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Wanda Film reorganization, Wang Jianlin Wang Sicong father and son cash 2.70 billion, is to collect money or cut meat？

Original title: Wanda Film reorganization, Wang Jianlin Wang Sicong father and son cash 2.70 billion, is to collect money or cut meat?

Author/Jia Yang, Chihiro

When the class A share film and television company was lamenting in the capital battle, Wanda Film, which had been suspended for nearly a year, threw out a restructuring plan – priced at 11.619 billion yuan and purchased 96.83% of Wanda Film and Television.

It seems that it is the sale of Wanda’s assets "left hand to right hand", but a discerning person can see the key to the problem at a glance: Wang Jianlin and his son have cashed out?

Entertainment CapitalAfter carefully analyzing the transaction structure, we found that the truth is not so simple.

It is not so much "cashing out" as "making a profit", and this is bound to go through a complex game of interests and multiple compromises.

In theory, Wang Jianlin and his son can indeed cash out nearly 2.70 billion yuan in the reorganization. But this is not their initiative, but triggered the relevant regulations of the Securities Supervision Commission on the short-term operation of major shareholders in the secondary market, and had to take cash. In addition, the money is not only paid in 3 years, but also stipulates strict gambling terms. Assuming that Wanda Film and Television does not complete the bet, 100 million less than the target, Wang Jianlin and his son will pay the listed company 1.30 billion…

Not only that, the price of Wanda Film and Television’s injection (about 13 times PE) is far lower than the current market price of film and television companies (24 times PE), and even lower than the valuation of the previous round of pre-IPO financing.

You know, the pre-IPO of Wanda Film and Television was still in early 2016, coinciding with the valuation peak of the film and television capital markets. Wanda’s bosses only sent a Moments, which easily raised billions of funds.

Now, film and television stocks are facing a cold winter, and Wang Jianlin’s demands are also very clear, and contradictions are divided into priority and priority. Advancing the listing of Wanda Film and Television as soon as possible is the first priority. It is necessary to reduce the valuation and obtain rapid regulatory approval, and use high cost performance to win the active endorsement of secondary market capital, so as to ensure the safety of the entire group’s funds.

After all, this is the rational and cold Wang Jianlin, not Jia Yueting who "runs blindfolded".

Wanda Film’s predecessor was the listed company Wanda Cinema (which had acquired Time Network), while Wanda Film and Television is mainly Wanda’s film and television production business, which has not been integrated into the listed company.

As early as 2016, Wanda Film and Television had a plan to inject assets into a listed company. At that time, the asset package also covered the legendary film industry that Wanda had just acquired. It was necessary to sell it to a listed company at a 37.20 billion price. But under the harsh environment of capital markets, in the end, Wanda voluntarily gave up.

This wait is two years.

This time, the injected asset package excludes the "big loss-making" Legendary Film Industry, and adds the new media Eslite (Wanda’s TV drama production asset, the production of "Breaking the Sky" is about to be broadcast).

Due to the change in assets, the transaction size has dropped significantly from the previous 37.20 billion to 11.60 billion.

In this merger, the listed company Wanda Film will purchase the equity of Wanda Film and Television shareholders through cash and issuance of new shares. After injecting Wanda Film, Wanda Film and Television made a performance commitment of 3.228 billion yuan in cumulative net profit for three years.

When the announcement came out and saw the following agreement, many people in the market tut-tut: The Wang father and son have cashed out!

Wanda Film said in the announcement that the underlying asset consideration held by Wanda Investment is 2.693 billion yuan, which is paid by Wanda Film in cash; the underlying asset consideration held by other parties is paid by non-public issuance of shares.

This Wanda investment is carried out by Wang Jianlin and Wang Sicong father and son through the shareholding, the two people together hold 100%. In theory, Wang Jianlin father and son can cash out nearly 2.70 billion yuan in the restructuring.

But in fact, taking cash may be a no-brainer.

According to Article 47 of the Securities Law, directors, supervisors, senior managers, and shareholders who hold more than 5% of the shares of a listed company shall sell their shares in the company within six months after purchase, or buy them again within six months after sale, and the proceeds therefrom shall belong to the company, and the company’s board of directors shall recover the proceeds.

What does this mean? That is to say, in secondary market stock trading, the Securities Supervision Commission does not allow major shareholders to buy and then sell, or sell and then buy within six months. This triggers the Securities Supervision Commission’s short-term trading rules.

According to the conditions in the announcement, in order to get the 2.70 billion yuan, the Wang father and son need to meet the following conditions:

First, 2.70 billion paid over three years.After the delivery, the listed company paid 1 billion yuan to Wanda Investment; after the first annual report, paid 900 million yuan; after the second annual report, paid the remaining 792,885,650 yuan transaction consideration.

Second, the cash payment transactions of Wanda Investment are tied to the gambling agreement.According to the announcement, before the payment of the second and third installments, if the performance commitment party Wanda Investment fails to complete the performance commitment and needs to compensate, Wanda Film will directly deduct the corresponding amount from the price.

Wanda Film board secretary Wang Huiwu further explained to Entertainment Capital that this compensation is not equal, but has an amplification effect. According to the amplification formula announced in the announcement, assuming that Wanda Film and Television has a difference of 100 million in 2018 to complete the bet, then Wanda Investment needs to compensate the listed company for 1 divided by 3.20 billion, and then multiplied by 12 billion.

In this process, Wanda Investment not only cannot easily cash out, but also has to bear some risks for other shareholders.

Since Wanda Film and Television has 21 shareholders in this transaction, under normal circumstances, if Wanda Film and Television does not complete the bet, each shareholder should compensate the listed company according to the proportion of equity held. However, according to the announcement, this is equivalent to Wanda Investment holding only 22% of Wanda Film and Television’s shares, but it bears 100% of the compensation liability. As long as the bet is not completed, it will be compensated by the major shareholders.

