editorial comment/note

　　As International Consumer Rights Day, on March 15th every year, all kinds of anti-counterfeiting activities attract the most attention. As consumers, we can complain about rights protection if we eat fake food or buy fake goods; But when we enjoy "spiritual food" and watch "fake movies or TV", can we only admit that we are unlucky and have no recourse?

　　After all, in today’s film and television industry, we have become accustomed to data fraud. In 2016, ip man 3 was found by the regulatory authorities to have a fake box office of 32 million yuan and a box office purchased by the publisher of 56 million yuan; Monster hunt, which set a box office record in 2015, was even more because of the falsification of data, which led the authoritative foreign box office website Box Office Mojo to announce that it would no longer provide box office data of China film market, because it lacked "consistent and accurate" data sources.

　　The TV industry can’t be immune to it. It is reported that the current price of purchasing ratings has climbed to 300,000 to 500,000 yuan per episode, and a satellite TV channel needs to pay 4 billion yuan for ratings fraud throughout the year. In such a big environment, it is no wonder that consumers always suspect that they are watching fake movies or fake TVs that are different from others when watching movies with box office exceeding 100 million or TV dramas with top ten ratings.

　　Truth | law

　　Liu Junhai (Professor, Law School, Renmin University of China)

　　Film and television works are also regulated by the Consumer Protection Law.

　　Beijing News: As consumers, should the audience get some protection when consuming spiritual products? In an environment where fake data is rampant, are we considered to be infringed?

　　Spiritual products are also commodities. It also applies to market rules, including supply and demand rules, so it is completely adjusted by the Consumer Protection Law, which means that the goods and services adjusted by the Consumer Protection Law include film and television works.

　　Therefore, consumers of film and television works certainly enjoy the right to know, the right to choose, the right to fair trade and the right to security. If some cinemas and website platforms falsify and deliberately use water injection data, brush data and box office water injection, this actually constitutes fraud. According to the provisions of the Consumer Protection Law, consumers have the right to ask for a refund of 100 yuan if they buy a ticket with 100 yuan. Pay another 300 yuan.

　　Only in this way can we exert punitive damages, severely punish the faithless, fully compensate the victims and the audience, effectively motivate the rights-defending audience, warn the film and television industry, and at the same time, make things clear.

　　The untrustworthy in the film and television industry should pay the economic price.

　　Beijing News: Zhao Dongling, deputy to the National People’s Congress and screenwriter, suggested that criminal law should be used to punish plagiarism, box office water injection and data brushing. Is it realistic to rely on imprisonment to solve any chaos?

　　Although I am in favor of severe punishment for chaos and severe medicine for furuncle, "severe punishment" and "severe medicine" are not limited to criminal responsibility More importantly, it should activate civil liability. As long as the injured audience gets real money compensation, and the counterfeiters and faithless people really pay the economic price they are unwilling to bear, the effect should be very good.

　　We often say that the market has eyes and the law has teeth. To polish the eyes of the market, it also includes letting consumers pay more attention to their wallets when choosing demonstration works, and rationally choose their favorite film and television works; Temper the teeth of the law, including traditional civil liability, administrative liability, criminal liability, and the current credit sanctions mechanism-not only embarrassing, but also a breach of trust is limited everywhere.

　　In addition, to regulate the chaos in the film and television market, it is necessary to innovate the joint punishment mechanism for dishonesty. For example, when the producer or director of a broken promise works and other creative works reinvest and shoot other films in the future, the competent authorities will know fairly well-permission is troublesome, not to mention applying for relevant loans, participating in the government procurement market, participating in the "Five One Project" and so on, and I am afraid that they will all be missed in the future-equivalent to our court’s handling of "Lao Lai". Let the untrustworthy pay the price and let the honest get the pass. Only in this way can film and television works release positive energy and clear hidden rules.

　　With the improvement of people’s living standards, people have more and more demand for excellent film and television works. In fact, a good work is not a big hit, and it is not necessary to adopt dishonest marketing methods such as thirty-six schemes and larded studies-artists should have a conscience. Moreover, the problem of video data fraud should not be paid attention to until March 15 th Consumer Protection Day. This is a big problem related to the sustainable development of our film and television industry and market. My idea is to create an "audience-friendly" China film and television market, which can be truly shared by all creative parties and ordinary audiences.

　　False | data

　　Lv Yuxiang (teacher of Tsinghua University School of Journalism and Communication)

　　Video data should be supervised, and it is also important for the audience to improve their literacy.

　　Beijing News: During the two sessions, issues such as water injection and data brushing at the box office of film and television dramas were raised by many members. Can this problem be solved by technology?

　　For example, some data platforms can filter out some abnormal data through algorithms. This has long been technically realized. It is not difficult to find false data. The question is, who will make it public? Doing these things requires costs, and it can be done once or twice. In the long run, no one (or institution) will be able to afford it.

　　Data platform is a part of the market, so this problem is not only a matter of data platform, but also a market means. Practitioners are just driven by interests and take advantage of some loopholes that can be exploited. Moreover, no algorithm is perfect, and there will be defects. As long as there is demand in the market, there will always be some people who use it to achieve market goals. This is an industrial chain, but the problem will never be solved by criticizing them without guiding the audience-that is, improving the audience’s aesthetic and ability to distinguish between good and bad.

　　The data platform is not monopolized, and its influence is different.

　　Beijing News: Some members suggested that "monopoly should be broken, and new statistical methods such as real-time ratings should be introduced to realize a scientific system in which multiple ratings survey modes coexist." Can you explain it in detail?

　　In fact, operators, broadcasting systems and media platforms now have their own databases, which may cause other contradictions once they are made public. Official data, such as some ratings survey companies, are actually very few samples in different cities. Using such a small sample to interpret a problem in a large range can reflect a trend, but this sample cannot be used to delve into specific details.

　　If you think that the scoring and box office data of the open platform are very watery, there is actually not only one platform. Some research institutions also have their own monitoring, but their data are generally not completely open and have little influence, but some professionals may refer to them.

　　Can’t rely on the regulatory authorities for everything.

　　Beijing News: Can we rely on the government to establish a third-party data platform to control video data fraud?

　　This goes back to the first question. If the government leads, the government will invest money to be a platform or invest manpower to supervise. Who will this money be invested in? Is it necessary to create a new position? Personally, I don’t think we can let the government do everything, and let the market run and solve it when there is a market mechanism. As far as this issue is concerned, the official responsibility-whether the government or the media-should be to remind the audience not to blindly trust the data. If you know that the fraud is serious, the content itself is not good. As an audience, you should not watch it. This is a personal media literacy problem.

　　In a word, we can’t let the government solve all the problems while calling for decentralization. The establishment of a third-party data platform is not necessary to increase the workload of the management department-and it may not be done well.

　　What can you do if you find "false ratings"?

　　department responsible for the work

　　The Film Industry Promotion Law, which came into effect on March 1, 2017, stipulates that if film distribution enterprises and cinemas make false transactions, falsely report sales revenue, etc., disrupting the order of the film market, the film authorities of the people’s governments at or above the county level shall order them to make corrections, confiscate their illegal income, impose fines according to specific circumstances, and may take measures such as ordering them to suspend business for rectification and revoking their licenses according to the seriousness of the circumstances.

　　consumer

　　According to China’s Law on the Protection of Consumers’ Rights and Interests, business operators should provide consumers with information about goods or services truthfully and comprehensively, and must not make false or misleading propaganda; Consumers also have the right to report and sue acts that infringe on consumers’ rights and interests. Therefore, when we meet relevant operators and use false data in the process of film and television promotion, we can not only write film reviews truthfully, but also report them to relevant departments. □ Xiaoxiao (Master of Laws)

Author Liu Yan

Editor Xin Ling

Toutu. com

After a wave of unrest, Gao Wei fell into a storm of public opinion again.

First, it was rumored that the consumer group was "indiscriminately laying off employees". After Gao Yan’s urgent rumor, it was rumored that some of its projects were "frequently looking for buyers", "selling a lot of assets" and "looking for a takeover man" … and then the market conveyed various speculations.

