Miao Jianmin, Chairman of China Merchants Bank, talks about the real moat. On March 30, at the 2025 annual results conference of China Merchants Bank, Chairman Miao Jianmin shared his understanding of the company’s core competitiveness: China Merchants Bank’s real moat is not external advantages such as retail business and financial technology.
On March 29, Yao Chen posted on social platforms his daily routine of raising a baby on the weekends, and posted a selfie with his daughter Jasmine. The mother and daughter were in the same frame. The 9-year-old Jasmine was attending ballet class, and her long legs were so eye-catching.
In the photo, Yao Chen is wearing a baseball cap and an orange jacket. He looks cool in casual clothes. Daughter Jasmine is wearing an orange rhombus coat, and she and her mother are wearing matching parent-child looks. The mother and daughter are taking selfies in the sun in the parking lot. Jasmine has her eyes closed and covers her forehead with her hands. The picture is warm and loving.
Yao Chen sent his daughter to ballet class. Little Jasmine turned around to say goodbye to her mother when she arrived at the door. She was carrying a bag and carrying many things in her hands. She looked independent and mature. I really couldn't believe that she was only 9 years old. Moreover, little Jasmine is very tall, perfectly inheriting her mother's superior height, and her long legs are very eye-catching.
Little Jasmine, who was taking ballet class, put on a tutu and a bun, and practiced seriously under the guidance of the teacher. I have to say that little Jasmine's tall and thin figure is really suitable for dancing. She has a tall and straight posture, a generous temperament, and the head-to-body ratio is simply too superior.
After it was over, Yao Chen took his daughter to have dessert. Little Jasmine was happy and satisfied after eating the cake. By the way, although little Jasmine inherited her mother's good figure, her appearance is more like her father Cao Yu, especially her eyebrows, which feel exactly like her father.
It is reported that Yao Chen and Cao Yu got married in 2012 and gave birth to a son and a daughter. The eldest son Xiaotuo is 13 years old this year. On March 16 this year, Yao Chen and Cao Yu issued a joint statement officially announcing their divorce. They stated that they had divorced a few years ago and had not made it public considering that their children were still young at the time.
Although Yao Chen and Cao Yu have separated, seeing the state of their children, they feel that they should not be affected at all. After all, parents' love for their children will definitely not be less.
China News Service, Fuzhou, March 30 (Ye Qiuyun) "The Qingming rain is always thin, like someone whispering. Year after year, it falls on this wall and on those names..." On the 30th, the "Your name is on the wall - Qingming Memorial · Home and Country Memorial" memorial ceremony was held in front of the Memorial Wall of the Anti-Japanese Soldiers at the Sanshan Humanities Memorial Park in Fuzhou.
On the 30th, the "Your Name is on the Wall - Qingming Memorial Day, Eternal Memory of Home and Country" memorial ceremony was held in front of the Memorial Wall of Anti-Japanese Soldiers at Sanshan Humanities Memorial Park in Fuzhou. Photo courtesy of Fuzhou Sanshan Humanities Memorial Park
The theme of this event is "Your name is on the wall", and a name rubbing session was specially set up. Guests can pick up a memorial card at the sign-in counter, look for their loved ones’ names on the memorial wall of anti-Japanese soldiers, and then lightly rub their names on the card with a pencil to express their condolences in a unique way.
Each of the 8,564 names engraved on the memorial wall was a living life. During the rubbing process, participants can touch the depth of the carvings with their own hands and feel the heavy marks left by the years, allowing the abstract "remembering the heroes" to be transformed into tangible and tangible actions. A family member of the martyr said emotionally: "The moment I found and scratched the name, I felt that he was by my side."
At 9 o'clock, the event officially started. All the guests stood in silence, and with the nine bells ringing, everyone paid their highest and deepest respect to the anti-Japanese comrades. After the silence, representatives of the organizers presented flower baskets to the memorial wall in turn to express their memory and remembrance of the revolutionary martyrs. Later, the Dongjin Art Troupe recited the poem "Names on the Wall". The actors called out every immortal name on the wall in a calm and affectionate tone, conveying their infinite respect for the heroes.
"Every flame is a name." In the affectionate recitation, eight igniters jointly lit the "fire of memory". The identities of these eight igniters are all meaningful. Among them are family members of the martyrs who found their relatives' names on the wall, scholars who have long studied the history of the Anti-Japanese War, and representatives of the younger generation who inherit the red spirit. The jumping fire symbolizes the inheritance of the memory of heroes from generation to generation and the continuation of the patriotic spirit.
