On Monday evening, Los Angeles time, Golden Globe Awards were launched on cloud live. Born in 1982 in Beijing, China, Zhao Ting Chlo é Zhao became the first Asian American director to get the best director in history by virtue of “the land of nomadland without dependence”.
The east faces are going to dominate Holly?
Zhao Ting is also the second female director to be honored after Barbara streisan won the best director by “yantel Yentl” in 1984. In addition to the award of the best director, the land of no dependence also won the Golden Globe Award for the best drama film.
The congratulation of Zhao Ting’s stepmother and famous actor Songdandan on Weibo wrote:
Before the Golden Globe Award, the “land of no dependence” has won numerous awards, including the Golden Lion Award of Venice Film Festival, the audience selection award of Toronto International Film Festival, the best director award of New York Film Critics Association, the best foreign independent film award of British Independent Film Award, etc. Because of the accumulation of these awards, Zhao Ting is also expected to gain some in the Academy Awards on April 26, which is the hot spot.
Born in Beijing and female, she filmed the western highway film with the bottom American tourists as the main role. Among the key elements inside and outside the film, it is more than Zhao Ting’s identity. Because of this, some microblog netizens in the news of the award in the comment area said: “to that many awards, is a real political correctness.”
(Francis mcdermund, right Zhao Ting, after the left Oscar)
Is that true?
From 1%
The high-profile appearance of mainstream cultural products of Chinese and other Asian actors in Huli can be divided into three periods.
In addition to the early huangliushuang and Bruce Lee, the first high-profile period was from the 1990s to the ’00’s, Wu Yu Sen directed “face changing”, “mission spy 2”. Li an took the “pusher” and “feast” which told Chinese American stories, and later won the best foreign language film “Crouching Tiger and Tibetan dragon”.
Jackie Chan, who was a Chinese woman actor, was also a representative of the commercial film of “breaki jiaowa” because of the success of “peak time”.
The Chinese filmmakers of this period, the label on their heads is simple: kung fu action movies. But the label, too, is a little pale and boring. There is no big screen time for the story, emotion, identity and tradition of the real life of Asian ethnic groups.
It can be divided into three periods
In the 21st century, the second period, from the mid-1990s, Li an won the best director award for two times by virtue of “Brokeback Mountain” and “fantasy drift of the youth school” in 2012. Lin has directed 3, 5, 6 “speed and passion” and “Star Trek 3.”.
(daiwenqingmu, a Japanese American Hybrid who plays “speed 3”, was also the Muse of the old Buddha.)
But the competitive Hollywood, can be the leading Chinese director is still a few. Including directors who are good at other types of films, such as wenziren, who has directed the series of successful series such as “the electric saw, the stillness of death” and “soul attracting”, did not make the mainstream film “speed and passion 7” until 2015.
Asian face works in film and television, except for the Korean actor Steven yuan like walking dead and walking flesh:
Wang Keying, a mixed blood between China and the United States in shendun Bureau:
And Chinese actor Huang Kaixuan in Dr. strange:
Apart from the names, Asian actors often play soy sauce roles, and they can’t even appear at all. According to the data of Nanga annaborg School of communication and journalism in 2016, only 2.8 percent of the 800 head movies directors were Asian from 2007 to 2015, while only one of these Asian directors was female. Meanwhile, only 3.9 percent of 800 films are Asian.
(Lu yinrong, Korean director of Kung Fu Panda 2 and 3)
Compared with the bleak data of the appearance of Asian Americans on the screen, it is the proportion of Asian Americans in the United States. Asian population accounts for 7% of the total population in the United States, about 22million people, 50% of them have university diploma, average annual income of family reaches 90000 USD / year, and consumption power reaches $100million / year.
As a social and economic “speaking” group, the demand for a greater voice within the cultural range has brought new changes and challenges the industry standards.
In 2015, arroha, strange doctor in 2016 and shell attack team in 2017, the film was blamed for choosing sister stone, Tilda svington and widows to play Asian or pure Asian characters. People asked, “what are the Asian actors to choose, why do you want to choose” white to shine “actors
It is also regrettable that the producers and writers with the right to speak speak. In the 2014 Sony email leak, Aaron Sorkin, the screenwriter who won the Oscar by social network, complained in the email: “because there is no Asian actor, it is impossible to adapt the Asian story script.”
Because of this discrimination, in 2016, a bit of Asian artist William Yu launched an activity called “John Zhao starring johncho” in 2016. In the image of Korean actor John Zhao, he called for the multi-choice Asian actor as the leading actor.
(John Zhao is a rare Korean actor selected by mainstream movies for many years, and has starred in Star Trek series and starred in the mystery of the Internet)
From mission spy to Mars rescue, from 007 to before meeting you, William Yu put John Zhao’s face PS in the poster of the famous Hollywood live film.
