeze her muscles to act in a movie, she was still “buried” in the gym. Eiza Gonzálezd maintains a habit of hiking, getting up early and jogging, and breathes the fresh air. She said climbing, surfing, and swimming are the sports worth pursuing because they help strengthen the skeletal muscles, muscles of the entire body, especially the thighs, abdomen and arms. She does not use alcohol, stimulants, eat less carbohydrates and limit sweets, but does not abstain from red meat because it is a food that helps supplement protein to build muscle. For a month, she lets herself “rinse” for a day or two with her favorite foods. Before that, on April 1, Eiza González posed nude for Vogue magazine. In the photo was taken on a beach in Malibu, California (USA), González was adorned by artist Alex Israel on his body with blue patches, marigolds and tangerine peels. The idea was inspired by sunset. Currently, after parting with actor Timotheé Chalamet, González wants to focus on film projects.

Right from the first episode released, actress Canh Diem received countless compliments for her increasingly promoted acting. Above all, the beauty born in 1988 was also affectionately called by the audience with the name “cheongsam beauty” when she wore incredibly beautiful cheongsam with elaborate hand-embroidered details. In real life, her streetstyle airport fashion also attracts no less attention thanks to the combination of simple items and the use of colors and fabrics as a highlight. For example, just a leather skirt pattern, she can freely change the set when mixing with T-shirts (in graphic, plain or breton shirt) and outerwear styles. The monochrome style is also thoroughly exploited by the actress “Tu Dang”. Along with elegant matchy-matchy or ton-sur-ton items, she also creates accents with expensive bags and accessories. In addition, the generous casual style and the Ao Dai styles are also promoted by beauties born in 1988. In addition to the sleek high-heeled shoes, she also often chooses to combine with personality-full workwear boots. The combination of combat boots and blazer seems to be incompatible, but by coordinating a tight-fitting shorts to enhance the actress’s ivory body, at the same time helping her become personality and floating. pop like never before. In addition, the map between short shorts and high heels is always a beautiful, never-out-of-date formula that Canh Diem regularly applies. For everyday ootd sets, Canh Diem often chooses colorful, fluttering but also elegant designs. It can be said that the blazer is the item that has fascinated many fashion followers. Not only the elegance of the formalwear line, the blazer can flexibly change many different styles. With Canh Diem, she often combines blazers with sexy two-wire satin silk shirts or extremely youthful and elegant T-shirts. Dressing styles that show off sexy shoulders are always in the “top list” of event costumes by actress “Tu Dang”. She also knows how to show off her body the most in different dress designs, when she shows off her small waist when matching the waist with the dress, when she shows off her sexy bare shoulders in bodycon dresses. With a rich fashion style and increasing acting ability, Canh Diem promises to bring many surprises in Chinese drama projects in the coming time. Perform: To Hoang Bao

Recently, some netizens found photos of dance artist Yang Liping performing in Taiwan at the age of 35 in 1993. Yang Liping was dressed in a 90s Hong Kong style with exquisite retro and fashionable makeup.

At that time, a generation of dance artist Yang Liping was only 35 years old. She had a charming face and large metal earrings. She was beautiful and charming. From the photos, she is still very attractive.

When Yang Liping went to Taiwan to perform in 1993, she was still at the peak of her appearance. At that time, Yang Liping smiled and danced, twisting her hands together, the kind of agile dancing posture was amazing.

Yang Liping wiped her mouth and smiled, she was already overwhelmed.

Yang Liping was at the peak of her appearance at the time, with a graceful dance posture and a great figure, and she deserved to be a national dance artist.

Yang Liping, born on November 10, 1958 in Eryuan County, Dali Bai Autonomous Prefecture, Yunnan Province, is a Chinese dancer, vice chairman of the 10th Chinese Dancers Association and a national first-class actor.

For a long time, people have called this mysterious dancer who walked out of the mountains “Miko”-a person who is good at speaking with her body. Audiences in Southeast Asia praised her as a “dance god”.

The pure and soft dance performed by Yang Liping is a special artistic image and a special soul temperament. She is a true artist, creator, practitioner, and truly unique, passionate dancer.

According to a Hong Kong “Ming Pao” report on April 14, the new “Mainland Hong Kong People’s Groups” sub-sector of the fourth sector has been allocated 27 electoral committee seats, each nominated by 27 Hong Kong SAR government-designated groups. According to the list announced by the Hong Kong government, 11 organizations or nearly 40% of the seats are nominated by the Hong Kong (region) Chamber of Commerce and its branches, and 6 seats are nominated by the Mainland Service Center of the Federation of Trade Unions. Chief Executive Carrie Lam Cheng Yuet-ngor said that all newly designated organizations must comply with three principles, including having close ties with the sector, being representative and embodying patriots ruling Hong Kong.

The screenshot of the seat distribution of the Hong Kong Election Commission subsectors is from the official website of the Hong Kong Government

Screenshot of the Hong Kong Election Commission’s Improvement of Hong Kong Electoral System (Consolidated Amendment) Bill

Lam Cheng Yuet-ngor said at a press conference introducing the bill that in order to achieve more broad representation and balanced participation in the subsectors of the Election Committee, he hoped that more people would represent the interests of society as a whole. Subsector.

