The difference between corporate accounting profit and economic profit The difference between economic profit and accounting profit is mainly reflected in the following medical points: 1. The service entities are different. 2. The purpose angle is different. Accounting profit is an indicator of operating results from the perspective of business owners.
On the evening of February 21st, CCTV eight prime-time dramas launched the period romance drama "Love in the Age of Innocence", starring Chen Feiyu and Sun Qian. It was launched on Tencent Video at the same time. It started with the first place in the ratings.
The director is Chen Chang, the director of "Let Me Be Dazzling", the screenwriter is Guo Shuang, the screenwriter of "I'm Good in a Foreign Country", and starring Chen Feiyu, Sun Qian, Guo Xiaoting, Wang Tianchen, Liu Mintao, Wu Yue and others.
What's special about this drama is that it abandons the label of period dramas about bitterness, and takes "romance grown from daily necessities" as its core. It also incorporates elements of light comedy, such as holding your breath in the bathhouse to avoid sleeping, and treating amnesia with carrots, etc.
The main CPs are Fang Muyang, a down-and-out painter played by Chen Feiyu, and Fei Ni, a female hat factory worker played by Sun Qian. For 4 episodes, Fang Muyang and Fei Ni played the role of a "misaligned" young couple, which brought a lot of laughter.
Fei Ni only wanted to go to college. In order to get a place, she would not miss any opportunity that might be recommended for a place in college. When Fang Muyang came back from the countryside, he risked his own life to save others on a rainy night and was hit on the head by a beam. He became a hero in rescuing people. Fei Ni's opportunity came and she volunteered to take care of the hero.
"Selflessly taking care of the hero for two years, they got married in college." This sentence has two different feelings in the eyes of two people. For Fang Muyang, he was so moved that the first girl he saw when he woke up was Fei Ni. Being attracted to the person who took care of him day and night was as easy as breathing, not to mention that the person was his childhood sweetheart.
For Fei Ni, the focus of this matter is to go to college. As long as Fang Muyang wakes up, she will have the opportunity to go to college. The male protagonist's mind is filled with "I love her so much and I want to post it." The female protagonist is engaged in studies and only wants to pursue a career. She is in the same frame but on a different channel, not on the same channel at all.
Others get married first and fall in love later, but they get married first and then "work on their own things." One has a deep love brain and the other has a sober career brain. It doesn't matter if the granularity doesn't match, even the ideas are vastly different!
The premiere has also received good reviews, with the audience's evaluations being polarized, with full praise for the plot and creation of a sense of time. The negative reviews are mainly focused on Chen Feiyu's acting skills. Opening up social platforms, the evaluation of Chen Feiyu is extremely polarized. The criticisms hit the nail on the head: "The eyes are empty, like someone who hasn't woken up." "When he plays amnesia, he really acts like a fool, with a dull face the whole time." "The acting skills of the sub-line CP are inferior to the main line."
Some viewers bluntly said that Fang Muyang, played by Chen Feiyu in the play, was "too dull", especially the state after amnesia, and was questioned as "facial paralysis acting".
However, there are also quite a few viewers who are dissatisfied with him, thinking that it is not stupid, but a "clumsy and naive" after amnesia, and this is how he should be acted.
The sister-brother-in-law team (Fang Mujing and Qu Hua) played by Guo Xiaoting and Wang Tianchen also performed "Marriage First, Love Later", but they followed the route of "substitute literature + rational marriage". When they first met on a train, Qu Hua was attracted by Fang Mujing's resemblance to his deceased first love; after career-oriented Mu Jing discovered the truth about the "substitute", she still maintained the marriage with the mask of a perfect wife.
Audiences commented that Wang Tianchen's accurate interpretation of "Qu Hua's Affection" was widely praised, especially for his "husband-like" role in the play. A temptation of forbearance, a restraint of advance and retreat, in the push and pull of "If you don't move, I won't move even more", the bloody setting is tempered into a love letter of the times full of tension.
In contrast, whether Chen Feiyu's "contained acting" is "restrained" or "wooden" in the eyes of the audience has become a matter of opinion.
In fact, the reason why "Love in the Age of Innocence" ranks first in ratings is not just due to the popularity of its actors. Acting controversies aside, the series itself is worth watching.
First of all, the age quality is in place. The red brick walls eroded by wind and rain, the damp corridors of the staff dormitories, the frayed food stamps, the peeling enamel jars, and the warm yellow light and shadow all captured the "sense of hope amidst the constraints" of that era.
Secondly, the character is likeable. It’s rare to see a period drama without a patriarchal parent. The father of the hero is simple and elegant, the father of the heroine really cares about his daughter, and the brother is not a vampire. Fei Ni was humiliated by her boss and left the meeting, while Fang Muyang transformed into a "wife-protecting leopard" and squeezed in between his wife and her love rival. This "strong" character breaks the stereotype that heroines in period dramas can only endure.
The third is that the story is not bloody, and there is no all kinds of love and betrayal imposed for the sake of dramatic conflicts. Some are just "red wine" mixed with a bottle of soy sauce in the embarrassment of life in Tongzilou, carrying the philosophy of life that "the greatest meaning of two people being together is to help each other." This kind of trust and tenderness that grows naturally in daily necessities is precisely what domestic romance dramas currently lack.
From Ning Que in "Jiang Ye", to Li Xun in "Light Me, Warm You", and now Fang Muyang, Chen Feiyu has been trying different types of roles. This time, playing an amnesia worker who is "clumsy on the surface but affectionate in reality" is an adventure in itself.
Some viewers said that he is a "pure love professional". But this time Fang Muyang is completely different from those smart and unruly characters in the past - he has lost his halo and wrapped his affection with "silliness". This attempt at transformation deserves recognition in itself.
As for the "too wooden" evaluation, perhaps we should wait until the series is finished before making a conclusion. After all, Fang Muyang's character will have the highlight of the later stage with the recovery of memory and the reveal of the truth about his secret love. At that time, whether Chen Feiyu can perform a layered performance will be the real moment to test his acting skills.
So far, is this show worth following? My answer is: worth it. Not for anything else, just for the long-lost, innocent love that slowly grows in the smoke and smoke, which is very healing.