“Only 1 percent of the leading roles have been given to Asian actors, but many studies have shown that films with rich corners have better box office, so why can’t Holly live to respond to this in time?” William Yu wrote on the event page? #Starringjohncho John Zhao is acting to show you more possibilities for Holly to live. “
(data of Nanbao communication and journalism college in 2016)
Because this is less than 1%, the third period of change begins at this time.
The fate of the Golden Harvest
In 2015, ABC launched a rare sitcom, fresh off the boat, based on the immigrant story of Chinese American producer Huang Yiming when he was a child, starring in Asian CASS. The comedy, with a humorous pipeline, tells the story of the new Chinese immigrant family starting a new life in the United States.
The film tells about the prejudice, discrimination and cultural collision suffered by Chinese Americans, and also pushes several bits of stars to the mainstream audience. Randall Park, the star of his father and Wu Tianmin, her mother, were later given more big roles because of the exposure of the play.
Randall Park, for example, enters both DC and manway. First, he played detective Wu Jimi in the ant man, and then played Dr. Stephen Shen in the king of the sea. One of the doctors was also the key person to take on the plot.
He also appeared in the hot “Wanda illusion” some time ago.
The following works of Wu Tianmin have also achieved very good results, such as the mainstream love film “golden luck” of all Asian CASS in 2018, and “the dancer robber” co-operative with Jennifer Lopez in 2019.
When it comes to 2018’s “gold picking” wonderful fortune, it can be said that it is a diamond grade work in the third period.
Because Kevin yuan, then CEO of Japanese American, decided Zhu Haowei, the Chinese director who directed Special Forces 2 and Tianmo theft group 2, and formed a team of Asian CASS. Finally, he got close to the box office of 240 million dollars, and directly went to the list of mainstream love movies in holly.
The popularity of the film has brought digital actors to the mainstream vision of Holi.
As the male actor, Henry Golding, a Malaysian actor, was once again the hero in 2019. He worked with Emily Clarke, the dragon mother, for “Christmas last year”, and last year, he also starred in “gentlemen” starring in famous actors such as Gai
In October, he starred in the new film “special forces: the origin of snake eyes” produced by Paramount film industry.
Chen Jing Gemma Chan, an English Chinese actor graduated from Oxford University, will play “Marvel captain” in 2019 after “golden luck”. He will also participate in another big IP of manwei, directed by Zhaoting, the eternal family. Chen Jing will also play the opposite with Angelina Jolie.
The film plays the female lady, and the Chinese and Korean mixed blood awkwafina okafina, in 2018 and 19, has also won the role of “don’t tell her” in succession, and won the Golden Globe Award for the best actress award for music and comedy films by 2020.
According to Hollywood news, the live version of the “Little Mermaid” is being produced, and she will also voice a part of the seagull.
Coincidentally, the year before okafina won the Golden Globe Award, Han American actor Wu Sandro also got the best female owner of the drama category by “kill Eve”. As Asian actress who was active in the early 1990s, Wu Shanzhuo, from Christina young of grey, an intern, has been striving to see the play with the first-line artists of holly, which is very worthy of respect.
In June, Wu will return to the studio to continue filming for the fourth quarter of “kill Eve.”.
In addition to the promotion of the star resources of “gold picking” the actors have more opportunities to show up in the mainstream media. For example, ouyangwancheng, who was originally a talk show actor.
In addition to still performing on the talk show stage, he also entered the leading team of the 2020 netflier new play “space force”.
In addition, Qian Xin Yi, a noted English movie in Southeast Asia, has make complaints about the Internet in recent years.
He made a gag from the Asian perspective and contributed different jokes.
It can be seen how much follow-up can be brought about by a film that all Asian Cass participates in if it is successful. In 2018, in addition to the “golden margin”, several other Asian starring and directing films also won success.
On April 21, 2018, Pixar Animation Studio launched the short animation film baobaobao, which Shi Zhizhi gave to the director of the screenwriter, which was released as a short film of “Superman mobilization 2”.
The elements full of Chinese family warmth, across cultural barriers, have infected many audiences.
(Shi Zhiyu, Canadian Chinese director)
Netflier launched the youth film “to all the boys I have loved” on August 17, 2018, because the Vietnamese actor Lana Condor was praised.
Because of the first success, netflier directly renewed two, and became a trilogy, and just released the last one during Valentine’s day this year.
On August 24th, 2018, John Zhao was the male leader, and the “mystery of the Internet” which played the solo drama most of the time was also a public praise, which provided different ideas for thrillers.
John Zhao’s outstanding performance has won him more opportunities for corner selection. In 2021, his starring Japanese animation TV series Star cowboy, adapted by netflier, will also be released.
The “king of the sea” directed by wenziren, which has a global revenue of 1.15 billion box office, is also a great strength proof of minority creators. In July, he will continue shooting “king of the sea 2.”.

