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Gao Yuanyuan said the plan to make a man is not in a hurry, Chen Yihan talks about Ruan Jingtian’s love change


??1905 movie network news On March 30, the film premiered in Beijing, and the director Liu Jiang made an appearance with Gao Yuanyuan, Jiang Wu, Li Chen, Zheng Kai, Chen Yihan, Guo Biting, Liu Tao and Wang Zijian. The film will be released on April 2. On the same day, the eight stars matched the couples in the play and posed in various funny shapes. Zheng Kai not only staged a scene of wall dong Chen Yihan, but also mocked himself for showing his butt as the biggest attraction of the film. Chen Yihan was asked about Ruan Jingtian’s love affair, and she refused to answer directly.

Zheng Kai believes that showing his butt is the biggest attraction, Guo Biting becomes a strong man to carry Li Chen

 

??Ever since he got the title of "Fart King" in a variety show, Zheng Kai has forged an indissoluble bond with "Fart". That day, when asked about the biggest selling point of the movie, Chen Yihan did not give face to his partner at all, directly saying that "Zheng Kai shows his butt". After listening to it, the parties had to laugh at themselves: "My showing my butt is the biggest thing to watch." In the play, Zheng Kai and Chen Yihan, a couple, are afraid of marriage and a forced marriage, and they staged many funny scenes, which of course ended happily.

 

??At the scene, several couples were asked to make various poses. The topic of these two was the most popular wall dong at the moment. Although Zheng Kai didn’t know much about this word, he cooperated with Chen Yihan very tacitly and played two versions. Li Chen and Guo Biting were not so happy. The thin Guo Biting wanted to carry Li Chen, who was known as the "big black bull", but the seemingly weak Guo Biting seemed to carry Li Chen easily, which made Li Chen, who was almost 80 kilograms, very embarrassed. The other two couples, Gao Yuanyuan and Jiang Wu got married with the bride and groom, while Wang Zijian picked up Liu Tao.

 

Gao Yuanyuan was frequently asked if he was still in no hurry to create humans, and Chen Yihan responded to Ruan Jingtian’s change of heart

 

??Since marrying Zhao Youting, Gao Yuanyuan has been asked when she will have a baby every time she makes a public appearance, and she does not show any impatience. This time at the premiere of "Let’s Get Married", when asked about this again, Gao Yuanyuan said with a smile: "It will happen sooner or later, but it can’t be decided yet, let it be."

 

??The breakup of Ruan Jingtian and Xu Weining has been making a lot of noise since last week. The two have been in love for many years, and Xu Weining often hopes to get married, but Ruan Jingtian has never made a promise, and there are constant scandals. The latest rumor is that Zhou Dongyu intervened. Although the parties have denied it, this matter still occupies the headlines. At the event of "Let’s Get Married", Chen Yihan, as Ruan Jingtian’s friend, was naturally also asked about related matters, but she only said that their love could withstand the test, not whether they really broke up.

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Chen Tinni frequently took ugly photos of rolling her eyes, and Zhang Shuhao invited his friend Lin Junjie to watch the film

Chen Tini plays selfie

Chen Tinni plays the photographer in the film

The main creator and the couple took a group photo

        The new film "A Story More Sad Than Sadness" held a special screening of the lovers field in Taipei on the evening of the 26th. Creators Chen Tingni, Zhang Shuhao, Shi Zhitian and director Lin Xiaoqian attended. Chen Tingni plays the photographer in the film. She studied professional photography a month or two before the start of filming to figure out the role, but she often took embarrassing photos when she exploded: "Whether it is a photo of rolling her eyes or laughing so hard that you can see her throat, there used to be a friend who came to ask for my embarrassing photos when she was in a bad mood, and she would be in a better mood."

Chen Tinni plays the photographer in the film

  Chen Tingni often went out to practice with photographic equipment on her back during filming, hoping to have a photographer’s posture, saying: "I have been carrying a camera on my back, which is very heavy. In fact, I have difficulty moving, and I also understand the daily life of photographers." In the film, she rewarded Liu Yihao and Zhang Shuhao with a slap, and then collaborated with Liu Yihao on the new play "Growing Vegetables Muse", laughing: "Filming is a reconciliation journey, and he is very concerned about my slap." Zhang Shuhao patched his knife on the side: "You didn’t apologize to me either!" Chen Tingni laughed and said that in reality, she has never given anyone a slap, but if a boy cheats, it is a big taboo! She also felt tempted by the boy who would wait for her when walking. She smiled and said, "It means whether you care about this person in your eyes, whether you need help, and whether you care about me."

The main creator and the couple took a group photo

  Zhang Shuhao plays a dentist in the film, and he constantly offers warm male offensives to Chen Yihan. He is proud: "Liu Yihao can let go." In reality, he will also help girls pay attention to small details, and take the initiative to carry toilet paper, wipe chopsticks, and clean dishes for the other party. And because he is busy with work, he does not have time to book the show. He directly asks friends to buy tickets to support him, and then takes the ticket stub to report to him. He will also invite friends Lin Junjie (JJ) and Huaiqiu to watch the film, and first remind them that the film is a touching type, not a cool movie. JJ laughed and said: "Do you think I will not watch this kind of film?" The media arch Zhang Shuhao will take pictures of JJ’s tearful expression after watching the movie.

  When Shi Zhitian played Liu Yihao as a teenager in the film, he once played Liu Yihao’s classmate in "Take Me to the Moon". Is it a time and space disorder? He laughed and said: "I want to learn his interaction with Chen Yihan!" Liu Yihao also broke the news: "A lot of hair! Very much myself." She revealed that the most romantic thing she ever did was to write a poem to his girlfriend. He recited a paragraph on the spot: "And I became a river, flowing out of the story, flowing to you." Let everyone call it touching. The movie will be released, and director Lin Xiaoqian will also offer a sacrifice. If the box office breaks 100 million Taiwan dollars, all the actors will dance to the ghost (Wu Yingjie). The song "KITTY BOMB", which plays Catwoman in the film, shouted: "And you have to dress!" The film will be released on November 30.

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Wahaha’s three major challenges lie ahead, and embracing capital markets is still not a "must"?

China Broadcasting Network Beijing February 26 news (reporter Cao Qian, intern Gao Jiashuang)At noon on February 25, Hangzhou Wahaha Group Co., Ltd. (hereinafter referred to as "Wahaha") issued an obituary, claiming the death of Zong Qinghou, the founder and chairperson of Wahaha Group.

While mourning a generation of "Zong" teachers, all walks of life naturally turn their attention to Wahaha, which Zong Qinghou "brought up". In the 37 years since its establishment, Wahaha has gone through one industry cycle after another, growing from a school-run enterprise distribution department to a leading brand in China’s beverage industry, which can be called an "evergreen tree" among Chinese private enterprises. In 2023, the last full fiscal year before Zong Qinghou’s death, Wahaha’s main business revenue and profit still achieved double growth.

Unlike other big consumer beverage giants that actively embrace capital markets, Wahaha has not been listed under the "four nos" strategy that Zong Qinghou insists on. Nongfu Spring, which compares with Wahaha, has achieved a jump in market value of 700 billion Hong Kong dollars in its second year of listing.

The sudden death of Zong Qinghou has added uncertainty to Wahaha’s future. The three major challenges lie ahead: the new performance increase point is not clear, the head has not really handed over, and the family transformation has not been completed. In this context, as the successor of overseas study, how will Zong Fuli write the "post-Zong Qinghou era"? Will it be re-examined and considered for listing?

Many experts pointed out to CGR Capital that it depends on the attitude of the new leader towards the capital markets. After listing, it is indeed a positive bonus for the company’s development, but it is not a "necessary option" for Wahaha.

Experts believe that listing can bring development funds to enterprises, a standardized corporate governance structure, and provide convenient channels for wealth appreciation and realization of relevant personnel such as actual controllers and executives, which can better attract high-end talents to join. But it does not mean that Wahaha will definitely achieve better performance and development after going public.

Where should the successor go?

Due to the death of Zong Qinghou, Wahaha, which was founded in 1987, has triggered many new conjectures. How will Zong Fuli, who has been officially in the forefront for more than two years, write a new era without Zong Qinghou?

For the 37-year-old Wahaha, the highlight of its "life" appeared in 2013. According to public information, Wahaha’s annual revenue reached 78.30 billion yuan in this year, which is the most brilliant year since its establishment. Zong Qinghou also won the title of the richest man in Forbes Chinese mainland three times in a row (2010, 2012, 2013).

But since 2014, Wahaha’s performance has continued to enter a downward channel. Public information shows that from 2014 to 2017, Wahaha’s revenue was 72.80 billion yuan, 67.70 billion yuan, 52.90 billion yuan and 45.60 billion yuan respectively.

