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Chery’s long-term ＂leap＂ development has finally become one of the top 500 in the world.

　　Introduction: Starting from a barren beach in the northern suburb of Wuhu, Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery") won the Fortune Global 500 list for the first time in 2024, ranking 385th with its firm spirit of independent innovation and unremitting efforts. From the humble "grass house" to the modern production base, from the "Arabian Nights" dream to the pioneer leading the independent innovation of China automobile industry, Chery has not only become the most international representative of China automobile brands, but also written a legendary chapter for China and even the global automobile industry with its long-term development.

Chery

　　On August 5, 2024, Fortune magazine published the list of the world’s top 500 enterprises in 2024, and Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery") entered the list for the first time, ranking 385th. This achievement marks that Chery started from a "small grass house" in Wuhu and has grown into one of the most international automobile brands in China.

　　A single spark: the road to independent innovation

　　In the 1990s, the state implemented the strategic decision of developing and opening Pudong, and Anhui Province also started the "951 Project" accordingly. Yin Tongyue responded to the call and returned to Anhui from Changchun FAW, leading the team to start under extremely difficult conditions.Be China’s own car."The entrepreneurial journey,A world-class dream set sail from the "small grass house" on the wasteland in the northern suburb of Wuhu.

Chery

　　At that time, the automobile industry generally believed that "it is impossible for China people to develop their own cars". However, the Chery team overcame many difficulties and successfully rolled off the first self-developed engine on May 18, 1999, and launched the first Chery automobile on December 18 of the same year. In 2001, the first car "Fengyun" independently developed by Chery went on the market, which quickly became a dark horse in the market, breaking the view that China automobile industry could not independently develop cars.

Chery

　　Accumulation and thin hair: strategic transformation ushers in a highlight moment

　　In 2010, Chery chose strategic transformation at the peak of historical sales, preferring to sacrifice short-term sales and get rid of extensive development mode and take the road of high-quality development. After 10 years of system reform, process optimization and capital operation, Chery has ushered in a new round of growth after 2020.

Chery

　　Especially in the context of the overall negative growth of the automobile industry in the last three years, Chery has achieved a contrarian growth in sales volume. From 2021 to 2023, it achieved annual sales of 962,000 vehicles, 1.233 million vehicles and 1.881 million vehicles respectively, and its sales volume almost doubled in three years. Chery’s business has expanded to more than 80 countries and regions around the world, with a total of 14.2 million automobile users, including 3.9 million overseas users, ranking first in the export of China brand passenger cars for 21 consecutive years.

Chery

　　Innovation-driven: technology supports brand upward

　　Chery always regards independent innovation as the core strategy of development, and is committed to creating "technical Chery" and "innovative Chery". From the initial engine, gearbox, chassis to today’s chips, batteries, software, operating system, smart cockpit, cloud platform, algorithms, etc., Chery has an all-round layout in multiple tracks. By 2024, Chery had applied for more than 31,000 patents and granted more than 19,000 patents, and won many national science and technology awards.

Chery

　　In order to further enhance its innovation ability, Chery has introduced many top talents around the world, formed a strong R&D team and established a network of R&D centers all over the world. And established cooperative relations with universities and scientific research institutions, forming a strong open innovation system. These measures enable Chery to continuously introduce innovative products and technologies that meet the market demand, including high-performance pure electric platform E0X and Kunpeng super hybrid C-DM technology.

Chery

　　With the advent of new energy and intelligent networking era, Chery has comprehensively laid out the "Eta Ursae Majoris 2025" forward-looking technology strategy, and plans to invest more than 100 billion yuan in core technology research and development in the next five years to upgrade a number of key technologies. These technological research and development not only meet the needs of the domestic market, but also meet the needs of globalization. Chery’s new energy products have achieved flexible development, with various technical routes such as pure electricity, hybrid, extended range and hydrogen energy, forming three new energy sequences of Chery Fengyun, Xingtu Xingyu, Jietu Shanhai and iCAR pure electricity brand. Different brands have different characteristics and positioning, creating different user experiences, and creating new energy vehicles that are welcomed by the market, such as Fengyun A8, Fengyun T9, Fengyun T10, Xingyuan ES, Xingyuan ET, Jietu Shanhai T2, iCAR 03, and Exploration 06 C-DM.