At the end of the event, families of anti-Japanese comrades, veterans, representatives of the host and co-organizers, students and people from all walks of life saluted and laid flowers to jointly commemorate the revolutionary martyrs and pass on their patriotic sentiments. (over)
The bait of "marrying a Chinese and getting a high dowry" and "going to China to work with a high salary" are actually trafficking in women and making illegal profits. This kind of human trafficking crime disguised as a transnational matchmaking agency will never escape the severe punishment of the law. On March 29, 2026, Myanmar’s national media officially reported that on March 24, the Yangon Mingaladong County Court pronounced sentences on multiple human trafficking cases related to transnational marriage agencies. Five Chinese men were sentenced to 10 to 15 years in prison and hard labor for their involvement in the case. Many Burmese accomplices were also sentenced. This heavy sentence has completely opened up the dirty trap of human trafficking by criminals under the guise of "transnational marriage and love".
This image may have been generated by AI
Three cases exposed: the scam routines are exactly the same
Case 1: The husband and wife partner set up a trap to obtain a fake certificate to induce marriage.
A Myanmar woman from Maubi Township, Yangon Province, contacted her aunt to apply for an identity document, but was led into a criminal den in Mingaladong Township.
Here, a Burmese woman, Mame Myodu (also known as Mui Du), and her Chinese husband, Shao Xuan, used the guise of "Marrying a Chinese man will get a 10 million kyat gift + jewelry", first paid an advance payment of 2 million kyats to seduce the woman, and then arranged for her to live with a Chinese man, Li Wei, for nearly five months.
During this period, the two pretended to help apply for passports and visas, but in fact they made profits from it. Li Wei paid them an agency fee of 40,000 yuan. The court’s final verdict: Shao Xuan and Mame Miaodu were each sentenced to 15 years in prison, and Li Wei was sentenced to 10 years in prison.
Case 2: The victim was hidden in the den, and the agency fee was clearly marked
An in-depth investigation by the police found that Shao Xuan and Mame Myodu had been entrenched in Mingaladong Township for a long time, specializing in organizing Burmese women to live together with Chinese men for profit.
When the police raided the den, they found three Burmese women and three Chinese men on the spot. After investigation, the three victims were from Ayeyarwaddy Province, Kayin State, and Yangon Province. They were either lured by the rhetoric of "high betrothal gift + 1 tael of gold", or were tricked into Yangon by anonymous accounts using the same lie when applying for jobs on TikTok.
The couple charged three Chinese men, Qin Weifeng, Chen Libing, and Shang Xudong, each with an agency fee of 40,000 yuan. They only paid a small amount to the female victim and withheld the rest. The court ruled: Shaoxuan and his wife were still sentenced to 15 years. The three Chinese men mentioned above and multiple Burmese defendants were all sentenced to 10 years in prison. The two fugitive Burmese introducers have been wanted by the entire Internet.
Case 3: Fraudulently claiming to be working and defrauding people to leave the country, coercing people into marrying for profit
Another case was also a common deception: a Burmese woman lured a woman from Magway Province to China with the promise of "working in Ruili Restaurant, monthly salary of 3,500 yuan" as bait.
Upon arrival, the victim was immediately asked to marry a Chinese man and was told that he would be paid 30,000 yuan but had to live together for one year. The woman firmly refused and wanted to return to Myanmar, but her personal freedom was restricted on the grounds of "asking for return fares." Fortunately, she took the opportunity to escape and was discovered by the Chinese police and handed over to Myanmar.
The Burmese woman involved in the case, Maya Myintai, was eventually sentenced to 11 years in prison and hard labor. The fugitive suspect in the case is also wanted.
Legal red line: Transnational matchmaking is completely illegal, and those involved will be severely punished
These cases are all typical illegal crimes of human trafficking under the guise of transnational matchmaking. The illegal gangs accurately grasp the psychology of some Myanmar women who want to improve their lives, set up traps with high betrothal gifts and high-paying jobs, and force them to live with others and get married, earning tens of thousands of yuan in agency fees, completely ignoring the law and the bottom line of human nature.
What many people don’t know is that our country’s laws clearly prohibit any foreign-related marriage agencies, and such illegal activities are illegal.
In 2024, China's Ministry of Foreign Affairs, Ministry of Public Security and other departments jointly issued a warning: Most of the so-called "introduction of foreign brides" activities conceal crimes such as trafficking, fraud, illegal entry and exit. Participants will not only lose their lives and money, but will also violate the laws of China and foreign countries and face prison terms.
Myanmar's "Anti-Human Trafficking Law" also has zero tolerance for this type of crime. Articles 35 and 44 set severe penalties, with a maximum penalty of 15 years of imprisonment and hard labor. This heavy sentence is the most direct warning.
