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Sports Morning News: NBA1.Mr. 200 million fractured, Manchester United ended 6 wins

Sports Morning News: NBA1.Mr. 200 million fractured, Manchester United ended 6 wins
Manchester United player Lingard shot the center post.Last night this morning, the game continued to be exciting.In the Champions League, Manchester United defeated the Belgrade guerrillas in an away game, ending 6 consecutive victories; Arsenal made stoppage time for Guimaraes and led the standings with 3 wins.In addition, in the UEFA Cup group stage, Chinese player Wu Lei won the starting field again, but the performance was not good, and he was replaced after only 61 minutes .[Embarrassed]Wu Lei started the team with the lowest score of 61 minutes today.In the morning, the Spaniard defeated Ludo Goretz 1-0 away in the UEFA Cup group stage and achieved two consecutive victories in the group stage.Wu Lei, who started the game, didn’t have much sense of presence. After playing 61 minutes and being replaced in advance, he got the team’s lowest 6 after the game.1 point.Click to view details >>[Lucky]Manchester United’s small victory guerrillas ended 6 consecutive wins. This morning, the Europa League Group L began the third round of the contest, Manchester United 1-0 away win against Belgrade guerrillas, ending 6 consecutive official matches, And surpassed opponents by 3 points to jump to the top of the list.In this game, Lingard and the striker Sadiq center column; Williams made a point, Marshall took the penalty.Pepe free-kicks Guimaraes.[Thrilling]Pepe scored two goals off the bench. Arsenal made a stoppage time this morning. In the Europa League match day 3, a focus battle of Group F started at the Emirates Stadium. Arsenal beat Guimaraes 3-2 at home.He came off the bench and scored two free kicks to help Arsenal make a stoppage time opponent.In this game, Arsenal led the standings with 3 wins.[Miserable]1.Mr. 200 million fractured at least three weeks around this morning. Charlotte Hornets small forward Nicholas Batum broke his left middle finger in the opener with the Bulls. It is expected to be injured for 3 to 4 weeks.Batum was once regarded as one of the core players of the Hornets.In the summer of 2016, he renewed a five-year contract with the Hornets1.$ 200 million contract.Batum’s salary this season is 25.56 million US dollars, the highest in the Hornets.Beijing News Editor Han Shuangming proofreads Wu Xingfa

With 104 points unbeaten in 38 games, is it only a matter of time before Liverpool win?

In the 22nd round of the Premier League that ended early this morning, Liverpool’s victory over Firmino’s goal was a 1-0 win over Tottenham.As of the end of the game, they have been undefeated in 38 consecutive seasons in the Premier League and scored 104 points, setting a new record for the Premier League.Firmino won with a single blow.After winning Tottenham this morning, Liverpool scored 20 wins and one draw in the first 22 rounds of the season with one less game.At present, the Reds have 61 points, 16 points ahead of Leicester City.If combined with last season’s record, Liverpool’s undefeated games have reached 38 games, including 33 wins and 5 draws.The team scored a total of 104 points in 38 games. This number has exceeded Manchester City (102 points) in 2018 and Chelsea (102 points) in 2005, setting a new record for the Premier League.Liverpool are far ahead in the standings.Of all the teams with nearly undefeated cross-season records close to 38 games, Liverpool’s winning percentage is also the highest, close to 87%.The Arsenal of Wenger and the Chelsea win rate of Mourinho only reached 68% and 82%.In addition, Liverpool have zero opponents in six consecutive Premier League games, the team’s best defensive record since 2006.Liverpool are currently losing only 14 goals in the league, making it the team with the fewest Premier League goals this season.The Reds coach Klopp said after the game that the mentality of always being ready to fight hard is an important reason for the success of the team, but he does not care about the current points.When we have so many points that no one can catch up, then I will conduct this research.”Editor Zhang Yunfeng proofreads Wei Zhuo

