1. What kind of change will the first 5G international standard bring?
Abstract: The 3GPP Plenary (TSG#80) approved the fifth-generation mobile communication technology standard (5G NR) independent networking at 20:18 local time on June 13, 2018 (Beijing time: June 14, 2018, 11:18) Function freezes.
Gathering micro-network news, local time: June 18, 2018, 20:18 (Beijing time: June 14, 2018, 11:18), 3GPP Plenary (TSG#80) approved the 5th generation mobile communication technology standard (5G NR) Independent networking function freezes.
In addition to the non-independent networking NR standard completed in December last year, 5G has completed the first phase of full-featured standardization work and entered a new phase of full-scale industrial sprint.
This freezing of SA functions not only enables 5G NR to have the capability of independent deployment, but also brings a new end-to-end new architecture, enabling the intelligent development of enterprise-level customers and the vertical industry, bringing benefits to operators and industry partners. The new business model opens a new era of full connectivity.
More than 600 representatives from the world's major telecom operators, network equipment vendors, terminal and chip manufacturers, instrumentation vendors, Internet companies and other vertical industry companies have witnessed this historic moment.
It is reported that, unlike the previous non-independent networking 5G Release15 NSA version, the complete 5G Release15 version SA (Standalone independent networking) determined this time adopts a new architecture. In addition to adopting new network elements and interfaces, it is also large-scale. Supports software-defined networking, network virtualization and other technologies. 5G will be separated from 4G independently. This facilitates operators to develop a variety of services. Reliance on 4G is also reduced to 5G to improve bandwidth and low latency. .
According to the Ministry of Industry and Information Technology, China's 5G carrier frequency band is midrange, and Sub6GHz is also within this published standard. According to an announcement from the Ministry of Industry and Information Technology, the 3300-3600MHz and 4800-5000MHz bands are planned to be used as working frequency bands for 5G systems, and 3300-3400MHz band is also available. In principle only for indoor use.
It is reported that Release 16 will be the next 5G standard, and standard setting work will be completed in December 2019. At that time, the 5G plan will be completely determined.
Balázs Bertényi, chairman of the 3GPP TSG RAN, stated: 'The freezing of the 5G NR radio protocol is an important milestone for the wireless industry to explore the 5G vision. The 5G NR SA system not only significantly increases the network speed and capacity, but also opens up new industries. The 5G system is the gateway to industrial ecosystem changes.
The key changes brought by 5G
The key changes brought about by 5G are three things: faster speeds, the ability to accommodate more users at the same time, and lower network time delays. It can provide faster network speed for each device while satisfying The load of high-density device networking can also reduce the network latency of data.
These 'advanced' features will greatly expand the application of wireless communication technologies: From your home's IoT devices to autonomous driving, urban dynamic wireless mesh networks, etc., these new wireless communication products will continue to enhance us. If you have no idea about these things, you can actually summarize them in one sentence. In the era of 5G, not only wireless communication technologies will be unified, but even some wired network transmissions will be replaced by wireless communication.
According to the information released by the Ministry of Industry and Information Technology at the Digital China Construction Summit in April, China's first batch of 5G chips will be taped out before New Year's Day in 2019, and will be completed before and after the Spring Festival. According to the plan, 5G will start pre-commercial use in 2019, and commercial use will be carried out in the first half of the year. Base station construction, the first batch of 5G handsets was produced in the second half of the year and was officially commercialized in 2020.
Counterpoint Research and Ernst & Young, market research companies, also issued reports that the commercial use of 5G smart phones will start in 2019 and begin explosive growth in 2021.
In its report, Ernst & Young predicts that China will invest approximately 1.5 trillion RMB in 5G construction between 2019 and 2025, and achieve 5,776 million 5G subscribers in 2025. This number will be 40% of the global 5G subscribers at the time. Counterpoint Research believes that by 2021, 5G smart phone shipments will exceed 110 million units. (Proofread/Sunday)
2. The first true 5G standard was released! Huawei's ZTE Datang and other sprints followed hot pursuit of Qualcomm Ericsson;
Abstract: Finally, the first truly comprehensive international 5G standard was officially released, and the pace of 5G is getting closer and closer to us! It is understood that Qualcomm and Ericsson have announced their respective 5G charging standards. Naturally, Chinese companies are not far behind. , Has carried out a large amount of research and development work in the field of 5G.
