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Announcement of the General Administration of Market Supervision on Public Solicitation of Opinions on the Provisions on Centralized Examination of Operators (Draft for Comment)

  In order to further improve the anti-monopoly legal system and improve the quality and efficiency of centralized anti-monopoly examination of operators, the General Administration of Market Supervision revised the Interim Provisions on Centralized Examination of Operators, and formed the Provisions on Centralized Examination of Operators (Draft for Comment), which is now open to the public for comments. The public can put forward their opinions through the following channels and ways:

  First, by logging on to the official website of the State Administration of Market Supervision (website: http://www.samr.gov.cn), put forward opinions in the "Solicitation Survey" in the "Interaction" column on the home page.

  2. Send it to jyzjz@samr.gov.cn by e-mail. The subject of the email should be marked with the words "Provisions on Centralized Examination of Operators for Public Solicitation of Opinions".

  3. Send it by letter to No.8 Sanlihe East Road, Xicheng District, Beijing (Postal code: 100820). Please indicate on the envelope the words "Provisions on Centralized Examination of Operators for Public Solicitation of Opinions".

  The deadline for feedback is July 27, 2022.

  Annex: 1. Provisions on Centralized Examination of Operators (Draft for Comment)

  2. Explanation on the Provisions on Centralized Examination of Operators (Draft for Comment)

  General administration of market supervision

  June 27, 2022

  Provisions on centralized examination of operators

  (Draft for Comment)

  Chapter I General Provisions

  Article 1 These Provisions are formulated in accordance with the Anti-monopoly Law of the People’s Republic of China (hereinafter referred to as the Anti-monopoly Law) and the Provisions of the State Council on the Criteria for Centralized Declaration of Operators, in order to standardize the anti-monopoly examination of business operators.

  Article 2 The State Administration of Market Supervision (hereinafter referred to as the General Administration of Market Supervision) is responsible for the centralized anti-monopoly review of business operators, and centralized investigation and handling of business operators who violate the law.

  According to the needs of the work, the General Administration of Market Supervision may entrust the market supervision departments of provinces, autonomous regions and municipalities directly under the Central Government to carry out centralized examination of operators.

  Article 3 Concentration of business operators as mentioned in these Provisions refers to the following situations as stipulated in Article 25 of the Anti-monopoly Law:

  (1) merger of operators;

  (2) An operator obtains control over other operators by acquiring equity or assets;

  (3) An operator obtains control over other operators by means of contracts or can exert decisive influence on other operators.

  Article 4 To determine that an operator has control over other operators or can exert decisive influence on other operators, it shall take into account the fact that the operator directly or indirectly holds voting rights or similar rights and interests of other operators, as well as the influence on the appointment and removal of senior management personnel, financial budget, business plan and other business decisions and management of other operators.

  To judge whether an operator obtains control over other operators or can exert decisive influence on other operators through transactions, the following factors shall be considered:

  (a) the purpose of the transaction and future plans;

  (2) The ownership structure of other operators before and after the transaction and its changes;

  (3) Voting matters and voting mechanism of other operators’ shareholders’ meetings and other power institutions, as well as their historical attendance rate and voting situation;

  (4) The composition of decision-making or executive bodies such as the board of directors of other operators and their voting mechanisms;

  (five) the appointment and removal of senior management personnel of other operators;

  (six) the relationship between the shareholders and directors of other operators, whether there are entrusted voting rights, concerted action, etc.;

  (seven) whether there is a major business relationship or cooperation agreement between the operator and other operators;

  (8) Other factors that should be considered.

  If two or more operators have control over other operators or can exert decisive influence on other operators, it constitutes joint control over other operators.

  Article 5 The General Administration of Market Supervision shall treat all operators equally when conducting centralized anti-monopoly review and investigation of operators.

  Article 6 The General Administration of Market Supervision shall improve the centralized classification and grading examination system for business operators.

  The General Administration of Market Supervision may formulate specific examination measures for the concentration of operators in important fields such as the national economy and people’s livelihood.

  The General Administration of Market Supervision regularly evaluates the implementation effect of the centralized review system for operators, so as to improve the quality and efficiency of the review.

  Chapter II Centralized Declaration by Operators

  Article 7 Where the concentration of business operators meets the reporting standards stipulated by the State Council (hereinafter referred to as the reporting standards), the business operators shall report to the General Administration of Market Supervision in advance, and the concentration shall not be implemented without reporting or obtaining approval after reporting.

  Where the concentration of business operators fails to meet the reporting standards, but there is evidence that the concentration of business operators has or may have the effect of eliminating or restricting competition, the General Administration of Market Supervision may require the business operators to declare and notify the business operators in writing. Where concentration has been implemented, the General Administration of Market Supervision may require the operator to make up the report within 180 days.

  For the concentration of business operators mentioned in the preceding paragraph, business operators shall submit documents and materials to the General Administration of Market Supervision in accordance with Article 14 of these Provisions. If the concentration has not been implemented, the operator shall not implement the concentration without reporting or obtaining approval after reporting; Where concentration has been implemented, the General Administration of Market Supervision may require operators to stop implementing concentration or take other necessary measures.

  Article 8 Turnover includes the income obtained by relevant operators from selling products and providing services in the previous fiscal year, after deducting relevant taxes and surcharges.

  The "previous fiscal year" mentioned in the preceding paragraph refers to the fiscal year preceding the signing date of the centralized agreement.

  Article 9 Operators participating in concentration as mentioned in these Provisions refer to the following operators:

  (1) Where operators are merged, the parties to the merger are the operators participating in the concentration.

  (2) If an operator obtains independent control over other operators, or changes from joint control to independent control over other operators, the operator and other operators who have obtained independent control shall be the operators participating in the concentration.

  (3) An operator obtains joint control over other operators, and all operators and other operators who jointly control the other operators after the transaction are all operators participating in the concentration. However, other operators were originally controlled by a single operator. After the transaction, this operator changed from separate control to joint control over other operators. After the transaction, all operators who jointly control other operators are operators who participate in concentration, and other operators are not operators who participate in concentration.

  (4) Where the operators establish a new joint venture, the operators who jointly control the new joint venture are the operators who participate in the concentration, and the new joint venture is not the operators who participate in the concentration.

  (5) If an operator can exert decisive influence on other operators, the operator and other operators shall be the operators participating in the concentration.

  Article 10 The turnover of an operator participating in concentration shall be the sum of the turnover of the operator and all operators who have direct or indirect control relations with the operator at the time of reporting, but excluding the turnover among the above operators.

  When an operator acquires a component of another operator, if the transferor no longer has control over the component or cannot exert decisive influence, the turnover of the target operator only includes the turnover of the component.

  When there are other operators under common control between the operators participating in the concentration or between the operators participating in the concentration and the operators not participating in the concentration, the turnover of the operators participating in the concentration shall include the turnover between the operators under common control and the third-party operators, and this turnover shall be calculated only once.

  The calculation of the turnover of financial operators shall be carried out in accordance with the relevant provisions on the calculation of the turnover of centralized declaration by financial operators.

  Article 11 The concentration of operators who fail to meet the reporting standards for many times within two years between the same operators shall be regarded as a concentration, and the concentration time shall be counted from the last transaction, and the turnover of the operators participating in the concentration shall be calculated by combining multiple transactions. Operators who carry out the above-mentioned acts through other operators who have control relations with them shall be dealt with in accordance with these provisions.

  The term "two years" as mentioned in the preceding paragraph refers to the period from the date of completion of the first transaction to the date of signing the agreement for the last transaction.

  Article 12 The General Administration of Market Supervision shall strengthen the guidance on centralized declaration of business operators. Before the formal declaration, the business operator may put forward specific issues for discussion to the General Administration of Market Supervision in writing on the centralized declaration.

  Article 13 Concentration of business operators through merger, and all parties to the merger are reporting obligors; Under other circumstances, the operator who is concentrated, obtains control or can exert decisive influence is the declaration obligor, and other operators shall cooperate.

  If there are more than one declaration obligor in the same business operator, one declaration obligor may be entrusted to declare. If the entrusted declaration obligor fails to declare, other declaration obligors cannot be exempted from the declaration obligation. If the declaration obligor fails to declare, other operators involved in concentration may file a declaration.

  The declarant may declare by himself or entrust others to declare on his behalf according to law.

  Article 14 The application documents and materials shall include the following contents:

  (1) a declaration. The declaration shall specify the name, domicile (place of business), business scope and scheduled date of concentration of the business operators participating in the concentration, and attach the applicant’s identity certificate or registration documents. The overseas applicant shall also submit the notarization documents and relevant authentication documents of the local notary office. Where an agent is entrusted to declare, a power of attorney shall be submitted.

  (2) An explanation of the impact of concentration on the competition in the relevant market. Including the overview of centralized transactions; Definition of relevant markets; The market share of the operators involved in concentration in the relevant market and their control over the market; Main competitors and their market share; Market concentration; Market entry; Current situation of industry development; The influence of concentration on market competition structure, industry development, technological progress, innovation, national economic development, consumers and other operators; Effect evaluation and basis of concentration on relevant market competition.

  (3) Centralized agreement. Including various forms of centralized agreement documents, such as agreements, contracts and corresponding supplementary documents.

  (4) The financial and accounting reports of the operators participating in the concentration in the last fiscal year audited by an accounting firm.

  (5) Other documents and materials required by the General Administration of Market Supervision.

  The declarant and the declarant’s agent shall be responsible for the authenticity of the declaration documents and materials.

  Article 15 The applicant shall mark the business secrets, undisclosed information, confidential business information, personal privacy or personal information in the application documents and materials, and submit the public version and confidential version of the application documents and materials at the same time. The application documents and materials shall be in Chinese.

  Article 16 The General Administration of Market Supervision shall check the documents and materials submitted by the applicant, and if it finds that the application documents and materials are incomplete, it may require the applicant to make up them within the prescribed time limit. If the applicant fails to pay the overdue fee, it shall be deemed as undeclared.

  Article 17 If the General Administration of Market Supervision considers that the application documents and materials meet the statutory requirements after verification, it shall formally accept them and notify the applicant in writing from the date of receiving the complete application documents and materials.

  Article 18 Where the concentration of business operators fails to meet the declaration standards, the business operators who participate in the concentration voluntarily file a declaration of concentration of business operators, and the General Administration of Market Supervision considers it necessary to formally accept the declaration documents and materials after review, it shall review them and make a decision in accordance with the Anti-monopoly Law.

  Nineteenth in any of the following circumstances, the operator can declare as a summary case, and the General Administration of Market Supervision will review it according to the summary case procedure:

  (1) In the same relevant market, the sum of the market shares of the operators participating in concentration is less than 15%; In the upstream and downstream markets, the market share of operators participating in concentration is less than 25%; Operators who are not in the same relevant market and have no upstream or downstream relationship have a market share of less than 25% in each market related to transactions;

  (two) the business operators involved in concentration set up joint ventures outside China, and the joint ventures are not engaged in economic activities in China;

  (three) the business operators who participate in the concentration purchase the equity or assets of an overseas enterprise, which is not engaged in economic activities in China;

  (4) A joint venture jointly controlled by two or more operators is controlled by one or more of them through centralization.

  Twentieth in accordance with the provisions of article nineteenth, but there is one of the following circumstances, not as a summary case:

  (1) A joint venture jointly controlled by two or more operators is controlled by one of them through centralization, and the operator and the joint venture belong to competitors in the same relevant market, and the total market share is more than 15%;

  (two) the relevant market involved in the concentration of business operators is difficult to define;

  (three) the concentration of operators may have adverse effects on market entry, technological progress and innovation;

  (four) the concentration of business operators may have adverse effects on consumers and other relevant business operators;

  (five) the concentration of operators may have an adverse impact on the development of the national economy;

  (6) Other circumstances that the General Administration of Market Supervision considers may adversely affect market competition.

