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2023-04-06

So hard to get the disney viucher

2021-06-05

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2021-05-21

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Commodity rally presses the pause button, but the positive behind it is still there?

2021-05-21

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How does Head Education open a breakthrough for growth?

2021-05-21

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Investment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion

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23:19","market":"us","language":"zh","title":"Commodity rally presses the pause button, but the positive behind it is still there?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146484174","media":"金十数据","summary":"分析指出，大宗商品的牛市肯定还没有结束。在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。“我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","content":"<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Commodity rally presses the pause button, but the positive behind it is still there?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCommodity rally presses the pause button, but the positive behind it is still there?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2021-05-21 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74903\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"161715":"大宗商品","000979.SH":"大宗商品"},"source_url":"https://xnews.jin10.com/details/74903","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146484174","content_text":"分析指出，大宗商品的牛市肯定还没有结束。\n\n在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。\n不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。\n中国铜交易商ASK Resources Ltd.交易主管Eric Liu说：\n\n “大宗商品的牛市肯定还没有结束。每个国家都在与通胀上升作斗争，但只要他们不收紧货币和财政政策，大宗商品价格涨势很难降温。”\n\n随着新冠疫苗推出，全球重要经济体出现反弹。在供应仍然紧张的情况下，金属、食品和能源的需求不断增加，包括石油木材在内的一系列商品市场出现紧缩。\n未来几个月，随着更多人外出、自驾游、坐飞机、参加夏季烧烤聚会等等，供应紧缩的趋势在美国和欧洲可能会加剧。另外中国也在增加大豆和玉米的进口，说明其需求在增加。\n基础设施支出严峻的长期前景以及向电动汽车、电池的更快过渡同样推高了大宗商品价格。\n周四，市场行情较之前更加稳定。铜期货从前一天的暴跌中反弹，因为市场预测，即使美联储缩减购买资产规模，亦或是中国加大力度压低价格，铜需求仍将保持弹性。在持续不断的购买热潮推动下，芝加哥的玉米期货也上涨。\n相比之下，出于对伊朗出口制裁结束、伊朗原油供应增加的预期，原油期货跌幅扩大。新冠疫情继续抑制印度的需求。\n瑞穗证券期货部门主管Bob Yawger表示，随着美国经济进一步开放，彭博大宗商品指数在未来几个月仍可能超过2011年的纪录高位，尽管通胀压力可能会限制其上行幅度。\n这位主管在接受采访时称：\n\n “人们都想外出，这将给市场带来巨大的买机。此外，美元走软可能也是大宗商品价格上涨的催化剂，因为多数原材料都是以美元计价的。由于驾车出行和航空旺季即将到来，WTI原油可能在未来几个月攀升至每桶70美元。”\n\n另外，今年夏天，美国以及巴西和阿根廷的农作物需要几乎完美的天气才能满足全球需求，因此任何恶劣天气都可能导致价格飙升。\n金属受益于制造业供应链的快速补给以及未来几年的绿色消费前景，推动了经济风向标——铜本月稍早突破每吨1.07万美元。其价格是否会继续走高，在一定程度上取决于市场对基础设施支出的认识程度，以及宽松的货币政策将持续多久。\n华尔街已经对该前景表现出乐观情绪，花旗预计铜价将在未来几个月突破1.2万美元。此外，铜主要交易商嘉能可（Glencore Plc）和托克（Trafigura）表示，铜价可能大幅上涨，以刺激足够的供应，从而满足未来可再生能源和电动汽车的需求。\n澳新银行策略师丹尼尔·海因斯表示：\n\n “我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","news_type":1,"symbols_score_info":{"161715":0.9,"000979.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139608825,"gmtCreate":1621609984567,"gmtModify":1704360565349,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139608825","repostId":"2137972320","repostType":4,"repost":{"id":"2137972320","kind":"highlight","pubTimestamp":1621565916,"share":"https://ttm.financial/m/news/2137972320?lang=en_US&edition=fundamental","pubTime":"2021-05-21 10:58","market":"us","language":"zh","title":"How does Head Education open a breakthrough for growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137972320","media":"财华社","summary":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19","content":"<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the New York Stock Exchange in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does Head Education open a breakthrough for growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does Head Education open a breakthrough for growth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财华社</strong><span class=\"h-time small\">2021-05-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the New York Stock Exchange in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b\">财华社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.finet.hk/photoLib/title/202105_1/126b6782-b17f-4edf-a04a-0fa77c41a529.jpg","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","ZME":"掌门教育"},"source_url":"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137972320","content_text":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19日，掌门教育向美国证监会递交了IPO申请，计划登陆纽约证券交易所，证券代码“ZME”。对资本来说，在线教育目前仍是吸收资本的无底洞，特别是在一对一在线课后辅导领域，高昂的营销费用和教师薪酬，导致众多相关平台对资金的需求如饥似渴，掌门教育亦是如此。一对一辅导赛道的稀缺玩家在互联网技术快速发展的2014年，掌门教育创始人、年仅25岁的张翼选择了创业，在在线答疑、O2O和在线一对一三个创业项目中，他认为前两者商业模式不好，于是选择了在线一对一模式。而在线教育模式有大班、小班和一对一这三种模式，张翼对更具挑战难度的一对一模式更为感兴趣，目标是将掌门教育发展成涵盖所有K-12核心学科的一对一课后定制辅导服务提供商。一对一模式，指的是一名教师对一名学生进行辅导，具有高度个性化、定制化、教学效果好的优点，但缺点是需要大量的教师，教师薪酬成本高。而大班模式是目前在线教育领域主流的业务模式，该模式是由主讲老师和辅导老师相搭配的大班教学，被认为是最具规模效益的商业模式。大班模式的劣势也很明显，同质化问题严重，参与者们需要低价课引流，且需要巨额资金营销进行导流。小班模式则介于大班和一对一之间，得以平衡规模和效果。在掌门教育成立当年，一对一的在线教育模式在国内还处于空白期，当时走一对一模式的其他企业有VIPKID、51Talk(COE)等，不过后两者走的是在线英语一对一教学模式。直到目前，在K12领域以一对一辅导为主营业务的企业不多，猿辅导、作业帮、好未来(TAL)、跟谁学(GOTU)等在线教育平台虽然都有涉足一对一模式，但主要营收来源还是大班或小班模式。所以，掌门教育所处的细分赛道玩家非常稀缺，除了掌门教育，比较有名的平台不多，可对标掌门教育的企业是在美股上市的精锐教育(ONE)，所以整个细分赛道不如大班模式和小班模式的参与者多。作为赛道上的稀缺玩家，获得众多机构和个人投资的掌门教育让不少在线教育企业“眼红”。根据公司官网，掌门教育成立以来共获得8轮融资，累计融资额度达数十亿元，其中2020年9月完成了由软银愿景基金元生资本、CMC资本等机构超过4亿美元的F轮融资。目前，掌门教育第一大股东为元生资本，持股15.8%；张翼持股14.1%，为第二大股东；华平投资为第三大股东，持有10.5%。不过与猿辅导、作业帮等头部在线教育企业相比，掌门教育累计获得的融资额并不算高。猿辅导、作业帮至今累计获得融资分别超过35亿美元和23.5亿美元，两家平台累计融资额占2020年全年行业总融资额的70%以上；目前正计划上市的在线小班课平台火花思维在今年1月宣布获得超过4亿美元的E轮融资。行业获得大量的资本注入，正是市场迎来白热化竞争格局的证明。掌门教育在在线K-12一对一课后辅导服务领域坐上头把椅的位置，市场份额高达31.9%，精锐教育的市场份额则不到10%。但一对一的模式对掌门教育来说并无先人引路，摸著石头过河的过程中机遇和风险并存。盈利难题来源：营销费用与教师成本上文提到，K12在线一对一辅导固然有不少竞争优势，但获客成本和教学成本是该领域实现稳定盈利的“紧箍咒”。特别是在激烈的竞争环境下，要降低获客成本和教学成本，那市场份额就存在被其他参与者抢占的风险。从已上市的在线一对一辅导企业业绩表现看，目前没有企业能实现稳定盈利。其中掌门教育的对标企业精锐教育在行业过度的竞争消耗下也结束了5年盈利趋势，2020年和2021年一季度录得亏损。51Talk今年从一季度算，已经连续5个季度实现了盈利，但营销费用大幅增长的趋势一时难以解决，导致公司出现了增收不增利的怪象，今年一季度营收大增23.3%的情况下，净利润则大幅下滑超过80%。这不禁让人产生疑问：51Talk只是虚假的繁荣？在线一对一辅导市场要挣钱其实是非常矛盾的？从运营数据和经营业绩看，掌门教育与51Talk一样，也未能走出盈利难的泥潭。根据招股书，2019年-2020年，掌门教育的净收益分别为26.69亿元(人民币，下同)和40.18亿元，2020年增速非常可观；净亏损则分别为15.04亿元和10.12亿元，亏损减少，但仍面临巨亏的困境。2021年一季度，在营收增长20%的情况下，掌门教育净亏损则同比大幅飙升243倍至4.97亿元。掌门教育难以实现盈利主要是因为成本端支持巨大，在营销费用方面，为了获得更多的付费用户，掌门教育出手阔绰。根据招股书，2019年及2020年，掌门教育营销费用分别高达21.72亿元和25.78亿元，占营收比重分别达81.38%及64.14%，远超其他在线一对一辅导上市企业的比重。巨额的营销开支也让掌门教育付费学生人数出现飙升，在线一对一课后课外辅导的付费学生入学人数从2019年的38.05万名增至2020年的54.48万名，增幅为43.2%，2021年一季度则为8.78万名，增幅为52.2%。掌门教育2020年起营销费用占营收比重有较大幅度下滑，在招股书中的解释是“随着我们的服务规模迅速扩大，我们大大提高了销售和营销效率”。而实际上，持续加码营销费用是行业趋势，未来优化空间主要看随着市场竞争缓和和公司品牌的建立而减少，而在在线教育市场过渡营销的今天，掌门教育若要降低营销费用将直接影响到付费人数和营收的增速。因为在当下行业过度营销背景下，不烧钱的在线教育企业，将会被淹没在红海之中。教师薪酬也是掌门教育收入成本的主要组成部分，2021年3月末，公司有超过4.5万教师，包括约2万名兼职教师，数量十分庞大，导致公司在教师薪酬的支出方面差不多达到营销费用的水平。2019年-2020年，掌门教育的教师薪酬费用分别为15.45亿元和20.81亿元，占营收比重分别为57.89%及51.79%。从这个趋势看，掌门教育也有意降低教师费用成本。为保证教学质量，在线教育企业必须要拥有良好的师资和较高的教师留存率，为了达到这个目的，掌门教育的教师招聘严格，2020年招聘中只接收了3.8%的应聘候选人。掌门教育虽然有意优化教师薪酬费用，以增强利润水平，但2019年以来教师薪酬费用却是不断增长的，教师基本薪资上调和教师课时增加是其中的主要原因。为保持教学质量，掌门教育在压缩教师成本方面是存在矛盾的。所以，未来要保持市场份额的同时实现规模的增长，掌门教育的营销费用和教师成本下降空间是十分有限的，要实现盈利很难从成本端下功夫。为减弱单一营收结构带来的不确定性影响，掌门教育从2020年三季度开始涉足小班教学业务，小班课程最多25名学生。通过将一对一服务的模式复制到小班业务，掌门教育取得了良好的表现。在2021年第一季度，公司的小班课程付费学生入学人数达到29.44万名，较2020年三季度大幅增长2.3倍，为公司带来1.05亿元的营收。国内线下教培机构在多年来的磨合中，在标准化和个性化中趋于平衡，最终线下小班形势或会成为主流。在线小班扩大盈利规模的关键是在不影响教学效果的前提下扩大班容，小班课业务未来有望成为掌门教育的第二增长曲线。终究还是要回归教育本身行业激烈竞争带来的不仅是用户红利的消失，也是一场零和博弈，不论是烧钱价格战，还是用户份额争夺，都会造成众多企业纷纷倒塌。所以抛开过度竞争来看，在线教育企业想要规模化必须要做轻，唯一的可能是将其変得更智能，变轻才可以复制，未来才能够更好地规模化。有意缩减营销开支的掌门教育也寻找著这种突破口，其创始人张翼曾公开表示：“资金投入营销端叫做烧钱，资金投入后端叫做壁垒，而掌门应该不遗余力地推进后者，把资金投入到教研、教学、技术等与服务质量高度相关的后端模块中。”除了以上影响利润的“两费”比重下降，从财务数据和经营数据看，掌门教育近年来也在试图回归教育本身，从产品和服务方面寻求更优的竞争力。2020年公司累计投入研发费用3.18亿元，研发费用占比为7.9%，与51Talk等企业处于一个水平。公司的技术和产品开发人员从2019年的789人增至2020年的1029人，在教研教学上，掌门教育组建了超过万人的教研团队，近几年里推出百余项应用，并自主研发2000w+智能题库、2500w+智能课件、2800w+智能作业。从研发投入对用户留存率的贡献来看，掌门教育取得了较好的成绩。2020年，公司一对一的学生留存率超过80%，首次付费学生人数收入中超过50%来自老客户的介绍。这一成绩，也是公司付费学生人数不断攀升的推动力。不过，一对一模式需要大量的教师做支撑，成本无法在规模化的过程中有效摊薄，利润水平的提升在很大程度上只能依靠提高课程价格来实现。而掌门教育的课程单价提升相对有限，在2020年以及2021年一季度，掌门教育一对一业务的课时平均课程费用分别同比增加3.6%和1.3%，增幅较低。在激烈的竞争环境中，提高课程价格会引发用户留存率下降的问题，也影响到教学人员的流失率。“烧钱”烧不出未来，一对一模式规模化效应有限，掌门教育或许只有回归教育本质才能走得更远。在未来，基于教研体系、教学产品、师资质量的品牌口碑打造，才是成为在线教育机构竞争力提升的关键，期望掌门教育在此变革中找到更好的未来。","news_type":1,"symbols_score_info":{"TTTN":0.9,"QNETCN":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":2974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130552372,"gmtCreate":1621558295596,"gmtModify":1704359556588,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"35818971727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08:30","market":"hk","language":"zh","title":"Investment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2137382971","media":"投资界","summary":"阅读全文大公司热点 张一鸣卸任字节跳动CEO，梁汝波接任投资界5月20日消息，字节跳动创始人张一鸣发布内部全员信，宣布卸任CEO一职。5月18日，华为内部发文进行多项人事调整。张平安被任命为华为云CEO。阅读全文融资大事记 华映资本第六期人民币成长基金超募至21.2亿投资界5月20日消息，华映资本宣布第六期人民币成长基金关闭，基金超募完成规模为21.2亿元。其中原有出资人的复投率达到45.7％；连同今年早些设立及","content":"<p><html><body>Further Reading</p><p><main><main><main><main><img src=\"https://pic2.pedaily.cn/19/201911/20191120@383975.jpg\"/></main><main>When: Friday, May 21, 2021</main></main><main>Important News</p><p></main><main><h4>Heavy! 2021 \"Top 100 Investors in the Investment Industry\" List Released</h4><main><strong>Give a higher weight to the real return on investment, and we always pursue to be closer to truth, objectivity and justice.</strong></p><p><a href=\"https://laohu8.com/S/01945\">Zero2IPO Venture</a>The investment community (www.PEdaily.cn), a professional portal for entrepreneurship and investment in China, jointly sponsored by Zero2IPO Research Center, and Private Equity, a big data platform for entrepreneurship and investment in China, provided data support.<strong>The 2021 \"Top 100 Investors in the Investment Industry\" List was officially announced today</strong>！</p><p>The selection of the \"TOP100 Investor List\" has been held for six consecutive sessions. Since its official launch, this selection has attracted thousands of early-stage, VC, PE and strategic investors to actively participate. The investment community, Zero2IPO Research Center and private placement system have sorted out tens of thousands of investment data of candidates in the past three years, and comprehensively evaluated five factors: the number of individual investment enterprises, the amount of individual investment, the comprehensive return level, the industry influence of individuals and their institutions, etc. From over 1,000 candidates, 100 outstanding investors who have achieved outstanding investment performance and greatly promoted the Chinese investment community were selected.</p><p>Read the full article</main></main><main><h4>Guo Jin of Huafa Group: Zhuhai, a \"livable\" place for LP/GP</h4><main>On May 19-21, 2021, the 15th edition of the event was hosted by Zero2IPO Entrepreneurship and Investment Community and co-hosted by Huafa Group.<a href=\"https://laohu8.com/S/CHN\">China Fund</a>The Partner Summit was held in Zhuhai. On the spot, 200+ LPs and trillions of investable capital, such as domestic FOFs, government-guided funds, sovereign wealth funds, family funds, insurance institutions, bank capital, VC/PE institutions and listed companies, were gathered to explore the road of equity investment in the new economy.</p><p>At the meeting, Chairman of Huashi Holdings of Huafa Group,<a href=\"https://laohu8.com/S/000532\">Huajin Capital</a>Guo Jin, chairman of the board of directors and chairman of Zhuhai Fund, delivered a speech. The following is a transcript of the speech.<strong>Compiled by the investment community:</strong></p><p>Read the full article</main></main><main><h4>Dismantling the first quarterly report of semiconductor industry: Under the shortage of chips, who eats meat and who drinks soup?</h4><main>Since the second half of last year, the global chip shortage has become the biggest problem faced by the semiconductor industry, and then it has spread to other related industries. In fact, every 3 to 4 years or so, there will be a shortage of chip supply. Compared with the past, the out-of-stock cycle is longer, which has lasted for nearly a year. There is no clear timetable for when it will be alleviated in the future. Some institutions predict it won't be until 2022, and pessimists even think it may not be until 2023.</p><p>If we want to pursue the reasons for this chip shortage, there are several main reasons in the industry at present:</p><p>First, the COVID-19 pandemic has accelerated the digitalization process of the whole society, and at the same time, it has superimposed application scenarios such as 5G and new energy vehicles.</p><p>Second, the Sino-US trade conflict has disrupted the rhythm of the semiconductor industry chain, and uncertainty has increased the stocking demand in all links.</p><p>Third, some enterprises panic placing orders and roasting seeds through channels have aggravated the shortage of production capacity.</p><p>In this round of chip shortages, the automotive industry is the most affected sector. An assessment by international consultancy AlixPartners shows that the automotive industry will lose $110 billion in revenue in 2021 due to the semiconductor shortage; In terms of production, global automakers will cut 3.9 million units this year, up from a forecast of 2.2 million four months ago.</p><p>Read the full article</main></main><main><h4>Huawei's entry into the market, lidar market ushered in a fierce battle</h4><main>In June 2018, I passed two or three young people carrying bags and ordinary business dresses in the corridor of a five-story private house in Guangming District, Shenzhen.</p><p>At that time I was going to visit a lidar in this building<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The boss, who is a little arrogant, introduced all his products from laser mosquito killer to car laser scanner products eloquently. After that, while sipping his tea, he triumphantly revealed this news:</p><p>Read the full article</main></main><main><h4>Honghui Bauhinia Equity Investment Fund Lands in Changsha, Hunan Province</h4><main>Honghui Bauhinia Equity Investment Fund, jointly established by Hunan Honghui Education Development Foundation and Bauhinia Capital, is a beneficial innovation in the operation mode of supporting public welfare undertakings through the hematopoietic function of investment. The fund is jointly funded by the founder of Hunan Honghui Education Development Foundation, the team of Bauhinia Capital and caring personnel from all walks of life, and is managed by Bauhinia Capital as the manager. The subscribed capital contribution of the fund has exceeded 100 million yuan, and the fund aims to carry out value-preserving and value-increasing investment activities through equity investment, and on this basis, part of the investment income will be used to support the sustainable development of charity.