General Office of Guangdong Provincial People’s Government on Promoting and Standardizing

Implementation opinions on the application and development of big data in health care

People’s governments at the local level and listed, people’s governments of counties (cities, districts), departments and institutions directly under the provincial government:

　　In order to implement the Guiding Opinions of the General Office of the State Council on Promoting and Standardizing the Application and Development of Big Data in Health Care (Guo Ban Fa [2016] No.47), adapt to the development trend of big data technology, promote and standardize the integration, sharing and open application of big data in health care, improve the medical service capacity and improve the health level of the people, with the consent of the provincial people’s government, we hereby put forward the following implementation opinions.
　　I. General requirements

　　(1) Guiding ideology. We will fully implement the spirit of the 18th CPC National Congress and the Third, Fourth, Fifth and Sixth Plenary Sessions of the 18th CPC Central Committee, thoroughly implement the spirit of the series of important speeches by the Supreme Leader General Secretary and the new ideas, new ideas and new strategies for governing the country, conscientiously implement the decision-making arrangements of the CPC Central Committee, the State Council, the provincial party committee and the provincial government, adhere to the concept of innovation, coordination, green, openness and shared development, take the protection of people’s health as the starting point, adhere to people-oriented, innovation-driven, standardized, orderly, safe and controllable, The principle of open integration, co-construction and sharing, consolidate the grassroots foundation, improve the policy system, innovate the working mechanism, vigorously promote the interconnection, integration and open sharing of government health care information systems and public health care data, fully stimulate the innovation vitality of health care big data, explore new applications of data, innovate new service models, foster and develop new formats, provide strong support for building a strong health province and a healthy Guangdong, and make positive contributions to achieving the goal of "three orientations and two firsts".
　　(2) objectives and tasks.
　　—— By the end of 2017, a provincial-level comprehensive health information management platform with complete functions and unified authority will be initially established to realize interconnection with the national population health information platform. Realize the interconnection between the provincial drug bidding and purchasing business application supervision platform and the national drug supply security comprehensive management information platform.
　　—— By the end of 2018, all the listed and county (city, district) national health information comprehensive management platforms have been built at all levels, and connected with provincial platforms, forming an efficient and unified network covering all kinds of medical and health family planning institutions at all levels, and realizing business application interconnection, information sharing and effective collaboration.
　　—— By the end of 2020, the province’s health care data will be shared with basic data resources such as population, legal person, spatial geography and environment across departments and regions, and the data fusion application in medical care, medicine, medical insurance and health-related fields will achieve remarkable results, and the new format of health care big data application will flourish, initially forming a health care big data industry system. Health care big data application standard system, data security and privacy protection system, relevant policies and regulations have been continuously improved, the quality of health care services has been significantly improved, and the people have received more benefits.
　　Second, accelerate the construction of a shared and open health care big data application infrastructure system.

　　(1) Accelerate the construction of "one network, three platforms and three databases". Strengthen the top-level design and implement the Guangdong "Healthy Cloud" service plan. Integrate and utilize existing facilities and resources such as e-government extranet, network operator network and government cloud resources, and accelerate the construction to form a private network for health care services covering provinces, cities, counties (districts), townships (towns) and villages (residences). We will build a unified and authoritative comprehensive management platform for national health information at the provincial, municipal and county levels, connect all kinds of medical and health institutions at all levels, and strengthen data collection, integrated sharing and business collaboration of application information systems such as public health, family planning, medical services, medical security, drug supply and comprehensive management. Strengthen the maturity evaluation of interconnection of the comprehensive management platform of national health information at city and county levels, and improve the level of interconnection. Establish three unified databases of the whole province, namely, full population, electronic health records of residents and electronic medical records, and build a provincial-level national health big data center with the three databases as the core. (Provincial Health and Family Planning Commission, Development and Reform Commission, the municipal people’s government is responsible for all localities, and the Provincial Economic and Information Commission, the Public Security Department, the Department of Finance, the Department of Human Resources and Social Security, and the Food and Drug Administration cooperate, and the first department is the lead department, the same below)
　　(two) to speed up the upgrading of medical and health institutions information system. Accelerate the transformation and upgrading of the information system of medical and health institutions with electronic medical records as the core, reduce repeated investment and improve the efficiency of information construction. To break the data chimney formed by vertical business information system and the data island formed by isolated business information system, the information systems of medical and health institutions at all levels should all be connected with the comprehensive management platform of national health information of provinces, cities and counties, and realize data fusion within medical and health institutions and data sharing between medical institutions and between medical institutions and public health institutions. Strengthen the maturity of information system interconnection and evaluation of the application level of electronic medical record system in medical and health institutions, and improve the application level of electronic medical record. (Provincial Health and Family Planning Commission, the municipal people’s governments at all levels are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Establish a mechanism for the collection, sharing and opening of health care data.
　　Promote the interconnection of the government health care information system with the three databases of the whole province’s population, residents’ electronic health records and electronic medical records, share data, and cooperate with business applications efficiently. Effectively collect data on medical services, traditional Chinese medicine, biomedicine, insurance supervision, research and development and management of drugs and medical equipment, inspection and quarantine, public health, population management, education and scientific research, food and agriculture, meteorological environment, physical fitness, etc., support management model innovation and e-government development, and realize the collection of health care data, business matters and health decision-making on the platform. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Combined with the needs of the "one-door, one-network" government service model, we will further promote the sharing of government data related to population and health, and smooth the data sharing channel. The establishment of centralized management of health and family planning departments, Chinese medicine, development and reform, education, science and technology, economy and informatization, public security, civil affairs, human resources and social security, environmental protection, agriculture, commerce, safety supervision, inspection and quarantine, food and drug supervision, sports, statistics, tourism, meteorology, insurance supervision, Disabled Persons’ Federation and other departments closely cooperate with the regular exchange and sharing mechanism of health and medical data. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Strengthen data quality management, establish and improve the standards of health care data collection, cleaning, warehousing and storage, establish a data quality evaluation mechanism, insist on controlling data quality from the source, and ensure that health care data is legal, authentic, effective and available. Explore the development of desensitization and opening methods for residents’ health care privacy information, build and improve the open platform for health care data, smooth the open channels of data, and steadily promote the opening of health care big data. Explore the establishment of Guangdong health care data resource catalogue system, and make a good connection with the national health care data resource catalogue. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Legislative Affairs Office cooperate)
　　Third, comprehensively deepen the application of big data in health care

　　(1) Promote the application of governance big data in the health care industry.
　　Establish and improve the monitoring and evaluation index system and evaluation model for deepening the reform of medical and health system, realize real-time monitoring of key indicators such as medical service price, medical insurance financing and payment, control of residents’ medical burden, and drug use, deepen the accurate evaluation of the reform effect of medical and health system, and improve the pertinence and effectiveness of reform decisions. Strengthen the application of evaluation and monitoring results, and promote the formation of a new model of health management decision-making based on data, such as industry supervision, performance evaluation, input compensation and personnel compensation. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Open the data channel between medical institution management information system and clinical information system, integrate and analyze clinical, operation, cost accounting and quality evaluation data, build an evaluation system of medical institutions with comprehensive information, scientific evaluation, authoritative conclusion and timely update, improve the authority and credibility of evaluation results, and link it with hospital evaluation, fund allocation, performance pay, etc., promote the deepening of public hospital reform, improve modern hospital management system, and promote the improvement of hospital operation management level and medical service quality. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　We will improve the monitoring mechanism for the income composition and changing trend of medical institutions, such as medical care, medicines and medical consumables, and cooperate with business information such as medical service price, medical insurance payment, bidding and purchasing of medicines and medical consumables, drug use and medical expense control, strengthen the monitoring and early warning of anti-fraud of medical insurance, and promote the joint reform of medical care, medical insurance and medicine. Accelerate the integration of comprehensive supervision information on health and family planning, realize the interconnection between comprehensive supervision and law enforcement information and health care related information systems, and improve the level of industry supervision. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance, the Department of Human Resources and Social Security, the Food and Drug Administration and the Bureau of Traditional Chinese Medicine)
　　(2) Promote the application of big data in clinical medical care and scientific research. Make full use of national key clinical specialties, provincial key clinical specialties, national and provincial key laboratories and other advantageous resources, rely on the National Clinical Medical Research Center, the National Traditional Chinese Medicine Data Center and the collaborative research network, base on South China, face Hong Kong, Macao and Taiwan, and radiate to Southeast Asia, and build a number of regional clinical medical data demonstration centers in the directions of cardiovascular and cerebrovascular diseases, tumors, geriatric diseases, respiratory diseases, nephropathy, reproduction, orthopedics, hepatobiliary, pediatrics, maternal and child health care, occupational diseases and traditional Chinese medicine. Strengthen the integration and sharing of clinical medicine and basic medical research data resources, and improve the transformation and application efficiency of medical research. Relying on clinical medical data demonstration center, integrating medical service data, drug research and development evaluation and management data, traditional Chinese medicine data and biomedical data, developing clinical decision support system to support clinicians to improve work efficiency and diagnosis and treatment quality. Promote the application of biomedical technologies such as gene chip and sequencing technology in genetic disease diagnosis, early cancer diagnosis and disease prevention and detection, realize the effective docking of genome information and electronic medical records, and promote the development of precision medical technology. Establish a genome database and a database of specialized subjects and diseases, and promote the research and application of disease markers. Create a number of precision medical specialties and precision medical pilot hospitals. (The Provincial Health and Family Planning Commission and the Chinese Medicine Bureau are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department and the Food and Drug Administration cooperate)
　　(3) Promote the application of public health big data. Promote the interconnection between various national special newspaper information systems and the comprehensive management platform of national health information at the provincial, city and county levels. We will improve information systems such as immunization planning, online direct reporting, online first aid, management and treatment of severe mental disorders, prevention and control of occupational diseases, early warning and decision-making of public health risks at ports, and the application functions of mobile emergency business platforms, so as to enhance the ability of public health monitoring, evaluation and decision-making management. Integrate social network public information resources and improve the early warning mechanism of disease-sensitive information. Strengthen cooperation with the World Health Organization, international and public health institutions in Hong Kong, Macao and Taiwan, carry out research on the frontier technology of public health information, early warning and prediction research on the risk of sudden acute infectious diseases of international concern, and timely grasp and dynamically analyze the international public health risks such as the disease occurrence trend of the whole population and the global epidemic information of infectious diseases. Promote the information acquisition and information sharing of entry personnel in countries and regions where the epidemic broke out in advance, strengthen the business cooperation of inspection and quarantine, public health, foreign affairs, commerce, tourism, customs, port border inspection, maritime affairs, medical care, civil aviation, port services, railways and other units, prevent and control the imported epidemic, and improve the early warning and emergency response capabilities of public health emergencies. Promote the sharing of monitoring data of drug use, environmental sanitation, epidemiological factors monitoring, insect vector monitoring, drinking water, health hazard factors, port medical vector biology, nuclear biochemistry, food, meteorology, inspection and quarantine, sports, tourism and other industries, and effectively evaluate social factors affecting residents’ health by relying on residents’ electronic health records and electronic medical record databases.Carry out biological monitoring of key infectious diseases, occupational diseases, imported infectious diseases at ports and medical vectors, integrate multi-source monitoring data of infectious diseases and occupational diseases, establish a rapid identification network system for laboratory pathogen detection results, and improve the ability to prevent and control major diseases. (The Provincial Health and Family Planning Commission is responsible for the cooperation of all members of the joint meeting of the provincial prevention and control of major diseases)
　　(4) Promote the application of big data in traditional Chinese medicine. We will build a provincial platform for the management and utilization of big data resources of traditional Chinese medicine, a cloud platform for health information in TCM diagnosis and treatment areas, and a management information system for chronic diseases with TCM characteristics, health services and prevention of diseases. Improve and perfect the standards related to the analysis and application of big data of traditional Chinese medicine, build a big data center of traditional Chinese medicine and a database of diagnosis and treatment technology of traditional Chinese medicine covering medical treatment, prevention, health care, health preservation, rehabilitation, Chinese herbal pieces, Chinese patent medicines and hospital preparations, promote the application development of semantics of traditional Chinese medicine, data analysis and mining, intelligent diagnosis and treatment, knowledge management, vigorously develop "internet plus Traditional Chinese Medicine", realize diversified collection and in-depth analysis of big data resources of traditional Chinese medicine, and promote the convenience and benefit of smart Chinese medicine. Develop value-added services of TCM data resources and innovative services of TCM, and promote collaborative research on major diseases of TCM. (The Provincial Bureau of Traditional Chinese Medicine is responsible, with the cooperation of the Provincial Health and Family Planning Commission, the Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Civil Affairs Department, the Finance Department, the Culture Department and the Tourism Bureau)
　　(5) Cultivate new formats for the application of big data in health care. Strengthen key technologies such as storage and cleaning of massive data in health care, analysis and mining, and security and privacy protection. Accelerate the integration and innovation of health care data and new generation information and communication technologies such as cloud computing and big data, promote the deep integration of health care business and big data technology, and accelerate the construction of health care big data industry chain. Actively encourage social forces to innovate and develop health care business, and take various measures to support the development of health care service industry. Develop home health information services, standardize services such as online pharmacies and third-party distribution of medical logistics, and continuously promote the coordinated development of health care and health care, pension, housekeeping and other service industries. Promote the development of Chinese medicine, health care, health management, health consultation, health culture, physical fitness, health medical tourism, healthy environment, healthy diet and other industries. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Economic and Information Technology Commission, Science and Technology Department, Civil Affairs Department, Culture Department, Sports Bureau, Tourism Bureau and Chinese Medicine Bureau)
　　(six) the development and promotion of digital health care intelligent equipment. Support the research and development of artificial intelligence technology, biological three-dimensional (3D) printing technology, medical robots, large-scale medical equipment, health and rehabilitation AIDS, wearable devices and related micro-sensor devices related to health care, accelerate the transformation of research and development results, improve the production and manufacturing level of digital medical equipment, Internet of Things equipment, smart health products, Chinese medicine functional status detection and health care instruments and equipment, and promote the upgrading of health care intelligent equipment industry. (The Provincial Economic and Information Technology Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Health and Family Planning Commission, the Science and Technology Department, the Quality Supervision Bureau and the Bureau of Traditional Chinese Medicine)
　　Fourth, standardize and promote the development of "internet plus Health Care"