The purpose of improving the electoral system this time is to establish a system for Hong Kong that is in line with the actual situation in Hong Kong and also in line with “one country, two systems”, which can enable Hong Kong to develop more steadily. These principles, in simple terms, have the following three items: close ties, the defined group must have close ties with the subsector, so in order to become a grassroots organization, it must have close ties with grassroots work; the second is to Representativeness depends on how many members there are and how many groups are formed under the federation; the third is whether it reflects the principle of “patriots ruling Hong Kong”.

Carrie Lam’s photo from the Hong Kong Special Administrative Region Government News Network

According to the website of the Hong Kong Chamber of Commerce, the Hong Kong (Region) Chamber of Commerce in China (hereinafter referred to as the “Chamber of Commerce”) was approved by the former Ministry of Foreign Trade and Economic Cooperation (Ministry of Commerce), registered with the Ministry of Civil Affairs, and was formally established in Beijing in 1993 according to its articles of association. The fifth foreign (regional) chamber of commerce established in China after the United States, France, Italy and Japan.

The Chamber of Commerce is a non-profit and non-political social organization that integrates business and social interaction. Since its establishment, the Chamber of Commerce has been serving Hong Kong people and enterprises, promoting economic and trade cooperation and cultural exchanges between Hong Kong and the Mainland. Through executive committees, local groups, functional groups and interest groups, it has strengthened the relationship with relevant institutions and enterprises in the Mainland. It also organizes business exchange platforms, organizes cultural and recreational activities, and communicates with chambers of commerce in other countries and regions in China in business, economics and culture.

Hong Kong Chamber of Commerce activity information map from Hong Kong Chamber of Commerce website

According to the Chamber of Commerce’s website, the honorary chairman is the vice chairman of the National Committee of the Chinese People’s Political Consultative Conference, former Hong Kong chief executive Liang Zhenying and chief executive Carrie Lam Cheng Yuet-ngor. The current president is Xiao Huijun, a senior consultant of Beijing Ruisinoah Culture Communication Co., Ltd., who has issued a statement “fully support the patriots in ruling Hong Kong”.

According to Ming Pao, the Chamber of Commerce and the 10 branches of its provinces and cities can each nominate an election committee member, and at least the presidents of the Guangxi, Sichuan and Liaoning branches have public positions in the Mainland.

Among the mainland Hong Kong groups named in the Bill, all advisory service centers or service agencies established in the mainland, including the Federation of Trade Unions, are located in Shenzhen, Guangzhou, Dongguan, Zhongshan, Huizhou and Xiamen.

According to China News Agency, the Secretary for Constitutional and Mainland Affairs of the Hong Kong Special Administrative Region Government, Zeng Guowei, stated on April 2 that Hong Kong people in the Mainland understand that although they are developing in the Mainland, they still care about Hong Kong and hope to contribute to the country and Hong Kong. In this arrangement to improve the electoral system, a subsector of “Representatives of Mainland Hong Kong People’s Groups” has been added to the Election Committee. I hope they can continue to support the improvement of the electoral system and contribute to the development of the country and Hong Kong in the future.

Zeng Guowei also said that the implementation of a sound electoral system will plug loopholes and defects in the electoral system, and build a democratic system with Hong Kong characteristics that meets the actual conditions of Hong Kong and meets the practical requirements of “one country, two systems”, so as to ensure that “patriots govern Hong Kong.” “To be fully implemented, the efficiency of the SAR government’s governance is improved, good governance is achieved, the economy is developed, the people’s livelihood is improved, and some deep-seated problems are solved, so that the “one country, two systems” can be stabilized and the prosperity and stability of Hong Kong can be maintained.

The delegation experienced on Hon Tam Island. In 3 days (from April 8 to April 10) of experience, surveying new tourism products in Nha Trang – Khanh Hoa, delegates visited and cruised to the sea at night on Nha Trang Bay by Sealife yacht; survey, experience, explore Kong Forest expedition park, hot spring resort Nha Trang I-Resort, Mai Sinh swift village, Hon Tam resort, Yen Dong Tam island … visit Am Chua relic is the place to worship the Holy Mother Thien YA Na; visit the culture of the South Central Vietnam craft village, the display areas of handicraft wooden products, plastic fiber knitting products in Truong Son craft village … According to Mr. Le Huu Hoang, Permanent Vice Chairman of Khanh Hoa Provincial People’s Committee, Nha Trang – Khanh Hoa tourism industry welcomed the program delegation, and assessed that this is an opportunity to connect and expand cooperative relationship. long-term business development between tourism businesses of Khanh Hoa province and tourism businesses in the country. Mr. Hoang expressed his hope that through this survey in Khanh Hoa province, the members of the delegation will understand more about the land of Nha Trang – Khanh Hoa, get more information about the destinations, products and services. connecting local tourism businesses to build attractive tour programs and routes to bring tourists to Nha Trang – Khanh Hoa.

