EZVIZ Network's beautiful performance is backed by a big tree, so it is good to enjoy the coolness of cooperation and autonomy or be subject to the controlling shareholder


2022-08-08: [Chinese Article Link]  "Kimberley" South Capital Center, Cheyenne/author, flood power/wind control. On 30 December 2021, Hangzhou Haikangway (002415) Digital Technology Co. Ltd. (hereinafter referred to as “Haikangway”) disclosed information that was to be listed in the territory of Hangzhou Hykang Robotics (3000024) Technical Co. Ltd., a subsidiary of which it was a subsidiary. Indeed, this was not the first time that Heconway was listed. As early as April 25, 2020, Heconway disclosed that it had initiated pre-market preparations for the listing of his branch, Hangzhou Firestone Network Ltd. (hereinafter referred to as the “Frystone Network”). In 2019-2021, the controlling shareholder of the fluorescent network was the first customer of the fluorescent network, with a combined contribution of $1,267 million. In addition, it claims that the top five offshore customers have approached and started to cooperate with them. However, public information suggests that many offshore distributors had sold their products before the year in which they began to cooperate, or that “back-to-back” shareholders had access to their clients’ resources. I. Hundreds of millions of yuan in revenue from the pre- and post-establishment of autonomous production lines, excellent performance or “accompaniment” by controlling shareholders Performance is the equivalent of an enterprise's “perform card” reflecting the results of its operations. In this case, the Focalypse Network's performance is “beautiful.” However, looking closely at its clients, the controlling shareholder, Haekang Wai, is seen as the first customer of the Focalypse Network and there is a “synchronous” sale of both products. 1.1 Net gains on the fluorescent network exceeded 30 per cent in 2019-2021 According to a letter of offer dated 4 January 2022 (hereinafter referred to as “January 2022) and a letter of offer dated 20 June 2022 (hereinafter referred to as “the letter of offer”), the operating income of the network in 2018-2021 was 1,529 million yuan, 2,364 million yuan, 3,079 million yuan and 4,238 million yuan, respectively. In 2018-2021, net profits from the Fireflies network were 132 million yuan, 211 million yuan, 326 million yuan and 451 million yuan, respectively. In 2018-2021, net profits were calculated at a rate of 59.81 per cent, 54.53 per cent and 38.17 per cent respectively. From 2019 to 2021, it was not difficult to find that the net profit of the fluorescent network had increased by more than 30 per cent. However, the “beautiful” performance of the Firestone Network is either behind or dependent on the help of the controlling shareholders. 1.2 Production is dependent on controlling shareholders and there is no “autonomous production line” until 2020 According to the offer, as of 31 December 2021, Heikangway held 60 per cent of the stockholdings of the Firestone Network. By 2020, the production of the fluorescent network was dependent on a controlled shareholder, Hekang Wai, for example, in connection with the procurement of the fluorescent network. According to the January 2022 offers and offers, in 2018-2021, the combined amount of materials, goods and services procured from the relevant parties was 960 million yuan, 1,832 million yuan, 347 million yuan and 262 million yuan respectively, representing 100 per cent, 99.57 per cent, 17.34 per cent and 9.34 per cent of the total amount procured in the current period. During the same period, IYN procured 960 million yuan, 1,832 million yuan, 266 million yuan and 91 million yuan, representing 100 per cent, 99.57 per cent, 13.31 per cent and 3.24 per cent of the total material procured during the period. In response, the Focalypse Network indicated that in 2018-2019, its related procurement was mainly directed to Hykangway Technology Ltd. (hereinafter referred to as “Hykang Technology”), which is responsible for the production of intelligence in Heiconway, and that Hykang Technology was entrusted with the production and procurement of intelligent home products. Prior to 2019, there was no autonomous production model for the fluorescent network, which, with the exception of a small number of eco-products, mainly procured the products of smart household products from the related parties and commissioned the production of Haikang technology from the related parties, and the fluorescent network did not involve their own productive capacity. In late 2019, in order to meet the requirements of asset independence, the Firestone Network launched the break-up of production lines and, in 2020, adjusted the production model to self-production, according to the response to a letter dated 28 April 2022 (hereinafter referred to as the first round of inquiries). However, after the completion of the production line splitting, the fluorescent network continued to procure the Sea Conway and its subsidiaries. According to the first round of inquiries, in 2021, the Fireflies network procured storage cards for 7,8897,400 Yuan from the Hangzhou Storage Technology Ltd. (hereinafter referred to as “Haikang Storage”), a subsidiary of the Heiconview System. During the same period, the Firestone Network procured IC products and other raw materials from Chongqing Heiconway Science and Technology Co. Ltd., in the amount of 8784600 Yuan, and IC products and fingerprinting modules from Heikang Science and Technology, in the amount of 3012,200 Yuan. Among these, related transactions between the Focalypse Network and Haikang Storage and Haikang Technology are expected to continue in the future. It is easy to find that, by 2020, the fluorescent network did not have an autonomous production line, relying entirely on the controlled shareholder, Heicon technology, which is controlled by Heiconway. After the cut-off of the 2020 production line, the fluorescent network continues to procure from the relevant parties, and transactions are expected to continue. 1.3 Between 2019 and 2021, Heconway and its associated parties were the first clients to make a combined contribution of $1,267 million Re-visited sales of the Focalypse Network, between 2019 and 2021, the controlling shareholder Heconway and its associates were the first customers of the Focalypse Network. From 2019 to 2021, Heiconway and its associates were the first customers of the Firestone Network, which sold 215 million yuan, 524 million yuan and 527 million yuan, representing 9.1 per cent, 17.03 per cent and 12.44 per cent, respectively. In 2019-2021, Heiconway and its associates contributed a total of $1,267 million to the Fireflies Network. It is worth mentioning that the above-mentioned similarities are also of concern to the submission. According to the first round of inquiries, since 2020, there has been a significant increase in sales connected to the fluorescent network, the reason for the significant increase in sales associated to the aforementioned network required by the submission, as well as the reasons for and the use and external sales of smart household products procured from the fluorescent network by Heiconway and its subsidiaries. In response, the Focalypse Network stated that in 2019, prior to the splitting of the line of production for the assembly of the Flystone Network, its intelligent home products were commissioned for production by Haikang Technology. The main model of cooperation is that the Hangzhou Firestone Software Company Ltd. (hereinafter referred to as “Frystone Software”), which sells computer software products to Haikang Technologies, produces smart household products and sells back to the Firestone Network, and sells abroad. For sales channels partly maintained by Haikang Technologies or other related parties, Haikang Technologies sells them directly to the related parties or sells them abroad after producing smart furniture products. By the beginning of 2020, the switch of the fluorescent network to an autonomous production model resulted in a shift from the sale of computer software products to the sale of self-produced smart home products to related parties, resulting in a significant increase in revenues from the sale of smart home products associated with the fluorescent network, with only a small amount remaining from the sale of computer software products in 2020. As can be seen from the above, in 2020 and beyond, as the content of the products sold to the related parties by the fluorescent network was changed from mainly computer software products to smart home products, the related sales included the hardware component of smart home products other than software, which led to an increase in the value of associated sales. In other words, between 2019 and 2021, the controlling shareholder, Heiconway, and its related parties, were able to sell their smart household products for the Firestone Network and were the first customers of the Firestone Network. 