Author｜Zhang Yating

Edit | Yang Jin

“Flags are collected in Kyushu, the Glory 50 is the best seller”, “Zheli is the most glorious, Zhejiang customers wish Glory new products will be sold” “50 is born, proud of the heroes, Sichuan glory, peaking”…

Before the launch of the Honor 50, some Honor employees and distributors wore blue T-shirts with the honor logo, and uttered passionate slogans outside the Oriental Sports Center for a group photo to commemorate.

Compared with the first V40 conference held online after the independence of the Honor brand in January, the offline conference of Honor 50 was significantly more “lively”. A Honor dealer from Hebei told Sohu Technology, “This time, dealer representatives from all provinces across the country have basically come.”

For Zhao Ming, the holding of this conference is also of great significance. At the opening of the press conference, he mentioned with a touch of sentiment: “With mixed feelings in my heart, thank you friends for your support, Glory is standing in the Oriental Sports Center again.” Before Glory’s independence, the Oriental Sports Center witnessed Glory 8, Glory 9, and Glory. The release of Honor 10, Honor 20 and Honor 30.

“No one will give us an umbrella anymore”

“In the past 211 days, Honor has gone from the top two brands in China, with a market share of 16.7%, to 3%.” In the context of chip sanctions, after leaving Huawei’s halo, Honor has experienced a period of time. Dark period.

This gloom is not only reflected in market share, but also in rather trivial details. Zhao Ming admitted in an interview with media groups including Sohu Technology, “We have never had such a life before, and no one will give us an umbrella again.”

In the past, Glory operated in a large system, but after leaving Huawei, Glory can’t rely on the big tree to enjoy the cold. Zhao Ming, for example, said that at one time Honor had to find bank loans for its operating cash flow, and each product had to be calculated carefully. When the office was renovated, the tables, chairs and benches had to be bought by themselves. “Shenzhen often had problems when it was just being renovated. I was sitting in the office on the 32nd floor. The bathroom was blocked and I needed to find the bathroom upstairs and downstairs.”

At the same time, Zhao Ming said that these difficulties and problems have made Honor look back and re-recognize itself, “We are an independent startup company, and we have to complete our own salvation and the transformation of the entire system.”

Domestic share rebounded from 3% to 9.5% Currently, Honor has publicly announced that its market share has returned to 9.5% in the past May. An industry source told Sohu Technology that on the second day of the press conference, on June 17, Honor also held the China KA Summit for retailers in Shanghai, and disclosed the weekly trend of domestic TOP6 brand sales share, and Honor sales once It surpassed Huawei and became the fifth in China. Glory is extremely eager to return to the mainstream market. Although the chip data of Honor 50 was obtained 45 days later than the industry, it was released at least one month earlier than other manufacturers. Zhao Ming said, “I haven’t seen our R&D team work hard in this way for ten or even fifteen years. In terms of channels, Honor said that during the difficult times in the past few months, it has added more than 2,500 experience stores and special areas. The advantages of more than 30 Glory agents and distributors in jointly acquiring Glory have also been demonstrated at this moment. For glory after the reorganization, winning the domestic market is the first step, and the recovery of overseas markets is obviously facing a greater test. An employee in the Eastern European market of a domestic mobile phone brand told Sohu Technology: “At present, Honor is lingering overseas. The market share of Honor in my region has dropped from a high of 26% to 3%. Google GMS authorized Honor is also indirectly obtained. When it arrived, Google licensed it to Longcheer, and Longcheer produced it on its behalf.” Google GMS authorization is indispensable for domestic mobile phone manufacturers to explore overseas markets. Therefore, Glory’s attitude towards Hongmeng is also rather ambiguous. Zhao Ming said that he will pay attention to the development of Hongmeng and will choose the operating system according to the preferences of global consumers in the future. Can “Glory” continue to glory? The 9.5% market share seems to have improved significantly, but the above-mentioned industry sources told Sohu Technology: “There is still a gap. 15% is a watershed. Once it reaches 15%, the brand will basically lay a solid foundation.” The release of the Honor 50 series is an important “killer” for Honor’s impact on the “Watershed”. For this new machine, Zhao is obviously very confident. “This year’s Honor 50 series will undoubtedly be the hottest products among the hottest products. We launched this product during the peak season of the market.” “V40 is a transitional model, 50 is the big move.” A Glory retail terminal employee bluntly told Sohu Technology: “To be honest, we have been so busy recently that we have no time to eat. When new products are launched, we have several times the work on hand. There has been a dramatic increase, but the manpower has not increased.” Sun Yanbiao, Dean of the First Mobile Phone Industry Research Institute, commented that the Honor 50 series is a high volume model. “Honor 50 series covers 2399 yuan to 3999 yuan, which is the most popular price range for consumers, and the positioning of the main video shooting is also very accurate.” Sun Yanbiao believes that other domestic mobile phone manufacturers are currently unable to obtain the share dropped by Huawei due to the lack of cores and other reasons. Honor has the potential to take over the Huawei market in China, whether it is from the brand level or the channel level. The latest report of the China Academy of Information and Communications Technology pointed out that mobile phone shipments in April and May decreased by 34% and 32% year-on-year, respectively, mainly due to three factors: First, the domestic mobile phone shipments in the first quarter increased by more than 100% year-on-year, and demand was released ahead of schedule ; The second is that the supply of mobile phone chips in the upstream of the industry chain is tight; the third is that Huawei’s shipments have fallen sharply, and other manufacturers have failed to fully make up for the vacancy of Huawei. A consumer who placed an order for Honor 50 Pro at the press conference told Sohu Technology the reason for buying, “I am used to the Huawei mobile phone system, but I can’t buy the Huawei P and Mate series. The Honor mobile phone system is similar to Huawei’s, and the price is It’s also quite cheap.” Whether it is the recent night of Zhao Mingliang’s Qualcomm Xiaolong, or the global release of Honor 50, it can be seen that Honor is constantly sending positive signals of return. However, in this fiercely fighting mobile phone market, in the face of powerful opponents such as Xiaomi OV, Honor wants to return to the center of the stage and continue Huawei’s glory, and it will take a certain period of growth. Sun Yanbiao revealed that there is news in the market that Honor has cut its annual target from 50 million to 30 million. In order to achieve this goal, the first batch of the Honor 50 series should be around 1.5 million units. Next, Honor will release a new Magic series with high-end positioning and equipped with the Snapdragon 888 processor in the third quarter. Zhao Ming confidently said that the core competitor of Honor in the Chinese market in the future is Apple

No agreement in the coalition Tenants have to bear the CO2 price alone

Status: 22.06.2021 4:31 p.m.

The coalition seemed to be in agreement: landlords and tenants should share the CO2 costs on oil and gas in the future. But the Union no longer went along with it. Associations and the opposition are angry – and generally criticize the climate protection concept. For the time being, tenants in Germany will have to bear the additional costs due to the CO2 price on oil and gas alone. An agreement reached by the federal government weeks ago to relieve tenants has now failed. The Union faction did not want to participate, did not want to burden landlords and landlords additionally. “A division of the additional CO2 costs between tenants and landlords would be counterproductive, since the CO2 price is intended to steer behavior”, said Union faction vice-chairman Thorsten Frei of the news agency dpa.

Incentive to produce less CO2

It should be worthwhile for the consumer if he uses less CO2, said Frei. That was the reason why the Union faction rejected the division. After all, landlords are not responsible for heating costs, according to Frei.

At the same time, Frei emphasized that it had already been ensured that it was not closed “social imbalances” come “Those who receive transfer payments receive their housing costs from the state. Those who are entitled to housing benefit have received ten percent more since the beginning of the year in order to cushion the CO2 price”said Frei.

Criticism from the SPD and the tenants’ association

The SPD side, on the other hand, expressed its disappointment. The Union has refused to include the landlords and landlords in the higher CO2 costs for living. This leave you behind “bitter aftertaste”said SPD parliamentary group leader Rolf Mützenich. “Now the tenants alone have to bear the additional costs”, he said. “This is not how we imagine social climate protection.”

Of a “impending price shock” SPD parliamentary deputy Sören Bartol spoke for tenants “Editorial network Germany” (RND). The no from the CDU and CSU to the division model “exposes the social coldness of the Union”, he said. The German Tenants’ Association called the regulation in the RND newspapers one “hit in the face” of the tenants.

Additional expenses of up to 160 euros

The cabinet decision of May 12th originally provided that landlords should bear 50 percent of the costs of the national CO2 price in future tenancies. According to the current legal situation, tenants take on the costs arising from CO2 pricing, currently EUR 25 per tonne.

The consequence of the regulation: If heating continues to be mainly fossil fuel, it will be expensive. Like the portal “Check24” has calculated, the CO2 price of 25 euros for a family with a rented apartment and a consumption of 1000 liters of heating oil per year results in additional costs of almost 79 euros. A family with a house has to pay about twice as much.

Eight billion euros for climate protection

Originally, the now burst relief for tenants was noted in the so-called immediate climate protection program. The immediate program will now go into the cabinet without the corresponding passage. It essentially contains the plan for the distribution of the eight billion euros that are to be used in addition to climate protection measures in the coming years. But the coming federal government has to implement this. SPD parliamentary deputy Matthias Miersch, who negotiated the details of the climate and energy program with the Union to the end, spoke of one “Bridge to the next legislative period”. Miersch criticized the concept for the expansion of renewable energies as a failure. Here it was not possible to give the federal states binding targets, for example for the expansion of wind energy on land. Giving wind and solar energy a boost through changes in the law is now the task “Future task of the next government”said Miersch. Environment Minister Svenja Schulze (SPD) referred to RTL / n-tv on concrete progress, for example in the replacement of climate-damaging oil heating systems, but also admitted: “We could do a lot more.”

The Federal Climate Protection Act is to be passed quickly

The Federal Climate Protection Act, which is due to pass this week by the Bundestag and Bundesrat, forms the framework for all measures and financial plans. This will anchor the new climate goals that the federal government had set for itself just two weeks after a ruling by the Federal Constitutional Court in May. The judges in Karlsruhe had instructed the federal government to regulate the national path to the reduction of climate-damaging greenhouse gases even beyond the year 2030.

Germany is aiming for greenhouse gas neutrality by 2045, five years earlier than originally planned. Then only as much climate-damaging gas should be emitted as can be neutralized again. Politicians argued for weeks about the right way to get there and only agreed on the final key points on Monday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Source: company prospectus)

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

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

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

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

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

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

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

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

(Source: company prospectus)

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

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

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

(Source: company prospectus)

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

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

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

Concluding part

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

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

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

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

Produced | Sohu Finance

Author | Zhang Ying

On the evening of June 15, Suning.com issued a supplementary announcement on the freezing of shares, disclosing the reasons for the judicial freezing of 540 million shares of the company held by Zhang Jindong.

According to the announcement, Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan. Zhang Jindong and others provide guarantees for this trust loan. Recently, Huaneng Trust transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied for compulsory execution. Suning Real Estate has filed an enforcement objection to the Beijing Second Intermediate People’s Court, and the court has accepted the enforcement objection.

On the morning of June 15th, Suning.com 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.

The supplementary announcement discloses that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

Huaneng Trust applied for an enforcement certificate to the notary office with the letter of commitment issued by Suning Real Estate on February 1, 2021 that it did not carry out the notarization that conferred enforcement effect and did not waive its litigation rights.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

The supplementary announcement stated that Huaneng Trust recently transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied to Beijing No. 2 Intermediate People’s Court for compulsory enforcement of notarized debt documents (Case No. (2021) Jing 02 No. 837 ), Beijing No. 2 Intermediate People’s Court ruled to freeze 540 million shares of the company held by Mr. Zhang Jindong.

Suning Real Estate believes that since the execution certificate on which the relevant notarized creditor’s rights document is enforced does not meet the requirements of the Supreme People’s Court on several issues concerning the enforcement of notarized creditor’s rights documents, it has filed an execution objection to the Beijing No. 2 Intermediate People’s Court, and Beijing No. 2 The Intermediate People’s Court accepted the aforementioned enforcement objection on June 11, 2021.

On June 9, Sohu Finance inquired from the China Enforcement Information Disclosure Network that Suning Appliance Group Co., Ltd. added a piece of information about the person subject to enforcement, case number (2021) Jing 02 Zhi No. 837, and the enforcement subject was over 3.082 billion yuan. The enforcement court was Beijing Second Intermediate People’s Court.

According to the China Enforcement Information Disclosure website, Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. are all persons subject to enforcement, and the time for filing the case is June 4. Suning Real Estate and Suning Appliance are actually controlled by Zhang Jindong, the founder of Suning.

According to an enterprise search, Yingming Yuansheng was established on November 12, 2015, with a registered capital of 100,000 yuan, 60% of which was funded by Guizhou Taijia Investment Management Co., Ltd., and 40% by Guizhou Chuangming Investment Management Co., Ltd..

It is worth noting that the registered addresses of Yingming Yuansheng, Guizhou Taijia and Guizhou Chuangming are all located in the administrative office building of the People’s Government of Guanshanhu District, Guiyang City, Guizhou Province. The Development and Reform Bureau of Guanshanhu District of Guiyang City indirectly holds Yingming Yuansheng 43.86% shares.

Since the beginning of this year, Suning.com has been “turbulent.”

On February 28, Zhang Jindong and his concerted actor Suning Holding Group and others planned to transfer 23% of Suning Tesco to Shenzhen International and Kunpeng Capital to introduce state-owned capital.

On the evening of June 2, Suning.com issued an announcement stating that Suning Appliance intends to transfer its 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) to the new retail fund. The total transfer price is 31.82. 100 million yuan.

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

Produced｜Sohu Finance

Author｜Wu Ya

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

Produced | Sohu Finance

Author | Gu Zitong

On the evening of June 14, Xiabuxiabu issued an announcement stating that its board of directors had held an extraordinary general meeting to remove Zhao Yi as an executive director.

In terms of the reasons for the recall, the Xiabuxiabu Board of Directors believes that Zhao Yi’s management methods and concepts are significantly different from those of other members of the board of directors, and that allowing Zhao Yi to continue to participate in the management of the company will not be in the overall best interests of the company and its shareholders. The board of directors believes that if the recall takes effect, it will not have a material adverse effect on the group’s operations.

It is worth mentioning that on May 20 this year, Zhao Yigang was dismissed from the post of chief executive officer of Xiabuxiabu.

Within two months, there have been three personnel changes in the senior management of Xiabuxiabu.

In terms of stock price, as of the close of trading on June 15, Xiabuxiabu’s share price has fallen 68.5% from the high in February this year to 8.5 Hong Kong dollars per share. The market value has evaporated by more than 20 billion Hong Kong dollars (about 16.5 billion yuan) in four months.

Three high-level personnel changes during the year, the stock price fell by nearly 70%

On May 20 this year, Xiabuxiabu issued an announcement stating that Zhao Yi was dismissed from the post of Xiabuxiabu’s chief executive officer because the performance of some of the group’s sub-brands failed to meet the expectations of the board of directors.

On May 21, He Guangqi, the founder and chairman of the board of directors of Xiabuxiabu, told the media including Sohu Finance that the appropriate flow of company personnel is a good thing for the group, because Xiabuxiabu’s previous performance in East China and South China was not good. It’s too ideal, so I consider taking over the surgeon’s adjustment and promotion personally.

According to Wind data, Zhao Yi joined Xiabuxiabu on November 12, 2012, and is mainly responsible for group auditing, accounting, financial management and IT-related affairs. From November 2012 to August 2019, Zhao Yi was the chief financial officer of Xiabuxiabu; from August 2019 to May 2021, Zhao Yi was the executive director and chief executive officer of Xiabuxiabu.

Before joining Xiabuxiabu, Zhao Yi served as the Commercial Manager of Unilever Services Co., Ltd., the Director of Retail Operations of Sony Ericsson, and the Chief Financial Officer of McDonald’s North.

As early as October 2019, Xiabuxiabu launched a young sub-brand “in xiabuxiabu”. Zhao Yi once publicly stated that the brand was launched by him personally, optimistic about the high-end development of small hot pot, and hoped to make the “one person, one pot” small hot pot to the extreme.

It is reported that the unit price of “in xiabuxiabu” is around 110 yuan, which is between Xiabuxiabu and Coucuo. So far, the brand has only opened two stores in Shanghai and Beijing.

As of last night’s announcement, Zhao Yi has been removed from the position of executive director of Xiabuxiabu, and currently has no current position in Xiabuxiabu.

It is worth noting that this is also the third change in Xiabuxiabu’s senior personnel in the past two months.

In April of this year, Zhang Zhenwei, the COO of the Coucou brand under Xiabuxiabu, confirmed to Sohu Finance that he would no longer serve as the COO of Coucou Catering from April 15th, and at the same time step down from all other positions related to Xiabu Xiabu Group and Coucou Catering.

Zhang Zhenwei revealed that he left Coucou for his current new catering business project.

Goldman Sachs previously issued a report stating that Zhang Zhenwei, CEO of Coucou, under Xiabuxiabu, has strong execution and investors need to pay attention to the risks associated with the departure of Coucou’s CEO. On the day Zhang Zhenwei announced his resignation, Xiabuxiabu’s share price fell nearly 15%.

The executives have left their posts successively, and the current major operations of the various brands of Xiabuxiabu are under the unified responsibility of the chairman He Guangqi.

It is reported that He Guangqi is the founder of Xiabuxiabu and serves as the chairman of the board of directors, chief executive officer and executive director of Xiabuxiabu. He is mainly responsible for formulating the group’s overall development strategy and business plan. He has more than 20 years of experience in the catering industry. Up to now, He Guangqi holds 41.46% of the shares of Xiabuxiabu.

One-fifth of the goal of opening stores in 2021 will be completed in half a year, and the number of new stores will be lowered

As of the close on June 15, the share price of Xiabuxiabu was reported at 8.5 Hong Kong dollars per share, a drop of nearly 70% from the February high. The market value had evaporated by more than 20 billion Hong Kong dollars (about 16.5 billion yuan) in four months.

Except for frequent high-level turmoil, Xiabuxiabu’s financial data has been bleak in recent years, and there has been no significant improvement in the later stages of the epidemic.

The financial report shows that Xiabuxiabu will achieve revenue of 5.455 billion yuan in 2020, a year-on-year decrease of 9.5%; net profit attributable to shareholders is 1.837 million yuan, a year-on-year decrease of 99.4%; net loss after non-deduction is 180 million yuan, a year-on-year decrease of 176.36%.

Sohu Finance found that Xiabuxiabu’s net profit growth rate has shown a downward trend for five consecutive years. From 2016 to 2020, Xiabuxiabu’s net profit growth rate was 39.74%, 14.17%, 10.07%, -37.71% and -99.36%, respectively.

