Original link: https://www.latepost.com/news/dj_detail?id=1784
JD may acquire Yonghui, why do e-commerce companies want to buy supermarkets
E-commerce giants do retail, no matter online platforms or offline new retail, they go around and go around, and in the end it seems that they can’t avoid directly buying a supermarket chain. Alibaba and Amazon have done this, and JD.com may do the same.
According to Snow Leopard Finance, JD.com plans to seek control of Yonghui Superstores, the second largest supermarket brand in China. The latter operated more than 1,000 stores in more than 500 cities across the country as of the end of last year, with revenue exceeding 90 billion yuan last year. According to Kantar Consumer Reports, Yonghui Superstores is the second largest retailer brand in China, accounting for 5.7% of the market share, second only to Sun Art Retail and slightly higher than Wal-Mart Group.
It is reported that the two parties have conducted at least one round of negotiations, but have not yet reached an agreement. Jingdong’s current statement is “no such intention”. As of the close on August 1, the total market value of Yonghui Superstores was 32.9 billion yuan. As of the first quarter, JD.com had more than 200 billion yuan in cash and short-term investments.
The two companies reached a strategic cooperation as early as 2015. At that time, JD.com bought 10% of the shares of Yonghui Supermarket for 4.3 billion yuan. As part of the agreement, JD.com, which has just started its daily chemical and groceries channels, can use Yonghui Supermarket’s existing Some procurement channels improve the commodity supply chain management process. As of March this year, JD.com’s shareholding in Yonghui rose to 13.38%, making it its second largest shareholder.
However, if you only look at the layout of JD.com’s mobile app, the cooperation between the two companies does not seem to be very close. We tried to locate the central area of Guangzhou, and found that Sam’s Club, which is 5 kilometers away, ranks first in both Shida and JD Daojia’s supermarket pages, followed by Ole and Yong. Mid-to-high-end supermarkets such as Wangwang, and Yonghui, which is 2.4 kilometers away, ranked fifth. If you choose the fresh vegetable market column, Yonghui’s ranking will rise to third.
There are many kinds of consumer goods, but there are only a few that are suitable for traditional e-commerce, such as 3C digital, books, home appliances, daily fast-moving consumer goods, entertainment and office supplies, and some clothing, shoes and hats. The biggest features of these commodities are product standardization, strong price comparability, low timeliness requirements, and a complete distribution system. No matter how big an e-commerce company or market is, it is always easy to touch the ceiling of online penetration.
Even in China, where consumption habits have been greatly changed in the past few years, the proportion of online physical retail sales in the market still does not exceed 30%. Community group buying and so-called near-field e-commerce have made progress, but there are large differences between different regions, and there is still a considerable distance from market expectations. The online penetration rate of non-standard and consumable categories such as fresh food is even lower. According to the China Commercial Industry Research Institute, 87% of fresh food consumption was completed offline during the same period.
Therefore, the largest e-commerce companies have long understood that investing in or even acquiring offline brands is the fastest and most effective way to make up for their shortcomings—obtaining assets and customer sources, diluting fixed and variable expenses.
For example, in addition to investing in Yonghui, JD.com also accepted a strategic stake in Wal-Mart, the parent company of Sam’s Supermarket, in 2016. Their JD Supermarket and JD Daojia platforms are connected to large and small supermarkets on the one hand, and on the other hand, they have established a self-operated supermarket brand Qixian, and have successively invested in Tiantian Orchard, Qian Dama, organic food supplier Guoshihui, Xingshengyou, etc.
The old rival Alibaba was earlier and more active in offline business. In 2015, Ali announced that it would invest 28.3 billion yuan in Suning, becoming its second largest shareholder. In 2016, it intensively incubated Hema Xiansheng, controlled Yintai Shopping Mall, and invested in Sanjiang Shopping and Lianhua Supermarket. In the following year, in addition to reaching a strategic cooperation with Bailian Group, Ali also acquired a 36.16% stake in Sun Art Retail, the parent company of RT-Mart, for 22.4 billion Hong Kong dollars, and increased its capital by 28 billion Hong Kong dollars in 2020 to control it.
Amazon, the originator of e-commerce, cannot escape this rule. In recent years, Amazon has successively opened offline bookstores, home furnishing stores, clothing stores, unmanned grocery stores, fresh food stores, etc., but the volume is not large. The biggest deal was the purchase of Whole Foods for $17.7 billion in 2017, taking over more than 460 of its stores and directly becoming the fifth largest grocery retailer in the United States.