[How to cook beef tendon]_Stewed beef tendon_How to do_How to do

Fenguitanjiang Pinchijianjie hook Zuduohanxi  Duo Wa any internal organs Ting by Ning Ningning song  Feijuecunjuan  Guobenyenqun Jiangpindugyue Tai ammonia Tuan  altar Feijuqunjiang Pinheningfu Tuan鐗涚殑韬笂锛屼竴鑸ソ鐗涘拰榛勭墰鐨勮箘绛嬫槸鏇翠负濂藉悆鐨勩€傜墰绛嬬殑鍋氭硶鍒嗕负寰堝绉嶏紝鍜屽叾浠栫殑鑿滃搧鏀惧湪涓€璧疯繘琛岀倴鐫€鍚冩槸姣旇緝甯歌鐨勶紝涓嬮潰灏辫缁嗙殑涓烘偍浠嬬粛涓€涓嬬倴鐗涚瓔鐨勫仛娉曞惂銆?Juan 抡 氱 篛 绛?500鍏嬭緟鏂欙細娌归€傞噺 鐩愰€傞噺 闈㈤叡閫傞噺 閰辨补閫傞噺 鐐栬倝璋冩枡閫傞噺 钁卞钂滈€傞噺1銆佺墰绛嬫礂鍑€鐢ㄦ按娉?What are you going to do? 2 銆 何 懕 懕 揆 曶 囧 ソ 3 銆 啸 厀 婶 婄 倎 姎 珟 揂 欑 欤 卾 囧 囸 囎 囸 囸 囸 囸 囸 囸 囸銆 佺 綺 璫 嬫 卦 卦 ㄧ 倴 阌 呷 卐 嶆 妸 鍖 呭 囄 勮 珟 揂 欐 斉 溕 揆 書 斷 斸 斸 方What is the difference between the chains and the sorrows and the rui gui? 15 鍒 嗛 挓 7 銆?5 闒 嗛 撓 咖 咢 喢 搬 湣 鹣?-8鍒嗛挓鍏崇伀灏卞彲浠ヨ鐩樺皬璐村+锛氱墰绛嬩竴瀹氳鐢ㄦ按娉★紝娉″嚭琛€姘村湪澶氭礂鍑犻亶灏变笉鐢ㄦ按鐒簡銆傜倴鐗涚瓔鐢ㄧ儹姘翠笉瑕佺敤鍑夋按銆?鐣寗鐐栫墰绛嬩富鏂欙細鐗涚瓔350g杈呮枡锛氱洂閫傞噺銆佸挅鍠遍€傞噺銆佹枡閰掗€傞噺銆佸湥濂虫灉閫傞噺1 make up for the troubles and sorrows. 1.鐗 涚 璎 娲 楀 噣 2.鍦eコ鏋滄礂鍑€涔嬪悗鍒囧紑3.鍐锋按涓嬮攨锛岄攨涓姞鐐圭敓濮滅墖涓€璧风话姘村悗鎹炶捣娲楀噣銆?。閿呭唴鍊掑皯璁告﹦姒勬补锛屽€掑叆鍜栧柋绮夌吀棣?.鍐嶅€掑叆鐗涚瓔鐓哥倰鍧囧寑6.Press 咖 庣 撤 揂 揓 璓 铡 揆 叆 7.鍔犲叆鐢熷鐗囧ぇ鐏儳寮€8.What are you doing? What are you doing? Do you want to play as a clump of stars?5 鍒 嗛 挓 9.What are you looking for? How are you going to say: What are you going to do?0.鎶婇珮鍘嬮攨鐨勬堡姘村€掑叆鐮傞攨锛岀墰绛嬪姞鍏ワ紝鍔犲叆閫傞噺鐨勭洂璋冨懗11.What are you looking for? How about you?2.涔嬪悗鍔犲叆鍦eコ鏋滃ぇ鐏儳寮€杞皬鐏啀鐐?May 13.鍔犲叆楦$簿璋冨懗鍚庣唲鐏€傚皬璐村+锛氬枩娆㈠枬姹ょ殑灏变笉瑕佸姞寰堝鐨勯杈涙枡锛屽姞鐐瑰挅鍠卞幓鑵ュ氨鍙互浜嗐€傛姹ゅ姞鍏ュ湥濂虫灉鍚庯紝姹ゆ病鏈夎叆鍛筹紝閰搁吀鐨勫緢濂藉枬銆?