On the first day of resumption of work, thank you for the invitation. I am at my workstation and my heart is still on vacation.
I watched a few movies in a hurry a few days ago, but ended up not having the motivation to write anything at all.
Lao Mouzi's "The Silence of the Insect" is the most luxurious movie in this year's Spring Festival lineup, but the look and feel is the same as all Lao Mouzi's films in recent years. It has the taste of a pre-made dish where you can guess the ending just by looking at the beginning.
The fun that the whole movie brings to this Shenzhen native is mainly focused on identifying where in Shenzhen each scene was shot.
The "Shenzhen Eye" at Gangxia North Metro Station in Shenzhen has a strong presence!
Almost all the famous fighting stars in the Chinese-speaking world are gathered in "The Daredevil" directed by Yuan Heping. The fight scenes with hard bridges and hard horses are indeed exciting, but other than that, I can only remember the super handsome Chen Lijun. Compared with the movie, it seems more like a "Martial Arts Spring Festival Gala".
As for the biggest winner of this Spring Festival, "Flying Life 3", even if the controversy of the all-male cast is put aside, the plot is still the same old "middle-aged man pursuing his dream with passion". However, it can be seen that Han Han really loves racing, and the big rally scenes are still very beautiful.
Are these considered bad movies?
It's definitely not something, but it's not even close to being something that can really impress me.
Among the entire Spring Festival movies, the one that really entertained me was the most belated one——
"The Night King" starring Huang Zihua + Sammi Cheng was only released in Guangdong and Guangxi areas on the fourth day of the Lunar New Year. The whole country can watch it yesterday.
What's going on?
In such a "politically incorrect" nightclub world as this movie, besides the drunkenness of alcohol and hormones, is there also a sense of energy that everyone needs most at the moment?
The night of "The Night King" is the night of the nightclub.
Where are the best nightclubs in Hong Kong? In East Tsim Sha Tsui.
As long as you open the door of the nightclub, you can enter a world of endless feasting and feasting. Charming dancing girls wearing shiny skirts and sexy girls stand in a row and welcome you with a smile...
Here, as long as you have money, you can buy happiness and respect, and everything is too beautiful to be true.
Brother Huan, played by Huang Zihua, is the CEO of Dongri Nightclub and the talkative person in the entire place.
Ah, I made a mistake, this is Brother Huan.
If in the heyday of the nightclub, the dancers in the nightclub could drive a sports car to work, and the mamasangs could win or lose millions at the card table in one night, Brother Huan would probably be a ruthless character who could control the situation.
But the story of "The Night King" is set in 2012.
At that time, more intimate private clubs were on the rise, and the gorgeous and lively nightclubs seemed a bit outdated. The financial crisis also completely changed the way many things operate. Several of the largest nightclubs in East Tsim Sha Tsui closed down one by one.
Brother Huan’s Dong Ri is the last struggling nightclub in East Tsim Sha Tsui.
Of course, it’s not for nothing that my brother has been working in nightclubs for more than 20 years.
He was able to appease everyone when Mama Sang was poached and it was difficult to get customers to show up. He was also able to personally participate in the training of the dancing girls and guide the employees through words and deeds on how to deal with customers in a charming way.
Brother Huan, who has such a nimble figure, only gets scared when he meets one person - his ex-wife Sister V.
They worked together from the bottom of the nightclub to become managers. They were once a gold medal partner in the East Tsim Sha Tsui nightclub. After they parted ways, although they were still in the nightclub, they believed in completely different management methods.
Brother Huan believes in friendship and friendship, and favors are greater than KPIs. What he emphasizes is "treat them as human beings, and they will naturally fight with you."
Sister V advocates a more modern business management model, where performance is the core of everything. There is a beauty contest, and whoever has performance can stay.
Something unexpected happened. The big boss of Dongri passed away, and the nightclub was about to be acquired by a consortium. The consortium designated the CEO to be airborne, and it was Sister V.
I particularly like the key twist in this story -
Sister V was entrusted by the consortium to acquire Dongri, but the prince of the consortium made a plan. She must either invest 80 million on her own to take over Dongri, or she could only admit defeat and pay liquidated damages.
This deal seems really cruel to me.
During the years when Sister V brought business management to the nightclub, she worked hard for the consortium and seemed to have boarded a newer and more stable era.
But to the consortium, Sister V, who worked hard from the bottom, is still essentially a pawn that can be given up at any time in the face of greater interests.
After all, she still belongs to the old era of friendship and friendship, the old era where individual efforts can change one's destiny.
The truly touching core of this story was finally revealed after the people were in a state of dissipation. The tide of the times is rolling in, and there are always people who are caught up in the tide.
How do we get through the moment when the road we came from has been flooded and we don’t know where the road ahead is?
Director Wu Weilun said when talking about why he wanted to shoot the nightclub in 2012:
“In 2012, some big nightclubs such as Big Money in East Tsim Sha Tsui closed their doors. When practitioners look back at the past, they will find that there was a glorious period, but they don’t know how to go forward.
This mentality is very similar to people today. In the past few years, everyone has been worried about their jobs. Some industries may have been eliminated. They know that they can't turn back, but they don't know where the future is and how to change careers. "
This sentence reminds me that in the past two years, everyone has always missed the "economic upswing period."
Why?
I think the key point is that when we look forward in a direction that we cannot discern, we can only look back.
On the one hand, I miss that hot era, and on the other hand, I want to draw some residual warmth from those memories to survive the long winter.
In "The Night King", the answer Sister V and Brother Huan gave to all this was——
Not accepting fate.
Sister V sold her house and car to collect the down payment to take over Dongri, and Brother Huan also mortgaged the house. The two became comrades in arms again, and together they fought against the prince's plan.
And Dongri's Mamasang and Miss Wu also stayed because of their kindness and loyalty. Everyone is using their own methods to support Dongri's old ship through the storms of the new era.
And Brother Huan has a line that particularly touched me:
"Times have changed.
But for some people and some things, if you have seen them at their best, you cannot let them go easily. "
It seems to be true. People who have experienced "good times" always seem to have a fire in their hearts that is unwilling to be completely extinguished, and it is always difficult to give up completely.