  Chapter III Centralized Examination of Operators

  Article 21 The General Administration of Market Supervision shall, within 30 days from the date of formal acceptance, conduct a preliminary examination of the declared business operators, make a decision on whether to implement further examination, and notify the business operators in writing.

  If the General Administration of Market Supervision decides to implement further review, it shall complete the review within 90 days from the date of decision, make a decision on whether to prohibit the concentration of operators, and notify the operators in writing. In case of compliance with the provisions of the second paragraph of Article 31 of the Anti-monopoly Law, the General Administration of Market Supervision may extend the review period stipulated in this paragraph for a maximum of 60 days.

  Article 22 In the course of review, in case of any circumstance specified in Article 32 of the Anti-monopoly Law, the General Administration of Market Supervision may decide to suspend the calculation of the review period of concentration of business operators and notify the reporting obligor in writing, and the calculation of the review period shall be suspended from the date of making the decision.

  The review period shall continue to be calculated from the date when the situation of suspending the calculation of the review period is eliminated. The General Administration of Market Supervision shall make a decision to continue to calculate the review period and notify the reporting obligor in writing.

  Article 23 In the process of review, if the reporting obligor or other trading party fails to submit documents and materials in accordance with the provisions, which will lead to the failure of the review, the General Administration of Market Supervision shall notify the operators in writing to make corrections within a time limit.

  If it is really difficult to submit documents and materials within the time limit specified in the notice of the preceding paragraph, the reporting obligor or other parties may explain the reasons to the General Administration of Market Supervision, which may extend the time limit for correction.

  If the reporting obligor or other trading party fails to submit documents and materials within the time limit for correction, or the documents and materials submitted do not meet the requirements, the General Administration of Market Supervision may make a decision to suspend the calculation of the review period.

  After the review period is suspended, if the reporting obligor or other trading parties supplement the documents and materials that meet these provisions, so that the obstacles that the review cannot be carried out are eliminated, the General Administration of Market Supervision shall make a decision to continue to calculate the review period.

  Article 24 In the course of the review, new situations and facts that have a significant impact on the review appear, and the General Administration of Market Supervision needs to verify the relevant situations and facts. If the review cannot be carried out without verification, it may make a decision to suspend the calculation of the review period.

  If the facts submitted by the reporting obligor in the reporting documents and materials have changed significantly, or other new situations and facts that the reporting obligor knows or should know have a significant impact on the review, it shall take the initiative to report to the General Administration of Market Supervision and supplement the documents and materials.

  After completing the verification, the General Administration of Market Supervision shall make a decision to continue to calculate the review period.

  Article 25 If the General Administration of Market Supervision informs the business operators that it is necessary to further evaluate the restrictive conditions attached to the concentration of business operators, the business operators may request to suspend the calculation of the review period. If the General Administration of Market Supervision deems it necessary, it shall agree to the request for suspension and make a decision to suspend the calculation of the review period.

  Where the General Administration of Market Supervision completes the evaluation and informs the reporting obligor of the evaluation results, it shall make a decision to continue to calculate the review period.

  Twenty-sixth before the General Administration of Market Supervision makes a review decision, the applicant shall submit a written application and explain the reasons for withdrawing the centralized declaration of business operators. With the consent of the General Administration of Market Supervision, the applicant may withdraw the declaration.

  If there is a major change in the centralized trading situation or the competition situation in the relevant market and it is necessary to declare again, the applicant shall apply for withdrawal.

  If the centralized declaration of the operator is withdrawn, the review procedure shall be terminated. The consent of the General Administration of Market Supervision to withdraw the declaration shall not be regarded as the approval of concentration.

  Article 27 During the review, the General Administration of Market Supervision may, according to the needs of the review, require the applicant to supplement the relevant documents and materials within the prescribed time limit.

  The applicant can take the initiative to provide relevant documents and materials that will help to review and make decisions on the concentration of business operators.

  Article 28 During the review process, the business operators participating in concentration may make written statements on the relevant declaration matters to the General Administration of Market Supervision by means of letters, faxes and emails, and the General Administration of Market Supervision shall listen to the statements of the parties concerned.

  Twenty-ninth in the process of review, the General Administration of Market Supervision may, according to the needs of review, solicit the opinions of relevant government departments, trade associations, operators, consumers and other units or individuals.

  Thirtieth review of the concentration of business operators, should consider the following factors:

  (a) the market share of the operators involved in concentration in the relevant market and their control over the market;

  (2) Market concentration of relevant markets;

  (three) the impact of the concentration of operators on market entry, technological progress and innovation;

  (four) the impact of the concentration of operators on consumers and other relevant operators;

  (five) the impact of the concentration of operators on the development of the national economy;

  (six) other factors that should be considered to affect market competition.

  Article 31 To evaluate the competitive impact of concentration of business operators, we can examine the ability, motivation and possibility of relevant business operators to exclude or restrict competition individually or jointly.

  Where the upstream and downstream markets or related markets are involved, the ability, motivation and possibility of relevant operators to use their control power in one or more markets to exclude or restrict competition in other markets can be investigated.

  Article 32 To evaluate the market control power of operators participating in concentration, we can consider the market share of operators participating in concentration in relevant markets, the degree of substitution of products or services, the ability to control the sales market or raw material procurement market, financial resources and technical conditions, as well as the market structure of relevant markets, the production capacity of other operators, the purchasing power of downstream customers and the ability to switch suppliers, and the offset effect of potential competitors.

  To evaluate the market concentration of relevant markets, we can consider the number of operators and market share of relevant markets.

  Article 33 To evaluate the influence of concentration of operators on market entry, we can consider the influence of operators on market entry by controlling production factors, sales and procurement channels, key technologies, key facilities and data, and consider the possibility, timeliness and sufficiency of entry.

  To evaluate the influence of operator concentration on technological progress and innovation, we can consider the influence of operator concentration on technological innovation motivation, investment and utilization of technological research and development, and integration of technological resources.

  Article 34 To evaluate the impact of concentration of business operators on consumers, we may consider the impact of concentration of business operators on the quantity, price, quality and diversification of products or services.

  To evaluate the impact of concentration of operators on other relevant operators, we can consider the impact of concentration of operators on competitive conditions such as market entry and trading opportunities of operators in the same related market, upstream and downstream markets or related markets.

  Article 35 To evaluate the impact of concentration of business operators on national economic development, we can consider the impact of concentration of business operators on economic efficiency, business scale and the development of related industries.

  Article 36 To evaluate the competitive impact of concentration of operators, we can also comprehensively consider the impact of concentration on public interests, whether the operators participating in concentration are enterprises on the verge of bankruptcy and other factors.

  Article 37 If the General Administration of Market Supervision thinks that the concentration of business operators has or may have the effect of eliminating or restricting competition, it shall inform the applicant and set a reasonable time limit for allowing business operators participating in the concentration to submit written opinions.

  The written opinions of the operators involved in concentration shall include relevant facts and reasons, and provide corresponding evidence. If the business operators involved in concentration fail to submit written opinions within the time limit, it shall be deemed as no objection.

  Article 38 In order to reduce the effect of concentration on excluding and restricting competition, the operators participating in concentration may propose a commitment scheme with additional restrictive conditions to the General Administration of Market Supervision.

  The General Administration of Market Supervision shall evaluate the effectiveness, feasibility and timeliness of the commitment scheme, and notify the applicant of the evaluation results in a timely manner.

  If the General Administration of Market Supervision thinks that the commitment scheme is not enough to reduce the adverse impact of concentration on competition, it may negotiate with the operators involved in concentration on restrictive conditions and ask them to propose other commitment schemes within a reasonable period of time.

  Article 39 The restrictive conditions may include the following types according to the specific conditions of centralized transactions of business operators:

  (1) Structural conditions such as divestiture of tangible assets, intangible assets such as intellectual property rights and data or related rights and interests (hereinafter referred to as divestiture business);

  (2) Behavioral conditions such as opening its network or platform infrastructure, licensing key technologies (including patents or other intellectual property rights), terminating exclusive agreements, maintaining independent operation, modifying platform rules or algorithms, and promising compatibility or not lowering the level of interoperability;

  (3) Comprehensive conditions combining structural conditions and behavioral conditions.

  Generally speaking, the divestiture business should have all the elements needed for effective competition in relevant markets, including tangible assets, intangible assets, equity, key personnel and customer agreements or supply agreements. The divestiture target can be subsidiaries, branches or business departments that participate in centralized operators.

  Article 40 Where there is a risk that the commitment scheme cannot be implemented, the business operators participating in the concentration may put forward alternative schemes. Alternatives should take effect after the first option cannot be implemented, and the conditions are more stringent than the first option.

  The commitment scheme is divestiture, but under any of the following circumstances, the operators participating in concentration may propose specific buyers and divestiture time in the commitment scheme:

  (a) there are great difficulties in stripping;

  (2) There are great risks in maintaining the competitiveness and marketability of the divestiture business before divestiture;

  (3) The identity of the buyer has an important influence on whether the divestiture business can resume market competition;

  (4) Other circumstances deemed necessary by the General Administration of Market Supervision.

  Article 41 For the concentration of business operators that have or may have the effect of eliminating or restricting competition, the General Administration of Market Supervision may make a decision to approve the additional restrictive conditions if the commitment scheme with additional restrictive conditions proposed by the business operators participating in the concentration can effectively reduce the adverse impact of concentration on competition.

  Where the operators participating in concentration fail to propose a commitment scheme with additional restrictive conditions within the prescribed time limit, or the proposed commitment scheme cannot effectively reduce the adverse impact of concentration on competition, the General Administration of Market Supervision shall make a decision prohibiting concentration of operators.

  Article 42 Where there is evidence that the concentration of business operators who fail to meet the reporting standards is suspected to have or may have the effect of eliminating or restricting competition, the General Administration of Market Supervision shall conduct verification and require business operators and relevant parties to provide documents and materials.

  After verification, if there is evidence that the operators who fail to meet the reporting standards have or may have the effect of eliminating or restricting competition, and the operators declare in accordance with Article 7 of these Provisions, the General Administration of Market Supervision shall conduct a review in accordance with the provisions of this Chapter.

  Chapter IV Supervision and Implementation of Restrictive Conditions

  Article 43 For the concentration of business operators approved with additional restrictive conditions, the obligor shall strictly fulfill the obligations stipulated in the review decision, and report the fulfillment of restrictive conditions to the General Administration of Market Supervision as required.

  The General Administration of Market Supervision may supervise and inspect the obligor’s performance of restrictive conditions by itself or through the trustee. If it passes the supervision and inspection of the trustee, the General Administration of Market Supervision shall make it clear in the review decision. Trustee includes supervision trustee and stripping trustee.

  The obligor refers to the operator who is required to fulfill the relevant obligations in the review decision of approving the concentration of operators with additional restrictive conditions.

  Supervisory trustee refers to a natural person, legal person or other organization entrusted by the obligor and determined by the General Administration of Market Supervision, which is responsible for supervising the obligor’s implementation of restrictive conditions and reporting to the General Administration of Market Supervision.

  The divestiture trustee refers to the natural person, legal person or other organization entrusted by the obligor and determined by the General Administration of Market Supervision, which is responsible for selling the divestiture business at the entrusted divestiture stage and reporting to the General Administration of Market Supervision.

  Article 44 If the trustee passes the supervision and inspection, the obligor shall submit the supervision trustee to the General Administration of Market Supervision within 15 days from the date when the General Administration of Market Supervision makes the examination decision. If the restrictive condition is divestiture, the obligor shall submit the candidate for divestiture trustee to the General Administration of Market Supervision 30 days before entering the entrusted divestiture stage. The trustee shall meet the following requirements:

  (a) independent of the obligor and the buyer of the divestiture business;

  (2) Having a professional team to perform the duties of the trustee, and the team members shall have the professional knowledge, skills and relevant experience needed to supervise the restrictive conditions;

  (3) Being able to put forward a feasible work plan;

  (4) It has not been punished in the process of being a trustee in the past five years;

  (5) Other requirements put forward by the General Administration of Market Supervision.