Solemn reminder: Stay away from cross-border marriage scams and never take the law into your own hands.
In recent years, there have always been criminals advocating "marrying foreign brides with low bride prices", luring some people to travel to neighboring countries such as Myanmar and Vietnam to find spouses through illegal channels, but little did they know that they had already entered the abyss of crime.
It looks like a marriage, but it's actually a business; it looks like an intermediary, but it's actually a human trafficker.
Five Chinese men were sentenced to severe sentences abroad, which is a heavy warning: No matter whether they organize trafficking or participate in it, they cannot escape legal sanctions. Cross-border marriage and love must be conducted through legal and formal channels. Do not take chances and touch legal red lines. You must not participate in or condone any human trafficking behavior that infringes on the rights and interests of others.
Here’s a reminder to everyone:
Resolutely reject illegal foreign-related matchmaking, and do not believe in the scam of "marrying foreign brides at low prices";
Not participate in any transnational human trafficking, illegal detention, fraud and other illegal activities;
If relevant illegal clues are found, report them to the domestic public security organs as soon as possible.
Respecting the law and respecting human rights are the foundation of one's life. Don't pay the painful price of being imprisoned because of temporary greed.
Against the background of two consecutive years of losses and the failure of the last major asset restructuring, Gaoling Information (SH688175), a company listed on the Science and Technology Innovation Board, once again set its sights on extended mergers and acquisitions. About half a month ago, Gaoling Information announced the acquisition.
On the evening of March 30, Gaoling Information released a specific transaction plan, planning to acquire 89.49% of the shares of CareerStar Information Technology (Nanjing) Co., Ltd. (hereinafter referred to as CareerStar), a "little giant" company specializing in special new technologies and paying cash, which is a high-tech enterprise mainly engaged in the research and development and production of satellite communication technology and systems.
"Daily Economic News" reporters found that this is the second time Gaoling Information has planned a major asset restructuring within a year - the company had launched an acquisition of another target at the end of 2024, but the plan was terminated in June 2025. Behind this, Gaoling Information has experienced continuous decline in performance since it was listed on the Science and Technology Innovation Board in March 2022. Its revenue in 2025 was only 230 million yuan, less than half of 2022, and its net profit has suffered losses for two consecutive years.
Interestingly, CareyStar, the target of this acquisition, had previously been "targeted" by another listed company, but failed to materialize due to differences in valuation.
CareStar's net profit declines in 2025
According to the reorganization plan, Gaoling Information plans to purchase a total of 89.49% of the shares of Career Skycom held by 20 counterparties, including Shi Yan and Li Jianghua, by issuing shares and paying cash. The issuance price is set at 23.00 yuan per share. At the same time, the company also plans to raise supporting funds to pay for the cash consideration of this transaction and the construction of the target company's projects. However, the current trading price of the underlying assets has not yet been determined.
CareStar, the target of this acquisition, is a national-level specialized and innovative "little giant" enterprise focusing on the field of satellite communications. It is mainly engaged in the R&D and sales of satellite communications baseband products, network management and control systems, ground terminals and other products.
For Gaoling Information, which is deeply involved in the fields of terrestrial communications and network security, the strategic intention of this acquisition is clear. Gaoling Information stated in the plan that after the transaction is completed, its ground communication business can complement the satellite communication business of CareStar to build a complete product chain covering ground communication, satellite communication, security and data services, forming an integrated competitive advantage of "ground security communication + satellite global communication".
In terms of performance, the transaction plan shows that CareStar will achieve operating income of 258 million yuan and 269 million yuan in 2024 and 2025 respectively, and net profits of 41.5001 million yuan and 24.289 million yuan respectively. Among them, the equity incentive plan was implemented in 2025, and share-based payment expenses were confirmed accordingly. If the impact of share-based payment expenses is excluded, the net profit in 2025 will be 29.839 million yuan. Comparison shows that CareerStar's net profit will decline significantly in 2025. The announcement also stated that the above-mentioned financial data have not been audited, and the audited financial data of the target company will be disclosed in the restructuring report.
It is worth noting that in August 2025, Dongzhu Ecology (SH603359) announced its plans to acquire CareStar, but it was terminated in January 2026. At that time, Dongzhu Ecology also proposed to acquire 89.49% of its shares.
Performance has been under pressure year after year, and the company is "looking for a way" again after the failure of the last restructuring.
"Daily Economic News" reporters found that after landing on the Science and Technology Innovation Board in 2022, Gaoling Information's performance will continue to be under pressure. In order to reverse the decline, Gaoling Information has already made moves to seek extensional development. It proposed to acquire CareerStar this time, less than a year after its last failure.