Chery

　　Corporate citizenship: making the world a better place

　　Since the first batch of 10 Fengyun cars were exported in 2001, Chery has opened the road to internationalization. For more than 20 years, Chery has continuously expanded its overseas influence from "going out" to "going in" and then "going up". Chery adheres to the globalization concept of "In somewhere, for somewhere" and is committed to becoming an overseas local contributor and an outstanding corporate citizen. Whether facing major disasters at home or emergencies overseas, Chery always lends a helping hand at the first time. For example, after the 7.8-magnitude earthquake in Turkey in 2023, Chery Turkey quickly responded and became the first China automobile company to participate in the rescue. In addition, Chery donated US$ 6 million to UNICEF to support international children’s education programs, and cooperated with IUCN to jointly promote environmental protection.

　　Today, Chery has become a world-class brand, not only leading in technology and products, but also setting an example in social responsibility. Looking forward to the future, Chery will continue to adhere to the "four-way" development strategy of brand up, market outward, technology to the future and industry to the whole value chain, and strive to make the world better because of Chery!

　　Conclusion:The success of Chery lies not only in the competitiveness of its products, but also in its long-term development strategy. From "Little Grass House" to the top 500 in the world,Chery always insists on technological innovation as the core.And constantly promote industrial upgrading and brand promotion, and finallyRealized the leap-forward growth.. In the future, Chery will continue to adhere to the strategic direction of brand orientation, market orientation and technology orientation, and contribute to the development of China and even the global automobile industry.

　　From Chery’s growth story, we can easily see that only by continuous technological innovation and firm long-term brand strategy can we gain a foothold in the highly competitive automobile industry and succeed in the global market.

Changan Automobile releases new brand of flying car together with partners.

On December 18, Changan Automobile announced that it would sign a contract with relevant companies on December 21 to jointly carry out forward-looking research on flying cars. Previously, Changan Automobile announced plans for flying cars and humanoid robot products in 2024, and promised to invest more than 50 billion yuan in the next five years. It plans to release flying cars in 2026 and humanoid robot products before 2027.

At today’s launch conference of Guangzhou Automobile Flying Car brand and new products, Guangzhou Automobile showed its brand-new high-altitude GOVY)AIRJET flying car. The GOVY AIRJET flying car adopts the design concept of "hidden front", with a height of 2.3 meters, equipped with self-developed motors of GAC and multiple redundant systems, with a nominal cruising range of more than 200 kilometers, which supports rapid recharge in 30 minutes. In the future, the flying car will also be equipped with all-solid-state self-developed by GAC, and its battery life is expected to exceed 400 kilometers. The interior design of GOVY AIRJET adopts a large-area bright design, including a white seat and a long navigation screen. At the same time, it is equipped with an intelligent perception, decision-making and obstacle avoidance system to support the "all-space unmanned system link". Guangzhou Automobile High-Domain GOVY AIRJET flying car plans to start airworthiness certification, lay out production lines and open reservations in 2025.

Bruce Lee’s daughter is dissatisfied with Quentin’s new film： My father didn’t contact me in advance.

According to foreign media reports, Bruce Lee’s daughter, Li Xiangning, was interviewed recently as the executive producer of the Kung Fu drama The Warrior. She revealed that Bruce Lee appeared in the new film directed by the great director quentin tarantino and starring Leonardo DiCaprio and Brad Pitt, but Quentin and the filmmakers never contacted her and the Bruce Lee Heritage Committee she managed.

