Edit | Zheng Qing

Recently, Mob Research Institute released the 2021 Internet Medical Industry Insight Report. According to the report, as the policy of the Internet medical industry has changed from prudence to openness, the policy guarantee system has been continuously improved, which has stabilized the cornerstone of market expansion. The sudden new crown epidemic in 2020 has become an industry accelerator, and the market size is expected to exceed one trillion in 2025.

my country’s Internet medical treatment has a history of 20 years, and it is developing upward amidst twists and turns. Internet medical care leverages the epidemic to increase exposure, cultivate user habits, and press the accelerator key for industry development.

The report pointed out that my country’s high-quality medical resources are insufficient. The number of tertiary hospitals accounts for less than 10%, but they carry over 50% of the medical needs. The utilization rate of beds in tertiary hospitals exceeds 90%, while the utilization rate of beds in primary medical institutions is low. As the health literacy level of Chinese residents increases year by year, more and more people are concerned about their health needs. Faced with the problem of insufficient supply of high-quality medical resources, technologies such as the Internet and artificial intelligence connecting resources are expected to break the medical dilemma.

With the resonance of the black swan of the epidemic and favorable policies, the Internet medical industry has ushered in a golden growth period. In 2020, there will be frequent large-scale financing events in the Internet medical industry, and capital is generally optimistic. The report predicts that the scale of the Internet medical industry is expected to exceed one trillion yuan in 2025.

From the user survey, the report found that the proportion of Internet medical users in second-tier and above cities has decreased, and the proportion of third-tier cities and below has increased. The proportion of users in Guangdong far exceeds that of other provinces. Among medical e-commerce users, male participation is significantly higher than that of females; among registered consultation users, males and females account for the same proportion, but females have a higher preference. Young and middle-aged people are the main force in medical e-commerce and registered consultations. Young people aged 25-34 prefer online consultations, while middle-aged and elderly people over 45 are more willing to buy medicines online. From the perspective of industry development trends, the report believes that in the short term, the daily life of users during the 2020 Spring Festival will increase significantly, and user satisfaction will be high, which is conducive to the formation of user habits, and the traffic dividend is expected to continue. In the medium term, many pain points in the medical industry are waiting for artificial intelligence to provide new solutions, and AI may become the next prescription. In the long term, smart community medical care will help to form a hierarchical diagnosis and treatment of “first diagnosis at the grassroots level, two-way referral, linkage between upper and lower levels, and separate treatment for emergency and slowness”, and relieve medical pressure

Some Turkish archaeologists once said that they had found evidence of human activities in the Buddha’s place around 6000 BC. Once the news was released, it immediately caused a sensation in the global archaeological community. Think about it, what era is 6000 BC? “Of course it was the Neolithic Age.” During this period, humans living in Europe were still relying on jungle hunting, and their skin was dark brown. If cultural relics can be found in Ephesus, it means that this area was already the most civilized area in Europe at that time.

The current mainstream evidence shows that the ancient city of Ephesus was built around the 10th century BC, and in its early days was a trading city managed by ancient Greeks. It was later taken over by the ancient Romans, and its status was elevated to the second largest city in Europe after the imperial city of the Roman Empire. By the 1st century AD, this pivotal city had a population of over 250,000. Interestingly, Ephesus has the world’s earliest urbanization facility-public toilets. But the public toilets at the time were not only for people’s physiological needs, but also very important for social occasions! Although the toilets were all built with big stones, they were also an important social place for the nobles and merchants to discuss matters at that time. It is said that in winter, before the rich go to the toilet, they will spend money to let the poor or their entourage sit on the table to warm the countertop before using it by themselves. In addition, there is also a very old commercial pedestrian street-Arcadia Street, as well as the ancient Roman theater that can accommodate 25,000 people at the same time! After more than a thousand years, this ancient city with a heavy history of civilization went through several ups and downs, and finally began to decline gradually from the 15th century. In any case, the past civilization and glory cannot be reproduced, but the existing relics are enough to prove the history of 2000 years ago. How brilliant is Ephesus. Since the train transportation from Selcuk to Izmir is very convenient, we also want to experience the local train journey, so we returned the previously rented car in Selcuk and took only one hour by train. We arrived in downtown Izmir. Although this is the third largest city in Turkey, it is only our transit station. You don’t want to stay in Izmir for too long, so you just wandered along the Aegean coast. Here you can clearly feel the difference between the Aegean Sea and the Mediterranean Sea: most of the water in the Mediterranean Sea is cyan, while the Aegean Sea is blue. I asked a local who was standing by my side watching the sea “Is the Aegean beautiful?” He said that he had watched it for many years, and he didn’t think it was particularly beautiful. If the perfect score is 100, it can only be given to 60 or 70. But I think the Aegean Sea in Izmir is particularly beautiful. After flying back to Istanbul from Izmir, we took advantage of the last afternoon free time to visit the most famous local Bazaar (Kapali Carsi). Almost all Chinese tourists who have been to Istanbul have visited here. It is said that this is one of the largest and oldest trading markets in the world. It has at least 22 entrances, 26 exits, 58 indoor streets, and more than 4,000 shops. Shops. The Grand Bazaar was originally built in 1455 (completed in 1461) by the seventh-generation Sultan of Ottoman Turkey, Sultan Mohammed II. It is known for its Middle Eastern style jewelry, local lamps, Turkish ceramics, Indian spices, and Persian carpets. Yu Shi. When savvy buyers and tourists visit the Grand Bazaar, they will slam their faces when they see the products they like, otherwise the person who is “slaughtered” must be yourself. Even in the Grand Bazaar, each store owner’s price is different for the same product. If you plan to buy some special souvenirs, it’s best to stroll around the more remote Bazaar streets. In order not to buy inferior handicrafts, we even spent an hour and a half in front of a pottery workshop, watching the craftsmen production on spot. In the end, I got a beautiful ceramic bottle. In addition to hand made on the bottom of the bottle, there was also the word “lead”. Someone was staring at it. The craftsman’s craftsmanship is indeed very high, but the price is three times that of ordinary bottles. The city of Istanbul at night is still so charming, taxis passing by noisy neighborhoods, churches and mosques illuminated by spotlights are even more sacred, and the smell of barbecue and roasted chestnuts from time to time outside the car windows makes people move their index fingers. The dessert stalls on the roadside are filled with all kinds of exquisite chocolates. As long as you look at it, you can’t help feeling the silky and fragrant taste. It’s just like Turkey itself, with the mysterious in it. The temptation to resist

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly. He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth. Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants. How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion. According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan. “In addition, China’s current REITs’ underlying assets are only infrastructure, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said. Liu Qiao, Dean of Guanghua School of Management, Peking University The following is a compilation of interviews: Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform? Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase. Sohu Finance: What impact will the securitization of REITs have on my country’s capital market? Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation. Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources. Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future. REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform. From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success. Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks? Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes. In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds. If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value. Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS? Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion. In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan. Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan. If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future. Sohu Finance: How to correctly understand the relationship between REITs and real estate? Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as the Chinese real estate market is facing a structural transformation and controlling housing prices, everyone has a lot of concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers. Sohu Finance: What impact does the listing of REITs have on residents’ financial management? Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team. Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought about by China’s future economic growth and the continuous improvement of infrastructure investment efficiency. Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management? Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management. Sohu Finance: How has the US REITs’ yield performance over the years? Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets. Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public? Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand. The US REITs market has the largest scale and the longest development time in the world so far, and the scope of the underlying market is very wide.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included. In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year. However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small . If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent. Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market? Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment. I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future. Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily. Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs? Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers. However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors. Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries. In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers. More interviews are as follows: Liu Qiao: There is a general misunderstanding about REITS in our country, it is not equal to the securitization of real estate investment Liu Qiao: REITs funds are more resilient than stocks in a bear market, and are suitable for long-term stable holding and investment Liu Qiao, Dean of Peking University Guanghua: my country’s provident fund stock is more than 800 billion, and the implementation of rental REITs can build more public rental housing

German competition guardians Face to face with Google, Apple & Co.

Status: 23.06.2021 3:56 p.m.

The big tech companies from the USA are becoming more and more powerful all over the world. There are also new players from China. The Bundeskartellamt does not just want to accept market power.

From Sebastian Tittelbach, WDR

For a few months now, one hears an abbreviation more frequently in the office corridors of the Federal Cartel Office: GAFA. They are the first letters of the really big ones: Google, Apple, Facebook and Amazon. And Bundeskartellamt President Andreas Mundt has all of these in his sights. “We are talking about the most powerful companies in the world. We’re getting very strong companies in China – so this is by no means an American event, it’s a global trend.”

New rules have been in effect since the beginning of the year

German competition law changed at the beginning of the year. Since then, the cartel watchdogs have been able to take action against Internet companies more easily. And the 400-person authority from Bonn does not shy away from tech giants from overseas worth billions. “It’s not about throwing sand in the machine”says head of the authorities Mundt. “Our aim is simply to end anti-competitive behavior at these companies.”

Amazon already had to reorganize its marketplace under pressure from the Federal Cartel Office. Amazon has given the smaller retailers who offer their goods there more rights. The Federal Cartel Office is currently taking a look at Apple. “We know what kind of universe Apple maintains, and I personally see it that way that restrictions of competition are possible”, so Mundt. “And now let’s see how this process develops.”

The pandemic is leaving its mark

The corona pandemic did not leave the Federal Cartel Office completely without a trace. In 2020, the investigators only went out for a single search – for reasons of hygiene, the head of the authorities said: “We were out last summer, and we’re honestly looking forward to going back out now, if the numbers allow.”

Even without searches, the Bonn authorities found enough evidence to punish companies. She imposed 349 million euros in fines last year. Half a billion less than in 2019, but still well above the long-term average. Above all, steel and aluminum forges, manufacturers of street sewer castings, such as covers made of cast iron or concrete, and wholesalers of pesticides have to pay. Elsewhere, the cartel watchdogs were more flexible because of Corona: in the automotive industry, for example, they approved collaborations between companies so that the supply chains did not collapse completely in the pandemic. “Then other cooperations are possible between companies where you might have concerns outside of the pandemic, then say in the pandemic: The economic situation is such that you can and must cooperate”, explains the head of the Cartel Office, Mundt.

High hopes, more work

He has great expectations of the new competition register, which was launched in the spring. “The competition register is simply about registering companies that owe something. Violation of minimum wage et cetera.” Such companies can be banned from public tenders for three to five years.

The Bundeskartellamt expects more work on merger control in the current year. Because of the pandemic, there could be more company mergers. The cartel office will examine such mergers without any corona bonus, announces the head of the authorities Mundt. Because when companies merge, it is usually forever – but hopefully not the corona pandemic

A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

background

Controversial herbicide glyphosate Checked and undesirable

As of: 23.06.2021 12:55 p.m.

A test report commissioned by the EU does not consider the weed killer glyphosate to be carcinogenic or dangerous to the genetic makeup. Nevertheless, the drug will probably disappear from the market in Europe.

From Michael Heussen, WDR

The specialist authorities from France, Sweden, Hungary and the Netherlands come to terms with glyphosate to a clear result : The pesticide is not carcinogenic, it does not damage the genetic material and it is neither dangerous for human organs nor for the hormonal balance. The four national authorities had assessed the safety of glyphosate on behalf of the European Commission on the basis of existing study results. You confirm the findings of test authorities around the world.

Nevertheless, it can be assumed that the drug will disappear from the market sooner or later. “Glyphosate is socially dead,” said a farmer official in the run-up to the farmers’ day in Berlin. The public had long since made its judgment – even with solid scientific arguments, the majority of consumers could not be convinced of the harmlessness of the substance. Since 2015, the judgment of the International Agency for Research on Cancer, which belongs to the World Health Organization (WHO), has been hovering over the evaluation process like a sword of Damocles: Glyphosate is “probably carcinogenic”.

“Very low probability”

It is hardly surprising that the glyphosate producer Bayer sees it differently and welcomes the positive study results that have now been published. The chemical giant, which with the US-American Monsanto group also took over its glyphosate-containing bestseller Roundup, also rejects another argument – that the herbicide threatens biodiversity.

“Evaluated scientific studies as well as publicly available research reports show only a very low probability that the proper use of glyphosate-containing pesticides has indirect effects on the biodiversity of most food chains,” says the company. For example, the effects on microorganisms living in the soil, worms, birds, pollinating insects such as honey bees, frogs and other amphibians as well as fish have been investigated, according to a Bayer spokesman. So could it happen that glyphosate may also be used in the European Union beyond the approval period that expires at the end of 2022? Much speaks against it.

The Bayer Group sees itself confirmed by the current audit at EU level. Image: dpa

Federal government expects glyphosate to be phased out by 2024

The Federal Environment Ministry, led by Svenja Schulze (SPD), firmly expects that no more glyphosate-containing pesticides may be used from January 1, 2024 at the latest after the end of the one-year transition period. “In agreement with the Federal Ministry of Agriculture, we continue to assume that the Federal Government (…) has decided to phase out glyphosate use in accordance with EU law,” it says WDR -Inquiry . About the corresponding amending regulation the Federal Council will decide next Friday. Until the end of the transition period, the application “may only take place if there are no alternative options, for example in the case of weeds that are difficult to control or areas at risk of erosion” – so it is in the voting proposal. Its use on areas that serve the general public, as well as in house and allotment gardens, is completely forbidden.

No further approval expected at EU level

Federal Minister of Agriculture Julia Klöckner (CDU) has also emphasized several times, a spokeswoman for her ministry told the WDR “It cannot be assumed that there will still be a majority after 2022 in favor of an extension of the glyphosate approval at EU level”.

In 2017, the dispute over glyphosate between the ministries almost led to a coalition crisis in Berlin. Because the former Agriculture Minister Christian Schmidt (CSU) voted “yes” in the responsible EU committee in Brussels , although the then Federal Environment Minister Barbara Hendricks (SPD) strictly against an extension of the approval for glyphosate was. The different evaluations of the current incumbents are not so obvious. But in the letters of reply to the questions of the WDR There are differences: “Glyphosate-containing pesticides are important for soil-conserving and water-saving cultivation of arable land, especially in areas prone to erosion,” writes the Klöckner spokeswoman. Schulze’s spokesman, on the other hand, emphasizes the dangers for biodiversity: “As a total herbicide, glyphosate destroys all plants indiscriminately and thus destroys the food and livelihood for many insect species such as butterflies and, indirectly, for field birds such as the skylark.”

EU assessment expected in 2022

At the European level, the European Food Safety Authority EFSA and the European Chemicals Agency ECHA will start public participation at the beginning of September – results are expected in one year.

Bayer AG continues to rely on the controversial herbicide. Europe does not play a major role as a sales market. The agricultural countries in North and South America are more important. In the USA around ten billion euros have to be paid in the context of a settlement to 96,000 plaintiffs who blame glyphosate for their cancer, and billions more will be due for future plaintiffs . Bayer therefore wants to limit its use for private customers – but Roundup should continue to be used in large-scale agriculture. Only the warning notices should be made clearly more visible. glyphosate The weed killer glyphosate was developed by Bayer subsidiary Monsanto and marketed under the brand name Roundup. The herbicide is also manufactured by other companies, as the patent has expired for years. Bayer is faced with around 9,300 plaintiffs because of the weed killer in the United States, as glyphosate is suspected of being carcinogenic. This is based on the assessment of the International Agency for Cancer Research (IARC), which classified the active ingredient as “probably carcinogenic” in 2015. The Bayer Group always emphasizes that glyphosate is safe when used properly and relies on a large number of scientific studies.

At the end of 2017, the EU Commission extended the approval of glyphosate by five years and now has to make a new decision. A first round of talks is to take place in September and then the EU member states will be involved. Against this background, the EU Commission commissioned the assessment group for glyphosate (consisting of the testing authorities in France, Hungary, the Netherlands and Sweden) to prepare a draft of the risk assessment. This 11,000-page draft was submitted to the European Food Safety Authority (EFSA) and the European Chemicals Agency (ECHA) in mid-June 2021. A final recommendation from EFSA can be expected in the second half of 2022 after the submission has been examined

Market power of Chinese companies Beijing takes on tech companies

Status: 23.06.2021 12:18 p.m.

Numerous large and valuable tech companies have emerged in China in recent years. The government did its best to promote the rise. In the meantime, however, the feel-good phase is over.

By Steffen Wurzel, ARD-Studio Shanghai A small coffee shop in Shanghai’s Jing’an business district. The shop is popular, a take-away coffee costs the equivalent of two euros, a bargain for this location. The fact that shopkeeper Wu Jialing is still worth it is because he can sell a lot of coffee within a short period of time. Customers pay by smartphone. You simply scan the QR code that is hanging next to the coffee machine. “Paying by app is incredibly fast,” says the shop owner. Serving the cash register, looking for change, washing your hands after contacting the cash register and cash – all of this is eliminated. Correspondingly more sales are possible.

Revolutionized dealing with money

The payment apps Alipay and WeChat-Pay have revolutionized the way money is handled in China within a few years. Instead of struggling with the mostly old-fashioned, complicated and sluggish state banks, most Chinese people now fully rely on the smartphone apps of the domestic fintech companies Ant and Tencent to handle their everyday financial transactions.

It is no longer just about cashless payments. The Alipay app can now also be used to take care of investments, insurance and old-age provision. That too weakens the role of the state banks. “In the area of ​​finance, China has developed from a very backward place to a global pioneer in terms of fintech,” explains Martin Chorzempa of the Peterson Institute for International Economics in Washington. Not only in the financial technology sector have new, powerful large corporations emerged in the country in recent years. There was also a start-up boom in other tech areas, financed partly by state and partly private venture capital.

Government rethinking corporate relationships

Whether online shopping, social media or delivery services: For years, companies such as Alibaba, Bytedance and Meituan have been able to rely on political and sometimes financial support from the government. But in the past few months the climate has changed, says Duncan Clark, head of the management consultancy BDA in the Chinese capital Beijing. “It seems that the government in China is rethinking its relationship with the big tech companies.”

Obviously, some of the big tech companies have grown too big too quickly for the communist leadership – and above all too powerful. The fact that cartel and supervisory authorities are taking action against the market power of large corporations such as Google, Amazon or Facebook is also true in Europe and the USA. But: “What makes the matter special in China are the outstanding position of the Communist Party and the tensions that exist again and again in China: Tensions between the large state corporations supervised by the CP on the one hand and the private sector on the other.” explains Clark.