[Efficacy and role of dark chocolate]_Recommended diet_1

銆€銆€濂虫€ф湅鍙嬪湪鏃ュ父鐗瑰埆鍠滄鍚冨阀鍏嬪姏锛屽阀鍏嬪姏鏄竴绉嶉潪甯哥編鍛崇殑闆堕锛屽阀鍏嬪姏鐨勭绫讳篃鏈夊緢澶氱锛屾湁鐧藉阀鍏嬪姏鍜岄粦宸у厠鍔涗箣鍒嗐€傚缓璁ぇ瀹跺湪鏃ュ父鍙互閫傚綋鐨勫悆涓€浜涢粦宸у厠鍔涳紝榛戝阀鍏嬪姏鐨勫姛鏁堜笌浣滅敤鏄潪甯稿鐨勶紝涓嶈繃澶у涓€You can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it紝杩囧椋熺敤闈炲父瀹规槗澧炲姞鑷韩鍑虹幇鑲ヨ儢闂鐨勫嚑鐜囥€傘€€銆€寤鸿澶у鍦ㄦ棩甯稿彲浠ラ€傚綋鐨勫悆涓€浜涢粦宸у厠鍔涳紝鍙互甯姪鑷韩鐨勪竴涓緢濂界殑棰勯槻鎰熷啋鐨勬晥鏋溿€傞粦宸у厠鍔涗腑瀵屽惈鏈夊彲鍙⒈杩欑鐗╄川锛岃繖绉嶇墿璐ㄥ彲浠ヨ揪鍒颁竴涓緢濂界殑鏉惧紱姘旂骞虫粦鑲岀殑鍔熸晥锛屾敼鍠勮嚜韬嚭鐜扮殑鍜藉枆鑲跨棝锛屽挸鍡芥皵鐭瓑涓€绯诲垪闂銆傚鏋滆嚜韬槸鐢变簬鎰熷啋鐨勫鑷磋嚜韬嚭鐜扮殑鍜冲椊鐥囩姸锛岄€傚綋鐨勫悆涓€浜涢粦宸у厠鍔涜皟鐞嗘晥鏋滈潪甯镐笉閿欍€傘€€銆€澶у鍦ㄦ棩甯搁€傚綋鐨勫悆涓€浜涢粦宸у厠鍔涗篃鍙互杈惧埌涓€涓緢濂界殑闄嶈鍘嬬殑鏁堟灉銆傞珮琛€鍘嬮棶棰樻槸璁╁緢澶氳€佸勾浜烘湅鍙嬮潪甯稿ご鐤肩殑涓€澶х柧鐥呫€傞粦宸у厠鍔涗腑瀵屽惈鏈変竴绉嶇被榛勯叜鎶楁哀鍖栧墏锛岃繖绉嶇墿璐ㄥ彲浠ユ湁鏁堝湴淇冭繘鑷韩浣撳唴鐨勮娑插惊鐜紝鍙互闄嶄綆鑷韩浣撳唴琛€娑插嚌缁撻棶棰樼殑鍑犵巼锛屽皢鑷韩鐨勮鍘嬪€肩淮鎸佸湪涓€涓亽瀹氱殑鍋ュ悍鍊肩姸鎬佷箣涓嬶紝鏁堟灉闈炲父鏄庢樉銆傘€€銆€杩樻湁灏辨槸閫傚綋鐨勫悆涓€浜涢粦宸у厠鍔涗篃鍙互杈惧埌涓€涓緢濂界殑缂撹В鑵规郴鐨勬晥鏋滐紝寰堝灏忓瀛愬父甯稿洜涓洪鐢ㄤ竴浜涗笉鍋ュ悍涓嶅崼鐢熺殑椋熺墿瀵艰嚧鑷韩鍑虹幇鑵圭棝鑵规郴鐨勭棁鐘躲€傞粦宸у厠鍔涗腑瀵屽惈鐨勬姉姘у寲鍓傚彲浠ユ湁鏁堢殑鎶戝埗鑷韩鑲犻亾鍐呰泲鐧借川鍜屾按鍒嗙殑鍒嗘硨锛屽浜庢不鐤楄嚜韬嚭鐜扮殑鑵规郴闂鏁堟灉涔熼潪甯镐笉閿欍€傚悓鏃堕粦宸у厠鍔涗腑瀵屽惈鐨勯粍鐑烽唶杩欑鐗╄川涔熷彲浠ユ姂鍒惰绠$揣寮犵礌杞寲閰讹紝鍙互杈惧埌涓€涓緢濂界殑淇濇姢蹇冭剰鐨勭洰鐨勩€?