Once Upon a Time in Hollywood is played by actor Mike Mao as Bruce Lee, and there are many scenes of him in the first preview. In the summary of the plot, it is mentioned that he will be involved in the murder of movie star sharon tate.

Li Xiangning said this time: Under such circumstances, there may be many trends in the situation. "If they contact me in advance, I may be unreasonable and make things difficult for others, and put forward many unreasonable demands — — But they don’t know that I won’t do it. Many times, the best solution in this case is’ we won’t touch it, so we don’t have to get into trouble’. "

Li Xiangning said: If she wants to fight against such an unexpected incident, it is also her freedom to spend her money and time. As for Quentin’s film, she said: "They didn’t include us in any form. When I knew that they had contacted other people (the family members of the real people involved in the film and other related personnel), they didn’t contact me, which was annoying to some extent. And some of my thoughts are: this kind of thing is not worth my time and energy. Let’s see how God will respond to this movie. "

Li Xiangning pointed out that Bruce Lee’s picture was clearly released in the preview of the film, which was very interesting. She also said that she didn’t have any opinions on the actor Mike Mao, and she didn’t know his role in the film, saying that she only hoped that the finished film would be good.

She also said: Many people want to make movies about Bruce Lee, but they don’t want to deal with his family. She said that she really needs to participate in the process of these projects, but it is not to over-control the projects or have her own specific views on how to shoot, but "I just want to make sure that they are presented in the right way and must be consistent with my father’s legacy, my family and my family’s legacy. We can be free, creative and great, but if someone comes to us and says,’ I want to make a police partner movie, in which Bruce Lee will give people acupuncture points and climb up and down the wall like Spider-Man.’ Then I’ll say no. "

Once Upon a Time in Hollywood also involves other real people, such as murdered actress Tate and her then husband, director Polanski. Quentin therefore got in touch with Tate’s family — — Tate’s sister Debra criticized the film for being irresponsible last spring and didn’t contact her and Tate’s family, saying that this behavior was an exploitation of Tate and his murder. A few months later, Debra said Quentin had contacted herself and asked her for advice with great respect. She said she was looking forward to the film.

However, Quentin revealed at Cannes Film Festival not long ago that he had no contact with Polanski in making this film, and Polanski’s wife emmanuelle seigner later expressed her dissatisfaction.

From ＂algorithm selection＂ to ＂algorithm selection＂： China’s cyberspace governance has entered a new stage

　　Xinhua News Agency, Tianjin, August 30th (Reporter Sister Liang) Algorithms are deeply embedded in people’s lives. However, the negative effects such as the killing of big data and the disclosure of personal privacy have caused people to worry about the abuse of algorithms.

　　On March 1st this year, the Administrative Regulations on Internet Information Service Algorithm Recommendation was formally implemented. Six months after the implementation of the new regulations, what new progress has China made in the field of algorithm governance? The guests and other experts and scholars attending the sub-forum of Algorithm Governance of China Network Civilization Conference in 2022 gave their own answers.

　　How effective is the algorithm governance for half a year?

　　As the foundation of digital economy, algorithm has been widely used for many years. Liu Xianglong, deputy director of the State Key Laboratory of Software Development Environment, Beihang University, thinks that the algorithm has changed from manual rules to data-driven. "The current algorithm is deeply coupled with big data. Because of the uncertainty of data and the unclear boundary of algorithm capability, the algorithm behavior will be uncontrollable."

　　On March 1st, the Regulations on the Administration of Internet Information Service Algorithm Recommendation (hereinafter referred to as the Regulations) jointly issued by the National Network Information Office and other four departments was officially implemented. This is China’s first targeted algorithm recommendation rules and regulations in the field of Internet information services. A number of interviewees said that the promulgation of the "Regulations" filled the gap in the field of Internet governance, and China entered the stage of systematic governance of algorithms.

