It is well known that the licensing regime will set out the procedures for holding shareholders in listed companies and the obligation to disclose information. However, a number of shareholders in the company A have been questioned by the regulatory authorities, in disregard of the relevant provisions and in violation of the rules.

On 8 May, the Medical Research and Development Service Co. Ltd. (hereinafter referred to as the “intellectual Medicine”, 300149.SZ) issued a circular stating that the shareholders of the company had received deep-held regulatory correspondence for breaching the obligation to disclose information.

On the other hand, medicinal medicine has been less profitable for nearly two years, with a combined loss of more than 1 billion yuan renminbi in 2021 and 2022. The value of the ITS unit also dropped from the top 25 to less than 10 yuan. The ability to improve the performance and equity of medicinal medicine in 2023 has yet to be tested over time.

Untimely disclosure of shareholder irregularities

According to the bulletin, the combined share of the eight leading companies in the North Sea (hereinafter referred to as “the eight North Seas”) that were a former constitutional passion and its unanimous actioner decreased from 24.55 per cent to 16.25 per cent between 25 March 2016 and 27 September 2022, with a cumulative decline of 8.30 per cent.

It was further indicated that transactions had not been discontinued in accordance with the relevant provisions of the Securities Act when the cumulative change in the combined share of eight North Seas had reached 5 per cent. The Institute also concluded that eight copies of the Constitution and the North Sea failed to comply in a timely manner with the obligation to disclose information until 28 September 2022. It was further considered that the eight originals of the Constitution and the North Sea violated the relevant provisions, such as the rules on the listing of entrepreneurship panels.

It also calls for the use of medicinal medicine, past constitutional practices and eight bona fide letters in the North Sea to comply with the obligation to trade in listed company stocks and to comply with the obligation to disclose information in a timely manner; and to pay due attention to the above-mentioned issues, learn lessons and adapt them in a timely manner so as to prevent the recurrence of these problems.

At present, the issue referred to in the regulatory letter has not yet been answered and clarified by medicinal medicine.

A quarterly report shows that, as at the end of March 2023, eight North Seas had 13.69 per cent shares in medicinal medicine and had a constitutional share of 2.55 per cent in medicinal medicine. At the same time, the Constitution also held 70 per cent of the eight North Sea shares.

This is to say, the constitutional holding of 12.13 per cent of the share of medicinal medicine by direct plus indirect (eight in the North Sea) is higher than that of the second-largest shareholder of medicinal medicine (10.24 per cent) of the shareholders of the partnership in the management of the magnetic field (limited partnership) and is the actual controller of medicinal medicine.

It was also announced that in 2022 alone, the Constitutional Economy and eight North Seas had accumulated a reduction in the amount of 1970,055 million in medicinal medicinal medicinal medicine, which now stands at nearly 200 million yuan renminbi.

Two years of “incapacitated” loss of more than 1 billion

The actual control over the other face of a large-scale hand-held bag has been kept under pressure for two consecutive years.

Financial data show that in 2021, 2022, the principal income for medicinal medicine was 1.69 billion yuan renminbi and 1.27 billion yuan renminbi, with a net return of $402 million and $379 million yuan renminbi, with a net profit of $422 million and $607 million for the same period.

As can be seen, the combined loss of medicinal medicine for two years with a net profit of more than $1 billion. Between 2018 and 2020, there was an annual net profit of 0.83 to 150 million yuan for medicinal medicine.

Two years of “non-calculation” of medicinal medicine

Why have the profitability declined sharply? According to the annual report, the loss in performance in 2021 of medicinal medicine was due to a loss in commercial goodwill that occurred after the previous acquisition of the Shanghai Toxicology Chemical Research Ltd. (hereinafter referred to as “the top sea ideologies”) with $2,382 million. In 2021, a reduction in the amount of oxygen from the upper sea was prepared for 3.638 million.

In 2022, the net return of the mother tongue medicine was $379 million, a significant increase from the loss of $402 million in 2021, but the net profit of the medicinal medicine was still at a loss of $602 million after deduction of non-recurrent gains and losses.

According to the annual report, the non-recurrent gains and losses in thorium medicine for 2022 include, among other things, the proceeds of investments in the disposal of subsidiary high-量 (Hong-East) Bio Ltd. (hereinafter referred to as “the high-量”). This is just as much as $1,391 million. The medicinal medicine indicates that, after the introduction of a life-saving operation (i.e., the ion company’s high volume), the company will concentrate on the medicinal research and development and production services (CRO/CDMO) operation in Shanghai.