　　(a) the development of smart health care services for the convenience of the people. Integrate online and offline resources, and establish a "internet plus Health Care" service, payment and credit, health management and promotion system. Vigorously promote the application of Internet health consultation, online appointment and triage, mobile payment, intelligent guidance, whole process reminder and inspection results inquiry, follow-up, satisfaction feedback of medical industry and institutions, and form a standardized, shared, mutual trust and convenient health care service process. Develop third-party online health survey, consultation and evaluation, health management, health education and other application services to promote the quality of health care services. Promote the construction mode of new network hospitals such as online hospital, Pocket Hospital and Cloud Hospital, develop Internet hospitals, and promote online registration of birth. Based on residents’ electronic health records, integrate residents’ health management and medical information resources, and carry out electronic health information services covering the whole life cycle of prevention, treatment, rehabilitation and health management. Vigorously promote mobile payment of medical insurance, combine online service hall, mobile APP, WeChat and other means to carry out data integration and information sharing, expand the application of social security cards in the field of medical insurance, and realize medical services such as medical registration, inquiry of electronic medical records and health records, and direct settlement of medical expenses. Promote a healthy lifestyle, encourage residents to activate electronic health records, electronic medical records and other applications, and improve residents’ self-health management ability. (The Provincial Health and Family Planning Commission and the Human Resources and Social Security Department are responsible, and the Provincial Economic and Information Technology Commission and the Bureau of Traditional Chinese Medicine cooperate)
　　(2) Establish a telemedicine application system in an all-round way.
　　Build a telemedicine system connecting the third-class first-class hospitals and county hospitals in eastern, western and northern Guangdong. With county-level hospitals as the hub, a telemedicine network extending to township hospitals, community health service centers and conditional village health stations will be built, and the telemedicine coverage of various medical institutions at all levels will be gradually realized, and telemedicine services such as remote consultation, remote pathological diagnosis, imaging diagnosis, ECG diagnosis, monitoring guidance, surgical guidance and distance education will be carried out. Strengthen the connection of the province’s telemedicine network with other provinces, international academic institutions and well-known foreign medical institutions, and develop inter-provincial and international telemedicine. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Construction of regional pathology, imaging, ECG diagnosis center, further improve the mutual recognition mechanism of inspection results, and realize the interconnection and sharing of inspection results. Formulate telemedicine service prices, medical insurance payment policies and quality management systems to promote the normal operation of telemedicine systems. Promote data resource sharing and business collaboration between high-level hospitals and primary medical and health institutions, general practitioners and specialists. Open up the data channel between health management, disease treatment and rehabilitation, and accelerate the construction of a graded diagnosis and treatment information system based on the Internet and big data technology in accordance with the requirements of "first diagnosis at the grass-roots level, two-way referral, rapid division and treatment, and linkage from top to bottom". (The Provincial Health and Family Planning Commission and the Bureau of Traditional Chinese Medicine are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Promote the application of health care education and training. Relying on the national health care education and training network, explore the establishment of internet teaching mode and method, and build an open internet health care education system. Integrate online and offline high-quality online education resources, carry out health care popularization education for the public and carry out vocational continuing education for health care practitioners. Encourage higher-level hospitals to establish remote training networks with counterpart hospitals and graded diagnosis and treatment medical institutions, organize remote surgery teaching, and improve the ability of primary medical and health services. Explore the establishment of a general practitioner training model based on the Internet, expand the scale of general practitioner training, and ensure the quality of general practitioner training. Promote the open sharing of health care education resources. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Bureau of Traditional Chinese Medicine)
　　Fifth, improve the health care big data guarantee mechanism

　　(1) Improve laws, regulations and standards. Establish a management system of "graded authorization, classified application and consistent powers and responsibilities", strengthen the standardized management of residents’ health information services, clarify the right to use information, and effectively protect the legitimate rights and interests of all parties. Formulate and improve data management, data and information system security and health data privacy protection systems, and clarify the boundaries, responsible subjects and specific requirements of data collection, transmission, storage, use and opening. Strengthen the protection of information related to national interests, public safety, personal privacy, population genes, etc., and prevent data abuse and privacy disclosure. Follow the national information standards and norms, establish a health care information standards and norms system, and promote the standardization of health care big data products and service processes. Strengthen the evaluation of standard application level and improve the standard application level. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Quality Supervision Bureau, the Legislative Affairs Office and the Bureau of Traditional Chinese Medicine)
　　(2) Strengthen the security of health care data. Strengthen the classified management of health care data. The implementation of real-name registration system for residents’ health care services and the use of real-name management for health care data. We will build and improve a unified medical digital identity, electronic real-name authentication and data access control information system for medical and health workers and medical and health institutions in the province, actively promote the application of electronic signatures, and establish a health care data management model with traceable service management, safe operation of diagnosis and treatment data and multi-party cooperation. Adhere to both content security and technical security, and ensure that the regional national health information comprehensive management platform, data exchange network and key information systems are independently controllable, stable and safe. Carry out the reliability, controllability and security evaluation of big data platforms and service providers, as well as the security evaluation and risk assessment of applications, and establish software evaluation and security review systems such as security protection, system interconnection and sharing, and citizen privacy protection. Establish and improve the safety working mechanism of "internet plus Health Care" service, strengthen the safety monitoring and early warning of big data, strengthen the linkage between safety information notification and emergency response, improve the measures to resolve and respond to potential risks, strengthen the protection of important information involving national interests, public safety, patient privacy, business secrets and so on, and strengthen the information security protection of medical schools and scientific research institutions. Strengthen information security protection in cross-border exchanges and cooperation and cooperation between government and social capital. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Public Security Department, the Human Resources and Social Security Department, the Intellectual Property Office and the Internet Information Office cooperate)
　　(three) to strengthen the construction of health care information compound talent team. Taking "digital doctors" as the training goal, we will formulate the development plan of health care informatization talents and strengthen the discipline construction of medical informatics. Establish and improve the training system of medical informatics talents, focus on cultivating high-level and compound medical information R&D talents and scientific research teams, and cultivate a group of internationally influential medical professionals, academic leaders and industry leaders. Encourage and support institutions of higher learning, health care institutions, industry associations and health care information enterprises to establish educational practice and training bases, closely follow the development needs of the health care big data industry, carry out continuing education and training, and promote the training and team building of health care big data talents. Smooth the career development channel of medical information talents and expand the development space of medical information talents. Orderly promote talent and technology exchanges and cooperation in the development of big data application in health care. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Human Resources and Social Security Department cooperate)
　　Sixth, strengthen the organization and implementation

　　(1) Strengthen overall coordination. All localities should establish a working pattern of government leadership, multi-party participation, resource sharing and coordinated promotion. According to the requirements of this implementation opinion, they should put forward the implementation plan of their own regions, clarify specific tasks, and ensure that all measures are implemented. The evaluation results such as the construction of comprehensive management platform for national health information, the maturity of interconnection, the quality of health care data, and the application level of electronic medical records in medical institutions are included in the evaluation of deepening the reform of medical and health system in the province and the evaluation of strong health cities. The Provincial Health and Family Planning Commission should take the lead in establishing a joint conference system to promote and standardize the application and development of big data in health care, strengthen the overall coordination of research and development, new format construction and application promotion of big data technology in health care in the province, and promote the implementation of key tasks. All relevant units should closely cooperate and form a joint force to strengthen support for the development of big data applications in health care. Promote the integrated development of military and civilian health care big data, and promote the standardization, interoperability and collaborative application of military and local health care data. (The municipal people’s government and the provincial health and family planning commission are responsible for all localities, and all relevant units cooperate)
　　(2) Focus on key breakthroughs. All localities should focus on solving the problem of big data application infrastructure construction, accelerate the construction of a comprehensive management platform for national health information at the city and county levels, and accelerate the progress of information system transformation and upgrading of medical and health institutions. Starting from the areas urgently needed by the masses, we will implement the health care big data demonstration project, focusing on promoting the application of big data such as health care, industry governance, clinical medical care and scientific research, public health and traditional Chinese medicine in internet plus. Vigorously support the introduction, digestion, absorption and re-innovation of advanced technologies of health care big data, and focus on developing the health care big data industry chain. Select a number of areas and fields with good basic conditions, high work enthusiasm and guaranteed privacy and security to carry out the pilot application of big data in health care, sum up experience in a timely manner, and make solid and orderly progress. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Science and Technology Department cooperate)
　　(3) Increase policy support. Promote the use of government and social capital cooperation (PPP) model to encourage and guide social capital to participate in the infrastructure construction, application development, operation and maintenance services and industrial chain construction of health care big data. Encourage medical and health institutions to cooperate with enterprises, institutions and social institutions, and explore ways to achieve the integration of government applications and social applications in the field of health care big data through government procurement and social crowdsourcing. Encourage innovative diversified investment mechanisms, improve risk prevention and supervision systems, and support the development of health care big data applications. Support qualified health care big data enterprises to go public for financing or issue corporate bonds, connect with multi-level capital markets, and use various financing tools for financing. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Finance Office and the Guangdong Securities Regulatory Bureau cooperate)
　　(4) Strengthen policy propaganda. Strengthen the interpretation of health care big data application development policies, vigorously publicize the significance and application prospects of application development, actively respond to social concerns, and form a good social atmosphere. Actively guide medical and health institutions and social forces to carry out various forms of popular science activities, publicize and popularize the application knowledge of big data in health care, and continuously improve the people’s ability to master relevant applications and health literacy. (The Provincial Health and Family Planning Commission is responsible and all relevant units cooperate)

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General Office of Guangdong Provincial People’s Government

February 8, 2017

　　Our reporter Gu Mengxuan Xia Xin reports from Guangzhou and Beijing.　