In this regard, Zhu Danpeng, a Chinese food industry analyst, said in an interview with the media that the aging of Wahaha’s brand and products is a fatal injury to the beverage market. For many years, Wahaha’s product line has been mainly imitated and followed, with insufficient innovation, and there have been not many explosions to speak of.

Although Zong Qinghou’s daughter Zong Fuli became the vice chairman and general manager of the group in 2021, Zong Qinghou is still the chairman of the group. But Wahaha seems to have never really come out of the "Zong Qinghou era".

The industry has summarized the three major challenges that have plagued Wahaha, including the lack of clarity on new performance growth points, the fact that the handover between the old and new leaders has not yet been completed, and the transformation of the family business is still in progress.

After Zong Qinghou took a back seat, the scene of the baton handover did not really come. There are rumors that Zong Qinghou is "hands-on" in the company, and Zong Fuli, who returned from overseas study, has a big disagreement with her father on this point.

Now that Zong Qinghou has withdrawn from the historical stage of Wahaha, how should these three challenges be broken?

A number of experts pointed out to Central Broadcasting Capital that to solve the fundamental problem, first, we need to start from the internal management and strategic level, and second, we need to create new products in new categories according to the current market changes, so as to find a second growth curve for Wahaha.

"The most important thing is to get the support of the company’s core management. In the eyes of these veteran core management, Zong Qinghou is the soul of Wahaha. How to win the support and recognition of the core management in the fastest time is Zong Fuli’s current more difficult challenge." Zhan Junhao, a well-known strategic positioning expert and founder of Fujian Huace Brand Positioning Consulting, believes that at the internal management level, Zong Fuli should reach a consensus with the company’s senior management as soon as possible and complete the relay.

At the external strategic level, Qu Fang, an investment consultant at Wanlian Securities, believes that the future development direction of Wahaha is still to improve channels and promote new products.

"Wahaha’s advantage in the distributor channel is second to none among domestic beverage companies, but its TOC performance has been just passable." Qu Fang pointed out that at a time when emerging drinks continue to be launched and consumers gradually shift from traditional leading companies to personalized emerging brands, Wahaha needs to strengthen the launch of its new products that are more suitable for market demand.

Cao Zhe, chief investment officer of Aiwen Zhilue, also pointed out that Wahaha has accumulated a number of knock-out products that are deeply rooted in the hearts of the people, but consumers have a new mentality in beverages. Therefore, Wahaha should launch new products in a timely manner, meet new changes, and keep up with the trend of the times while adhering to its basic market.

"Wahaha has strong strength. As long as we adjust our business thinking and introduce the right talents, there are still many opportunities to achieve better results. Just like a sleeping lion, as long as it wakes up, it will surprise the market."

"Not listed" wins or loses?

Looking at the entire consumption track, Wahaha is one of the few unlisted beverage giants in China. Unlike many listed and financed beverage companies, Wahaha has not chosen to enter the capital markets for many years. The "four nos" strategy was Zong Qinghou’s consistent insistence in the early days, that is, no debt, no bonds, no loans and no listing.

In China’s capital markets, there are many listed companies in the beverage industry, including Nongfu Spring, Master Kong, Dongpeng Beverage, Yangyuan Beverage and other giants. And many new brands and innovative categories are also actively embracing capital markets. New tea brands Nayuki and HEYTEA will be listed on the Hong Kong Stock Exchange around 2021. Now, Mixue Bingcheng, Tea Baidao, Shanghai Auntie and many other companies are also queuing up to apply for listing.

Among the above brands, Nongfu Spring has always been regarded by the industry as the most representative benchmarking enterprise of Wahaha.

The founder of Nongfu Spring, Zhong Shanyuan, and Zong Qinghou are both from Zhejiang. The "contest" between the two Zhejiang businesspeople gradually diverged with the landing of Nongfu Spring on the Hong Kong Stock Exchange and the blessing of capital markets.

Over the years, Zong Qinghou has publicly stated many times: "Wahaha is not short of money, and there is no need to go public. Going public requires responsibility to shareholders. If the stock finally falls, causing ordinary people to lose a lot of money, I don’t think it is appropriate."

On the same track, Nongfu Spring took a diametrically opposite path and became a newcomer to the industry with the help of capital markets.

Since the listing of Nongfu Spring on the Hong Kong Stock Exchange in 2020, the market value of Nongfu Spring has reached 700 billion Hong Kong dollars on January 5, 2021. The founder Zhong Liangxuan’s net worth has thus charged 93 billion US dollars, not only squeezing out Ma Yun and Pony Ma to sit on the throne of the newly richest man in Asia, but also surpassing Warren Buffett to become the sixth richest man in the world. Since then, with the fluctuations of capital markets, Zhong Liangxuan has been the richest man in China several times and has also become the focus of capital markets.

"Zhong Xuanyuan, who started a business in the same city as Zong Qinghou, founded Nongfu Spring after Wahaha whether it started or became famous. But at present, Nongfu Spring is far above Wahaha in terms of scale and profit," Cao Zhe told CCTV Capital Eye.

Public data show that the total profit of Wahaha in 2021 is 6.219 billion yuan, and the after-tax profit of Nongfu Spring in the same year is 7.162 billion yuan.

In recent years, although Zong Qinghou is still on the rich list, he has fallen far short of Zhong Shansui.

In November 2022, Zong Qinghou ranked 45th on the 2022 Forbes Chinese mainland rich list with a wealth of 6.95 billion US dollars. On the Hurun Rich List in 2023, Zong Qinghou ranked 31st with a wealth of 95 billion yuan. During the same period, Zhong Yinyi became the richest man in China for the third time with a wealth of 450 billion yuan.

But did Wahaha really "lose" to Nongfu Spring? There seems to be no absolute conclusion.

According to the financial report, from 2021 to the first half of 2023, the total revenue of Nongfu Spring was 29.696 billion yuan, 33.239 billion yuan and 20.462 billion yuan respectively, far less than Wahaha’s 50 billion "record". According to the data of the All-China Federation of Industry and Commerce and Wahaha Group’s 2023 annual summary and commendation conference, Wahaha has maintained a total revenue of more than 50 billion yuan for three consecutive years.

In the "Top 500 Chinese Private Enterprises in 2023" list released by the All-China Federation of Industry and Commerce, Wahaha and Nongfu Spring, which entered the list in the beverage industry, ranked 227th and 374 respectively, Wahaha is 147 places ahead of Nongfu Spring.

This inevitably raises the question, if Wahaha is willing to enter the capital markets, will it develop better than it does now?

Looking at the future listing is still not a "mandatory option"

In fact, on the issue of listing, Zong Qinghou, who has adhered to the "four nos" strategy for many years, has not been "shaken".

According to public reports, in 2017, at the 30th anniversary celebration of Wahaha’s founding, Zong Qinghou changed his tone about the listing. He said: "After the listing, it can speed up the development of the enterprise, and it will be considered at an appropriate time."

Since then, Wahaha has repeatedly expressed its position to the outside world that it may consider going public in the future.

In March 2018, Zong Qinghou publicly expressed his desire to develop another enterprise, and he may also achieve greater development by listing proceeds raised in the future.

In February 2019, after Zong Fuli became the head of the brand public relations department of Wahaha Group, she also responded to the media for Wahaha’s IPO time table, saying that Wahaha’s listing is a very normal move, because the entire enterprise can achieve upstream and downstream integration through listing.

Along with the change of tone, Wahaha also has many suspected listing signals. The first news that Wahaha is going public is related to an announcement.

In April 2017, Hong Kong-listed China Candy announced that major shareholders such as Jiaqing entered into a letter of intent with potential buyers, who intended to make a possible voluntary offer to acquire at least 50% of the company’s voting rights. The ultimate actual owner of the potential buyer was Zong Fuli, the daughter of Zong Qing Hou.

For a time, speculation about Wahaha’s backdoor listing was everywhere.

On April 12 of that year, the relevant person in charge of Wahaha Group denied the speculation and said that the acquisition was Zong Fuli’s personal behavior and had nothing to do with the company. On the evening of July 13 of the same year, China Candy announced that the offer had not been made. Zong Fuli also released a statement on her personal Weibo saying that the company will continue to uphold its own development strategy in the future and continue to explore related fields in a positive and healthy commercial value orientation.

In April 2018, Wahaha’s repurchase of employee shares once again triggered rumors of a listing.

According to media reports at that time, some Wahaha old employees revealed that the company launched employee equity repurchase after the Spring Festival that year, but a new equity allocation plan has not yet been formed. On April 14 of the same year, Wahaha responded that the repurchase of employee shares was not for listing, but to "allocate shares more scientifically". Since then, Wahaha has no substantive listing action.

So in the future, is Wahaha still necessary to sprint to the capital markets?

Many experts pointed out to CGR Capital that it depends on the attitude of the new leader towards the capital markets. After listing, it is indeed a positive bonus for the company’s development, but it is not a "necessary option" for Wahaha.