In response to the so-called "selling assets" in the market, Gao Yan responded to the entrepreneurial state and said: "International markets such as Coller Capital and TR Capital are all mature players in the S market. S-transactions are more often about the continuation of assets than the simple sale of assets. In the simplest way, the seller who sells the share is not a VC/PE institution, but a share transfer between LPs. Before and after the asset package transaction, the GP share remains unchanged. That is to say, the so-called’ high-selling assets’, in essence, the share transfer between high-selling LP is not high-selling assets.

At the same time, according to the entrepreneurial state, Gao Yan is also setting up a special S fund team. Gao Wei said: "S trading has two meanings for Gao Wei. On the one hand, it can serve our LP and help the existing LP to better grasp the exit rhythm. At the same time, we are also very optimistic about the investment opportunities in the S market. For the long-term optimistic areas, we can either invest in new shares or intervene in the S fund. We believe that S trading, as a new tool, has great market potential and promotes venture capital. "

Let’s not comment on the deep-seated reasons behind Gao Ling’s trading in S, but from the feedback of the market, do we really know S funds?

The answer may not be.

As far as the incident itself is concerned, "Gao Yi sets up S fund team" has been misunderstood by the market as "Gao Yi sells assets". The so-called "high-selling assets" in the market is actually the share transfer between high-selling "LP", which can make the old LP get liquidity and withdraw early, but high-selling is still the holder of assets, and its share of assets remains unchanged.

When Gao Ying set up the S fund, it appeared as a buyer in the S transaction, and they would buy fund shares, investment portfolios or investment commitments from other investors.

We can see that Gao Ling, as an important weather vane, has begun to focus on the hidden opportunities in S trading.

The fundamental reason why the market has misunderstood Gao Ling’s fund is that many people confuse the concepts of S fund and S trading, and think that S fund is only an exclusive game dominated by LP, and GP with operational problems will passively participate. Even most GPs deliberately stay away from the S fund, which seems to have the label of "disposal of non-performing assets", for the sake of brand protection.

In fact, S trading is a good tool to help GP "make money". More and more foreign GPs take the initiative to use S trading as a tool to solve the problems of raising funds, withdrawing, optimizing LP structure, asset management, adjusting investment strategy and withdrawing cash.

After more than 20 years’ development, this innovative financial instrument has entered a milestone development abroad. The landmark event is that in 2021, the GP-led S transaction exceeded the LP-led transaction scale for the first time, and it showed a sustained growth trend. According to the latest data of Jefferies in the United States, the transaction volume dominated by GP has increased from 35 billion dollars in 2020 to 68 billion dollars in 2021, accounting for more than half of the transaction volume in the S market, among which, the continuation fund (a model in S trading) accounts for the majority. This survey is also verified by Lazard’s data.

Foreign GP-led transactions surpassed LP-led transactions for the first time, accounting for half of the total trading volume in the S market (Source: Lazard).

However, in China, the vast majority of China GPs don’t realize the intrinsic value of S-trading. In most cases, GPs passively participate in S-trading when LP needs to withdraw, and the GP institutions that actively initiate trading are rare. As far as quantity is concerned, there are only a few domestic GP-led trading cases, such as IDG Capital, Kunzhong Capital, Huagai Capital-Shenzhen Venture Capital, Junlian Capital, Xiangfeng Fund and Puzzle Capital.

As a professional buyer, S fund managers generally believe that the risk coefficient of GP-led S trading is higher than that of LP-led S trading, but the return on investment is also significantly higher. This has also become one of the important reasons why the big buyers of foreign mature S funds represented by Kohler Capital actively participate in GP-led transactions.

What is GP-led s trading? When will it become mainstream in China? How can VC/PE managers use it to create more value?

S fund has been known to most GPs. As the market tends to be hot, 2020 is also called the first year of China S Fund. However, many people’s first impression of S fund still stays at the level of "taker" of non-performing assets.

Tracing back to 30 years ago, when S Fund was born abroad, it also had the derogatory color of "disposal of non-performing assets".

"In the beginning, S funds were only used when there were major problems in American funds. At that time, some big GPs would try to avoid having relations with S funds, so as not to be labeled as’ bad’. Now, more and more GPs are actively looking for S funds to cooperate, in order to create more income. At present, the awareness of S funds in the China market in the early stage of development is at most a neutral concept. " Yang Zhan, director of Kohler’s capital investment and general manager of Kohler (Beijing) Private Equity Fund Management Co., Ltd. introduced.

"The fund expires to find the next LP, just as it is common for a girl to find an object when she is older." Executive CEO Li Miao made an image metaphor. She believes that it is absolutely unnecessary for GP to avoid the normal behavior of selling assets or transferring shares.

"Generally, it is very good that 20% of the assets of US dollar funds can be withdrawn through IPO, and a large number of other assets need to be withdrawn through mergers and acquisitions, transfer, repurchase and liquidation." As an early group of S fund practitioners in China, Li Mingming, managing director of Xingnahe Capital, told Entrepreneurship.

"The market has a certain misunderstanding of the S fund. The S fund will not simply buy bad assets, but can look at the underlying assets through cycles and outlets and invest in valuable asset packages. And in general, the return on investment of S funds is higher than that of parent funds, even higher than that of some PE/VC funds, and J curve can be avoided to some extent. " Li Mingming thinks.

"In China, many VC/PE institutions and even the media often confuse the concept of S fund with S transaction, which leads many GPs to wonder whether they should find S fund to receive assets or do S fund, and even narrowly think that only S fund can help GP." Li Miao said.

The main difference between S fund and S transaction is that S fund is one of many participants in S transaction and a part of S market. S fund is a Secondary Fund, which specializes in investing in the private equity secondary market.

For example, there are Kohler Capital and TR Capital abroad, and there are Gefei S Fund, Nuelle S Fund, SIIC Shengshi S Fund (jointly established by Shengshi Investment and SIIC Group) and Shenzhen Venture Capital S Fund in China, which act as buyers in S transactions.

S transaction refers to the Secondary Transaction of private equity, which is commonly divided into two types: LP-led and GP-led.

Among various transaction types, GP and LP have achieved different requirements (source: Executive Middle School).

Most GPs in China are familiar with the LP-dominated trading mode, and most of them are the share transfer between LPs due to liquidity considerations. Because it is difficult to bring increment to the management scale of VC/PE funds, GPs generally have no driving force to actively cooperate with S trading links such as full adjustment and industrial and commercial changes.

What VC/PE in China ignores is that GP-led S transaction usually refers to a transaction in which GP takes the initiative to transfer one or more assets or fund shares to a new fund, and the new fund will continue to be managed by the existing GP or related parties. It is generally divided into various types, such as continuing fund, fund reorganization, late trading and tied trading.

After removing the misunderstanding of S-transaction and S-fund, we further analyze the value of GP-led S-transaction to VC/PE institutional managers.

For GP, what other "money-making" opportunities are implied in S trading?

Generally speaking, passive pressure and active interests are enough to drive more and more China GPs to actively participate in the private equity secondary market. This is Li Miao’s view.

As far as income is concerned, she learned that the income of investment institutions participating in S trading is considerable. "The first income from investing in S shares comes from discount income, but more income comes from the later appreciation of assets. We are familiar with S funds and financial institutions that have participated in the S market since 2021. "

For example, a fund restructuring transaction led by Kunzhong Capital, as the seller, created a 25% DPI for RMB funds. In addition, some investors revealed that the investment return performance of individual market-oriented S funds in China is better than that of mature foreign markets, and they are enjoying the early dividends in China’s S market.

However, the market dividend of S fund for LP share discount transfer will not last forever. "After a wave of market dividends in the downturn of the secondary market in 2018, the share of S in COVID-19 will be rapidly ignited in 2020, because the share of S can accelerate the cash return, reduce the risk of blind pools, and the discount rate will increase the return on income." As a parent fund practitioner for many years, Li Mingming, managing director of Xingnahe Capital, said.