</p><p>The activity was highly valued by the leaders of Hunan Province. Liu Jianping, the second-level inspector of Hunan Federation of Industry and Commerce, sincerely thanked Honghui Bauhinia Fund for its excellent work in supporting rural revitalization and education based on local equity investment. Inspector Liu also pointed out that he hopes that outstanding investors and entrepreneurs will return to their roots, return to their hometowns for development, actively participate in the process of building their hometowns, support small and medium-sized enterprises in the province, promote the high-quality development of Hunan, and make contributions to the beginning of the 14th Five-Year Plan. We look forward to the high-quality development of social welfare undertakings in Hunan Province, which is an innovative public welfare model of Honghui Bauhinia Fund.</p><p>Read the full article</main></main></main><main><main>Big company hotspots</p><p></main><main><h4>Zhang Yiming steps down as CEO of ByteDance, Liang Rubo takes over</h4><main>On May 20th, the investment community reported that Zhang Yiming, founder of ByteDance, issued an internal letter to all employees, announcing his resignation as CEO. ByteDance co-founder Liang Rubo will take over as the new CEO.</p><p><img src=\"https://pic2.pedaily.cn/21/202105/20210520101214871487.png\" title=\"from clipboard\"/></p><p>The picture shows Zhang Yiming (left) and Liang Rubo (right)</p><p>Talking about the reasons for leaving office, Zhang Yiming said that since its founding, ByteDance has been lucky enough to seize the opportunity of the development of the times, innovate and practice on mobile terminals and videos based on machine learning technology, and make some achievements. Although the company's business is developing well, it is hoped that the company can continue to make greater innovative breakthroughs and become more creative and meaningful. Therefore, Zhang Yiming decided to put aside the daily management of the company and focus on long-term important matters such as long-term strategy, corporate culture and social responsibility. He planned to \"focus relatively on learning knowledge, thinking systematically, researching new things, trying and experiencing them hands-on, and create more possibilities for the company for a period of ten years\".</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/BEKE\">Shell</a>Founder and Chairman Zuo Hui died of illness. He once founded Chain Home and Ziru</h4><main>Shell (BEKE.US) posted an obituary on its official website, saying that Zuo Hui, the company's founder and chairman, died on May 20 after his illness worsened.</p><p></main></main><main><h4>Centennial Toshiba, can't escape selling yourself?</h4><main>In April this year, Toshiba received receipts from UK private equity funds<a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>Capital Partners (hereinafter referred to as CVC) and a number of Japanese companies and investment funds,<strong>As the former Japanese manufacturing industry<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Pearl, Toshiba can be described as suffering from the \"shame\" of coming to the door.</strong></p><p>As a century-old Japanese enterprise, Toshiba founder Tanaka Hisashige founded Shibaura Manufacturing Co., Ltd. (the predecessor of Toshiba) in 1875. With the advancement of industrialization, Shibaura successively set foot in home appliances, mechanical automation and computer flash memory business, and officially changed its name to Toshiba in 1984.</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>\"2021 China Study Abroad White Paper\" officially released</h4><main>On May 20, the launch conference of New Oriental's \"2021 China Study Abroad White Paper\" was held in Beijing. Sun Tao, Assistant Vice President of New Oriental Education Technology Group and President of New Oriental Future Abroad, Liu Shuoyang, Assistant Vice President of New Oriental Education Technology Group and General Manager of New Oriental International Education and Training Division, Tian Wang, Assistant Vice President of New Oriental Future Abroad and Director of Graduate Business in the United States, Ma Xing, Assistant Vice President of New Oriental Future Abroad and Director of UK Business, Liu Tao, Assistant Vice President of New Oriental Future Abroad and Deputy General Manager of New Oriental Eurasia Education, Li Jun, Assistant Vice President and Director of Marketing Department of New Oriental Future Abroad, Li Sa, Deputy Director of Marketing Department of New Oriental Future Abroad, Xu Chunyang, Director of Study Abroad Guidance Department of Sphink International Art Education,<a href=\"https://laohu8.com/S/V\">Visa</a>Yin Xiaolong, Global Vice President and General Manager of Customer Relationship Management Department in China,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Xu Haibo, head of the cross-border scenario project team of the head office, attended the press conference together, and conducted an in-depth analysis of the current situation and future development trend of the study abroad industry.</p><p>Multi-party linkage to summarize industry data and professional analysis to help study abroad</p><p>New Oriental has published the White Paper on Studying in China for seven consecutive years, which covers the current situation of studying abroad, guidance on studying abroad examinations, employment intentions and trends of overseas students, overseas life of Chinese students, overseas consumption behavior and financial behavior of Chinese students, etc. It deeply digs into the overall changes of studying abroad, comprehensively interprets the development trend of studying abroad industry, and strives to provide in-depth reference for the majority of studying abroad families and students planning to study abroad.</p><p>Read the full article</main></main><main><h4>Ren Zhengfei knocked Yu Chengdong down from the clouds and handed him the steering wheel of Huawei</h4><main>According to an internal notice, Ren Zhengfei officially handed over Huawei's most promising business segment to Yu Chengdong.</p><p>On May 18th, Huawei issued an internal document to make a number of personnel adjustments. Yu Chengdong's position as CEO of Huawei Cloud was removed and replaced as CEO of the newly established Smart Car Solution BU; The original Consumer BG CEO position remains. Zhang Ping An was appointed CEO of Huawei Cloud.</p><p>In Huawei's organizational structure, the BG (business group) is higher than the BU (business unit). Yu Chengdong, as the top leader of Consumer BG, concurrently serves as the CEO of Smart Car Solutions BU under the business group.<strong>Management \"High Allocation\"</strong>It shows that Ren Zhengfei attaches great importance to this business.</p><p>Read the full article</main></main></main><main><main>Financing Events</p><p></main><main><h4>Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</h4><main>Investment news on May 20th,<b>Huaying Capital announced the closure of the sixth RMB Growth Fund, and the fund over-raised completed 2.12 billion yuan. From the first pass to the final closure, it took 4 months.</b>among<b>Of the original investor</b><b>The re-investment rate reached 45.7%</b><b>；</b>Together with the angel funds and industrial funds set up earlier this year and nearing completion,<b>Huaying raised more than 3.3 billion yuan new funds this year.</b></p><p>The main contributors of the fund in this period include<b>National development funds, local industry guidance funds, market-oriented parent funds, insurance funds, large enterprises</b>etc., is a fund composed of government funds and social capital. The current fund will continue to<b>New consumption</b>And<b>Technology</b>Carry out investment in the field.</p><p>Read the full article</main></main><main><h4>New energy airline Beta Technologies raises $368 million in Series A financing</h4><main>Investment news on May 20th, according to foreign media TechCrunch, Beta Technologies, an American electric aviation startup, recently completed a Series A financing of US$368 million. This round of financing was led by Fidelity Management Research Company,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Its Climate Pledge Fund joined the investment. Amazon's fund is $2 billion, and it has invested in new energy vehicles, battery recycling, and hydrogen fuel cells many times before.</p><p>Founded in 2017 and currently valued at $1.4 billion, Beta Technologies focuses on developing electric vertical takeoff and landing (eVTOL: electric vertical takeoff and landing) aircraft and associated charging systems.</p><p>Read the full article</main></main><main><h4>IPO | Jingya Capital exceeded the second phase of USD fund raising, with a total management scale of nearly 200 million USD</h4><main>According to the news of the investment community on May 20th, Jingya Capital announced the completion of the fundraising of the second phase of US dollar fund. This fund has been fully supported and over-subscribed by new and old investors. LP (limited partner) includes founders and executives of well-known Internet companies at home and abroad, as well as institutional investors such as well-known university funds, endowment funds, national sovereign funds, parent funds and family offices from Asia and the United States. The total fundraising scale of the new US dollar fund has reached the upper limit of 120 million US dollars, and the total management scale of Jingya Capital is nearly 200 million US dollars.</p><p>It is worth mentioning that among the cornerstone investors of Jingya Capital Phase II USD Fund, in addition to Unicorn Capital Partners, a well-known parent fund that gained rich returns from investing in Gaorong and Source Capital in the early stage, Jingya also received investment from EmergenceCapital, a top venture Capital fund in the United States that focuses on investing in enterprise software, and the two sides reached a strategic cooperation. EmergenceCapital also announced on May 10, 2021 that it had completed the raising of nearly $1 billion in new funds. As an established venture capital fund that has been established in the United States for nearly 20 years, it has successively invested in<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>, Veeva, Bill.com, Box and other well-known American SaaS companies, although Emergence Capital is not the parent fund and has never invested in other funds, they still choose to invest in Jingya Capital and sign strategic cooperation, which shows that they are optimistic about China's enterprise service market and believe in Jingya's team. After reaching the strategic cooperation, Emergence will share with the Jingya team their rich fund management experience such as best practices, industry insights, investment logic, analysis strategies, due diligence methods, and post-investment management in investment enterprise services in the United States for many years.</p><p>Read the full article</main></main><main><h4>Focusing on autonomous driving algorithms and computing platforms, Huanyu Zhixing completes Pre-A round of financing</h4><main>According to the news of the investment community on May 20th, recently, Huanyu Zhixing announced the completion of 55 million Pre-A round of financing. Dr. Li Ming, founder of Huanyu Zhixing, said that this round of financing will be used for large-scale testing to improve product reliability. Previously, Huanyu Zhixing completed 15 million angel round financing in January 2018.</p><p>It is reported that Huanyu Zhixing is a company that focuses on autonomous driving algorithms and computing platforms, providing software and hardware to OEMs. Its products are highly reliable autonomous driving domain controllers and autonomous driving software, which meet the needs of autonomous driving from L2.5 and L4.</p><p>Read the full article</main></main><main><h4>Social media platform Somewhere Good has closed a $3.75 million seed round</h4><main>Investment news on May 20th, according to foreign media TechCrunch, the social media platform Somewhere Good has completed a $3.75 million seed round of financing. The round was led by True Ventures, joined by Dream Machine, Debut Capital and Canvas Ventures. It is reported that the funds will be mainly used for continuous product innovation and team expansion.</p><p>Founder Naj Austin founded Somewhere Good in 2020. She believes that in the post-pandemic era, users are eager for collectivism rather than individualism. Somewhere Good aims to reinvent the look and feel of social media and build new models of social networking for people of color that are dominated by circle communities.</p><p>Read the full article</main></main><main><h4>Yingen Bio completed US$90 million in Series B financing,<a href=\"https://laohu8.com/S/LLY\">Lilly</a>Asia funds lead investment</h4><main>On May 20th, the investment community reported that Duality Biologics, an innovative biopharmaceutical company, announced the completion of a US$90 million Series B financing. This round of financing was led by Lilly Asia Fund (LAV for short), with the participation of well-known domestic funds such as Couplet Health Fund, Huagai Capital, Newley Capital, Songhe Capital and Yuanhe Holdings. Series A strategic investors<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>The Industrial Fund continued to support the Company, and continued to provide the Company with production process support that met global quality standards, and accelerated the R&D process.</p><p>Since its establishment in January 2020, Yingen Biotech has raised more than US$120 million in accumulated financing. The major investors in the previous round include King Star Capital, WuXi Biologics Industry Fund and Tonghe Yucheng. The funds raised in this round will be mainly used by the company to promote preclinical research, clinical development and product authorization introduction of product pipelines worldwide.</p><p>Read the full article</main></main><main><h4>Hard tissue surgery<a href=\"https://laohu8.com/S/300024\">Robot</a>Platform-based enterprise Jianjia Robot completed hundreds of millions of yuan in Series C financing</h4><main>Investment news on May 20th, recently, Jianjia Robot, a platform enterprise of hard tissue surgery robots, completed hundreds of millions of RMB in Series C financing, led by LYFE Capital and SoftBank<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Follow-up investment, old shareholder Hillhouse Venture Capital,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>Continuous filling, completing the financing amount of nearly 400 million yuan within one year. This round of financing funds will be used to promote the clinical trials of knee replacement surgical robots and the research and development and clinical registration of new products such as other surgical robots.