In addition, the Taiwan turnover rate of Xiabuxiabu has also been declining year by year. From 2017 to 2020, the Taiwan turnover rate was 3.3, 2.8, 2.6 and 2.3 respectively.

As the main growth engine of Xiabuxiabu in recent years, Cocoa Hotpot will contribute 31% of total revenue in 2020. However, the turnover rate in 2020 will also drop from 2.9 in 2019 to 2.5.

In 2020, Xiabuxiabu will add 77 stores, including 39 Xiabuxiabu restaurants and 38 Coucuo restaurants, bringing the total number of restaurants to 1,201.

Previously, Xiabuxiabu had expected to open 100 new stores in 2021, but as of May 21 this year, it only opened 20 new stores, which is far below the target.

Xiabuxiabu Group CFO Yu Xiaofang previously stated that in order to solve the current development bottleneck, the group has made a series of adjustments. Previously, the vice president of development in charge of Cou Cou has also been transferred to the group level while managing Cou Cou and Xiabuxia. Bu, the speed of opening stores will also accelerate in the future.

He Guangqi told Sohu Finance that he would lower the target number of stores this year.

“Coucuo’s business will continue to focus on opening stores and the continued growth of the old store business in the short term. Before this, the tea and beverages part has declined, mainly due to the unavailability of imported raw materials due to the epidemic.” He Guangqi said.

Could you tell me, what is the position and role of the press in the business? Over the years, I have worked at the Provincial Business Association, joined the Vietnam Chamber of Commerce and Industry (VCCI), I have realized that the press plays a big role in the development of the business community. Newspapers help businesses promote images, brands and products to the public. News in the press also helps businesses capture diverse information, especially domestic and foreign market information, giving businesses more data to shape production and business activities, perfect their strategies. business development strategy. Mr. Tran Khac Tam – Chairman of Soc Trang Province Business Association, Vice Chairman of the Council of Business Associations in the Mekong Delta, Member of the Executive Committee of VCCI. The press helps the business community raise policy recommendations to the State, in order to develop policies and laws for socio-economic development, helping the business community to constantly grow. The press also pointed out the non-standard things and shortcomings in production and business activities, helping enterprises to recognize and evaluate their activities, increasingly improve and develop businesses within the legal framework. the law. Personally, I have many good memories with reporters in the role of a member of the National Assembly, a member of the People’s Council, Chairman of the Provincial Business Association, etc. They help me convey my opinions and recommendations to the authorities, to general public. Currently, the rise of the social network has changed the method of information, brand promotion and image of businesses, weakening the advantage and position of the press. So, does the press still play an important role in business activities? It is clear that when social networks develop, the emergence of transnational platforms such as Facebook, Youtube, Google, Tiktok …, the press encounters fierce competition in both information and business aspects. advertising revenue. I was told by some leaders of press agencies that advertising and communication activities are difficult because businesses have other options. I understand and share with the press agencies, because once such a “cake” or has grown, it is not worth much but must be divided into more parts, the fiercer competition for shares is obviously difficult. more difficult. The press is the ideological and cultural force and also the business units to maintain operations and development. What about the information aspect, I find that with the use of today’s easy media, each person holding a smartphone can post information and express opinions very quickly and diversely. . Some people say that every facebooker can also become a “journalist” – citizen. Thus, the press has to compete for information with social networks, and in fact, there are cases where the press has gone behind social networks. However, I believe that social media cannot take away the position of the press. Despite fierce competition, which greatly affects journalism activities, social networks cannot replace journalism. I still read the press every day because there is official information, with statements, with verification, many issues are laid out methodically, multi-dimensional and complete information has been provided by reporters and editors. evaluation, screening, investigation, thorough interview. For the operation and development of the business community, I can confirm that the press still plays a very important role. So, in your opinion, is the press and business a reciprocal, symbiotic relationship? In the development of the press, businesses also play a significant role, newspapers and television stations attract significant financial resources from product promotion and communication activities for businesses. The activities of newspapers, television and radio stations are also production and business activities. Giving and receiving always take place in the process of interaction for a common goal of socio-economic development, building a richer and more civilized country. The business community and the press are not two opposing forces. Enterprises develop production and business activities, create material wealth for the society, and create jobs for employees. The press reports, analyzes and comments on social, policy and economic issues…, protects the right, fights against the wrong, and ensures social justice. Newspapers and businesses must operate within the framework of the law, especially the Enterprise Law and the Press Law. If operating in accordance with the law, there cannot be a situation where the press causes difficulties for businesses, and vice versa, businesses cannot cause difficulties for press activities. Dr. Tran Khac Tam in a regular meeting of the 13th National Assembly as a National Assembly member. Power always goes hand in hand with responsibility. So, what are your views on the role of the press in today’s social life? The power of the press is the power of public, transparent and fair information, the power of reason and the legal order. In the West they see the press as the “fourth power”, alongside legislative, executive and judicial powers, although this is not constitutional. It is a way of honoring the role of the press in social life. In our country, the press is a sharp ideological “weapon” of the Party and State, a bridge between the Party, the State and the people, an important means of propagating socio-economic development, building construction building the Party and political system, is a forum for the people to participate in social management, monitor power, and realize the goal of a rich people, strong country, democracy, justice and civilization. As society develops, the information needs of the whole society are also increasing. Information becomes a power, having a direct impact on the management and organization of social life, on habits, perceptions, moods, emotions and actions of each individual. Access to information becomes an important need in modern society; in which the main means to bring information to the public is the press and media. It can be affirmed that the more society develops, the more the press and media have a particularly important position, role and mission in the daily life of each country and nation. Therefore, the press must always protect the right, fight against the wrong in order to make social life healthy, for the law to be enforced and to ensure social justice. Reality has proven that during the process of national construction and development, many journalists have been like soldiers fighting corruption and negativity, protecting the weak. I hope that tradition will be maintained and promoted so that our revolutionary journalism continues its glorious path. Sincerely thank you!

Typical 4-level U-shaped house 4-level U-shaped houses usually have the main door in the middle of the front of the house and indent while the right and left sides of the house protrude like two sides of the letter U. This design is most suitable for rural houses and houses. There is a large area of ​​land, so families with small and flat areas will not be suitable for this model. 4-level U-shaped houses with Thai roofs are popular in both the city and the countryside Normally, U-shaped houses are built in the form of 4-level houses, 1-storey houses, 2-storey houses with many different styles. The three sides of the U-shaped level 4 house are adjacent to each other and share the same front yard; This type of house architecture creates airy, easy air circulation, making the house cooler. At the same time, the U-shaped house design creates balance and squareness, so homeowners will easily divide the functional room areas; At the same time, everyone in the house can easily observe from room to room. A 4-level u-shaped house not only ensures aesthetics but also helps many households save costs thanks to a scientific way of dividing functions while still ensuring the living space of the whole family. In addition, if you want to save costs, instead of building a 4-level house with a Thai roof, homeowners can choose to build a 4-level house with corrugated iron and tile roofs; These two types of roofs give the house a traditional beauty and if skillfully combined with many details, homeowners will easily create impressive architecture level 4 houses without too much expense. . Level 4 letter L Besides U-shaped houses, level 4 houses also have L-shaped houses; These are houses built in rectangular shape, in which, the horizontal area will be shorter than the length of the house. Many people choose this design model because it both saves space and creates a space to help catch the sun and wind into the house. In addition, the gap created by the L-shaped design can also be arranged into a garden area or a parking space. Popular L-level houses Compared to the tube house design, the L-shaped house will have a much higher use efficiency. Therefore, today L-shaped houses are a favorite architectural design and built in many places, from rural areas to cities. This model overcomes most of the disadvantages when building a house on a small and narrow land area. Because it has many advantages such as turning the design of a 1-facade house into a 2-facade house, creating an airy and comfortable space for people living inside. Allows creating a garden corner that can be used as a parking space, entertainment and entertainment area for homeowners. All function rooms can open windows and balconies to receive sunlight and natural air. Design and construction time is much faster than multi-storey house designs.

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.

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

Decoding the Hong Kong stocks, the original trump card column of the Hong Kong Caihua News Agency, and financial experts gathered. After reading, remember to subscribe, comment, and like.

According to data from the Ministry of Commerce, there are currently 1,128 Chinese time-honored brands in China, which are mainly involved in industries such as pharmaceutical manufacturing, wine making, food and beverage.

There are as many as 60 listed companies involved in these time-honored brands, such as Kweichow Moutai (600519.SH) for brewing, Yunnan Baiyao (000538.SZ) and Pien Tzehuang (600436.SH) in the field of traditional Chinese medicine, and Gui Faxiang (002820.SZ) in the field of catering and food. ) And Quanjude (002186.SZ).

Recently, another time-honored brand in the food and beverage industry, Wufangzhai, has set the time. On the occasion of its 100th anniversary and the Dragon Boat Festival approaching, Wufangzhai knocked on the door of the Shanghai Stock Exchange with rice dumplings. On June 8, the official website of the China Securities Regulatory Commission showed that Wufangzhai’s listing application was accepted, and it was getting closer and closer to the “first share of rice dumplings”.

Wufangzhai is known as the “Jiangnan Zongzi King”, and is famous for being glutinous but not rotten, fat but not greasy, tender and fragrant, and moderately salty and sweet. As Wufangzhai, which focuses on the traditional Chinese food culture, can it chase the stars and the sea in their respective fields like Kweichow Moutai and Yunnan Baiyao, and become a “potential stock” sought after by investors?

The market is small and there are many disruptors

Zongzi products are Wufangzhai’s most important source of revenue. In 2020, Zongzi will bring revenue of 1.644 billion yuan, accounting for more than 70% of total revenue. In order to broaden the source of revenue, Wufangzhai also involved in moon cakes, meals, egg products, pastries and other products.

Can Wufangzhai, who relies on the zongzi market, run well on the zongzi track? Is there much room for future growth?

From the perspective of consumption, although Zongzi is an important traditional delicacy in my country, except for a few festivals such as the Dragon Boat Festival, how many times do we eat Zongzi a year? Moreover, people who are used to eating zongzi for breakfast are mainly in the south, but their consumption demand is far less than that of breakfast staples such as steamed buns and steamed buns. So it seems that even if my country’s population base and consumer market are huge, the zongzi market cannot be compared with the more powerful liquor and the more rigid Chinese medicine. This means that the scale of my country’s zongzi market will not be much.

The data also illustrates this point. According to the data of “Attaching importance to the development of traditional food industry to bring China’s traditional food to new life”, although the growth space of my country’s zongzi market is stable, the market size is not large, less than 8 billion yuan in 2019.

In 2019, my country’s liquor consumption reached 600 billion yuan, and the Chinese medicine market exceeded 500 billion yuan. The zongzi market is not comparable to the previous two. In 2020, my country’s steamed buns market will also have a market size of 60 billion, and Wufangzhai’s fourth largest source of revenue, moon cakes, will have a market share of about 20 billion.

Judging from the industry’s market size of 7.337 billion in 2019, Wufangzhai’s market share is 21.94%, which is the industry’s first prize. But at the same time, the zongzi market, which has a small market size, is a red sea, which is another difficulty for Wufangzhai.

In addition to the competition from Beijing Daoxiangcun, Zhenzhen Lao Lao, Zhiweiguan and other companies whose main products are rice dumplings, Wufangzhai is also facing challenges from more and more companies in other fields, such as the domestic bread leader Taoli Bread (603866. SH), quick-frozen food leader Sanquan Foods (002216.SZ), chain restaurant brand Guangzhou Restaurant (603043.SH), etc. The latter three also pose challenges to Wufangzhai in areas such as moon cakes.

In view of the fact that zongzi is a seasonal food and insufficient consumption rigidity, many food companies will not regard zongzi as a key category, as is the case with the three listed companies mentioned above. During traditional holidays such as the Dragon Boat Festival, these food companies concentrated their production some time before the holiday. During the holidays, they flowed into the market and grabbed the position of Wufangzhai in the category display of supermarkets and e-commerce platforms.

Therefore, it is not easy for Wufangzhai to rely solely on a few categories such as rice dumplings and moon cakes to achieve growth in the market. For this reason, Wufangzhai also wants to try to get rid of its dependence on Zongzi products. It stated on its official website that it should focus on “glutinous rice food” and build a high-value product line to form a brand reputation of “Wufangzhai = Chinese seasonal food”. . But what are the high-value products? Wufangzhai did not mention it.

According to the analysis of professionals, the high-value products referred to by Wufangzhai should be upgraded around the main business of Zongzi, taking the high-end route to increase product power and price. However, the threshold for producing high-value zongzi is not high, and it is not difficult for other competitors to increase the value of zongzi. Therefore, brand influence and optimization of sales channels are the key.

Poor sales, raise prices to make up?

Judging from the above-mentioned market size and competition pattern, Wufangzhai may face greater difficulties in growth. Let’s take a look at the sales and income of Wufangzhai Zongzi.

According to the prospectus, the sales of Wufangzhai’s Zongzi series products have been declining year by year, reaching 366 million in 2020, a decrease of 11% from 2018.

Although Wufangzhai’s e-commerce channel has performed well, it is still difficult to conceal the awkward situation of declining sales. The company’s declining sales are undoubtedly taken up by other brands.

Sales decline, raise prices to make up. Wufangzhai increased the revenue of these two types of products by increasing the prices of Zongzi series products and moon cake series products. Among them, the unit price of the company’s zongzi series products in 2020 is 3.68 yuan/100g, an increase of 23.1% over 2018, and the increase is much higher than the decline in zongzi sales during the same period. Therefore, Wufangzhai’s Zongzi series products have maintained a small increase in revenue. From 2018 to 2020, the revenue of this product will be 150 million yuan, 161 million yuan and 164 million yuan, respectively.

But at the same time, due to the poor performance of the company’s meal series, egg products, cakes and other products, the company’s revenue growth last year stalled. From 2018 to 2020, the company’s revenue was 2.267 billion yuan, 2.375 billion yuan and 2.323 billion yuan; net profits were 97 million yuan, 163 million yuan and 142 million yuan, respectively.

From this point of view, when the company is facing growth difficulties, raising prices can only ease the pace of the company’s revenue and net profit decline, but cannot fundamentally drive the company to achieve growth. Moreover, price increase is a double-edged sword. If the price increase is greater than the increase in raw materials, then consumers may choose other products with higher cost performance, which is not conducive to boosting the company’s sales.

Why are the time-honored food brands not rivaling rising stars?

In recent years, time-honored brands in the food industry have gradually stepped into the abyss abandoned by the times. They have closed down, their performance has fallen sharply, they have suffered losses, and have been complained. Many time-honored brands are facing growth difficulties, which makes people embarrassed.

In addition to the growth quagmire of Wufangzhai, the four food-related old brands of Quanjude (002186.SZ), Tongqing Building (605108.SH), Xi’an Food (000721.SZ), and Gui Faxiang (002820.SZ), which are listed on the market, have also encountered Various problems, including performance decline or loss, stock price slump, and transformation difficulties.

As can be seen from the above figure, from 2015 to 2020, only Tongqing Building has achieved revenue growth for the four time-honored listed companies in the food sector, while the revenue of the remaining three companies has declined to varying degrees. In terms of net profit, Xi’an Catering has suffered losses for many years. Quanjude will turn from a profit to a loss of 265 million in 2020, and the net profit of Tongqinglou and Gui Faxiang will decline.

Since the listing of Quanjude and Gui Faxiang, the share prices have both fallen below the issue price, with a cumulative decline of more than 20%. Tongqinglou and Xi’an Food have double-digit growth.

Compared with KFC, Haidilao (06862.HK), Jiumaojiu (09922.HK), Xiabuxiabu (00520.HK) and other emerging catering brands that are rapidly expanding and gaining consumer trust, time-honored brands seem to be extra lonely.

The success of these emerging catering brands have many things in common, such as:

1. Actively embrace online, successfully use online to narrow the distance with consumers, and enhance operational efficiency through the Internet, save consumers time, and obtain more traffic from it;

2. Almost the ultimate in innovation and service. For example, KFC is working hard on “based on China, infinite innovation” and constantly innovating, while Haidilao has won the meticulous service and supply chain system;

3. Be good at grasping the stomachs of young people and their yearning for “beauty”. Take Nayuki’s tea, which will be listed on the Hong Kong stock market as an example. Nayuki’s tea is high-end freshly made tea, which integrates fashion, culture, and Social and delicious are all in one. In just 6 years, shops have blossomed all over the country, with annual revenue exceeding 3 billion, leaving Wufangzhai and the above four time-honored brands behind in 2020 revenue.

   Obviously, time-honored brands lag far behind emerging brands in these aspects. In terms of products, brands, diversification, and overall operations, many time-honored brands have fallen behind the times. Relying solely on the traditional feelings of authenticity, authenticity, and service to consumers to achieve sustainable development is obviously out of date.

   Wufangzhai has also seen this. In recent years, he has also been actively embracing new consumption in the new era, striving to become an Internet celebrity in the field of e-commerce. The online sales network has covered major e-commerce companies such as Tmall, JD.com, and Douyin. The platform tries to promote the brand to be younger and more fashionable. In addition, the company has also tried to develop high-end, healthy and light food products in recent years, and built the Wufangzhai Digital Industry Smart Park to explore the digital industry.

   Whether Wufangzhai can usher in the second spring remains to be verified.

   Author: Yuanyuan

   Author: Yuanyuan

   Edit: lala

Produced | Sohu Technology

Author | Yin Lina

In the morning of June 9, Youxian submitted its prospectus every day, formally sprinting for the IPO of US stocks.

The Daily Fresh Food Plan uses “MF” (abbreviation of the English name MissFresh) as the stock code and is listed on the Nasdaq. The tentative maximum fundraising amount is 100 million US dollars, and it launches an impact on the “first share of fresh food e-commerce” .

Daily Youxian is an old player in the “fresh food e-commerce” track. Because of the extremely high loss rate of this track, but it can also harvest huge traffic. Therefore, in the 6 and a half years of its establishment, Daily Youxian has witnessed the fall of many opponents and ushered in batch after batch of new ones. Players, and at the same time, need successive financing to replenish “ammunition.”

Nowadays, the competition in the “vegetable selling” business has become fierce. Internet giants such as Meituan Optimal, Orange Heart Optimal (under Didi), and Duoduo Maicai (under Pinduoduo) have entered the community group buying, and there are also from Dingdong Maicai and Meituan The opponents of buying food equivalent to the “pre-warehouse + delivery model” are developing rapidly. After the tide of bankruptcy of fresh food e-commerce, the track has become hot again. For Daily Fresh Food, this is a good thing, but it is also a challenge.