Aren’t many of us like this now?
While saying "Today is different from the past", I still want to struggle from time to time.
If you really look at it in terms of right and wrong, winning or losing, being loyal and struggling may not be the most "smart" choices.
But this kind of Don Quixote-like solitary courage is sometimes all we ordinary people can rely on.
The more I look back, the more I feel that the film "The Night King" is very much like the tap on your shoulder by an old friend. It is not a specific solution, but at that moment, you know that you are seen and respected.
It does not shy away from the cruel and heavy things in the tide of the times, but it tells the whole story in a light and humorous way. At least during the more than two hours of watching this movie in the cinema, you can laugh from the bottom of your heart and believe that things will always turn out well and that fate will reward those who are kind and righteous.
I think "the friendship between people" sounds like a false thing. As long as it can be filmed well, it will be something that can easily impress the audience in the past few years.
In the face of the great insecurities of our times, we need to hold each other’s hands tighter than ever.
The road ahead is confusing, and all we can do is walk together.
In the ever-changing world of swords and swords, there is one dart that is particularly mysterious and thrilling, and that is the dart in "The Dart Man". At the beginning of the story, everyone's eyes were misled and they made wrong judgments.
At first, everyone's attention was focused on the man named Chishiro. Tomoyo has a perverse personality and bold actions. He is like a sharp thorn, causing quite a stir in the world. The civil and military officials of the entire dynasty regarded him as a thorn in their flesh and eyes, staring at his every move, as if they would capture him immediately if he made the slightest move. Everyone took it for granted that the important person Toma was escorting this time was Tomoyo. They thought that Toma took this escort to protect this person who was causing trouble in the world and the court.
However, the truth is like a mystery hidden in the darkness, slowly revealed inadvertently. The real "goods" is not Chishiro, who is in the spotlight, but the child, Xiaoqi, who stays quietly in Touma's arms without saying a word. This seemingly ordinary child actually has an amazing life experience. He is no ordinary orphan, but the only bloodline of the previous dynasty. In the eyes of the current sage Yang Guang, Xiao Qi is like a time bomb that may explode at any time, an existence that will wake him up in his sleep. Yang Guang was well aware of the influence of the bloodline of the previous dynasty. In order to stabilize his rule, he ordered that Xiao Qi must be eradicated to avoid future troubles.
The twists in the story always come so suddenly that people are caught off guard. The most shocking and heartbreaking scene dates back many years ago. Back then, Daoma was still a loyal killer under Yang Guang, and was the sharpest knife in Yang Guang's hand. He was ordered to destroy his own sister's family. On that bloody night, the swords and horses raised and fell, blood splashed all over the courtyard, and the pool of blood was shocking. He showed no mercy, even to the infant baby, and his hands were covered with the blood of his relatives.
But now, fate has played a cruel joke. Xiao Qi, whom he carefully protected in his arms, was the only nephew who survived the massacre that year. This truth is like a bolt from the blue, making the whole story full of drama and tragedy. It turns out that the significance of this escort trip has long gone beyond money and morality. The sword horse is not to earn the rich escort money, nor is it to establish its own chivalrous reputation in the world. This is a journey of repayment, his redemption for the sins of his past.
Once upon a time, he was a ruthless and bloody imperial minion who did unjust things for the sake of his so-called loyalty and mission. And now, he wants to use his own life to protect his sister's last thoughts in this world. What he fought against was not only the various killers in the world, but also the entire empire he once served. He trudged forward in the desert wind and sand. The howling wind and sand blew on his face, and every grain of sand was like the torture of an old soul. These innocent souls seemed to be telling the pain and despair of the past, asking why he was so cruel.
He is not walking in the world, he is walking a path that leads to his own judgment seat. Every step was full of difficulty and pain, and every step was like cutting my own flesh. He clearly knew that the sins he had committed were too deep and too serious to be made up for by simple words. He will use his own actions, step by step, to fill the huge hole he dug with his own hands.
This is the real atonement, not just talking about it, but using your life to practice your repentance and determination. During this long and arduous journey, Daoma's figure looked particularly lonely and tragic, but his eyes were extremely firm, as if telling the world that he would pay for his past mistakes in his own way.
one.
Even though she is the head of the county, she still bears the blood feud. Even though she was favored by the emperor's concubine, she still could not forget Aye Aniang who died tragically on the Lantern Festival. Everything begins with the Shangyuan Festival and ends with the Shangyuan Festival.
People may be focusing on the ratings, but it is a pity that "The Strange Case of Tang Palace" failed to rise again in the later episodes. What I see more is the relief of a person letting go of his obsession. You have to know how difficult it is to reconcile with the world and make peace with yourself.
Li Peiyi, you did it. (Text/Piao Yutong)
two.
Lantern Festival, which is China’s Valentine’s Day. Not only that, the Lantern Festival has also reached the final climax of the New Year. After that, although it is still the first month - strictly speaking, the "year" has ended. People do what they are supposed to do, without exception. The previous hustle and bustle has returned to calm, or you can still look forward to the coming year. But, it's really far away.
On this year's Lantern Festival, Li Peiyi finally took revenge on her parents and sought justice for everyone who died in vain in Prince Duan's Mansion. She persisted for 16 years and grew from a weak girl to a heroic female officer of the Internal Affairs Bureau. After 16 years, she decided to leave behind her wealthy status as the county head. From then on, she became a little girl from an ordinary family.
Three.
Li Peiyi left, but she did not come in vain: Wu Ren and Gu Lingzhou finally got married, and they were responsible for taking over Li Peiyi's unfinished business. Ah Hao used the sound of the piano to remember the old friend who could never leave the palace. Dong Cairen lived in harmony with the concubines in the palace, happily giving this and that thrush. Mrs. Wu has a son and a daughter, and Jin Niang has been blessed after all her hardships.
Zhao Yudi transformed from a medical officer to a mentor, and even took Yu Laner out of the palace to eat noodles and cocoons happily. Really, so healing. Before, Yu Laner had to take revenge. Now, it can be considered the best ending.
Some people miss the night to attend exams, hoping to get into high school in one fell swoop. Then, fate will change dramatically.