</p><p>Founded in 2018, Jianjia Robot has quickly become a leading hard tissue surgical robot platform enterprise in China with the team's deep accumulation in the field of surgical robots in the past, excellent combination of medicine and engineering and strong execution capability. At present, the company's hip replacement surgery robot has completed clinical enrollment and follow-up, and is also the first in China to enter the NMPA<a href=\"https://laohu8.com/S/002173\">Innovative medical care</a>The \"total hip replacement surgical robot\" product with special device review procedure is expected to become the first approved domestic joint replacement surgical robot. In addition, the company has a number of new products such as surgical robots in the research and development and inspection stage.</p><p>Read the full article</main></main></main></main>-----------</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1096839439\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2531123ee54a22588d693ba65ab705b3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">投资界 </p>\n<p class=\"h-time smaller\">2021-05-21 08:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Further Reading</p><p><main><main><main><main><img src=\"https://pic2.pedaily.cn/19/201911/20191120@383975.jpg\"/></main><main>When: Friday, May 21, 2021</main></main><main>Important News</p><p></main><main><h4>Heavy! 2021 \"Top 100 Investors in the Investment Industry\" List Released</h4><main><strong>Give a higher weight to the real return on investment, and we always pursue to be closer to truth, objectivity and justice.</strong></p><p><a href=\"https://laohu8.com/S/01945\">Zero2IPO Venture</a>The investment community (www.PEdaily.cn), a professional portal for entrepreneurship and investment in China, jointly sponsored by Zero2IPO Research Center, and Private Equity, a big data platform for entrepreneurship and investment in China, provided data support.<strong>The 2021 \"Top 100 Investors in the Investment Industry\" List was officially announced today</strong>！</p><p>The selection of the \"TOP100 Investor List\" has been held for six consecutive sessions. Since its official launch, this selection has attracted thousands of early-stage, VC, PE and strategic investors to actively participate. The investment community, Zero2IPO Research Center and private placement system have sorted out tens of thousands of investment data of candidates in the past three years, and comprehensively evaluated five factors: the number of individual investment enterprises, the amount of individual investment, the comprehensive return level, the industry influence of individuals and their institutions, etc. From over 1,000 candidates, 100 outstanding investors who have achieved outstanding investment performance and greatly promoted the Chinese investment community were selected.</p><p>Read the full article</main></main><main><h4>Guo Jin of Huafa Group: Zhuhai, a \"livable\" place for LP/GP</h4><main>On May 19-21, 2021, the 15th edition of the event was hosted by Zero2IPO Entrepreneurship and Investment Community and co-hosted by Huafa Group.<a href=\"https://laohu8.com/S/CHN\">China Fund</a>The Partner Summit was held in Zhuhai. On the spot, 200+ LPs and trillions of investable capital, such as domestic FOFs, government-guided funds, sovereign wealth funds, family funds, insurance institutions, bank capital, VC/PE institutions and listed companies, were gathered to explore the road of equity investment in the new economy.</p><p>At the meeting, Chairman of Huashi Holdings of Huafa Group,<a href=\"https://laohu8.com/S/000532\">Huajin Capital</a>Guo Jin, chairman of the board of directors and chairman of Zhuhai Fund, delivered a speech. The following is a transcript of the speech.<strong>Compiled by the investment community:</strong></p><p>Read the full article</main></main><main><h4>Dismantling the first quarterly report of semiconductor industry: Under the shortage of chips, who eats meat and who drinks soup?</h4><main>Since the second half of last year, the global chip shortage has become the biggest problem faced by the semiconductor industry, and then it has spread to other related industries. In fact, every 3 to 4 years or so, there will be a shortage of chip supply. Compared with the past, the out-of-stock cycle is longer, which has lasted for nearly a year. There is no clear timetable for when it will be alleviated in the future. Some institutions predict it won't be until 2022, and pessimists even think it may not be until 2023.</p><p>If we want to pursue the reasons for this chip shortage, there are several main reasons in the industry at present:</p><p>First, the COVID-19 pandemic has accelerated the digitalization process of the whole society, and at the same time, it has superimposed application scenarios such as 5G and new energy vehicles.</p><p>Second, the Sino-US trade conflict has disrupted the rhythm of the semiconductor industry chain, and uncertainty has increased the stocking demand in all links.</p><p>Third, some enterprises panic placing orders and roasting seeds through channels have aggravated the shortage of production capacity.</p><p>In this round of chip shortages, the automotive industry is the most affected sector. An assessment by international consultancy AlixPartners shows that the automotive industry will lose $110 billion in revenue in 2021 due to the semiconductor shortage; In terms of production, global automakers will cut 3.9 million units this year, up from a forecast of 2.2 million four months ago.</p><p>Read the full article</main></main><main><h4>Huawei's entry into the market, lidar market ushered in a fierce battle</h4><main>In June 2018, I passed two or three young people carrying bags and ordinary business dresses in the corridor of a five-story private house in Guangming District, Shenzhen.</p><p>At that time I was going to visit a lidar in this building<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The boss, who is a little arrogant, introduced all his products from laser mosquito killer to car laser scanner products eloquently. After that, while sipping his tea, he triumphantly revealed this news:</p><p>Read the full article</main></main><main><h4>Honghui Bauhinia Equity Investment Fund Lands in Changsha, Hunan Province</h4><main>Honghui Bauhinia Equity Investment Fund, jointly established by Hunan Honghui Education Development Foundation and Bauhinia Capital, is a beneficial innovation in the operation mode of supporting public welfare undertakings through the hematopoietic function of investment. The fund is jointly funded by the founder of Hunan Honghui Education Development Foundation, the team of Bauhinia Capital and caring personnel from all walks of life, and is managed by Bauhinia Capital as the manager. The subscribed capital contribution of the fund has exceeded 100 million yuan, and the fund aims to carry out value-preserving and value-increasing investment activities through equity investment, and on this basis, part of the investment income will be used to support the sustainable development of charity.</p><p>The activity was highly valued by the leaders of Hunan Province. Liu Jianping, the second-level inspector of Hunan Federation of Industry and Commerce, sincerely thanked Honghui Bauhinia Fund for its excellent work in supporting rural revitalization and education based on local equity investment. Inspector Liu also pointed out that he hopes that outstanding investors and entrepreneurs will return to their roots, return to their hometowns for development, actively participate in the process of building their hometowns, support small and medium-sized enterprises in the province, promote the high-quality development of Hunan, and make contributions to the beginning of the 14th Five-Year Plan. We look forward to the high-quality development of social welfare undertakings in Hunan Province, which is an innovative public welfare model of Honghui Bauhinia Fund.</p><p>Read the full article</main></main></main><main><main>Big company hotspots</p><p></main><main><h4>Zhang Yiming steps down as CEO of ByteDance, Liang Rubo takes over</h4><main>On May 20th, the investment community reported that Zhang Yiming, founder of ByteDance, issued an internal letter to all employees, announcing his resignation as CEO. ByteDance co-founder Liang Rubo will take over as the new CEO.</p><p><img src=\"https://pic2.pedaily.cn/21/202105/20210520101214871487.png\" title=\"from clipboard\"/></p><p>The picture shows Zhang Yiming (left) and Liang Rubo (right)</p><p>Talking about the reasons for leaving office, Zhang Yiming said that since its founding, ByteDance has been lucky enough to seize the opportunity of the development of the times, innovate and practice on mobile terminals and videos based on machine learning technology, and make some achievements. Although the company's business is developing well, it is hoped that the company can continue to make greater innovative breakthroughs and become more creative and meaningful. Therefore, Zhang Yiming decided to put aside the daily management of the company and focus on long-term important matters such as long-term strategy, corporate culture and social responsibility. He planned to \"focus relatively on learning knowledge, thinking systematically, researching new things, trying and experiencing them hands-on, and create more possibilities for the company for a period of ten years\".</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/BEKE\">Shell</a>Founder and Chairman Zuo Hui died of illness. He once founded Chain Home and Ziru</h4><main>Shell (BEKE.US) posted an obituary on its official website, saying that Zuo Hui, the company's founder and chairman, died on May 20 after his illness worsened.</p><p></main></main><main><h4>Centennial Toshiba, can't escape selling yourself?</h4><main>In April this year, Toshiba received receipts from UK private equity funds<a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>Capital Partners (hereinafter referred to as CVC) and a number of Japanese companies and investment funds,<strong>As the former Japanese manufacturing industry<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Pearl, Toshiba can be described as suffering from the \"shame\" of coming to the door.</strong></p><p>As a century-old Japanese enterprise, Toshiba founder Tanaka Hisashige founded Shibaura Manufacturing Co., Ltd. (the predecessor of Toshiba) in 1875. With the advancement of industrialization, Shibaura successively set foot in home appliances, mechanical automation and computer flash memory business, and officially changed its name to Toshiba in 1984.</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>\"2021 China Study Abroad White Paper\" officially released</h4><main>On May 20, the launch conference of New Oriental's \"2021 China Study Abroad White Paper\" was held in Beijing. Sun Tao, Assistant Vice President of New Oriental Education Technology Group and President of New Oriental Future Abroad, Liu Shuoyang, Assistant Vice President of New Oriental Education Technology Group and General Manager of New Oriental International Education and Training Division, Tian Wang, Assistant Vice President of New Oriental Future Abroad and Director of Graduate Business in the United States, Ma Xing, Assistant Vice President of New Oriental Future Abroad and Director of UK Business, Liu Tao, Assistant Vice President of New Oriental Future Abroad and Deputy General Manager of New Oriental Eurasia Education, Li Jun, Assistant Vice President and Director of Marketing Department of New Oriental Future Abroad, Li Sa, Deputy Director of Marketing Department of New Oriental Future Abroad, Xu Chunyang, Director of Study Abroad Guidance Department of Sphink International Art Education,<a href=\"https://laohu8.com/S/V\">Visa</a>Yin Xiaolong, Global Vice President and General Manager of Customer Relationship Management Department in China,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Xu Haibo, head of the cross-border scenario project team of the head office, attended the press conference together, and conducted an in-depth analysis of the current situation and future development trend of the study abroad industry.</p><p>Multi-party linkage to summarize industry data and professional analysis to help study abroad</p><p>New Oriental has published the White Paper on Studying in China for seven consecutive years, which covers the current situation of studying abroad, guidance on studying abroad examinations, employment intentions and trends of overseas students, overseas life of Chinese students, overseas consumption behavior and financial behavior of Chinese students, etc. It deeply digs into the overall changes of studying abroad, comprehensively interprets the development trend of studying abroad industry, and strives to provide in-depth reference for the majority of studying abroad families and students planning to study abroad.</p><p>Read the full article</main></main><main><h4>Ren Zhengfei knocked Yu Chengdong down from the clouds and handed him the steering wheel of Huawei</h4><main>According to an internal notice, Ren Zhengfei officially handed over Huawei's most promising business segment to Yu Chengdong.</p><p>On May 18th, Huawei issued an internal document to make a number of personnel adjustments. Yu Chengdong's position as CEO of Huawei Cloud was removed and replaced as CEO of the newly established Smart Car Solution BU; The original Consumer BG CEO position remains. Zhang Ping An was appointed CEO of Huawei Cloud.</p><p>In Huawei's organizational structure, the BG (business group) is higher than the BU (business unit). Yu Chengdong, as the top leader of Consumer BG, concurrently serves as the CEO of Smart Car Solutions BU under the business group.<strong>Management \"High Allocation\"</strong>It shows that Ren Zhengfei attaches great importance to this business.</p><p>Read the full article</main></main></main><main><main>Financing Events</p><p></main><main><h4>Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</h4><main>Investment news on May 20th,<b>Huaying Capital announced the closure of the sixth RMB Growth Fund, and the fund over-raised completed 2.12 billion yuan. From the first pass to the final closure, it took 4 months.