Original link: https://www.latepost.com/news/dj_detail?id=1704
Daily Youxian delisted, what kind of year did the employees and suppliers spend?
On June 13, Daily Fresh announced that it had received a delisting and delisting notice from the Nasdaq Listing Qualification Department. Currently, Daily Fresh plans to apply for a hearing to maintain its listing status, and will suspend any action until the end of the process.
We covered the sudden collapse of this once star startup a year ago. Before the incident, the employees and suppliers of Youxian Daily had witnessed all kinds of anomalies in the company, but they still chose to believe in the promise of the management that the company would not go bankrupt, and that wages and payments owed would be paid normally. Afterwards, the direction of events completely exceeded their expectations.
In the past year, they have tried various methods to protect their own rights and interests, but the results have not been satisfactory, and their general mentality has also changed from a glimmer of hope to gradual disillusionment.
In July last year, about 800 employees at the headquarters were involved in the disbandment of the front warehouse business of Daily Fresh. The company defaulted on the salaries of the employees and stopped paying social security. After the dissolution, the company’s management privately promised to solve the problem for the employees, and the employees also tried to apply for arbitration and sue the company, which was supported by the court, but neither social security nor wage arrears were resolved. In the past year, some people found new jobs, some chose to start their own businesses, and some stayed at home to become online car-hailing drivers or delivery riders.
More affected are thousands of large and small suppliers across the country. According to our incomplete statistics at the time, as of June 2022, Daily Youxian’s accounts payable was as high as 2.24 billion yuan, and the total company account balance was only 108 million yuan, which was less than half of the fraction of accounts payable.
The suppliers traveled around Beijing, Qingdao, and Changshu, looking for the founder of the company, Xu Zheng, for an explanation, and tried to recover the arrears through administrative means and lawsuits.
They failed to meet Xu Zheng and other executives. During the period, some suppliers received calls claiming to be the staff of Youxian Daily, and the solution provided was to treat the debt at a 20% discount and pay it in 12 months. A very small number of people chose to compromise and cooperate with the contract, and they did not receive a penny after that.
Most suppliers choose to sue Daily Youxian in Qingdao and Changshu, where Youxian is registered, demanding repayment of the goods. Daily Fresh will relocate the company headquarters to these two regions after receiving more than 2 billion investments from the two governments in 2021. The suppliers have won the lawsuits one after another, and the local court has ruled in favor of their demands. However, most of the facilities of Youxian Daily are leased, and there are not many fixed assets for enforcement, so they cannot pay the arrears.
In May of this year, some shareholding employees received an exercise email from the company, and employees can register to sell stocks. The market value of Youxian when it was listed was 3.5 billion US dollars, and the current market value is 4.83 million US dollars. An employee told Wanwan Caijing that the shares he held were worth more than 3 million yuan when the company went public, but are now worth less than 2,000 yuan.
The downfall of Daily Fresh has not only affected employees and partners, but also the confidence of the whole society in front-stored fresh food e-commerce. After this battle, some families and companies went bankrupt, and some suppliers chose not to supply to the front warehouse fresh food e-commerce companies. In the minds of many people, this industry has gone bankrupt due to the collapse of Daily Fresh. (Shen Fangwei)
Chinese photovoltaic industry was investigated in Germany, and passports were temporarily withheld
Yesterday evening, it was reported that an executive from a domestic photovoltaic company went to Germany to participate in an industry exhibition and was taken away by the police as soon as he got off the plane in Munich. In the early hours of the morning, Pu Yonghua, the person involved, said that he was “called by them to investigate, and he has come out.” Subsequently, the China Photovoltaic Industry Association also issued a document stating that the party involved was only assisting in the investigation, and there was only one person, and it did not involve multiple companies or personnel reported on the Internet.
This matter was reported by many media. According to a report by Yicai, the German police said that they had issued a pre-trial detention warrant to the client, who had been brought before a magistrate that day, but under certain conditions, the arrest had been suspended. Jiemian News learned that Pu Yonghua’s passport was detained by the German side, and he was temporarily unable to return to China. Pu Yonghua worked in Runda Photovoltaic from 2009 to 2020 and is now an executive of Greenbauer.
Most sources in the industry said that the incident was a historical issue related to the EU’s previous “anti-dumping” policy. Some people in the industry said that there are certain loopholes in the “double anti-dumping” policy, and companies can enter the EU through third-party countries and regions, thereby avoiding high tariffs. Relevant departments in Germany believe that this is suspected of smuggling, and have strictly investigated this in recent years. From 2016 to 2019, Chinese executives were successively detained and investigated by Germany for this reason.