Ant IPO stopped

These tensions became apparent in China over the past year. In several cases, the state and party leadership slowed down the emerging private companies. Ant, the parent company of the payment and financial services app Alipay, wanted to go public last November, for example. It would have been the largest IPO in world economic history. With him, the Chinese fintech company Ant would have collected around 30 billion euros. But two days before the equity debut in Hong Kong and Shanghai, the government surprisingly stopped the IPO. Ant does not meet certain regulations, it was announced. Further details: none. But in the following weeks it became clear that the cancellation of the Ant IPO probably came from the very top. China’s state and party leadership was apparently bothered by statements by Ant boss Ma Yun, alias Jack Ma, who said in a speech in Shanghai shortly before the planned IPO: “As far as the financial sector is concerned, we are still beginners in China. We do have Big banks – they are like big rivers. But what we mainly need are small lakes, ponds, streams and smaller rivers. ”

Open criticism crosses a red line

China’s financial system, previously dominated by large state banks, harbors risks, Ma criticized. That is unhealthy. A statement that many experts would endorse, but from the point of view of the communist leadership, the previously ubiquitous model manager had crossed a red line with his open criticism of the state banks.

The IPO of his fintech company Ant burst. Ma himself had to withdraw to a large extent from the public.

Several company directors resigned

“At first it was thought that this was all about Jack Ma because he was so open about himself, and about his company Ant,” says management consultant Clark, who has also written a book about the rise of Jack Ma. “But since then we have seen much more extensive crackdown by the authorities against large tech companies in China.”

Other prominent startup founders and tech billionaires resigned. For example, Zhang Yiming, the head of the TikTok parent company Bytedance, and Huang Zheng, who ran the emerging Chinese online shopping group Pinduoduo. The reasons for the resignations are unclear, but most industry observers believe government pressure played a role. “The Communist Party is profiting enormously from the consumption boom that all these tech companies have triggered in China,” Clark analyzes. “But this is not a one-way street. We see a certain double dependency between the CP and the tech companies: Both somehow need each other, but in the end the party says: ‘You need us more.'” It is becoming increasingly clear that China’s leadership is no longer allowing private tech companies to get away with as much as it has before. They too must submit to the Communist Party’s claim to leadership. Criticism will not be tolerated, however subtle it may be.

Lost 25 billion euros in one post

This was recently also experienced at the delivery service group Meituan, against which the antitrust authorities are investigating. Meituan boss Wang Xing posted a historical satirical text that is more than 1000 years old in early May. This text is about criticism of a former Chinese emperor. Some understood the post of the company boss and multi-billionaire as a hidden criticism of today’s rulers. The Meituan boss deleted the posted text, but Meituan’s stock market price plummeted by almost 15 percent, and the company lost around 25 billion euros in value in one fell swoop. The fact that Xing then donated around ten percent of his personal fortune, around 1.8 billion euros, to a charity is understood as an attempt at penance. “Many company bosses in China are currently examining how they can get rid of outstanding titles or even parts of their assets,” reports management consultant Clark. “It’s about behaving as inconspicuously as possible, no longer being the tallest tree in the forest. Because it is the first to be felled.”

A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

Car market Used car prices are rising rapidly

Status: 22.06.2021 2:17 p.m.

Because of the often long delivery times for new cars, the market for used cars is booming – also on the Internet. But consumers should pay attention to a few things, especially when buying online.

From Till Bücker, tagesschau.de

Buy or sell a used car from the comfort of your own home with one click: The online market for used cars is becoming increasingly popular. So it is not surprising that the Berlin trading platform Auto1 has risen to the MDAX. The company, which was founded in 2012, was only launched in early February dared to go public – with success. Because with 1.8 billion euros it was the largest IPO in Germany after almost one and a half years. The Auto1 Group claims to be Europe’s largest digital automotive platform with more than 450,000 cars sold last year. The company buys vehicles from private customers via wirkaufendeinauto.de as well as from dealers. These are then primarily passed on to other car dealers via auto1.com. But consumers have also been able to purchase new used vehicles through the Autohero brand since 2017. The private business is to be massively expanded with the fresh money from investors.

Semiconductor shortages delay deliveries

That could be worth it. Because according to calculations by the Metzler bank, the European market for used cars reaches around 600 billion euros. 2020 was due to long delivery times and falling demand for new cars during the Corona crisis a real boom . In July alone, according to figures from the Federal Motor Transport Authority, there were almost 750,000 car ownership transfers – more than ever before in a month and almost 100,000 more than in July 2019. This year, too, the transfers are well above the previous year’s figures.

The high demand is also reflected in the price development: During the prices for used e-cars have recently plummeted , the asking prices for used cars reached a new record high in May with an average of around 22,600 euros per vehicle. The buyers paid almost 200 euros more than in April and even around 2200 euros more than in May 2020, according to data from the online portal AutoScout24. Experts expect an increase as the semiconductor shortage is delaying the delivery of new cars worldwide and the supply of used cars is falling.

Platform growth opportunities

So far, however, only one percent of used cars have been sold online. “The used car market in Europe is still one of the last markets that go almost exclusively through brick-and-mortar retail,” said Tom Diedrich from the Metzler bank Deutschlandfunk . Therefore, there are still great growth opportunities for online platforms.

A first trend seems to be emerging. “We are seeing a real boom,” said Stefan Schneck, sales manager for the German market at AutoScout24. For example, the number of contacts made by potentially interested parties shot up by 40 percent at times in May. According to a current AutoScout24 survey of more than 1000 users, car fans see a good alternative to buying completely online: almost one in two (47 percent) would “definitely” or “maybe” order their car from the sofa. A year ago, only 35 percent of those surveyed were ready to do this.

Extreme bargains should make you suspicious

Buying a used car on the Internet has the advantage that interested parties can quickly and easily fall back on a huge range. A contract can be concluded at the push of a button, and the car is delivered to your doorstep. But regardless of whether it is on digital platforms such as Auto1 or via an exchange such as AutoScout24 or mobile.de, on which dealers or private individuals sell their vehicles directly: Consumers should pay attention to a few things when buying a used car.

First the price. For used cars, this depends on the model, year of construction, equipment, kilometers driven, wear and tear, extras and preferences. But how can a fair offer be recognized? “If you watch the market for your desired vehicle for a week or two, you get a very good feeling for a reasonable price,” explains Silvia Schattenkirchner, Head of Consumer Law at ADAC. Some exchanges such as mobile.de are now also giving ratings for offers from private individuals. Consumers should generally be cautious about extreme bargains. In addition, there is possible manipulation of the mileage. According to ADAC estimates, the so-called odometer has changed in every third used car. Verification is not easy. “It is best to have the mileage guaranteed,” advises Schattenkirchner. Otherwise, consumers could have repair invoices or TÜV certificates shown. Even comparing the kilometers driven with the year of construction is already informative in some cases.

Test drives essential

The expert considers test drives to be particularly important. “Buying a pig in a poke without a test drive, especially when it comes to used cars, is a big risk.” Only then should a contract be concluded. Schattenkirchner also advises against high down payments or other advance payments as well as purchases from abroad. In addition, consumers should be aware that contracts concluded online are also binding – for example by email. There are numerous scams on the Internet. The most common problems are listed on the website of the initiative “Safe car purchase on the Internet” from ADAC and the police crime prevention.

It is also not always easy for sellers of used cars. Platforms often promise higher prices than are ultimately paid. In order to find out how much one’s own car is still worth, the lawyer Schattenkirchner has two tips ready: “On the one hand, sellers can search for their own car and comparable offers. The other option are ADAC test centers.” Most of the time, only the initiation of business deals takes place on the Internet. “With mobile.de or AutoScout24 it is usually still the case that both parties are mediated,” said Schattenkirchner. The contract will still be concluded outside of the Internet. It remains to be seen whether the newcomer Auto1 will bring about long-term change

Sports car manufacturer What Porsche is planning for the electric future

Status: 06/22/2021 9:24 a.m.

As a rule, Porsche tests new technology first on the race track – including a new high-tech battery. Because there are no suitable batteries on the world market, Porsche will produce them in-house in the future.

From Tim Diekmann, SWR

If you sit in the new Porsche Taycan, you don’t have to do without the usual sound. Although the first fully electric Porsche should glide almost silently across the street, it sounds either like a bubbling sports car or – when accelerating – like an intergalactic rocket. Porsche calls this “Electric Sport Sound” – because the Swabian car manufacturer does not want to deliver its newest vehicle completely without sports car noises. The luxury sports car, which Porsche sold 20,000 times worldwide last year, is only supposed to be the beginning of an electromobility initiative.

High-tech battery made in Germany

In just two years, every third Porsche should be equipped with an electric motor – as a hybrid or fully electric. For this, Porsche needs lots of powerful batteries. But they are hard to find on the world market, says Porsche boss Oliver Blume: “We need high-performance cells for our electric sports cars. But we can’t find them anywhere at the moment. That’s why we develop and build these cells ourselves.” The first battery cells are expected to roll off the assembly line from 2024, initially for around 1,000 vehicles per year. “The focus will initially be on small series for racing and high-performance vehicles. In the future, however, this is not just about racing cars,” explains Blume at the official presentation at the Porsche Development Center in Weissach. In the first step, innovative technologies are usually only developed for a limited high-tech application, “but once the innovations have proven themselves there, they will gradually establish themselves across the board. That must be our goal. At Porsche, that’s what we call it Principle: from motorsport to series production. ”

Range model Tesla

For battery cell production, the Stuttgart-based company is working with the German company Customcells, which it claims to be a world leader in the development of lithium-ion battery cells. The joint venture operates under the name Cellforce Group.

According to automotive expert Stefan Bratzel from the Center of Automotive Management in Bergisch-Gladbach, it is logical that, after Volkswagen, Porsche is now also relying on the production of its own battery cells: “The battery cell accounts for the largest part of the car’s added value, and it has a lot of innovation potential . Automobile manufacturers who develop competencies in this area have a long-term competitive advantage. ” According to Bratzel, Porsche should not chase after the competition for the US electric car manufacturer Tesla, but rather must lead the way as an innovator.

New battery technology promises many advantages

According to the head of electrochemical energy technologies at the Center for Solar Energy and Hydrogen Research in Baden-Württemberg (ZSW), Markus Hölzle, the batteries as we know them today should still develop their potential: “Everything can, must and will be improved Above all, however, the cost of battery cells must be reduced further. And the energy density must also increase so that the batteries become more compact. ” The ability to recharge quickly is also important. To do this, Porsche wants to work with so-called silicon anodes, which “has two major advantages over the previously used carbon: it improves the ability to charge quickly and increases the energy content,” explains Hölzle. But now Porsche must first show that they can do it.

But while Porsche is still planning the future, competitor Tesla is already building the world’s largest battery cell factory in Grünheide near Berlin and promises a production capacity of 100 gigawatt hours per year, a thousand times as much as Porsche’s subsidiary Cellforce Group.

Climate neutral by 2030?

The focus on e-mobility and the setting of climate targets is an important step for the brand, emphasizes car expert Bratzel. “Porsche is a brand that nobody really needs, but many people want to have it because of its positive image. And I believe that it is becoming more and more important for the Porsche clientele in particular to say: ‘I have a sports car and still drive in a climate-friendly way . ‘”

Climate protection has long since become an image factor. This also shows the ambitious goal of the Swabian car manufacturer to be “balance sheet CO2-neutral” by 2030 and thus earlier than Daimler (planned for 2039) or Volkswagen (planned for 2050).

Environmentalists are skeptical

The environmental protection organization Greenpeace is skeptical whether Porsche will really be climate-neutral by 2030. “Unfortunately, ‘climate-neutral’ on the balance sheet ‘usually means that in the end generously cheap CO2 credits are bought from offsetting projects instead of consistently reducing CO2,” says Benjamin Gehrs from Greenpeace. With its large SUVs, Porsche consumes an unnecessarily large amount of resources. Porsche must also get out of the business with climate-damaging diesels and gasoline engines faster and more consistently than before.

So will the Porsche 911 possibly soon hit the streets as an electric car? Unlikely. In addition to battery cell technology, Porsche is also working on the development of synthetic fuels, so-called eFuels, which are to be produced using renewable electricity. Artificial sports car sound, as in the Taycan, is then unnecessary. At Porsche, the first step is to advance research in the field of battery cell development. The federal and state governments support the project with 60 million euros

Heil is promoting training bonuses There should be no “Corona vintage”

Status: 06/22/2021 05:07

The second year of training since the beginning of the corona pandemic begins in September. The federal government supports training companies with training bonuses, but Labor Minister Heil is still worried about a corona kink on the apprenticeship market. Federal Labor Minister Hubertus Heil sees the German training market facing a critical phase after months of the pandemic. The number of apprenticeships like applicants had already decreased last year, said the minister. Figures from the Federal Institute for Vocational Education and Training prove this. The test comes this summer, “Heil told the Funke media group. “We are currently fighting the clock as the training year begins on September 1st.” It is clear: “We are not allowed to allow a Corona class in training.”

6000 euros bonus per apprenticeship position

Many companies were hesitant at the moment because they believed they could not afford apprentices at the moment. Heil called on companies to make greater use of state support offers such as the training bonus. The bonus has been approved for almost 40,000 training positions since last summer.

Heil pointed out that the new protective umbrella for training has been in place since the beginning of June. The premium was also doubled in March. Companies affected by a pandemic that keep their training quota have been receiving EUR 4,000 per apprenticeship position since the beginning of June, and EUR 6,000 for new trainee positions.

According to the Federal Ministry of Labor, the program has a total volume of 410 million euros for the current year. By mid-June, around 88 million euros, almost a fifth, had been paid out

“Our e-commerce live broadcast competition this time has a slightly different format. The contestants need to go through the fan accumulation and platform-related data of the preliminary live broadcast to enter the finals. Part of the final results comes from the income from the goods, and all the goods with the goods come from the platform. A mall opened for the competition.” As the organizer of the competitionprincipalAccording to the introduction of Fan Chunfeng from the e-commerce major of the School of International Economics and Trade, the live contest is held on the e-commerce platform “Happy Grapefruit” of the school-enterprise cooperative enterprise. Everyone starts from scratch, which reflects the fairness of the competition. There is a lot of room for players to play,”It is more difficult to bring goods without physical objects. Fans do not pay for it. They rely on their true ability.”

“The throat is going to explode””I didn’t expect the live broadcast to be so tired””Experienced the difficulty of a teacher in class”…In order to accumulate fans during the preliminary round, PlayersDo everything possible, there isThe use ofSaid cross talk, singing, dancing and other ways to perform talents to attractFans；someLiveInteract with fans in a chat, a chat lasts a few hours.

“Live streaming is not as simple as imagined. Everyone thinks that as long as they look good and hold the products, they can sell explosive products. Only after trying it will you know that it is not easy..”The “Erhu Sisters” combination composed of Hu Hui and Hu Lingling won the first place with the highest sales record within 2 hours of the final and the comprehensive scores of the judges.

“Just startedWe don’t know how to drain, Can only talk awkwardly, The live broadcast room is not very popular. After watching a lot of professional instruction videos and asking professional teachers on some platforms, we began to pay attention to the current Internet boom, and found our unique style, which gradually allowed us to have a good interaction with fans.Because there is no physical goods in the finals, the selection is particularly important. Some people choose high-priced products for performance, and we choose products below 50 yuan and the top online sales rankings. First, there is a wider audience and we don’t need to introduce the characteristics of the product too much. Second, because it is cheap, everyone places an order. It’s also more refreshing…”Speaking of the competition, the “Erhu Sisters” have a lot of experience.

“We found a lot of good’saplings’ in this game.” Huang Wenjian, chief operating officer of the school-enterprise cooperative enterprise “Happy Pomelo”, provided by the live broadcast competition platform, shuttled between the live broadcast rooms frequently during the competition. He said that the live broadcast industry will be In the future for a long period of time in the dividend industry, but the current gap in e-commerce live broadcast talents is very large. Through this opportunity, in addition to allowing students to truly practice the e-commerce’s Internet business thinking of “showing-gathering people-realizing”, experience In addition to thinking and practicing different from traditional business, I also want to establish a live broadcast talent pool in colleges and universities, and explore a new mode of school-enterprise cooperation live broadcast talent training with schools that integrate industry and education.

“Ningcai’s graduates have grown rapidly in our company. As one of the judges of the live broadcast competition, we also hope to find more and better young people to join!” There are also well-known enterprises in Ningbo who heard the wind. .

“As soon as the competition is over, Boyang Home Textiles intends to sign a group of our players.” Fan Chunfeng said that two other local companies heard that the school held a competition and also came to inquire, wanting to see if there are suitable live broadcast talents. And offered a favorable condition of monthly salary of more than 10,000 yuan.

It is reported that Ningbo Institute of Finance and EconomicsE-commerce professionalAlwaysPay attention to the cultivation of students’ professional qualities and skills, and in recent years have continued to deploy and exert efforts in live broadcast e-commerce and new media e-commerce,Continue to deliver high-reputation e-commerce professionals to the enterprise and society.

“Since last year, the popularity of live broadcast e-commerce and new media e-commerce has continued to increase, which poses new challenges to the training of e-commerce professionals.Live broadcast is only a manifestation of e-commerce. Behind this form is the solid operating skills of e-commerce merchants, super data analysis and product selection capabilities, and a flexible and plastic supply chain. Therefore, live broadcasts are fine for a while, but letting every live broadcast create value is the professionalism that telecom merchants must continue to cultivate.”The schoolWang Rui, Dean of the School of International Economics and TradeSay

Farewell to the hustle and bustle of the city and enter the experimental field for rice transplanting

June is the annual seedling planting season. Parents and families accustomed to city life enthusiastically signed up for this activity and came to the Zhuangxing Comprehensive Experimental Station of the Shanghai Academy of Agricultural Sciences in Fengxian District to get close to nature and visit the experimental field in the atmosphere of agricultural scientific research. , Agricultural greenhouses, laboratory buildings.

To commemorate the “Father of Hybrid Rice” Academician Yuan Longping, this science night specially planned the “Parent-Child Fun Rice Planting” session. Although it was raining, under the guidance of professional scientific research teachers, he rarely did farm work on weekdays, or even did it. Parents and children in the field are enthusiastic, sow their own rice seedlings by themselves, get close to the green and work hard, experience the magical vitality of seedlings, and learn about the difficulty of food research and development, production, sowing and harvesting.

After experiencing the hard work of the field, and seeing the process of rice turning into rice, the children can taste the taste of the latest rice and corn cultivated in Shanghai. At the site of the Zhuangxing Comprehensive Experimental Station of the Academy of Agricultural Sciences, in order to celebrate the 100th anniversary of the founding of the Communist Party of China, a large-scale colored rice field with a length of 200 meters and a width of 100 meters was specially designed and planted, and the participating audience was invited to take photos with it. The audience participating in the event also met the breeders from the Municipal Academy of Agricultural Sciences, listened to the story of rice growth, and learned about the mentality of scientific researchers.

