Author/ Chen Dengxin

edit/ Meng Huiyuan

At the moment, young people are extremely sensitive to funds.

On June 21, 2021, the first batch of nine publicly offered REITs were officially listed, showing a trend of opening higher and lower prices, but all closed up as of the close, with the highest increase of 14.72%.

The so-called public offering REITs are standardized financial products that publicly raise funds from investors to form fund assets and hold infrastructure projects through infrastructure asset-backed securities.

In layman’s terms, it is a special fund that seeks to hold dividends, can be traded freely, and is open to the public.

However, as aborigines of the Internet, young people have different interpretations of new species. They treat publicly-raised REITs as new stocks, and stage a magical scene.

Are REITs and new stocks stupidly unclear?

“It feels like you are playing new stocks, and you can add chicken legs if you win,” Li Pengfei said.

Li Pengfei, who is located in Wuhan, has been working for three or four years. Since he has no plan to buy a house, he has more money on hand, so his financial needs are urgent.

“I heard from my friends that it is good to buy a fund. I watch the market from time to time, and it has risen better than stocks, so just follow.” Li Pengfei told Zinc Scale that he started to contact the fund in mid-June 2020.

Li Pengfei knows little about public REITs.

However, seeing that his friends around him took action, Li Pengfei was naturally unwilling to let others go. After participating in the purchase of Shougang Green Energy, one of the nine publicly-raised REITs, “what needs to be scrambled is the good thing.”

According to public information, Shougang Green Energy originally planned to issue 10 million copies to public investors. A total of 144,091 valid subscriptions were received on that day. The number of valid subscriptions was approximately 682 million, which was 68.2 times the original plan. The placement ratio after the callback mechanism was only 1.76%.

The degree of popularity can be seen. In the call auction stage, Shougang Green Energy opened 20% higher, leading the way among the nine publicly-raised REITs. Li Pengfei looked forward to the future: “We are waiting for the number of boards.” First day performance of nine public offering REITs But I didn’t want to. Not only did it fail to reach the 30% first-day daily limit, but it fell back a lot. “It’s the same to subscribe, and the signing rate is the same. It’s not as strong as new stocks.” Unlike Li Pengfei, Zhao Guangwei has a deeper understanding of public REITs. “Post-95” Zhao Guangwei told Zinc Scale that buying publicly raised REITs is equivalent to becoming a “chartering company” and enjoying the dividends of China’s infrastructure madman. “My landlord’s greatest happiness is collecting rent every day. After rent collecting, I drink tea, listen to music, and watch the sunset. The days have passed by, I really envy.” Zhao Guangwei said that buying public-raised REITs is more out of his heart’s approval. “Pretend that you have real estate.” Nevertheless, Zhao Guangwei chose to sell on the first day. The reason for this is because I am afraid of the chicken feathers after the stir-frying. “The drivers are thinking about jumping off the car. Shouldn’t we run early and wait for the car to roll over?” An industry insider said that the supply of publicly offered REITs is abundant in the later period, and the sharp fall in the premium is a high probability event. Investors must not treat the new stocks of publicly offered REITs that were originally normalized, otherwise they may suffer a big loss. “Every leek will enter the market. Thinking that you are a sickle, you may not escape the fate of being cut in the end.”