After communicating with her peers, she basically reached a general consensus that the small LP share discount transfer has actually entered a relatively fierce level in China, and the "missing" behavior of buying and selling shares at low prices between LPs is difficult to last for a long time. In contrast, the complex S trading led by GP will gradually become a new trend.

"In the past two or three years, foreign GP-led transactions have gradually increased, and now it has accounted for half of S transactions, of which single assets have more transactions. The reason is not only related to the expiration of many foreign funds, but also because S trading has become one of the important exit paths for foreign M&A funds. Through S trading, M&A funds can retain assets for a longer period of time in order to obtain higher returns. " Kohler Capital Yang Zhan analyzes the differences between China and foreign countries.

Many people said that the two core pain points of fund-raising and withdrawal will force China GP to find more exit ways, and S-trading will gradually become an important supplement to various exit channels such as IPO, M&A and liquidation. This trend is basically consistent with the mature American market of private equity.

Although the multi-level capital markets such as Beijing Stock Exchange, Growth Enterprise Market registration system and science and technology innovation board can broaden the exit channels, the pressure of fund exit is still great, and a large number of funds are entering the liquidation period one after another, and the demand for fund late trading is great. "Looking back at the VC/PE industry in China, it experienced rapid development from 2015 to 2017, during which a large number of market-oriented funds were established with a term of 5-7 years. Now many funds have reached the liquidation period, and LP urgently needs liquidity. In addition, there are many funds that take money from the financial funds with a term of 10 years, and they have also come to the exit period one after another, and the enthusiasm of state-owned assets to participate in S-share trading is getting higher and higher. The stock market of domestic S transactions is very large, with a scale of more than 13 trillion yuan. " Huang Zhenlei, deputy general manager of Beijing Equity Exchange Center, told Entrepreneurship.

Why are "second-hand share" trading opportunities more active in the stock market era?

Kohler Capital Yang Zhan made an image metaphor: "The Beijing real estate market has entered the stock market, and the second-hand housing transactions are active, accounting for the vast majority of the total transaction volume, which is a bit like the reason that the private equity secondary market in China will gradually enter the stock market; The real estate market in Xiong’ an is just the opposite. The real estate development time is delayed in Beijing, and it is still in the era of first-hand housing transactions, and there will be no large-scale second-hand housing transactions for the time being. "

Yang Zhan is optimistic about the market potential of a large number of second-hand shares in China market. Kohler Capital, where he works, is the buyer of the private equity secondary market with the largest investment team in the world, and its investment strategy will also focus on the GP-led market.

Huang Zhenlei of Beijing Equity Exchange Center revealed to Entrepreneurship: "As the first pilot of S share transfer in China, the transaction volume of Beijing Equity Exchange Center has shown a substantial growth trend in the last two years. Last year, the transaction volume reached 1 billion, and it is expected to break through 10 billion yuan this year."

Then analyze the pressure of GP fundraising. Factors such as new asset management regulations, tight financial funds, and financial difficulties of listed companies lead to difficulties in LP’s capital contribution. The situation that LP’s subscribed capital contribution is not in place, LP requires DPI, and fund raising increases the pressure on GP to raise funds.

What is the root cause of the difficulty in raising funds for GP?

Li Miao has different perspectives: "Compared with other asset classes, private equity funds have a long cycle and high uncertainty of investment returns. The core reason is a serious shortage of liquidity. An illiquid asset is lifeless, and S trading can just solve the liquidity problem of private equity funds. Money is the smartest and will flow to assets that can generate returns, so now we can see that a larger amount of funds have entered the private equity secondary market. "

"Despite the existence of market demand and GP pain points, on the whole, the enthusiasm of domestic GPs to actively participate in S trading needs to be improved. Although they are interested in S trading, there are not many real participants. Compared with overseas developed markets, S trading in China market is still in the early stage, and the market space is very large. " Huang Zhenlei of Beijing Equity Exchange Center said.

Judging from the proportion of capital contribution, the main sellers in China S market may be finance, central enterprises, state-owned enterprises and financial institutions, but the buyer’s strength needs to be cultivated, the types of intermediary institutions need to be enriched, and the pricing mechanism for financial state-owned shares needs to be further improved. Judging from the transactions completed by Beijing Equity Exchange Center, although there are occasional packaged asset transactions and GP restructuring, the trading mode is relatively simple, and GP-coordinated LP share trading is still the mainstream.

"A core point is that when the assets invested by GP are really poor, it is not S trading that can solve the problems of withdrawal and fundraising, and the cart before the horse cannot be put". Li Miao reminds some players who want to participate in the transaction.

"Foreign fund managers and investors will use S trading as a tool to adjust their existing portfolios, just like buying stocks to adjust positions." Kohler Capital Yang Zhan said that the frequency of domestic players using S tools is obviously not high.

In addition, according to the observation of many domestic people, a new phenomenon has begun to appear in the China market. When some GPs encounter difficulties in fund-raising, they begin to use S trading tools and promise to sell some assets of new LP or past fund shares at low prices in exchange for the possibility of LP contributing to the new fund, so as to achieve the purpose of fund-raising. This practice of "tying up assets" belongs to bundled transactions.

"Although there are similar binding modes abroad, the thinking logic and original intention are different." Kohler Capital Yang Zhan reminds domestic players.

According to Li Miao, some FA will use Mingchi Continuation Fund when raising funds for GP. "this method is more suitable for new funds or GP that has just come out to raise funds and is being institutionalized. S tool can help GP create DPI performance. In addition, a single old stock and asset package transaction can also be used as a value exchange to create DPI for GP. With DPI, GP will make it easier for the new LP to see its historical performance and raise funds more conveniently. "

In fact, continuing fund and fund reorganization have become a new way of playing individual head GP in China in recent two years. "Asset restructuring seeks to withdraw, and generally packages a number of assets to speed up the withdrawal of funds and release more management energy of GP. It can also adjust investment strategies, turn to other track investments, and even actively optimize the LP structure and absorb institutionalized LP. In addition, you can also make a single project fund share transfer. " Huang Zhenlei of Beijing Equity Exchange Center said.

In China, the fund restructuring transaction known as the first RMB-to-US dollar fund in China is dominated by Kunzhong Capital.

In 2020, Kunzhong Capital packaged and sold seven projects to overseas entities set up by TR CAPITAL, creating a 25% DPI for RMB funds, and the transaction involved about 100 million US dollars. Through this S transaction, Kunzhong Capital completed the withdrawal of some RMB assets, and at the same time realized the raising of the first US dollar fund of Kunzhong Capital. Also completed the RMB-to-US-dollar fund restructuring transaction is Unconfused Capital, with the transaction scale exceeding 100 million US dollars. It can be seen that the GP-led S transaction can realize dual-currency conversion and solve the fundraising problem smoothly.

Kunzhong Capital Dollar Fund Reorganization Transaction Chart (Source: Guangchen Consultant "Ten Thousand Folds Must Be East")

Guangchen Consultant stated in "Ten Thousand Folds Must Go East" that Kunzhong Capital achieved a win-win situation among the three parties through this transaction. First of all, the original LP achieved considerable DPI through this transaction, which improved the overall cash performance of the fund in 2016; Secondly, the new LP has obtained the potential appreciation space of assets in the future; Thirdly, RMB LP helped GP upgrade to a dual-currency GP with more brand influence, paving the way for GP to enter the US dollar fund market for future financing.

In September, 2020, IDG led the completion of the S-fund restructuring transaction with NAV (Net Fund Share) exceeding USD 600 million, which became the largest publicly disclosed S-fund transaction in the history of China at that time.

This typical GP-led S-trade has injected a shot in the arm into the S-market. In the transaction, IDG packaged the portfolio of one of its RMB funds that has not been withdrawn into US dollar funds, involving more than 10 projects, and the buyer was a consortium led by Harbour Vest, an international parent fund management agency.

According to the observation of Entrepreneurship, the S transaction led by IDG capital is relatively active. At the beginning of this year, the largest single paid-in "QFLP+S" fund was established in Wuxi, which is also the first cross-border S fund of IDG to complete the payment.