The United States took the lead in imposing anti-subsidy and anti-dumping duties on Chinese photovoltaic products in 2012. The European Union launched an investigation in September 2012, and decided to impose a 47.6% anti-dumping duty on Chinese photovoltaic products in the following year. After negotiating with China, it launched the China-EU Photovoltaic Minimum Price Promise (MIP) that year, and enterprises promised that photovoltaic products were higher than the minimum price. , and the sales volume is within a certain quota, they can be exempted from paying “double reverse” tariffs. The EU’s “double reverse” policy was implemented for 5 years and ended in September 2018.
In 2011, more than 90% of China’s photovoltaic products were sold overseas, and about 70% were sold to Europe and the United States, with a total export value of 22.7 billion US dollars. Affected by the “anti-dumping and anti-dumping”, in 2012 it dropped by more than 40%, and in 2013 it dropped by another 20% to US$10.2 billion. In 2012, the domestic polysilicon industry lost money across the board, and more than 80% of enterprises stopped production, and two of them went bankrupt. Then the industry began to integrate, and China also vigorously stimulated domestic demand, and the scale effect gradually formed. In 2016, the output value of the domestic photovoltaic industry surpassed that before the “Double Reversal” and last year about three-quarters of the production capacity was digested domestically.
In 2018, the European Union terminated the “anti-dumping” policy, coupled with the promotion of “carbon reduction” goals, China’s photovoltaic exports returned to growth, with a year-on-year increase of 20% to US$13.6 billion, surpassing the “anti-dumping” in 2021, last year affected by the geopolitical situation Impact, an increase of 80% year-on-year to 51.2 billion US dollars, nearly half of which were sold to Europe. But the prospect is not safe. For example, the European Union plans to implement “carbon tariffs” in October this year. Products exported to the EU need to pay for the carbon emissions in the production process. (Lin Guangying)
A-Share Conservation War
According to The Paper, in the face of the continuous decline in stock prices and the imminent delisting of the company, Rongsheng Development, Jinke Shares, ST Shimao, and *ST Xinlian have launched a shell protection plan. Rongsheng Development and Jinke Co., Ltd. announced that they will increase their holdings of major shareholders’ assets in a targeted manner, with increases of more than 10% and 20% respectively on the day. ST Shimao and *ST Xinlian stimulated their share prices through shareholders increasing their holdings and repurchasing shares.
At present, Rongsheng Development, ST Shimao, and *ST Xinlian are still above 1 yuan per share, and Jinke shares have been suspended. According to Choice data, 18 companies have been “delisted at face value” this year.
Previously, the means of protecting the shell of listed companies focused more on improving performance, such as mergers and acquisitions, signing large orders to boost performance, setting up new companies and new businesses to increase revenue, or relying on government subsidies, selling assets, equity, etc., using non-recurring gains and losses Make up for the performance of the main business. From 2015 to 2017, less than 3 companies were delisted each year. Since the pilot registration system in 2018, the number of companies that have been forced to delist each year has gradually increased to double digits.
Since the introduction of new delisting regulations such as “delisting with a market value of less than 1 yuan” and “delisting with a market value below 300 million yuan”, in order to avoid delisting, companies must not only pay attention to earnings management, but also need to repurchase shares, increase shareholder holdings, etc. Stabilize short-term investor sentiment.
Different from the measurement of financial indicators, the new delisting rules more reflect the survival of the fittest in the capital market. In the past two years, the operation of some real estate companies has deteriorated. In 2022, a total of 10 real estate companies will default, accounting for 56% of the defaulters. Investors’ willingness to invest in the real estate industry has dropped significantly.
On the other hand, the registration system implemented this year has streamlined and optimized the listing conditions and canceled some hard indicators. Compared with backdoor listing, it is more efficient for companies to register and list directly. As a result, the value of ST’s “shell” resources has been declining. The income from selling shells is not large, and the means to protect shells are insufficient, which will also make the market actively screen listed companies to form a closed loop. (Intern Fu Xiaoyu)
OTHER NEWS
Byte has ordered more than $1 billion in GPUs from Nvidia this year.
According to “LatePost”, after the Spring Festival this year, major Chinese Internet companies with cloud computing services have placed large orders with Nvidia. Byte ordered more than 1 billion US dollars of GPU from Nvidia, and another large company also ordered more than 1 billion yuan. It is estimated that the sales of Nvidia GPU in China last year were about 10 billion yuan. Since the launch of ChatGPT, global technology companies have been snapping up Nvidia’s high-computing GPUs, making production capacity urgent. According to the report, whether Chinese companies can grab the cards depends more on commercial relationships.
In May, there were 178,000 new registered online car-hailing drivers nationwide, bringing the total to 5.584 million.