REITs are a long-distance runner

In fact, public REITs are not new. As early as 1960, it was born in the United States. The first three public REITs, Winthrop Real Estate Trust, Washington Real Estate Investment Trust, and Pennsylvania Real Estate Investment Trust, still exist in the New York Stock Exchange. However, it has been tepid since then, and it was not until the 1990s that it ushered in a blowout. The reason is that publicly offered REITs enjoy tax care, and then superimposed to change the way of playing, no longer directly hold the property, but enjoy the investment income as a partner. As a result, public REITs have successfully attracted pension funds and other institutions that focus on long-term investment. According to the “Red Star Restaurant” report, the United States has the world’s largest REITs market, accounting for 66.6% of the global market value. The long-term annualized returns from 1980 to 2020 have performed well, outperforming the Dow Jones Industrial Index and basically the same as the S&P 500. . The United States has the world’s largest REITs market Looking at it this way, public REITs are a long-distance runner. It should be noted that, as an imported product, REITs entered China late. According to public information, the People’s Bank of China, China Securities Regulatory Commission and China Banking Regulatory Commission established REITs research groups in 2007, which kicked off the construction of REITs market. . However, for a long time, domestic REITs have existed in the form of private equity, such as Poly Rental Housing REITs and Penghua Qianhai Vanke REITs. From the pilot private placement to the liberalization of public placement, this means that China’s REITs are gradually becoming mature and can contribute more to the Chinese economy. On the one hand, reduce debt levels . Infrastructure, commercial real estate, etc. often require large-scale investment, and the demand for funds is quite large. Under this background, high debt has become a common feature of the industry and has also become the focus of controversy in the capital market. With the help of publicly offered REITs, companies can reduce overall liabilities, reduce leverage, and reduce financing costs, thereby enhancing their overall competitiveness. More importantly, it is to promote the transition from the pursuit of short-term profitability to long-term operation. On the other hand, revitalize existing assets. With the help of publicly offered REITs, infrastructure, commercial real estate, etc. can obtain the liquidity of stock assets through market-based pricing, thereby increasing the utilization rate of stock assets. In this regard, Huatai Securities analysts told Zinc Scale: “Issuing infrastructure REITs products can achieve the effects of revitalizing existing assets, broadening financing channels, reducing local government leverage, and promoting economic upgrading and transformation. This is the direction of policy encouragement.”

Three major uncertainties cannot be ignored

The current public offering REITs are all aimed at infrastructure, and there are no lack of related public utility stocks in A shares. What is the difference between the two? For example, the Shanghai-Hangzhou-Ningbo Expressway REITs and the listed company Nanjing-Shanghai Expressway both belong to the transportation category. The latter’s dividends are stable and show a trend of increasing year by year. The dividend rate of Nanjing-Shanghai Expressway is not high In fact, according to the requirements of the Fund Infrastructure Guidelines, public offering of REITs shall not be less than once a year if the distribution conditions are met, and public utility stocks are usually at most once a year. In addition to more stable dividends, the risk levels are also different. Huatai Securities analysts told Zinc Scale: “Infrastructure REITs are internationally accepted allocation assets, and are typical medium-income, medium-risk financial products. From international experience, infrastructure REITs products are affected by market factors and have relatively large returns. Less. For the majority of investors, soundness, safety, moderate returns, and suitable for long-term holding are the “role positioning” of public REITs as investment products. Stocks are high-risk investment products with high volatility.” Nevertheless, there are still uncertainties in public REITs. First, there are uncertainties in the level of operations. The underlying assets of public REITs are operated by professional companies. Once the project is determined, professional companies will not be easily changed, and the operating level of professional companies is closely related to the level of investment income. This means that the actual operating level of different projects may vary. The problem is that at the beginning of the investment, the level of professional companies is difficult to judge from the surface. Second, there are uncertainties in asset quality. The underlying logic of public REITs is long-term investment, and the requirements for asset quality are more stringent. The selection of the best among the best has become the consensus of the industry. However, the lack of motivation for the listing of high-quality projects has become a contradiction. With the full rollout of publicly offered REITs, the above-mentioned contradictions will gradually deepen. Once projects with insufficient asset quality are mixed in, they may face difficulties such as poor yields and unrepayable loans. Third, there is uncertainty about taxation. From the perspective of the global REITs market, almost all have relevant tax care. However, there is no relevant legal framework support in China for the time being. It is not ruled out that there will be corresponding arrangements or improvements in the future, but at this stage, we still cannot draw conclusions. In any case, public offering REITs are officially on the road. For related companies, there is an additional financing channel and the direction of transition to a service platform; for investors, they can reap stable rental income from real estate and long-term asset appreciation trends, so as to enjoy the dividends of China’s rapid economic development. This is a win-win outcome

Since the same Cheng Yilong successfully launched out of the circle, the blind ticket box has suddenly become popular, replacing “Flying as you wish” as the most popular product. How can Ctrip, Qunar and Fliggy miss this wave of opportunities and launch their own blind box products one after another.

