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During The Spring Festival Of 2026, Beijing’s Business Districts Will See Booming Sales, Strong New Year Customs, And Many New Highlights In The Consumption Scene

China News Service, Beijing, February 23 (Reporter Lu Shaowei and Chen Hang) Data released by the Beijing Municipal Bureau of Commerce on the 23rd showed that during the 2026 Spring Festival holiday, the department stores, supermarkets, professional stores, catering and e-commerce businesses that the bureau focused on monitoring achieved sales of 84%.

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  • Wang Yi Attended The United Nations Human Rights Council Meeting And Proposed Key Points For Improving Global Human Rights Governance

    China News Service, Beijing, February 23. Wang Yi, member of the Political Bureau of the Central Committee of the Communist Party of China and Minister of Foreign Affairs, attended the high-level meeting of the 61st session of the United Nations Human Rights Council via video in Beijing on the 23rd and delivered a speech.

    Wang Yi said that President Xi Jinping proposed a global governance initiative to lead the direction of global human rights governance with Chinese wisdom, which has received support and response from more than 150 countries and international organizations. China is willing to work with other countries to take the implementation of global governance initiatives as an opportunity to improve global human rights governance and promote the healthy development of the international human rights cause.

    First, we must pursue sovereign equality and protect the original intention of global human rights governance. We must insist on equal participation, equal decision-making and equal benefits among all countries, and promote the construction of a fair, reasonable and inclusive global human rights governance system. Second, we must abide by the international rule of law and build a solid foundation for global human rights governance. All countries should jointly uphold the "golden rule" of non-interference in other countries' internal affairs and resolutely say no to words and deeds that manipulate double standards in the name of human rights. Third, we must practice multilateralism and resolve challenges in global human rights governance. Countries should promote the abandonment of all forms of colonialism and racial discrimination, and properly deal with new issues such as artificial intelligence, climate change and human rights. Fourth, we must advocate people-centeredness and enrich the connotation of global human rights governance. It is necessary to place the right to development in a more prominent position on the multilateral human rights agenda and make human rights progress visible and achievable. Fifth, we must pay attention to action orientation and improve the effectiveness of global human rights governance. China is willing to coordinate actions with the international community to jointly paint a new picture of the global human rights cause.

    Wang Yi emphasized that 2026 is the first year of China’s “15th Five-Year Plan”. China is willing to work with other countries to carry forward the common values ​​of all mankind, join hands to build a community with a shared future for mankind, and let the development and progress of human rights civilization benefit the whole world. (over)

  • TST Court Secret Was Accused Of Being Involved In Pyramid Schemes, And Responded That Its Legality Was Questioned

    MLM definition_TST_Traditional MLM method

    Tan Haojun

    The so-called pyramid scheme refers to the behavior of illegally obtaining wealth by developing people or requiring people to be developed to obtain membership qualifications on the condition of paying a certain fee. The essence of MLM is a "Ponzi scheme", which uses the money of latecomers to give to those who came before. In the end, the scam becomes bigger and bigger, and the holes become bigger and bigger.

    Traditional MLM methods not only require participants to pay a certain fee, but in many cases also restrict personal freedom, confiscate ID cards, mobile phones, and attend group classes. The new MLM method is much more relaxed and does not require as many personal restrictions as traditional MLM. Instead, it uses capital operation as an excuse to attract people to defraud money, allowing participants to recruit relatives and friends to join the group, and in the end everyone loses everything.

    Previously, a private anti-pyramid scheme team issued an article saying that after receiving a response from the Shijiazhuang City Yuhua District Market Supervision and Administration Bureau’s verification letter, Shanghai Dalwei Trading Co., Ltd., a company owned by Lin Ruiyang and Zhang Ting, was investigated for suspected pyramid schemes. In response to this, "TST Court Secret" issued an article in the early morning of December 29, saying that Shanghai Dalwei is a legally operating company. Since its establishment, it has always followed government guidance, adhered to legal operations, and paid taxes in accordance with the law.

    In response to TST, relevant personnel from the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City said in an interview with the media that they had received a large number of reports from the public claiming that the "TST Court Secret" was suspected of pyramid schemes. After investigation, the Yuhua District Municipal Supervision Bureau determined that Shanghai Dalwei, the parent company of "TST Court Secret", was suspected of pyramid schemes. The reason is that Dalwei has the three characteristics of a pyramid scheme, namely the pyramid structure of recruiting people, paying entry fees and team remuneration. Relevant personnel also revealed that the case has now entered the audit stage, and the next stage involves penalty decisions and penalty amounts, which is expected to take several months.