1.4 As of 2021, the offshore distribution of fluorescent networks continued to rely on controlling shareholders, Heconway. According to the first round of queries, the Focalypse Network indicated the reasons for and use of Hiikang and its subsidiaries in procuring smart household products from the Focalypse Network, including marketing operations in offshore markets, domestic market solution packages, and domestic market operators. In the case of offshore market distribution operations, at the beginning of the reporting period, the Fireflies network had not yet established subsidiaries in parts of the overseas region, and sales in some parts of the overseas region needed to be marketed through overseas subsidiaries in the Sea Conway. In addition, as part of the off-shore areas, such as the North American market, there are instances where individual distributors have higher requirements for the establishment of suppliers, the size of their operations and the history of cooperation, while the fluorescent network has been established for a relatively short period of time and limited assets, it is still not possible to obtain certification or accreditation from such distributors for a short period of time, as recommended by the GCC. Between 2020 and 2021, the Fireflies network distributed through the external market of the related parties in the amount of 257 million yuan and 210 million yuan, respectively. In terms of domestic market solution packages, the smart home cameras, smart door locks, smart controls, other smart home products and some industry solutions in Heiconway are synergized and sold to real estate customers under contract by Heiconway. Between 2020 and 2021, the Fireflies network sold products for domestic market solutions to related parties in the amount of $113 million and $129 million, respectively. In the case of domestic market operators, in the reporting period, Heiconway saw the distribution of fluorescent network products to industry customers in the domestic market, mainly for telecommunications operators. Since Heconway has established a long-standing partnership with telecommunications operators, he has entered into agreements with interested parties for the supply of smart household products as a distributor and has procured the corresponding products from the Firestone Network. From 2020 to 2021, the sales to the related parties of products for domestic operators amounted to 5,603,400 Yuan and 3,8934,400 Yuan, respectively. In other words, during the reporting period, the Focalypse Network was sold through the offshore distribution of smart household products by the Heiconway and its subsidiaries, in some cases in conjunction with industry solutions by Heiconway, and the distribution of the Focalypse Network products by Heiconway to the customers of telecommunications operators. 1.5 Fireflies network intends to gradually reduce the share of related transactions abroad, including through the establishment of overseas subsidiaries According to the response to the second round of review inquiry letter, signed on 15 May 2022 on the occasion of the first public distribution of stocks and the listing of applications for documents on the board of science, the sales of smart household products by the network to related parties in 2020-2021 amounted to 257 million yuan and 210 million yuan, respectively, representing 44.25 per cent and 25.66 per cent of the total sales to and through the foreign markets of the affiliated parties in the current period. In response, the Firestone Network indicated that it was planned to reduce the proportion to less than 10 per cent within five years, including through the gradual establishment of offshore subsidiaries. As can be seen, until 2020, the fluorescent network did not have an autonomous production model, relying on controlling shareholders for their production. In sales, between 2019 and 2021, Heconway and its associates were the first customers of the fluorescent network, contributing a total of 1,267 million yuan. In the case of offshore market distributions and domestic market operators, there are situations in which they are considered to be marketed, and in the case of domestic market solution packages, there are cases in which the fluorescent network products are sold “co-operatively” with the seacomb products. Added to this is the fact that the fluorescent network, which claims to have opened its own offshore market distribution channels, is also “closely connected” to the controlling shareholder, Heikangway. “back-to-back” shareholders acquire dealer resources, cooperative autonomy or “responsible” against controlling shareholders The Focalypse Network in the declaration documents claims that it has learned to walk “independently.” The operation of the Focalypse Network, with multiple clients who overlapped with the controlling shareholder, Heikangway, had already sold the Ezviz brand products under its flag before the time of cooperation disclosed by the Focalypse Network, and lacked the ability to operate independently, either behind the contradictory envelopes or as a result of the apparent lack of independence of the Focalypse Network. 2.1 Overlapping with controlling shareholder clients, combining clients to support the fluorescent network with more than 40 per cent of the harvest According to the first round of queries, there was an overlap of customers between the Firestone Network and the controlling shareholder, Hei Conway. In 2019-2021, the Firestone Network earned 951 million yuan, 1,282 million yuan and 1,945 million yuan, respectively, representing 40.23 per cent, 41.64 per cent and 45.91 per cent of the income earned during the same period. 