</b>among<b>Of the original investor</b><b>The re-investment rate reached 45.7%</b><b>；</b>Together with the angel funds and industrial funds set up earlier this year and nearing completion,<b>Huaying raised more than 3.3 billion yuan new funds this year.</b></p><p>The main contributors of the fund in this period include<b>National development funds, local industry guidance funds, market-oriented parent funds, insurance funds, large enterprises</b>etc., is a fund composed of government funds and social capital. The current fund will continue to<b>New consumption</b>And<b>Technology</b>Carry out investment in the field.</p><p>Read the full article</main></main><main><h4>New energy airline Beta Technologies raises $368 million in Series A financing</h4><main>Investment news on May 20th, according to foreign media TechCrunch, Beta Technologies, an American electric aviation startup, recently completed a Series A financing of US$368 million. This round of financing was led by Fidelity Management Research Company,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Its Climate Pledge Fund joined the investment. Amazon's fund is $2 billion, and it has invested in new energy vehicles, battery recycling, and hydrogen fuel cells many times before.</p><p>Founded in 2017 and currently valued at $1.4 billion, Beta Technologies focuses on developing electric vertical takeoff and landing (eVTOL: electric vertical takeoff and landing) aircraft and associated charging systems.</p><p>Read the full article</main></main><main><h4>IPO | Jingya Capital exceeded the second phase of USD fund raising, with a total management scale of nearly 200 million USD</h4><main>According to the news of the investment community on May 20th, Jingya Capital announced the completion of the fundraising of the second phase of US dollar fund. This fund has been fully supported and over-subscribed by new and old investors. LP (limited partner) includes founders and executives of well-known Internet companies at home and abroad, as well as institutional investors such as well-known university funds, endowment funds, national sovereign funds, parent funds and family offices from Asia and the United States. The total fundraising scale of the new US dollar fund has reached the upper limit of 120 million US dollars, and the total management scale of Jingya Capital is nearly 200 million US dollars.</p><p>It is worth mentioning that among the cornerstone investors of Jingya Capital Phase II USD Fund, in addition to Unicorn Capital Partners, a well-known parent fund that gained rich returns from investing in Gaorong and Source Capital in the early stage, Jingya also received investment from EmergenceCapital, a top venture Capital fund in the United States that focuses on investing in enterprise software, and the two sides reached a strategic cooperation. EmergenceCapital also announced on May 10, 2021 that it had completed the raising of nearly $1 billion in new funds. As an established venture capital fund that has been established in the United States for nearly 20 years, it has successively invested in<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>, Veeva, Bill.com, Box and other well-known American SaaS companies, although Emergence Capital is not the parent fund and has never invested in other funds, they still choose to invest in Jingya Capital and sign strategic cooperation, which shows that they are optimistic about China's enterprise service market and believe in Jingya's team. After reaching the strategic cooperation, Emergence will share with the Jingya team their rich fund management experience such as best practices, industry insights, investment logic, analysis strategies, due diligence methods, and post-investment management in investment enterprise services in the United States for many years.</p><p>Read the full article</main></main><main><h4>Focusing on autonomous driving algorithms and computing platforms, Huanyu Zhixing completes Pre-A round of financing</h4><main>According to the news of the investment community on May 20th, recently, Huanyu Zhixing announced the completion of 55 million Pre-A round of financing. Dr. Li Ming, founder of Huanyu Zhixing, said that this round of financing will be used for large-scale testing to improve product reliability. Previously, Huanyu Zhixing completed 15 million angel round financing in January 2018.</p><p>It is reported that Huanyu Zhixing is a company that focuses on autonomous driving algorithms and computing platforms, providing software and hardware to OEMs. Its products are highly reliable autonomous driving domain controllers and autonomous driving software, which meet the needs of autonomous driving from L2.5 and L4.</p><p>Read the full article</main></main><main><h4>Social media platform Somewhere Good has closed a $3.75 million seed round</h4><main>Investment news on May 20th, according to foreign media TechCrunch, the social media platform Somewhere Good has completed a $3.75 million seed round of financing. The round was led by True Ventures, joined by Dream Machine, Debut Capital and Canvas Ventures. It is reported that the funds will be mainly used for continuous product innovation and team expansion.</p><p>Founder Naj Austin founded Somewhere Good in 2020. She believes that in the post-pandemic era, users are eager for collectivism rather than individualism. Somewhere Good aims to reinvent the look and feel of social media and build new models of social networking for people of color that are dominated by circle communities.</p><p>Read the full article</main></main><main><h4>Yingen Bio completed US$90 million in Series B financing,<a href=\"https://laohu8.com/S/LLY\">Lilly</a>Asia funds lead investment</h4><main>On May 20th, the investment community reported that Duality Biologics, an innovative biopharmaceutical company, announced the completion of a US$90 million Series B financing. This round of financing was led by Lilly Asia Fund (LAV for short), with the participation of well-known domestic funds such as Couplet Health Fund, Huagai Capital, Newley Capital, Songhe Capital and Yuanhe Holdings. Series A strategic investors<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>The Industrial Fund continued to support the Company, and continued to provide the Company with production process support that met global quality standards, and accelerated the R&D process.</p><p>Since its establishment in January 2020, Yingen Biotech has raised more than US$120 million in accumulated financing. The major investors in the previous round include King Star Capital, WuXi Biologics Industry Fund and Tonghe Yucheng. The funds raised in this round will be mainly used by the company to promote preclinical research, clinical development and product authorization introduction of product pipelines worldwide.</p><p>Read the full article</main></main><main><h4>Hard tissue surgery<a href=\"https://laohu8.com/S/300024\">Robot</a>Platform-based enterprise Jianjia Robot completed hundreds of millions of yuan in Series C financing</h4><main>Investment news on May 20th, recently, Jianjia Robot, a platform enterprise of hard tissue surgery robots, completed hundreds of millions of RMB in Series C financing, led by LYFE Capital and SoftBank<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Follow-up investment, old shareholder Hillhouse Venture Capital,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>Continuous filling, completing the financing amount of nearly 400 million yuan within one year. This round of financing funds will be used to promote the clinical trials of knee replacement surgical robots and the research and development and clinical registration of new products such as other surgical robots.</p><p>Founded in 2018, Jianjia Robot has quickly become a leading hard tissue surgical robot platform enterprise in China with the team's deep accumulation in the field of surgical robots in the past, excellent combination of medicine and engineering and strong execution capability. At present, the company's hip replacement surgery robot has completed clinical enrollment and follow-up, and is also the first in China to enter the NMPA<a href=\"https://laohu8.com/S/002173\">Innovative medical care</a>The \"total hip replacement surgical robot\" product with special device review procedure is expected to become the first approved domestic joint replacement surgical robot. In addition, the company has a number of new products such as surgical robots in the research and development and inspection stage.</p><p>Read the full article</main></main></main></main>-----------</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b94748254746975add4199d2ec0ee3d","relate_stocks":{"01945":"清科控股","BEKE":"贝壳","CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://news.pedaily.cn/202105/471737.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137382971","content_text":"延伸阅读时间：2021年5月21日  星期五重要新闻 重磅！2021「投资界TOP100」投资人榜单发布给予真正的投资回报更高的权重，我们永远追求离真实、客观、公正更近一些、再近一些。清科创业旗下中国创业与投资专业门户投资界（www.PEdaily.cn）与清科研究中心联合发起，中国创业与投资大数据平台私募通提供数据支持，2021「投资界TOP100」投资人榜单今日正式揭晓！「投资界TOP100」投资人榜单评选已连续举办六届，本届评选自正式启动以来，吸引了上千位早期、VC、PE以及战略投资人积极参与。投资界、清科研究中心与私募通系统整理候选人近3年的数万条投资数据，综合考评五大方面因素：个人投资企业数量、个人投资金额、综合回报水平、个人及其所在机构行业影响力等，从超1000位候选人当中，评选出取得卓越投资业绩，同时对于中国投资界产生巨大推动作用的100位杰出投资人。阅读全文 华发集团郭瑾：珠海，LP/GP的「宜居」之地2021年5月19-21日，由清科创业、投资界主办，华发集团联合主办的第十五届中国基金合伙人峰会在珠海隆重举行。现场汇集国内FOFs、政府引导基金、主权财富基金、家族基金、保险机构、银行资本、VC/PE机构、上市公司等200+LP和万亿级可投资本，共探新经济下的股权投资之路。会上，华发集团华实控股董事长、华金资本董事长、珠海基金董事长郭瑾发表了演讲，以下为演讲实录，经投资界编辑整理：阅读全文 拆解半导体行业一季报：芯片荒下，谁吃肉，谁喝汤？从去年下半年开始，全球性芯片短缺成为半导体行业面临的最大问题，进而又波及到其他相关产业。其实，每3到4年左右，就会发生一次芯片供应短缺。相比以往，此次缺货周期更长，已经持续将近一年时间，未来何时能缓解尚无明确时间表。部分机构预测要到2022年，悲观者甚至认为可能要到2023年。如果要追寻此次芯片短缺的原因，目前业内认为主要有几个：第一，新冠疫情加快了整个社会的数字化进程，同时也叠加了5G和新能源汽车等应用场景。第二，中 美贸易冲突，打乱了半导体产业链的节奏，不确定性增加了各个环节的备货需求。第三，部分企业恐慌下单和渠道炒货加剧了产能紧缺程度。在这轮芯片短缺中，汽车行业是受影响最大的行业。国际咨询公司AlixPartners的评估显示，受到半导体短缺影响，2021年汽车行业收入损失将达到1100亿美元；产量方面，今年全球汽车制造商将减少390万辆，高于四个月前预测的220万辆。阅读全文 华为入场，激光雷达市场迎来恶战2018年6月，我在深圳市光明区一个5层民房的走廊里，与两三个背着包、一副普通商务打扮的年轻人擦肩而过。那时我准备拜访这栋楼里的一家激光雷达创业公司，有点江湖豪气的老板把自家产品从激光灭蚊器到车载激光扫描仪产品，全都洋洋洒洒地介绍了一通。之后，一边咂着茶，一边得意洋洋地透露了这么一个消息：阅读全文 弘慧紫荆股权投资基金落地湖南长沙弘慧紫荆股权投资基金，由湖南弘慧教育发展基金会与紫荆资本合作设立，是通过投资的造血功能支持公益事业的运作模式的一次有益创新。该基金由湖南弘慧教育发展基金会创始人、紫荆资本团队及各界爱心人事共同出资，由紫荆资本担任管理人进行管理。基金认缴出资已超过一亿元，基金目标通过股权投资方式进行保值、增值投资活动，并在此基础上将部分投资收益用于支持慈善事业的可持续发展。活动受到了湖南省领导的高度重视，湖南省工商联二级巡视员刘建平衷心感谢弘慧紫荆基金在立足本土股权投资，支持乡村振兴和教育事业中的优秀工作。刘巡视员同时指出，希望优秀的投资家和企业家们落叶归根，回乡发展，积极参与为故乡、建家乡过程中，支持省内中小企业，助推湖南高质量发展，为十四五开局做出贡献。对弘慧紫荆基金这种创新公益的模式推动湖南省社会公益事业的高质量发展殷切期待。阅读全文大公司热点 张一鸣卸任字节跳动CEO，梁汝波接任投资界5月20日消息，字节跳动创始人张一鸣发布内部全员信，宣布卸任CEO一职。字节跳动联合创始人梁汝波将接任成为新CEO。图为张一鸣（左）和梁汝波（右）谈及卸任原因，张一鸣表示，创业以来，字节跳动有幸抓住了时代发展的机遇，基于机器学习技术在移动端和视频上进行创新与实践，取得了一些成绩。虽然公司业务发展良好，但希望公司还能持续有更大的创新突破，变得更有创造力和富有意义。因此，张一鸣决定放下公司日常管理，聚焦远景战略、企业文化和社会责任等长期重要事项，计划“相对专注学习知识，系统思考，研究新事物，动手尝试和体验，以十年为期，为公司创造更多可能”。阅读全文 贝壳创始人兼董事长左晖因病去世，曾创立链家、自如贝壳(BEKE.US)在其官网发布讣告称，公司创始人兼董事长左晖于5月20日因疾病恶化去世。 百年东芝，难逃卖身？今年4月，东芝收到了来自英国私募基金CVC Capital Partners（下文简称CVC）与一众日本公司、投资基金的联合收购邀约，作为昔日日本制造业的皇冠明珠，东芝可谓遭受了上门“耻辱”。作为一家日本百年企业，1875年东芝创始人田中久重创立了芝浦制造所（东芝前身），伴随工业化的推进，芝浦相继涉足家电、机械自动化、计算机闪存业务，并于1984年正式更名为东芝。阅读全文 新东方《2021中国留学白皮书》正式发布5月20日，新东方《2021中国留学白皮书》发布会于北京召开。新东方教育科技集团助理副总裁、新东方前途出国总裁孙涛，新东方教育科技集团助理副总裁、新东方国际教育培训事业部总经理刘烁炀，新东方前途出国助理副总裁兼美国研究生业务总监田旺，新东方前途出国助理副总裁兼英国业务总监马星，新东方前途出国助理副总裁兼新东方欧亚教育副总经理刘焘，新东方前途出国助理副总裁兼市场部总监李浚，新东方前途出国市场部副总监李飒，斯芬克国际艺术教育留学指导部总监徐春阳，Visa全球副总裁、中国区客户关系管理部总经理尹小龙，中国银行总行跨境场景项目组组长徐海波等共同出席本次发布会，并对留学行业现状及未来发展趋势进行了深度解析。多方联动汇总行业数据，专业分析助力留学之路新东方连续七年发布《中国留学白皮书》，内容涵盖当前的留学现状、留学考试指导、留学生就业意向及趋势、中国留学生的境外生活、中国留学生海外消费行为和金融行为等多方面，深入挖掘当前留学整体变化，全方位解读留学行业发展趋势，力求为广大留学家庭及计划留学的学子们提供深度参考。阅读全文 任正非将余承东打落云端，又把华为的方向盘交给了他一纸内部通知，任正非将华为最具潜力的业务板块正式交到了余承东手中。5月18日，华为内部发文进行多项人事调整。余承东的华为云CEO一职被免去，改任新成立的智能汽车解决方案BU CEO；原有的消费者BG CEO职务仍然保持。张平安被任命为华为云CEO。在华为的组织架构中，BG（业务群）的层级高于BU（业务单元）。余承东以消费者BG一把手的身份，兼任业务群下辖的智能汽车解决方案BU CEO，属于管理层“高配”，足见任正非对这块业务的重视程度。阅读全文融资大事记 华映资本第六期人民币成长基金超募至21.2亿投资界5月20日消息，华映资本宣布第六期人民币成长基金关闭，基金超募完成规模为21.2亿元。从首关到最终关闭，历时4个月。其中原有出资人的复投率达到45.7％；连同今年早些设立及即将完成的天使基金和产业基金，华映今年人民币新募资额超过33亿。本期基金主要出资方包括国家级发展基金、地方产业引导基金、市场化母基金、险资、大型企业等，是一支由政府资金与社会资本组成的基金。本期基金将继续在新消费和科技领域开展投资。阅读全文 新能源航空公司Beta Technologies获3.68亿美元A轮融资投资界5月20日消息，据外媒TechCrunch报道，美国电动航空初创公司Beta Technologies近期完成3.68亿美元的A轮融资。本轮融资由富达管理研究公司领投，亚马逊旗下Climate Pledge Fund跟投。亚马逊该基金规模为20亿美元，此前曾多次在新能源汽车、电池回收，以及氢燃料电池等领域布局投资。Beta Technologies成立于2017年，目前估值为14亿美元，专注于开发电动垂直起降（eVTOL：electric vertical takeoff and landing）飞机和相关充电系统。阅读全文 首发 | 靖亚资本超额完成二期美元基金募集，总管理规模近2亿美金投资界5月20日消息，靖亚资本宣布完成二期美元基金的募集，本期基金获得新老投资人的鼎力支持和超额认购，LP（（有限合伙人）包含国内外知名互联网公司的创始人和高管，以及来自亚洲和美国知名的大学校产基金、捐赠基金、国家主权基金、母基金、家族办公室等机构投资者，新一期美金基金的总募集规模达到了1.2亿美元的募集上限，靖亚资本的总管理规模也将近2亿美元。值得一提的是，靖亚资本二期美元基金的基石投资人里，除了早期投资高榕及源码资本而获得丰厚回报的知名母基金独秀资本（Unicorn Capital Partners）外，靖亚还获得了美国聚焦投资企业软件的顶级风投基金EmergenceCapital的投资，双方并达成了战略合作。EmergenceCapital也于2021年5月10日宣布完成近10亿美元新基金的募集，作为在美国已成立近20年的老牌风投基金，先后投资了Salesforce, Zoom, Veeva, Bill.com, Box 等美国知名SaaS公司，虽然Emergence Capital不是母基金，也从来没有投资过其他的基金，但他们仍然选择投资靖亚资本并签订战略合作，可见其看好中国企服市场并相信靖亚的团队。达成战略合作后，Emergence将与靖亚团队分享他们在美国多年投资企业服务的最佳实践、行业洞察、投资逻辑、分析策略、尽调方法、投后管理等丰富的基金管理经验。阅读全文 专注自动驾驶算法和计算平台，环宇智行完成Pre-A轮融资投资界5月20日消息，近日，环宇智行宣布完成5500万的Pre-A轮融资，环宇智行创始人李明博士表示，本轮融资将用于大范围测试，提高产品可靠性方面。此前，环宇智行曾于2018年1月完成1500万天使轮融资。据悉，环宇智行是一家专注于自动驾驶的算法和计算平台的给主机厂提供软硬件的公司，产品是高可靠性的自动驾驶域控制器和自动驾驶软件，满足从L2.5和L4自动驾驶的需求。阅读全文 社交媒体平台Somewhere Good已完成375万美元种子轮融资投资界5月20日消息，据外媒TechCrunch报道，社交媒体平台Somewhere Good已完成375万美元种子轮融资。本轮融资由True Ventures领投，Dream Machine、Debut Capital和Canvas Ventures跟投。据悉，该笔资金将主要用于持续产品创新和团队扩张。创始人Naj Austin于2020年建立了Somewhere Good。她认为，在后疫情时代，用户更渴望集体主义而不是个人主义。Somewhere Good旨在重塑社交媒体的外观和感觉，为有色人种建立以圈子社区为主的社交新模式。阅读全文 映恩生物完成9000万美元B轮融资，礼来亚洲基金领投投资界5月20日消息，创新生物制药公司映恩生物（Duality Biologics）宣布完成9000万美元的B轮融资。本轮融资由礼来亚洲基金（简称LAV）领投，楹联健康基金、华盖资本、纽尔利资本、松禾资本及元禾控股等国内知名基金共同参与完成，A轮战略投资者药明生物产业基金继续加持，并持续为公司提供符合全球质量标准的生产工艺支持，加速研发进程。映恩生物自2020年1月成立以来，累计融资额已逾1.2亿美元，前续轮主要投资人包括King Star Capital、药明生物产业基金及通和毓承等机构。本轮筹集的资金将主要用于公司在全球范围内推进产品管线的临床前研究、临床开发及产品授权引进。阅读全文 硬组织手术机器人平台型企业键嘉机器人完成数亿元C轮融资投资界5月20日消息，近日，硬组织手术机器人平台型企业键嘉机器人完成数亿元人民币C轮融资，由LYFE Capital领投，软银中国资本跟投，老股东高瓴创投、复星医药持续加注，一年内完成融资金额近4亿元。本轮融资资金将用于推进膝关节置换手术机器人的临床试验及其他手术机器人等新产品研发、临床注册。成立于2018年的键嘉机器人，凭借团队以往在手术机器人领域的深厚积累、出色的医工结合以及极强的执行能力，迅速成为国内领先的硬组织手术机器人平台型企业。目前，公司髋关节置换手术机器人已完成临床入组及随访，同时也是中国首家进入NMPA创新医疗器械特别审查程序的“全髋置换手术机器人”产品，有望成为首个获批的国产关节置换手术机器人。此外，公司有多款手术机器人等新产品处于研发、送检阶段。阅读全文-----------","news_type":1,"symbols_score_info":{"CNHmain":1,"BEKE":1,"CYB":0.6,"UCmain":1,"01945":1}},"isVote":1,"tweetType":1,"viewCount":2909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":139697825,"gmtCreate":1621611372067,"gmtModify":1704360586003,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139697825","repostId":"1146484174","repostType":4,"repost":{"id":"1146484174","kind":"news","pubTimestamp":1621610345,"share":"https://ttm.financial/m/news/1146484174?lang=en_US&edition=fundamental","pubTime":"2021-05-21 23:19","market":"us","language":"zh","title":"Commodity rally presses the pause button, but the positive behind it is still there?