    If it is determined to be a pyramid scheme, the company will face very severe penalties. If the amount involved is too large, the relevant personnel will also be held criminally responsible. This is why it is more difficult to file a case against pyramid schemes. Because the marketing methods launched by some "smart" companies and "smart" people are somewhere between MLM and non-MLM, and are wandering on the edge of the law. How to make a reasonable and legal determination is worth pondering.

    According to the information provided by the Yuhua District Market Supervision Bureau, after an inquiry into Dalwei’s bank account, it was also discovered that the company used financial institutions to set up bank accounts to transfer and hide market funds in large quantities. In order to prevent heavy losses to the country, the Yuhua District Market Supervision Bureau applied to the court to take property preservation measures in accordance with the law and froze the company's 600 million yuan in funds.

    The parent company of "TST Court Secret" is Shanghai Dalwei Company. The response of "TST Court Secret" only said that Shanghai Dalwei Company is a legally operating company, and did not say whether Dalwei Company's branches are also operating legally. If Shanghai Dalwei Company operates legally and its subsidiaries are engaged in pyramid schemes, then Dalwei Company cannot escape relevant responsibilities (such as poor management, etc.). Therefore, it cannot only investigate its subsidiaries and ignore the operating conditions of the parent company.

    MLM behavior is extremely harmful. If it is not controlled when it can be controlled, and investigated and banned in accordance with the law, once the bubble bursts and the capital chain is broken, the consequences will be disastrous. Therefore, while Dalwei Company still has financial strength, it should be investigated as soon as possible whether the company is suspected of pyramid schemes.

    In response to the market supervision department's inspection of Dalwei Company, spokesperson Ma Xiaoguang of the Taiwan Affairs Office of the State Council said that anyone doing business or starting a business in mainland China must first abide by laws and regulations. In other words, if the law is violated, no one can be spared and will be severely investigated and punished.

    Comics/Chen Bin

  • The Valuation Adjustment Of The Silver Fund Under SDIC Capital Will Provide Layered Compensation To Natural Person Investors

    China News Service, Beijing, February 23 (Reporter Chen Kangliang) In response to the recent concern about the valuation adjustment of its silver funds, the Chinese listed company State Investment Capital Co., Ltd. (hereinafter referred to as State Investment Capital) issued an announcement on the 23rd that it will continue to urge its holding investment companies to strictly abide by the bottom line of compliance operations, effectively fulfill the main responsibilities, continuously improve risk management capabilities and investor returns, and maintain the stable, healthy and orderly development of the capital market.

    Recently, the valuation adjustment of SDIC UBS Silver Futures Securities Investment Fund (LOF, hereinafter referred to as SDIC Silver LOF), a subsidiary of SDIC UBS Fund Management Co., Ltd. (hereinafter referred to as SDIC UBS Fund), a tertiary holding investment company under SDIC Capital, has attracted market attention. SDIC UBS Fund has released a special work plan on related matters on February 15.

    According to the plan, SDIC UBS Fund will provide layered compensation to natural person investors affected by the valuation adjustment. Among them, for natural person investors whose amount affected by the valuation adjustment (the part adjusted from -17% to -31.5%) is less than RMB 1,000, the settlement amount will be determined in full based on the actual amount affected (this group of investors accounted for more than 90% of the investors who redeemed on the day).

    In response to the above plan, SDIC Capital said that after preliminary calculations, it is expected that the plan will have a certain negative impact on the company's net profit attributable to the parent company in 2026. The amount of the impact will be less than 5% of the company's audited net profit attributable to the parent company in 2024 and will not have a substantial impact on the company's overall business development.

    The trigger for this incident stemmed from the plunge in the international silver market. On January 30, COMEX silver futures prices fell sharply, exceeding the Shanghai Futures Exchange’s silver futures price limit. On the evening of February 2, SDIC UBS Fund announced that it had decided to make valuation adjustments for the silver futures contracts held by its funds with reference to the main international market prices of silver futures. Affected by this, the net value of SDIC Silver LOF fell by 31.5% in a single day, setting a historical record for single-day declines in public funds.