2.2 Reconciling clients, including three Vietnamese distributors, contributed a total of RMB299 million to the Firestone Network According to the first round of inquiries, the customers of the Hyconway, who overlap with the controlling shareholder, include Lehoang TradingTechnology Co., Ltd. (hereinafter “Lehoang”), Secure House Joint Stock Company (hereinafter “safe house shares”), Anh Ngoc Trading Technology Company Limited (hereinafter “AN”). Of these, Lehoang, Safe House and AN are head channel customers, head channel customers and large electronics distributors in Viet Nam. According to the first round of inquiries, in 2019-2021 Lehoang was the third, fifth and fourth largest offshore client of the fluorescent network, respectively. During the same period, they were sold to 1,591,200 Yuan, 2,8031,000 Yuan, 5,204700 Yuan, or 5.6 per cent, 5.35 per cent and 5.61 per cent respectively. It has been calculated that in 2019-2021, Lehoang contributed a total of 9,416,900 Yuan revenues to the Fireflies Network. In 2019-2021, the shares of the safe houses were the fifth, fourth and third largest offshore customers of the fluorescent network, which sold the amounts to 1,34383,300 Yuan, 3,547,800 Yuan, 5,550,400 Yuan, or 4.73 per cent, 5.83 per cent and 5.72 per cent, respectively. In 2019-2021, it was calculated that the share in the safe house combined contributed to the fluorescent network, camp 9,5236500 Yuan. In 2019-2021, AN was the fourth, third and second largest offshore client of the fluorescent network, which sold 1,4323,000 Yuan, 3,4880,800 Yuan, 6,378,000 Yuan, or 5.04 per cent, 6.66 per cent and 6.74 per cent respectively. In 2019-2021, it was calculated that AN contributed 110 million yuan to the fluorescent network. During the reporting period, 2019-2021, the above-mentioned three Viet Nam distributors contributed RMB 299 million to the Firestone Network. In the case of overlaps between customers of offshore distributors and shareholders, the Firestone Network explains that, in offshore markets, the Firestone Network targets some small and medium-sized countries, mainly South-East Asian or Latin American countries such as Viet Nam, Thailand, Mexico and Peru. Dealers of electronics such as computer products with high local reach and market influence, electronics and digital products, whether they are the fluorescent networks or the controlling shareholders, who want to promote their products locally and expand their markets, need to establish business relations with large local regional distributors, leading objectively to a overlap in their sales. Paradoxically, although the Firestone Network claimed that it had started working with the above-mentioned three enterprises in 2018, this was not the case. 2.3 Firestone Network stated that it had established cooperation with the above-mentioned three Viet Nam distributors in 2018 through proactive contacts According to the first round of inquiries, the cooperation between the Network and the three Viet Nam distributors, Lehoang, Safe House and AN, began in 2018 and was initiated and established by the Network on its own initiative. 2.4 Two of the Vietnamese distributors were already dealers of the Ezviz brand under the banner of the Firestone Network prior to cooperation in 2018 According to the offer, the name of the Focalypse Network is “Hangzhou EZVIZ Network Co., Ltd.” and the official network is “www.ys7.com”. It should be noted that if the site is entered in the browser, it will jump to the web site www.ezviz.com. According to the Ministry of Industry and Informatics, the host of the domain name “ezviz.com” is the Firestone Network. Therefore, the website www.ys7.com and the website www.ezviz.com are collectively referred to as the Fireflies Network. According to the Focalypse Network information, it is a quality smart head of household brand. EZVIZ means "Easy View/Vision". It is not difficult to find that EZVIZ is the English name of the “Folse Stone” brand of the Firestone Network. Accessing the Focalypse Network, after selecting “Vietnam” for the Area/Language, the site “www.ezviz.com/vn” (hereinafter “The Viet Nam Network”). Select "N?" i? The "mua" option, which shows that Viet Nam's regional partners include C?NG TY C? PH? An TO? The address of the company was converted into the English language department of Floor 05, Building 97-99 Lang Ha, Lang Ha Ward, Dong Da District, City. Hanoi. In addition, click on the business option and jump to the website “nhaantoan.com”. According to Dunbeth website, the safe house shares are located at Building 97-99 Lang Ha, Floor 5, Ha Noi, Ha Noi Vietnam, and at www.nhaantoan.com.vn. By comparing the addresses and website information on the shares of the safe houses shown on the above-mentioned company's website with that of Dunbeck, it is not difficult to find that the said companies or the shares of the safe houses are being directed, so the website “nhaantoan.com” is referred to below as the “Network of Safe Houses”. According to the “Introduction” of the Safe Houses Network, the safe houses are the largest importers and distributors of Haikangweg products in Viet Nam, and their brand names include Hikvison, Ezviz, Ruijie, Hilook, etc. In addition, the Safe House Stock Exchange Network cited the website CAFEF, which was published on 15 August 2019, according to which in 2011 the Safe House Shares began to distribute Hikvision brand products. In 2015, the share of the safe house officially distributed the Ezviz camera product to meet the needs of the family, the apartment market, in which Ezviz was a sub-brand of Hikvision in Hai Conway. It is known to the General that the offshore customer's share of the safe house began to work with Heiconway in 2011 and officially distributes the camera of the Ezviz brand in 2015. It is inexplicable that, in the first round of queries, the Firestone Network stated that its collaboration with the share of the Safe House started in 2018 and was initiated by the Firestone Network on its own initiative. The above is not an example. Select "N?" i? The "mua" option, which shows that Viet Nam's regional partners include C?NG TY C? PH? N.G.N.H.? C ANH NG? C, click on this option to skip to the web site “anhngoc.vn” (hereinafter “AN Network of Officials”), the web page to show in English that the site is owned by ANH NGOC INFORMATION TECHNOLOGY JOINT STOCK COMPANY, Inc. According to the “Introduction” of AN's network of officials, in 2017, AN became a distributor of Hikvision, Ezviz camera products. Uniquely, the network of top five offshore customers, AN, indicated that it became a dealer of the Hikvision brand under the Sea Conway flag and the Ezviz brand under the Fireflies banner in 2017. Then, in the first round of queries, the Focalypse Network indicated that its collaboration with AN had begun in 2018 with the initiative of the Focalypse Network to establish cooperation. Similar problems have not yet come to an end. According to the “Response to a letter of inquiry for the first public release of stocks and the listing of applications for documents on the board” signed on 15 March 2022 (hereinafter referred to as the “first round of inquiries in March 2022), the Home Depot, Inc. (hereinafter referred to as “Home Depot”) is the fourth largest offshore client of the Firestone Network in 2018, with a sales value of 3111,700 Yuan, or 4.89 per cent. Curiously, in the same version of the document, the Firestone Network claimed that it had started working with Jia Tubao in 2019. According to the first round of enquiries in the March 2022 edition, the Firestone Network, which is a major retailer of household decorations in the North American region, actively approached and established partnerships to access its distribution channels. Among these, the Firestone Network started working with Jiadeu in 2019. This may indicate that the Focalypse Network indicates that it has overlapping customers with its controlling shareholder, Heiconway, including the share of the safe house, AN. According to public information, the share of the offshore customer’s safe house began to distribute Hikvision’s brand under the flag of the controlling shareholder, Hei Conway, in 2011 and to sell the camera of the brand Ezviz in 2015. The offshore client AN became a distributor of Hikvision and Ezviz brands in 2017, of which Ezviz is a brand under the banner of the fluorescence network. However, in its first round of queries, the Focalypse Network indicated that its share in the Safe House and the beginning of cooperation with AN had taken place in 2018 and that it had been approached on its own initiative to establish cooperation with it. It is worth mentioning that in the first round of inquiries in the March 2022 edition, the family was the fourth largest offshore customer in 2018. However, the network claimed that it had started working with the family in 2019. When does it start to work with the three foreign distribution clients? How real is it that the partnership that the network