On June 18, Eastern Time, Wanwushengsheng Group, which owns brands such as Aihuihui, was listed on the New York Stock Exchange and became the “first ESG stock in China’s concept stocks”, with a rise of 32.07% on the first day of trading. Tiger Securities, as the Internet underwriter of Wanwu Xinsheng Group, competed with internationally renowned big banks such as Goldman Sachs, Bank of America Securities, China Renaissance Capital, Guotai Junan (International), CITIC Securities, etc., and it was listed on the cover of Wanwu Xinsheng’s prospectus, showing the tiger The influence of securities as a leading Internet technology investment bank. Not only that, as a close adviser for the entire listing process of Wanwu Xinsheng Group, Tiger Securities also provides DSP services (family and friends stock services) and ESOP (employee equity incentive plan) services for Wanwu Xinsheng Group.

According to the prospectus, Wanwu Xinsheng Group is China’s largest trading and service platform for second-hand consumer electronics products. The Wanwu Xinsheng team was established in 2009, and now it owns the brand “Love Recycling” for the recycling business of individual users, the B2B trading platform “Paijitang”, the B2C retail platform “Paipai” and the overseas business “AHS Device”. According to the CIC report, in the second-hand 3C vertical category, the number of trading units and GMV of Wanwu Xinsheng Group ranked first in the market in 2020, and was higher than the sum of the second to fifth places.

Tiger Securities acted as the underwriter for the listing of Wanwu Xinsheng Group in the United States this time, relying on its own Chinese region’s largest U.S. and Hong Kong stock community and a huge customer base to build a bridge between issuers and individual investors. On the institutional side, Tiger Investment Bank comprehensively covers over 500 top institutions in the United States, Canada, and Asia Pacific, as well as a group of private equity funds focusing on Chinese concept stocks, and can arrange roadshows for issuers. It is reported that the total retail and institutional orders from Tiger Securities this time reached 480 million U.S. dollars, and the number of retail order subscriptions reached 38,000. The strong synergy between Tiger Securities brokerage and investment banking business is further highlighted.

In addition, Tiger Securities this time also served as the service provider of DSP (Family and Friends Share Service) and ESOP (Employee Equity Incentive Plan) of New Life Group. In terms of DSP, Tiger deploys an exclusive high-quality service team based on the needs of the issuer, formulates DSP guidelines, provides full tracking and coaching to employees and their relatives and affiliated customers designated by the issuer, and develops a “1-hour response mechanism” to ensure efficient information collection And timely feedback to meet customer needs in time. In terms of ESOP, based on the integrated platform of Tiger Securities brokerage and ESOP, the issuer only needs to choose a single Tiger Securities institution to provide comprehensive services, and it can also be connected to the existing ERP management system according to customer needs to improve efficiency while improving efficiency. Significantly save management costs.

“Tiger Securities is committed to becoming a close partner of the entire listing cycle of new economy companies,” said the head of Tiger Securities’ investment banking business. “Most new economy companies are still very young and are listed overseas for the first time. The pits and pain points are not familiar. Tiger Securities is on the same track as the new economy enterprise, and it has the experience of listed companies. It can provide detailed and professional services and suggestions for the company during the whole process of listing. In addition, ESOP (Employee Equity Incentive Plan) and The enterprise account service can also solve various problems faced by issuers before and after the listing process, such as communication with employees during the trading window, and investor relationship management.”

Relying on the excellent reputation accumulated on the investment bank side, Tiger Securities has led the underwriting of US stocks for two consecutive years. Data show that Tiger Securities is the investment bank that underwrites the most Chinese concept stocks to list in the United States in 2019 and 2020. Among them, in 2020, it will underwrite 14 Chinese concept stocks to go public in the United States, and has been the only Internet technology investment bank in the underwriting syndicate or with the largest allocation share several times. Entering 2021, Tiger, as the lead bank of Kook Music’s listing in the United States, led the advancement of the IPO project, and then acted as an underwriter to help star companies such as Zhihu and Monster Charging to list on the US stock market. At the same time, the internationalization of Tiger Securities’ investment banking business continued to increase, underwriting three Hong Kong stock IPOs including Bilibili and Autohome in the first half of the year.

“Recently, the U.S. stock IPO market has picked up, and many new economy companies have put listings on the agenda again. Going public is one of the most important milestones in the development of companies. Said it is very important, so it is necessary to choose an investment bank with rich project experience to ensure that the company can go public smoothly.” A person in the investment industry said

In the past 10 years or so, Betteni steadily incubated China’s No. 1 functional skin care brand-“Winona”, and took the lead in the golden track for sensitive skin. In 2021, Betteni quickly broke through 100 billion in market value within one month of listing, becoming the company with the highest market value in China’s cosmetics industry so far. Recently, in just three months after the A-share listing, Betteni launched a plan to go public in Hong Kong, significantly accelerating the internationalization and multi-brand layout, pointing directly to the blueprint of “China’s skin health ecological enterprise”. Such a fast pace of development and huge potential value are quite eye-catching.

On the market side, they also voted “yes” with practical actions. On June 18, Betteni’s stock price rose again, closing at 257.98 yuan per share, with a market value of 109.3 billion yuan.

(Source: Wind)

Looking further, how did Betteni establish the blueprint of “China’s skin health ecological enterprise”? What is the latest result?

There is room for multiplication in the core track, high repurchase rate and strong supervision help the strong to become Hengqiang

According to previous financial reports, Dermatology-grade skin care products, as Betteni’s basic products, have driven its performance to continue to increase. For the whole year of 2020, Betteni achieved revenue of 2.636 billion yuan, a year-on-year increase of 35.64%; net profit attributable to parent company was 544 million, a year-on-year increase of 31.94%. Among them, the revenue of cosmetics accounted for 90.07%. In the first quarter of 2021, Betteni’s revenue was 507 million yuan, a year-on-year increase of 59.32%; net profit attributable to the parent was 79 million yuan, a year-on-year increase of 46.5%.

Looking to the future, it is still an important yardstick for measuring Betteni’s development space. Affected by the popularization of market education in China’s new media and live broadcasts, China’s dermatology-grade skin care product market has grown rapidly. In 2019, the market size reached 13.6 billion yuan, a growth rate of 33%, far higher than the global market’s 4% growth rate. However, in the same year, the per capita consumption of dermatology-grade skin care products in China was only 1.2 US dollars, which is quite different from the mature markets in developed countries. Compared to South Korea’s 3.9 US dollars, the penetration rate of China’s dermatological skin care products market has at least three times the room for growth.