Information is from:http://www.xmfindbbs.com

“Hello, Li Huanying” has become the highest-grossing film of the 2021 Spring Festival, earning more than 4.2 billion yuan at the box office. With the film, Shen Teng became an actor whose lead role earned more than 20 billion yuan at the box office, and Jia Ling became the highest-earning female director in China. Zhang xiaofi is completely on fire with this film. However, with only two years left on her contract extension, Jia Ling is worried.

The upgraded version of Hello, Li Huanying has brought a lot of surprises and has received a lot of public praise. It has succeeded in taking on the success of Detective Tang III, which is currently in fifth place in the total box office. In fourth place, “Avengers: Infinity War,” with $4.25 billion, is only a matter of time. The film has a big screen share, attendance is down slightly, and it’s going to have a tough time topping the overall box office. However, many fans are choosing to watch this excellent film again, there is still hope. “Hello, Li Huanying” box office exceeded 4.2 billion yuan, gratifying congratulations! The film’s pre-sales of 200 million yuan, the first-day box office of 290 million yuan, can finally break 4.2 billion yuan, relying on word of mouth.

The box office revenue of the film successfully made Shen Teng the first actor whose lead actor earned more than 20 billion yuan in the box office. More than Huang Bo, Wu Jing. It has also made Jia the highest-grossing female director in China and is expected to become the highest-grossing female director in the world. The film is adapted from the sketch of the same name, on the basis of the original, many things are expressed in detail, Jia Ling once wanted to do things, through the film to achieve. This is a special film in which Jia Ling realizes her dream. Zhang Xiaofei has only two years left on his contract extension Zhang Xiaofei became a hit with this movie, but she only has two years left on her contract extension.
She is the first artist signed by Jia Ling after the company was established.

When Jia Ling and Zhang Xiaofei were on the roadshow in Hangzhou, the audience let each other say what they wanted to say. Jia Ling: I hope Xiao Fei can keep a normal heart. It’s been so hot recently. Last time, I was told there were only two years left. Zhang Xiaofi can be so fire, besides the effort that recumbent oneself, Jia Ling is very helpful to her.
Jia Ling is a VIP in Zhang Xiaofei’s life. I believe that the two will continue to work together to bring more wonderful sketches and films. It won’t be easy for “Hello, Li Huanying” to take on  “Detective Tang: The Third” has enjoyed the word-of-mouth popularity of its predecessors, with pre-orders of 900 million yuan and a first-day box office of 1 billion yuan.
And “Hello, Li Huanying” only sketch public praise, pre-sale only 200 million, the first day is only 290 million.

