标签： 江浙沪品茶论坛

Characteristics of historical and cultural experience

　　Xidan Financial Street Business Circle is the traditional core business circle in Beijing. In recent years, Xidan Financial Street Business Circle has increased its format and brand adjustment and upgrading, and improved its commercial quality.

　　In 2024, the overall closure of Xidan Shopping Mall became a landmark event to upgrade Xidan Financial Street. Xidan Shopping Mall was once one of the "Four Big Shopping Mall in Beijing" and the founder of Xidan Business Circle. With the changes of the times, the building itself can no longer meet the needs of commercial upgrading. It is understood that the underground part of the overall renovation project will increase the parking function, and the above-ground part will optimize the building height, increase indoor lighting and enhance the consumer experience. It is expected to be completed in 2026.

　　After the renovation, Xidan Shopping Mall will be built into a comprehensive commercial service center integrating fashion retail, quality catering, community entertainment and humanistic experience, and an era humanistic theme block, theater or curatorial space will be added. The fa? ade, surrounding landscape environment and bridge facilities of the project will also be upgraded.

　　Most commercial projects in Xidan Financial Street are also undergoing local adjustment and upgrading, including Hanguang, Juntai, Warwick, Parkson, Renewal Field, Galeries Lafayette, Xidan Joy City, Xidan Shopping Center and Financial Street Shopping Center.

China and Africa have always been a community of destiny.

　　On the afternoon of May 26th, the Supreme Leader of president held talks with Congolese President Tshisekedi, who was on a state visit to China. The two heads of state announced that the strategic partnership of win-win cooperation between the two countries will be upgraded to a comprehensive strategic partnership.

　　Just the day before, the Organization of African Unity, the predecessor of the African Union, celebrated the 60th anniversary of its founding. China and the African Embassy in China jointly held a reception in Beijing to celebrate Africa Day and had in-depth exchanges on deepening China-Africa cooperation.

　　China is the largest developing country in the world, Africa is the continent with the largest concentration of developing countries, and China and Africa have always been a community of destiny. In the decade of the new era, under the guidance of the true pro-Africa policy concept and the correct concept of justice and interests put forward by the Chairman of the Supreme Leader, the development of China-Africa relations has pressed the "acceleration button", entered the "fast lane" and entered a new era of building a closer community of destiny between China and Africa.

　　Come and go as often as relatives

　　In April 1955, the Bandung Conference was held in Indonesia. Chinese and African leaders shook hands for the first time across the mountains and seas, which kicked off friendly exchanges. From China’s support for the just cause of anti-imperialism, anti-colonialism and national liberation of African countries to a group of African countries’ support for China’s resumption of its legitimate seat in the United Nations, China and Africa have always supported each other and cooperated closely in the international arena. In the new era, China-Africa cooperation in various fields has been deepened and implemented from the docking development strategy to the implementation of the "Ten Major Cooperation Plans", "Eight Major Actions" and "Nine Projects".

　　Today, China-Africa relations are closer, and the leaders of the two sides come and go as often as relatives. Shake hands again and again, and freeze the eternal historical moment — —

　　In the past decade, the Chairman of the Supreme Leader visited Africa four times, and the Forum on China-Africa Cooperation held two summits. Since November last year, four African presidents have been invited to pay state visits to China, and more than a dozen officials from Africa at or above the ministerial level have visited China. The China-Africa Conference on Poverty Reduction and Development, the China-Africa Youth Gala and other activities have been held one after another, continuously injecting new connotations into the spirit of China-Africa friendship and cooperation.

　　This is April 27, 2023, Taiping Shipping — — The new western land-sea channel, the Yangtze-Tiehai Intermodal African special train, is waiting for departure at Yuzui Station of Chongqing Orchard Port.

　　On May 26th, the Chairman of the Supreme Leader said in a meeting with President Tshisekedi that China firmly supports Africa’s independent development path and its becoming an important pole of world politics, economy and civilization, and is willing to provide new opportunities for African countries with its new development, implement the outcome of the Dakar meeting of the Forum on China-Africa Cooperation with African brothers, promote the joint construction of the Belt and Road Initiative, support Africa’s sustainable development, and work together to build a community of destiny between China and Africa in the new era.