    The focus of the controversy over the above-mentioned valuation adjustment is that the fund company released the valuation adjustment announcement only after the closing of trading. As a result, investors who submitted redemption applications during the day expected to lose about 17% when submitting the application, but the actual loss after the closing was 31.5%.

    Wang Hongying, president of the China (Hong Kong) Financial Derivatives Investment Research Institute, said that SDIC Silver LOF is a futures contract linked to the Shanghai Futures Exchange, and the product itself has certain structural flaws. For investors, they need to understand that this product is different from ordinary funds and is a high-risk fund linked to futures. (over)

  • The Digital Renminbi Has Been Questioned, And Its Legal Basis And Central Bank’s Positioning Have Attracted Attention

    She Yunfeng, author of Mobile Payment Network: Recently, with the steady advancement of digital renminbi, more and more application scenarios have gradually been implemented. However, with the continued advancement of digital renminbi, more and more discussions and voices have emerged.

    For example, an industry insider previously stated that the current digital renminbi is not a true "renminbi", but a "token" issued by the six major banks themselves. The six major banks are equivalent to "note-issuing banks" and only implement their own policies based on the regulations of the central bank. Before the digital renminbi implements its own "legal currency" status, it can only be a "token".

    Legal Basis for Digital RMB

    Digital RMB is operated by designated operating agencies and redeemed by the public. It is based on a broad account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, has value characteristics and legal compensability, and supports controllable anonymity.

    According to "China's Road to Legal Digital Currency" published by the central bank's digital currency research project team in 2016, in the early days of digital renminbi design, the central bank adhered to the idea of ​​"uniformized" management in laws and regulations and followed the idea of ​​integrated management with the traditional renminbi. However, digital renminbi is not simply the digitization of traditional renminbi. When it comes to the nature, issuance, exchange, circulation, storage, destruction, and management of digital renminbi, each link may produce legal issues or risks that are different from traditional renminbi.

    Digital RMB is a legal currency in digital form issued by the People's Bank of China. This is the central bank's long-standing positioning of digital RMB.

    However, currently, according to the "People's Bank of China Law" and the "RMB Management Regulations", the People's Bank of China is authorized to "issue RMB and manage the circulation of RMB" on behalf of the country and exercise currency issuance rights. Currency issued by the People's Bank of China in accordance with the law, including banknotes and coins. In other words, according to the current law, the currency form of RMB should be physical currency, with banknotes and coins as its material carriers, and does not include the issuance of intangible digital currencies.

    Therefore, according to the current legal provisions, the digital renminbi also does not have legal currency status. Article 16 of the "People's Bank of China Law" and Article 3 of the "RMB Management Regulations" stipulate that "all public and private debts within the territory of the People's Republic of China must be paid in RMB, and no unit or individual may refuse to accept it." This clarifies the legal compensability of RMB.

    On October 23, 2020, the central bank publicly solicited opinions from the public on the "Law of the People's Republic of China on the People's Bank of China (Revised Draft for Comments)". The draft stipulates that RMB includes physical and digital forms, providing a legal basis for the issuance of digital RMB. After the law is successfully passed, the digital renminbi can legitimately become our country's legal currency.

    Similarly, our country should also revise relevant laws and regulations such as the "RMB Management Regulations" and the "Interim Regulations on Cash Management" to improve and establish the legal status of digital renminbi.

    Recently, Li Wei, deputy chairman of the National Financial Standardization Technical Committee and director of the Science and Technology Department of the People's Bank of China, published an article in the "Tsinghua Financial Review" stating that it is necessary to ensure the support and connection between digital RMB standards and relevant legal rules.

    Fan Yifei, member of the Party Committee and Deputy Governor of the People's Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, have also emphasized in public on many occasions that "digital RMB (e-CNY) is a legal currency in digital form issued by the People's Bank of China" and elaborated on the positioning of the digital RMB M0.

    Therefore, the positioning of the digital RMB as a legal digital currency has not changed, and it is only a matter of time before its legal currency status is established.

    Digital RMB and Linked Exchange Rate System

    The statement that the digital RMB "token" and the six major banks are "note-issuing banks" may be more due to the fact that the digital RMB has some characteristics of the Hong Kong note-issuing bank model.

