作者： admin

1905 movie network news On August 23, Zhang Xinyi announced the good news of pregnancy on Yuan Hong’s birthday and posted an ultrasound photo, and netizens sent blessings one after another. However, Yuan Hong’s friend Hu Ge’s Weibo was captured by netizens, and everyone left messages "urging marriage". The scene was very funny.

Hu Ge and Yuan Hong are college classmates who slept in the same dormitory, and their relationship is very deep. When Yuan Hong got married in Germany in 2016, Hu Ge was also Yuan Hong’s best man. As a good brother, Yuan Hong also said in an interview: "We are in the same mood as his (Hu Ge) parents. This matter cannot be rushed, and it is useless for anyone to worry about fate for him. Of course, we hope that he will start a family earlier. I have been brainwashing him, saying how good it is to get married, but it is useless to say more. When fate arrives, it will naturally happen."

"Yuan Hong is about to become a father. When are you getting married?" "Are you married today?" "If you don’t hold on tight, you won’t even be able to find the best man!"

Dear readers, welcome to stay tuned for updates from Mok. Today we will introduce you to a former kung fu superstar, an actor who rose to prominence in the golden age of Hong Kong cinema. He is Samuel Hung.

It is hard to believe that he once weighed more than 100 kilograms. However, a photo from 2020 is eye-popping. His face is clear-cut, and there is no fat on his neck. Only skin is left. This slimming mystery has attracted widespread attention.

But what is even more worrying is that in recent years, photos taken by netizens show that Hong Jinbao has had to rely on a wheelchair to go out.

This has sparked speculation about what made the former kung fu superstar so different. Some speculate that he may be sick, but what exactly does it take to make someone lose more than 25kg in just one year?

Mr. Hung was a shining star of the golden age of Hong Kong cinema in the 1980s. He helped bring Hong Kong cinema to its peak with kung fu stars such as Jackie Chan and Jet Li. His family background is also unusual. He was born into a film family. His grandfather Hong Ji and grandmother Qian Siying both left a strong mark on the history of Chinese cinema. This family background undoubtedly laid a solid foundation for Hong Jinbao’s acting career.

Hong Jinbao has been passionate about filming and kung fu since childhood. As a child, he entered the Peking Opera class of the China Academy of Drama to study. Among his classmates were many later kung fu superstars, such as Jackie Chan and Yuan Biao. And Hong Jinbao, as the oldest one, became the first person to set foot in the entertainment industry. At the age of 12, he entered the film industry as a child star. He began to participate in martial arts dramas at the age of 18. In his 20s, he has become a leading actor. Such achievements are no easy feat for a young person.

However, Samuel Hung’s career has not been smooth sailing. He once challenged Bruce Lee, but before he could stretch out his foot, Bruce Lee’s leg was already resting on his face.

The unexpected death of Bruce Lee scattered the martial artists who had followed him. For his own career, Hong Jinbao established the Hong Family Class. This group has trained many famous actors, including Jackie Chan, Afternoon Horse, Qian Jiale, etc. The most famous of them is Lin Zhengying. He became famous with "Mr. Zombie", and Hong Family Class also officially entered the Hong Kong film industry.

However, time is not forgiving. With the rise of the Internet, old-fashioned Hong Kong films have gradually been phased out by the times, and Hong Jinbao has gradually faded from the public eye. Although he directed and starred in a film "My Agent Grandpa" in 2016, his results are far worse than that of the year. He admits that he has not kept up with the changes of the times and feels like an old man who has been abandoned by the times.

In 2017, Samuel Hung underwent knee surgery. His knee problems have long been bothering him. After the surgery, the doctor advised him to lose about 25 kilograms of weight. Therefore, we have seen many photos of him on crutches or in a wheelchair in recent years. Samuel Hung follows the doctor’s advice very well. In general, he uses a wheelchair, and only in formal settings does he use crutches.

Photographs from 2020 show that Samuel Hung’s weight loss results are quite remarkable. He looks refreshed and in a good mood. However, in the past two years, he seems to have gained weight again. Some people have begun to wonder whether his illness caused the sharp weight loss. After all, a person’s sudden weight loss in a short period of time is often a sign of physical problems.

In fact, it was not out of the blue that Samuel Hung began to consciously control his weight after knee surgery. However, for the former kung fu superstar, his body has suffered too much damage, which may be the price of time.

Samuel Hung, a former screen star, is now old and away from the big screen. However, his classics will live on forever, and we hope he can take care of his body and have a wonderful time

Old age.

At this prime age, Samuel Hung may no longer be active in front of the screen, but his brilliance still illuminates the film industry. Countless audiences still miss his classic martial arts scenes and funny performances.

His works have long transcended the time of generations of audiences, becoming immortal classics that will forever remain in the pages of film history.