Ticket blind box, train ticket blind box, hotel blind box, 999 yuan, 98 yuan, 88 yuan, 66 yuan…The price is different, and the gameplay is also diverse. History is always surprisingly similar. This unprecedented scene is hard not to remind people of the price wars of major OTAs many years ago. It also reflects from the side that after the epidemic, OTAs’ desire for a full recovery in the travel market is increasing.

So, is the “blind box” of the price of cabbage really hopeful to take on the important task of “recovering blood”? After the epidemic, what kind of variables will the OTAs usher in in the new round of competition?

Big OTA blind box competition

How popular is the ticket blind box? It can be seen from the actions of major OTA platforms scrambling to launch blind box products.

On April 3, 2021, the “Ticket Destination Blind Box” campaign launched by Tongcheng Travel attracted more than 10 million users to participate in panic buying. The volume of Douyin and Xiaohongshu topics related to “Ticket Blind Box” exceeded 100 million. Detonated the Qingming Festival holiday tourist market.

In the upsurge of blind ticket boxes, Tong Cheng Yilong can be said to have seized the opportunity. Taking advantage of this enthusiasm, it launched a new round of “ticket blind box” event. The event started at 10 o’clock on April 22 and will last until April 26.

How can other major OTAs be willing to show weakness, before the arrival of the 22nd, have their own blind box products online.

On April 19, Ctrip launched the hotel blind box priced at 699 yuan and 999 yuan respectively. It also announced that it will launch a ticket blind box with a price of 99 yuan (excluding airport construction fees) on the 22nd; on April 20, Fliggy A blind ticket box for 66 yuan was launched. Consumers participating in the event can get a blind ticket box for random destinations across the country for an ultra-low price of 66 yuan after getting help from their friends. On April 21st, Qunar launched a ticket blind box for 88 yuan and a blind train ticket box for 66 yuan at the same time…

What are the highlights of travel blind boxes that look the same? What are the logic and purpose of each company’s products? Is the discount so large, is it really purely dependent on subsidies from your own company? In response to these issues that everyone is most concerned about, LvjieMedia interviewed the heads of each department.

The relevant person in charge of Tongcheng Travel pointed out that the upgrade of the second-generation blind box is mainly reflected in the following aspects:

First of all, the number of participation in the event and qualifications have been upgraded. Starting from the second phase of the blind box on April 22, users will have new qualifications for each phase of the blind box event. Even if they have participated in the previous events, they can still participate in the new event.

Secondly, on the basis of the WeChat mini program activity, in the second phase of the blind box event, we added the event entrance of the Tongcheng Travel APP, allowing users to have one opportunity to open the blind box on the mini program and the APP. Not only that, we have also added more blind box sessions, hoping that users can choose the right time to visit according to their own time, and it will be easier to buy blind box products.

Finally, how to always attract young users in the design of blind box products has always been a question that Tongcheng Travel is constantly thinking about. We will also refer to some offline blind box gameplay, such as setting hidden models.

“If you want to say the difference between the same journey blind box and other homes, it is that we can directly buy it without the help of friends, and the newly added round-trip ticket, business class, double travel and other hidden games are also very great for young people. Attractive.”

In contrast, the price of the ticket blind box launched by Feizhu is even lower, at only 66 yuan. What’s even more rare is that, in addition to solo participation, the ticket blind box of Fliggy can also be used as a team. Correspondingly, the ticket blind box drawn is also a double ticket for the same route. This is for netizens who yearn for the unknown but are afraid of loneliness. A more balanced choice.

“Some of the post-00s and post-90s are actually very random when choosing tourist destinations. They will not have to do a long strategy like before. They want to go to some less popular destinations to avoid the crowds. Based on their needs and curiosity, we launched this blind box product.” Li Chen, vice president of Flying Pig, said, “As for the pricing of this type of product, I think it is only symbolic, because it The value of the ticket is much higher than 66 yuan. And the help of friends is only a symbolic threshold for participation.”

The relevant person in charge of Qunar told LvjieMedia, “In fact, we launched the student blind box as early as last week. The blind box products launched this time are aimed at a wider range of people. Although the purchase of blind boxes requires 3 friends help, but the more friends you help, the more routes you can open, and you can open up to 10 routes. In addition, in terms of travel time, the blind box of the go where ticket does not have too many restrictions, May 31 Previously, the date was optional, and you could redeem it with a ticket!”