　　Recently, the international gold price hit a record high and was quickly sold off, causing a sharp drop. The price of gold denominated in RMB has also fluctuated greatly, which has aroused widespread concern in the market.　

　　On December 4th, the price of gold futures in new york market once rushed to the $2,150 mark per ounce, with an intraday increase of over 3%, setting a record high. Subsequently, the price of gold quickly fell back, and as of the 7 th, the cumulative correction per ounce exceeded $100.　

　　Affected by this, the gold Au99.99 listed on the Shanghai Gold Exchange fell back after it surged to 487 yuan per gram on the 4th, and the retail price of some domestic brands of gold jewelry stood at the high level of 630 yuan per gram and then fell back to about 615 yuan per gram on the 7th.　

　　According to Wind data, on December 15th, the New York Mercantile Exchange gold futures price was reported at 2018.3 USD/oz; As of press time, the gold Au99.99 listed on the Shanghai Gold Exchange is 472.99 yuan per gram.　

　　Welcome to a loose inflection point　

　　Regarding the correction of gold price, Wang Xiang, fund manager of Bosera Fund Index and Quantitative Investment Department, pointed out that the Fed’s interest rate hike cycle tends to end, which will usher in a loose turning point. Gold benefits from the downward logic of liquidity easing and real interest rate. Historically, similar policy nodes have strong price support power. However, there is a profit-taking impulse near the historical high point, and the net long position of short-term COMEX futures fund is too fast, so there is a need for adjustment.　

　　At 3: 00 am on December 14th, Beijing time, the Federal Reserve issued the statement of the FOMC meeting in December 2023 (the Federal Reserve’s meeting on interest rates), and once again announced the suspension of interest rate hikes.　

　　According to the data provided by Bosera Fund, inflation expectations in the United States have dropped significantly. In December, the consumer confidence index of the University of Michigan rose to 69.4, with an expectation of 62. The inflation expectation dropped significantly, with the one-year inflation expectation dropping from 4.5% to 3.1% and the five-to ten-year inflation expectation dropping from 3.2% to 2.8%. "This combination is not good for precious metals." Wang Xiang said.　

　　As for the rise in the price of gold in the early stage, Bi Mengyu, an investment researcher at Geshang Caifu Jinyu, pointed out that gold, as a non-interest-bearing physical asset, often ushered in rising opportunities when other assets had poor returns.　

　　First of all, from an economic point of view, the global economy is currently in recession. In view of the worries about the economic downturn and the stock market decline, driven by risk aversion, investors are more willing to buy gold to avoid risks, leading to the rise of gold prices. In November, the global manufacturing PMI (Purchasing Managers Index) was 49.3, the US manufacturing PMI was 46.7, and the Eurozone manufacturing PMI was 44.3, all of which were below threshold, reflecting the overall global economic downturn.　

　　Secondly, last week, the ADP data in the United States (an economic indicator commonly used to measure the job market) failed to meet expectations. The market speculated that the Federal Reserve would not raise interest rates in December, that is, the nominal interest rate showed a downward trend with a high probability, which made the price of gold rise again.　

　　Finally, global central banks continue to purchase gold, and the demand for gold purchase by global central banks will remain strong in 2023, which supports the upward trend of the overall price of gold.　

　　"The adjustment of gold this week was mainly due to the rising interest rate of the US dollar index and US debt after the US non-farm payrolls data exceeded expectations, and coupled with the’ hawkish’ signal released by the Federal Reserve Chairman, the price of gold fluctuated downward." Bi Mengyu said.　

　　The annualized compound yield of gold is 7%　

　　The reporter noted that in August this year, the trend of domestic and international gold prices deviated greatly. In recent months, has the excessive price difference between the internal and external markets of gold prices been corrected?　

　　Wang Xiang pointed out that in September this year, the price difference between domestic and foreign countries was the highest, 30 yuan+/gram, and at present, the price difference has largely converged to 7 yuan/gram, but it is still far from the historical 95% confidence fluctuation range of 1.2~1.8 yuan/gram. In the process of convergence, the performance of domestic gold price will be worse than that of dollar gold.　

　　Bi Mengxuan pointed out that the international gold price and the domestic gold price are basically in a positive correlation, but due to the influence of pricing system, rate and time lag, they may deviate in the short term, and the domestic gold price fluctuation is often lagging behind. After several months of adjustment, the international and domestic gold prices have basically converged.　

　　Central banks around the world have also shown sustained enthusiasm for buying gold. According to the data of the World Gold Council, in 2023, the global central bank’s demand for gold purchases remained strong, reaching 387 tons in the first half of the year, a record high in the same period; In the first three quarters, the amount of gold purchased reached a record 800 tons, a year-on-year increase of 14%. At the same time, the data released by the State Administration of Foreign Exchange showed that at the end of November, the gold of the Bank of China had increased for the 13th consecutive month.　

　　In this regard, Bi Mengyu pointed out that the central bank’s allocation of gold mainly considers security, liquidity and return. First of all, gold is regarded as a safe asset and a value-preserving asset by the central bank, because it is more stable in the face of credit risks than other assets such as national debt; Secondly, gold has strong liquidity, and the central bank can quickly enter the market without distorting the price; Finally, although the return is not the main motivation for the central bank to buy gold, the annualized compound rate of return of gold has been around 7% in the past few decades, providing investors with relatively considerable returns.　

　　"The proportion of gold in China’s foreign exchange reserves is still low. Although it has been continuously increased, the current proportion is still less than 6%, which is still far from the proportion of more than 40% in European and American countries." Wang Xiang said that increasing the proportion of gold in foreign exchange reserves will help to diversify the reserve structure and maintain the stability of local currency and asset prices during the contraction cycle of the US dollar.　

　　Rational investment by investors　

　　Regarding the future market of gold assets, Nuoan Fund pointed out that due to the issuance of bonds by the US Treasury, the reduction of US debt holdings by the Federal Reserve and the current strong economic expectations, it is expected that the long-term yield of US debt will remain high, and short-term gold will still be suppressed by interest rates and the US dollar index. However, we expect that the signs of economic slowdown in the United States may be more obvious in the first half of 2024, and high interest rates and recent geopolitical risks may increase the volatility of financial markets compared with the previous period. The logic of gold investment gradually shifts from short-term safe-haven demand to medium-and long-term Fed interest rate cuts. Recently, the market expects the Fed to cut interest rates, which has significantly boosted the price of gold, or it is expected to change more by pricing. It is suggested that investors should actively pay attention to the trend of gold price and consider the proportion of gold allocation to grasp the investment opportunity of gold.　

　　Wang Xiang said that whether inflation converges smoothly, leading European and American monetary policies to shift to liquidity logic, or inflation rises again due to unexpected events, taking stagflation logic, different macro paths are beneficial to the gold margin, making it still one of the assets with high certainty, and the only difference is the difference in odds. Next year is an election year for many economies, and the intensity of geo-game may remain at a high level, which is also conducive to the rise of the price center. The upward target of USD gold is USD 2,200 ~ 2,400, which is about 515~550 yuan/g in China.　

　　"It is normal for the regional fluctuation of gold prices to increase near historical highs. Investors should neither be overly enthusiastic in the overbought state of the market, nor completely lose confidence after their breakthrough failure." Wang Xiang pointed out that in the medium and long term, the easing of the Federal Reserve and the weakening of the US dollar will remain a high probability path next year. With many economies entering the election year, the intensity of geo-game will remain at a high level. After the short-term selling sentiment is released, gold will return to its long-term upward path again.

　　editorial comment/note

　　As International Consumer Rights Day, on March 15th every year, all kinds of anti-counterfeiting activities attract the most attention. As consumers, we can complain about rights protection if we eat fake food or buy fake goods; But when we enjoy "spiritual food" and watch "fake movies or TV", can we only admit that we are unlucky and have no recourse?

　　After all, in today’s film and television industry, we have become accustomed to data fraud. In 2016, ip man 3 was found by the regulatory authorities to have a fake box office of 32 million yuan and a box office purchased by the publisher of 56 million yuan; Monster hunt, which set a box office record in 2015, was even more because of the falsification of data, which led the authoritative foreign box office website Box Office Mojo to announce that it would no longer provide box office data of China film market, because it lacked "consistent and accurate" data sources.

　　The TV industry can’t be immune to it. It is reported that the current price of purchasing ratings has climbed to 300,000 to 500,000 yuan per episode, and a satellite TV channel needs to pay 4 billion yuan for ratings fraud throughout the year. In such a big environment, it is no wonder that consumers always suspect that they are watching fake movies or fake TVs that are different from others when watching movies with box office exceeding 100 million or TV dramas with top ten ratings.

　　Truth | law

　　Liu Junhai (Professor, Law School, Renmin University of China)

　　Film and television works are also regulated by the Consumer Protection Law.

　　Beijing News: As consumers, should the audience get some protection when consuming spiritual products? In an environment where fake data is rampant, are we considered to be infringed?

　　Spiritual products are also commodities. It also applies to market rules, including supply and demand rules, so it is completely adjusted by the Consumer Protection Law, which means that the goods and services adjusted by the Consumer Protection Law include film and television works.

　　Therefore, consumers of film and television works certainly enjoy the right to know, the right to choose, the right to fair trade and the right to security. If some cinemas and website platforms falsify and deliberately use water injection data, brush data and box office water injection, this actually constitutes fraud. According to the provisions of the Consumer Protection Law, consumers have the right to ask for a refund of 100 yuan if they buy a ticket with 100 yuan. Pay another 300 yuan.

　　Only in this way can we exert punitive damages, severely punish the faithless, fully compensate the victims and the audience, effectively motivate the rights-defending audience, warn the film and television industry, and at the same time, make things clear.

　　The untrustworthy in the film and television industry should pay the economic price.

　　Beijing News: Zhao Dongling, deputy to the National People’s Congress and screenwriter, suggested that criminal law should be used to punish plagiarism, box office water injection and data brushing. Is it realistic to rely on imprisonment to solve any chaos?