Set micro-message (text / Mao Mao), 5G pace is really getting closer to us! The United States, San Diego time, June 13, 3GPP 5G NR standard SA (Standalone, independent networking) program 80th in 3GPP The TSG RAN plenary session was officially completed and released, marking the official release of the first truly international 5G standard.
5G Industry Enters New Phase of Sprint
In addition to the earlier version of 5G Release15 based on the NSA (non-standalone) architecture released in December last year, 5G has completed the first phase of full-featured standardization work and entered a new phase of full-scale industrial sprint.
According to the 3GPP plan, the 5G standard is divided into two types: NSA and SA. The 5G NSA networking is a transitional solution. The main goal is to increase the bandwidth in the hotspot area, there is no independent signaling plane, and the 4G base station and core network work. The progress of standard setting is faster.
The release of the 5G SA networking version means that the 5G system based on the independent networking architecture can truly realize the 5G technical specifications and commitments, and create more development opportunities for the mobile communications industry.
It is worth mentioning that 3GPP determines that 5G standardization is divided into two phases. After the 5G standard for the first phase of SA has settled, the second phase starts R16 as a 5G standard and will be completed in December 2019. By then, the entire 5G standard will be implemented. It is also baked.
According to the information released by the Ministry of Industry and Information Technology at the Digital China Construction Summit in April, China's first batch of 5G chips will be taped out before New Year's Day in 2019, and will be completed before and after the Spring Festival. According to the plan, 5G will start pre-commercial use in 2019, and commercial use will be carried out in the first half of the year. Base station construction, the first batch of 5G handsets was produced in the second half of the year and was officially commercialized in 2020.
China attaches great importance to the layout of the 5G industry
The White Paper on 5G Economic and Social Impact published by the China Academy of Information and Communication Technology shows that in 2030, the total output, economic value added, and employment opportunities that 5G will drive will be 6.3 trillion yuan and 2.9 trillion yuan respectively. 8 million.
Based on this, in recent years, China has attached great importance to the layout of the 5G industry. The National Thirteenth Five-Year Plan outlines that the 5th generation of mobile communications (5G) and UWB key technologies should be actively promoted, and 5G commercial use should be initiated; "Informatization Planning" proposes breakthrough development of 5G technology research and development and standard setting and launches commercial development goals. It will also carry out 5G R&D experiments and commercialization, leading to the formation of 5G global unified standards as a major task.
According to Liu Dian, dean of the China Academy of Information and Communication Technology, at present, China's submission of 5G international standards accounts for 32% of the world's total, and lead standardization projects account for 40% of the total, both in terms of advancing speed and quality are higher in the global context.
In fact, in the formulation of the 5G standard, China already has a certain amount of discourse. In terms of the 5G non-independent networking standards that have been identified, LDPC, which is supported by a number of U.S. operators and enterprises, has become the data channel coding. The pushed Polar has become a control channel code. This is China's first breakthrough in the field of channel coding.
Chinese manufacturers are conducting a lot of 5G R&D work
According to Micronet, both Qualcomm and Ericsson have announced their respective 5G charging standards. Naturally, Chinese companies are not far behind. In the 5G field, a lot of R&D has already been carried out.
Datang Telecom has fully participated in the formulation of international mobile communication standards. Up to now, Datang Telecom Group has submitted nearly 5,500 articles for 5G international standardization. At the same time, Datang will develop wireless and transmission based on the latest R15 SA standard. The core network is The end-to-end full range of products within the company facilitates the deployment of national 5G technology trials and scale trial networks.
