Text | Box Lunch Finance, Liu Xingzhi

Editing | Wang Jing

For more than 30 years, Wang Jianlin, the head of Wanda, has many friends, and even more people claim to be his friends, but there are not many "true friends" who are willing and able to pull him in times of crisis. Especially after 2018, Wang Jianlin’s circle of friends, some are imprisoned, some are too busy to care for themselves, and they still expect him to pull a hand.

If the standard of "true friends" is never to leave, Pony Ma, the founder of Tencent, will definitely be on the list of Wang Jianlin’s circle of friends and rank among the top.

On July 21, the shareholders of Beijing Wanda Investment Co., Ltd. (hereinafter referred to as "Wanda Investment") changed, and 49% of Wanda Investment’s equity was transferred to Shanghai Ruyi Film and Television Production Co., Ltd. (hereinafter referred to as "Shanghai Ruyi").

On the evening of July 23, the details of the transaction emerged. The buyer, China Ruyi (00136.HK), announced that it had entered into an equity transfer agreement on July 20, and the transaction consideration of 49% of the shares was 2.262 billion yuan.

Wanda Investment is the controlling shareholder of Wanda Film. Including this transaction, this is the fifth transfer of equity assets involving Wanda Film this year. Through these transactions, Wanda has cashed out about 7 billion yuan, part of which is used to "step on the point" to repay the debt. The latest news shows that Wanda has transferred the principal and interest funds of 400 million US dollars of bonds due on July 23.

Why should Shanghai Confucianism and Italy send charcoal in a hurry to solve Wanda’s urgent need to repay its debts? The grass snake gray line is hidden in its capital background.

Public information shows that Shanghai Ruyi is a wholly-owned subsidiary of China RuyiEvergrandeAfter several transactions, Tencent is now the controlling shareholder.

At present, the prospect of Wanda’s listing is uncertain, the debt concentration expires, and the selling of assets to cash in can’t help but remind the outside world of six years ago, also under the pressure of debt, Wanda sold off its assets and "broke its arm to survive". After that transformation and privatization, in early 2018, it was Tencent that took the lead, joined JD.com, Sunac, and invested 34 billion yuan in Wanda to "untie" Wanda and support its valuation.

Wang Jianlin was born in the tail of the planned economy, grew up in Sichuan, joined the army in Jilin, and started in Liaoning; Pony Ma grew up in Shenzhen, the bridgehead of reform and opening up. The two people, who are 18 years apart, have very different personalities and experiences. It is in the tide of private economy that they gradually come to the same end.

After taking the lead in investing in Wanda, Wang Jianlin and Pony Ma have been tied to the same boat. From the "Teng Million" cooperation in 2014, to Tencent’s leading investment in 2018, and then to the current delivery of life-saving money, Wanda’s two most dangerous turns, Tencent’s figure has always been around.

"After years of business and wealth, everything has always come to nothing." This is a poem written by Wang Jianlin many years ago. If not for Pony Ma, the metaphor of "everything" coming to nothing may have come true.

01

The first turning point in the lives of 68-year-old Wang Jianlin and 51-year-old Pony Ma both took place in 1989.

In 1986, Wang Jianlin switched from the army to serve as the office director of the Xigang District People’s Government of Dalian City. In 1989, he came to Xigang District Housing Development Company as the general manager, which was the predecessor of Wanda.

Also in 1989, Pony Ma was admitted to Shenzhen University. Shenzhen University did not have the astronomy department that Pony Ma was most interested in, so he settled for the next best thing and entered the computer major of the Department of Electronic Engineering.

From the perspective of the time, the two people were of different ages and backgrounds, and their life paths were very different, so there was no possibility of intersection. But with the vigorous development of the private economy, the two gradually came together on the road to business.

In September 2013, Hurun rich list, Wang Jianlin with 135 billion yuan wealth, more than Zong Qinghou family, the first time to become the Chinese mainland "richest man", this is the first time the real estate boss to get the "richest man" title. On the list, Pony Ma with 62 billion yuan wealth ranked third, when real estate was in full swing, the Internet is in the limelight, the former’s growth rate made other industries look at, the Internet’s growth rate made real estate developers are shocked.

As a commercial real estate leader, Wanda began to feel pressure from e-commerce platforms. Wang Jianlin once said that he "wants to establish an Internet e-commerce website that is different from Taobao and JD.com".

And Tencent, which has a social empire, also wants to make a difference in the field of e-commerce, so in 2014, facing a common opponent, Wang Jianlin and Pony Ma came together as "e-commerce partners".

In 2014, Wang Jianlin introduced Tencent, Baidu, the three giants announced the establishment of Wanda e-commerce company, Wanda Group held 70%, Tencent, Baidu held 15%, and plans to invest in the next five years 20 billion, to build the world’s largest O2O electricity supplier company.

Wang Jianlin’s expectations for this project are not high, and the lineup of "Teng Million" is also luxurious enough, but this seemingly strong and powerful commercial aircraft carrier is unfavorable. After the first phase of 5 billion yuan of funds burned out, Tencent and Baidu announced their withdrawal, and Wanda E-commerce ended hastily.

The failure of the "Teng Million" alliance is not surprising. The three companies seem to be strong, but none of them have e-commerce genes. The experience of the leading party Wanda in traditional commercial real estate has become a shackle for its e-commerce development.

This cooperation ended without success, Wang Jianlin 5 billion bought a lesson, but also harvested the friend of Ma Yun, this friendship will play a key role in the future.

02

In June 2017, a risk investigation letter from the China Banking Regulatory Commission pushed Wanda to the bottom, and Wanda’s six overseas project financing encountered strict control.

Real estate is a high-wire business, and the financing channel is the balance pole held by real estate developers. The two ends of the pole are assets and liabilities. The investigation of the Banking Regulatory Commission has greatly affected Wanda’s financing ability, and Wang Jianlin has to sell assets.

In July 2017, Wanda’s 13 cultural tourism projects and 77 hotels were packaged and sold to Sunac and R & F. Speaking to the media, Wang Jianlin said: "The transfer of the project can greatly reduce the debt of Wanda Commercial and further realize asset-light operation."

The move to sell assets at a low price has made the outside world question Wanda’s capital chain, but from the logic of buying and selling, Wanda sold assets at the same time, but also quickly reduced its liabilities, without hurting its bones. According to the financial report data, Wanda Group’s revenue in 2018 was 2142.8 billion yuan, completing 101.6% of the annual plan.

Wanda was able to escape from this crisis, except for Wang Jianlin’s decisive means of "breaking the wrist of a strong man", the actions of Pony Ma and others were also contributed.

On January 29, 2018, the official website of Wanda Group announced that Tencent Holdings, as the main sponsor, signed an agreement with Sunac, JD.com, Sunac China and Wanda Commercial in Beijing, planning to invest 34 billion yuan to acquire about 14% of the shares held by investors when Wanda Commercial Hong Kong H shares were delisted. According to this calculation, the total valuation of Wanda Commercial exceeded 240 billion ********ch higher than the 196.50 billion yuan at the time of delisting.

For Wang Jianlin, this financing is "three birds with one arrow". First, this financing solves the problem of overseas debt; second, by partnering with Tencent again, Wanda can tell the story of "new consumption" to the outside world; third, the support of the four giants’ real money allows the outside world to re-see Wandai, and Wang Jianlin can accumulate strength and seek listing again.