Another dilemma of China’s traditional e-commerce is that the “younger generation” such as Pinduoduo, Douyin, and Kuaishou are increasingly oppressed. The reorganization of Alibaba, the return of the founder of JD.com and other organizational adjustments are enough to illustrate the problem.
For JD.com, the acquisition of Yonghui is also in line with Liu Qiangdong’s overall layout of offline business. He once set a goal that 50% of the products on JD.com’s main website should be delivered within one hour in the future. Hui store, JD.com is likely to expand the front warehouse area of these stores.
At the internal meeting in June this year, Liu Qiangdong also mentioned that today when Alibaba emphasized “returning to Taobao, returning to online, and returning to the Internet”, JD.com still has to deploy offline, because Ali is a traffic-driven company, and JD.com is a supply chain driven company.
There will still be changes. (Lin Guangying)
Major breakthrough in physics sparks investor interest
The room-temperature and normal-pressure superconductivity research that attracted great attention last week, because of a paper published today, the discussion has once again heated up. China’s A-share superconducting concept sector surged 7.89%, and 7 stocks rose by the daily limit. American Superconductor in the U.S. stock market rose more than 100% before the market.
On August 1, Beijing time, Sinéad M. Griffin, a researcher at Lawrence Berkeley National Laboratory (LBNL), submitted a paper (without peer review) on arXiv, claiming to use the U.S. Department of Energy’s The supercomputer simulates the LK-99 material and believes that it has the properties of room temperature superconducting materials in the real world.
Sinead Griffin did not reproduce the LK-99 material in the laboratory, and only provided theoretical support, but it has already excited many investors.
LK-99 is a material synthesized by Korean researchers. They previously published the detailed preparation process and experimental data, and believed that LK-99 can be transformed into a superconductor in an environment of 127°C and normal pressure.
Superconducting materials have the characteristics of zero resistance and complete diamagnetism, and have been applied to the development of high-end products and technologies such as maglev trains, nuclear magnetic resonance machines, quantum computers, and nuclear fusion. To use superconductivity in these scenarios, it is necessary to provide additional energy to cool down, pressurize, and provide a special environment for materials. A century after the discovery of superconductivity, the temperature required for practical applications has gradually increased from minus 269 degrees to minus 200 degrees.
Scientists believe that if superconductors at room temperature and pressure can appear and be widely promoted, the development of high-end technology products related to superconductors will be easier, and it will also change the way the world uses electricity, such as making batteries last longer and power grids more efficient, etc. .
During this period of time, many research teams around the world have made similar materials according to the process announced by Korean researchers, but they have not found that they have all the characteristics of superconductors. There are also some teams that have not given up on the reproduction, saying that they will continue to study. (He Qianming)
In the first half of the year, the GDP growth rate of 15 provinces and regions outperformed the whole country
At present, the GDP data of China’s 31 provinces (except Hong Kong, Macao and Taiwan) in the first half of the year have all been released. With the gradual recovery of production in various regions and the impact of the low base, the overall growth has been relatively fast.
In terms of total volume, Guangdong, Jiangsu, and Shandong rank among the top three; in terms of growth rate, 15 provinces and regions are higher than the “national line” of 5.5%, and Shanghai, Hainan, and Tibet rank among the top three. Among them, due to the low base last year, the growth rate in Shanghai reached 9.7%, 6.7 percentage points faster than that in the first quarter.
We also refer to the previous standards of the Bank of China Research Institute, and divide the regions into three echelons according to the size of GDP, respectively taking the GDP in the first half of the year to be greater than 2 trillion yuan, between 1 trillion and 2 trillion yuan, and less than 1 trillion yuan. Yuan, and on this basis, a comparative analysis of its economic growth.
A total of 13 regions have entered the first echelon, 3 more than the same period last year (Shanghai, Hebei, Beijing). These provinces are mainly concentrated in East China (Jiangsu, Shandong, Zhejiang, Fujian, Shanghai, Anhui) and Central South (Guangdong, Henan, Hubei, Hunan).
- The GDP of the 13 regions accounted for 72% of the national total.