Performance dismantling: losses have narrowed significantly, and performance costs accounted for about 1/4 of revenue

From the performance point of view, from 2018 to 2020, the daily revenue of Youxian was 3.55 billion yuan, 6.0 billion yuan and 6.13 billion yuan.

2019 is a year of rapid development of Daily Fresh Food. This is not difficult to see in the “69% year-on-year increase in revenue”.

This is a year of daily excellence and freshness. One example is the large investment in technology and content. For the whole year of 2019, the daily cost of Youxian on technology and content was close to 4.7 billion, an increase of more than 100% compared to the previous year. At the same time, with the expansion of business scale, Daily Youxian has also increased its costs, performance costs, and administrative expenses, but has decreased marketing expenses.

Entering 2020, with more and more players pouring into the fresh food e-commerce track, the daily revenue of Fresh Fresh has only gained a small increase, from 6.0 billion to 6.13 billion. However, compared to the opponent’s strategy of trading losses for growth, Daily Youxian’s losses have significantly narrowed in 2020. The net loss has dropped sharply from 2.91 billion yuan in 2019 to 1.65 billion yuan in 2020, a drop of up to 43.3%.

In terms of cost control, Daily Youxian’s gross profit margin has increased from 8.6% in 2018 to 19.4% in 2020. Specifically, in the case of basically flat revenue, the daily operating costs of fresh fresh products have dropped by about 10%, and direct sourcing of commodities may be the main reason for the decrease in costs. Last year, Liu Zhidan, vice president of Daily Fresh Food and head of the Commodity Center, once said that the proportion of direct sourcing of commodities is close to 80% of the target, and that direct sourcing can further reduce costs by more than 10% compared to land sourcing.

In addition, Daily Fresh Food has also reduced various expenses to a greater extent. Among them, performance expenses fell by 14% year-on-year, marketing expenses fell by 20% year-on-year, and administrative expenses fell by 21%, all of which are manifestations of improved operational efficiency.

Among the various expenses, the daily excellent fresh flowers has the highest proportion of the cost of contract performance. From 2018 to 2020, daily Youxian’s performance costs were 1.24 billion yuan, 1.83 billion yuan, and 1.58 billion yuan, accounting for 34.9%, 30.5%, and 25.7% of the company’s current operating income, respectively, a significant decrease.

Since Daily Youxian launched the heavy asset model of pre-warehouses, discussions on performance costs in business analysis have been heated. Since the initial investment has become an established fact, how to increase the customer unit price to cover the cost has become a key concern of Daily Fresh. As of now, the daily average customer unit price of fresh pre-warehouse real-time retail is 94.6 yuan. According to its prospectus, this is currently the company with the highest unit price under the pre-warehouse model.

However, in the field of “selling vegetables”, compared with the previous high-investment pre-warehouse model, the current capital’s most favored model is the light asset model of community group buying, which is an appointment order + self-request. In this track, there are also Internet giants such as Meituan, Pinduoduo, Didi, and JD.com.

From a geographical point of view, the competition between Daily Fresh and the current popular community group buying is not a head-to-head competition.

Daily Youxian’s main battlefields are distributed in four regions: North China, Central China, South China, and East China. They are mainly first-tier or new-tier cities. Cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou are involved. Among them, North China is a key area, and only Beijing City The number of front positions has reached 1/5 of the total.

As for community group buying, as of the end of last year, Didi’s community group buying companies such as Orange Heart, Meituan, Duoduomai, Xingshengyou are still developing in second-tier cities, such as the Hunan and Hubei provinces in central China and the southwestern region. Mainly in Sichuan. However, after nearly half a year of development, as of the end of March this year, Meituan Optimal has stationed in more than 2,600 cities and counties across the country, basically completing national coverage. According to data from Everbright Securities, in April this year, Duoduo’s business coverage has covered about 1,800 counties.

Compared with the rapid expansion of community group buying, Daily Youxian appears to be more cautious in Kaicheng, but it also avoids the problem of further expansion of losses. As of March 31, 2021, Daily Youxian has established 631 front-end warehouses in 16 cities in China, and has accumulated more than 31 million trading users.

Financing story: Xu Zheng and his “100 billion” goal

Compared with the boring research on revenue, contract performance, and supply chain, the daily financing story of Youxian is more interesting.

Behind this fast-growing company is Xu Zheng, who was recommended to the University of Science and Technology of China at the age of 15, and became the youngest general manager of Lenovo’s business department in China at the age of 28. In the 30th year of his establishment, he took the initiative to ask Ying to transfer to Jiawo, abandoning the seemingly high-end business of “selling computers” and moving to the field to study “selling fruits”. Three years later, in 2014, he founded Daily Youxian.

According to incomplete statistics, Daily Youxian has completed 10 rounds of financing, with a cumulative total of more than 11 billion yuan. In the second half of last year alone, Daily Youxian completed two rounds of financing with a total of more than 5 billion yuan. And its investors are also from top VCs, well-known companies and local governments.

Among them, Tencent has invested in 5 consecutive rounds, and Xu Zheng’s old club Lenovo has also participated in the C round of investment. In terms of capital, Daily Youxian’s shareholders include ICBC International, CICC Capital, and Goldman Sachs. At the same time, state-owned assets such as Suzhou Changshu Government Industrial Fund, Qingdao Guoxin, Qingdao Municipal Government Guidance Fund and other local government funds also appeared on the list of investors.

Despite this, Daily Youxian has also encountered the darkest moments in its development. In the most difficult moment of financing, Xu Zheng used all of his real estate mortgage loans to prepare for the company to invest all of his belongings.

Look at the shareholder structure of Daily Youxian. In the management, Xu Zheng, the founder and CEO of Daily Youxian, holds 15.3% of the shares and has 74.1% of the voting rights. In addition, the company’s CFO Wang Jun owns 2.2% of the shares and owns 0.7% of the voting rights; the company’s COO Sun Yuan owns 1.3% of the shares and 0.4% of the voting rights.The directors and the company’s management hold a total of 20.2% of the shares and 75.6% of the voting rights

Among the external shareholders, Xiamen Daily Youxian Equity Investment Partnership (Limited Partnership), with a Qingdao state-owned background, holds the highest share of 8.7%, with 2.7% of the voting rights. According to the total investment of 2 billion yuan in Qingdao’s state-owned assets, as of December last year, the daily valuation of Youxian was around 23 billion yuan.

In addition, Image Frame Investment of Tencent Holdings holds 8.1% of the shares and 2.5% of the voting rights. Genesis Capital holds 7.2% of the shares and has 2.2% of the voting rights. In addition, Zeng Bin, the other founder of Daily Youxian, holds 5.5% of the shares and 0.3% of the voting rights.

The number of “hundred billions” is constantly mentioned in the financing stories of various stages and different versions of Youxian Daily.

In June 2019, Daily Youxian and Tencent jointly held a huge smart retail conference. It was at this press conference that Xu Zheng proposed for the first time the goal of growing into a “hundred billion” scale fresh food retail platform.

Daily Youxian’s latest financing occurred on December 9th last year, and it is also the largest strategic investment of fresh food e-commerce in the local area so far, with a total amount of 2 billion yuan. In this financing conference from the Qingdao government, the perspective of Daily Fresh Food is not limited to the “100 billion” track of “selling vegetables”, but involves the four “100 billion” of ecological chain, finance and technology.

Among them, the ecological chain is mainly undertaken by Sansheng Venture Capital, a fund of Daily Fresh Food, which mainly includes the five aspects of the upstream vegetable industry, dairy industry, fruit industry, fishery and meat industry. Guo Qi, the founding partner of Sansheng Ventures, is also the vice president of Daily Youxian. In his opinion, the cultivation, breeding, and processing of agricultural products are actually extended to deep processing and high added value, from agriculture to industrial products. Conversion.

Finance is mainly for farmers, channel merchants, merchants, and users, including four types of entities, including agricultural insurance for farmers, futures trading for channel merchants, supply chain finance for merchants, and consumer credit to users. The first step is to adopt a weekly settlement policy with the head supplier. In the field of science and technology, it mainly includes biotechnology and AI technology. Among them, biotechnology mainly involves the improvement of varieties, while empowering traditional industries.

However, these stories are far from being realized on the eve of listing. At the beginning of the prospectus, Daily Youxian proposed the formula (A+B)*N. A stands for real-time retail in the front-storage mode, B stands for smart food market, and N stands for retail cloud.

Previously, Daily Youxian has developed an end-to-end intelligent system based on a large amount of data accumulation and algorithm optimization-Smart Retail Network (RAIN), covering core areas such as smart supply chain, smart logistics, and smart marketing. Smart food market and retail cloud are new business formats for the B-end extended on this basis.

According to the prospectus, in the practice of smart vegetable market, Daily Youxian will first obtain the right to operate the vegetable market, then renovate the layout of the venue, optimize the combination of merchants and introduce new business formats; at the same time, provide merchants with electronic payment, online marketing, and CRM tools. SaaS service package including business planning; finally, help merchants of smart food market convert offline customers into online private domain traffic, and realize further increase in e-commerce business revenue through online trading platforms.

Up to now, Daily Youxian has signed operating agreements with 54 vegetable markets in 14 cities, and has started operations in 33 vegetable markets in 10 cities.

In the retail cloud business, Daily Youxian will target long-tail small and medium-sized supermarkets as its target customers, providing online and offline omni-channel retail, customer management, supply chain and performance management digital capabilities, and to achieve vertical e-commerce The development path towards platform.

The first-hand vegetable market and the other-hand supermarket, Daily Youxian has set its sights on the wider retail entrance.

But the story is also just a story. Today, Daily Youxian has turned the story of the pre-storage into reality, but Daily Youxian now has to face more capital influx into the track, and more experienced and well-executed companies as its opponents. .

In Xu Zheng’s prediction, the end result of the fresh food market will be the coexistence of multiple oligarchs at the level of hundreds of billions. For Daily Youxian, who is entering the next stage, it may be re-adjusting the fighting posture.

Produced | Sohu Finance

Author | Zhang Ying

On the evening of June 15, Suning.com issued a supplementary announcement on the freezing of shares, disclosing the reasons for the judicial freezing of 540 million shares of the company held by Zhang Jindong.

According to the announcement, Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan. Zhang Jindong and others provide guarantees for this trust loan. Recently, Huaneng Trust transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied for compulsory execution. Suning Real Estate has filed an enforcement objection to the Beijing Second Intermediate People’s Court, and the court has accepted the enforcement objection.

On the morning of June 15th, Suning.com 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.

The supplementary announcement disclosed that Suning Real Estate and Huaneng Trust have a continuing trust loan contract with a financing principal of no more than 3 billion yuan and repayment in installments. Suning Real Estate provides mortgage guarantees with its own property assets. Suning Appliance Group Co., Ltd., Mr. Zhang Jindong His spouse provided guarantee for the above-mentioned trust loan.

Huaneng Trust applied for an enforcement certificate to the notary office with the letter of commitment issued by Suning Real Estate on February 1, 2021 that it did not carry out the notarization that conferred enforcement effect and did not waive its litigation rights.

It is understood that Huaneng Trust has a registered capital of 6.195 billion yuan and a net asset of 18.5 billion yuan. The registered place is Guiyang City, Guizhou Province.

The supplementary announcement stated that Huaneng Trust recently transferred the above-mentioned creditor’s rights to Yingming Yuansheng, and Yingming Yuansheng applied to Beijing No. 2 Intermediate People’s Court for compulsory enforcement of notarized debt documents (Case No. (2021) Jing 02 No. 837 ), Beijing No. 2 Intermediate People’s Court ruled to freeze 540 million shares of the company held by Mr. Zhang Jindong.

Suning Real Estate believes that since the execution certificate on which the relevant notarized creditor’s rights document is enforced does not meet the requirements of the Supreme People’s Court on several issues concerning the enforcement of notarized creditor’s rights documents, it has filed an execution objection to the Beijing No. 2 Intermediate People’s Court, and Beijing No. 2 The Intermediate People’s Court accepted the aforementioned enforcement objection on June 11, 2021.

On June 9, Sohu Finance inquired from the China Enforcement Information Disclosure Network that Suning Appliance Group Co., Ltd. added a piece of information about the person subject to enforcement, case number (2021) Jing 02 Zhi No. 837, and the enforcement subject was over 3.082 billion yuan. The enforcement court was Beijing Second Intermediate People’s Court.

According to the China Enforcement Information Disclosure website, Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. are all persons subject to enforcement, and the time for filing the case is June 4. Suning Real Estate and Suning Appliance are actually controlled by Zhang Jindong, the founder of Suning.

According to an enterprise search, Yingming Yuansheng was established on November 12, 2015, with a registered capital of 100,000 yuan, 60% of which was funded by Guizhou Taijia Investment Management Co., Ltd., and 40% by Guizhou Chuangming Investment Management Co., Ltd..

It is worth noting that the registered addresses of Yingming Yuansheng, Guizhou Taijia and Guizhou Chuangming are all located in the administrative office building of the People’s Government of Guanshanhu District, Guiyang City, Guizhou Province. The Development and Reform Bureau of Guanshanhu District of Guiyang City indirectly holds Yingming Yuansheng 43.86% shares.

Since the beginning of this year, Suning.com has been “turbulent.”

On February 28, Zhang Jindong and his concerted actor Suning Holding Group and others planned to transfer 23% of Suning Tesco to Shenzhen International and Kunpeng Capital to introduce state-owned capital.

On the evening of June 2, Suning.com issued an announcement stating that Suning Appliance intends to transfer its 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) to the new retail fund. The total transfer price is 31.82. 100 million yuan.

It is understood that the New Retail Development Fund is jointly funded by Jiangsu Province, Nanjing State-owned Assets, Suning, and Social Capital, with a total scale of 20 billion yuan.

On the 15th, Suning.com closed at a lower limit at RMB 5.59 per share.

On May 24, Huawei issued the “Statement Regarding Huawei Not Building Cars” stating that the company spokesperson has repeatedly clarified the false rumors about Huawei building cars. Today, we reiterate that Huawei does not build cars. This long-term strategy was clear in 2018, and nothing has changed. Huawei also stated that it will not participate in investing in any car companies, and BAIC (600166), Changan (000625) and Guangzhou Automobile Group (601238) will only serve as strategic partners and use Huawei’s solutions to help them create future-oriented car. The cooperation with Jinconcelis is also to solve the current survival problem of Huawei authorized mobile phone retail stores. On the 24th, affected by the “Huawei does not build cars” statement, Huawei’s automotive concept stocks fell across the board. Changan Automobile and BAIC Blue Valley fell by the limit. Xiaokang shares (601127.SH) plummeted by more than six points, and Guangzhou Automobile Group fell by as much as six points. 4.32%. Huawei denies building cars again In the “Statement on Huawei Not Building Cars,” Huawei said: We believe that what the industry needs is not Huawei brand cars, but Huawei’s accumulated ICT technology capabilities over 30 years to help automakers build future-oriented cars. , That is, to provide car companies with intelligent networked auto parts based on Huawei’s ICT capabilities. So far, we have not invested in any car companies. In the future, it will not invest in any auto companies, nor will it hold or participate in shares. In the future, all discussions that Huawei builds cars or participates in the auto manufacturing industry are rumours and don’t be credulous. We have chosen BAIC, Changan and Guangzhou Automobile as our strategic partners to support them in building their respective sub-brands. Cars that use Huawei’s autonomous driving solution can only use the HI logo with Huawei’s authorization, which represents Huawei Inside. Regarding the cooperation between Huawei and Jincon Sailus, a subsidiary of Chongqing Xiaokang Group, Huawei is a supplier of electric components for Celes SF5 and HiCar cockpit components. At the same time, in order to solve the problem of survival of Huawei authorized mobile phone retail stores in the situation where Huawei’s mobile phones are greatly reduced, Huawei is supporting some retail stores to sell this car, and retail stores can obtain corresponding benefits. It can be seen from Huawei’s statement that Huawei’s positioning of itself has not changed, and that it is a provider of automotive intelligent network components. Huawei will not directly enter the vehicle manufacturing industry, and rumors about “Huawei making cars” in the market are all false. Huawei said that it can help car companies build good cars. Of course, Huawei has the strength to fulfill its promises. Huawei has launched a comprehensive layout around the three core areas of “smart driving, smart cabin, and three-electricity”. On April 18, at the Huawei HI new product launch conference, Wang Jun, President of Huawei Smart Car Solutions BU, said that Huawei will release five new products, covering smart cockpits, computing platforms, radars, autonomous driving open platforms and thermal management systems. “From the perspective of business portfolio and technical solutions, Huawei’s full-stack self-developed almost all core businesses of smart cars, including hardware and software. Tesla’s advantage is the massive trip data of global users, Baidu’s advantage is algorithms, and Huawei’s However, the advantages of the company are all-round, and it can open up the upstream and downstream of the industrial chain. This kind of strength is not possessed by new car-building forces or cross-border car-building technology companies.” Industry insiders analyzed and said to reporters. “Catch up” with Huawei’s car companies Although Huawei has always stated that it will not build cars, rumors about Huawei building cars in the market have been uninterrupted. It was reported on March 9 that Huawei and GAC Group’s new energy vehicle company GAC Aian had begun to jointly develop the next generation of smart electric vehicles. Both parties invested in R&D teams of more than 100 people. After the news was released, on the same day, GAC Group’s AH shares soared collectively, with A shares rising 6.39% and H shares rising 4.26%. At the end of April, there was news that Huawei was negotiating with Xiaokang shares to acquire a controlling stake in Chongqing Jinkang New Energy Automobile, in order to produce smart cars with the Huawei brand. Subsequently, Shen Wei, the secretary of the board of Xiaokang shares, said that the cooperation with Huawei was only in business, and he clearly denied that Huawei will control or participate in Jinkang. And Huawei also said that “there is no such thing.” But even denying it will not affect the performance of Xiaokang shares in the capital market. The share price of Xiaokang shares has risen from around 23 yuan in early April to 66.54 yuan on May 18, which has soared nearly three times. Since the new energy vehicle Cyrus SF5 under Xiaokang shares entered the Huawei Mall on April 19, only one week, the order of Cyrus SF5 reached 6,000. In sharp contrast, the sales volume of SF5 in 2020 is only 732 units. SF5’s weekly sales volume is eight times that of last year’s full-year orders. On the eve of the Shanghai Auto Show on April 17, Huawei and BAIC New Energy Jihu released the first smart car jointly created-Alpha S, officially called the “global new benchmark for autonomous driving.” Since then, BAIC Blue Valley’s share price has risen from about 12 yuan in mid-April to a peak of more than 19 yuan. At the Shanghai Auto Show on April 20, Changan Automobile’s chairman Zhu Huarong revealed that he has teamed up with CATL and Huawei to create a smart electric networked vehicle platform (ie CHN). The plan for high-end smart electric vehicles is on track, and a new high-end brand name is about to come. Announced. On May 20, Changan Automobile issued an announcement to formally rename its holding subsidiary Changan Weilai New Energy Automobile Technology Co., Ltd. to Avita Technology Co., Ltd., and jointly create autonomous and controllable intelligent electric vehicles with Changan Automobile, Huawei and CATL The connected car platform (CHN) creates a rich series of smart car products. On May 21, the share price of Changan Automobile rose 8.46% to close at 25 yuan per share. In the past 40 trading days, the share price of Changan Automobile rose 76%. Although in this process, Huawei has not formally stated its position to build cars, news about Huawei’s participation in car building has been spread out one after another, which has continuously aroused the enthusiasm of the market. As long as car companies have a relationship with Huawei, the market will definitely buy it, and it will have the most direct manifestation in the stock price. And this time Huawei completely denies building a car, which can be regarded as breaking the market’s thinking about Huawei building a car. Huawei’s 2020 annual report shows that its growth has slowed sharply, with annual revenue of 891.4 billion yuan, a year-on-year increase of only 3.8%. In the previous three years, Huawei has achieved a year-on-year growth of about 19%. On April 28, Huawei announced its operating results for the first quarter of 2021. Due to the sales of Honor and the decline in mobile phone sales, operating income fell 16.9% year-on-year to 150.57 billion yuan. Huawei’s overall revenue is expected to face greater pressure in 2021. “The automotive business may be the focus of Huawei’s efforts in the next few years. Huawei needs to find new profit growth points. At the moment when smart cars are in the air, with Huawei’s technical strength, they choose to help automakers build good cars instead of their own. It is undoubtedly a safe and wise choice to build a car in person.” said the industry insider. Editor: Zhai Yanan Editor: Wang Dayong

Price capers of the Windeln.de share The dangerous game of gamblers

Status: 10.06.2021 6:24 p.m.