According to media reports, the deal was personally decided by the "No. 1" of the parties. Wang Jianlin personally called Pony Ma, Zhang Jindong, Sun Hongbin, and Richard Liu. After the four were basically finalized, they were handed over to the investment department to follow the procedure. The transaction took less than half a month from negotiation to finalization.

At that time, Caixin reported that this was a "marriage-style investment", and the two most important parties in the "marriage" were of course Wang Jianlin and Pony Ma.

Although the previous cooperation ended in vain, the degree of attention that Pony Ma attached to this cooperation only increased. In May 2019, the always low-key Pony Ma, surrounded by security and staff, walked into Wanda Plaza in Beijing Fengtai Science and Technology Park.

And Wang Jianlin, who is known as "never shopping", spent 2 hours walking around the Wanda Plaza side by side with Pony Ma. The online and offline "traffic king" is framed in the same frame, which aroused the imagination of the outside world.

03

However, less than a year after the same frame, the COVID-19 pandemic arrived, and both companies were affected. No matter how few of them shared the same frame, the vision of new consumption and smart retail was rarely mentioned again. It was not until the listing of Wanda Commercial Management was blocked and Wanda was once again mired in rumors of a liquidity crisis that Pony Ma’s figure reappeared behind Wang Jianlin.

In 2018, Wanda Commercial renamed itself Wanda Commercial Management and divested its real estate development business. In 2021, Wanda Commercial Management divested its business again, further lightening its assets, and seeking to re-list through its subsidiary Zhuhai Wanda Commercial Management.

In order to promote the listing, Zhuhai Wanda Commercial Management has introduced a strategic financing of up to 38 billion yuan in 2021, and the investor lineup is luxurious, including CITIC, China Merchants Group,Country GardenWait, Tencent is also among them.

However, Zhuhai Wanda Commercial Management has failed three times in a row and submitted its fourth statement on June 28 this year.

The IPO time table has been delayed frequently. In addition to facing the pressure of failing to gamble and repaying tens of billions of investment funds with principal and interest, under the influence of pessimism, Wanda has once again fallen into a liquidity crisis. On June 28, Wanda Commercial Management announced that the registration process of 6 billion yuan corporate bonds previously applied for issuance was suspended, and Fitch, Standard & Poor’s and other institutions have also downgraded Wanda’s rating.

In order to re-prop up the "balance pole", Wang Jianlin had to sell assets again. Since March this year, Wanda’s companies have transferred shares and assets related to Wanda Film five times, cashing out about 7 billion yuan. The latest transaction, the opponent is China’s Confucianism controlled by Tencent, and Tencent’s living water has once again flowed to Wanda.

Of course, this time to help Wanda, not only Ma Yun alone, in July 11th, Wanda investment also 2.173 billion yuan trading consideration to the Oriental wealth controller wife Lu Lili transferred 180 million shares of Wanda Film stock.

In fact, under the accelerated recovery of the entertainment industry, Wanda Film is currently one of the few chips for Wang Jianlin to ease liquidity pressure. IPG China Chief Economist Bai Wenxi told Lunch Finance that Wanda Film is currently one of the listed company targets under Wanda Group that are of good quality and easy to strategically transfer or reduce holdings in exchange for repayment.

In addition to selling cultural assets, in May this year, Wanda also plans to sell a payment license for 1 billion yuan to rescue the emergency. Douyin Zhang Yiming is a potential buyer. At present, the two parties have initially contacted, and the transaction has not yet been settled.

For more than 30 years, Wang Jianlin has had both highs and lows in the market, and he has also been used to the ups and downs of his partners and competitors. Since 2013, Wanda has cooperated with real estate companies such as Sunac, R & F, Vanke, and has also intersected with Internet upstarts such as Baidu, Tencent, and Ali. However, in the two important turns of Wanda, only Tencent has always "never left".

From a business perspective, Wang Jianlin has keenly observed the huge changes brought about by the Internet to business, and Pony Ma also realized that online development must ultimately serve offline, which is the basis for the cooperation between the two. In an article published by CCTV recently, Pony Ma said that "the role of the platform economy in empowering the real economy, promoting technological innovation and exploring the international market is increasingly prominent".

The common goal of the two sides is only the basis for cooperation. At present, Wanda wants to sell assets, and the top Internet companies are the few buyers who have the strength to take over.

Of course, the only buyers who are capable and willing are not Ma Yun. Wang Jianlin’s Moments may welcome new members, such as Zhang Yiming, but under the long-term deep interest binding, Ma Yun may be the most important old friend of Wang Jianlin at present.

References:

"Wang Jianlin’s troubles: the road ahead for Wanda Commercial Management to go public is unknown, and Wanda Film’s equity is constantly being sold" Titanium Media

"Teng Million" broke up, Wanda’s e-commerce road collapsed? "China Net

"Wanda financing breaks the deadlock, leading the four giants to target listing within five years" Caixin

"The four giants’ investment in Wanda Insider: Wang Jianlin communicated by phone one by one, and Ali did not vote against it"

"Exploring the store Wang Jianlin Ma Yun joined hands with the" smart square "traffic king cooperation is not easy" Beijing Business Daily

The "Galaxy Offensive" is playing out strongly in China’s electric hybrid market.

On May 31st, after Geely Galaxy L7 was listed at the "shock price" of 138,700 – 173,700, on June 5th, Geely Galaxy welcomed the full opening of "100 cities and 100 stores". From the comprehensive refresh of products to services, Geely’s all-round "Galaxy Offensive" without dead ends has brought a strong "Galaxy Shock" to the Chinese electric hybrid market.

"We’re going to do the hard and right thing."

This is a sentence that was repeatedly emphasized in media interviews by Fan Junyi, general manager of Geely Automobile Sales Company, and Yi Xinyu, executive vice president of Geely Brand Research Institute of Geely Automobile Group, after the listing of Geely Galaxy L7 on May 31.

As far as the Galaxy L7 model is concerned, it is indeed "difficult and correct". Its "difficult" lies in the high standards in vehicle manufacturing, as well as the timing and pricing of entering the market. However, these "difficulties" also make the Galaxy L7 "incomparably correct".

Let’s talk about the price first, the official guide price of Geely Galaxy L7 is 138,700 – 173,700, if used with "2,000 yuan to 6,000 yuan expansion gift", the price can even be as low as 134,700 – 169,700.

Giving such a "bottom fishing" price is really difficult for Geely. After all, the ultra-high product power of the Galaxy L7 is visible to the naked eye. Its entire system is equipped with "Raytheon Electric Hybrid 8848", the new "Galaxy NOS", and Qualcomm Snapdragon 8155 car chips… These standard features make this pricing almost unprofitable.

Of course, this price is not only "difficult" for Geely itself, but also makes the competition in the entire hybrid car market segment more difficult.

Don’t forget, Galaxy L7 in this market segment, with the guide price 135,800 – 165,800 BYD Song Pro DM-i and the guide price 139,800 – 156,800 Haval Xiaolong these two direct competitors. Fan Junyi admitted that until the day before the listing to finalize the price strategy fully considered the future competitors may "fight back".

In the eyes of Kung Fu Automobile, behind the "bold" pricing of Geely Galaxy L7, what is needed is to "come first" in the electric hybrid market, and at the same time, it is also a concentrated embodiment of implementing its own "value war".