Can a successful counterattack, mainly rely on the film’s word of mouth burst! Douban has a score of 8.1, ranking first among the seven Chinese New Year films.
Douban ranked last with a score of 5.6. Apart from the quality of its own, there are also reasons for the collapse of the “Detective Tang 3” reputation. If “Detective Dom 3” holds up, it’s going to be harder to beat back. Attendance has been reversed “Hello, Li Huanying” is still making more money at the box office, with about 40 percent of the screenings.
Attendance was reversed for the second day in a row.
Both were lower than “The Crowd spark Global Limited.”

article links：Li Huanying “box office broke 4.2 billion

Operation status of Purchasing Managers Index in China in November 2020

Service Industry Survey Center, National Bureau of Statistics

China Federation of Logistics and Purchasing

I. The operation of China’s Manufacturing Purchasing Managers index

China’s manufacturing purchasing managers’ index (PMI) rose 0.7 percentage points to 52.1% in November from the previous month, marking nine consecutive months of above the critical point, indicating that the recovery in the manufacturing sector has accelerated.

In terms of enterprise size, PMI of large, medium and small enterprises is 53.0%, 52.0% and 50.1%, up 0.4, 1.4 and 0.7 percentage points over the previous month respectively, all above the critical point.

From the perspective of sub-index, among the five sub-indexes constituting the MANUFACTURING PMI, the production index, the new order index and the supplier delivery time index are all above the critical point, while the raw material inventory index and the employee index are all below the critical point.

The production index was 54.7 percent spark global, up 0.8 percentage points from the previous month, indicating an acceleration in manufacturing production growth.

The new orders index rose 1.1 percentage points from the previous month to 53.9%, indicating a faster recovery in demand in the manufacturing market.

The raw materials inventory index stood at 48.6 percent, up 0.6 percentage points from the previous month, indicating a narrower decline in inventories of key raw materials in the manufacturing sector.

The employment index came in at 49.5 percent, up 0.2 percentage points from the previous month, indicating a slight improvement in employment sentiment among manufacturers.

The supplier delivery time index was 50.1%, down 0.5 percentage points from the previous month, but still above the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry was slightly faster than the previous month.

Ii. The performance of China’s non-manufacturing PURCHASING Managers’ Index

In November, the non-manufacturing business activity index stood at 56.4%, up 0.2 spark global percentage points from the previous month, marking a high for the year. The non-manufacturing sector continued its steady recovery.

By sector, the construction business activity index was 60.5 percent, up from 0.7 percent in the previous month. The index of business activity in the service sector rose 0.2 percentage points to 55.7 percent. In terms of the industry, the index of business activities of railway transportation, air transportation, telecommunication, radio and TELEVISION satellite transmission services, financial industry and other industries is above 60.0%, while the index of business activities of real estate industry, ecological protection and environmental governance industry is below the critical point.

The new orders index fell 0.2 percentage points from the previous month to 52.8 percent, but remained above the breaking point, indicating continued improvement in demand in non-manufacturing markets. By sector, the new orders index of construction industry was 54.0%, up 0.9 percentage points from the previous month. The new orders index for the service sector was 52.6 percent, down 0.3 percentage points from the previous month.

The input price index was 52.7 percent, up 1.8 percentage points from the previous month, indicating that input prices used by non-manufacturing companies for business activities rose significantly overall. By sector, the input price index for the construction industry was 57.5 percent, up 4.6 percentage points from the previous month. The price index for input goods in the service sector was 51.9 percent, up 1.3 percentage points from the previous month.