Small investors let shares of the baby outfitter Windeln.de shoot up first – then they crash. This risky game is powered by social media. Newcomers in particular make a lot of mistakes. From Angela Göpfert, tagesschau.de From the so-called penny stock to the investor’s favorite: The story of Windeln.de reads so seductively simple at first glance. Within a few days, the paper soared from around 70 cents to 6.92 euros – a staggering price increase of almost 900 percent. The share of the online baby outfitter was not driven by new, positive news about the development of the company, but by a host of gamblers who drum for the company in investor forums such as Reddit and on social media.

Report of loss in April

They drummed for a company that made a net loss of 13.7 million euros in 2020 and officially announced in April that it had suffered a loss of more than half of its share capital. In other words: Windeln.de obviously needs fresh money. The notification of loss was by no means voluntary. Rather, Windeln.de thus complied with an obligation imposed by the legislator: Companies must inform if losses have exceeded a critical limit and there is an urgent need for action.

“Flagpole” as a warning signal

The course of the Windeln.de share seems all the more absurd. Experts speak of such a steep, almost vertical rise in price “Flagpole”. Many stock market beginners are attracted and seduced by such price patterns. One would have loved to have this share, since it would have enabled one to multiply one’s capital in a very short time.

The so-called “Flagpole” is clearly visible in the Windeln.de chart. Image: tagesschau.de For technical analysts, i.e. stock market experts who analyze price developments and other market data, this is the “Flagpole” but one thing above all: symbol of an exaggeration phase on the stock markets – and thus a clear warning signal. The Federal Association of Consumer Organizations (VZBV) is also critical of the current price developments at Windeln.de, Nanogate, Clover Health, Gamestop and other stocks with particularly noticeable highs: “This has nothing to do with investing, it is pure speculation”, said Christian Ahlers, speaker in the financial market team tagesschau.de .

A “Fireworks” of investor errors

At Mojmir Hlinka from the Swiss asset manager AGFIF International, the alarm bells are ringing when stocks like Gamestop or Windeln.de are mentioned: “These are pure speculative objects, without any substance.” The Swiss expert makes a whole in this context “Fireworks” on the basis of typical investor errors, especially the neglect of the likelihood that certain events can occur. Experts speak of “neglect of probability”. “The tiny probability of making a profit on such stocks is massively overestimated by investors. In contrast, the great probability of a loss is clearly undervalued”, told Hlinka tagesschau.de .

When emotions are involved

Hlinka’s perspective on the markets is a special one, as he operates asset management on the basis of the so-called “Behavioral Finance”. This economic research direction is based on the findings of the psychologists Daniel Kahnemann and Amos Tversky. Accordingly, the investor does not act rationally, but is controlled by his emotions and typical behavioral patterns. As a result, he makes mistakes that reduce his profits. Such a typical mistake has a lot to do with paying attention to certain papers. “These stocks are widely reported in the media, especially on social media”, emphasizes AGFIF expert Hlinka. “This means that more information is available to them more easily. That automatically makes them more interesting for investors.”

Social media fuel herd instinct

Another problem for the normal investor is the herd instinct: Many people like to do what the masses do. “This phenomenon can be observed in any stock market hype. People feel safer in the herd”, emphasizes Hlinka. “Investors’ herd instinct is currently controlled primarily via social media. Quasi real sects are forming in the investor forums.” Consumer advice center expert Ahlers is similarly critical and warns: “Tip givers and sellers can also be found in social networks, who may do more than exchange investor experiences and may also advertise dubious investments.”

Financial regulators advise caution

The German financial supervisory authority BaFin has now recognized this: “BaFin advises all investors to check the information provided on social media very carefully with the help of other sources”According to the agency’s website. “Chat groups in social networks are often only used to entice investors to buy certain stocks so that the senders can benefit from the rising prices of these stocks.” As new as the influence of social media on share prices may be, the mechanisms behind the current excitement about papers like Windeln.de have been well known for centuries. The first big hot topic in financial history was tulip bulbs. Numerous other bubbles followed – from railways, the South Seas, the Internet industry to US real estate, to name a few. “Each of these bubbles has burst so far”, says Hlinka. “History has proven that. At some point this hype will also burst.”

Massive price drops

Perhaps the bursting of the bubble has already begun with a look at some of the shares: Today the Windeln.de share rushes down by up to 35 percent. Clover Health stocks fell 24 percent on the Nasdaq yesterday. When exactly a bubble will burst is difficult or even impossible to predict, even for experts. But the stock exchange world has also found a technical term for this: the “Greater Fool Hypothesis”, according to which prices will continue to rise as long as there is one in the market “even bigger fools” there who pays even more.

Technically. In the trading session on June 15, 2021, VN-Index had the 3rd consecutive gaining session. However, the index created a candle with a small body when testing the adjacent old peak, showing the struggling sentiment of investors. Besides, the trading volume is close to the 20-day average. The Stochastic Oscillator has given a buy signal. The MACD is approaching the signal line. If this indicator also shows similar signal, the index’s situation will be better. The zone of 1,390-1,410 points (100% Fibonacci Projection level) will still be the target that the index is aiming for. In case the index suddenly corrects, the short-term uptrend line (starting from January 2021) will be the nearest support. The Middle Band is also near this support so the reliability is quite high. The HNX-Index created a small-body candle, showing investors’ hesitation. The trading volume dropped again (below the 20-day average) showing the cautious sentiment of investors. If the uptrend is maintained, the index is likely to test 330-340 points (100% Fibonacci Projection level). The Stochastic Oscillator has bought, thereby supporting this possibility. On the contrary, 290-300 points (the old peak of April 2021 was surpassed and the 50-day SMA) will be an important support if the index shakes strongly again. Returning to the session, HOSE had 183 gainers and 198 losers, VN-Index gained 5.64 points (equivalent to 0.41%), to 1,367.36 points. The total trading volume reached more than 730.94 million units, worth 24,425.3 billion dong, down nearly 6% in volume and more than 3% in value compared to yesterday. The put-through transaction contributed more than 24.37 million units, worth 1,241.4 billion dong. The VN30 basket had 12 gainers and 15 losers, with BID, MBB, and KDH standing for reference, with the notable point being that the trio of Vin stocks all inched up, in which, VRE +2.8% to 32,850 dong, VHM +2.5% to 112,600 dong, VIC +1.4% to 121,700 dong. Relatively good gains were also REE +2.5% to 56,900 dong, BVH +2% to 61,200 dong, HDB +1.9% to 34,750 dong, while VNM, NVL, VCB, VJC, PDR, TCH increased slightly. On the contrary, VPB was suddenly sold strongly again in the afternoon session and at one point fell to the floor price, before closing -6.2% at 66,500 dong, becoming the biggest drag on the market. Liquidity this session VPB led HOSE with more than 37.8 million matched units. Bank codes that fell deeply had SBT down 3.8% to 20,500 dong. The rest decreased slightly like MSN, HPG, PLX, TCB, TPB, CTG, GAS, MWG. Besides some highly liquid bluechips such as VPB, STB, MBB, HPG, CTG, PLX, the rest are mostly Midcap stocks. In which, stocks of real estate, construction, and industrial parks such as KBC, D2D and HCD hit the ceiling price, SCR increased by 5.7% to 12,150 dong, HBC increased by 3.3% to 15,700 dong. , DIG increased by 2.7% to 26,200 dong, SZC increased by 4.9% to 40,900 dong, IJC increased by 2.2% to 33,000 dong, in which, KBC suddenly matched orders with more than 20.8 million shares. Securities companies still maintained their attraction with FTS most prominently increasing by 7% to 34,500 dong, HCM by 6.5% to 44,900 dong, VCI by 4.1% to 102,000 dong, APG increased by 4% to 11,650 VND. In contrast, TSC dropped to the floor price at 12,850 dong, matched more than 6.11 million shares, related stock FIT dropped 2.9% to 14,950 dong, LPB took profit strongly and fell 5.5% to 29,000 dong, PVD dropped 2% to 22,450 dong, ANV fell 4.6% to 28,800 dong. On the HNX, the HNX-Index gradually inched up in the afternoon session, but with the extension of the falling momentum of SHB, it strongly influenced this index, causing another drop to reference and closing in the red. At the close, HNX had 73 gainers and 116 losers, HNX-Index decreased by 0.72 points (equivalent to 0.22%), to 318.29 points. Total matched volume reached more than 152.9 million units, worth 4,134.4 billion dong. The put-through transaction added more than 72.6 million units, worth more than 2,270 billion dong. SHB plummeted 4.1% to 28,000 dong, matched orders of more than 31.3 million units, the highest on HNX. Besides, PVS dropped 2% to VND 28,700, BVS dropped 1.7% to VND 28,800, PVI dropped 2.5% to VND 43,700, CEO dropped 1.9% to VND 10,200, and many other losers at TNG , PVC, HUT, ART, TVB, VCS. Creating great support was SHS up 5.6% to 43,200 dong, matched only after SHB with more than 17.4 million units, VND 2.8% up to 44,700 dong, PAN up 1.5% to 27,300 dong. when BSI, MBS only inched slightly. In particular, IDC shares jumped to the ceiling price of +9.7% to 39,400 dong, matched more than 11.4 million shares. Closing the session, UpCoM-Index increased by 0.05 points (equivalent to 0.05%), to 88.87 points. Total matched volume reached more than 71.6 million units, worth 1,304.1 billion dong. The put-through transaction added more than 16.5 million units, worth 386.8 billion dong. In the absence of supporting information like the present, the probability of the index correcting down in the next few sessions before short-term profit-taking pressure is still significant, however, today’s positive movement showed that the index has dropped. There is a certain improvement in the general expectation of investors about the overall outlook of the market. Temporary investors should only consider disbursing exploration with a small proportion when the index is still around the threshold of 1,370 points and should not use leverage. The current goal is still to gradually accumulate stocks that maintain positive growth potential in the second half of 2021 for the medium-long-term portfolio.

Regarding the issue of child stars’ wages, recently, male singer Quang Le spoke to the audience to answer questions related to Phuong My Chi’s salary. Quang Le and Phuong My Chi used to stand together on many stages, both domestically and abroad Specifically, in the recent livestream with the audience, Quang Le said that Phuong My Chi is currently in an important stage to prepare for the upcoming graduation exam. The child singer used to be free from school, but had to take care of himself when he entered high school. “From grade 3 to grade 9, Phuong My Chi attended an international school with 100% support from the school. But then in grade 10, Phuong My Chi had to pay for her own tuition, around 200 million per year. The amount Since Chi went to sing, Quang Le was the one to book the show for her and Chi’s mother also booked. There were also spectators and sponsors who silently supported Phuong My Chi’s school fees. . Quang Le appeared on a recent livestream to answer questions from netizens regarding Phuong My Chi’s salary. Besides revealing the cost of studying, singer Quang Le also said that Phuong My Chi did not know anything about money, but everything was because Quang Le’s manager worked with the singer’s mother. “Quang Le also doesn’t care about this issue much, but Quang Le’s manager and Phuong My Chi’s mother work, everything about money is very fair. As far as Quang Le knows, when Phuong My Chi goes to sing, The manager will deduct expenses such as airplanes, hotels, etc. For the rest, Phuong My Chi’s mother will receive enough.” , voice What About The Commercial Hair transparent disclosure of the money-sands matter. It is because of the fairness in the salary that Phuong My Chi can afford to pay for a year’s schooling of about 200 million VND. “Phuong My Chi’s parents also don’t work, thanks to Phuong My Chi’s income a lot” , Quang Le confided on the livestream. Phuong My Chi and Quang Le still keep in touch and keep a close relationship In addition, Quang Le also did not forget to praise Phuong My Chi when “the folk song girl” always remembered her, often called to ask, give gifts, even “cook tea to bring over”.

Specifically, when a state-owned enterprise is equitized, it is responsible for making a report on the current state of land management and use of the enterprise currently managing and using it up to the time of enterprise valuation and sending it to the owner. approval management. The contents of the report include: Total area, number of land plots being managed and used in each commune, ward, town and assets attached to each land plot; Forms and areas of land use according to each form include: The State allocates land without collecting land use levy; The State allocates land with collection of land use levy; The State allocates or leases land with exemption from land use levy and land rent; The State leases land with a one-time rental payment; The State leases land with annual rental payment; land due to legal transfer from other organizations and individuals; Term of land use (long term, remaining land use term in case of land use with definite term); The land area for which the certificate of land use right has been granted; the land area that has not been granted a certificate of land use right (specify reasons for not being granted a certificate of land use right and make recommendations); The land area is being used for the right purpose; Area of ​​land used for improper purposes; the land area allocated, leased, lent, contributed capital, joint venture, association or cooperation in contravention of the provisions of law; land area in dispute, encroachment or occupation; other cases (if any); The area is not put to use. Illustration. Regarding the proposal of land use plans upon equitization, state-owned enterprises shall base themselves on the provisions of law for each land area, number of plots, form of use, and land use term of each land area. each land plot is proposed to be retained and used in each commune, ward and township. From there, compare and contrast the land use plan upon equitization with the master plan, land use plan, construction planning (if any), the plan to rearrange and handle houses and land according to regulations. of the law on management and use of public property; The land use plan as prescribed in Decree No. 118/2014/ND-CP has been approved by the competent authority according to the following contents: Areas of different types of land conform to master plans, plans on land use and construction planning (if any) and there is no change compared to the plan for rearrangement and treatment of houses and land already approved with the right of approval. approved in accordance with the law on management and use of public assets, land use plans as prescribed in Decree No. 118/2014/ND-CP. Areas of different types of land not conforming to master plans, plans on land use and construction planning (if any), with changes compared to the plan for rearranging and handling houses and land in accordance with the law on land management. management, use of public property, land use plan according to the provisions of Decree No. 118/2014/ND-CP approved. The land area of ​​the enterprise allocated, leased or transferred in accordance with the law arising from the time of approving the plan for rearrangement and handling of houses and land in accordance with the law on management and use public property use, land use plan as prescribed in Decree No. 118/2014/ND-CP up to the time of enterprise valuation. The land area not subject to rearrangement and handling of houses and land in accordance with the law on management and use of public property and the land area not included in the land use plan as prescribed in Decree No. 118 /2014/ND-CP (if any). For the land area that has changed compared with the planning, land use plan, local construction planning (if any) or different from the land use purpose according to the plan on rearrangement and treatment of houses and land according to the provisions of law on management and use of public property; land use plan according to the provisions of Decree No. 118/2014/ND-CP; If the area is not included in the land use plan specified in Clause 2 of this Article, the handling shall comply with the provisions of Clause 15, Article 1 of Decree No. 140/2020/ND-CP.

“Household of Ms. Nguyen Thi Thanh to receive ginger root and milk”, “Household of Uncle Tam to receive medicine”… The loudspeaker plays continuously, each person comes out to receive goods, strictly adheres to 5K. An official said that people in the blockade area in the early days were very confused because they were worried that their jobs would be affected and their lives had changed a lot. However, when everything is stable, they gradually get used to it and feel more comfortable. Almost all requests of the people are met in the most timely and fastest way, from food to medicine to children’s confectionery every day… Outside, the leaders of the hamlet People’s Committee also mobilized. sponsors support rice, instant noodles, soy sauce, chao, salt and pepper, milk cake, eggs for people. People bring rice to support people in the blockaded area in Hoc Mon district, Ho Chi Minh City In less than an hour, many benefactors continuously brought gifts to “divide the fire” for people in the blockade area. Busy two times of trucks carrying salt and pepper, coming to supply, Mr. Nguyen Dinh Phuong – Head of group 126, Tam Dong 2 hamlet – said: “Yesterday, I mobilized people to support 250 kg of rice, a few bags of sugar, dozens of jars of salt and pepper and cocoons. Today, many people know that they should “please” for further support, I have collected them and divided them into 2 blockade areas, a total of more than 500 kg of rice.” Mr. Phuong had just left when Mr. Quan, the director of a private enterprise, stopped his car on the side of the road, carrying 1,000 kg of rice to provide supplies to his relatives. Then, to the women’s group led by Ms. Mai Thi Bach Yen, the head of the Women’s Union of Tam Dong 2 hamlet, brought more than 100 sets of rice full of savory, fried, and soup dishes for people in the blockade area to use. lunch. The day before, Ms. Yen’s sisters mobilized sticky rice and bread for their relatives to change dishes. According to benefactors as well as service staff in the blockade area, they will do their best to help people reduce some of their difficulties as well as be assured, stay healthy to win the epidemic.