Let’s look at the first publicly available large-scale RMB GP-led fund share restructuring transaction in China, with Huagai Capital as the leading party and Shenzhen Venture Capital S Fund participating as CO-GP.

The scale of this S fund is 800 million yuan. As the first RMB-structured reorganization and continuation fund in China, Huagai Capital has packaged many star projects such as Fuhong Hanlin. Through this continuation fund, Huagai Capital further enlarges the value of the portfolio, prolongs the holding period of star assets, and thus improves the return on investment.

In addition, Junlian Capital also completed a typical GP-led medical continuation fund transaction in 2021, with a transaction scale of US$ 270 million. Among them, one of the important buyers of the transaction is Kohler Capital. Prior to this, in February 2020, Junlian also completed a $200 million continuation fund transaction.

Junlian Capital’s $270 million medical and health continuation fund transaction chart (Source: Zhongzhong)

Vilen, managing director of Xingnahe Capital, suggested that GP should have strong resource control ability, and it is best to find a professional intermediary or professional buyer to cooperate. Generally, GP may find it difficult to copy the existing gameplay of other GPs.

As one of the earliest S-trading practitioners in China, vilen thinks that the current S-market in China may not be as lively as most people feel. After all, the S-market in China is in its early stage, and the professionalism of the buyers and sellers involved in the transaction is extremely high. "S-trading is highly complex, the trading process is complex, the water is deep and there are many pits, so participants need to be cautious, otherwise there will be many potential risks."

Finally, many senior people said that there will be special trading opportunities and market dividends when the secondary market is depressed. 2022 is undoubtedly a good opportunity for S fund buyers to buy excellent assets, but it is not necessarily a good time for GP to sell assets.

If you are right"s trading topic"Interested, welcome to add the author’s WeChat communication (ID: ID：i20130214).

This article is original for the entrepreneurial state and may not be reproduced without authorization, otherwise the entrepreneurial state will reserve the right to pursue legal responsibility against it. If you need to reprint or have any questions, please contact editor@cyzone.cn.

　　The 24-episode large-scale documentary feature film "Dare to Teach the Sun and Moon to Change the Sky" was jointly produced by the Propaganda Department of the CPC Central Committee, the Central Party History and Literature Research Institute, the National Development and Reform Commission, the State Administration of Radio and Television, the China Academy of Social Sciences, the Central Radio and Television Station, the Central Archives and the Political Work Department of the Central Military Commission.

　　Guided by the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era, the film fully implements the important exposition of the Supreme Leader’s General Secretary on the history of the Party, adheres to a correct view of the history of the Party, seeks truth from facts, and pays attention to the combination of history and theory. It comprehensively shows the great course, brilliant achievements and valuable experience of the Communist Party of China (CPC)’s unremitting struggle in the past 100 years, deeply reflects the vicissitudes and great changes that have taken place in the land of China with the lofty sentiments of "Dare to teach the sun and the moon for a new day", and makes the Chinese nation usher in a great leap from standing up, becoming rich and becoming strong.

　　From June 20th, the film was continuously broadcast at 20: 00 on the CCTV Comprehensive Channel of the Central Radio and Television Station, and the CCTV Record Channel, CCTV News, CCTV Video, CCTV Network, Cloud Listening Client and other new media platforms were launched simultaneously.

　　Episode 11: Flag Raising Orientation

　　In the middle and late 1980s, with the deepening of reform and opening up and the transformation of economic system, many deep-seated contradictions began to emerge in China.

　　Jiang Zemin: "Since the Third Plenary Session of the Eleventh Central Committee of the Party, the line and basic policies have not changed, and we must continue to implement them."

　　It is the common expectation of all people in China that the country is prosperous and the people are safe. Faced with the economic blockade and sanctions imposed by western countries, the Communist Party of China (CPC) people gave a clear answer.

　　Jiang Zemin: "The people of China have never and will never succumb to any external pressure."

　　The 11th Asian Games opened in Beijing.

　　Through efforts, China has effectively responded to external challenges. The sanctions imposed by western countries were finally broken.

　　In 1990, Pudong began to accelerate its development and opening up.

　　The opening of the two exchanges in Shanghai and Shenzhen has sent a strong signal to the world that China’s economic reform will move forward unswervingly.

　　In the early spring of 1992, 88-year-old Deng Xiaoping visited the South and made a series of important talks.

　　Deng Xiaoping: "As long as China does not engage in socialism, reform and opening up, develop the economy, and gradually improve people’s lives, it is a dead end to take any road."

　　Talk in the south is like a strong east wind, which dispels the fog in people’s minds.

　　In October 1992, the 14th National Congress of the Communist Party of China was successfully held.

　　The congress decided that the goal of China’s economic system reform is to establish a socialist market economic system.

　　In September 1997, the 15th National Congress of the Communist Party of China was held ceremoniously.

　　The Congress established Deng Xiaoping Theory as the Party’s guiding ideology, put forward the Party’s basic program in the primary stage of socialism, and made strategic arrangements for China’s cross-century development.

　　Joining the World Trade Organization (WTO) is an important decision made by the CPC Central Committee.

　　The Fourth Ministerial Conference of the World Trade Organization: "The Ministerial Conference unanimously adopted."

　　On December 11th, 2001, China became the 143rd member of the WTO, which opened a new world to the outside world.

　　The people of the Communist Party of China (CPC), with Comrade Jiang Zemin as the main representative, have withstood a series of severe tests from home and abroad and nature, raised and stabilized the great banner of Socialism with Chinese characteristics, and brought a prosperous country into the 21st century.

　　Episode 12: Wandering Home

　　Realizing the reunification of the motherland is always the unswerving pursuit of the Communist Party of China (CPC) people and the common aspiration of all Chinese people.

　　On September 22, 1982, China and Britain formally started the negotiations on the Hong Kong issue.

　　On December 19th, 1984, the Joint Declaration on the Question of Hong Kong was signed. The China government announced that it will resume the exercise of sovereignty over Hong Kong on July 1, 1997.

　　In the late transition period, the CPC Central Committee with Comrade Jiang Zemin at the core shoulders the great trust of all China people and bravely shoulders the historical responsibility of realizing the smooth return of Hong Kong to the motherland.

　　 "On behalf of the Chinese People’s Liberation Army troops stationed in Hong Kong, I took over the military camp. You can be laid off and we will take up our posts. I wish you a safe journey."

　　Hong Kong citizens: "Happy, back! I am Chinese! "

　　Jiang Zemin: "This is a great event for the Chinese nation and a victory for the cause of world peace and justice."

　　After a hundred years of vicissitudes, Hong Kong’s successful return to the embrace of the motherland is a great achievement in the history of the Chinese nation. Hong Kong compatriots have since become the real masters of this land of the motherland.

　　When the process of Hong Kong’s return started, another wanderer of the motherland — — Macao is also on the way home.

　　Jiang Zemin: "The Chinese and Portuguese governments held a solemn handover ceremony of Macao’s political power here, announcing that the China government will resume the exercise of sovereignty over Macao. History will always remember this important moment of world concern. "

　　Macao, which experienced negative economic growth for four consecutive years before the reunification and was worried about public security, has one of the fastest economic growth rates in the world since the reunification.

　　Taiwan Province is an inseparable part of China.

　　In the early 1980s, Deng Xiaoping put forward the concept of "one country, two systems", which opened the door for the development of cross-strait relations.

　　Castle peak is the same, and the wind and rain are the same. No matter how the situation on the island changes, the historical trend of realizing the complete reunification of the motherland is irreversible.

　　Supreme leader: "history can’t be chosen, we can grasp it now, and the future can be created!" As long as we work together and strive together, we will certainly be able to accomplish the great cause of the motherland’s reunification!

In order to fully implement the strategy of strengthening the capital and further improve the training and selection mechanism of civil servants from the grassroots level, according to the Civil Service Law, the Provisions on the Transfer of Civil Servants, the Measures for the Public Selection of Civil Servants and other relevant laws and regulations, the relevant matters concerning the public selection of civil servants in Nanning directly under the authority in 2022 are hereby announced as follows.