The development of “little breeder” in the Quest Lab In the afternoon and night events of this science night, a fun science interactive session was set up to develop a “little breeder”. Participants were invited to enter the Fengpu campus of the Shanghai Academy of Agricultural Sciences to explore the secrets of crop breeding and cultivation. Institute, communicate with researchers and laboratory science breeders. The site will be equipped with a microscope to observe the microscopic world, experiment with species, learn the use of centrifuges, experience rice DNA extraction and other scientific experiment interactions. Teenagers will be invited to complete scientific tasks, learn laboratory knowledge by themselves, and become children through understanding basic scientific research. Little agricultural scientist! Have you seen instant corn in different colors? What are the miraculous research and development achievements of rice, grain and oil? There will be an explanation and interactive session at the event site, and the instructor will take you around the session. The artificial climate room with a high temperature and constant temperature environment, the interesting edible fungus scientific research building, the flower greenhouse, and the breeding laboratory will find answers to all kinds of questions in the heart. As a popular brand event of the Shanghai Science and Technology Festival, the Science Night in 2021 will also enter more popular science venues, scientific research institutes, and popular landmarks in Shanghai, leading the public to play science and promote it in a happy atmosphere where parents and children are holding hands. The spirit of a scientist, to perceive the mystery and splendor of science. Dongfang.com reporter Cao Lei reported on June 21: Braving the heavy rain, he walked into the experimental field to plant seedlings, clocked in the large-scale colored rice fields, explored the laboratory to complete scientific research tasks, learned about the latest corn, grain, oil, vegetables and fruits cultivated in Shanghai, and cherished the enthusiasm for science. To commemorate Academician Yuan Longping and thank the scientific researchers for their hard work and cultivate the scientific awareness of young people in loving food and saving food. Focusing on the theme of “holding the rice bowl firmly in one’s own hands”, the 2021 Science Night recently held a special event at the Municipal Academy of Agricultural Sciences. Farewell to the hustle and bustle of the city and enter the experimental field for rice transplanting June is the annual seedling planting season. Parents and families accustomed to city life enthusiastically signed up for this activity and came to the Zhuangxing Comprehensive Experimental Station of the Shanghai Academy of Agricultural Sciences in Fengxian District to get close to nature and visit the experimental field in the atmosphere of agricultural scientific research. , Agricultural greenhouses, laboratory buildings. To commemorate the “Father of Hybrid Rice” Academician Yuan Longping, this science night specially planned the “Parent-Child Fun Rice Planting” session. Although it was raining, under the guidance of professional scientific research teachers, he rarely did farm work on weekdays, or even did it. Parents and children in the field are enthusiastic, sow their own rice seedlings by themselves, get close to the green and work hard, experience the magical vitality of seedlings, and learn about the difficulty of food research and development, production, sowing and harvesting. After experiencing the hard work of the field, and seeing the process of rice turning into rice, the children can taste the taste of the latest rice and corn cultivated in Shanghai. At the site of the Zhuangxing Comprehensive Experimental Station of the Academy of Agricultural Sciences, in order to celebrate the 100th anniversary of the founding of the Communist Party of China, a large-scale colored rice field with a length of 200 meters and a width of 100 meters was specially designed and planted, and the participating audience was invited to take photos with it. The audience participating in the event also met the breeders from the Municipal Academy of Agricultural Sciences, listened to the story of rice growth, and learned about the mentality of scientific researchers. The development of “little breeder” in the Quest Lab In the afternoon and night events of this science night, a fun science interactive session was set up to develop a “little breeder”. Participants were invited to enter the Fengpu campus of the Shanghai Academy of Agricultural Sciences to explore the secrets of crop breeding and cultivation. Institute, communicate with researchers and laboratory science breeders. The site will be equipped with a microscope to observe the microscopic world, experiment with species, learn the use of centrifuges, experience rice DNA extraction and other scientific experiment interactions. Teenagers will be invited to complete scientific tasks, learn laboratory knowledge by themselves, and become children through understanding basic scientific research. Little agricultural scientist! Have you seen instant corn in different colors? What are the miraculous research and development achievements of rice, grain and oil? There will be an explanation and interactive session at the event site, and the instructor will take you around the session. The artificial climate room with a high temperature and constant temperature environment, the interesting edible fungus scientific research building, the flower greenhouse, and the breeding laboratory will find answers to all kinds of questions in the heart. As a popular brand event of the Shanghai Science and Technology Festival, the Science Night in 2021 will also enter more popular science venues, scientific research institutes, and popular landmarks in Shanghai, leading the public to play science and promote it in a happy atmosphere where parents and children are holding hands. The spirit of a scientist, to perceive the mystery and splendor of science

(Picture source: “Aohua Finance Online”)

ASX200 Today’s chart

The turnover of ASX stocks reached 5 billion shares today, a slight increase from yesterday, and the turnover reached 14.3 billion Australian dollars, a substantial increase from yesterday. 749 stocks rose, 608 fell, and 435 closed flat.

The Australian dollar fell all the way from 76.42 US cents last night to the lowest of 75.40 US cents and then consolidated around 75.50 US cents. This afternoon, it fell sharply and rapidly again, reaching as low as 75.11 US cents and then rebounding. As of press time, it rebounded to 75.41 cents.

From the perspective of the disk, the rebound in the technology sector helped the Australian stock market to rise for the fifth consecutive week. company news: As far as this week is concerned, the four major banks collectively closed up. Among them, Commonwealth Bank’s share price climbed 2.3% to 103.69 Australian dollars, Westpac rose 2.2% to 26.88 Australian dollars, National Bank and ANZ Bank recorded gains of 1.5% and 2.6%, respectively. The plate closed at 26.87 Australian dollars and 28.98 Australian dollars respectively. The technology sector performed the best this week. The sector’s performance at the beginning of the year was disappointing, but the trend was strong throughout June. In this sector, the “buy first, pay later” giant Afterpay’s share price soared 10.5% to 114.40 Australian dollars, while its competitor Zip soared 13.8% to 8.14 Australian dollars. Accounting software company Xero and web-as-a-service company Megaport saw gains of 6.1% and 9.1% respectively, closing prices at A$142.25 and A$17.60 respectively. The health care sector also performed well this week. Among them, blood products giant CSL’s share price climbed 3% to 305.52 Australian dollars, respiratory equipment manufacturer ResMed soared 12.5% ​​to 31.91 Australian dollars, medical company Sonic Healthcare soared 6.2% to 37.81 Australian dollars, cochlear implant production. Cochlear rose 4.8% to 246.72 Australian dollars, medical imaging company Pro Medicus and biotechnology company Mesoblast saw huge increases of 10.9% and 7.9%, respectively, to close at 55.81 Australian dollars and 2.32 Australian dollars. Major miner stocks led the decline this week, as the Fed’s unexpected hawkish stance hit commodity prices this week. In this sector, BHP Billiton shares fell 5% to A$123.47, Rio Tinto fell 1.2% to A$123.47, FMG and South32 saw declines of 3.4% and 5.8%, respectively, with closing prices of A$22.42 and A$2.78 respectively. Gold mining stocks are one of the worst-performing sectors this week, because the price of gold plummeted after the Federal Reserve meeting. In this sector, Newcrest fell 8.4% to 25.96 Australian dollars, Northern Star fell 13.9% to 9.90 Australian dollars, Evolution fell 8.1% to 4.67 Australian dollars, Ramelius and Westgold saw declines of 7.9% and 8.5% respectively, and closed at the end. 1.75 Australian dollars and 2.05 Australian dollars. Supermarket giant Coles’ shares fell 1.9% to A$16.36. Previously, the company announced an additional A$300 million investment in fiscal year 2022 to accelerate the automation of its distribution centers. Coal giant Whitehaven Coal’s shares plunged 9% to A$1.91. Previously, the company lowered its production forecast, saying that coal production this fiscal year will be lower than previously expected. Reference: Australian Financial Review Disclaimer: This article is a financial observation and commentary and does not constitute any investment advice. Please ask professionals for trading operations or investment decisions. (Solemnly declare: ACB News “Australia Finance Online” reserves all copyrights for articles marked as original. Please indicate the source in any form of reprint.) More information 1 The Fed expects to raise interest rates, the Australian index will fall, most sectors have fallen by more than 1%, and technology stocks have risen against the market 2 China’s release of bulk commodity inventories, miner stocks and pressure on bank stocks, strong market and new highs 3 The Australian Index hit a record high driven by U.S. stocks, many stocks set new records, and technology stocks continued to rebound 4 This week, the market continues its strong new high. The technology sector is struggling to catch up with travel stocks, disappointing 5 The Australian index rose above 7,300 for the first time, and the real estate sector led the gains and the energy sector was weak 6 U.S. stocks are unreliable, and the Australian index declines, technology stocks fall, and miner stocks rise against the market

China Times (www.chinatimes.net.cn) reporter Lu Xiao reports from Beijing
The new life (Love Recycling) who is engaged in the second-hand electronics business rang his own bell to go to the United States.
On the evening of June 18, Wanwu Xinsheng announced that it would first publicly issue approximately 16.23 million ADS shares and begin trading on the New York Stock Exchange on June 18, U.S. stock time. The price of ADS is 14 US dollars per share, and the total issuance scale is approximately 227 million US dollars.
Love Recycling was established in 2011. At the end of May this year, the renamed Wanwu Xinsheng Group submitted a prospectus for the US.
According to the prospectus, as of March 31, 2021, the overall revenue of Wanwu Xinsheng Group in the past 12 months was 5.68 billion yuan, a year-on-year increase of 49.4%. In 2020, its overall revenue was 4.858 billion yuan, a year-on-year increase of 23.5% compared to 2019.
However, despite the increase in income, the new life, which was founded ten years ago, is still at a loss.
The prospectus shows that from 2018 to 2020, the net losses of New Life will be 208 million yuan, 705 million yuan, and 471 million yuan, totaling about 1.4 billion yuan. In the first quarter of this year, Wanwuxinsheng’s loss was close to 95 million yuan.
According to a reporter from China Times, the main business lines of New Life include the C2B mode of Aihui, B2B mode of shooting, C2B mode of shooting and overseas-oriented AHS Device four major businesses.
“China Times” reporters previously learned from Wanwu Xinsheng that among its 70,000 orders a day, the most profitable is the B2C business that trades more than 10,000 units a day. According to the reporter’s understanding, Wanwu Xinsheng’s B2C business came from the merger with Jingdong’s second-hand trading platform “Pai Pai” in June 2019.
However, compared to the more profitable C-end market, the revenue of All New Life mainly depends on the B-end market. The prospectus shows that Wanwuxin’s revenue is divided into self-operated product revenue and platform revenue. Among them, the revenue of self-operated goods in 2020 is 4.24 billion yuan, accounting for 87% of the total income of the new life. Among them, 88% of merchandise sales are sold to second-hand merchants on the B-end through Paijitang. In addition, the revenue of the B2B platform also reached 280 million yuan in service revenue.
Wanwu Xinsheng’s public financing record before the IPO stayed in the F round. Before the IPO, JD.com held a 34.7% stake in Wanwu Xinsheng, making it its largest shareholder. Its founder Chen Xuefeng holds 10.9% of the shares. When it completed the E+ round of financing of more than 100 million U.S. dollars led by JD.com in September last year, Chen Xuefeng once told reporters such as China Times, “The valuation of Aihuishou must be properly based on 40, 50 IPOs will be considered only on the volume of 100 million U.S. dollars.” However, based on a rough calculation of the price of 14 U.S. dollars, the market value of New Life is less than 4 billion U.S. dollars.
Behind the “anxious” listing of Wanwu Xinsheng, its own hematopoietic ability still needs to be improved. In 2019, 2020 and the first quarter of 2021, its operating cash flow was -62716,600 U.S. dollars, -63,016,600 U.S. dollars and -46,174,400 U.S. dollars. As of March 1, 2021, the cash and cash equivalents on its accounts were only 100 million U.S. dollars.
What needs to be mentioned is that Wanwu Xinsheng stated in the prospectus that the net proceeds from the IPO will be mainly used to further improve technical capabilities, provide more diversified platform services, expand the network of Aihuishou stores, and develop new platforms for the auction platform. Sales channels and used for working capital and general corporate purposes.
As of March 31, 2021, Wanwusheng operates 755 offline stores in 172 cities in China. Among them, 753 are love recycling shops and 2 are photo shops. At the same time, AHS Device, the overseas business brand of Wanwu Xinsheng, also covers Hong Kong, the United States, Japan, India and other regions

After interim analysis CureVac defends its vaccine

Status: 06/18/2021 10:19 a.m.

Although an interim analysis of the CureVac vaccine only showed an effectiveness of 47 percent, company boss Haas does not want to know anything about a failure. He is hoping for further tests so that the vaccine will be ready for the market after all. The negative news for the Tübingen company CureVac continues. At first, the company lagged behind the competition in developing its corona vaccine. Then the company went late to the crucial phase 3 to test its vaccine – at that time there were already several variants of the coronavirus. The next bad news followed yesterday: CureVac announced in a mandatory stock market announcement that, according to an interim analysis, its corona vaccine had a preliminary effectiveness of 47 percent against Covid 19 disease “of any severity” have. The value is significantly higher for the other preparations approved in the EU.

“Wild type hardly plays a role anymore”

Company boss Franz-Werner Haas has now gone on the offensive. He defended the company’s corona vaccine against the dpa news agency. No other vaccine has been tested on so many virus variants, he said.

“In fact, it is actually not correct to compare the number of the provisional effectiveness of our corona vaccine and the numbers of the effectiveness of other vaccines”said Haas. The study on the corona vaccine candidate CVnCov contained 29 virus variants. The original virus, the wild type, hardly plays a role anymore. “The efficacy figures for the other vaccines would probably look different if their studies had been carried out at a later date.”

Degree in three weeks

The Tübingen-based company would like to complete the analysis of the data from the final study phase in the next two to three weeks. Haas was convinced that the effectiveness of the vaccine would change again. As soon as this has been completed, CureVac will advise the EMA as to whether further data is required.

The company remains convinced that it will bring its vaccine to approval. According to Haas, even a possibly relatively low effectiveness should not stand in the way. “In view of the pandemic, it can only be said: If there is an effective vaccine, it should also be used.” Haas also referred to the numerous developing countries in which little or no corona vaccines are currently available. The scientific director of the vaccine study at CureVac, Peter Kremsner, believes that it will certainly be possible to make the vaccine operational. In an interview with the BR he said: “That will work for sure. From my point of view, this will not be possible in the next few weeks. But it will be possible to prepare the vaccine so that it can be very effective.”

“It was a noble cause”

The SPD health expert Karl Lauterbach estimates that the setback when entering the market will contribute to the vaccination campaign losing pace for two to three weeks. The promise of the federal government to make a vaccination offer to all adults by the end of the summer is not at risk. “We will reach herd immunity in mid-September”said Lauterbach in the daily topics .

Lauterbach pointed out that the CureVac serum is the “noble” I wanted to be a cheap and very effective vaccine. It would have been predestined for poorer countries. The EU had promised 400 million doses of CureVac to poorer countries. Lauterbach assessed it as a tragedy that this delivery has now been canceled.

No withdrawal of the investor

The announcement of the preliminary effectiveness had caused a drastic plunge in the stock exchange price of CureVac. Investor Dietmar Hopp still believes in the company. He will definitely stay as an investor, he said “Munich Mercury”. He is a firm believer in the company.

The federal government is also holding on to its stake in CureVac, as the Ministry of Economic Affairs said. Last year, he entered CureVac through the KfW development bank with 300 million euros and, according to KfW, holds a share of 16 percent. The federal government has no influence on the operational business, explained the ministry spokeswoman

At that time, Red Bull China was already a leader in the functional beverage market, but the retail price of 6 yuan was relatively high. For many young consumers, the demand was not fully met. Lin Muqin saw the pain points in the market and hit the price tag. The market price of Dongpeng specialty beverages was only about 3 yuan. In 2012, as a model market for Dongpeng Special Drinks, Dongguan’s sales also exceeded the 100 million yuan mark, starting a national journey from then on. In terms of advertising, Lin Muqin once again learned from Red Bull. It just so happened that in 2013, Red Bull changed the slogan, “Drink Red Bull when tired and sleepy” was abandoned, and this advertisement that has been running for 8 years has already been deeply rooted in the hearts of the people. As a result, Dongpeng then issued the slogan “You must wake up and fight when you are young! Drink Dongpeng special drink when tired and sleepy”. At the same time, it signed Nicholas Tse as the brand spokesperson for Dongpeng special drink, officially with a younger brand image. Promote to the whole country. And Dongpeng Special Drink was once regarded as a “Red Bull imitator” because of its advertising slogan and packaging. Of course, Lin Muqin has also broken out his own advertising and marketing routines, such as bottle cap scanning, dust caps on bottles, and “Band-Aid” advertisements on video websites, all of which were pioneered by Dongpeng Special Drink. Lin Muqin said, “We are thinking about and studying the advertising cases of each brand in the video website every day, including the source of each advertising creative and the original intention of advertising, what kind of advertising format can resonate with consumers, and whether there are other more Good presentation method. Only by personally researching and analyzing in-depth can we dig out the truly effective forms of advertising and the truly valuable advertising content.” In 2018, Dongpeng Special Drink also replaced Red Bull as a sponsor of the Chinese Super League and increased its sports marketing efforts. In 2021, Dongpeng Special Drink will once again implant the brand in the movie “Chinatown Detective 3” to continue to seize the young consumer market. At present, Dongpeng Special Drink has become a brand second only to Red Bull in the market share of energy drinks. In 2020, the company achieved total operating income of 4.96 billion yuan, a year-on-year increase of 17.8%; net profit attributable to the parent company was 810 million yuan, a year-on-year increase of 42.3%. Among them, energy drink revenue accounted for 80.5%. Dongpeng Beverage has now formed production bases in Guangdong, Anhui, Guangxi and other major regions across the country, with more than 1,000 distributors and a sales network covering approximately 1.2 million terminal stores across the country. The rise of Dongpeng Special Drinks, in addition to the company’s own factors, is also inseparable from the boosting role of industry development. In recent years, people’s attention to food safety and health issues has led to a further increase in the market share of functional beverages. It is reported that from 2014 to 2019, the compound growth rate of energy drink sales will reach 15%, which is one of the fastest-growing sub-categories in beverages, which benefits well-known brands in the industry. Compared with the strong development of Dongpeng Special Drink, Red Bull’s development momentum in recent years does not seem to be very strong. Public information shows that in 2015 and before Red Bull’s market share in the field of functional beverages was as high as 80%, but it began to shrink in 2016, and it has fallen to 54.90% by 2020. After years of trademark disputes, Red Bull’s market share has gradually become a rising star. Cannibalize. Public information shows that my country’s energy drink industry has developed over the years. In addition to Red Bull and Dongpeng Special Drinks, many brands including Lehu, Physique Energy, Rejuvenation, and Qili have joined the competition. At the same time, with the rapid development of the industry, in recent years, large companies such as Uni-President, Amway and Yili have launched their own, which has intensified industry competition. However, many investors believe that Dongpeng Beverage has gradually distanced itself from the third and fourth largest competitors and established a brand moat. In addition, energy drinks still maintain a high growth rate of market demand, which has also led to the enthusiasm of Dongpeng Beverage’s share price. Today, with the listing of Dongpeng Beverages, Lin Muqin has become another rich man in the beverage industry. Data shows that Lin Muqin directly holds 49.74% of the company’s shares. Based on the total market value, he holds a stock market value of up to 45.7 billion yuan. In Lin Muqin’s view, the company’s listing is just another new starting point. Let us look forward to the future development of Dongpeng Special Drink

▼ Xiaobian’s real shots 01 Rare joint name In the past, it was only cool in the computer The newly unveiled joint shoes are from NBA 2K21 versus PUMA Hand in hand PUMA Court Rider 2K . As a pair of actual basketball shoes equipped with PUMA’s new cushioning system, they received extremely high praise as early as the beginning of their debut. Signed with PUMA at the age of 19 LaMelo Ball Has been the first to play in the game, and I like to mention it recently “Rookie of the Year” ! ▼ LaMelo Ball takes the lead The joint name is based on the PUMA Court Rider shoe model, adding extremely vibrant colors to the white main tone shoe body. While reflecting the sense of retro sports, it also fits the cool style of the NBA 2K series of games. The material still inherits PUMA’s consistent high specifications, the toe cap is wrapped with leather material, and the upper is made of dense fabric. The middle of the shoe body is made of leather, rubber and other materials, blue PUMA Logo Under the yellow background color, it is low-key and highlights the temperament. Large area of ​​upper part Mono gauze The combination of covering, green shoelace perforations and yellow PUMA logo is quite eye-catching. The tongues of the left and right feet are respectively oversized “2K” as well as “twenty one” The words show the joint identity.