has been actively engaged in? It is a matter of concern that the Firestone Network has granted distribution licences to distributor customers to surprise the name Haikang Wai. 2.5 Broker's authorization from another Viet Nam dealer, which includes the Firestone Network and Heconway View According to the Lehoang Marketing Officer Network, Lehoang has an authorization for distribution of Ezviz anti-security products in Viet Nam for the period from 1 May 2018 to 31 December 2019 or until further notice. It is worth noting that the release of the authorization for the sale was “Steven Wang, APEC States Director (Regional Manager for Asia and the Pacific), Hangzhou Hikvision Digital Technology Co., Ltd. (for the English name of Heiconway), Hangzhou EzvizNetwork Co., Ltd. (for the English name of the Firestone Network)”. It is worth mentioning that, according to the Lehoang network of officials, Lehoang is an importer and distributor of branded surveillance cameras such as Hikvision, HPARAgon, Ezviz, Zkteco, Ruijie and others in the Vietnamese region. Added to this is the fact that the fluorescent network “lost” its head distributors in Latin America because of the top five offshore customers of the controlling shareholder, Heiconway’s rivals. The fluorescent network’s “right to speak” to its customers or is subject to the controlling shareholders. 2.6 As a result of the acquisition of shares by a competitor of a large offshore client, the Firestone Network ceases to cooperate with the client According to the first round of inquiries in the March 2022 edition, INTELBRAS S/A INDUSTRIA DE TELCOMUNICACO ELETRONICA BRASILIRERA (hereinafter “INTELBRAS”) is the leading seller in the area of security and electronic consumer goods in the Latin American region. In 2018-2019, INTELBRAS was the first offshore client of the Fireflies Network, which sold the amounts to 1,40681,100 Yuan and 6,2571,200 Yuan, representing 22.1 per cent and 22.01 per cent, respectively. It was calculated that INTELBRAS combined contributed 7,6639300 Yuan revenues to the fluorescent network in 2018-2019. Of these, in 2020, as a result of the incorporation of INTERLBRAS into the Zhejiang Dahua Technology Co. Ltd. (hereinafter referred to as “Danhua Holdings” (002236), the cooperation of the Firestone Network with the client was terminated. It is worth noting that, according to the first round of enquiries, Dahua shares are the main competitors in the area of intelligent matter resolution. In other words, from 2018 to 2019, INTELBRAS, the leading distributor in the area of security and electronic consumer goods in the Latin American region, was the first offshore client of the fluorescent network, contributing more than $70 million to the network. However, in 2020, as a result of the shares of the controlling shareholder, Heikangway, the competitor, Intelbras, the Firestone Network and INTELBRAS closed their relationship of cooperation. In other words, according to the information disclosed by the distributors' network, before the beginning of cooperation in 2018, was it convincing that the safe house shares, the AN company, had been the owner of the fluorescent network, Heiconway, and the owner of the company's branded Ezviz product? Is the Focalypse Network and the two dealers listed above relying on the controlling shareholder, Heiconway, for “exploitation”? The loan of the authorization for the distribution of Ezviz products issued to the client, Lehoang, was made by Steven Wang, manager of the Asia-Pacific region, and also included the names of the controlling shareholder, Heiconway and the Firestone Network. On the other hand, as a result of the participation of competitors from large offshore customers holding shares, the Firestone Network stopped working with the customers. Does the Firestone Network have the “ownership” of the customer’s choice? As enterprises expand in overseas markets, it is common practice for them to operate through one or two important distributors (hereinafter referred to as “national generations”), which, in addition to being the direct customers of Chinese manufacturers and selling their own products directly, also play a certain role in logistics transit, customs clearance, etc. In the early stages of its development, in the context of its overseas market expansion, the Network chose a group of local distributors to serve as country agents for business reasons. At the time of the signing, the separation of the Network and the Vision had not yet started. A part of the generation chosen by the Focalypse Network is the original customer, but communication with him on business contacts for the Focalypse Network products has been carried out independently by the Focalypse Network's own team. At the same time, its own team is simultaneously engaged in the development of independent channels of cooperation. Overall, the expansion of its operations in overseas markets is independent decision-making and implementation, with no risk of a lack of operational independence. In other words, the Focalypse Network admits that its contract with the State was signed jointly by the Heiconway and Firestone Network before the break-up started. While the Focalypse Network maintains that its cooperation with foreign distributors has always been carried out independently by its own team, the EZVIZ products under the Focalypse Network or have already entered the distribution channels of the distributors prior to its release in 2018. In this context, in 2018, did the “active engagement and cooperation” of the Firestone Network’s own team with the distributors only mean “walking through the field” and did the Firestone Network’s own team choose to engage with the original customers? Does it mean that the “big tree” would still be seen in the early stages of overseas market development? In addition, the Firestone Network ceased to cooperate with the company INTERLBRAS, a major offshore customer facing the large Chinese shares of its rivals due to Heiconway. In the face of whether or not it is “responsible” to the development of its operations, the Firestone Network simply refers to “the overall expansion of its operations in overseas markets as independent decision-making and conduct without the risk of a lack of operational independence”. However, the Focalypse Network analyses in large parts of its subscriptions that there is no competition between it and Heiconway. In this context, it is only large offshore customers whose shares in Heiconway’s rivals are held abroad, either on the basis of the principle of independence or without affecting the cooperation of the Focalypse Network. A thousand miles of dyke, strewn into an ant's den. What's the story between the fly network and the shareholders? This study has been prepared on the basis of information that we believe to be reliable or publicly available, and we do not guarantee that there will be no change in the data, information, views or statements in the text. In any case, the data, information, views, or views expressed in this study are for information exchange, sharing and reference purposes only and do not constitute an investment proposal for anyone. In any case, we are not responsible for any loss resulting from the use of any of the data, information, views, content of this research analysis, and readers are at their own risk. This research analysis, which is distributed mainly in electronic form, is also distributed in print, and copyrights are owned by Goldmark. No contrary quotations, deletions, and modifications to this study may be made without our consent and may not be used for profit or for unauthorized other purposes. The article is based on the author’s personal opinion and does not represent the network’s position. (Responsible Editor: HN002)


Note: This is a machine translated version of the Chinese news media article. A mature and nuanced reading is suggested.