Huawei announced earlier this year that it will invest 5 billion yuan in 5G for 5G R&D in 2018, and 5G Kirin chips and smartphones in 2019. It will continue to invest in Panasonic 5G R&D and related fields in wireless, wired, Internet of things, terminals, etc. The Pan- 5G field has achieved technology, commercialization and economies of scale, and has launched a 5G core product based on a service architecture in December last year.
ZTE claimed that in the field of 5G, ZTE has accumulated more than 1,500 patent applications and has repeatedly achieved technological breakthroughs. The first Pre5G Massive MIMO base station has been commercialized in China and Japan. Meanwhile, ZTE released 5G end-to-end overall in 2017. solution.
In addition, the three major domestic operators are also accelerating the deployment of 5G technology. It is reported that the Ministry of Industry and Information Technology has approved the three major operators to start 5G pilot projects in some domestic cities. Unicom's pilot cities are Beijing, Tianjin, Qingdao, Hangzhou and Nanjing. Wuhan, Guiyang, Chengdu, Shenzhen, Fuzhou, Zhengzhou, Shenyang, etc.; China Mobile, will be the first to conduct 5G field tests in five cities including Hangzhou, Shanghai, Guangzhou, Suzhou, Wuhan, and later in Beijing, Chengdu, Shenzhen, etc. Demonstration of 5G application services in 12 cities; China Telecom conducted trials in Xi'an, Shenzhen, Shanghai, Suzhou, Chengdu, Lanzhou and other cities. (Proofreading / Lechuan)
3. The China Securities Regulatory Commission 84 asked to audit the Xiaomi CDR financing amount or exceeded 35.8 billion yuan;
Original title: 84 SRC audited millet CDR! accounted for not less than 7% of total share capital after issuance, financing amount exceeded 35.8 billion yuan
Author: Xu Zhao Yang Jie
On June 14, Xiaomi updated its prospectus for issuing CDR. Highlights are as follows:
1. Millet CDR accounted for not less than 7% of the total share capital after the issuance;
2. The proportion of the basic shares corresponding to CDR to the total scale of 'H+CDR' shall not be less than 50%;
3. According to Xiaomi’s valuation of US$80 billion, the CDR financing amount may exceed US$5.6 billion, or RMB35.8 billion;
4. Xiaomi CDR issue price is not higher than H share price.
On the evening of the 14th, the Securities and Futures Commission also disclosed written feedback on Xiaomi's CDR publication, covering three aspects of regulatory issues, information disclosure, and other issues, including 84 specific issues involving the existence of horizontal competition, Xiaomi governance, and ecology. Chain business situation, financial and financial services, equity incentives, related transactions and other key content.
Millet CDR financing line may exceed 5.6 billion U.S. dollars
According to the updated prospectus, although the amount of Xiaomi's CDR issue has not yet been finalized, the issuance ratio has already been determined -
' Xiaomi intends to use the Class B stocks issued as the basic stocks to be converted into CDRs, and the proportion of the total share capital after the issuance of CDRs and Hong Kong stocks shall not be less than 7%. The underlying shares corresponding to the issuance of CDRs shall account for this CDR and Hong Kong stocks. The proportion of the total issuance size (including the issuance size of old shares) is not less than 50%.
If the analysts of major institutions give a market value of over US$80 billion, the CDR financing amount may exceed US$5.6 billion, or RMB35.8 billion.
Millet CDR issue price has not been determined yet, but the issuance method adopts the inquiry method to determine the price. The CDR is issued at a lower price than the Hong Kong stocks. According to industry insiders, this means that Xiaomi's CDR issuance price will definitely not be higher than the Hong Kong stock price.
The biggest concern of investors may lie in its valuation. In recent days, several investment institutions have put forward their opinions on the valuation of Xiaomi. According to an intermediary person who is close to the Xiaomi IPO, Xiaomi has been favored by the domestic and Hong Kong capital markets, cornerstone investment. The competition among the people is particularly fierce, giving a valuation of about $75-80 billion.