Referring to the announcement of Oceanwide Holdings in early 2016 (purchasing 6.61% of Wanda Film and Television for 1.058 billion yuan), it can be estimated that the valuation of Wanda Film and Television at that time was 16 billion. And the asset package of this acquisition added New Media Eslite (valuation 1 billion) and Mutual Love Interactive (valuation 259 million),The overall valuation has instead fallen to 12 billion.

There are old investors in the stock bar who commented that sending it to the listed company at this price is completely a loss-making deal. No wonder this time it is only buying 96.83% of the shares instead of 100%. The remaining 3.17% of shareholders may be "nail households" who feel that the price is too low and will not sell.

Wanda Film and Television’s valuation value in this transaction is 12.002 billion, the initial carrying value is 5.08 billion, and the value-added rate is 136.25%. This value-added rate is not high in the film and television industry. In terms of the review required for the acquisition of listed companies, it is about 13-15 times the level, while Wanda Film and Television is installed into Wanda Film at 13 times the valuation. After the class A share media sector fell sharply, PE still has 24 times.

It is worth noting that, in addition to Wanda Investment, the other 20 investors, the private equity investors gave up the opportunity to cash out, the most obvious reason is that the valuation is too low, and it is more cost-effective to hold the shares of listed companies to share the later rising dividends.

Huace insisted on part of Wanda Film and Television’s equity in the first quarter of 2017, and received a return of 18 million yuan according to media reports

Entertainment CapitalIt has been discussed in depth before,The capital of the film and television industry is experiencing a ebb period in the past two yearsIt is not surprising that the valuation at that time has shrunk today. The initiative to lower the valuation is also to reduce the resistance in terms of supervision and promote the injection of assets into listed companies as soon as possible.

This is not a good time to list or set an increase. The entire class A share has been in a state of trade war + tight capital panic recently, and film and television stocks are one of the most obvious sectors for capital flight.

Shenwan cultural media sector has declined by more than 20% since the beginning of the year.

Zeng Maojun, president of Wanda Film, told Entertainment Das Kapital that no one can predict the trend of the capital markets. You think it is a bad time, and some people think it may be a good time. For leading enterprises, it is always good. Because the industry is not good, it means that the industry may be reshuffled. Who is likely to concentrate better resources? It must be the leader of the industry. Just like the Baijiu industry crisis brought about by the prohibition of alcohol gave birth to the trillion-dollar market value of the leader Moutai.

Concentrating resources at industry lows is an enterprising enterprise, and injecting assets during capital lows, as mentioned above, is the financial pressure behind the enterprise. Wanda Group’s real estate business is not very smooth when it returns to class A shares and film resources are injected into listed companies. The pressure on related repurchase agreements is great.

Wanda Commercial promised in September 2016 that if it failed to list on class A shares within two years, it would buy back a total of 14.41% of its shares and pay 10% to 12% annual interest. When Wanda Group purchased Legendary Pictures in January 2016, it promised that if it failed to inject Legendary Pictures into Wanda Film’s listing within 12 months, investors would receive a 15% annual interest return. Despite changes to the follow-up agreement, pressure from investors has been ongoing.

Winning the support of investors with a restructuring plan that cuts its own meat and gives profits, and relieving the repurchase pressure, for Wanda, it is to solve the main contradiction first and then consider the secondary contradiction.

In order to ensure the fairness of the transaction, the two sides made a bet. Wanda Film and Television promised that the net profit in 2018-2020 shall not be less than 888 million, 1.069 billion and 1.271 billion. If the profit does not meet the standard, Wanda Investment will compensate the listed company according to the method agreed in the agreement.

With the profitability of Wanda Film and Television, is this bet high or low?

In 2016, Wanda Film and Television’s net profit was 364 million; in 2017, the net profit was 597 million. According to the 64% net profit growth rate in 2017, Wanda Film and Television’s net profit in 2018 can reach 979 million. What’s more, it has been disclosed in the announcement that Wanda Film and Television achieved 407 million net profit in the first quarter of 2018, and completed 45.83% of this year’s gambling commitment in just one quarter.

But it is worth noting that in the first quarter of this year’s report, Wanda Film and Television completed a total of 4.38 billion box office, and only one "Detective Chinatown 2" contributed 3.38 billion box office. In the second half of this year, or even next year and the next two years, whether it can continue to produce such a explosion is uncertain.

Wanda film and television how to complete the 3-year 3.128 billion performance bet? Zeng Maojun gave two major plans.

The first is to increase the number of movies, and to increase the non-box office revenue part of the movie revenue. In his opinion, no one can guarantee the box office of every movie, but 10 movies can have the probability of profitability, as long as the number is enough, it can spread the risk.

Secondly, it relies on TV series and games to make up for the income instability brought by film projects. This is also the reason why it is committed to loading the previously acquired company New Media Eslite into the listed company.

"The Wanda Film and Television team doesn’t do TV dramas, we do functional segmentation, and in the future TV dramas will be done by the platform of New Media Eslite. But all IP can form a linkage between movies, TV and games," Zeng Maojun said.

For example, the TV series "Breaking the Sky" produced by Wanda Film and Television has now been completed and is being posted productin. It will be broadcast on Hunan Satellite TV and Tencent platforms this year, and some profits have been locked in. At the same time, the TV series has planned a second and third season in addition to the first season, as well as movies and games with the same IP.

That is to say, in addition to getting the purchase price of the drama on the broadcast platform in advance, Wanda Film and Television will also enjoy the game sharing rights, movie box office sharing rights, derivatives sharing and many other benefits of "Fighting Sky". Even Wanda Film and Television has started planning the theme park of "Fighting Sky".

In addition to "Fighting the Sky", Zeng Maojun also revealed a series of web dramas, movies, games, and theme parks. For example, "Tang Tan" also started the development of web dramas and anime this year; "Dragon Hunting" series of games and theme parks, there will be a different form of IP project every year or two in the future.