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EZVIZ Network's beautiful performance is backed by a big tree, so it is good to enjoy the coolness of cooperation and autonomy or be subject to the controlling shareholder


2022-08-08: [Article Link]  "Kimberley" South Capital Center, Cheyenne/author, flood power/wind control. On 30 December 2021, Hangzhou Haikangway (002415) Digital Technology Co. Ltd. (hereinafter referred to as “Haikangway”) disclosed information that was to be listed in the territory of Hangzhou Hykang Robotics (3000024) Technical Co. Ltd., a subsidiary of which it was a subsidiary. Indeed, this was not the first time that Heconway was listed. As early as April 25, 2020, Heconway disclosed that it had initiated pre-market preparations for the listing of his branch, Hangzhou Firestone Network Ltd. (hereinafter referred to as the “Frystone Network”). In 2019-2021, the controlling shareholder of the fluorescent network was the first customer of the fluorescent network, with a combined contribution of $1,267 million. In addition, it claims that the top five offshore customers have approached and started to cooperate with them. However, public information suggests that many offshore distributors had sold their products before the year in which they began to cooperate, or that “back-to-back” shareholders had access to their clients’ resources. I. Hundreds of millions of yuan in revenue from the pre- and post-establishment of autonomous production lines, excellent performance or “accompaniment” by controlling shareholders Performance is the equivalent of an enterprise's “perform card” reflecting the results of its operations. In this case, the Focalypse Network's performance is “beautiful.” However, looking closely at its clients, the controlling shareholder, Haekang Wai, is seen as the first customer of the Focalypse Network and there is a “synchronous” sale of both products. 1.1 Net gains on the fluorescent network exceeded 30 per cent in 2019-2021 According to a letter of offer dated 4 January 2022 (hereinafter referred to as “January 2022) and a letter of offer dated 20 June 2022 (hereinafter referred to as “the letter of offer”), the operating income of the network in 2018-2021 was 1,529 million yuan, 2,364 million yuan, 3,079 million yuan and 4,238 million yuan, respectively. In 2018-2021, net profits from the Fireflies network were 132 million yuan, 211 million yuan, 326 million yuan and 451 million yuan, respectively. In 2018-2021, net profits were calculated at a rate of 59.81 per cent, 54.53 per cent and 38.17 per cent respectively. From 2019 to 2021, it was not difficult to find that the net profit of the fluorescent network had increased by more than 30 per cent. However, the “beautiful” performance of the Firestone Network is either behind or dependent on the help of the controlling shareholders. 1.2 Production is dependent on controlling shareholders and there is no “autonomous production line” until 2020 According to the offer, as of 31 December 2021, Heikangway held 60 per cent of the stockholdings of the Firestone Network. By 2020, the production of the fluorescent network was dependent on a controlled shareholder, Hekang Wai, for example, in connection with the procurement of the fluorescent network. According to the January 2022 offers and offers, in 2018-2021, the combined amount of materials, goods and services procured from the relevant parties was 960 million yuan, 1,832 million yuan, 347 million yuan and 262 million yuan respectively, representing 100 per cent, 99.57 per cent, 17.34 per cent and 9.34 per cent of the total amount procured in the current period. During the same period, IYN procured 960 million yuan, 1,832 million yuan, 266 million yuan and 91 million yuan, representing 100 per cent, 99.57 per cent, 13.31 per cent and 3.24 per cent of the total material procured during the period. In response, the Focalypse Network indicated that in 2018-2019, its related procurement was mainly directed to Hykangway Technology Ltd. (hereinafter referred to as “Hykang Technology”), which is responsible for the production of intelligence in Heiconway, and that Hykang Technology was entrusted with the production and procurement of intelligent home products. Prior to 2019, there was no autonomous production model for the fluorescent network, which, with the exception of a small number of eco-products, mainly procured the products of smart household products from the related parties and commissioned the production of Haikang technology from the related parties, and the fluorescent network did not involve their own productive capacity. In late 2019, in order to meet the requirements of asset independence, the Firestone Network launched the break-up of production lines and, in 2020, adjusted the production model to self-production, according to the response to a letter dated 28 April 2022 (hereinafter referred to as the first round of inquiries). However, after the completion of the production line splitting, the fluorescent network continued to procure the Sea Conway and its subsidiaries. According to the first round of inquiries, in 2021, the Fireflies network procured storage cards for 7,8897,400 Yuan from the Hangzhou Storage Technology Ltd. (hereinafter referred to as “Haikang Storage”), a subsidiary of the Heiconview System. During the same period, the Firestone Network procured IC products and other raw materials from Chongqing Heiconway Science and Technology Co. Ltd., in the amount of 8784600 Yuan, and IC products and fingerprinting modules from Heikang Science and Technology, in the amount of 3012,200 Yuan. Among these, related transactions between the Focalypse Network and Haikang Storage and Haikang Technology are expected to continue in the future. It is easy to find that, by 2020, the fluorescent network did not have an autonomous production line, relying entirely on the controlled shareholder, Heicon technology, which is controlled by Heiconway. After the cut-off of the 2020 production line, the fluorescent network continues to procure from the relevant parties, and transactions are expected to continue. 1.3 Between 2019 and 2021, Heconway and its associated parties were the first clients to make a combined contribution of $1,267 million Re-visited sales of the Focalypse Network, between 2019 and 2021, the controlling shareholder Heconway and its associates were the first customers of the Focalypse Network. From 2019 to 2021, Heiconway and its associates were the first customers of the Firestone Network, which sold 215 million yuan, 524 million yuan and 527 million yuan, representing 9.1 per cent, 17.03 per cent and 12.44 per cent, respectively. In 2019-2021, Heiconway and its associates contributed a total of $1,267 million to the Fireflies Network. It is worth mentioning that the above-mentioned similarities are also of concern to the submission. According to the first round of inquiries, since 2020, there has been a significant increase in sales connected to the fluorescent network, the reason for the significant increase in sales associated to the aforementioned network required by the submission, as well as the reasons for and the use and external sales of smart household products procured from the fluorescent network by Heiconway and its subsidiaries. In response, the Focalypse Network stated that in 2019, prior to the splitting of the line of production for the assembly of the Flystone Network, its intelligent home products were commissioned for production by Haikang Technology. The main model of cooperation is that the Hangzhou Firestone Software Company Ltd. (hereinafter referred to as “Frystone Software”), which sells computer software products to Haikang Technologies, produces smart household products and sells back to the Firestone Network, and sells abroad. For sales channels partly maintained by Haikang Technologies or other related parties, Haikang Technologies sells them directly to the related parties or sells them abroad after producing smart furniture products. By the beginning of 2020, the switch of the fluorescent network to an autonomous production model resulted in a shift from the sale of computer software products to the sale of self-produced smart home products to related parties, resulting in a significant increase in revenues from the sale of smart home products associated with the fluorescent network, with only a small amount remaining from the sale of computer software products in 2020. As can be seen from the above, in 2020 and beyond, as the content of the products sold to the related parties by the fluorescent network was changed from mainly computer software products to smart home products, the related sales included the hardware component of smart home products other than software, which led to an increase in the value of associated sales. In other words, between 2019 and 2021, the controlling shareholder, Heiconway, and its related parties, were able to sell their smart household products for the Firestone Network and were the first customers of the Firestone Network. 