- Guangdong and Jiangsu ranked the top two, reaching 6,290.9 billion yuan and 6,046.5 billion yuan respectively. However, Guangdong’s leading advantage was further narrowed by Jiangsu, from more than 260 billion yuan in the same period last year to more than 240 billion yuan.
There are 9 provinces in the second echelon, mainly concentrated in the central (Jiangxi, Shanxi) and western (Shaanxi, Chongqing, Yunnan, Guangxi, Guizhou, Inner Mongolia).
- The GDP growth rate of 10 provinces, autonomous regions and municipalities was lower than that in the first quarter.
- Shaanxi’s growth rate of 3.7% is not as good as last year’s level (last year’s economic situation was complicated and superimposed on a high base in 2021). One of the explanations from the Industrial Department of the Provincial Bureau of Statistics is that in the first half of this year, “influenced by factors such as the tightening of the international environment, insufficient domestic demand, the decline in commodity prices and the increase in the base, the production of industries above designated size in the province has slowed down.”
The third echelon consists of nine regions with a GDP below 1 trillion yuan, mainly concentrated in the western region (Xinjiang, Gansu, Ningxia, Qinghai, Tibet) and the northeastern region (Tianjin, Jilin, Heilongjiang). (Intern Chen Yutong)
Foxconn invests $700 million in India as it prepares to expand iPhone production
According to media reports, Foxconn has planned to build two new component factories in Karnataka, southern India, costing about US$500 million, which is expected to be officially announced as soon as this week.
This investment is an addition to the investment plan in March this year. At that time, Foxconn chairman Liu Yangwei led a team to visit high-level Indian government officials and several local technology parks, and finalized a new iPhone factory investment plan worth 700 million U.S. dollars. After the completion of the project, it is expected that Foxconn’s employees in India will triple to about 100,000. , India’s annual production of iPhones will increase from the current 6 million units to about 20 million units, and the production capacity share will increase from less than 5% to a maximum of 15%.
In addition to this new iPhone manufacturing park in Karnataka, officials in Tamil Nadu, India announced yesterday that Foxconn has signed a $194 million investment agreement with the local government to build a new electronic component factory, which is expected to create 6,000 jobs . The site for the new factory is near Foxconn’s iPhone assembly complex in Chennai, people familiar with the matter said.
The three investments add up to about $1.4 billion, nearly half of Foxconn’s total capital spending last year.
According to data provided by Ivan Lam, a senior analyst at Counterpoint Research, to Late Finance, currently only about 15% of key components and materials for Apple products produced in India can be purchased locally. Foxconn’s two new investments are likely to prepare for improving the maturity of the local supply chain and expanding iPhone production capacity.
In addition to the main business of mobile phone foundry, Foxconn has also frequently reported recently that it will invest in new businesses such as chip manufacturing and automobiles in India. Although Foxconn had withdrawn from the $19.5 billion core-making plan with Vedanta earlier (Foxconn only assumed $120 million of the investment), according to media reports, Foxconn soon approached TSMC and Japan’s TMH Group to discuss cooperation to develop in India. Manufacture advanced and mature chips. In addition, according to Zheng Xiancong (former executive vice president of NIO), CEO of Foxconn Electric Vehicle Platform (MIH), the company is considering building an electric vehicle production base in India or Thailand. (Qiu Hao)
Delisted Chinese concept stocks are still quite attractive to investors
Recent data shows that the delisted Chinese concept stocks still have a large trading volume on the pink sheet market. Concept stocks are still interested.
Ruixing Coffee, which was delisted from Nasdaq three years ago due to financial fraud, has seen its stock price increase tenfold since it was traded on the pink sheet market, higher than its price when it was first listed on the main board. Since the beginning of this year, its average daily trading volume on the pink sheet market is about 46 million U.S. dollars, compared with 270 million U.S. dollars in Nasdaq before delisting.
Didi Chuxing has also been trading on the pink sheets since it was delisted from the New York Stock Exchange a year ago. The market cap is now about $18.2 billion, down from a peak of $80 billion on the New York Stock Exchange. The average daily trading volume so far this year is $39 million, compared with $240 million when it listed on the NYSE.
For those companies that have voluntarily or passively delisted from the US Main Board, the “Pink Sheet Market” provides them with a trading platform.
- The Pink Sheets are not an official stock exchange but are an over-the-counter market where shares change hands directly between buyers and sellers. Compared with companies listed on the exchange, companies in the pink sheet market do not need to regularly submit financial reports and other documents to the US Securities and Exchange Commission.