At the same time, this track has market characteristics such as high repurchase rate and strong supervision, which makes it easier to help the strong to stay strong. According to the “Sensitive Skin Care Products Market Research Report”, 92% of the population will repurchase sensitive skin care products, that is, consumers with sensitive skin have higher brand stickiness, which makes it more difficult for new companies to enter. Supervision is also stricter, especially the “Cosmetic Efficacy Evaluation Specification” will be officially implemented on May 1, 2021. The “Specifications” require cosmetic claims to have sufficient scientific basis. The establishment of industry standards has further improved the entry of sensitive muscles. Barriers are conducive to leading enterprises that regulate their operations. After a long period of academic and word-of-mouth accumulation, Betteni has become the leader in skin care for sensitive skin. In 2020, Betteni’s market share in China’s dermatological cosmetics market will reach 21.6%, surpassing major international brands such as Avène, Vichy, and La Roche-Posay. In terms of “Winona”, it became the only domestic brand on the top ten list of Tmall Double Eleven sales in the same year. The product repurchase rate in the past three years was about 30%, and the repurchase rate of international big-name skin care products was also Only around 20%. So there is reason to expect, It is difficult for players to replace Betteni’s market position in the short term, and it is expected to continue its high growth momentum under the logic of the strong. It also means that it has the capacity and space to match a larger business scale, and then incubate new industries around the “skin health ecology”. The multi-brand matrix has been progressing in an orderly manner, and the H-share listing will accelerate this process In terms of specific progress, in addition to the main brand “Winona”, Betteni also owns a number of sub-brands. Among them, “WINONA Baby” is based on the professional infant and child care track, “Acne Care” focuses on acne skin care, and “Beauty Answers” focuses on precision repair, anti-oxidation and anti-aging after medical art. Positioned as a dry skin care brand. In the 2020 annual report, Betteni also stated that in 2021, it will continue to implement a multi-brand plan through intensive cultivation and extensional acquisitions. Intuitively, Betteni’s multi-brand matrix on the one hand expands the scope of the audience and further opens up space for users. On the other hand, it fully meets the needs of users for segmentation and meets the shopping demands of young consumers. It may be based on the brand matrix. Improve brand exposure and favorability. and, The R&D, channels and other resources accumulated by Betteni earlier can be more fully utilized to quickly promote the development of the new brand. Take “WINONA Baby” as an example. This brand is the first brand in China to conduct in-depth exploration through clinical observation of children from newborns to two-year-olds. It was co-created by Betteni and National Pediatric Dermatologist Professor Ma Lin and other experts through medical research. Exclusive skin care products for babies and toddlers. At the same time, it is understood that “WINONA Baby” will use OTC pharmacies and online as the main channels, with core functionalities. This is highly overlapped with the channel network of “Winona”. At the same time, Betteni is advancing the channel construction and alliance cooperation of medical aesthetics institutions to lay a good foundation for medical aesthetics promotion. On this basis, with the advancement of H-share listings, the layout of the Bettenido brand ecosystem may be further accelerated. This move will undoubtedly help the Betteni and Winona brands to increase their overseas visibility. At the same time, Betteni can stabilize the equity structure through the “A+H” approach and achieve efficient acquisition of overseas high-quality brand assets. Betteni also publicly stated: “Whether it is to build a new brand, lay out a new track, or promote the market from China to the world, build an international brand, and go public in Hong Kong is a good choice for Betteni.” summary It can be seen that Betteni’s development path is to focus on the skin health segmentation track, seize the leading position, build a solid barrier, and then expand the industry and market around the “skin health ecology”, returning to the multi-brand strategy defined in the initial period. . As Betteni’s business performance continues to increase and gains high recognition from the market, the opportunity to return to the multi-brand strategy is gradually coming. In the future, Betteni may no longer be limited to cosmetics, but will become an industry provider of “skin health ecology”, opening up a broader space for growth

Produced | Sohu Technology

Author | Yin Lina

Edit | Yang Jin

The listing rumors have been brewing for more than three years. In the morning of June 11, Didi finally submitted a prospectus and launched an IPO in the United States.

According to the prospectus, Didi’s stock code is “DIDI”, with Goldman Sachs, Morgan Stanley, JPMorgan Chase, and China Renaissance Capital acting as underwriters.

Since its establishment, Didi has gone through 22 rounds of financing with a total financing amount of nearly 80 billion yuan, making it a well-deserved financing expert.

However, from the perspective of performance, Didi’s online car-hailing seems to be huge, but only has a meager profit of 3.1%; international business is still losing money, and there are large variables due to the epidemic; new businesses such as freight and community group buying have just started. It is still a “cash-burning” machine, and profit is far from expected.

Performance dismantling: loss is still the main theme

Let’s look at the performance first. From 2018 to 2020, Didi’s revenue was 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan, respectively. In the first quarter of this year, Didi’s revenue was 42.2 billion yuan.

From the above figures, it can be seen that in the past three years, Didi’s revenue growth has not been significant. Affected by factors such as the new crown epidemic in 2020, overall revenue has also declined slightly. However, the impact of the epidemic was eased in the second half of last year. The prospectus shows that in the second half of last year, the total transaction volume of Didi’s travel business in China was 121.6 billion yuan, an increase of 80.3% over the first half of the year and an increase of 12.2% over the second half of 2019.

In addition, losses are still the main theme of Didi. In the past three years, Didi’s net losses were 15 billion yuan, 9.7 billion yuan, and 10.6 billion yuan, respectively. The adjusted non-GAAP profits were 8.6 billion yuan, 2.8 billion yuan and 8.4 billion yuan. In the first quarter of this year, due to the unrecognized income of 9.1 billion yuan and an investment income of 3.3 billion yuan from the spin-off of Orange Heart Optimal, the investment income reached 12.36 billion yuan, Didi turned losses, net profit reached 5.5 billion yuan, and an adjusted loss of 5.5 billion yuan. yuan.

In terms of business, the main sources of Didi’s revenue are divided into three categories, namely, China’s travel business (China’s online car-hailing, taxi, agent driving and ride-hailing businesses), international business (international travel and food delivery, etc.) and Other businesses (shared bicycles and motorcycles, car service, freight, autonomous driving, financial services, etc.).

In 2020, these three types of income will be 133.6 billion yuan, 2.3 billion yuan and 5.8 billion yuan respectively. Among them, China’s travel business is the most important source of income, and the proportion of China’s travel business to total revenue is as high as 94.3%.

Among various expenditures, operating costs account for a large proportion, mainly commissions and subsidies paid to drivers. In the past three years, Didi’s gross profit margin was 5.5%, 9.8% and 11.2%, showing an upward trend year by year.

Among various expenses, marketing and marketing expenses accounted for the highest proportion. Last year, the total amount reached 11.14 billion yuan, accounting for 7.86% of total revenue. Followed by general and administrative expenses, about 7.55 billion yuan, accounting for 5.33% of total revenue.

Although as of the end of last year, Didi had 15,914 full-time employees worldwide, including 7,110 R&D employees, which accounted for 44.7% of R&D employees, the proportion of Didi’s technology and R&D related expenses was not the highest: last year it was 63.2 100 million yuan, accounting for 4.46% of total revenue. Finally, operating and support expenses are 4.70 billion yuan, accounting for about 3.32% of revenue.