　　Under the current international situation, China and Africa need to strengthen unity and cooperation more than ever before. In April this year, Gabonese President Bongo said in an interview on the occasion of his visit to China that the global development initiative, the global security initiative and the global civilization initiative put forward by the Supreme Leader Chairman are highly compatible with the United Nations sustainable development goals and the African Union’s Agenda 2063, promoting the protection of international peace and security and promoting the development and cultural prosperity of all countries.

　　Eritrean President Isaias also said during his visit to China in May that the current evolution of the international order is at a critical stage, African countries are still facing hegemonism and various unfair and unjust treatments, and the international community is more expecting and believing that China will make greater contributions to human development and progress and international fairness and justice.

　　Qin Gang, State Councilor and Foreign Minister, said in his speech at the reception celebrating Africa Day on the 25th that China has always supported the AU and African sub-regional organizations to play a leading role in solving regional conflicts and African people to solve African problems in an African way. It has always supported Africa to play a greater role on the world stage and insisted on speaking out for Africa on multilateral occasions such as the United Nations. It is the first country to explicitly support the AU’s accession to the G20.

　　Go hand in hand on the road of modernization

　　From the Kinsuka Bridge in the Democratic Republic of Congo and the Parliament Building in Malawi, to the Algeria-1 communication satellite and the Lowe Dam in Sudan … … A number of China-Africa cooperation projects have become "national landmarks", bringing tangible benefits to the local people, and some have also been printed on the banknotes of African countries, which has become a vivid testimony of China-Africa friendship and mutual assistance.

　　On the Triumph Avenue in Kinshasa, the capital of the Democratic Republic of Congo, the People’s Palace and Martyrs Stadium, which were aided by the China government in 1970s and 1980s, are located here. Across the street, the Central African Cultural and Art Center, which is shaped like "African Drum", is entering the sprint stage of completion. In the future, it is expected to become a new landmark of the largest city in Central Africa.

　　This is the construction site of the Central African Culture and Art Center project aided by China, which was filmed in Kinshasa, the capital of the Democratic Republic of Congo, on May 23rd, 2023.

　　The Jinsuka substation around Kinshasa is also under construction as planned. Jinsuka Substation Project is the first major infrastructure and livelihood project jointly implemented by China and Congo after Congo (DRC) joined the Belt and Road Initiative in 2021. When completed, it will become the first automatic distribution network in Congo (DRC) and the largest and most technologically advanced 220kV substation in Kinshasa, which can significantly improve the power supply in the capital region of DRC and play a constructive role in promoting local economic development and regional integration in Central Africa.

　　Muvuni, Minister of State and Minister of Infrastructure and Public Works of the Democratic Republic of the Congo, said that infrastructure cooperation with China has made important contributions to the economic and social development of the Democratic Republic of the Congo over the years. Congo (DRC) has a great demand for interconnected infrastructure such as roads and railways, and the infrastructure cooperation between the two countries is promising.

　　Driven by the China-Africa Cooperation Forum and the joint construction of the Belt and Road Initiative, Africa’s infrastructure construction has undergone earth-shaking changes. Today, China-Africa cooperation has built more than 10,000 kilometers of railways, nearly 100,000 kilometers of highways, nearly 1,000 bridges and nearly 100 ports, and network services cover nearly 700 million user terminals. China has been Africa’s largest trading partner for 14 consecutive years.

　　Meng Yaai, director of the Africa-China Research Center of the University of Johannesburg in South Africa, said: "The success of Chinese modernization will inspire and influence the modernization of other countries in the world, especially for the modernization exploration of developing countries in Africa."

　　In his view, with the historical process of China’s Chinese-style modernization, "Africa-China cooperation has broad prospects, and the contents and forms of cooperation are increasingly rich. It is expected that the results of pragmatic cooperation between the two sides will better benefit the people of both sides."

　　The tree of friendship is more and more lush.

　　China-Africa relations are rooted in people and originated from exchanges. After careful cultivation and hard watering by both sides, the tree of China-Africa cooperation has grown sturdily, and today it is deeply rooted and fruitful.