Do you think Li Peiyi and Xiao Huaijin would feel it was a pity if someone returned to his hometown late? No no no. Just like, the Lantern Festival has passed. Rather, everyone should go to their own place and find their own place.
Li Peiyi and Xiao Huaijin happily had a snowball fight and galloped between heaven and earth. The past has passed and we all have to live well...
The re-rights factor is a key adjustment coefficient used in the stock market to adjust historical price data. It reflects the cumulative effect of equity changes caused by ex-rights and dividend events such as company dividends, bonus shares, rights issues, etc. It aims to eliminate stock price gaps and make historical price trends continuously comparable.
The core function of the re-righting factor is to calculate the re-righting price (pre-right re-right, post-right re-right, fixed-point re-right). Forward restoration is to adjust the previous stock price based on the current stock price; backward restoration is to adjust the subsequent stock price based on the stock's first day of listing price.
(A) Calculate the backward restoration price: backward restoration price = original price * restoration factor. For example, to calculate the backward rebalancing price of the closing price, simply multiply the closing price (sp) by the rebalancing factor (yz) in the same row.
(B) Calculate the forward re-righting price: first, obtain the latest re-righting factor of the current security, then divide the current day's re-righting factor by the latest re-righting factor to obtain the "previous re-righting factor", and finally, multiply the closing price on the calculation day by the "previous re-righting factor" to obtain the forward re-righting price.
It should be noted that the specific calculation formula of the reweighting factor is not unique. The above formula is a calculation method based on the details of ex-rights and ex-dividends. In practical applications, there are other algorithms, such as the re-weighting algorithm based on the price increase or decrease (re-weighting factor = (1 + increase or decrease) × the re-weighting factor of the previous trading day), or directly calculating the re-weighting factor of the day for flexible range re-weighting. The weighting factors derived from different algorithms or data sources may differ slightly.
Stock restoration factor =
Closing price on the equity registration date* (1+ bonus shares per share - transfer of capital reserve per share - rights issue per share)
/(closing price on equity registration date - cash distribution per share + rights issue per share * rights issue price).
Basic feature broadcast
The restoration factor is the key to calculating the stock restoration price and reflects the cumulative effect of historical equity changes. The basic calculation formula is that the re-righting factor is equal to the current period's share capital divided by the previous period's share capital.
According to different restoration benchmarks, the application methods of restoration factors are mainly divided into forward restoration, backward restoration and fixed-point restoration. Forward restoration adjusts the historical price based on the current stock price. The calculation formula is that the price after restoration is equal to the price before restoration divided by the restoration factor. For backward restoration, the subsequent price is adjusted based on the historical price, such as the price on the first day of listing. The calculation formula is that the price after restoration is equal to the price before restoration multiplied by the restoration factor. Fixed-point rebalancing is to select a specific date as the base point for adjustment.
In addition to calculation methods based on changes in equity, there are other algorithms, such as the price increase and decrease weighting algorithm. The formula is that the re-weighting factor is equal to one plus the increase or decrease multiplied by the re-weighting factor of the previous trading day.
From the perspective of calculation period, the re-weighting factor can be divided into the current-day re-weighting factor and the cumulative re-weighting factor. The day's re-righting factor facilitates the flexible calculation of the re-righting price in a specified time interval. Accumulated reweighting factors such as post-accumulation reweighting factor cp_b and pre-accumulation reweighting factor cp_f are used for continuous adjustment from the starting point or end point.
Application broadcast
In stock investment analysis, weighted data can more accurately reflect the actual price trend of stocks and the true income of investors. In quantitative trading, the restoration process is used to eliminate the impact of dividends, bonuses, stock splits and other rights and interest events on stock price trends, so that stock prices on different dates are comparable.
For example, taking Kweichow Moutai (600519.SH) as an example, when the rights and interest event occurred on July 25, 2002, the calculated restoration factor was 1.11828 and the former restoration factor was 0.89423. In the DolphinDB database, the calculation of the re-righting factor and the generation of the re-righting market can be realized by writing code steps.
There are many methods for calculating the re-right price. Due to different data caliber or calculation method, the obtained re-right price will also be different; there are many algorithms for the re-righting factor, such as the increase and decrease re-weighting algorithm.
Impact broadcast
By correcting historical prices, the main function of the restoration factor is to eliminate stock price gaps caused by dividends, bonus shares, rights issues and other rights and interest events, so that prices in different periods are continuously comparable.
The re-righting data calculated based on the re-weighting factor can more truly reflect the actual price trend of the stock and the true income of investors, improving the accuracy of the analysis.
Related research reports
The restoration factor is the key to calculating the restoration price and is the cumulative effect of historical changes in equity or interest events. Based on the selection of benchmark points, restoration of rights is mainly divided into front restoration, rear restoration and fixed-point restoration. The forward restoration is based on the current stock price, and the calculation formula is price after restoration = price before restoration ÷ restoration factor; the backward restoration is based on the price of the stock on the first day of listing, and the calculation formula is price after restoration = price before restoration × restoration factor. There are many specific algorithms for reweighting factors, such as the rise and fall reweighting method, calculations based on changes in equity, etc. Different algorithms may lead to different results.
The calculation formula of the price increase and decrease re-weighting method is the re-weighting factor = (1 + price increase and decrease) × the re-weighting factor of the previous trading day. Its advantage is that the calculation is flexible, and the "day reweighting factor" can be used to calculate only the required interval to avoid the cumulative factor being too large or too small. The algorithm calculation formula based on changes in equity is re-righting factor = current period’s equity/last period’s equity. The former restoration of rights keeps the current price intuitive and easy to compare with the current price; the latter restoration of rights maintains the stability of historical prices and makes it easy to observe the long-term real increase.
The re-weighting process is not only applicable to the price, but also to the trading volume. The post-reweighting volume data is obtained by multiplying the original trading volume and the re-weighting factor. In quantitative trading or financial databases such as DolphinDB, the specific steps to implement the calculation of re-righting factors and the generation of re-righting market prices include storing the un-re-righting market data, separately calculating and storing the post-re-righting and pre-re-righting factors. Stock software such as Tongdaxin provides functional example ideas for calculating the reweighting factor.