Hong Kong cuisine is influenced from many regions and countries around the world. Diners can find flavors of Guangdong, Chaozhou, Fujian, Jiangsu (China) or a little bit of Europe, Southeast Asia when enjoying food in Port Thom. Hong Kong’s diverse cuisine with sophisticated processing, unique taste deserves the title “gourmet paradise”. If you want to enjoy Hong Kong cuisine in an impressive space, Bao Bei restaurant is the suggestion for you. The dining venue is on the second floor of a building in the city center, fairly easy to find and with parking right below. I “browsed” this place from the first time to drop in for lunch but didn’t have too much time lingering to check-in. Small restaurant but still airy, decorated in modern Hong Kong style. The price here is quite expensive compared to the general premises, in return, the menu has many dishes, the staff enthusiastically introduces us to help us find the desired taste. Most of the dishes I choose are beautifully decorated, taste good, thin shell dimsum and plump fillings, the little dragon dumplings are not as expected but are fine. Foods to try: Dimsum, roasted duck, Sichuan tofu … There was a time when a billionaire fried rice was famous all over social networks, many people came to eat and share about this dish that made me pay attention to ComXiu restaurant. I was curious to experience it right after that. Because few people, we did not order billionaire fried rice (costing nearly 1 million VND), instead it was Kowloon Tasting set of charcoal grilled char siu, pork skin, roasted chicken with five spices served with dumplings. In general, the char siu is quite soft, richly marinated, eaten with just the right taste of dumplings. The dishes here are tasting quite light, may not meet the requirements of diners who like rich taste. Entering the restaurant, I am impressed because the space is quite small, the kitchen is placed on the right, the left is the stairs leading up to the dining area of ​​the customers. The biggest minus point is that the staff is not professional, sometimes expressing attitudes to guests. I think this has a big impact on the user’s experience of the dish at the brand. Recommended dishes: Billionaire fried rice, crispy pork skin with Salsa … One more suggestion for HCMC diners to explore the culinary scene of Port fragrant is À Moi Kitchen. Both times I visit, the shop is quite crowded. So we see that it is essential to reserve the table so that you do not have to wait long, especially during peak hours. The space of the restaurant is quite small but decorated in Hong Kong style with warm golden electric light, improvised posters on the wall … I often choose the table area right the window because it feels more airy and convenient to admire the scenery. . Diverse menu, many dumplings. I try to choose shrimp and chives shrimp dumplings to eat quite well, shrimp rolls are not too special, fresh scallop dumplings and A Sichuan-style tofu served with strange burnt rice. After that, we ordered the longan lotus tea for dessert. Time to order is slow, we have to wait more than 20 minutes for the food. Hopefully next time I will have a more perfect experience. Recommended dishes: Scallop dumplings, chicken rice dipped in a pan, Ah That tam bao (BBQ combo) … I park my car at a location a few tens of meters from the restaurant and walk to the shop. My first impression is the restaurant’s use of youthful, bright colors and decorative pictures of cats everywhere. This space is suitable for gathering friends on weekends. With about 500,000 VND, I had a meal that was just enough, strange but not very palatable. Out of all the dishes, I like the rich, fragrant cheese scallop. The menu here is not too diverse, there are combos for customers to try a variety of cakes and tea with softer prices. The restaurant named strange dishes, for example Than Ke Dai Hiep, Qua Ngan Ngan Ha, Dong Tam Ket … Want to know what it is, you can watch English or ask the service staff. Recommended dishes: Chi Shen Nail Bullet (fried nail snail with garlic sauce, Cantonese style), Dong Tam Ket (Sichuan beef noodle), cheese scallop … Chinatown Saigon Cafe is set from 90s Hong Kong movies with colorful LED lights, retro decorations. I often see friends check-in at this address but have not had the opportunity to come to try it. The attraction of young people is not only in impressive space but also by opening hours day and night. Although it is a coffee shop, it also serves some noodles and dumplings for diners to sip and chat. Many people have come to the restaurant to comment that the food is acceptable but not too special. The most beautiful check-in area located deep inside is quite steamy and hot. Diners must park the car at a nearby location and walk to the shop. However, with the reasonable price, impressive decor and central location, this is still a place worth experiencing if you want to explore the bustling nightlife in Saigon. Recommended dishes: Chinatown Milk Tea, Char siu noodle, Hong Kong chicken noodle …

Xie Zhiheng holds a bachelor’s degree in physics, a master’s degree in biomedical engineering, and a doctorate in biophysics from the Chinese University of Hong Kong. He has conducted artificial intelligence and medical applications for many years. He founded Miaozhi Technology in Hong Kong Cyberport, focusing on the research and development of intelligent surgical software and robots. With the development of business, Miaozhi Technology has also developed in Shenzhen and Dongguan Songshan Lake, and currently has teams in the three places.

Xie Zhiheng

“The Hong Kong team conducts algorithm research and cooperates with Hong Kong universities for industry-university research. The Shenzhen team focuses on software development. Dongguan Songshan Lake is mainly engaged in production and cooperation with suppliers.” Xie Zhiheng introduced.

At present, some products of Miaozhi Technology have been deployed in more than 60 hospitals, including Beijing 304 Hospital, Guangzhou Nanfang Hospital, etc., and have processed thousands of cases through the AI ​​system to provide doctors with quantified surgical parameters and guidance systems. The surgical robot under development has the leading force feedback and automatic puncture system at home and abroad, which can automatically complete the soft tissue puncture intervention with sub-millimeter precision.

Xie Zhiheng believes that the rapid development of the company has benefited from the relatively complete upstream and downstream industrial chain in the Greater Bay Area, and the rapid connection speed has provided important soil for the company’s development. For example, during the 2020 epidemic, Miaozhi Technology cooperated with Dongguan South China Innovation Research Institute to jointly develop the anti-epidemic guardian temperature measurement system software and hardware in only two weeks, which was put into use in Songshan Lake Middle School and several automobile factories in the United States. In addition, Miaozhi Technology is establishing a surgical robot production base in Songshan Lake, in which hardware parts are provided by major suppliers in Dongguan, which shortens the entire surgical robot development cycle through regional cooperation.