　　According to Liu Xiaochun, executive director of the Internet Rule of Law Research Center of China Academy of Social Sciences, the implementation of the Regulations means that China is at the forefront of the world in the exploration of algorithm governance. "What is more commendable is that the Regulations respond to practical problems such as algorithm content governance and minor protection, and it is a governance plan with China characteristics."

　　At the forum, many guests shared the achievements of the "Regulations" in the past six months: launching the special action of "Clear and Comprehensive Algorithm Management" in 2022, and conducting on-site inspections on some Internet companies; Publish the first batch of domestic Internet information service algorithm names and filing numbers, including many large Internet enterprises and products; It is clearly stated that "if the user chooses to close the algorithm recommendation service, the algorithm recommendation service provider should immediately stop providing related services" and return the choice of algorithm use to the user … …

　　In addition to the actual governance actions, Liu Xianglong believes that the guiding impact of the implementation of the Regulations is equally important. "This releases a signal of top-down system governance of the algorithm. Internet companies should actively regulate their own behaviors to ensure the rights of users and fair use."

On August 28th, at the National Convention and Exhibition Center (Tianjin), participants visited the exhibition at the 2022 China Cyber Civilization Conference. Xinhua News Agency reporter Sun Fanyue photo

　　How to solve the "black box" technical problem of algorithm?

　　At the sub-forum of algorithm governance, Shen Huawei, director of the Research Center of Data Intelligent System of Institute of Computing Technology, Chinese Academy of Sciences, pointed out that there are some misunderstandings about the filing of Internet information service algorithms implemented simultaneously with the Regulations, mainly the content of filing. "The content of the algorithm filing in China includes three parts: the subject information, algorithm information, product and function information of the algorithm, and does not involve the data and codes used by the algorithm."

　　Many interviewed experts and scholars believe that the opacity of data, decision-making mechanism and design intention makes the algorithm that relies on data for deep learning and analysis a "black box". Take taking a taxi as an example, every passenger hopes to get a taxi as soon as possible. However, the single dispatching algorithm of the platform may consider how to allocate vehicles to achieve the optimal global capacity, and then design subsidies to maximize profits. There is a certain deviation between the optimization goal of the algorithm and the user’s demands.

　　Therefore, algorithm recommendation service providers, as an important part of China’s algorithm governance system, are of great significance to the supervision of algorithms before and during the event.

　　Shen Huawei introduced that algorithm recommendation service providers should conduct self-assessment of algorithm security before online application of the algorithm to eliminate possible risks. At present, there is still a long way to go to effectively supervise the "black box" algorithm before the technical development and supervision tools are mature, and the algorithm security assessment can be an important supplement to the algorithm governance.

On August 28th, at the National Convention and Exhibition Center (Tianjin), participants took photos of the exhibition at the 2022 China Cyber Civilization Conference. Xinhua News Agency reporter Li Ran photo

　　How do algorithms and people get along harmoniously?

　　At the forum, many experts said that the current guidelines and regulations on algorithm governance issued by China are actually aimed at the "code of conduct" of algorithm use rather than the technical bottom.

　　With the frequent occurrence of problem algorithms, should people be in a passive position in the process of getting along with algorithms? In the practice of algorithmic governance in China, can users find the initiative?

　　Liu Xiaochun pointed out that the Regulations clearly require that "if a user chooses to close the algorithm recommendation service, the algorithm recommendation service provider shall immediately stop providing relevant services". "This has improved the active position of users in algorithm services, which means that users can have the right not to be selected, guided or even entangled by algorithms."

　　Liu Xianglong believes that people and algorithms are essentially a relationship between "entrustment" and "agency" — — Users give personal data to the algorithm and entrust their agents to make the best decisions themselves. But in fact, due to the technical threshold of the algorithm itself, users lack the corresponding technical identification ability. "This requires as ‘ Middleman ’ The algorithm service provider compacts the main responsibility, practices social values, makes the algorithm data more transparent and open, and gives users a sense of trust. "

　　In addition, under the background of systematic governance of algorithms, users, as important participants, should also rationally recognize algorithms, neither fear technology nor relax the reasonable requirements for algorithms, and form a joint force with the regulatory authorities to promote the transition from "algorithm selection" to "algorithm selection".