We cannot predict the future of Samuel Hung. Perhaps he will continue to be active in the entertainment industry in other ways, or he may choose to enjoy a peaceful retirement. Either way, his contributions and legends will always be remembered, and his story will continue to inspire a new generation of actors and audiences.

In the end, Samuel Hung’s experience tells us that time leaves its mark on everyone, but no matter what, we should cherish our health, fight against adversity, and embrace every stage of life. Samuel Hung was the "flexible fat man", and now he is the eternal kung fu superstar in our hearts.

Responsible editor:

"Harbor Business Watch" Wang Xinyi

Left-handed car, right-handed mobile phone, and a rocket on the back. Geely Group’s current business can be described as getting busier and busier.

Looking closely at the automotive sector, the latest monthly car sales have declined year-on-year. On the new energy vehicle track, how can veteran Geely widen the gap with new forces?

01

Acquiring Meizu, Geely’s Rocket Dream "Ambition"

Zhejiang Geely Holding Group Co., Ltd. (hereinafter referred to as Geely Group or Geely Automobile, 00175.HK) was founded in 1986. It started from the production of refrigerator parts and developed to the production of refrigerators, freezers, building and decoration materials and motorcycles. Until 1997, Geely Group officially entered the automotive industry. Five years later, in 2002, Geely Automobile had reached the top ten achievements of Chinese automobile enterprises.

According to public information, Geely Group currently owns Volvo Cars, Geely Automobile, Lynk & Co Automobile, Polestar, Proton Automobile, Lotus Automobile, London Electric Vehicle, Long-range New Energy Commercial Vehicle and other automobile brands. But unlike other private auto companies, Geely Group’s "ambitions" do not stop at automobiles.

On the afternoon of June 13, 2022, the State Administration for Market Regulation announced the case of Hubei Xingji Times Technology Co., Ltd. acquiring the equity of Zhuhai Meizu Technology Co., Ltd. According to the public information, Xingji Times has signed an agreement with Meizu Technology and the shareholders involved in the transaction, and Xingji Times intends to acquire 79.09% of the equity of Zhuhai Meizu and become the actual controlling person.

Hubei Xingji Times Technology Co., Ltd. is a mobile phone company under Geely. It was established in September 2021. According to relevant public information, Geely Mobile has established four new companies in May this year. But currently choosing to enter the mobile phone industry does not seem to be the best option.

The Prospective Industry Research Institute’s "China Mobile Phone Industry Market Prospect and Investment Forecast Analysis Report" shows that from 2018 to 2021, the proportion of domestic brand mobile phone shipments in total mobile phone shipments showed a downward trend, and the proportion of domestic mobile phone shipments in 2021 was 86.6%, the lowest point in the past four years.

The reason why Geely chose mobile phones, Li Shufu, chairperson of Geely Group, explained: "Mobile phones can connect vehicles to everything, satellite Internet, create rich consumption scenarios, and strengthen the ecosystem, which is conducive to building a user ecological chain, building a corporate moat, and better coordination with the automotive business."

If mobile phones are about better synergy with the car business, then Geely’s dream of "going to heaven" seems to be explained by this.

On April 17, 2020, Yang Xueliang, vice president of Geely Automobile Group, posted on Weibo: "Recruitment of rocket chief engineer, welcome to sign up, resume @Geely Recruitment." On June 2, 2022, Geely Automobile launched a rocket carrying a total of nine satellites.

In order to build a better intelligence system, Geely Group’s "buy buy buy" has involved many fields. Some people think that if you do too much, you forget to start a car, and the car is not good.

"This statement is in line with the fact that companies need to focus on their main business and avoid the dispersion of resources." Bai Wenxi, chief China economist at IPG, told Harbor Business Watch:"Geely’s acquisition model, whether it is the acquisition of a number of car companies before or the recent acquisition of Meizu in the mobile phone sector, can only be sustainable and enhance and strengthen the industrial chain and ecosystem of the enterprise if it realizes the specialization of the operation while diversifying the investment.

02

Sales volume is under pressure, net profit and net asset return continue to decline

Looking at the main business of Geely Group, the latest sales data of Geely Automobile does not seem to be satisfactory. According to Geely Automobile’s monthly report,The cumulative sales volume in the first five months of 2022 was 487,000, down 8% year-on-year. Among them, the sales volume in May was 89,100, down 7% year-on-year.

The difference is that Geely Automobile has achieved new breakthroughs in the field of new energy vehicles in the sub-sector. In May 2022, Geely Automobile sold 19,619 new energy vehicles, an increase of 304% year-on-year, an increase of 39% month-on-month, and a penetration rate of 22%.