If there is still room for fluctuations in the price of air tickets, there is still a question mark about the strength of the discount. Then, the 66 yuan train ticket blind box can be described as a real subsidy, and the relevant person in charge of Qunar also admitted to the new travel industry: “The biggest purpose of launching this event is to pull new.” It can be seen that in order to seize the young people’s market, Where to go can be described as the “blood capital”.

In contrast, Ctrip’s hotel blind box products are unique and can help many travel users solve their accommodation needs. However, its price of 699/999 yuan seems to lack “sincerity.”

In this regard, Xie Xiaoqing, a senior researcher at the Ctrip Research Institute, said, “Unlike the trendy blind boxes with’obvious gambling’, the Ctrip Travel Blind Box focuses on inspiring travel inspiration and at the same time has sufficient quality in the product.”

In her opinion, the blind box products launched by Ctrip this time are diverse and highly selectable. This time, the blind box includes two types of products such as hotel and air tickets; the price is divided into three types: classic, petty-bourgeois, and hidden. Price level; in terms of travel time, it is divided into two optional time periods: “Happy May Day” and “Staggered Traveling”; although it is a blind box, users still have a certain choice.

In addition, high-quality products are also the bottom line that Ctrip has always insisted on. During the preparation period of the event, Ctrip first selected the most popular tourist cities during the long vacation in the past two years to determine the destination range; secondly, according to Ctrip The historical evaluation, scoring, star rating and other dimensions of the hotel have targeted a number of high-quality hotels in the region. After opening the City Blind Box, Ctrip users can continue to purchase other travel products on the relevant May 1st promotion page to customize a more complete quality trip for themselves.

Behind the blind box, the OTA competition landscape is also changing

OTAs want to take advantage of the enthusiasm of blind boxes. After all, “blind boxes” have become one of the fastest-growing industries and are favored by young people. So, is it possible that blind box products that rely on subsidies will develop in a normal way?

Xie Xiaoqing pointed out, “Blind boxes may become a normalized product: On the one hand, the growing proportion of young users in travel users is a new trend, which requires innovation in the marketing of tourism products. In recent years, With the hot “out of the circle” of blind boxes, various types of blind boxes have seized the market heights, harvesting a large wave of young consumers’ hearts. This also shows that blind box products can capture the consumer interest of young people and satisfy their pursuit of novelty and novelty. Face the unknown psychology. On the other hand, under the well-informed Internet environment, what users lack is not travel information and travel choices, but travel inspiration. As a product with random uncertainty, blind boxes can be used to a certain extent Inspiring and influencing users’ travel arrangements in order to achieve high-quality travel.”

Li Chen said, “Although both blind boxes and Xpress fly products use marketing methods to help the tourism market recover, as airlines recover from the epidemic, many new routes are preparing to resume production and marketing. There must still be demands, and there will be more and more. So I think this kind of marketing method is long-term. As for the blind box and free flying forms, they may be ever-changing, but in general they are all to meet the needs of users.”

Not to mention the length of the life cycle of the travel blind box, there is a trend that has become obvious, that is, the popularity of the “ticket blind box” has given the OTA industry a new “traffic competition” idea. In the post-epidemic era, the competitive landscape of the OTA industry is also changing.

On the one hand, the mainstream consumer groups in the tourism industry have changed. The post-90s, represented by Generation Z, have become a new force that cannot be ignored in tourism consumption. On the other hand, the popular tourist areas have changed. The sinking market represented by third- and fourth-tier cities has gradually become a “hot spot” in the post-epidemic era.

At first glance, the revenue of 66 yuan and 88 yuan brought by blind box products is just a fraction. In fact, the incremental space behind it may become the “key” for OTA players to catch up. After all, in the future OTA battle, it is far from enough to fight for price.