- At first, because the paper on which quotations were printed was pink, people called this market the “Pink Sheets Market” over time.
In addition to the companies that were forced to delist to the Pink Sheets, there are also many large companies that also choose to list on the Pink Sheets. For example, Tencent Holdings, BYD, Xiaomi Group, Ping An of China, etc., can all be bought and sold on the pink sheet market.
Because, if you want to choose a secondary listing on the three major exchanges in the United States, you need to resubmit a series of listing documents that meet the requirements of the exchanges, which is a considerable financial cost for the company. However, if you choose to list on the pink sheet market, you can provide foreign investors with a trading opportunity at a lower cost. (Intern Lin Hongsheng)
The IPO has been known for a long time丨The medical beauty mask brand Fuerjia went public, and the stock price rose by nearly 30% on the first day
1 company subscribed for A shares today:
- Kejingyuan: The main business is water environment system management, providing water treatment products, comprehensive water environment management solutions and operation services. From 2020 to 2022, the company will achieve operating income of 321 million yuan, 480 million yuan and 439 million yuan respectively, with an average annual compound growth rate of 16.96%, mainly due to the increase in industrial scale and policy support for the water treatment industry. Today’s new share subscription, plans to publicly issue about 17 million shares, accounting for a quarter of the total share capital after issuance. The issue price is RMB 45 per share, and the issue price-earnings ratio is 37.1 times.
2 companies listed:
- Zhejiang Rongtai: The main business is the R&D, production and sales of various high-temperature-resistant insulating mica products. The products are widely used in downstream applications such as new energy vehicles, small household appliances, and wires and cables. The public offering of 70 million shares, the issue price is 15.32 yuan per share, and the opening price is 28.88 yuan, which is 88.5% higher than the issue price. It is expected to raise 880 million yuan. %.
- Fu Erjia: The main business is the research and development, production and sales of skin care products. The products on sale cover medical device dressing products and functional skin care products. The total number of shares issued this time is 40.08 million shares, the issue price is 55.68 yuan per share, and the total amount of funds raised is 2.231 billion yuan, which is 17.66% over-raised. Today’s opening rose by 40%. The market value once exceeded 30 billion yuan, and finally closed up 26.98%. (Intern Hong Chenyi)
Heavy rains in the Beijing-Tianjin-Hebei region have killed 11 people in Beijing and 9 people in Hebei.
According to Xinhua News Agency, as of 6:00 on August 1, 11 people in Beijing have died due to secondary disasters caused by heavy rainfall, and 27 people have lost contact. As of 12:00, 9 people died in the disaster in Hebei area, and another 6 people were missing. 540,703 people were affected in 87 counties (districts) of Hebei Province.
Ruixing’s revenue nearly doubled in the second quarter, with a net new opening of 1,485 stores.
In the second quarter of this year, Ruixing Coffee achieved 6.201 billion yuan in revenue, nearly double the 3.299 billion yuan in the same period last year. At the end of the period, the total number of stores had reached 10,836, with a net increase of 1,485 in the quarter. Operating margin under US GAAP reached 18.9%.
The National Development and Reform Commission issued 28 specific measures to promote the development of the private economy.
On August 1, 8 departments including the National Development and Reform Commission jointly issued the “Notice on the Implementation of Several Recent Measures to Promote the Development of the Private Economy”, as a specific policy measure to implement the previous “Opinions on Promoting the Development and Growth of the Private Economy”. There are five categories and 28 items . Wang Shancheng, director of the Comprehensive Department of System Reform of the National Development and Reform Commission, said at a press conference on the same day that the policy strives to be “pragmatically effective and effective in the near future.”
Caixin China manufacturing PMI fell back to 49.2% in July.
After two consecutive months of expansion (>50%), Caixin China manufacturing PMI recorded 49.2% in July, down 1.3 percentage points MoM. According to the report, the surveyed companies reported that new orders fell again after two consecutive months of growth. Due to insufficient demand and companies’ desire to reduce costs, the scale of employment continued to decrease. Data from the Bureau of Statistics yesterday showed that the manufacturing PMI rose slightly to 49.3% over the same period. In contrast, Caixin’s statistical samples are more biased towards small and medium-sized enterprises, light industries, and coastal export enterprises.