Since Disney recently announced the acquisition of Fox, one of the reasons is to control the streaming video platform Hulu and compete with Netflix, which has surpassed Disney in market value. The threat of streaming media to traditional entertainment giants is imminent. Wanda Film and Television has also begun to explore streaming media in addition to its original business.

Zeng Maojun said that it will launch an online cinema chain and cooperate with film and television copyright holders in the mode of sharing accounts, which will be launched within this year.

Wanda’s acquisition of Legendary Pictures was seen as a landmark deal for Chinese capital to attack Hollywood.

If you count the valuation of Legendary Pictures alone, in early 2016, Wanda Group spent 3.50 billion dollars when it acquired, which was about 23 billion yuan at that time.

When Wanda Film and Television first announced the loading of a listed company in 2016, in addition to the production business of Wanda Film and Television itself, it also included the legendary film industry acquired by its Qingdao Film Investment Company and the film and television base Qingdao Movie Metropolis. The valuation at that time was 37.20 billion.

But soon after, Wang Jianlin said in an interview with the Financial Times that Wanda planned to separate Legend from its listing plans because Legend’s performance in 2016 was not satisfactory.In fact, Legendary Pictures has been acquired before two consecutive years of losses totaling 5.87 billion yuan, debt of more than 9 billion yuan.

The Sino-US co-production blockbuster "The Great Wall" released at the end of 2016 is a film jointly produced by LeTV Pictures, Legendary Pictures and Universal Pictures. It cost 150 million US dollars, and finally the world is about 1.20 billion. But neither the content nor the box office has met market expectations. Wanda’s expectations are that the global box office is 3-400 million US dollars.

The Great Wall.

After being acquired by Wanda, Legendary Pictures performed mediocre, with two consecutive CEOs leaving.

Even if it is at risk, Wanda will consider divesting Legendary. The main reason is that after the acquisition of Legendary Pictures by Wanda, the number of movies per year is relatively small, about 2-3, which is relatively risky.

For example, this year, Legendary Pictures participated in the production of "Jurassic World", and the investment accounted for 25%. Now the box office of this film has 620 million US dollars. When encountering such a hit, the performance may be very good, but when encountering a poorly performing film, the fluctuation is very large.

Zeng Maojun said that in the future, Legendary Pictures will develop independently and increase the number of movies. In addition, Legendary Pictures will also increase some TV drama business and strengthen cooperation with Time Warner and Universal Pictures.

Today’s Wanda Film is strengthening its entire layout from Wanda theaters to film and television production.Before the transaction, Wanda Film was mainly engaged in cinema investment and construction, cinema film distribution, cinema film screening and related derivative businesses, and its main business was concentrated in the downstream of the film and television industry chain.

Through this transaction, the company’s main business will expand to the investment, production and distribution of movies and TV series, as well as the distribution and operation of online games, and build "five business platforms integrating cinema end point platform, media marketing platform, film and television IP platform, online business platform, and film game interactive platform". Wanda Film can accelerate the pace of transformation into a pan-entertainment platform company.

So it seems that Wanda Film and Television’s ambitions are indeed not small.

Under the influence of the PPT project in the past two years, many companies have been afraid to release film orders during the Shanghai Film Festival. However, at Wanda Night, Wanda Film and Television announced 30 work plans in one go, including 9 domestic films, 6 co-productions, 4 animation works, and 11 TV series. For example, online dramas such as "Tang Detective" and "The Story of Kings in the Western Regions".

This year, Wanda Film and Television also launched an elite + talent training program. The first phase of screenwriter training is called the Future Master Workshop. So far, the screening training has been completed, and the contract has been signed, and the first phase of incubation has been completed. "We cooperate with industry celebrities, including well-known domestic screenwriters and Hollywood teams. We hope to train about 40 screenwriters every year in the next five years or so," Zeng Maojun said.

In addition to offline development, Wanda is also exploring online cinema business. But for the value of streaming media, Wanda Film’s perspective is still: content is king. Zeng Maojun is more optimistic about the Mango TV model. He believes that as long as there is good content, the video platform can be established in the short term. One or two variety shows will raise the market value of Mango TV to 10 billion.

This seems a bit conservative compared to Disney, which Wanda regards as a role model and rival.

A few days ago, Disney announced the acquisition of Fox. According to US media analysis, in addition to content assets, Disney has a 30% stake in Hulu in Fox’s hands, plus its own 30% stake, and can control Hulu after the merger is completed. In the major reform of the department in March this year, Disney has specially opened a department responsible for streaming media business.

But in Mr. Zeng’s view, Disney is more interested in Fox’s offline theme parks and vast IP library than Hulu. Wanda Pictures also does not want to buy BAT-owned streaming sites such as "Aiyouteng", but does its own streaming media. Zeng Maojun said that different forms of online platforms have survival space. Wanda will be different from other platforms. The main purpose is to divert traffic and divide accounts, and it will be combined with film marketing. That’s all.

Throughout last year, Wang Jianlin broke down, selling assets and reducing liabilities.

In July 2017, Wanda sold tourism and hotels to Sunac and R & F, and this agreement alone reduced debt by 44 billion yuan and recovered funds by 67 billion yuan. In Wanda Group’s 2017 work summary, Wang Jianlin revealed that assets at cost were 700 billion yuan, a decrease of 11.5% year-on-year. For this year’s plan, Wang Jianlin said that Wanda Group will use all capital means to reduce corporate liabilities, including the sale of non-core assets, equity transactions under the premise of maintaining control, and cooperative management of other people’s assets. "Wanda Group will never have any credit default in the world!"