Container charges increased more than 4 times According to Drewry World, the container freight rate announced on May 27, 2021 for a 40-foot container from Shanghai (China) to Rotterdam (Netherlands) has increased to USD 10,174, up 3.1% from a week earlier and up 485% from a year ago. The global container freight rate index (which includes eight major routes) was up 2%, to $6,257 from a week earlier and 293% higher from a year ago. Freight rates are at their highest levels since 2011. Container freight rates are rising because demand is outstripping supply due to a shortage of 20- and 40-foot containers. In the context of consumer demand and the price of basic raw materials, commodities increased sharply, leading many businesses to increase stockpiling of goods, disruption from the congestion of the Suez Canal at the end of March 2021. Port congestion is causing delays and higher costs for shippers, while ocean carriers enjoy sky-high profits. According to the chairman of a seafood processing company, it is estimated that the freight rate of container ships from Vietnam to Europe has increased more than four times, from 1,700-1,800 USD/container to 7,000-8,000 USD/container compared to before the epidemic occurred. out. Freight rates to the East Coast of the United States have increased more than 1.7 times, from 4,500 USD to 8,000 – 10,000 USD/container. Opportunities are not spread evenly On the listed stock exchange today, the number of enterprises providing shipping services is relatively small. Enterprises such as Hai An Transport and Loading Joint Stock Company (code HAH), PetroVietnam Transportation Joint Stock Corporation (code PVT), Vietnam Shipping Joint Stock Company (code) can be mentioned immediately. VOS)… The shipping market share is still mainly in the hands of foreign enterprises. At PVT, in recent years, the business has continuously pursued a fleet rejuvenation strategy to increase business efficiency, by the end of 2020 owns a fleet of 34 ships. The company operates mainly in the field of transporting crude oil, oil products, transporting LPG…, products related to the parent company is the Vietnam Oil and Gas Group (PVN). Therefore, PVT is not able to decide on freight prices, leading to stable gross profit margin and no growth, although oil prices and freight rates have fluctuated in recent years. At VOS, as of December 31, 2020, the company owns a fleet of 12 ships with a total tonnage of 405,112 dwt, including 8 dry and bulk cargo ships; 2 product tankers and 2 container ships. In addition, the enterprise also periodically leases a number of ships to maintain regular fleet operations of 12-14 ships. VOS’s fleet operates regularly in Southeast Asia, Northeast Asia, West Africa, Australia, South America… However, the disadvantage of VOS is that the fleet is quite old and has not been renewed due to its financial potential. limited, while import-export businesses often require larger shipments and prefer new generation fleets. HAH owns this advantage, when continuously investing in new ships from 2014 up to now. The Company’s fleet includes 8 ships, serving both domestic and international routes. At the shareholders’ meeting in 2021, HAH’s Board of Directors shared that they continue to plan to invest in more fleets to increase the number of domestic flights, and maintain and develop 2 import and export cargo trips to Hong Kong and Singapore. . In the first quarter of this year, HAH recorded revenue of 359 billion dong, profit after tax of 85.5 billion dong, up 28.4% and 174% respectively over the same period last year. Gross profit margin increased sharply from 19.2% to 27%. After the first 3 months of the year, HAH has completed up to 54.1% of the year’s profit plan. The business said that profit growth was positive in the first quarter of 2021 due to the fact that sea transport activities have started with positive signs and increased transportation demand from the last 6 months of 2020. Along with the company’s investment in the HA View vessel in August 2020, the output of Hai An fleet increased by more than 50% compared to the same period last year. The increase in fleet volume leads to an increase in the output of port operations and depots. Besides, the increase in freight rates and the decrease in raw material prices also had a positive impact on profits.

An employee scans and checks products in a Tiki warehouse in Ho Chi Minh City. (Photo: Bloomberg) Crossing the crowded streets of Ho Chi Minh City in a Honda, Ho Duc Quang carries toys, books and other packages to deliver to Tiki.vn customers. Quang, 25, needs to be quick, as Tiki promises to deliver in 2 hours. He uses AirPods to notify customers of his arrival, but there is one thing that slows down this shipper: Quang has to wait for customers to open the package, confirm the correct goods before departing for the next trip. It is a mandatory operation for those who do not trust online sellers. Quang’s speedy deliveries between the city of 9 million people are just part of a campaign to win over customers, many of whom shop online for the first time due to the pandemic. Winning isn’t easy where only about a third of adults have a bank account and less than 5% have a credit card. Most shopping at convenience stores, traditional markets. Although Euromonitor International estimates that e-commerce will only account for 3% of Vietnam’s retail market in 2020, the lowest in Southeast Asia, the potential of the market is extremely attractive. According to a report by Google, Temasek, Bain & Co, Vietnam’s digital economy is predicted to reach US$52 billion by 2025, an increase of 29% compared to 2020. Competition for customers Startups backed by Warburg Pincus, Goldman Sachs, JD.com or Shopee, Amazon are all targeting the Vietnamese middle class. From 2016 to the first half of 2020, investors poured $1.9 billion into the domestic online sector. Mr. Ralf Matthaes, Managing Director of Infocus Mekong Research, assessed that Vietnam is in the early stages of becoming a digital society with a young and technology-loving population. Therefore, these companies have to compete with each other to provide services. The government has set a target of online shopping to account for 10% of Vietnam’s retail sales by 2025. The regulator wants to reduce cash payments to create a more transparent, modern economy through increased non-payment of transactions. cash for public services and improve the regulatory framework for electronic payments. The consortium led by Alibaba and Baring Private Equity Asia will invest $400 million in exchange for a 5.5% stake in CrownX of Masan retail group. Under the agreement, Masan will cooperate with Lazada – Alibaba’s e-commerce platform in Southeast Asia. Kenny Ho, Southeast Asia Investment Director of Alibaba, affirmed that the combination of Alibaba’s online retail expertise, Lazada’s Vietnam platform, and Masan’s offline network will be a powerful catalyst for the company’s success. modernization of Vietnam’s retail market. In January, M-Service, the startup behind the Momo e-wallet, raised more than $100 million from an investment group, including Warburg Pincus. For the first time in their shopping life, Vietnamese people are “encircled” by the form of customer-first retailing that is common in developed economies. Trust of customers Online retailers are trying to woo shoppers wary of scam stores that don’t offer return policies. According to economist Nguyen Tri Hieu, “Vietnamese people don’t trust what they can’t see. Usually, they need to know what they’re buying. They have to smell it and touch it.” So e-commerce sites raced to launch marketing campaigns, offering discounts on everything from AirPods to Samsung washing machines. E-wallet startup that offers coupons. Tiki applies a refund policy of up to 30 days. Nguyen Thi Kim Chi, 31, who works for an entertainment website, said that 70% off and customer-oriented items attract her. Buyers are empowered to evaluate products and services online. If normal, they often have to go to the store complaining about the low quality of the product and there may be quarrels but nothing is corrected. According to Mr. Matthase, the epidemic will boost digital retail as 30% more Vietnamese will shop for everything from food to electronics online in 2020. Retail shifting According to Jeffrey Perlman, managing director of Warburg Pincus in Singapore, Vietnam’s retail market changes faster than other markets. Tiki is currently the largest domestic e-commerce platform in the country. Software engineer Tran Ngoc Thai Son built Tiki in 2010 from $5,000. Mr. Son writes code, buys 100 English books from Amazon, and delivers it by himself by motorbike. Currently, Tiki has 3,100 employees and a state-of-the-art logistics operations system overseen by Henry Low, former head of Amazon and Coupang. Along with the company’s growth is the effort to attract customers. Mr. Son deployed a system to filter counterfeit goods and sided with customers. For example, if there is a defect in a newly purchased phone, the customer wants to return it, they will support 100%. If the seller is not okay with this decision, Tiki will shut down their account. From diapers to beer According to Crunchbase, investors like Sumitomo, JD.com have invested $192.5 million in Tiki. Mr. Son anticipates more rounds of funding and prepares for an IPO. According to Mr. Low, Tiki handles less than 2 million orders per month. Employees busy arranging everything from diapers and diapers to Corona beer in the 10,000-square-foot fulfillment center. Tiki applies artificial intelligence and robots capable of transporting 800kg products to speed things up. Thanks to the logistics system, Mr. Son aims to transport 500,000 products in 2 hours, up from 200,000 currently, helping Tiki achieve its profit target. Du Lam (According to Bloomberg)

Billionaire Elon Musk – Photo: Bloomberg Recently, Elon Musk’s tweet about the popular children’s song on YouTube “Baby Shark” helped the stock price of a related company increase sharply, according to Bloomberg. Specifically, on the morning of June 2 (Asia time), Musk tweeted: “Baby Shark crushes them all! Views are more than the population of the earth.” Immediately, the share price of Samsung Publishing Co., a shareholder of the “Baby Shark” manufacturer, increased by 10% to the highest level since May 7. Since 2018, when the song became popular, the stock price has quadrupled. The song “Baby Shark” (Doo Doo Doo Doo Doo Doo) started to hit the headlines in 2018, charting on the Billboard Hot 100 for weeks and now has nearly 8.7 billion views on YouTube. Even last month, a virtual currency named Baby Shark. The influence that turned the financial markets around from Elon Musk’s tweets made many investors concerned and called for authorities to step in. Many losers angrily urged him to stop using Twitter. Earlier this year, the move to change the personal description on Twitter to #bitcoin led many investors to speculate that the world’s richest billionaire bought into Bitcoin, pushing the price of this virtual currency up 20% to $ 38,566 – a record level. record that time. Less than 24 hours later, Elon Musk sent the stock price of CD Projekt, the company behind Cyberpunk 2077, up more than 12% after announcing on Twitter that Tesla’s new Model S Plaid electric car version would allow the guests play this game in the car. Not long after, the Tesla boss sparked a wild rally in GameStop stock after tweeting: “Gamestonk!!” with a link to WallStreetBets – a subpage of the Reddit information aggregator website. “Gamestonk” is a combination of GameStop and “stonks” – a slang word for stocks. “He knows he has great influence and has shown he enjoys playing with it, even if it hurts his followers,” said Heidi Chakos of Portugal, a Bitcoin investor. since 2014, told the Wall Street Journal. Meanwhile, Freetrade analyst Dan Lane said: “It’s ironic that Elon Musk has the ability to shake the market. Maybe it’s time to discuss the legality of this.” While waiting for the authorities to step in (if any), many investors still look to Musk’s tweets for investment direction, even considering him as a “hero”. Although later, when they lost, they turned to criticize him. However, it should be clear that, while the Tesla boss makes a point on everything from cryptocurrency Dogecoin to GameStop stock, he is actually an entrepreneur, not a portfolio manager. fourth. Musk isn’t the only one influencing the market through social media. Over the past year or so, many celebrities, from hedge fund managers to CEOs and entertainment stars, have taken advantage of platforms like Twitter, Reddit, Clubhouse, and more to express their views on everything from cryptocurrencies to stocks.

Icons of Google, Amazon, Facebook and Apple on mobile phones. Photo: VNA Washington has proposed a global minimum corporate tax rate of 15%, lower than that proposed by the Group of Top Industrialized Countries (G7), but higher than some other countries such as Ireland. But the UK is still concerned that this plan does not go far enough to tax giant technology corporations such as Amazon, Google and Facebook. In a recent statement, Mr. Sunak emphasized the importance of fair taxation for technology corporations and called on the US and G7 countries to discuss this issue next week. The meeting of G7 finance ministers is expected to take place from June 4-5. According to Mr. Sunak, companies like Facebook also want to solve this problem, which can bring certainty and stability to them. Besides, Mr. Sunak also mentioned that the UK is considering a separate online sales tax, when large multinational corporations, especially digital corporations, do not pay taxes in the right places, right place and this is not fair. In 2015, member countries of the Organization for Economic Cooperation and Development (OECD) agreed in principle to a plan to prevent multinational corporations from evading taxes by moving their headquarters to countries with low tax rates. . Despite years of negotiations, progress has been insignificant. However, discussions have been revived with the recent proposal of US President Joe Biden. Recently, the US government has proposed to the OECD a tax rate of at least 15% for multinational corporations. This is the first time the US has officially proposed a global minimum tax rate. France and Germany have voiced their support for the US proposal for a global minimum corporate tax rate of 15%, and expressed hope for an early breakthrough in negotiations on this issue.

2G network will be “wiped out” by Korea Previously, in July last year, SK Telecom officially stopped providing 2G network service, while another Korean mobile operator, KT Telecom, stopped providing 2G network service since 2012. due to the rapid development of advanced mobile network generations and the significant decrease in the number of 2G network users. 2G mobile service started operating in Korea in 1996 based on the world’s first commercial code-shared multiple access network built by SK Telecom. The number of 2G subscribers nationwide surpassed 20 million in 2006 but began to decline after the country commercialized 3G and 4G networks in 2003 and 2011, respectively. It is known that by the end of March 2021, the number of 5G mobile network subscribers in Korea has reached 14.48 million, accounting for 20% of the total 71.1 million mobile subscribers, according to data from the Ministry of Information Technology. trust this country.

And for you to have a better idea of ​​what is the most beautiful and stylish way to wear a standard two-piece dress, please refer to the following recipes of the Vbiz beauty association. Like white dresses in general, white two-piece dresses are highly appreciated for their lightness and sophistication. Runner-up Tu Anh also gives a certain preference to the white two-piece dress, which is very eye-catching, exuding a sweet and feminine look. Also choosing to wear a white two-tone skirt when going to the beach, but Minh Hang chose a pretty floral pattern version. She also added a wide-brimmed sedge hat accessory to increase the liberal look of the look. Ky Duyen cleverly shows off her sexy bust when dressing up with a neutral-tone two-piece dress. The design is impressive by pressing the button in the middle, bringing a youthful look mixed with elegance. Also choosing a two-button dress, but Thanh Hang is charming but no less luxurious and noble when wearing a crocheted skirt, mixed with pearl accessories. Ha Tang is wearing a two-stringed babydoll dress with a feminine and sweet spread. She also skillfully coordinated the outfit with neutral-colored flat shoes and handbags, making the overall look more luxurious. Sharing the same idea of ​​a gentle and graceful babydoll two-piece dress, Yen Nhi favored the black version and mixed this item with a series of ton sur ton accessories. Summer can’t be without the two-stringed skirts of soft, light, luxurious and charming silk. Favoring the sweet pink version, Ha Ho exudes a modern and youthful look. She also mixes accessories such as mini hip bags and branded sandals to increase the stylish look. Ninh Duong Lan Ngoc loves the model of a skirt with two elastic chest straps, showing a sexy and attractive bust. With a gentle pleated shape, this dress also enhances her flying, gentle look. The feminine design is mixed by her with a wide-brimmed hat, creating a beautiful virtual live photo. Bao Thy cleverly flaunted her charming body and smooth white skin in a white two-piece silk dress. Jinn Photo: Collectibles

According to Mr. Cong, during more than 2 months of mining Chia, the actual amount of copper received back only stopped at 3 units. Currently, on the Huobi exchange, Chia is being valued at $820. This means that after 2 months and 3 billion of capital, he earned about 56 million VND. Fear of missing out on green Bitcoin The reason given by Mr. Cong is that although Chia saves electricity, it is difficult to compete with the super mines in China. Besides, the dramatic drop in the price of cryptocurrencies in the past week also increased the payback time of Chia mines. The hard drive is what determines the success or failure of Chia mining. “I invest a lot of money but I am quite vague about my income. The reason is that I fear that I will miss the opportunity to get rich like the way Bitcoin created 4 years ago. There were very few Bitcoin miners back then, I was one of the first. That’s why I have faith in Chia. But things don’t seem to be as I thought,” Cong said. According to Mr. Cong, his Chia mining system uses a 6TB HDD. Each of these hard drives costs 6.5 million VND. The number of hard drives in Mr. Cong’s mine is close to 300. Previously, the price of HDDs was only about 2-4 million VND. However, the wave of Chia mining has made the hard drive double in price. To cope with the huge write rates of Chia miners, many memory manufacturers have designed SSDs specifically for this purpose, like TeamGroup’s T-Create Expert model with a write limit of up to 12,000 TB. Amazon Web Services also recently opened a Chia mining service for the Chinese market. Hard drives increase in price, are in short supply but still have to buy more “In the game of chia mining, whoever has the most large capacity hard drives, that person has a higher chance of winning. And the winners at this point are the mining pools in China. They buy large quantities of hard drives at very high prices to gain an advantage in the market,” said Mr. Reply Zing , a representative of GearVN store confirmed the shortage of goods with large capacity drive models. However, this company’s customers, mainly individual users, have not been affected much. Hard drive prices have doubled since April because of the green Bitcoin craze. “GearVN’s customers are mainly end users and gamers, with a demand for hard drive capacity from 1 TB to 4 TB. In this segment, the price and supply are still stable,” a GearVN representative shared. This is also considered the biggest risk when participating in the “Green Bitcoin” market. According to experts, the difficulty of Chia mining is many times faster than Bitcoin. This means that mining systems must be invested with as many hard drives as possible. Previously, Bitcoin could be mined at individual scale because of the slow increase in difficulty. In the Chinese market, many traders have gathered thousands of hard drives to redistribute to Chia miners. According to ADATA, thanks to Chia, the number of SSDs sold by this company has increased 5 times in the past month. The shortage of goods makes many manufacturers of hard drives and SSDs prioritize serving the Chinese market. Order time in other markets is 2, 3 times longer. “In the past, every time a new order was placed, the waiting time was about 4-6 weeks. Now, the waiting time must increase to 8-10 weeks, high-capacity lines can sometimes be up to 13-15 weeks. Calculated, the standby time increased 2, 3 times, “said a representative of a distributor of the Seagate hard drive brand. Despite having an advantage in power consumption, Chia has a problem with mining materials, here is the hard drive. “I have to constantly buy hard drives while the price is getting more and more expensive. Without a hard drive, we wouldn’t have a place to store the strings of codes that can form a Chia,” said Cong. Uncertain future Chia was created by Bram Cohen, the “father” of the BitTorrent peer-to-peer file transfer protocol. The company behind this currency is Chia Network, backed by investor Naval Ravikant, some well-known companies such as Andreessen Horowitz or Cypherpunk Holdings. From May 3, this currency will be publicly traded and exchanged. According to the Business Insider , Split based on PoST (proof of space and time) consensus algorithm. In it, PoS (proof of space) describes an allocated hard drive space for blockchain block storage. In other words, the “miner” Chia will reserve a certain amount of memory space on the hard drive to store blockchains. Mining is very little, but participants have to constantly buy more hard drives in order to have space to store the blockchain. They will be awarded based on the ratio of memory cells that “miners” have to store compared to the entire network, as verified by a VDF server (aka Timelord). Chia Network, the representative company, said that this currency has good security, consumes less energy than coins using the PoW (proof of work) consensus algorithm. Unlike Bitcoin, Chia has no limit on the amount of coins mined on the blockchain. Instead, the number of diggers that can be mined will change continuously depending on demand. Chia Network, the company responsible for this currency will hold 21 million Chia in order to control price fluctuations, reducing the possibility of problems. Although the future of Chia is envisioned as ideal, the coin has only been traded on a number of crypto exchanges since early May with the token XCH. At first, the price per dong has more than doubled from $700 on May 4 to $1,600. However, facing the decline of the entire cryptocurrency market, Chia also suffered a price drop. Besides, too much hard drive also makes the Chia project away from the original “green” purpose of the founders. The owner of the net shop unplugs the machine, digs coins and waits for the translation to end Due to the impact of the Covid-19 epidemic, Mr. Nguyen Minh Quan (Thu Duc City) had to close the net shop, remove the graphics card to dig coins, earn extra income waiting for the reopening of the shop.