Due to differences in data caliber, ex-rights and ex-dividend information records or specific algorithms, there may be differences in the calculation results of the re-weighting factor from different sources. In practice, there may be errors between self-calculated reweighting data and data provided by third-party data vendors. It is necessary to pay attention to the consistency of data sources and calculation methods.
On December 24, 2017, Lin Ruiyang (left) and Zhang Ting attended the opening event of Tingting Secret flagship store in Taipei. Picture/IC
In the following week, Zhang Ting and his wife and the beauty brand "TST Ting Secret" they have worked hard for many years have appeared on the hot search lists of major platforms several times. The unknown secrets of this billion-dollar business empire are being revealed one after another.
According to media reports, relevant staff of the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City once said that after verification, the bureau determined that Shanghai Dalwei was suspected of pyramid schemes. Its relevant behavior began in 2013 and had three characteristics: a long span, many people involved, and large funds involved. At present, the case has entered the financial audit stage, and the amount involved and illegal income will be audited. The next step will be to punish Shanghai Dalwei based on the audit data.
Regarding the progress of the case, You Jianying, chief of the Anti-Unfair Competition Section of Yuhua District Market Supervision and Administration Bureau, Shijiazhuang City, Hebei Province, told China News Weekly on January 5: "The case occurred in Yuhua District, and many people reported it. It is still under investigation."
"Dreams are the universal currency"
Liu Ling still does not believe that "Ting Secret" is suspected of pyramid schemes. At 8 a.m. the next day after the news that Shanghai Dalwei was investigated for suspected pyramid schemes came out, she posted a picture of Tingmi products in her WeChat circle of friends with the text "A big tree attracts the wind."
Three hours later, Liu Ling posted a second post on WeChat Moments: "I have encountered many anti-fans, and we have always been fine." In order to increase her credibility, she also said: "I have followed TST through seven years of ups and downs, and it is about to enter its eighth year." According to Liu Ling's recall to China News Weekly, she only became a TST agent in the second half of 2018, and it has been no more than 4 years. The conclusive words in the circle of friends were copied and pasted directly from the agent group.
Liu Ling couldn't figure it out, how could a celebrity boss lie to people? She had just given birth to her second child and quit her job to take care of her baby at home. She saw Zhang Ting recommending her own products on a variety show, and was attracted by her promotional rhetoric. She was even more moved by Zhang Ting's lively signature of her age-defying appearance. Liu Ling immediately searched for "TST" online and purchased her first set of TST skin care products in an online store. The shop owner and Liu Ling lived in the same city, living in a second-tier coastal city. Later, the shop owner became Liu Ling's "upline" and was called the "company chairman."
Song Siwen, who came from a second-tier city in the north, joined the "organization" passively. After the Spring Festival in 2016, a friend I met while traveling began to contact Song Siwen frequently and even went to Song Siwen's city to visit her. Seeing that the other party was very enthusiastic, Song Siwen did not refuse. As soon as they met, the other party started to introduce how profitable he was by doing micro-business, and showed Song Siwen his circle of friends about eating, drinking and having fun. He also said that a young girl born in 1992 had a monthly income of more than 200,000 and had already bought a sports car.
At first, Song Siwen was not moved by these stories. It was not until this "friend" came to see her for the third time that he said, "I made 20,000 yuan in 4 months." Song Siwen was moved. At that time, her child had just entered kindergarten, and she was working as a logistics worker in a company. Her income was not high, and she was planning to start a side job to earn extra money.
Lin Ruiyang wrote in his autobiography "Lin Ruiyang Farewell to Lin Ruiyang": The users of the "TST" platform are mainly young women born in the 80s and 90s in second, third and fourth tier cities. They generally have relatively weak foundations and are eager to use the TST platform to join their own businesses and change themselves through unremitting efforts.
"Dreams are the universal currency", this sentence appears more than once in Lin Ruiyang's autobiography. Lin Ruiyang and his wife personally weaved this dream based on "beauty, wealth, and independence" for the agent, and continued to strengthen the ability to realize the "dream" through fan meetings one after another.
Liao Minshan, a mother born in the 1990s, never dreamed that she would get a ticket to the "First Year-end Ceremony of the Nation's No. 1 Micro Queen Family". At that time, she was introduced by her classmates and transformed from a user to a product agent. At her craziest time, she designed her own product leaflets and distributed them in nearby supermarkets. From colleagues around her, to her aunt's sister, and even netizens she has never met, Liao Minshan can be developed as offline. In 2016, when TST was developing at its fastest pace, Liao Minshan was able to sell 40,000 to 50,000 yuan a month. She was successfully elected as the "sales elite" of the local "group" and got a place to participate in the grand ceremony. For this, she spent a week choosing a dress and even matched it with a crown.
At events such as this, Liao Minshan and others can meet micro-business "stars" from different families. Most of them are mothers. They told on the stage how they went from living in poverty, where they could barely afford to raise their children, to "earning millions a year" and "buying a car and a house" after "meeting TST". The touching stories made them burst into tears.
A billboard in front of the TST Secret Shanghai headquarters building. Picture/IC
These inspirational stories can also be "personally" forwarded by Lin Ruiyang's "Brother Lin". Sometimes the forwarder is "TST Court Secret Micro-Business Brother Lin (Unit No. 1)", sometimes it is "TST Anti-Innovation Platform - Brother Lin (Unit No. 4)". It is reported that Lin Ruiyang has 8 mobile phones to connect users from all over the world and communicate problems at any time.
For Liao Minshan, who attended the ceremony for the first time, the most exciting thing was to take a photo with the brand founders Zhang Ting and Lin Ruiyang. There were more than 100 people lined up in front of Liao Minshan, and each person was given no more than 30 seconds to take pictures. They arranged their clothes, posed, and clicked the shutter. When it was her turn, before she could say hello to "Brother Lin," the assistant signaled "next person."
Behind Liao Minshan, there are hundreds of agents holding number plates, and the entire photo session may last for several hours. Lin Ruiyang, who was almost 60 years old at the time, sat upright and kept smiling throughout the whole process. After receiving the photo, some agents forwarded it with the caption, "Although I am a celebrity boss, I have no airs at all!" and then received a lot of envy in the comment area. Liu Ling made no secret of her envy for having met Zhang Ting "online". She has two "online" WeChat accounts, and their avatars are both taken with Zhang Ting.