“From the industry where I work, I can feel that the regional synergy effect is real.” Xie Zhiheng took the research and development and production of medical devices as an example. “Hong Kong has a good technical theoretical foundation. Shenzhen is mainly responsible for software research and development. The manufacturing industry is relatively developed. It is difficult for a city to meet all the needs, but a region can.”

Xie Zhiheng said that it is inevitable to encounter various problems in the process of starting a business, but whether it is Shenzhen or Dongguan, the strong support of the local government in financial docking and other aspects made him decide to stick to it. “The local government has given many opportunities and I am very grateful.”

In recent years, Miaozhi Technology’s Songshan Lake has entered the “fast lane” of development, providing fertile soil for the development of innovation and entrepreneurship. In July 2020, Songshan Lake Science City and Guangming Science City jointly became the main body of the pioneering area of ​​the comprehensive national science center in the Greater Bay Area, becoming an important force representing the country to participate in global scientific and technological competition and cooperation, and the elements of innovation and entrepreneurship continue to accelerate. At present, there are more than 10,000 innovative and entrepreneurial enterprises in the park, attracting more than 3,600 overseas talents.

According to Ye Zhenhui, Director of the Songshan Lake Branch of the Dongguan Municipal Human Resources and Social Security Bureau, the Songshan Lake Hong Kong and Macau Youth Innovation and Entrepreneurship Base was officially inaugurated in May 2019. Create an international service platform for the transfer and transformation of achievements and effectively promote the transformation of new and old kinetic energy of local industries. “Hopefully, the platform carrier of the base can become the’bridgehead’ for Songshan Lake to connect with international resources.” He said.

(Ye Zhiwei, Luo Shiyi/Wen Luo Jianliang/Picture)

After the valuation of A shares has risen sharply, in 2021, Hong Kong stocks in the moderate valuation area will be favored by funds from the south. It is reported that Dacheng Hong Kong Stock Selected Mixed Fund (QDII) (code: Class A 011583, Class C 011584) under Dacheng Fund has been put on sale on April 15. This fund is personally helmed by Bo Yang, the director of Dacheng International Business Department and the research director of Dacheng Fund’s cross-border team. Bo Yang has lived in Hong Kong for 22 years, managed cross-border assets of more than 10 billion Hong Kong dollars, and has invested in Hong Kong stocks for more than 10 years. He is very close to the Hong Kong stock market and is familiar with global liquidity. Bo Yang had academic experience. After graduating from the Junior Class of the University of Science and Technology of China, he was the youngest assistant professor at the Business School of the University of Hong Kong. Later, he moved to the financial market and became the youngest Asia-Pacific and emerging market strategist at Morgan Stanley. Bo Yang’s investment framework is a combination of top-down and bottom-up. It has a global perspective, is good at asset allocation and selected individual stocks. It has previously won the Overseas Golden Bull Award twice (awarding institution: China Securities Journal; time: 2018 August 3, 2019, December 27).

22 years of residence in Hong Kong in the first round of public offerings

Bo Yang, Director of International Business Department of Dacheng Fund and Research Director of Dacheng Fund’s Cross-border Team. Born in the Junior Class of the University of Science and Technology of China, PhD in Finance from the University of Hong Kong, with more than 10 years of experience in Hong Kong stock investment management, he has won the China Securities Journal’s second and third overseas fund golden bull awards for two consecutive years.

According to the data, Bo Yang joined Dacheng Fund in 2015, and since March 2018, he has served as the investment manager of the first batch of Southbound Stock Connect commissioned portfolios of the National Social Security Fund. Prior to this, he has been in contact with institutional investors that dominate the Hong Kong market for a long time during more than 20 years of cross-industry experience in academia, research, and investment, including large global sovereign funds, large foreign long position funds, hedge funds, and Chinese and domestic investors. He has a strong grasp of his style preference; at the same time, he has a deep understanding of global liquidity and plays an important role in investing in Hong Kong, a capital market where the currency is directly linked to the US dollar.

As Bai Yang said, in the Hong Kong stock market, “the one who does not seek the overall situation is not enough to seek a domain.” Only from the forest of global assets can we see the specific tree of Hong Kong stocks clearly.

At present, Bo Yang manages a number of cross-border special account products, with a total asset scale of more than 10 billion yuan, of which the equity product management scale is about 5 billion yuan, which is mainly invested in Hong Kong stocks.

Deeply research individual stocks and focus on risks

Markets often underreact to the beginning of long-term structural changes and overreact to short-term events. Relying on the long-term market strategy research experience of top investment banks, Bo Yang is good at accurately grasping the direction in the early stage of major macro-trends, and capturing the drift of market winds and the formation of large-scale investment themes. Different from the mainstream of the market, Bo Yang’s stock selection is based on top-down, and the investment style remains open. It does not exclude any asset in growth, value, or cycle, nor is it limited to one or certain industries. The existing management investment targets range from the “old economy” to the “new economy”, from consumption, finance, real estate to health care, and information technology, covering all industries in the entire market.

Bo Yang believes that investment should maintain an open mind, not set limits on oneself, and not antagonize growth and value. For long-term management institutions (including social security funds) special accounts, Bo Yang’s investment style is a bit of an absolute return style, so he attaches great importance to risk control and dislikes large drawdowns, because drawdowns are directly related to the speed of returning to net worth. Bo Yang emphasized: Going air is not a risk, but losing money is!