Focus on one-on-one express brand flash with big moves! Take multiple measures to eliminate potential safety hazards for riders

　　In recent years, the protection of riders’ rights and personal safety has attracted more and more attention from all walks of life. In order to further strengthen and standardize the traffic order management of the instant delivery industry and prevent and reduce the occurrence of road traffic accidents in the instant delivery industry, flash delivery can be said to have been working hard, insisting on the "one-on-one express delivery" mode to build a safety barrier for platform riders.

　　Flash delivery focuses on "one-to-one express delivery", which only delivers one order at a time. The delivery range is large, which mainly meets people’s needs in emergency delivery and important goods delivery. Therefore, the unit price of customers is relatively high, which tests the platform’s accurate matching and global scheduling ability for orders. In order to make the order more accurate, the flasher has less idle driving time and higher efficiency of running the order, the order matching system is established in flasher. In order to cross-dispatch orders from the perspective of global optimization, and to maintain the optimal balance between supply and demand between orders and flashers in each area of the city, a dynamic intelligent scheduling system was built for flasher.

　　In addition, the flash delivery also set aside a certain life time for each order, so as to prevent the flash delivery staff from violating traffic rules in order to catch up with time and avoid potential safety hazards. Many flash delivery staff said that they are not only free to take orders, but also calm to deliver orders.

　　In addition to leaving enough time for flashers to deliver tickets, flashers have always insisted on providing traffic safety training for riders, and even set up a "traffic safety volunteer service team" composed of flashers to actively publicize traffic safety knowledge. For example, in cities such as Hangzhou, Shenzhen, Beijing, etc., the local traffic police are specially invited to come to the Knight’s House, the exclusive offline space of the flash driver, to explain the traffic safety knowledge in a simple way through real cases and enhance the safety awareness of riders.

　　In addition, in order to help riders better deal with all kinds of unexpected situations encountered on the way to delivering tickets, they also regularly carry out red cross first aid training for riders. Nowadays, more and more riders carry maintenance tools and emergency medicines with them, becoming the maintainers of traffic order and small "rescue stations".

　　Flash delivery has always focused on one-on-one rush delivery, taking multiple measures to eliminate potential safety hazards for riders, and conducting traffic safety training from time to time, which not only ensures the personal safety of the majority of flash delivery personnel in the delivery process, but also makes them feel comfortable and happy to take orders, and contributes to building a harmonious and orderly traffic environment.

Science fiction sense, Geely Galaxy starship prototype official picture released

　　[Autohome new car official picture] On June 19, we obtained the official picture of the interior of Geely Galaxy’s large SUV – (|) prototype car. The new car is developed based on the GEA architecture and was unveiled at the Beijing Auto Show. At the same time, the official said that the flagship SUV of the car positioning technology will apply the latest self-developed Sandian technology.

Autohome

　　Judging from the official map released this time, the car will adopt the design concept of "bringing heaven and earth into my hut", and the overall design is unique. Specifically, the car uses a large number of straight lines and streamlined shapes to combine, with fabric, wood grain and chrome elements, which greatly enhances the texture of the car. At the same time, the center console adopts a T-shape, and the top is an integrated screen with a trapezoidal design. With the trend of hidden air conditioning, the visual hierarchy is rich.

Autohome

　　At the same time, the car uses a classic double-spoke steering wheel, with inductive touch buttons on both sides and circular meters below. It is worth mentioning that in front of the center armrest, Geely Galaxy Starship is equipped with a small screen tilted towards the driver’s side and circular touch buttons, or a control panel for functions such as multimedia or air conditioning, to enhance the convenience of control during driving.