Cao Zhe believes that listing can bring development funds to enterprises, standardize the corporate governance structure, and provide convenient channels for the wealth appreciation and monetization of relevant personnel such as actual controllers and executives, which can better attract high-end talents to join. The disadvantage is that the operation and management of enterprises after listing are subject to public supervision and to a certain extent are restricted by other aspects, and the behavior of actual controllers is subject to many restrictions.

Zhan Junhao also said that listing can provide more funds and resources for the company. For example, Nongfu Spring and Coca-Cola are representatives of expanding business, improving branding impression and increasing market share through listing financing. But there is no guarantee that Wahaha will achieve better performance and development after listing.

"Wahaha’s current main dilemma is the aging of the brand. Among the new consumer groups, Wahaha is the drink of the older generation. If this cognitive dilemma cannot be broken through, even if it is successfully listed, it will not bring substantive development to the company." Zhan Junhao said that for Wahaha, going public is not the only way to develop. The key is to find a differentiated brand positioning, formulate and implement the right strategy, and keep pace with the times to adapt to today’s changes in consumer demand.

In fact, the current shareholding structure of Wahaha does not comply with the listing regulations.

Public information shows that Wahaha since the implementation of the employee stock ownership plan in 1999, the number of shareholders has exceeded 15,000. According to the relevant provisions of the IPO, when the company to be listed applies for listing, the employee stock ownership plan needs to be penetrated by shareholders, and the final number of shareholders after penetration shall not exceed 200.

Professional analysis, the number of 15,000 shareholders optimized to less than 200 people, the difficulty can be imagined.

Qu Fang believes that even if Wahaha has not been listed, it is reasonable.

"Wahaha is not going public because it has abundant cash flow and does not want to dilute its equity through listing. Judging from its current operating conditions and IPO policy, it is neither necessary for listing nor in line with existing listing policies."

Qu Fang explained that, on the one hand, Wahaha has sufficient cash flow and limited listing promotion effect; on the other hand, the beverage industry belongs to the class A share IPO red line, even if the listing is also likely to choose Hong Kong stocks, but the current valuation of Hong Kong stocks is low, the market will not give a higher valuation.(Central Guangzhou Capital Eye)

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Sailis Auto debuts at the Beijing Auto Show

On April 25th, Cyrus Automobile debuted at the 2024 (18th) Beijing International Automobile Exhibition. All AITO products and the latest technological achievements of Cyrus were unveiled together. On the same day, Cyrus Automobile also held a technology innovation strategy sharing meeting, sharing the content of Cyrus Mofang and AITO Intelligent Driving Index.

Zhang Xinghai, chairperson of Cyrus Group, said that Cyrus follows the development logic of "two focuses and one cooperation": user-centric, focusing on software-defined vehicles, and fully cooperating with Huawei’s cross-border automotive business. In the future, Cyrus will deepen cooperation with Huawei and strengthen cooperation with other ecological partners to provide users with a full life cycle experience.

Event site. Photo courtesy of Cyrus

This year’s auto show, the Sailis booth showcased products, technologies, services and other aspects in an all-round way. Among them, Sailis Mofang, a new generation of all-in-one super extension assembly, a high-integrated electric drive seven-in-one assembly, and AITO M9 integrated die-casting body were showcased.

At the scene, AITO asked the world M9 light and shadow space attracted many viewers to stop and experience with its Karaoke function of projecting lyrics through headlights.

In February this year, AITO asked the world M9 started delivery. At the technology innovation strategy sharing meeting, many AITO asked the world M9 owner representatives came to the scene to share their car experience. As of now, the scale of AITO asked the world car users has approached 300,000.

At the sharing meeting, He Liyang, President of Cyrus Automobile, released the latest AITO Q & A Smart Driving Index. The index shows that the accumulated mileage of AITO Q & A smart driving models exceeds 480 million kilometers, of which the accumulated mileage of smart driving reaches 135 million kilometers. In addition, the proportion of AITO Q & A M9 intelligent parking DAU reached 68%, and intelligent driving has become an important reason for users to choose AITO Q & A products.

The data also shows that about 72% of the accumulated mileage of AITO users is pure electric mileage, and pure electric driving time accounts for about 85%. This shows that the majority of users travel with pure electric driving.

At the auto show, Cyrus Automobile shared the self-developed Cyrus Mofang, which features "panoramic safety, multi-power, changeable space, and intelligent leadership". The platform integrates industry-leading safety, power, chassis, software and other technologies across domains, aiming to bring users a "easy to drive, easy to use, and super safe" car experience.

Event site. Photo courtesy of Cyrus

In the future, Sailis Automobile will take technological innovation, product quality and service experience as breakthrough points, continue to strengthen new productivity, promote high-quality development and high-level safety, and accelerate the construction of a leading technology-based enterprise. (Ma Chunpeng)

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Promote the deep integration of party building business and empower the quality and efficiency of interrogation

News

On November 2, the Songling District People’s Court held a meeting on the promotion of trial execution quality and party building brand creation. The meeting was chaired by Wang Yancheng, secretary of the party group and acting president of the hospital, and members of the party group and police officers of the whole hospital attended the meeting.

The meeting pointed out that the current quality and efficiency situation of our hospital is generally good, and the trial execution work is being solidly advanced. The police officers of the whole hospital should carefully compare the trial management reports of the regional intermediate courts, target problems, strengthen weaknesses and make up for shortcomings, and make every effort to promote the key work at the end of the year and the improvement of trial quality and efficiency. Use the last two months to pressurize and forge ahead, and promote the trial execution work of our hospital to achieve a year-round success. Wang Yancheng requires:

The first is to find problems. The quality and effectiveness of trials are related to the people’s sense of judicial fairness, and it is also a manifestation of the effectiveness of team education and rectification, and the study and education of party history. To improve the efficiency of case handling, make great efforts to achieve a virtuous circle of "two drops and one liter" in cases received, unclosed, and closed.

The second is to find ways. It is necessary to step up efforts in trial management, refine and decompose tasks, and seek efficiency from management. It is necessary to step up efforts in the exploration of potential, and the president of the court will take the lead in handling cases, give full play to the exemplary role, drive the overall improvement of trial quality and efficiency, and maximize the release of the potential of police officers in handling cases; give full play to the role of the assessment baton, strengthen the application of results, and increase supervision, guidance, assessment, and reporting.

The third is to benefit the long-term. It is necessary to be based on the long-term and work for a long time, do more major events and important things that lay the foundation and benefit the long-term, maintain a sense of urgency of "fighting for the day", and act with higher standards and greater energy to effectively promote the high-quality development of court work. It is necessary to evaluate the quality of case handling from a more comprehensive perspective, continuously optimize the case handling process, and improve the judicial gain of the parties.

At the meeting, Vice President Zhao Chang conveyed the "Notice on Strengthening the Leave System for Government officials" and "On Printing and Distributing

<大兴安岭地区中级人民法院对各基层法院2021年度主要工作绩效考核方案>"Notice" requires the police officers of the whole hospital to strictly follow the requirements of the notice, abide by the epidemic prevention regulations, carefully and reasonably arrange travel, and do a good job of self-protection. At the same time, they must compare the assessment plan, adhere to the goal orientation, refine the division of responsibilities, and do their best to finish the work at the end of our hospital.

In response to the promotion and implementation of the "In the Far North, Heart to the Party Central Committee" party building brand creation activity, Wang Yancheng stressed that the police officers of the whole hospital should adhere to the guidance of the Supreme Leader’s thought on socialism with Chinese characteristics in the new era, take the party’s political construction as the guide, and thoroughly implement the Supreme Leader’s thought on the rule of law. In accordance with the overall work idea of "Strengthening Party Building, Grasping Teams, Building Trials and Promoting Trials", the establishment of the "In the Far North, Heart to the Party Central" brand should be rooted in the work of the court trial execution center, and constantly promote the deep integration of party building and business work, effectively improve the ability to serve the overall situation, and deeply practice the

Original title: "Promote the deep integration of party building business and empower the quality and efficiency of interrogation and execution to be comprehensively improved"

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Night shots are even better, Huawei P8 compares to Apple iPhone6

    Huawei’s new flagshipP8It was officially launched at the end of last month. According to the data given by Huawei, this onecell phoneThe response after listing was still good, and it was sold out within a short time after opening and sales.HUAWEI P8I have also experienced this phone for a while. It has a beautiful appearance and good internal experience. The biggest thing I feel is the improvement in photography, especially night photography. And this time around it andiPhone 6To expand the comparison, let’s start with the appearance.