Bo Yang Investment is mainly held in the medium and long term. Only in a few extreme cases will significant position adjustments and style switching be carried out. Bai Yang believes,

Accurately grasp the market trend, dare to grasp the turning point and concentrate on trading

Bo Yang’s investment framework is a combination of top-down and bottom-up, and tends to be top-down: judge the status quo of macroeconomic and monetary and fiscal policies, and then observe the expectations of the capital market, valuations, and valuations of various sectors , Earnings growth rate, selection of countries, regions and industries with the best price/performance ratio, and finally stock selection based on in-depth bottom-up individual stock research. There are more choices of industries and styles, and fewer choices. There are exceptions only when the market is in extreme valuation and sentiment situations. This is consistent with the results of the academic analysis of fund performance, that is, the vast majority of investment returns come from asset allocation, followed by stock selection, and very few come from timing. The difference between a top-down investment framework and a purely bottom-up framework is that the former can simultaneously obtain the benefits of style selection and sector rotation in asset allocation.

Bai Yang said that if he judges that the market valuation level or style rotation is close to an important turning point, he will do long and concentrated transactions. In addition, his investment is mainly based on steady and slow substitution, and the overall annual turnover rate of the investment portfolio is not high.

He believes that benefiting from the dual changes in the size and structure of Hong Kong stocks and the valuation of Hong Kong stocks dragged down by the global epidemic last year, Hong Kong stocks will most likely outperform A shares in 2021. In terms of volume, Hong Kong stocks have been active in IPOs, and their volume has continued to increase. At present, it is almost half the value of the A stock market, and has ranked among the top three in total global IPO value for two consecutive years. Structurally, due to the differences in the listing rules between Hong Kong and the Mainland, the Hong Kong stock market has gathered a large number of extremely dynamic TMT and biomedical companies. He believes that Hong Kong stocks are very likely to become the Chinese version of Nasdaq in the future. According to the GICS industry classification, the proportion of the “new economy” component of the Hong Kong stock Hang Seng Index in the total market value has increased from 16% five years ago to 39% at present. In addition, Hong Kong stocks have recently benefited from the return of China’s concept stocks, looking high.

In terms of general allocation, he pays attention to “three U assets” (Under-loved, Under-owned and Undervalued), that is, stocks that people don’t like, are seldom held by institutional investors, and are deeply undervalued. He believes that this type of There are good medium and long-term investment opportunities hidden in stocks.

Zhong Hanliang

Zhong Hanliang’s superior appearance when he was young! The milk is cool and obedient and soft, with red lips and white teeth, and a vigorous and youthful feeling rushes towards her face. It is simply beauty in itself. If it is put now, it will definitely be a lot of traffic.Louis Koo

When Koo Tianle was young, he looked good enough to beat all the small fresh meats of today, especially when he played Yang Guo. The so-called: seeing Yang Guo’s life is probably the best proof.

Zunlong

Now this generation of young children knows that Zun Long estimates that there is not much.But this male god in the old days was once known as “Asia’s first beautiful man, “the first Chinese male actor to conquer the West with beauty.” To this day, it is still the grass-level face of many people in Asia.

Leslie Cheung

I don’t need to say more about how good my brother is. It’s really the kind of obscure gender that looks handsome or beautiful. His facial features are completely flawless, and his acting skills are very good. But even if he doesn’t watch him acting, he feels very comfortable just sitting there quietly.

Andy Lau

Andy Lau was the darling of the Hong Kong film industry in the 1980s and 1990s. He broke into the film industry from TVB and became a scrambler for major directors. The movies he starred in were almost all commercial films. In the 1980s, Huazi was still fat toot. A face, but still can’t stop his handsome.

Zhang Weijian

When Zhang Weijian had hair when he was young, he was handsome but not rough, beautiful but not motherly, sweet but not greasy. His inherent temperament was unique, especially his eyes were magical, big and bright, very aura, natural and cute temperament, personality, The heart is commendable, the beauty of the prosperous age, the appearance and the acting skills are both, it is really rare.

Aaron Kwok

I think Guo Tianwang was the “Asian Dance King” back then, so handsome and handsome, he was a little shorter, but it did not prevent his fans from loving him.

Edison Chen

Don’t get too hot when Edison Chen is young. When you mention the three words Edison Chen, his green and handsome face will surely appear in everyone’s mind. His prosperous beauty once swept the hearts of all Asian girls. Looking back so far, I have been moved by his youthful face.

Aquarium or aquatic shrimp is a common term for many types of shrimp. With a size slightly larger than the tip of a toothpick, the shrimp have many different names such as red cherry, bee, tiger, Kinh kong, red nose, white dot, green, yellow pumpkin … depending on the type.

This ornamental creature has a colorful appearance, eats vegetables in a glass tank, cleans the environment, so it easily “attracts” many players. Most of the common types of shrimp in Vietnam are originated from Japan, Taiwan, Indonesia …

Although ornamental shrimp is popular, it is quite “picky” for farmers because the life expectancy of this species is very low, susceptible to disease and highly contagious. At the same time, breeding shrimps requires farmers to have high technical skills.

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Mr. Le Tuan Anh (Ha Huy Tap ward, Ha Tinh city) revealed: Shrimps are sensitive to weather, food, water and light so players need to be very clear about their pathology, closely monitor abnormalities to avoid them falling ill.

The most important factor for the beautiful color and healthy life of the shrimp is the water quality.