I. Position

There are 22 people in 19 positions below the first-level chief clerk and other equivalent ranks. For specific job information, please refer to the Public Selection of Civil Servants in Nanning City, Guangxi Zhuang Autonomous Region in 2022 (annex, hereinafter referred to as the Public Selection of Civil Servants).

Second, the object and conditions

(1) Selection targets

The selection target is the on-the-job staff who have registered as civil servants in the organs below the county (city, district) in our city (including the civil service law management unit) (referring to the staff registration of the civil service law management unit, the same below). The above-mentioned target range includes staff who have withdrawn from the scope of reference management during the institutional reform, registered for reference management, approved to implement the transitional policy and are on the job.

(2) Qualifications

Applicants should meet the following qualifications:

1. Have a firm political stance and excellent political quality, strengthen the "four consciousnesses", strengthen the "four self-confidences" and achieve "two maintenance".

2 with good professional quality, good conduct, outstanding performance, recognized by the masses.

3. Bachelor degree or above.

4. Have grassroots work experience for more than 2 years. "grassroots work experience" refers to the party and government organs below the county level, village (community) party organizations or village (neighborhood) committees, as well as various enterprises and institutions (except those managed by referring to the Civil Service Law). The experience of demobilized military cadres working in military regiments and units below the equivalent regiments, and the experience of retired soldiers serving in active service in the army can be regarded as grassroots work experience.

5. Generally, you should have worked in the organ at the same level for more than 2 years (including probation period), and the time of secondment in the higher authorities cannot be counted.

Applicants should meet the minimum service life requirements for working in the organs at the same level. If there is no provision, they must work in the organs at the same level for more than 2 years.

Applicants who are members of the township leadership team must have worked in the township authorities for 5 years or have worked in the township (including the village) for 5 years and have served as members of the township leadership team for 3 years.

6. The annual assessment is not basically competent.

7. Have the working ability and qualifications required by the open selection of positions. Generally under the age of 35 (born after February 25, 1986, the same below).

8. Relevant work experience required for open selection of positions.

9. Have the physical conditions and psychological quality to perform their duties normally.

10. Other qualifications that meet the requirements of open selection of positions.

11 other conditions stipulated by laws, regulations, rules and policies.

One of the following circumstances, shall not participate in the selection:

1. Being expelled from the Communist Party of China (CPC) Party membership.

2. Being listed as the object of joint punishment for dishonesty according to law.

3. Suspected of violating discipline and law, being examined by relevant specialized agencies, and no conclusion has been reached.

4. Being influenced by admonition, organizational treatment or disciplinary action, etc., whose influence period has not expired or expired.

5. Newly hired township civil servants have worked in township organs for less than 5 years (including probation period).

6. In accordance with the relevant regulations, there are other restrictions on working in hard and remote areas and directional units without full service years or transfer.

For those who are hired by lowering the entry threshold and other preferential policies, they should serve for at least 5 years (including probation period) in the hard and remote county and township organs within the city area where they apply; Under five years, it is not allowed to openly select the higher authorities in this city and the organs in non-hardship and remote areas, nor to openly select the organs in other cities and other provinces (autonomous regions and municipalities directly under the Central Government) in the region (including those in hardship and remote areas).

7. Still in probation or promoted to leadership positions for less than 1 year.

8. Other circumstances stipulated by laws and regulations.

Applicants are not allowed to apply for the selection positions that constitute the circumstances listed in the first paragraph of Article 74 of the Civil Service Law, nor are they allowed to apply for the positions of the employing units where people who are husband and wife, lineal blood relatives, collateral blood relatives within three generations and close in-laws are leading members.

The calculation time of relevant qualifications involved in this selection, such as service years, probation period for leadership positions, punishment period, influence period, work experience, seniority and so on, takes February 25, 2022 as the deadline, and the years are accumulated according to full years.

Third, the registration procedure

(1) Job inquiry

Candidates can log on to the "Greentown party flag Red" Party Building Information Platform (www.nndj.gov.cn) and Guangxi Personnel Examination Network (www.gxpta.com.cn) to inquire about the positions and their qualifications through the published "Open Selection of Positions Schedule". The qualification examination unit shall be responsible for the interpretation of the professional, academic qualifications, work experience and other qualifications required by the position.

(2) Online registration and preliminary qualification examination

The public selection and registration is based on the combination of personal wishes and organizational recommendation. Registration and preliminary qualification examination are conducted in Guangxi Personnel Examination Network (www.gxpta.com.cn) without charge.

Applicants must log on to Guangxi Personnel Examination Network from 8:30 on February 25th to 18:00 on March 2nd, 2022, click on "Special Topics of Public Selection of Civil Servants in Cities with Districts in Guangxi Zhuang Autonomous Region in 2022" to enter the registration system, truthfully fill in and print the "Recommended Registration Form for Public Selection of Civil Servants in Guangxi Zhuang Autonomous Region in 2022" (hereinafter referred to as "Recommended Registration Form"), and obtain the consent of the appointment and removal organ (according to the cadre management authority) and affix the unit. The information in the Registration Recommendation Form must be true and accurate. Anyone who practices fraud will be disqualified from this selection. Those who fail to complete the registration steps within the specified time shall be deemed to have given up this registration. Candidates who apply for public selection shall not apply for positions higher than their positions (ranks). Each applicant is limited to one position.

The selection organ conducts the preliminary qualification examination according to the online registration information and the Registration Recommendation Form. If the preliminary qualification examination fails, the applicants can change to other positions before the deadline for registration. Applicants should pay attention to the results of qualification examination in time, and improve the application materials or change their positions in time according to the results of qualification examination. Because the application materials submitted by the applicants for online registration are untrue, incomplete or incorrectly filled in the registration information, the applicants will bear the responsibility for failing the qualification examination. Applicants who maliciously register the registration information and disturb the registration order will be dealt with according to the relevant provisions on violation of discipline and discipline in the recruitment of civil servants.

Qualification examination runs through the whole process of open selection. If it is found that the applicants do not meet the qualification requirements in each link, the employer may cancel their qualification for registration or selection; If the applicant meets the qualification conditions at the time of registration, and the applicant has worked in the organ at the same level for less than 2 years, is on probation or has been promoted to a leadership position for less than 1 year due to changes in his work unit or position after registration, his selection procedure will be terminated and he will no longer be selected as a candidate.

(3) the proportion of the examination.

In principle, the ratio of the number of people who pass the registration qualification examination to the number of people in the selection plan is not less than 3: 1 before the examination can be started. The positions that fail to reach the proportion of examination should be reduced from the selection plan to the prescribed proportion of examination; Cancellation of positions that have not been registered or the selection plan has not reached the proportion of the examination.

(4) Print the admission ticket

Applicants who have passed the qualification examination can log in to the registration system from 9:00 on March 22nd to 9:00 on May 31st, 2022, and download and print the admission ticket (A4 specification) by themselves.

Fourth, the exam

The exam is divided into written test and interview, with a score of 100 points each. The total score of the exam is scored by weight according to the written test and interview results. For details, please refer to the Open Selection Position Schedule.

(1) Written examination

The written test is organized by Nanning. The written test mainly tests the examinee’s policy and theoretical level, the ability to analyze and solve practical problems, and the ability to express words.

1. Time and place of written examination

Time: March 27th, 2022 (Sunday) from 9: 00 to 12: 00.

Venue: Nanning (see the admission ticket for the specific address).

Applicants must hold their valid identity cards and admission tickets to take the written test.

2. Written test results query

In late April, 2022, applicants can log on to Guangxi Personnel Examination Network to check their scores.

(2) Interview

1. Determine the interview candidates

According to the order from high score to low score of the written test scores of applicants for the same position, the selection organ determines the candidates who enter the interview scope according to the proportion of interview candidates specified in the Open Selection Position Schedule. When the last applicant in the proportion has tied the written test scores, it is also determined as the interview candidates. If the number of qualified people in the written test does not reach the required interview ratio, the interview will be conducted according to the actual number.