Night shots are even better, Huawei P8 compares to Apple iPhone6
Night shooting is even better, HuaweiP8Compare applesiPhone6

Product name Apple iPhone 6 (full Netcom) Huawei P8 (GRA-UL10/high-end version/dual 4G)
Home screen size 4.7 inches 5.2 inches
Home screen material Multi Touch (IPS technology) TFT material (IPS technology)
main screen resolution 1334X750 pixels 1920X1080 pixels
4G network Mobile TD-LTE, China Unicom TD-LTE, Telecom TD-LTE, FDD-LTE Mobile TD-LTE, China Unicom TD-LTE, China Unicom FDD-LTE
Operating System iOS 8.0 Android OS 5.0
number of cores dual core true octa-core
CPU model Apple A8 + M8 coprocessor HiSilicon Kirin 935
CPU frequency 1.4 GHz 2.2 GHz (High Performance A53), 1.5 GHz (A53)
GPU model Imagination PowerVR SGX6450 Mali-T628 MP4
processor bit 64 bit 64 bit
RAM capacity 1GB 3GB
ROM capacity 16GB/64GB/128GB 64GB
Battery capacity 1810mAh 2680mAh
Rear camera 8 million pixels 13 million pixels
Front-facing camera 1.20 million pixels 8 million pixels

Round and square, metal body with outstanding feel (1)

    Compared to its predecessor, HuaweiP8The appearance material has obvious changes. The P7 uses metal and double-sided glass, whileP8It is an all-aluminum alloy integrated fuselage design.iPhone 6 is the same, and the screen size is increased to 4.Seven inches., and Huawei with a 5.2-inch 1080P displayP8Put together, iPhone 6 whole or slim on a circle.

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
HuaweiP8(Gold) Contrast with iPhone 6 front top

    HuaweiP8The earpiece is slightly wider and longer than the iPhone 6, and its sensor and the 8 million pixel front lens on the right form a symmetrical design. iPhone 6 is to design the front lens on the left side of the earpiece, and the top of the earpiece is the sensor. Because this generation of iPhone is still equipped with a 1.20 million pixel front lens, so if you look closely, you will find that its front lens is better than Huawei’sP8Small.

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
bottom comparison

    iPhone 6 still uses Apple’s classic physical home button design, with iOS unique interaction pattern, excellent operation experience, round home button surrounded by a circle of metal edge, which is used sinceiPhone 5sFrom the press-type fingerprint recognition function installed, andP8Does not support fingerprint recognition. HuaweiP8Or the Android three King Kong design in the phone screen, these three buttons are Android 5.0 advocated by the minimalist design, the triangular return key on the left, the round Home key in the middle, the far right is the square multi-task menu key.

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Right border comparison

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Left border comparison

    HuaweiP8The power button and volume button are designed on the right border of the mobile phone. The power button is intimately treated with anti-skid lines, and is made of the same metal material as the fuselage, which has good button feedback.Apple iPhone 6The power button is designed on the right side of the mobile phone, the volume button and the one-button switch sound button are designed on the left side of the mobile phone, and the button feedback is also good.

Round and square, metal body with outstanding feel (2)

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Slot comparison

    The very business-minded Apple givesiPhoneThe design has always been that a single card does not support memory card expansion.iPhone 6No exception, it is estimated that the following 7 and 8 will not change much. (Just look at the new version of the MacBook, a mouth…) andHUAWEI P8It supports Unicom Mobile Dual SIM 4G, and also supports up to 128GB MicroSD card capacity expansion, which is also recognized by many people as Android.cell phonePlace. However, HuaweiP8The dual card and memory card expansion cannot have both, which means that if you insert a dual card, you can no longer insert a memory card, which is somewhat regrettable.

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Rear lens comparison

    HuaweiP8Rear 13 million pixel camera, equipped withSonyThe new generation of IMX278 sensor has a larger sensor area than the P7 IMX214; in addition, it also uses the RGBW sensor for the first time, and also supports optical image stabilization. The iPhone 6 is still 8 million pixel rear lens, and there is no optical image stabilization support, especially this generation of iPhone is not very particular, the camera is raised. And Huawei, which is thinner than the 6.9mm body thickness iPhone 6P8(6.4Mm) is very flat.

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Back bottom comparison

    Do you want a thin or raised camera? It is estimated that many people will choose such asP8That is, the body is thin, and the rear lens is not raised! Mobile phones with integrated metal bodies, mobile phone antennas are a big problem, so we see that the upper and lower ends of the iPhone 6 back seriously affect the appearance of "leucorrhea". HuaweiP8It can’t avoid this problem, but it uses a "black belt", so the back has the beauty of a panda, and its antenna is polished very flat. 

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
Bottom interface comparison

The rise of domestic mobile phones, Huawei P8 compared to Apple iPhone6
top interface comparison

    HuaweiP8The iPhone data cable interface and external speaker are designed at the bottom of the mobile phone, which adopts a neat symmetrical design. However, iPhone 6 also designed the 3.5mm earphone interface to the bottom of the mobile phone, and HuaweiP8It is on the top of the phone.

Night shots are even better, Huawei P8 compares to Apple iPhone6

    In general, these two products have exquisite shape design, the use of 2.5D curved screen iPhone 6 start round, feel comparedHUAWEI P6The square shape design is better. Of course, this does not mean thatP8It just hurts my hand, and it doesn’t feel good. In factP8The polishing of the details is also relatively fine, but it is possibleP8It is more suitable for men, while iPhone 6 is suitable for both men and women.

Open and seal the fate of Android and iOS

    Google’s Android system and Apple’s iOS are two very different platforms, not only reflected in an open and a closed, but also in many interaction patterns.HUAWEI P8It uses Huawei EMUI 3.1, which is deeply customized based on the Android 5.0 operating system, andiPhone 6It is iOS 8 interface.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6

    Let’s start with Huawei.P8EMUI 3.1 has been further upgraded on the previous 3.0 version. The overall interface has not changed much, but several more practical functions have been added, such as knuckle screenshots. It cancels the 2-level interface like the current mainstream form in China, and finds applications by swiping left and right. And the Yuedao application on the leftmost screen of the desktop helps users quickly provide all kinds of information they are interested in, and the experience is good.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6
Drop-down menu and multitasking background

    For ordinary users, Android system compared to iOS the most attractive may be that you can change the theme (iOS need to jailbreak), especially domesticcell phoneWe have done even better in this regard, providing users with a wealth of online resources, including free and paid ones, from lock screen styles to lock screenswallpaperWait, you can do it yourselfdownloadResources for DIY, whileiPhoneThere are many limitations.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6
Theme/Sports/Mobile Life

    HuaweiP8It also includes Keyword Spotting and a smart profile that can act as a travel assistant. In addition to this, it also adds some special gesture operation experiences: knuckle screenshots, and one-handed mode.

Huawei P8 first test
One-handed mode

    Let’s talk about the one-handed mode first. This mode is very simple to switch. Just swipe horizontally on the virtual button bar at the bottom, you can quickly switch to the one-handed mode, and then swipe in the opposite direction to switch back to the full screen. Whether it is left-handed or right-handed, you can easily switch back and forth.

A lot of details and highlights, the characteristic experience of Huawei P8 system UIA lot of details and highlights, the characteristic experience of Huawei P8 system UIA lot of details and highlights, the characteristic experience of Huawei P8 system UI
Various gesture controls and knuckle screenshots

    Knuckle screenshots are more interesting, HuaweiP8You can identify the knuckles, and you can easily take a screenshot of part of the screen by circling on the screen. After that, you can adjust the size of the screenshot area arbitrarily, which is different from the traditional way of taking full-screen screenshots such as power supply + Home button, which is very innovative. And it is said that Huawei will develop more functions for the knuckles in the future.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6

    The features mentioned above are unlikely to be seen on iPhone in the short term, after all, even support for third partiesinput methodAlso in this editioniOS systemIn order to achieve, that is to say, if you are an Android user to iOS user, you need to get used to and adapt to a lot. Because I have seen with my own eyes that my friends have just changed to the first day of iPhone 6. The various operations are not used to it. Of course, if you are an old iOS user like me, you will think that this closed operating system is actually very useful.


From the domestic provocation! God X7 comparison iPhone 6
iOS 8 Support for third-party input methods

    The new version of the iOS 8 compared with the previous generation also has a lot of improvements, such as iMessage can send pictures and voice, more like a no MomentsWeChatBut in China, which is almost ruled by WeChat, it is vulgar to say "but this is useless". Because the current social apps are so developed, ordinary users rarely even send text messages, let alone iMessage, but it is good to have changes.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6

    Now people are paying more and more attention to sports health, iOS 8 is also a timely launch of health applications, and Apple later launched Apple Watch. If you are a person who likes sports, even if you don’t buy Apple Watch, it is also good to match another wearable device that supports iOS.

    In order to optimize the one-handed operation experience, iPhone 6 support gently double touch the Home button twice, and the screen display is reduced by half to facilitate the operation of users with small hands.4.7 inchesiPhone 6 may not be significant, but5.5 inchesofiPhone 6 PlusStill usable.