Geely Automobile, Galaxy Starship 2025, basic model

　　In a simple review, the appearance of the Galaxy Starship adopts the "Ripple of Light" design, and the overall shape is very burly. With the shape of the through-type light strip, it is highly recognizable. From the side of the body, its straight waist line and the raised eyebrow lines at the front and rear make this car feel full of muscles. At the same time, the straight roof line design allows it to have ample head space in the rear row. As for the rear of the vehicle, it adopts a through-type taillight group and a chic diffuser below to enhance the sense of fashion and sports.

　　It is understood that Galaxy Starship is developed based on the GEA architecture, applying a new generation of Raytheon electric hybrid, Galaxy 11-in-1 intelligent electric drive, AI intelligent audio surrounded by panoramic sound, AI intelligent seat, Galaxy AI digital wizard, AI digital chassis and other top technologies of the galaxy, innovatively integrating intelligent driving, big data, artificial intelligence and cloud computing. At the same time, Geely also injected the Xingrui AI model into the seat to create the world’s first AI intelligent seat. According to voice commands, it can not only complete steering, moving, lying down in the car to form a flexible space combination, but also fully automatically drive out of the car and complete the last mile of intelligent travel according to navigation. (Text/Autohome Zhouyi)

Wu Yanzu, Hu Ge, Xu Zhengxi, Leonardo, who is the most handsome in 10 years of comparison

　　People’s Daily Online, Beijing, July 20 (Reporter Li Yan) In order to get rid of the burden of "pure idol school", many male stars in the entertainment industry insist on constantly challenging their acting skills, so that people are fascinated by their handsome appearance while also being impressed by their performance skills. Let’s take a look at these male gods who are obviously beautiful but have to rush their acting skills.

　　Wu Yanzu can be said to be a benchmark for the appearance of male stars in the entertainment industry. When he debuted with "Beautiful Youth Love", he conquered countless audiences with his flawless face and was the dream lover of thousands of women. In fact, he often deliberately chose some breakthrough characters to hone his acting skills. For example, in the movie "New Police Story", he played the arrogance and contempt of an extremely rich second generation to the fullest, so that everyone affirmed his acting skills and thoroughly remembered this high-value "powerful faction".

　　From Li Xiaoyao ten years ago to Mei Changsu ten years later, Hu Ge has undergone a perfect transformation from a boy to a man, and has also successfully transitioned from a beauty school to a acting school. After the broadcast of "Langya Bang", Hu Ge’s immersive interpretation has won repeated praise. After losing the burden of idols, he has allowed us to see the excellent acting skills that have been accumulated over the years.

　　Xu Zhengxi has always been depicted as a "affectionate knight", and his handsome appearance has brought him countless fan girls. In the movie "Bounty Hunter", he played the mad and perverted red-haired villain Tommy, with a crazy expression and exaggerated movements, making fans shout "too grandiose" but unable to stop loving him. This time, although his image has changed greatly, this reversal has also brought enough recognition to his acting skills, so that many people have labeled him a "powerful".

　　"Little Plum" Leonardo is really loved and hated. He, who used to be comparable to the atomic bomb, seems to feel that his high appearance covers up his acting skills. Gradually, his figure is out of shape and his face has changed shape, and he has completely become a "powerful person". Whether it is "The Wolf of Wall Street" or "Shutter Island", we can feel his powerful performance ability.

　　When it comes to Jack Gyllenhaal, the first thing we think of is his handsome appearance and lingering love in "Brokeback Mountain". In his early years, he entered the entertainment industry because of his handsome appearance and gradually became known. In the 13-year-old "Old Enemy", Gyllenhaal appeared in a decadent face full of hawthorn, wearing a wide suit and a pair of khaki trousers that lost muscles and bones, looking haggard. In the film, he played two roles alone, and his acting made everyone feel ashamed, creating a classic image for the acting career again.