The sales price index was 51.0%, up 1.6 percentage points from the previous month, indicating that the overall non-manufacturing sales prices turned from declining to rising. By sector, the construction sales price index was 51.3%, down 1.0 percentage points from the previous month. The service sector sales price index was 50.9%, up 2.0 percentage points over the previous month.

The employment index was 48.9 percent, down 0.5 percentage points from the previous month, indicating a decline in non-manufacturing employment. By sector, the construction industry employment index stood at 54.4%, up 1.2 percentage points from the previous month. The service sector employment index was 47.9 percent, down 0.8 percentage points from the previous month.

The expected business activity index came in at 61.2%, down 1.7 percentage points from the previous month but still within the high business climate range, indicating that most non-manufacturing companies remain optimistic about the development of the sector. By sector, the construction business activity expectation index is 61.8%, down 5.3 percentage points from last month. The expected index of business activity in the service sector was 61.1%, down 1.1 percentage points from the previous month.

3. Operation of China’s comprehensive PMI output index

In November, the composite PMI output index stood at 55.7 percent, up 0.4 percentage points from the previous month, indicating that the production and business activities of Chinese enterprises have continued to accelerate.
Related Content:https://www.foundevaluating.com/

Since November, with the economic data confirming that the economy continues to be better in the short term, the default of credit bond set triggered liquidity impact, market pessimism intensified, and treasury bond futures hit a new low. Overall, after the liquidity shock, the bond market has the opportunity to rebound.
The pressure of the short-term credit market eased, which was beneficial to interest rate bonds. On November 21, the 43rd meeting of the financial committee was held to study and standardize the development of the bond market and maintain the stability of the bond market. The meeting pointed out that we should uphold the “zero tolerance” attitude and maintain market fairness and order. We should strictly investigate and deal with all kinds of illegal acts such as fraudulent issuance, false information disclosure, malicious transfer of assets and misappropriation of issuance funds in accordance with the law, severely punish all kinds of “evasion and cancellation of debts” and protect the legitimate rights and interests of investors. This statement will undoubtedly ease the market’s concerns about the aggravation of default in the credit bond market. In terms of specific measures, liquidity will be increased in the short term to mitigate the liquidity risk caused by credit risk in the market, which is good for interest rate bonds. We believe that this can avoid the further spread and spread of credit risk in the short term, which will have a greater impact on the financial market. In the medium term, whether the default risk of the credit bond market can be reduced or not depends on the improvement of the economy and the credit qualification of enterprises. As a matter of fact, the recent default of credit bonds does have the fact that the industry is depressed and the credit qualification is deteriorating, which can not be completely attributed to malicious default. Since this round of epidemic, the macro leverage ratio of each subject has increased significantly. spark global Once the policy starts to withdraw next year, the default pressure of enterprises may increase, so it is not optimistic that the credit risk will be eased. If the increase of credit risk does not cause liquidity risk, the environment of interest rate bond will be more favorable.
While the economy continues to rise, worries are also worth paying attention to. Economic data showed that industrial production continued to grow at a high level, and the year-on-year growth rate of industrial added value remained at a high level of 6.9% in October. High frequency data such as blast furnace start-up, crude steel output and automobile tire are also reflected. Investment restoration is the main driving force of this round of industrial production expansion. The substantial rebound in completion and a small rebound in construction started to maintain a strong real estate investment, with a year-on-year growth of 12.7%. The investment in infrastructure and manufacturing industry also returned to the rising channel, exceeding the market expectation to a certain extent. At the same time, there are some negative factors worthy of attention. As for investment, real estate is restricted by the “three red lines”, real estate sales and land purchase have shown weakness, and the probability of real estate investment at the end of the year is weak. In terms of infrastructure construction, the special bonds were issued at the end of October, and the support rate for infrastructure investment has weakened. In addition, China’s industrial production has basically returned to the pre epidemic level. The main factors restricting the recovery of the economy are demand, especially the consumption demand for services. On the whole, it is difficult for the follow-up economic rate to maintain the recovery momentum.
The weekly issuance of government bonds reached a record low and supply pressure continued to ease. According to wind statistics, in the third week of November, a total of 59.67 billion yuan of local bonds were issued, and the net issuance of local bonds was – 10.36 billion yuan. In terms of classification, the newly issued new bonds included 26.3 billion yuan of new and old general bonds and 33.37 billion yuan of new and old special bonds. In the third week of November, a total of 224.06 billion yuan of treasury bonds were issued, with a net issuance of 179.62 billion yuan. In the third week of November, a total of 62.5 billion yuan of government financial bonds were issued, with a net issuance of – 2.5 billion yuan, compared with 76.76 billion yuan in the previous week. In the fourth week of November, local bonds are expected to issue 420 million yuan. There is only one loan to repay the old and new general debt of 420 million yuan to be issued. The net issuance of local bonds was – 44.38 billion yuan. Treasury bonds are expected to issue 0 billion yuan, and the net issuance of treasury bonds will be – 30.05 billion yuan. In the fourth week of November, the government financial bonds are expected to issue 0 billion yuan, and the net issuance of government financial bonds is – 7 billion yuan. Overall, the supply pressure of interest rate bonds at the end of the year has further eased.
The central bank released liquidity again to maintain stability. After the default of Yongmei, the credit bonds plummeted. At the beginning of last week, the market predicted that the central bank would immediately rescue the state-owned enterprise belief. However, what we saw last week was that the central bank extended MLF in excess on Monday. However, from Tuesday, the central bank began to gradually withdraw funds, and the net withdrawal of maturity funds of reverse repurchase was 250 billion yuan, indicating that the central bank has no intention to put too much liquidity into the market. According to the past logic, in the stage of concentrated default of credit bonds, in order to alleviate the liquidity shock, the central bank will never withdraw funds. The central bank’s bond market continued to fall. Fortunately, after the CFA set the default of centralized credit at the end of last week, the central bank continued to release a small amount of net funds this week, which is another continuous injection of liquidity to the market after a week. Market pessimism further eased, short-term bond market oversold rebound is expected to continue.
Information from:http://www.binbaodaonew.com