The heel position is gray, white and Sao pink dress up , The PUMA jaguar Logo is dotted in the middle to brighten the details of the whole pair of shoes. On the insole 「2K21」Logo as well as PUMA Basketball Mascot The shape is also a symbol of joint identity. The PUMA Court Rider, officially unveiled this year, is equipped with a full sole modified for basketball shoes. Rider Form material midsole . Lightweight, cushioning, and rebound are all reasons why PUMA Court Rider is highly acclaimed. Finally, it is equipped with a rubber outsole to fully ensure wear resistance. At the same time, the vertical and horizontal uneven texture design can meet the grip requirements of different parts of the foot Excellent non-slip which performed. 02 Good looks, good foot feeling Absolutely handsome and Can hit Watching the new PUMA Court Rider 2K change from virtual network to within reach, it feels quite magical. The retro styling is matched with refreshing white and the color with a sense of gaming. It is very Suitable for feet in summer . The first feeling on the upper foot is the proper wrapping of the half palm inner boots, and the improved and adjusted tongue is also quite fit. In terms of size, I will test it by myself The size is right . Thanks to the improved Rider Foam cushioning technology in the midsole, the whole pair of shoes are both lightweight and adequate Cushioning, rebound, support effect. At the same time, the forefoot designed on the outer edge is wide enough to adapt to more foot shapes while playing the role of preventing rollover and stabilizing support. The low-cut design is quite flexible at the ankle, and it will not be procrastinated whether it is starting or stopping. The built-in stabilizer on the heel and the dynamic shoelace system can also lock the ankle, for actual combat Provide adequate protection . In addition to shoes, the PUMA x 2K joint series also includes a series Theme clothing , Covering long and short sleeve T-shirts and eye-catching 2K21 printed two-color hooded sweater. Friends who want to break the virtual barriers to wear on the Internet can prepare to dent the shape! If we want to be “handsome and able to play”, we still have to watch PUMA! 03 Be the first to launch offline Follow-up color matching has to be picky again Finally, I will bring you the details of the new PUMA Court Rider 2K! June 21 That is today, the PUMA x 2K joint series will be in Tianjin COLOUR Equatorial Road Store Limited lottery sale. Already started “PUMA x NBA 2K Contest” The finals of the competition will also start today. Those who have the conditions may wish to go to the scene to watch the game. ▼ PUMA x NBA 2K offline competition In addition to the Tianjin COLOUR store on Chifeng Road, PUMA official website, national PUMA offline stores It will also be unveiled at the same time, you can also click below Mini Program Card Get started now! In addition to the PUMA Court Rider 2K that I opened today, PUMA will soon launch more color schemes for Court Rider! In addition to rich theme color matching, summer color matching, and classic animation IP joint names, you must pay more attention! ▼ A lot of special colors

More and more electric cars Boom for Battery manufacturer

Status: 06/17/2021 10:13 a.m.

The growing number of e-cars on the streets is causing the battery market to grow strongly. One EU country in particular can catch up significantly with its Asian competition.

From Oliver Feldforth, MR

For years it was talked about, now the boom in electric mobility really seems to be there. Electric cars are very popular at a leading Frankfurt dealership. One seller says that what is delivered to him can also be easily sold.

The electric cars have contributed to the fact that the corona pandemic could not harm the battery market in Germany. Last year there was an increase of 35 percent. “Above all, the volume of the market for lithium-ion batteries has increased enormously,” says Christian Eckert from the Central Association of Electrical Engineering and Electronics Industry ZVEI. Overall, this segment grew by 63 percent. And that is mainly due to electromobility.

The recycling rate should increase

A battery is only as green as the material and the electricity used to make it. Even the electric car is only as green as the electricity with which it is charged. When it comes to battery recycling, German industry is on the right track, said Christian Rosenkranz, Chairman of the ZVEI Batteries Association. The recycling rate for classic batteries is 80 to 90 percent, while it looks worse for lithium-ion batteries, which are in increasing demand. The industry wants to achieve a rate of 65 percent in four years.

Environmentalists see a need for action. “It is not only in Germany that we have to set high social and ecological standards for the production of batteries,” says Benjamin Stephan from Greenpeace. “The car manufacturers are responsible for this, but politics must set clear rules for all companies.”

Poland leads the way in Europe

Germany imports batteries. The manufacturers from Europe overtook the Asian competition for the first time last year. In Europe, Poland is the leading producer, in Asia it is China, according to Christian Eckert from the ZVEI.

And electromobility will continue to grow. Volkswagen sees it that way too. The car manufacturer plans to set up six battery cell plants of its own in the next few years. According to Ralf Brandstätter, head of the Volkswagen brand, by 2030 at least 70 percent of all new Volkswagens in Europe should be electric vehicles, in North America and China more than half.

Solid-state batteries as the technology of the future

The decision as to which drive for cars comes after the classic combustion engine seems to have been decided for the time being. “The battery-electric drive is the most efficient and significantly more economical than fuel cells and combustion engines,” said Benjamin Stephan from Greenpeace. “With the same amount of renewable electricity, a car with a fuel cell can only go half as far as a battery-electric one.”

In the case of car batteries, solid-state batteries are to replace lithium-ion technology. It does not require cobalt, which under questionable circumstances is mainly extracted in Africa. For environmentalists, electromobility is only part of the necessary turnaround in traffic. And so Greenpeace is also calling for a change in mobility towards an intelligent transport system in which bicycles, buses and trains play a bigger role

Exclusive

Housing market Tax tricks with Interest settlements

Status: 06/17/2021 10:42 a.m.

Financial investors speculate with billions on the German housing market, but hardly pay taxes – thanks to a legal trick. The federal government wanted to close this loophole. But loud monitor – Research won’t come of it.

By Lutz Polanz and Jan Schmitt, WDR

“Behind this house is an American company, the trail of the owners leads via Luxembourg to the Cayman Islands” , tells Coni Pfeiffer, activist and spokeswoman for the # 200Houses network. Tenants from Berlin have come together to defend themselves against the conversion of their apartments into expensive condominiums and the greed of financial corporations. It is similar with the other houses on the opposite side, explains Pfeiffer. Here the trail of investors leads to tax havens such as Gibraltar or the Virgin Islands. The Berlin real estate market has long since become an Eldorado for major investors who want to remain anonymous. The official owners are companies with names such as Magenta Properties S.à.rl or Berlin Project-1 Property III S.à.rl The names often conceal complex corporate structures with a whole chain of companies. In the end, they lead to well-known tax havens, for example in the Caribbean.

Interest trick to save taxes

The elaborate company structures apparently also serve to avoid paying taxes to the German tax authorities. A completely legal interest trick helps the companies: The parent companies lend money to their subsidiaries who own the houses and land in Germany. In return, they charge them high internal interest rates – much higher than they would otherwise have to pay at banks. The interest payments of the subsidiaries reduce the profit in Germany and thus the taxes that would have to be paid here.

“The profits go to countries in which no tax is levied on interest income”, explains Gerhard Schick, board member of “Citizens’ Movement Finanzwende”. “Thanks to these high interest payments, it is practically possible to push the income abroad, so that in Germany you can tell the tax office that we have actually not earned any money, but that the profit is generated abroad.”

Billions are being lost to the Treasury

“Every year the German state loses five to seven billion euros as a result of the interest rate trick”, adds Christoph Trautvetter from “Network tax justice”.

So far, the tax authorities have been able to do next to nothing about it. There is no corresponding legal regulation. Specialists have been calling for them for years, for example Manfred Naumann, an expert in international tax law and head of department in the Federal Ministry of Finance for many years: “I am frustrated that the legislature and the Federal Ministry of Finance are unable to find such a regulation”, said Naumann in an interview with the ARD -Magazine monitor . For him the state wears one “complicity” because financial resources run into the billions “flow untaxed”. Proposals for such a regulation have long been on the table. Accordingly, the interest rate would always be used as a benchmark at which a group can borrow money from the bank. Demanding higher interest rates internally would only be possible if the group can justify it well. That would be a kind of reversal of the burden of proof, which experts believe would prevent a large part of the tax damage.

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The Federal Ministry of Finance under Olaf Scholz (SPD) had proposed precisely such a new regulation in a draft law. But the CDU / CSU parliamentary group intervened and the corresponding passage was deleted from the draft. The Federal Council then made a new attempt to resume the regulation. But this was also thrown out at the instigation of the Union.

“Braking measures against money laundering, aggressive tax avoidance and tax evasion by the CDU / CSU has a long tradition”, criticizes Sven Giegold from the Greens in the European Parliament. However, he is also surprised that the SPD did not protest against it.

The Union faction wanted to get up monitor -Do not answer the request. The Federal Ministry of Finance, led by Scholz, is now apparently at a distance from its original approach. Corresponding changes “should ideally be coordinated internationally”, it says in a response from the ministry to a request from monitor .

Now the match ball lies with the Federal Council. He wants to decide at the end of June whether to call the mediation committee or wave the law through with the loophole

Since its establishment, Jizhijia has quickly ranked first in the financing amount of the AGV industry, and it can be called the most intelligent warehousing enterprise favored by capital. According to the company’s information, Jizhijia has received 7 rounds of financing so far, namely Angel round financing on April 26, 2015, A round financing on May 8, 2016, and A+ round financing on March 19, 2017. , July 13, 2017 Series B financing, November 21, 2018 Series B+ financing, July 10, 2019 Series C financing, June 17, 2020 Series C+ financing. Among them, the most recent C+ round financing investment institutions are Xiangfeng Investment, Yunhui Capital, and Hongwei Capital, with a financing amount of more than 200 million US dollars. GIGA’s business model Jizhijia is an intelligent logistics intelligent robot company, focusing on using robots to change warehousing and manufacturing scenarios. Jizhijia proposed the innovative business model of RaaS in 2018, which can effectively help customers reduce initial investment and lower entry barriers. At the same time, it can also improve the efficiency of robot use and reduce overall operating costs. A shared network of thousands of robots has been created through equipment generation operations or intelligent warehousing services. By creating an intelligent logistics service plan consisting of AMR robots, intelligent systems, and professional operating systems, we will unite with express partners to provide integrated warehouse and distribution services for merchants’ B2B and B2C logistics businesses. Smart warehousing services, one of the RaaS models of Gigabyte, provide brand owners with new options for quickly deploying new channels of logistics, realizing multi-channel operations, and flexibly responding to market changes and promotion fluctuations. The IPO process of Jizhijia According to the IPO’s known news on June 15, Beijing Jizhijia Technology Co., Ltd. has signed a listing counseling agreement with CICC a few days ago, and plans to be listed on the Science and Technology Innovation Board. The IPO price range and the number of shares to be issued have not yet been announced. In terms of equity In terms of equity, the largest shareholder of Jizhijia is Marcasite Gem Holdings Limited, holding 20.70% of the shares; Tianjin Jizhichuangxiang Technology Partnership (Limited Partnership) holds 8.25%, and Tianjin Jizhichuangzhi Technology Partnership (Limited Partnership) holds 8.25%. ) Holds 5.56% of the shares. Among them, Zheng Yong holds a total of 8.72%. At the same time, D1 Capital holds 7.1043% of shares and GGV Capital holds 7.1042% of total shares, and they are listed as the largest institutional investors of Giga Plus. Secondly, Yunhui Capital holds a total of 5.42%, Volcanic Rock Capital holds 3.75%, Gaorong Capital holds 3.31%, and CITIC Industry Fund holds 3.14%. Competitors of GeekPlus At present, the main competitor of Jizhijia is Kuaicang. As a domestic warehousing robot, Jizhijia is characterized by software standardization, stability, and easy delivery in the QR code AMR type, and the market is wide, and it has always occupied a larger market share in the early stage; while the fast warehouse is just the opposite. The hardware and control are very strong. The market is not as good as Zhijia. The disadvantage is the software. Up to now, the project delivery rate of fast warehouse is not very high in the industry. The reason for the many unfinished projects is that the software cannot be customized. demand. In the next few years, Jizhijia and Kuaicang may be able to maintain similar AMR dominance in the form of Kiva. If they bypass the track and use other technologies, they can also find their own track in the subdivision field. With plenty of money, Chika may be able to take the lead. GIGA Venture Capital Reminder: l The robotics industry is a high-tech and capital-intensive industry. The cost of R&D equipment is high. At the same time, a large amount of R&D capital investment and continuous innovation are required to maintain the company’s competitive advantage and competitive position. l Manufacturers of key components of robots are relatively concentrated, and most of them are in the hands of foreign companies, with greater pricing power, which may pose market risks. l If the supplier is unable to provide these production factors as required by the contract in a timely manner, the supplier’s credit risk may arise, and the production and operation of the enterprise cannot be carried out normally. l The threat of entry of potential entrants, the threat of competition from existing enterprises, and the threat of substitution of substitutes will all trigger market risks. From the current point of view, the threat of potential entrants and the threat of competition from existing enterprises have the greatest impact on the competitive landscape of the robotics industry, while the threat of substitution of substitutes has less impact on the robotics industry. Article source: IPO catcher, please indicate the source for reprinting

Shen Yiren said that mobile phone companies are aggressively increasing inventories because they worry about component shortages and increase inventories aggressively. Since the fourth quarter of last year, the global chip supply caused by automobile chips has been tight and has spread to the mobile phone chip industry. By the first quarter of this year, even the mobile phone chip giant Qualcomm said that it was facing a tight production capacity, and many domestic mobile phone companies have stocked up.

Another reason for domestic mobile phone companies to increase inventory is the decline of Huawei mobile phones. Since the fourth quarter of last year, Huawei mobile phones have mainly relied on stock chips to operate. Its shipments have gradually declined, and shipments in the domestic market have increased in the first quarter of this year. Compared with the same period last year, while the shipments of Xiaomi OV have increased significantly, mobile phone companies may think that they can occupy the market if they have production capacity.

Once again, mobile phone companies expect to enter the year of 5G popularization this year. 5G mobile phones will become the absolute mainstream of the smartphone market. Technology upgrades will help promote mobile phone sales. 4G has changed the pattern of the domestic mobile phone market. The opportunity to live in 4G has laid the current pattern, and for this reason they hope to seize the opportunity of 5G to consolidate their market position.

Just as the mobile phone companies are overly optimistic about the domestic mobile phone market, the market has hit them with a sap. According to data released by the Institute of Information and Communications Technology, the Chinese market shipped 22.968 million mobile phones in May, down 32% year-on-year. The Chinese mobile phone market is in a downturn and consumers lack the desire to buy mobile phones.

Among them, the performance of 5G mobile phones that mobile phone companies have high expectations is also unsatisfactory. 5G mobile phone shipments in May were 16.739 million units, an increase of 7% year-on-year, but compared to the peak of 27.498 million 5G mobile phone shipments in March this year, it fell by more than 10 million. Department or 39.1%. Another data shows that iPhone shipments in May soared more than 40% month-on-month to 3.8 million units, which means that the market share of domestic Android phones has been further squeezed.

The sluggish domestic mobile phone market is also related to the continuous price increase of domestic mobile phone brands. Today, domestic mobile phone brands are priced at nearly 1,000 yuan for low-end 5G phones, which is twice as expensive as 4G phones, as low as 500 yuan; high-end phones have broken through 3,000 yuan and 4,000 yuan. , Even more than 6,000 yuan, but as mentioned above, consumers prefer the iPhone when buying high-end mobile phones, driving the surge in iPhone sales while the overall sales of domestic mobile phones have fallen, and the price increase of domestic mobile phones has made the iPhone.

The domestic mobile phone market is in a downturn, especially the sales of 5G mobile phones have not continued to rise. This is undoubtedly a major blow to domestic mobile phone brands that are actively stocking. They all hope to clear their inventory during the 618 promotion period. However, domestic consumers are tired of promotional routines. Looking at 618 coldly, the dream of mobile phone companies hoping to rely on 618 to clear inventory is not satisfactory. Perhaps this is why Shen Yiren believes that the inventory of domestic mobile phone brands may have to be cleared until this year’s Double Eleven.

In the face of huge inventory pressure, domestic mobile phone brands have been promoting in other ways, such as student prices and other ways to greatly reduce prices. If inventory pressure cannot be released, they are likely to continue to reduce prices significantly in the future, so consumers who Shen Yiren said can wait. It makes sense to wait. The iPhone 13 will come in a few months. The domestic high-end mobile phones cannot compete with the iPhone 12. When the price of the iPhone 12 is further reduced, the domestic Android flagship will not be able to clear the inventory without jumping off the property.

Real estate market in Europe Construction is not booming everywhere

Status: 16.06.2021 2:01 p.m.

Construction is one of the boom industries in Germany even during the crisis. But what about in other European countries? Our correspondents report that the situation there is only partially comparable.

Poland: increasing demand, increasing prices

By Jan Pallokat, ARD studio Warsaw Anyone in Poland who thought that the corona pandemic would slow down the construction industry, which has been booming in the country for years, was caught on the wrong foot at the beginning of the year. Housing construction in particular is buzzing even more; In the first quarter, developers in major cities sold 40 percent more than in the previous year and three percent more than in the previous record year of 2017. And because the supply of modern living space still lags behind demand in the country, the sales prices achieved are also rising steadily: on average by almost eight percent for new buildings and six and a half percent for used residential property. The rising prices for building materials and an increasing shortage of staff also play a role here. Because construction workers are scarce, market experts are now warning that construction sites could be paralyzed in rows during the high season in summer. The downside of the building boom: home ownership is often unaffordable for young families. Already today, 43 percent of under 35-year-olds in Poland lived with their parents, the Eurostat statistics office recently reported. This puts Poland in the top group in the EU when it comes to “Hotel Mama” and is on a similar level to Italy.