　　Although I am in favor of severe punishment for chaos and severe medicine for furuncle, "severe punishment" and "severe medicine" are not limited to criminal responsibility More importantly, it should activate civil liability. As long as the injured audience gets real money compensation, and the counterfeiters and faithless people really pay the economic price they are unwilling to bear, the effect should be very good.

　　We often say that the market has eyes and the law has teeth. To polish the eyes of the market, it also includes letting consumers pay more attention to their wallets when choosing demonstration works, and rationally choose their favorite film and television works; Temper the teeth of the law, including traditional civil liability, administrative liability, criminal liability, and the current credit sanctions mechanism-not only embarrassing, but also a breach of trust is limited everywhere.

　　In addition, to regulate the chaos in the film and television market, it is necessary to innovate the joint punishment mechanism for dishonesty. For example, when the producer or director of a broken promise works and other creative works reinvest and shoot other films in the future, the competent authorities will know fairly well-permission is troublesome, not to mention applying for relevant loans, participating in the government procurement market, participating in the "Five One Project" and so on, and I am afraid that they will all be missed in the future-equivalent to our court’s handling of "Lao Lai". Let the untrustworthy pay the price and let the honest get the pass. Only in this way can film and television works release positive energy and clear hidden rules.

　　With the improvement of people’s living standards, people have more and more demand for excellent film and television works. In fact, a good work is not a big hit, and it is not necessary to adopt dishonest marketing methods such as thirty-six schemes and larded studies-artists should have a conscience. Moreover, the problem of video data fraud should not be paid attention to until March 15 th Consumer Protection Day. This is a big problem related to the sustainable development of our film and television industry and market. My idea is to create an "audience-friendly" China film and television market, which can be truly shared by all creative parties and ordinary audiences.

　　False | data

　　Lv Yuxiang (teacher of Tsinghua University School of Journalism and Communication)

　　Video data should be supervised, and it is also important for the audience to improve their literacy.

　　Beijing News: During the two sessions, issues such as water injection and data brushing at the box office of film and television dramas were raised by many members. Can this problem be solved by technology?

　　For example, some data platforms can filter out some abnormal data through algorithms. This has long been technically realized. It is not difficult to find false data. The question is, who will make it public? Doing these things requires costs, and it can be done once or twice. In the long run, no one (or institution) will be able to afford it.

　　Data platform is a part of the market, so this problem is not only a matter of data platform, but also a market means. Practitioners are just driven by interests and take advantage of some loopholes that can be exploited. Moreover, no algorithm is perfect, and there will be defects. As long as there is demand in the market, there will always be some people who use it to achieve market goals. This is an industrial chain, but the problem will never be solved by criticizing them without guiding the audience-that is, improving the audience’s aesthetic and ability to distinguish between good and bad.

　　The data platform is not monopolized, and its influence is different.

　　Beijing News: Some members suggested that "monopoly should be broken, and new statistical methods such as real-time ratings should be introduced to realize a scientific system in which multiple ratings survey modes coexist." Can you explain it in detail?

　　In fact, operators, broadcasting systems and media platforms now have their own databases, which may cause other contradictions once they are made public. Official data, such as some ratings survey companies, are actually very few samples in different cities. Using such a small sample to interpret a problem in a large range can reflect a trend, but this sample cannot be used to delve into specific details.

　　If you think that the scoring and box office data of the open platform are very watery, there is actually not only one platform. Some research institutions also have their own monitoring, but their data are generally not completely open and have little influence, but some professionals may refer to them.

　　Can’t rely on the regulatory authorities for everything.

　　Beijing News: Can we rely on the government to establish a third-party data platform to control video data fraud?

　　This goes back to the first question. If the government leads, the government will invest money to be a platform or invest manpower to supervise. Who will this money be invested in? Is it necessary to create a new position? Personally, I don’t think we can let the government do everything, and let the market run and solve it when there is a market mechanism. As far as this issue is concerned, the official responsibility-whether the government or the media-should be to remind the audience not to blindly trust the data. If you know that the fraud is serious, the content itself is not good. As an audience, you should not watch it. This is a personal media literacy problem.

　　In a word, we can’t let the government solve all the problems while calling for decentralization. The establishment of a third-party data platform is not necessary to increase the workload of the management department-and it may not be done well.

　　What can you do if you find "false ratings"?

　　department responsible for the work

　　The Film Industry Promotion Law, which came into effect on March 1, 2017, stipulates that if film distribution enterprises and cinemas make false transactions, falsely report sales revenue, etc., disrupting the order of the film market, the film authorities of the people’s governments at or above the county level shall order them to make corrections, confiscate their illegal income, impose fines according to specific circumstances, and may take measures such as ordering them to suspend business for rectification and revoking their licenses according to the seriousness of the circumstances.

　　consumer

　　According to China’s Law on the Protection of Consumers’ Rights and Interests, business operators should provide consumers with information about goods or services truthfully and comprehensively, and must not make false or misleading propaganda; Consumers also have the right to report and sue acts that infringe on consumers’ rights and interests. Therefore, when we meet relevant operators and use false data in the process of film and television promotion, we can not only write film reviews truthfully, but also report them to relevant departments. □ Xiaoxiao (Master of Laws)

Author Liu Yan

Editor Xin Ling

Toutu. com

After a wave of unrest, Gao Wei fell into a storm of public opinion again.

First, it was rumored that the consumer group was "indiscriminately laying off employees". After Gao Yan’s urgent rumor, it was rumored that some of its projects were "frequently looking for buyers", "selling a lot of assets" and "looking for a takeover man" … and then the market conveyed various speculations.

In response to the so-called "selling assets" in the market, Gao Yan responded to the entrepreneurial state and said: "International markets such as Coller Capital and TR Capital are all mature players in the S market. S-transactions are more often about the continuation of assets than the simple sale of assets. In the simplest way, the seller who sells the share is not a VC/PE institution, but a share transfer between LPs. Before and after the asset package transaction, the GP share remains unchanged. That is to say, the so-called’ high-selling assets’, in essence, the share transfer between high-selling LP is not high-selling assets.

At the same time, according to the entrepreneurial state, Gao Yan is also setting up a special S fund team. Gao Wei said: "S trading has two meanings for Gao Wei. On the one hand, it can serve our LP and help the existing LP to better grasp the exit rhythm. At the same time, we are also very optimistic about the investment opportunities in the S market. For the long-term optimistic areas, we can either invest in new shares or intervene in the S fund. We believe that S trading, as a new tool, has great market potential and promotes venture capital. "

Let’s not comment on the deep-seated reasons behind Gao Ling’s trading in S, but from the feedback of the market, do we really know S funds?

The answer may not be.

As far as the incident itself is concerned, "Gao Yi sets up S fund team" has been misunderstood by the market as "Gao Yi sells assets". The so-called "high-selling assets" in the market is actually the share transfer between high-selling "LP", which can make the old LP get liquidity and withdraw early, but high-selling is still the holder of assets, and its share of assets remains unchanged.

When Gao Ying set up the S fund, it appeared as a buyer in the S transaction, and they would buy fund shares, investment portfolios or investment commitments from other investors.

We can see that Gao Ling, as an important weather vane, has begun to focus on the hidden opportunities in S trading.

The fundamental reason why the market has misunderstood Gao Ling’s fund is that many people confuse the concepts of S fund and S trading, and think that S fund is only an exclusive game dominated by LP, and GP with operational problems will passively participate. Even most GPs deliberately stay away from the S fund, which seems to have the label of "disposal of non-performing assets", for the sake of brand protection.

In fact, S trading is a good tool to help GP "make money". More and more foreign GPs take the initiative to use S trading as a tool to solve the problems of raising funds, withdrawing, optimizing LP structure, asset management, adjusting investment strategy and withdrawing cash.

After more than 20 years’ development, this innovative financial instrument has entered a milestone development abroad. The landmark event is that in 2021, the GP-led S transaction exceeded the LP-led transaction scale for the first time, and it showed a sustained growth trend. According to the latest data of Jefferies in the United States, the transaction volume dominated by GP has increased from 35 billion dollars in 2020 to 68 billion dollars in 2021, accounting for more than half of the transaction volume in the S market, among which, the continuation fund (a model in S trading) accounts for the majority. This survey is also verified by Lazard’s data.

Foreign GP-led transactions surpassed LP-led transactions for the first time, accounting for half of the total trading volume in the S market (Source: Lazard).

However, in China, the vast majority of China GPs don’t realize the intrinsic value of S-trading. In most cases, GPs passively participate in S-trading when LP needs to withdraw, and the GP institutions that actively initiate trading are rare. As far as quantity is concerned, there are only a few domestic GP-led trading cases, such as IDG Capital, Kunzhong Capital, Huagai Capital-Shenzhen Venture Capital, Junlian Capital, Xiangfeng Fund and Puzzle Capital.

As a professional buyer, S fund managers generally believe that the risk coefficient of GP-led S trading is higher than that of LP-led S trading, but the return on investment is also significantly higher. This has also become one of the important reasons why the big buyers of foreign mature S funds represented by Kohler Capital actively participate in GP-led transactions.

What is GP-led s trading? When will it become mainstream in China? How can VC/PE managers use it to create more value?

S fund has been known to most GPs. As the market tends to be hot, 2020 is also called the first year of China S Fund. However, many people’s first impression of S fund still stays at the level of "taker" of non-performing assets.

Tracing back to 30 years ago, when S Fund was born abroad, it also had the derogatory color of "disposal of non-performing assets".

"In the beginning, S funds were only used when there were major problems in American funds. At that time, some big GPs would try to avoid having relations with S funds, so as not to be labeled as’ bad’. Now, more and more GPs are actively looking for S funds to cooperate, in order to create more income. At present, the awareness of S funds in the China market in the early stage of development is at most a neutral concept. " Yang Zhan, director of Kohler’s capital investment and general manager of Kohler (Beijing) Private Equity Fund Management Co., Ltd. introduced.

"The fund expires to find the next LP, just as it is common for a girl to find an object when she is older." Executive CEO Li Miao made an image metaphor. She believes that it is absolutely unnecessary for GP to avoid the normal behavior of selling assets or transferring shares.

"Generally, it is very good that 20% of the assets of US dollar funds can be withdrawn through IPO, and a large number of other assets need to be withdrawn through mergers and acquisitions, transfer, repurchase and liquidation." As an early group of S fund practitioners in China, Li Mingming, managing director of Xingnahe Capital, told Entrepreneurship.

"The market has a certain misunderstanding of the S fund. The S fund will not simply buy bad assets, but can look at the underlying assets through cycles and outlets and invest in valuable asset packages. And in general, the return on investment of S funds is higher than that of parent funds, even higher than that of some PE/VC funds, and J curve can be avoided to some extent. " Li Mingming thinks.

"In China, many VC/PE institutions and even the media often confuse the concept of S fund with S transaction, which leads many GPs to wonder whether they should find S fund to receive assets or do S fund, and even narrowly think that only S fund can help GP." Li Miao said.

The main difference between S fund and S transaction is that S fund is one of many participants in S transaction and a part of S market. S fund is a Secondary Fund, which specializes in investing in the private equity secondary market.