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146484174","media":"金十数据","summary":"分析指出，大宗商品的牛市肯定还没有结束。在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。“我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","content":"<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Commodity rally presses the pause button, but the positive behind it is still there?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCommodity rally presses the pause button, but the positive behind it is still there?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2021-05-21 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74903\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"161715":"大宗商品","000979.SH":"大宗商品"},"source_url":"https://xnews.jin10.com/details/74903","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146484174","content_text":"分析指出，大宗商品的牛市肯定还没有结束。\n\n在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。\n不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。\n中国铜交易商ASK Resources Ltd.交易主管Eric Liu说：\n\n “大宗商品的牛市肯定还没有结束。每个国家都在与通胀上升作斗争，但只要他们不收紧货币和财政政策，大宗商品价格涨势很难降温。”\n\n随着新冠疫苗推出，全球重要经济体出现反弹。在供应仍然紧张的情况下，金属、食品和能源的需求不断增加，包括石油木材在内的一系列商品市场出现紧缩。\n未来几个月，随着更多人外出、自驾游、坐飞机、参加夏季烧烤聚会等等，供应紧缩的趋势在美国和欧洲可能会加剧。另外中国也在增加大豆和玉米的进口，说明其需求在增加。\n基础设施支出严峻的长期前景以及向电动汽车、电池的更快过渡同样推高了大宗商品价格。\n周四，市场行情较之前更加稳定。铜期货从前一天的暴跌中反弹，因为市场预测，即使美联储缩减购买资产规模，亦或是中国加大力度压低价格，铜需求仍将保持弹性。在持续不断的购买热潮推动下，芝加哥的玉米期货也上涨。\n相比之下，出于对伊朗出口制裁结束、伊朗原油供应增加的预期，原油期货跌幅扩大。新冠疫情继续抑制印度的需求。\n瑞穗证券期货部门主管Bob Yawger表示，随着美国经济进一步开放，彭博大宗商品指数在未来几个月仍可能超过2011年的纪录高位，尽管通胀压力可能会限制其上行幅度。\n这位主管在接受采访时称：\n\n “人们都想外出，这将给市场带来巨大的买机。此外，美元走软可能也是大宗商品价格上涨的催化剂，因为多数原材料都是以美元计价的。由于驾车出行和航空旺季即将到来，WTI原油可能在未来几个月攀升至每桶70美元。”\n\n另外，今年夏天，美国以及巴西和阿根廷的农作物需要几乎完美的天气才能满足全球需求，因此任何恶劣天气都可能导致价格飙升。\n金属受益于制造业供应链的快速补给以及未来几年的绿色消费前景，推动了经济风向标——铜本月稍早突破每吨1.07万美元。其价格是否会继续走高，在一定程度上取决于市场对基础设施支出的认识程度，以及宽松的货币政策将持续多久。\n华尔街已经对该前景表现出乐观情绪，花旗预计铜价将在未来几个月突破1.2万美元。此外，铜主要交易商嘉能可（Glencore Plc）和托克（Trafigura）表示，铜价可能大幅上涨，以刺激足够的供应，从而满足未来可再生能源和电动汽车的需求。\n澳新银行策略师丹尼尔·海因斯表示：\n\n “我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","news_type":1,"symbols_score_info":{"161715":0.9,"000979.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948759285,"gmtCreate":1680796748548,"gmtModify":1680796752042,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"htmlText":"So hard to get the disney viucher","listText":"So hard to get the disney viucher","text":"So hard to get the disney viucher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948759285","isVote":1,"tweetType":1,"viewCount":2683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112357520,"gmtCreate":1622853006760,"gmtModify":1704192366214,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112357520","repostId":"1191145923","repostType":4,"isVote":1,"tweetType":1,"viewCount":2938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139608825,"gmtCreate":1621609984567,"gmtModify":1704360565349,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139608825","repostId":"2137972320","repostType":4,"repost":{"id":"2137972320","kind":"highlight","pubTimestamp":1621565916,"share":"https://ttm.financial/m/news/2137972320?lang=en_US&edition=fundamental","pubTime":"2021-05-21 10:58","market":"us","language":"zh","title":"How does Head Education open a breakthrough for growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137972320","media":"财华社","summary":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19","content":"<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the New York Stock Exchange in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does Head Education open a breakthrough for growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does Head Education open a breakthrough for growth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财华社</strong><span class=\"h-time small\">2021-05-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the New York Stock Exchange in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b\">财华社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.finet.hk/photoLib/title/202105_1/126b6782-b17f-4edf-a04a-0fa77c41a529.jpg","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","ZME":"掌门教育"},"source_url":"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137972320","content_text":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19日，掌门教育向美国证监会递交了IPO申请，计划登陆纽约证券交易所，证券代码“ZME”。对资本来说，在线教育目前仍是吸收资本的无底洞，特别是在一对一在线课后辅导领域，高昂的营销费用和教师薪酬，导致众多相关平台对资金的需求如饥似渴，掌门教育亦是如此。一对一辅导赛道的稀缺玩家在互联网技术快速发展的2014年，掌门教育创始人、年仅25岁的张翼选择了创业，在在线答疑、O2O和在线一对一三个创业项目中，他认为前两者商业模式不好，于是选择了在线一对一模式。而在线教育模式有大班、小班和一对一这三种模式，张翼对更具挑战难度的一对一模式更为感兴趣，目标是将掌门教育发展成涵盖所有K-12核心学科的一对一课后定制辅导服务提供商。一对一模式，指的是一名教师对一名学生进行辅导，具有高度个性化、定制化、教学效果好的优点，但缺点是需要大量的教师，教师薪酬成本高。而大班模式是目前在线教育领域主流的业务模式，该模式是由主讲老师和辅导老师相搭配的大班教学，被认为是最具规模效益的商业模式。大班模式的劣势也很明显，同质化问题严重，参与者们需要低价课引流，且需要巨额资金营销进行导流。小班模式则介于大班和一对一之间，得以平衡规模和效果。在掌门教育成立当年，一对一的在线教育模式在国内还处于空白期，当时走一对一模式的其他企业有VIPKID、51Talk(COE)等，不过后两者走的是在线英语一对一教学模式。直到目前，在K12领域以一对一辅导为主营业务的企业不多，猿辅导、作业帮、好未来(TAL)、跟谁学(GOTU)等在线教育平台虽然都有涉足一对一模式，但主要营收来源还是大班或小班模式。所以，掌门教育所处的细分赛道玩家非常稀缺，除了掌门教育，比较有名的平台不多，可对标掌门教育的企业是在美股上市的精锐教育(ONE)，所以整个细分赛道不如大班模式和小班模式的参与者多。作为赛道上的稀缺玩家，获得众多机构和个人投资的掌门教育让不少在线教育企业“眼红”。根据公司官网，掌门教育成立以来共获得8轮融资，累计融资额度达数十亿元，其中2020年9月完成了由软银愿景基金元生资本、CMC资本等机构超过4亿美元的F轮融资。目前，掌门教育第一大股东为元生资本，持股15.8%；张翼持股14.1%，为第二大股东；华平投资为第三大股东，持有10.5%。不过与猿辅导、作业帮等头部在线教育企业相比，掌门教育累计获得的融资额并不算高。猿辅导、作业帮至今累计获得融资分别超过35亿美元和23.5亿美元，两家平台累计融资额占2020年全年行业总融资额的70%以上；目前正计划上市的在线小班课平台火花思维在今年1月宣布获得超过4亿美元的E轮融资。行业获得大量的资本注入，正是市场迎来白热化竞争格局的证明。掌门教育在在线K-12一对一课后辅导服务领域坐上头把椅的位置，市场份额高达31.9%，精锐教育的市场份额则不到10%。但一对一的模式对掌门教育来说并无先人引路，摸著石头过河的过程中机遇和风险并存。盈利难题来源：营销费用与教师成本上文提到，K12在线一对一辅导固然有不少竞争优势，但获客成本和教学成本是该领域实现稳定盈利的“紧箍咒”。特别是在激烈的竞争环境下，要降低获客成本和教学成本，那市场份额就存在被其他参与者抢占的风险。从已上市的在线一对一辅导企业业绩表现看，目前没有企业能实现稳定盈利。其中掌门教育的对标企业精锐教育在行业过度的竞争消耗下也结束了5年盈利趋势，2020年和2021年一季度录得亏损。51Talk今年从一季度算，已经连续5个季度实现了盈利，但营销费用大幅增长的趋势一时难以解决，导致公司出现了增收不增利的怪象，今年一季度营收大增23.3%的情况下，净利润则大幅下滑超过80%。这不禁让人产生疑问：51Talk只是虚假的繁荣？在线一对一辅导市场要挣钱其实是非常矛盾的？从运营数据和经营业绩看，掌门教育与51Talk一样，也未能走出盈利难的泥潭。根据招股书，2019年-2020年，掌门教育的净收益分别为26.69亿元(人民币，下同)和40.18亿元，2020年增速非常可观；净亏损则分别为15.04亿元和10.12亿元，亏损减少，但仍面临巨亏的困境。2021年一季度，在营收增长20%的情况下，掌门教育净亏损则同比大幅飙升243倍至4.97亿元。掌门教育难以实现盈利主要是因为成本端支持巨大，在营销费用方面，为了获得更多的付费用户，掌门教育出手阔绰。根据招股书，2019年及2020年，掌门教育营销费用分别高达21.72亿元和25.78亿元，占营收比重分别达81.38%及64.14%，远超其他在线一对一辅导上市企业的比重。巨额的营销开支也让掌门教育付费学生人数出现飙升，在线一对一课后课外辅导的付费学生入学人数从2019年的38.05万名增至2020年的54.48万名，增幅为43.2%，2021年一季度则为8.78万名，增幅为52.2%。掌门教育2020年起营销费用占营收比重有较大幅度下滑，在招股书中的解释是“随着我们的服务规模迅速扩大，我们大大提高了销售和营销效率”。而实际上，持续加码营销费用是行业趋势，未来优化空间主要看随着市场竞争缓和和公司品牌的建立而减少，而在在线教育市场过渡营销的今天，掌门教育若要降低营销费用将直接影响到付费人数和营收的增速。因为在当下行业过度营销背景下，不烧钱的在线教育企业，将会被淹没在红海之中。教师薪酬也是掌门教育收入成本的主要组成部分，2021年3月末，公司有超过4.5万教师，包括约2万名兼职教师，数量十分庞大，导致公司在教师薪酬的支出方面差不多达到营销费用的水平。2019年-2020年，掌门教育的教师薪酬费用分别为15.45亿元和20.81亿元，占营收比重分别为57.89%及51.79%。从这个趋势看，掌门教育也有意降低教师费用成本。为保证教学质量，在线教育企业必须要拥有良好的师资和较高的教师留存率，为了达到这个目的，掌门教育的教师招聘严格，2020年招聘中只接收了3.8%的应聘候选人。掌门教育虽然有意优化教师薪酬费用，以增强利润水平，但2019年以来教师薪酬费用却是不断增长的，教师基本薪资上调和教师课时增加是其中的主要原因。为保持教学质量，掌门教育在压缩教师成本方面是存在矛盾的。所以，未来要保持市场份额的同时实现规模的增长，掌门教育的营销费用和教师成本下降空间是十分有限的，要实现盈利很难从成本端下功夫。为减弱单一营收结构带来的不确定性影响，掌门教育从2020年三季度开始涉足小班教学业务，小班课程最多25名学生。通过将一对一服务的模式复制到小班业务，掌门教育取得了良好的表现。在2021年第一季度，公司的小班课程付费学生入学人数达到29.44万名，较2020年三季度大幅增长2.3倍，为公司带来1.05亿元的营收。国内线下教培机构在多年来的磨合中，在标准化和个性化中趋于平衡，最终线下小班形势或会成为主流。在线小班扩大盈利规模的关键是在不影响教学效果的前提下扩大班容，小班课业务未来有望成为掌门教育的第二增长曲线。终究还是要回归教育本身行业激烈竞争带来的不仅是用户红利的消失，也是一场零和博弈，不论是烧钱价格战，还是用户份额争夺，都会造成众多企业纷纷倒塌。所以抛开过度竞争来看，在线教育企业想要规模化必须要做轻，唯一的可能是将其変得更智能，变轻才可以复制，未来才能够更好地规模化。有意缩减营销开支的掌门教育也寻找著这种突破口，其创始人张翼曾公开表示：“资金投入营销端叫做烧钱，资金投入后端叫做壁垒，而掌门应该不遗余力地推进后者，把资金投入到教研、教学、技术等与服务质量高度相关的后端模块中。”除了以上影响利润的“两费”比重下降，从财务数据和经营数据看，掌门教育近年来也在试图回归教育本身，从产品和服务方面寻求更优的竞争力。2020年公司累计投入研发费用3.18亿元，研发费用占比为7.9%，与51Talk等企业处于一个水平。公司的技术和产品开发人员从2019年的789人增至2020年的1029人，在教研教学上，掌门教育组建了超过万人的教研团队，近几年里推出百余项应用，并自主研发2000w+智能题库、2500w+智能课件、2800w+智能作业。从研发投入对用户留存率的贡献来看，掌门教育取得了较好的成绩。2020年，公司一对一的学生留存率超过80%，首次付费学生人数收入中超过50%来自老客户的介绍。这一成绩，也是公司付费学生人数不断攀升的推动力。不过，一对一模式需要大量的教师做支撑，成本无法在规模化的过程中有效摊薄，利润水平的提升在很大程度上只能依靠提高课程价格来实现。而掌门教育的课程单价提升相对有限，在2020年以及2021年一季度，掌门教育一对一业务的课时平均课程费用分别同比增加3.6%和1.3%，增幅较低。在激烈的竞争环境中，提高课程价格会引发用户留存率下降的问题，也影响到教学人员的流失率。“烧钱”烧不出未来，一对一模式规模化效应有限，掌门教育或许只有回归教育本质才能走得更远。在未来，基于教研体系、教学产品、师资质量的品牌口碑打造，才是成为在线教育机构竞争力提升的关键，期望掌门教育在此变革中找到更好的未来。","news_type":1,"symbols_score_info":{"TTTN":0.9,"QNETCN":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":2974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130552372,"gmtCreate":1621558295596,"gmtModify":1704359556588,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130552372","repostId":"2137382971","repostType":2,"repost":{"id":"2137382971","kind":"highlight","weMediaInfo":{"introduction":"创业与投资专业门户","home_visible":1,"media_name":"投资界","id":"1096839439","head_image":"https://static.tigerbbs.com/2531123ee54a22588d693ba65ab705b3"},"pubTimestamp":1621557000,"share":"https://ttm.financial/m/news/2137382971?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Investment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2137382971","media":"投资界","summary":"阅读全文大公司热点 张一鸣卸任字节跳动CEO，梁汝波接任投资界5月20日消息，字节跳动创始人张一鸣发布内部全员信，宣布卸任CEO一职。5月18日，华为内部发文进行多项人事调整。张平安被任命为华为云CEO。阅读全文融资大事记 华映资本第六期人民币成长基金超募至21.2亿投资界5月20日消息，华映资本宣布第六期人民币成长基金关闭，基金超募完成规模为21.2亿元。其中原有出资人的复投率达到45.7％；连同今年早些设立及","content":"<p><html><body>Further Reading</p><p><main><main><main><main><img src=\"https://pic2.pedaily.cn/19/201911/20191120@383975.jpg\"/></main><main>When: Friday, May 21, 2021</main></main><main>Important News</p><p></main><main><h4>Heavy! 2021 \"Top 100 Investors in the Investment Industry\" List Released</h4><main><strong>Give a higher weight to the real return on investment, and we always pursue to be closer to truth, objectivity and justice.</strong></p><p><a href=\"https://laohu8.com/S/01945\">Zero2IPO Venture</a>The investment community (www.PEdaily.cn), a professional portal for entrepreneurship and investment in China, jointly sponsored by Zero2IPO Research Center, and Private Equity, a big data platform for entrepreneurship and investment in China, provided data support.<strong>The 2021 \"Top 100 Investors in the Investment Industry\" List was officially announced today</strong>！</p><p>The selection of the \"TOP100 Investor List\" has been held for six consecutive sessions. Since its official launch, this selection has attracted thousands of early-stage, VC, PE and strategic investors to actively participate. The investment community, Zero2IPO Research Center and private placement system have sorted out tens of thousands of investment data of candidates in the past three years, and comprehensively evaluated five factors: the number of individual investment enterprises, the amount of individual investment, the comprehensive return level, the industry influence of individuals and their institutions, etc. From over 1,000 candidates, 100 outstanding investors who have achieved outstanding investment performance and greatly promoted the Chinese investment community were selected.</p><p>Read the full article</main></main><main><h4>Guo Jin of Huafa Group: Zhuhai, a \"livable\" place for LP/GP</h4><main>On May 19-21, 2021, the 15th edition of the event was hosted by Zero2IPO Entrepreneurship and Investment Community and co-hosted by Huafa Group.<a href=\"https://laohu8.com/S/CHN\">China Fund</a>The Partner Summit was held in Zhuhai. On the spot, 200+ LPs and trillions of investable capital, such as domestic FOFs, government-guided funds, sovereign wealth funds, family funds, insurance institutions, bank capital, VC/PE institutions and listed companies, were gathered to explore the road of equity investment in the new economy.</p><p>At the meeting, Chairman of Huashi Holdings of Huafa Group,<a href=\"https://laohu8.com/S/000532\">Huajin Capital</a>Guo Jin, chairman of the board of directors and chairman of Zhuhai Fund, delivered a speech. The following is a transcript of the speech.<strong>Compiled by the investment community:</strong></p><p>Read the full article</main></main><main><h4>Dismantling the first quarterly report of semiconductor industry: Under the shortage of chips, who eats meat and who drinks soup?</h4><main>Since the second half of last year, the global chip shortage has become the biggest problem faced by the semiconductor industry, and then it has spread to other related industries. In fact, every 3 to 4 years or so, there will be a shortage of chip supply. Compared with the past, the out-of-stock cycle is longer, which has lasted for nearly a year. There is no clear timetable for when it will be alleviated in the future. Some institutions predict it won't be until 2022, and pessimists even think it may not be until 2023.</p><p>If we want to pursue the reasons for this chip shortage, there are several main reasons in the industry at present:</p><p>First, the COVID-19 pandemic has accelerated the digitalization process of the whole society, and at the same time, it has superimposed application scenarios such as 5G and new energy vehicles.</p><p>Second, the Sino-US trade conflict has disrupted the rhythm of the semiconductor industry chain, and uncertainty has increased the stocking demand in all links.</p><p>Third, some enterprises panic placing orders and roasting seeds through channels have aggravated the shortage of production capacity.</p><p>In this round of chip shortages, the automotive industry is the most affected sector. An assessment by international consultancy AlixPartners shows that the automotive industry will lose $110 billion in revenue in 2021 due to the semiconductor shortage; In terms of production, global automakers will cut 3.9 million units this year, up from a forecast of 2.2 million four months ago.</p><p>Read the full article</main></main><main><h4>Huawei's entry into the market, lidar market ushered in a fierce battle</h4><main>In June 2018, I passed two or three young people carrying bags and ordinary business dresses in the corridor of a five-story private house in Guangming District, Shenzhen.</p><p>At that time I was going to visit a lidar in this building<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The boss, who is a little arrogant, introduced all his products from laser mosquito killer to car laser scanner products eloquently. After that, while sipping his tea, he triumphantly revealed this news:</p><p>Read the full article</main></main><main><h4>Honghui Bauhinia Equity Investment Fund Lands in Changsha, Hunan Province</h4><main>Honghui Bauhinia Equity Investment Fund, jointly established by Hunan Honghui Education Development Foundation and Bauhinia Capital, is a beneficial innovation in the operation mode of supporting public welfare undertakings through the hematopoietic function of investment. The fund is jointly funded by the founder of Hunan Honghui Education Development Foundation, the team of Bauhinia Capital and caring personnel from all walks of life, and is managed by Bauhinia Capital as the manager. The subscribed capital contribution of the fund has exceeded 100 million yuan, and the fund aims to carry out value-preserving and value-increasing investment activities through equity investment, and on this basis, part of the investment income will be used to support the sustainable development of charity.