So after entering 2018, Wanda Group continued to "sell, sell, sell". In addition to selling London and Australian hotel assets, it also transferred the equity of Wanda Commercial and Wanda Film, and introduced strategic investors respectively. While withdrawing funds, it delayed the pressure for Wanda Commercial to return to A and Wanda Film for restructuring.

With the help of this series of arm-breaking and slimming actions, Wanda has safely landed from the danger of the capital chain being questioned in the second half of last year and the dual killing of stocks and bonds. In June this year, Standard & Poor’s adjusted Wanda’s rating to stable, and Moody’s also adjusted Wanda Commercial’s rating outlook from negative to stable. Fitch confirmed Dalian Wanda Commercial Management’s BB + rating, with a stable rating outlook, and removed the negative watch list.

The cut to promote the reorganization of Wanda Film is part of Wanda Group’s overall strategy of exchanging small for big. Wang Jianlin said in Wanda Group’s 2017 work summary that this year’s goal is to promote transformation, accelerate the pace of light assets, and form a new pillar industry. The first is the film and television industry.

Wanda Film board secretary Wang Huiwu also told Entertainment Das Kapital: Wanda Group did not want to put a high valuation of things into the listed company, the bigger the industrial chain is the consideration. Wanda Group makes a lot of profits, is to make this thing, not to say how big the valuation.

For more exciting content, follow Titanium Media’s WeChat account (ID: taimeiti), or download the Titanium Media App.

Trumpet traveler Shanhai T1 real shot, comprehensive power of 450kW, electric four-wheel drive rear axle lock.

Whose "square shell" is the hottest? You must say yes, but it’s obviously a dark horse. It sold 73,000 vehicles in six months, and easily achieved a monthly sales of over 10,000, which is quite rare for a brand-new model. With this momentum, another "square shell" has been brought-Shanhai T1, a compact light off-road SUV with a new car positioning, which is more entry-level and adopts C-DM super hybrid power. It is expected to be officially launched in the fourth quarter of this year.

In terms of appearance, Shanhai T1 continues the classic design style of Jietu family’s "square shell". The front air intake grille has a luminous design, and the light strips on both sides are connected with the square headlight groups on both sides. The overall feeling is similar to that of Jietu travelers. The interior of the headlight adopts a novel petal-shaped design, which makes the whole front look more exquisite. The bumper and the lower enclosure are made of black resin, in which the bumper is designed with typical off-road elements, and the fog lamps on both sides are LED light sources.

On the side of the car body, Shanhai T1 highlights the taste of hard-core SUV as much as possible. The front and rear fenders yearn for the uplift to show the sense of strength, and the wheel eyebrow lights are not absent. At the same time, it is also equipped with the original side pedal, which is full of strength. In addition, the wheel hub adopts a 19-inch double-color multi-banner "Y" shape and matches the original AT tire. As for the body size, the length of the car has reached 4.7 meters and the wheelbase has reached 2.8 meters. The specific information needs to be officially announced.

In the rear part, Shanhai T1 continues the tough design style, and the overall shape echoes the front face. In order to increase the layering of the tail, the bright black trim strips outline a large rectangular square, which forms a novel penetrating design with the taillights. In addition, the shape of the taillight group is basically the same as that of the headlight, with a square design and a four-point petal light source in the lamp cavity. The tail Jetway logo also adopts luminous design, which further enhances the recognition of the tail.

In the interior, Shanhai T1 still adopts the design style of hard-core SUV. The center console has a T-shaped layout. The center console is equipped with a large-size floating screen, and the physical buttons with common functions are reserved below. The center console of the co-pilot is also intimately equipped with handrails. The handle area is designed in layers, and the upper layer has large-size electronic lever, wireless charging panel, driving mode adjustment knob and rear axle lock. The lower floor is a large space storage compartment, and charging interfaces are integrated on the left and right sides in front to facilitate the power demand of the main and auxiliary drivers.

The space in the back row is still ample, and the seat design is relatively thick. Configuration, there are functions such as rear air conditioning air outlet, dual-port charging interface and seat heating. Therefore, although Shanhai T1 positioning is more introductory, it has not shrunk in space and configuration, and the common functions are basically complete.

In terms of power, Shanhai T1 will be equipped with a C-DM super hybrid system, and the engine is a Chery 1.5TGDI hybrid engine, which matches the first-speed DHT gearbox. In addition, it also has the function of electric four-wheel drive, which can reach 450kW, ensuring the vehicle’s ability to get out of trouble and driving stability under extreme road conditions. (Cars have cultural buds/texts)

Hengda’s Tianjin factory is temporarily suspended, and the cumulative delivery of Hengchi 5 is less than 1,000 vehicles

　　China Economic Net April 26th (reporter, Guo Yue) April 24th, Hengda Automobile (stock code: 00708.HK) announced that the company will sell its 47 health space projects to China Hengda Group at a price of 2 yuan, in order to focus more on the development of new energy vehicles. The announcement also disclosed that due to lack of funds, Hengda Tianjin factory has temporarily suspended production of Hengchi 5, and is expected toMayResume production.

　　Specifically, Hengda Automobile said that the sale of the health space project is due to the huge capital demand involved in the new energy vehicle project, coupled with the current situation of Hengda Group, so continuing to invest resources in the health space project is not in line with the group’s overall deleveraging strategy, and may also limit the development of new energy vehicles. The company hopes to achieve more focused and professional development of new energy vehicles by reducing its holdings of non-main business assets.

　　The announcement also said that due to insufficient funds, Hengda’s Tianjin factory will temporarily suspend production of Hengchi 5 and is expected toMayResume production. According to Hengda Automobile’s announcement on March 22, as of the announcement date, the company has delivered more than 900 Hengchi 5 vehicles to users.

Can I, Xu Jiayin, save the day again this time？

Author | Zhou Chaochen

Last Friday (December 2) at noon, the rumor of Xu Jiayin jumping off the building went viral for a while, and it was searched several times. According to self-media statistics, this rumor has been reversed at least 5 times.