If you see shrimps swimming weak, lethargic need to change the water immediately. If there is discoloration or fading in the aquarium shrimp, the water quality is deteriorating. (In the photo are kinds of shrimp that are quite easy to live like: RC red shrimp, Chocolate shrimp, Blue Dream …)

In the summer, players of ornamental shrimp in Ha Tinh also struggle to maintain the ideal temperature because most of the ornamental shrimp lines prefer cool temperatures. At temperatures higher than 28 degrees Celsius, shrimp will not be able to lay eggs, even fading.

In order to maintain the ideal living environment for shrimp, players also have to invest in some additional tools such as filtration system, projector lamp, background distribution, cooling fan, PH meter, thermometer …

Shrimps are omnivores that do not require special food. In addition to algae, harmful algae, and plant foods, players can also add some specialized foods.

The cost of shrimp depends on the type, pattern, color of the shell and its rarity. The most popular and affordable one is the Red cherry (cherry shrimp) about 20 to 50,000 VND / pair. More expensive, there are types of yellow shrimp, black shrimp, Kingkong, Panda, Red Ruby … from 100,000 VND to several million / animal. In particular, there are types of hybrids, mutant shrimp that are offered for tens of millions of dong.

Although the hobby of playing shrimp is a bit fussy, with many people taking care and cherishing each small shrimp becomes a hobby. Mr. Nguyen Cao Cuong (Bac Ha ward, Ha Tinh city) shared: “After a long and hard day, the time I spent watching the shrimps brought me a feeling of comfort. Taking care of shrimp also trains me to be patient, because it is difficult to be impatient and impatient to control the care of the tank and keep the shrimp ”.

Information technology and business operations-new opportunities in the post-epidemic era

With the increase in investment in artificial intelligence, the demand for data analysts and technical application talents with financial background has risen sharply. The “FinTech Development Plan (2019-2021)” proposes to thoroughly grasp the characteristics of the development of the new generation of artificial intelligence, and steadily promote the deep integration of artificial intelligence technology and financial services. Undoubtedly, expanding the application scenarios of artificial intelligence technology will be one of the areas that the financial field will focus on in the next few years.

Image source: The HKBU School of Business (The HKBU School of Business)

All the vocabulary related to information technology—artificial intelligence, data, technology, financial technology, etc.—may give people the impression of “good prospects for the professional field of information technology”, but at the same time ignore an important essence Reason: The reason why the demand for the above-mentioned talents will increase is that the company needs to continue to develop and grow its business. In other words, information technology majors and business operations and other economic management majors complement each other and complement each other. In the actual operation and management of enterprises, information technology professionals should have business knowledge and understanding of business operations. At the same time, corporate executives should improve their information technology to understand how to promote business development.

Affected by the new crown epidemic, in order to avoid physical contact, many activities from business meetings to personal shopping have been moved online. If companies cannot directly interact with customers and cannot read their facial expressions, how can they understand users in order to adjust products and strategies? In fact, professionals can solve this problem by reading data reports. The new crown epidemic also poses a challenge to the “non-contact” and precise service capabilities of the financial industry, and it also provides an unprecedented opportunity for the development of financial technology. Data reading also helps bridge the gap between modern data and different business functions (such as sales and marketing), and provides historical analysis for data-driven decision-making. As data analysis is increasingly used in e-commerce and other activities, the market’s demand for talents who can interpret data and transform it into business actions has also skyrocketed.

In addition, the use of technology in people’s daily life scenes has become more popular, which also brings people closer together than ever. Whether it’s communicating with friends and family, booking services and products, or just planning commute routes to avoid traffic congestion and maintain social distancing, all this data has accelerated the development of smart cities around the world, while also helping people build smarter and smarter cities. Sustainable cities. Therefore, the market needs more professionals with effective data analysis skills to conduct predictive analysis and provide solutions before problems arise.

At present, some business schools have successively provided related courses in data analysis or artificial intelligence. On the one hand, the company’s business and technology have reached a good balance; on the other hand, the development of new technologies has also well met the new demands of the market and the world.

Image source: The HKBU School of Business (The HKBU School of Business)

The Hong Kong Baptist University School of Business (The HKBU School of Business) has triple accreditation from three major accreditation agencies-International Association for the Promotion of International Business Schools (AACSB), European Accreditation Organization (EQUIS) and Association of Masters of Business Administration (AMBA), worldwide Only 1% of business schools have this triple certification at the same time. The school offers two highly sought-after postgraduate courses, namely the Master of Data Analysis and Business Economics (MScDABE) and the Master of Finance (MScFIN), which have been awarded by world-renowned technology giants and financial authorities such as Tencent, Deloitte, BNP Paribas support.

The Master of Data Analysis and Business Economics is career-oriented. The curriculum focuses on the value of economic principles in the current development of data science and the necessary programming skills to solve practical business problems. This major enables graduates to fill the talent gap in smart city development. Graduates can work as project managers, data analysts or data strategists in the fields of product and website design and risk management in any commercial company or public institution.

The industry advisory committee of the Master of Finance program is highly representative, which is responsible for evaluating and designing courses and providing recommendations. The committee is composed of some of the world’s largest and most prestigious companies, including Alipay, UBS, Ant Financial, etc., to ensure that the course content can meet the current and future needs of the financial technology industry. The curriculum covers financial computing, financial data machine learning, blockchain and cryptocurrency, network security and privacy, algorithmic trading and other topics.

Welcome to contact the Business School of Hong Kong Baptist University to learn more about artificial intelligence + financial technology and business.

On April 12, HK01 reported Han Quan Dinh, Miss Asia (ATV) in 1997, filed for bankruptcy to the court when he could no longer pay his debts.