</p><p>The activity was highly valued by the leaders of Hunan Province. Liu Jianping, the second-level inspector of Hunan Federation of Industry and Commerce, sincerely thanked Honghui Bauhinia Fund for its excellent work in supporting rural revitalization and education based on local equity investment. Inspector Liu also pointed out that he hopes that outstanding investors and entrepreneurs will return to their roots, return to their hometowns for development, actively participate in the process of building their hometowns, support small and medium-sized enterprises in the province, promote the high-quality development of Hunan, and make contributions to the beginning of the 14th Five-Year Plan. We look forward to the high-quality development of social welfare undertakings in Hunan Province, which is an innovative public welfare model of Honghui Bauhinia Fund.</p><p>Read the full article</main></main></main><main><main>Big company hotspots</p><p></main><main><h4>Zhang Yiming steps down as CEO of ByteDance, Liang Rubo takes over</h4><main>On May 20th, the investment community reported that Zhang Yiming, founder of ByteDance, issued an internal letter to all employees, announcing his resignation as CEO. ByteDance co-founder Liang Rubo will take over as the new CEO.</p><p><img src=\"https://pic2.pedaily.cn/21/202105/20210520101214871487.png\" title=\"from clipboard\"/></p><p>The picture shows Zhang Yiming (left) and Liang Rubo (right)</p><p>Talking about the reasons for leaving office, Zhang Yiming said that since its founding, ByteDance has been lucky enough to seize the opportunity of the development of the times, innovate and practice on mobile terminals and videos based on machine learning technology, and make some achievements. Although the company's business is developing well, it is hoped that the company can continue to make greater innovative breakthroughs and become more creative and meaningful. Therefore, Zhang Yiming decided to put aside the daily management of the company and focus on long-term important matters such as long-term strategy, corporate culture and social responsibility. He planned to \"focus relatively on learning knowledge, thinking systematically, researching new things, trying and experiencing them hands-on, and create more possibilities for the company for a period of ten years\".</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/BEKE\">Shell</a>Founder and Chairman Zuo Hui died of illness. He once founded Chain Home and Ziru</h4><main>Shell (BEKE.US) posted an obituary on its official website, saying that Zuo Hui, the company's founder and chairman, died on May 20 after his illness worsened.</p><p></main></main><main><h4>Centennial Toshiba, can't escape selling yourself?</h4><main>In April this year, Toshiba received receipts from UK private equity funds<a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>Capital Partners (hereinafter referred to as CVC) and a number of Japanese companies and investment funds,<strong>As the former Japanese manufacturing industry<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Pearl, Toshiba can be described as suffering from the \"shame\" of coming to the door.</strong></p><p>As a century-old Japanese enterprise, Toshiba founder Tanaka Hisashige founded Shibaura Manufacturing Co., Ltd. (the predecessor of Toshiba) in 1875. With the advancement of industrialization, Shibaura successively set foot in home appliances, mechanical automation and computer flash memory business, and officially changed its name to Toshiba in 1984.</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>\"2021 China Study Abroad White Paper\" officially released</h4><main>On May 20, the launch conference of New Oriental's \"2021 China Study Abroad White Paper\" was held in Beijing. Sun Tao, Assistant Vice President of New Oriental Education Technology Group and President of New Oriental Future Abroad, Liu Shuoyang, Assistant Vice President of New Oriental Education Technology Group and General Manager of New Oriental International Education and Training Division, Tian Wang, Assistant Vice President of New Oriental Future Abroad and Director of Graduate Business in the United States, Ma Xing, Assistant Vice President of New Oriental Future Abroad and Director of UK Business, Liu Tao, Assistant Vice President of New Oriental Future Abroad and Deputy General Manager of New Oriental Eurasia Education, Li Jun, Assistant Vice President and Director of Marketing Department of New Oriental Future Abroad, Li Sa, Deputy Director of Marketing Department of New Oriental Future Abroad, Xu Chunyang, Director of Study Abroad Guidance Department of Sphink International Art Education,<a href=\"https://laohu8.com/S/V\">Visa</a>Yin Xiaolong, Global Vice President and General Manager of Customer Relationship Management Department in China,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Xu Haibo, head of the cross-border scenario project team of the head office, attended the press conference together, and conducted an in-depth analysis of the current situation and future development trend of the study abroad industry.</p><p>Multi-party linkage to summarize industry data and professional analysis to help study abroad</p><p>New Oriental has published the White Paper on Studying in China for seven consecutive years, which covers the current situation of studying abroad, guidance on studying abroad examinations, employment intentions and trends of overseas students, overseas life of Chinese students, overseas consumption behavior and financial behavior of Chinese students, etc. It deeply digs into the overall changes of studying abroad, comprehensively interprets the development trend of studying abroad industry, and strives to provide in-depth reference for the majority of studying abroad families and students planning to study abroad.</p><p>Read the full article</main></main><main><h4>Ren Zhengfei knocked Yu Chengdong down from the clouds and handed him the steering wheel of Huawei</h4><main>According to an internal notice, Ren Zhengfei officially handed over Huawei's most promising business segment to Yu Chengdong.</p><p>On May 18th, Huawei issued an internal document to make a number of personnel adjustments. Yu Chengdong's position as CEO of Huawei Cloud was removed and replaced as CEO of the newly established Smart Car Solution BU; The original Consumer BG CEO position remains. Zhang Ping An was appointed CEO of Huawei Cloud.</p><p>In Huawei's organizational structure, the BG (business group) is higher than the BU (business unit). Yu Chengdong, as the top leader of Consumer BG, concurrently serves as the CEO of Smart Car Solutions BU under the business group.<strong>Management \"High Allocation\"</strong>It shows that Ren Zhengfei attaches great importance to this business.</p><p>Read the full article</main></main></main><main><main>Financing Events</p><p></main><main><h4>Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</h4><main>Investment news on May 20th,<b>Huaying Capital announced the closure of the sixth RMB Growth Fund, and the fund over-raised completed 2.12 billion yuan. From the first pass to the final closure, it took 4 months.</b>among<b>Of the original investor</b><b>The re-investment rate reached 45.7%</b><b>；</b>Together with the angel funds and industrial funds set up earlier this year and nearing completion,<b>Huaying raised more than 3.3 billion yuan new funds this year.</b></p><p>The main contributors of the fund in this period include<b>National development funds, local industry guidance funds, market-oriented parent funds, insurance funds, large enterprises</b>etc., is a fund composed of government funds and social capital. The current fund will continue to<b>New consumption</b>And<b>Technology</b>Carry out investment in the field.</p><p>Read the full article</main></main><main><h4>New energy airline Beta Technologies raises $368 million in Series A financing</h4><main>Investment news on May 20th, according to foreign media TechCrunch, Beta Technologies, an American electric aviation startup, recently completed a Series A financing of US$368 million. This round of financing was led by Fidelity Management Research Company,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Its Climate Pledge Fund joined the investment. Amazon's fund is $2 billion, and it has invested in new energy vehicles, battery recycling, and hydrogen fuel cells many times before.</p><p>Founded in 2017 and currently valued at $1.4 billion, Beta Technologies focuses on developing electric vertical takeoff and landing (eVTOL: electric vertical takeoff and landing) aircraft and associated charging systems.</p><p>Read the full article</main></main><main><h4>IPO | Jingya Capital exceeded the second phase of USD fund raising, with a total management scale of nearly 200 million USD</h4><main>According to the news of the investment community on May 20th, Jingya Capital announced the completion of the fundraising of the second phase of US dollar fund. This fund has been fully supported and over-subscribed by new and old investors. LP (limited partner) includes founders and executives of well-known Internet companies at home and abroad, as well as institutional investors such as well-known university funds, endowment funds, national sovereign funds, parent funds and family offices from Asia and the United States. The total fundraising scale of the new US dollar fund has reached the upper limit of 120 million US dollars, and the total management scale of Jingya Capital is nearly 200 million US dollars.</p><p>It is worth mentioning that among the cornerstone investors of Jingya Capital Phase II USD Fund, in addition to Unicorn Capital Partners, a well-known parent fund that gained rich returns from investing in Gaorong and Source Capital in the early stage, Jingya also received investment from EmergenceCapital, a top venture Capital fund in the United States that focuses on investing in enterprise software, and the two sides reached a strategic cooperation. EmergenceCapital also announced on May 10, 2021 that it had completed the raising of nearly $1 billion in new funds. As an established venture capital fund that has been established in the United States for nearly 20 years, it has successively invested in<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>, Veeva, Bill.com, Box and other well-known American SaaS companies, although Emergence Capital is not the parent fund and has never invested in other funds, they still choose to invest in Jingya Capital and sign strategic cooperation, which shows that they are optimistic about China's enterprise service market and believe in Jingya's team. After reaching the strategic cooperation, Emergence will share with the Jingya team their rich fund management experience such as best practices, industry insights, investment logic, analysis strategies, due diligence methods, and post-investment management in investment enterprise services in the United States for many years.</p><p>Read the full article</main></main><main><h4>Focusing on autonomous driving algorithms and computing platforms, Huanyu Zhixing completes Pre-A round of financing</h4><main>According to the news of the investment community on May 20th, recently, Huanyu Zhixing announced the completion of 55 million Pre-A round of financing. Dr. Li Ming, founder of Huanyu Zhixing, said that this round of financing will be used for large-scale testing to improve product reliability. Previously, Huanyu Zhixing completed 15 million angel round financing in January 2018.</p><p>It is reported that Huanyu Zhixing is a company that focuses on autonomous driving algorithms and computing platforms, providing software and hardware to OEMs. Its products are highly reliable autonomous driving domain controllers and autonomous driving software, which meet the needs of autonomous driving from L2.5 and L4.</p><p>Read the full article</main></main><main><h4>Social media platform Somewhere Good has closed a $3.75 million seed round</h4><main>Investment news on May 20th, according to foreign media TechCrunch, the social media platform Somewhere Good has completed a $3.75 million seed round of financing. The round was led by True Ventures, joined by Dream Machine, Debut Capital and Canvas Ventures. It is reported that the funds will be mainly used for continuous product innovation and team expansion.</p><p>Founder Naj Austin founded Somewhere Good in 2020. She believes that in the post-pandemic era, users are eager for collectivism rather than individualism. Somewhere Good aims to reinvent the look and feel of social media and build new models of social networking for people of color that are dominated by circle communities.</p><p>Read the full article</main></main><main><h4>Yingen Bio completed US$90 million in Series B financing,<a href=\"https://laohu8.com/S/LLY\">Lilly</a>Asia funds lead investment</h4><main>On May 20th, the investment community reported that Duality Biologics, an innovative biopharmaceutical company, announced the completion of a US$90 million Series B financing. This round of financing was led by Lilly Asia Fund (LAV for short), with the participation of well-known domestic funds such as Couplet Health Fund, Huagai Capital, Newley Capital, Songhe Capital and Yuanhe Holdings. Series A strategic investors<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>The Industrial Fund continued to support the Company, and continued to provide the Company with production process support that met global quality standards, and accelerated the R&D process.</p><p>Since its establishment in January 2020, Yingen Biotech has raised more than US$120 million in accumulated financing. The major investors in the previous round include King Star Capital, WuXi Biologics Industry Fund and Tonghe Yucheng. The funds raised in this round will be mainly used by the company to promote preclinical research, clinical development and product authorization introduction of product pipelines worldwide.