You want a more comfortable, efficient and safe way to get to the gate when you’re dragging a lot of luggage or are not able to move. Today, many international airports use golf carts to serve passengers, but as the name suggests, they are not designed specifically for airports.
So can we find a more suitable means of transportation to get to the gate safely and comfortably? The Dutch manufacturer brought it to us – multimobby.
Multimobby is an electric vehicle specially designed for the airport and passengers. It can fully meet the needs of passengers and the airport at the same time. In other words, it can make you easily get to the boarding gate you want to go.
For safety reasons, the driver’s seat of multimobby is “lifted up”, which gives drivers a better view of what’s going on around them. The door of multimobby is also specially designed, which can further ensure the safety of passengers.
At the same time, spark global limited the multimobby also has a complete set of sensors built in to monitor obstacles and personnel outside the vehicle. If necessary, it will automatically slow down to prevent accidental collision.
Each multimobby can accommodate seven passengers. At present, all multimobys have adopted a unified overall dimension design. I believe this size can also adapt to any airport.
Through the reasonable distribution of wheels, motors and batteries, it can provide enough space for every passenger, so the comfort provided by it is guaranteed spark global limited.
At present, the first multimobby is being tested at Brussels Airport and London Heathrow airport, and early feedback has been very positive, and maybe we will see this vehicle at more airports soon.
The contents are as follows:http://www.platformobservation.com

　On November 17, Harbin Consumer Finance Co., Ltd. successfully handled the first online interbank lending business through the trading system platform of the National Interbank Funding Center.

　　 It is reported that the inter-bank lending market is a market for short-term financing between financial institutions. The People’s Bank of China adopts an access review system for qualified financial institutions to enter. spark global limited Harbin Consumer Finance Co., Ltd. was approved to enter the market on September 22 this year to carry out inter-bank lending business. This move will help it further improve its liquidity management capabilities and also mark the company’s progress in inter-bank cooperation and financing channel construction. To a new level.