    On December 27, 2020, Zhou Xiaochuan, former governor of the People's Bank of China, elaborated on the idea of ​​digital renminbi at the "Digital Financial Innovation and New Pattern of Economic Development" series of seminars at the Digital Finance Research Center of Peking University. He said that the digital renminbi draws on Hong Kong's banknote issuance system to a certain extent, which is the so-called "linked exchange rate system."

    Hong Kong's linked exchange rate system is a currency board system. The currency board system means that the flow and stock of the monetary base are 100% supported by a foreign currency. In other words, any increase or decrease in the monetary base must be matched by foreign exchange reserves calculated at a fixed exchange rate. Under Hong Kong's linked exchange rate system, the three note-issuing banks (HSBC, Standard Chartered Bank and Bank of China Hong Kong) purchase Certificates of Indebtedness from the Hong Kong Monetary Authority in U.S. dollars at an exchange rate of HK$7.8 to 1 U.S. dollar, or conversely use certificates of indebtedness to return equivalent U.S. dollars at an exchange rate of HK$7.8 to 1 U.S. dollar. That is, if the note-issuing bank wants to increase or decrease the money supply, it must be supported by the equivalent amount of US dollars.

    Zou Chuanwei, chief economist of Wanxiang Blockchain, issued an article stating that the digital renminbi has the characteristics of a linked exchange rate system and indirect CBDC. How to understand it?

    The overall operating framework of digital renminbi adopts a two-tier operating system of "central bank-commercial bank/commercial bank-public". The central bank occupies a central position in the digital renminbi system and is responsible for wholesale of digital renminbi to designated commercial banks and full life cycle management. Commercial banks and other institutions are responsible for providing digital renminbi exchange and circulation services to the public.

    Among them, the central bank has chosen commercial banks with relatively strong strengths in capital and technology as designated operating institutions (currently six major banks) to take the lead in providing digital RMB exchange services. Commercial banks pay 100% reserves to the central bank. When issuing digital renminbi, the central bank will issue the digital renminbi to the bank treasury of the commercial bank, and at the same time deduct an equal amount from the commercial bank's reserves, and then the commercial bank will exchange the digital renminbi to the public.

    In his view, the designated operating institution will be similar to a note-issuing bank under a linked exchange rate system, or a CBDC bank in an indirect CBDC. The digital renminbi is issued based on the deposit reserves of designated operating institutions at the People's Bank of China. This part of the reserve is similar to the foreign exchange reserves under the linked exchange rate system. Deposit reserves used to support the issuance of digital renminbi will no longer be included in the deposit reserve assessment of designated operating institutions by the People's Bank of China. Designated operating institutions can obtain a "Certificate of Preparation" or "Letter of Comfort" issued by the People's Bank of China. Such a "certificate of provision" or "comfort letter" would be similar to the Hong Kong Monetary Authority's certificate of indebtedness and would have the status of central bank currency.

    In fact, the author agrees with the view that digital renminbi has some characteristics of a "linked exchange rate system", but there is no direct connection between the two, and the most important "exchange rate" of the "linked exchange rate system" is not reflected in the digital renminbi system. If 100% reserve funds can also be regarded as a 1:1 exchange, then does 100% of the reserve funds deposited by third-party payment institutions also have the characteristics of a "linked exchange rate system"?

    Therefore, the positioning of digital renminbi as a legal digital currency is certain. The central bank is the issuing institution of digital renminbi. The so-called "tokens" and the statement that the six major banks are "note-issuing banks" are essentially inaccurate.

    Is synthetic CBDC a central bank digital currency?

    Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission and former director of the Central Bank's Digital Currency Research Institute, once wrote that the 100% reserve model is the central bank's digital currency model advocated by some scholars in recent years, citing the Hong Kong note-issuing bank model as its practical basis.

    They believe that an agency operating agency deposits 100% reserve funds with the central bank and then issues a corresponding amount of digital currency on its account book, which can be regarded as central bank digital currency. Economists from the International Monetary Fund such as Tobias Adrian call it Synthetic Central Bank Digital Currency (sCBDC).

    In fact, central bank digital currencies can be divided into many types based on their scope of application, operational structure, value paradigm, etc., such as wholesale and retail types, account paradigms and certificate paradigms, as well as indirect, direct, hybrid CBDC, etc.