(Text: Li Chuwei, New Travel World)

In courts and palaces, elaborate and splendid woven rugs play an important role in the interior decoration of large and small rooms. There was a time when wool carpets were sold very expensive, becoming a valuable product in the treasure of kings and used as tribute between nations. Until now, the hand-woven and elaborate traditionally woven rugs are still expensive decorations for luxury villas. The art of weaving wool carpets imported to Vietnam has no long history, only about a hundred years. In 1926, in the village of Hang Kenh, Hai Phong, a 13-year-old boy named Dang Huu Binh broke up with his family to make a trip. Binh traveled all the way to Tianjin province in China, where he practiced carpet weaving centuries ago, which has produced the most beautiful and famous carpets in Asia, to learn the craft of carpet weaving. After 6 years studying, he returned home and worked at the Hang Kenh carpet weaving factory – Hai Phong, one of the largest carpet weaving factories in Southeast Asia at that time. The document does not indicate that this weaving workshop belongs to Mr. Binh, his family or that of another person. The Saigon Book looks back one hundred years. Photo: Phanbook. An article (without author’s name) on the page vinacarpet.vn said “wool carpet making appeared in Hang Kenh, Hai Phong around 1930 (?) and stopped around 1944. At that time, every year Hai Phong exported to France and Hong Kong about 1,000 m2 wool carpet. The color, pattern, layout, decorative concept of Hang Kenh wool carpet was almost like Chinese wool carpet at that time. Although there was a painter (graduated from Indochina Fine Arts College) at that time gave some new wool carpet samples to the Hang Kenh wool carpet weaving establishment, in order to lessen the Chinese carpet look of Hang Kenh products, but he did not. accepted by customers because they used to use Chinese-style carpets ”. Mr. Binh is not really the first person to learn the profession of carpet weaving, but perhaps a rare Vietnamese artisan learns the craft of weaving traditional high-class wool rugs from a country with more sophisticated carpet making. After working for a while at the Hang Kenh textile company, Dang Huu Binh moved to the South to set up a career in Saigon. From 1955, Mr. Dang Huu Binh officially established Dong Hung carpet weaving company, also known as Vietnam Industry of Weaving Carpet, concurrently held the position of technical director. His workshop was set on 2,300 square feet of land, consisting of a painting office for design and a weaving workshop of thirteen hand-woven wooden frames, of which a giant 13-meter-wide frame, 8 meters tall is the largest. Products of Dong Hung carpet weaving company. The picture in the Saigon book looks back a hundred years. The drawings are all sketched by Mr. Binh, two sons and a grandson. Weavers are completely women, there are up to fifty permanent workers, including people in the family of Dang Huu Binh. The process of weaving carpets in Dong Hung carpet company was reported Free World Volume IX, number 9 describes in the article: “To weave a rug, first of all, sketch a small model with all colors and images. Then, depending on the size and proportion, magnify on a glossy paper. The weavers base on the pattern and the scale of the carpet will weave, base the frame with cotton thread “. “This cotton thread is called the vertical thread. Then the wool color is chosen to weave the weft. The tools of the carpet-weaving industry are a sharp, sharp knife, a pair of scissors and a beating table with teeth like a comb. Every time a knot of wool is tied, between two standing cotton threads, the worker uses a knife to cut off the wool and knots the next second like that for the rest of his work, for there are at least four on the loom. five workers work together. After tying all the wool knots in a turn, push down one of the cotton threads and press down hard with the table to tighten the knots. At the same time, a second cotton thread is also pushed down diagonally so that the wool knots cannot move. For every cross-street to make another road ”. The average weaver completes a square meter in 5 days. The best or medium rugs differ in the thickness of the knots. For example, the premium type has a square meter of wool with four kilograms of wool with 100,000 knots, the second three and a half kilograms with 67,000 knots, the third 3 kilograms of wool with 45,000 knots. The hand-woven textile industry in the South at that time was considered to be very sophisticated and was on the rise. In Saigon before 1975 there was an exhibition of tapestries and wall rugs for decoration, held at Thanh Le’s shop, Tu Do Street (Dong Khoi), to introduce to the public. the prosperity of the wool carpets industry and the latest art products of this small technology industry. The rugs displayed here are all produced by Dong Hung firm of Dang Huu Binh at 270 Le Van Duyet Street, and by the Thanh Le house as an agent.