</p><p>Read the full article</main></main><main><h4>Hard tissue surgery<a href=\"https://laohu8.com/S/300024\">Robot</a>Platform-based enterprise Jianjia Robot completed hundreds of millions of yuan in Series C financing</h4><main>Investment news on May 20th, recently, Jianjia Robot, a platform enterprise of hard tissue surgery robots, completed hundreds of millions of RMB in Series C financing, led by LYFE Capital and SoftBank<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Follow-up investment, old shareholder Hillhouse Venture Capital,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>Continuous filling, completing the financing amount of nearly 400 million yuan within one year. This round of financing funds will be used to promote the clinical trials of knee replacement surgical robots and the research and development and clinical registration of new products such as other surgical robots.</p><p>Founded in 2018, Jianjia Robot has quickly become a leading hard tissue surgical robot platform enterprise in China with the team's deep accumulation in the field of surgical robots in the past, excellent combination of medicine and engineering and strong execution capability. At present, the company's hip replacement surgery robot has completed clinical enrollment and follow-up, and is also the first in China to enter the NMPA<a href=\"https://laohu8.com/S/002173\">Innovative medical care</a>The \"total hip replacement surgical robot\" product with special device review procedure is expected to become the first approved domestic joint replacement surgical robot. In addition, the company has a number of new products such as surgical robots in the research and development and inspection stage.</p><p>Read the full article</main></main></main></main>-----------</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestment 24h | Zuo Hui, founder of Shell, died of illness; Zhang Yiming steps down as CEO of ByteDance; Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1096839439\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2531123ee54a22588d693ba65ab705b3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">投资界 </p>\n<p class=\"h-time smaller\">2021-05-21 08:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Further Reading</p><p><main><main><main><main><img src=\"https://pic2.pedaily.cn/19/201911/20191120@383975.jpg\"/></main><main>When: Friday, May 21, 2021</main></main><main>Important News</p><p></main><main><h4>Heavy! 2021 \"Top 100 Investors in the Investment Industry\" List Released</h4><main><strong>Give a higher weight to the real return on investment, and we always pursue to be closer to truth, objectivity and justice.</strong></p><p><a href=\"https://laohu8.com/S/01945\">Zero2IPO Venture</a>The investment community (www.PEdaily.cn), a professional portal for entrepreneurship and investment in China, jointly sponsored by Zero2IPO Research Center, and Private Equity, a big data platform for entrepreneurship and investment in China, provided data support.<strong>The 2021 \"Top 100 Investors in the Investment Industry\" List was officially announced today</strong>！</p><p>The selection of the \"TOP100 Investor List\" has been held for six consecutive sessions. Since its official launch, this selection has attracted thousands of early-stage, VC, PE and strategic investors to actively participate. The investment community, Zero2IPO Research Center and private placement system have sorted out tens of thousands of investment data of candidates in the past three years, and comprehensively evaluated five factors: the number of individual investment enterprises, the amount of individual investment, the comprehensive return level, the industry influence of individuals and their institutions, etc. From over 1,000 candidates, 100 outstanding investors who have achieved outstanding investment performance and greatly promoted the Chinese investment community were selected.</p><p>Read the full article</main></main><main><h4>Guo Jin of Huafa Group: Zhuhai, a \"livable\" place for LP/GP</h4><main>On May 19-21, 2021, the 15th edition of the event was hosted by Zero2IPO Entrepreneurship and Investment Community and co-hosted by Huafa Group.<a href=\"https://laohu8.com/S/CHN\">China Fund</a>The Partner Summit was held in Zhuhai. On the spot, 200+ LPs and trillions of investable capital, such as domestic FOFs, government-guided funds, sovereign wealth funds, family funds, insurance institutions, bank capital, VC/PE institutions and listed companies, were gathered to explore the road of equity investment in the new economy.</p><p>At the meeting, Chairman of Huashi Holdings of Huafa Group,<a href=\"https://laohu8.com/S/000532\">Huajin Capital</a>Guo Jin, chairman of the board of directors and chairman of Zhuhai Fund, delivered a speech. The following is a transcript of the speech.<strong>Compiled by the investment community:</strong></p><p>Read the full article</main></main><main><h4>Dismantling the first quarterly report of semiconductor industry: Under the shortage of chips, who eats meat and who drinks soup?</h4><main>Since the second half of last year, the global chip shortage has become the biggest problem faced by the semiconductor industry, and then it has spread to other related industries. In fact, every 3 to 4 years or so, there will be a shortage of chip supply. Compared with the past, the out-of-stock cycle is longer, which has lasted for nearly a year. There is no clear timetable for when it will be alleviated in the future. Some institutions predict it won't be until 2022, and pessimists even think it may not be until 2023.</p><p>If we want to pursue the reasons for this chip shortage, there are several main reasons in the industry at present:</p><p>First, the COVID-19 pandemic has accelerated the digitalization process of the whole society, and at the same time, it has superimposed application scenarios such as 5G and new energy vehicles.</p><p>Second, the Sino-US trade conflict has disrupted the rhythm of the semiconductor industry chain, and uncertainty has increased the stocking demand in all links.</p><p>Third, some enterprises panic placing orders and roasting seeds through channels have aggravated the shortage of production capacity.</p><p>In this round of chip shortages, the automotive industry is the most affected sector. An assessment by international consultancy AlixPartners shows that the automotive industry will lose $110 billion in revenue in 2021 due to the semiconductor shortage; In terms of production, global automakers will cut 3.9 million units this year, up from a forecast of 2.2 million four months ago.</p><p>Read the full article</main></main><main><h4>Huawei's entry into the market, lidar market ushered in a fierce battle</h4><main>In June 2018, I passed two or three young people carrying bags and ordinary business dresses in the corridor of a five-story private house in Guangming District, Shenzhen.</p><p>At that time I was going to visit a lidar in this building<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The boss, who is a little arrogant, introduced all his products from laser mosquito killer to car laser scanner products eloquently. After that, while sipping his tea, he triumphantly revealed this news:</p><p>Read the full article</main></main><main><h4>Honghui Bauhinia Equity Investment Fund Lands in Changsha, Hunan Province</h4><main>Honghui Bauhinia Equity Investment Fund, jointly established by Hunan Honghui Education Development Foundation and Bauhinia Capital, is a beneficial innovation in the operation mode of supporting public welfare undertakings through the hematopoietic function of investment. The fund is jointly funded by the founder of Hunan Honghui Education Development Foundation, the team of Bauhinia Capital and caring personnel from all walks of life, and is managed by Bauhinia Capital as the manager. The subscribed capital contribution of the fund has exceeded 100 million yuan, and the fund aims to carry out value-preserving and value-increasing investment activities through equity investment, and on this basis, part of the investment income will be used to support the sustainable development of charity.</p><p>The activity was highly valued by the leaders of Hunan Province. Liu Jianping, the second-level inspector of Hunan Federation of Industry and Commerce, sincerely thanked Honghui Bauhinia Fund for its excellent work in supporting rural revitalization and education based on local equity investment. Inspector Liu also pointed out that he hopes that outstanding investors and entrepreneurs will return to their roots, return to their hometowns for development, actively participate in the process of building their hometowns, support small and medium-sized enterprises in the province, promote the high-quality development of Hunan, and make contributions to the beginning of the 14th Five-Year Plan. We look forward to the high-quality development of social welfare undertakings in Hunan Province, which is an innovative public welfare model of Honghui Bauhinia Fund.</p><p>Read the full article</main></main></main><main><main>Big company hotspots</p><p></main><main><h4>Zhang Yiming steps down as CEO of ByteDance, Liang Rubo takes over</h4><main>On May 20th, the investment community reported that Zhang Yiming, founder of ByteDance, issued an internal letter to all employees, announcing his resignation as CEO. ByteDance co-founder Liang Rubo will take over as the new CEO.</p><p><img src=\"https://pic2.pedaily.cn/21/202105/20210520101214871487.png\" title=\"from clipboard\"/></p><p>The picture shows Zhang Yiming (left) and Liang Rubo (right)</p><p>Talking about the reasons for leaving office, Zhang Yiming said that since its founding, ByteDance has been lucky enough to seize the opportunity of the development of the times, innovate and practice on mobile terminals and videos based on machine learning technology, and make some achievements. Although the company's business is developing well, it is hoped that the company can continue to make greater innovative breakthroughs and become more creative and meaningful. Therefore, Zhang Yiming decided to put aside the daily management of the company and focus on long-term important matters such as long-term strategy, corporate culture and social responsibility. He planned to \"focus relatively on learning knowledge, thinking systematically, researching new things, trying and experiencing them hands-on, and create more possibilities for the company for a period of ten years\".</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/BEKE\">Shell</a>Founder and Chairman Zuo Hui died of illness. He once founded Chain Home and Ziru</h4><main>Shell (BEKE.US) posted an obituary on its official website, saying that Zuo Hui, the company's founder and chairman, died on May 20 after his illness worsened.</p><p></main></main><main><h4>Centennial Toshiba, can't escape selling yourself?</h4><main>In April this year, Toshiba received receipts from UK private equity funds<a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>Capital Partners (hereinafter referred to as CVC) and a number of Japanese companies and investment funds,<strong>As the former Japanese manufacturing industry<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Pearl, Toshiba can be described as suffering from the \"shame\" of coming to the door.</strong></p><p>As a century-old Japanese enterprise, Toshiba founder Tanaka Hisashige founded Shibaura Manufacturing Co., Ltd. (the predecessor of Toshiba) in 1875. With the advancement of industrialization, Shibaura successively set foot in home appliances, mechanical automation and computer flash memory business, and officially changed its name to Toshiba in 1984.</p><p>Read the full article</main></main><main><h4><a href=\"https://laohu8.com/S/EDU\">New Oriental</a>\"2021 China Study Abroad White Paper\" officially released</h4><main>On May 20, the launch conference of New Oriental's \"2021 China Study Abroad White Paper\" was held in Beijing. Sun Tao, Assistant Vice President of New Oriental Education Technology Group and President of New Oriental Future Abroad, Liu Shuoyang, Assistant Vice President of New Oriental Education Technology Group and General Manager of New Oriental International Education and Training Division, Tian Wang, Assistant Vice President of New Oriental Future Abroad and Director of Graduate Business in the United States, Ma Xing, Assistant Vice President of New Oriental Future Abroad and Director of UK Business, Liu Tao, Assistant Vice President of New Oriental Future Abroad and Deputy General Manager of New Oriental Eurasia Education, Li Jun, Assistant Vice President and Director of Marketing Department of New Oriental Future Abroad, Li Sa, Deputy Director of Marketing Department of New Oriental Future Abroad, Xu Chunyang, Director of Study Abroad Guidance Department of Sphink International Art Education,<a href=\"https://laohu8.com/S/V\">Visa</a>Yin Xiaolong, Global Vice President and General Manager of Customer Relationship Management Department in China,<a href=\"https://laohu8.com/S/601988\">Bank of China</a>Xu Haibo, head of the cross-border scenario project team of the head office, attended the press conference together, and conducted an in-depth analysis of the current situation and future development trend of the study abroad industry.</p><p>Multi-party linkage to summarize industry data and professional analysis to help study abroad</p><p>New Oriental has published the White Paper on Studying in China for seven consecutive years, which covers the current situation of studying abroad, guidance on studying abroad examinations, employment intentions and trends of overseas students, overseas life of Chinese students, overseas consumption behavior and financial behavior of Chinese students, etc. It deeply digs into the overall changes of studying abroad, comprehensively interprets the development trend of studying abroad industry, and strives to provide in-depth reference for the majority of studying abroad families and students planning to study abroad.</p><p>Read the full article</main></main><main><h4>Ren Zhengfei knocked Yu Chengdong down from the clouds and handed him the steering wheel of Huawei</h4><main>According to an internal notice, Ren Zhengfei officially handed over Huawei's most promising business segment to Yu Chengdong.</p><p>On May 18th, Huawei issued an internal document to make a number of personnel adjustments. Yu Chengdong's position as CEO of Huawei Cloud was removed and replaced as CEO of the newly established Smart Car Solution BU; The original Consumer BG CEO position remains. Zhang Ping An was appointed CEO of Huawei Cloud.</p><p>In Huawei's organizational structure, the BG (business group) is higher than the BU (business unit). Yu Chengdong, as the top leader of Consumer BG, concurrently serves as the CEO of Smart Car Solutions BU under the business group.<strong>Management \"High Allocation\"</strong>It shows that Ren Zhengfei attaches great importance to this business.