  After the General Administration of Market Supervision evaluates and determines the trustee, the obligor shall sign a written agreement with the trustee to clarify their respective rights and obligations, and report to the General Administration of Market Supervision for approval. The trustee shall perform his duties diligently and dutifully. The obligor shall pay remuneration to the trustee and provide necessary support and convenience for the trustee.

  Article 45 If the additional restrictive condition is divestiture, the divestiture obligor shall, within the time limit specified in the review decision, find a suitable divestiture buyer by himself, sign a sale agreement, and complete the divestiture after reporting to the General Administration of Market Supervision for approval. If the divestiture obligor fails to complete the divestiture within the prescribed time limit, the General Administration of Market Supervision may require the obligor to entrust the divestiture trustee to find a suitable divestiture buyer within the prescribed time limit. The buyer of divestiture business shall meet the following requirements:

  (a) independent of the operators involved in concentration;

  (2) Having the necessary resources and capabilities and being willing to use the divestiture business to participate in market competition;

  (3) Obtaining the approval of other regulatory agencies;

  (4) It is not allowed to purchase divestiture business by financing from the operators participating in concentration;

  (five) other requirements put forward by the General Administration of Market Supervision according to the specific circumstances of the case.

  When the buyer has or can obtain some assets or rights and interests in the divestiture business from other channels, he may apply to the General Administration of Market Supervision for necessary adjustment of the scope of the divestiture business.

  Article 46 In principle, the obligor shall submit to the General Administration of Market Supervision for examination at least three candidates for supervision trustee, divestiture trustee and divestiture buyer. Under special circumstances, with the consent of the General Administration of Market Supervision, there may be less than three such candidates.

  The General Administration of Market Supervision shall review the trustee and entrustment agreement, the divestiture buyer and the sale agreement submitted by the obligor to ensure that they meet the requirements of the review decision.

  If the restrictive condition is divestiture, the time spent in the above review by the General Administration of Market Supervision shall not be included in the divestiture period.

  Article 47 If the review decision does not stipulate the time limit for self-divestiture, the divestiture obligor shall find a suitable buyer and sign a sale agreement within six months from the date of the review decision. Upon the application of the divestiture obligor and explanation of the reasons, the General Administration of Market Supervision may, at its discretion, extend the period of self-divestiture, but the extension shall not exceed three months.

  If the review decision does not stipulate the term of entrusted divestiture, the divestiture trustee shall find a suitable buyer and sign a sale agreement within six months from the date of entrusted divestiture.

  Article 48 The divestiture obligor shall sign a sale agreement with the buyer after the General Administration of Market Supervision has examined and approved the buyer and the sale agreement, and transfer the divestiture business to the buyer within three months from the date of signing, and complete the relevant legal procedures such as ownership transfer. Upon application by the divestiture obligor and explanation of reasons, the General Administration of Market Supervision may extend the term of business transfer as appropriate.

  Article 49 If the divestiture business purchased by the buyer approved by the General Administration of Market Supervision meets the reporting standards, the operator who has obtained the control right shall report it to the General Administration of Market Supervision as a new operator. Before the General Administration of Market Supervision makes a review decision, the divestiture obligor shall not sell the divestiture business to the buyer.

  Article 50 Before the divestiture is completed, the divestiture obligor shall perform the following obligations in order to ensure the continuity, competitiveness and marketability of the divestiture business:

  (1) Maintain the independence between the divestiture business and its reserved business, and take all necessary measures to manage the divestiture business in the most suitable way;

  (2) Do not commit any acts that may adversely affect the divestiture business, including hiring key employees of the divestiture business and obtaining business secrets or other confidential information of the divestiture business;

  (3) Designate a special manager to manage the divestiture business. The administrator shall perform his duties under the supervision of the supervisory trustee, and his appointment and replacement shall be agreed by the supervisory trustee;

  (four) to ensure that potential buyers can obtain sufficient information about the divestiture business in a fair and reasonable way, and evaluate the commercial value and development potential of the divestiture business;

  (5) Providing necessary support and convenience to the buyer according to his requirements to ensure the smooth handover and stable operation of the stripping business;

  (6) hand over the stripping business to the buyer in time and perform relevant legal procedures.

  Article 51 A supervisory trustee shall perform the following duties under the supervision of the General Administration of Market Supervision:

  (a) to supervise the obligor to fulfill the obligations stipulated in these Provisions, the review decision and the relevant agreements;

  (2) Evaluate the buyer recommended by the divestiture obligor and the sale agreement to be signed, and submit the evaluation report to the General Administration of Market Supervision;

  (3) To supervise the implementation of the agreement on the sale of divestiture business and submit supervision reports to the General Administration of Market Supervision on a regular basis;

  (four) to coordinate the disputes between the stripping obligor and the potential buyer on the stripping matters;

  (5) Submit other reports related to the obligor’s performance of restrictive conditions as required by the General Administration of Market Supervision.

  Without the consent of the General Administration of Market Supervision, the supervision trustee shall not disclose all kinds of reports and related information submitted to the General Administration of Market Supervision in the course of performing his duties.

  Article 52 In the entrusted divestiture stage, the divestiture trustee is responsible for finding a buyer for the divestiture business and reaching a sale agreement.

  The divestiture trustee has the right to sell the divestiture business without reserve price.

  Article 53 The examination decision shall stipulate the time limit for attaching restrictive conditions.

  According to the review decision, if the restrictive conditions are automatically lifted when they expire, the restrictive conditions will be automatically lifted if the obligor does not violate the review decision after verification by the General Administration of Market Supervision. If the obligor violates the review decision, the General Administration of Market Supervision may appropriately extend the time limit for attaching restrictive conditions and announce it to the public in a timely manner.

  According to the review decision, if the obligor needs to apply for cancellation after the restrictive conditions expire, the obligor shall submit a written application and explain the reasons. If the General Administration of Market Supervision decides to lift the restrictive conditions after evaluation, it shall announce it to the public in a timely manner.

  The restrictive condition is divestiture. If the obligor fulfills all obligations after verification by the General Administration of Market Supervision, the restrictive condition will be automatically lifted.

  Article 54 During the effective period of the examination decision, the General Administration of Market Supervision may re-examine, change or terminate the restrictive conditions on its own initiative or at the request of the obligor. If the General Administration of Market Supervision decides to change or lift the restrictive conditions, it shall announce it to the public in a timely manner.

  When changing or lifting restrictive conditions, the General Administration of Market Supervision shall consider the following factors:

  (a) whether there are major changes in centralized trading parties;

  (2) Whether there has been a substantial change in the competitive situation in the relevant market;

  (3) Whether it is unnecessary or impossible to implement restrictive conditions;

  (4) Other factors that should be considered.

  Chapter V Investigation on illegal concentration of business operators

  Article 55 If the concentration of business operators reaches the declaration standard, and the business operators fail to declare the concentration, or implement the concentration without approval after the declaration, or violate the examination decision, an investigation shall be conducted in accordance with the provisions of this chapter.

  Operators who fail to meet the reporting standards are concentrated, and if the operators fail to report in accordance with Article 7 of these Provisions, the General Administration of Market Supervision shall conduct an investigation in accordance with the provisions of this Chapter.

  The term "concentration of implementation" as mentioned in these Provisions refers to the act of gaining control over other operators or exerting decisive influence on them, including but not limited to completing the registration of change of shareholders or rights, appointing senior management personnel, actually participating in business decision-making and management, exchanging sensitive information with other operators, and substantially integrating business.

  Article 56 Any unit or individual has the right to report to the General Administration of Market Supervision on the suspected illegal concentration of business operators. The General Administration of Market Supervision shall keep confidential the informants.

  If the report is in written form, and provides the basic information of the informant and the reported person, relevant facts and evidence suspected of illegally implementing the concentration of business operators, etc., the General Administration of Market Supervision shall conduct necessary verification.

  Article 57 If there are preliminary facts and evidence that show that there is suspicion of illegal concentration of business operators, the General Administration of Market Supervision shall file a case and notify the business operators under investigation in writing.

  Article 58 The business operators under investigation shall, within 30 days from the date when the notice of filing a case is served, submit to the General Administration of Market Supervision relevant documents and materials, such as whether they belong to the concentration of business operators, whether they meet the reporting standards, whether they declare, whether they are illegally implemented, etc. Where article 19 of these Provisions is involved, it shall be applied by reference.

  Other operators or individuals involved in the suspected illegal concentration of operators shall provide relevant documents and materials as required and cooperate with the investigation by the General Administration of Market Supervision.

  Article 59 The General Administration of Market Supervision shall, within 30 days from the date of receiving the documents and materials submitted by the business operators under investigation in accordance with Article 58 of these Provisions, conduct a centralized preliminary investigation on whether the transactions under investigation are illegal.

  In case of illegal concentration of business operators, the General Administration of Market Supervision shall make a decision on further investigation and notify the business operators under investigation in writing. Business operators should stop illegal activities.

  If the concentration of business operators is not illegal, the General Administration of Market Supervision shall make a decision not to conduct further investigation and notify the business operators under investigation in writing.

  Article 60 If the General Administration of Market Supervision decides to conduct further investigation, the operators under investigation shall submit relevant documents and materials to the General Administration of Market Supervision in accordance with the provisions of these Provisions on centralized declaration documents and materials of operators within 30 days from the date of receiving the written notice from the General Administration of Market Supervision.

  The General Administration of Market Supervision shall complete the further investigation within 120 days from the date of receiving the documents and materials submitted by the investigated business operators that conform to the provisions of the preceding paragraph.

  In the further investigation stage, the General Administration of Market Supervision shall, in accordance with the Anti-monopoly Law and these Provisions, evaluate whether the transaction under investigation has or may have the effect of excluding or restricting competition.

  Article 61 During the investigation, the business operators and interested parties under investigation have the right to state their opinions. The General Administration of Market Supervision shall verify the facts, reasons and evidence put forward by the operators and interested parties under investigation.

  Article 62 Before making a decision on administrative punishment, the General Administration of Market Supervision shall inform the business operators under investigation of the facts, reasons and basis for making the decision on administrative punishment.

  The business operators under investigation shall submit written opinions within the time limit prescribed by the General Administration of Market Supervision. The written opinions shall include relevant facts and evidence.

  Article 63 The General Administration of Market Supervision shall make a decision on the illegal concentration of business operators according to law and make it public.

  Article 64 Where the concentration of business operators is illegally implemented and the General Administration of Market Supervision decides to take necessary measures to restore the state before concentration, the supervision and implementation of relevant measures shall be implemented with reference to Chapter IV of these Provisions.

  Chapter VI Legal Liability

  Article 65 A business operator who violates the provisions of the Anti-monopoly Law to implement concentration shall be punished in accordance with the provisions of Article 58 of the Anti-monopoly Law.

  The "previous year" as mentioned in Article 58 of the Anti-monopoly Law refers to the previous fiscal year on the date of the illegal concentration.

  Article 66 If the declarant conceals relevant information or provides false materials, the General Administration of Market Supervision will not file or cancel the filing of the centralized declaration by the operator, and may impose penalties in accordance with Article 62 of the Anti-monopoly Law.

  The declaration agent shall examine the declaration documents and materials, and shall be punished in accordance with the provisions of the preceding paragraph if it conceals relevant information or provides false materials. If the circumstances are serious, the General Administration of Market Supervision may decide not to accept the declaration of its agent.

  Article 67 When determining the specific fine amount according to the Anti-monopoly Law and Articles 65 and 66 of these Provisions, the General Administration of Market Supervision shall, in accordance with the requirements of Article 59 of the Anti-monopoly Law, consider the nature, extent, duration of the illegal act and the situation of eliminating the consequences of the illegal act.