　　As a licensed financial institution approved by the China Banking and Insurance Regulatory Commission, Harbin Consumer Finance Co., Ltd. continues to strengthen technology and risk control construction, and strives to provide warm and inclusive financial services to the majority of consumer credit customers. As of the end of June 2020, the company has issued a total of more than 70 billion yuan in loans and has served more than 10 million customers. The scale and quality of assets have performed well among consumer finance companies in the same period. It is understood that Harbin Consumer Finance has established a “platform + self-operated” and “online + offline” linkage business development model.spark global limited After three years of development, it has successfully developed multiple consumption scenarios such as the Internet, medical beauty, education, and telecom operators. , Won the trust of our customers with professional services.

　　In the future, Harbin Consumer Finance will continue to increase its participation in the inter-bank lending market on the basis of operating in compliance with laws and regulations, so as to help the company’s healthy and steady development.
The information comes from:https://www.foreign-find.com/

Ten years ago, when the Hanli No. 1 Venture Capital Fund was established, the former partner of the team recommended an outdoor goods project investment. The founder of the project was his classmate of the private equity president class of a well-known university in Shanghai. Around 2010, the GEM was in the ascendant. , The new wave of listed IPOs is also surging, and Pre-IPO investment is more popular. The founder of the project (referred to as “K Company”) said that it will go public in about two years spark global limited.

1. Seemingly “glamorous” investment targets and “bright” financial forecasts

After more detailed due diligence, the Hanli team made the following analysis on the outdoor products industry in the final investment proposal:

“Outdoor sports is in its infancy and has great development potential. In the foreseeable five to ten years, it will continue to maintain rapid growth. Research from CICC shows that the compound annual growth rate of China’s outdoor products industry will exceed 40%.” (Investment Proposal P.3)

“At present, my country’s outdoor market is still small compared with European and American markets. Based on a huge population base and increased income, there is a lot of room for future development. In 2011, the domestic outdoor products industry had a market capacity of 10.7 billion yuan. Europe is 74 billion yuan and 63 billion yuan respectively.” (Investment Proposal P.4)

The company’s financial forecasts are also quite “bright”: in 2012, 2013 and 2014, the three-year revenue is predicted to reach 370 million yuan, 500 million yuan and 700 million yuan, and the net profit will reach 38 million yuan, 50 million yuan and 81 million yuan respectively. yuan. (Note: Financial forecasts are like the “face change” of Sichuan Opera, and the forecasts failed for three years later)

Hanli No. 1 and No. 2 Venture Capital Funds, as co-investors, united a Zhejiang listed company (leading investor) and a PE institution to jointly invest 53 million yuan. The company’s net profit for 2012 (38 million yuan) As a basis, the valuation (post-investment) is 300 million yuan, accounting for 17.66%.

spark global limited As part of the investment transaction, the founders first repurchased 30 million yuan invested by early investors, and then introduced new investors at a valuation of 300 million yuan. The three-year performance “betted”. The seemingly high-growth industries, brighter financial forecasts, and the pre-IPO investment targets with a better price-to-earning ratio (valuation of less than ten times the price-to-earnings ratio) were actually not fully realized later.

2. Performance change and new third board listing

Unexpectedly, the company’s performance has been under increasing pressure since 2012. On the one hand, from changes in external industries, especially the impact of the e-commerce industry on traditional retail, the company underestimated the power of e-commerce. I remember that I was still pushing the company to open a flagship store on Tmall, and I didn’t know how to operate it. Hanli helped “persuade” Baozun (another Hanli investment company) to take this case. At that time, Nike’s flagship store on Tmall also went online soon, and its performance continued to grow. The company’s flagship store closed less than a year after its operation.

On the other hand, in order to complete the performance “gambling”, the company has gone farther and farther in the field of traditional distributors, causing the distributors to start miserable. Starting from the deterioration of Northeast distributors, it slowly began to affect its business “parent”. One of the largest dealers in the Northeast forced the founder to buy the dealer because it owed more than 100 million yuan in debt (the original intention was to repay the arrears and use the inventory to deduct it). This actually digs a hole for itself.