84 questions full-scale full-scale penetration review
On the evening of the 14th, the Securities and Futures Commission also disclosed written feedback on Xiaomi's issuance of CDRs, covering three aspects of regulatory issues, information disclosure issues, and other issues, including 84 specific issues. This shows that regulators are reviewing innovative companies IPOs or issuances. In the CDR process, audit requirements will not be reduced, information disclosure requirements will be reduced, and full-scale, full-scale audits will be conducted for pilot innovative companies.
In terms of regulatory issues, the China Securities Regulatory Commission asked 38 questions, focusing on the legal compliance of some Internet operating qualifications, whether there was competition with the industry, corporate governance, preferred stocks, and Lei Jun’s incentives to obtain large class B common stock stock incentives; In terms of disclosure issues, the China Securities Regulatory Commission asked 41 questions, focusing on multiple non-standard information disclosure issues; on other issues, the CSRC asked five questions, focusing on financial data fluctuations, company positioning, and other issues.
I. Normative issues
1. Regarding Xiaomi’s legal compliance that has not yet obtained some Internet operating qualifications. According to the Xiaomi’s prospectus disclosure, the company has not yet obtained games and online access to the “Internet Publishing Service License”, “Information Network Broadcasting Audiovisual Program License”, “Internet News Information Service License. The China Securities Regulatory Commission requires the issuer to provide additional disclosures as to whether the qualifications of certain operating businesses have not yet obtained major violations of laws and regulations, whether it can maintain the company's business continuity, and whether there is any risk of administrative penalties or business risks.
2, about whether there is competition in the industry.
(1) The company purchases cloud services from Jinshan Cloud. The CSRC requires that it further supplement the disclosure of the issuer’s cloud service business mainly based on Jinshan Cloud, and how to ensure the fairness of the price; Jinshan Cloud Group and the company’s cloud service are used in technology development model development. Whether the tools, development results and other aspects are common, whether they are similar in terms of operating model and asset structure; Combine the company's cloud and Jinshan cloud's entry scenario, technical route, current volume scale, overlapping service scope, and whether the technology executives cross The status of the position indicates whether the two constitute the basis for the competition in the industry and the reasons.
(2) About the Age of Gathering (YY) and Cheetah Mobile. The China Securities Regulatory Commission requires sponsors and lawyers to verify and supplement the disclosure of the equity and voting rights of the two companies, and whether the issuer has competition with its peers, and the reasons and reasons for this.
(3) The issuer has the same or similar business with the related party. The CSRC asks the issuer to explain the actual situation of the company's actual controller and related parties, senior management personnel engaged in similar business with the issuer, upstream and downstream relations, sharing customers, In the case of distributors and suppliers, the intermediary agency is required to verify the above situation and issue verification opinions on whether it constitutes competition with the industry.
3. Regarding corporate governance. The issuer is required to provide additional disclosures: (1) Shareholders' meeting, decisions made by the board of directors, decision-making procedures, decision-making mechanism, actual operation, and major issues are decided by the board of directors or shareholders. (2) The company has super-voting power. Specific shareholders, shareholdings, voting mechanism, specific voting rights for Class A common stock voting rights, special rights for class A common stocks over common class B shares. (3) Lei Jun owns ordinary A share and B share holdings, The size of the right to vote and the calculation basis.
4. Regarding preferred stocks, please add the total number and proportion of preference shares in the prospectus, the amount of each round of preferred stock financing, the valuation, the total amount of preferred stock financing, and the basis for achieving 'qualified listing'. The issuer should provide the articles of incorporation and The relevant shares and related provisions of the Preferred Stock Agreement for achieving a qualified listing.
5. In April 2018, Lei Jun obtained incentives for large amount of Class B common stock. The issuer shall further explain and disclose the above-mentioned decision-making procedures, whether it is in line with the articles of association and related transaction systems and relevant regulations of corporate governance. Specific impact. Please ask the sponsoring agency to check and comment.
In addition, the China Securities Regulatory Commission also paid attention to the accounting basis of the relevant subsidiaries of the VIE structure, the main customers, dividend distribution policies, and cash dividend plans.