2. Interview qualification examination

Before the announcement of the interview, each selection organ shall conduct an interview qualification examination on the interviewee. Those who have not conducted the interview qualification examination or failed the interview qualification examination shall not be determined as interview candidates. If the qualification examination is unqualified or the interview qualification is abandoned, the interview candidates will be replenished and the interview qualification examination will be conducted in turn according to the written test qualified scores of the applicants for the same position from high to low.

After the announcement of the interview, if the interviewer gives up the interview qualification, the position will not be filled by the interviewer, and the interview will be conducted according to the actual number of people.

The materials for the interview qualification examination are: my valid resident identity card, academic degree certificate, relevant qualification certificates required for applying for the position, and the original materials such as the recommended registration form issued by the cadre appointment and removal authority.

3. The interview announcement was released

The interview announcement was released on the "Greentown party flag Red" Party Building Information Platform (www.nndj.gov.cn) one week before the interview.

4. Interview time and place

The selection organ determines the interview method and content according to the job requirements, with a full score of 100 and 60 as qualified, and the interview results will be announced on the day of the interview. See the interview announcement for the interview time and place.

V. Investigation and physical examination

The inspection and physical examination shall be the responsibility of the selection organ. The order of inspection and physical examination shall be determined by the selection organ according to the actual situation.

(a) to determine the candidates for inspection

According to the total score of the examination, the selection organ determines the candidates from high score to low score. If the interview results are unqualified, they shall not be listed as candidates for investigation. The selection adopts the method of difference inspection, and the number of candidates for inspection and selection plan is generally determined according to 2:1.

(2) inspection organization and implementation

The inspection work is organized and implemented by the selection organ according to the regulations, and the qualifications, morality, ability, diligence, performance and honesty of the inspected objects, as well as their political and professional qualities and the suitability of the selected positions are comprehensively investigated. Highlight political standards, focus on the study of political theory, system execution, performance ability, work performance and public recognition, in-depth study of political loyalty, political determination, political responsibility, political ability, political self-discipline, etc., and strengthen professional quality inspection. Strictly control politics, conduct, ability, style and integrity, and resolutely put an end to those who are unqualified in political quality, moral conduct, integrity and ability. According to the needs of the work, the selection organ can also increase short-term training and follow-up study to conduct extended inspection. For details, please refer to the Open Selection Position Schedule.

(3) Physical examination

The selection organ shall, according to the needs of the position, conduct a physical examination of the applicants. The cost of physical examination shall be borne by the selection organ.

Six, determine the object and publicity

(A) to determine the object

According to the investigation and job requirements, the selection organs collectively study and select the best candidates according to the cadre management authority and the principle of suitability for people and posts, and do not just choose people.

(2) publicity

The selected objects will be publicized on the "Greentown party flag Red" party building information platform (www.nndj.gov.cn) and the portal website of the unit, and the publicity period will be 5 working days. After the expiration of the publicity period, if there is no problem or the problem does not affect the post, the selection shall go through the formalities according to the relevant provisions of the transfer; To reflect the serious problems and check the evidence, cancel the selection qualification, after the cancellation, there are still qualified candidates through investigation, and the selection organ can collectively study and determine whether to make up for it, and report it to the Organization Department of the Municipal Party Committee for approval.

VII. Relevant requirements

(1) Applicants who voluntarily give up the qualification for selection shall submit it within 3 working days after the interview, and those who give up the qualification afterwards shall be recorded in the integrity file; If the information in the Registration Recommendation Form is fraudulent, it shall be recorded in the integrity file.

(two) the public selection of civil servants shall not be transferred from the selection organ within 2 years, and shall be reported to the Organization Department of the Municipal Party Committee for examination and approval.

(three) in violation of the discipline of the selection work, it shall be dealt with severely in accordance with the relevant provisions; If a crime is constituted, criminal responsibility shall be investigated according to law.

(four) the organization and implementation of the selection work must strictly implement the epidemic prevention and control measures in accordance with the latest requirements for the normalization of epidemic prevention and control in COVID-19.

Telephone number of qualification examination unit: See the Public Selection Position Schedule for details.

Examination consultation telephone: 0771-12333 transfer to the district level.

　　　　　　　0771-5624161

Policy consultation telephone: 0771-5539133

Attachment:Nanning, Guangxi Zhuang Autonomous Region, 2022 Public Selection of Civil Servants Position Schedule. xlsx

Nanning administration of civil service

February 24, 2022

Successful listing does not mean that you can sit back and relax. How to make the brand develop for a long time after listing is the beginning of the test.

This article was originally published by Hongcan.com (ID: hongcan18), by Jian Yuhao; Editor: Jing Xue.

On April 23rd, Chabaidao (2555.HK) was officially listed on the main board of the Hong Kong Stock Exchange. However, the performance on the first day of listing was not ideal. On the morning of 23rd, Chabaidao opened at HK$ 15.74 per share, which was lower than the issue price of HK$ 17.5. At the close, Chabaidao recorded HK$ 12.80 per share, with a market value of only HK$ 18.914 billion. In intraday trading, the share price of Chabaidao once fell to HK$ 10.80/share.

Time goes back to a week ago. On April 15, the first day of the public offering of Chabaidao, it attracted attention because the public offering did not achieve full subscription. In addition, at that time, Chabaidao did not introduce cornerstone investors. Many investors have said that if a company with a valuation of tens of billions does not introduce cornerstone investors, it may mean that the valuation of this enterprise is too expensive, or institutional investors are not optimistic about the future profit prospects of the enterprise.　

Although it was successfully listed, there are different opinions in the industry about "the second share of new tea". On the one hand, the successful listing is a milestone achievement for Chabaidao. However, in the eyes of some people in the industry, listing is not once and for all. In the increasingly competitive new tea circuit, there are still many uncertainties in the future development of Chabaidao.　

After 01.80, the couple sold milk tea with a net worth of over 14 billion.

According to public reports, the founder of Chabaidao, Wang Xiaolong, and his wife, Liu Yuhong, were both born in the 1980s. Wang Xiaolong was a senior tea artist and his wife was a tea lover. Because they have accumulated rich tea knowledge and practical experience in their past work and life, they started the entrepreneurial experience of a tea shop.　

In 2008, near Wenjiang No.2 Middle School in Chengdu, Sichuan, the first Chabaidao opened. This store, which is less than 20 square meters, is mainly for students with low spending power, and mainly sells powdered milk tea in the form of foreign belts.　

At that time, compared with the hot demand of portable brewing milk tea, the existing tea was still in its infancy. The emergence of "Tea Hundred Ways" just fills this blank. With good products and affordable prices, it has successfully attracted the attention of students’ consumer groups. The blank of the market itself, coupled with the advantages of site selection, enabled Wang and his wife to successfully earn the first bucket of gold. A year later, they opened a second branch on the campus of Southwestern University of Finance and Economics (Liulin Campus).　

In 2010, the trademark "Tea Hundred Roads" was officially registered. In the same year, two major desktop milk tea brands, Diandian and coco, successively entered the mainland for development. In the following years, a number of existing tea brands such as Xicha, Lujiao Lane and Naixue Tea began to rise, and new Chinese tea officially entered the stage of branding and chain development.　

△ Image source: Chabaidao official little red book　

In 2016, Chabaidao opened its franchise in Chengdu for the first time, upgraded its stores and started its brand operation. This year, the number of stores in Chabaidao exceeded 100.　

Generally speaking, the development speed of Tea Hundred Roads in the early stage is not fast, and the sense of existence is not strong.　

It was not until 2018 that this situation began to change. This year, Chabaidao began to aim at the whole country, which opened the expansion of the whole country, and the rapid growth of Chabaidao began to enter the investor’s field of vision.　

In May and June, 2023, Chabaidao successively received two rounds of financing totaling 970 million yuan, which was led by Lanxin Asia, followed by many well-known investment institutions such as Zhengxin Valley, Grassroots Zhiben, CICC and Tomato Capital, with a post-investment valuation of 17.6 billion yuan.　