Spain: no construction boom in sight

By Reinhard Spiegelhauer, ARD studio Madrid Construction boom and Spain – wasn’t there something? Yes, Spain has actually experienced an absolutely ludicrous construction boom – but that was 20 years ago. In the nineties and noughties, the number of planned apartments practically doubled from year to year – up to the highest level in 2006 with almost 900,000 apartments. Then came the big bang: the real estate bubble burst, banks had to be bailed out, Spain rushed past bankruptcy, hundreds of thousands could no longer service their real estate loans, apartments were evicted. The market then recovered very slowly. But still, roads, lamps and park benches built in boom times are rotting in many development areas. In 2019, the year before the corona pandemic, the foundation stones were laid for a good 100,000 apartments. Since then, however, the sector has largely been paralyzed again. Unemployment fell again after peaking at around 25 percent after the euro crisis, but it again reached 15 percent during the pandemic. For young adults it is more than 30 percent. According to experience from the times of the real estate bubble, far stricter criteria now apply to the granting of loans. All of this is currently preventing any kind of construction boom in Spain.

Switzerland: mainly redevelopment and densification

By Dietrich Karl Mäurer, ARD studio Zurich Instead of a “construction boom”, the umbrella association of the Swiss construction industry, Building Switzerland, speaks of “continuously good work”. A large part of the orders are so-called consolidations and energy-efficient building renovations. But not least because of the low interest rates, large investors like to invest in construction projects such as new building complexes with rental apartments. The demand is good, although there are vacancies in some rural regions. Housing is still in short supply in cities. This is also because net immigration has recently risen again; During the pandemic, many foreigners who actually wanted to leave the country after a certain period of time in Switzerland preferred to stay – mainly because of the comparatively difficult labor market conditions in their home countries. The construction industry accounts for ten percent of Switzerland’s economic output and employs around half a million skilled workers. According to a recent economic survey, the situation in the construction industry is stable. However, the limited availability of building materials and preliminary products could become a problem. Incidentally, real estate prices in Switzerland have risen faster than they have been in eight years.

Since the comprehensive sanctions imposed by the United States on China’s chip industry in 2019, domestic semiconductor stocks have always been tepid and flat. After the United States issued sanctions orders, chip stocks are even more difficult to describe. Many people have already given up. And now semiconductor stocks suddenly soared beyond everyone’s expectations. The reason why chip stocks have risen across the board is just because of a hype in foreign media. Some foreign media said that China will focus on increasing support for semiconductors, especially the chip industry, and will arrange dedicated personnel to lead chip research and development projects in response to chip sanctions initiated by the United States. The way to support the development of the chip industry is mainly through increasing capital investment, cultivating special talents and other related strategies, to the greatest extent, catching up with foreign semiconductor technology in a short period of time. Foreign media: China’s vigorous development of the chip industry is disrupting the market? In addition, according to national media excerpts from some securities reports, several semiconductor manufacturers have recently issued successive price increases notices, including TSMC, Qualcomm and other chip foundries that have been unable to keep up with market demand. Despite the tight chip production capacity, the semiconductor stock market has risen all the way. Judging from the news published by domestic and foreign stock market institutions in the past two days, the attention of semiconductors will continue for some time to come. From 2020 to the first half of this year, due to the epidemic, many corporate schools require home office work, resulting in a surge in demand for electronic products such as mobile phones and computers, which has led to an increase in the demand for semiconductor products such as chips. According to the prediction of relevant departments, the world-wide core shortage will continue until 2023, and the current good weather in the semiconductor stock market will also continue. The price increase of the upstream semiconductor industry chain in foreign countries has seriously affected the price of the downstream industry chain. As early as last year, the price increase of foreign semiconductors has seriously affected the domestic semiconductor price. Among them, Anshi Semiconductor and Silan Microelectronics all issued price increase notices at the beginning of this month. Raw materials and auxiliary materials including product prices, packaging prices, etc. all have different price increases. And some companies have also notified that power semiconductors may increase prices due to the impact of semiconductor raw material prices in the near future. There are also foreign media reports that although the semiconductor field is not an emerging field, there is no single company or country in the world that completely monopolizes the semiconductor industry, and even some countries have a very weak semiconductor industry foundation. Since the epidemic, many semiconductor companies have been affected to reduce production, and Western countries led by the United States and the United States have imposed sanctions on Chinese chips. They not only imposed comprehensive restrictions on HiSilicon, but also affected the development of chip companies such as SMIC and seriously threatened Chinese chip technology. If China strives to break the technological barriers of the West, it is now the best opportunity. No matter now or in the future, China will be the country with the largest demand for chips in the world. Therefore, it has very high requirements for the stability of the supply chain. The need for self-research and self-production is becoming more and more urgent. In the eighteenth meeting held by the relevant departmental group in the middle of last month, it was clearly pointed out that the research and development progress and support of the semiconductor, especially the chip industry, should be strengthened, and the current chip technology should be innovatively advanced. Foreign media also took out of context, and hyped semiconductors, leading to carnivals. Foreign media took this opportunity to speculate and boost the semiconductor stock market to make huge profits. At the same time, professionals from China Semiconductor Lab also pointed out that this foreign media report is out of context and has ulterior motives. The person refuted the report that China’s “third-generation semiconductor” plan is already underway, and it is expected to invest US$1 trillion in funds for research and development. First of all, it is completely nonsense to invest one trillion US dollars, and the global semiconductor market investment is only more than 10 billion US dollars. At present, the reports of many media are vague and without any basis. They are deliberately speculating on the chip market to profit from it. The so-called “third-generation semiconductor” is not the more advanced generation that everyone imagines. In the international chip industry, there is no generation difference for chips, but there are differences in nanometer numbers of different specifications. The so-called “third-generation semiconductor” is just a difference in chip application scenarios. The first generation in our country is used in products such as mobile phones and computers, and the second generation is used in satellite, mobile and other communications fields. It is applied in fields such as new energy electric vehicles and subways. Under the situation that the global core shortage will continue for a long time, semiconductors are a good direction for investment, but in the face of opportunities, we also hope that everyone will be alert to the threats brought by hype.

European market China is significantly reducing investments

Status: 16.06.2021 12:53 p.m.

China invested less in the European market in 2020 than it has for ten years. Great Britain was particularly hard hit. It’s not just the corona pandemic to blame. China significantly reduced its direct investment in the European market last year. According to a joint report by the American Rhodium Group and Merics in Berlin, direct investments by the People’s Republic in the EU and Great Britain amounted to around 6.5 billion euros in 2020. Compared to the previous year, a decrease of 45 percent. That is the lowest level in ten years.

June 16, 2021

Great minus for Great Britain

In the past year, even 77 percent less Chinese direct investment flowed into Great Britain. Even so, the UK remains one of the top three destinations for China’s investments in Europe – alongside France and Germany at the top. The three most important areas for Chinese investors were infrastructure, information and communication technology and electronics. Poland, promoted by a major acquisition, was a major new recipient last year.

01/14/2021

Stricter controls on Chinese purchases

However, many Chinese purchases are now being scrutinized more closely by the EU member states than in the past. Several planned takeovers did not materialize. In Germany, for example, the Federal Ministry of Economics stopped the planned sale of the radar specialist IMST from North Rhine-Westphalia to a Chinese company with links to the military. Several EU countries, including Italy, France, Poland and Hungary, had tightened their inspection mechanisms for direct investments from third countries last year. Investments continued to decline in the current year, according to the report. The reasons are the pandemic, high hurdles for capital outflows from China and tighter controls in the EU.

10/01/2019

Sanctions dispute exacerbates tensions

In addition, the tense relations between China and the EU are likely to play a role. That’s the way it is Investment protection agreements agreed in December between the EU and the People’s Republic is currently on hold and ratification by the European Parliament seems to be moving further and further into the distance. Another point of contention remains the human rights violations in China: In March, the EU Sanctions imposed on Chinese politicians and an organization for the first time in 30 years . The EU accuses China of violating human rights by suppressing the Uyghur Muslim minority in the Xinjiang region. As a result of the European punitive measures, China also reacted shortly thereafter with sanctions against European institutions and several EU politicians . With information from Ruth Kirchner, ARD Studio Beijing, currently Berlin

Sohu Finance and Economics and “Economics” magazine series of interviews-“Acknowledge 100 People” No. 125 (click to enter the topic)

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly.

He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth.

Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants.

How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion.

According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan.

“In addition, China’s current REITs only have infrastructure as the underlying assets, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said.

Liu Qiao, Dean of Guanghua School of Management, Peking University

The following is a compilation of interviews:

Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform?

Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase.

Sohu Finance: What impact will the securitization of REITs have on my country’s capital market?

Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation.

Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources.

Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future.

REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform.

From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success.

Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks?

Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes.

In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds.

If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value.

Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS?

Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion.

In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan.

Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan.

If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future.

Sohu Finance: How to correctly understand the relationship between REITs and real estate?

Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as China’s real estate market is undergoing structural transformation and controlling housing prices, everyone has many concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. .

It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers.

Sohu Finance: What impact does the listing of REITs have on residents’ financial management?

Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team.

Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought by China’s future economic growth and the continuous improvement of infrastructure investment efficiency.

Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management?

Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product.

Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management.

Sohu Finance: How has the US REITs’ yield performance over the years?

Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets.

Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public?

Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand.

The US REITs market has the largest scale and the longest development time in the world so far, and the underlying market has a very wide range.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included.

In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year.

However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small .

If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent.

Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market?

Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment.

I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future.

Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily.

Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs?

Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers.

However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors.

Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries.

In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers.

According to the representative in charge of the global elevator industry of GS E&C Group (Korea), the demand for elevators will continue to grow in the near future due to the positive push from the economy in general and the market. construction and real estate market in particular in Vietnam. Every year, tens of thousands of elevators are put into operation and this number shows no sign of stopping. To access this potential market, GS E&C Group built a factory to manufacture elevators & escalators in Nhon Trach 6 Industrial Park, Dong Nai Province. The group has put the most modern Korean technology production line into operation, producing elevators in the high-end segment with a speed of up to 7 meters per second. To be proactive in terms of technology and quality, the group has developed a research center with a large force of Korea’s leading elevator experts engaged in the entire research, design and production process, ensure that elevators and escalators are suitable and meet domestic and export standards and regulations. At the same time, building an elevator test tower with a journey higher than 100m right in the GS Vietnam – VGSI elevator factory in Dong Nai, this is considered a solution to ensure safety and quality criteria for high-speed ranges. Levels and loads in the elevator must be tested at this tower before being shipped to supply high-rise projects in Vietnam and the world. Improve strong technology VGSI elevators & escalators are designed with the aim of optimizing usability features, being simple in operation but still ensuring optimal aesthetics. Exquisite & spacious interior, integrated with modern, fast intelligent control technologies, intuitively simple to use, increasing convenience, making users comfortable. VGSI elevators are installed with a multi-stage air purification system to help remove large dust particles, using an activated carbon filter to remove unpleasant odors and other harmful gases in the elevator, preventing particles from entering the elevator. fine dust by HEPA technology. UV germicidal lamps and anti-virus handrails are also installed, contributing to the general cleaning of the air environment inside the elevator cabin. Innovation in after-sales service operations – future trend GS Elevator Vietnam – VGSI is entering the digital era 4.0 and is gradually changing the way elevator manufacturers provide maintenance services in the future. In order to improve the safe and reliable operation of elevators & escalators, VGSI installed a system for real-time operation of elevators and escalators. This system connects to elevators and escalators on the GMS/Internet cloud platform. This strong connection helps to predict the problem of elevator equipment, immediately the technician is there to handle it before the customer calls to report the problem. This system also helps to track the history of repair and replacement requests in the day, week, month, year as well as track down to the minute response time of elevator & escalator services provided by VGSI. . Focusing on elevator & escalator performance, we apply ZeMS solution which is a preventive maintenance system that will soon help engineers predict the life of equipment to come up with repair solutions. Repair and upgrade effective elevators & escalators. Besides, we have been setting up warranty & maintenance centers for elevators and escalators within a travel radius of only a few minutes to a maximum of 30 minutes in many provinces and cities throughout the country, Binh Duong, Ho Chi Minh, Hanoi, Da Nang…etc., as well as set up repair, warranty & maintenance centers right in the building where GS Vietnam – VGSI strategically cooperates and provides elevators like high-class apartment buildings Phuc Dat Tower Connect 2, Van Phuc City urban area, factories with extremely large production capacity in Bac Ninh Industrial Park, Bac Giang, Vinh Phuc … etc. Recently, to promote business activities, GS Vietnam – VGSI signed a cooperation agreement with Phuc Dat Group. Accordingly, GS Vietnam – VGSI will set up warranty office at Phuc Dat Tower project (Binh Duong) and support business in introducing the project to about 500 of its experts working in Nhon Trach area. , Di An, HCMC…. GS E&C Group is ranked 44th globally in construction & real estate. The Group has focused on the combination of smart technology (Smart Technology) and green factor (Green Factor) as the foundation to create valuable products. GS E&C is a pioneer in sustainable growth with product lines and technology development orientation in the future.

Produced | Sohu Finance

Author | Zhang Ying

On the morning of June 15th, Suning.com issued an announcement stating that Suning Appliances passively reduced its holdings of 10 million shares on June 11, and it is expected that Suning Appliances may reduce its holdings of Suning.com by no more than 384 million shares in the next six months ( (Accounting for 4.12% of Suning Tesco’s total equity).

Since June, Suning Appliance has repeatedly reduced its holdings of Suning Tesco’s shares.

On June 2, Suning.com disclosed that Suning Appliance intends to transfer 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) held by Suning.com to the new retail fund, with a total transfer price of 3.182 billion yuan.

On June 10, Suning Appliance received a supervisory letter from the Shenzhen Stock Exchange. The regulatory letter pointed out that Suning Appliance reduced its holdings by a total of 19.50 million shares through centralized bidding, accounting for 0.21% of the total share capital of listed companies due to the default clauses of the agreement triggered by some stock pledge repurchase transactions. Suning Appliance did not announce the relevant shareholding reduction plan 15 trading days before the first occurrence of the shareholding reduction event.

In addition, on the morning of the 15th, Suning.com also issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings. .

A week ago, Suning Appliance Group Co., Ltd. added a piece of information about the person to be executed, case number (2021) Jing 02, No. 837, and the execution target was over 3.082 billion yuan. Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. Executor.

On February 28 this year, Zhang Jindong and his concerted person, Suning Holding Group, etc., planned to transfer 23% of Suning Tesco’s shares to Shenzhen International and Kunpeng Capital to introduce state-owned shareholders.

After the completion of the share transfer, the listed company will be in a state of no controlling shareholder and no actual controller.

This year, Suning.com has “continuous crises.”

The 2020 annual report previously disclosed by Suning.com showed that Suning.com’s 2020 operating income reached 252.296 billion yuan, a year-on-year decrease of 6.29%. In 2020, Suning.com’s net profit attributable to shareholders of listed companies was -4.275 billion yuan, a year-on-year decrease of 143.43% from 9.84 billion yuan in 2019. This was also the worst year for Suning.com since its listing.

Sohu Finance also learned that Suning Real Estate and Suning Appliance, which were executed this time, were also involved in a loan lawsuit with the leading real estate company Sunac.

Anhui Sunac Real Estate Co., Ltd. and Suning Real Estate, Suning Appliance, and Xuzhou Suning Real Estate related loan contract disputes will be heard on July 19, and Suning will be the defendant.

According to public reports, Suning Real Estate had previously cooperated with Suning Real Estate to develop real estate projects. During the development process, Suning Real Estate borrowed a sum of funds from Suning Real Estate, and Suning Real Estate failed to repay the arrears on time.

As of press time, Suning.com reported 5.65 yuan per share, down 9.02%.

The leading air purifier brands in the world today include: IQAir, LG, Philips, Panasonic, Sharp, Samsung, Xiaomi, Dyson… Sharp is dominating the air purifier market in Vietnam Compared with other electrical equipment, the air purifier industry is still quite new in the Vietnamese market. According to a representative of Dien May Xanh, in the past, Sharp products accounted for about 70% of the air purifiers sold by this retail chain. This is considered a pioneer in penetrating the Vietnamese market in this industry. Currently, with the pressure of many new brands, Sharp is still standing in sales at Dien May Xanh but only accounts for more than 30%. Sharp, Xiaomi air purifiers are popular in Vietnam. Photo: The New York Times. Xiaomi is accounting for about 15% of the devices sold at Dien May Xanh. This brand has fewer products but has a certain number of “Mi Fan” customers, competitive prices, capacity suitable for user needs, simple, modern design and IoT integration. Philips and Samsung have only entered the air purifier market in Vietnam about 1.5 years ago. Both of these brands focus on the mid-range price segment instead of the popular price. The remaining brands such as Midea, Bluestone, Kangaroo, Electrolux all have air purifier products but have not held a high market share. The retail systems all said that air purifiers in the segment of 3-9 million dong are competing most actively. Some of the best-selling models include Sharp FP-J30E-A, Xiaomi Mi Air Purifier 3H, Samsung AX34, Daikin VM30 and Philips AC0820. A representative of Media Mart system said that in addition to cleaning the air, Vietnamese users are also interested in additional features such as humidifying, dehumidifying, catching mosquitoes and product design. “The current sales of air purifiers have increased compared to the same period last year. The reason comes from the active participation of brands. Previously, there were only under 5 competing firms, customers did not have many choices in terms of brands and price ranges. Currently on the market, there are 12-15 major brands participating in this market, the goods are more diverse in design and features. Besides, users are more and more concerned about the health and quality of the air in the home,” shared Mr. Phan Thanh Hieu – Head of refrigeration sales team of Cho Lon Electronics system. New factors in the Vietnamese market On April 14, Dyson (a luxury home appliance brand from the UK) held an event to announce its entry into the Vietnamese market with a series of products such as air purifiers, wireless vacuum cleaners or hair dryers. . Currently, Dyson has 3 models of air purifiers with prices ranging from VND 9,8-19.6 million. Dyson’s products are compact, fashionable and different from other competitors in the market. Share with Zing , a representative of Dien May Xanh said that Dyson is famous for hair dryers and vacuum cleaners in the middle and high market segment. In the air purifier industry, Dyson is not popular. Dyson models have more eye-catching designs than other products. However, in this price segment, Samsung is doing quite well and has a certain number of customers. Dyson’s air purifier has an eye-catching design but is quite expensive. Photo: Cnet. In addition to imported names, the air purifier market also has the presence of Vietnamese brands such as Kangaroo, Karofi, and Sunhouse. According to a representative of Media Mart system, the advantages of Vietnamese brand air purifiers come from good prices, full features and cheap filter replacement costs. “Vietnamese brands such as Kangaroo, Karofi, and Sunhouse offer a number of air purifier models with good prices compared to imported models. However, about the brand, they have not created a high level of awareness for users like Sharp or Xiaomi,” said the representative of Dien May Xanh. The future trend of air purifiers Representatives of Samsung and Sharp Vietnam both said that the demand for air purifiers is still increasing, especially in big cities like Ho Chi Minh and Hanoi. “The air purifier market has really only started to be active about two years ago. Air pollution and disease outbreaks have made consumers more concerned about health, so pay attention to this product. Hanoi and Ho Chi Minh are the two cities with the highest consumption of air purifiers, with 50 and 45% respectively, the rest are other areas,” said Nathan Hsiao, Deputy General Director of Sharp Vietnam. Zing . Future models of air purifiers could be equipped with AI or virus suppression. Currently, products on the market are capable of removing allergens, mold, bacteria, fine dust (PM 10), ultrafine dust (PM2.5) or even PM1. 0. Some models have the ability to connect and control via smartphone. “When the products of all brands have good air filtration capabilities, they will compete with filter performance, flexibility in replacement, repair and warranty. In addition, the companies also compete with each other on price and model. code,” said a Samsung representative. Mr. Nathan Hsiao said that in the future, air purifiers can resist and inhibit viruses that cause disease spreading in the community. In addition, the trend of applying AI and IoT technology will be popular in this industry.