The internal space structure is divided into three living blocks, in which for the family of nearly 10 members to use the main block, the other two blocks are arranged as two independent buildings used for rental purposes. The project has many limitations on construction permits, so AD9 Architects seeks to integrate functional blocks together to satisfy all functions. Architects AD9 Architects said that the form and structure of the building is a pure expression of the used space. All spaces are almost continuous or overlap, gaps are found most naturally. The idea of ​​​​the owner of Q.7 house has been realized by the architects in the most optimal way when on the same small facade, it can be rented but still ensure privacy for the house. The facade is surrounded by a rough brick wall to protect the house from outside agents. The architect divides the house into three functional blocks, in which one main block is for nearly 10 family members, the other two blocks are used for rental purposes. The entrance to the house is the main living room of a family of nearly 10 members. The ability to ventilate, receive light effectively and adapt to local climate conditions are issues that need to be given top priority. The floors above. The entrance to two functional blocks for rent grows many trees, creating a pleasant and comfortable feeling for tenants. Another notable point in the design is the many doors combined with the green areas outside. Thanks to that, the living space is always filled with sunlight and becomes in harmony with nature. This room is always airy and receives a good amount of natural light thanks to the glass windows. The master bedroom is connected to the outside nature. In addition, the architect also designed a railing, where the homeowner can relax and sip a cup of tea in the morning. The layout of the floors in the house.

Illustration. Dragon Capital has always had a special interest in banking and real estate, which are the two industries with the largest market capitalization in Vietnam’s stock market. However, following recent developments shows that this group of funds is having a significant change, strongly selling real estate stocks and aggressively collecting banks. STRONG BANK Specifically, as of May 18, Vietnam Enterprise Investment Limited (VEIL), the largest investment fund in Vietnam with a scale of 2.14 billion USD, managed by Dragon Capital, allocated 31.4% of the portfolio to the banking group. increased sharply compared to the figure of 28.83% in early January 2021 and 29.8% compared to April. On May 18, VEIL’s NAV/Share value reached 10.57 USD, up 27.35% compared to the beginning of the year, this is an outstanding growth compared to the increase of the VN-Index which increased by 15.41. %, in USD. Top 10 largest investments of VEIL hold 4 banking stocks, including: VPBank accounting for 11.76%; ACB 9.22%; VCB 6.29%; TCB 3.65%. Most recently, on May 11, VIEL bought 1.5 million shares of VpBank. Besides VEIL, other funds of Dragon Capital such as DC Developing Markets Strategies Public Limited Company purchased 600,000 shares of VPB; CTBC Vietnam Equity Fund and Norges Bank bought 500,000 shares; Samsung Vietnam Securities Master Investment Trust (SSMIT) bought 50,000 shares. Thus, through member funds, Dragon Capital bought a total of 3.15 million VPB shares, estimated to spend 200 billion dong, thereby, raising the bank’s ownership rate from 4.99% to 5.12%, becoming the only major shareholder of VPBank. Previously, in mid-April, Norges Bank and SSMIT also bought a total of 9 million ACB shares out of a total of 10 million registered shares. The remaining one million shares could not be bought because ACB ran out of foreign room. Prior to the purchase, neither Norges Bank nor SSMIT owned any shares in ACB. After the transaction, the ownership ratio of these two funds at the bank increased to 0.396% and 0.017% respectively. If calculated according to the market price of ACB shares during the transaction period, two member funds of Dragon Capital may have spent about 300 billion VND to buy 9 million ACB shares. RUN FROM REAL ESTATE GROUP In the opposite direction, Dragon Capital fund group continuously sold real estate and construction stocks. Specifically, Dragon Capital group continued to divest from Ho Chi Minh City Technical Infrastructure Investment Joint Stock Company. During the period from April 20 to May 13, member funds including Amersham In Industries Limited, SSMIT, Norges Bank continuously sold out with a total of more than 6.3 million shares. After the transaction, Dragon Capital group reduced its total ownership in CII to 7.64%, equivalent to more than 18.2 million CII shares. Not only CII, Dragon Capital also recently continuously sold KBC shares of Kinh Bac Urban Development Corporation in the context that this share price plummeted to 32,000 VND/share compared to the historic peak price in January. is 45,000 VND/share. On May 6, this group of funds sold 2.56 million KBC shares and on May 12 continued to sell 1 million KBC shares, reducing their ownership ratio from 7.5% to 6.7%, equivalent to with 31.9 million shares remaining. In April, this fund group also worked hard to sell KBC shares. Dragon Capital’s continuous selling was also in KDH shares of Khang Dien House Trading and Investment Joint Stock Company. On April 19, Dragon Capital announced a net sale of 1.86 million KDH shares, of which Grinling International Limited’s member fund sold 2 million shares and Norges Bank bought 142,900 KDH shares. After the transaction, the total ownership of Dragon Capital group in KDH decreased from 10.21% or 57.07 million shares to 55.21 million shares, or 9.8%. At Dat Xanh Group Joint Stock Company, a group of large shareholders Dragon Capital also sold 3.78 million shares of DXG in mid-March, reducing its ownership ratio from 17.3% to 16.6% in Dat Xanh. Dragon Capital’s largest fund allocates its portfolio to many large-cap real estate stocks. Along with selling down the proportion of midcap stocks in the real estate industry, Dragon Capital allocated more portfolio to this industry blue chip with typical codes like VIC of Vingroup, VHM of Vinhomes, and NVL of Novaland with respective proportion 8.78%, 5.68% and 3.7% in VEIL’s portfolio. In the investment proportion of VEIL, the real estate group also decreased from 27.24% to 27.03%. Dragon Capital has always had a special interest in banking and real estate, which are the two industries with the largest market capitalization in Vietnam’s stock market. In 2021, these two industry groups also stand out with the story of capital increase, which is expected to raise the share price of these two industries from now until the end of 2021. However, many securities companies believe that residential real estate can increase the proportion, but the banking group should be careful because the outlook has partly reflected in the price. Bank stocks during the past time have grown continuously, cash flow will most likely find other groups with better growth stories such as steel, agriculture, real estate…

Facebook has used Twitter to highlight new prompts that will appear for users who share content without reading the articles. The text of the prompt reads “You are about to share this article without opening it. Sharing articles without reading them could mean missing out on important information.” Users will have two options inside the Open Article and Continue Sharing prompts, respectively Open Article and Continue Sharing. Essentially, Facebook hopes the content is enough that some people will read the news stories before sharing them online, but Facebook says it won’t force them to access the articles. Users can still continue to share a post without reading it because Facebook and other social networks cannot force users to read content before sharing it with others. However, this feature could be beneficial in the long run as it will still deliver the core message that some Facebook users have not yet grasped to share online. It is essential that people fully grasp the story they want to share. Even if people choose to continue sharing without reading, they’ll know the same prompt will appear again every time they share content if they don’t click on the post. A simple way to avoid annoyance is to view the full article. It’s currently unclear if the feature will roll out to all Facebook users after initial testing, and how long it will take for Facebook to bring it to phones and web browsers. In fact, another social network, Twitter, tested the same feature last June before rolling it out to all users in September.

This idea is said by many to be inspired by rapper Kanye West’s gift to Kim Kardashian for Christmas 2017: a series of shares of Disney, Adidas, Netflix, Amazon, Apple. Users do not need to be too financially savvy, just create a brokerage account and register for a gift card code. Stock gift cards are popular among young Koreans. Photo: Sedaily. According to the statistics of Chosun Ilbo , Shinhan Investment has sold more than 20,000 stock gift cards since the program’s launch, with buyers mostly in their 20s and 30s. Currently, Tesla is the most bought stock for gifts in South Korea, followed by Apple, Starbucks and Netflix, according to Straight News . Jung Seung Hyun (23 years old, student) said he gave his girlfriend 4 stock gift cards on the occasion of her birthday in April. “I think she appreciates this gift. It may not be as romantic as traditional gifts, but it’s practical and I’m helping her invest,” Jung said. Jung added that his girlfriend initially thought the gift was “a scam” but also signed up for an account after being explained by her boyfriend. The stock gift card is also a gift that designer Yang Ga-in (28 years old) intended to give her boyfriend. She describes the other half as “crazy fan of Elon Musk”. “I’ll also bake more cookies for him. However, he’s a very down-to-earth person, so I think without saying it, he’d appreciate stocks, a long-term investment, more. My cake, which can be eaten in 2 minutes,” Yang shared.

It is extremely important to arrange items by classification, color, and size so that they are neat. They help you never have to rummage through just to find one thing and always easily see what you’re looking for. Use clear cardboard or plastic boxes to prevent items from getting mixed up. Sort items by classification, color, size. 2. Big and small space division Instead of spreading items evenly throughout the house, divide the space big and small. The main space of the house should reduce furniture, making the space larger. Meanwhile, the storage items should be concentrated in one place, easy to find when needed, and save space. Storage items should be concentrated in one place. 3. Hide the clutter When the storage items are gathered in one place, of course this area will become very cramped and messy. Use curtains to hide the clutter and make the space feel more open. Use curtains to hide the clutter. 4. Wrapping paper for storage objects If reusing storage items such as suitcases, wooden crates, tin cans… they don’t always look good. Take the trouble to buy wrapping paper and wrap those things outside. Depending on the color of the wrapping paper you can turn them into a beautiful accent in the room. Use paper to wrap cans, wooden crates, tin boxes for reuse. 5. Take advantage of standing space What has no place to store on the ground, hang it up, from small objects like a key or as big as a bicycle, there is always a solution for you. If you know how to make use of vertical space, your house will save considerable space. And here are some suggestions for using vertical space: Behind the door: For many people, the door only works to ensure privacy, so the space behind the door is often neglected and wasted. You can fully utilize the back as an efficient storage space. Take advantage of the back of the door for efficient storage. Horizontal bars: Used to hang shoes, clothes or bags. Do not underestimate these horizontal bars, they are extremely useful. Pegboard : Perforated panels are the ultimate solution for heavy hanging objects. Not to mention, its advantage is that you can decorate and arrange the position according to your liking. If you know how to sort, pegboard Can completely become a “work of art” in the house! Note, depending on the capacity of the hanging object that drills a large or small hole, the heavier the object, the larger the hole for the hanger must be. If you know how to sort, pegboard Can completely become a “work of art” in the house! Tube length: The long tube, after being glued to the wall, can be used to store light objects such as stationery, needles…. The beautifully wrapped long tubes both help to store your belongings and beautify your home. Wall mount: Used to store clear plastic jars that you can hold 1001 things in. The wall mount is both space-saving and holds many things. Paper towel holder: Reusable tissue holder to store keys or ribbons. Smart reuse will bring convenience to your life. “Sewing” the bag for the wall Empty walls are a great storage space if you know how to use them. 6. Label the boxes Store unused or rarely used items in boxes, wicker bins or simply cardboard or plastic bins. Notes and labels for each type of box/box. Even when stacking boxes of all kinds on top of cabinets or in storage, you won’t have to worry about messing up your search if you label and label them carefully from the beginning. 7. Use trays with dividers, compartments Divide compartments in drawers to store things more scientifically, allowing separate, unmistakable items to be stored, making it easy to find when needed. Keeping things apart will help keep items separate, unmistakable, making it easy to find when needed. The trays will help you store your sundries neatly. The trays will help you store your sundries neatly and less cluttered. In particular, use a tray with divided compartments, allowing to store separate items, not being confused, making it easy to find when needed. 8. Store items on top of cabinets or under the bed These are the two most often neglected spaces while they can completely store a lot of items. These are the two spaces that are often neglected the most, while they can completely store a lot of items, without creating a feeling of being cramped or cluttered with people in the house.

Wiibike electric bicycles can quickly turn an ordinary bicycle into an electric bike by installing a kit made by the company itself. In the recent broadcast of “Silver billion deal”, the Wiibike electric bicycle project brought by CEO Nguyen Thi Thu Hang has received the investment of Shark Phu with 1.5 billion VND for 10% of the stock. part. And committed if the payback this year will increase the investment by 10 times. Wiibike is a science and technology startup in the green transport sector with the main product of complete electric bicycle, using lithium batteries. Notably, Wiibike’s chassis is made from a variety of materials, including one that uses bamboo, an environmentally friendly renewable material. In addition, Wiibike also offers a Wiibike kit to turn a regular bike into an electric power bike within 15 minutes. According to Mr. Lai Thai Phong – product development specialist of Wiibike, these are Make in Vietnam kits manufactured by the company. This kit comes with a sizing mechanism that can be mounted on any bike, including models with different wheel sizes. “The most important thing about the kit is how the battery is in it. To achieve high performance, the kit must use high capacity cells and good connectivity. This idea is researched and learned from technologies available in the world. ”, Mr. Phong shared. However, this enterprise is only in the consulting process to register for invention copyrights. The Wiibike electric power bicycle project received an investment of 1.5 billion VND for a 10% stake from Shark Phu According to Ms. Nguyen Thi Thu Hang – co-founder and operator of Wiibike, this start-up has a trial product since 2017. Currently, Wiibike is at 51% gross profit with revenue of 2.3 billion VND in 9 months, starting from July last year. “Although not yet implemented any traditional promotional campaigns, the project has attracted 300 customers to buy this car”, the project’s CEO shared. However, according to Shark Hung, this is not a new business model, it is difficult to approve that this is an invention that only stops at industrial designs or useful solutions. Vehicle design is not beautiful, does not show style, the numbers are not convincing. Therefore, the “real estate shark” has decided to ignore this deal. However, CEO Nguyen Thi Thu Hang maintains her stance when asserting that what she does will contribute to the value and make a great impact on the lifestyle and living environment of the Vietnamese people. Whether or not the capital is successfully raised, Thu Hang affirms that she will continue to fulfill this dream. “Wiibike’s orientation is not only at the product, but also to offer green transport solutions to really contribute to the transport system in Vietnam”, said founder of Wiibike. Finally, this start-up successfully raised capital from Shark Phu with an investment of 1.5 billion VND for a 10% stake.

Zoom application icon. (Photo: AFP / VNA) The wave of selling technology shares continues to hit companies with cloud services most, as investors withdraw their capital from these companies. share the strongest increase in the last year. While index Dow Jones is close to record levels, the index of companies providing cloud services is at its lowest level in six months. Stock price of WisdomTree Cloud Computing Fund, a fund that tracks the index of cloud services companies, includes 56 shares, down 2.4%, the seventh day of decrease in the past eight days (as of 10 / 5). Technology stocks began to sell out in February and sold out faster in the past few weeks. The main cause of the market’s diversion is concern about the possibility of an interest rate rise as this will normally negatively impact high-growth firms, combined with the attractiveness of stocks that are often beneficial. so when inflation is as high as finance, goods and industry. Compared to a year ago, the index of cloud services companies fell 15%, while the Dow Jones Index rose 14% and the Nasdaq Composite Index rose 4%. In the last year, a sharp increase in the cloud service provider’s index thanks to an unexpectedly fast transition to remote work, forcing businesses to use products that enable employees to coordinate. remote and access to data stored in data centers. From Zoom for video chat and Twilio to text exchanges to CrowdStrike and Zscaler’s security tools, large businesses have had to buy new technologies for widespread use. Global X analyst Pedro Palandrani, who manages venture funds, says 2020 is a phenomenal year for companies providing cloud services by working remotely. He said it would be a mistake to reopen the economy to stop everyone from using computing solutions. cloud Twilio said last week that the first quarter of 2021 revenue increased 62%, exceeding the forecast of analysts. ServiceNow also outperformed the forecast with a 30% increase in revenue. Zoom had three consecutive quarters of growth of over 300% and an estimated increase of over 175% in the first quarter.

However, this kind of hearty hospitality is being changed in the face of the Chinese government’s enacted anti-food waste law. VICE. Chinese people show their hospitality with hearty and diverse dishes. Photo: China Highlights. Specifically, restaurants are allowed to charge customers for leaving leftovers. Conversely, a restaurant that wastes food will be fined up to US $ 7,700. Suppliers of food that induce or deceive consumers to order too much will also be fined 1,550 USD. Television stations and online media companies can be fined up to $ 16,000 if they are found to be filmed or shown “drink-and-drink” videos. Many Chinese people question whether this new law is “overreaching” and violates individual liberties, namely eating – the most basic form of human enjoyment. Others find this law difficult to understand, not clear and could interfere with their eating experience. Mukbang videos have been removed on Chinese social media platforms. Photo: @fume_yamyam. Local governments in the land of billions of people have had many different measures to implement the law. For example, a dining association in Wuhan city has proposed a “N-1” rule, where groups of guests are allowed to order only the number of diners minus one. Some restaurants have committed to providing additional small meal options. A restaurant in downtown Trường Sa (Hunan Province) placed a scale in front of the door and suggested the amount of food based on the customer’s weight. In addition, censors have also removed mukbang videos on many Chinese social networking platforms. Earlier, on May 4, the regulator fined a warning level for a bakery in the east of Nanjing city (Jiangsu province) under the anti-food waste law. This bakery was found to be throwing away unattractive or leftover cakes for the day. The store owner then promises to give away the leftovers for free, or turn them into samples for customers to taste, according to the local newspaper. Yangtse Evening News. Diners who do not finish the ordered dishes will be charged according to the restaurant’s regulations. Photo: VCG. On April 29, the Standing Committee of the National People’s Congress officially passed the law against food waste, Global Times reporting. This will also put an end to the mukbang trend in the country of billions of people. Although China does not face food shortages, in August 2020, President Xi Jinping launched a campaign to save food. He said the economic disruption caused by Covid-19 was a national wake-up call that the country needed to secure food supplies. Additionally, supply chain disruptions during the pandemic have pushed tens of millions of people to the brink of starvation, according to the United Nations World Food Program. According to Chinese media reported, the country wastes about 35 million tons of food each year. According to Chen Shaofen, a sustainable development strategy researcher at the Chinese Academy of Sciences, a country with a billion population generates nearly one third of the world’s food waste, equivalent to about 135 million tons per year.

