Rouyu pays back half a year’s salary
“Late Point Finance” learned that Royole Technology, which has been in arrears for more than half a year, paid employees the arrears of wages on May 6.
Royole Technology is a flexible display manufacturer established in 2012. It was founded by Liu Zihong, a Ph.D. in electrical engineering from Stanford University. It has raised nearly 10 billion yuan in equity plus debt, and its valuation once reached 50 billion yuan. Investors include Shenzhen Venture Capital. , IDG Capital, Shanghai Pudong Development Bank, etc.
In the display industry with heavy assets and high investment, Royole originally hoped to use the new technology mastered by the founding team to catch up with the opportunity of flexible screen; but it has not acquired heavyweight customers and has not entered the stage of mass production. Screen phone sales are also dismal. After failing to sprint on the Science and Technology Innovation Board last year, Rouyu was in financial stress.
Most of Royole’s current employees received their basic salary for five and a half months from October last year to March this year, but year-end bonuses and reimbursements have not yet been paid. Employees who have left their jobs normally since the salary arrears have also received back pay.
The Rouyu OA system currently shows that the number of employees is over 500. According to the monthly salary of 20,000 and half a year posted by Rouyu on the recruitment website, the salary paid exceeds 50 million yuan. This does not include back pay for employees who have left the company.
Royole’s last public financing was a $300 million Series F financing completed in May 2020.
According to “Late Point Finance”, in early April 2021, Rouyu’s general manager’s office revealed that the company had less than 100 million yuan in cash left on its accounts; in December last year, Rouyu shareholders had found 300 million yuan in funds for the company, but To be calculated at a valuation of 10 billion yuan. When Rouyu submitted its prospectus in December 2020, its target valuation was 50 billion yuan. Rouyu believed the valuation was too low to close the deal, people familiar with the matter said.
Someone close to Rouyu said that the source of funds for Rouyu’s repayment of wages this time was a loan from Huaxia Bank. At the end of April this year, Royole told employees that it was applying for loan support from Hua Xia Bank and needed employees to apply for a new Hua Xia Bank savings card as a salary card.
People close to Royole speculate that there will be a tax rebate of about 500 million yuan for the purchase of imported equipment in the Qingdao production line of Royole. Royole may use this as a guarantee to obtain a bank loan. In 2020, Royole announced that it would invest in the construction of a second-generation flexible screen production line in Jiaozhou, Qingdao.
Royole started to owe part of the salary to the management as early as last April, and by the payday last November, Royole started to owe the full salary of the management and lower-level employees. Every month after that, the employees waited for an email saying “The company is actively promoting the financing work, please understand”.
In early April this year, Rouyu announced a “three-month holiday” internally. Some employees speculate that there will be a wave of resignation peaks after May 10, because when Rouyu announced the “holiday” before, it has already stated that only the minimum wage of 2,360 yuan will be paid in May and June.
May 8 is Rouyu’s tenth anniversary, and before that, the company partially resolved the issue of unpaid wages so that the company could spend the anniversary relatively decently. However, borrowing can only solve short-term problems. If Rouyu wants to get out of the current predicament, it needs to continue financing or seek other ways out.
The trading volume of Weibo Hong Kong stocks in one day is only HK$650,000
- In the past two years, although the number of IPOs in Hong Kong stocks is large and the scale is large enough to rank among the top three global stock exchanges, the rules and regulations are also in line with the world.
- However, many market participants are still worried about whether Hong Kong stocks with limited capital and sluggish trading can carry Chinese companies in US stocks that are looking for opportunities to return to Hong Kong. In addition to meeting corporate financing needs, the stock market also has capital speculation/investment functions.
- Catching up with the recent reduction of foreign holdings and the lack of suitable channels for domestic capital to enter, some Chinese companies that cannot tell a moving story seem to be forgotten by the market. 650,000 Hong Kong dollars, ranking 912th among 2,581 Hong Kong stocks.
- HK$650,000 is approximately RMB 550,000 at the latest exchange rate. The total trading volume of Hong Kong stocks on this day was HK$87.9 billion.
- On May 4, the national average price of live pigs for slaughtering was 15 yuan/kg. Foton Auman’s first four and last eight pig transport vehicles can carry 15,000 kilograms of pigs, and the value of the goods is about 225,000 yuan.
- The daily trading volume of Weibo Hong Kong stocks is not worth the three-car pigs loaded on a 15-ton truck.
- The decline in the liquidity of Hong Kong stocks has a certain relationship with the reduction of foreign holdings. According to a report by China Everbright Securities last year, if the shareholding of international securities companies is used as the representative of foreign capital in Hong Kong, the shareholding ratio of foreign capital will be stable at around 30%, while the market value will be stable at more than 40%. higher shareholding.