[How to keep celery for a long time]_How to keep_How to store

The use of silicon is not a problem, but it’s a good choice. It’s a good idea. It’s a good idea. It’s a good idea. It’s a habit of mixing up and down.綋浣滆皟鍛虫枡浣跨敤锛屾墍浠ヤ竴鑸喘涔拌姽鑿滃洖瀹朵箣鍚庝笉瀹规槗鐭椂闂翠娇鐢ㄥ畬姣曘€傚洜姝や笉灏戜汉閮藉彂鐜拌姽鑿滄斁缃竴娈垫椂闂翠箣鍚庡氨浼氬畬鍏ㄨ厡鎺夛紝娴佸け鎺夎捣鍘熸潵鐨勬按鍒嗐€傛What’s the difference? Do you know how to make silicon? If you don’t know how to do it, if you don’t know what to do? What’s new? What’s new? What’s the difference?娴告按淇濋矞娉曚拱鍥炵殑鑺硅彍涓€娆″悆涓嶅畬锛屽彲浠ユ妸瀹冩崋濂斤紝鐢ㄤ繚椴滆鎴栦繚椴滆啘灏嗚寧鍙跺寘涓ワ紝鐒跺悗灏嗚姽鑿滄牴閮ㄦ湞涓嬬珫鐩存斁鍏ユ竻姘寸泦涓紝姘存病杩囪姽鑿滄牴閮?鍘樼背锛屽彲淇濇寔鑺硅彍涓€鍛ㄥ唴涓嶈€佷笉钄€傚啺绠变繚椴滃浜庝竴浜涗笂鐝棌鏉ヨ锛屽彲浠ュ皢涔板洖鐨勮姽鑿滃厛鍚冨彾銆傜劧鍚庢妸鍓╀笅鐨勬娲楀噣鍒囨锛屾斁鍏ヤ繚椴滆鎴栦繚椴滅洅锛屽皝濂借鍙f垨鐩掔洊锛屾斁鍏ュ啺绠卞喎钘忓锛岄殢鍚冮殢鍙栥€傛垨鑰呰姽鑿滄憳娲楀共鍑€鐢ㄤ繚椴滆啘鍖呭ソ鏀惧湪鍐扮鍐疯棌锛屽彲瀛樻斁1锝?鍛紝浣嗘渶濂芥柊椴滈鐢紝浠ュ噺灏戣惀鍏荤礌鐨勬祦澶便€傚柗姘翠繚椴滄硶鐣欎綇姘村垎銆傛渶绠€鍗Open-minded and unrecognizable, you can find out what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on?濆瓨涓€鍛ㄥ乏鍙炽€傚浣曟寫閫夎姽鑿?銆 佸 齹 雹 雲 Lu 缁 Cross-over-silicon silicon 喅 咔咔 委 姽 帽 姽 Lu 缁 Kuang Xuan Xuan Xuan Xuan Xuan Xie Xing Xing Xing Xing Xing Xing Xing Xie Xie Xie Xing Xie Xie氦缁村锛屽悆鍙h€併€?銆佹煡鐪嬭姽鑿滃彾鑼庢槸鍚﹀钩鐩存柊椴滅殑鑺硅彍鑼庢槸骞崇洿鐨勩€傚瓨鏀炬椂闂磋緝闀跨殑鑺硅彍锛屽彾瀛愬皷绔氨浼氱繕璧凤紝鍙跺瓙杞紝鐢氳嚦鍙戦粍璧烽攬鏂戙€?銆佹鏌ヨ姽鑿滄槸鍚﹁剢瀚╋紝浠€涔堟牱鐨勮姽鑿滄墠鏄渶濂界殑鑺硅彍鐨勯暱鐭笉鏄€佸鐨勬爣蹇楋紝鎵嬭交鎹忚姽鑿滅殑鏍归儴锛屽鏋滄槸瀹炲績鐨勶紝鍒欐按鍒嗗厖瓒筹紝鍙f劅鑴嗗銆傞€夋嫨鍙舵焺鑲ュ帤銆佸鑴嗭紝涓€鏍湁4~6涓彾鏌勶紝闀?0~50鍘樼背锛屾棤榛勫彾銆佺梾鍙躲€佹柇鍙讹紝鍏跺彾鑹层€佸彾鏌勮壊绗﹀悎鍘熷搧绉嶇壒寰侊紝鏁撮綈銆佸潎鍖€鐨勪负浣炽€傝川閲忔渶濂界殑鑺硅彍搴旀槸鏂伴矞銆佹澗鑴嗐€佹竻娲併€侀暱鐭€備腑銆佽倝鍘氥€佽川瀵嗗苟涓旇彍蹇冪粨鏋勫畬濂斤紝鍒嗘灊鑴嗗鏄撴姌銆傚鏋滃楂撶氦缁寸礌澶锛屾湪璐ㄥ寲鐨勬槸涓嶅彈娆㈣繋鐨勩€傚彾鏌勮蒋鍖栫殑鑺硅彍琛ㄧ幇钀庤敨涓嶈剢鍜岄珦鍖栫幇璞★紝灏忚€岀‖鐨勫垎鏋濆線寰€澶氱瓔鎴栨湪璐ㄥ寲銆?銆佹鏌ユ槸鍚︽湁榛戝績鑺硅彍鐨勮川閲忚繕鍙椻€滈粦蹇冣€濈殑褰卞搷锛岃繖绉嶁€滈粦蹇冣€濇槸涓€浜涘皬鐨勫鏋濆拰鏂板彾鍙楁薄鏌撳嚭鐜伴粦鑹叉垨妫曡壊銆備粩缁嗘煡鐪嬪叾鏋濄€佸彾灏卞彲鑳藉彂鐜板铏垨瀹宠櫕鎹熶激鐨勭棔杩广€傝姽鑿滃嚭鐜板ぇ閲忕殑绫借寧鍙兘浜х敓鑻﹀懗鍜屽叾浠栦竴浜涗笉鑹殑姘斿懗銆?