Not only Geely Automobile’s new energy brand, the entire new energy vehicle industry has achieved good results in May. According to the latest data released by the China Association of Automobile Manufacturers, China’s new energy vehicle sales in May were 447,000, an increase of 49.6% month-on-month and 105.2% year-on-year. The cumulative sales volume from January to May was 2.003 million, an increase of 111.2% year-on-year.

For new energy vehicles, the outside world has always held a high degree of popularity, and there is no shortage of optimism about new energy vehicles. Yu Fenghui, a famous economist and new finance expert, told Harbor Business Watch: "The replacement of fuel vehicles by new energy vehicles is definitely a direction. In the current situation where the oil price is about to exceed ten yuan per liter, it is an opportunity for new energy vehicles. Although the price of new energy vehicles is also rising, the price increase is a rigid cost and must be raised. If it does not rise, it will lose money. But new energy vehicles must be a development opportunity. It can be seen that although new energy vehicles are temporarily difficult, the pace of development of new energy vehicles deserves to be firmly optimistic."

For the capital markets, this year’s new car-making forces are on the rise. On March 10, 2022, NIO landed on the Hong Kong Stock Exchange, which is NIO’s second return to Hong Kong listing after the listing of US stocks. On March 17, Zero Run Auto submitted a prospectus to the Hong Kong Stock Exchange. On June 1, Weimar Motor also chose to submit to the Hong Kong Stock Exchange. In the face of the new energy vehicle cake that the market is competing for, how can Geely Automobile join the list?

According to public information, Geely Automobile has Geely New Energy, Lynk & Co, Geometry, Proton, Lotus, Volvo New Energy and Extreme Krypton in the new energy sector. This year, Geely will add two new energy vehicle brands. On June 17, Geely’s new new energy brand RADAR held a brand launch. On June 21, Geely Ruilan brand will also be officially released. The official description of the brand is that it focuses on the positioning of "changing electricity and light travel".

Compared with the "back waves" of new energy vehicles, Bai Wenxi believes: "Geely Automobile is growing faster than itself in the field of new energy vehicles, but compared with other new energy and new power car companies, both in terms of core technology innovation ability and marketing seem to be slightly inferior, but Geely’s enterprise scale, industrial supporting and manufacturing capabilities will be stronger."

Look at Geely Automobile as a whole in recent years. In 2021, Geely Automobile achieved operating income of 101.611 billion yuan, which is the second time after 2018 that its revenue exceeded 100 billion yuan. In 2019 and 2020, Geely Automobile’s revenue was 97.401 billion and 92.114 billion respectively, showing a downward trend. Correspondingly, Geely Automobile has continued to decline in net profit attributable to its parent in the past three years.From 2019 to 2021, 8.19 billion, 5.534 billion and 4.847 billion.

Bai Wenxi said: "The reason why the revenue will exceed 100 billion again, while the profit of the parent company continues to decline, on the one hand, it may be related to the decline in the average gross profit margin caused by industry competition, and on the other hand, it may also be caused by the increase in the proportion of sales of low-margin products in the product structure caused by the adjustment of the company’s market strategy."

At the same time,Geely Automobile’s average return on net assets in the past three years has shown a significant downward trend, reaching 16.48%, 9.37% and 7.33% respectively.

Some market voices believe that the company’s net profit has continued to decline, as has the average return on net assets, which may reflect to some extent that the company’s profitability is weakening. How does the company plan to boost it? Harbor Business Watch contacted Geely Group to inquire about relevant issues, but did not receive a corresponding reply.

In addition to the decline in performance, in the capital markets, Geely Automobile has not been able to escape the decline shared by automakers this year. "Harbor Business Watch" found that from December 17, 2021 to June 17, 2022, six months, Geely Automobile fell by 35.13%.

(Geely Automobile’s share price trend in the past half year, picture source: Flush (300033))

Yu Fenghui said: "The decline is relatively normal. In the new energy vehicle sector, it is affected by raw materials, and traditional cars cannot escape the epidemic. One of Geely Automobile’s R & D centers is located in Shanghai, and under the influence of the epidemic, Shanghai has been under control for a period of time, which has a great impact on car companies. Including NIO, XPeng Motors, and Li Auto, the three major new energy vehicle brands listed on Wall Street have all experienced sharp declines."

03

Quality "hidden danger", vehicle recall four times a year

Looking at the complaints against new energy vehicle companies this year, the failure to deliver cars is definitely an important issue. In the current market environment, the global price of lithium and nickel has risen sharply, and the cost of building cars has increased, so that many car companies have delayed delivery.