Although I don’t know if this rumor is someone deliberately pranking Xu Jiayin, or Xu Jiayin’s self-directed and self-played bitter trick, it’s always a false alarm.

Xu Jiayin’s rumor-refuting style made an appearance. First, a 50-second voice screenshot of Xu Jiayin in the senior management group of Evergrande Group was deliberately released after 1 pm that day. Xu Jiayin said in the senior management group: "The chairpeople of the companies in various regions should ask the brand sales departments to increase the publicity work of the vigorous scene of engineering construction, publicity and promotion, and to increase the publicity and promotion of the construction of the building. The construction of the building and the construction of the project are the key to our sales. Therefore, increasing the publicity and promotion of the sales and delivery of the building is an important foundation for the sales work. Please pay great attention to the publicity and promotion of this project construction and the construction of the building."

Immediately after 7:00 pm, Xu Jiayin appeared in Hengda Group’s special meeting on the construction of the building and the video leaked out. Xu Jiayin once again emphasized that the construction of the building is the top priority of Hengda. In the video with obvious signs of posing and lasting 1 minute, Xu Jiayin said: "From January to November this year, Hengda Group has achieved 256,000 sets of buildings. In 2022, it will strive to complete 300,000 sets of buildings. In December, it is necessary to ensure the quality assurance to complete the 44,000 sets of buildings. There are still 29 days left in this month. There is a tight time and a heavy task. All Hengda employees must unswervingly fulfill our main responsibility and never give up their efforts to ensure the completion of the annual delivery task."

Xu Jiayin knows that Baojiaolou is his only "life-saving straw" for political correctness at present.

Another rumor that appeared along with Xu Jiayin’s related rumors was that in order to reduce costs, the headquarters of Evergrande Automobile Group will be disbanded, and the staff structure of the headquarters will be adjusted. Most people face layoffs, and a small number of people will sink to the factory. According to the China Securities News, people close to Evergrande Automobile learned that the news was not true.

Between life and death, the relevant rumors about Xu Jiayin and Evergrande come at a very delicate moment. Since November, several ministries and commissions have launched three arrows in a row, 16 real estate finance policies and other favorable real estate policies, from saving projects to starting to rescue real estate enterprises, especially some high-quality real estate enterprises have recently been softened by credit. But these policies seem to have nothing to do with Evergrande. As the most indebted real estate enterprise, Evergrande, which has been lying in the ICU for more than a year, seems to be locked in a vacuum and has become an outsider of China’s real estate market rescue policy. Its only way out is to sell assets as cheaply as possible, while shouting that everyone is united to protect the property.

After the Securities Supervision Commission issued the third arrow at the end of November, Bai Wenxi, chief economist of IPG China, commented: "To say that the most aggrieved person today should be Xu Jiayin. The Securities Supervision Commission has finally released the equity financing of class A share real estate enterprises that has been suspended for ten years, but Evergrande has already missed it. Otherwise, Evergrande backdoor deep and deep housing will be implemented immediately, Xu Jiayin can sincerely say that’everything about Evergrande and me, Xu Jiayin, is given by the party ‘, and then continue to increase leverage to dry Evergrande’s real estate debt to 4 trillion, and then the land finance in various places can continue to increase income, and the property market will continue to be hot."

The policies of bailouts and blood transfusions here are one after another, and the news of Evergrande is a different story.

On the afternoon of November 30, Hengda Wealth announced that it would adjust the payment plan issued on December 31, 2021, adjusting the current monthly payment of 8,000 yuan per person to 2,000 yuan per person per month. Obviously, under the pressure of debt, the isolated Hengda capital chain is increasingly tight.

On November 26, Double 11 was put on the shelves of Hengda Shenzhen Bay Super Headquarters land successfully transferred by Shenzhen Anhe No. 1 Real Estate Development Co., Ltd. at a reserve price of about 7.54 billion yuan. According to the media, there is a shadow of Vanke behind the receiver, so some industry insiders believe that Yu Liang helped Xu Jiayin. In fact, as early as last autumn, there were rumors that Vanke was in contact with Hengda, but in the media communication meeting in October last year, when asked if Vanke would rescue Evergrande, Vanke chairperson Yu Liang was vague: "When winter comes, everyone is cold. In the case of cold, we must first solve the problem of how to survive the winter, and first ensure our own safety, in order to save people. How can I save someone if I’m not safe? If I can’t get through the winter, helping others may be purely troublesome. "

After the acquisition of Evergrande’s Shenzhen Bay Super Headquarters site, which is adjacent to Vanke’s new headquarters, the buyer was left wondering how to use the land that Xu Jiayin was supposed to use to reshape Shenzhen’s skyline.

Many people are speculating about the final outcome of Xu Jiayin and Hengda. Huxiu has written many times that Chen Feng and HNA may be the reference frame for Xu Jiayin and Hengda.

The older generation of entrepreneurs, such as Xu Jiayin and Chen Feng, all have one thing in common: a tougher gamble. But Xu Jiayin is different. The entrepreneur who walked barefoot from one of the poorest villages in eastern Henan Province, grew from a manure digger to China’s richest man, and became the "first loser" overnight. He has an extreme desire for survival, and has strong perseverance and mental strength, and will not easily do things that cannot be imagined.

In Evergrande’s growth history, it has encountered several major crises, which have eventually been saved from danger. For example, Evergrande was shorted by US short-seller Citron in June 2012, which said in a report that Evergrande Real Estate was insolvent. While Xu Jiayin asked Evergrande to respond to the short with financial data, he rushed to Hong Kong with executives to seek allies. Eight investment banks, including Bank of America Merrill Lynch, the sponsor of Evergrande’s Hong Kong listing, subsequently issued announcements bullish on Evergrande. The next day, Evergrande’s comprehensive clarification report was released. In the end, Evergrande eliminated the crisis within a thrilling 48 hours.