From the domestic provocation! God X7 comparison iPhone 6From the domestic provocation! God X7 comparison iPhone 6
iMessage and Handoff

     In addition to the above-mentioned functions, iOS 8 also connects the iPad with the Mac, allowing mobile phones, tablets and computers to connect. This function called Handoff is also relatively tasteless in China, because it means that it is not enough for you to sell a "kidney". Besides, from my previous experience of this function, its convenience is that you can continue to send unfinished emails on the Mac or continue to watch videos when you squat on the toilet, but its practical use is not as convenient as the AirDrop sharing function.

      Can not complain iOS, in fact, the long-term fluency of this system is stronger than the Android system, and it does not eat configuration, iPhone now 1GB random access memory still runs smoothly, and Google’s Android currently 3GB has become the flagship standard.

     HuaweiP8The two different platforms that iPhone 6 belong to are very different, but to be honest, the two products are not very comparable, because the current domestic mobile phones have many unique optimizations for the Android system. EMUI’s development in recent years is good, the interface is more refreshing, and there are more and more practical functions, such as yellow pages, family care, gesture operation, etc. The two systems are not the best or the worst, and the experience has its own advantages and disadvantages. See which one you prefer.  

Take pictures HUAWEI P8Imaging is better and more fun

    In terms of photography, it is actually this generationHUAWEI P7The biggest improvement, its 13 million pixel camera usesSonyThe new generation IMX278 sensor also uses the RGBW sensor for the first time, which is stronger in light input than the current mainstream RGBG sensor. In addition, it is also equipped with an independent ISP and has a large aperture of F/2.0. Support time-lapse photography, streamer shutter and other creative shooting.

Night shots are even better, Huawei P8 compares to Apple iPhone6Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8Screenshot of the camera interface

    whileiPhone 6Or 8 million pixel iSight lens, single pixel size 1.5 microns, F/2.2 aperture, mixed infrared filter, sapphire glass mirror. The photo mode is still simple Apple style, adding time-lapse photography, slow video and other shooting. For details, we can take a look at these twocell phoneThe actual photo sample.

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
Apple iPhone 6(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
appleiPhone 6 (Click to see larger image)

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
Apple iPhone 6 (click to enlarge)

    For the daytime part of the sample, the difference between the two products is not too obvious, only the indoor part, HuaweiP8The glare control is better, and the light basically does not overflow. And we can see Huawei in this set of samples of goldfish.P8The color is stronger, the details are more in place, and the whole is slightly better than iPhone 6.

    Next, let’s take a look at the night part.

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
Apple iPhone 6 (click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
Apple iPhone 6 (click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
HuaweiP8(Click to enlarge)

Night shots are even better, Huawei P8 compares to Apple iPhone6
Apple iPhone 6 (click to enlarge)

    Through these three sets of samples should be able to clearly see the difference between the two mobile phone night shot. iPhone 6 night shot is good, but HuaweiP8Better, first of all, the overall picture is brighter than iPhone 6, and secondly, its glare control is better than iPhone 6, HuaweiP8The edge image quality and noise control are also good, for a mobile phone, this performance is enough to praise.

No points, the apple is still the same apple

    According to the previous comparison evaluation, we will compare the scoring results of the two products in the performance test section, butHUAWEI P8andiPhone 6Belonging to two different platforms, the results are not comparable. and we knowiPhoneIt doesn’t depend on the hardware configuration itself, so this part is skipped.

    I can give you a brief introduction to Huawei.P8And the processor carried by the iPhone.P8The eight-core HiSilicon Kirin 935 uses four 2.2GHz A53 cores + four 1.5GHz A53 cores, big. LITTLE large and small core design. Unlike ARM Cortex-A53, which cannot run on high frequency, Huawei solved this problem and independently developed Library on the basis of Cortex-A53, forming a new A53 architecture, which enables the processor to run stably on 2.0GHz. At the same time, the new A53 core has become the main big core.

Night shots are even better, Huawei P8 compares to Apple iPhone6

    Huawei chose such an A53 design to better balance power consumption and performance, which not only improves the performance of the large core, but also controls the power consumption within an acceptable range. At the same time, in the Kirin 935 chip, Huawei also added a coprocessor, which is based on the ARM TrustZone hardware security technology implementation, with Huawei’s EMUI 3.1 operating system, built-in encryption algorithm, support for secure boot, can effectively protect user information and payment security. This function is similar to Huawei’s previousMate 7The coprocessor of the fingerprint recognition technology is the same.  

Bigger than more powerful! Samsung Edge Contrast iPhone 6
iPhone 6 A8 chip (from Apple’s official website)

    iPhone 6 uses a new A8 processor + M8 coprocessor combination, the A8 chip is 13% smaller and 25% faster than the A7, which uses 2 billiontransistor(Compared to the A7 1 billion doubled), 20 nm process (A7 is 28 nm), graphics processing unit performance improved by 50%. M8 motion coprocessor, in addition to collecting information from gyroscopes, accelerometers, direction sensors, etc., will also collect information from the newly added air pressure sensor.

Evaluation summary:

    Apple is still the apple, iPhone 6 still the same, a year to sharpen a sword, its overall performance is still in the current intelligentcell phoneAnd Huawei is no longer that Huawei, from P6 to nowP8Although the incubation cycle of the product was not as long as that of Apple, it was better than the next generation, and the next generation made great progress. Especially this generationP8EMUI 3.1 also adds Huawei’s own innovative features on the basis of the native Android 5.0 operating system. With the rise of domestic mobile phones, it is impossible not to like them.

通过admin

Merchants on the takeaway platform use "codes" to cover and sell cigarettes, and high school students buy "fog".

  Recently, some parents have reported that their children who are still in the first year of high school buy cigarettes through takeaway platforms, and many students also buy them in this way. A reporter from Beijing Youth Daily found that some supermarkets and convenience stores that have settled on takeaway platforms use "codes" to sell cigarettes, renaming different brands of cigarettes "Double Explosion", "Red", "Jing", etc. Just click to place an order to buy cigarettes quickly.

  A number of takeaway platforms have said that the sale of tobacco products is prohibited on the platform, let alone the sale of cigarettes to minors, and that the merchants involved will be investigated. Legal sources say that selling cigarettes through takeaway platforms is illegal. If the merchant or platform sells illegally, the lesser one will be fined, and the more serious one may constitute the crime of illegal business operation.

  phenomenon

  There are merchants selling cigarettes on the takeaway platform.

  Recently, Mr. Wu, a citizen, reported that he had received a call from his son’s head teacher some time ago, saying that his son, a freshman in high school, had smoked in the school’s men’s toilet. After learning this, Mr. Wu was very angry, but he did not understand how his son, who was under 18, obtained the cigarettes. "If you go directly to the store to buy it, the store should not sell it to him, and there is no habit of storing cigarettes at home."

  After returning home from get off work that day, Mr. Wu immediately talked to his son, who confessed that his cigarettes were bought from the takeaway platform. Not only did he do this, but many students who smoked in the school had bought cigarettes in this way.

  After listening to his son’s description, Mr. Wu opened the takeaway software on his son’s mobile phone and was surprised to find that there were indeed many merchants selling cigarettes on it, but the names of these cigarettes had been treated to a certain extent, and the pictures of the products were blurred. Mr. Wu never expected that the takeaway software installed for his son because he was worried that he would not be able to go home to cook on time had now become a channel for his son to buy cigarettes.

  Coincidentally, Ms. Feng, who lives in Chaoyang District, Beijing, also reported to the Beiqing Daily reporter that she had seen some supermarkets on the takeaway platform change the names of cigarettes to "Double Explosion", "Red", "Jing", etc. Although the pictures of the products were blurred, familiar people could tell at a glance that they were the packaging of cigarettes.

  survey

  Cigarette sales are covered with "codes"

  According to the accounts of Mr. Wu and Ms. Feng, reporters from Beiqing Daily found a merchant "Affordable Supermarket" with a "strange" product classification on a takeaway APP.

  In an "affordable supermarket", the goods are divided into "grain and oil seasoning", "fresh fruits and vegetables", "life general merchandise" and other categories. The reporter of Beiqing Daily noticed that one of the products is classified as "unquenchable", which contains a total of 18 products. There are two products that are lighters, but the word "fire" is not stated, but a flame pattern is used instead. The other 16 products are all products with vague pictures and unclear names. In addition to the "double explosion", "red" and "Beijing" mentioned by Ms. Feng, there are also "777", "Tashan", "Uncle" and "Uncle".

  A reporter from Beiqing Daily placed an order for a "red" in the "affordable supermarket". Half an hour later, the goods were delivered by a takeaway staff who did not wear a platform uniform. When they opened it, they found that the product named "red" was a pack of cigarettes with a red "Liqun" trademark on the outer package.

  Subsequently, the reporter of Beiqing Daily searched for the above name as a keyword on three takeaway platforms that have been used for a long time on the market. In a supermarket on the Baidu takeaway APP, there is a product classification called "Swallowing Cloud – Spitting Mist".