The difference is that most car companies complained about the delay in delivery, which aroused consumer dissatisfaction, while Geely Automobile may have directly chosen to stop production and hoped that consumers would return the car. On the Black Cat complaint platform, there are consumer complaints: "I ordered a Geely Kung Fu Niu ordinary new energy passenger car in early February, and agreed to deliver the car in April. In June, the dealer told me that there was no car and asked me to return the car. However, since March, the price of new energy vehicles has increased by nearly 10,000 yuan, the waiting time and the cost of buying a car have increased significantly, and the manufacturer has forced the car to return, causing serious losses to consumers."

After searching by "Harbor Business Watch", it was found that there was not only one such complaint. Is the company’s production still greatly affected by macro factors? Is the company’s vehicle production normal? "Harbor Business Watch" contacted Geely Group and did not receive any response.

(Source: FM1031 Jinan Traffic Radio)

On the Black Cat complaint platform, Harbor Business Watch searched Geely Automobile and found that as of June 17, 2022, the company had 393 complaints on Black Cat complaints, 9 had been replied, 7 had been completed, and the completion rate was less than 2%. Including complaints about the quality of the transmission and engine.

"The gearbox was damaged after driving 29,000 kilometers, which caused the gear to change to neutral. The product had serious quality problems. It broke down during use. It caused road hazards. Serious quality problems threatened personal safety. The manufacturer refused to solve the quality problem on the grounds that the product was out of warranty."

"My car is about 48,000 kilometers long. During heavy rain, the windows automatically fell (twice in a row), causing water to accumulate in the car. The next day, the gearbox failure light came on, causing the engine to fail to start normally."

(Image source: Black Cat Complaint)

Quality problems do seem to be a long-standing "hidden danger". According to Qichacha, Zhejiang Haoqing Automotive Manufacturing Co., Ltd. (100% owned by Geely Group) has had four vehicle recalls due to quality problems in 2021. There have been 14 recalls since 2019.

The most recent recall of vehicles occurred on April 7, 2022. A total of 18,031 vehicles were recalled for some 2016 Geely Vision GC7 vehicles produced from January 27, 2016 to November 26, 2016. The reason is: During the driving of the vehicle under specific working conditions (long uphill and rapid acceleration), the transmission oil pot may leak oil, and the spilled oil may cause fire in the case of fire source, which poses a safety hazard.

Whether Geely Group’s "buy buy buy" model can really construct a more comprehensive system of self-occupied vehicles to everything is unknown, but the current product after-sales complaints have not been replied, and the product has been recalled frequently, which urgently needs to be rectified. (Produced by Harbor Finance)

This article was first published on WeChat official account: Harbor Business Watch. The content of the article is the author’s personal opinion and does not represent the position of Hexun.com. Investors operate accordingly, and please bear the risk.

Tradition? Trend?

If in your eyes, the former is outdated and old-fashioned, while the latter symbolizes trendy fashion, and neither is the same, then you may want to reassess your understanding of these two words.

On April 15th, in collaboration with well-known designers and national beverage brand Dayao Soda, we jointly created a national tide festival that integrates fashion and tradition, accompanying the national car for 18 years, which has been transformed into a high-profile national tide focus. The reason why the scene can firmly occupy the C position is inseparable from the call of designer Hu Sheguang and the large kiln soda.

In recent years, as a world-renowned fashion designer and performance artist, Hu Sheguang has been known in China as a genius designer and a cross-border master. At the same time, he also serves as a royal royal designer. His clothes are famous for their luxurious, elegant and noble style, and are favored by the Queen of the Netherlands. In the previous "Northeast Great Flower", which was launched, it became popular all over the country and even overseas. At the National Tide Festival, Hu Sheguang once again exerted his imaginative artistic talent, bringing a fashion show inspired by Northeast Great Flower + National Color Peony, and launched the Big Flower Edition to give new high-end fashion connotations to traditional elements. Hu Sheguang not only integrated the aesthetics of Northeast Great Flower and National Color Peony into the design, but also interpreted the aesthetics of Guochao from his own unique perspective, which aroused the infinite reverie of the audience.

At the same time, as a national beverage brand, Dayao soda also reached an agreement with FAW Pentium to open the cross-border alliance of Guochao, and jointly shouted the loud slogan of "Drink big soda, open a palanquin", once again igniting people’s love for the Guochao brand. Thus, Dayao soda and closely linked together. As a domestic boutique, Dayao soda already has an unshakable position in the beverage field, while B70 is a boutique palanquin that has accompanied the people for 18 years. The cross-border cooperation between the two has become a collision with the fashion Guochao, giving their respective brands new connotations and values.

The success of this Guochao festival is also due to the deep emotional bond between the Pentium brand and its loyal fans 420,000. The "Our Festival" in December last year has already shown the fun of interaction between Pentium and fans, and this jubilant night has further deepened the relationship between the brand and consumers. Through co-creation, co-play and sharing, fans feel the intimate connection with the Pentium brand. In the increasingly popular Guochao brand, Pentium B70 is not only a high-quality new car, but also through the cooperation with the well-known designer Hu Sheguang and the national beverage brand Dayao soda, Guochao and fashion elements are cleverly integrated into the brand, thus bringing consumers a double feast of culture and fashion.