As Fan Junyi said"Galaxy L7 is determined to become the first camp of domestic electric hybrid SUVs."

(1) "High-value" product strength is the core competitiveness

Those who are familiar with Geely must know that in many sub-sectors in the past, Geely was "late mover" most of the time, but Geely was able to "come later and come first" most of the time. Geely’s secret is to create high-value products that users can perceive.

From the early Emgrand, to Borui and Boyue in the 3.0 era, and then to the "China Star" in the 4.0 era. Today, as the first model of the new series, the Galaxy L7 is still the same. Including "Thor Electric Hybrid 8848", "Pamper Co-pilot", "Qualcomm Snapdragon 8155" and so on, basically most of the technologies and configurations we can hear at the Galaxy brand launch can be seen in this Galaxy L7 starting at less than 140,000.

When asked what it is better than its direct competitors, Fan Junyi said that Geely will not take the initiative to attack others, but will only talk about its own good side. He believes that as long as these are clarified, consumers will naturally pay.

"What kind of things can make consumers pay, I want to talk about a few points:

First, in terms of super electric mixtures, only Geely has three gears on the market at present;

Second, in terms of safety, acupuncture is only the entry standard for SHIELD batteries. In addition to acupuncture, whether you pack a whole package or assemble it into a whole vehicle, this set of safety system standards is Geely’s confidence;

Third, the smart cockpit is equipped with a flagship 8155 chip + Galaxy N OS system as standard, which not only provides a smooth interactive experience, but also supports global customization.

Fourth, enjoy the experience, the only electric hybrid SUV in the same class equipped with "pet co-pilot". They don’t have any of the points I just mentioned. "Fan Junyi said.

In the eyes of Kung Fu Motors, Geely has never been stingy in affirming the value of the Galaxy L7. Whether at the press conference or in official materials, Geely has repeatedly mentioned that the Galaxy L7 is currently the safest electric hybrid SUV, and it is also the only product on the market that maximizes the advantages of plug-in hybrid SUVs.

But to achieve the ultimate product experience, it is easy to say, but very difficult to do. Take the safety of power batteries as an example, Galaxy L7 has passed various extreme tests to perfectly demonstrate the characteristics of Aegis batteries. For example, the battery acupuncture experiment that friendly brands are very much looking at is just the beginning on Aegis batteries.

In addition, Aegis batteries have also undergone various tests that far exceed industry standards. For example, seawater immersion tests, external fire tests, etc., Aegis batteries are tested to standards that far exceed national regulations.

"We went to the most authoritative crash testing agency in China, the China Automotive Research and Automotive Safety Technology Center, to conduct four vehicle-level battery safety tests, and successfully passed the vehicle speed 40km/h forward scraping bottom, the vehicle speed 7km/h rear scraping bottom, the vehicle 20km/h negative impact and the vehicle bottom support four vehicle-level battery safety tests." Fan Junyi said that in the process of communicating with users, Geely found that many scraping bottom can cause new energy vehicles to overheat.

"In the era of fuel vehicles, there are many criteria for judging a good car, such as driving control, power, chassis, acceleration, etc. In the era of new energy, where are the criteria for judging a good car? There is no standard answer in the industry. Geely Galaxy’s requirements for itself are to achieve the ultimate in battery safety, power performance, comfort configuration and intelligent enjoyment!" Fan Junyi said.

(2) The "car builder" revolves around the user

Looking at the ultimate product strength of the Galaxy L7, it is not difficult to find a detail, that is, whether it is the test of the Aegis battery or the various configurations of the Galaxy L7, it is inseparable from the four words "user communication".

Yi Xinyu believes that:"The word’car builder ‘is the highest name in the automotive industry. In fact, a car builder is to do the difficult and correct thing and revolve around the user."

In fact, before the launch of the Galaxy L7, Fan Junyi personally led the sales team to visit many cities across the country to conduct user research: "From the development of colors, the selection of configurations, to the locking of interior colors, and the final pricing, we have all referred to user suggestions."

Fan Junyi said that in terms of safety and quality, the reason why Geely dares to say that the Galaxy L7 has reached the industry benchmark is because Geely itself has the four hard core strengths of "car builders". The first is the strict control of first-class quality; the second is the perfect intelligent manufacturing system; the third is the strong technical reserve and research and development heritage; and the fourth is the in-depth understanding of users and the market.

In this context, Geely relies on the four hardcore strengths of the "car builder" to create a "new generation" user experience in four aspects of the Galaxy L7. In Fan Junyi’s words, it can be summed up as: a new generation of safety standards, a new generation of super hybrid, a new generation of smart cockpit and a new generation of comfortable experience.

"What we want to do is to popularize the super electric hybrid smart SUV. Since it is a popularizer, I will definitely come with sincerity."Fan Junyi believes that the ultimate product experience brings users high user value, and this is the "difficult and correct thing".

According to the plan, Geely Galaxy, which specializes in high-value new energy product series, plans to launch a number of products in the second half of this year. The Galaxy series will open up a new situation for Geely in the new energy battlefield.

Fan Junyi said that Galaxy focuses on high-value new energy vehicles. It is divided into "intelligent electric hybrid L series" and "intelligent pure electric E series", focusing on the most mainstream new energy market of 20-300,000, and aims to become the benchmark of various market segments.

Fan Junyi also revealed that in the second half of this year, Galaxy has two more products on the market, among which the electric hybrid product is the sedan L6, and the L6 has its own characteristics, is a high-value product, and is also highly intelligent. The third product is the E8, and the prototype car is Galaxy Light, which will be launched in the fourth quarter of this year.

"So in the second half of this year, the Galaxy series has an electric hybrid SUV, an electric hybrid car, and a mid-to-high-end pure electric product. The future of the entire Galaxy is promising, and the sales volume is predictable. It can also drive the proportion of the entire Geely new energy to increase, and drive the entire Geely system to be completely new and take a solid step." Fan Junyi said.

In addition to the formation of the "Galaxy Fleet" at the product level, the "Geely Galaxy 100 Cities 100 Stores" that have just opened one after another will also accelerate the transformation and upgrading of the user experience and after-sales services of new energy products. In terms of the number of channels, Geely Galaxy has planned 650 to 700 across the country. At present, nearly 200 have been formed and completed. By the end of June, there will be nearly 400, 200 experience stores, and 200 display spaces.

"The future price war must not be the final way out, it must be a value war, an experience war, and a service war. When we say comprehensive innovation, we not only mean the comprehensive innovation of Geely manufacturers, but also drive Geely dealers to carry out comprehensive innovation. The improvement of user experience is the core competitiveness of the future."Fan Junyi said that with the refresh of user experience as the center, Geely Galaxy will comprehensively innovate in channel management and operation, and make user satisfaction the standard of Geely Galaxy with "a new generation of channel ecology, a new generation of service standards, and a new generation of user experience"!

(3) Kung Fu shooting

It’s hard to give users high-value products that "want, want, and want" at a starting price of less than 140,000. But Geely Galaxy, which has plunged into the "narrow gate", has done it. This is the right thing, so that Geely, the latecomer of the electric hybrid track, has the voice over the rules.

As Fan Junyi said, "What Geely has to do is to accomplish the whole task at one stroke on the road of new energy, take the most difficult road, do the most correct thing, and become the best choice for users."