  Where a party voluntarily reports an illegal act that has not been mastered by the General Administration of Market Supervision, or voluntarily eliminates or mitigates the harmful consequences of the illegal act, the General Administration of Market Supervision shall, according to Article 32 of the Administrative Punishment Law, give a lighter or mitigated punishment as appropriate.

  Article 68 Where the General Administration of Market Supervision imposes administrative penalties on business operators in accordance with the Anti-monopoly Law and Articles 65 and 66 of these Provisions, it shall be recorded in the credit records in accordance with Article 64 of the Anti-monopoly Law and relevant provisions of the State and publicized to the public.

  Article 69 If the trustee fails to perform his duties as required, the General Administration of Market Supervision shall order him to make corrections; If the circumstances are serious, the obligor may be required to replace the trustee, and the trustee may be fined not more than 200,000 yuan.

  Article 70 If the buyer of the divestiture business fails to fulfill its obligations according to the regulations, which affects the implementation of restrictive conditions, the General Administration of Market Supervision shall order it to make corrections and may impose a fine of less than 200,000 yuan.

  Article 71 In case of violation of Chapter IV of the Anti-monopoly Law and these Provisions, if the circumstances are particularly serious, the impact is particularly bad, and the consequences are particularly serious, the General Administration of Market Supervision may determine the amount of the fine in Articles 58 and 62 of the Anti-monopoly Law and Articles 65 and 66 of these Provisions.

  Article 72 Any functionary of an anti-monopoly law enforcement agency who abuses his power, neglects his duty, engages in malpractices for selfish ends or divulges state secrets, business secrets, personal privacy and personal information that he has learned in the course of law enforcement shall be dealt with in accordance with relevant regulations.

  During the investigation, the anti-monopoly law enforcement agencies found clues about public officials’ duty violations and duty crimes, and should promptly hand them over to the discipline inspection and supervision organs with jurisdiction.

  Chapter VII Supplementary Provisions

  Article 73 The General Administration of Market Supervision and other units and individuals shall be obliged to keep confidential the known business secrets, undisclosed information, confidential business information, personal privacy and personal information, except those that should be disclosed according to laws and regulations or with the prior consent of the obligee.

  Article 74 In the process of examination or investigation, the General Administration of Market Supervision may organize a hearing. The hearing procedure shall be implemented in accordance with the Interim Provisions on the Procedures for Administrative Licensing of Market Supervision and Administration and the Measures for Hearing Administrative Punishment of Market Supervision and Administration.

  Article 75 For written documents that need to be delivered to business operators, the delivery method shall be implemented with reference to the Provisions on Administrative Punishment Procedures for Market Supervision and Administration.

  Article 76 These Provisions shall come into force as of _ _ _ 2022.

  Explanation on the Provisions on Centralized Examination of Operators (Draft for Comment)

  Supporting the Anti-Monopoly Law (Amendment), the General Administration of Market Supervision revised the Interim Provisions on Centralized Examination of Operators (hereinafter referred to as the Interim Provisions) and formed the Provisions on Centralized Examination of Operators (Draft for Comment) (hereinafter referred to as the Provisions). The relevant information is as follows:

  First, the necessity of revision

  (A) the inherent requirements of strengthening the supply of basic systems.The Anti-monopoly Law (Amendment) puts forward higher requirements for further improving the centralized review system of operators, including improving the centralized classification and grading review system of operators, adding the centralized stop system of operators, improving the review and investigation of operators who fail to meet the reporting standards, and strengthening the legal responsibility for illegally implementing the centralized behavior of operators. As a supporting regulation, it is necessary to revise and implement the relevant requirements of the Anti-Monopoly Law (Amendment) to provide a fair, transparent and predictable institutional environment for market participants.

  (two) to adapt to the objective needs of economic development and market operation.China has become a super-large-scale market with a total economic output of 114 trillion, 150 million market participants and 1.4 billion consumers. The degree of marketization and participation in global economic globalization have undergone profound changes, and the competition and cooperation of market forces have been profoundly adjusted. Strengthen the centralized anti-monopoly review of operators, give full play to the function of prevention in advance, effectively prevent enterprises from distorting the market competition structure through mergers and acquisitions, resulting in the effect of eliminating and restricting competition, shift regulatory resources from stopping monopoly to preventing monopoly, improve regulatory efficiency, and prevent the loss of overall social welfare due to monopolistic behavior.

  (3) The inevitable requirement of promoting the construction of a high-standard market system.Since the implementation of the centralized anti-monopoly review system for business operators in China, it has been committed to improving the quality and efficiency of the review, and has played a role in helping enterprises optimize and reorganize, transform and upgrade their economies, and safeguard the interests of consumers. Through this revision, we will further standardize and optimize the process of centralized anti-monopoly declaration and review by operators, improve the quality and efficiency of law enforcement, reduce the burden on operators, continuously stimulate market vitality and social creativity, and make centralized anti-monopoly review by operators better serve the high-quality development of our economy and society.

  Second, the main principles of the revision

  (1) Implementing the spirit of the revision of the anti-monopoly law.Accurately grasp the latest institutional requirements of the Anti-Monopoly Law, focus on the relevant requirements and provisions of the Anti-Monopoly Law on improving the centralized examination system for operators, and make a good connection with the superior law system.

  (2) Adhere to the problem orientation.Summarize the experience of centralized review of operators, respond to the problems reflected in practice, such as the definition of operators participating in concentration and the judgment of implementing concentration, and enhance the transparency of the system of centralized rules for operators.

  (3) Adhere to service development.Improve the centralized classification and grading review system for operators, optimize the centralized anti-monopoly review process for operators, and improve the quality and efficiency of review. Refine the clock-stopping system, enhance the operability and predictability of the legal system, reduce the institutional cost of enterprises, and create a fair and predictable institutional environment.

  (4) Insist on eclecticism.On the basis of extensively soliciting opinions from all parties, we will compare and study the experience and practices of other jurisdictions, and learn from the latest developments of legislative enforcement in other jurisdictions to ensure the scientific and effective legal system.

  Third, the main work carried out

  In accordance with the requirements of scientific legislation, democratic legislation, legal legislation and open-door legislation, the General Administration of Market Supervision has solidly promoted the revision work through legislative research, theoretical research and soliciting opinions.

  The first is to carry out legislative research.Comprehensively sort out the practical experience of centralized review of operators in China, and strengthen the research on the new trend of centralized review system and law enforcement cases of operators in major foreign jurisdictions, and refine and summarize mature experiences and practices.

  The second is organizational theory research.Entrust experts from the Expert Advisory Group of the State Council Anti-monopoly Committee to carry out research on the optimization of centralized anti-monopoly review system for operators, so as to provide theoretical guarantee for revision.

  The third is to fully listen to the opinions of all parties.Widely solicit opinions from relevant departments, experts and scholars, law firms and enterprises.

  IV. Main contents of the revision

  There are 65 existing Interim Provisions, and this revision has revised 22 articles, added 12 articles and deleted 1 article, making a total of 76 articles. The revised contents mainly involve the following six aspects:

  (1) The system of stopping the clock during the period of centralized review by operators.According to the relevant provisions of the Anti-monopoly Law (Amendment), the detailed rules such as starting conditions, recovery conditions and application procedures are formulated in view of the three situations in which the calculation period of centralized review of operators is suspended.

  (two) review and investigation on the concentration of operators who do not meet the reporting standards.According to the Anti-Monopoly Law (Amendment), if the concentration of business operators fails to meet the reporting standards, but there is evidence to prove that it has or may have the effect of excluding or restricting competition, the General Administration of Market Supervision may require the business operators to declare. The "Regulations" further clarify that the supporting provisions of the review or investigation procedures are applicable to operators who declare or not declare as required.

  (three) on the illegal implementation of centralized investigation of operators.The first is to further clarify the concept of "implementation concentration". The second is to stipulate the obligation of the third party to cooperate with the investigation. Third, if the General Administration of Market Supervision decides to take necessary measures to restore the pre-concentration state for illegal concentration of business operators, the relevant measures shall be supervised and implemented with reference to additional restrictive conditions.

  (four) on the substantive standards and procedural provisions.The first is to clarify the definition of "operators participating in concentration" and the entity standards such as the previous fiscal year. The second is to change the "filing" procedure of centralized anti-monopoly declaration by operators into the "formal acceptance" procedure.

  (five) on improving the quality and efficiency of the review.First, it is proposed to improve the centralized classification and grading review system for operators, strengthen law enforcement in important areas such as the national economy and people’s livelihood, and regularly evaluate the review effect. The second is to enrich the types of additional restrictive conditions, include data stripping into structural conditions, and include maintaining independence, modifying platform rules or algorithms, and not reducing interoperability into behavioral conditions.

  (6) About legal liability.First, the legal responsibility of the declaration agent is increased, and the illegal responsibility of concealing or providing false materials is clarified. If the circumstances are serious, the General Administration of Market Supervision may decide not to accept the declaration of its agent. Second, according to the Anti-Monopoly Law (Amendment), the amount of fines for illegal concentration of business operators, refusal and obstruction of law enforcement has been increased. The third is to strengthen the legal responsibility of the trustee and the buyer of the divestiture business for failing to fulfill their obligations as required.

Phoenix. com Feng Xiangbiao | Dragon and Tiger Martial Arts: Hong Kong films are desperate, supported by them.

Phoenix. com Feng Xiangbiao | Dragon and Tiger Martial Arts: Hong Kong films are desperate, supported by them.

Click to enter the "Phoenix Net Index-comprehensive list of movies and dramas" to view the latest list!

Text/Li Yu

In the heyday of Hong Kong movies, I’m afraid I can’t get such a luxurious lineup-

Sammo Hung, Yuan Heping, Cheng Xiaodong, Donnie Yen, Tsui Hark, Liu Weiqiang, Tang Jili, Qian Jiale …

When these people appeared in the same movie together, they were pushed to the mainland market, and the first day box office was only323 thousand.

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Dragon and Tiger Martial Master, a documentary. Ordinary audience may not be familiar with this name, but when it comes to it,Wu Xing, body double, you can understand.

This is a special type of work formed in the golden age of Hong Kong Kung Fu movies. Countless martial artists who are silent and nameless and desperate for filming have jointly shaped Hong Kong-made action movies that shocked and admired Hollywood.

They broke windows, jumped off buildings and crashed cars … which affected generations of audiences and prospered the film market for decades. But their stories and endings are unknown.

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Pay tribute to those "desperate people"

A few days ago, Chen Musheng’s posthumous work "Anger Serious Case" exceeded 1 billion yuan at the box office, and the audience felt relieved and a little sad at the same time: the kind of kung fu in the movie,Almost perfect..

The audience also acquiesced that the golden age of Hong Kong Kung Fu movies has passed away.

So, how was the golden age created? What legacy does it leave? What is your view of the present? These problems remain unresolved.

This is the original intention of Wei Junzi, who was transformed from a film critic to a director, to direct Dragon and Tiger Warrior.

Documentary with so muchA little taste of "saving" history-Leave their oral history before those who participated in and experienced the golden age leave.

The first half of the documentary reviews the ups and downs of Hong Kong Kung Fu movies from a macro perspective.

Rise in the 1960s; In 1970s, Bruce Lee innovated the paradigm of Kung Fu movies, and "Kung Fu" enjoyed a world-class reputation.

In the 1980s, a hundred flowers blossomed, and the "Chengjiaban" headed by Jackie Chan, "Hongjiaban" headed by Sammo Hung, "Yuanjiaban" headed by Yuan Heping and "Liujiaban" headed by Liu Jialiang were in full swing.

In the 1990s, it began to slump, and after the Millennium, it was even more depressed …

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Due to copyright reasons, Shaw’s films have been briefly taken over, which has become a big regret;Not including Jackie Chan’s interview,Still something is missing; Zhang Che and Liu Jiahui were not mentioned, but maybe they were all leaked.