According to the latest prospectus information of Chabaidao, Wang Hao and Liu Yuhong hold about 81.75% of the shares of Chabaidao. According to the valuation of 18 billion, their net worth has reached about 14.5 billion yuan. Wang Hao and Liu Yuhong also made the Hurun Report in 2023 and became the new "dark horse" in the rich list in 2023.　

02.99% of the revenue depends on franchisees, and the pressure on the supply chain is not small.

Looking back on the development of Tea Hundred Roads, we can see that joining in business is an important driving force for the rapid development of Tea Hundred Roads.　

According to the prospectus, as of December 31st, 2023, Chabaidao has opened 8,016 stores in China, covering 31 provinces and cities across the country, achieving comprehensive coverage of all provinces and county-level cities in China. Among them, the proportion of franchise stores accounted for 99%.　

On the surface, it seems that Chabaidao is a direct consumer-oriented business, but in fact, Chabaidao is similar to Mixue Ice City, and it is also a supply chain company wearing a milk tea coat. Selling goods and equipment to franchisees is the core business of Chabaidao.　

According to the prospectus, from 2021 to 2023, Chabaidao achieved revenues of 3.625 billion yuan, 4.197 billion yuan and 5.659 billion yuan through franchise stores, accounting for more than 99% of the total revenue; Among them, the income from selling goods and equipment to franchise stores accounts for about 95%, and the gross profit margin of this business is also maintained at about 32%.　

△ Chart source: screenshot of Cha Baidao prospectus　

The core of this business model, similar to S2B2C, is to reduce the operating costs of franchisees and improve the overall profitability through the advantages of supply chain and standardized processes.　

However, unlike the self-built supply chain of Mixue Ice City, Chabaidao mainly relies on third-party suppliers and other business partners to provide raw materials and services for it.　

According to the prospectus, in 2023, the procurement ratio of Chabaidao from its top five external suppliers (including dairy products, sugar, juice and other ingredients, packaging materials, etc.) was as high as 36.6%.　

△ Chart source: screenshot of Cha Baidao prospectus　

Perhaps it is also realized that there is no small risk in relying on third-party suppliers. Therefore, in the past several rounds of financing, Cha Baidao has repeatedly mentioned that the funds raised are mainly used to improve the overall operational capability and strengthen the supply chain capability.　

At present, Chabaidao has established a supply chain center covering every key link of supply chain management from product development, procurement, logistics to after-sales service and quality control. At the same time, Sichuan Tea Co., Ltd. was established to provide brand logistics and distribution services.　

In addition, Chabaidao and Bawang Chaji jointly established Sichuan Chabenyuan New Materials Technology Co., Ltd.. The company’s business scope includes research and development of new materials technology, manufacturing of bio-based materials, standardization services, sales and manufacturing of plastic products, sales of packaging materials and products, and import and export of goods.　

It is worth noting that in addition to the continuous strengthening of the supply chain, Chabaidao has been actively exploring overseas markets and coffee tracks in the past two years.　

In December 2023, Chabaidao opened the first store of coffee sub-brand "Coffee Ash" in Chengdu, and entered the coffee track for the first time.　

In January 2024, Chabaidao officially went to sea, and the first overseas store was selected in Gangnam-gu, Seoul, South Korea. Later, stores were opened in Seoul Hongda and Seoul Yau Pavilion. As of April 20, 2024, the number of Chabaidao stores in Korea has reached three.　

At present, it remains to be seen whether Chabaidao has explored the new amount in terms of going to sea and coffee business.　

03. Queue for listing, and the 2024 New Tea Listing Competition started.

In fact, in addition to the hundreds of teas, there are many tea brands waiting in line for listing.　

In January this year, Mi Xue Bing Cheng and Gu Ming submitted prospectuses to the Hong Kong Stock Exchange at the same time. Subsequently, on February 14th, Auntie Shanghai, a tea brand, submitted a prospectus to the Hong Kong Stock Exchange. The co-sponsors were CITIC Securities, haitong international and Dongzheng International.　

△ Image source: Red Meal Network photo　

On April 11th, the Hong Kong Economic Daily also reported that Bawang Tea Ji would go public in the United States as soon as the middle of this year, raising between 200 million and 300 million US dollars (a contract of 1.57 billion to 2.35 billion Hong Kong dollars).　

Why do new tea brands start to get together and go public? In this regard, there are many views in the industry that whoever can take the lead in successful IPO will seize the opportunity among the tea drinks that are "rolled out of the sky".　

In particular, tea brands need a lot of financial support to cope with the competition in the current tea track such as "joining war", "sinking war" and "price war".　

In the past year, in addition to hundreds of teas, brands such as Guming and Auntie in Shanghai have also announced the sprint of 10,000 stores. In order to achieve this goal first, brands often need more funds to spread the store network. With the cooling of the new consumer investment market, the attention of the primary market to the new tea market has obviously declined. Therefore, listing has become a new way for new tea drinkers to obtain funds.　

But the success of listing does not mean that the brand can sit back and relax. Take Chabaidao as an example, it and most new tea brands are in the mid-range price range of 10-20 yuan, including the above-mentioned Guming, Shanghai Auntie and Bawang Tea Ji, which are already waiting in line for listing.　

There are many competitors, and the homogenization of new tea itself has become more and more serious. It is conceivable that these new tea brands in the middle price zone will still face a lot of competitive pressure in the future.　

Today I’m bringing you a domestic car. As for the outstanding performance of the car, please read it together.

Let’s take a look at the appearance of the tank 300 first. The whole front of the tank 300 looks very individual and sporty. Coupled with concise headlights, the shape is very young. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the side of the car, the car body size is 4760MM*1930MM*1903MM, the car uses domineering lines, the car body looks very cold, with large-sized thick-walled tires, it looks full of movement. In the rear part, the overall shape of the rear part echoes the front face, and the taillights are very angular. Coupled with the unique exhaust pipe, it is still relatively soft overall.

Coming into the car, the interior design of Tank 300 is very young and has a good visual effect. The steering wheel of the car is well designed, equipped with the functions of manual steering wheel up and down+front and rear adjustment, steering wheel heating and so on, which looks a little more atmospheric. Take a look at the central control, with a 12.3-inch touch-sensitive LCD central control screen, which makes the interior style impressive and the details are still in place. The dashboard and seats also give people a good feeling. Let’s take a look. The car is equipped with a domineering dashboard, and the sports atmosphere is relatively in place. The car uses leather seats, which are wrapped in place and the overall comfort is acceptable.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, rear wiper, interior atmosphere light and other configurations, and the configuration performance is relatively good, which improves the convenience of drivers to some extent.

This car has been introduced almost before, and I believe many users who buy a car have taken a fancy to its comfort and practicality. If you are excited, you may wish to go offline and actually feel it.

[car home Shanghai Preferential Promotion Channel] brings you the latest news, and the high-profile models are currently undergoing an unprecedented promotion activity in Shanghai. It is understood that the discount rate reached an astonishing 107,100 yuan, which enabled the original high-end BMW i5 model to reach a wider range of car buyers. The starting price has been adjusted to an attractive 338,800 yuan, providing consumers with a rare opportunity to buy a car. If you are interested in BMW i5, don’t miss this once-in-a-lifetime opportunity. Click "Check the car price" in the quotation form to get higher preferential treatment!

As an innovative luxury electric car, BMW i5 fully integrates the elegance and dynamism of BMW brand. In the front part, the exquisite kidney-shaped air intake grille and LED headlights are adopted, showing the perfect combination of technology and strength. The streamlined body lines are smooth, and the overall style not only retains the classic elements of BMW, but also incorporates the futuristic sense of modern electric vehicles, making the vehicles visually recognizable. This design aims to provide an excellent driving experience while leading the fashion trend of electric travel.

The body lines of BMW i5 are smooth and dynamic. Its length, width and height are 5175mm * 1900mm * 1520mm respectively, and its wheelbase reaches 3105mm, which provides a solid foundation for the interior space. The precise design of the front and rear wheel tracks ensures the driving stability, which are 1621mm and 1658mm respectively. In tyre size, the BMW i5 is equipped with 245/45 R19 tires, which not only ensures the driving grip, but also complements the rim style, and jointly shapes the dynamic appearance of the vehicle.