  There were 16 products in the product category, except for one lighter, the others were all products named "ESSE Love Xi Ball 4" and "Seven Star Ball". After the Beiqing Daily reporter placed an order for "ESSE Love Xi Ball 4", the takeaway staff sent a pack of blue "ESSE" brand cigarettes.

  Through observation, Beiqing Daily reporters found that the supermarkets that "changed their names" to sell cigarettes not only have smaller self-operated supermarkets, but also chain supermarkets. On the Meituan takeaway APP, in a supermarket chain called "Hualian Supermarket", Beiqing Daily reporters saw that the supermarket also sold cigarettes online. In addition, all merchants who "changed their names" to sell cigarettes on these takeaway platforms have marked the words "minors are prohibited from buying" on the interface.

  At the same time, the Beiqing Daily reporter also noticed that after purchasing cigarettes on the Meituan takeaway app, the delivery staff was responsible for the delivery, while after purchasing cigarettes on Ele.me and Baidu takeaway, it was Meituan who ran errands.

  respond

  The delivery platform does not allow the sale of cigarettes.

  Regarding the sale of cigarettes by merchants through takeaway platforms, a convenience store operator told the Beijing Youth Daily that he had consulted with tobacco company inspectors and takeaway platform parties on whether cigarettes could be sold in online stores and takeaway platforms. Tobacco company inspectors and takeaway platforms have made it clear that cigarettes must never be sold on the Internet and takeaway platforms.

  In this regard, the reporter of Beiqing Daily called three takeaway platforms respectively. The customer service of Ele.me told the reporter of Beiqing Daily that according to relevant regulations, supermarkets are not allowed to sell cigarettes on the Ele.me APP, let alone sell cigarettes to minors. If there are merchants who "change their names" and sell them, the platform will investigate and deal with them.

  Baidu takeaway APP staff said that at present, supermarkets on Baidu’s takeaway platform are not eligible to sell cigarettes, and further investigation will be conducted into whether any merchants on the platform sell cigarettes, and consumers are not encouraged to buy cigarettes at these merchants.

  The staff of Meituan takeaway APP introduced that even if the offline supermarket has the license to sell cigarettes, it is not compliant to sell cigarettes on the platform. However, because many merchants have inserted various "codes" for cigarettes when selling cigarettes, the platform also has certain difficulties in supervision, but will investigate the specific points of sales reported by the Beiqing Daily reporter.

  The relevant staff of the State Tobacco Monopoly Administration said that it has investigated the sale of cigarettes by some merchants on takeaway platforms.

  say

  Cigarettes must be sold in a fixed location

  Regarding the online "illegal sale" of cigarettes in some supermarkets on the takeaway platform, Chang Sha, a lawyer from Beijing Kyoto Law Firm, said that according to the "Regulations on the Implementation of the Tobacco Monopoly Law", tobacco, as a special commodity, must hold a tobacco monopoly license to carry out production, wholesale and retail business. At the same time, the "Measures for the Administration of Tobacco Monopoly Licenses" also stipulate that one of the conditions for obtaining a tobacco monopoly retail license is "having a fixed business place", and online sales do not meet this condition and cannot apply for a tobacco monopoly retail license. In addition, tobacco can only be wholesale sold online by units with production or wholesale qualifications, and cannot be retail.

  Han Xiao, a lawyer at Beijing Kangda Law Firm, said that according to the "Notice on Strictly Cracking down on the Illegal Operation of Tobacco Monopoly Using Internet and Other Information Networks" jointly issued by the State Tobacco Monopoly Bureau, the Ministry of Industry and Information Technology, and the Ministry of Public Security, other Internet information service providers are not allowed to provide Internet information services for the operation of tobacco monopoly products, except for the network trading platform designated by the tobacco monopoly administrative department.

  The takeaway platform does not have the authorization or approval of the tobacco monopoly administrative department, and the platform does not have the qualification to review whether the merchant has the monopoly license, nor does it have substantive review behavior. Therefore, under the current legal framework, it is illegal for even merchants with monopoly retail licenses to sell tobacco through takeaway platforms.

  In addition, the Law on the Protection of Minors also clearly stipulates that the sale of tobacco and alcohol to minors is prohibited, and through the takeaway platform, it is difficult for merchants to confirm whether the transaction object is a minor, so it is difficult to fulfill the corresponding duty of care. Therefore, it is illegal to sell cigarettes through the takeaway platform. If the merchant or platform sells illegally, the lighter will be fined, and the more serious may constitute the crime of illegal business operation.

  By our reporters, Wang Tianqi and Li Zhuoya

  Clue provided/Ms. Zhu

通过admin

Lynk & Co 05 first test: power train perfect, new shape it, you buy it?

Lynk & Co in the early launch of the three models (01/02/03) in addition to the design is more avant-garde, in fact, the essence of the shape positioning is very traditional (compact, sedan), even if it is bold, it is only in the sedan on the basis of the performance car 03 +. So this seemingly very leather brand, in fact, the pace is very stable.

As bystanders, after looking at its brand product line, most of us would think that it is time for Lynk & Co to pull out one, and preferably a sedan to complement its lineup. However, after entering 2020, Lynk & Co has once again skinned it and pulled out a compact and niche coupe.

Design is difficult to appreciate both elegant and vulgar

Over the years, coupe design has been rampant, from high-end to close to the people to old man music. This design, which should have been exclusive to cars, has appeared by mistake, largely due to the crooked head of the year. From another perspective, why people don’t like this style is mainly because the high visual center of gravity is matched with this oblique streamline slip, which can easily create a "hunchback feeling". This destroys the streamline aesthetics of the vehicle to a certain extent, and the essence, qi and spirit of the whole vehicle will become declining.

So that the design of this kind of design is often separated by a line, and the design skills are very exquisite. The design of Lynk & Co is definitely higher than that of those car companies that only outsource to Binfa design, so when you look at it from the side of the Lynk & Co 05 car, its hunchback is not obvious, and the whole is still very smooth.

For most people, at least the first time you see the Lynk & Co 05, you won’t have obvious disgust, but it’s also hard to fall in love with it all at once. That is to say, the 05 model is a classic example of "I like it very much, I don’t like it if I hate it". Since the birth of the Lynk & Co 05, it has been decided that it needs a Bole who can appreciate it. I don’t know what you think of this horse in front of the screen?

As for another point, although the front of the Lynk & Co 05 is a familiar layered design, the overall design language has clearly entered the "2.0 era". Like the front middle grid grille, daytime running lights, etc., there are obvious variants compared to the past, and the overall style has changed from round to sharp.

Although you can still recognize the car at a glance when you look at it from a distance, many changes in the details will make your brain tell you that "this is not the old Lynk".

Luxurious interior

And the entire interior of the 05 can be regarded as earth-shaking. If you get into the car, touch the fur that feels great, look at the imported aluminum trim like a mural, and there is a natural feeling at the intersection of the former two, then you will suddenly flash the word "advanced" in your mind at a certain moment. After all, the interior of the 05 is a level higher than previous models in terms of design and materials. This kind of car material also proves that Lynk & Co is trying to create a more advanced atmosphere than previous cars.

As an old car owner, I basically have nothing but praise for this interior, especially the new central control system, which not only has a clear screen and smooth picture, but also has quite complete functions. And the new fingerprint recognition, glove box password lock and other small functions are also very interesting and useful. Of course, this set of cars with good experience is largely due to the use of Qualcomm Snapdragon 820A chips (the standard level of Android phones around 2016). I used my own 03 central control system after shooting, as if I had returned from the Iphone 4 to the Nokia era. I don’t know when Lynk & Co officials will be able to consider replacing the cars of early users, even if it is at their own expense. I believe most people are willing.

Another point is that this time the Lynk & Co 05 has finally adjusted the driving mode selection to the front and rear push type, which is much more reasonable than the previous knob type + determined operation mode. Of course, it should also be pointed out inside the car that there is still a lot of room for improvement in the utilization rate of Lynk & Co’s storage space. Second, the manual mode of the Lynk & Co car series (the shift handle swings left and right to perform manual lift and drop gears), the high-end car with steering wheel shift paddles is fine. If it is a low-end car, it really has to pay a certain learning cost. Is this "bad" tradition really necessary to be preserved?

As for the rear space of the 05, I think the 32cm legroom can definitely meet the needs of most people. Secondly, the back-sliding indenter that everyone is worried about has also been specially treated for stealing air on the 05, and the wide and thick seats with good wrapping make it comfortable to sit up. However, due to the center of the four-wheel drive model, the middle position of the Lynk & Co 05 is not suitable for adults to ride for a long time.

In addition, it should be noted that a good sense of body does not mean a good look. Even if the front bucket chairs used by the entire Lynk & Co series are commendable in both appearance and practicality, the wide bucket chairs and the upwardly narrowed window line of the back door will create a sense of sight suppression in the rear row of the 05, and it will feel dark in front of you when closed (opening the panoramic canopy will be greatly improved). Of course, with the original rear privacy glass, you can also think that the back row of the Lynk & Co 05 has a strong sense of privacy.