　 　 Movie Network News On the evening of November 23rd, the 50th Taiwan Film Golden Horse Awards were announced in Taipei, and various awards were won. Jackie Chan and Cheng Jiaban won the Best Action Design Award, and he smiled when he won the Golden Horse, revealing his film plan within five years. Cai Mingliang won the Best Director Award, and his favorite Li Kangsheng was also named the Best Actor. Both were recognized by the Golden Horse, and Cai Mingliang also laughed that Andy Lau could also make his own plays.

Cai Mingliang: Andy Lau can also film my play

　 　 Previously, Cai Mingliang’s new film won the grand prize of the 70th Venice International Film Festival, and this time he won two heavyweight awards at the awards ceremony at his doorstep. He sighed with a lot of emotion, "It’s not easy. With a sense of glory, I’m not so excited to win awards abroad." At this point, he choked up, saying that his film has finally been recognized by Taiwanese audiences, and years of hard work have not been in vain.

　 　 After Cai Mingliang got the best director, he said that if Li Kangsheng missed the best actor, he would give him the trophy. Fortunately, in the end, his love will become emperor as he wished. Cai Mingliang finally breathed a sigh of relief and said with a smile that it may not be just for Li Kangsheng in the future.

Jackie Chan: I will be very busy in the next five or six years

　 　 20 years ago, Jackie Chan won the Golden Horse Award for Best Actor twice in a row. This time, he was shortlisted for the Best Action Design Award for "Zodiac". After successfully winning the Golden Horse Award, he bluntly said that making action movies is more fulfilling, "Every time there is a nomination for the Golden Horse, I will come. This award is the highest award as an action director. The actor may not be happy with this, but I am very happy because the martial finger can be accepted by others." Jackie Chan said that in fact, he did not like making literary films at all. "When I was young, I didn’t like literary films. I either cried or laughed. When I was filming, I cried for a day. Er Dongsheng asked me to cry, then cry, and then click. I would rather go to the jumping scene."

　 　 Although Jackie Chan said that "Zodiac" is his last big action movie, but the next part of Jackie Chan’s play is actually quite a lot of action, "I will shoot" Cross-Border Tracking "soon, and then Li Rengang is" Soldiers from the Sky ", and Zhang Yimou’s new film, I will be busy in the next five or six years." He also revealed that "Cross-Border Tracking" will be filmed in the United States, Mongolia, Sichuan, China and many other places.

Li XuejianWhat is it?Feng XiaogangInvited me ten years ago

　 　 The competition for the best supporting actor is also very fierce. Li Xuejian defeated Huang Bo, Tong Dawei and others to win the trophy. At the age of 59, he bluntly said that he likes "the little golden horse". "I like the little golden horse from the bottom of my heart, because I am a horse, which is a mascot and fate. I have liked horses since I was a child, and my original wish was to be a cavalry, but later when I was shot, I was thrown by a horse, so I didn’t dare to ride a horse." Li Xuejian also said that he wanted to put the trophy in "the most beloved place." When asked where it was, he gestured with his hand and signaled to keep it in his heart.

　 　 This time, with his performance in China, Li Xuejian won the trophy. He revealed that the director Feng Xiaogang had actually found himself ten years ago and starred in the role of Li Peiji. "He (referring to Feng Xiaogang) prepared this play more than ten years ago, but he has not approved it. He found me ten years ago, and after four or five years, he was not allowed to shoot.

Chen ZheyiWhat is it?The mainland has been submitted for trial

　 　 The Singaporean film "Mom and Dad Away" was the biggest dark horse at the Golden Horse Awards this year, winning four awards for Best Feature Film, Best New Director, Best Supporting Actress, and Best Original Screenplay in one fell swoop. Director and screenwriter Chen Zheyi was only 29 years old this year, and he was soft-hearted when he won the award. "I just came here to shake hands with Ang Lee, but I still didn’t dare." He also said that he was dumbfounded to be shortlisted this time, and the other four competitors for Best Feature Film are very strong, compared to his own film, which is too "petite". "Golden Horse is so kind to me, how can I get so much? There will be pressure."

　 　 Chen Zheyi revealed that "Mom and Dad are not at home" was filmed in Singapore for three years, and his wife went to school in London. During this period, she ran from both ends, and the cost was not small in addition to hard work. "I flew there once, and my directing fee was gone, and I was very poor. I got married at the age of 25, and now I have been married for 4 years. My wife said that there are still 3 years, and after 3 years, you have to earn a little money, or you will give up [making movies]."

　 　 In addition, Chen Zheyi also revealed that the copyright of "Mom and Dad Are Not at Home" in the mainland has been sold and has entered the stage of review, but whether it can be released is still unknown.

　　No one expected that the hot "stealing vegetables" game in 2009 would lead to the explosion of Tencent Cloud.

　　What is even more surprising is that Tencent Cloud, which has been dormant for 10 years and was once not optimistic, will now become Tencent’s first starting point to solve the midlife crisis, and it is also a major weapon for Tencent, Alibaba, and Huawei in the industrial Internet PK.

　　"Stealing Vegetables" Stolen Tencent Cloud

　　In 2009, Tencent was still a medium-sized company, and QQ space was still a non-mainstream camp of the post-80s and post-90s generation. At that time, QQ farms were introduced into QQ space, setting off a national rush to steal vegetables.

　　But behind the explosion of the game of stealing vegetables, it is Tencent’s team of programmers who are working hard to maintain it. The system of QQ farm is like a canal in a farmland, and users are like watering water. If the water storage capacity of the canal is not large enough to withstand the flood of hundreds of millions of users stealing vegetables at the same time, the system will naturally collapse.

　　In order to support the normal operation of QQ Farm, Tencent purchased and put thousands of additional servers on the shelves in just one month, and it became a common thing to add 4,000 servers a month.

　　The incident of "QQ Farm Stealing Vegetables" enlightened Tang Daosen and his colleagues, the technical head of QQ Space at the time. Not every company can keep adding servers, and not every company has the need to keep using these servers. If the game is not popular, these servers are equivalent to idling.

　　Is there a way to solve this problem?

　　At that time, a series of academic papers on the GFS architecture were published abroad, and the team of Tang Daosheng and Yao Xing analyzed the technical details and developed a new set of low-level data storage methods based on the actual needs of the business. After this creative method was abstracted, it was generally applicable in other businesses, so that other technicians did not need to redesign the system at this level.

　　This is the embryonic form of Tencent Cloud.

　　Two opinions, life on the line

　　The process of Tencent Cloud gradually flourishing was not smooth sailing, and soon, two opinions emerged within Tencent.

　　One side is to stop the business, and the cloud is a "hard work of mining coal". There is no profit, heavy investment, high cost, unclear long-term development, and its own business has been in a very low state. The other side is to argue that the cloud is a business that cannot be easily abandoned.

　　Tang Daosheng defied all arguments and has been insisting on moving around with limited resources, giving Tencent Cloud a chance to survive.

　　It wasn’t until around 2011 that Tencent realized that it was time to open up its industrial ecosystem and gain more partners. To achieve this goal, in addition to sharing the huge traffic of QQ and WeChat, it also needs to provide more solid technical capabilities to partners.

　　Tencent Cloud finally has the opportunity to make an appearance!

