Core Viewpoint - The company announced that unclaimed distributions from specific dates will be forfeited and returned to the trust after a six-year period [1] Summary by Relevant Sections - **Distribution Forfeiture**: The board of directors has the authority to decide on the forfeiture of unclaimed distributions that remain uncollected six years after the declaration date [1] - **Specific Dates**: The unclaimed distributions from the interim distribution on September 28, 2018, and the final distribution on June 5, 2019, will be forfeited if not claimed by December 12, 2025 [1]

Core Insights - The article discusses the cyclical challenges faced by the hotel industry in China, particularly the cash flow issues during off-peak seasons despite a record number of hotels in operation in 2024, exceeding 370,000 [1][3] - Hubei Zhongyi Hotel Investment Management Co., Ltd. has introduced a prepayment model to address these cash flow challenges, providing hotels with 5-8 months of operational funding without traditional bank guarantees [3][4] - The founder, Liu Wen, emphasizes the importance of understanding industry dynamics and leveraging capital to optimize the value chain, aiming for a win-win situation for both hotels and Zhongyi [6][9] Industry Challenges - The hotel industry is experiencing a decline in RevPAR (Revenue Per Available Room) by 1.2% due to oversupply, leading to a situation where new hotel openings do not translate into increased revenue [1] - Many mid-tier hotels face existential threats due to cash flow issues exacerbated by high operational costs during off-peak seasons [1][3] Hubei Zhongyi's Business Model - The company employs a unique model that combines "industry operation + capital empowerment," allowing for flexible funding solutions for hotels [3][4] - The prepayment model effectively transfers future sales rights temporarily to Zhongyi, enabling hotels to maintain operations without traditional financing hurdles [3][6] Team and Expertise - The core team consists of experts from international hotel groups and OTA platforms, bringing advanced revenue management and marketing strategies to the company [6][9] - Liu Wen's background in supply chain management and capital operations has been instrumental in developing a comprehensive management model that enhances operational efficiency [4][6] Future Vision - Hubei Zhongyi aims to extend its services beyond cash flow solutions by offering specialized OTA operations and comprehensive renovation support for hotels facing lifecycle challenges [8] - The company's approach is positioned as a transformative force in the hotel industry, promoting a more efficient and sustainable operational model [9]

Group 1: Computing Power Interconnection Action Plan - The Ministry of Industry and Information Technology issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026 and achieve nationwide public computing power standardization by 2028 [1] - The plan emphasizes the need for leading server companies to drive the development and application of new high-speed interconnection protocols, enhancing compatibility across various transmission protocols [1] - The initiative aims to optimize the allocation of computing resources, particularly facilitating the "East Data West Computing" strategy, which involves sending data from energy-scarce eastern cities to the resource-rich western regions for processing [1] Group 2: Digital Tax in Germany - Germany is considering a 10% digital services tax on major online platforms like Google and Meta, citing concerns over tax avoidance and monopolistic structures that threaten competition and free speech [3] - This move is seen as a pressure tactic in ongoing US-EU trade negotiations, with several European countries already implementing similar taxes [3][4] - The proposal highlights the need for a fair discussion on tax laws rather than using them as negotiation tools, which could harm the business environment [4] Group 3: Shanghai Foreign Trade Performance - Shanghai's foreign trade in the first four months of the year reached 1.4 trillion yuan, a 1% year-on-year increase, with exports growing by 13.8% [5] - The city has shown resilience in foreign trade despite tariff challenges, with significant growth in exports to non-US regions, particularly Africa, which saw a 96.5% increase [5][6] - The strong performance is attributed to Shanghai's robust high-end manufacturing and electronics sectors, as well as the flexibility and innovation of private enterprises [5] Group 4: Hotel Investment Market - The hotel investment market in China is experiencing increased activity, with 313 new hotels opening in April, a 41.6% month-on-month increase [7] - Major transactions are concentrated in first-tier and new first-tier cities, with the East China region accounting for 55% of hotel investment deals [8] - Despite a competitive environment, the demand for hotel assets is rising, driven by increased travel during holidays, although overall hotel performance remains mixed [8] Group 5: Li Auto's Financial Performance - Li Auto reported a 1.1% year-on-year revenue increase to 25.9 billion yuan in Q1 2025, with a net profit of 647 million yuan, marking a 9.4% increase [9] - The company expects Q2 deliveries to reach between 123,000 and 128,000 units, reflecting a year-on-year growth of 13.3% to 17.9% [9] - Li Auto's performance is stable, but it faces increasing competition from other new energy vehicle manufacturers [10] Group 6: Luckin Coffee's Pricing Strategy - Luckin Coffee has introduced promotional pricing, with some drinks priced as low as 6.9 yuan, amid intense competition in the coffee market [11] - The company emphasizes that these discounts are temporary promotional activities rather than a shift to a lower pricing strategy [11][12] - Despite rising coffee bean prices globally, domestic price competition remains fierce, with competitors offering significantly lower prices [11] Group 7: ETF Market Growth - The ETF market in China has surpassed 4 trillion yuan, with significant inflows of new capital and an increase in the number of ETF products [13] - The growth is partly driven by state-owned entities entering the market, focusing on index ETFs rather than individual stocks [13] - The rise in ETF trading activity reflects a shift in investor preference towards diversified investment strategies [13] Group 8: Stock Market Overview - The stock market experienced fluctuations, with the Shanghai Composite Index closing down 0.47% on May 30, amid a total trading volume of 1.14 trillion yuan [14] - Defensive sectors like pharmaceuticals showed strength, while high-flying stocks faced declines [14] - Market sentiment remains cautious, with expectations of policy support in June potentially stabilizing the market [15]