    Digital Currency_Digital RMB Issuance Mechanism_Digital RMB Legal Basis

  • Liu Xianyi, Department Of Orthopedics, Peking University Hospital: Rich Experience In Surgical Treatment Of Spinal Trauma And Various Fractures

    Introduction:

    Liu Xianyi, male, chief physician, Ph.D. Member of the Orthopedic Society of the Chinese Medical Association and AO member of the International Society of Traumatology. In 2004, he studied limb trauma and spinal trauma at the German Trauma Center. He studied under Professor Oestern, a member of the International Trauma Society and a famous trauma expert, and obtained the AO International Fellowship certificate. Later, he went to Europe to learn the concepts and skills of spinal surgery, including lumbar spinal stenosis, lumbar spondylolisthesis, lumbar fracture and dislocation, spinal deformity, cervical spondylosis, cervical spine trauma, thoracic disc herniation, thoracic ossification of the ligamentum flavum, thoracic fracture and dislocation, etc. He went to foreign countries and across the country for academic exchanges many times and published 11 papers. Professional features and research directions: Spine Surgery: We carry out surgical treatments for lumbar spinal stenosis, lumbar spondylolisthesis, lumbar fracture and dislocation, spinal deformity, cervical spondylosis, cervical spine trauma, thoracic disc herniation, thoracic ossification of the ligamentum flavum, thoracic fracture and dislocation, etc. Department of Traumatology and Orthopedics: A large number of fracture and trauma operations have been carried out. The maximum age of the patients is 93 years old. Most of the patients with lower limb fractures can leave the bed within a week after the surgery, and the patients with upper limb fractures can get out of bed the next day after surgery. A series of new surgeries in bone trauma have been carried out: acromioclavicular plate hook fixation for acromioclavicular joint dislocation, combined anterior and posterior surgery for complex pelvic fractures, open reduction and special-shaped plate internal fixation for calcaneal fractures, MIPPO (minimally invasive) technology combined with LCP (locking compression) plate internal fixation for humeral surgical neck fractures, intramedullary nail knockdown technology for humeral shaft fractures, and internal fixation treatment for Pilon fractures (complex distal lower leg). Published papers: 1. Liu Xianyi, Li Chunde, Yi Xiaodong, Ma Zhongtai. Clinical characteristics and treatment of concurrent cervical and lumbar degeneration. Chinese Medical Journal, 2006, 86(11): 763-765. 2. Liu Xianyi, Li Chunde, Li Hong, Sun Haolin. Surgical treatment of degenerative lumbar scoliosis. Chinese Journal of Spine and Spinal Cord, 2006, 16(3): 192-195. 3. Liu Xianyi, Li Chunde, Zhu Tianyue, Lu Hongzhang, Li Jun. Timing of wound blood transfusion after orthopedic surgery. Chinese clinical medicine. 2001, 8(4): 350-354. 4. Liu Xianyi, Li Chunde, Yi Xiaodong. Histological study of massive prolapsed lumbar discs. Journal of Clinical Surgery. 2006, 14(3): 176-177. 5. Liu Xianyi, Zhu Tianyue. Experimental study on the coagulation effect of alum solution on the nucleus pulposus of intervertebral disc. Chinese Journal of Orthopedics, 2006, 14(1): 53-55. 6. Liu Xianyi, Li Chunde, Zhu Tianyue, Lu Hongzhang, Li Jun. Clinical study on blood reabsorption after orthopedic surgery. US-China International Journal of Trauma, 2003, 2(3): 16-18. 7. Li Chunde, Liu Xianyi, Ma Zhongtai, Yi Xiaodong. The role of cervical segmental instability in sympathetic cervical spondylosis. Chinese Journal of Surgery, 2002, 40(10): 730-732. 8. Li Chunde, Liu Xianyi, Ma Zhongtai, Li Hong. Analysis of the causes of cervical kyphosis after anterior cervical decompression and bone grafting fusion. Chinese Journal of Spine and Spinal Cord, 2005, 15(5): 284-287. 9. Li Chunde, Liu Xianyi, Chai Weibing, Yi Xiaodong, Mi Chuan, Li Huaiguang, Zhu Tianyue. Effect of Ning Hongxin on the prevention and treatment of anemia during elective orthopedic surgery. Chinese Journal of Surgery, 2002, 40(8): 638. 10. Li Chunde, Yu Zhengrong, Liu Xianyi, Li Hong. Factors influencing adjacent joint degeneration after lumbar internal fixation and fusion. Chinese Journal of Surgery, 2006, 44(4): 246-248. 11. Li Chunde, Liu Yan, Yi Xiaodong, Liu Xianyi, Lin Jingrong. Use of Syncage in cervical spine fusion. Chinese Journal of Spine and Spinal Cord 2003, 13(12): 718-720.