　　In a public interview, Mr. Tang explained the relationship between Tencent Cloud and the open ecosystem. "When you really open up traffic to the outside world, you find that the back-end support capabilities of these partners are relatively poor. Even if I can guide tens of millions or even hundreds of millions of groups to you, if you can’t catch it, it will collapse. And [Tencent Cloud] is the ability of Tencent to serve a large number of users accumulated over more than a decade. So, open up IT capabilities to partners as well."

　　The most impressive thing was the subsidy war of Didi Kuaidi that year. Didi’s order volume rose dozens of times in a short period of time, and servers in various places were in a hurry.

　　"When Didi’s server hangs up, users will flock to the fast one. The fast server hangs up immediately, and users will flock back, and Didi will hang up." The parties recalled that whoever’s server stabilizes, users will settle down.

　　After receiving Didi’s call for help, Tencent and Didi’s technical team fought for 7 days and 7 nights. The engineers were too busy to take a shower and stinked, and finally withstood the battle that decided the survival of the two families. Then Didi quickly migrated the system to Tencent Cloud, withstood several traffic peaks, and finally had the last laugh in the online car-hailing war.

　　In 2018, Tencent was on the cusp of the trend again. Based on this timing, Pony Ma, who has long been on the stage for Tencent Cloud, spoke out. In a small box in a Hong Kong restaurant, Pony Ma asked strategic questions such as "whether the cloud is the most important for Tencent" in one breath. These questions made every member of the general office disarm.

　　A few days later, at an expanded meeting attended by more than 40 vice presidents, Liu Chiping, president of Tencent Group, asked: "I think the cloud business is very important to the future development of the company, and the company must do it. Please raise your hand."

　　All hands raised.

　　"Okay, you support it." Lau Chiping smiled, and after the meeting, the vice presidents realized that this was a "gun surrender" conference.

　　Anticipating that "surrender the gun" might encounter resistance, Lau Chiping specially arranged this session, so that everyone had no room to bargain. "Which department should be taken from, and when it comes to cloud (CSIG business group), there are no conditions."

　　Since then, from the "general manager" to the core executives, the view has been formed that the Internet has entered the second half of the TO B, the cloud is the most important strategic tool, and it is time to unleash the power of Tencent Cloud. Subsequently, Tencent announced the restructuring, and the Cloud and Smart Industry Group (CSIG) was born, focusing on the industrial Internet, as the pioneer of the new blueprint of Tencent.

　　Pony Ma opened the "green light" to enter the 2B market

　　Pony Ma is optimistic about the future of Tencent Cloud. He has always been cautious about WeChat entrance, and has business to try to get it. Before Zhang Xiaolong speaks, Pony Ma will rush to refuse. But this time, Pony Ma helped Tencent Cloud find Zhang Xiaolong to get WeChat entrance.

　　This detail makes Mr. Tang more confident. On the cloud track, Mr. Tang quickly ran, and the first arena was the game cloud. Tencent is the world’s largest game company, which is its ecological advantage.

　　The life cycle of a game is short, and it usually dies out after two or three years. However, in order to maintain the operation of a game, the operating company has to lay out a district and hundreds of servers. And Tencent Cloud can help game companies save these resources and provide a complete set of game services.

　　Taking "Honor of Kings" as an example, Tencent Cloud has studied how to do mobile phone evaluation for games, how to do numerical system and game rating, how to do a good voice call system and other services, all packaged and provided.

　　Soon, Tencent Cloud became the leading player in the gaming cloud market.

　　In the field of live broadcast, real-time audio & video technology based on QQ social services has always been Tencent’s technical advantage. From video calls to group videos to live video broadcasts, Tencent’s accumulated IT capabilities in this field soon gained explosive output opportunities with the arrival of the first year of live broadcast. So soon, in 2017, Tencent Cloud firmly occupied the first position of live broadcast cloud.

　　Then Tencent Cloud also made efforts to enter the field of government affairs, developing the "Guangdong Provincial Affairs" Mini Program. Today, one out of every 16 Cantonese people uses the "Guangdong Provincial Affairs" Mini Program, and 625 people handle business through Guangdong Provincial Affairs every minute. As of 2019, Tencent Cloud and partners have landed multiple large-scale government affairs projects in 22 provinces.

　　With the advantage of 2C ports, Tencent Cloud has fought one good battle after another in 2B ports. In fact, 2B is still very close to daily life. For example, Tencent Cloud’s technology allows multiple people to communicate in real time, minimize noise and echo, reduce the delay time of foreign calls, and allow leasing parties to sign online contracts.

China Economic News Network (Liu Chenxi)On December 26th, at the Wenjie M9 and Huawei’s winter full-scene conference, the luxury technology flagship Wenjie M9 was officially released. As the most important product of the year under Hongmeng Zhixing, Wenjie M9 is equipped with Huawei’s smart car full-stack technology solution. It not only fully boarded Huawei’s top ten smart car black technologies, but also brought many leading-generation product highlights such as new family design, changeable space, smart cockpit, intelligent driving control, intelligent driving, and intelligent security. Provide users with a continuous leading travel experience.

Yu Chengdong, executive director of Huawei, CEO of End Point BG, and chairperson of Smart Car Solutions BU, said: "Qinjie M9 is a landmark product in the era of intelligence. We have brought all the best Huawei smart car black technology to the car. In all aspects that users can imagine and can’t imagine, it has brought a leading generation of excellent experience, redefined the smart car standard, and is a well-deserved luxury technology flagship SUV!"

New family design, six-seat seating

In terms of appearance, the internal and external design of Wenjie M9 continues Huawei’s aesthetic principles of "extreme, pure and simple", and is a design model for Huawei in the era of smart travel. Wenjie M9 offers two solid colors of car paint: "Makino Blue" and "Gilt Black", as well as three double colors: "Danxia Orange", "Yadan Black" and "Galaxy Blue". The interior offers three color schemes: "Wangshu Apricot", "Moon Shadow Grey" and "Red Tea Orange".

Thanks to the new luxury D-class platform and the advantages of integrated die-casting body, Wenjie M9 allows SUV to achieve a flat floor for the first time, and the third row enters and leaves the farewell steps. Wenjie M9 has a front row space of 1045mm, a second row space of 1060mm, and a three-row space of 950mm. It has the largest space performance in the same class. At the same time, the occupant space in the cockpit reaches the largest 2725mm in the same class, with a higher room acquisition rate. It also supports a variety of seat modes with 3, 4, 5, and 6 seats. The sense of vision, space, and flexibility are comparable to mainstream MPV models, easily meeting users’ full-scene travel needs.

The M9 is equipped with six equal-right seats, with a unified front, middle, and rear row configuration. It also has independent charging ports, cup holders, mobile phone slots, and HUAWEI MagLink sockets. Even the third-row seats are equipped with heating functions, providing both practicality and entertainment.

Leading smart cockpit, intelligent interaction is further advanced

The M9 is equipped with the new HarmonyOS 4 and the new HUAWEI SOUND excellent series, and the whole car is fully equipped with 10 screens. At the same time, Xiaoyi is equipped with an AI large model for the first time, creating more full-scene possibilities for users.

The M9 is fully equipped with up to 10 screens, ready to meet the full scene needs of users for driving, entertainment and work. Among them, the industry’s first car-level projection system is on board, with a 32-inch lifting projection screen, which perfectly replicates the cinema-level viewing experience.