1.4 As of 2021, the offshore distribution of fluorescent networks continued to rely on controlling shareholders, Heconway. According to the first round of queries, the Focalypse Network indicated the reasons for and use of Hiikang and its subsidiaries in procuring smart household products from the Focalypse Network, including marketing operations in offshore markets, domestic market solution packages, and domestic market operators. In the case of offshore market distribution operations, at the beginning of the reporting period, the Fireflies network had not yet established subsidiaries in parts of the overseas region, and sales in some parts of the overseas region needed to be marketed through overseas subsidiaries in the Sea Conway. In addition, as part of the off-shore areas, such as the North American market, there are instances where individual distributors have higher requirements for the establishment of suppliers, the size of their operations and the history of cooperation, while the fluorescent network has been established for a relatively short period of time and limited assets, it is still not possible to obtain certification or accreditation from such distributors for a short period of time, as recommended by the GCC. Between 2020 and 2021, the Fireflies network distributed through the external market of the related parties in the amount of 257 million yuan and 210 million yuan, respectively. In terms of domestic market solution packages, the smart home cameras, smart door locks, smart controls, other smart home products and some industry solutions in Heiconway are synergized and sold to real estate customers under contract by Heiconway. Between 2020 and 2021, the Fireflies network sold products for domestic market solutions to related parties in the amount of $113 million and $129 million, respectively. In the case of domestic market operators, in the reporting period, Heiconway saw the distribution of fluorescent network products to industry customers in the domestic market, mainly for telecommunications operators. Since Heconway has established a long-standing partnership with telecommunications operators, he has entered into agreements with interested parties for the supply of smart household products as a distributor and has procured the corresponding products from the Firestone Network. From 2020 to 2021, the sales to the related parties of products for domestic operators amounted to 5,603,400 Yuan and 3,8934,400 Yuan, respectively. In other words, during the reporting period, the Focalypse Network was sold through the offshore distribution of smart household products by the Heiconway and its subsidiaries, in some cases in conjunction with industry solutions by Heiconway, and the distribution of the Focalypse Network products by Heiconway to the customers of telecommunications operators. 1.5 Fireflies network intends to gradually reduce the share of related transactions abroad, including through the establishment of overseas subsidiaries According to the response to the second round of review inquiry letter, signed on 15 May 2022 on the occasion of the first public distribution of stocks and the listing of applications for documents on the board of science, the sales of smart household products by the network to related parties in 2020-2021 amounted to 257 million yuan and 210 million yuan, respectively, representing 44.25 per cent and 25.66 per cent of the total sales to and through the foreign markets of the affiliated parties in the current period. In response, the Firestone Network indicated that it was planned to reduce the proportion to less than 10 per cent within five years, including through the gradual establishment of offshore subsidiaries. As can be seen, until 2020, the fluorescent network did not have an autonomous production model, relying on controlling shareholders for their production. In sales, between 2019 and 2021, Heconway and its associates were the first customers of the fluorescent network, contributing a total of 1,267 million yuan. In the case of offshore market distributions and domestic market operators, there are situations in which they are considered to be marketed, and in the case of domestic market solution packages, there are cases in which the fluorescent network products are sold “co-operatively” with the seacomb products. Added to this is the fact that the fluorescent network, which claims to have opened its own offshore market distribution channels, is also “closely connected” to the controlling shareholder, Heikangway. “back-to-back” shareholders acquire dealer resources, cooperative autonomy or “responsible” against controlling shareholders The Focalypse Network in the declaration documents claims that it has learned to walk “independently.” The operation of the Focalypse Network, with multiple clients who overlapped with the controlling shareholder, Heikangway, had already sold the Ezviz brand products under its flag before the time of cooperation disclosed by the Focalypse Network, and lacked the ability to operate independently, either behind the contradictory envelopes or as a result of the apparent lack of independence of the Focalypse Network. 2.1 Overlapping with controlling shareholder clients, combining clients to support the fluorescent network with more than 40 per cent of the harvest According to the first round of queries, there was an overlap of customers between the Firestone Network and the controlling shareholder, Hei Conway. In 2019-2021, the Firestone Network earned 951 million yuan, 1,282 million yuan and 1,945 million yuan, respectively, representing 40.23 per cent, 41.64 per cent and 45.91 per cent of the income earned during the same period. 