Using this algorithm, Chia mining does not consume too much power because only the hard drive is free. Chia’s network has now mobilized more than 2,700 PiB (1 PiB = 1125.9 TB) of available hard drive space. Very quickly, Chia caught the attention of Amazon and launched a virtual money mining service in the cloud exclusively for the China region. The Amazon website also shows how to set up a cloud service to create a Split wallet, create a space, and how to mine in just 5 minutes. Dong Chia is being traded on a number of small exchanges with a large fluctuation range. Dong Chia started the validation process and allowed mining on March 19, a process known as the mainnet. At that time, Chinese miners flocked to e-commerce sites to buy hard drives and sold these items out of stock, mainly in the super-hard drive segment of 10 TB or more. And after about two months, Chia was officially listed on May 4 last with the virtual currency code XCH, starting price 1,700 USD. But immediately this currency must witness selling momentum causing it to drop in value to only $ 700 before recovering around $ 900 mark. Over time, with the Bitcoin fever, new virtual currencies are constantly appearing and being pumped, making it worth fluctuating up and down. The volatility of the virtual currency market is part of the reason that many countries are afraid of Bitcoin in general and virtual currencies in particular. Phuong Nguyen (According to CoinDesk)

According to Forbes magazine, the co-founder of Microsoft Corp has a fortune of up to $ 130 billion. This huge fortune includes the charitable foundation jointly named and the largest in the world by the billionaire and Bill Gates, a large-scale private investment firm and a series of expensive real estate. in U.S.A. The Xanadu 2.0 mansion of the billionaire and billionaire Bill Gates is currently worth more than $ 130 million. (Photo: TNS) In addition to the 98,000-hectare ranch, the once-happy couple owning homes across the United States have been acquired for nearly 30 years including in Washington, California, Montana and Florida. One of the most expensive real estate properties of the billionaire Bill Gates is in Medina, a suburb of Seattle. It is famous for being home to billionaire Bill Gates and Amazon CEO Jeff Bezos. The mansion worth more than $ 130 million is also known as Xanadu 2.0 with an area of ​​more than 6,100 square meters located in Medina. The house has an indoor swimming pool up to 18 m long. In addition, the mansion also has an artificial stream to raise salmon. The villa has 7 bedrooms and 18 bathrooms, an indoor cinema with 20 seats and a dining room of 92 m2 with 24 seats. 195 m2 library in Xanadu 2.0 mansion includes 2 secretly rotating bookcases. Depending on the divorce resolution process, Xanadu 2.0 mansion can be sold to divide the Bill Gates and his wife’s divorce property. According to the divorce document that Bill’s family sent to the court and was announced by TMZ, the couple asked the court to divide the property based on separate contracts and did not mention the prenuptial contract. The divorce petition of the couple was filed with the King County court in Washington and this is also one of the 9 states that have communal property laws of the couple, According to Colleen Sparks, the leading lawyer dealing with family affairs at Talkov Law, in states with communist property laws, divorced couples are required to divide all assets in the period. live together fairly. Since billionaire Bill Gates bought the Xanadu 2.0 mansion after he got married in 1994, this means that the world’s fourth-largest billionaire is not the complete owner of this $ 130 million estate. . According to Mr. Sparks, if Bill Gates and his wife do not reach an agreement to buy a mansion in Medina, the court may be forced to sell expensive real estate. But according to Ellen Griffith, an expert in charge of the division of real estate upon divorce, because the Bill Gates and his wife’s house was bought after they got married, it is likely that this fortune will be divided equally by 50 / 50. But according to Ms. Griffith, “They can make an absolute effort to have real estate. It will be a great fight ”. In addition to the large mansion in Medina, Bill Gates and his wife also own 3 homes in California. In 1999, the couple spent $ 12.5 million to buy 1,263 square meters of land in the resort city of Indian Wells. In 2014, the couple continued to withdraw a $ 18 million purse to buy a 92-hectare horse farm owned by weight loss expert Jenny Craig. Bill Gates and his wife are the most expensive deal in California in 2020 when they spend $ 43 million to buy a house overlooking the sea in Del Mar. This house is just 36 meters from the beach. This is the 2nd most expensive real estate deal in history in the city of San Diego.

Over time, gamers and computer users have suffered from a shortage of high-end graphics cards due to the need to buy GPUs from cryptocurrency operators. Now, a new cryptocurrency called Chia will most likely cause similar problems for the storage drive market. According to the South China Morning Post , hard drive prices in China have risen sharply as miners rushed to mine and sell this cryptocurrency. “The price of hard drives keeps going up” Unlike Bitcoin, which consumes a lot of electricity and energy to process complex algorithms, Chia is mined based on a consensus algorithm and is one of the currencies advertised as being environmentally friendly. A Bitcoin mining facility in China. Cryptocurrency Chia aims to reduce environmental impact. Photo: Bloomberg. The founder of Chia is Bram Cohen, who is also a BitTorrent developer. Cohen said he would usurp the outdated industry with increasingly slow and costly documentation capabilities. Although Chia has not been officially traded on the market and only came into operation on May 3, the “miners” have rushed to buy and stock up a series of HDDs and SSDs. According to SCMP, panic purchases can lead to hard drives shortages, high prices and scarcity. On China’s Taobao and JD.com e-commerce platforms, large enterprise hard drives have been sold out. “There have been a lot of people asking to buy a large number of hard drives to exploit Chia in the past few days,” said a customer care worker at the online store Taobao of two major brands Seagate and Western Digital said. Hard drives were sold out on Chinese e-commerce sites. Photo: Weibo. Most business-class hard drives with more than 8TB of storage have already been sold, not sure when new products will be available, the vendor says. According to the manmanbuy.com A Chinese website that evaluates and compares product prices on popular e-commerce platforms, the price of a Western Digital hard drive with 12 TB of storage in February before The increase was 2,188 yuan (about $ 337). On April 8, the corresponding drive price increased to 3,499 yuan ($ 538) on JD.com. Seagate’s hard drive with 8 TB of storage before April 14 cost 1,150 yuan, but has since risen to 2,160 yuan, according to manmanbuy.com . Cryptocurrency miners Chia in China buys bulk hard drives in bulk at the store. In Huaqiangbei, the world’s largest electronics market in southern China, Shenzhen, some vendors said that they now only have a hard drive with less than 4 TB of storage and they don’t know when This situation has just changed. This person also confirmed that the price of a 4 TB hard drive will be a bit higher than the 700 yuan she used to sell before, because the demand from customers is growing. “At peak times, the prices of hard drives will be at least 60% higher than normal. The prices have come down a bit recently, but for now they are still around 50% higher, ”said a supplier named Chen. The topic of hard drive scarcity has become a hot topic, attracting a lot of attention and discussion on Chinese social networking site Sina Weibo, with tags attached to articles such as “rising hard drive prices” and ” Hard drive prices doubled in 10 days. ” “That’s it all, first the graphics card craze, then you guys switch to the hard drive. Now I can only buy one computer case,” said one netizen. on Weibo. Chia’s further goal In recent years, the increasing popularity and demand for computation has increased the value of virtual currencies like Bitcoin. Cryptocurrency mining has become popular and familiar to many people with knowledge of technology and computers. Although the Chinese government does not recognize Bitcoin as a legal currency, the country does not completely ban Bitcoin mining. According to an article recently published in Nature in April, China accounts for about 70% of all Bitcoin mining activities worldwide. Bitcoin mining currently consumes a lot of energy, leading to concerns about overuse of coal-fired electricity. Photo: DW. The increase in electricity consumption related to cryptocurrency mining has also caught the attention of Chinese regulators, as the country is making efforts to save energy and reduce pollution. environment. The leader of Inner Mongolia, the major Bitcoin producing region in northern China due to cheap electricity prices, said they would close all Bitcoin mining pools by May. The global Bitcoin mining network consumes about 113.88 TWh of electricity per year. If ranked as a country, Bitcoin would be the 33rd electricity consumer in the world, out of total consumption by the Netherlands and the Philippines, according to Cambridge’s Bitcoin Electricity Consumption Index.

Thus, for every 10 laptops in use in Vietnam, more than 3 are purchased at FPT Shop. “This achievement is the result of many factors: Branding efforts associated with the technology destination; diversify brands and business products by adding new products from Microsoft Surface, AVITA, LCD monitor, printer … In addition, the system always closely monitors the market, forecasts accurately and satisfies the needs of users, making good use of its leading position in gaming laptops, Macbook M1. FPT Shop has also applied the right strategy when focusing on customer experience, simultaneously opening 70 new standard laptop centers across the country. ” – Mr. Nguyen The Kha, Director of Mobile Telecom Division of FPT Shop shared. It is known that FPT Shop has opened 23 more laptop centers, reaching the milestone of 70 laptop centers nationwide, far exceeding the system’s plan. These are all specialized stores, focusing on selling laptop products and many related accessories. Opening laptop centers is also one of the important factors that helps FPT Shop improve customer experience and better meet the increasing shopping demand of today’s consumers. On the occasion of reaching 70 laptop centers, FPT Shop sharply discounts from 5 to 10% of most genuine laptop products on sale here. Specifically, Apple, Asus, HP, Dell, MSI brand laptops get 5% discount, Acer, Lenovo, Avita, Microsoft Surface brand laptops get 10% discount, apply to products over 8 million and get the bar. 100% payment. If you choose to pay by installment, you will enjoy 0% interest rate and no upfront payment required. The installment payment procedure is also very simple, only requires ID card and driver’s license (or household registration book). In addition, all customers who choose to buy a laptop at FPT Shop will receive a 20% discount on a laptop protection combo package, a fashion laptop backpack, 30% off when buying additional 23-inch and 27-inch LCD screens, 10% off for LCD 32 inch, 300,000 VND discount when buying HP printer.

New cryptocurrency – Chia coin, also known as “Green Bitcoin”, was created by Bram Cohen, who is famous for his peer-to-peer BitTorrent protocol. Hard drive fever from Chia The popularity of cryptocurrencies like Bitcoin has led to a shortage of graphics cards when miners buy them in bulk. Now, Split coin – a new cryptocurrency set to create another component shortage, this time hard drives and SSDs will become hard to find. The increase in GPU supply will occur this quarter, said Nvidia Chief Financial Officer Colette Kress, a multinational corporation for graphics processor development. So with any luck, the products might be a bit easier to buy in the coming weeks and months. “ The problem faced by the market was crypto miners who bought GPUs. In response, Nvidia released a line of dedicated mining graphics cards called CMP, which professional cryptocurrency miners are starting to buy. ”Kress said. The new cryptocurrency – Chia coin, also known as “Green Bitcoin”, was created by Bram Cohen, who is famous for his peer-to-peer BitTorrent protocol development. According to the report, Chia used Bitcoin’s “proof of work” model instead of Bitcoin’s “proof of work” model. That difference means Chia is dependent on storage capacity rather than processing efficiency to mine, and a lot less electricity is wasted in the process. While Chia hasn’t been traded yet, it looks like potential miners in China are gearing up by buying as many hard drives and SSDs as possible, all drives from 4TB to 18TB in high demand. Prices are expected to rise and shortages are likely to be seen unless manufacturers react quickly enough to keep up. On China’s Taobao and JD.com e-commerce platforms, many large-capacity enterprise-class hard drives have been sold out. According to Jiahe Jinwei, one of the major domestic manufacturers in China, the Gloway and Asgard’s 1TB and 2TB high-performance NVMe M.2 SSDs have both been sold out. The manufacturer plans to put in place restrictions to prevent miners from buying large amounts of consumer SSDs. After that, the company will also increase production to meet demand. “ Farming on consumer SSDs is feasible, but more serious miners will likely be geared toward the business side. Durability is just as important as capacity and performance, and enterprise or data center SSDs often meet these three criteria. ”, Said Jiahe Jinwei. Back in 2018, Chia raised $ 3.395 million in “seed” funding, which demonstrated a great degree of interest in this new cryptocurrency. For the most part, that interest could be from investors expecting them to see the potential early and invest a lot when it first arrives. Along with that, many cryptocurrencies appeared and collapsed, so the formation and development of Chia also caused curiosity among the crypto participants. A few years ago, no one took Bitcoin seriously and today it has reached a value of over $ 65,000 / BTC. Cryptocurrency mining itself is the process by which a machine performs certain tasks, calculations validating transactions on the platform, and enhanced security, in order to obtain an amount of cryptocurrency. As a reward to miners for using their hardware to service network transactions, they charge transaction fees for the transactions they confirm. Although Chinese law does not recognize Bitcoin as a legal currency, the country does not completely ban Bitcoin mining. Even this billion-population country accounts for about 70% of bitcoin blockchain operations worldwide. The surge in electricity consumption related to cryptocurrency mining has also attracted the attention of Chinese regulators, amid the country’s efforts to save energy and reduce pollution. Inner Mongolia is a major bitcoin producer in northern China due to cheap electricity prices, saying it will close all bitcoin mining sites before May this year. Is there an abnormality? In addition to the hard drive craze, computer storage space has become a hot commodity lately, with protocols like Filecoin and Filebase rolling out to take advantage of unused storage. It seems that Chia is not without its drawbacks as some have tested and criticized its energy efficiency and pointed out that the rewards take 5 months to come true. Dividing into storage space rather than processing efficiency to mine and known as “green Bitcoin” is creating a hard drive race in Southeast Asia. Blockchain critic David Gerard warns that the reported shortage could have a direct impact on the cryptocurrency market and other industries. However, the project is going on an unusual path. Split no limit, prioritize constant inflation, is predictable as an alternative and the company has a cache of 21 million Pre-mined Chia. And while “spatial proof” is meant to strengthen decentralization, it’s a goal that Chia will not track for itself, rather, it will be made public. Besides that, a roster will allow proponents to treat Chia’s equity as a Chia coin ETF, using the 21 million Chia coin as the primary asset. Talking to the Business Forum, Mr. Dinh Hong Son, General Director of the new generation Finance Joint Stock Company, said that Chia is a digital currency that has appeared since 2018 but has not created a fever like today. The fever that the market is feeling is not the currency, but the market for the hard drives. In fact, large corporations in the world like Intel still do not show signs of “flinching” for shortages, maybe this is just one of the waveforms to push Chia’s appeal against the blur. its pale. “ This is also easy to cause local reactions, as many manufacturers tend to want to take short cuts by increasing production. While in the field of electronics, electronic components require many supporting details that must be processed in large quantities to ensure production as well as reasonable prices. Therefore, it is not known how sustainable or how long-term Chia is to be, but focusing on large-scale production can pose a risk to manufacturers. Hopefully, any impact on consumption patterns will be short-lived “, Mr. Son said. Currently, Chia has not appeared in Vietnam, but it is also necessary to observe and monitor this coin to avoid following the trend like the past Pi mining phenomenon. In particular, electronic component manufacturers or merchants avoid the “hugging” too large for hard drives or products with storage capacity, and at the same time push the prices of goods higher than their value. real.

Customers visit the laptop shopping experience at FPT Shop. The growth rate of laptop in FPT Shop system has exceeded 2 times compared with the plan in Q1 / 2021 and has increased 2 times compared to the general market, according to data from market research firm GfK. Specifically, FPT Shop currently accounts for more than 30% of the market share and is the No. 1 growing chain of stores in the laptop market. Thus, for every 10 laptops in use in Vietnam, more than 3 are purchased at FPT Shop. Mr. Nguyen The Kha, Director of the mobile telecommunications division of FPT Shop, said that in order to gain market share, FPT Shop has a system that always closely monitors the market, makes accurate forecasts and meets the demand well. of users, taking advantage of the leading position in gaming laptop, Macbook M1. Recently, FPT Shop also continuously expanded its sales network by 70 more laptop centers, and diversified its products by adding new products from Microsoft Surface, AVITA, LCD screens, printers … FPT Shop expects that laptops will continue to achieve 20-30% growth in 2021. Motivation will come from new-style laptop centers, which give space for customers to experience, many new products, and employees. Professionalism and distinctive incentives … It is known that FPT Shop’s 2020 business results come from computers and Apple products compensate for the decline in mobile phones. FPT Shop’s laptop segment recorded a strong growth of 60%, becoming one of the major contributors to the revenue and gross profit of the FPT Retail system (Digital Retail Joint Stock Company).

Rosé has just taken a set of photos introducing Saint Laurent cosmetics published on the Korean Vogue magazine. She has a simple bun, light makeup, and a classic white shirt to highlight the bottle of night serum in her hand. In other photos, Rosé still only wears a white shirt, does not wear any accessories, makeup is so light that she almost wears a bare face but is still extremely attractive. Many people complimented that Rosé’s charisma was getting higher and higher, especially her confident gaze that made the enemy look at him. Coincidentally, Jennie, when taking a photo for the Hera brand, also chose a white shirt as the main outfit. Unexpectedly, a white shirt and black trousers helped Jennie stand out, boldly in style. Being familiar with Jennie in trendy outfits, netizens did not expect that Jennie office version is still so impressive. Let her hair fall naturally, make up lightly, but she still looks like a powerful lady. It can be seen that both Rosé and Jennie are still luxurious and beautiful when wearing a simple white shirt. Another interesting coincidence is that the two BLACKPINK members all painted black nails to create a contrast to the outfit.