China Hengda has been notified of the court lawsuit and has been recovered 2.15 billion

On the evening of December 5, China Evergrande announced on the Hong Kong Stock Exchange that the Company and three related subsidiaries have received a notice of litigation issued by the Intermediate People’s Court of Guangzhou City, Guangdong Province, China, and Jinbi Property has proposed to recover approximately RMB 1.9963125 billion and approximately RMB 152.0628 million from the Company and three related subsidiaries for the enforcement of its RMB 2 billion deposit certificate pledge guarantee by the bank.

The opening of MWC is imminent, and Meizu’s big moves are frequent! Flyme dual system attention is full

　　There are still 2 days left! This year’s annual event in the technology industry, the MWC Shanghai Mobile World Congress in 2023, is about to open. As an annual blockbuster conference in the technology industry, although it only lasts for three days from June 28 to 30, it can make the world’s technology enthusiasts focus on it in just three days. Therefore, the annual MWC is also a good opportunity for major technology companies to do their best to show their technologies and products to the world.

　　As the most high-profile Meizu in the first half of this year, it is not surprising to announce its participation in the exhibition. But it is worth noting that Meizu is not participating in the exhibition under the name of "Meizu Mobile Phone", but under the name of "Xingji Meizu Group". That is, at this exhibition, Meizu 20 series will be exhibited together with Flyme Auto.

　　The re-participation of Flyme Auto has also greatly aroused the attention of many professional car critics. After all, Flyme Auto has won praise from many netizens and fans since its debut at the Shanghai Auto Show at the beginning of the year. The user-friendly desktop selection, the highly intelligent option of air conditioning, the logic of car-machine interaction and the UI animation of one mirror to the end have all had an impact on the entire smart car field. Therefore, how much Flyme Auto can be upgraded and optimized at this MWC has also become the most concerned point in the entire new energy vehicle field.

　　In terms of smart end points, the Meizu 20 series, which continues to slaughter the list on the 618, will also become another highlight on MWC! The perfect combination of boundless aesthetics, powerful performance and Flyme10 can be called the embryonic form of future mobile phones.

　　In terms of appearance, the Meizu 20 series is adhering to the unbounded aesthetics and building the appearance. The screen uses extremely thin four-level narrow edges to minimize the boundaries of the screen, and uses narrow borders to further set off the visual perception of the screen. Let the narrow borders and high-quality screens complement each other to build a stronger visual impact.

　　And the back of the phone is also completely different from the dazzling lens group currently on the market. Meizu uses extreme simplicity to present an unbounded beauty, and cancels all the designs that affect the beauty of the back cover! Only the basic lens camera components are retained, and the simplest arrangement is used to build the most refreshing and refined unbounded beauty.

　　In terms of performance, the Meizu 20 series is equipped with a Snapdragon 8Gen2 processor. This chip is also the top flagship processor in the industry. Its performance is excellent, and it is TSMC’s 4-nanometer process. The advantages of low power consumption make the temperature control of the overall mobile phone particularly good. At the same time, the Meizu 20 series also uses a combination of LPDDR5X and UFS 4.0 storage, which greatly enhances the reading and writing speed of the mobile phone, making software and files open and run faster. After Meizu’s careful polishing of this set of performance configurations, it also easily ran out of a high score of 1.3 + million.

　　On the system, the Meizu 20 series comes standard with the Flyme10 operating system. As a software sector that Meizu has always been proud of, this time Flyme10 did not disappoint Meizu. This generation has upgraded the small window mode, Aicy screen recognition and OneMind, and the overall system convenience and smoothness are more convenient. And it can also achieve the background survival of 21 APPs at the same time, completely saying goodbye to killing the background! And it has also passed the test of the Thiel laboratory, which is certified to last for 48 months.

　　The simultaneous demise of the Meizu 20 series and Flyme Auto has filled many people’s expectations for Meizu’s MWC tour!

Hengda liquidation, what game is China’s real estate facing？

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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