　　Xinhua News Agency, Beijing, August 9 (Reporter Xu Rui) The research team of the Public Law Research Center of Tsinghua University Law School released the "White Paper on the Development of the Driving Industry" (hereinafter referred to as the "White Paper") on the 8th. The "White Paper" shows that since 2016, the demand for driving services and market scale have grown rapidly. Last year, the total order of the national driving industry has exceeded 253 million orders, and the total output value has reached 15.40 billion yuan.

　　According to the White Paper, drunk driving is still the largest usage scenario for users, accounting for 97.8%, followed by work fatigue, business transportation, and family transportation. While the concept of "driving without drinking, drinking without driving" has been deeply rooted in the hearts of the people, the value of the driving industry has also been fully reflected. It is estimated that the driving industry reduced the number of traffic accidents caused by drunk driving 3.50 million last year, exempting 830,000 from criminal law sanctions, and reducing property losses by 46.20 billion yuan.

　　The white paper also shows that chauffeur driving has become an emerging professional position, becoming the main source of income for many families. According to the data, the average monthly income of full-time chauffeur drivers in the country is 6,957 yuan, and the income of full-time chauffeur drivers in cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou is more than 10,000 yuan.

　　In recent years, local traffic police departments have been actively exploring new methods to manage drunk driving, and "Internet + driving" has become an important breakthrough point. Represented by platforms such as Didi Driving, the driving industry has formed a new economic format, and has become an effective means to manage drunk driving and reduce traffic safety accidents. Didi Chuxing relies on massive data and intelligent transportation cloud computing platform to mine and apply big data in the field of driving to provide technical support for governing drunk driving and managing urban road traffic.

　　In March this year, Didi cooperated with Shenzhen traffic police to launch a new "smart transportation + drunk driving governance" method, using Internet big data, high-tech algorithms, and "Internet +" methods such as real-time heat maps to try new effective governance measures in drunk driving intervention and drunk driving law enforcement.

　　Last month, Didi’s "Diyu · Xingcheng" heat map has been used by traffic police in 12 cities across the country, including Nanjing, Wuhan, Qingdao, Guangzhou, etc., in daily work to control drunk driving.

　　"With the Xingcheng system, we combine the traffic flow and past law enforcement experience of the traffic police to more accurately control the trend of drunk driving in the city, optimize the location of the investigation and punishment of drunk driving and the time of the police, and accurately crack down on drunk driving, saving a lot of police and material resources." Jinan traffic police official said.

　　Cheng Wei, founder, chairperson and CEO of Didi Chuxing, introduced that since its establishment in July 2015, Didi Driving and the traffic police departments of 51 cities have carried out anti-drunk driving related activities, more than 118 times, including road Security Training, drunk driving activities, public welfare activities, anti-drunk driving alliance, etc., and actively promote the "anti-drunk driving" concept.

Reporter, Li Huilin, Editor, Tan Lu

Wang Jianlin’s good days were just a few days away, and he had reached a critical juncture again.

Recently, it has been reported that Wanda Group is discussing with major domestic banks the renewal plan of domestic loans to extend the repayment time of the principal of domestic loans.

This move could be seen as a restructuring of its domestic debt.

The IPO of Zhuhai Wanda Commercial Management has been postponed again, and Wang Jianlin’s move has been interpreted as saying that Wanda Group’s funds have been stretched thin.

The market has long been moved by the wind.

Since April, Wanda’s bonds have fallen across the board, and the two US dollar bonds issued at the beginning of the year have hit a record low since their issuance.

In the past two years, the real estate industry has been in a huge shock. Wang Jianlin, who has shed heavy assets and embarked on the road of light assets, has been fortunate to avoid this round of crisis, and even played the role of "white warrior" to rescue his peers.　

However, the listing financing has been fruitless, and Wang Jianlin has been involved in the debt crisis again.

Debt hits

For the IPO of Zhuhai Wanda Commercial Management, Wang Jianlin was originally full of confidence.

Previously, it was agreed with overseas banks to complete the listing before May 8 this year, otherwise Wanda Group would have to repay three offshore loans of $1.30 billion in advance.

At the beginning of this year, the management of Wanda Commercial Management vowed that it would go public in the second quarter. Unexpectedly, there is still no timetable. Since the initial IPO application in 2021, Wanda Commercial Management has submitted its forms three times.

The road to listing was more bumpy than Wang Jianlin had expected.

At an internal meeting half a month ago, he admitted that Wanda Group had encountered periodic difficulties due to the delay in commercial listing.