“ Renovating old warehouse for sun lover … I would like to start by saying that I am not an architect, have no expertise, I am simply a lover of a sunny, colorful and romantic space, so I created this space in 10 days from the empty storage space on the 5th floor. ” Warehouse space before renovation. (Photo: Phuong Anh Nguyen) “ Every decor is self-made and suitable for my living, the cost can not be accurately calculated because I fix all 4 floors and will share other floors for everyone later! I hope you guys won’t waste the space above you can see the city like this. “, shared account Phuong Anh Nguyen. The room has brought a completely new look. (Photo: Phuong Anh Nguyen) Accordingly, the status quo of the room is a storage room on the 5th floor divided into 2 compartments and surrounded by glass. To “molt” for this space, the owner of the house has carried out painting and fixing wooden floors for the entire room. Once completed, the old empty warehouse now has enough bedrooms, living room, kitchen and toilet area with a total cost of about 100 million. At first glance, if you do not say, people will think these are photos taken from a certain homestay with millions of like virtual living angles. From the bedroom comes a relaxing space filled with light and freshness of green plants. (Photo: Phuong Anh Nguyen) This place can be used as a “virtual living” extremely “chill” space. (Photo: Phuong Anh Nguyen) Main white tones create a sense of peace and lightness for the bedroom. (Photo: Phuong Anh Nguyen) Kitchen shelves made of wood material in harmony with the overall space. (Photo: Phuong Anh Nguyen) The bathroom and toilet are shared in the same space. Although not completely enclosed, the room still ensures privacy with the surrounding wooden wall. (Photo: Phuong Anh Nguyen) The results of this house renovation have made people constantly admire. – Cuc Lee’s account commented: “ Too excellent. Look at that love . ” – “ Small and beautiful things fascinate people. I love it! “, Thanh Thuy’s account is interesting. – “ Poetry always, no different from a homestay. Thank tus owner for ideas for those who cannot afford the condition but still want to decor for a level 4 house. “, shared account Hoang Tram.

Only two years after listing on the US capital market, Ruhan Holdings is about to delist.

Before the market on April 21, Eastern Time, Ruhan announced that it had completed the privatization transaction and the company was delisted from the Nasdaq immediately. As a well-known MCN company, Ruhan Holdings chose to delist soon after it went public, which aroused widespread concern.

Complete privatization and delisting

On April 22, Ruhan Holdings announced that in accordance with the agreement and merger plan announced on February 3, 2021, Ruhan Holdings and RUNION Mergersub Limited (hereinafter referred to as “Merger Sub”) have completed the merger. RUNION Holding Limited is the target company of Ruhan Holdings, and Merger Sub is a wholly-owned subsidiary of RUNION Holding Limited. After the merger, Ruhan Holdings completed the delisting of US stocks and became a wholly-owned subsidiary of the parent company.

At present, Ruhan Holdings has suspended its trading of American depositary shares on NASDAQ at the close of trading on April 20, 2021 (New York time). The company has also requested Nasdaq to submit a form to the U.S. Securities and Exchange Commission (SEC) explaining the delisting from Nasdaq and the cancellation of the company’s registered securities.

On April 3, 2019, Ruhan Holdings completed an IPO on Nasdaq with an issue price of US$12.5.But it broke at the opening,Quote $11.5, As of the day’s close, fell 37.2% to 7.78 US dollars, with a market value of 649 million US dollars.

At present, Ruhan has been suspended on Nasdaq, April 19 is the last trading day before the suspension.It closed at US$3.4, a 72.8% reduction from the issue price, and the total market value was US$281 million.

On November 25, 2020, Ruhan announced that it had received a privatization offer from the company’s three founders, Feng Min, Sun Lei, and Shen Chao (buyer group). According to the offer,The buyer group proposes to privatize at a price of 3.4 US dollars per ADS.This price is higher than Ruhan’s stock price at that time, but much lower than the IPO issue price.

According to wind data, as of February 3, 2021,Feng Min holds 25.75% Equity, Sun Lei holdsHaveWith 12.84% of the equity, Shen Chao holds 5.64% of the equity, and the three of them hold a total of 44.23%.

Ruhan Chairman Feng Min Picture source: every photo by reporter Zhang Jian (data map)

On February 3, 2021, Ruhan issued an announcement stating that it had signed a privatization agreement. According to the agreement,The buyer’s group will acquire all out-of-stock shares at a price of US$0.7 per share (or US$3.5 per ADS) in cash.

The price of this privatization agreement,72% reduction from the issue price. Regardless of dividends and other circumstances, investors who participated in the subscription during the IPO held a floating loss of more than 70%.

Over-reliance on head influencers

According to Wind data, from fiscal year 2019 (April 2018 to March 2019) to fiscal year 2020, Ruhan Holdings’ revenue was 1.093 billion yuan and 1.296 billion yuan, but its net profit has been at a loss.

Wind data shows that from fiscal year 2019 (April 2018 to March 2019) to fiscal year 2020, Ruhan Holdings’ gross profit margins for sales were 31.28% and 37.79%, respectively; however, the company’s net sales margins were always negative, respectively. -7.77%, -7.55%.

According to Ruhan Holdings’ financial report for the second quarter of fiscal 2021 (corresponding to the third quarter of 2020), the company’s total revenue for the quarter was 248.5 million yuan, a year-on-year decline of 9%; net profit was a loss of 31.2 million yuan.

Behind this, Ruhan Holdings has never created another top-flow internet celebrity.

According to public information, from 2018 to 2020,Ruhan Holdings’ head internet celebrity Zhang Dayi’s stores contribute more than half of the company’s revenue. The side effect of this structure is that when the top artist faces major negative news, the company will suffer losses together.

In April 2020, Zhang Dayi’s negative incident was exposed. Ruhan stated in previous documents that the incident had a significant adverse impact on the company’s reputation, business, and ADS transaction prices.

According to the financial report of Ruhan Holdings, as of September 30, 2020, the number of the company’s contracted Internet celebrities increased from 146 in the same period of the previous year to 180, and the total number of fans increased from 188.8 million in the same period of the previous year to 295.3 million. The number of head influencers increased from 5 to 8 in the same period last year, and shoulder and waist influencers increased to 45.

However, the service revenue generated by the 8-bit top influencers in the platform mode only accounts for 28% of the total service revenue, None of the newly added internet celebrities contributed 10% of their revenue.

Miss the live broadcast

In addition to relying too much on top-flow internet celebrities, missing the live broadcast may be another mistake of Ruhan Holdings.

In the early days, Zhang Dayi used Weibo to promote and serve as a Taobao traffic portal. On Double Eleven in 2016, Zhang Dayi’s store broke into the second place in the Taobao women’s clothing category, with a transaction volume exceeding 100 million. At the same time as Zhang Dayi, there are also traditional Internet celebrities such as Sydney and Yu momo. At that time, Taobao even made a documentary called “Internet Celebrity” specifically for her.

In fact, Zhang Dayi started very early in the field of live e-commerce. At the Taobao Live Festival in 2016, she drove 20 million transactions in two hours, and the number of viewers exceeded 410,000, setting a record. At that time, Taobao Live was only established for 100 days.

After the Double Eleven live broadcast in 2016, Zhang Dayi said in an interview with The Economic Observer: “It’s a bit tired. The long live broadcast mode of competition will cause everyone to be aesthetically tired. I think after Double 12, this mode will change. Because the conversion rate of live broadcast is decreasing.” In the same year, Wei Ya stepped onto the live broadcast stage.

Image source: Data map taken by reporter Zhang Jian

By the Double Eleven in 2019, the number of viewers who squeezed into the live broadcast rooms of Wei Ya and Li Jiaqi exceeded 40 million and 30 million, respectively, while the number of people in Zhang Dayi’s live broadcast room was 10 million; Wei Ya’s live broadcast sales exceeded 2.7 billion yuan, and Li Jiaqi’s Sales exceeded 1 billion yuan, while the personal brand turnover of Zhang Dayi’s Taobao store during the same period was 340 million yuan.

Double Eleven in 2020,Li Jiaqi and Wei Ya’s live broadcast sales reached 7.06 billion yuan and 8.76 billion yuan, respectively, while Zhang Dayi’s data was only 240 million yuan..

In essence, Zhang Dayi is not a “carrying anchor”. She has her own store and produces her own branded products. Ruhan also supports her with a huge factory and supply chain system.She is a “seller anchor + shop owner”, Appearing in the live camera is also to promote the products of their own stores, it is difficult to reverse their thinking to help other brands’ sales.

On the other hand, Li Jiaqi and Wei Ya are cooperating with multiple brands, and at most they produce some co-branded models. This model is obviously “much lighter” than Zhang Dayi’s online celebrity store.

One thing that cannot be denied is that the era of graphics and text with Zhang Dayi as the mainstream has passed. Guosen Securities Research Report pointed out: “Internet celebrity delivery methods are constantly advancing to a more efficient mode, from early graphic dissemination to current short video/live broadcast, etc., Drove the growth of batch after batch of Internet celebrity KOLs, and at the same time increased the difficulty of continuous operation of Internet celebrities. ”

It is worth noting that as early as when Ruhan Holdings broke out on the first day of listing, Wang Sicong once commented: “There are three problems with Ruhan’s business model: first, the large amount of marketing expenses is puzzling; second, it relies too much on top brand. Red Zhang Dayi; third, no new internet celebrities have been cultivated, and the internet celebrity marketing model has not been successfully verified.

Edit| Sun Zhicheng Wang Jiaqi

Proofreading| Lu Xiangyong

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Daily economic news

2021 is the year when almost every family in the United States is familiar with the term “short seller”.

Correct GameStop (NYSE: GM) The short-term squeeze, driven to a certain extent by greed and dissatisfaction, has become an unforgettable cultural moment. For many people who bought GME stock in this populist clamor, this is the first time they have heard the term “short seller.” No one is more enthusiastic about putting shorts on his knees than Elon Musk. Elon Musk saw a storm of support in the process of pushing GameStop higher. Musk runs Tesla, one of the most controversial companies, and has been the focus of short sellers for many years.

Now, after losing tens of billions of dollars, Tesla’s short sellers seem to have given up. Although this stock is still controversial (Bloomberg data shows that among the 41 analysts studying Tesla, 15 are buying, 14 are holding, and 12 are selling-the number of recommendations for buying and selling The difference is very small), but most of the short positions have disappeared.

According to “Barron’s Weekly”, even David Einhorn, who is short on Tesla’s Greenlight Capital (Greenlight Capital), seems to have changed from a large-scale short to a small short (“Barron” Wrote that Greenlight Capital did not respond to reporters’ request for comment on its position).

Today, Tesla’s short-term interest rate is about 6%, which is higher than the average, but far below the astonishing level of 25% three years ago. However, although the bears may have taken a winter break, some people say that given Tesla’s valuation, the negators who bet on Tesla’s share price will not disappear.

Economic Observer Network reporter Xie Chuchu On April 22, the “first share of Internet celebrity e-commerce” Ruhan (NASDAQ: RUHN) announced that it had completed the privatization transaction. From the listing of Guangxi in April 2019 to the privatization now, Ruhan has ended its two-year listing journey.

With the privatization and delisting of Ruhan, how the Internet celebrity company maintains sustained and healthy profits has also become a topic of concern in the market.

Share price has shrunk 72%

According to public data, the affiliated company of Ruhan is Hangzhou Ruhan Holdings Co., Ltd., which was established in 2001. It is a celebrity e-commerce service provider. It is mainly engaged in the operation and establishment of social e-commerce online stores of Internet celebrities, with a fixed style. , For users whose personal brand has been formed, provide them with basic operation services such as supply chain management. In April 2019, Ruhan was listed on the Nasdaq, known as the “first share of Internet celebrity e-commerce”, and its well-known Internet celebrity “Zhang Dayi” appeared at the listing site.

Zhang Dayi is also the core of Ruhan. In 2014, with the first internet celebrity Zhang Dayi to establish a clothing store on the Taobao platform, Ruhan created a new model of “Internet celebrity e-commerce” and won SAIF Asia’s Series A financing in the same year. Subsequently, Ruhan gradually transformed from a single “Internet celebrity + supply chain” to a “Internet celebrity + Internet celebrity incubation + supply chain” model. At present, Zhang Dayi, the co-founder of Ruhan Holdings, is also the CMO of Ruhan Holdings. The clothing store “My Favorite Wardrobe”, founded by Zhang Dayi and opened the door to Ruhan, currently has more than 10 million fans; in 2016, Zhang Dayi opened an underwear shop and a make-up shop on Taobao; June 2018 , Zhang Dayi founded his own beauty brand BIGEVE BEAUTY, with more than one million fans.

Behind Ruhan, Alibaba is also the key. According to official website information, Ruhan is the only MCN (Internet celebrity economic operation model) institution in which Alibaba has invested. In 2016, it received hundreds of millions of C rounds of financing led by Alibaba, and landed on the NEEQ in the same year.

Although it is the “first share of Internet celebrity”, Ruhan’s performance in the capital market is not good. Ruhan’s issue price was US$12.5, but it broke at the opening. As of the end of the day, it fell 37.2% to US$7.78, with a market value of US$649 million.

Pursuant to the terms of the merger agreement, on the effective date of the merger (the “effective time”), each American depositary share (“ADS”) of the company representing the company’s five Class A common shares will be issued and the U.S. deposits circulated immediately before the effective date. The depositary receipts and the related shares represented by such American depositary receipts are cancelled in exchange for the right to receive $3.50 in cash (without interest) per American depositary receipt. This price is a far cry from Ruhan’s issue price (US$12.5) two years ago.

Behind the delisting

Why do we have to exit quickly after only two years of listing? What plans will there be in the future? In this regard, Ruhan responded to the reporter of Economic Observation Network, and all the announcements shall prevail.

According to Ruhan’s financial report, as of the third quarter of 2020, the company’s revenue was 249 million yuan, a year-on-year decrease of 9% from 272.7 million yuan in the same period in 2019, and a net loss of 31.2 million yuan. According to external analysis, Ruhan’s loss and delisting were due to the fact that, on the one hand, too many resources were concentrated on the head, such as Zhang Dayi himself; on the other hand, he missed the live broadcast.

In fact, when Ruhan went public, Wang Sicong, the son of Wanda Group CEO Wang Jianlin, once commented: “The monetization of Internet celebrity KOL is not the problem, but Ruhan’s company. Ruhan’s business model has three problems: first, The large amount of marketing expenses is puzzling; secondly, relying too much on the top-brand internet celebrity Zhang Dayi; thirdly, no new internet celebrities have been cultivated, and the internet celebrity marketing model has not been successfully verified.”

The “reliance on top-brand internet celebrity Zhang Dayi” is also reflected in the company’s financial performance. According to public information, from 2018 to 2020, the stores of Zhang Dayi, the leading internet celebrity of Ruhan Holdings, accounted for more than half of the company’s revenue. In April 2020, Zhang Dayi’s negative incident occurred. On the same day, Ruhan’s stock price plummeted by 10%, and its market value lost $22 million overnight. In the third quarter 2020 financial report, Ruhan also attributed the significant reduction in product sales to Zhang Dayi’s negative publicity impact since April 2020.

According to Qixinbao data, on May 29, 2020, Hangzhou Ruhan Holdings Co., Ltd. undergoes an industrial and commercial change. Alibaba (China) Network Technology Co., Ltd. and other 8 corporate shareholders withdraw from the investor sequence. After the exit, the company has a total of 4 The natural person shareholders are Feng Min, Annan, Shen Chao and Zhang Yu.

Regarding the problem of missing the live broadcast outlet, according to the reporter of Economic Observation Network, Ruhan has always emphasized that it attaches great importance to the value of “live broadcast”, and will start to deploy its live broadcast business separately in the second half of 2019. In addition, since 2017, Ruhan has begun to sign external celebrities, gradually extending from a single self-operated Taobao store model to a platform model where third-party brands and stores bring goods. As of September 30, 2020, there are nearly 180 celebrities in the head, middle and lower parts.

According to Ruhan’s 2020 third-quarter financial report, the proportion of revenue from live broadcast to platform model revenue has increased from 2% to 26%. From the perspective of the income of celebrities, the top celebrities are still the main force in generating income. The financial report shows that as of September 30, 2020, Ruhan has 8 top celebrities, generating about 28% of the total income; there are 24 central celebrities, and the income is similar to that of the top celebrities, accounting for about 33% of the total income. %.

Accordingly, more than 122 million BSI shares will have the last trading day on HOSE on April 28, 2021 and more than 63 million ASG shares will have the last trading day on HOSE on April 29, 2021. From the beginning of March until now, Bank for Investment and Development of Vietnam Securities JSC has been the third securities company to transfer shares from HOSE to HNX, after VNDirect Securities JSC and Tri Viet Securities JSC. Thus, up to now, there have been 11 enterprises transferring shares from HOSE to HNX according to Official Letter No. 713 / UBCK-PTTT dated 3/3/2021 on guiding stock trading with the purpose of reducing load. for the HOSE’s trading system and to ensure the interests of investors, in which, shares of 9 enterprises were traded on HNX. Including: NSC shares of Vietnam Seed Corporation, BBC stock of BIBICA JSC, SSC share of Southern Seed Joint Stock Company, VFG of Vietnam Fumigation Joint Stock Company, ABT of Seafood Import and Export Joint Stock Company Ben Tre, VND of VNDirect Securities JSC, LAF of Long An Export Processing Joint Stock Company, TVB of Tri Viet Securities JSC, and PAN shares of PAN Group JSC.

Accordingly, in 2021, the enterprise expects net revenue of 5,375 billion dong, after-tax profit of 806.4 billion dong, up by 289.76 percent and 302.7 percent respectively compared to the implementation in 2020. Of the VND 5,375 billion net revenue, VND 4,030 billion came from the real estate sector; 3,203.5 billion VND from construction and trade; 1,156.6 billion dong in the energy sector; 300 billion VND in production and agriculture; VND 323.7 billion in other fields; and revenue deductions are -3,638.7 billion. It is expected that by 2021 there will be 400 MWp of solar power generated. BCG’s 2021 strategy will continue to define itself as a leading development group in the renewable energy sector in Vietnam. In particular, the research and development to the LNG gas power segment, the total power output in the portfolio is from 2,000 MW to 2025. For the real estate sector, quickly complete unfinished projects in 2020 to record revenue for 2021, observe the market and deploy new projects cautiously on the basis of making use of available land. In the construction field, Tracodi has become a leading construction contractor in Vietnam. In addition, the enterprise also submits to shareholders the 2020 dividend plan at the rate of 10%. Of which, 8% is in cash and 2% is in stocks. It is known that in the annual shareholders meeting in 2020, the enterprise expects dividends to be 12%. Thus, the dividend rate has decreased 2% compared to the plan. Entering 2021, the dividend rate is expected to increase to 12%. It is known that dividends in 2020 are expected to be paid in the second quarter or the third quarter of 2021. A noteworthy content is that the business plans to continue offering to sell 148.77 million shares, equivalent to a rate of 50% to existing shareholders at the price of 12,000 VND / share. The amount expected to mobilize is 1,785.24 billion for the purpose of supplementing working capital of the business. Expected time is quarter III / 2021. Previously, the enterprise has just successfully offered to sell 68 million shares to existing shareholders at the price of 10,000 dong / share in March 2021. In addition, the enterprise also plans to offer 60 million individual shares to supplement working capital, the expected time in 2021. Closing the session on March 23, BCG shares stood at the reference price of 12,850 dong / share.