    Details>

  • TST Parent Company’s 8th Anniversary Live Broadcast, Zhang Ting Appeared In The Agent Group, New Products Will Be Launched Soon

    On June 13, Chen Miao (pseudonym), an agent engaged in TST, received last month’s salary as scheduled and posted a thank you message on WeChat Moments. The TST brand also held a live broadcast of the company's 8th anniversary on the "Jujuyi.com" WeChat video account on the same day. Tianyancha APP shows that Shanghai Jujuyiwang Industrial Co., Ltd. (Jujuyiwang) is a wholly-owned subsidiary of TST's parent company, Shanghai Dalwei Trading Co., Ltd. (hereinafter referred to as "Dalwei").

    Times Finance noticed that during the live broadcast that day, the promotional video for the product "7250 Collagen Combination" was also recorded by Zhang Ting himself. Chen Miao said that Zhang Ting will still appear in the agent group to interact. At the same time, the company is also developing new products. Among them, Orchid Clear Sunscreen Lotion will be officially launched on June 20, priced at 328 yuan for 35ml, which is much higher than well-known sunscreen brands such as Anaisun.

    TST agent Chen Miao’s salary payment_TST_Zhang Ting appears in agent group interaction

    Zhang Ting appeared in the agent group, picture source: Agent Moments

    This new product is a product of Oceana, a beauty brand jointly developed by Mingdao and TST. Oceana is owned by Shanghai Tingcan Import and Export Co., Ltd. (hereinafter referred to as "Tingcan"). Mingdao and its agent Li Shixiang hold 10% and 15% of the shares respectively. The largest shareholder is Shanghai Shangyang Tianxi Investment Management Co., Ltd., and the legal person is Lin Ruiyang.

    In addition to Mingdao, Tao Hong, who was previously rumored to have received a dividend of 420 million, has not severed ties with TST. Current industrial and commercial information shows that Beijing Most Taoran Clothing Co., Ltd. (hereinafter referred to as "Most Taoran"), which is 100% owned by Tao Hong, is still a shareholder of Dalwei and indirectly holds shares in Tingcan.

    Shanghai office buildings have resumed work, and multiple vest accounts have low-key live broadcasts

    In 2013, Lin Ruiyang founded Dalwei and officially launched the TST secret brand in the mainland through the company, and entered the micro-business world the following year. With the support of Zhang Ting, Lin Ruiyang and his wife, Tao Hong and Xu Zheng, Lin Chiling, Luo Zhixiang and other celebrities, the TST secret brand has grown rapidly.

    In February 2019, TST teamed up with iQiyi and the two parties cooperated to promote the star product-Live Yeast Renewal Facial Mask; in April, it became the special sponsor of the fifth season of Dragon TV's variety show "Extreme Challenge". However, TST, which has been labeled as "micro-business" and "bad face", has been deeply involved in word-of-mouth controversy.

    In 2021, Dalwei was put under investigation by the municipal supervisory bureaus of the two places, and TST's sales method was even characterized as a pyramid scheme.

    According to The Paper’s report at the time, in June 2021, a staff member of the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City, Hebei Province stated that the Yuhua District Municipal Supervision Bureau had opened an investigation into Dalwei, and on June 5, it opened an investigation into Dalwei for suspected pyramid schemes.

    A staff member of the Anti-Unfair Competition Section of the Yuhua District Municipal Supervision Bureau said that TST has the three characteristics of a pyramid scheme, namely a pyramid structure of recruiting people, paying entry fees and team remuneration. In July, the Municipal Supervision Bureau seized 96 properties owned by the company, worth 1.7 billion yuan. As of now, the case is still under further investigation.

    In the same month, the Market Supervision Bureau of Baokang County, Xiangyang City, Hubei Province took Dalwei and several of its affiliates to court, including Tao Hong’s Zuitaoran and the giant Yiwang. It was ruled that the Dalwei bonus system was a pyramid scheme and constituted an illegal act of organizing and planning pyramid schemes. The illegal income of 19.2799 million yuan was confiscated and a fine of 1.7 million yuan was imposed.