However, more operationally focused medicinal medicine was not available in 2023. A quarterly report shows that the principal income for the first three months of this year for medicinal medicine was $269 million, at a net loss of $2856.9 million for the mother and a net loss of income of $326.81 million, which was 30.45 per cent, 40.1.63 per cent and 49.91 per cent, respectively, over the same period last year.

Over 20 per cent of equity prices have fallen since this year

The public information shows that the front-loaded medicinal medicine was on the market in December 2010 at the deep entrepreneurship board. In 2018, the former constitutional passion and its co-components included occupants in high volume, including through cash plus stock exchange. In June 2018, CHF was renamed as a biomass and eventually renamed as a medicinal medicine in September 2020. The main company operations have also been transformed from the former yuan renminbi to the CRO/CDMO operation.

The annual report shows that the BSCRO share of total revenue generation in 2022, up to 54.91 per cent, the chemical CRO share 27.29 per cent, the large molecules CDMO share 6.23 per cent, and the low-pool sugar and semi-pooled sugar are less than 10 per cent.

The price of medicinal medicine has also experienced a wave of upwards after the company has changed.

Wind data show that, by 2020, medicinal medicine was standing at about 16 yuan renminbi. In May 2020, medicinal medicine was rebounded from around 10 yuan renminbi and by the end of September 2020 to a peak of 24.79 yuan renminbi/unit for nearly three years.

In June 2021, the artisan medicine came from around 20 yuan renminbi.

The first money received a full-fledged letter from CEO Bobby Kotick, which confirmed the news. In his letter, Bobby stated that “The British Regulatory Authority on Competition and Markets (CMA) today decides not to approve our merger with Microsoft. This is not what we want, but it is far from the final decision of the transaction.”

Bobby referred to the fact that snowstorming will join Microsoft in challenging this decision and has begun to appeal to the British Competition Court (Competition Appeals Tribunal), “we have confidence in our own situation because the facts stand on our side: the transaction is pro-competitive”.

BradSmith, Vice-President and Managing Director of Microsoft, also stated that “we will continue to give our full support to this acquisition and will appeal”, and that “the decision of CMA rejects a pragmatic approach to competition and does not encourage technological innovation and investment in England”.

In January 2022, Microsoft announced that $68.7 billion had been used to buy snow and snow companies, which had created a record of buying in the play industry, but had faced serious obstacles since its announcement.

In November 2022, the European Commission indicated an in-depth investigation into the acquisition. In December 2022, the United States Antimonopoly Government Agency’s Federal Trade Commission (FTC) announced that it was seeking to prevent Microsoft from buying players from snowstorms. The purchase was also strongly opposed by Microsoft’s largest rival, Sonia.

According to the outside press, CMA’s reason for this block is fearing the competition of the cloud game, believing that mergers may bring higher prices, fewer choices and less innovation to British candidates. Martin Coman (Martin Coleman), Chairman of the Independent Panel of Experts conducting this survey, stated: “In the area of cloud play, Microsoft has a strong position leading to other competitors. This transaction will strengthen this advantage by enabling it to weaken new rivals in innovation.”

Bobby stated in this full letter that his country wished to expand its leadership in the technical field, and that the merger of Microsoft would achieve that goal. “If the decision of CMA is established, it will stifle investment, competition and job creation across the British playing industry. I will do everything I can to defend us and help regulators understand the competition dynamics of our industries. Let me be confident that, either alone or in association with another company, we are one of the most powerful companies in the industry in preparation for sustained growth.”

Novel coronavirus pneumonia control command

Circular No. 22 of 2022

According to the relevant national and provincial regulations on epidemic prevention and control, and after the study and judgment of relevant experts, the following adjustments are made to the closed control area, control area and prevention area of our district:

1. Unit 1, Building 29, Chunbo community and building 5, Chunbo Nanyuan are sealed off areas, which remain unchanged; 29 buildings in yuanchunbo community were adjusted to the control area; The former Chunbo South Garden, Chunbo community, Chunbo West Garden and Chunbo east garden were adjusted to be prevention areas; The original Binxing road beitanghe Bin’an road Jianghui road Jiangling road enclosure area is no longer listed as a prevention area, and the normalization of epidemic prevention and control is restored.

2. Building 9 of Desheng yinxinghui community is a sealed off area, which remains unchanged; Buildings 1-8 of the original Desheng yinxinghui community were adjusted to the prevention area; The former Jiangnan Avenue - South Ring Road - Wentao road - linqiao lane, as well as the enclosed area on the east side of Shimao West Lake community and Shimao binggu square are no longer listed as prevention areas, and normalized epidemic prevention and control is restored.