Dalwe, who has no shortage of celebrity resources, has developed the corporate culture into a fan culture that is full of stickiness and market efficiency. In the spring and summer of 2018, Dalwe held three fan meetings in Shanghai, Nanjing, and Macau respectively. In addition to Zhang Ting and Lin Ruiyang, the event also invited Tao Hong, Lin Chiling, Wu Zongxian and others to stand on the stage, as well as singers such as Wu Mochou and Cao Ge to sing. Thousands of micro-business fans attended each event.
At a cruise event at the end of 2018, Lin Ruiyang played Santa Claus and interacted with fans. He also served as the "flower girl" at a collective wedding of employees. The white-haired Lin Ruiyang was ridiculed by netizens as "Grandma Zhang Ting." Sometimes he wears formal clothes and shouts emotionally: "Let my sisters stand on my shoulders to make money."
Lin Ruiyang, who is 62 years old this year, was born in Luodong Town, Yilan County, Taiwan, China. In his early years, he was known as "Taiwan's No. 1 Xiaosheng" for his starring role in the Qiong Yao drama "Yilian Youmeng". The last chapter of his autobiography writes that Lin Ruiyang devoted himself to studying the Soviet Stanislavsky acting system. Performance advocates experience and immersing himself in the emotions of the character.
At the birthday party on May 20, 2018, the birthday boy Lin Ruiyang wore a black T-shirt and jeans and entered on a motorcycle, while his wife Zhang Ting put on a youthful and energetic campus outfit. Every carefully designed detail is not only to thank fans, but also to pave the way for new product launches. There were countless mothers at the scene, holding their sleeping babies in one hand and holding their mobile phones high in the other to take selfies, recording their elegance at the "TST Secret of the Court" event, forwarding it to their WeChat Moments, and accompanying it with a new product promotional poster.
A founder-level agent introduced on his social platform that when the agent team reaches 100 people, a company can be registered. Multiple companies form a group. TST internally calls the group a family. The higher the level, the more sources of bonus compensation. Under such an incentive system, according to TST's official website, since its establishment in 2013, "TST Secret" has helped 12.46 million people find employment and mentored more than 3,300 people to establish start-up companies in the past seven years.
"The large-scale event fully utilizes the essence of Taiwan's MLM." Song Xuebao, associate professor of the Marketing Department of Tsinghua University School of Economics and Management, told China News Weekly. Organizations create strong psychological attachments to participants by creating gods. Most people who engage in MLM lack a sense of independence, and these people often prefer to own and express themselves. This need is seen by the organization and met in a timely manner, which makes it easier for people to fall into the trap of MLM. A variety of high-profile activities satisfy the participants' sense of belonging and vanity at the same time. Everyone hugs each other to support each other, as if this has legitimacy.
However, Song Xuebao also pointed out that "the activity itself is not illegal. What violates the "Prohibition of Pyramid Selling Regulations" is the incentive mechanism of tiered remuneration."
"The identity of the founder can be hereditary"
Song Siwen looked back on his crazy four years as an agent, and it felt like he was stuck in a quagmire. The more he struggled, the deeper he fell.
Initially, she just went online and registered as a silver card member using her ID number and mobile phone number, and also bound a personal bank card. At this time, she could only buy cosmetics for her own use and could not go offline. If you spend 500 yuan that month, your personal account will receive a 75 yuan rebate on the 12th of the next month, which is equivalent to enjoying a 15% discount. There are also different consumption levels in the silver card stage. The higher the consumption, the more discounts you will enjoy.
After going online, Song Siwen sent copywriting and new product pictures to WeChat groups every day. Song Siwen followed it and forwarded it to Moments for two days. A friend who was an overseas purchasing agent suddenly found her and wanted to join TST as an agent. Song Siwen recalled that her supervisor was very excited when she heard about this incident, and immediately told Song Siwen, "You open a card for her, and she opens a card for others. You will have a son, your son will have grandchildren, and your children and grandchildren will buy things, and you will make money."
Seeing Song Siwen's excitement, the online player quickly added: "You have a silver card now, which is not high enough. You have to upgrade to a gold card to develop your offline and open cards for others." To upgrade to a gold card, you must first buy enough performance of 2,500 yuan. TST is known as "zero investment, zero stocking". Song Siwen also felt that something was wrong at the time, and went online to persuade her: "You have members below, and you have never used it yourself. Do you know what the product looks like? Just look at the pictures and have no experience of using it. How can you share it with others? If you don't use it yourself, just post it on WeChat, which has no soul." This set of rhetoric made Song Siwen confused and spent more than 2,600 yuan, and successfully upgraded.
(TST official information) TST Court Secret 2020 blue card (left) and red card member bonus system.
At that time, it was the outbreak period of micro-business. Public data shows that in mid-2015, WeChat's monthly active users exceeded the 500 million mark, and the number of payment users reached about 400 million. Everyone has several WeChat business friends in WeChat, and "traffic fission" can occur at any time. In 2016, the number of jobs created by micro-business exceeded 20 million, and the revenue exceeded 500 billion. Under such a background, Song Siwen's development speed also accelerated. From 0 to 200, it only took three or four months, and soon grew to 500 people.
At that time, the "gold and silver card" bonus system was soon replaced by the "red and blue card" system, but the rules were basically the same. The gold card in the past corresponds to the current red card. The red card stage is divided into 7 levels. The higher the sales performance, the higher the level, and the more rebate points for personal sales bonuses. In addition to personal sales bonuses, the salary of red card members also includes "agent wholesale and retail difference" and "self-media promotion award". The so-called "agent wholesale and retail difference" means that a certain proportion of the total performance of the downline is fed back to the red card members. And if you want to get the "We-Media Promotion Award", both individual performance and team performance must meet certain requirements.
Song Siwen did the math and sold the products to friends at a discount. Plus monthly rebates, it was just enough to cover the cost and make almost no money. The upline told Song Siwen, "If you have 100 downlines, you can establish a company. After establishing the company, there will be a team management award. Your descendants will be endless generations, all related to you." The upline also said: "You have enough people now, but the performance is not enough. You must make at least 100,000 yuan per month and meet the standards for three consecutive months before you can establish a company."