For example, there are Kohler Capital and TR Capital abroad, and there are Gefei S Fund, Nuelle S Fund, SIIC Shengshi S Fund (jointly established by Shengshi Investment and SIIC Group) and Shenzhen Venture Capital S Fund in China, which act as buyers in S transactions.

S transaction refers to the Secondary Transaction of private equity, which is commonly divided into two types: LP-led and GP-led.

Among various transaction types, GP and LP have achieved different requirements (source: Executive Middle School).

Most GPs in China are familiar with the LP-dominated trading mode, and most of them are the share transfer between LPs due to liquidity considerations. Because it is difficult to bring increment to the management scale of VC/PE funds, GPs generally have no driving force to actively cooperate with S trading links such as full adjustment and industrial and commercial changes.

What VC/PE in China ignores is that GP-led S transaction usually refers to a transaction in which GP takes the initiative to transfer one or more assets or fund shares to a new fund, and the new fund will continue to be managed by the existing GP or related parties. It is generally divided into various types, such as continuing fund, fund reorganization, late trading and tied trading.

After removing the misunderstanding of S-transaction and S-fund, we further analyze the value of GP-led S-transaction to VC/PE institutional managers.

For GP, what other "money-making" opportunities are implied in S trading?

Generally speaking, passive pressure and active interests are enough to drive more and more China GPs to actively participate in the private equity secondary market. This is Li Miao’s view.

As far as income is concerned, she learned that the income of investment institutions participating in S trading is considerable. "The first income from investing in S shares comes from discount income, but more income comes from the later appreciation of assets. We are familiar with S funds and financial institutions that have participated in the S market since 2021. "

For example, a fund restructuring transaction led by Kunzhong Capital, as the seller, created a 25% DPI for RMB funds. In addition, some investors revealed that the investment return performance of individual market-oriented S funds in China is better than that of mature foreign markets, and they are enjoying the early dividends in China’s S market.

However, the market dividend of S fund for LP share discount transfer will not last forever. "After a wave of market dividends in the downturn of the secondary market in 2018, the share of S in COVID-19 will be rapidly ignited in 2020, because the share of S can accelerate the cash return, reduce the risk of blind pools, and the discount rate will increase the return on income." As a parent fund practitioner for many years, Li Mingming, managing director of Xingnahe Capital, said.

After communicating with her peers, she basically reached a general consensus that the small LP share discount transfer has actually entered a relatively fierce level in China, and the "missing" behavior of buying and selling shares at low prices between LPs is difficult to last for a long time. In contrast, the complex S trading led by GP will gradually become a new trend.

"In the past two or three years, foreign GP-led transactions have gradually increased, and now it has accounted for half of S transactions, of which single assets have more transactions. The reason is not only related to the expiration of many foreign funds, but also because S trading has become one of the important exit paths for foreign M&A funds. Through S trading, M&A funds can retain assets for a longer period of time in order to obtain higher returns. " Kohler Capital Yang Zhan analyzes the differences between China and foreign countries.

Many people said that the two core pain points of fund-raising and withdrawal will force China GP to find more exit ways, and S-trading will gradually become an important supplement to various exit channels such as IPO, M&A and liquidation. This trend is basically consistent with the mature American market of private equity.

Although the multi-level capital markets such as Beijing Stock Exchange, Growth Enterprise Market registration system and science and technology innovation board can broaden the exit channels, the pressure of fund exit is still great, and a large number of funds are entering the liquidation period one after another, and the demand for fund late trading is great. "Looking back at the VC/PE industry in China, it experienced rapid development from 2015 to 2017, during which a large number of market-oriented funds were established with a term of 5-7 years. Now many funds have reached the liquidation period, and LP urgently needs liquidity. In addition, there are many funds that take money from the financial funds with a term of 10 years, and they have also come to the exit period one after another, and the enthusiasm of state-owned assets to participate in S-share trading is getting higher and higher. The stock market of domestic S transactions is very large, with a scale of more than 13 trillion yuan. " Huang Zhenlei, deputy general manager of Beijing Equity Exchange Center, told Entrepreneurship.

Why are "second-hand share" trading opportunities more active in the stock market era?

Kohler Capital Yang Zhan made an image metaphor: "The Beijing real estate market has entered the stock market, and the second-hand housing transactions are active, accounting for the vast majority of the total transaction volume, which is a bit like the reason that the private equity secondary market in China will gradually enter the stock market; The real estate market in Xiong’ an is just the opposite. The real estate development time is delayed in Beijing, and it is still in the era of first-hand housing transactions, and there will be no large-scale second-hand housing transactions for the time being. "

Yang Zhan is optimistic about the market potential of a large number of second-hand shares in China market. Kohler Capital, where he works, is the buyer of the private equity secondary market with the largest investment team in the world, and its investment strategy will also focus on the GP-led market.

Huang Zhenlei of Beijing Equity Exchange Center revealed to Entrepreneurship: "As the first pilot of S share transfer in China, the transaction volume of Beijing Equity Exchange Center has shown a substantial growth trend in the last two years. Last year, the transaction volume reached 1 billion, and it is expected to break through 10 billion yuan this year."

Then analyze the pressure of GP fundraising. Factors such as new asset management regulations, tight financial funds, and financial difficulties of listed companies lead to difficulties in LP’s capital contribution. The situation that LP’s subscribed capital contribution is not in place, LP requires DPI, and fund raising increases the pressure on GP to raise funds.

What is the root cause of the difficulty in raising funds for GP?

Li Miao has different perspectives: "Compared with other asset classes, private equity funds have a long cycle and high uncertainty of investment returns. The core reason is a serious shortage of liquidity. An illiquid asset is lifeless, and S trading can just solve the liquidity problem of private equity funds. Money is the smartest and will flow to assets that can generate returns, so now we can see that a larger amount of funds have entered the private equity secondary market. "

"Despite the existence of market demand and GP pain points, on the whole, the enthusiasm of domestic GPs to actively participate in S trading needs to be improved. Although they are interested in S trading, there are not many real participants. Compared with overseas developed markets, S trading in China market is still in the early stage, and the market space is very large. " Huang Zhenlei of Beijing Equity Exchange Center said.

Judging from the proportion of capital contribution, the main sellers in China S market may be finance, central enterprises, state-owned enterprises and financial institutions, but the buyer’s strength needs to be cultivated, the types of intermediary institutions need to be enriched, and the pricing mechanism for financial state-owned shares needs to be further improved. Judging from the transactions completed by Beijing Equity Exchange Center, although there are occasional packaged asset transactions and GP restructuring, the trading mode is relatively simple, and GP-coordinated LP share trading is still the mainstream.

"A core point is that when the assets invested by GP are really poor, it is not S trading that can solve the problems of withdrawal and fundraising, and the cart before the horse cannot be put". Li Miao reminds some players who want to participate in the transaction.

"Foreign fund managers and investors will use S trading as a tool to adjust their existing portfolios, just like buying stocks to adjust positions." Kohler Capital Yang Zhan said that the frequency of domestic players using S tools is obviously not high.

In addition, according to the observation of many domestic people, a new phenomenon has begun to appear in the China market. When some GPs encounter difficulties in fund-raising, they begin to use S trading tools and promise to sell some assets of new LP or past fund shares at low prices in exchange for the possibility of LP contributing to the new fund, so as to achieve the purpose of fund-raising. This practice of "tying up assets" belongs to bundled transactions.

"Although there are similar binding modes abroad, the thinking logic and original intention are different." Kohler Capital Yang Zhan reminds domestic players.

According to Li Miao, some FA will use Mingchi Continuation Fund when raising funds for GP. "this method is more suitable for new funds or GP that has just come out to raise funds and is being institutionalized. S tool can help GP create DPI performance. In addition, a single old stock and asset package transaction can also be used as a value exchange to create DPI for GP. With DPI, GP will make it easier for the new LP to see its historical performance and raise funds more conveniently. "

In fact, continuing fund and fund reorganization have become a new way of playing individual head GP in China in recent two years. "Asset restructuring seeks to withdraw, and generally packages a number of assets to speed up the withdrawal of funds and release more management energy of GP. It can also adjust investment strategies, turn to other track investments, and even actively optimize the LP structure and absorb institutionalized LP. In addition, you can also make a single project fund share transfer. " Huang Zhenlei of Beijing Equity Exchange Center said.

In China, the fund restructuring transaction known as the first RMB-to-US dollar fund in China is dominated by Kunzhong Capital.

In 2020, Kunzhong Capital packaged and sold seven projects to overseas entities set up by TR CAPITAL, creating a 25% DPI for RMB funds, and the transaction involved about 100 million US dollars. Through this S transaction, Kunzhong Capital completed the withdrawal of some RMB assets, and at the same time realized the raising of the first US dollar fund of Kunzhong Capital. Also completed the RMB-to-US-dollar fund restructuring transaction is Unconfused Capital, with the transaction scale exceeding 100 million US dollars. It can be seen that the GP-led S transaction can realize dual-currency conversion and solve the fundraising problem smoothly.

Kunzhong Capital Dollar Fund Reorganization Transaction Chart (Source: Guangchen Consultant "Ten Thousand Folds Must Be East")

Guangchen Consultant stated in "Ten Thousand Folds Must Go East" that Kunzhong Capital achieved a win-win situation among the three parties through this transaction. First of all, the original LP achieved considerable DPI through this transaction, which improved the overall cash performance of the fund in 2016; Secondly, the new LP has obtained the potential appreciation space of assets in the future; Thirdly, RMB LP helped GP upgrade to a dual-currency GP with more brand influence, paving the way for GP to enter the US dollar fund market for future financing.

In September, 2020, IDG led the completion of the S-fund restructuring transaction with NAV (Net Fund Share) exceeding USD 600 million, which became the largest publicly disclosed S-fund transaction in the history of China at that time.

This typical GP-led S-trade has injected a shot in the arm into the S-market. In the transaction, IDG packaged the portfolio of one of its RMB funds that has not been withdrawn into US dollar funds, involving more than 10 projects, and the buyer was a consortium led by Harbour Vest, an international parent fund management agency.

According to the observation of Entrepreneurship, the S transaction led by IDG capital is relatively active. At the beginning of this year, the largest single paid-in "QFLP+S" fund was established in Wuxi, which is also the first cross-border S fund of IDG to complete the payment.

Let’s look at the first publicly available large-scale RMB GP-led fund share restructuring transaction in China, with Huagai Capital as the leading party and Shenzhen Venture Capital S Fund participating as CO-GP.

The scale of this S fund is 800 million yuan. As the first RMB-structured reorganization and continuation fund in China, Huagai Capital has packaged many star projects such as Fuhong Hanlin. Through this continuation fund, Huagai Capital further enlarges the value of the portfolio, prolongs the holding period of star assets, and thus improves the return on investment.

In addition, Junlian Capital also completed a typical GP-led medical continuation fund transaction in 2021, with a transaction scale of US$ 270 million. Among them, one of the important buyers of the transaction is Kohler Capital. Prior to this, in February 2020, Junlian also completed a $200 million continuation fund transaction.

Junlian Capital’s $270 million medical and health continuation fund transaction chart (Source: Zhongzhong)

Vilen, managing director of Xingnahe Capital, suggested that GP should have strong resource control ability, and it is best to find a professional intermediary or professional buyer to cooperate. Generally, GP may find it difficult to copy the existing gameplay of other GPs.