　　The people of China will never forget that after the Wenchuan earthquake and Yushu earthquake, African countries and people generously supported the people of China in earthquake relief. People in Africa will always remember that more than 60 employees from China have been buried in Africa for the construction of the Tanzania-Zambia Railway, and China’s foreign aid medical team has been stationed in Africa since 1963. In the face of Ebola, COVID-19, malaria and other epidemics, China led the international community to help Africa fight the epidemic with practical actions, which explained the brotherhood between China and Africa through thick and thin.

　　On February 27th, 2023, in Ain Diffra, Algeria, 63-year-old Hariri Heyila (left) went to the hospital to thank Li Hongling, a doctor of China’s aid medical team.

　　In January this year, the completion ceremony was held for the first phase project of China’s African Center for Disease Control and Prevention. As the flagship project of cooperation with Africa announced at the Beijing Summit of the Forum on China-Africa Cooperation in 2018, the center is the first all-Africa CDC with modern office and experimental conditions and complete facilities on the African continent, which is of great significance for improving the speed of disease prevention, monitoring and epidemic emergency response in Africa.

　　Enetu Fred, a senior engineer of the AU Commission, said: "China’s support for Africa, as always, means what it says."

　　A batch of projects to reduce poverty and benefit the people have landed one after another, and a batch of agricultural experts from China went deep into the fields of the African continent to provide technical assistance on the spot. At the same time, China has actively established a "green channel" for African agricultural products to be exported to China. A large number of African agricultural products, such as Kenyan avocado, Tanzanian sesame, Senegalese peanuts and South African fresh pears, have entered the China market and are favored by consumers in China.

　　Talent cultivation is the key to the country’s future development. China helped build schools in many African countries and shared teaching experience, and actively promoted cooperation and exchanges between Chinese and African research and teaching institutions. Since the first Luban workshop in Africa landed in Djibouti in March 2019, China has built more than ten Luban workshops in Africa, which has promoted the development and innovation of vocational education in Africa and has been widely praised.

　　Mohamed Bel Hussein, Commissioner of Education, Science and Technology and Innovation of the African Union, said that strengthening cooperation between China and Africa in various fields, especially in capacity building, will continue to promote higher economic growth on the African continent.

　　At present, both China and Africa stand at a new historical starting point and are welcoming new important opportunities. Under the guidance and promotion of the head of state’s diplomacy, the construction of a community of destiny between China and Africa in the new era will surely achieve new historical achievements and make greater contributions to promoting the common prosperity and progress of mankind.

　　－END－

　　Planning: Ni Siyi Ying Qiang

　　Producer: Feng Junyang

　　Coordinator: Yan Jieyan, Han Mo, Xie Peng.

　　Reporter: Zhou Chuyun, Liu Wanli, Shi Wei, Xie Jiang, Xie Hao and Wang Ping

　　Editor: Zhao Yan Chen Shan Bird Zhang Dailei

　　Photography: Liu Weibing Huang Wei Shi Yu

　　Produced by Xinhua News Agency International Department

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.

Jolin Tsai hollowed out to play the queen, the album went out and threatened to send safety pants


Jolin Tsai shows off her long legs


Wrap skirt for a good figure


Cosplay group photo

　　　 Jolin Tsai, the little diva, recently attended an online game endorsement event on July 31 in addition to promoting albums and shooting advertisements. Jolin Tsai, who has not endorsed online games for a long time, even played cosplay for TV commercials, playing the role of the "Queen of the Night" in the game, which made fans feast their eyes. And "The Later Man" Jinrong has also followed the tide due to the endorsement of online games. This time, the little diva has grabbed game endorsements one after another, eager to break out a wave of peaks for the summer vacation game market.

　　　 Jolin Tsai, wearing a pink-orange dress, made a gorgeous appearance from the 3D three-dimensional projection screen, which was very stunning. Although the dress was a little conservative, the ultra-short miniskirt still showed off her slender legs generously, which was quite the aura of a queen. And she, who usually doesn’t seem to play games, talked about the characters in the game that day, directly saying that she hoped to fly freely in the game like her characters. The live premiere of the advertisement shot by Jolin Tsai for this endorsement, you can see her dressed up as a "queen" for the game and made a sexy appearance, which is very cool.

