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A combination of the radical for insect (at lower right) and an old Chinese character that means big/strong, as represented by a the radical meaning bow (as in bow and arrow) and the radical above insect.
The bow acts phonetically to express the concept of piercing, and also lends to the idea of strength. Thus all together, big, strong insect that pierces, which itself is actually a reference to the horsefly. This came to represent strength, possibly via an intermediate meaning of persistent.