In the second half, we look at the present, Kung Fu movies have declined, what is the current situation of the senior martial artists, and who is keeping and spreading the fire.

"Dragon and Tiger Martial Arts Master" examines the development of Hong Kong Kung Fu movies with the profession of martial arts master. It pushes the martial arts master to the stage and makes the audience intuitively aware of the relationship between the two:It was this group of martial artists who built the ladder with their flesh and blood that Hong Kong Kung Fu films were able to reach the top.

For veteran fans, the stories in the documentary are all old materials.

But for the ordinary audience, the documentary has taken on a very important popular science function, which shocked the audience to find that the original action scenes that impressed us were all martial artists.Fight with one’s lifeIt was filmed.

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"Fighting for life" is the most impressive quality of Hong Kong martial artists. The documentary is interspersed with some cases to fully prove this point.

For example, in "never to lose", Jackie Chan slipped down from the lamppost in the middle of the shopping mall, with sparks and lightning all the way.

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Jackie Chan forced the double-decker bus to stop in the middle of the road, and three gangsters broke through the window directly because of inertia.

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In Heart of the Dragon, Qian Jiale falls from the third floor. He should have landed on the tent protruding from the first floor, then landed on the moving car, and finally bounced off the ground.

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When shooting, he missed the tent because he hit the window too hard and fell directly to the ground.The car almost ran over him and nearly died..

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There is a more thrilling scene in Heart of the Dragon. Eight people were together when the explosion happened.Jump off the seventh floor.There are only 3000 cartons downstairs for protection. After the filming of this scene, the martial artist was sent to the hospital immediately …

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The action scenes of that era were almost all really falling and hitting without any protection.

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Martial artists gave their lives and constantly challenged the limits of their bodies, resulting in thrilling and wonderful action scenes and Hong Kong."Oriental Hollywood"The reputation of.

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Ceng Zhiwei said, when foreigners came to visit our class, they asked us to do martial arts. Do you dare to do it? Whoever does this action will die. But the martial artists in Hong Kong just dare to do it.

They can’t compete with Hollywood’s technology and special effects, so they dare to fight for their lives.Stuntmen never says no.

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Feelings alone are not enough.

Why do martial artists really fight with their lives?

On the one hand, the income of Wushu teachers was high at that time. If there was a job all the time,The salary is several times that of white-collar workers..

This line is the way out for many poor children, and the competition is fierce. If you don’t dare to fight for your life, you may be eliminated. Those who dare to fight for your life are still waiting in line for opportunities.

On the other hand, it is true love.

In the documentary, Ceng Zhiwei also mentioned a detail: At that time, the teams of Wushu teachers would compete with each other. Go and see a new kung fu film when it comes out.Have a meeting immediately after reading it.Thinking about how to shoot a more difficult and powerful one for the audience.

Donnie Yen uses"painful vanity"It was quite accurate to form the mentality of the martial artist at that time. Martial artists "will do many stupid things" to prove themselves.

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However, it is impossible to support the long-term development of kung fu films only by fighting spirit and feelings.

Under the influence of internal troubles and foreign invasion, Hong Kong Kung Fu films eventually declined.

From the internal perspective, the Hong Kong filmThe industrialized system is fragile.At that time, the golden age was based on the vast film output, including excellent works and a large number of shoddy works that followed the trend. Hong Kong’s film itself is not strong in risk resistance, which lays the groundwork for the crisis.

From the external causes, feelings can’t resist the tide of the times. The rise of real estate hegemony has reduced the living space of Hong Kong’s film industry.

After the Millennium, with the rise of the mainland economy, Hong Kong has a large number of talents.Go north to developThere is a shortage of local talents.

More deadly, with the development of special effects and technology, the audience’s preference for action drama has turned to Hollywood’s big scenes, big productions and big special effects, and the attraction of real action drama is not so strong …

As soon as Hollywood hit and film investment shrank, the market soon slumped. After the talent left, it was even more hopeless.

"Dragon and Tiger Martial Master" drew a boundless ending for the past era. There are tributes, nostalgia and sentimentality.

If it has any shortcomings, it is feelings that have made this documentary, but feelings have also obscured its view of the present.

It should be noted that the passing of the golden age is of course regrettable, but the old golden age can’t go back.You don’t have to go back.

After all, that desperate film shooting technique,It is dangerous and unhealthy, and it is based on squeezing and overdrawing the body.

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Many unknown martial artists suffered from physical illness in their later years, and the root of their illness was when they were martial artists.

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Therefore, the current action drama has more protection and can rely on the power of technology.In essence, it is an improvement..

Paying tribute to the fighting spirit of the former martial artists is not to call on today’s action movies to adopt such a fighting method, but to prove themselves by fighting for their lives.

Instead, I thought, now that technology has improved and special effects have improved, there are action stunt training classes in Hong Kong, and many Mesozoic martial arts instructors have also developed northward.But why is it so hard for us to see impressive action scenes in film and television dramas over the years?

The technology and special effects of action movies have been improving, but where is the "Kung Fu"?

"Dragon and Tiger Martial Master" didn’t face it directly or answer this question. But anyway, this documentary is definitely worth seeing.

Looking back at the golden age of Hong Kong Kung Fu movies, let us remember those unknown fighters and wish them a happy old age.

The questions that the documentary failed to answer are worth exploring by the whole industry.

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Kung fu emperor! A number of Jet Li’s representative works have been broadcast on the film channel since 5.23.


Special feature of 1905 film network In recent years, martial arts dramas and movies represented by Jin Yong have once again become remakes of highlands, causing heated discussions. However, before Zhu Yu, the legendary interpretation of those who used swords to write chivalrous heroes can’t be copied today.


Mention many of these classics, and you will surely see his heroic spirit in your mind.In the golden age of kung fu movies, "Kung Fu Emperor" became the first idol of many people.

Huang Feihong, Zhang Wuji, Huo Yuanjia, Zhen Chen and many other martial arts figures he played have become classics.


Starting from May 23rd, the movie channel will broadcast a classic of Jet Li in different periods at 20:00 every night, and review six classics that I can’t get tired of watching!


Jet Li’s reputation as "Kung Fu Emperor" is not a hollow reputation.In the golden age of martial arts movies in the 1980s and 1990s, Jet Li "hit" his peak with the real kung fu of perfect combination of strength and aesthetic feeling.


stage photo


The costume action figures full of humor are one of the most brilliant and classic screen images of Jet Li.


The film (1993), which was broadcast at 20:10 on May 27th, was shot in the early 1990s. At that time, a "martial arts style" was blowing in the Hong Kong film industry.


Stills of "The Demon Sect Leader of the Dragon Slayer in Eternal Heaven"


In this "The Demon Cult of the Dragon Slayer" starring Jet Li,,,,, etc., Jet Li, who is in his prime, is handsome, vigorous and has his own unique martial arts aesthetic feeling of "strength, speed and flexibility". In the lineup of heroes, it still leaves the most impressive performance.


Stills of "The Demon Sect Leader of the Dragon Slayer in Eternal Heaven"


In the Fantasy Crossing Movie (1996), which was broadcast at 20:20 on May 24th, Jet Li,, Jet Li showed the charm of Chinese Wushu to the fullest in his absurd humor.


Stills of Adventure King


He is comfortable with every move and style. Sometimes the body is as light as a swallow, sometimes it is as heavy as a landslide, sometimes it is as fast as a whirlwind, and sometimes it is as urgent as lightning.


In the classic scene of confrontation with Japanese sumo wrestlers, Jet Li’s four strokes and two strokes are light and powerful, which makes people enjoy themselves.



It was broadcast at 20:05 on May 23rd (1994), which was even called "the textbook of Kung Fu movies".


Stills of Jingwu Hero


In Jingwu Hero, Zhen Chen, the national hero played by Jet Li, is not only the inheritor of traditional martial arts, but also the absorber of new martial arts.


The profound and solid martial arts skills have enabled Jet Li to reproduce the essence of Zhen Chen’s kungfu skills, such as "fighting quickly and fighting slowly" and "punching like a meteor".


Stills of Jingwu Hero


Not only that, Jingwu Hero changed the elegant and chic pursued by traditional martial arts drama, but adopted actual combat style. Jet Li’s pioneering "learning from foreigners to control foreigners" added MMA-like comprehensive fighting, which restored the chilling atmosphere of real fighting and made people shine at the moment.



Jet Li’s breakthrough in martial arts has amazed generations of audiences, but he didn’t stop there. It is the martial arts spirit in Jet Li’s works that really created this generation of martial arts superstar. 


In "2006", which was broadcast at 20:05 on May 26th, Jet Li not only presented us with an exquisite visual feast of China martial arts, but also fully demonstrated the virtue and meaning of martial arts, as well as the Chinese martial arts spirit contained in China martial arts.


"Huo Yuanjia" stills


Born in the late Qing Dynasty, Huo Yuanjia, who created the original "Fan Trace Boxing", is a generation of martial arts master in the modern history of China and a national hero in people’s minds.


"Huo Yuanjia" stills


Jet Li said, "I used my 42-year experience to shoot Huo Yuanjia. My outlook on life, including my views on solving problems, is integrated into this film. It can be said that this is a film about my life. " 


In order to achieve the perfect effect of this film, the whole production team spent two years preparing for shooting. As the director said: "Wushu is not to teach people to fight and show off, but to give people spiritual encouragement through this kind of exercise."



Jet Li’s interpretation in Huo Yuanjia tells us that the essence of Chinese Wushu lies in stopping fighting and winning the final victory with personality charm, which is the root of Chinese Wushu spirit.

After that, Jet Li also made more new attempts.


In the 2007 Chinese box office champion broadcast at 19:50 on May 28th, Jet Li’s performance in this film is quite different from his previous films.


Stills of warlords


He is no longer a decent figure that we are familiar with. With the role of Pang Qingyun, he has undoubtedly revealed the peep and redemption of human nature. The best actor he won in the 27th Hong Kong Film Awards proves that he has more than just martial arts.



In the "China’s First IMAX 3D Movie" (2011) broadcast at 19:50 on May 25th, Jet Li brought us into the world of "New Martial Arts" under the fusion of new technology and film aesthetics, and continuously injected fresh blood into China’s martial arts movies.


Flying swords of dragon gate.


Since Shaolin Temple, an epoch-making work in the history of martial arts movies in 1980, Jet Li has continuously used his works to let the audience in China and even the world truly feel the true level of China Wushu and the charm of the spiritual connotation of Chinese Wushu.


Jianghu is immortal, and martial arts are immortal.


From May 23rd, the movie channel will broadcast six classic works of Jet Li in different periods. Let’s relive the surging martial arts world together!


Movie guide


At 20:05 on May 23rd. 

Jingwu hero

At 20:20 on May 24th. 

Adventure king

19:50 on May 25th. 

Flying swords of dragon gate.

At 20:05 on May 26th. 

Huo Yuanjia.

At 20:10 on May 27th. 

The Demon Sect Leader of Eternal Dragon Slayer

19:50 on May 28th. 

Warlords


* The specific broadcast time is subject to the program preview of the day.


Aouita 12 was listed, with a price of 265,800, and orders exceeded 40,000 units.

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Recently, the 2024 model was officially launched, and four configurations were launched this time. The price is 265,800 yuan for 700 three-laser rear-drive intelligent edition, 278,800 yuan for 700 three-laser rear-drive luxury edition, 318,800 yuan for 650 three-laser four-wheel drive performance edition and 378,800 yuan for 650 three-laser. The new car focuses on Huijin car color, which makes Aouita car color reach seven options.

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Aouita 12 is a four-door hatchback car with a length of 5020mm, a width of 1999 mm, a height of 1460mm and a wheelbase of 3020mm. Z In this way, Aouita 12 has an axial length ratio of 0.61, a wheel height ratio of 0.514 and an aspect ratio of 1.38, and the wide tire reaches 265 mm..