The new tax-preferential health insurance policy to benefit the people was officially implemented today, with more insurance types and more beneficiary groups.
According to the “Notice on Matters Concerning Applicable Individual Income Tax Preferential Policies for Commercial Health Insurance Products” issued by the State Administration of Financial Supervision and Administration, from August 1, the scope of tax-preferential health insurance products and the scope of insured persons will be expanded. The scope of tax-preferential health insurance products will be expanded from the original medical insurance to medical insurance, long-term care insurance and disease insurance. The insured of commercial health insurance applicable to preferential policies can be the insured himself, his spouse, children or parents.
First Finance and Economics: Unable to fully confirm the A-share “food, clothing and housing” companies planning to go public are persuaded to quit
There are rumors that A-share companies involved in “food, clothing and housing” that are under review for IPO will basically be dismissed, and those that have not declared will not be accepted, except for large-scale benchmarking and leading companies. After interviewing many industry insiders, China Business News stated that the interviewees did not fully confirm the above rumors, but only relayed the words of many industry insiders that a similar trend has emerged in the “food, clothing, and housing” industry.
Monthly reports of three new forces: Ideal continues to accelerate, Weilai rebounds significantly, and Xiaopeng returns to Wantai.
On August 1, “Wei Xiaoli” disclosed the delivery data for July. Among them, Ideal Automobile delivered a total of 34,134 new cars in July, and its sales exceeded 30,000 for the second consecutive month, a year-on-year increase of more than two times; Driven by the new car G6, Xiaopeng returned to monthly sales of 10,000 units for the first time this year, and delivered a total of 11,008 new cars in July.
Analysts said Huawei is cooperating with Jianghuai to develop an MPV priced at 1 million yuan.
On August 1, Tianfeng International analyst Ming-Chi Kuo wrote that Huawei and Jianghuai Automobile are cooperating to develop a Qjie MPV with a price of about 1 million yuan, which is expected to be mass-produced in the second quarter of next year. Huawei responded that it would not comment, and JAC Securities said that “the official news shall prevail.” Stimulated by the news, Jianghuai Automobile’s stock price rose more than 8% in intraday trading today, and finally closed up 2.37%.
The share of the four Chinese mobile phone brands fell to 55% in India.
According to Counterpoint Research, smartphone shipments in India fell 3% year-on-year in the second quarter of this year. In terms of brands, Samsung ranks first with an 18% share, followed by vivo, Xiaomi, realme, and oppo. Among them, Xiaomi’s share has dropped from 19% in the same period last year to 15%, realme’s share has dropped from 16% to 12%, vivo, Xiaomi, and realme. Oppo remains unchanged, and the combined share of the four companies has dropped from 73% two years ago to 55%. In the second quarter of this year, iPhone sales in India increased by 50%, and its share rose to 5.4%.
Oil giant ExxonMobil is negotiating with Tesla, Ford and others on lithium supply.
According to media reports, ExxonMobil is negotiating with Tesla, Ford, Volkswagen and other automakers about supplying them with lithium. Some media reports said in May this year that Exxon Mobil spent US$100 million to purchase a piece of land of about 4 hectares in southern Arkansas, USA, and planned to mine lithium on these lands. In addition, ExxonMobil and International Battery Metals negotiated the licensing of DLE (Direct Lithium Extraction) technology, determined to enter the lithium battery industry.
Sales of top 100 real estate companies hit a new low in July, and developers called it a “cliff fall”.
The performance scale of the top 100 real estate companies in July hit a new low in recent years. The top 100 real estate companies realized a sales turnover of 350.43 billion yuan, a decrease of 33.5% month-on-month and a year-on-year decrease of 33.1%, a further increase from the previous month. Among the TOP 50 real estate companies in July, only about 10 companies achieved year-on-year growth, including C&D, Yuexiu Real Estate, Poly Real Estate, China World Trade Center, Dahua, etc., with increases ranging from 10% to 90%. The market leader of a TOP 20 real estate company described the market performance in July as a “cliff-like decline”.
Cloud demand is weak, and Western Digital’s quarterly loss exceeds expectations.