As one of the earliest S-trading practitioners in China, vilen thinks that the current S-market in China may not be as lively as most people feel. After all, the S-market in China is in its early stage, and the professionalism of the buyers and sellers involved in the transaction is extremely high. "S-trading is highly complex, the trading process is complex, the water is deep and there are many pits, so participants need to be cautious, otherwise there will be many potential risks."

Finally, many senior people said that there will be special trading opportunities and market dividends when the secondary market is depressed. 2022 is undoubtedly a good opportunity for S fund buyers to buy excellent assets, but it is not necessarily a good time for GP to sell assets.

If you are right"s trading topic"Interested, welcome to add the author’s WeChat communication (ID: ID：i20130214).

This article is original for the entrepreneurial state and may not be reproduced without authorization, otherwise the entrepreneurial state will reserve the right to pursue legal responsibility against it. If you need to reprint or have any questions, please contact editor@cyzone.cn.

　　The 24-episode large-scale documentary feature film "Dare to Teach the Sun and Moon to Change the Sky" was jointly produced by the Propaganda Department of the CPC Central Committee, the Central Party History and Literature Research Institute, the National Development and Reform Commission, the State Administration of Radio and Television, the China Academy of Social Sciences, the Central Radio and Television Station, the Central Archives and the Political Work Department of the Central Military Commission.

　　Guided by the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era, the film fully implements the important exposition of the Supreme Leader’s General Secretary on the history of the Party, adheres to a correct view of the history of the Party, seeks truth from facts, and pays attention to the combination of history and theory. It comprehensively shows the great course, brilliant achievements and valuable experience of the Communist Party of China (CPC)’s unremitting struggle in the past 100 years, deeply reflects the vicissitudes and great changes that have taken place in the land of China with the lofty sentiments of "Dare to teach the sun and the moon for a new day", and makes the Chinese nation usher in a great leap from standing up, becoming rich and becoming strong.

　　From June 20th, the film was continuously broadcast at 20: 00 on the CCTV Comprehensive Channel of the Central Radio and Television Station, and the CCTV Record Channel, CCTV News, CCTV Video, CCTV Network, Cloud Listening Client and other new media platforms were launched simultaneously.

　　Episode 11: Flag Raising Orientation

　　In the middle and late 1980s, with the deepening of reform and opening up and the transformation of economic system, many deep-seated contradictions began to emerge in China.

　　Jiang Zemin: "Since the Third Plenary Session of the Eleventh Central Committee of the Party, the line and basic policies have not changed, and we must continue to implement them."

　　It is the common expectation of all people in China that the country is prosperous and the people are safe. Faced with the economic blockade and sanctions imposed by western countries, the Communist Party of China (CPC) people gave a clear answer.

　　Jiang Zemin: "The people of China have never and will never succumb to any external pressure."

　　The 11th Asian Games opened in Beijing.

　　Through efforts, China has effectively responded to external challenges. The sanctions imposed by western countries were finally broken.

　　In 1990, Pudong began to accelerate its development and opening up.

　　The opening of the two exchanges in Shanghai and Shenzhen has sent a strong signal to the world that China’s economic reform will move forward unswervingly.

　　In the early spring of 1992, 88-year-old Deng Xiaoping visited the South and made a series of important talks.

　　Deng Xiaoping: "As long as China does not engage in socialism, reform and opening up, develop the economy, and gradually improve people’s lives, it is a dead end to take any road."

　　Talk in the south is like a strong east wind, which dispels the fog in people’s minds.

　　In October 1992, the 14th National Congress of the Communist Party of China was successfully held.

　　The congress decided that the goal of China’s economic system reform is to establish a socialist market economic system.

　　In September 1997, the 15th National Congress of the Communist Party of China was held ceremoniously.

　　The Congress established Deng Xiaoping Theory as the Party’s guiding ideology, put forward the Party’s basic program in the primary stage of socialism, and made strategic arrangements for China’s cross-century development.

　　Joining the World Trade Organization (WTO) is an important decision made by the CPC Central Committee.

　　The Fourth Ministerial Conference of the World Trade Organization: "The Ministerial Conference unanimously adopted."

　　On December 11th, 2001, China became the 143rd member of the WTO, which opened a new world to the outside world.

　　The people of the Communist Party of China (CPC), with Comrade Jiang Zemin as the main representative, have withstood a series of severe tests from home and abroad and nature, raised and stabilized the great banner of Socialism with Chinese characteristics, and brought a prosperous country into the 21st century.

　　Episode 12: Wandering Home

　　Realizing the reunification of the motherland is always the unswerving pursuit of the Communist Party of China (CPC) people and the common aspiration of all Chinese people.

　　On September 22, 1982, China and Britain formally started the negotiations on the Hong Kong issue.

　　On December 19th, 1984, the Joint Declaration on the Question of Hong Kong was signed. The China government announced that it will resume the exercise of sovereignty over Hong Kong on July 1, 1997.

　　In the late transition period, the CPC Central Committee with Comrade Jiang Zemin at the core shoulders the great trust of all China people and bravely shoulders the historical responsibility of realizing the smooth return of Hong Kong to the motherland.

　　 "On behalf of the Chinese People’s Liberation Army troops stationed in Hong Kong, I took over the military camp. You can be laid off and we will take up our posts. I wish you a safe journey."

　　Hong Kong citizens: "Happy, back! I am Chinese! "

　　Jiang Zemin: "This is a great event for the Chinese nation and a victory for the cause of world peace and justice."

　　After a hundred years of vicissitudes, Hong Kong’s successful return to the embrace of the motherland is a great achievement in the history of the Chinese nation. Hong Kong compatriots have since become the real masters of this land of the motherland.

　　When the process of Hong Kong’s return started, another wanderer of the motherland — — Macao is also on the way home.

　　Jiang Zemin: "The Chinese and Portuguese governments held a solemn handover ceremony of Macao’s political power here, announcing that the China government will resume the exercise of sovereignty over Macao. History will always remember this important moment of world concern. "

　　Macao, which experienced negative economic growth for four consecutive years before the reunification and was worried about public security, has one of the fastest economic growth rates in the world since the reunification.

　　Taiwan Province is an inseparable part of China.

　　In the early 1980s, Deng Xiaoping put forward the concept of "one country, two systems", which opened the door for the development of cross-strait relations.

　　Castle peak is the same, and the wind and rain are the same. No matter how the situation on the island changes, the historical trend of realizing the complete reunification of the motherland is irreversible.

　　Supreme leader: "history can’t be chosen, we can grasp it now, and the future can be created!" As long as we work together and strive together, we will certainly be able to accomplish the great cause of the motherland’s reunification!

In order to fully implement the strategy of strengthening the capital and further improve the training and selection mechanism of civil servants from the grassroots level, according to the Civil Service Law, the Provisions on the Transfer of Civil Servants, the Measures for the Public Selection of Civil Servants and other relevant laws and regulations, the relevant matters concerning the public selection of civil servants in Nanning directly under the authority in 2022 are hereby announced as follows.

I. Position

There are 22 people in 19 positions below the first-level chief clerk and other equivalent ranks. For specific job information, please refer to the Public Selection of Civil Servants in Nanning City, Guangxi Zhuang Autonomous Region in 2022 (annex, hereinafter referred to as the Public Selection of Civil Servants).

Second, the object and conditions

(1) Selection targets

The selection target is the on-the-job staff who have registered as civil servants in the organs below the county (city, district) in our city (including the civil service law management unit) (referring to the staff registration of the civil service law management unit, the same below). The above-mentioned target range includes staff who have withdrawn from the scope of reference management during the institutional reform, registered for reference management, approved to implement the transitional policy and are on the job.

(2) Qualifications

Applicants should meet the following qualifications:

1. Have a firm political stance and excellent political quality, strengthen the "four consciousnesses", strengthen the "four self-confidences" and achieve "two maintenance".

2 with good professional quality, good conduct, outstanding performance, recognized by the masses.

3. Bachelor degree or above.

4. Have grassroots work experience for more than 2 years. "grassroots work experience" refers to the party and government organs below the county level, village (community) party organizations or village (neighborhood) committees, as well as various enterprises and institutions (except those managed by referring to the Civil Service Law). The experience of demobilized military cadres working in military regiments and units below the equivalent regiments, and the experience of retired soldiers serving in active service in the army can be regarded as grassroots work experience.

5. Generally, you should have worked in the organ at the same level for more than 2 years (including probation period), and the time of secondment in the higher authorities cannot be counted.

Applicants should meet the minimum service life requirements for working in the organs at the same level. If there is no provision, they must work in the organs at the same level for more than 2 years.

Applicants who are members of the township leadership team must have worked in the township authorities for 5 years or have worked in the township (including the village) for 5 years and have served as members of the township leadership team for 3 years.

6. The annual assessment is not basically competent.

7. Have the working ability and qualifications required by the open selection of positions. Generally under the age of 35 (born after February 25, 1986, the same below).

8. Relevant work experience required for open selection of positions.

9. Have the physical conditions and psychological quality to perform their duties normally.

10. Other qualifications that meet the requirements of open selection of positions.

11 other conditions stipulated by laws, regulations, rules and policies.

One of the following circumstances, shall not participate in the selection:

1. Being expelled from the Communist Party of China (CPC) Party membership.

2. Being listed as the object of joint punishment for dishonesty according to law.

3. Suspected of violating discipline and law, being examined by relevant specialized agencies, and no conclusion has been reached.

4. Being influenced by admonition, organizational treatment or disciplinary action, etc., whose influence period has not expired or expired.

5. Newly hired township civil servants have worked in township organs for less than 5 years (including probation period).

6. In accordance with the relevant regulations, there are other restrictions on working in hard and remote areas and directional units without full service years or transfer.

For those who are hired by lowering the entry threshold and other preferential policies, they should serve for at least 5 years (including probation period) in the hard and remote county and township organs within the city area where they apply; Under five years, it is not allowed to openly select the higher authorities in this city and the organs in non-hardship and remote areas, nor to openly select the organs in other cities and other provinces (autonomous regions and municipalities directly under the Central Government) in the region (including those in hardship and remote areas).

7. Still in probation or promoted to leadership positions for less than 1 year.

8. Other circumstances stipulated by laws and regulations.

Applicants are not allowed to apply for the selection positions that constitute the circumstances listed in the first paragraph of Article 74 of the Civil Service Law, nor are they allowed to apply for the positions of the employing units where people who are husband and wife, lineal blood relatives, collateral blood relatives within three generations and close in-laws are leading members.

The calculation time of relevant qualifications involved in this selection, such as service years, probation period for leadership positions, punishment period, influence period, work experience, seniority and so on, takes February 25, 2022 as the deadline, and the years are accumulated according to full years.

Third, the registration procedure

(1) Job inquiry

Candidates can log on to the "Greentown party flag Red" Party Building Information Platform (www.nndj.gov.cn) and Guangxi Personnel Examination Network (www.gxpta.com.cn) to inquire about the positions and their qualifications through the published "Open Selection of Positions Schedule". The qualification examination unit shall be responsible for the interpretation of the professional, academic qualifications, work experience and other qualifications required by the position.

(2) Online registration and preliminary qualification examination

The public selection and registration is based on the combination of personal wishes and organizational recommendation. Registration and preliminary qualification examination are conducted in Guangxi Personnel Examination Network (www.gxpta.com.cn) without charge.

