Application of blockchain Association

1. Many blockchains are registered in Singapore, and most of them are registered non-profit foundations. How can they be registered legally? In fact, registration is legal and in line with the local laws and regulations of Singapore, so there is no such thing as illegality
when we say whether it's legal or not, we mainly talk about blockchain coin issuing, not registration. Officially, because of concerns about legal compliance, most blockchain issuers will submit legal opinions, especially the non securitization proof of token
at present, many enterprises set up Foundation Ltd. (Foundation) in Singapore because ICO is a new financing mode of digital currency, such as bitcoin, which is based on blockchain by issuing digital encryption token
What are the conditions for registering Singapore Foundation:
1. Provide the name of Singapore foundation ending with Foundation Ltd
2. Provide a member's ID card and passport
3. Provide a witness's ID card
4. Business scope of Singapore company
5. Members and witnesses hold ID card or passport photo

2. 1、 Shanghai domestic capital registration process:
business name (shop name) query - & gt; Name pre approval - & gt; Documents to be submitted for establishment registration; Application for establishment registration - & gt; Second, Shanghai domestic capital registration conditions:
1. Shareholders meet the quorum; 2
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3. The shareholders jointly formulate the articles of association
4. Having a company name and establishing an organization that meets the requirements of a limited liability company
5. There are fixed proction and operation sites and necessary proction and operation conditions< (3) list of registration documents for the establishment of a domestic limited liability company
2. Certification of all shareholders' designated representatives or jointly entrusted agents to handle the company's establishment registration
3. Articles of Association
4. A capital verification certificate issued by a legally qualified capital verification institution, note 3
5. A of the legal person's qualification certificate or natural person's identity certificate of the shareholder
6. Appointment documents and copies of identity certificates of the company's legal representative (Note 6); resolutions of the shareholders' meeting on the election of directors and supervisors; resolutions or decisions of the board of directors or executive directors on the appointment of managers (Note 5)
7. Enterprise name pre approval notice
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9. Laws and administrative regulations stipulate that the establishment of a limited liability company must be submitted for examination and approval, or if there are items in its business scope that must be submitted for examination and approval, relevant approval documents shall also be submitted
10. Other documents required by the company registration authority

remarks: the limited liability company applied to be established in the undergraate course should be a company established in accordance with the company law, with non natural person shareholders accounting for more than 50% of the shares
① if items 2 and 5 above have been submitted at the time of name pre-approval, the registration of company establishment shall be exempted< (2) the qualification certificate of the shareholder refers to: a. the of the business license of the enterprise legal person (the of the business license of the enterprise legal person in the mainland must be sealed by the instrial and commercial department in the place of registration); b. Identity certificate of natural person (foreign natural person and Hong Kong, Macao and Taiwan compatriots shall submit bank credit certificate equivalent to their investment amount at the same time); c. The registration certificate of association as a legal person, the registration certificate of institution as a legal person or the written approval; d. Other legal business certificates. Where laws, regulations and administrative rules have special provisions on the investment qualification of shareholders, their investment qualification certificates shall also be submitted
③ if the investment is made in kind, instrial property, non patented technology or land use right, the assets appraisal report issued by a legally qualified appraisal institution shall be submitted at the same time< (4) if the residence is for lease, submit the original of the house lease contract and the of the house property right certificate, or the original of the lease contract registered and sealed by the lease management department; If the residence is owned by the shareholder, the of the house property right certificate and the certificate provided by the shareholder to the company shall be submitted< (5) the names and domiciles of the directors, supervisors and managers shall be specified in the relevant resolutions or decisions< (6) if it is not specified as a , the original shall be submitted; if it is specified as a , the original shall be checked (except the of the legal representative's identity certificate)

3. Blockchain itself is decentralized, either for indivials or teams. It doesn't have to be a company. If your project needs to be engaged in offline business, you need to register a company. However, if you are engaged in pure blockchain network, there is no need to set up a company. For example, the well-known hummingbird strategy Arbitrage (HMT. One) is carried out between different exchanges.

4. Qihuan not only provides power exchange, but also provides maintenance services. Qihuan app uses blockchain technology to track the data of trams, batteries and power exchange cabinets to provide services!

5. Now there are crowdfunding, just change their contract account number

6.

Bitcoin is a kind of cryptocurrency based on decentralization, using peer-to-peer network and consensus initiative, open source, and blockchain as the underlying technology

on January 3, 2009, Chuangshi block was born. Anyone can participate in bitcoin activities and issue bitcoin through a computer operation called mining. Since the number of bitcoin protocols is up to 21 million, some people think that inflation can be avoided

in 2010, bitcoin proced a price in the transaction, and the initial price was about US $0.0025 per coin. If compared with the current $30000 each, the "value" of bitcoin has increased by more than 12 million times in about 10 years

many people in the "coin circle" believe that the players behind bitcoin are no longer technicians and blockchain enthusiasts, but global financial institutions

when bitcoin and other blockchain digital assets increasingly get the participation of mainstream investment institutions, it will help to rece the concern about the legitimacy of bitcoin

in November 2020, PayPal, an online payment giant with more than 300 million users, announced to provide bitcoin trading services for qualified US customers after purchasing a large number of bitcoin

in December 2020, Singapore DBS Bank launched bitcoin and other digital asset trading services for institutional investors. In the past three years, the bank has been calling bitcoin a Ponzi scheme...

however, the soaring virtual currency represented by bitcoin has not changed the reality that it is not generally recognized by the mainstream financial market, which means that the higher the value of bitcoin, the higher the value of bitcoin, The more risky investors are

After all, behind the virtual currency, there is nothing but artificial scarcity caused by technology

7. Yeah, yeah, yeah, very insightful

8.