- At present, the daily turnover of Hong Kong stocks is about 100 billion Hong Kong dollars, and Tencent alone accounts for nearly 10%. Together with Meituan, Ali, and JD.com, these four companies can account for nearly 25%. Taking May 6 as an example, the transaction volumes of these four companies are:
- Tencent, 8.04 billion Hong Kong dollars, accounting for 9.15% of the trading volume of Hong Kong stocks.
- Meituan, 6.06 billion Hong Kong dollars, accounting for 6.9% of the trading volume of Hong Kong stocks.
- Alibaba, 4.61 billion Hong Kong dollars, accounting for 5.25% of the trading volume of Hong Kong stocks.
- JD.com, with HK$2.53 billion, accounted for 2.88% of the trading volume of Hong Kong stocks.
- Part of the foreign capital also flows in and out of A-shares through Shanghai/Shenzhen Stock Connect, which also diverts funds from Hong Kong stocks to a certain extent. Taking May 5 as an example, the mainland companies with the most foreign capital trading northwards are:
- Kweichow Moutai, 2.436 billion RMB.
- Yili shares, 1.158 billion yuan.
- China Merchants Bank, RMB 1.017 billion.
- LONGi shares, 865 million yuan.
Musk’s Twitter transformation plan: a social platform that does not rely on advertising, revenue and Baidu
- Musk recently showed investors Twitter’s profit goal — raising annual revenue to $26.4 billion by 2028. That figure is seen as yet another big dream for Musk, considering its revenue last year was just $5 billion.
- In contrast, Chinese search engine giant Baidu’s overall revenue in 2021 will only be $19.54 billion, with advertising revenue accounting for 60%. Meta (Facebook) had $117.9 billion in revenue last year, with advertising revenue exceeding 97%.
- Ninety percent of Twitter’s current revenue also comes from advertising. Musk plans to reduce the proportion of advertising to 45% by 2028, although the absolute amount will increase from $4.5 billion to $12 billion. Musk has previously said that if it relies too heavily on advertising dollars, the platform will have to be at the mercy of big companies, thereby hindering free speech.
- As planned, subscription revenue will increase to $10 billion. But Twitter only launched its first subscription service in June last year, and has reportedly made only $2.5 million in cumulative revenue in the iOS app market so far.
- Other revenue streams include the payments business, which is expected to generate $1.3 billion in 2028. Currently Twitter does not have a payment function.
- Probably the most important revenue base is users. In Musk’s vision, Twitter will have 931 million monetizable daily active users (mDAU) by 2028, up from 217 million at the end of last year.
Affected by the Asia-Pacific epidemic, Adidas, Under Armour reduce revenue expectations
- Sports brand Under Armour gave lower-than-expected annual profit guidance as higher transportation costs and the pandemic hit its business.
- Asia Pacific contributed 15% of Under Armour’s revenue last year. However, in the first quarter of this year, the epidemic control in China and other places became stricter, and the revenue in the Asia-Pacific region fell by 14%.
- On the same day, Adidas also announced that in the first quarter, excluding the impact of exchange rates, sales fell by 3%, of which revenue in Greater China fell by 35% compared with last year. The rest of Asia-Pacific recorded a 13% increase in sales in the first quarter, but those gains were largely wiped out by the impact of the outbreak in Vietnam and China.
- Adidas will also pull its expectations on revenue and net income from continuing operations to the lower end of the original expected range.
- Adidas said that even in places in China not directly affected by the outbreak, passenger traffic has fallen sharply. The company expects a significant reduction in revenue in Greater China in 2022.
Zhang Wenhong: The vaccination rate of the elderly in China is low, and a dynamic reset policy must be adopted at present
- On May 6, The Lancet published a newsletter signed by Zhang Xinxin (Shanghai Ruijin Hospital), Zhang Wenhong (Shanghai Huashan Hospital) and Chen Saijuan (Shanghai Ruijin Hospital). While reviewing the overall situation of the epidemic in Shanghai, it pointed out that strengthening The necessity of vaccination, and reiterated the necessity of implementing the dynamic zero policy at this stage.
- The article said that as of May 4, Shanghai had reported a total of 601,942 new crown infections, including 547,056 asymptomatic infections. 503 people died from or died from Covid-19.
- The three authors mentioned that although the Omicron variant is developing towards low toxicity, 38% of the elderly over the age of 60 in Shanghai have not been vaccinated against the new crown, and there are 49 million elderly people in China who have not been vaccinated. Risk of severe illness and death.
- They compared data on people over the age of 60 in Hong Kong, China, and pointed out that 19.3% of people in this group were not vaccinated, and the crude case fatality rate in the latest wave of epidemics was 2.7%. Only 2% of New Zealand elderly people of the same age have not been vaccinated, corresponding to a crude case fatality rate of 0.07%.