The most serious failure was Hengda’s first IPO in 2008. In 2008, Hengda frantically acquired land all over the country in order to go public, with a land reserve of up to 45.78 million square meters, becoming the real estate developer with the largest land reserves that year. However, the unfortunate fate was to catch up with the US subprime mortgage crisis, and Xu Jiayin was caught off guard.

In April 2008, Hengda’s listing was blocked, and Hengda had to pay 4.10 billion yuan in July, and had to face major bank loans that matured one after another. At that time, only 4 of Xu Jiayin’s 37 projects in the country met the opening conditions, and Hengda’s funding gap was as high as 12 billion. Xu Jiayin went to Hong Kong to seek help for this. Under the recommendation of Yang Shoucheng, Xu Jiayin met Zheng Yutong, the former chairperson of the board of directors of Hong Kong New World Development Co., Ltd., in order to get life-saving money, Xu Jiayin accompanied Zheng Yutong for 3 months to play hoe big D, and finally received 500 million US dollars of assistance, which solved the urgent need and became one of the members of the big D club.

At the same time, in October 2008, Xu Jiayin decided to let Evergrande Real Estate use the tried-and-true "magic" of price reduction promotion again, and the real estate in 18 cities across the country was sold at a 25% discount across the board. Evergrande took out nearly 20,000 housing units at that time, using ultra-low-price sales strategies, and there were more than 2 million square meters of construction area to benefit consumers, returning 5 billion yuan of funds. This trick was also sacrificed by Xu Jiayin at the beginning of last year. At that time, the splash ads of various apps were basically Hengda’s house sales promotions.

In October 2009, Hui Ka Yin announced that Evergrande Real Estate had once again launched its initial public offering on the Hong Kong Stock Exchange. At the roadshow luncheon on the first day of Evergrande Real Estate, Cheng Yu-tung, the 84-year-old chairperson of the board of directors of Hong Kong New World Development Group, supported Evergrande Real Estate. Zheng Yu-tung’s public statement, which has huge influence in Hong Kong, allowed Evergrande Real Estate to successfully complete the roadshow of the Hong Kong IPO, and received 11 times the international placement super subscription, and the offer for sale part exceeded 46 times.

On November 5, 2009, Hengda Real Estate finally achieved its listing on the main board of the Hong Kong Stock Exchange. At the listing ceremony and listing celebration ceremony of Hengda Real Estate, Zheng Yutong, Chairperson of the Board of Directors of Hong Kong New World Group, Zheng Kachun, General Manager of New World Development Group, Lau Luanxiong, Chairperson of the Board of Directors of China Real Estate Group, and Zhang Songqiao, Chairperson of the Board of Directors of China Chongqing Land, were present to congratulate and give Xu Jiayin face. On the day of Hengda’s listing, Xu Jiayin won the title of the richest man in the Chinese mainland for the first time with a net worth of 42.20 billion yuan, surpassing Wang Chuanfu, the richest man on the Forbes Rich List announced on the same day. Since then, Xu Jiayin has opened the road of crazy expansion and leverage.

It’s just that when Hengda thundered last year, Xu Jiayin’s wealthy friends passed away, and it was difficult to reproduce the brotherhood of that year by selling off (Hengda stocks).

Can the 64-year-old Xu Jiayin save the day again?

Configuration upgrade, price increase or 20,000 yuan! 2023 BYD Tang DM-i Champion Edition will be available soon.

As the flagship SUV of BYD brand, it has been more than seven years since its launch. When the first generation of Tang was just released, Chinese people were full of praise for its appearance design and the "542 technology" ("5 stands for acceleration within 5 seconds per 100 kilometers, 4 stands for full-time electric four-wheel drive, and 2 stands for fuel consumption within 2 liters per 100 kilometers).

The picture shows BYD Tang generation.

2023 BYD Tang DM-i (left) and 2023 BYD Han EV (right)

Now that more than seven years have passed, the 2023 champion model of Tang DM-i will be officially launched to meet us. What improvements will this new car have? Can it surprise us in terms of price? Today, let’s take a brief look at this new car.

First of all, in terms of appearance, the 2023 Tang DM-i champion model still adopts BYD’s family-style "Dragon Beauty" design, and the overall visual effect is also calm. It is worth mentioning that this new model has added the car paint with glacier blue color matching to better cater to the aesthetics and needs of young users.

In terms of size, the length, width and height of the 2023 champion model of Tang DM-i are 4870/1950/1725mm and the wheelbase is 2820mm, which remains unchanged compared with the current model. However, the rim shape of the new model has been adjusted, and tyre size has been upgraded to 255/50 R20 to further improve the grip performance and mute effect.

Secondly, in terms of interior, the 2023 Tang DM-i Champion Edition still adopts the design style of the current model, which looks full of luxury and takes into account a certain sense of science and technology. In addition, the 15.6-inch adaptive rotating central control panel is retained, and it will also be equipped with the latest DiLink 4.0(5G) intelligent interconnection system and DiPilot intelligent driver assistance system.

By the way, the 2023 Tang DM-i Champion Edition model may still provide three configurations, namely, 112km distinguished model, 112km distinguished model and 112km distinguished model, and the specific configuration level is as follows:

The Premium Edition will add FSD adaptive suspension system, Apple NFC, 40 kW fast charging and other functions.

The Honorable Edition will add 5G, Dana Audio and FSD adaptive suspension; And may cancel the automatic anti-glare rearview mirror, seat leg rest and memory functions.

The exclusive version will be equipped with HUD head-up display, automatic anti-glare rearview mirror, seat leg rest and memory function, leather seat and other configurations.