Dongcai Choice data shows that from 2022 to 2024, Gaoling Information's operating income dropped from 517 million yuan to 266 million yuan, nearly halved; the net profit attributable to the parent company dropped from a profit level of over 100 million yuan before listing to a loss of more than 52 million yuan in 2024.
Entering 2025, the operating situation has not yet fundamentally improved. Gaoling Information's latest performance report shows that operating income in 2025 will be approximately 230 million yuan, a year-on-year decrease of 13.87%; net profit attributable to the parent company will be -40.6416 million yuan. Although the company narrowed its losses by 22.26% year-on-year by strengthening the collection of accounts receivable and expense management, the decline in revenue and gross profit margin was still the main reason for the losses. This year's revenue scale is less than half of the level of the year of listing.
In the context of continued sluggish performance, in December 2024, Gaoling Information launched the acquisition of Sino-Telecommunications, with the intention of entering into the civilian market such as telecom operators and opening up new growth space. However, the restructuring plan was terminated in June 2025. The reason given by the company was that "the parties involved in the transaction failed to reach an agreement on the final cooperation plan for this transaction."
After the failure of the last restructuring, investors are paying close attention to the company's development path. In several investor relations activities, investors raised questions about failed restructuring, declining performance, stock price performance and other issues. The company has responded that it is willing to expand the company's operating volume and quality through mergers, acquisitions and restructuring, but it needs to be carefully evaluated and promoted in an orderly manner.
Now, less than a year after the last restructuring failed, Gaoling Information has quickly launched an acquisition plan for CareStar. Whether this "bet" can succeed, the market will wait and see.
daily economic news
In Arabic, Mandeb means "Gate of Tears", which is intended to describe the danger of traveling through this place.
This strait is about 100 kilometers long and 32 kilometers wide. About 6 million to 7 million barrels of oil pass through it every day. It is one of the busiest straits for global oil trade and is generally regarded as the world's second largest energy chokepoint.
Especially after the Strait of Hormuz was effectively closed, Saudi Arabia and other Gulf oil-producing countries were forced to use the Bab el Mandeb route as the only remaining export channel.
Today, this "door" is completely within the range of Houthi armed missiles and drones.
What is even more worrying is that if the two major throats of Hormuz and the Bab el-Mandeb Strait are cut off at the same time, the impact will be far beyond imagination.
"Hormuz itself is one of the most critical energy channels in the world, and once the Bab el-Mandeb Strait fails again, the efficiency of the Gulf-Red Sea-Suez trunk line will collapse significantly." Wang Lei, an assistant researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, told Sanlihe.
He analyzed that this will push the market to a stage of "close to panic, but still constrained by fundamentals". The focus of market pricing is no longer just how much oil the world produces, but whether the oil can safely reach buyers.
In other words, the system will not "return to zero in an instant", but will shift from mainline transportation to a state of "few bypasses, higher costs, and lower efficiency"; the oil market will shift from traditional production logic to the logic of accessibility, insurability, and shipability.
If this route is disrupted, ships will be forced to take longer detours. According to an analysis by the UAE's "The Nation", this will extend the voyage by 10 to 15 days, resulting in significant additional costs.
Wang Lei analyzed that the additional costs mainly come from four parts-fuel consumption caused by longer voyages, chartering costs caused by longer turnovers, insurance costs caused by higher risks, and inventory financing costs caused by goods staying at sea for longer.
"If the four rise together, oil prices will easily slide from fundamental pricing to pricing driven by sentiment and liquidity."
The market is paying for safety and detours with real money.
The most intuitive manifestation is that the global energy market has been hit again.
On March 30, the price of Brent crude oil futures in London exceeded US$116 per barrel, approaching the highest intraday record since the outbreak of the US-Israeli war.
Experts warn that oil prices could soar to as high as $150 a barrel if the Bab el-Mandeb Strait is blocked or severely disrupted.
However, if the Bab el-Mandeb crisis strikes, it will affect far more than just oil.
"The entire Red Sea Corridor carries about 30% of the world's container traffic." Kieran Tolat, a trader at GMS, a world-renowned shipping agency, said that as the southern gate of the Red Sea and Suez Corridor, the threat to the Bab el-Mandeb Strait will affect container transportation, bulk and dry cargo transportation, insurance premiums, and overall shipping operations in Asia and Europe.
According to the Associated Press, about 12% of global merchandise trade passes through the strait, with major commodities ranging from cereals to toys to electronic products.
For many shipping companies, this route is the fastest and most cost-effective link between the Indian Ocean and the Mediterranean.