- Therefore, the authors believe that dynamic clearing measures must be taken at present to protect the elderly who have not been vaccinated from a large number of severe cases and deaths. On March 7, Zhang Wenhong also posted that “as the anti-epidemic has entered the deep water area, the strategy of ‘dynamic clearing’ has been more clearly implemented.”
- They say the next challenge is how to help people overcome hesitancy to vaccinate, especially the elderly and vulnerable. Efforts underway in China also include approving a new vaccine against the Omicron strain for clinical trials, producing effective Covid-19 drugs, adequately preparing intensive care units and related personnel, and training personnel capable of “last mile” disease control work Wait.
- The authors also mentioned the great assistance to Shanghai from other cities in China, as well as the material and psychological help provided by volunteers and social workers to Shanghai residents.
- This article continues the views Zhang Wenhong has published several times this year. At the beginning of this year, he also mentioned that once a large number of people with advanced age and basic diseases are infected, there will be serious consequences. Therefore, it is necessary to suppress the epidemic to a controllable level and buy time for other epidemic prevention measures.
- The article is titled Shanghai’s Life-saving Efforts against the Current Omicron Wave of the COVID-19 Pandemic .
OTHER NEWS
The Shanghai college entrance examination and the senior high school entrance examination have been postponed for one month.
Shanghai Vice Mayor Chen Qun said on the 7th that this year’s college entrance examination in Shanghai will be postponed to July 7-9, and the senior high school entrance examination will be postponed to July 11-12. In 2003, Shanghai postponed the senior high school entrance examination for one month due to the prevention and control of SARS. In 2020, the country will postpone the college entrance examination for one month in order to prevent and control the new crown epidemic.
The four departments have put forward specific restrictions on minors watching online live broadcasts and acting as anchors.
The Central Civilization Office, the Ministry of Culture and Tourism, the State Administration of Radio, Film and Television, and the State Internet Information Office jointly issued an opinion, mentioning that minors should be prohibited from participating in live broadcast rewards, strictly control minors as anchors, and online platforms should cancel the display of the reward list (because Lists and gifts are important functional applications that attract teenagers to “watch” and interact), and the number of “Lianmai PK” in the live broadcast room of a single account during the peak period of teenagers’ Internet access (20-22 hours) shall not exceed 2 times every day, etc. Previously, the Cyberspace Administration of China had issued several documents requesting to strengthen online protection for minors.
At the end of April, China’s foreign exchange reserves were US$3,119.72 billion.
$3,250.166 billion at the end of December 2021. The high was in June 2014, at $3,993.213 billion.
Pagoda apologises for “selling overnight cut fruit”.
Recently, a blogger released a video showing that the two stores in Baiguoyuan sold overnight fruit cut and spoiled fruit, and also upgraded low-grade fruit illegally and sold it at a higher price. Baiguoyuan apologized urgently, saying that the store involved was a franchise store and had been closed for rectification, and the clerk involved was suspended for further education. Pagoda just submitted a listing application to the Hong Kong Stock Exchange on Monday, showing that as of the latest practicable date, it has over 5,351 stores in over 130 cities across the country, of which 5,336 are franchise stores.
“Manji Desserts” and the new tea brand “Xiaomanchatian” have completed the merger.
According to 36 Krypton, the traditional dessert giant “Manji Dessert” and “Xiaoman Tea Field”, which specializes in high-end fresh fruit tea, have completed the merger. Afterwards, they will launch a new dessert concept and open medium and large new format stores. The management said that the two parties have their own advantages in supply chain and product innovation, and hope to achieve complementarity; the former Starbucks China Supply Chain Director and the former Starbucks China East China Operations Director also newly joined the management team. Zhigang Group, the parent company of Manji Desserts, also announced the completion of a new round of financing.
More than half of the national grain spring planting has been completed, and the progress is generally smooth.
According to CCTV news, 492 million mu of grain has been sown in the country in spring, more than half of the intended area has been completed, and the progress is 1.6 percentage points faster than the same period of the previous year. Among them, the planting of early rice has been completed, 80% of spring wheat, 60% of potatoes, nearly 70% of spring corn, and nearly 20% of soybeans.
Global food prices fell slightly in April.
According to the United Nations Food and Agriculture Organization (FAO), the global food price index fell slightly by 0.8% in April after a sharp rise of 13% in March, but it still rose by nearly 30% compared with April last year. Among them, vegetable oil prices, which rose the most last month, fell 5.7%, mainly because high prices suppressed demand; as South America entered the harvest season, corn prices also fell by 3%. Prices of sugar, meat and dairy products rose modestly this month.
Mother’s Day, social openness, and fertilizer shortages have all pushed up flower prices.