In terms of operations, in the 12 months ending March 31, 2021, Didi has been operating in more than 4,000 cities and towns in 15 countries around the world. The total transaction volume of the whole platform is 341 billion yuan, of which Didi’s core platform GTV (referring to GTV in China’s travel and international markets) reached 244.2 billion yuan. With the exception of community group buying, the average daily order volume of all businesses reached 41 million, the annual active users reached 493 million, and the annual active drivers were 15 million.

However, the current progress is still far from the “0188” plan released by Didi in March last year. The “0188” plan shows that Didi will serve more than 100 million orders per day during the three years from 2020 to 2022, with a penetration rate of more than 8% for all domestic trips, and a global service user MAU of more than 800 million.

What is more worrying is that in Didi’s “main battlefield” Chinese market, the number of orders has shown a downward trend year by year, and the customer unit price has not increased significantly.

The number of Didi orders in the Chinese market dropped from 8.79 billion orders in 2018 to 8.67 billion orders in 2019 to 7.75 billion orders. However, this trend also has business adjustments and environmental factors. In 2019, Didi discontinued its ride-hailing business. Under the new crown epidemic in 2020, people will go out less frequently, and Didi has also suspended cross-city orders and ride-sharing services. In terms of customer unit prices, they were 23.3 yuan, 23.3 yuan and 24.4 yuan respectively in three years.

However, Didi has achieved profitability in the Chinese travel market: adjusted pre-interest and tax profit of 3.84 billion yuan in 2019, 3.96 billion yuan in 2020, and 3.62 billion yuan in the first quarter of 2021.

The rake puzzle: online car-hailing profit margin is only 3.1%

After the ride-hailing incident occurred in 2018, the outside world had a lot of discussions about Didi. In addition to inadequate security measures, the question of Didi’s profitability was the most acute.

Just when everyone thought that Didi was earning a lot of money, some media broke the news that Didi had “a total loss of 10.9 billion yuan in 2018 and a driver’s subsidy of 11.3 billion yuan”, and “the total loss in the six years of its business has exceeded. 40 billion yuan”.

Entering 2020, discussions on Didi’s high commission rate remain high, with some drivers claiming that the commission rate for some orders has even reached more than 30%. In response, Didi issued a statement stating that the proportion of such “extreme rake orders” was 2.7% last year, and it has now been reduced to 0.03%. The next step will allow this number to continue to decline until it is completely eliminated. Today, Didi has launched a transparent billing function, and drivers can view the flow of funds for orders in the past 7 days.

As a matter of fact, the situation regarding the commission of the online car-hailing business can be seen in the prospectus.

Look at the whole first. The prospectus shows that from 2018 to the first quarter of 2021, drivers from around the world earned more than 600 billion yuan in revenue on the Didi platform. In the Chinese market, in the online car-hailing business in 2020, the total revenue and incentives received by drivers will reach 117.4 billion yuan.

In the prospectus, Didi detailed the financial status of Didi in China’s travel market in 2020.

Last year, Didi’s total transaction volume in the domestic travel market was 189 billion yuan, of which the transaction volume from online car-hailing business (excluding taxis, private cars, and ride-hailing, etc.) was 148.6 billion yuan.

Excluding expenses spent on consumer subsidies and road tolls, Didi’s total revenue was 133.6 billion yuan. Among them, 110.5 billion yuan was used as driver income, accounting for 82% of revenue; 6.9 billion yuan was used as driver incentives, accounting for 5.2% of revenue, and the two together accounted for 87.9% of Didi’s total revenue, accounting for approximately total online car-hailing 79% of the transaction volume is consistent with Didi’s previously announced commission.

Earlier, on May 7, Didi car-hailing issued a statement on the “rake”, stating that in 2020, Didi car-hailing drivers accounted for 79.1% of the total payable by passengers. Of the remaining 20.9%, 10.9% are passenger subsidies, 6.9% are corporate operating costs (technology research and development, servers, security, customer service, manpower, offline operations, etc.), taxation and payment handling fees, etc., and 3.1% are online appointments Net profit of car business.

Overall, excluding driver income and driver subsidies, Didi will receive 16.2 billion yuan in its online car-hailing business. Excluding 12.2 billion yuan in operating expenses, Didi’s online car-hailing business before interest, tax and amortization The profit reached 4 billion yuan, and the profit rate was about 3.1%.

Didi doesn’t want to be just online ride-hailing

The slow revenue growth and the meager profit of domestic online car-hailing have forced Didi to find the next growth point.

In 2018, Didi began its international expansion, trying to replicate its experience in the Chinese market to the world, and was the first to enter Brazil, Mexico, Australia, and Japan. Prospectus data shows that Didi currently has operations in 15 countries around the world.

However, in the case of China’s local online car-hailing is only a meager profit, it is conceivable that it is difficult for the international business to make a profit, especially in the context of the new crown epidemic in foreign countries where there are still large variables. From the beginning of 2018 to the first quarter of this year, Didi’s international business losses have accumulated more than 10 billion yuan.

But one problem is that a series of new businesses such as shared bicycles and motorcycles, car services, freight transport, autonomous driving, and financial services only brought Didi 5.76 billion yuan in revenue last year, but at the same time it brought more than 8.8 billion yuan. The loss is more than twice the profit of online car-hailing.

This year, the loss has further expanded. In the first quarter of this year, the loss of new business in a single quarter reached 8.08 billion yuan. From 2018 to the first quarter of 2021, Didi’s losses in new businesses have totaled more than 26 billion yuan.

It is worth noting that these new businesses have completed independent spin-offs and financing in the first half of this year.

Last year, Qingju launched a round of financing. SoftBank and some other investors invested US$134 million and Didi invested US$750 million. At the beginning of this year, Qingju launched a Series B financing again, in which external investors invested US$166 million and Didi subscribed. A share of US$300 million in equity financing and a US$100 million in convertible notes. Qingju is currently valued at US$1.9 billion, and Didi holds 88.3%;

In the first quarter of this year, Didi Freight received US$1.5 billion in Series A financing, the latest valuation is US$2.8 billion, and Didi currently holds 57.6% of the shares;

Didi’s autonomous driving company has completed a US$1.5 billion Series A financing, with a valuation of US$3.4 billion, and Didi’s shareholding ratio is 70.4%.

Orange Heart Optimal conducted A1 and A2 rounds of financing in March this year. Among them, the A1 round of SoftBank Vision Fund injected US$900 million and the rest of the external investors injected US$100 million; the A2 round was funded by the management of about US$200 million, and the financing was completed. After Didi’s equity fell to 32.8%, it was no longer consolidated. However, in the A2 round, Orange Heart Pride issued USD 3 billion of convertible bonds to Didi. Didi has the right to convert the bonds into stocks before the expiration date of the convertible bonds and become the controlling shareholder of Orange Heart Pride again.