This year's A-share market deals with all kinds of problems

from Guizhou Maotai with 1200 yuan, to Hengrui pharmaceutical with 99 times P / E ratio, to soy sauce stocks with 300 billion market value

any kind of white horse stocks may fail you. Only the core assets of the consumer instry are stable happiness

However, judging from the traditional valuation, the price to earnings ratio (PE) and price to book ratio (PB) of the big consumer sector are not cheap any more:

① PE of the food and beverage instry is 32.17 times, reaching 68% of the historical percentage, and Pb is 6.5 times, reaching 81% of the historical percentage

2. The price earnings ratio of the Baijiu liquor segment is 32.17 times higher than that of the historical average. p> Is the valuation of consumer stocks too high

Guotai Junan retail team recently released "stick to the consumer leader, share China's growth", which analyzes in detail the changes in the valuation logic of consumer stocks

there are 2303 words in this article, and the reading time is estimated to be 10 minutes. Pull to the bottom of this article to read the core ideas of this article

remember the "beautiful 50" in America

before discussing whether the valuation of consumer white horse stocks is too high, we might as well review the "beautiful 50" market in the United States in the early 1970s

the so-called "beautiful 50" refers to the 50 large cap stocks in the New York Stock Exchange in the United States from the late 1960s to the early 1970s, among which there are many consumer brands that we are still familiar with, such as McDonald's, Coca Cola and so on

One of the most important characteristics of "beautiful 50" is that high profit and high PE exist at the same time

since 1971, the stock price and valuation level of "Meili 50" have risen rapidly. At the end of 1972, the median valuation was more than 40 times, and the highest valuation of Polaroid was even more than 90 times, while the median valuation of S & P 500 was only 12 times

throughout the market, it is not difficult to find that consumer stocks are especially favored by big funds. Analyzing the reasons behind it, we think that there are two points:

1. The business model is clear and the financial content is simple. 2. The economic downturn is more risk averse

still takes America's "beautiful 50" as an example. There are three main reasons for the ending of the "beautiful 50" market:

1) the huge fiscal deficit and credit expansion in the United States have accumulated a high inflation bubble, and the food crisis has triggered CPI upward, and the Federal Reserve has had to accelerate the tightening of monetary policy; < / p> The oil crisis broke out in 1973, which led to the further deterioration of inflation, the rising cost of raw materials eroded the profits of enterprises, the gross profit rate and profit growth rate of enterprises both went down, and the stock market turned from bull to bear

3) since 1973, the profit growth and roe of "Meili 50" began to decline, and the stability of profit was questioned by the market

we believe that the phenomenon of "group heating" of A-share institutions can only be broken in two cases:

1) the performance of consumption leaders continues to be lower than expected, but at present, the revenue and net profit of Baima shares such as Guizhou Maotai, Wuliangye, Gree Electric Appliance and Midea Group keep steady growth

2) like the "Meili 50" in the United States, a shares encounter large external changes, such as the overall escalation of Sino US friction or the global economic cliff recession, but the probability is very small at present

at present, the possibility of both cases is very small

how to configure later

in terms of follow-up allocation, we suggest mining investment opportunities from two main lines

1) efficiency in terms of supply: the leading enterprises with high operating efficiency, steady performance growth and obvious competitive advantage will continue to grow by squeezing the market share of small and medium-sized enterprises

2) dividend from demand: there is still a huge consumer demand dividend in the third and fourth tier market. We are optimistic about the enterprises with strong growth, instry logic and income support, especially the leading companies whose strategic focus is expanding to the low tier market and can enhance the market share through their own management and cost advantages

summary of this paper:

1 in the traditional sense, the big consumer sector is no longer cheap

However, when the consumer instry develops to a certain stage, its leading stocks should not simply judge the valuation level according to the price earnings ratio (PE)

3 the valuation system of consumer instry is changing from PE model to DDM model. Once the consumer leader has established a deep enough "moat", the steady growth, market share increase, profit improvement and continuous dividend will be enough to support its valuation level

4 domestic funds and overseas funds maintain a high enthusiasm in the allocation of large consumer instries. The reason why consumer stocks are favored by big funds is that their business model is clear, their financial content is simple, and they are more risk averse in the period of economic downturn

5 the group market of consumer stocks is not easy to be broken in the short term. In terms of follow-up allocation, we should pay attention to leading enterprises from the perspective of supply; From the perspective of demand, focus on the enterprises with strong growth, instry logic and income support