In the second quarter of this year, Western Digital cloud revenue fell 53% year-on-year to $994 million. Company CEO David Goeckeler said that large cloud service providers have been in a very serious inventory digestion stage and have suspended any purchases of products. Insufficient customer orders led to forced production cuts. Western Digital incurred about US$200 million to US$220 million in expenses due to insufficient capacity utilization in the quarter, dragging its quarterly loss beyond market expectations.
Nintendo’s new generation of game consoles may be released in the second half of 2024.
According to media reports citing multiple sources, Nintendo may release a new generation of game consoles in the second half of 2024, and major cooperative developers have already obtained development tools. While the exact details of the console are still kept under tight secrecy, sources have revealed that the next-gen console can also be used in portable mode like the Nintendo Switch. In order to reduce costs, the new machine will use an LCD screen instead of a higher-end OLED screen, but the storage capacity has increased compared to the Switch.
Yasui Foods’ net profit in the first half of 2023 will increase by 62.14% year-on-year.
Yasui Foods released its 2023 semi-annual report. In the first half of the year, the company achieved operating income of 6.894 billion yuan, a year-on-year increase of 30.70%; net profit attributable to shareholders of listed companies was 735 million yuan, a year-on-year increase of 62.14%; An increase of 82.65%. In terms of sales channels, dealers were the biggest contributor to revenue in the first half of the year, accounting for nearly 80% of total revenue. The revenue of supermarkets and new retail channels declined, especially the former, which fell by 14.71%.
The income of Hang Lung Properties in the first half of the year was 5.237 billion Hong Kong dollars, and the rental income in the Mainland hit a record high.
On July 31, Hang Lung Properties released its performance report for the first half of 2023. During the reporting period, Hang Lung Properties achieved revenue of HK$5.237 billion, a year-on-year decrease of 1%; overall operating profit increased by 3% to HK$3.824 billion, and property leasing income increased by 5% to HK$5.237 billion. The announcement stated that the growth was mainly driven by the property portfolio in the Mainland, especially the revenue of high-end shopping malls increased by 16%. Chen Qizong, chairman of Hang Lung Group and Hang Lung Properties, said that in the past six months, the rental income of Hang Lung Properties in the Mainland was the highest ever.
Yum China’s revenue in the second quarter fell short of expectations, and same-store sales growth exceeded expectations.
Yum China’s revenue in the second quarter was US$2.65 billion, compared with analysts’ expectations of US$2.73 billion; same-store sales in the second quarter increased by 15%, compared with analysts’ expectations of an increase of 14.4%. Yum China’s restaurant profit margin was 16.1 percent in the quarter, compared with 12.1 percent a year earlier. This quarter, Yum China added a total of 422 net new stores, and as of June 30, 2023, the total number of stores reached 13,602.
Blackstone Real Estate Trust sells assets, prepares to enter AI data center.
Blackstone’s $68 billion flagship real estate fund has reportedly gone from being one of the world’s biggest real estate buyers to a big seller. The fund is raising liquidity to deal with redemptions, and intends to invest billions of dollars in multiple data centers to capture the AI wave. It is reported that Blackstone Group has committed to investing at least $8 billion to build new data centers for several large technology companies. .
South Korea’s export orders rose for the first time in 16 months in July, and exports picked up.
On Aug. 1, a survey of private companies showed that South Korean export orders rose for the first time in nearly 16 months. South Korea’s manufacturing PMI index released today rebounded from 47.8 in June to 49.4 in July, although it is still in the contraction zone (<50%), but the pace of contraction has slowed down. Researchers believe that the increase in demand in major markets in the Asia-Pacific region and Europe, especially the recovery in demand for automobiles and semiconductors, will help the Korean manufacturing industry out of the downturn.
The last Pacific Department Store in Shanghai will officially close its doors on August 31st.
Due to the expiration of the cooperation period with the joint venture partner this year, Shanghai Pacific Department Store Xuhui Store will cease operations on August 31, 2023, which announces the delisting of the last Pacific Department Store in Shanghai. The shopping mall has simultaneously carried out promotional activities such as store closing and clearance, member point exchange and deduction. Xuhui District has solicited the overall planning scheme of the Greater Xujiahui core area from all over the world. It plans to accelerate the construction of Xujiahui Center and the overall transformation of Pacific Department Store by optimizing the five rail transit, sky bridge corridors and ground and underground street crossing systems in the area.
This article is transferred from: https://www.latepost.com/news/dj_detail?id=1784
This site is only for collection, and the copyright belongs to the original author.