Second, the issue of information disclosure
1, About the contents of the prospectus. The CSRC requires the issuer to use objective, plain language to describe the contents of the prospectus, and to remove the language, language, and expressions that are ad-history, exaggerated, and complimented.
2. The issuer is requested to re-examine the classification of the company's business lines in the 'Business and Technology' section of the prospectus. According to this part of the disclosure, a product classified as a company’s product is divided into smartphones, IOTs and consumer products, and Internet service products. A classification for the smart phone industry, consumer internet industry, and internet service industry. To avoid confusion for investors, please use the prospectus to unify the company's product or business segment.
3. The issuer's prospectus heavily quotes the data and data of iResearch, and asks the sponsor and the lawyer to check whether the relevant report is the issuer's custom for this release, whether it is a paid report, whether it is a public report, and its objective and Opinions on fairness.
4. Regarding the voting rights difference, the issuer is requested to improve the corporate governance part of the prospectus and the risk warning section in accordance with Article 14(3) of the “Guide No. 23”.
5. Regarding the VIE structure of some of the issuer's subsidiaries. Please add the principle of clearing the VIE structure before the listing of the company. At present, we will clear the progress of the situation. We will continue to maintain the VIE structure in the future.
6. The issuer is requested to specify the relevant business indicators of the company's Internet business in the prospectus, such as the monthly active users, the average daily usage of mobile phones, the amount of user data, calculation methods, calculation basis, and whether it has been verified by an intermediary agency or other authoritative third party.
Third, other issues
1. The issuer is requested to explain the circumstances and causes of changes in the comparative data of the financial statement items by more than 30%.
2. Ask the issuer to combine the main products of the company, the nature of the business, the proportion of revenue, the source of profits, etc., indicating whether the company is positioning as an internet company, not a hardware company, at this stage.
3, The company is positioned as a hardware technology company with a hardware flow diversion. The issuer needs to combine the company's Internet access methods. In addition to getting a guest through hardware, whether it can be accessed through other Internet methods, and the growth trend of domestic smart phones, the penetration Rates, etc., indicate the future trend of Internet realisation, business growth space, and the ability to continue to grow in the future.
4. In 2015 and 2016, the company's revenue was generally stable and rose sharply in 2017. From 2015 to 2017, the company's gross profit margin increased significantly year by year. At the same time, the company’s inventory balance and accounts receivable balance also rose sharply. The growth of income. Please issuer to explain the reason and reasonableness.
5. The issuer is requested to supplement the disclosure in the “Scope and Changes of the Consolidated Financial Statements” in the prospectus to disclose whether the scope of the main controlling subsidiaries is the same as the scope of the “issuer’s basic situation” disclosed in the “merger scope”. Please explain the reason and reasonability.
China Securities Journal
4. Xiaomi: In the second quarter, Lei Jun’s stock was awarded approximately 9.8 billion in 2018 or a loss.
Sina Technology News on the evening of June 14 news, According to the disclosure of the website of the Securities Commission, Xiaomi updated the CDR prospectus today. Xiaomi this as the basic stocks to be converted to CDR, accounting for the proportion of CDR and Hong Kong stocks after the issuance of the total share capital of not less than 7 %, but the CDR financing amount has not been disclosed.
Xiaomi's prospectus disclosed that taking into account the payment of shares in Leijun shares granted in the second quarter, which affected approximately RMB 9,827 million, and the increase in the company’s overall value from January 1, 2018 to the time of listing, a change in the fair value of the preferred stock. Impact, the company's net profit in the financial statements of the period after the listing of the first period and the year of listing, that is, from January 1, 2018 to June 30, 2018, and 2018 will still be likely to be negative.
5. Luo Yonghao talks about 'scary technology' except that Huawei is holding grandsons;
Summary: Luo Yonghao was a guest of Jingdong Broadcasting. He is still so true. He has nothing to say. He especially commented on some industry-related events.