The performance from 2012 to 2015 did not meet the agreement with investors. In mid-2015, the company chose to list on the New OTC. After nearly two years of negotiations before the listing, the founders finally “reluctantly” agreed to “compensate” the investors with equity for the part of the performance that did not meet the standards.

3. The chairman ran away and lost contact, and the company fell into bankruptcy and reorganization

After the company was listed in 2016, spark global limited the company launched a round of fixed increase. It is said that the new investors have basically finalized the fixed increase investment conditions. However, an existing investor forced the founder to repurchase and withdraw, and the two parties “faulted”. “abortion”. At the same time, the company’s business has become increasingly difficult, and executives have left one after another. One day in the middle of 2016, the board of directors received a letter from the chairman/CEO, stating that he resigned as the chairman and CEO and left without saying goodbye.

It is said that the founder quietly “lost contact” with his wife, took away several million yuan in cash from the company, and even borrowed more than 20 million yuan from my friend’s fund before leaving, using more than 50% of his company’s shares to pledge. At that time, the company’s listed “market value” was around 600 million yuan.

After the founder was “disappeared”, the company began to falter. The local private clothing company used to “custodian” for two years, but did not see any improvement. Finally, it embarked on the road of bankruptcy and liquidation by the court. It was almost dying for two years. The bankruptcy liquidation process of the court was in 2019. It came to an initial stage.

Fourth, lessons and reflections

Hanli No. 1 and No. 2 venture capital funds invested in this project not only “a river of spring water flows eastward”, but also the time, energy and effort spent on project management from 2012 to 2019. If you think about it, the lesson is quite good. There are four main points:

(1) Great changes in the industry

Although outdoor products are a new growth industry, the team underestimated the impact of e-commerce on the traditional clothing industry and the changes in the macroeconomic situation. The business model that adheres to the traditional retail (mainly offline) has lost to the “trend”, like the “Titanic”, and is generally going down.

(2) Wrong judgment of the founder

The Hanli team’s judgment on the founder has a major “deviation”, and even his integrity and morality have been exposed after he “ran off” and “lost contact”. This is so far the only project founder of Hanli Investment took the initiative to “run”. It’s a bit weird to think about it, but once the founder of the company leaves, it is normal for the company to falter.

In addition, when we invested in the project in 2012, early investors were willing to be “repurchased” 100% in advance. This was actually a strong signal, there is something wrong (that new investors may not know of). We also happened in another project. Although the investors who wanted to withdraw when our team did due diligence were polite on the surface, in fact, they must have “unspeakable difficulties” to “withdraw”.

(3) Internal team building, the “trap” of the agent

At that time, the three members of the Hanli project investment team were no longer in Hanli. We joked that many VC/PE practitioners were actually the “FA” within the fund. After the successful investment of the project was recommended, they would have the “investment award” and Carry If the investment has failed (usually not known until 5, 8 or more years later), the investment they had originally invested has either left their job a long time ago, or if they are still there, they will not bear the actual risks and losses (the major shareholders of GP). After that, we have set up and requirements for project follow-up investment. In recent years, we have designed “follow-up investment” + “shareholding” for core team members. How to unify responsibilities, rights, and benefits to avoid “delegation” People” trap.

(4) Leading investors and co-investors are very important

Companies and investors are often full of confidence when investing in a project, but business operations cannot be smooth sailing. When various difficulties and problems arise, the role of shareholders (especially the “leading” role of the lead investor) is very important. In fact, there are not many “competent” lead investors in the investment circle, and they are also a scarce resource. What is even more scarce is the founder who can “hold” and lead the team out of the trough during the company’s operating trough, who is responsible and has a pattern of mind.

Finally, VC can’t just report the good and not the bad. “Telling out one’s own investment failure cases” is both self-excitation and mutual encouragement with peers. Find the cause of success from failure, and find new driving force from setbacks.
The information comes from:https://www.foreign-find.com/