</p><p>Read the full article</main></main></main><main><main>Financing Events</p><p></main><main><h4>Huaying Capital Phase 6 RMB Growth Fund Overraised to 2.12 billion</h4><main>Investment news on May 20th,<b>Huaying Capital announced the closure of the sixth RMB Growth Fund, and the fund over-raised completed 2.12 billion yuan. From the first pass to the final closure, it took 4 months.</b>among<b>Of the original investor</b><b>The re-investment rate reached 45.7%</b><b>；</b>Together with the angel funds and industrial funds set up earlier this year and nearing completion,<b>Huaying raised more than 3.3 billion yuan new funds this year.</b></p><p>The main contributors of the fund in this period include<b>National development funds, local industry guidance funds, market-oriented parent funds, insurance funds, large enterprises</b>etc., is a fund composed of government funds and social capital. The current fund will continue to<b>New consumption</b>And<b>Technology</b>Carry out investment in the field.</p><p>Read the full article</main></main><main><h4>New energy airline Beta Technologies raises $368 million in Series A financing</h4><main>Investment news on May 20th, according to foreign media TechCrunch, Beta Technologies, an American electric aviation startup, recently completed a Series A financing of US$368 million. This round of financing was led by Fidelity Management Research Company,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Its Climate Pledge Fund joined the investment. Amazon's fund is $2 billion, and it has invested in new energy vehicles, battery recycling, and hydrogen fuel cells many times before.</p><p>Founded in 2017 and currently valued at $1.4 billion, Beta Technologies focuses on developing electric vertical takeoff and landing (eVTOL: electric vertical takeoff and landing) aircraft and associated charging systems.</p><p>Read the full article</main></main><main><h4>IPO | Jingya Capital exceeded the second phase of USD fund raising, with a total management scale of nearly 200 million USD</h4><main>According to the news of the investment community on May 20th, Jingya Capital announced the completion of the fundraising of the second phase of US dollar fund. This fund has been fully supported and over-subscribed by new and old investors. LP (limited partner) includes founders and executives of well-known Internet companies at home and abroad, as well as institutional investors such as well-known university funds, endowment funds, national sovereign funds, parent funds and family offices from Asia and the United States. The total fundraising scale of the new US dollar fund has reached the upper limit of 120 million US dollars, and the total management scale of Jingya Capital is nearly 200 million US dollars.</p><p>It is worth mentioning that among the cornerstone investors of Jingya Capital Phase II USD Fund, in addition to Unicorn Capital Partners, a well-known parent fund that gained rich returns from investing in Gaorong and Source Capital in the early stage, Jingya also received investment from EmergenceCapital, a top venture Capital fund in the United States that focuses on investing in enterprise software, and the two sides reached a strategic cooperation. EmergenceCapital also announced on May 10, 2021 that it had completed the raising of nearly $1 billion in new funds. As an established venture capital fund that has been established in the United States for nearly 20 years, it has successively invested in<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>, Veeva, Bill.com, Box and other well-known American SaaS companies, although Emergence Capital is not the parent fund and has never invested in other funds, they still choose to invest in Jingya Capital and sign strategic cooperation, which shows that they are optimistic about China's enterprise service market and believe in Jingya's team. After reaching the strategic cooperation, Emergence will share with the Jingya team their rich fund management experience such as best practices, industry insights, investment logic, analysis strategies, due diligence methods, and post-investment management in investment enterprise services in the United States for many years.</p><p>Read the full article</main></main><main><h4>Focusing on autonomous driving algorithms and computing platforms, Huanyu Zhixing completes Pre-A round of financing</h4><main>According to the news of the investment community on May 20th, recently, Huanyu Zhixing announced the completion of 55 million Pre-A round of financing. Dr. Li Ming, founder of Huanyu Zhixing, said that this round of financing will be used for large-scale testing to improve product reliability. Previously, Huanyu Zhixing completed 15 million angel round financing in January 2018.</p><p>It is reported that Huanyu Zhixing is a company that focuses on autonomous driving algorithms and computing platforms, providing software and hardware to OEMs. Its products are highly reliable autonomous driving domain controllers and autonomous driving software, which meet the needs of autonomous driving from L2.5 and L4.</p><p>Read the full article</main></main><main><h4>Social media platform Somewhere Good has closed a $3.75 million seed round</h4><main>Investment news on May 20th, according to foreign media TechCrunch, the social media platform Somewhere Good has completed a $3.75 million seed round of financing. The round was led by True Ventures, joined by Dream Machine, Debut Capital and Canvas Ventures. It is reported that the funds will be mainly used for continuous product innovation and team expansion.</p><p>Founder Naj Austin founded Somewhere Good in 2020. She believes that in the post-pandemic era, users are eager for collectivism rather than individualism. Somewhere Good aims to reinvent the look and feel of social media and build new models of social networking for people of color that are dominated by circle communities.</p><p>Read the full article</main></main><main><h4>Yingen Bio completed US$90 million in Series B financing,<a href=\"https://laohu8.com/S/LLY\">Lilly</a>Asia funds lead investment</h4><main>On May 20th, the investment community reported that Duality Biologics, an innovative biopharmaceutical company, announced the completion of a US$90 million Series B financing. This round of financing was led by Lilly Asia Fund (LAV for short), with the participation of well-known domestic funds such as Couplet Health Fund, Huagai Capital, Newley Capital, Songhe Capital and Yuanhe Holdings. Series A strategic investors<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>The Industrial Fund continued to support the Company, and continued to provide the Company with production process support that met global quality standards, and accelerated the R&D process.</p><p>Since its establishment in January 2020, Yingen Biotech has raised more than US$120 million in accumulated financing. The major investors in the previous round include King Star Capital, WuXi Biologics Industry Fund and Tonghe Yucheng. The funds raised in this round will be mainly used by the company to promote preclinical research, clinical development and product authorization introduction of product pipelines worldwide.</p><p>Read the full article</main></main><main><h4>Hard tissue surgery<a href=\"https://laohu8.com/S/300024\">Robot</a>Platform-based enterprise Jianjia Robot completed hundreds of millions of yuan in Series C financing</h4><main>Investment news on May 20th, recently, Jianjia Robot, a platform enterprise of hard tissue surgery robots, completed hundreds of millions of RMB in Series C financing, led by LYFE Capital and SoftBank<a href=\"https://laohu8.com/S/00170\">PRC CAPITAL</a>Follow-up investment, old shareholder Hillhouse Venture Capital,<a href=\"https://laohu8.com/S/600196\">FOSUN PHARMA</a>Continuous filling, completing the financing amount of nearly 400 million yuan within one year. This round of financing funds will be used to promote the clinical trials of knee replacement surgical robots and the research and development and clinical registration of new products such as other surgical robots.</p><p>Founded in 2018, Jianjia Robot has quickly become a leading hard tissue surgical robot platform enterprise in China with the team's deep accumulation in the field of surgical robots in the past, excellent combination of medicine and engineering and strong execution capability. At present, the company's hip replacement surgery robot has completed clinical enrollment and follow-up, and is also the first in China to enter the NMPA<a href=\"https://laohu8.com/S/002173\">Innovative medical care</a>The \"total hip replacement surgical robot\" product with special device review procedure is expected to become the first approved domestic joint replacement surgical robot. In addition, the company has a number of new products such as surgical robots in the research and development and inspection stage.</p><p>Read the full article</main></main></main></main>-----------</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b94748254746975add4199d2ec0ee3d","relate_stocks":{"01945":"清科控股","BEKE":"贝壳","CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://news.pedaily.cn/202105/471737.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137382971","content_text":"延伸阅读时间：2021年5月21日  星期五重要新闻 重磅！2021「投资界TOP100」投资人榜单发布给予真正的投资回报更高的权重，我们永远追求离真实、客观、公正更近一些、再近一些。清科创业旗下中国创业与投资专业门户投资界（www.PEdaily.cn）与清科研究中心联合发起，中国创业与投资大数据平台私募通提供数据支持，2021「投资界TOP100」投资人榜单今日正式揭晓！「投资界TOP100」投资人榜单评选已连续举办六届，本届评选自正式启动以来，吸引了上千位早期、VC、PE以及战略投资人积极参与。投资界、清科研究中心与私募通系统整理候选人近3年的数万条投资数据，综合考评五大方面因素：个人投资企业数量、个人投资金额、综合回报水平、个人及其所在机构行业影响力等，从超1000位候选人当中，评选出取得卓越投资业绩，同时对于中国投资界产生巨大推动作用的100位杰出投资人。阅读全文 华发集团郭瑾：珠海，LP/GP的「宜居」之地2021年5月19-21日，由清科创业、投资界主办，华发集团联合主办的第十五届中国基金合伙人峰会在珠海隆重举行。现场汇集国内FOFs、政府引导基金、主权财富基金、家族基金、保险机构、银行资本、VC/PE机构、上市公司等200+LP和万亿级可投资本，共探新经济下的股权投资之路。会上，华发集团华实控股董事长、华金资本董事长、珠海基金董事长郭瑾发表了演讲，以下为演讲实录，经投资界编辑整理：阅读全文 拆解半导体行业一季报：芯片荒下，谁吃肉，谁喝汤？从去年下半年开始，全球性芯片短缺成为半导体行业面临的最大问题，进而又波及到其他相关产业。其实，每3到4年左右，就会发生一次芯片供应短缺。相比以往，此次缺货周期更长，已经持续将近一年时间，未来何时能缓解尚无明确时间表。部分机构预测要到2022年，悲观者甚至认为可能要到2023年。如果要追寻此次芯片短缺的原因，目前业内认为主要有几个：第一，新冠疫情加快了整个社会的数字化进程，同时也叠加了5G和新能源汽车等应用场景。第二，中 美贸易冲突，打乱了半导体产业链的节奏，不确定性增加了各个环节的备货需求。第三，部分企业恐慌下单和渠道炒货加剧了产能紧缺程度。在这轮芯片短缺中，汽车行业是受影响最大的行业。国际咨询公司AlixPartners的评估显示，受到半导体短缺影响，2021年汽车行业收入损失将达到1100亿美元；产量方面，今年全球汽车制造商将减少390万辆，高于四个月前预测的220万辆。阅读全文 华为入场，激光雷达市场迎来恶战2018年6月，我在深圳市光明区一个5层民房的走廊里，与两三个背着包、一副普通商务打扮的年轻人擦肩而过。那时我准备拜访这栋楼里的一家激光雷达创业公司，有点江湖豪气的老板把自家产品从激光灭蚊器到车载激光扫描仪产品，全都洋洋洒洒地介绍了一通。之后，一边咂着茶，一边得意洋洋地透露了这么一个消息：阅读全文 弘慧紫荆股权投资基金落地湖南长沙弘慧紫荆股权投资基金，由湖南弘慧教育发展基金会与紫荆资本合作设立，是通过投资的造血功能支持公益事业的运作模式的一次有益创新。该基金由湖南弘慧教育发展基金会创始人、紫荆资本团队及各界爱心人事共同出资，由紫荆资本担任管理人进行管理。基金认缴出资已超过一亿元，基金目标通过股权投资方式进行保值、增值投资活动，并在此基础上将部分投资收益用于支持慈善事业的可持续发展。活动受到了湖南省领导的高度重视，湖南省工商联二级巡视员刘建平衷心感谢弘慧紫荆基金在立足本土股权投资，支持乡村振兴和教育事业中的优秀工作。刘巡视员同时指出，希望优秀的投资家和企业家们落叶归根，回乡发展，积极参与为故乡、建家乡过程中，支持省内中小企业，助推湖南高质量发展，为十四五开局做出贡献。对弘慧紫荆基金这种创新公益的模式推动湖南省社会公益事业的高质量发展殷切期待。阅读全文大公司热点 张一鸣卸任字节跳动CEO，梁汝波接任投资界5月20日消息，字节跳动创始人张一鸣发布内部全员信，宣布卸任CEO一职。字节跳动联合创始人梁汝波将接任成为新CEO。图为张一鸣（左）和梁汝波（右）谈及卸任原因，张一鸣表示，创业以来，字节跳动有幸抓住了时代发展的机遇，基于机器学习技术在移动端和视频上进行创新与实践，取得了一些成绩。虽然公司业务发展良好，但希望公司还能持续有更大的创新突破，变得更有创造力和富有意义。因此，张一鸣决定放下公司日常管理，聚焦远景战略、企业文化和社会责任等长期重要事项，计划“相对专注学习知识，系统思考，研究新事物，动手尝试和体验，以十年为期，为公司创造更多可能”。阅读全文 贝壳创始人兼董事长左晖因病去世，曾创立链家、自如贝壳(BEKE.US)在其官网发布讣告称，公司创始人兼董事长左晖于5月20日因疾病恶化去世。 百年东芝，难逃卖身？今年4月，东芝收到了来自英国私募基金CVC Capital Partners（下文简称CVC）与一众日本公司、投资基金的联合收购邀约，作为昔日日本制造业的皇冠明珠，东芝可谓遭受了上门“耻辱”。作为一家日本百年企业，1875年东芝创始人田中久重创立了芝浦制造所（东芝前身），伴随工业化的推进，芝浦相继涉足家电、机械自动化、计算机闪存业务，并于1984年正式更名为东芝。阅读全文 新东方《2021中国留学白皮书》正式发布5月20日，新东方《2021中国留学白皮书》发布会于北京召开。新东方教育科技集团助理副总裁、新东方前途出国总裁孙涛，新东方教育科技集团助理副总裁、新东方国际教育培训事业部总经理刘烁炀，新东方前途出国助理副总裁兼美国研究生业务总监田旺，新东方前途出国助理副总裁兼英国业务总监马星，新东方前途出国助理副总裁兼新东方欧亚教育副总经理刘焘，新东方前途出国助理副总裁兼市场部总监李浚，新东方前途出国市场部副总监李飒，斯芬克国际艺术教育留学指导部总监徐春阳，Visa全球副总裁、中国区客户关系管理部总经理尹小龙，中国银行总行跨境场景项目组组长徐海波等共同出席本次发布会，并对留学行业现状及未来发展趋势进行了深度解析。多方联动汇总行业数据，专业分析助力留学之路新东方连续七年发布《中国留学白皮书》，内容涵盖当前的留学现状、留学考试指导、留学生就业意向及趋势、中国留学生的境外生活、中国留学生海外消费行为和金融行为等多方面，深入挖掘当前留学整体变化，全方位解读留学行业发展趋势，力求为广大留学家庭及计划留学的学子们提供深度参考。阅读全文 任正非将余承东打落云端，又把华为的方向盘交给了他一纸内部通知，任正非将华为最具潜力的业务板块正式交到了余承东手中。5月18日，华为内部发文进行多项人事调整。余承东的华为云CEO一职被免去，改任新成立的智能汽车解决方案BU CEO；原有的消费者BG CEO职务仍然保持。张平安被任命为华为云CEO。在华为的组织架构中，BG（业务群）的层级高于BU（业务单元）。余承东以消费者BG一把手的身份，兼任业务群下辖的智能汽车解决方案BU CEO，属于管理层“高配”，足见任正非对这块业务的重视程度。阅读全文融资大事记 华映资本第六期人民币成长基金超募至21.2亿投资界5月20日消息，华映资本宣布第六期人民币成长基金关闭，基金超募完成规模为21.2亿元。从首关到最终关闭，历时4个月。其中原有出资人的复投率达到45.7％；连同今年早些设立及即将完成的天使基金和产业基金，华映今年人民币新募资额超过33亿。本期基金主要出资方包括国家级发展基金、地方产业引导基金、市场化母基金、险资、大型企业等，是一支由政府资金与社会资本组成的基金。本期基金将继续在新消费和科技领域开展投资。阅读全文 新能源航空公司Beta Technologies获3.68亿美元A轮融资投资界5月20日消息，据外媒TechCrunch报道，美国电动航空初创公司Beta Technologies近期完成3.68亿美元的A轮融资。本轮融资由富达管理研究公司领投，亚马逊旗下Climate Pledge Fund跟投。亚马逊该基金规模为20亿美元，此前曾多次在新能源汽车、电池回收，以及氢燃料电池等领域布局投资。Beta Technologies成立于2017年，目前估值为14亿美元，专注于开发电动垂直起降（eVTOL：electric vertical takeoff and landing）飞机和相关充电系统。阅读全文 首发 | 靖亚资本超额完成二期美元基金募集，总管理规模近2亿美金投资界5月20日消息，靖亚资本宣布完成二期美元基金的募集，本期基金获得新老投资人的鼎力支持和超额认购，LP（（有限合伙人）包含国内外知名互联网公司的创始人和高管，以及来自亚洲和美国知名的大学校产基金、捐赠基金、国家主权基金、母基金、家族办公室等机构投资者，新一期美金基金的总募集规模达到了1.2亿美元的募集上限，靖亚资本的总管理规模也将近2亿美元。值得一提的是，靖亚资本二期美元基金的基石投资人里，除了早期投资高榕及源码资本而获得丰厚回报的知名母基金独秀资本（Unicorn Capital Partners）外，靖亚还获得了美国聚焦投资企业软件的顶级风投基金EmergenceCapital的投资，双方并达成了战略合作。EmergenceCapital也于2021年5月10日宣布完成近10亿美元新基金的募集，作为在美国已成立近20年的老牌风投基金，先后投资了Salesforce, Zoom, Veeva, Bill.com, Box 等美国知名SaaS公司，虽然Emergence Capital不是母基金，也从来没有投资过其他的基金，但他们仍然选择投资靖亚资本并签订战略合作，可见其看好中国企服市场并相信靖亚的团队。达成战略合作后，Emergence将与靖亚团队分享他们在美国多年投资企业服务的最佳实践、行业洞察、投资逻辑、分析策略、尽调方法、投后管理等丰富的基金管理经验。阅读全文 专注自动驾驶算法和计算平台，环宇智行完成Pre-A轮融资投资界5月20日消息，近日，环宇智行宣布完成5500万的Pre-A轮融资，环宇智行创始人李明博士表示，本轮融资将用于大范围测试，提高产品可靠性方面。此前，环宇智行曾于2018年1月完成1500万天使轮融资。据悉，环宇智行是一家专注于自动驾驶的算法和计算平台的给主机厂提供软硬件的公司，产品是高可靠性的自动驾驶域控制器和自动驾驶软件，满足从L2.5和L4自动驾驶的需求。阅读全文 社交媒体平台Somewhere Good已完成375万美元种子轮融资投资界5月20日消息，据外媒TechCrunch报道，社交媒体平台Somewhere Good已完成375万美元种子轮融资。本轮融资由True Ventures领投，Dream Machine、Debut Capital和Canvas Ventures跟投。据悉，该笔资金将主要用于持续产品创新和团队扩张。创始人Naj Austin于2020年建立了Somewhere Good。她认为，在后疫情时代，用户更渴望集体主义而不是个人主义。Somewhere Good旨在重塑社交媒体的外观和感觉，为有色人种建立以圈子社区为主的社交新模式。阅读全文 映恩生物完成9000万美元B轮融资，礼来亚洲基金领投投资界5月20日消息，创新生物制药公司映恩生物（Duality Biologics）宣布完成9000万美元的B轮融资。本轮融资由礼来亚洲基金（简称LAV）领投，楹联健康基金、华盖资本、纽尔利资本、松禾资本及元禾控股等国内知名基金共同参与完成，A轮战略投资者药明生物产业基金继续加持，并持续为公司提供符合全球质量标准的生产工艺支持，加速研发进程。映恩生物自2020年1月成立以来，累计融资额已逾1.2亿美元，前续轮主要投资人包括King Star Capital、药明生物产业基金及通和毓承等机构。本轮筹集的资金将主要用于公司在全球范围内推进产品管线的临床前研究、临床开发及产品授权引进。阅读全文 硬组织手术机器人平台型企业键嘉机器人完成数亿元C轮融资投资界5月20日消息，近日，硬组织手术机器人平台型企业键嘉机器人完成数亿元人民币C轮融资，由LYFE Capital领投，软银中国资本跟投，老股东高瓴创投、复星医药持续加注，一年内完成融资金额近4亿元。本轮融资资金将用于推进膝关节置换手术机器人的临床试验及其他手术机器人等新产品研发、临床注册。成立于2018年的键嘉机器人，凭借团队以往在手术机器人领域的深厚积累、出色的医工结合以及极强的执行能力，迅速成为国内领先的硬组织手术机器人平台型企业。目前，公司髋关节置换手术机器人已完成临床入组及随访，同时也是中国首家进入NMPA创新医疗器械特别审查程序的“全髋置换手术机器人”产品，有望成为首个获批的国产关节置换手术机器人。此外，公司有多款手术机器人等新产品处于研发、送检阶段。阅读全文-----------","news_type":1,"symbols_score_info":{"CNHmain":1,"BEKE":1,"CYB":0.6,"UCmain":1,"01945":1}},"isVote":1,"tweetType":1,"viewCount":2909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}