The total amount of 300,000 yuan almost made Song Siwen sober. At that time, she tried her best to pull down the line. Her monthly sales were only more than 20,000 yuan, and she wanted to reach 100,000 yuan, unless she stocked up on goods. The upline advised her: "By the time your three-month assessment period expires, the number of downlines will have already exceeded 1,000. Each person will buy a few hundred yuan on average, and 300,000 yuan will be enough to repay the investment in a month." The upline also said, "The founder's identity can be hereditary. When you quit, it can be passed on to your children."
Later, Song Siwen began to borrow money to stock up on goods, overdrafted Huabei, Jianbei, and credit cards, and asked classmates to borrow money. In order not to lose money, I kept stocking up while frantically pulling down the line. "At that time, my tactics for attracting people were the same as those for my online development. My classmates and friends would avoid me when they saw me. I couldn't sleep well at night, and I was thinking about how to add others on WeChat every day." Song Siwen told China News Weekly.
Three months later, it was not easy for Song Siwen, who successfully registered the company and became the "founder". Once her performance is not up to standard, she will not get paid. Song Siwen recalled that the low-cost standard for "founders" dropped from 8,000 yuan to 6,000 yuan, and finally to 4,000 yuan. She later understood that the company was established to help Shanghai Dalwei avoid taxes - "rebates" became "public-to-public business transactions" rather than "payment of wages."
During this period, Song Siwen's "brainwashing" by the boss could be described as both kindness and power: on the one hand, he constantly created anxiety, saying every day that "women are not independent and have no value, and your children will look down on you when they grow up"; or they ranked in the WeChat group to stimulate agents to strive for performance. Only the top-ranked people have the opportunity to participate in the event and meet Sister Ting and Brother Lin; wages are paid on the 12th and 15th of every month, and various agent groups start to explode. Some people post performance screenshots to prove that they earn tens of thousands a month, and some people say that they have bought a house and a car.
On the other hand, the online presence is constant to appease people. From the end of 2018 to the beginning of 2019, news about TST's upcoming listing emerged one after another. Sometimes it was said that it would be listed on the A-share market, and sometimes it was said that it would be listed in Hong Kong. At that time, Dalwei also made a shareholder poster for Song Siwen. She stood behind her eldest brother and Sister Ting. The poster read "Sharing 800 million shares with several big-name chairman" in two lines of characters.
The news that "Dalway may be listed" is not groundless. In November 2017, Shanghai Dalwei planned to sell 51% of the equity of its subsidiary giant Yiwang to the listed company Shandong Huapeng for a price of no more than 650 million yuan. But the deal ended up being terminated a week later. Shandong Huapeng stated in the termination announcement that "there are overlapping and intersecting assets between Dalwei and Jujuyi.com, making it difficult to effectively distinguish, and Jujuyi.com's business is heavily dependent on Dalwei."
“The No. 1 Micro-Business Brand” and “Micro-Business Godmother”
According to the National Enterprise Credit Information Publicity System, Shanghai Dalwei was established on June 6, 2013, with a registered capital of 231.8 million yuan. It belongs to the wholesale industry and is engaged in the import and export of goods and technology. Its business scope covers cosmetics, knitted textiles, daily necessities, etc. The legal representative of the company is Lin Jirong (former name of Lin Ruiyang). Lin Jirong also serves as the director and general manager of Dalwei. The chairman of the company is Zhang Shuqin (former name of Zhang Ting).
In terms of equity structure, according to Tianyancha, Shanghai Dalwei has 9 legal person shareholders and 3 natural person shareholders, including the well-known actor Tao Hong, who ultimately benefited from 6.64% of the shares. According to the official information of "TST Court Secret", the celebrity "shareholders" of Dalwei Company also include singer Cao Ge and Cao's wife Wu Suling.
In July 2021, "Shanghai Tao Buting Culture Media Co., Ltd." founded by Zhang Ting and his wife was renamed "Tao Buting Culture Media". The original shareholder Tao Hong no longer holds shares as a natural person, and this part of the shares accounted for 1.8911%.
According to Tianyancha, Zhang Shuqin works for 90 companies. Among them, 77 companies have Zhang Shuqin as legal person, all located in Shanghai. Lin Jirong worked for 69 companies. Up to now, Zhang Ting and Lin Ruiyang have been "associated" with 11 companies, including Shanghai Dalwei. In addition, Shanghai Dalwei has made a total of 28 foreign investments, of which 25 investment companies have Lin Jirong as the legal person, involving e-commerce, advertising, business consulting, real estate development, life technology and other fields.
Official information from Shanghai Dalwei shows that "TST Secret" was founded in 1996 by Lin Ruiyang, and its predecessor was the Taiwanese brand LA FEE. That year, 26-year-old Zhang Ting had already become famous for starring in "Joke Qianlong", while 36-year-old Lin Ruiyang was experiencing the "seven-year itch" from his previous marriage. Not long after, Zhang Ting moved to the mainland, where his role as "Little Maruko" in the TV series "Love Through Time" was loved by the audience. Lin Ruiyang also started a real estate business in the mainland during that time. In 2006, the two returned to Taiwan to get married.
According to media reports, Lin Ruiyang’s real estate brokerage company suffered from poor performance from 2011 to 2013. Zhang Ting once revealed in a well-known talk show that Lin Ruiyang was a very ambitious person. He was obsessed with stock trading and once lost all his money. He never gave up and spent all his savings to support Lin Ruiyang.
After 2014, Zhang Ting’s stage also moved from film and television dramas to micro-business platforms. As live broadcasts became increasingly popular, Zhang Ting and Lin Ruiyang started operating TST live broadcast business again. While many celebrities were still unwilling to condescend to enter the live broadcast room, Zhang Ting had already completed his first show with goods on June 10, 2020. His very down-to-earth style was very popular among consumers, and the first broadcast completed sales of 256 million yuan.