[How long can the ribs be cooked]_How long does it take_How long

[How long can the ribs be cooked]_How long does it take_How long

Every time Chinese New Year, everyone buys some fish and meat. The main thing is that the ribs and pork are indispensable. The ribs can be fried or stewed in the usual time, but the fried pork ribs are better because they are fried.Food is very popular with young people. The time for frying ribs is generally not better than ten minutes, because bones and meat will be harder. Fried pork ribs are best served with 70% oil temperature, and they are put on the oil for about 4 cm.It feels hot to fry the ribs. Don’t fry it too much. Although it looks golden, it looks good, but it’s not very healthy at first. If it’s too long, it will become hard.With scorching, the taste is far worse.

[Main ingredients]500 grams of ribs and 1500 grams of vegetable oil.

[Accessories]20 grams of eggs, 100 grams of flour, 50 grams of white sesame.

[Method]1. Chop the ribs into two to three centimeter pieces, soak them in fresh saline, change the water, and wash the blood.

2. Remove the drain.

3. Rinse the tender meat powder with water, pour into the ribs and mix well, then add the shallot, ginger, salt, raw soy sauce, and marinate for half an hour.

4. Add eggs, white sesame and corn starch.

5. Stir well.

6, put about 1.5 kilograms of oil in the pot, burn to 70% heat.

7, add pork ribs to deep-fried and remove.

8, the oil is cooked to 90% heat, add spare ribs and fry.

9, out of the pan

[How to burn rabbits with lettuce]_How to cook rabbits_green shoots_

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[A certain method of pork onion]_Homemade practice of pork onion_A certain practice of pork onion_How to do pork onion

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Hengrui Medicine (600276): The business trend continues to lead the big era to a good variety

Hengrui Medicine (600276): The business trend continues to lead the big era to a good variety

This report reads: The report’s long-term company’s main business maintains a rapid growth trend, the upward trend of operations continues, innovative drugs drive the local advantages of the tumor field to continue to expand, the internationalization strategy accelerates, and the overweight rating is maintained.