Before Han Quan Dinh, there was no shortage of artists in the Hong Kong entertainment industry for many different reasons, but fell into deep debt, had to declare bankruptcy despite owning millions of dollars.

Pepper is insatiable

In its heyday, Hong Kong showbiz was considered to be the top entertainment industry. According to the OnThe slightly well-known B-class artist now also received a remuneration of more than $ 15,000. This figure for A star will be 3-5 times higher.

Therefore, many celebrities and amateurs after only a few works have accumulated a large amount of money, even becoming a giant of showbiz. However, many people also quickly get bogged down when suddenly holding a large amount of money.

They use all the money they earn to satisfy personal needs such as buying super cars, expensive clothes, luxury mansions or burning money on silver mats. Even, they are willing to use their money to “serve” the interests of friends or relatives. Unfortunately, this has pushed many artists into misery.

Chung Zhen Dao fell into a blank situation, partly because of Zhang Xiaohi’s wasteful spending habits. Photo: HK01.

Born in 1953, Chung Zhen Dao is a famous singer-actor of Hong Kong. He has known fans through many films such as God of Great Hiep 2006, East Achievement of Western Achievement, Goodness of the Heart, Shanghai Night, Martial Arts Center, Golden Gem …

A successful career, Chung Tran Dao once owned a fortune of 20 million USD, is one of the richest singers in Hong Kong. However, his legacy slowly wears his hat away after marrying poor-language actress Zhang Xiaoyu.

Dilettante God Condor for my wife is very generous, let her spend money freely. Zhang Xiaohui can spend more than $ 50,000 a month to buy luxury items from clothes to jewelry. Because of his wife’s lavish habits, Chung Tran Dao, even if he works hard, is not enough to pay.

Add to that the collapse of Hong Kong real estate that caused the male singer to declare bankruptcy in 2002 with a debt of 32 million USD. After that, Chung Zhen Dao was humiliated to discover that Zhang Xiaohui had an affair with another rich man. Until 4 years later, he did not pay off his debt.

Meanwhile, some stars “grill” millions of dollars just because of gambling. A typical case is Ngo Khai Hoa.

Ngo Khai Hoa defaulted on gambling. Photo: Sina.

Resounding success of Ỷ Thien Do Long signed TVB version brought Ngo Khai Hoa’s name to fame throughout Asia, becoming the classic Truong Vo Ky on screen.

However, Ngo Khai Hoa quickly became exhausted when he spent more money than he earned. According to the Sina, the actor is a gambling addict. He used to devour his fortune in casinos, debts piled up. In recent years, due to a slump in his career, Ngo Khai Hoa has to spend frugally to have enough money to support his daughter.

When she was born, she was also addicted to gambling because of her gambling addiction, she had to live on social benefits. In 2007, the media took pictures of Lam Khiet Anh going to Macau for gambling.

Just over 2 hours, beautiful beauty burned 13,000 USD once in a while. After losing, Lam Khiet Anh ran to a nearby ATM to withdraw all his money and play again.

Wrong investment

According to the HK01Another factor that contributes to many stars who do not play badly but still go bankrupt is their poor investment ability.

In the Chinese showbiz, most artists, when they earn their wealth, are conscious of having to invest their left-hand jobs to maintain their income after the glorious time or retirement. However, the lack of expertise and market acumen makes them easy to lose money and quickly run out of money.

Tran Bach Tuong is a typical case in wrong investment. According to the HK01He is the most famous record-setting celebrity with the most number of bankruptcy declarations in Chinese showbiz.

The Hong Kong star 4 times went bankrupt because of a business failure. Photo: Weibo.

Dilettante Ba Ho Street, Thu Huong point each went through 4 times of bankruptcy, of which up to 3 times of business failure. In 2015, he and his wife were even asked by creditors to put up a banner to repay the amount of more than $ 3.2 million in front of TVB headquarters.

In the years 1980-1990, Trinh Tac Si was the highest paid comedian in Cang Thom. He owns a huge fortune with a series of real estate, expensive super cars.

In 1993, Trinh and a few friends contributed capital to open a film company with the ambition to produce classics and hit hits. The film company is losing money, debt piled up after only a short time in business. Not only the wealth that has been accumulated for a lifetime, the actor himself also carries an additional debt of up to $ 2.5 million.

From the top star, Trinh fell to the bottom of the abyss. Even, he also accepted to act in level 3 to quickly pay the debt. For more than 10 years, the actor has so far paid off his debt and has stabilized his life with his wife and two children.

Meanwhile, Bat Mesopotamia was again wiped out by a storm of financial crisis in 1997. Not only a moment of nothing, his first wife, holding his arm, left home, leaving the young child behind for the actor to nurture.

Trinh Tac Si (left) and Bat Liang Kim were empty-handed because their investment failed. Photo: Sohu.

Before entering the artistic path, the male artist was the boss of a small-scale company. The will to advance plus the money to earn a lot of money, in the golden age, Bat Luong Kim owns a fortune of tens of millions of HKD, 9-storey villa and many luxury cars.

The troubled life makes the male artist many times think about suicide, but gave up because he was afraid that the child was orphaned. Later, he had to throw away his dignity, switch to high school film to earn money to support his son.

Family burden

Interview OnHan Quan Dinh said she faced a pile of debts after spending money to cure her biological mother with thyroid disease and end-stage lung cancer. The day her mother passed away, treatment costs reached $ 51,000, exceeding the ability to be responsible for Miss ATV 1997.