The new HUAWEI SOUND Excellence Series has flagship hardware configuration, equipped with 25 units of professional-grade audio, and the power amplifier output reaches 2080W. The star ring scatter integrates light and shadow aesthetics, acoustic technology and AI wisdom, making the audio-visual effect more shocking. At the same time, the flagship-level hardware is matched with Huawei’s leading technology and algorithms, bringing super-sensory spatial sound, smart sound field, privacy sound shield, smart dessert bit, and many other original functions in the industry, so that the sound is more than just listening.

Xiaoyi, the intelligent assistant in the car, has been further upgraded and optimized to become the "strongest brain" of the Wenjie M9. At the same time, Xiaoyi also has unimaginable voice interaction capabilities, and the whole car has six seats without waking up. Xiaoyi can not only identify the identity of each passenger, but also know where they are sitting, respond accurately and provide personalized services.

Leading smart driving control, no restrictions on smart driving

The Wenjie M9 is equipped with the leading generation of Turing intelligent chassis, adopts front and rear multi-link independent suspension, intelligent closed air suspension and CDC variable damping shock absorber as standard in the whole system, and the body height is intelligently adjusted in 5 gears, with both comfort and handling. Based on the HUAWEI iDVP smart car digital platform, through the multi-modal fusion sensing system, HUAWEI DATS dynamic adaptive torque system and HUAWEI xMotion intelligent body collaborative control system, the mechanical quality is maximized with AI and software capabilities, bringing a better driving, safe and comfortable driving experience.

In terms of power, the pure electric model has the highest mass-produced speed motor in the industry at 22000rpm, and the 0-100km/h acceleration time is only 4.3 seconds, which is comparable to supercars; the ultra-low power consumption is only 17.4kWh/100km, bringing users four-wheel drive power and two-wheel drive energy consumption. The extended range model is equipped with a pure electric drive extended range platform 4.0, with an industry-leading 15:1 compression ratio. With the intelligent range extension system, the CLTC has a comprehensive battery life of up to 1362km (42-degree battery)/1402km (52-degree battery), and the pure electric battery life reaches 225km (42-degree battery)/275km (52-degree battery).

Huawei’s industry-leading intelligent vehicle light technology, such as Huawei’s HUAWEI ARHUD head-up display system, HUAWEI XPIXEL megapixel smart projection headlights, etc. HUAWEI ARHUD deeply integrates real scenes with smart driving, and the wide light blanket allows users to drive and meet on narrow roads more safely, and jointly helps smart driving control enter the light age.

Q & J M9 fully upgrades the HUAWEI ADS 2.0 high-end intelligent driving system, equipped with a newly designed 192-line lidar, with more powerful accurate detection and fast response capabilities. Q & J M9 has leading parking capabilities, visible and easy to park, supports custom parking spaces and traced reversing, and brings innovative parking and driving functions, so that there is no anxiety in parking the car from now on.

Leading hardcore security, security is the greatest luxury

Safety is the greatest luxury. In terms of passive safety, the super Xuanwu body adopts the most stringent design standards, and the body aluminum alloy volume accounts for 80%. The whole car is made of 2000MPa nuclear submarine-class thermoformed steel in 12 places, with high-grade batteries, cockpit, privacy and security protection, to escort users every trip.

Based on the powerful capabilities of HUAWEI ADS 2.0, the forward AEB capability of the Q & J M9 is further advanced. The forward stationary vehicle AEB active braking speed supports a maximum of 120km/h, covering human driving and intelligent driving scenarios. Lateral support 40-120km/h active obstacle avoidance, backward support 1-12km/h active braking, greatly reducing the probability of accidents. In addition, the Q & J M9 is also equipped with ESA emergency steering assistance system for the first time. When there is a risk of collision between the vehicle and the target in front, it can automatically control the steering to assist the driver to avoid collisions, bringing safer intelligent avoidance capabilities to users.

　　In 2024, the Hurun Rich List and the New Fortune 500 Rich List were released. Zhong Shanyuan, the founder of Nongfu Spring, once again topped the throne of China’s richest man with a total wealth of 450 billion yuan and a shareholding market value of 456.27 billion yuan. This is also his fourth consecutive title as China’s richest man. Mineral water is a traditional industry with intense competition and meager profits, but Nongfu Spring has achieved a hundred billion empire on such a track. What is the mystery?

　　High gross margin and ROE lay a solid foundation for Nongfu Spring

　　Despite the fierce competition in the mineral water industry, Nongfu Spring has an advantage among its peers due to its high gross profit margin and return on assets. The company’s net profit margin on sales in 2023 is as high as 28.15%, ranking among the best in the consumer goods industry, surpassing international giants such as Coca-Cola. At the same time, Nongfu Spring’s average ROE from 2019 to 2023 is 41.14%, and it will reach a high of 45.88% in 2023. This is mainly due to the company’s outstanding performance in supply chain management and cost control. Taking 2019 as an example, Nongfu Spring’s ability to control the cost of raw materials and packaging materials, logistics and transportation is significantly better than that of its peers, laying a solid foundation for high profit margins. Excellent profitability provides a guarantee for Nongfu Spring’s continuous and stable cash flow, and accumulates abundant capital for subsequent development.

　　All-category layout and innovation empower Nongfu Spring to develop incremental markets

　　The success of Nongfu Spring in recent years also lies in the industrial layout of all categories of beverages and the ability to cultivate new brands. In 2023, the company’s beverage business revenue accounted for more than mineral water for the first time, reaching 49.5%. Tea beverages, functional beverages, fruit juices and other categories together contributed more than 20 billion yuan in revenue. The matrix strategy across 17 brands and multiple categories has allowed Nongfu Spring to gain more incremental space outside the saturated mineral water market. Taking the tea drink "Oriental Leaves" as an example, the company has turned this "hardest drink" into a star product with 12.66 billion yuan in revenue, becoming the second growth curve after mineral water. With the support of innovative research and development capabilities, Nongfu Spring has continuously introduced new products, such as 100% tomato juice and 100% carrot mixed fruit and vegetable juice, to attract consumers’ attention with differentiated plant protein drinks.

　　The huge sales network and superior water sources are the moat of Nongfu Spring

　　Why can Nongfu Spring remain invincible in the fierce competition? In addition to the above factors, strong channel network coverage and high-quality water source endowment are the company’s core competitiveness that is difficult to replicate. In 2022, the company has more than 4,500 distributors, through which its products will be covered to more than 2.37 million end point retail outlets across the country. At the same time, the company’s high-quality water resources in Zhejiang Qiandao Lake, Jilin (), Hubei Danjiangkou and other places not only provide unique conditions for the production of Nongfu Spring high-end mineral water, but also bring synergy effect to the supply chain system of other beverage products, reducing comprehensive operating costs. With high-quality water sources and integrated operation from source to end point, Nongfu Spring has built an insurmountable moat in the industry competition.

　　After going public in 2020, Nongfu Spring handed over a bright transcript: a cumulative net profit of 33 billion yuan and a cash dividend of 23.10 billion yuan for three consecutive years. In the first two years of listing in Hong Kong, the company’s market value once rose to 750 billion yuan. Although it has since fallen back, it has stabilized in the 450 billion-500 billion yuan range. The price-to-earnings ratio in 2023 is 33 times, which is favored by Huatai Securities. It is given a valuation of 38 times, corresponding to a total market value of 459 billion yuan. This valuation reflects the capital markets’ affirmation of Nongfu Spring’s status as a "mineral water empire". Under the influence of external uncertainties such as brand crisis and market fluctuations, Nongfu Spring’s mature public relations and innovation capabilities have allowed it to move forward steadily and continuously consolidate its leading position in the industry. Zhong Shanyuan has achieved the pinnacle of mineral water, a traditional industry, and achieved the business legend of the era that belongs to Nongfu Spring.

