Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.

Affected by this rumor,$DiDi Global Inc (DIDIY.US)$Regarding the above rumors, DiDi denied on June 18, stating that the company is currently focusing on deepening its main business, better serving passengers, drivers, and partners, continuously improving product services and innovation capabilities, and creating long-term value for the industry and society. DiDi has always maintained normal communication with investors, synchronizing the company's business progress, and there is currently no timetable for the IPO.

In May 2022, DiDi announced that, according to current relevant laws and regulations, if the company seeks to go public on international recognized exchanges including the Hong Kong Stock Exchange, it will need to file with the relevant regulatory authorities. At the same time, DiDi also stated that "after the company resumes normal operations, it may seek to go public on another securities exchange."

On May 29th, this year, DiDi released its 2024 first-quarter performance report. In the first quarter, DiDi achieved a total revenue of 49.1 billion yuan, a year-on-year increase of 14.9%; EBITA (non-GAAP) profit was 900 million yuan. Among them, DiDi's revenue from China's travel industry in the first quarter was 44.5 billion yuan, a year-on-year increase of 14.1%; revenue from international business was 2.4 billion yuan, a year-on-year increase of 43.9%, and the China travel industry and international business continued to grow stably.

At the same time, the core platform transaction volume, including China travel and international business, has also continued to grow. In the first quarter, DiDi's core platform transaction volume was 3.75 billion orders, a year-on-year increase of 30.3%. Among them, the total number of orders for DiDi's China travel industry increased by 27.1% year-on-year to 2.95 billion, and the total number of orders for international business increased by 44% year-on-year to 790 million, with daily orders for China travel and international business reaching 32.5 million and 8.7 million, respectively, breaking historical records.

In addition, according to DiDi's previously disclosed repurchase plan of no more than US$1 billion, as of May 24, 2024, the company has repurchased a total of approximately 37.1 million ADS shares, equivalent to approximately US$152.4 million. From March 1 to May 24, approximately 22.2 million ADS shares were repurchased, equivalent to approximately US$98 million, and the repurchase efforts gradually increased.

Editor/tolk