    Because Dalwei has the halo of being a star entrepreneur, the incident has been repeated after the qualitative pyramid scheme. Tao Hong, Xu Zheng, and Ming Dao were affected one after another, and the reputation they had built up in the industry over the years was affected.

    However, despite this turmoil, TST seems to be still operating normally. In June, as Shanghai's economic activities gradually returned to normal, TST officially resumed work in its Shanghai office building. The company's 8th anniversary event also kicked off on the official APP and video accounts, Douyin and other live broadcast rooms.

    So far, the giant Yiwang video account has conducted 8 live broadcasts, and its promotional page shows that there will be 3 more live broadcasts on June 19, 20 and 29. In addition to this account, TST still has other video accounts "horses" that are broadcasting in a low-key manner, and they notify each other of the live broadcast time through the internal agent group.

    According to incomplete statistics from Times Finance, the TST-related video account "Activity Online Live Broadcasting Account" has a total of 26 live broadcasts since its opening, with the most recent live broadcast on May 30; other video accounts including "Oshina" have broadcast 20 live broadcasts, the "Activity Live Broadcast Special" has 42 live broadcasts, and the "Training Activity Live Broadcast Account" has 14 live broadcasts. The latest live broadcasts of the above-mentioned accounts were all in May, and the IP location is shown as Shanghai.

    The agent broadcasted more than 40 live broadcasts in half a month, with less than 10 viewers.

    Times Finance learned that the bonus system formulated by Dalwei divides members into blue card members and red card members. Among them, the bonus system implemented for red card members requires the development personnel to develop other personnel to join, forming an upline and downline relationship.

    Under this model, TST's agent team continues to grow. According to its official website, TST currently has 6.36 million agents. Chen Miao is one of them. She came into contact with the TST brand in 2014 and became one of its agents the following year. From 2015 to 2021, she established 3 trading companies and opened a TST offline experience store.

    Times Finance contacted her as a buyer and learned that after users register on the APP, they will receive a membership card with a 9.25% discount. If they want to get a higher discount, they need to find an agent to join his team, provide their name and phone number, and only after registration can they become a new agent, a so-called blue card member. The original agent will also receive the service fee for introducing the new agent, and at the same time, he will answer questions about products, after-sales and other issues for the new agent.

    Agents usually place orders from the official APP to get goods, and the company will ship them directly. Chen Miao said: "The more orders you place on the company's platform, the higher the rebate will be, and the rebate will be sent back to the agent as salary next month." Under the stimulation of this model, many agents will hoard goods. However, agents who go for discounts and rebates also face the risk of inventory backlog. "The goods hoarded by agents will be digested by themselves. The company will not cover the whole situation and does not support returns." According to Times Finance, as of now, agents are still continuing to purchase goods from TST.

    When asked whether the recent public opinion would affect product sales, Chen Miao said: "Definitely, it goes without saying." These effects have also been projected on her recent live broadcast.

    At 11 p.m. on June 14, Chen Miao ended his day's live broadcast on Douyin. The live broadcast lasted for two hours. The products featured included TST's live yeast jelly mask, mud mask, moisturizing water, etc. However, the number of people online always hovered below 10. But this did not affect the frequency of her live broadcasts. At 7:30 in the morning on June 15, Chen Miao appeared in the live broadcast room again.

    In June 2020, Zhang Ting appeared in the Douyin live broadcast room for the first time. The first five hours of the live broadcast brought sales of 250 million yuan. Since then, Douyin live broadcast has become a sales method that many agents have imitated. Chen Miao first tried live streaming on Douyin in June last year, and had broadcast more than 80 live broadcasts intermittently by the end of the year.

    After June this year, she basically maintained the frequency and duration of 3 to 4 shows a day, 2 to 3 hours each. The number of live broadcasts in the last half month alone has exceeded 40.

    Although the workload has increased significantly compared with before, and the shipment situation has been affected by public opinion, Chen Miao still maintains a lot of protection for the company. "I have been an agent for 7 years. We are a famous brand, and public opinion is constant. There are always people who criticize us. This is not the first time. I am used to it." She also pointed out that the company never asked them to stock up on goods, and it was up to them to decide how much they could sell.

    Times Finance has learned that in addition to Chen Miao, there are still many active agents in Taobao, Douyin, and Xiaohongshu. Agents who are forced to endure the MLM scandal can only actively sell goods to reduce their own losses.

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