According to the Ministry of Transport, as of May 31, a total of 5.584 million online car-hailing driver’s licenses and 2.357 million vehicle transport licenses have been issued nationwide, an increase of 3.3% and 2.5% month-on-month, respectively. On the one hand, the growth is due to the addition of new drivers, and the new certification of existing drivers. Among them, the compliance rate of Didi Chuxing increased by 0.2 percentage points to 76.5%, Ruqi Chuxing decreased by 2.1 percentage points to 90.7%, and T3 Chuxing decreased by 2.8 percentage points to 86.5%. The compliance rate refers to the proportion of “double certificate” orders.
China’s antitrust fines last year are equivalent to 3.3% of those in 2021.
The State Administration of Market Regulation recently released a report showing that in 2022, a total of 187 monopoly cases of various types will be investigated and dealt with, with a fine and confiscation amounting to 784 million yuan. This compares to 3.3% of the amount forfeited in 2021 last year. The sharp reduction in the amount of fines is mainly due to the normalization of anti-monopoly supervision in the Internet industry. In 2021, there will be mainly fines from Meituan and Ali.
Yanzhiwu applied to be listed in Hong Kong, and its net profit last year was 206 million yuan.
According to the prospectus, the revenue of Yanzhiwu from 2020 to 2022 will be 1.3 billion yuan, 1.51 billion yuan, and 1.73 billion yuan respectively, over 96% of which will come from pure bird’s nest products; gross profit margins will be 42.7%, 48.2%, and 50.8% respectively. The ratio of distribution expenses to revenue has also increased year by year to 24.4%, 26.5%, and 29.1%, respectively. As of the end of last year, Yanzhiwu had 89 self-operated stores and 615 distribution stores, and opened online stores on JD.com, Tmall, and Douyin. Lin Chiling and Zhao Liying were invited to speak for 2018 and 2022 respectively.
Ningde era didn’t want to just be a battery factory, but released heavy-duty truck batteries, battery replacement stations and cloud platforms.
On June 12, Ningde Times released its heavy-duty truck battery replacement brand Qiji Battery. The products include Qiji battery replacement block, Qiji battery replacement station, and Qiji cloud platform. Batteries account for up to 50% of the total cost of electric heavy trucks, while Ningde Times holds nearly 90% of the heavy truck battery market. Through Qiji battery replacement, Ningde era hopes to open up more new businesses besides batteries. The operation of battery swap stations is the core link of the battery swap industry chain. The number of heavy truck swap stations reached 300 last year, which is still a small number compared to passenger car swap stations. The cloud platform can improve the efficiency and optimize the battery swap process.
Su Hua, the co-founder of Kuaishou, has an additional identity, VC.
According to media reports, Su Hua, the co-founder of Kuaishou, is investing in venture capital, and the projects involved include the fusion energy business company Energy Singularity. In 2021, Su Hua stepped down as CEO of Kuaishou. Since then, there have been rumors that Su Hua invested in the virtual reality company Nreal and the AI company founded by Meituan co-founder Wang Huiwen, but they were all denied. Zhang Yiming, the founder of ByteDance who resigned in the same year as Su Hua, also established a personal investment fund the day before yesterday, mainly investing in technology-related industries. Many successful Internet entrepreneurs have entered the investment field, such as Lei Jun who founded Shunwei Capital, Wang Xing who founded Dragon Ball Capital, and Ma Yun who founded Yunfeng Fund.
The National Development and Reform Commission has allocated 7.3 billion yuan for work-for-relief investment.
Since the beginning of this year, the National Development and Reform Commission has issued batches of 7.3 billion yuan of central special investment for work relief, accounting for more than 90% of the annual planned investment scale, supporting more than 20 provinces in the central and western regions to implement more than 2,000 small and medium-sized rural infrastructure construction projects , Increase the proportion of labor remuneration for investment projects in the central budget of work-for-relief to more than 30% of the central funds. After the implementation of the project, it is estimated that more than 2 billion yuan of labor remuneration will be paid. “Relief by work” means that the government invests in infrastructure projects in the form of in-kind conversion or cash, and the recipients participate in the construction of the project and get labor service remuneration, which replaces the relief method in which the government directly distributes money and consumer vouchers.
Apple shares hit record highs.
Apple shares rose 1.6 percent on Monday to close at $183.79 a share, a record high. Apple shares are up 2.3 percent since last week’s new product announcement and are up 41 percent this year.
The popularity of street fashion brands has subsided, and Supreme’s annual revenue has fallen by 7%.
In the year ended March this year, the tide brand Supreme’s revenue was US$520 million, a year-on-year decrease of US$38.4 million, far below the company’s target of US$600 million. The industry believes that street fashion brands are not so popular nowadays. On the one hand, many niche youth culture brands such as Corteiz have begun to rise. In addition, luxury brands have also begun to launch streetwear. VF Group of the United States acquired Supreme for US$2.1 billion at the end of 2020, and it also owns brands such as Dickies, Vans, and Timberland.