2.2 Reconciling clients, including three Vietnamese distributors, contributed a total of RMB299 million to the Firestone Network According to the first round of inquiries, the customers of the Hyconway, who overlap with the controlling shareholder, include Lehoang TradingTechnology Co., Ltd. (hereinafter “Lehoang”), Secure House Joint Stock Company (hereinafter “safe house shares”), Anh Ngoc Trading Technology Company Limited (hereinafter “AN”). Of these, Lehoang, Safe House and AN are head channel customers, head channel customers and large electronics distributors in Viet Nam. According to the first round of inquiries, in 2019-2021 Lehoang was the third, fifth and fourth largest offshore client of the fluorescent network, respectively. During the same period, they were sold to 1,591,200 Yuan, 2,8031,000 Yuan, 5,204700 Yuan, or 5.6 per cent, 5.35 per cent and 5.61 per cent respectively. It has been calculated that in 2019-2021, Lehoang contributed a total of 9,416,900 Yuan revenues to the Fireflies Network. In 2019-2021, the shares of the safe houses were the fifth, fourth and third largest offshore customers of the fluorescent network, which sold the amounts to 1,34383,300 Yuan, 3,547,800 Yuan, 5,550,400 Yuan, or 4.73 per cent, 5.83 per cent and 5.72 per cent, respectively. In 2019-2021, it was calculated that the share in the safe house combined contributed to the fluorescent network, camp 9,5236500 Yuan. In 2019-2021, AN was the fourth, third and second largest offshore client of the fluorescent network, which sold 1,4323,000 Yuan, 3,4880,800 Yuan, 6,378,000 Yuan, or 5.04 per cent, 6.66 per cent and 6.74 per cent respectively. In 2019-2021, it was calculated that AN contributed 110 million yuan to the fluorescent network. During the reporting period, 2019-2021, the above-mentioned three Viet Nam distributors contributed RMB 299 million to the Firestone Network. In the case of overlaps between customers of offshore distributors and shareholders, the Firestone Network explains that, in offshore markets, the Firestone Network targets some small and medium-sized countries, mainly South-East Asian or Latin American countries such as Viet Nam, Thailand, Mexico and Peru. Dealers of electronics such as computer products with high local reach and market influence, electronics and digital products, whether they are the fluorescent networks or the controlling shareholders, who want to promote their products locally and expand their markets, need to establish business relations with large local regional distributors, leading objectively to a overlap in their sales. Paradoxically, although the Firestone Network claimed that it had started working with the above-mentioned three enterprises in 2018, this was not the case. 2.3 Firestone Network stated that it had established cooperation with the above-mentioned three Viet Nam distributors in 2018 through proactive contacts According to the first round of inquiries, the cooperation between the Network and the three Viet Nam distributors, Lehoang, Safe House and AN, began in 2018 and was initiated and established by the Network on its own initiative. 2.4 Two of the Vietnamese distributors were already dealers of the Ezviz brand under the banner of the Firestone Network prior to cooperation in 2018 According to the offer, the name of the Focalypse Network is “Hangzhou EZVIZ Network Co., Ltd.” and the official network is “www.ys7.com”. It should be noted that if the site is entered in the browser, it will jump to the web site www.ezviz.com. According to the Ministry of Industry and Informatics, the host of the domain name “ezviz.com” is the Firestone Network. Therefore, the website www.ys7.com and the website www.ezviz.com are collectively referred to as the Fireflies Network. According to the Focalypse Network information, it is a quality smart head of household brand. EZVIZ means "Easy View/Vision". It is not difficult to find that EZVIZ is the English name of the “Folse Stone” brand of the Firestone Network. Accessing the Focalypse Network, after selecting “Vietnam” for the Area/Language, the site “www.ezviz.com/vn” (hereinafter “The Viet Nam Network”). Select "N?" i? The "mua" option, which shows that Viet Nam's regional partners include C?NG TY C? PH? An TO? The address of the company was converted into the English language department of Floor 05, Building 97-99 Lang Ha, Lang Ha Ward, Dong Da District, City. Hanoi. In addition, click on the business option and jump to the website “nhaantoan.com”. According to Dunbeth website, the safe house shares are located at Building 97-99 Lang Ha, Floor 5, Ha Noi, Ha Noi Vietnam, and at www.nhaantoan.com.vn. By comparing the addresses and website information on the shares of the safe houses shown on the above-mentioned company's website with that of Dunbeck, it is not difficult to find that the said companies or the shares of the safe houses are being directed, so the website “nhaantoan.com” is referred to below as the “Network of Safe Houses”. According to the “Introduction” of the Safe Houses Network, the safe houses are the largest importers and distributors of Haikangweg products in Viet Nam, and their brand names include Hikvison, Ezviz, Ruijie, Hilook, etc. In addition, the Safe House Stock Exchange Network cited the website CAFEF, which was published on 15 August 2019, according to which in 2011 the Safe House Shares began to distribute Hikvision brand products. In 2015, the share of the safe house officially distributed the Ezviz camera product to meet the needs of the family, the apartment market, in which Ezviz was a sub-brand of Hikvision in Hai Conway. It is known to the General that the offshore customer's share of the safe house began to work with Heiconway in 2011 and officially distributes the camera of the Ezviz brand in 2015. It is inexplicable that, in the first round of queries, the Firestone Network stated that its collaboration with the share of the Safe House started in 2018 and was initiated by the Firestone Network on its own initiative. The above is not an example. Select "N?" i? The "mua" option, which shows that Viet Nam's regional partners include C?NG TY C? PH? N.G.N.H.? C ANH NG? C, click on this option to skip to the web site “anhngoc.vn” (hereinafter “AN Network of Officials”), the web page to show in English that the site is owned by ANH NGOC INFORMATION TECHNOLOGY JOINT STOCK COMPANY, Inc. According to the “Introduction” of AN's network of officials, in 2017, AN became a distributor of Hikvision, Ezviz camera products. Uniquely, the network of top five offshore customers, AN, indicated that it became a dealer of the Hikvision brand under the Sea Conway flag and the Ezviz brand under the Fireflies banner in 2017. Then, in the first round of queries, the Focalypse Network indicated that its collaboration with AN had begun in 2018 with the initiative of the Focalypse Network to establish cooperation. Similar problems have not yet come to an end. According to the “Response to a letter of inquiry for the first public release of stocks and the listing of applications for documents on the board” signed on 15 March 2022 (hereinafter referred to as the “first round of inquiries in March 2022), the Home Depot, Inc. (hereinafter referred to as “Home Depot”) is the fourth largest offshore client of the Firestone Network in 2018, with a sales value of 3111,700 Yuan, or 4.89 per cent. Curiously, in the same version of the document, the Firestone Network claimed that it had started working with Jia Tubao in 2019. According to the first round of enquiries in the March 2022 edition, the Firestone Network, which is a major retailer of household decorations in the North American region, actively approached and established partnerships to access its distribution channels. Among these, the Firestone Network started working with Jiadeu in 2019. This may indicate that the Focalypse Network indicates that it has overlapping customers with its controlling shareholder, Heiconway, including the share of the safe house, AN. According to public information, the share of the offshore customer’s safe house began to distribute Hikvision’s brand under the flag of the controlling shareholder, Hei Conway, in 2011 and to sell the camera of the brand Ezviz in 2015. The offshore client AN became a distributor of Hikvision and Ezviz brands in 2017, of which Ezviz is a brand under the banner of the fluorescence network. However, in its first round of queries, the Focalypse Network indicated that its share in the Safe House and the beginning of cooperation with AN had taken place in 2018 and that it had been approached on its own initiative to establish cooperation with it. It is worth mentioning that in the first round of inquiries in the March 2022 edition, the family was the fourth largest offshore customer in 2018. However, the network claimed that it had started working with the family in 2019. When does it start to work with the three foreign distribution clients? How real is it that the