Right now, the items in ordinary consumers’ shopping carts may be stuck on this route. When the "Gate of Tears" really sheds tears, the numbers on consumer bills around the world are the most authentic proof.
("Sanlihe" Studio)
Content summary:
Ukrainian drones attacked the Kuibyshev Azote chemical plant in the Russian city of Samaratolyati on Saturday night and early Sunday. The plant is one of the world's largest ammonia producers and is used for the production of civilian fertilizers and military explosives and rocket fuel raw materials. The attack caused multiple explosions and multiple fires at the plant. Russian chemical companies have become a key target of Ukraine's attacks. In March, Ukraine's attacks on Russian-related chemical companies were publicly reported more than 14 times.
A massive Russian military-civilian factory was targeted in a massive drone attack on Sunday and suffered heavy losses - both in fertilizer production and exports and in military explosives.
On March 29, the "Military" media reported that a large number of attack drones attacked the Kuibyshev Azote Chemical Plant in the Tolyati Industrial Zone in the Samara Region of Russia that morning.
The attack began late at night on March 28 and lasted until the morning of the 29th. Multiple drones flew to the Kuibyshev Azote chemical plant one after another. Throughout the night, locals were disturbed by the sound of shelling from air defense systems and explosions from drones, making it difficult to sleep.
Fedorishev, the governor of Russia's Samara region, confirmed the attack. On Sunday afternoon, he posted on the Telegram channel: "Dear residents of the Samara region, this morning the Ukrainian armed forces attacked an industrial enterprise in Tolyati with a drone. According to preliminary information, there were no casualties. Operational services are functioning. Let me remind you that it is prohibited to take and publish photos and videos of drones, as well as the consequences of their use. It is dangerous to get close to the wreckage of a drone. If discovered, you should call the emergency number: 112."
Russian online media Astra reported that in the early morning of Sunday, the city of Tolyati in the Samara region was attacked by a large-scale drone. The main target of the attack was the Kuibyshev Azote chemical plant. During the hours-long attack on the company, multiple drones hit the factory, and local residents reported multiple explosions and multiple unusual fires at the factory. Some of the explosions may have been the sound of local air defense systems intercepting the drones, indicating that Russian mobile fire teams were in action during the drone strikes.
Subsequently, at 2:35 a.m., NASA's FIRMS satellite fire monitoring service recorded an abnormally high temperature in the Kuibyshev Azote chemical plant area.
Kuibyshev-Azot Chemical Plant is a major Russian chemical plant located in the city of Tolyati in the Samara region, specializing in nitrogen chemistry and polymer production, and one of the largest ammonia producers in the world.
The plant's main products include ammonia, urea and other chemical products, which the manufacturer mainly uses to make mineral fertilizers. However, ammonia and nitrogen compound derivatives also serve as basic raw materials for a variety of industrial and military processes. In particular, companies can use it in the production of explosives, rocket fuel and other chemical components.
In addition, the plant produces polyamide plastics and synthetic fibers, which are widely used in the automotive industry, textiles and electronics. Overall, this is a full industry chain enterprise that converts raw materials into basic chemicals and finished products.
It has become normal for Ukrainian drones to attack manufacturing companies or military warehouses involving military purposes in Russia or in areas occupied by Russia.
"Military" recently reported that in March, 14 attacks on Russian chemical companies in Ukraine were publicly reported by the media. The targets of the attacks were all companies related to the production of fertilizers and military components.
For example, on March 11, a Ukrainian drone attacked the Kuibyshev Azote chemical plant in Tolyati, Samara region. This attack caused a fire in the plant.
On the morning of March 11, Ukrainian attack drones simultaneously attacked the chemical plant of Metafrax Chemicals Joint Stock Company in Gubaha, Perm Territory. The news was announced by the region's administrative head Dmitry Mahonin.
Mahoning posted on Telegram that afternoon that "the enemy drone arrived at an industrial enterprise in Gubaha," but no one was injured and the operations department is currently handling the incident on site. In the post, the Russian official did not specify which company was targeted by the drone strike or the extent of the damage.
Russian online media SHOT reported that the chemical plant of Metafrax Chemicals Co., Ltd. was attacked that morning. The company mainly produces urea, a chemical element used in ammonium nitrate and ammonium nitrate mixtures (ANFO), which can be used as a raw material for industrial explosive devices and, theoretically, in artillery shells or land mines.
Although Metafrax Chemicals is not publicly linked to the Russian military-industrial complex, its parent company Roskhim is one of the main suppliers of chemical products to various Russian military-industrial complexes. The factory is approximately 1,600 kilometers from the Ukrainian border.
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