Although these new businesses are at a loss, it is not difficult to see how much Didi attaches importance to internationalization and new businesses from the purpose of fundraising: 30% of the funds raised are used to expand business in international markets outside of China; 30% The raised funds are used to improve technical capabilities including shared travel, electric vehicles and autonomous driving; the remaining about 20% will be used to launch new products and expand existing product categories to continuously improve user experience.

Today, Didi’s listing process has begun, but it will take more time to wait for these new businesses to grow into the next “ace” besides online car-hailing.

(Original article by Sohu Technology, please indicate the source for reprinting)

“Shooting” is an automobile section under the venture state. We will use a brand-new content format to bring you new opportunities to “stalk” the global automotive industry.

This week’s auto industry event guide: Didi submitted its listing application, Zhang Jingyu joined Gaohe Automobile as the CDO, LG New Energy officially launched its listing, Wang Chuanfu refuted the rumors: Lei Jun did not persuade Lei Jun not to build cars, Byte Beat or enter the auto industry…

Big company & big event

1. Didi submits a listing application and management voting rights exceed 50%

On the morning of June 11, Beijing time, Didi formally submitted its listing prospectus to the SEC. The prospectus shows that before the IPO, Didi founder and CEO Cheng maintained 7% of the shares, and co-founder and president Liu Qing held 1.7%. According to the conventional same-share non-rights arrangement, Cheng Weiliuqing has more than 48% of the voting rights in total, and Didi’s management, including Cheng Weiliuqing, has more than 50% of the voting rights.

At present, many domestic Internet companies such as JD.com, Xiaomi, and Pinduoduo have adopted the AB share model, which is the same share with different rights. The founders such as Liu Qiangdong, Lei Jun, and Huang Zheng also use this method to hold shares even though they have not reached absolute control. Degree, but able to firmly control the company.

2. Internet giants re-enter the bureau to build cars, Zhang Jingyu joins Gaohe Automobile as CDO

On June 7, Chinese Express officially announced that Mr. Zhang Jingyu, the former co-president of Autohome, had officially joined the company as Chief Digital Officer and reported to Chairman Mr. Ding Lei. Zhang Jingyu will be responsible for the full-scene data management, and realize the improvement of production efficiency and service efficiency through artificial intelligence and data-driven, and help Huaren Express Gaohe Automobile to create a new ecology of user experience.

Mr. Zhang Jingyu graduated from Jilin University of Technology with a Bachelor of Science degree in computational mechanics. He has served successively as the head of the ORACLE ERP department of Digital China, the head of the PCCW product department of PCCW, the deputy general manager of Sina Auto, and the co-president of Autohome.

3. Wang Chuanfu refutes rumors: Lei Jun did not persuade him not to build cars

BYD Chairman Wang Chuanfu said at the 2021 China Automotive Chongqing Forum that it is a misunderstanding to persuade Lei Jun not to build cars, and he is discussing cooperation in the automotive field with Xiaomi.

Wang Chuanfu pointed out that the issue was misunderstood by the media, saying that BYD persuaded Xiaomi’s Lei to not build cars. In fact, Xiaomi and BYD have a very good cooperative relationship, because BYD has produced a large number of Xiaomi mobile phones for Xiaomi, BYD and Xiaomi It is a very strategic partnership.

In the future automotive business, BYD will also support Xiaomi’s development in the automotive field. Not only does it support, BYD is also willing to cooperate with Xiaomi in the automotive field, and is negotiating some projects.

4. LG New Energy officially launched its listing

According to Korean media reports, South Korean battery manufacturer LG Energy Solution Ltd. (LG Energy Solution Ltd., referred to as “LG New Energy”) has submitted an application to the Korea Stock Exchange to officially launch the listing process and seek an initial public offering (IPO) within the year. ). The company’s valuation may reach 100 trillion won (approximately US$90 billion), and it plans to raise US$10 billion to US$12 billion, which is expected to set the record for the largest IPO in South Korea.

5. ByteDance obtains the “Byte Car” trademark or will enter the automotive industry

According to the company’s search information, Bytedance has obtained the trademark “Byte Car”. The trademark “Byte Car” has been transferred recently. The transferee company is Beijing Bytedance Network Technology Co., Ltd. The international classification includes 42 types of design research, 38 types of communication services, 9 types of scientific instruments, etc.

Prior to this, ByteDance has begun to deploy in the automotive field. For example, Qingzhou Zhihang, which is aimed at the urban smart travel market, announced that it has received tens of millions of dollars in A1 round of investment. The new round of financing of Qingzhou Zhihang will reach at least 25 million US dollars, and ByteDance participated in this round of investment. Qingzhou Zhihang said that this round of financing will be used to continue to build an “automated production super factory” for autonomous driving.

New car-making forces special

1. Nezha Zhang Yong: Do not engage in an arms race / invest tens of billions into the Thousand Talents Project

On June 10, Zhang Yong, the co-founder and CEO of Nezha Automobile, pointed out at the 13th China Automobile Blue Book Forum that Nezha Automobile will not engage in an arms race, and plans to invest 1,000 people and 10 billion dollars. With the development of smart technology.

Zhang Yong said that the evolution of electric vehicles to smart electric vehicles is already a consensus in the industry, and it is also a track that Nezha must compete for. Nezha’s intelligent driving will adopt a gradual development route, from L2+ to L4. Therefore, for Nezha, there will be no arms race, and Nezha must develop an intelligent technology development path that suits the needs of users. In the development of intelligent technology, the plan is to invest a team of 1,000 people and invest 10 billion in this battle. Zhang Yong hopes that Nezha can occupy a favorable position on this track in three to five years.

2. Weilai’s 50th second-generation power station was completed

On June 12, Weilai Power Station | Weiji Science and Technology Park in Wuzhong District, Suzhou was officially completed and put into operation. This is the 50th second-generation power station. Up to now, a total of 255 swap stations have been completed nationwide.

On April 15, the world’s first Weilai second-generation power station “Beijing Sinopec Chaoying Station” was officially completed. A total of 6 NIO second-generation power stations were completed in April, 24 were completed in May, and 20 were completed as of June 12. NIO will continue to rapidly promote the construction of the second-generation power station, and strive to achieve the goal of building 500 power stations in 2021 as soon as possible.

3. AIWAYS enters the Italian market and has achieved full coverage in key European regions

It is learned from AIWAYS that AIWAYS has reached a cooperation with the car importer Koelliker Group to jointly develop the Italian market and plans to launch U5 in Italy this year. This means that following the launch of sales in France, Germany, the Netherlands, Belgium, Denmark and other countries, AIWAYS’ global business scope has further expanded to Southern Europe and EFTA (European Free Trade Association) national markets, achieving full coverage of key European regions.