　　　 And she and Jinrong both have endorsement games, and when asked which one do you prefer to play? Jolin Tsai smiled and said without thinking, "Of course it’s her own." But Jolin Tsai also admitted that the two like different types of games and will not play together in private. She was said to be wearing too much, so she clarified that she would still show up when she should, and predicted that the album look will be "very revealing", so everyone should look forward to it. However, as soon as the new album look photo was exposed, it was immediately grabbed by sharp-eyed netizens and "disappeared", pointing to the unrepaired safety pants under the high-slit swimsuit, which made Jolin Tsai feel embarrassed and said with a smile, "Just give the safety pants for the album pre-order."

Next page More wonderful pictures

[Video ]2010 auto china

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　　　　CCTV (China News): Come and pay attention to auto china. As the largest auto show in China, the unique scenery of luxury cars is indispensable. Luxury brands such as Porsche, Bentley and Bugatti have appeared one after another. Let’s follow the camera to feast our eyes.


　　　　This car is the most expensive luxury car in this auto show, the 2010 Bugatti Veveyor 16.4 Sport Edition. It is the first time to appear in the Asia-Pacific region, and the price abroad has reached 2 million US dollars. In terms of power, it is equipped with a strong 987 horsepower output, a four-turbocharged 8.0-liter W16 engine, a dual-clutch gearbox and an all-wheel drive system, and the top speed can reach 407 kilometers per hour.


　　　　Next, we see Lamborghini’s latest model LP670-4, which is limited to 10 units worldwide. It is equipped with a 6.5L-V12 engine with an output power of 670 HP and a top speed of 342 kilometers per hour. The other LP570 is specially sold in China market, and uses a four-wheel drive 5.2LV10 engine.


　　　　Bentley brought a brand-new flagship model that made its debut in Asia at the Beijing Auto Show. It was equipped with an 8-speed automatic transmission, which was nearly handmade and weighed nearly 2.6 tons. It takes only 5.1 seconds to accelerate from standstill to 100 kilometers, and the top speed can reach 296 kilometers per hour.


　　　　Porsche has brought a hybrid car. This 918 is equipped with a plug-in hybrid system and a two-seat high-performance sports car with an engine in the middle. It has a 500-horsepower V8 gasoline engine and three electric motors. However, the fuel consumption is only 3.0L per 100 kilometers.


　　　　BMW, a new hybrid concept car, uses a 1.5L turbocharged diesel engine and is equipped with a hybrid system at the front and rear, with a maximum power of 356 HP, a cruising range of 640 kilometers and a fuel consumption of only 3.76 liters per 100 kilometers.


　　　　Other luxury car brands, such as Ferrari, Mercedes-Benz, Audi and British finidi, have also introduced new models at this auto show. (Editor: Jassamyn Liu)

Editor: Liu Yi

＂Spring＂ Li Youying became the first Korean actor after the Milan Film Festival was sealed.


Li youying

　　　 1905 movie network news South Korean actress Li Youying won the title of Best Actress at the 14th Milan International Film Festival for her leading film, which was also the first time that a Korean actress was sealed at the Milan Film Festival.

　　　 According to a person related to scenery and entertainment of the brokerage company to which Li Qiying belongs, Li Qiying walked onto the podium wearing hanbok and yellow ribbon that day, and also expressed her condolences to the victims of the shipwreck of the "Year of the Year".

　　　 Milan International Film Festival is also known as the Sundance International Film Festival in Italy. Previously, Korean films such as (2005), (2007) and (2012) were invited to participate in the film festival and introduced Korean films to Italian audiences. Li Youying was the first Korean actor to win the winner of the film festival.

　　　 The film "Spring" tells that a writer who was once called a genius lost the confidence to live because of an incurable disease, while his wife brought back a woman full of stories in order to reawaken the writer’s writing inspiration. The film also won the Best Foreign Language Film Award at the 23rd Arizona International Film Festival, which opened on April 11th. At the 14th Milan International Film Festival, the film was nominated for the best director, best screenplay, best photography, best music, best art, best actress and best supporting actor.

Ministry of Finance： In 2020, a total of 333.951 billion yuan of lottery tickets will be sold nationwide.

　　Cctv newsAccording to the data of the Ministry of Finance, in 2020, the national lottery sales totaled 333.951 billion yuan, a year-on-year decrease of 88.103 billion yuan or 20.9%. Among them, the sales of welfare lottery institutions was 144.488 billion yuan, a year-on-year decrease of 46.750 billion yuan; The sales of sports lottery institutions reached 189.463 billion yuan, a year-on-year decrease of 41.352 billion yuan.