Overall, the biggest change in the configuration of the 2023 Tang DM-i Champion Edition is that it comes standard with FSD adaptive suspension and provides a 40 kW fast charging function. For our users, the added adaptive suspension can improve the comfort of the vehicle when driving, improve the overall handling level and driving quality, while the 40 kW fast charging can greatly facilitate the charging of the owner’s mobile equipment, so it will also help to improve the practicality.

Finally, in terms of power, the 2023 Tang DM-i Champion Edition will continue to be equipped with BYD DM-i super hybrid system, which includes 1.5T super hybrid engine, EHS electric hybrid system motor, AC/DC vehicle charger and DM-i super hybrid blade battery. Among them, the maximum power of the engine is 102 kW, the peak torque is 231 Nm, the maximum power of the motor is 160 kW, and the peak torque is 325 Nm. The official acceleration time of 100 kilometers is 8.5 seconds, and the main focus is also energy saving and economy.

In terms of price, judging from the notice of withholding the price of the 2023 Tang DM-i champion model obtained from relevant channels, the starting price of the new car may be slightly higher than that of the 2021 Tang DM-i 112km version on sale. Among them, the price of the 2021 Tang DM-i 112km premium model currently on sale is 199,800 yuan, but it may rise to 219,800 yuan when it comes to the new 2023 Tang DM-i champion 112km premium model, which is 20,000 yuan higher than the old model. In addition, the price of the distinguished type and the exclusive type may be in the range of 230,000 to 240,000. What are your opinions and thoughts about this price that may increase slightly?

We believe that under the premise that BYD is expected to provide FSD adaptive suspension, Apple NFC and 40 kW fast charging as standard for the 2023 Tang DM-i champion model, it is actually no problem for the new car price to increase by 20,000 yuan compared with the cash.

You know, we go outside and choose to install a set of FSD adaptive suspension, and the market price also needs to range from 3000 to 5000 yuan, not to mention the matching and whether there will be some problems in subsequent use. Now BYD is expected to provide the 2023 champion model of Tang DM-i with FSD adaptive suspension as standard, and with many other configurations added and the body color and tires adjusted, I think it is acceptable if the price of the new car really rises by 20,000 yuan compared with the cash.

After all, BYD has not announced the sales price of the 2023 champion model of Tang DM-i yet. If the increase rate is less than 20,000, it will start at 213,800 instead of 219,800 as we guessed, then it will undoubtedly be more cost-effective to buy the latest model of Tang DM-I.

In short, with the official launch of the 2023 BYD Tang DM-i Champion Model on March 16th, our consumers will definitely have a good car to choose from with a budget of more than 200,000 yuan, so let’s look forward to its arrival. Finally, what do you think of this new glacier blue color scheme?

Celestial’s leading safety technology helps AITO reach the top of sales of new M7 models.

In the third week of 2024, AITO asked the world that the new M7 topped the sales list of China brand SUV with an excellent result of 7,000 units per week, surpassing a number of old-fashioned hot-selling models. Recently, AITO M9, which was listed on the market, has also achieved brilliant results, and has accumulated more than 30,000 awards since its listing. Behind the continuous sales of AITO series, it is inseparable from the service of Kailisi Automobile to users wholeheartedly, and it also works hard where users can’t see it.

As a whole, cars are becoming more and more intelligent. While users enjoy the convenience brought by human-computer interaction and intelligent technology, the privacy and data security in cars are becoming more and more important. Celestial Auto has developed the "Full Scene Smart Security System", which has comprehensively touched nine major vehicle security fields, providing users with all-round protection. Network and data security, which are often overlooked by users, are also key areas to be covered.

Privacy protection is upgraded again

Users’ privacy is often leaked inadvertently. For this car, all the permissions are known and controllable to minimize the risk. When the car application requests permissions such as microphone, camera and geographical location, the system will prompt immediately. Users can independently authorize or close each right at any time to ensure that personal privacy is accurately protected, meet users’ intelligent needs, and prevent users’ personal information from leaking.

Not only do you always remind me, but Celestial Motors also equipped a more reliable privacy shield for AITO’s M9, allowing users to refuse outside snooping with one button, and turn on the flight mode to completely turn off the camera, WiFi, Bluetooth and sentry mode, so as to completely isolate outside data snooping or intelligent system intrusion and provide unbreakable privacy protection.

Many people in the same car have no worries

For the scene of multi-user using vehicles, Sailis Automobile has realized "user data isolation", and used financial 3D face authentication technology to realize personalized adjustment according to the settings of corresponding accounts, so as to ensure that personal data can be effectively protected when multi-users use vehicles. Furthermore, the data in the car can be desensitized with one button, and the system intelligently identifies the scene of multiple people in the same car and automatically triggers the privacy mode. In the privacy mode, the incoming call notification is blocked, and only incoming call information is presented on the instrument screen. At the same time, the main driver’s call and navigation history are intelligently desensitized, and the system automatically exits the privacy mode only when the driver is driving alone.

Celestial Auto has also innovatively designed a "one-click clearing" function, which makes vehicle transactions more convenient and secure. Users can also delete personal data in the cloud through AITO APP to ensure that personal privacy is managed flexibly and efficiently. The overall design of the system completely eliminates the worries of personal privacy data disclosure, and also makes it more convenient, safe and reliable for multiple users to share vehicles.

Authoritative professional certification

At present, AITO M9 has successfully obtained CAERI’s information security and data security certification. The acquisition of this certification is not only the authoritative recognition of the safety of AITO M9, but also the embodiment of Celestial’s unremitting pursuit of Excellence, ensuring the highest level of user data protection.

Whether it’s daily driving or privacy protection, for every safety link, Sailis will make the most careful consideration for users. As Zhang Xinghai, the chairman (founder) of Sailis Automobile, said: "Sailis Automobile will be determined to innovate in technology, innovate products and services with leading technology, define cars with software, and serve customers wholeheartedly."

Original is not doing business？ The stars all ran to do live broadcasts to sell things. Netizen： It’s really worth losing!