The difficulties center on the debt pressure, starting with the looming maturity of the two betting agreements.

The aforementioned three offshore loans of $1.30 billion have triggered repayment treaties.

After negotiation, one-third of the participating lenders agreed to waive this clause, and the agreed listing date was postponed to November 30, 2023, pushing the pressure to six months later.

The greater pressure lies with institutional investors.

In 2021, Zhuhai Wanda Commercial Management completed a pre-IPO round of financing of 38 billion yuan, including Zhuhai SASAC, Zheng Yutong family, Country Garden, CITIC Capital, Ant and other consortiums.

If the IPO cannot be completed by the end of 2023, the strategic investor has the right to exercise the right to sell back and request its parent company, Dalian Wanda Commercial Management, to repurchase capital.

The latest bond report shows that by the end of 2022, Dalian Wanda’s short-term borrowings increased by 9 times to 5.046 billion yuan, and non-current liabilities due within one year rose sharply to 68.768 billion yuan, an increase of 3 times year-on-year.

There was a huge amount of potential repurchase money before, and then there was a peak in debt repayment.

According to the data of the Enterprise Early Warning Platform, only Dalian Wanda Commercial Management is the main body, with a total of 6 bonds maturing within one year, the balance is 4.923 billion yuan, and there is a 400 million dollar bond overseas, which will mature in July.

Raise money everywhere

The repayment date is approaching, and Wang Jianlin said that Wanda will not go bankrupt.

He went to various places to discuss cooperation and increase the chips of Zhuhai Wanda Commercial Management’s listing; while "looking for money" everywhere to fill the debt hole.　

Since the beginning of this year, Wang Jianlin has a busy itinerary. From mid-February to mid-March, he traveled to Jilin, Henan, Guizhou and Liaoning provinces within a month to negotiate cultural tourism projects.

(Source: Visual China)

During his business trip, Wang Jianlin met with senior management of banking institutions on several occasions.

In February, he signed cooperation agreements with Harbin Bank and Zhongyuan Bank, and in mid-March he met with the acting chairperson of Shengjing Bank.

Previously, Wang Jianlin has started to prepare domestic and foreign debt financing. In January-February, Dalian Wanda Commercial Management issued two overseas bonds totaling 700 million US dollars; in March, it announced that it plans to issue 2 billion yuan of interbank bonds.

Overall, Dalian Wanda Commercial Management’s external financing capacity is weakening. In the past two years, its financing cash flow has been in a net outflow state, with a net outflow of 30.036 billion yuan in 2022 alone.

The two foreign bonds issued at the beginning of this year have a coupon rate of up to 11%, indicating that financing has become more difficult.

Two months ago, Dalian Wanda Commercial Management also submitted to the Shanghai Stock Exchange to register a 6 billion-sized corporate bond, which was questioned by the China Securities Regulatory Commission and asked to explain the reasons for the continued large-scale negative cash flow of financing activities and evaluate the impact on the bond repayment.

At present, Wanda Commercial Management has not replied yet.

Due to the difficulty of financing, Wang Jianlin turned to pledging and reducing his holdings in listed companies to obtain loans and cash.

In January, Wang Jianlin pledged his 65.04% stake in Wanda Hotels to Temasek Holdings for a loan.

In March, Wang Jianlin has two times to reduce Wanda Film shares, to reduce the closing price of the day, a total of about 1.50 billion yuan.

On April 25, China Resources called it a "rumour" after market news that Wanda’s property division would be acquired by China Resources Land.

Due to concerns about Wanda’s commercial liquidity, in May, Moody’s downgraded the family rating of Wanda Commercial Management Company to "Ba2" and placed it on the downgrade watch list.

This means that Wang Jianlin’s subsequent overseas financing will become more difficult.

False prosperity?

Despite being mired in debt distress, Wang Jianlin’s business portfolio has not been subject to major fluctuations, and Dalian Wanda Commercial Management, as a core asset, has maintained stable performance.

The bond report shows that Dalian Wanda’s commercial management revenue in 2022 was 49.188 billion yuan, an increase of 4.86% year-on-year, mainly due to the growth of the scale of the mall.

By the end of last year, its Wanda Plaza had opened 55 new buildings, with a total of 473 projects and a commercial area of 65.56 million square meters under management.

The revenue pillar of Dalian Wanda Commercial Management, mainly investment property leasing and management, is about 45.10 billion yuan in 2022, contributing 90% of total revenue.

Zhuhai Wanda Commercial Management is an asset-light part spun off from Dalian Wanda Commercial Management. It is also the main listing body that Wang Jianlin is promoting. It is mainly responsible for the operation of Wanda Plaza, earning rental income and merchant operating income. Its cash flow is more stable than development.