4.7 Lando FREE will be delivered at the end of the month and will be listed on June 19

According to official information from Lantu Automobile, its medium and large SUV Lantu FREE will be officially launched on June 19. According to previous news, the new car will officially begin delivery on July 29. Prior to this, Lantu FREE has officially opened pre-sales. The pre-sale prices of the extended range and pure electric models are 313,600 yuan and 333,600 yuan respectively, and the prices after adding the exclusive package are 333,600 yuan and 363,600 yuan, And provide the first special edition models.

I’m here this week. See you next week.

Since the second half of 2019, pig raising has become the new wealth code. In addition to traditional pig breeding companies, real estate companies such as Vanke, Country Garden and some Internet companies have started to raise pigs. In 2020, pig companies have indeed made unprecedented profits. Tianbang shares have increased their profits by more than 1,000 times a year, but the result of relying on the sky is that the profits of pig companies will shrink sharply when the price of pigs falls after the year.

The pigs that fly into the air have a one-year profit exceeding 4.6 times the total since the listing

In fact, the same is true. As long as the pigs can be raised alive to the slaughter, a lot of money can be made. In this wave of pig cycles, the price of pork rose from about ten yuan a catty to more than fifty yuan a catty.

At present, most pig companies have disclosed performance data for 2020, which is basically a big increase as expected, and some even earn enough profits for decades in a year.

On April 21, Tianbang Co., Ltd. announced its 2020 performance report. It achieved operating income of 10.764 billion, a year-on-year increase of 79.2%, realized a net profit of 3.245 billion attributable to the parent, a year-on-year increase of 3131.98%, and realized a non-net profit of 3.312 billion, a year-on-year increase of 106917.13 %.

Interestingly, since Tianbang shares went public in 2007, its main business includes pig breeding and pork product processing, pig vaccines, pig feed and aquatic feed, and pig breeding technical services. Based on historical data as of 2019 It can be seen that the total net profit of the company attributable to the parent is only 702 million, and the net profit in 2020 is 4.6 times that.

In other words, no matter how long this strong performance can last, Tianbang has made more than sixty years of profits in this year alone. Previously, due to the impact of African swine fever, the national pork production capacity fell off a cliff in 2019. Although it is in the process of recovery in 2020, the market is still in short supply, resulting in a high level of live pig market prices throughout the year.

According to data from the Ministry of Agriculture and Rural Affairs, the average price of live pigs in 2020 is 34.03 yuan/kg, a sharp increase of 60.36% year-on-year, while the annual report of Tianbang shares shows that the average sales price of the company’s multi-breed combination of live pigs reached 51.46 yuan/kg, an increase of 177% year-on-year . In addition, Tianbang shares achieved 3.0778 million pigs for slaughter throughout the year, an increase of 26.17% year-on-year. Among them, the number of breeding pigs for slaughter was 329,100, an increase of 515% year-on-year, and the number of piglets for slaughter was 1.687 million, an increase of 443% year-on-year. The main reason for the huge increase in company profits.

On the 22nd, Wen’s shares also published its annual report. In 2020, operating income was 74.923 billion, a year-on-year increase of 2.47%, but the net profit attributable to the parent was only 7.426 billion, a year-on-year decrease of 46.83%, and non-net profit was only 6.381 billion, a year-on-year decrease. 51.11%. Judging from the current leading pig companies that have publicly disclosed their performance, Wen’s shares are also the only pig company that has experienced negative profit growth.

Unlike Tianbang, which only breeds live pigs, Wen’s breeding business includes live pigs and white feather chickens and other poultry. In 2020, the revenue of pig farming will increase by 10.84% ​​year-on-year, and the gross profit rate will increase by 1.74%. However, the revenue of broiler and other farming products fell by 9.3% and 1.92% respectively. Especially when the price of broiler chicken and the price of live pigs fluctuated in the opposite direction, the gross profit margin of the broiler business fell sharply by 25.93% to 0.38%, which is also the company’s net profit. One of the main reasons for the decline.

Pig prices fell, performance fell, piglet market enthusiasm continued

Unlike the elated annual report, the quarterly report of the pig company is full of sorrows.

From New Year’s Day to early April, pork prices were nearly cut in half, with a drop of 43.74%. Especially after the Spring Festival, market demand was weak. Since March, the price of pigs has continued to decline. As of April 9, the average domestic pig price was 20.84 yuan/kg, a drop of 30.99% from March 2.

A few days ago, the relevant person in charge of the Ministry of Agriculture and Rural Affairs also said that as the supply and demand situation continues to improve, pork prices have fallen for 12 consecutive weeks, falling to about 40 yuan per kilogram, a year-on-year decrease of about 25%. After April 9th, the pig price bottomed out and rebounded. As of the 21st, the pig price has experienced two short-term rebounds.

But at the same time, the cost of raising pigs has increased, with corn up 47.0% year-on-year, and compound feed for fat pigs up 16.1% year-on-year. Pig prices fell and feed prices climbed. In the end, the price of pigs and grains fell rapidly. In late March, it fell to around 9.23, and it was as high as 20 in the same period in 2020. It is currently falling back to the level of August 2019.

In such a market environment, the quarterly reports of pig companies have almost all fallen. The profit of Tianbang shares shrank to 191 million to 238 million, a year-on-year decrease of 50%-60%. Zhengbang’s net profit also fell to 205 million to 305 million, a year-on-year decrease of 66.32%-77.36%. Wen’s shares realized net profit attributable to the parent 544 million, a year-on-year decrease of 71.28%.

The reason is mostly due to the sharp decline in domestic pig prices and the superimposed increase in corn and other feed prices to squeeze profits. In addition, the slaughter structure of live pigs is also known as one of the other major influencing factors. Early elimination of some sows and early slaughter of fat pigs to avoid the risk of epidemic accounted for a relatively high proportion, while breeding pigs and piglets accounted for a relatively small proportion.

At present, only Muyuan’s first quarterly report has achieved growth. The company expects the net profit attributable to the mother will reach 6.7 billion to 7.3 billion, an increase of 62.17%-76.7% year-on-year. The company said that it was due to the expansion of the scale of pig farming and sales of 7.72 million pigs in the first quarter. , An increase of 201.09% year-on-year.

In fact, my country has always been a big country for pig breeding and consumption. However, due to various factors, it has been plagued by the “pig cycle” all the year round. This time, after many real estate companies and Internet companies have entered the pig breeding market, can they change the problem? The situation of the neck may be the point.

Different from the volatility and decline of live pig prices, since December 2020, piglet prices have risen steadily. Even if they decline after the year, they are still higher than the live pig market prices. From this perspective, the market supply has more momentum for continuous pig raising. .