3. The buildings around No. 29 of Dongguan new rural area, No. 293 of new rural area and No. 170-174, No. 210-214, No. 251-255, No. 291-295, No. 340-344, No. 379-383 and No. 418-422 around it are sealed off areas, which remain unchanged; The former East Road of Dongguan new rural area - South Road - Guanshan North Road - North Long Island Spring enclosure area is adjusted to the control area; The former East Road of Dongguan new rural area - South Road of Dongguan new rural area - Park 1st Road - North Long Island Spring enclosure area is adjusted to the prevention area; The area enclosed by the original rainbow Expressway - Park first road - Dongguan Road - torch Avenue is no longer listed as a prevention area, and normalized epidemic prevention and control is restored.

4. Control measures:

5. The sealing and control area shall strictly implement closed isolation, stay at home and door-to-door service, and arrange staff to patrol for 24 hours.

6. The control area strictly implements that personnel can only enter and leave, and personnel gathering is strictly prohibited. In principle, they are isolated at home.

7. The prevention area is not necessary to leave the main urban area. If it is really necessary to go in and out for medical treatment or specific official business, it must hold the negative certificate of nucleic acid test within 48 hours. Strictly restrict the gathering of people, and all public places not necessary for life shall be closed.

8. The “three districts” shall implement nucleic acid detection according to the requirements of provincial and municipal prevention and control headquarters. The normalization was restored, and the personnel in the epidemic prevention and control area implemented 7-day daily health monitoring, and nucleic acid testing was conducted once at the expiration of the period.

9. Before February 13, if there is no positive detection in the above areas, all normalized epidemic prevention and control measures will be restored from February 14.

10. Hangzhou Binjiang District novel coronavirus pneumonia epidemic prevention command headquarters

11. February 7, 2022

12. 
    

We believe that infants and toddlers do not have the ability to control themselves. When it comes to infants and young children, we often think of cartoon scenes like this: a crying, screaming and angry baby trying to attract the attention of adults; Or a two-year-old with emotional breakdown suddenly loses his temper for no reason. Although in real life, children are rarely as terrible as in cartoons, there are some similarities. In the process of growing up, infants and young children really need to learn to control their emotions and impulses, learn to get along with others, and learn to pay attention and focus. These abilities are executive functions. They also include psychological flexibility, the ability to obtain and preserve information, and willpower - perseverance or perseverance - which are not only beneficial to children’s studies, but also very important for an individual’s life.

Parents often read books to their children when they are young, which is one of the best ways to help infants develop executive function. An academic team once found that “children benefit a lot from establishing a positive parent-child interaction mode through reading”; The main reason is that “reading together can create a warm, interactive and encouraging atmosphere, and children can concentrate on the tasks they are interested in, so as to learn to naturally regulate their attention”. The story book is not a life-saving medicine, but its function is comparable to the vitamins that can strengthen the body. (in contrast, scientists have confirmed that fast-paced TV shows, even if children watch only nine minutes, can significantly damage the executive function of infants and young children.)

Ten years ago, scientists did relevant research in 22 preschool education centers in central Pennsylvania. Through this research, we can understand how picture book stories play a role in children’s emotional regulation. These education centers have set up reading links. Teachers read the letters aloud and ask children a lot of questions. In addition, the teacher will read stories aloud. There will be some annoying scenes in these stories, but the characters in the stories will deal with problems rationally. For example, a little Green Tortoise named tiger will retract into its shell and take a few deep breaths when it is angry, then explain the reason why it is angry, and then speak out its emotions - it gives a good demonstration to the children. Children from low-income families have made significant progress in executive function after participating in this course.

“Reading classes teach them how to pull themselves out of their emotions and avoid impulsivity.” Dr. Karen pilman said she and her colleagues at Pennsylvania State University created the course. “Letting children tell the reasons and feelings of their troubles is the premise to control their emotions and solve problems in a stressful social environment.”

In 2011, David Dickinson of Vanderbilt University and three colleagues wrote a paper entitled “how reading promotes the language development of children around the world”. Based on a large amount of evidence, they concluded that language “seems to make it easier for children to control their thoughts, emotions and behaviors, and improve the abilities that are crucial to children’s social development and academic success”. This conclusion is the same as Vygotsky’s view. “The acquisition of expressive language is associated with less aggressive emotions,” the paper wrote, citing previous studies. “If children lack expressive and receptive language skills in kindergarten, they are prone to behavioral problems in the future.” Moreover, the longer the duration of common attention of 18 month old children, the more productive words they can master by the age of two.