The tweet that the Tesla CEO released Sunday was part of an exchange with twitter users that omitted to refer to a CoinTelegraph article accusing him of “bitcoin manipulation.” Musk said that the company kept $1.5 billion of its initial investment in bitcoin, but sold about 10% to “confirm it’s easy to pay off.” [bằng bitcoin] without distorting the market”. Elon Musk has become a prominent and influential figure in the crypto world. He tweeted in May that Tesla would no longer accept bitcoin as a means of payment for its vehicles, citing the large amount of carbon emissions in bitcoin mining. esla will continue to allow transactions in bitcoin at the car manufacturer’s stores, once it is confirmed that the “mining” energy source is clean energy. Photo: Getty. This action is believed to be the cause of the sell-off of the world’s No. 1 cryptocurrency. Musk’s comments on the sustainability of bitcoin “mining” continue to resonate in the crypto community. A commonly cited metric from the University of Cambridge pegged the annual electricity consumption of bitcoin mining at around 99 terawatt-hours. This consumption is more than that of the Philippines or Pakistan. Some of Musk’s recent tweets have also sparked a mix of excitement, confusion, apprehension, and sometimes even fear in the crypto community. Earlier this month, investors attempted to analyze a mysterious tweet from SpaceX that included a bitcoin symbol and a broken heart emoji. The information that Elon Musk transmits has had a great influence on the price of dogecoin and bitcoin. Musk is also partly blamed for the current drop in bitcoin and the broader cryptocurrency complex. The Wall Street Journal has described him as the biggest influence on bitcoin. By the end of June 13, the bitcoin price was up nearly 8%, changing hands at $38,808.09 on CoinDesk. As of now, Bitcoin is up over 28% for the year but is down about 40% from its mid-April peak at $64,829.14. The world’s No. 2 cryptocurrency, Ethereum, gained nearly 5%, changing hands at $2,521.81. Back in February, Tesla revealed that it had acquired about $1.5 billion in bitcoin in a filing with the Securities and Exchange Commission. At the time, Tesla paid about $38,000/bitcoin for each bitcoin. This is the average price at the time of Tesla’s Q4 conference on January 27. This conference did not mention any bitcoin holdings and the date of filing with the SEC. Overall, the prices of digital assets like bitcoin are outperforming traditional markets.

Models, virtual guests in the show Balenciaga’s show, titled “Clone,” helps viewers weigh in between reality and a virtual lifestyle. Before the fashion show, creative director Demna Gvasalia said: “This is a show that never happened. What we see is not real, but the clothes are real.” The brand used the image of artist Eliza Douglas to become 44 models and guests by deepfake technology to create artificial images with photometric techniques and CG scanning, changing hairstyles and accessories for each people. The market lane appeared on the catwalk Balenciaga always uses life material to add to each show. The brand transforms the bags into shopping lanes with high-quality plastic materials and the BB characters attached to the body, combining a series of costumes that exaggerate the shoulders and oversized shape. The workmanship of the craftsmen of the Spanish fashion house is appreciated in the pleated skirt in the form of a rounded shape that weaves straight lines running along the length of the skirt. The brand also promotes Trooper boots and Derbies shoes with thick soles, stylish square toes. In addition, the designs range from dark colors to vibrant colors or blend outstanding floral motifs to convey the message of an optimistic and bright future in the context of the Covid pandemic. -19. “Stealing” Gucci bags After the previous collaboration, Balenciaga continues to surprise viewers when using Gucci’s signature products to transform into its design, to convey the ideas of authenticity, counterfeiting and appropriation. in the fashion industry. Demna Gvasalia said to Vogue : “Alessandro Michele and I are very different, but we are both interested in the story of cultural appropriation in the fashion industry”. The brand redesigned the bags with the traditional Gucci motifs and the GG lettering replaced with the BB logo. The Italian fashion house’s signature belt is also reworked with a BB buckle. Another bag style has a doodle “This is not a Gucci bag”, which mimics the painting The Treachery of Images by artist Rene Magritte.

Produced | Sohu School of Business

Editor | Xu Xiaoqi Wang Zhen

Today, when the pressure of social competition is accelerating, so-called irregular working time mechanisms such as the “996 work system” have been derived. Some people say that this is a kind of blessing that allows young people to grow up quickly. Others say that this is a shortcut to self-destruction.

Is the “996 work system” really a blessing? Entering the era of digital economy, what changes will corporate organizations have? Sohu Business School talked with Lv Shousheng, president of the Beijing Chinese and Foreign Enterprise Human Resources Association. Lv Shousheng believes that corporate competition is becoming increasingly fierce, and some companies with strong sense of crisis and weak profitability have to work overtime to adapt to this competition. To a certain extent, proper overtime can help to enhance the competitiveness of enterprises, but excessive overtime can harm work efficiency to a certain extent.

Talking about the obstacles that Chinese companies face in “going out”, Lu Shousheng said that some countries have set many restrictions on the investment of Chinese companies, especially some industry associations and trade unions, which are full of vigilance about the entry of Chinese companies. “Some companies worry that we will move their technology to China in the course of mergers and acquisitions, thereby reducing local production. Therefore, they have doubts about our investment sincerity.”

According to Lu Shousheng, the “Going Global” of Weichai Group, where he belongs, is a successful case. Weichai is an international company with cross-field and cross-industry operations. It has power systems, automotive business, construction machinery, intelligent logistics, agricultural equipment, marine transportation equipment and other business sectors around the world. Its subsidiaries are in Europe, North America, Asia and other regions. , Products are exported to more than 110 countries and regions.

Lv Shousheng said that Weichai Group began its international exploration in 2009. In this process, The first is to be good at using international talents; the second is to establish a regular exchange mechanism for talents; the third is to do a good job in cultural communication and integration. Because the integration of cultures and people in different regions takes time, we must use the spirit of responsibility, communication, tolerance, and innovation to promote the two sides to reach consensus when differences arise.

The “14th Five-Year Plan” announced on March 12 and the 2035 long-term goal clearly stated that the statutory retirement age will be gradually delayed. What is the impact of delayed retirement on the job market? Lu Shousheng said that the overall situation of delaying retirement has been determined. In the future, it will be common for people in their 50s and 60s to find jobs in the job market. The silver hair market will gradually rise in the future, which is a useful supplement to the current shortage of talent market and labor supply.

Lu Shousheng believes that To deal with delayed retirement, companies need to provide timely training to people of similar ages. Some employees are limited by knowledge and skills, and have insufficient grasp of the new economy, especially digital capabilities. Companies should do some counseling and training early in this regard to avoid them Fall behind prematurely.

Second, create as many opportunities as possible to give full play to the talents of the elderly. Third, companies should strengthen health management and energy management, such as providing fitness facilities, enhancing the physical fitness of employees, and regularly arranging physical examinations to prevent them from getting too early. The exhaustion of physical function; the last thing is to do a good job of career guidance to prevent employees from not reaching the age of retirement, but they think of retirement early in their minds.

The following is a compilation of interviews:

Sohu Finance: 996, large and small work week, what are the underlying reasons for the existence of overtime culture in Chinese companies? From the perspective of corporate management, can it really improve corporate efficiency and competitiveness?

Lu Shousheng: At present, the competition among industries is very fierce. Companies mainly want to improve their competitiveness and increase output. They often actively and passively let employees work overtime. Some companies have unmatched advantages in natural resources, business models, core technologies, and customer acquisition. In this case, these companies do not need to work overtime.

However, some companies have a strong sense of crisis and relatively weak profitability. In addition, the production rhythm and production tasks are relatively heavy, and they have to work overtime to adapt to this competition. To a certain extent, proper overtime can help improve the efficiency and competitiveness of enterprises. Excessive overtime is not enough, which will damage work efficiency to a certain extent.

Sohu Finance: Excellent Chinese companies such as Huawei and ByteDance often face local policy challenges and pressures when going overseas. What do you think is the most important problem that Chinese companies need to solve in the process of internationalization?

Lu Shousheng: First of all, we must understand and understand the local employment policies and business rules, pay attention to cultural differences, and avoid discomfort.

Secondly, Chinese and foreign companies also have differences in personnel dismissal. European companies have relatively strong trade unions, and it is often very troublesome for companies to dismiss a person. But in China, the entry and exit of corporate personnel is relatively flexible.

Some countries have set many restrictions on the investment of Chinese companies in order to protect local industries. In particular, some industry associations and trade unions are full of vigilance about the entry of Chinese companies, and even doubt the sincerity of investment. These are obstacles that Chinese companies have to face in “going out”.

Sohu Finance: What are the successful examples of companies in the process of internationalization?

Lu Shousheng: The Weichai Group I serve now, their “going out” is a good case. Weichai Group began its international exploration in 2009, and successively acquired French company Baudouin with a history of 100 years. In the process of integration, many companies lost money at the beginning of mergers and acquisitions. However, through domestic and foreign linkages, we have achieved a turnaround from loss to profit, and achieved industrial synergy.

In the process of Weichai’s going global, the first is to be good at making use of international talents. The second is to establish a regular exchange mechanism for talents. We will invite the heads of overseas investment companies to the Chinese headquarters or affiliated companies for visits, learning, and exchanges. At the same time, high-potential talents cultivated in China are sent abroad to participate in their project learning process like a shadow plan.

The third is to do a good job in cultural communication and integration. Finally, the employees of Chinese local companies learn how foreign countries pay attention to quality and quality process optimization, so as to enhance our own management capabilities and increase the practical experience of the front line.

Sohu Finance: Compared with Western management models, what are the characteristics of Chinese management models and what practical results have they achieved? What aspects need to be learned from Western managers?

Lu Shousheng: It is difficult to have a unified definition of Chinese-style business management, let alone any standard. Chinese companies emphasize authoritative leadership, and employees have a strong sense of awe and respect for leaders. The West is relatively democratic. In terms of decision-making mechanisms and strategy formation, more emphasis is placed on teamwork.

Secondly, with regard to management style, the West favors a coaching style of leadership, that is, I teach you how to do it. In China, the leadership style is more command-based, that is, I say you do it. Chinese-style management has a strong affinity, and the West emphasizes equality and fairness. What needs to be learned from the West is to play the role of a coach, do less preaching, and provide more guidance instead of telling the answer directly.

Sohu Finance: Three years after Pinduoduo went public, Huang Zheng resigned as chairman, completing the exit of all the founders. How should we evaluate the impact of the founder’s exit on the company?

Lu Shousheng: The founder’s withdrawal from the company may be due to other pursuits of the founder. This is a proactive action, such as Wang Shi withdrawing from Vanke, Jack Ma withdrawing from Alibaba, and Huang Zheng withdrawing from Pinduoduo. Some of these withdrawals are motivated by personal hobbies, and some are motivated by the pursuit of other life values ​​and higher missions.

Some companies have made preparations for this a long time ago, such as Vanke’s Yu Liang and other managements, who are familiar with the company’s governance structure, management capabilities, company culture, and operating mechanism. Therefore, the exit of the founder will not have a major adverse impact on the company, but will be beneficial to the iteration and growth of talents.

Sohu Finance: The Ministry of Human Resources and Social Security has made it clear that the statutory retirement age will be gradually delayed. What is the impact of delayed retirement on the job market? As a company’s HR, how to deal with delayed retirement and what preparations should be made?

Lu Shousheng: The society needs to emphasize flexible employment, which means that people who are older but still have a good skill can continue to work. Companies should pay attention to employees’ innovation, willingness to work, and vitality. They cannot be one size fits all, but only look at age.

In the future, it will be more common for people in their 50s and 60s to get new job opportunities in the job market, and the silver hair market will gradually rise. This will be a useful supplement to our current shortage of talent market and labor supply, and it will also ease relatively speaking. The gospel of labor shortage and talent shortage.

First, companies must provide timely training to people of similar ages. Some personnel are limited by knowledge and skills, and have insufficient grasp of the new economy, especially digital capabilities. Companies must do some counseling and training early in this regard to avoid them prematurely The lagging behind.

Second, create as many opportunities as possible to give full play to the talents of the elderly. Third, companies should strengthen health management and energy management, such as providing certain fitness facilities, enhancing the physical and physical fitness of employees, and arranging regular physical examinations to prevent them from premature physical failure, and to prepare for a longer term. .

The last thing is to do a good job of guidance to prevent employees from thinking about retirement early in their hearts before they reach the age of retirement. Companies need to clarify their own mechanisms to provide better opportunities for older, but still vigorous and energetic employees.

Sohu Finance: Has the company’s requirements for outstanding employees changed under the influence of the long-term epidemic? Under the global market environment, how do companies carry out the strategic layout of talents?

Lu Shousheng: The first requirement for outstanding employees is performance. The second is strong learning ability and innovation ability. The third is attitude. Outstanding employees often have a strong sense of professionalism, collaboration, and teamwork.

Under the influence of the epidemic, some companies hope that outstanding employees can be more resilient and not give up because of temporary difficulties, which may cause doubt or frustration about the company. Excellent employees must be able to actively adapt to this change and turn the crisis into vitality. , Turn pressure into motivation. Excellent employees are those who seldom complain about the objective environment and will proactively look for opportunities.

If an enterprise has a globalization and internationalization strategy, it must reserve talents in advance. For example, whether the selected managers have bilingual communication skills, and whether they have a certain understanding of the international business environment. In addition, as the international situation continues to change, globalization issues are temporarily facing some challenges. Enterprises cannot change their determination to globalize. Under such circumstances, the acquisition and preparation of talents must be advanced, rather than behind closed doors.

Produced | Sohu School of Business

Editor | Wang Zhen

According to the “Research Report on China’s Third-Party Payment Industry in 2021”, according to the statistical data of iResearch, The third-party payment market has experienced rapid development, and the total scale of mobile payment and Internet payment will reach 271 trillion yuan in 2020. Third-party payment has made China’s payment market one of the world’s leading payment markets with its convenient, efficient and safe payment experience.

As early as 1998-2005, third-party payment institutions such as Capitel, Alipay, Lianlian Pay, Kuaiqian and Tenpay were established one after another to provide payment channels for online commercial activities. In 2010, the People’s Bank of China issued the “Measures for the Administration of Payment Services for Non-financial Institutions” and issued payment business licenses to eligible institutions. These measures confirmed the legal status of payment services for non-financial institutions and adopted them as regulatory standards. To ensure the long-term and orderly development of the business and ensure the long-term development of the industry.

Looking back on the growth path of third-party mobile payment in my country, it originated from e-commerce, which has experienced explosive growth due to social red envelope transfers, and offline QR code payment has entered a new offline-driven track. With the rapid growth of scale, the penetration rate of third-party mobile payment has gradually increased, and the growth rate of the industry scale has stabilized. Even in the special year of 2020, only the first two quarters of offline QR code payment has been affected to a certain extent, and the industry as a whole can still maintain a stable growth trend.

From the perspective of changes in the structure of mobile payment itself, the emergence of offline QR code payment has changed the form of offline mobile payment, which has steadily increased the proportion of consumer transactions. In the financial and personal application trading sectors, with the exception of the early social red envelopes and baby currency fund products, there has not been a leap-forward product form since 2016. The growth of the business scale of these two sectors mainly comes from the mobile payment itself. Increasing penetration rate, increasing user stickiness, and the development of Internet wealth management and consumer finance businesses.

Comparing the structure of bank card transactions, we have also experienced an increase in the proportion of consumer transactions, but in 2020, bank card transfer transactions accounted for 85.5%, and third-party mobile payment personal applications and mobile finance accounted for the total proportion. It’s still not enough, so in large-amount financial services, personal application transfer services, and B-end transfer services, third-party mobile payment companies still have room for power and have growth potential.

In 2020, the first echelon Alipay and Tenpay will occupy the leading position in the market with a relatively large lead. . Payment companies in the second tier are working hard in their respective subdivisions.

The blue ocean oasis subsidy for the catering industry has temporarily come to an end, and the monetization rate of the payment business rebounds

In 2017, WeChat and Alipay successively launched the “Oasis Plan” and the “Blue Ocean Plan” for merchants in the catering industry. At the beginning of the event, merchants in the catering industry enjoy low or even zero rates for receiving payments, and service providers who promote merchants can also receive a 0.2% rebate based on the transaction amount. As the penetration of catering merchants continues to increase, the rebate ratio of Alipay WeChat to service providers will be reduced to 0.1% in the later stage. Until 2020, the Blue Ocean Oasis plan will gradually adjust merchants’ payment rates to the normal rate of 0.38%. The service provider rebate ratio was further reduced to 0.05%. At the same time, Alipay has launched the “New Blue Ocean Plan” for some merchants that are equipped with designated IoT operating equipment. But overall, the subsidy for the traditional blue ocean oasis will officially end in 2021, which means that this part of the transaction scale can not only get the normal payment fee, but also reduce the 0.05%-0.2% subsidy for service providers. The analysis believes that the phased end of the Blue Ocean Oasis Plan means that the benefits of this part of the transaction can be increased from -0.2% to 0.15% of the transaction scale to 0.38% of the transaction scale, and the overall transaction scale is increased by 0.23% -0.58%.

The party in the new scenario enters, forming a closed loop of the payment business, and increasing the compliance requirements for the realization path

For Internet giants such as Meituan, Toutiao, and Pinduoduo that have entered third-party payment in recent years, the consideration of starting payment services is usually for three reasons: One is to form their own business closed loop to prevent user transaction information and payment information from being out of the system. Other third-party payment companies can obtain the advantages of their own business; the second is that with the expansion of the business scale in the system, the total amount of payment transaction fees continues to increase, and the establishment of free payment channels can save this part of the cost; the third is to pass After the transaction flow in the system is converted into payment flow, services such as credit and wealth management are further superimposed to earn financial service fees.