The interior design of BMW i5 adheres to BMW’s consistent sense of luxury and technology, and the spacious and exquisite interior space presents a very high sense of quality. A 14.9-inch large central control screen is equipped in front of the driver’s seat, which not only displays clearly and operates smoothly, but also supports voice recognition control, which is convenient for drivers to operate multimedia, navigation, telephone and air conditioning. The steering wheel is made of high-grade leather material, which provides a comfortable grip and supports electric up and down+front and rear adjustment to meet the needs of different drivers. The seat is made of imitation leather, and the main and passenger seats have four-way adjustment functions, including front and rear, backrest, height and waist support, to ensure the comfort of long-term driving. In addition, the front seats also have heating function, so drivers can enjoy warmth in cold seasons. The driver’s seat also has an electric memory function, which further enhances the convenience and personalized experience. The car is also equipped with USB/Type-C interface and wireless charging function in the front and rear rows to meet the needs of modern technological life.

The BMW i5 series is equipped with a powerful engine with a maximum power of 210kW and a torque output of 410Nm. The efficient performance of this engine not only provides a smooth driving experience, but also shows BMW’s pursuit of power and efficiency.

Generally speaking, BMW i5 has won high recognition from car home car owners for its excellent endurance performance. His practical experience confirmed the accuracy of the official endurance configuration. Low power consumption not only improved the convenience of driving, but also met his daily needs. This once again confirms BMW’s technical strength and commitment in the field of new energy vehicles, making BMW i5 a green travel partner trusted by consumers.

　　Pumei and Pumei will take turns to sit in the village.

　　Mironov analyzed that Dmitry Medvedev, the most popular presidential candidate at present, will definitely become the new Russian president this year, and Putin will change his role to become the next prime minister. After that, Dmitry Medvedev "returned" the presidency to Putin at the end of his presidency in 2012; After Putin becomes the Russian president again, he will "conform to public opinion" and seek to amend the Constitution, so that the term of office of each president can reach five or seven years, and he can be re-elected.

　　If so, Putin can continue to serve as Russian president for 14 years, that is, from 2012 to 2026, during which Dmitry Medvedev will also change his role as prime minister. In 2026, Dmitry Medvedev will become the president of Russia again until 2033 (calculated by a seven-year term).

　　Study the possibility of Putin’s long-term governance

　　As the chairman of the Russian Federation Council, mironov’s words are not groundless. In fact, there have been such rumors in Russia, but this message was first conveyed by a senior government official. His remarks appeared in a Russian newspaper on the 21st local time.

　　As a loyal supporter of Putin, mironov has publicly stated before that he is working on ways and possibilities to make Putin in power for a long time. His bold idea has undoubtedly attracted the attention of all parties. "I have been studying various ways to keep Putin in power for a long time, and Putin will return to the Kremlin in 2012," mironov told the media.

　　At present, neither President Putin nor Medvedev has made any statement about the future. The Russian presidential election will be held on March 2 this year, and Putin will leave the presidency in May this year, but Putin has previously expressed his willingness to serve as Russian Prime Minister.

Editor: Li Xiuwei

Non-mainstream screen names are the favorite of boys and girls born in 1990s. They are not only unique in personality, but also show their own temperament characteristics. Moreover, this type of net name can be used in a wide range, not only in qq net names, but also in nicknames such as WeChat and Weibo. For boys, they prefer to use domineering types to highlight gender characteristics. What domineering net names are suitable for boys in qq non-mainstream net names? The following qq non-mainstream net name boys are domineering and share with everyone!

Qq non-mainstream net name boys are domineering

---

Everyone has different understanding of non-mainstream in each time period, and their favorite screen names are also different. In this small series, I collected some latest qq boys’ non-mainstream domineering net names, I hope you like them.

01, fiber hissing core movement

02. I am angry.

03. You must be crazy if you want to be a king.

04. kyik loves you

05. Be good at being cheated.

06, the only perfunctory づ

07. Love comes first.

08. Listen to "I’m sorry".

09. Zhimeng

10. Nine Days★ spirit of war.

11, waving a kitchen knife forward.

12. "I am willing to be alone for you."

13. Super-ideal bondage

14, the emperor as long as you (⌒ ω ⌒)

15. summer_ suspension spring

16, just want to wait for you to speak | ▍

17, ζ addiction

18. I am very happy

19. A cat with a long face

20. Modern boy

21, spoil and you o

22, wake up late after drinking

23. Bury.

24, nowhere to escape ~

25. One stop.

26. Fatal temptation

27, 1 heart to forget "

28. Both ends of good and evil

29, the heart returns to the origin.

30. ≡╬丿?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 舿 舿 舿 舿 舿 舿 舿 33

31. Wait for the wind

32. Don’t waste time

33. First love

34, a little bad Ω

35. Oh, hey

36. Green lemon *

37. Go to have fun alone.

38. Do not worry about it.

39. IQ is in arrears

40. Bite your lips and hate cats

41. God and angels

42. Ω o ㊣ ② ⑧ Love.

43. Don’t let him.

44. Pinellia ternata

45. Xia Muzhen

46, late autumn ♂ Canxue ℡.

47, Mo, Xi Li

48, щǒ is so ↘ drag

49. Elegant and decadent

50. Redeem God

51. Smoke.

52. Charm

53. Flower thief

54. Wild cats look like you.

55. Foul King

56. ☆ Do not worry about it.

57, sing, sad)

58. Be smart

59. Pigs.

60. Draw a picture

Girl, give me a smile

62, the devil べangel♀

63. Seduction.

64. Last tenderness

65. Time becomes the sea

66. Turbidity clears the air

67, the royal family, the prince, and the prince

68. Have fun

69. Tilt the spirit.

70. Don’t get my heart

71. Nostalgia

72, at the end of the stranger crazy I.

73, Liao heart recidivist

74, sinking ∫ blank heart

75. Time-lapse injuries.

76. Rogue gentleman I

77. Call me the Glower!

78. I am handsome.

79. "Turn around and cry."

80. Plutonium, Thulium, Biane

81, wild ~ disqualification

82, all for loneliness

83, heartburn η

84. I can’t go back to the past.

85. First love injury ①↘

I can’t stand your love.

87. An Zexi

88. Bow your head and sing shallowly

89, lazy cancer, severe cases

90. Domineering Hong Ye.

91. Bad years.

92, compensate smiling face @

93. Love and persistence in one cavity

94. I feel sad.

95, ★ Yu Zhou ★

96, cherish n and as life

97. You are all walk-ons.

98. Women who care.

99. The Story and You

100. _ ╰ Flowers bloom and fall.

101, dia concubine overlord

102. Say it ~

103. Love is unforgettable

104. @ 斐斘斘斘斘斘斘斘

105. Xiao Yeer

106. The world is full of sorrow

107, half sober

108,-Night dreams *

109,. Ka Neodymium.

110. Not for sale

111. The performance of _ _ begins.

112. Go deep into the river.

113, seize power

114. Like a dream _ not a dream

115, щǒ, ?丢

116, heart sin

117, the emperor read

118. What’s wrong and what’s wrong?

119. Overbearing the landlord

120, and the cup very well.

121, sunlight pierced the pupil.

122. What’s a feeling?

123. nostalgia and loneliness

124, thousands of regrets

125. Anger is a beauty.

126. Listen to a song and read a person.

127. pretend to be unintelligent

128, the proliferation of coolness

129. Labor and capital ⒐ ④ Bad

130, willing to all-weather.

131, the madman’s dream

132. Let’s go.

133. Look back on your enchanting beauty.

134. Keep a low profile.

135. Wait for the meteor.

136. Young people should strive hard.

137, amorous man @

138, don’t pay for dinner.

139. Suri style prosperity

140, じゆ Less romantic.

141, bully you little ye sa

142. ╰ぶ氷ヴ葑 _/

143, love, love, love, love and love.

Don’t leave me, please

145. Party I.

Continue reading »