Original title: Doing nothing? The stars all ran to do live broadcasts to sell things. Netizen: It’s really worth losing!

When it comes to live broadcast, who will you think of? Online celebrity? It seems that online celebrity, no matter which platform, has finally moved towards bringing goods.

Because of what?

Because making money!

But I don’t know when it will start, and some stars in the entertainment circle have also started live broadcast.

But now it seems that star live broadcast with goods has gradually become the mainstream.

Ada has always been a "sexy goddess" in everyone’s mind, and it should be regarded as a "bridesmaid event" when it is the hottest. When the popularity of Ada was high again, it turned out to be an event held by a live broadcast platform, and it also became an excellent anchor. In the two-hour live broadcast, it sold more than 15 million products, including 18 products such as juicer, electric toothbrush and vacuum cleaner, and at the same time, it also won hundreds of thousands of yuan in online gifts.

At that time, it caused a heated discussion. How did a good female star become a net red? However, this is not a case.

Wong Cho Lam, a variety coffee, also entered the stage of live broadcast with goods early. And his record is also worth mentioning. A commodity can sell more than 100,000 pieces in just 12 minutes, and the sales during the live broadcast period have exceeded 10 million, not including the reward income of live broadcast of more than 3 million yuan.

And do you still think it’s very expensive to bring goods live by a star?

In fact, what you think of losing your worth is to raise your worth in others’ eyes. Star live broadcast with goods not only brought rich returns to themselves, but also brought rich returns to businesses. Although everyone is ostensibly saying that all the stars have gone to be online celebrity, it’s so disgraceful. But you can’t deny that the star’s ability to carry goods is too strong.

Therefore, it’s not worthwhile for you to feel bad about the live broadcast of the stars. You still feel bad about your wallet ~ After all, double 11 is really coming!

Editor in charge:

Why does the game flash back？

　　With the increasingly powerful functions of mobile phones, many friends like to play games with mobile phones, and large-screen mobile phones can also give users a very cool game experience, but sometimes when we play games on mobile phones, we often flash back, and it often happens when we flash back once and then open it again. So,Why does the game flash back?The following small series summarizes the following reasons for everyone.

Why does the game flash back?

　　Reason 1: Wrong game version (IOS/ Android)

　　Some games are relatively new, and some small game download stations may just download the game package that suits their own Android mobile phone version in a hurry and upload it. In this case, your mobile phone and the downloaded game package are actually incompatible.

　　Reason 2: Resolution incompatibility (Android)

　　If you are a new 1080P mobile phone or some mobile phones with different resolution from the mainstream, it is probably because of the resolution, which directly affects whether the game can run smoothly.

　　Reason 3: The system version is too low/inconsistent (IOS/ Android)

　　If you are a mobile phone with IOS version IOS5 or below and Android version 2.3.0 or below, then your mobile phone system version is a little too low, and some games may flash back.

　　Reason 4: Antivirus software (Android)

　　In some versions of old antivirus software, some games will still be banned from running under unknown circumstances, resulting in flashback during the game running.

　　Reason 5: No google play framework (Android)

　　If you want to run the game on Android, you must rely on the google play framework. If your mobile phone doesn’t have the goole App Store, many games may not run normally.

　　The above is an introduction to the reasons for playing the game, hoping to help everyone.

Wonderful programs are staged in turn, and residents’ lives are getting richer.

On December 15th, Changqiao Street in Xuhui District held a special performance of "Hold Happiness" variety show, aiming at promoting Chinese excellent traditional culture, enriching residents’ cultural life and creating a festive and peaceful holiday atmosphere for the upcoming New Year’s Day.

At the event site, residents gathered together to enjoy the wonderful performances. Various performances, such as songs and dances, skillfully combine Chinese excellent traditional culture with modern artistic elements, presenting a visual and auditory feast for the audience.

The performance kicked off with the dance "Dunhuang Dance", and the dancers dressed in gorgeous costumes danced, showing the charm and charm of Dunhuang murals; Then came the Shanghai Opera Garden Party, in which the actors told a touching love story with melodious singing. The burlesque "San Mao Student’s Meaning", with its unique performance form, triggered bursts of laughter from the audience; The Yue Opera "Eighteen Farewells" and the Shanghai Opera "My Biemei" also touched every audience present with their affectionate singing and touching stories.

The superb skills of the actors and the profound cultural heritage of the program won applause and admiration from the audience.

Source: Shanghai Xuhui

Reporting/feedback

In 2023, the National University Student Robot Science and Technology Innovation Exchange Camp and robot contest ended.

　　Xinhua News Agency, Beijing, December 19th (Reporter Huang Yue, Zhang Liyuan) The 2023 National University Student Robot Science and Technology Innovation Exchange Camp and the robot contest Final Competition jointly sponsored by the Central Committee of the Communist Youth League and the Ministry of Industry and Information Technology ended in Rizhao, Shandong Province on December 19th.

　　This year’s competition built five major tracks, including industrial robots, personal and household service robots, public service robots, special robots and robots in other application fields. A total of 1017 works from 431 universities participated in the competition. Finally, 50 special prizes, 74 first prizes, 94 second prizes and 300 third prizes were selected.

　　On the day of the award presentation, the award-winning team and representatives of dual-innovation enterprises presented their research experience and achievements, and experts in the field of artificial intelligence gave speeches on topics such as "Science and technology innovation serves the construction of a maritime power" and "accelerating the development of robot innovation and welcoming the fourth industrial revolution".

　　During the competition, the organizing committee held discussion and exchange activities on the experience of running the competition, listened to the opinions of all parties, summed up the experience of running the competition, and organized special exchange activities such as roadshows for students’ projects, industrial talks on the transformation of the results of the competition, public open days for works, collective research, publicity and promotion of cultural tours, etc., to promote the transformation of scientific and technological innovation achievements of college students into real productive forces.