Kenya and Ethiopia are major flower suppliers to Europe. According to data from Kenyan institutions, although the shortage of fertilizers has increased prices, which has weakened this year’s production, with the reopening of society and rising demand, the price of flowers has rebounded significantly, and the export value of flowers is expected to exceed last year’s 954 million US dollars. Mother’s Day this weekend is the second-highest period for Kenya’s flower exports, accounting for about 25% of annual revenue, behind only Valentine’s Day at 35%.
PetroChina said it did not buy discounted oil from Russia.
PetroChina said on Friday that it has no plans to buy additional discounted oil or natural gas from Russia, and that all business with Russia is carried out under previously signed contracts, although previous transactions were settled in dollars or euros, and the settlement is now somewhat affected. After India was reported to be buying a lot of discounted oil from Russia, there was speculation that China’s state-owned energy giant would do the same.
Tesla confirms long-term nickel purchase agreement with Vale.
According to media reports, Tesla and Vale signed a long-term agreement for nickel procurement to ensure the supply of battery raw materials. Although nickel prices are currently high, due to the long mining cycle, miners are worried that excessive production expansion will lead to price declines. Musk has previously said that nickel supply has become one of the biggest bottlenecks in expanding electric vehicle production, and that Tesla may have to go directly into the mining industry to ensure supply security. Tesla has now bypassed battery manufacturers and reached direct purchase agreements with a number of miners.
Japan and India have teamed up to develop a low-cost electric vehicle charging standard for emerging markets in Asia.
Japan will work with India to develop lower-cost electric vehicle charging standards, with the goal of quickly rolling out charging networks and boosting electric vehicle sales in Southeast Asian countries with lower income levels. The plan will be based on the existing Japanese standards, but by simplifying the structure, the installation cost of the charging point can be reduced by more than 60% to less than US$10,000; the maximum output power is planned to be 22 kilowatts, which is half of the typical power of Japanese charging stations. Japanese manufacturers This is expected to bring new business opportunities.
The global pulp is facing a shortage, and the prices of daily necessities such as toilet paper may rise further.
Suzano, the world’s largest pulp producer, reminded that the current global pulp inventory has dropped sharply, coupled with blocked raw material supply and limited future production capacity, which may lead to further increases in the prices of daily necessities such as paper towels and diapers. On the one hand, because Russia, as an important source of wood raw materials, has now lost its supply qualification; in addition, factors such as long-term shipping congestion and worker strikes also have an impact.
US wage growth decelerated in April, which may ease inflationary pressures.
The United States added 428,000 non-farm payrolls in April, higher than the expected 391,000; the average hourly wage rose 0.3% month-on-month, lower than the expected 0.4%. Employment growth was mainly driven by the manufacturing sector. S&P Global data showed that the US manufacturing PMI recorded a high growth rate of 59.2 in April. Another analysis believes that the slowdown in wage growth may not exacerbate inflation in the short term; but at present, inflation is rising faster than wages, and workers’ living standards will decline.
The U.S. has reported 109 cases of unexplained childhood hepatitis, most of them unvaccinated.
U.S. health officials said Friday that 109 cases of unexplained childhood hepatitis have been diagnosed, including five deaths and 14 requiring liver transplants; surveys show that most cases have not been vaccinated against the new crown, so it is unlikely to be related to the vaccine; about half Children are also infected with adenovirus, but the adenovirus generally only causes the common cold and hepatitis only occurs in immunocompromised children, and this time many cases did not have immune problems. Officials said the cause remains to be studied, but overall, the incidence of severe hepatitis in children is no higher than before the epidemic.
Being overweight may weaken the protection of new crown vaccines, including inactivated vaccines and mRNA vaccines.
A small study in Turkey compared vaccine immune responses in 124 severely overweight (BMI ≥ 40) and 166 normal-weight (BMI < 25) individuals; 70 of them had been infected with COVID-19, and there were no significant differences in antibody levels between groups; however, Among those who have not been infected with the new crown, those who received the Pfizer mRNA vaccine had over 3 times lower levels of superrecombinant antibodies than the normal group; those who received the Kexing inactivated vaccine had over 27 times lower levels of overrecombinant antibodies. The study remains to be peer-reviewed, and the researchers say further research is needed to see whether higher antibody levels are better at preventing COVID-19.
Except for cash assets, every stock on which Sister Wood’s flagship fund is betting fell.
U.S. stocks tumbled on Thursday, with growth stocks selling particularly sharply amid rising interest rates. The ARKK fund, which holds heavy holdings of high-tech growth stocks, fell 8.9% that day, and the cumulative decline this year has exceeded 50%. More than 30 stocks it holds have all fallen in the past year, including Tesla, Zoom, Shopify, Sea and so on. ARKK is the flagship fund of investor Cathie Wood, and its full name is ARK Innovation ETF.
Text | Zhang Jiahao Gong Fangyi Lin Guangying Intern Wang Yuqing Intern Yi Silin
Editor | Gong Fangyi
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