As of the end of 2022, Zhuhai Wanda’s total assets 22.886 billion yuan, accounting for a small volume, but accounting for half of the income.

In 2022, its business operations revenue and profit were 27.12 billion yuan and 12.984 billion yuan respectively.

Under the asset-light strategy, the number of Wanda shopping malls is still increasing. As of the end of last year, there were 187 Wanda plazas under construction, with a commercial area of 21.95 million square meters.

Wanda Plaza’s ability to attract investment was once a source of confidence for Wang Jianlin to go public. By the end of 2022, the rental rate of its shops was 98.7%, and the rent collection rate was 100%.

However, whether these dazzling data are false prosperity requires a question mark.

In March, a Wanda employee pointed out that the authenticity of Wanda Commercial Management’s merchant performance, rental rate, passenger flow and other data is questionable. It is said that Wanda implements strict assessment indicators, requiring tenants to seize and attract investment rates to achieve 100%. In the period when the physical business is hit by the epidemic, this is an almost impossible task, and front-line employees can only "fake".

"Although the merchants don’t owe Wanda Group, they owe a lot to the general manager and deputy general manager of the project."

A Wanda employee told 21CBR that in order to meet the rent collection rate targets, some managers sometimes advance the rent for merchants, and then let the merchants pay it back slowly.

An industry insider also pointed out to reporters that it is almost impossible for every shopping mall to achieve a 100% investment rate, especially in some non-central urban business districts, where investment is much more difficult than before.

The reporter’s on-site visit also saw that the rental situation of some Wanda plazas is not ideal, such as Guangzhou Baiyun, Panyu Wanda plaza, many indoor shops are vacant, weekend lunch time, in addition to the dining area, the traffic counting in the mall is not large.

For the authenticity of the financial data, Wanda has not yet replied.

IPG China Chief Economist Bai Wenxi pointed out that companies that usually plan to list in Hong Kong stocks need only 3-6 months from obtaining the acceptance letter from the Securities Supervision Commission to obtaining the approval approval. Previously, there has been no listing cycle for more than half a year due to approval reasons. Zhuhai Wanda Commercial Management has set a record for the slowest overseas listing of private enterprises.

He believes that the possibility of Wanda Commercial Management rushing back to class A shares listing in the future is not ruled out.

It is said that Zhuhai Wanda Commercial Management is still advancing the IPO matter. In accordance with the new regulations of the Securities Supervision Commission, the documents will be updated again in the future. According to the gambling agreement, Wang Jianlin has less than seven months.

On May 19, China Mobile and Baidu held a press conference on the "5G + Beidou + V2X" intelligent transportation joint innovation plan in Beijing, launching the country’s largest 5G + Beidou high-precision positioning lane-level navigation application, which is the first time in the industry to upgrade the mobile phone lane-level navigation technology architecture for the country and the largest user scale. Chen Guancang, deputy director of China Satellite Navigation System Management Office, Zhao Dachun, deputy general manager of China Mobile, and Li Zhenyu, senior vice president of Baidu Group, attended the press conference.

Based on the cooperation between the two parties, China Mobile’s Beidou high-precision positioning capability fully supports Baidu Maps’ online lane-level navigation function, restores the lane where the vehicle is in the normal driving process through high-precision positioning, and accurately provides navigation information such as turning and lane changing. At present, this function has covered high-speed expressways and some urban roads across the country. In the future, it will be applied to all mainstream mobile phones, supporting millions of ultra-high concurrency, tens of millions of massive access, 100 million user services, and 100 billion location service calls.

Up to now, China Mobile has built the world’s largest 5G network and Beidou high-precision positioning network, deployed over 1.55 million 5G base stations, served nearly 700 million 5G package users, and achieved continuous coverage of urban areas, counties and townships across the country; 4400 Beidou ground-based enhancement stations can provide high-precision positioning of OurHours global vehicles with complex scenarios such as tunnels. After more than 300 cities in 31 provinces across the country over 1.70 million kilometers of actual measurement and verification, centimeter-level positioning accuracy standards can be achieved, reaching the industry’s leading level.

As a leader in the field of new energy vehicles in China, has been committed to providing users with more environmentally friendly, intelligent and efficient modes of travel. Recently, BYD has once again made great efforts to launch the high-profile glory version of Tang EV. This model has become a bright star in the electric travel market with its excellent performance, rich configuration and affordable price.

First of all, from the appearance, BYD Tang EV Glory Edition continues the family-style design style, which is elegant and elegant. The body lines are smooth and dynamic, and both the headlights at the front and the penetrating taillights at the rear show a strong sense of science and technology. In terms of body size, Tang EV Glory Edition has enough space, which can be easily handled whether it is family travel or business reception.