Return to the nature of payment business, with core capabilities in user operations and merchant operations

Looking back at the development history of third-party payment, whether it is the “guaranteed payment model” in the e-commerce field, the red envelope in the social field or the offline QR code payment, every increase in growth rate comes from the innovative products provided to users and merchants. Unique value. Therefore, although the current anti-monopoly regulatory compliance measures facing the industry have caused some business development expectations to be different from before, However, it is precisely these anti-monopoly compliance measures that enable industry participants who have gradually shown to rely solely on the advantages of scenarios to expand their business scale to re-think about the new payment business value they can provide. With the implementation of anti-monopoly compliance measures, it is foreseeable that the concentration of the third-party mobile payment market will decline to a certain extent. In this process, a complete user and merchant operating system will maintain the stickiness of users and merchants. Providing unique value is the key capability of payment institutions.

Barcode payment provides a window for the digital upgrade of offline merchants, and diversified value-added services further facilitate digital transformation

For many online, small, medium and micro businesses, offline barcode payment is one of the first digital methods they contacted. In the process of continuous penetration of barcode payment, offline small, medium and micro merchants have also established a certain connection with their service providers. In terms of the classification of barcode payment, it can be divided into three methods: the payment code and personal code directly connected to the head payment agency, and the aggregate payment that requires other acquirers or acquirer service providers. While providing merchants with the integration of multiple payment channels, the provider of aggregate payment further superimposes services such as cashier terminal sales and maintenance, marketing diversion, etc., while increasing their own business income, further improving the stickiness of merchants and deepening the degree of digital transformation of merchants.

Increased demand for equipment upgrades in downstream systems, with less impact on mid- and upstream companies

The central bank’s digital currency replaces M0 and belongs to cash currency. According to the idea of ​​digital currency positioning as cash currency, we review the provisions of the “Provisions for Deposit Management of Non-bank Payment Institution Customers” issued this year: “Non-bank payment institutions passed the regulations in accordance with the regulations. If the customer is to redeem the provision in cash, it should be processed through the filing own fund account first, and then the corresponding amount of the client provision fund should be transferred to the filing through the main supervision agency of the provision fund from the central storage account of the provision fund. Own funds account”.

It can be seen that the digital wallet service of third-party payment institutions and the merchant-side acquiring service are still one of the important carriers of their circulation. The promotion of digital currency and the application of third-party payment are complementary and not a substitute for each other. At the same time, the clearing institution, which is an important infrastructure of the payment chain, will still play a clearing role in the digital currency era. In the downstream of the payment chain, acquiring service providers and machine tool manufacturers need to upgrade their original equipment and systems in order to allow digital currencies to have a wider range of payment scenarios. This certainty will be for downstream companies. Business income brings special growth drivers.

Service providers are facing transformation challenges and orderly integrate diversified corporate services

The emergence of offline QR code payment is the first contact between many offline merchants and digitization. With the sweeping wave of digitization and the upgrade of payment-related services, QR code ordering and merchant mini programs have become the entry point for further digitization of merchant business.

With the promotion of QR code ordering, small program takeaway, and ordering applications, it not only means savings in operating costs for merchants, but will also be accompanied by digital upgrades in the pre-payment link, which will make merchants’ operating information more complete, which is conducive to further progress. Analyze and improve their own operating efficiency and obtain external financial support.

For payment companies, the distinction between online and offline scenarios will be broken. Merchant services will still focus on offline attributes, but the services provided for them will not be limited to offline payments, which raises the overall technical capabilities of service providers. Requirements.

Guest of this issue: Squirrel Ai 1 to 1 partner Liang Jing

Produced | Sohu School of Business

Editor | Zheng Qingchun, Liu Shijiao

Chief Editor | Wang Demin

According to the iResearch Consulting report, the market size of the online education industry in 2020 is 257.3 billion yuan, a year-on-year increase of 35.5%. Among them, the speeding up of the online process of the junior and quality education track and the K12 subject training track are the most important contributors to the rapid growth of the online education market.

At present, there are more than 1 million counseling organizations in China, and 80% of the market share is sinking into the market, while the overall market share of the top 5 organizations in the country is less than 10%. Online education competition is fierce, the industry burns money and the cost of acquiring customers is high. New Oriental founder Yu Minhong also questioned this track.

How will online education develop in the future? Which models will be successful? Sohu Business School’s “Future Business Power” talked to representative online education companies and explained their methodology and logic.

This issue of Squirrel Ai partner Liang Jing will share their entrepreneurial experience, challenges and layout.

Squirrel Ai is the first company to apply artificial intelligence technology to the education industry. It has now covered more than 1200 counties and cities across the country and more than 4000 campuses. Squirrel Ai has also sunk from the first-tier cities to the eighteenth-tier towns.

According to Squirrel Ai’s official website, using Ai big data to accurately locate knowledge weaknesses, intelligently adapt teachers, and accurately improve learning efficiency. This is the main logic of Squirrel Ai. According to reports, this online and offline OMO model is the fastest growing model in the online education industry.

Liang Jing defined Squirrel Ai as “an artificial intelligence company with technology and scientific research at its core. No technology means nothing.” Squirrel Ai’s entrepreneurship lies in the founding team’s clear goal of “algorithm engine + teaching and research content + c-side services”. And looking for top scientists around the world. “In 2020, Squirrel AI’s revenue will be 2 billion, and scientific research investment will account for 30% of total revenue, but the marginal cost will fall.”

Why is an artificial intelligence education company sinking into the market?

“ Educational resources in the sinking market are currently the most scarce. High-quality teacher resources are urgently needed in the sinking market. Smart adaptation to personalized teaching helps sink the market, and achieving fairness in education is the core reason. “Liang Jing said.

Prior to this, Liang Jing was also a serial entrepreneur. He founded several chain catering brands and fast-moving consumer goods brands, and served as a director and executive in his mother’s company, Huaqi Foods. Regarding what preparations should be made for starting a business, Liang Jing said that entrepreneurs should assess clearly which track they are on, assess the resources, channels, and funds they have, and whether this period is the best time to start a business.

The world’s most highly valued adaptive education company currently has a value of 15 billion US dollars. Obviously, the Chinese company in this track has a long way to go.

Sohu Finance Dialogue Liang Jing

The following is a record of the dialogue:

Sohu Finance: For those who are preparing to start a business, what preparations should be made before starting a business so that it is not blindly starting a business?

Liang Jing: Entrepreneurship may be a path of no return. You must have enough faith. In addition to personal aspects, you must also conduct in-depth research on the industry. If the selected industry is a brand new track, it may be very challenging, because people have not really adapted to such a consumption model or environment.

As an entrepreneur, you must evaluate clearly which track you are walking in the early stage, evaluate the resources, channels, and funds you have, and whether this period is the best time to start a business.

This can be referred to as the research phase. Only when the research is feasible, the preparations are actually started. You can do it when you are ready. Of course, you can choose to give up when you are ready.

As an entrepreneur, in the early stage of research, you must do in-depth thinking, centering on the ultimate goal, and infer the work that needs to be done at each stage, whether you have enough genes, resources or courage, courage, and ability Wait for the integration ability, and do it step by step.

Sohu Finance: What is the biggest challenge Squirrel Ai encountered during its entrepreneurial process?

Liang Jing: The biggest challenges we have encountered are two. One is the scientists who dig the top artificial intelligence and artificial intelligence education in the early stage. For an artificial intelligence company, technology and scientific research are the core. No technology means nothing. At that time, we were a very small company, not yet at the level of a unicorn. It was very difficult to find scientists working in companies with hundreds of billions of dollars globally.

In addition, when our products are launched on the market, how do consumers really understand artificial intelligence education? We need to transform high-tech terms into terms that consumers can understand.

Sohu Finance: How does Squirrel Ai find top talents?

Liang Jing: The ultimate goal and values ​​of our founding team’s partners in adaptive education is a very important point that impresses scientists.

By 2017 and 2018, dreams and ideas alone will not work. You have to talk about real money figures, learning results and learning reports.

No one of these top scientists in the world lacks money, and no one joins us for this salary or expense. They hope to create greater value because scientists have their own dreams. In terms of educational philosophy, we have deep resonance with scientists. This is the core element that we have dug into the world’s top scientists.

Sohu Finance: How to make more people receive artificial intelligence education products?

Liang Jing: Any new things have a resistance stage, a bubble stage, and a subsequent stable stage. In the early days of entrepreneurship, our products had just hit the market and encountered many difficulties. Consumers were at a loss as to the very advanced algorithms and architecture of artificial intelligence. Later, we discovered that since it is a product used by one person, it should be understood by people, and it is necessary to tap the potential and feelings of users.

The core point for our consumers to accept artificial intelligence is to make them like the interest and self-confidence brought by artificial intelligence teaching. In the learning scene, whether it is taught by a human teacher or the MOOC mode of the Internet, the most important thing is to enable children to learn, to learn happily, and to learn confidently. This is fundamentally unchanged.

Sohu Finance: Why adhere to the OMO model?

Liang Jing: India BYJU’S is the world’s largest AI intelligent adaptive education company, with a valuation of more than 15 billion US dollars. It used to be pure online. After acquiring India’s largest offline education and training, it became an online plus offline OMO. This is enough to illustrate the importance of the coexistence of online and offline scenarios.

Sohu Finance: Why do you invest in the sinking market, and how much room for growth in the future?

Liang Jing: Squirrel Ai now covers more than 1,200 counties and cities and more than 4,000 campuses. We have two core reasons for sinking the market:

First, compared to Beijing and Shanghai, the sinking market has very scarce educational resources, and it is not realistic for high-quality teachers to flow from the big cities to the sinking market. Therefore, the market urgently needs a tool and system to solve the equalization and individualization of education, so the sinking market has huge potential. Squirrel Ai also hopes to really help sink the market through personalized teaching. This is the core reason.

Secondly, from the perspective of the overall market share, there are more than 1 million counseling organizations in China. In fact, 80% of the market share is sinking into the market, and only 20% of the market share is in first- and second-tier cities. The overall market share of the top five institutions in the country is less than 10%, and 90% are scattered among various brands. This market is huge. Many giants are already making arrangements. From a strategic point of view, we are definitely going to sink the market.

Sohu Finance: Squirrel Ai has received an investment of more than 1 billion yuan, with a valuation of more than 1.1 billion US dollars. How did it do it?

Liang Jing: Our Shareholders New Oriental and Mr. Yu Minhong, and there is a good future. They all firmly believe in the future development direction of artificial intelligence education, especially in the intelligent adaptive education technology. As educators, they all know very well that the core technology in global personalized teaching is intelligent adaptive teaching. They invested in us because of their firm belief.

Sohu Finance: How should a startup company build its own brand?

Liang Jing: Brands can be divided into two, one is product brand or corporate brand, and the other is the brand of the founding team.

In the early days, there was not much money, and it was impossible to have money for brand promotion. At this time, the founder or founding team should be used to build the corporate brand. The founder’s personal brand is equal to the company’s brand, which can achieve a four-to-two effect. As a company’s brand, people are emotional and have real energy transmission. This is the founder’s brand building.

With the gradual expansion of the scale of the company and the steady introduction of product models to the market, we will turn to a real product brand. There are several key points in the product brand. First, if it is a To C product, it must be closely related to consumers. The brand name must be spiritual and easy to remember, just like an Apple mobile phone, it must be grounded. Second, a little deeper, the brand name of the product and the characteristics of the product must be essentially the same.

I think that any entrepreneurial brand has these stages in principle. To be the founder’s brand IP, it must also be the brand IP of corporate products. The brand of corporate products must first be grounded and connected more closely with the public. , And more consistent with the product characteristics, showing the company’s core competitiveness, so it is more perfect.

Sohu Finance: Looking forward to 10 years, what is your most personal goal?

Liang Jing: First of all, I hope to be able to assist Squirrel Ai to a very stable stage. At that stage, I believe that new talents and new teams also need to enter. I may have to step back and do auxiliary work. At that time, I hope to use my past experience, resources, and abilities to help China and the world on more issues concerning education equality, so my next goal will be to join UNESCO. This is also my ultimate life goal in this life.

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

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

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

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

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

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

On the morning of June 10, the 13th Lujiazui Forum (2021), co-sponsored by the Shanghai Municipal People’s Government, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission, opened in Shanghai.

At this forum, Guo Shuqing, Secretary of the Party Committee of the Central Bank and Chairman of the China Banking and Insurance Regulatory Commission, once again issued a severe warning on high-risk investments such as financial derivatives. He said:

In the case of financial derivatives where risks occurred in the previous period, a large number of individual investors participated in the investment. From the perspective of mature financial markets, institutional investors are mainly involved in financial derivatives investment, which is very unsuitable for personal investment and financial management. The reason is that, affected by a variety of uncontrollable or even unpredictable factors, the price of financial derivatives fluctuates greatly, which places high requirements on the professionalism and risk tolerance of investors.

The participation of ordinary individual investors is tantamount to gambling in disguise, and the result of the loss is already doomed. Those who speculate on foreign exchange, gold and other commodity futures will hardly have the opportunity to make a fortune, just as those who bet that house prices will never fall will eventually pay a heavy price.

In this passage, Guo Shuqing mainly warned individuals who speculate on the anticipation of RMB appreciation and the rise in commodity prices. Because these are the two major problems currently facing China.

There are very few ordinary people who really speculate in foreign exchange futures and commodity futures, and these people are indeed looking for a living on the tip of a knife. Instead, Guo Shuqing mentioned by the way that “people who bet that house prices will never fall will eventually pay a heavy price”, which is worth analyzing.

Among the senior financial officials in China, Guo Shuqing is known for his “daring to speak”. He basically talks about real estate several times a year, and he usually reminds him of risks.

For example, in August 2020, Guo published an article in the “Seeking Truth” magazine, stating that “the real estate bubble is the gray rhino that threatens financial security the most.”

In December 2020, Guo published an article titled “Improving the Modern Financial Supervision System”, proposing “resolutely curb the real estate bubble” and once again said that “real estate is the biggest gray rhino in terms of financial risks in my country at this stage.” He also mentioned in the article: “Of the more than 130 financial crises in the world since the last century, more than 100 are related to real estate.”

At the press conference held on March 2 this year, Guo once again pointed out: The core problem in the real estate sector is still relatively large bubbles, and the tendency of financialization to bubble is relatively strong. It is the biggest gray rhino in the financial system. Many people buy a house not to live, but to invest in speculation, which is very dangerous.

In short, Guo can be said to be “benevolent” and “benevolent” in reminding real estate risks.

According to the first quarter monetary policy implementation report of the Central Bank: At the end of March, the balance of real estate loans by major financial institutions nationwide was 50.0 trillion yuan, a year-on-year increase of 10.9%. Among them, the balance of personal housing loans was 35.7 trillion yuan, a year-on-year increase of 14.5%. Although the growth rate of these two types of loans has declined, they are still much faster than the actual growth rate of the economy.

So here comes the question: when Guo Shuqing said that “people who bet that house prices will never fall will eventually pay a heavy price”, when will it be fulfilled? Which houses are risky and cannot be bought?

According to the seventh census, as of November 1, 2020, the urbanization rate of the permanent population in China has reached 63.89% (the urbanization rate of the registered population is 45.4%). In the past 10 years, the urbanization rate of the permanent population has increased by 14.2 percentage points.

In recent years, the urbanization rate of the permanent population has been advancing at a rate of about 1% per year. From the perspective of China’s development stage, the urbanization rate of our permanent population peaks at around 70% to 75%. Calculated at 75%, there is still room for growth in about 12 years. Then, it will enter the “post-urbanization era”.

In fact, as the urbanization rate of the permanent population exceeds 60%, urban population growth has begun to diverge, and the population will accelerate into large urban agglomerations and metropolitan areas in the future.

In the Northeast, Midwest and other regions, the fourth and fifth tier cities and market towns that are not in large urban agglomerations, metropolitan areas, and market towns will accelerate the loss of population.

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Above: According to the seventh census data of Sichuan, Gansu, and Hubei, most of the prefecture-level cities and prefectures have lost their population.

I reminded everyone a few years ago: less than 20% of the cities in China (counting counties) have investment value, and more than 80% of the cities have low value or pits.

In areas with severe population loss, future housing prices may be money for “demolition and sale of construction waste”. In some places, no one even collects construction waste for demolishing and selling construction waste.

Therefore, do not think that Chairman Guo Shuqing is alarmist, what he said is becoming a reality.

For example, the “Yumen Old City” we often refer to is a typical case of an abandoned city; as for Hegang, it is a case of an undisused but naturally shrinking city.

In April 2019, the National Development and Reform Commission put forward the concept of “shrinking cities” for the first time in the “Key Tasks of New Urbanization Construction in 2019”. The National Development and Reform Commission pointed out that shrinking small and medium-sized cities should lose weight and strengthen their bodies, change their inertial incremental planning thinking, strictly control the increase, activate the stock, and guide the population and public resources to concentrate in the urban area.

What do you mean? This actually means that the “shrinking cities” with continual population losses will merge villages, towns and counties in the future to bring the population together.

During the adjustment of administrative divisions in the past two years, the state has merged some districts and counties with small populations and sluggish growth. For example, in June 2020, the state made the following adjustments to the administrative divisions of Yantai:

Penglai City and Changdao County were abolished, and Penglai District of Yantai City was established. The former administrative area of ​​Penglai City and Changdao County was the administrative area of ​​Penglai District. .

In other words, Changdao County has disappeared.

Changdao County has a land area of ​​only 56.8 square kilometers and a permanent population of more than 40,000. In 2013, there were 1,151 primary school students in Changdao County. By 2019, the number had dropped to 856, a drop of 25.6%.

Such a population size, of course, cannot support the structure of a county. Across the country, there are about 100 counties (or county-level administrative regions) with a population of less than 40,000.

Once a member of the National Committee of the Chinese People’s Political Consultative Conference proposed to merge counties with underpopulated populations (such as less than 100,000 people). She gave an example in the proposal: a county has a permanent population of 30,200 in 2019, local fiscal revenues of 36.61 million yuan, and general public budget expenditures of 865 million yuan , There are more than 120 administrative and social organizations, and more than 6,000 financial support personnel.

The cost and efficiency of maintaining such a county are too high, and it is of little significance.

It is conceivable that if you buy a house in such a county town or in a market town below the county town, the future prospects must be very pessimistic.

In fact, even in first-tier cities, such as Shanghai’s Chongming Island and Shenzhen’s Yantian Dapeng, some remote and poorly-equipped real estates have not risen for a long time, making buyers want to cry. Not to mention the suburbs and new districts of fifth- and sixth-tier cities in the Midwest.