Perhaps it is a question of the uncertainty of the pig breeding sales market. The live pig futures listed on DCE have continued to fluctuate and fall after the market plummeted, and the pork sector in the secondary market is also more negative than positive. (Blue Whale Capital Xu Xiaochun xuxiaochun@lanjinger.com)

Gold prices are under great pressure due to strong economic data, especially reports of very strong US home sales, the highest in more than 14 years. In addition, the dollar rose 0.2% against a basket of other major currencies, making gold more expensive for buyers holding other currencies. Gold price decreased in the context of strong USD increase, profit-taking pressure … (Artwork) Meanwhile, the US 10-year government bond yields rose to the intraday high of 1.587%, though still only fluctuated in a narrow band. Gold prices have fallen 6% this year so far, mainly due to pressure from the rise in US government bond yields. Gold turned down slightly because the US labor market gave out new positive signals. The number of people applying for unemployment benefits for the first time in the week ending on April 17 was lower than forecast and the lowest in over a year. The most important event to watch next week will be the Federal Reserve’s monetary policy meeting. Marc Chandler, CEO of Bannockburn Global Forex, said that a moderate FED could push gold prices above $ 1,800 / ounce. In the domestic market, the price of gold bars yesterday (April 23) was listed by Doji Jewelry Group for the Hanoi area: 55.45 million VND / tael (bought in) and 55.85 million / volume (sold). Saigon Jewelry Company listed SJC gold price applicable to the Hanoi area at 55.48 million dong / tael (bought in) and 55.85 million dong / tael (sold out). In Saigon, the domestic gold price was listed by Doji Jewelry Group at: 55.45 million VND / tael (bought in) and 55.85 million VND / tael (sold out). Saigon Jewelry Company listed SJC gold price at 55.48 million dong / tael (bought in) and 55.86 million dong / tael (sold out).

The “14th Five-Year Plan” proposes the establishment of a modern fiscal, taxation and financial system, especially the establishment of a financial system that effectively supports the real economy, and promotes the balanced development of finance and the real economy; the plan also proposes to increase the proportion of direct financing and emphasize the improvement of the modern financial supervision system. Improve financial supervision transparency and the level of rule of law.

Recently, the gradual implementation of the A-share market registration system is continuously improving the inclusiveness and openness of the capital market, and increasing support for high-quality new economy enterprises and innovative enterprises, shortening the listing cycle and further improving financing efficiency. At the same time, many outstanding U.S. listed Chinese concept stocks have also returned to the Hong Kong stock market for secondary listings. In the relatively loose IPO market environment, private equity institutions have obtained more investment exit channels, and outstanding start-ups or unlisted companies are increasingly favored by private equity institutions, and the entire capital market has also shown a positive attitude towards IPOs. .

Over the years, Ernst & Young has accumulated rich experience in assisting companies in financing and listing domestic and overseas private equity. We sincerely invite you to participate in this seminar to explain the main process and challenges of corporate financing, financing valuation, potential investors’ main concerns on corporate operations and finances, domestic/overseas listing fiscal and tax issues, and Key points of equity incentives, etc. We hope to share the latest practical experience and thinking with you through this seminar.

Workshop agenda

Time: April 28, 2021 (Wednesday)

Address: Multifunctional Hall, 8th Floor, Block C, China Resources Land Building, 9668 Shennan Avenue, Nanshan District, Shenzhen, Guangdong Province

ways of registration

Please visit this address and follow the relevant prompts to register:

https://mp.weixin.qq.com/s/UefY_AK6dJUhNdAhiY0Phw

Due to limited seats at the venue, registration will be processed on a first-come, first-served basis. After registration, we will send you a confirmation letter by email, and look forward to your participation!

This article is written for the purpose of providing general information and is not intended to be relied upon accounting, taxation, legal or other professional advice.Please ask your consultant for specific advice

Jiwei Net News On April 14, the Guangdong Supervision Bureau disclosed an announcement on the acceptance of counseling and registration of Guangdong Hetong Jianye Technology Co., Ltd. (hereinafter referred to as Hetong Technology). It has completed the registration of counseling with the Guangdong Securities Regulatory Bureau on April 14. The counseling agency is Dongguan Securities.

According to the official website, Hetong Technology was founded in 2002 and is a national high-tech enterprise specializing in the production of PCB printed circuit boards and one of the top 100 enterprises in China’s printed circuit industry. It has the production technology capability to produce high-precision, high-density single-sided, double-sided, multi-layer circuit boards and LED light strip boards, carbon oil boards, aluminum substrates and new energy automobile boards.

It is understood that Hetong Technology is a NEEQ delisted company. Its operating income in 2020 was 321 million yuan, a year-on-year increase of 15.85%; the net profit attributable to shareholders of listed companies was 41.497 million yuan, a year-on-year increase of 38.28%; the deducted non-net profit attributable to shareholders of listed companies was 140.83 million yuan, a year-on-year decrease of 37.71% .

From the perspective of the three main businesses of Tonghe Technology, the new energy vehicle industry achieved revenue of 85.671 million yuan, an increase of 18.02% year-on-year, and a gross profit margin of 19.71%; the power industry achieved revenue of 99,587,400 yuan, an increase of 19.42% year-on-year, gross The interest rate was 38.91%; the military industry and other industries achieved revenue of 113 million yuan, an increase of 3.11% year-on-year, and the gross profit rate was 61.83%.

Tonghe Technology stated that despite the adverse effects of the new crown epidemic in 2020, the company’s management team mobilized all positive factors to give full play to its own marketing promotion and technology research and development advantages to realize the three strategic areas of smart grid, new energy vehicles and military equipment The overall growth of operating income. Specifically include: overall planning, clear goals, focus on business, focus on the market and products, increase investment in key links, and enhance core competitiveness; mergers and acquisitions and integration, play a synergistic effect, and enhance the company’s product competitiveness and market share in the field of military equipment ; Initiate refinancing to provide new growth momentum for the company’s long-term development. (Proofreading/Lee)

After the successful listing, Coinbase’s stock price has performed well. As of 20 o’clock on the 15th, Beijing time, Coinbase’s pre-market share price rose more than 8% to about $354. The day before, Coinbase’s stock price closed up more than 30% to US$328.28, with a market value of more than US$61 billion.

“Coinbase’s successful listing has fulfilled market expectations. The current stock price increase has brought additional benefits to the market. Investors will not worry about the issue of the redemption of cryptocurrencies. In addition, many of Coinbase’s businesses have also received mainstream financial Institutional recognition has promoted cryptocurrency to become a mainstream investment product.” Ma Tianyuan, a partner of Encrypted Asset Angel Fund Wuwei Investment, told a reporter from Shanghai Securities News.

Institutions have also shown their optimism about the prospects of the cryptocurrency market with actual actions. Catherine Wood, CEO of Ark Investment Management, known as the “female Buffett,” made the first shot, and all three of its funds opened new positions to buy Coinbase on Wednesday. Among them, flagship fund ARKK bought 512,500 shares, financial technology innovation theme fund ARKF bought 89,600 shares, and Internet innovation theme fund ARKW bought 147,000 shares. Based on the closing price of Coinbase on Wednesday, Katherine Wood holds a total of approximately $246 million in market capitalization of Coinbase.