(Text/Zhang Jiadong, Editor/Ma Yuanyuan)

Hengda, the real estate leader at its peak, has suddenly encountered "Waterloo" after the real estate industry was cold last year. As of September this year, 38 of Hengda’s 706 guaranteed real estate projects across the country have not resumed work.

Although Evergrande recently announced that the hearing of its liquidation petition will be postponed until November 2022, the market and Evergrande need good news.

According to Hengda’s official information, on September 16, Hengchi 5, the first model of Hengchi Automobile, was officially mass-produced at the Tianjin factory and began offline delivery in October.

In early 2019, in response to the rising tide of new energy in China, Hengda began to lay out the new energy automobile industry. But at the beginning of its establishment, Hengchi Automobile did not go well. According to the 2020 financial report, "Hengda Automobile", which was renamed from "Hengda Health", had revenue of 15.487 billion yuan that year, but of which revenue such as health care and medical beauty accounted for nearly 99%. New energy vehicle services such as lithium battery sales, technical services, and auto component sales contributed only 1%.

This data is completely different from Hengda’s investment in the new energy automobile industry. According to the management of Hengchi Automobile, as of March 2021, the company’s cumulative investment in the new energy automobile industry has exceeded 47.40 billion yuan. However, Hengchi Automobile has always attributed the company’s losses to the fact that it has not yet entered the mass production delivery period, so it cannot recover the upfront investment cost.

In August 2020, Hengchi released six products at one time, covering all levels from A to D, across the coupe, sedan, SUV, MPV, crossover and other market segments, and simultaneously announced its own layout in power batteries, electric drive systems, intelligent networking and autonomous driving.

Entering 2021, Hengda’s car manufacturing business began to accelerate. In February, Hengchi conducted a three-week winter calibration test in Yakeshi, Hulunbuir, and three new models of Hengchi 7, Hengchi 8, and Hengchi 9 were officially released. In March, Hengchi Automobile announced the establishment of a joint venture with Tencent to jointly develop an in-vehicle intelligent operating system with independent intellectual property rights. On March 25, Hengchi Automobile joined hands with Tencent and Baidu to jointly build the H-SMART OS Hengchi Intelligent Networking System, which took one year and 11 months to develop.

In order to make up for its own gap in the automotive industry, Hengchi Automobile has introduced more than 2,000 international top scientific research talents in three years, established the Global Research Institute and the Global Battery Research Institute. Adopting a global integrated research and development model, introducing international advanced technologies, and working with world-class leaders such as Magna and EDAC to jointly develop models.

If it weren’t for the sudden "rout" in the real estate market, Hengchi Automobile should have started its own marketization road earlier. However, it is precisely because of the collapse of the pillar industry that Hengchi Automobile, as the group’s largest investment in recent years and the project closest to marketization, has been regarded by the outside world as the biggest blood bag for Evergrande to stop losses and recover.

Hengchi 5 Single Rider Savior

In January this year, Hengchi Automobile announced that the first car of Hengchi 5 was officially launched, 12 days earlier than originally planned, becoming the first model of Hengchi Automobile to go into mass production. Half a year later, under the pressure of a broken capital chain, Hengchi Automobile officially announced the news of the pre-sale of Hengchi 5 and began to enter the market.

Now that the mass production of Hengchi 5 is offline in the Tianjin factory, it not only breaks the rumors that the Tianjin factory is shut down, but also pushes Hengchi further into the "examination room".

From full category coverage to three years of sharpening a sword, the birth of Hengchi 5 was accompanied by Hengda’s helplessness in the capital chain, but it also demonstrated Hengda’s emphasis on new energy vehicles.

Three years ago, when Xu Jiayin stepped into the automotive industry from real estate as a "little white", few people were optimistic about the future of Hengchi Automobile. Even if it took only one year to bring six concept cars to the stage, the industry still put words such as lack of heritage and sloppiness on the head of Hengchi Automobile.

However, when Hengchi 5 opened the pre-sale, the car circle has undergone a 180 ° change in the wind evaluation of this car. The pre-sale price of 179,000 yuan; the CLTC comprehensive battery life of 602km; the personalized intelligent cockpit design; the L2 + level intelligent driver assistance system; and the blessing of global leading suppliers such as Magna, EDAK, Bosch, etc., accurately cut into the pure electric SUV market positioning and product performance within 200,000 yuan, all showing the determination of Hengchi Automobile to fire the first shot.

    International Online auto channel News: Recently, following the merger of Geely and Volvo’s "official announcement", Geely Automobile announced the new compact SUV Xingyue L under CMA high-end series products to be launched in 2021, which will be equipped with Volvo Drive-E 2.0TD engine — — 2.0TD-T4 EVO and 2.0TD-T5 two Nordic luxury power. This is another "subversive" news brought to the industry by Geely after it announced its name "Xingyue L" at the start of the new year. This new car, which is positioned as a compact SUV and enjoys the reputation of "subversive SUV in China", shows the vitality of everything in early spring.

Geely xingyue l

    It is understood that on the basis of successful cooperation in the past decade, Geely Automobile and Volvo Automobile will play a synergistic role, continue to expand cooperation areas, deepen cooperation in the new four modernizations of automobiles, especially merge powertrain business into a new company in the form of equity merger, focusing on developing a new generation of dual-motor hybrid systems and efficient internal combustion engines, which are of the same origin as the world and fully empower Geely brand models including Xingyue L.

Geely and Volvo merge

    As the flagship SUV model based on CMA super matrix structure jointly developed by Geely Automobile and Volvo Automobile, the 2.0TD engine of Xingyue L is the high-end power product of Volvo Drive-E — — VEP4 inline four-cylinder all-aluminum turbocharged mid-range direct injection gasoline engine takes into account the high performance of luxury cars and the economy and energy saving of A-class SUVs, and completely subverts the product value of strong joint venture brands. The engine is made of all-aluminum and has obvious advantages in light weight, low fuel consumption and NVH. It has won the "Top Ten Engines of Ward" for three years in a row, and has been widely used in Volvo XC90, Volvo S90, Lectra 03, Lectra 03+,Lectra 05 and other models, and its global cumulative sales have exceeded one million. In addition, relying on the intergenerational leading "electronic and electrical architecture", the Drive-E engine has a future-oriented electrification design concept, which also means that the Drive-E engine has more room for intelligent evolution and can continuously create more extreme driving experience for users.

Drive-E 2.0TD engine

    The data shows that the 2.0TD engine of the whole system of Xingyue L has two versions of medium and high power. The medium power version has a maximum power of 160kW and a maximum torque of 325 N m. The transmission system is matched with a 7-speed wet DCT gearbox, and the maximum transmission efficiency can reach 97.2%. This gearbox has high transmission efficiency and strong economy, and is well-known in shifting logic and speed, fuel economy and other aspects. It has shipped over one million vehicles worldwide and its quality is stable and reliable. The high-power version has a maximum power of 175kW and a maximum torque of 350N·m, matching the world-leading Aisin 8AT gearbox. Aisin 8AT gearbox has many advantages, such as high reliability, smooth shifting, light weight, low noise and small vibration. At present, it is mostly used in many ultra-luxury models such as Porsche Cayenne and Volkswagen Touareg, and its market share ranks first in the world. The two sets of power combinations are perfectly matched. After full market verification, the powertrain of Xingyue L far exceeds the mainstream SUVs of strong joint venture brands such as Volkswagen Tiguan L, Honda CR-V and Toyota RAV4 Rongfang in terms of maximum power and maximum torque.