Years later, the actress worked hard, lived frugally to pay off the debt with 350 USD / month. To date, the remaining amount is more than 25,000 USD. Recently, due to the epidemic situation and unfavorable business, Han Quan Dinh has no income.

On HK01She admitted she was in a dead end. For the past two years, the beauty has had to live in the home of actor Thai Quoc Uy, fasted breakfast and dare not buy new clothes.

Han Quan Dinh shed tears when he talked about the current difficult situation with reporter On. Photo: On.

Former Miss Asia revealed many friends in the world when she saw her situation offered to help, but the beauty refused. “I appreciate and firmly believe in life in front of people’s hearts. However, I do not want them to be harassed by financial companies,” said the female artist.

After the interview, following Han Quan Dinh’s footsteps, the reporter saw her go to the market to buy food and cook. However, after a while considering the price, in the end, Han Quan Dinh quietly left empty-handed. The exhausting situation, unable to worry about the three meals of Hong Kong’s famous pink ball, once made the audience sour.

Family robbed of relatives

Luu Gia Huy was born in 1955, was once a famous martial arts star in Hong Kong. Throughout his artistic career, the actor is remembered by the audience for his role as Kim Falun King God of goodness 1995Niu Ma Vuong in Journey to the west, Chan in Ỷ Thien Do Long signed 2000, Ta Kiem Tien in Tien earned the third half.

His life suddenly turned tragic after the illness in 2011. This event also started the series of days that caused him both physical and mental suffering.

For many years, Luu Gia Huy relied on the financial support of close friends. Photo: Sina.

After he fell ill, his second wife, Ma Fei Phung, and two children plotted to rob the estate, pushing Liu Gia Huy to a nursing home. The oldest son colluded with his former assistant secretly scammed more than $ 230,000 of his film fees.

The incident caused the actor to fall into a needy situation, without money to pay the hospital fees. Luu Gia Huy has to sell the only house he lives in for medical treatment. Since then, he has relied on the care of nursing home staff and close friends.

Mai Diem Phuong, “Madonna of Hong Kong” is loved by many audiences for her ability to change the talent on both music and screen. Beautiful, talented but she has a multi-life.

She died at the age of 40 in the mourning of friends and relatives in the face of the evil bowel cancer. At the end of her life, Mai Diem Phuong also shared that she wants to be loved, married, have children and be a mother like many other ordinary people.

Regarding cervical cancer, symptoms usually appear at an early stage. With terminal cancer or cancer that has metalysed to other parts of the body, the symptoms can be exacerbated depending on the tissues and muscles on which the disease has spread.

The cause of the symptom is also not so obvious, it may be another pathology other than cancer, but those with signs of cervical cancer certainly have symptoms such as:

– Bleeding or mild bleeding between or after the “red light” period

– Menstruation is more and longer than usual.

– Bleeding after sex or dosing.

– Increased vaginal secrety.

– Pain in sex.

– Bleeding after menopause.

– Persistent pelvic or back pain for unknown reasons.

During the examination, the doctor will use diagnostic tests to find out the stage of cancer. Knowing at what stage the cancer is at will help the doctor make a decision on what type of treatment is best and the patient has the highest chance of recovery.

Cervical cancer has 4 stages:

Phase I: The cancer has spread from the cervical mucosa into deeper tissue but is still only seen in the uterus. It does not spread to other parts of the body. Specifically:

– Cancer is diagnosed only by viewing tissue or cervical cells under a microscope. Photo tests or tissue sample evaluations can also be used to determine tumor size scenarios.

+ IA1 phase: There is a cancerous area less than 3mm deep.

+ Phase IA2: There is a cancerous area with beans from 3mm to less than 5 mm.

– During this period, the tumor is larger but still limited to the cervical. There is no spread.

+ IB1 phase: The tumor has a depth of 5mm or more and a width of less than 2 cm.

+ IB2 phase: The tumor has a depth of 2 cm or more and a width of less than 4 cm.

+ IB phase3: The tumor has a width of 4 cm or more.

Phase II: The cancer has spread beyond the uterus to neighboring areas, such as the vagina or tissue near the cervical, but it remains inside the pelvic region. It does not spread to other feces of the body.

– The tumor is limited to 2/3 of the upper part of the vagina. It has not yet spread to the tissue next to the cervical, which is called the parameters area.

+ Phase IIA1: The tumor is less than 4cm wide.

+ Phase IIA2: Tumors 4 cm or more wide

– The tumor has spread to the parameters area. The tumor does not reach the pelvic city.

Phase III: The tumor is associated with 1/3 of the lower part of the vagina or has spread to the pelvic city causing swelling of the kidneys, also known as fluid retention kidneys, which prevents the kidneys from functioning and is associated with regional lymph nodes. The lymph nodes are small, pea-shaped muscles that help fight infections. There is no distant spread.

– The tumor involves a lower third of the vagina but it has not yet developed into the pelvic city.

– The tumor has grown into the pelvic city or affects the kidneys.

– Tumors associated with regional lymph nodes. This can be detected by photo or pathology tests.

+ Phase IIIC1: The cancer has spread to the lymph nodes in the pelvis.

+ Phase IIIC2: The cancer has spread to the lymph nodes next to the aortic. These lymph nodes are found in the abdominal area near the base of the spine and near the aortic, a main artery that runs from the heart to the abdomen

IVA Phase: The cancer has spread to the bladder or rectum, but it has not yet spread to other feces of the body.

Phase IVB: The cancer has meta metalysed to other parts of the body.