Set micro-network messages (text/Luoming)Not long ago, Glory, Xiaomi, Lenovo set off a "very scary technology" argument, all claiming to have "very scary technology", and glory has come up with 'GPU Turbo' technology, optimized for some games, Xiaomi launched Like the iPhone X's Millet 8, Lenovo made a Lenovo Z5 with Xiaolong 636 processor.
On June 13th, Jingdong Hammer Technology's live broadcast, the hammer boss Luo Yonghao interviewed the company's 'scary technology' propaganda for a lot of hot comments. It really was true.
Luo Yonghao said that only Huawei (Glory) GPU Turbo is exclusive, not only the others will not work, but also (not at all) in the seats are suppliers. Where are they installed? We (refer to mobile phone manufacturers)? Mobile phone manufacturers are all plan integrators! Whether or not to use 'black technology' depends entirely on product positioning, cost, and sales price.
The nut TNT introduced, due to the use of a large number of voice interactions, was used by netizens to create a slogan of 'I'm using TNT'. He responded with humor and sarcasm. The prophet walked in front of him. Sometimes they have to slow down and wait for the stupid walking behind, but when they come, they still have a mocking expression. ' Implying that their products are advanced and not understood by others.
In short, the entire live broadcast of high energy, interested users can find a video to see, because it is commercial in nature, so the live broadcast also carries some private goods, like the launch of the Nut Pro2 Jingdong customized version, etc. (Proofreading / Luo Ming)
6. Equipped with operating system version mystery? OPPO Find X to Android 9.0
Summary: Although Android 9.0 is still under development, the official version has not yet been released. However, the information display has the intention of the mobile phone manufacturer and it also wants to put it on the flagship machine. This mobile phone manufacturer is the OPPO and the upcoming flagship machine Find X. .
Set micro-network messages (text/Luoming)OPPO will find X at 20:25, June 19th, French time (June 20th, 02:25, Beijing time). According to the information on the official website of the Ministry of Industry and Information Technology, it will carry an eight-core processor clocked at 2.8GHz. (No exception is the Qualcomm Xiaolong 845 processor, which is also clocked at 2.8GHz), supplemented by 8GB+128GB of storage, rear-mounted 16MP+20MP dual cameras, front-facing 25MP camera, and a A 6.4-inch AMOLED screen with a resolution of 2340X1080 (there is a wonderful resolution, there may be a bangs area on the screen for placing 3D structured light and other related components), a built-in 3645 mAh battery, and an operating system running Android8.1. Support Netcom, provide the body to provide black and white colors are optional.
The English out-of-date OPPO Find X English parameter map is basically the same as the data of the Ministry of Industry and Information Technology. The body color is different. The picture shows that it provides two colors, red and blue. The Ministry of Industry and Information Technology shows that the black and white data colour.
In addition to the color of the fuselage, a screen shot of a network suspected to be OPPO Find X shows that it is expected to run the latest Android 9.0 operating system, which is really surprising.
To know that the current Android 9.0 operating system, has been updated to the latest third edition (DP3), is still in the test phase, from the final official version has to cross DP4, DP5, according to the schedule, Android P is also Android9 .0 is expected to be officially released in August.
MIIT official website data and specifications of the parameter map shows that OPPO Find X is running Android8.1 operating system, and mobile phone screenshots show that is equipped with the Android9.0 operating system, which in the end is true?
In Xiao Bian's opinion, both are true, but they face different consumer groups. The operating system running Android8.1 is mainly for the general population. They do not understand digital, and do not pursue the latest Android system version. Android8 The operating system of .1 has been released for more than six months, and it is stable enough. Most of the commonly used applications are adapted, and there will be no compatibility issues. The Android9.0 is mainly for geek enthusiasts and developers. Android9 .0 although the official version did not come out, very unstable, but the characteristics of adapting Liu Haiping deeply attracted them, suitable for early adopters, added that the R15 dream version released by OPPO also has Android 9.0 version, as the flagship of OPPO Find X also There will be adaptations.