Central Meteorological Observatory： In the next three days, there will be strong winds in the coastal areas of South China.

　　CCTV News:According to the Central Meteorological Observatory, it is expected that in the next three days, attention will be paid to the development trend of typhoon "Little Dog" and the influence of wind and rain, and there will be strong wind disaster risks in the coastal areas of South China and the South China Sea.

　　Typhoon "Little Dog" will affect the southeast coast.

　　Typhoon KOINU, the 14th typhoon this year, was upgraded from typhoon level to strong typhoon level this afternoon (6th). At 5pm, its center is located in the northeast of the South China Sea, about 200km southeast of Shanwei City, Guangdong Province, which is 21.5 degrees north latitude and 116.7 degrees east longitude. The maximum wind force near the center is 14 (42m/s), and the lowest pressure at the center is 955 hectopascals, which is 7. It is estimated that "Little Dog" will move to the south-west direction at a speed of 5-10 kilometers per hour, and its intensity will be maintained or slowly weakened, and it will gradually approach the coastal area from the west of Guangdong to the east of Hainan Island.The Central Meteorological Observatory continued to issue a yellow typhoon warning at 18: 00 on October 6..

　　Affected by typhoon "Little Dog" and cold air, it is estimated that there will be strong winds of 6-8 grades and gusts of 9-10 grades in most parts of the East China Sea and the waters near Diaoyu Island, the Taiwan Province Strait, the northern part of the South China Sea, the coastal areas of Zhejiang, Fujian and Guangdong, among which there will be strong winds of 9-11 grades and gusts of 12-13 grades in parts of the coastal areas of Guangdong and the northern part of the South China Sea. From 20: 00 on the 6th to 20: 00 on the 7th, there will be heavy rain or rainstorm (50-65mm) in the southeast of Fujian and the east coast of Guangdong. From the night of the 6th to the day of the 9th, there was strong wind and rain in the coastal areas of eastern and southern Guangdong and central and southern Fujian.

　　Rain and snow weaken in the western region

　　From the night of the 6 th to the day of the 9 th, there were rainfall processes in southern Gansu, Sichuan, Chongqing, most of Guizhou, Yunnan and other places, and some areas had moderate to heavy rain; There are small to medium snow or sleet in eastern Tibet, southern and western Qinghai, and there is heavy snow locally.

　　Specific forecast for the next three days

　　From 20: 00 on October 6 to 20: 00 on October 7,There are small to medium snow or sleet in the western mountainous area of southern Xinjiang basin, southern Qinghai and eastern Tibet; There are moderate to heavy rains in parts of southeastern Tibet, eastern and southern Sichuan Basin, central and eastern Yunnan, central and southern Fujian, eastern Guangdong, southern Hainan Island and western Taiwan Province Island, among which there are heavy rains (50-65 mm) in parts of eastern Guangdong and southern Fujian coastal areas. There are 4 ~ 6 winds in parts of central and eastern Inner Mongolia, Liaodong Peninsula and eastern coastal areas of Zhejiang, and 6 ~ 7 winds in parts of central Tibet. There will be 6-7 northeast winds with gusts of 8 in the Taiwan Province Strait, and 8-9 northerly winds with gusts of 10 in the northeastern South China Sea (see Figure 1).

Figure 1 National Precipitation Forecast Chart (from 20: 00 on October 6 to 20: 00 on October 7)

　　From 20: 00 on October 7 to 20: 00 on October 8,There are small to medium snow or sleet in parts of southwestern Xinjiang, south-central Qinghai and northern Tibet, and there is heavy snow (5 ~ 9 mm) in central Qinghai; There are moderate to heavy rains in parts of southeastern Tibet, central and southern Yunnan, coastal areas in central and eastern Guangdong, northern and eastern Fujian and Taiwan Province Island, among which there are local heavy rains (50-80 mm) in coastal areas in southern Guangdong and southeastern Fujian. There are 6~7 winds and 8 gusts along the coast of Zhejiang, Fujian, Guangdong and the western coast of Taiwan Province Island. There are 6-8 winds and 9-10 gusts in most sea areas of the East China Sea, Taiwan Province Strait and northeastern South China Sea, among which there are 9-10 winds and 11-13 gusts in parts of Taiwan Province Strait and northeastern South China Sea (see Figure 2).