partnership that the network has been actively engaged in? It is a matter of concern that the Firestone Network has granted distribution licences to distributor customers to surprise the name Haikang Wai. 2.5 Broker's authorization from another Viet Nam dealer, which includes the Firestone Network and Heconway View According to the Lehoang Marketing Officer Network, Lehoang has an authorization for distribution of Ezviz anti-security products in Viet Nam for the period from 1 May 2018 to 31 December 2019 or until further notice. It is worth noting that the release of the authorization for the sale was “Steven Wang, APEC States Director (Regional Manager for Asia and the Pacific), Hangzhou Hikvision Digital Technology Co., Ltd. (for the English name of Heiconway), Hangzhou EzvizNetwork Co., Ltd. (for the English name of the Firestone Network)”. It is worth mentioning that, according to the Lehoang network of officials, Lehoang is an importer and distributor of branded surveillance cameras such as Hikvision, HPARAgon, Ezviz, Zkteco, Ruijie and others in the Vietnamese region. Added to this is the fact that the fluorescent network “lost” its head distributors in Latin America because of the top five offshore customers of the controlling shareholder, Heiconway’s rivals. The fluorescent network’s “right to speak” to its customers or is subject to the controlling shareholders. 2.6 As a result of the acquisition of shares by a competitor of a large offshore client, the Firestone Network ceases to cooperate with the client According to the first round of inquiries in the March 2022 edition, INTELBRAS S/A INDUSTRIA DE TELCOMUNICACO ELETRONICA BRASILIRERA (hereinafter “INTELBRAS”) is the leading seller in the area of security and electronic consumer goods in the Latin American region. In 2018-2019, INTELBRAS was the first offshore client of the Fireflies Network, which sold the amounts to 1,40681,100 Yuan and 6,2571,200 Yuan, representing 22.1 per cent and 22.01 per cent, respectively. It was calculated that INTELBRAS combined contributed 7,6639300 Yuan revenues to the fluorescent network in 2018-2019. Of these, in 2020, as a result of the incorporation of INTERLBRAS into the Zhejiang Dahua Technology Co. Ltd. (hereinafter referred to as “Danhua Holdings” (002236), the cooperation of the Firestone Network with the client was terminated. It is worth noting that, according to the first round of enquiries, Dahua shares are the main competitors in the area of intelligent matter resolution. In other words, from 2018 to 2019, INTELBRAS, the leading distributor in the area of security and electronic consumer goods in the Latin American region, was the first offshore client of the fluorescent network, contributing more than $70 million to the network. However, in 2020, as a result of the shares of the controlling shareholder, Heikangway, the competitor, Intelbras, the Firestone Network and INTELBRAS closed their relationship of cooperation. In other words, according to the information disclosed by the distributors' network, before the beginning of cooperation in 2018, was it convincing that the safe house shares, the AN company, had been the owner of the fluorescent network, Heiconway, and the owner of the company's branded Ezviz product? Is the Focalypse Network and the two dealers listed above relying on the controlling shareholder, Heiconway, for “exploitation”? The loan of the authorization for the distribution of Ezviz products issued to the client, Lehoang, was made by Steven Wang, manager of the Asia-Pacific region, and also included the names of the controlling shareholder, Heiconway and the Firestone Network. On the other hand, as a result of the participation of competitors from large offshore customers holding shares, the Firestone Network stopped working with the customers. Does the Firestone Network have the “ownership” of the customer’s choice? As enterprises expand in overseas markets, it is common practice for them to operate through one or two important distributors (hereinafter referred to as “national generations”), which, in addition to being the direct customers of Chinese manufacturers and selling their own products directly, also play a certain role in logistics transit, customs clearance, etc. In the early stages of its development, in the context of its overseas market expansion, the Network chose a group of local distributors to serve as country agents for business reasons. At the time of the signing, the separation of the Network and the Vision had not yet started. A part of the generation chosen by the Focalypse Network is the original customer, but communication with him on business contacts for the Focalypse Network products has been carried out independently by the Focalypse Network's own team. At the same time, its own team is simultaneously engaged in the development of independent channels of cooperation. Overall, the expansion of its operations in overseas markets is independent decision-making and implementation, with no risk of a lack of operational independence. In other words, the Focalypse Network admits that its contract with the State was signed jointly by the Heiconway and Firestone Network before the break-up started. While the Focalypse Network maintains that its cooperation with foreign distributors has always been carried out independently by its own team, the EZVIZ products under the Focalypse Network or have already entered the distribution channels of the distributors prior to its release in 2018. In this context, in 2018, did the “active engagement and cooperation” of the Firestone Network’s own team with the distributors only mean “walking through the field” and did the Firestone Network’s own team choose to engage with the original customers? Does it mean that the “big tree” would still be seen in the early stages of overseas market development? In addition, the Firestone Network ceased to cooperate with the company INTERLBRAS, a major offshore customer facing the large Chinese shares of its rivals due to Heiconway. In the face of whether or not it is “responsible” to the development of its operations, the Firestone Network simply refers to “the overall expansion of its operations in overseas markets as independent decision-making and conduct without the risk of a lack of operational independence”. However, the Focalypse Network analyses in large parts of its subscriptions that there is no competition between it and Heiconway. In this context, it is only large offshore customers whose shares in Heiconway’s rivals are held abroad, either on the basis of the principle of independence or without affecting the cooperation of the Focalypse Network. A thousand miles of dyke, strewn into an ant's den. What's the story between the fly network and the shareholders? This study has been prepared on the basis of information that we believe to be reliable or publicly available, and we do not guarantee that there will be no change in the data, information, views or statements in the text. In any case, the data, information, views, or views expressed in this study are for information exchange, sharing and reference purposes only and do not constitute an investment proposal for anyone. In any case, we are not responsible for any loss resulting from the use of any of the data, information, views, content of this research analysis, and readers are at their own risk. This research analysis, which is distributed mainly in electronic form, is also distributed in print, and copyrights are owned by Goldmark. No contrary quotations, deletions, and modifications to this study may be made without our consent and may not be used for profit or for unauthorized other purposes. The article is based on the author’s personal opinion and does not represent the network’s position. (Responsible Editor: HN002)

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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