Applicants must log on to Guangxi Personnel Examination Network from 8:30 on February 25th to 18:00 on March 2nd, 2022, click on "Special Topics of Public Selection of Civil Servants in Cities with Districts in Guangxi Zhuang Autonomous Region in 2022" to enter the registration system, truthfully fill in and print the "Recommended Registration Form for Public Selection of Civil Servants in Guangxi Zhuang Autonomous Region in 2022" (hereinafter referred to as "Recommended Registration Form"), and obtain the consent of the appointment and removal organ (according to the cadre management authority) and affix the unit. The information in the Registration Recommendation Form must be true and accurate. Anyone who practices fraud will be disqualified from this selection. Those who fail to complete the registration steps within the specified time shall be deemed to have given up this registration. Candidates who apply for public selection shall not apply for positions higher than their positions (ranks). Each applicant is limited to one position.

The selection organ conducts the preliminary qualification examination according to the online registration information and the Registration Recommendation Form. If the preliminary qualification examination fails, the applicants can change to other positions before the deadline for registration. Applicants should pay attention to the results of qualification examination in time, and improve the application materials or change their positions in time according to the results of qualification examination. Because the application materials submitted by the applicants for online registration are untrue, incomplete or incorrectly filled in the registration information, the applicants will bear the responsibility for failing the qualification examination. Applicants who maliciously register the registration information and disturb the registration order will be dealt with according to the relevant provisions on violation of discipline and discipline in the recruitment of civil servants.

Qualification examination runs through the whole process of open selection. If it is found that the applicants do not meet the qualification requirements in each link, the employer may cancel their qualification for registration or selection; If the applicant meets the qualification conditions at the time of registration, and the applicant has worked in the organ at the same level for less than 2 years, is on probation or has been promoted to a leadership position for less than 1 year due to changes in his work unit or position after registration, his selection procedure will be terminated and he will no longer be selected as a candidate.

(3) the proportion of the examination.

In principle, the ratio of the number of people who pass the registration qualification examination to the number of people in the selection plan is not less than 3: 1 before the examination can be started. The positions that fail to reach the proportion of examination should be reduced from the selection plan to the prescribed proportion of examination; Cancellation of positions that have not been registered or the selection plan has not reached the proportion of the examination.

(4) Print the admission ticket

Applicants who have passed the qualification examination can log in to the registration system from 9:00 on March 22nd to 9:00 on May 31st, 2022, and download and print the admission ticket (A4 specification) by themselves.

Fourth, the exam

The exam is divided into written test and interview, with a score of 100 points each. The total score of the exam is scored by weight according to the written test and interview results. For details, please refer to the Open Selection Position Schedule.

(1) Written examination

The written test is organized by Nanning. The written test mainly tests the examinee’s policy and theoretical level, the ability to analyze and solve practical problems, and the ability to express words.

1. Time and place of written examination

Time: March 27th, 2022 (Sunday) from 9: 00 to 12: 00.

Venue: Nanning (see the admission ticket for the specific address).

Applicants must hold their valid identity cards and admission tickets to take the written test.

2. Written test results query

In late April, 2022, applicants can log on to Guangxi Personnel Examination Network to check their scores.

(2) Interview

1. Determine the interview candidates

According to the order from high score to low score of the written test scores of applicants for the same position, the selection organ determines the candidates who enter the interview scope according to the proportion of interview candidates specified in the Open Selection Position Schedule. When the last applicant in the proportion has tied the written test scores, it is also determined as the interview candidates. If the number of qualified people in the written test does not reach the required interview ratio, the interview will be conducted according to the actual number.

2. Interview qualification examination

Before the announcement of the interview, each selection organ shall conduct an interview qualification examination on the interviewee. Those who have not conducted the interview qualification examination or failed the interview qualification examination shall not be determined as interview candidates. If the qualification examination is unqualified or the interview qualification is abandoned, the interview candidates will be replenished and the interview qualification examination will be conducted in turn according to the written test qualified scores of the applicants for the same position from high to low.

After the announcement of the interview, if the interviewer gives up the interview qualification, the position will not be filled by the interviewer, and the interview will be conducted according to the actual number of people.

The materials for the interview qualification examination are: my valid resident identity card, academic degree certificate, relevant qualification certificates required for applying for the position, and the original materials such as the recommended registration form issued by the cadre appointment and removal authority.

3. The interview announcement was released

The interview announcement was released on the "Greentown party flag Red" Party Building Information Platform (www.nndj.gov.cn) one week before the interview.

4. Interview time and place

The selection organ determines the interview method and content according to the job requirements, with a full score of 100 and 60 as qualified, and the interview results will be announced on the day of the interview. See the interview announcement for the interview time and place.

V. Investigation and physical examination

The inspection and physical examination shall be the responsibility of the selection organ. The order of inspection and physical examination shall be determined by the selection organ according to the actual situation.

(a) to determine the candidates for inspection

According to the total score of the examination, the selection organ determines the candidates from high score to low score. If the interview results are unqualified, they shall not be listed as candidates for investigation. The selection adopts the method of difference inspection, and the number of candidates for inspection and selection plan is generally determined according to 2:1.

(2) inspection organization and implementation

The inspection work is organized and implemented by the selection organ according to the regulations, and the qualifications, morality, ability, diligence, performance and honesty of the inspected objects, as well as their political and professional qualities and the suitability of the selected positions are comprehensively investigated. Highlight political standards, focus on the study of political theory, system execution, performance ability, work performance and public recognition, in-depth study of political loyalty, political determination, political responsibility, political ability, political self-discipline, etc., and strengthen professional quality inspection. Strictly control politics, conduct, ability, style and integrity, and resolutely put an end to those who are unqualified in political quality, moral conduct, integrity and ability. According to the needs of the work, the selection organ can also increase short-term training and follow-up study to conduct extended inspection. For details, please refer to the Open Selection Position Schedule.

(3) Physical examination

The selection organ shall, according to the needs of the position, conduct a physical examination of the applicants. The cost of physical examination shall be borne by the selection organ.

Six, determine the object and publicity

(A) to determine the object

According to the investigation and job requirements, the selection organs collectively study and select the best candidates according to the cadre management authority and the principle of suitability for people and posts, and do not just choose people.

(2) publicity

The selected objects will be publicized on the "Greentown party flag Red" party building information platform (www.nndj.gov.cn) and the portal website of the unit, and the publicity period will be 5 working days. After the expiration of the publicity period, if there is no problem or the problem does not affect the post, the selection shall go through the formalities according to the relevant provisions of the transfer; To reflect the serious problems and check the evidence, cancel the selection qualification, after the cancellation, there are still qualified candidates through investigation, and the selection organ can collectively study and determine whether to make up for it, and report it to the Organization Department of the Municipal Party Committee for approval.

VII. Relevant requirements

(1) Applicants who voluntarily give up the qualification for selection shall submit it within 3 working days after the interview, and those who give up the qualification afterwards shall be recorded in the integrity file; If the information in the Registration Recommendation Form is fraudulent, it shall be recorded in the integrity file.

(two) the public selection of civil servants shall not be transferred from the selection organ within 2 years, and shall be reported to the Organization Department of the Municipal Party Committee for examination and approval.

(three) in violation of the discipline of the selection work, it shall be dealt with severely in accordance with the relevant provisions; If a crime is constituted, criminal responsibility shall be investigated according to law.

(four) the organization and implementation of the selection work must strictly implement the epidemic prevention and control measures in accordance with the latest requirements for the normalization of epidemic prevention and control in COVID-19.

Telephone number of qualification examination unit: See the Public Selection Position Schedule for details.

Examination consultation telephone: 0771-12333 transfer to the district level.

　　　　　　　0771-5624161

Policy consultation telephone: 0771-5539133

Attachment:Nanning, Guangxi Zhuang Autonomous Region, 2022 Public Selection of Civil Servants Position Schedule. xlsx

Nanning administration of civil service

February 24, 2022

Successful listing does not mean that you can sit back and relax. How to make the brand develop for a long time after listing is the beginning of the test.

This article was originally published by Hongcan.com (ID: hongcan18), by Jian Yuhao; Editor: Jing Xue.

On April 23rd, Chabaidao (2555.HK) was officially listed on the main board of the Hong Kong Stock Exchange. However, the performance on the first day of listing was not ideal. On the morning of 23rd, Chabaidao opened at HK$ 15.74 per share, which was lower than the issue price of HK$ 17.5. At the close, Chabaidao recorded HK$ 12.80 per share, with a market value of only HK$ 18.914 billion. In intraday trading, the share price of Chabaidao once fell to HK$ 10.80/share.

Time goes back to a week ago. On April 15, the first day of the public offering of Chabaidao, it attracted attention because the public offering did not achieve full subscription. In addition, at that time, Chabaidao did not introduce cornerstone investors. Many investors have said that if a company with a valuation of tens of billions does not introduce cornerstone investors, it may mean that the valuation of this enterprise is too expensive, or institutional investors are not optimistic about the future profit prospects of the enterprise.　

Although it was successfully listed, there are different opinions in the industry about "the second share of new tea". On the one hand, the successful listing is a milestone achievement for Chabaidao. However, in the eyes of some people in the industry, listing is not once and for all. In the increasingly competitive new tea circuit, there are still many uncertainties in the future development of Chabaidao.　

After 01.80, the couple sold milk tea with a net worth of over 14 billion.

According to public reports, the founder of Chabaidao, Wang Xiaolong, and his wife, Liu Yuhong, were both born in the 1980s. Wang Xiaolong was a senior tea artist and his wife was a tea lover. Because they have accumulated rich tea knowledge and practical experience in their past work and life, they started the entrepreneurial experience of a tea shop.　

In 2008, near Wenjiang No.2 Middle School in Chengdu, Sichuan, the first Chabaidao opened. This store, which is less than 20 square meters, is mainly for students with low spending power, and mainly sells powdered milk tea in the form of foreign belts.　

At that time, compared with the hot demand of portable brewing milk tea, the existing tea was still in its infancy. The emergence of "Tea Hundred Ways" just fills this blank. With good products and affordable prices, it has successfully attracted the attention of students’ consumer groups. The blank of the market itself, coupled with the advantages of site selection, enabled Wang and his wife to successfully earn the first bucket of gold. A year later, they opened a second branch on the campus of Southwestern University of Finance and Economics (Liulin Campus).　

In 2010, the trademark "Tea Hundred Roads" was officially registered. In the same year, two major desktop milk tea brands, Diandian and coco, successively entered the mainland for development. In the following years, a number of existing tea brands such as Xicha, Lujiao Lane and Naixue Tea began to rise, and new Chinese tea officially entered the stage of branding and chain development.　

△ Image source: Chabaidao official little red book　

In 2016, Chabaidao opened its franchise in Chengdu for the first time, upgraded its stores and started its brand operation. This year, the number of stores in Chabaidao exceeded 100.　

Generally speaking, the development speed of Tea Hundred Roads in the early stage is not fast, and the sense of existence is not strong.　

It was not until 2018 that this situation began to change. This year, Chabaidao began to aim at the whole country, which opened the expansion of the whole country, and the rapid growth of Chabaidao began to enter the investor’s field of vision.　

In May and June, 2023, Chabaidao successively received two rounds of financing totaling 970 million yuan, which was led by Lanxin Asia, followed by many well-known investment institutions such as Zhengxin Valley, Grassroots Zhiben, CICC and Tomato Capital, with a post-investment valuation of 17.6 billion yuan.　