Figure 2 National Precipitation Forecast Chart (from 20: 00 on October 7 to 20: 00 on October 8)

　　From 20: 00 on October 8 to 20: 00 on October 9,There are small to medium snow or sleet in parts of southwestern Xinjiang, south-central Qinghai and northern Tibet; There are moderate to heavy rains in southeastern Tibet, southwestern Sichuan, central and southern Yunnan, coastal areas of Guangdong and Fujian, and parts of eastern Liaoning, with heavy rains (50-60 mm) in the southern coastal areas of Guangdong. There are 6-8 winds and 9-10 gusts in the southern part of the East China Sea and the Taiwan Province Strait, and 7-9 winds and 10-11 gusts in the northern part of the South China Sea and the north sea area of Beibu Gulf (see Figure 3).

Figure 3 National Precipitation Forecast Chart (from 20: 00 on October 8 to 20: 00 on October 9)

After the ＂star officials＂ of Yunnan’s husband and wife files were both dismissed, a relative who had amassed 3 million yuan was sentenced.

Dongfang Net Longitudinal Journalist Chen Haozhou
Cai Sihong’s brother-in-law Dong Guanghui was sentenced to five years and six months’ imprisonment for using his influence to take bribes to collect 3 million yuan after the "star official" in Yunnan, Cai Sihong, the former deputy mayor of Yuxi, and Geng Mei, the former deputy mayor of Baoshan. On December 29th, China Judgment Document Network published "criminal judgment, the First Trial of Dong Guanghui’s Taking Bribery and Taking Bribery by Influence", which revealed the details of Dong Guanghui’s wealth collection.
According to the verdict, Dong Guanghui was born in December 1971, with a junior high school education and a native of mangshi. On January 8 this year, he was detained by the Wuding County Supervisory Committee. On July 6, the Wuding County People’s Procuratorate decided to be criminally detained by the Wuding County Public Security Bureau, and he was arrested on July 11.
The Wuding County People’s Court found through trial that Dong Guanghui accepted Dong’s request, and after consulting with Cai Sihong, then secretary of the mangshi Municipal Party Committee and the mayor’s relative, Cai Sihong came forward to say hello to help Dong’s Kaiyuan Hongfa Construction Group Co., Ltd. undertake the construction project of the fifth primary school in mangshi and the construction project of the coffee avenue in the Pappian District of mangshi Industrial Park. From March 2010 to November 2018, Dong Guanghui received 2 million yuan from Dong four times.
(Caption: Cai Sihong, former deputy mayor of Yuxi City Source: Dongfang. com)
During 2015, Dong Guanghui accepted the request of Liu, a construction contractor, to help introduce the construction project of Nanyang overseas Chinese machinists returning to China for the Anti-Japanese Memorial Hall. After receiving the promise of 1.5 million yuan afterwards, he took advantage of the influence formed by Cai Sihong’s position and status as the secretary of Ruili Municipal Party Committee, and with the help of Cai Sihong and others, he contracted the construction project for Liu. At the beginning of 2016, Dong Guanghui received 1 million yuan from Liu twice.
According to Dong Guanghui’s confession, "Cai Sihong and we are a family. He didn’t want his sister and I to live a hard life. He came forward to help Dong to undertake the project, just to let me collect the benefits to increase my family’s income and improve my family’s quality of life."
Cai Sihong’s testimony also confirmed that Dong Guanghui is his brother-in-law. "He has no job, no right, no money, no technology, no resources, no fixed occupation and no fixed income. I also want to help my brother-in-law’s family increase their income in this way, so I acquiesced in his accepting the’ benefit fee’."
The explanation presented by the Wuding County Supervision Committee confirmed that Dong Guanghui voluntarily explained the criminal facts of this case to the investigation organ when he was told to cooperate with the investigation of other cases. The verdict shows that on April 10 this year, Dong Guanghui voluntarily returned 3 million yuan of funds involved in the case to the investigation organ.
On December 21 this year, Dong Guanghui was sentenced to five years and six months’ imprisonment and fined 700,000 yuan. The illegal income of 3 million yuan was confiscated and turned over to the state treasury by the Wuding County Supervision Committee.