Investment Highlights: Maintain “Overweight” rating.

The company announced that the operating income of 2019H1 was 100.

2.6 billion, net profit attributable to mother 24.

1.2 billion, net of non-attributed net profit22.

89 ‰, an increase of 29 per year.

19%, 26.

32% and 25.

21%, performance is in line with expectations, the upward trend of operations continues, R & D expansion continues to increase, maintaining 2019-2021 earnings per share forecast1.



03 yuan, considering the upward movement of the estimated A-share center, the company’s heavy-weight varieties have made rapid clinical progress and raised their target price to 94 (+13).

5) Yuan, corresponding to PE58X in 2020, maintaining an overweight rating.

Core business growth was in line with expectations.

Report core company revenue of 100.

2.6 billion, an increase of 19 years.

19%, we expect the tumor segment and imaging business to maintain rapid growth, of which the new products albumin paclitaxel and pirlotinib have contributed significantly.

The sales expense ratio and management expense ratio remained the same as last year, and the R & D expenses increased by 49 per year.

13%, sustained high intensity consumption.

The heavy-duty varieties are leading the way, and the innovation layout is becoming more and more perfect.

The company has completed the local imitation innovation, the combination of international imitation innovation and the transformation of innovation, and Karelizumab has begun to go on sale.

With regard to the expansion of major indications, the second-line 武汉夜网论坛 liver cancer indications have been declared on the market, and the phase III trials of first-line dialysis and esophageal cancer have reached the end point, and they are leading in the expansion of domestic PD-1 major indications.

Remazolam enters a priority review and is expected to be approved this year.

PD-L1 enters phase III. The company’s innovative R & D pipeline has formed a better product listing echelon. In the future, it is expected that 2-3 innovative drugs will be listed each year. The successive listing of heavy varieties is expected to drive the company into a new round with innovation as its core driving force.Rapid development period.

Catalyst: The company’s innovative drug progress exceeded expectations, and the company’s performance exceeded expectations.

risk warning.

Uncertainty risks in the 杭州桑拿 development of new drugs; increased competition in the industry.

Investment plunged 80%: the cold winter of the venture capital industry under the epidemic is even colder

Investment plunged 80%: the cold winter of the venture capital industry under the epidemic is even colder

Original title: Investment volume plummeted 80%!

Under the epidemic situation, the cold winter of the venture capital industry has become even colder. Source: Panoramic Finance’s sudden epidemic has made the “cold winter” of the Chinese venture capital industry colder and gradually.
.....  From 2018 to 2019, China’s venture capital industry is experiencing two years of “fever fever”. Investment institutions have closed the fundraising and exited the dilemma.

After two years of reshuffle and calm, a large number of investors define 2020 as the “year of inflection point”, and it is expected that the venture capital industry will bottom out and pick up.

  However, the epidemic that started before the Spring Festival made the “cold winter” even colder, which made all investors unexpected: almost all proposed investment projects clicked the “pause button”, the fundraising plan was stranded, and the venture projects invested were in danger.Exit channels such as IPOs are suspended . The cold winter of the primary market is being forced to extend.

  ”The amount of funds raised this year and the growth rate in 2019 will definitely be significantly reduced. Many GPs (general partners / managers) are actually unable to raise money, and the cold winter of the venture capital industry will definitely continue.

“Chen Wei, chairman of Oriental Venture Capital, a well-known venture capital firm, said that it is recommended that startups make at least 3-6 months of the worst plan,” the most important thing is to survive. ”

  However, the crisis process is accompanied by the peers. Under the epidemic, the new economy represented by fresh e-commerce, remote office, online medical care, online education, etc. has suddenly ushered in the wind, and the venture capital institutions that have been deployed in advance must be cold”Luck” on the extension line.

  Fund-raising and investment are all funded according to the “pause key”. Investment, post-investment management, and exit are a complete life cycle of the venture capital industry.