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Four-wheel drive dual motors with maximum power of 425kW, maximum torque of 650N·m, maximum speed of 220km/h, official acceleration of 3.9s per 100 km and power consumption of 16kWh per 100 km.

The steering wheel of a carDescription has been automatically generated.

The maximum power of the two-drive single motor version is 230kw, the peak torque is 370N·m, the maximum speed is 215 km/h, the official acceleration is 6.7s per 100 km, and the power consumption is 15kWh per 100 km.

Near the Beijing Auto Show, various car companies have listed new products in advance. Aouita 12, which is less than 200,000 and 250,000, has started to exert its strength in the coupe market. You are reading, will you do it? Welcome to leave a message in the comment area.

Guo Fucheng’s new work was shortlisted for the Tokyo International Film Festival 10.29 world premiere

1905 movie network news byZheng BaoruiProducer,Huang QingxunDirector, Guo Fucheng andMiriam YeungTogether with a number of powerful actorsWan Ziliang,Bao Qijing,Zhang DamingAnd so on to perform social hot talk realistic moviesSince the filming, because the subject matter is true and touching, it has been attracting the attention of the industry. The film is inspired by the general tragic situation of the current society, depicting a group of little people at the bottom of society who meet in a 24-hour restaurant by chance.


Recently, "Mai Passerby" was invited to participate in the 32nd "Tokyo International Film Festival" (TIFF), shortlisted for the" Asia Future "section, which focuses on encouraging new Asian directors. This project focuses on innovative and diverse shooting themes, and features the" Best Asian Future Film Award ".


It is reported that "Mai Passerby" has received high praise in the film festival selection committee, because the shooting topic is highly exploratory, and all the actors have outstanding performances, especially the poor financial talent played by the male protagonist Guo Fucheng in the film, which is more "amazing" and "washed away the lead". Therefore, Guo Fucheng, together with the director and crew, will appear at the film festival, and "Mai Passerby" will be scheduled to have its world premiere on October 29 at the film festival.


"Being able to participate in the grand film festival before the film’s release and receiving encouragement from the industry is also a affirmation," said Mr. Kwok. "I’m looking forward to walking the red carpet with the film crew and sharing with you at the world premiere the little bits and pieces between each actor and character in this drama and the mental journey in front of the stage and behind the scenes."


When director Huang Qingxun learned that he was invited to attend the film festival and was shortlisted for the "Asian Future" section, he expressed his excitement and encouragement: "I am very honored to be able to participate in this prestigious film festival for the first time. In addition to thanking Zheng Baorui for the escort of the producers, I also want to thank the strong actors for supporting my new director, so that I have a very beautiful shooting journey."


The Tokyo International Film Festival (TIFF) is one of the largest and highest-profile film festivals in the Japanese-speaking region and the only category A competition-type international film festival event in Japan recognized by the International Association of Film Producers (FIAPF). The 32nd edition of the "Tokyo International Film Festival" will be held in Roppongi, Tokyo from October 28 to November 5 this year.


Jackie Chan shed tears for the action man "Red Sea" won 3 awards at Film Week

1905 movie network news Helicopter airborne, flying car blasting, horse racing, real siege… Please note that this is not the shooting scene of a major action movie, but the stage of the closing ceremony of Jackie Chan Action Movie Week.

 

On July 22nd, the 4th Jackie Chan International Action Film Week ended in Datong. This event was specially selected to be held in Yongtai Gate Wengcheng, which is full of ancient capital characteristics. The stage built by the quaint city walls and city gates was magnificent, completely holding all the real-life action dramas and wonderful song and dance performances that night.

 

The star lineup attending the closing ceremony of Jackie Chan International Action Film Week was equally strong. In addition to the event promoter Jackie Chan and 7 members of the film week jury: Chairperson Wu Siyuan, judges Yang Ziqiong, Wen Jun, Lu Chuan, Huang Xiaoming, Bai Baihe, Qian Jiale, Hong Jinbao, Li Rengang, Tang Jili, Wang Jing, Wu Jing, Ma Chucheng, Han Yan, Duan Yihong, Wang Baoqiang, Shi Xiaolong, Jiang Luxia, Chen Shuangqi, Wu Yongwei, Lin Zhiying, Zhang Lanxin, starring Fatima Sana Shaka, Sanya Mahota, Chengjia Class and other filmmakers and athletes Li Ning, singers Zhang Liangying, Zhang Jie, Tan Weiwei, Chang Shilei and other guests also attended the event to play Call for action movies.

 

After 6 days of selection, the results of the 4th Jackie Chan International Action Film Week were also announced at the closing ceremony. Among them, winning three awards became the biggest winner. The honors of Best Action Actor and Actor were double yolked and awarded to Wu Jing, Duan Yihong, Jiang Luxia and Fatima Sanaa Shaka respectively. Wu Jing also won the award for Best Action Director.

 

The most touching scene of the night was presented by the action filmmakers on and off the stage. During the live performance of "I Am an Action Man", the members of the adult class recreated the daily fighting spirit and fearless dedication of the stunt performers. Seeing this tense and distressing performance, Jackie Chan, Michelle Yeoh, Wu Jing and other action people couldn’t help but burst into tears. Such a real and genuine emotion moved everyone who saw it.

 

Jackie Chan was airborne by helicopter, and he was moved to tears when he saw the stunt performance of Chengjiaban

 

Those of us who are familiar with Jackie Chan’s action movies know that the big brother on the screen can be said to be "heaven and earth, omnipotent". Unexpectedly, at the closing ceremony of Jackie Chan International Action Film Week tonight, nearly 10,000 spectators can also watch his wonderful stunt performance on the spot – airborne from a hovering helicopter with the help of a rope! Before preparing to "land", Jackie Chan calmly gave a compliment gesture to the camera. Such a cool operation can be said to be quite action superstar style!

 

On the stage, Jackie Chan not only thanked Datong again for his support of this action movie week, but also announced that he was willing to endorse all local specialty products for public welfare and fulfill the previous "Starlight Action" poverty alleviation commitment. He also revealed that under his advocacy, more actors such as Huang Xiaoming and Bai Baihe also expressed their strong willingness to join the poverty reduction action. On behalf of the local fathers and villagers, Secretary Zhang Jifu of the Datong Municipal Party Committee 3 million the local elders and villagers, and especially presented Jackie Chan with a commemorative cup to express his gratitude.

 

Subsequently, the mayor of Datong City, Wu Hongwen, led 6 outstanding poverty alleviation cadres to present the simple and special bouquets made from agricultural and sideline products in poverty-stricken areas to the members of the Jackie Chan International Action Film Week jury, Wu Siyuan, Yang Miqiong, Wen Jun, Lu Chuan, Huang Xiaoming, Bai Baihe, and Qian Jiale, grateful for their hard work for the film week.

 

The big brother completed a wonderful stunt performance, and his family class naturally had to respond positively. The three main scenes of the closing ceremony were all completed by these action people: Following the figure of Mulan on the warhorse in "Mulan Long Song", we once again felt the sword light and shadow of the war for the country and the heroism of swallowing mountains and rivers, which also echoed the dreams and feelings of the country that action movies have always passed down;

 

"I Am an Action Man" recreates the stunt performers’ hard work and daily routine with high-risk explosions, fights, and floating high scenes, which makes all audiences feel nervous and distressed. For the film, they are willing to create the wonders of every frame with their hard work and dedication behind the protagonists, just as they shouted in the performance: "Details determine success or failure, and strive to create dreams." Jackie Chan, Michelle Yeoh, and many action people sitting in the audience saw this performance and remembered the hardships and difficulties of their own past as martial artists. They couldn’t help but burst into tears, making everyone present sympathize with them.

 

Needless to say, 30 years ago, Jackie Chan used this film to achieve an innovative fusion of difficult action and comedy elements, creating another classic. At the closing ceremony, Cheng Jiaban moved "Hong Kong Street" into "Datong Ancient City". The street fighting drama is full of gunpowder. In addition to the three themed live-action programs, the closing ceremony also set up a 160-meter-span Weiya, which was accompanied by a wonderful performance.

 

"Red Sea" became the biggest winner of the night, and the stuntman was honored thanks to Jackie Chan

 

A total of 12 Chinese and foreign films were shortlisted for the 4th Jackie Chan International Action Film Week, namely "Operation Red Sea", "Wolf Warrior 2 》、、、、、、、《 Wrestling! Dad",, and. At the closing ceremony, eight honors including Best Action Film, Best Male and Female Action Actor, and Best Action Director were announced in sequence.

 

"Red Sea Action", which won the three honors of "Best Action Film, Best Action Actress and Best Stunt", is the big winner of this Jackie Chan International Film Week. In the Spring Festival of 2018, the film made a comeback with good reputation and finally ranked second in film history with more than 3.60 billion box office.

 

Among them, the honor of Best Action Actress went to Jiang Luxia, the first sister of "Jiaolong Squad", and Fatima Sana Shaka, the heroine of "Wrestling! Dad". Fatima hugged the trophy and bluntly said that she was surprised and pleasantly surprised, and Jiang Luxia expressed her gratitude for receiving such an important honor: "A girl who has been shooting action scenes for 11 years can be noticed by everyone because of" Operation Red Sea ", which makes my perseverance usher in the dawn. I admire Michelle Yeoh very much. She is my benchmark. It is even more difficult for girls to make action movies. She has injuries, but I keep telling myself to persevere."

 

The best action actor is also "Double Yolk" – an honor shared by the always tough guy Wu Jing and "literary film god" Duan Yihong. The latter couldn’t help but tease himself: "This honor is well deserved for Wu Jing, and it is well deserved for me." In Duan Yihong’s understanding, Jackie Chan Film Week’s recognition is an encouragement for all practitioners to continue to create higher-level works. He also hopes to use this as an opportunity to strive to match Wu Jing’s "Wolf Warrior 5".

 

Wu Jing first revealed that watching Jackie Chan and Michelle Yeoh’s performance of "I Am an Action Man" also made him cry. "Everyone must have had the experience of receiving calls from home on crutches. I once received a call from my mother on crutches. I said that I am now recognized for literary and opera, and I don’t need to play in the future. I believe that every martial arts brother has experienced it. Thank you for my martial arts guidance to save my life, thank you Jackie Chan, and let more people see these brothers and sisters behind the scenes." Wu Jing also snatched a fan from Yu Rongguang and found all the action people under the stage to sign autographs on the fan, just like a "little fan".

 

Once again, the best action rookie honours went to the cast of’Wrestle! Dad ‘, which was a box office hit in China that year, and Sonya, who was honored, was thrilled to receive the award because she has always been a big brother fan. "People say movies and music can break borders," she said of the film. "The performance of’Wrestle! Dad’ in China is the best proof!"

 

What sets Jackie Chan International Action Film Week apart from other film recognition events is the honor of the best action double for men and women, which belongs to the behind-the-scenes action person. Cui Longlong and Chen Jiaojiao served as stand-ins for Wang Baoqiang and Xin Zhilei in "Detective Chinatown 2" and "Embroidery Chun Knife II: Asura Battlefield" respectively. Today, all the audience will remember their names and appearance. The two young people also sincerely thank Jackie Chan for giving them this opportunity to come to the stage.

 

With "Detective Chinatown 2", Wu Gang won the title of best action director. He bluntly said that seeing that Brother Hung Jinbao was among the nominees, he did not dare to think that he would be the last to step on the stage. "Detective Chinatown 2" took more than 40 days to complete in the United States. Wu Gang said that the biggest significance is to let Americans see how professional Chinese people are in filmmaking these days. At the same time, he also thanked Jackie Chan: "Thank you for taking me into the industry for 21 years, and I will continue to work hard." In addition, the honor for best fight scene design was awarded to Wang Jing’s "Dragon Chasing".