According to the latest prospectus information of Chabaidao, Wang Hao and Liu Yuhong hold about 81.75% of the shares of Chabaidao. According to the valuation of 18 billion, their net worth has reached about 14.5 billion yuan. Wang Hao and Liu Yuhong also made the Hurun Report in 2023 and became the new "dark horse" in the rich list in 2023.　

02.99% of the revenue depends on franchisees, and the pressure on the supply chain is not small.

Looking back on the development of Tea Hundred Roads, we can see that joining in business is an important driving force for the rapid development of Tea Hundred Roads.　

According to the prospectus, as of December 31st, 2023, Chabaidao has opened 8,016 stores in China, covering 31 provinces and cities across the country, achieving comprehensive coverage of all provinces and county-level cities in China. Among them, the proportion of franchise stores accounted for 99%.　

On the surface, it seems that Chabaidao is a direct consumer-oriented business, but in fact, Chabaidao is similar to Mixue Ice City, and it is also a supply chain company wearing a milk tea coat. Selling goods and equipment to franchisees is the core business of Chabaidao.　

According to the prospectus, from 2021 to 2023, Chabaidao achieved revenues of 3.625 billion yuan, 4.197 billion yuan and 5.659 billion yuan through franchise stores, accounting for more than 99% of the total revenue; Among them, the income from selling goods and equipment to franchise stores accounts for about 95%, and the gross profit margin of this business is also maintained at about 32%.　

△ Chart source: screenshot of Cha Baidao prospectus　

The core of this business model, similar to S2B2C, is to reduce the operating costs of franchisees and improve the overall profitability through the advantages of supply chain and standardized processes.　

However, unlike the self-built supply chain of Mixue Ice City, Chabaidao mainly relies on third-party suppliers and other business partners to provide raw materials and services for it.　

According to the prospectus, in 2023, the procurement ratio of Chabaidao from its top five external suppliers (including dairy products, sugar, juice and other ingredients, packaging materials, etc.) was as high as 36.6%.　

△ Chart source: screenshot of Cha Baidao prospectus　

Perhaps it is also realized that there is no small risk in relying on third-party suppliers. Therefore, in the past several rounds of financing, Cha Baidao has repeatedly mentioned that the funds raised are mainly used to improve the overall operational capability and strengthen the supply chain capability.　

At present, Chabaidao has established a supply chain center covering every key link of supply chain management from product development, procurement, logistics to after-sales service and quality control. At the same time, Sichuan Tea Co., Ltd. was established to provide brand logistics and distribution services.　

In addition, Chabaidao and Bawang Chaji jointly established Sichuan Chabenyuan New Materials Technology Co., Ltd.. The company’s business scope includes research and development of new materials technology, manufacturing of bio-based materials, standardization services, sales and manufacturing of plastic products, sales of packaging materials and products, and import and export of goods.　

It is worth noting that in addition to the continuous strengthening of the supply chain, Chabaidao has been actively exploring overseas markets and coffee tracks in the past two years.　

In December 2023, Chabaidao opened the first store of coffee sub-brand "Coffee Ash" in Chengdu, and entered the coffee track for the first time.　

In January 2024, Chabaidao officially went to sea, and the first overseas store was selected in Gangnam-gu, Seoul, South Korea. Later, stores were opened in Seoul Hongda and Seoul Yau Pavilion. As of April 20, 2024, the number of Chabaidao stores in Korea has reached three.　

At present, it remains to be seen whether Chabaidao has explored the new amount in terms of going to sea and coffee business.　

03. Queue for listing, and the 2024 New Tea Listing Competition started.

In fact, in addition to the hundreds of teas, there are many tea brands waiting in line for listing.　

In January this year, Mi Xue Bing Cheng and Gu Ming submitted prospectuses to the Hong Kong Stock Exchange at the same time. Subsequently, on February 14th, Auntie Shanghai, a tea brand, submitted a prospectus to the Hong Kong Stock Exchange. The co-sponsors were CITIC Securities, haitong international and Dongzheng International.　

△ Image source: Red Meal Network photo　

On April 11th, the Hong Kong Economic Daily also reported that Bawang Tea Ji would go public in the United States as soon as the middle of this year, raising between 200 million and 300 million US dollars (a contract of 1.57 billion to 2.35 billion Hong Kong dollars).　

Why do new tea brands start to get together and go public? In this regard, there are many views in the industry that whoever can take the lead in successful IPO will seize the opportunity among the tea drinks that are "rolled out of the sky".　

In particular, tea brands need a lot of financial support to cope with the competition in the current tea track such as "joining war", "sinking war" and "price war".　

In the past year, in addition to hundreds of teas, brands such as Guming and Auntie in Shanghai have also announced the sprint of 10,000 stores. In order to achieve this goal first, brands often need more funds to spread the store network. With the cooling of the new consumer investment market, the attention of the primary market to the new tea market has obviously declined. Therefore, listing has become a new way for new tea drinkers to obtain funds.　

But the success of listing does not mean that the brand can sit back and relax. Take Chabaidao as an example, it and most new tea brands are in the mid-range price range of 10-20 yuan, including the above-mentioned Guming, Shanghai Auntie and Bawang Tea Ji, which are already waiting in line for listing.　

There are many competitors, and the homogenization of new tea itself has become more and more serious. It is conceivable that these new tea brands in the middle price zone will still face a lot of competitive pressure in the future.　

Today I’m bringing you a domestic car. As for the outstanding performance of the car, please read it together.

Let’s take a look at the appearance of the tank 300 first. The whole front of the tank 300 looks very individual and sporty. Coupled with concise headlights, the shape is very young. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the side of the car, the car body size is 4760MM*1930MM*1903MM, the car uses domineering lines, the car body looks very cold, with large-sized thick-walled tires, it looks full of movement. In the rear part, the overall shape of the rear part echoes the front face, and the taillights are very angular. Coupled with the unique exhaust pipe, it is still relatively soft overall.

Coming into the car, the interior design of Tank 300 is very young and has a good visual effect. The steering wheel of the car is well designed, equipped with the functions of manual steering wheel up and down+front and rear adjustment, steering wheel heating and so on, which looks a little more atmospheric. Take a look at the central control, with a 12.3-inch touch-sensitive LCD central control screen, which makes the interior style impressive and the details are still in place. The dashboard and seats also give people a good feeling. Let’s take a look. The car is equipped with a domineering dashboard, and the sports atmosphere is relatively in place. The car uses leather seats, which are wrapped in place and the overall comfort is acceptable.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, rear wiper, interior atmosphere light and other configurations, and the configuration performance is relatively good, which improves the convenience of drivers to some extent.

This car has been introduced almost before, and I believe many users who buy a car have taken a fancy to its comfort and practicality. If you are excited, you may wish to go offline and actually feel it.

[car home Shanghai Preferential Promotion Channel] brings you the latest news, and the high-profile models are currently undergoing an unprecedented promotion activity in Shanghai. It is understood that the discount rate reached an astonishing 107,100 yuan, which enabled the original high-end BMW i5 model to reach a wider range of car buyers. The starting price has been adjusted to an attractive 338,800 yuan, providing consumers with a rare opportunity to buy a car. If you are interested in BMW i5, don’t miss this once-in-a-lifetime opportunity. Click "Check the car price" in the quotation form to get higher preferential treatment!

As an innovative luxury electric car, BMW i5 fully integrates the elegance and dynamism of BMW brand. In the front part, the exquisite kidney-shaped air intake grille and LED headlights are adopted, showing the perfect combination of technology and strength. The streamlined body lines are smooth, and the overall style not only retains the classic elements of BMW, but also incorporates the futuristic sense of modern electric vehicles, making the vehicles visually recognizable. This design aims to provide an excellent driving experience while leading the fashion trend of electric travel.

The body lines of BMW i5 are smooth and dynamic. Its length, width and height are 5175mm * 1900mm * 1520mm respectively, and its wheelbase reaches 3105mm, which provides a solid foundation for the interior space. The precise design of the front and rear wheel tracks ensures the driving stability, which are 1621mm and 1658mm respectively. In tyre size, the BMW i5 is equipped with 245/45 R19 tires, which not only ensures the driving grip, but also complements the rim style, and jointly shapes the dynamic appearance of the vehicle.

The interior design of BMW i5 adheres to BMW’s consistent sense of luxury and technology, and the spacious and exquisite interior space presents a very high sense of quality. A 14.9-inch large central control screen is equipped in front of the driver’s seat, which not only displays clearly and operates smoothly, but also supports voice recognition control, which is convenient for drivers to operate multimedia, navigation, telephone and air conditioning. The steering wheel is made of high-grade leather material, which provides a comfortable grip and supports electric up and down+front and rear adjustment to meet the needs of different drivers. The seat is made of imitation leather, and the main and passenger seats have four-way adjustment functions, including front and rear, backrest, height and waist support, to ensure the comfort of long-term driving. In addition, the front seats also have heating function, so drivers can enjoy warmth in cold seasons. The driver’s seat also has an electric memory function, which further enhances the convenience and personalized experience. The car is also equipped with USB/Type-C interface and wireless charging function in the front and rear rows to meet the needs of modern technological life.

The BMW i5 series is equipped with a powerful engine with a maximum power of 210kW and a torque output of 410Nm. The efficient performance of this engine not only provides a smooth driving experience, but also shows BMW’s pursuit of power and efficiency.

Generally speaking, BMW i5 has won high recognition from car home car owners for its excellent endurance performance. His practical experience confirmed the accuracy of the official endurance configuration. Low power consumption not only improved the convenience of driving, but also met his daily needs. This once again confirms BMW’s technical strength and commitment in the field of new energy vehicles, making BMW i5 a green travel partner trusted by consumers.

　　Pumei and Pumei will take turns to sit in the village.

　　Mironov analyzed that Dmitry Medvedev, the most popular presidential candidate at present, will definitely become the new Russian president this year, and Putin will change his role to become the next prime minister. After that, Dmitry Medvedev "returned" the presidency to Putin at the end of his presidency in 2012; After Putin becomes the Russian president again, he will "conform to public opinion" and seek to amend the Constitution, so that the term of office of each president can reach five or seven years, and he can be re-elected.

　　If so, Putin can continue to serve as Russian president for 14 years, that is, from 2012 to 2026, during which Dmitry Medvedev will also change his role as prime minister. In 2026, Dmitry Medvedev will become the president of Russia again until 2033 (calculated by a seven-year term).

　　Study the possibility of Putin’s long-term governance

　　As the chairman of the Russian Federation Council, mironov’s words are not groundless. In fact, there have been such rumors in Russia, but this message was first conveyed by a senior government official. His remarks appeared in a Russian newspaper on the 21st local time.

　　As a loyal supporter of Putin, mironov has publicly stated before that he is working on ways and possibilities to make Putin in power for a long time. His bold idea has undoubtedly attracted the attention of all parties. "I have been studying various ways to keep Putin in power for a long time, and Putin will return to the Kremlin in 2012," mironov told the media.

　　At present, neither President Putin nor Medvedev has made any statement about the future. The Russian presidential election will be held on March 2 this year, and Putin will leave the presidency in May this year, but Putin has previously expressed his willingness to serve as Russian Prime Minister.

Editor: Li Xiuwei