  Let’s start with fundraising. According to the Wind database, the number of funds raised by Chinese venture capital institutions in 2019 is only 602, and the funds raised are about 2317.

3.6 billion, almost a cliff-like decline.

  In 2018, the number of newly raised funds exceeded 2,400, and the total amount of funds raised was as high as 11,508.

700 million; in 2017, it was 3751 and 11040.

200 million yuan.

Even in 2010, this number was 710, 3142.

900 million yuan.

  This means that the scale of funds raised by venture capital institutions in 2019 exceeded the decline by more than 84%, and the number of newly raised funds also fell by nearly 80%. The problem of difficulty in raising funds for the Chinese venture capital industry continues.

  Money is getting tighter, and venture capital institutions are becoming more cautious and critical of investment projects.

According to the Wind database, in 2019, the cumulative number of projects invested by venture capital funds was 5,692, and the cumulative investment amount was only 6,781.

3 ppm, an average annual rate of nearly 50%.

  From fundraising to investment, the venture capital industry has undergone a cold winter shuffle.

Before the outbreak, a large number of investors predicted that 2020 might be a year of bottoming out, and the data scale also showed a rebound.

  According to Wind data, in January 2020 alone, China’s venture capital funds completed an investment of US $ 115.5 billion, an increase of more than 50% from the previous quarter.

  However, the sudden outbreak stopped the rally abruptly.

As of the 21st, the investment amount completed in February 2020 was only 81.

2 trillion, only 79 investment cases, the venture capital industry has almost suspended foreign investment projects.

The amount of investment completed in February last year was 426.

500 million US dollars, the number of investment cases exceeded 380 cases, a decline of more than 80%.

  Zhao Yangbo, vice president of investment of Qilu Capital, said that the new investment projects have basically been suspended. During the epidemic prevention and control, new investment projects are difficult to advance because there is no way to do in-depth offline communication or even enter DDSurvey), the main intensity will be put on the post-investment.

  All kinds of evidence show that the epidemic is prolonging the cold winter of the venture capital industry.

Military and Thai joint ventures have conducted a study of 40 investment institutions, and about 50% of investors have stated that they will continue to maintain a contraction strategy based on 2019.

  Faced with the passive shrinkage of investment plans of venture capital institutions, perhaps the saddest is the startup companies waiting to be fed.

  Since February 2020, a number of entrepreneurs have reluctantly stated that due to the suspension of the funds raised by the new fund, some venture capital institutions have issued notices to them to suspend capital injection, which has further reduced the necessary state of funding for enterprises.

  Start-up companies that have experienced a crisis in the capital chain are mainly offline education, catering, tourism, retail and other industries. Affected by the epidemic, business operations have almost stopped, cash flow is almost zero, surrounded by survival, once failed to survive, venture capital institutionsInvestment projects will also end in failure.

  The planned IPO project has also been suspended. In addition to raising funds, another major source of funding for the venture capital industry is the project exit.

Prior to the outbreak, investment institutions with rich projects in their hands had high expectations for the exit side in 2020.

  At the end of 2019, Xiao Bing, CEO of Dachen Venture Capital, had predicted that in 2020, it would be the historical peak period for venture capital project exits. Under the healthy competition of science and technology board and GEM registration system, the number of IPO projects in 2020 will acceleratevery fast.

For venture capital institutions with sufficient project reserves in their hands, it will be a very good news.
  However, this expectation may be delayed.
Affected by the epidemic, the IPO progress in 2020 is ongoing.

  According to Wind data, more than 133 companies ‘listing applications in Hong Kong are being processed, and 159 companies’ listing applications have not progressed, and due to the impact of the epidemic, many companies have chosen to replace the listing plan.

  At the same time, the A-share IPO issuance review meeting has been suspended for more than 30 days.

On February 13, 2020, the number of companies in the IPO queue was 428 (excluding the science and technology board), including 161 main boards, 79 small and medium-sized boards, and 188 GEM boards.

  In addition, affected by the epidemic, sponsors, and audit institutions’ IPO counseling work is also expected to be replaced, and the IPO progress of companies planning to list in 2020 will follow.