The paper continues, “In order to keep the attention of infants and young children, picture book stories are usually brightly colored and strongly contrasted. They will attract the children’s attention with the things or animals they like. Each page has a clear focus, and the book is different from the ball and toy car. The book is held in the hand and the whole is stationary. If adults pay attention to the children’s reaction, they can easily detect the children You can further explain what you are focusing on. Children can make adults notice interesting pictures through a series of clues such as body language, sound and words. In this way, both children’s attention and adults’ attention are controlled. “

As like as two peas, Phoebe’s first mouth opening words are exactly the same as those described in the paper by Dickinson. At that time, she crowded with her brothers and sisters to listen to me talk about hide and seek. As Phoebe pondered over the pictures in the picture book, she used “body language, sound and words” to attract my attention. She took it out of her mouth, pointed it out, and shouted, exactly, out of her mouth.

We were stunned and couldn’t speak together. It took a while for everyone to react. “That’s right! Phoebe’s right! That’s a puppy!”

“Phoebe can talk!” “Woof, woof!”

Until now, we still call dogs that.

On March 2, hungry Yao announced the first batch of cash investment of 20 million, reduced and exempted commissions for all businesses in 87 districts and counties listed as medium and high risk areas from January to February this year, and promised that the relevant measures would continue after March. Hungry side said that the Commission reduction measures of businesses in the same region are consistent, and no threshold is set, and there is no need for additional review of the platform.

Just a day ago, meituan also released relevant commission preferential measures, which will launch a series of measures from two aspects: reducing costs and increasing revenue.

Specifically, from March to December this year, the technical service fee (Commission) of meituan takeout will be halved for small and medium-sized merchants with difficulties in operation in areas with medium and high risk of epidemic, and each order will be capped at 1 yuan after halving; For other merchants with difficulties in completing the rate transparency, they will evaluate in combination with their business conditions and degree of difficulty, and cap the technical service fee by 5%.

It is worth noting that on February 18, 14 departments including the national development and Reform Commission just issued several policies on promoting the recovery and development of difficult industries in the service industry (hereinafter referred to as the “policy”).

The policy points out that in the field of catering, Internet platform enterprises such as takeout will be guided to further reduce the service fee standard of catering merchants and reduce the operating costs of relevant catering enterprises. Guide Internet platform enterprises to give phased preferential service fees to catering enterprises in county-level administrative regions where high-risk areas are located.

This is not the first time that the regulatory level has guided the adjustment of takeout rates. In March 2021, 28 departments including the national development and Reform Commission, the Ministry of finance, the Ministry of industry and information technology and the CSRC jointly issued the implementation plan for accelerating the cultivation of new consumption.

When answering a reporter’s question, the relevant person in charge of the national development and Reform Commission and other departments pointed out that in view of the high service fees charged by the network platforms strongly reflected by small and medium-sized merchants, it was clear to “guide the network platforms such as takeout, online car hailing and e-commerce, reasonably optimize the pumping, commission and other fees operated by small and medium-sized enterprise merchants and individuals using the platform, and use technology to promote the operators in the platform to reduce costs and increase efficiency”.

Meituan and hungry, as leading enterprises, the reform of takeout rate has always attracted much attention. Before the Commission discount for small and medium-sized merchants with operating difficulties in areas with medium and high risk of the epidemic, meituan takeout implemented the pilot of rate transparency, and hungry also began to implement low rates.

Meituan disclosed that at present, the rate transparency has covered 70% of merchants in the country, and the benefits of small and medium-sized merchants are more obvious. The hungry side believes that transparency is not the basis of rate reform, and low rates are more important.

From the financial report of meituan, the rate reform may further affect the revenue. According to the financial report, the commission income of meituan catering takeout in the third quarter of 2021 was 23.22 billion yuan, the number of orders completed was 4.01 billion, and the average commission income of each order was 5.79 yuan. If a single Commission is “capped at 1 yuan”, the single commission income may be reduced to the original 20%.

At the other end, after the introduction of the corresponding reform measures, businesses also have different opinions. Some small and medium-sized businesses believe that the Commission seems to be reduced, but the platform will “increase” in other links such as distribution; However, some businesses have reduced their costs by thousands of yuan after the rate reform.

The industry predicts that the reform of takeout rate will gradually enter the deep water area. With the refinement of supervision, small and medium-sized businesses will become the direct beneficiaries of the reform.

CFA statement: the content of the article is for reference only and does not constitute investment suggestions. Investors operate accordingly at their own risk.