The US investment bank BTIG included the newly listed Coinbase in the form on Thursday, giving it a “buy” rating with a target price of $500. Previously, MoffettNathanson of the New York Research Institute gave Coinbase a one-year target price of $600.

Although the market is bullish, some institutions have reminded that under the premise that it is difficult to predict what will happen in the future, short-term cryptocurrency market volatility will be more intense than before.

“In the bull market, the price of various assets will have higher premiums, and some assets will rise irrationally. Investors should carefully choose investment targets and pay attention to risks.” Binance China Blockchain Research Institute researcher Zhang Ming told the Shanghai Securities News reporter.

According to real-time data from the blockchain data and intelligence provider Glassnode, as of 20 o’clock on the 15th, Beijing time, the 8-hour long funding rate of the Bitcoin perpetual contract reached 0.1284%, and the difference between the sub-delivery contract and the spot price gradually increased to 8,000 US dollars. . In other words, the current long bitcoin side needs to pay 0.1289% of the principal per hour to the short side, which means that long bitcoin needs to pay a higher price, but investors continue to go long.

Ma Tianyuan believes that the listing of Coinbase means that the valuation ceiling of the cryptocurrency market has been opened. At present, the level of leverage in the market has increased. It is recommended that non-professional investors reduce the use of leverage and other derivative instruments and enter the market cautiously.

Regulatory policies are still one of the uncertainties in the price trend of cryptocurrencies. In the future, countries may implement strict legislation on cryptocurrencies. Fed Chairman Powell said on Wednesday that cryptocurrency is a speculative tool. Previously, the European Union planned to specifically target cryptocurrency legislation.

“Encrypted assets have been moving forward in controversy. We have seen the attitudes of many regulatory agencies improve. It is expected that the supervision of encrypted assets in various countries will gradually improve in the future, which is conducive to the legal and compliant development of cryptocurrencies.” Zhang Ming told reporters.

On Thursday, the world will usher in the world’s first reverse Bitcoin exchange-traded fund (ETF), which will be listed on the Toronto Stock Exchange (TSX), allowing investors to short Bitcoin futures.

In this regard, Zhang Ming believes that there is never a lack of short-selling methods for encrypted assets, and a wealth of financial tools can provide investors with more choices and promote healthier price discovery.

Buy transaction execution time is expected to take place within 30 days by matching order method. However, the specific date has not been officially announced.

After information gathered by the Chairman, on April 16, ROS ended at ceiling price 7,710 VND / share, double after just 1 month.

Mr. Trinh Van Quyet.

Besides, ROS stock recorded a trading volume of nearly 102 million units. Accordingly, ROS has set a new record in liquidity since its listing in 2016 until now.

In the previous session, ROS only reached the matching volume of over 5.3 million units, significantly lower than the recent liquidity of this stock.

Mr. Trinh Van Quyet used to be Chairman of the Board of Directors of FLC Faros for many years but resigned in April 2020 and withdrew most of his holdings.

Currently, Mr. Quyet is no longer a major shareholder or internal shareholder of FLC Faros, so he has no obligation to disclose information before and after the transaction.

The announcement of Mr. Quyet’s intention to buy with FLC Faros and the announcement of this information on the company’s website by FLC Faros is completely voluntary, there is no compulsory regulation. Is it possible that Mr. Quyet has picked up ROS shares today?

VinFast expects a higher price than Ford

On April 12, Bloomberg reported that Vingroup was considering bringing VinFast on the US stock exchange to raise $ 2 billion. According to this source, the car company is currently working with consulting units to IPO (initial public offering) right in the second quarter of 2021.

The source of Bloomberg confirmed that if successful, the IPO could push VinFast’s valuation up to $ 50 billion. At that time, VinFast will immediately close to the top 10 largest car manufacturers in the world, on par with famous manufacturers such as Hyundai (51.38 billion USD), Honda (50.86 billion USD) and surpass Ford (49, 47 billion USD).

With a scale of $ 2 billion, VinFast’s IPO will be the largest ever IPO of a Vietnamese company, after Vinhomes’ first share sale worth $ 1.4 billion in 2018. This could also become the first Vietnamese company to list in the US.

Although VinFast is a fledgling company, the valuation may outstrip traditional Asian carmakers like Suzuki ($ 21.29 billion) and Japan’s Nissan ($ 20.63 billion).

VinFast IPO details including the size and timing may change as discussions with the consultant are in progress. Bloomberg also said that Vingroup representatives declined to comment on this information.

The top 10 car manufacturers with the highest market capitalization are currently Tesla of the US, Toyota of Japan, Volkswagen of Germany, Daimler of Germany, General Motors (GM) of the US, BMW of Germany, BYD and Nio of China. , Stellantis and Ferrari.

The net profit attributable to Shengxiang Biological and other companies increased by more than 10 times

According to the data disclosed by Wind, among the 261 listed companies on the Sci-tech Innovation Board, 243 companies will achieve profitable net profits in 2020, accounting for about 93.1% of the number of companies on the Sci-tech Innovation Board.

According to Wind data, among the 243 sci-tech innovation board listed companies, 136 companies will achieve attributable net profit of more than 100 million yuan in 2020. Among them, 17 stocks such as Lanqi Technology, Trina Solar, Stone Technology, and Oriental Bio will be realized in 2020. The net profit attributable to over 1 billion yuan. Judging from the data disclosed by Wind, SMIC’s net profit attributable to 2020 will be approximately 4.332 billion yuan, ranking first in science and technology stocks in terms of profit.

The growth rate of attributable net profit is an important indicator to measure the growth and development capabilities of a company. According to Wind data, among the 243 companies listed on the Sci-tech Innovation Board with attributable net profits in 2020, 180 companies’ attributable net profits in 2020 will increase year-on-year. Among them, 29 stocks including Chipsea Technology, Haier Biotechnology, and Kingsoft Office will be The annual attributable net profit doubled year-on-year, and the attributable net profit of the four sci-tech innovation board listed companies of Shengxiang Bio, Shijia Photonics, Oriental Bio, and Zhijiang Bio will increase by more than 10 times in 2020.

The biggest increase is Shengxiang Biology. The data shows that in 2020, the attributable net profit of Shengxiang Bio will be approximately 2.617 billion yuan, a year-on-year increase of over 65 times. The attributable net profit of Shijia Photonics, Oriental Bio, and Zhijiang Bio will be 39 million yuan, 1.688 billion yuan, and 928 million yuan in 2020, respectively, representing a year-on-year increase of 2542.2%, 1956.37%, and 1701.53% respectively. From the perspective of Wind industry, Shengxiang Bio, Oriental Bio, and Zhijiang Bio are all medical and healthcare companies.