In terms of interiors, Tang EV Glory Edition also lived up to expectations. High-quality materials are used in the car, which is comfortable to touch and the details are handled in place. The center console is equipped with the latest version of DiLink 100 intelligent cockpit system, which not only has powerful entertainment functions, but also supports many practical functions such as voice control and intelligent navigation. In addition, the new car is also equipped with 10-point seat massage, intelligent fragrance system, touch-sensitive LED reading lights and other luxury configurations to make the driving experience more comfortable.

In terms of performance, BYD Tang EV Glory Edition also performed well. It is equipped with AC permanent magnet synchronous motor. The single-motor version has excellent power performance, while the dual-motor version has reached an astonishing 517 horsepower, with a peak torque of 700 Nm, and the acceleration of 100 kilometers takes only 4.4 seconds. This kind of performance is enough to make it stand out in the same class. Of course, as an electric vehicle, endurance is also the focus of consumers’ attention. BYD Tang EV Glory Edition is equipped with 90.3kWh and 108.8kWh battery packs according to different configurations, with corresponding cruising ranges of 600 km, 730 km and 635 km respectively. This endurance performance is enough to meet the needs of daily travel and make electric travel easier and more convenient.

In addition, BYD Tang EV Glory Edition is also equipped with Yunqi -C intelligent damping body control system, which can automatically adjust the suspension damping according to the driving state of the vehicle to improve handling stability and ride comfort. When the vehicle passes through the bumpy road, the system will adopt the comfort control strategy of high frequency and small damping to make the chassis "soft" and improve the driving comfort; However, when the vehicle is cornering, accelerating and braking rapidly, the system will adopt a low-frequency and large-damping handling control strategy to make the chassis "hard", provide greater support, restrain the body roll and pitch, and ensure the handling stability of the vehicle.

Generally speaking, BYD Tang EV Glory Edition is an excellent electric vehicle with performance, configuration and endurance. It not only has excellent power performance and endurance, but also is equipped with rich intelligent configuration and comfortable driving experience. For those consumers who pursue high-quality electric travel, BYD Tang EV Glory Edition is undoubtedly a worthy choice.

Text/Ruonan

Since its establishment, Avita has been committed to building a national high-end smart electric vehicle brand, and based on CHN, a leading new generation of smart electric vehicle technology platform jointly created by Changan Automobile, Huawei, and Ningde Times, it has successively launched "emotional intelligent electric SUV" Avita 11 and "future smart luxury car" Avita 12, leading the new trend of the smart driving industry.

A few days ago, Changan Automobile and Huawei signed the Memorandum of Understanding on Investment Cooperation in Shenzhen. According to the memorandum, Huawei plans to integrate the core technologies and resources of the smart car solution business into the new company. Changan Automobile and related parties will intend to invest in the company and jointly support the company’s future development with Huawei. This time, Changan Automobile and Huawei have launched in-depth coordination and strategic cooperation, which may further empower the smart driving brand Avita to create a more intelligent and worry-free travel experience for the majority of users.

Regarding the cooperation between the two parties, Zhu Huarong, chairperson and party secretary of Changan Automobile, said: "Changan Automobile and Huawei will give full play to their respective advantages and resources, and join hands with strategic partner car companies to deepen coordination and strategic cooperation, which will accelerate the large-scale commercialization of intelligent technology, so that global users can enjoy first-class intelligent experience, and promote Chinese auto brands to become world-class." As a high-end intelligent brand under Changan, Avita is a good practice of cooperation between Changan and Huawei and Ningde Times CHN. After this in-depth cooperation with Huawei, it is reasonable to give priority to its core technology to empower.

Avita 11 is fully equipped with HI Huawei’s full-stack smart car solution, with high-end smart driving strength covering all scenarios, and better understanding your emotional intelligence. The birth of Avita 11 shows Avita’s determination to attack high-end, and with cutting-edge smart driving strength and reliable mechanical quality, it has become the world’s first car brand to reach Mount Everest with smart driving. According to Avita’s official instructions, the smart driving function of Avita 11 has been fully trusted and used by users. The accumulated mileage of smart driving has exceeded 29 million kilometers, and the smart parking call has exceeded 3.20 million times.

As the second flagship model of Avita, Avita 12 has a top-level design, Huawei family bucket (smart driving and Hongmeng cockpit), which can be called the most 300,000-level configuration. Specifically, Avita 12 brings users smoother and more convenient human-vehicle interaction through the HarmonyOS4.0 Hongmeng cockpit. In addition, under Huawei’s high-end intelligent driving system ADS2.0 empowered, users can experience its smart driving function in various scenarios, making daily travel more comfortable. At present, Avita 12 is on the market and is selling well, with orders exceeding 20,000 units in November.

At a time when the trend of intelligent vehicles is intensifying, Avita will usher in greater development with its strong technological strength.