The WeChat public account "Green Qingpu" of the Shanghai Qingpu District Government Information Office released the list of Qingpu's "Top 100" outstanding enterprises in 2018 in early 2019. Shanghai Dalwei ranked first, followed by STO Express, Yunda Freight, and Shanghai Jahwa. Zhang Ting and his wife once announced that Dalwei’s total tax payment in 2018 was as high as NT$9.6 billion, which is approximately 2.1 billion yuan. The titles of Dalwei’s “No. 1 Micro-Business Brand” and Zhang Ting’s “Micro-Business Godmother” have since spread.
After the micro-business scandal
At the beginning of 2021, Song Siwen accidentally learned from several former TST employees that the "Brother Lin" WeChat he added with great excitement earlier was actually not Lin himself, but his assistant had been managing it. This moderate blow made Song Siwen, who believed deeply in "eldest brother and sister Ting", begin to reflect, and issues that she had previously ignored began to emerge from her mind.
As the details of the alleged pyramid scheme of "TST Court Secrets" were gradually revealed, some netizens questioned: Why has no one noticed it from 2013 to now? Song Siwen told "China News Weekly" that most of the early participants were "beneficiaries" and would not betray the company. A large number of later participants did not invest much money, and many of them have not yet awakened. Agents like her who usually join in the mid-term can only continue to deceive themselves and others in order not to lose money.
Zhou Yang, director lawyer of Tianjin Chengli Law Firm, told China News Weekly that according to relevant regulations, if the purpose is to defraud others of their property, and it has the characteristics of soliciting people, forming a hierarchy of three or more, and the company's profit model is soliciting people to pay fees rather than sales profits, it can basically be judged It is suspected of pyramid schemes, and the difficulty in investigating micro-business related rumors is that it is difficult to fix the number of people, scale, and levels of online sales platforms. If the case handling agency wants to fix the evidence, it must freeze the backend data and then hand it over to the physical evidence laboratory and other departments for organized recovery of the backend data. The process is very complicated.
An agent who has been with TST for seven years revealed to China News Weekly: "Sister Ting and Big Brother" have been adjusting the team's compensation model since 2017, from multi-level to "secondary", and from gold and silver cards to red and blue cards, just to avoid pyramid schemes.
"This company has done a lot of evasive actions. Although there is no promise of rebates for pulling down the line, and it seems to be less than three levels, it is actually a pyramid-style bonus structure and incentive mechanism. Of course, whether it is a pyramid scheme in the end depends on the judicial decision." Song Xuebao said.
Wu Changhai, a law professor at China University of Political Science and Law and deputy director of the Institute of Capital Finance, believes that no matter whether the hierarchical team is three-tiered or multi-tiered, if the income of early participants is the principal of later participants, and the business model does not create more commercial value, and the product does not eventually enter the consumption stage, it is a pyramid scheme. "Judging from external manifestations and behaviors, for example, whether the product is reasonably priced and whether it can be returned, if the answer is yes, it is not a pyramid scheme."
In 2016, Wu Changhai led a research team to visit Hebei, Guangdong and other provinces, interviewing victims, regulatory authorities and multiple related companies. After half a year, he released China's first micro-MLM research report, "New Online MLM - Research on the Development, Harm and Prevention of Micro-MLM in my country." The report pointed out that at that time, “at least half of the MLMs in China were micro-MLMs.” "Micro-MLM is not a fixed concept, but a simple definition of the mainstream marketing form at that time compared with traditional MLM." Wu Changhai said.
Since the popularization of smartphones, traditional offline pyramid schemes, which feature restrictions on personal freedom and "brainwashing" in classes to attract members, have become outdated. After 2013, online MLM has become a new trend. MLM organizations use smart phones to conduct MLM through social platforms such as WeChat groups, mobile QQ groups, QQ language chat rooms, Momo, and public accounts. New features such as virtuality, cross-regionality, concealment, financiality, and more deception have emerged.
With the popularity of WeChat and the rise of micro-business, many MLM organizations seem to have seen the value of the "private traffic" gathered by this platform, and have put on the micro-business vest one after another. Cheng Xusen, a professor at the Department of Economic Information Management, School of Information, Renmin University of China, analyzed that the entry threshold for the WeChat platform is not high, the operation technology is not difficult, and it is easy to get started. Moreover, WeChat has strong social attributes, fast dissemination speed, and low customer acquisition cost, which is far better than traditional e-commerce. These all meet the needs of pyramid schemes well.
In the impression of Song Xuebao, associate professor of the Marketing Department of Tsinghua University School of Economics and Management, micro-business started in 2013, developed most rapidly in 2016, and began to decline around 2018. "MLM is definitely not the only way out for micro-business, but the decline of micro-business is inevitable, and now micro-business is in the process of differentiation." Song Xuebao said.
In the end, some micro-businesses will continue to stay on the WeChat platform to maintain user relationships, some will move to live broadcast platforms to sell goods, and some will turn into pyramid schemes in disguise.
Wu Changhai pointed out that MLM turns actual product sales into financial activities. In the end, only funds flow, but no goods flow. This is the essence of MLM. According to the existing legislation, although we can pay attention to whether MLM has external characteristics such as "paying entrance fees", "pulling people in" and "forming hierarchical teams for compensation", we cannot simply judge that "a three-layer organization is a pyramid scheme, and if it is less than three layers, it is not a pyramid scheme". Otherwise, it will only allow organizations that formally circumvent the characteristics of MLM, but actually practice MLM, to go unpunished.
At present, the legislation targeting "pyramid schemes" is still the "Regulations on the Prohibition of Pyramid Schemes" promulgated in 2005. But compared with the past, the current forms of MLM can be described as "various". Wu Changhai concluded that the current trend of MLM is combined with fashionable concepts. Whatever the state encourages the development of, MLM organizations will graft it onto themselves, from blockchain, big data, to the current hot metaverse. This is the case.
"Doing MLM is like taking opium. That group of people will never disappear. When some forms are severely cracked down, they will try to find other models. In comparison, traditional legislation has obviously fallen behind. To completely crack down on MLM, we must fundamentally improve the legislation and refine or supplement MLM standards." Wu Changhai said.
(At the request of the interviewee, Liu Ling, Song Siwen and Liao Minshan are all pseudonyms in the article)
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