Wind statistics show that among the 243 listed companies on the Science and Technology Innovation Board, there are still many stocks that have seen a year-on-year decline in net profit attributable to 2020. Specifically, the net profit attributable to 24 shares in 2020 has declined by more than 30% year-on-year, including Espressif Technology, Minxin, Haohaishengke, etc. The net profit attributable to 5 stocks including Shin Kong Optoelectronics, Sino Medical, Nuohe Zhiyuan, Ruisheng Intelligent, and Tianyi Shangjia will drop by more than 50% in 2020.

The net profit attributable to 14 shares exceeded 100 million yuan

According to Wind data, there are 18 sci-tech innovation board listed companies in a state of loss in 2020 attributable net profits.

Specifically, among the 18 companies listed on the Science and Technology Innovation Board, 14 stocks will have attributable net profit losses exceeding 100 million yuan in 2020, including Qingyun Technology, Frontier Biology, and Zejing Pharmaceuticals.

The data disclosed by Wind shows that among the 18 sci-tech innovation board listed companies that have attributable net profit losses in 2020, Junshi Biologics has the largest amount of losses. The data shows that Junshi Bio will have a net profit loss of approximately 1.669 billion yuan in 2020.

It is understood that Junshi Biotech was listed on July 15, 2020 and is an innovation-driven biopharmaceutical company. Regarding the reason for the performance loss, Junshi Biotech stated that it was mainly because the company’s operating income could not fully cover the continuously increasing R&D investment in research projects and reserve R&D projects. Junshi Bio also stated that the company reserves a number of research projects in the early preclinical research stage, and the company will continue to invest in large-scale research and development in the future to complete preclinical research, clinical trials and preparations for new drugs. The company’s product pipeline research and development business, and the company’s new drug listing application and new drug market promotion will also incur high costs, which may lead to further expansion of the company’s losses.

After Junshi Biologics is Shenzhou Cell, the company’s attributable net profit loss in 2020 is about 713 million yuan.

It is worth mentioning that according to Wind data statistics, among the 18 sci-tech innovation board listed companies that have a net profit loss in 2020, 14 are companies with “U”, accounting for about the proportion of the number of companies with a net profit loss in 2020. 77.78%.

According to the industry to which Wind belongs, among the 18 sci-tech innovation board listed companies that will have a net profit loss in 2020, 9 companies including Junshi Bio, Shenzhou Cell, Biotech, and Kangsino belong to the healthcare industry. Qingyun Technology, Youke Six companies, including Deer, Cambrian, etc., belong to the information technology industry, while three companies, Funeng Technology, Eft, and Yihuatong, belong to the industrial field.

Song Qinghui, a well-known economist, believes that most of the companies with performance losses in the science and technology board stocks are biomedical innovation companies. From the perspective of the general development cycle, the large R&D investment before the product launches, and the situation of sustained losses or even no income in the short term is the inevitable pain for the growth of these companies.

4 shares are now listed for the first loss

It is worth noting that the 4 shares of You Kede, Funeng Technology, Sansheng Guojian, and Youfang Technology will usher in their first losses on the market.

Excluding the companies with “U”, among the 18 sci-tech innovation board listed companies with a net profit loss in 2020, Youqo will have the worst performance. According to the 2020 performance bulletin disclosed by Youkede, in 2020, Youkede realized operating income of approximately 2.466 billion yuan, a year-on-year increase of 62.79%; the corresponding realized net profit loss was approximately 341 million yuan, which turned from profit to loss year-on-year.

It is understood that Ukerde was listed on January 20, 2020. It is a third-party cloud computing service provider and one of the first companies to pass the certification of trusted cloud services. It adopts three modes: public cloud, private cloud, and hybrid cloud. Users provide services. This is also the first loss in the annual report of Ukde since its listing.

Regarding the specific reasons for the company’s 2020 attributable net profit loss, a relevant person of Youkede said in an interview with a reporter from Beijing Business Daily, “We are currently in the silent period of annual reports. The 2020 annual report will be issued on April 27. The matter will be explained in detail”.

In addition to You Kede, Funeng Technology, Sansheng Guojian, and Youfang Technology also experienced their first losses on the market. It is understood that Sansheng Guojian went public on July 22, 2020, and is mainly engaged in the research and development, production and sales of antibody drugs. The performance bulletin shows that Sansheng Guojian will have a net profit loss of about 200 million yuan in 2020. Before listing, 3SBio Group maintained its profitability in its performance. Data show that from 2017 to 2019, the attributable net profit of Sansheng Guojian was approximately 390 million yuan, 370 million yuan, and 230 million yuan, respectively.

Funeng Technology and Youfang Technology were listed on July 17, 2020 and January 23, 2020 respectively. The net profit attributable to Funeng Technology and Youfang Technology in 2020 will be approximately -316 million yuan and -69 million yuan, respectively.

Xu Xiaoheng, an investment and financing expert, said that investors should be cautious in investing in stocks that have “changed their faces” after listing.

Beijing Commercial Daily reporter Liu Fengru

Recorded at the beginning of the morning session on April 15 at 8 o’clock in Vietnam time, the world gold price on Kitco was trading at $ 1,736 / ounce, down 9 USD compared to the previous closing session.

Gold prices have reversed to go down in the context of investors selling to take profits, although the value of the dollar continues to weaken compared to many other currencies.

Meanwhile, at an online discussion organized by the Economic Club of Washington Capital (USA), some economists warned that the size of government debt is soaring. However, Chairman of the US Federal Reserve (Fed) – Mr. Jerome Powell said this is not a problem to worry about and will resolve debts in the near future.

This information can make financial investors optimistic about the possibility of US economic recovery in the coming time. Accordingly, many people do not put capital into the gold market. Therefore, the price of gold is not strong enough to overcome the resistance level of 1,750 USD / ounce.

On the other hand, some investors are concerned that holding gold could be risky. They sold out strongly. Gold prices sometimes fall over 10 USD / ounce.

The price of gold turned down sharply

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.

On the domestic market, DOJI Jewelry Group has listed SJC gold price at 54.90 million dong / tael (bought in) and 55.30 million dong / tael (sold out).

SJC gold price for retail transactions of Bao Tin Minh Chau Co., Ltd is listed at 54.91 million dong / tael (bought in) and 55.24 million dong / tael (sold out).

Saigon Jewelry Company, Hanoi branch currently listed SJC gold at 54.90 million dong / tael (bought in) and 55.32 million dong / tael (sold out).

Phu Quy Company listed SJC gold price in Hanoi market at 54.90 million dong / tael (bought in) and 55.25 million dong / tael (sold out).

Converted to the USD price of Vietcombank (23,160 dong), the world gold price is equivalent to 48.70 million dong / tael, 6.6 million dong / tael lower than the domestic gold level.