 

Hong Jinbao won the honor of lifetime achievement, teasing Jackie Chan: It is not so easy to force me to retire

 

Jackie Chan International Action Film Week has been held for the fourth time, and finally the first "Lifetime Achievement Honor" has been awarded. And this person who has been honored, in Jackie Chan’s opinion, is absolutely worthy of the first name. He is Hong Jinbao. Hong Jinbao is a symbol of the golden age of Hong Kong cinema, pioneering two creative trends of kung fu comedy and fashion action. Members of the organizing committee praised him in the comments. He has held up half of the country’s action movies with 50 years of dreams and efforts, created many classics, and cultivated countless talents. He can be called a master and a model for the younger generation.

 

For Jackie Chan, Hong Jinbao was his brother, the only one he was convinced by. Sure enough, as soon as his brother appeared, he mercilessly teased him. Jackie Chan talked about the past when his brother asked him to do martial arts for the first time, but Hong Jinbao said: "At that time, many people told me that Jackie Chan was stupid. I didn’t expect that he was really stupid when he took that shot."

 

He was awarded the Jackie Chan Action Film Week Lifetime Achievement Honor, but Hong Jinbao believes that this is Jackie Chan’s "trap": "This award came too early, I am actually still young, I know he just wants to force me to retire, not so easy!" He then shouted Jackie Chan, before retirement, I want to find someone to replace him and surpass him. "But it is not easy to surpass him. I hope you can use him as a benchmark, not afraid of hard work, can Jackie Chan see your good fortune!"

 

Hong Jinbao received the gold cup symbolizing honor under the company of Jackie Chan, Michelle Yeoh and Wu Siyuan. After that, Jackie Chan intimately helped my brother off the stage together.

 

On that day, the live action people also remembered the actor Ji Chunhua who had just passed away unfortunately not long ago. The host Bai Yansong said with emotion: We must always think of him, remember him, and miss him. And the best memory is to inherit his action spirit.

 

Zhang Jie and the martial arts champion performed on the same stage, Zhang Liangying, Tan Weiwei and others offered their voices to help out

 

Jackie Chan International Action Film Week is no longer just a grand event for filmmakers and action people. On the stage of the closing ceremony, Zhang Liangying, Zhang Jie, Tan Weiwei, Chang Shilei, Wei Jia and other singers all took the stage to present wonderful performances. Their voices were skillfully integrated with movies and kung fu in different ways.

 

Wei Jia and Ding Ding, who were the opening guests, took a dynamic locomotive to sing the hot-blooded "Never Look Back" with the high-altitude helicopter team. Zhang Liangying sang two Chinese and English songs, "I" and "Fighting Shadows", which ignited the enthusiasm of the audience and fans. Among them, "Fighting Shadows" is the ending song of the previously released series of action movies. And "Take my Hand" sung by Tan Weiwei is also selected from the popular science fiction action movie around the world.

 

Popular singer Zhang Jie’s performance is more closely integrated with the action man: with him on stage to perform "The Most Beautiful Sun" are five martial arts champions, each showing off their unique skills: knives, guns, swords, sticks and tai chi, each representing the essence of our country’s traditional kung fu. Later, Chang Shilei appeared, accompanied by a flaming tai chi dance, drum team performance and a dazzling and thrilling city wall Weiya song "Men should be self-improvement". Actor Yu Rongguang also sang "Hero Story" with the family, and Jackie Chan specially took the stage to introduce each member to everyone.

At the end of the event, Jackie Chan, like the opening, once again called on the audience to be "environmental defenders", not to waste unfinished water and take away the garbage around them. The reason why Jackie Chan became everyone’s "big brother" is precisely because he used such details to infect and motivate the people around him again and again, and conveyed full of positive energy.

 

Finally, Jackie Chan sang the new song "One World" with all the guests and cast and crew. In addition to thanking everyone for their support of Jackie Chan International Action Film Week, Big Brother also repeatedly emphasized that this is a stage for all martial arts and action actors. It is also this stage that gathers hundreds of action filmmakers in front of and behind the scenes, allowing more people to see their efforts and sweat.


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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Hip-hop in China: Let the reality show show the charm of music and the beauty of human nature.

   Xinhuanet Beijing, September 12 (Reporter Zhang Chun) The final of "Hip Hop in China" has ended, and GAI and PG One both won the championship with the same number of votes. This result was quickly interpreted as soon as it was released: the mystery behind it, business opportunities and fighter planes … … There are different opinions, and even they are called "textbook-style variety ending", and the behind-the-scenes team of the program also gave a clear response: this probability is one in a billion.

   Times will affirm our innovation.

   At the first time after the broadcast of the championship battle, Chen Wei, the chief producer of the program, and Che Che, the director, were interviewed by reporters. The first thing they faced was the problem of double champions. Producer Chen Wei said frankly: "This is a thing that will not happen in theory, but since it happened in such a small chance, it is also an act of god.

   In Chen Wei’s view, the real winner of this program is hip-hop culture and rapper in China. After all, the popularity of "Hip-hop in China" has made this niche music type onto the public stage. But from the initial point of view, Chen Wei was a little surprised to finally achieve such success. "We knew it would be an explosion, but we didn’t expect it to be a phenomenal program with the significance of the times." Therefore, Chen Wei firmly believes: "When we create and don’t follow, the times will affirm our innovative behavior, and users will also affirm it."

   This season’s boom made the team naturally think of the follow-up plan. "We just promoted the first step, let everyone know about hip-hop and like hip-hop, and know that there are so many good hip-hop music and so many high-level singers in China; In the second season, we will show you more hip-hop rapper and hip-hop music. " In the future that Chen Wei looks forward to, there will be more confident and open behavior in the second quarter. "We will go out and let China’s hip-hop culture go to North America, the birthplace of hip-hop, and then we will hold this North American division with hip-hop in China in North America."

   As a hip-hop culture promotion program, Hip-hop in China not only popularized hip-hop culture, but also brought hip-hop players to the stage, fully demonstrating their personalities and attitudes. When talking about these hip-hop singers, Chen Wei also said, "After you really get in touch with them, you will find them very cute. Their personalities are also some of the personalities shared by young people in this era, but they will carry him through the special carrier of hip-hop music."

   Reality show shows musical charm and beautiful human nature.

   Director Che Che, before Hip-hop in China, made a music program Heroes on Earth, which focused on electronic music culture, but unfortunately it was not successful in terms of viewing performance. When it comes to Hip-hop in China, the two programs are similar in that they both choose a relatively small music category as an incision, but the difference is that "Hip-hop in China" has actually improved in the core technology of the reality show with the joint efforts of our creative collective. " Che Che said, "That is to say, the so-called drama reality show, which is the biggest difference from Heroes on Earth, is actually at the reality show level."

   Che Che defined Hip-hop in China as a drama reality show. In the face of questioning the handling of program editing, he said: "We don’t have a script, and we haven’t taught any producer or any player to say anything or do anything. In other words, in fact, the whole process of it is real and has not been packaged. " As for the criteria for the final selection of shots in the program, "it is what he did in the early stage, and whether his performance on the stage and in the competition can bear the scenes we need in the post-production, that is to say, the so-called male actors all strive for themselves in the middle of the early expression."

   It is precisely because of this that the program "Hip Hop in China" itself has a stronger sense of plot, and Che Che Che bluntly said: "During the whole program, strong plot and strong reversal are of course a bright spot, or a selling point of this program. But I want to say, in fact, there is not only a variety show with strong plot and strong reversal, "China has hip-hop". I think that the charm of music and the beauty of human nature can actually be displayed in this plot and rules, which is actually the reason for the success of this program. "

520, this movie is for everyone who loves movies.

Today is May 20th.
On this special day, I want to recommend a movie about "love" to everyone.
In other words, a love letter written to the movie and also to every audience.
This film tells "the sincere confession of a great director".

He has an engineer father, who taught him how to think rationally and how to turn modern technology into his best creative tool.
He also has a pianist’s mother, who taught him the perception of art and a natural desire for expression as an artist.
The growing environment laid the foundation for him to dream.
However, how to turn a hobby of "wasting money" into a career that can "make money" and how to face the tear between the two are still issues throughout his adolescence.
He was bullied on campus because of his Jewish identity, or was traumatized by his parents’ divorce.
But all these eventually became his creative nourishment, the motif of his life’s creation.
Every great director will have his own autobiographical story.
Now, it’s finally Spielberg’s turn to tell this story.
The Dreammaker directed by Steven Allan Spielberg was the winner of last year’s Oscar hit, the Golden Globe Award for Best Drama and the People’s Choice Award at the Toronto Film Festival.
So far, the freshness of rotten tomatoes is still as high as 92%.
I am also glad to see that this film will be released in China on May 25th. This is a rare film that we must see on the big screen.
This film is the best of the year in many people’s minds, and it is also praised by many people as "the most touching film of the year".
It’s really hard not to be moved by it.
Because it’s so sincere.
Unlike many films with the same nostalgic theme, in Dreammaker, you will not see a narcissism of successful people looking back on the past, nor will you see a bubble gum-style self-beautification.
On the contrary, director Spielberg, who was 76 years old, still had a childlike heart.
He told a story about growth and family in a very plain and restrained tone.
He also used such a plain and restrained tone to reveal some of the most "tearing" moments in his childhood.
So, is this movie about pain?
On the contrary, it tells—
Still "love."
The A side of the story is how a teenager who loves movies grows up with the encouragement of his parents.
In the winter of 1952, Sammy watched the first film in his life accompanied by his parents.
Before the film was shown, he was crying in the car and didn’t dare to go into the cinema, as if it were the maw of a wild animal, which would devour him young.
But after the film was shown, he looked at the shiny screen and lost his words in an instant.
For the first time, he understood that the movie was a dazzling dream.
Because there was a train in the movie, his parents bought him a train toy as a gift.
But what really attracted him was not the train itself, but how to record the picture of the train collision with a camera.
He became addicted to recording everything with a camera.

At first, it was a family video, with sisters playing together and family camping together.
Later, it became a movie at school, a gun battle and a drama.
He taught himself by himself and learned the most important thing:
The existence of the camera is not only to record the truth.
You can also edit, splice and reconstruct the truth in your own way to create your own truth.
But the most important thing is always "seeing".
Because movies are about seeing.
On the b side of the story, it is about the family of teenagers.
You will find that, coincidentally, every time he succeeds in film creation, it always seems to be accompanied by some kind of life tear.
When his father encouraged him to shoot a camping documentary for his mother, he stumbled across another truth about his mother in this documentary.
However, when the campus documentary he made was broadcast at the graduation party and everyone was cheering for his work, he had to bear the pain of his parents’ divorce and breaking up with his first love alone.
Under the seemingly bright and warm tone of the whole movie, there always seems to be a faint and melancholy background.
Although it is cruel, it is very real. It shows us that movies are not reality, and movies are not a good medicine for reality.

Every time Sammy tries to do it allImmersed in the movie, reality will give him a hard whip, which will make him pull away from it, and he will have to taste the tearing feeling between reality and the movie alone.
So, when did Sammy make up his mind to pursue film art?
Perhaps it was at the moment when he understood what a "movie" really was.
At the beginning of the film, the camera was really just a toy, and making movies was just an escapist hobby.
But the most crucial and turning point happened to be that Sammy discovered the secret of his mother’s infidelity through the lens of the camera.
He repeatedly confirmed his mother’s movements and eyes from the seemingly unimportant lens edge, and confirmed that she really admired another man.
At this moment, the film is no longer an escape from reality, but helps Sami "see" the reality.
In other words, he helped Sammy open another realistic perspective.
Originally, for him, family meant unconditional tolerance, understanding and support; But now he understands that there is another person’s sacrifice behind it.
It was the mother who made the sacrifice: she gave up her career as a pianist and suppressed her feelings.
In the scene that struck him like lightning, what he saw was not betrayal, but sacrifice.
It was his mother’s sacrifice that fulfilled his dream-maker.
Family is like a balance, and someone has to make sacrifices.
Mothers will make sacrifices for their husbands and children.
Children also have to make sacrifices for their father’s work.
In the second half of the film, their family moved to California, and Sammy had to face the new campus environment and the bullying from his classmates.
However, in their family history, there always seems to be a "crazy" gene that is desperate to pursue what they love.
Maybe when he comes back at midnight, Sammy often thinks of what his uncle who works in the circus said.
"Family, art, will tear you apart"
"We are addicts, and art is our antidote"
"Family is our love."
"But we will be crazy about art."