Compared with the riding space, the back of the car often has a greater impact on the trunk space. From the data, it can be seen that the trunk of the Lynk & Co 05 is indeed slightly worse than the traditional shape (mainly due to the height of the trunk and the opening of the trunk off the ground). However, in terms of practicality, the 05 has been targeted for floor sinking. If you compare other models of the same design (such as the Changan CS85), you will see that the trunk space utilization rate is quite good.

Same powertrain.

The Lynk & Co 05’s powertrain can complete the overview in three words: "2.0T for T5", "Aisin 8AT", "50:50". It sounds familiar because everything is exactly the same as + except for the plastic cover above that doesn’t say "Performance" and the lack of a track mode on the driving mode.

Only from the objective data point of view, the 2.0T of 254 horses is just right; and from the subjective experience point of view, in the comfort mode, the front section of the throttle is still very linear, and occasionally there is a feeling of laziness, but after deeply stepping on the throttle, the acceleration of the middle and rear sections is very sufficient, and the turbine pressure will give you a feeling of continuous power.

If you want to be restless, the whole powertrain in sport mode will be much more aggressive, the throttle response will be timely and sensitive, and the willingness to step down deeply on the throttle will become more active. If you want extreme sports, then you may have to forgive me, because the split and extremely restless track mode does not appear in the 05 driving mode selection list.

Since it is mentioned, then I have to mention this set of Aisin 8AT, the shift rhythm may not be too crisp, but the victory is smooth. With its assistance, the whole 2.0T is very smooth. After all, this set of 2.0T + 8AT has been matched with high-end models on the Internet for many years, and it is transplanted to the CMA platform intact, which will not be difficult for Lynk & Co. With the group’s many years of cooperation experience with Aisin, making this high-quality powertrain is purely a routine operation.

In addition, after a long time of contact with a variety of models of Lynk & Co, I finally came to an unspoken rule that is not a secret. That is, the steering feel of Lynk & Co cars is often distinguished according to. From 1.5T, 2.0T low public rate, to 2.0T high, their steering feel is gradually increased from light to heavy. So if you love driving, then you will definitely prefer the steering feel of 03 + and 05. Although their feel is relatively light and flexible compared to similar models, they still belong to the category.

As for the Lynk & Co 05, I was a little surprised. Generally speaking, the models with the CMA architecture are relatively similar, with a strong sense of advanced and sufficient toughness. They are also very calm in the face of road shattering. Like the 01, 02, and 03 that are casually pulled out can overwhelm them in terms of comfort compared to competitors in the same price. However, Lynk & Co is a little too comfortable in the adjustment, which often causes the vehicle to roll more obviously when cornering (even the ordinary 03). Compared with previous models, the Lynk & Co 05 can still maintain a high level of comfort. There is also a roll, but it is obvious that the support when cornering is very good. It can filter the vibration of the road surface while transmitting a non-disturbing road feeling. The whole has a strong sense of firmness.

If the range of 0-100 is used to describe the change of the Lynk & Co car series from comfort to hardcore, then the previous 01, 02, and 03 may be around 60 points, which is obviously more comfortable, like + is 100 points, the road feeling is very clear, and the Lynk & Co 05 is just in the range of 80 points. In other words, the Lynk & Co 05 is the most balanced one in the current Lynk & Co car series.

It is also the most expensive Lynk & Co in terms of sound insulation.

The Lynk & Co 05 is currently the only Lynk & Co car equipped with double-glazing in the rear, so it has a good environmental sound insulation, and there is even a slight ear pressure when closed. And even if it is limited by the higher shape, there is no obvious wind noise during high-speed driving, and the sound insulation level of the whole car is compared with that of luxury brands, and it will never fall behind.

There were two main sources of noise. Firstly, the Eagle, a performance tire with a hard wall, would be more challenging, and the tire noise was still more obvious. Secondly, the ancestral T5, which had a strong grainy feel at medium and low speeds and was not very pleasant to the ear when transmitted to the carriage.

I became weirder and stronger

The comprehensive strength of the Lynk & Co 05 is beyond doubt. The complete powertrain, the rich configuration level, the top NVH and so on all mean that Lynk & Co really goes to great lengths to build a higher-end Lynk & Co. In the 18-220,000 range, it is difficult to find a model as unique and cost-effective as it. From a recommendation point of view, it is definitely worth buying.

The premise is that you can accept its unique appearance.

[Lingke 05 First Test Impression]

Outstanding advantages: perfect powertrain; high configuration level; easy to use; chassis for comfort and control, cost-effective.

Main shortcomings: general storage space and low universality of design.

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Kneeling down to Wang Sicong to ask for his salary, why was the screenwriter forced to a desperate situation?

>On December 7, new screenwriter Liu Xiaofeng revealed on Weibo that Wang Sicong’s "banana plan" owed him 800,000 yuan in script bonus.

>Liu Xiaofeng said that due to his family’s financial pressure, he once recorded a kneeling video for Banana Film CEO Wei Xiangdong, imploring him to convey his anxiety to Wang Sicong.

>Four days after the incident was exposed, Liu Xiaofeng toldEntertainment StudioNow that the other party doesn’t care about public opinion, he is also using legal means to defend himself.

>Liu Xiaofeng’s experience once again exposed the industry dilemma facing new Chinese screenwriters.

>He told his screenwriter friend that he hoped to be the last screenwriter in China to be defaulted on royalties, and his friend replied: Dream on, in your next life.

Screenshot from Liu Xiaofeng Weibo

Uncashed 800,000

>Liu Xiaofeng used to work in the hotel industry. In late 2017, his script "Tower Cry" entered the stage of frequent meetings with partners. In order not to affect his job, he chose to quit his job as a full-time screenwriter.

>Non-academic, without any school, Liu Xiaofeng, who is fighting alone, is eager to find a company and become a contracted screenwriter.

>In the second half of 2018, he saw the first "Banana New Screenwriter Dream Realization Project" organized by Wang Sicong. After submission and interview, his script "Genius Screenwriter" finally won the third prize and became one of the six winners. According to the promise, the prize should be 800,000 yuan.

>Picture from Liu Xiaofeng Weibo

>Afterwards, Liu Xiaofeng and Banana Film signed a relevant contract agreement, and cooperated with the script copyright transfer according to the agreement. According to Liu Xiaofeng, from July to December 2019, Banana Film did not fulfill the contractual commitment to pay the bonus within the specified time after the copyright transfer. At that time, Banana Film CEO Wei Xiangdong explained that Wang Sicong was only a temporary financial problem, and would still pay the bonus to incubate the script and shoot the film when the funds were turned around.

>Until September 2020, Liu Xiaofeng was under great financial pressure due to family reasons, and asked Wei for a bonus again. The other party replied that Wang Sicong did not give him the money, and he could not manage it even if he was a part-time worker.

>According to Liu Xiaofeng’s understanding, several other award-winning screenwriters are well-connected in the circle and have basically chosen to terminate their contracts with Banana Pictures. However, he believes that the copyright of his script "Genius Screenwriter" has been owned by Banana Pictures for more than a year and a half, and he hopes to get his own bonus.

>Picture from Liu Xiaofeng Weibo

Two big pits in front of new screenwriters

>In his three years in the industry, Liu Xiaofeng has yet to make a single production. He has written about 10 original scripts, including "Genius Screenwriters", and sold a total of three original scripts, which has become his main source of income.

>As a new screenwriter, in addition to writing originals, he has also been exposed to some opportunities to write for other projects through his own connections and resources.Before entering the industry, friends told him to be prepared for unpaid royalties and difficult authorship – two common industry dilemmas faced by screenwriters.

The project is yellow, and the balance is gone.

>In the past two years, Liu Xiaofeng has participated in a number of online movies.

>There was a project that was about to start filming, but when the policy for online movies became stricter, the market tightened, and the project went bankrupt.

>This year, he wrote another online movie script, and the investment was also found. As a result, the producer told him to start making main theme movies, and the project was temporarily suspended.

When Liu Xiaofeng’s work "Genius Screenwriter" was selected for the Banana Project, the source of the picture was Liu Xiaofeng Weibo

>Compared to other jobs such as directors and actors, the screenwriter’s work all takes place before the start of the production. After the script is written, the project is not filmed. Of course, the screenwriter has the greatest loss.

>Liu Xiaofeng said that the current rules are basically divided into three payments to screenwriters. The first payment is a deposit, the second payment is paid after the first draft is published, and the third payment is paid after the boot is turned on. If the boot cannot be turned on, it means that 30% to 50% of the balance will not be received.

>The bigger problem is that China is a human society. If it is a job introduced by real-world friends, it is often paid after the work is done. Once the project is yellow, it may be equivalent to doing it in vain.

>"As a rookie screenwriter, the price is very low, especially at Wangda University. A better one will give you 8 to 100,000, and a closer one will be 3 to 50,000."