Drive-E 2.0TD engine

    As a Nordic luxury power, this 2.0TD engine is Volvo’s manufacturing standard, luxurious technology, micron factory, world quality, mature and reliable, powerful, efficient and fuel-saving, achieving 2.0T power, with only 1.5T fuel consumption. It also has a unique supercharging mode, with a wide peak torque burst range of 1800~4500 rpm. Because the engine uses a low inertia turbocharger, when the engine speed reaches 1000rpm, the turbine can intervene to eliminate the turbine hysteresis and improve the response speed. The maximum speed of the turbocharger can reach 240000rpm, and the power response is rapid, so that the engine can provide more sufficient power reserve in the middle and high speed range.

    It is worth mentioning that this Drive-E engine is not only mounted on luxury models such as Volvo XC90, but also the only mass-produced product that has been tested by the track and is closest to the racing engine. As the first car under CMA modular architecture — — Lectra 03 was equipped with this engine and won the first "World Champion" of China Automobile in WTCR’s world-class events. It has the same origin with the world and has been tested by the track, which fully verified the reliable quality and ultimate performance of this engine in many aspects.

Geely xingyue l

    Judging from the published product information, the high performance, high intelligence and high value of Xingyue L have become a new emboldened force to subvert the market structure of joint venture SUV. With the merger of Geely and Volvo and the establishment of a new company for the merger of powertrain business, the products of Geely and Volvo will continue to be empowered in the future. Coupled with the advanced technology of CMA Super Matrix, Xingyue L will not only become another "cow" of Geely’s global SUV strategy, but also represent China Auto and mainstream joint venture brands to compete in the SUV market. (Source: Geely Automobile)

After watching the movie "Changan Fighting Demons", some audience members exclaimed: "My God! My youth is back! Why are so many familiar faces and old faces appearing one by one." The main content of the movie’s story is what the title tells everyone – in Changan City, Changan goes to fend off demons. Li Changan, the little chef who accidentally got the artifact, finally saved the people of Changan City after continuous struggle and test.

The actor who plays the male lead, Li Changan, is the actor Bao Jianfeng, whom the audience has not seen for a long time. Speaking of this handsome and handsome actor, it is rare that he has ever starred in any film and television dramas. Previously, he has also starred in many classics that impressed many audiences in their childhood, such as "The Supreme Beauty" and "See Another Curtain of Dreams". Although he only starred as the second male in these dramas, his appearance has always been very online, which does not prevent him from becoming one of the childhood memories of the audience.

There is also Sun Yaowei, who played the villain, who was once recognized by the Hong Kong media as one of the four little kings. "Oolong Breaking Through Love" and "Princess Huaiyu" are also precious childhood memories for many people. In addition, there are veteran actors such as Luo Jiaying and Wu Mengda, who do not need to list their works. As soon as they see their faces, the audience will understand them all.

This made one wonder why this movie attracted so many veteran actors.

The first reason is that one of the directors of this film is Li Lichi, who has worked with Zhou Xingchi many times. His films such as "King of Comedy", "God of Cookery", "Shaolin Football", "Tang Bohu Dian Qiuxiang" and "Domestic Lingling Paint" are all well received and well received. Therefore, we are not at all surprised that there are supporting roles in Chow Xingchi’s previous films, such as Wu Mengda’s appearance.

Secondly, it is because the characters in the script can attract them and make them feel that the role is tailor-made for them, or that the role is an experience they have never had before, that they are willing to play.

Take the nearly 70-year-old Wu Mengda, Uncle Da, for example, the character he plays is willing to self-destruct his cultivation for the common people in the end, thus saving the world. Such a profound sense of human nature cannot be easily brought to the audience, but only Uncle Da plays, the audience can feel full of true feelings. When Wu Mengda appears in the movie, it is still what we remember. It seems that he is an old demon suppressor with profound Taoism, who has "exquisite" words and deeds, and eating a shabu meat hot pot is also different, but occasionally he will drop the chain, resulting in a series of laughs, and finally played a decisive role at a critical moment. Although it is Wu Mengda’s usual routine and setting, it still reminds the audience of the memories of that year. Sure enough, a classic is a classic, and only Uncle Da can bring us this feeling.

Of course, in addition to the supporting role blessed by Wu Mengda, which brought the audience a sincere humanity, this movie is a rare plot in which the protagonist hangs up at the end. The heroine committed suicide for love, sacrificed herself, and sacrificed everything for peace. The movie goes smoothly, and the protagonist sacrifices himself naturally as the plot develops. Compared with the cheap means of forcibly earning tears, it reflects the depth of human nature that the screenwriter pays attention to when polishing the script.

Li Changan, the male protagonist who can make the heroine willing to sacrifice himself for love, is an ordinary little chef. For love, he became a demon suppressor under various coincidences, and wanted to prove himself. Such characters can be seen everywhere in the Jin Yong film and television dramas we have seen before. The little character wears the protagonist’s halo, takes the golden finger, and has been hanging all the way since then, constantly upgrading and fighting monsters, and finally laying down the boss, marrying Bai Fumei, and reaching the peak of life. Although such stories are old-fashioned, but in good conscience, the audience sometimes likes such stories. After all, the Chinese New Year is approaching, and no one wants to add blockages to their hearts. This is the plot that everyone likes to hear.

Moreover, this did not mean that the male protagonist was really useless, relying entirely on the protagonist’s aura. In fact, many times the male protagonist’s meticulous intelligence was hidden in every corner of the plot, laying the groundwork for his future success, and it would not make people feel that he could become the "only" to save the world.

For many audiences, some old actors are indeed no longer seen. Now that they can come out and make a new movie, it is nothing more than allowing them to meet the characters and books that really suit them, so that they have the opportunity to show their faces. Therefore, audiences who want to relive their old dreams can try to see if this movie can still bring back the feeling they once remembered. Text/Moon Arc

Beijing News (Reporter Zhang Jian) October 16, Hengda Real Estate Group Co., Ltd. (referred to as "Hengda Real Estate") announced that according to the "Prospectus" and "Bondholders Meeting Rules", related matters trigger the conditions for the company’s bondholders meeting. The company will hold the "20 Hengda 05" corporate bondholders meeting from October 18 to October 19.

The announcement shows that the proposals to be considered at the above meeting include "Proposal on Changing the Relevant Time of the Bondholders’ Meeting" and "Proposal on Adjusting the Principal and Interest Repayment Arrangement of" 20 Evergrande 05 "Bonds".

According to public information, Hengda Real Estate completed the issuance of "20 Hengda 05" on October 19, 2020, with an issuance scale of 2.10 billion yuan, a coupon rate of 5.80%, a bond term of 5 years, with an option for the issuer’s coupon rate at the end of the third year and an option for investors to sell back.

Editor, Wu Xin

Proofreading, Liu Jun