Goldman Sachs will disclose impairments related to commercial real estate.
The CEO of Goldman Sachs said that Goldman Sachs will announce the impairment of loans and equity investments related to commercial real estate in the second quarter. In the first quarter, real estate loans have been impaired by nearly 400 million US dollars. There was a wave of real estate growth in the United States last year. The median house price in the United States has continued to rise since the beginning of last year. After reaching a peak of $416,000 in June, it began to decline and is currently $375,000. Additionally, US existing home sales have declined in 14 of the past 15 months.
SoftBank Vision Fund will cut another 30% of its workforce.
SoftBank’s Vision Fund is planning a new round of layoffs, which may be announced in the next two weeks, affecting 30% of its workforce. In September last year, the Vision Fund laid off at least 150 people, and its number of employees was 349 at the end of March this year. Vision Fund 2’s portfolio was worth $31 billion at the end of March, while the acquisition cost was $49.9 billion. Softbank’s annual net loss was US$7.2 billion, and the group also sold Alibaba shares of the same value in order to stop losses.
Altman and Masayoshi Son met to discuss business cooperation.
According to media reports, OpenAI CEO Sam Altman (Sam Altman), who is visiting Japan, revealed that he has met with the chairman and CEO of Softbank to “study what can be done together.” Japan, which is a little quiet in the era of mobile Internet, is currently in this wave of AIGC, from the government to the enterprise, showing a high degree of tolerance and willingness to cooperate. Last week, Yokosuka City in Japan also became the first city in the world to use ChatGPT to handle government affairs.
Nasdaq will acquire financial risk management software company Adenza for $10.5 billion.
On June 12, exchange operator Nasdaq (Nasdaq) announced that it will acquire financial risk software company Adenza from private equity group Thoma Bravo for $10.5 billion in cash and stock. Thoma Bravo will acquire Nasdaq 14.9 % stake and board seats. This is the company’s largest transaction to date and is expected to close within 6-9 months.
Adenza mainly provides financial risk management software for banks, insurance companies, securities companies, etc. Expected to generate $600 million in revenue and $300 million in cash flow this year, the valuation is 18 times expected revenue, much higher than other information companies. Nasdaq is raising about $6 billion in high debt to complete the acquisition. Shares of the company were down 10% that morning to their lows for the year.
Oracle’s quarterly revenue exceeded expectations, mainly driven by cloud business.
Oracle’s revenue in the fiscal fourth quarter ended May 31 rose 17% year-on-year to $13.8 billion, with cloud revenue rising 54% to $4.4 billion. Fiscal 2023 revenue hits record $50 billion. The company stated that it is mainly driven by the cloud business and expects the growth rate to continue until next year. “Oracle’s second-generation cloud platform has quickly become the first choice for running generative AI.” The company has recently signed contracts exceeding US$2 billion with a number of large-scale model development companies (Cohere, Mosaic ML). In October last year, it also reached a strategic cooperation with Nvidia to obtain technical support such as AI cloud infrastructure chips.
The U.S. Federal Trade Commission has applied to the court for a temporary injunction preventing Microsoft from acquiring Activision Blizzard.
On June 12, the U.S. Federal Trade Commission (FTC) filed in California federal court to block Microsoft from completing its acquisition of Activision Blizzard by the July 18 deal deadline because of “media reports that, despite pending administrative proceedings, defendants Serious consideration is still being given to consummating the proposed acquisition.” The FTC filed the lawsuit in December on antitrust grounds, but the hearing will be held in August, after the deal closes. In this regard, the president of Microsoft said that “we are very happy to have the opportunity to present our case in federal court” and can speed up the legal process. The deal was approved by the European Union last month, and only the UK and the US have yet to ratify it.
The production of cocoa and sugar has been reduced due to the drought, and the price of chocolate may increase.
On Monday, cocoa market prices rose as high as $3,180 a tonne, the highest since May 2016. Cocoa prices have risen by more than a third in the past nine months as it faces shortages. Analysts expect this year’s El Niño to drier West Africa, further curtailing production, with Côte d’Ivoire and Ghana accounting for more than 60 percent of global cocoa production. Sugar prices also broke through nearly 11-year highs in April, partly because of drought in India, Thailand, China and Europe.
The Italian government has refused to intervene in prices, and consumers are planning a pasta strike.
Data show that the price of pasta products rose by 16.5% year-on-year in April, equivalent to twice the increase in CPI in the same period, causing dissatisfaction among consumers. But after a crisis meeting last month, the Italian government decided not to intervene in prices. A local consumer advocacy group called for a week-long national pasta strike from June 22, and everyone stopped buying pasta.
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