Mothers also need to make choices.
And at this moment, the "dreamer" once again played the magic:
It is precisely because everyone in the film, no matter what choice he makes, starts from his own heart. So they also got the tolerance and understanding of their families.
Through these choices, what the film tries to convey to us is a life attitude about "love": "Love what I love and dream as much as I can".
You never have to be sorry to be yourself. You can be anyone you want to be.
Only by finding your own love and creating your own life dreams can you meet all the splendor in life.


Because I am very sure that this is a movie that we must watch on the big screen.
From the first shot, it was born for the cinema.
It is also about the "love" of filmmakers.
In the film, you will see many historical eggs, The Train Comes into the Station, The King of the Opera, and john ford, the guest role of director david lynch himself …
You will also see many classic films in the film, including many prototypes of Spielberg’s own future films.
For example, all the films shown in the film that the protagonist shot in his early days are really the works of Spielberg himself when he was young. He re-filmed these materials with great interest, as if he had relived his childhood with the audience.
For many years, Spielberg himself was a Hollywood "myth".
In this film, he re-examined this myth and told us all that "myth is only human".
The director tries to explore some contradictory and contradictory motifs in the film-technology and art, family and self, film and reality. The tear between them runs through the whole movie.
And in the end, perhaps the answer we want to know most as an audience is-
What is a movie?
Maybe the movie is a dream.
We hope to use movies to dream and make up for the dissatisfaction in life.
But dreams will "betray" you: every time Sammy is happy because of the movie, reality will bring him pain.
Perhaps the film is a perspective, a kind of cognition.
The eyes of the camera can capture what the human eye can’t see and what the human heart can’t capture.
It can jump the horizon and take you to another level of reality.
It broke your dreams, your fantasies.
It is a reality in itself.
After that, the film seems to have "surpassed" the reality.
In the second half of the film, the director filmed a plot that many people thought was worth pondering.
Sammy was bullied in his new school.
But when he had the opportunity to pick up the camera, he not only didn’t make a fool of the bully in the camera, but filmed the other side as handsome, tall and shining like Apollo.
Why would he do that?
Even the school bully doesn’t understand himself.
And Sammy said, "I just want to make my movie better."
As a director, he sacrificed his feelings and his pain before restoring the "truth" of a film.
For him, the film is neither a mirror of reality, nor a dream, nor a playground, but an imagination to make up for regret.
A movie is a movie, his art and his creation.
He can give everything for creation.
Therefore, when the screen lights up, he will see his own beam of light.
The existence of movies is not used to escape from reality, nor to reconstruct reality.
Movies are another reality.
This is his love for movies.
In other words, "film" itself is also a metaphor.
Throughout life, people are torn between reality and dreams, between responsibility and love.
Each of us has our own "movie", but how much are you willing to pay for your love?
Movies are Spielberg’s "choice".
And each of us has our own choices.
I believe that almost everyone has been accompanied by at least one Spielberg movie in their childhood.
Schindler’s List, E.T., Jurassic World, Artificial Intelligence Ready Player One …
These movies not only carry Spielberg’s dreams, but also our memories and our reality.
Movies are dreams, Spielberg is a dreamer, and we have all seen ourselves in his world and the reality of another dimension.
This time, what he said is his "dream maker".
Anyway, on May 25th, I will go to see The Dreamer again. Because this is not only a movie, but also the true meaning of his childhood, family, life and dreams. It’s a meeting between each of us and Spielberg.

"Marriage" with AI, 5G can "manage" itself.

  Photo courtesy of vision china

  A very important feature of 5G is that at the protocol layer, the Internet and communication networks have truly integrated. Therefore, many of our algorithms in the computer field and technologies in the Internet field can be more easily implemented in the 5G network.

  Dean of Tsinghua University Intelligent Industry Research Institute, Zhang Yaqin

  "Ah, Wuhuan, you have one more ring than Sihuan." Many people have a similar understanding of 5G: 5G is 1G more than 4G, movies download in seconds, and video on demand is smooth … …

  In the latest issue of Telecommunications Science, an article titled "The Next Decade of Communication Artificial Intelligence" shows people a completely different prospect of 5G communication applications: the future communication network can be highly autonomous. Through deep integration with artificial intelligence, 5G communication can realize "three selves", that is, parameters are self-configured, performance is self-optimized, and faults are self-cured.

  On May 4th, Zhang Yaqin, one of the co-authors of the paper, an academician of the American Academy of Arts and Sciences and president of Tsinghua University Intelligent Industry Research Institute, said in an interview with the Science and Technology Daily reporter that the communication industry is moving towards 5G, and it will soon move towards 6G. Just watch the video faster and the signal is better. That’s not 5G.

  What is the real 5G? Why do 5G networks "marry" with artificial intelligence?

  Only with artificial intelligence can we break through these bottlenecks.

  "The combination of 5G and artificial intelligence is an urgent matter." Wei Leping, one of the co-authors of the paper, deputy director of the Science and Technology Committee of the Ministry of Industry and Information Technology and director of the Science and Technology Committee of China Telecom Group Company, is most concerned about the energy consumption of 5G.

  Compared with a 4G base station, a 5G base station consumes 3.5— of energy under half load. Four times. "If the value generated by 5G is not enough to pay the electricity bill, it will become a bottleneck for the widespread landing of 5 G." Wei Leping said that the optimization ability of artificial intelligence may solve this problem, so relevant departments, enterprises and other institutions need to dig, standardize and promote with a sense of urgency.

  In addition to data limit and energy consumption bottleneck, artificial intelligence is also urgently needed for the management of huge networks.

  "The 4G communication network system is enormous, and the types of networks are also very complicated. Up to now, I haven’t counted how many networks there are. Therefore, it is very difficult to manage these networks, not to mention organic integration and collaborative improvement. " Wei Leping said that the situation of 5G is more complicated, and it is even more impossible to manage such complicated resources manually. Therefore, it is very necessary for artificial intelligence to intervene, put forward early warning and give pre-judgment, and greatly improve the management efficiency of 5G networks.

  In the past 10 years, they have "danced in chains"

  As early as a decade ago, the communication industry has already seen the potential value of machine learning and artificial intelligence.

  "In the beginning, some foreign operators were full of confidence in realizing the self-organization, self-optimization and self-healing of communication networks in the 3G stage, hoping to partially realize the automation and intelligence of the networks in the 3G stage." Dr. Ouyang Ye, one of the co-authors of the paper, Chief Technology Officer and Senior Vice President of AsiaInfo Technology recalled that in 2008, the industry began to define the self-organizing network at the international standard level for the first time.

  It stands to reason that in the next 10 years, self-organizing networks should usher in a period of rising development, but this is not the case.

  "In the past 10 years, American and some European telecom operators have deployed some self-optimizing network (SON) systems independently or in a mixed way, trying to integrate artificial intelligence into the planning, construction, maintenance and optimization of communication networks, but the overall effect has not reached expectations." Ouyang Ye said that this happened because the 2G and 3G networks themselves, including their ecology, software and hardware, equipment interfaces, etc., were not built according to the concept of intelligence, and the network elements themselves did not support artificial intelligence in the stage of standardization construction, and it was difficult to connect with artificial intelligence, network interfaces and signaling systems. It’s like inviting a famous doctor to treat a disease, but the patient himself doesn’t accept injections and medicines.

  3G network is like an "iron plate", and the integration with artificial intelligence has become "dancing in chains".

  It was not until the emergence of 5G that this situation ushered in a turning point.

  Zhang Yaqin explained: "A very important feature of 5G is that at the protocol level, the Internet and communication networks have truly integrated. Therefore, many of our algorithms in the computer field and technologies in the Internet field can be more easily implemented in 5G networks. "

  Therefore, in the construction of 5G infrastructure in China, we should consider the integration of artificial intelligence and leave an interface for the integration of artificial intelligence.

  To this end, the author of this paper calls on the builders of the communication industry to further open up the network standardization interface, give artificial intelligence the opportunity to fully empower and inject wisdom into the network infrastructure, network management operation and maintenance system, business support system, etc., and take 5G and artificial intelligence as technology "combination" to further release the potential.

  Wisdom "neurons" germinate in desk work

  Back in February, 2017, the Second Working Group on Services and Systems of the International Organization for Standardization 3GPP began to study the intelligent network elements of the 5G core network. They defined a network element with network data analysis function: the nodes of a communication network can collect personalized information of users, form a unique personal portrait, analyze it through the portrait, and then provide the analysis results to the decision-making level.

  This is the first time that mobile communication has defined standardization in the core network architecture since 1G to 5G, and requires the deployment of network artificial intelligence network elements.

  "The intelligentization of 5G starts from standardization, which is a characteristic of the communication field, because the so-called communication must be connected to transmit information. And standardization is to avoid ‘ Chickens talk to ducks ’ The premise. " Ouyang Wei said.

  On the other hand, the network element with "soul" is the foothold of artificial intelligence algorithm and model in 5G network. Through the network element, the ability of artificial intelligence is "injected" into the 5G network, and the nodes in the 5G network will gradually have different intelligent functions, and the network element will be able to participate in the decision control of the control plane of the core network in a comprehensive and real-time manner.

  Since then, the new components of network intelligence have been enriched.

  In June 2017, china communications standards association launched the research on the application of artificial intelligence in telecommunication networks.

  In February 2018, the Open Wireless Access Network Alliance was established to open the "Android version" of the mobile information artificial intelligence framework.

  In June, 2020, China Mobile and AsiaInfo Technology formally introduced the concept of federated learning into the 3GPR17 standard for the first time, forming the first global international standard of federated learning in the 5G field.

  "In terms of 5G network intelligence, China operators and manufacturers are in the first camp." Ouyang Ye said that at present, in the key standards organizations for the intelligentization of 5G communication networks (including 3GPP, Global System for Mobile Communications, etc.), China manufacturers have a very high degree of participation, and together with more international manufacturers, they are working together to promote the intelligentization of 5G.

  In 2023, the mobile communication network will realize initial intelligence.

  "We expect that by 2023, the mobile communication network will realize initial network intelligence and initially build a network element of network artificial intelligence." Ouyang Ye told reporters that by this step, communication artificial intelligence will reach L2 level (primary intelligent autonomous network).

  From 2023 to 2027, the communication network will evolve to L3 or even L4 level. At that time, the intelligent network can do more advanced things, such as "catching thieves".

  Wei Leping gave an intelligent scene of transmission network. "The optical fiber is cut off, which happens many times every year. At present, an optical fiber bears the capacity of 8T, and once it is cut off, it is very harmful. But with artificial intelligence, you can make an early warning. " Wei Leping said that the optical fiber must be stressed before being cut off. Once stressed, sensitive artificial intelligence can know in advance that the signal is abnormal and even locate it accurately.

  The attitude of relevant experts is relatively conservative as to whether the complete autonomy of the 5G intelligent network can be achieved by 2028.

  "In 2027 and 2028, it is very likely that the first version of 6G international industry standard will be released. This key node determines whether artificial intelligence can continue to play a core role in the process of evolution to 6G. If the attempt at 5G fails, its importance and status will also become lower." Ouyang Wei said.

  In Zhang Yaqin’s view, in the era of data 3.0 where everything is data, a network that can’t learn autonomy is embarrassing and useful.

  Whether 5G or 6G communication networks can achieve a perfect high degree of autonomy in the next 10 years is unknown, but the dream of "unmanned" runs through the hearts of every scientific researcher and industrial worker who is obsessed with artificial intelligence.