Remember one thing: houses that can be delivered by courier and takeaway, and houses that are not too hard to take a taxi are valuable.

If a real estate is not only difficult for you to take a taxi, but also difficult for take-out and express delivery, then this kind of house basically has no investment value, and even you do not want to live for a long time.

I used to tell readers in my articles that if you choose suburban or Xinpan real estate, there must be a subway within 800 meters, a shopping mall within 3 kilometers, and schools and kindergartens within 2 kilometers. Otherwise, try not to buy it. Of course, this is a higher requirement than being able to deliver food or express delivery.

In addition, cities that are not eligible to repair subways (light rails) generally have little investment value.

In short: Try to buy houses in high-level cities (and their metropolitan areas) that have a significant population increase in areas that the government attaches importance to, with better facilities.

Moreover, do not have the intention of short-term speculation, do not excessively increase leverage, and do not follow the evil path of holding a house or buying a house under the name. As long as you choose the right city and have a steady cash flow, your investment risk is very easy to manage and your future will be bright.

To learn more, please follow the WeChat public account: Shenzhen Wan Sui Home Network

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.

(The picture comes from the glory mall)

// The new glory is here.//

At the press conference, there will be many new products of Honor 50SE, Honor X20SE, and Honor Play20. Starting at 10:08 on June 1st, Honor will open all-platform reservation activities simultaneously. Users can go to Honor online and offline platform stores to reserve Honor 50 series products for free. As of 16:00 on the 14th, The online platform JD Honor 50 has reserved 597,000 reservations, and the Honor 50Pro has reserved 348,000 reservations. In addition to the 123,400 reservations made by the Honor Mall, the total number of reservations has exceeded 1.05 million, which is unprecedentedly popular.

(The picture comes from Honor Jingdong’s self-operated flagship store)

It is reported that, The Honor 50 series will be equipped with Qualcomm’s Snapdragon 778G 5G mobile platform for the first time. The Snapdragon 778G uses TSMC’s 6nm process technology, A78 architecture, and the highest frequency can reach 2.4GHz. Glory CEO Zhao Ming said at the Qualcomm Technology and Cooperation Summit on May 21 that since Glory became independent, Qualcomm is the first batch of manufacturers to complete the supply certification of Glory and sign a comprehensive supply agreement. Glory’s flagship and high-end products released in the future will all use the Qualcomm Snapdragon platform. Starting in June, Honor’s chip supply will be fully restored.

In November last year, due to the pressure of being cut off from the supply of chips, Huawei decided to sell the business assets related to the Honor brand and no longer hold any shares. After more than two months of independence, almost all suppliers have resumed the supply of Honor, including AMD, Intel, Samsung, Qualcomm, MediaTek, etc.

Huatai Securities believes that the recovery of glory may bring new opportunities for Android industry chain companies, but competition in the mid-end mobile phone market may further intensify, putting pressure on mobile phone manufacturers such as Xiaomi.

// The latest pattern of the mobile phone market //

Looking at domestic brand mobile phones, Last year, the market was basically occupied by the four major brands of Huawei, OPPO, vivo and Xiaomi. Wind data shows that when Huawei’s mobile phones are still shipping normally, Huawei’s shipments in the third quarter of 2020 are 52 million units, far exceeding Xiaomi’s 47 million units, vivo’s 32 million units and OPPO’s 24 million units (OPPO’s second quarter Data, not announced in the third quarter).

And because of the “lack of core” problem, Huawei’s mobile phones have been in a dilemma that they are out of stock. After selling the mobile phone sub-brand “Honor”, Huawei has provided other manufacturers with an opportunity to seize market share. So far, In the first quarter of this year, the shipments of Xiaomi, OPPO and vivo all showed good growth. Among them, Xiaomi began to take the lead, with shipments of 49 million units in the first quarter, far exceeding OPPO’s 38 million units and vivo’s 35 million units.

It is worth mentioning that in the first quarter of 2021, Xiaomi Group has set a revenue of up to 77 billion yuan, with a net profit of 7.8 billion yuan, which has exceeded half of last year’s annual profit, and both revenue and net profit have reached record highs. Mobile phone shipments reached 49.4 million units, successfully ranking among the top 3 in global mobile phone sales, accounting for 13% of the global market share. Huawei’s global market share is only 4%, which is less than 1/3 of Xiaomi’s.

From a global market perspective, the Strategy Analytics report shows that In the first quarter, the top five mobile phone manufacturers in global shipments were Samsung, Apple, Xiaomi, OPPO, and vivo. In the first quarter, neither of the two rankings showed any glory.

On May 21, 2021, Honor CEO Zhao Ming stated at the 2021 Qualcomm Technology and Cooperation Summit that Honor has formally reached a strategic cooperation with Qualcomm. In the future, all products of Honor will adopt the Qualcomm platform. Glory’s chip supply will be fully restored in June, including AMD, Intel, Micron, Samsung, Qualcomm, Microsoft, MTK, etc.

Zhao Ming said that April is the darkest moment of glory, and it will gradually recover from May. Beginning in June, Honor’s chip supply will be fully restored. Honor’s market share was 3% when it was at its lowest, and it has now recovered to 8%.

// Competition in the mobile phone market may further intensify//

Huatai Securities believes that the recovery of glory may bring new opportunities to companies in the Android industry chain such as Sunny, but competition in the mid-end mobile phone market may further intensify, putting pressure on mobile phone manufacturers such as Xiaomi.

Industrial Securities judged that although the supply of chips was resumed in glory, there are still difficulties in obtaining chips under the current extension of the delivery period. The annual mobile phone shipments are expected to remain at around 40 million.

Huajin Securities pointed out that since May, Android-based mobile phone brand manufacturers have placed revision orders and confirmed the order adjustment information with the supply chain. The performance enhancement brought by 5G is not as attractive as expected, technological innovation is limited, consumer replacement cycles are lengthened, and supply-side shortages and price increases have forced terminal manufacturers to respond with reduced specifications. The smartphone sector “made worse” and costs increased in the second quarter And the downward revision of shipments has put pressure on the industry chain.

This time the Honor 50 series phones, For Honor’s flagship model released for the first time since Huawei’s independence, it inherits Huawei’s genes in terms of brand, channel, and technology. Honor’s market performance in the second half of the year and in the future is worth looking forward to.

// The mobile phone industry chain benefits //

According to the analysis of the Liu Shuangfeng & Lei Ming team of CITIC Construction Investment, the new Honor will effectively meet the “delayed” replacement needs of the original Huawei users. It is expected that the new Honor will be able to successfully start the volume in the country in the second half of the year. The overseas market will also gradually make breakthroughs. At the same time, we expect that with the release of new Android phones, as well as the peak season of 618 and Shucu, In the third quarter, the domestic mobile phone market will recover from the weakness in the second quarter, and the performance of the upstream consumer electronics industry chain will also be boosted.

Although the current details of the Honor supplier have not been known, the hot sale of the new Honor machine is undoubtedly positive for the smartphone industry chain. Wind data display, At present, there are many companies in the smart phone industry chain. There are many listed companies in the six major displays, chips, casings, cameras, batteries and PCBs. Worthy of attention.

(Picture from Wind smart phone industry chain)

(Wind Comprehensive China Fund Report, Brokerage Research Report, etc.)

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In the future, mobile phones are generally considered to be non-porous all-in-one devices, and current devices are also in this trend.

As a result, we have seen the rise of “full screen”. As a result, we have seen the continuous streamlining of mobile phone interfaces and buttons.

▲Galaxy Z Fold 2 and iPhone 11 Pro Max.

At the same time, some people think that future devices should not be limited by screen size, and should have richer application scenarios. Therefore, the concept of “folding” mobile phones is an attempt to break through the screen limitations.

It is like the “bamboo slips” popular in ancient times. It can be viewed and read when unfolded, and when it is rolled up, it is convenient to carry and move.

But later, “bamboo slips” did not become the carrier of our records. Cai Lun’s improved “papermaking technique” was the paper that could be used on a large scale.

▲ Samsung Galaxy Z Flip.

It is as if the horse-drawn carriage is not replaced by a faster horse-drawn carriage, but a car, but the process is not indispensable during the period. In other words, in the process of evolution towards the future, the shape of the folding screen is an indispensable process.

Advantages of folding screen

Simply put, this form of folding screen is actually a simple “2 in 1” device. It can be a smart phone or a “small tablet” with a large screen.

For users, the meaning of “folding screens” is to enable smart phones to better play different roles. For manufacturers, the “folding screen”, a device with a large screen and a small screen, is undoubtedly a verification and consideration of the system switching logic and hardware manufacturing process, laying the foundation for the subsequent development of different types of equipment.

Folding screens currently have two forms: vertical folding and horizontal folding. In an ideal state, after folding, it is only the size of a smart phone, or only half the volume, which can be more convenient to carry.

After the vertical folding and unfolding, there will be a screen close to 8 inches. Whether it is entertainment or simple processing workflow, the efficiency will be higher than that of ordinary mobile phones.

As for the horizontal folding, after unfolding, it is still in the state of a traditional smart phone. Relatively speaking, its advantage is more that it is smaller and more convenient.

Smartphone screens start from 3.5 inches. Every step forward, the screen area will be one inch larger. The concepts of “screen-to-body ratio” and “full screen” gradually surface. If smart phones continue to be our smart center, in the absence of technological innovation, “folding screens” may be a development direction.

Disadvantages of folding screens

Almost all the advantages of folding screens can be placed on the hardware, and different screens have different functions and scene adaptations. From the current point of view, the disadvantages of folding screens are not only in the hardware.

▲ Xiaomi MIX FOLD uses CPI film material.

It is not uncommon for the screen materials of traditional smartphones to use flexible OLEDs, but what prevents it from bending at will is the “rigid glass” on the surface. To “fold”, it is necessary to replace the protective glass (material) on the surface with a flexible material that can be bent on the basis of the flexible OLED material.

At present, this layer of bendable flexible material includes CPI film (colorless polyimide). Samsung’s first-generation Galaxy Z Fold and Xiaomi MIX FOLD use this material, which has good ductility, but is relatively traditional glass, CPI The hardness is not enough, it is easy to leave scratches and traces of use.

The most famous crash YouTuber JerryRigEverything tested the Mohs hardness of the Galaxy Z Fold’s inner screen at about 2. For comparison, the outer screen with Gorilla tempered glass is at 6. In fact, it’s a bit more airy. The CPI film has no resistance to scratching with a slightly harder nail.

On the Galaxy Z Filp, Samsung upgraded the protective layer of the screen from CPI film to UTG (ultra-thin glass) in order to improve the wear resistance of CPI. As for the efficacy, the results of JerryRigEverything are also quoted as a comparison. The Mohs hardness of the inner screen is still level 2, but from the effect point of view, it is still better than CPI.

▲ Galaxy Z Filp with UTG has limited scratch-resistant performance improvement. Picture from: JerryRigEverything

Even if the problem of the screen protection layer is solved, the bendable screen and the “mechanical hinge” have life problems. After bending to a certain extent, the brightness and contrast of the screen will decrease in the bending part, and the hinge will wear out every time it is bent. Over time, the mechanical performance will also decrease.

However, whether it is Samsung or Xiaomi, the mechanical life of the hinge can be maintained for 2 to 3 years before it goes on the market, which is a replacement cycle of a smart phone, so the screen and hinge are not a big disadvantage.

At present, both Aifaner readers and our editorial department believe that the “folding screen” lacks killer applications, that is, the lack of innovation at the software system level. When experiencing Xiaomi MIX FOLD, there is always a feeling of being at a loss when opening the screen. Even with the PC mode and split screen, it will still not bring a unique experience, and it will eventually become “iqiyi”.

The status quo of folding screens

At present, the core of the folding screen is still on the screen. From this point of view, Samsung is the first echelon, and it can be regarded as bringing the folding screen into the consumer industry with its own strength. Even though the original Galaxy Fold has experienced twists and turns, it is undeniable that it The meaning of existence. After several years of development, Samsung’s screen protection layer has been upgraded to UTG ultra-thin glass, and the output and yield of the display are increasing. And the overall Fold shape has gradually matured.

In addition to Samsung, subsequent screen manufacturers, such as BOE, Visionox, Tianma, etc., are also increasing their investment in flexible screens. After the supply chain is enriched, there are gradually more folding screen products on the market.

The most recent example is the Xiaomi MIX FOLD. Even though it uses some of the technology of the original Galaxy Fold, it has failed to prevent MIX FOLD from becoming a “folding screen” since its launch and the first price is less than 10,000 yuan. Some technologies for folding screens are not only maturing, but also increasing in cost and yield.

According to DSCC’s forecast, the cost of Samsung’s folding screen is about US$180, and it is expected to cost less than US$100 in 2022, which is lower than the current iPhone screen.

In addition to the screen, many components on the folding screen product need to be customized, and the hinges and other components need additional aging tests. These costs will eventually be transferred to the product pricing. These are also the reasons why the current price of folding screen products has stabilized at around 10,000 yuan.

Let’s talk about software. Whether it’s the first echelon of Samsung or the domestic system’s MIUI, their influence on the Android system is relatively limited. In other words, the disadvantage of the folding screen system may still require Google to start from the bottom. Think about how to provide a better and more efficient experience on a variable form of 2 in 1 device.

The future of folding screens?

It may be due to Samsung eating crabs before, or the related industry chain may gradually mature. According to a report by SamMobile, Google may try out folding screen products this fall. It may be released together with Pixel 6 and Pixel 6 Pro, named Pixel Fold, and the screen supplier is Samsung.

This year, Samsung and Google are getting closer. At the Google I/O conference last month, Google announced that it will build a new wearable platform with Samsung. The hardware depends on Samsung, and the software may also be developed together with Samsung.

Putting this trend on the possible Pixel Fold may also be more in line with the actual situation. Google is closer to a software company. At the beginning of Android, it found HTC to build Nexus phones together. Later, Google also cooperated with LG, Samsung, Huawei and others to launch Nexus series products.

Nowadays, Google is looking for Samsung to cooperate, and it feels a bit like the Nexus series made years ago. In fact, Google and Samsung launched the Pixel Fold at this node in the fall. The hardware may be based on the Galaxy Fold 2. It will still be a flexible OLED screen and UTG ultra-thin glass, with little change in form.

However, the software system will be managed by Google, and this is also one of Google’s main goals of launching folding screens. It is hoped that through practice, it will bring Android native systems that are more in line with future 2 in 1 devices. It may be possible to switch between large and small screens and how to improve large screens. The efficiency of these systems is a hindrance to focus on strengthening.

▲ The native Android 12 on Pixel Fold is the focus.

At the same time, the folding screens of the Pixel series will undoubtedly be very suitable test equipment for “developers” to develop dedicated apps. Compared to third-party vendors, Google still has at least some influence.

In addition, SamMobile also said that in addition to Google, Samsung may also start to provide foldable OLED screens for domestic manufacturers such as vivo and Xiaomi in October. In this way, the new wave of smartphones this fall may be led by “folding screens.”

▲ Microsoft Surface Duo.

In the mobile phone market, folding screens are still a very small choice. Whether it is Samsung’s Fold series, Samsung’s Flip, or Microsoft’s Surface Duo, the price has plunged considerably after the listing. For example, the Galaxy Fold 2 is now only about 7,600 yuan on Amazon, while the Surface Duo is only 4,500 yuan, and Xiaomi MIX Fold has also dropped 1,000 yuan in some channels.

▲ Xiaomi MIX FOLD, Samsung Galaxy Z Fold2, Huawei Mate X2. Picture from: XDA

This situation is just like the first generation of 5G smartphones. The technology is constantly changing. As the output and yield of the supply chain continue to increase, the product will become more mature and the price will naturally be reasonable. If SamMobile’s news is accurate, after all folding screens are listed in the fall, it may become a new consumer trend.

The final fate of folding screens may be like “bamboo slips.” Although they are eventually replaced by paper, the technology accumulated by manufacturers in this 2 in 1 form will not be lost. It may appear in future products.

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Airline in crisis Lufthansa wants to get rid of state influence

Status: 15.06.2021 9.45 a.m.

The largest German airline wants to raise additional money on the capital market for its realignment. In doing so, the group is trying to reduce the federal government’s ability to influence as quickly as possible. Lufthansa has initiated its planned capital increase. According to a mandatory announcement yesterday evening, the aviation group mandated four banks to implement the measure. However, according to the announcement “The Management Board and the Supervisory Board have not yet made a decision on the scope and timing of a possible capital increase”. Companies raise capital by issuing additional shares; the shares of the existing shareholders are thus diluted. The company is now implementing the approval of the shareholders received at the general meeting in May. The airline is allowed to raise up to 5.5 billion euros in fresh capital on the capital market. According to media reports, the management initially only wants to mobilize around three billion euros in order to push ahead with the restructuring of the company.

Exclusive 06/01/2021

Billion dollar rescue package

Lufthansa also wants to reduce the influence of the state through the capital increase. Lufthansa was in dire straits due to the Corona crisis and had to be supported by Germany and its other locations with a financial framework of nine billion euros. Germany accounted for a total of 6.8 billion euros of the state rescue package for Lufthansa. However, the airline group only made use of around two billion euros of the guaranteed funds. Half of this has already been repaid with the money from new bonds, so that Lufthansa currently owes the state around one billion euros. A capital increase of three billion euros would enable the company to repay this amount earlier than previously planned. The state would then soon have to sell its block of shares, for which it paid around 300 million euros.

Group wants to drastically reduce costs

With the withdrawal of the state participation, Lufthansa would have more leeway again. Because in return for state aid, the company has to adhere to various conditions: for example, a ban on paying dividends to shareholders or distributing interest to bond owners. Bonus payments to managers are also not yet possible. So far, the plan was not to pay off the state aid until 2023. Even drastic cost savings are probably easier to implement without government influence. According to earlier information, Lufthansa wants to reduce the number of employees in Germany by another 10,000 to 100,000. To this end, Lufthansa wants to lower tariff standards, encourage employees to leave the company voluntarily, but also issue redundancies for operational reasons. The unions had already made concessions in the Corona crisis, but recently accused Lufthansa of evading tariffs.

The approval of the state fund is still pending

The federal government’s economic stabilization fund (WSF), which has a 20 percent stake in Lufthansa, is expected to participate in the capital increase – but without spending additional taxpayers’ money on it. The WSF still has to approve the plan, said Lufthansa. The Corona financial aid fund wants to participate in the capital increase with a so-called “Operation Blanche”. A shareholder sells part of his subscription rights for the new shares in order to exercise the remaining subscription rights with the proceeds. No additional tax revenue is required for this transaction. The MDAX company also announced a new profit target for 2024 in the evening. By then, experts estimate that aviation should return to pre-crisis levels. The adjusted operating margin, i.e. the ratio of operating profit to sales, should then reach at least eight percent, and the return on investment should be at least ten percent.