  However, it is worth mentioning that the issuance of new shares has been affected by the epidemic again. The CSRC has approved the IPO approvals of eight companies for three consecutive weeks.

At the same time, since February 3, 18 new shares of A shares have been successfully listed.

  Although the IPO counseling and review of business progress has been temporarily affected by the epidemic, it is not yet possible to determine the overall IPO rhythm in 2020.

  Looking back at the SARS epidemic in 2003, according to wind data, a total of 68 new shares were issued and listed in 2003, the same as in 2002, and 50 new shares have been listed after June 2003, and the end of the fight against the SARS epidemic was in 2003.May each year.

  This means that after the end of the SARS epidemic, the progress of A-share IPOs has accelerated significantly.

  BOCI Securities expects that initial public offerings will improve in the first half of 2020, but with reference to the acceleration of initial public offerings after the end of the SARS epidemic in 2003, combined with the overall reform of the internal A-share registration system, the general background of direct financing ratios has been raised, so the amount of funds raised isWill fall.

  It is foreseeable that under the epidemic, the pace of quitting venture capital projects seems to have been delayed and will not cause it.

  But for specific investment projects, the test brought by the epidemic will be more severe.

The operation and financial status of some startups may be affected by the epidemic, and the project is expected to shrink, and the IPO will fail. This will also test the venture capital institutions’ post-investment management capabilities.

  At present, the support given by most institutions is mainly focused on the docking of industry resources and sorting out local support policies.

In addition, support is provided in terms of cash flow.

  According to Dachen Ventures, all investees are required to report the latest situation every week, monitor closely, pay attention to project risks, and provide the think tank and support for the investees with the resources of the Dachen Ecosystem.Classes, live sharing, etc.

  Under the epidemic, they have become a “lucky” crisis. They have always been with them. In every dangerous conflict, new opportunities have emerged against the trend.

  The outbreak was no exception.

The epidemic situation is controlled by the entire national defense, offline life, and the consumption scene is pressed with the “pause button”, while online medical care, online education, fresh e-commerce . ushered in the wind.

  Oriental Weihai Chairman Chen Wei said that the epidemic will have a certain impact on the pace of investment in the first half of 2020, but 2020 may be a “good year” worth investing in.

  Taking online medical care as an example, the epidemic has swept the country, offline medical resources are tight, and the risk of hospital infection is high, so the demand for online medical consultations has exploded.

Among them, Ping An Good Doctor APP registered users increased by nearly 10 times, and the number of conversion visitors during the epidemic was as high as 11.


  In addition, the number of registered users of Baidu “Ask Doctor”, Dr. Chunyu, Dr. Elephant, Dr. Lilac, Medical Union, Dr. Penguin, Weiyi, and Good Doctor all increased geometrically.

  Hu Xubo, a leading partner of Qiming Venture Capital, said that after the epidemic, China’s medical service system, public health service system, and new drug research and development will be promising.

As an investment institution, you can support innovative companies by investing to participate in this progress.

  On the first day (February 10), Songhe Capital released recruitment information and planned to recruit investors with collective professional medical and health 杭州桑拿网 background, covering positions from investment director to partner.

  In addition to online medical care, 200 million students are attending classes at home, which has led to the outbreak of online education. The traffic of online education companies is estimated to have an explosive growth.

  Taking the homework gang of the free live broadcast class on February 3 as an example, in just 3 days, the number of people participating in the free live broadcast course nationwide exceeded 10 million.

  According to the help of the homework, the morning of the 8th day (February 10), the number exceeded 20 million, which is the highest user index in the history of the homework helper and the highest ever record of online education live classes.

  On average, the capital market is also very crazy. In June of this year, the GSX 杭州桑拿网 listed on the US stock market (GSX) has soared by more than 431%.

  Since 2015, 130,000 companies have been established in the field of online education in China. In 2019 alone, more than 60,000 online education-related companies have been set up, and investment institutions have also poured in.

  The same explosive growth has also occurred in fresh online e-commerce, far beyond the office and other online fields, and venture capital companies that have been deployed in advance are undoubtedly the biggest winners.

Where the traffic gathers, all are the outlets for capital chasing. In the future, capital will continue to flood into industries that have exploded against the trend.