The reporter noted that Cai Sihong, born in August 1967, and Geng Mei, born in September 1968, were once remarkable couples "star officials" in Yunnan politics. Both of them are from Yunnan. Cai Sihong graduated from Yunnan University for Nationalities, majoring in Dai language, and Geng Mei graduated from Yunnan University, majoring in journalism. Both of them graduated from university in the same year and joined the work.
(Caption: Geng Mei, former deputy mayor of Baoshan City Source: official website, Longyang District People’s Government of Baoshan City)
In official career, the couple can be described as "going hand in hand". In 1993, Cai Sihong was appointed Deputy Secretary-General of Dehong Federation of Industry and Commerce. Two years later, Geng Mei was promoted from an ordinary news editor of Baoshan Daily to the deputy director of the Propaganda Department Office of Baoshan District Committee; In July 2009, Cai Sihong was appointed secretary of Luxi (renamed mangshi in November 2010), and Geng Mei was promoted from the county magistrate of Changning County to the secretary of Changning County Committee in December of the following year.
In 2013, Cai Sihong and Geng Mei both became deputy department heads: Geng Mei was promoted to vice mayor of Baoshan City and concurrently served as secretary of Longyang District Committee, Cai Sihong became deputy secretary of the Party Committee of Ruili National Key Development and Opening Experimental Zone (deputy department head), and was later appointed secretary of Ruili Municipal Committee. In October 2015, Cai Sihong was transferred to the vice mayor of Yuxi City. At this point, both husband and wife became deputy mayors of prefecture-level cities.
Before Dong Guanghui was sentenced, Cai Sihong and his wife Geng Mei, both CPC cadres, were both dismissed.
According to the Yunnan Provincial Commission for Discipline Inspection, on October 15, 2019, Geng Mei, deputy mayor of Baoshan City and secretary of Longyang District Party Committee, was suspected of serious violation of discipline and law, and accepted disciplinary review and supervision investigation. On February 25, 2020, Cai Sihong, a member of the party group and deputy mayor of Yuxi Municipal People’s Government, was suspected of serious violation of discipline and law, and was subject to disciplinary review and supervision investigation.
In March this year, the Supervision Committee of the Commission for Discipline Inspection of Dehong Prefecture published a commentary entitled "Don’t let" go hand in hand "become" both fallen horses ",saying that Cai Sihong and Geng Mei were once a remarkable couple’s" star officials "in Yunnan politics. From "going hand in hand" to "both falling off the horse", it is distressing and thought-provoking.
According to the article, the "corrupt couple file" between Cai Sihong and Geng Mei once again sounded the alarm of "family integrity" for leading cadres in the province. A good family style benefits the family and the country; On the contrary, a morbid family style will destroy the family and harm others, oneself and society.
Now, Dong Guanghui was jailed after Cai Sihong and Geng Mei both fell, which once again proved the harmfulness of the morbid family style of leading cadres.
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Counting the NBA’s total score list in the past ten years, the fifth place in the library is actually an ordinary player!

Counting the NBA’s total score list in the past ten years, the fifth place in the library is actually an ordinary player!

Recently, some media have counted the top 10 players in the nba’s cumulative total score in the regular season in the past 10 years, to see if it is beyond your expectation?

1. Harden scored 19875 points.

2. Lillard scored 17,814 points.

3. James scored 17571 points

4. demar derozan scored 17074 points.

5. Curry scored 16,771 points

6. Wei Shao scored 16,625 points

7. Letter brother 16280 points

8. Heavy eyebrows 14974 points

9. Durant scored 14,634 points

10. Bill scored 14611 points

As an ordinary player, James Harden still ranks first! I have to say that Deng Zi does have his own unique views on scoring. If he didn’t leave the Rockets, he would have scored 21,000 points now.

Primary school students only ranked fifth, and Lao Zhan ranked third. However, it was quite unexpected that demar derozan could be in the fourth place. After all, Azan’s scores were all pulled out one by one in the middle distance. Durant’s thick eyebrows are limited by injuries.

So here comes the question

Who do you think is the best scorer in the active nba?