>After publicizing that the banana plan owed him 800,000 bonuses, a friend told Liu Xiaofeng that his outstanding payments over the years added up to almost 1.50 million.

Liu Xiaofeng’s work "Genius Screenwriter" was selected for the banana plan to win 800,000 bonus, picture source Liu Xiaofeng Weibo

>Liu Xiaofeng asked why the other party did not pursue the case, and his friend told him that because it was difficult to defend rights, it would take several years to file a lawsuit. It was possible that the producer had run away, or that the project had gone bad. If the project had gone bad, he would still be chasing the producer for money.

>"If you are serious with him, will you still get along in the future, and will you still mix in this circle? So although the other party did something wrong to me, I can’t say anything about him, and I have to be friendly with him on the surface."

The work is done, the signature is gone

>The big screenwriters assigned the work to the new screenwriters, and the new screenwriters were responsible for the main writing, but in the end, the big screenwriters were named. This was a common phenomenon in the screenwriting circle. Liu Xiaofeng, who had been in the industry for three years, did not want to accept such unspoken rules, but some good opportunities for big projects may have been lost like this.

>"Once, the filmmaker sent me something written by a big screenwriter for me to change. In the end, when it came to authorship rights, I could only ask me to be a literary editor, but I didn’t accept it. My screenwriter friend said that you have to have some backbone and can’t start this, otherwise it will be detrimental to your career development in the future.

>Now the filmmakers are very good at chatting, first tell you how good this project is, and then let me give my opinion. After chatting with me, I took all my ideas, started to talk about the price, and the price was also negotiated. Finally, I will say that because the first draft is a big screenwriter, you can’t be a screenwriter when you sign your name.

>I know that they are original, and I have no problem with them, but I have also revised them. I have also created them, and I am also a screenwriter. If I were just planning and editing, I would not be able to change them so meticulously.

>The other party said there is no way, or I will give you some money. I said it is not about money, what kind of work should be signed. "

Picture from Wang Hailin Weibo

>There are a large number of new writers in the industry who are facing these two dilemmas. They may be alone, but is there a better way to solve their dilemma?

>In addition to going it alone, signing a screenwriting company and working with a big screenwriter are two other mainstream options. In Liu Xiaofeng’s opinion, both have advantages and disadvantages, but he prefers to sign with a big screenwriter.

>"For example, I’m working alone now, and a company comes to me to talk about buying a script, and the cost they want to pay is the price I want to sell it. If I sign with the company, they have to give my company a commission, so some companies prefer to talk to a solo screenwriter.

>I prefer to follow the big screenwriter because there is a role of mentoring. Although the big screenwriter may take the job and our subordinates will do it, if we are lucky, we may be able to sign a co-writer, and now it is all celebrity effect. After our new screenwriter comes out, if there is a big screenwriter in front of us, they will immediately take a high look and be willing to chat with you. Maybe after working with the big screenwriter for a few years, you can slowly have an independent signature. "

The above screenshots are all from screenwriter Li Yaling’s Weibo, the current situation of the screenwriting circle

 Why didn’t the "banana project" happen?

>It is precisely because the survival situation faced by new screenwriters is so difficult that every film festival venture capital and every new project endorsed by celebrities is like a dawn, a hope.

>Banana Pictures was born in August 2017. On September 27 of that year, the "Banana New Director’s Digging Project" was announced. It was the first time that Wang Sicong entered the public eye as the behind-the-scenes operator of the film company.

>A total of 812 directors signed up for the "Banana New Director Digging Project" and received 840 films. On April 26, 2018, the program held an awards ceremony, and 16 directors were announced on the spot.

Picture Source Banana New Director Digging Project Weibo

>During the Shanghai Film Festival in 2018, the Banana Project held another press conference to announce the launch of the "New Screenwriter’s Dream Realization Project", with a total prize of 6.30 million RMB.

>Wang Sicong had a long-term plan at the time, and planned to use the method of "discovering new directors one year and discovering new screenwriters one year" to cultivate a group of top directors and screenwriters in six years.

>At the awards ceremony of the new director project, Wang Sicong once said proudly, "Others want to turn 200 million into 1 billion, but I already have 1 billion, so I can directly take out 200 million and see if I can do something for my favorite movie."

>Banana New Screenwriter Dream Project

>From the public information, after the first new director’s excavation plan, there was no news of any director’s salary claims. We can assume that the banana film industry was still not short of money at that time, and the banana film industry did not subjectively default on bonuses.

>But in 2019, due to the freezing of Wang Sicong’s own property and the absence of banana film industry, the first screenwriter’s land excavation plan ended up with the bonus that could not be honored.

>A well-intentioned plan couldn’t be carried out in the second year; a new film company started "underpaying" after three years of establishment, what was the problem?

First, there is a lack of professional talent.

>The reason why the "Banana Project" initially gained attention was one of Wang Sicong’s celebrity effect, and the other was that his arrogance was not bad for money.

>However, after the film and television industry experienced a meteoric rise around 2015 and a continuous influx of hot money, what it needs is not only funds, but also professionals with the ability to incubate projects.

>On September 27, 2017, at the launch of the "Banana Project" meeting with the public for the first time, Wang Sicong said that there are too many garbage movies in China, and Chinese directors have great problems. At that time, he expressed the hope that the film industry will be more professional. For example, some directors have multiple jobs on the set, and some directors have been shooting a scene for many years. They think that is obviously very unprofessional.

>Although he understood the truth, Wang Sicong himself was not a professional film talent, and his company did not recruit true core and first-line professionals.

>Banana Pictures has always promoted youth and innovation, and in a press release, Banana Pictures described its team as "a young team with an average age of only 26 years, an active personality, a pragmatic style and a strong professional style."

>Therefore, this is a company that unearths new directors and new writers, and then allows a group of newcomers with an average age of only 26 to develop projects.

>Banana Pictures’ publicly announced corporate positioning is to "consolidate the infrastructure of film and television talents and produce content products that young people like". The company’s image is "positive energy, youthful, anti-routine, personality, and interesting", but all this can easily be reduced to slogans. What a film production company really needs is a team that can develop projects, set up plates, and shoot on the ground.

>The film industry needs innovation, but experience is just as important. How can a group of inexperienced newcomers put a project to the ground? And the company also lacks Dinghai Shenzhen. Wei Xiangdong, the CEO of Banana Film, is a former host. He has participated in movies such as "Unexpected Love Time", "Mr. High Heels" and "Keep Silent".

Second, success or failure is all about money.

>The venture capital units of major film festivals are a valuable platform for many new directors and screenwriters, where they can meet the right investors and producers to help them bring their projects to fruition.

>The Directors Association’s "Green Onion Plan" relied on the resources of the Directors Association, and there would be many experienced directors and producers to help new directors implement the project.

>Compared with the longer-established film festival venture capital unit or the resource-rich "Green Onion Project", the "Banana Project" cannot prove its own subsequent incubation and development capabilities, so the high project bonus has become its greatest advantage.

>Liu Xiaofeng remembered that there were 3,170 screenwriters participating at that time. On the last day of the deadline, because many people submitted their contributions, the website of the "Banana Project" once crashed.

source network

>Some of these new screenwriters regard Wang Sicong as a new hope, and perhaps some of them are motivated by money.

>In recent years, there have been a lot of plans to find new directors and screenwriters, and the industry is also discussing, do you really need so many plans? Is there really so much talent to find?

>From the perspective of the contestants, we believe that the "Banana Project" should fulfill its commitments; but from the perspective of the "Banana Project"’s own operation, in the absence of sufficient project development capabilities in the banana film industry, it is debatable whether it is necessary to spend high prices to find new people for six consecutive years, and whether the excavated projects are suitable for the company itself to develop.

>Many things can’t be done well with money. Back then, Panda Live occupied the market with high-priced signing popularity live streaming hosts, but was defeated because of insufficient follow-up operation capabilities. It also earned money by throwing money at the "banana plan". What needs to be consolidated is the follow-up development capabilities.

>The failure of the "Banana Project" was similar to the failure of Panda Live. As an investor, although Wang Sicong understood the importance of professionalism, he obviously needed to find the right path to it.

Picture Source Banana New Director Digging Project Weibo, Wang Sicong, Wei Xiangdong

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How can we resolve the Hengda crisis as soon as possible?

At present, the most crucial thing is to stop the bleeding of Hengda, stop allowing its risks to accumulate and spread, and at the same time, we should preserve good evidence to lay a good foundation for future accountability through the rule of law.

Author | Li Wei

Source | Caixin

Li Wei

Professor of Economics, Cheung Kong Graduate School of Business

Director of the Case Study Center of Cheung Kong Graduate School of Business

Director of the Big Data Economics Research Center of Cheung Kong Graduate School of Business

Vice President of Asian Markets

On September 24, 2023, China Evergrande Group (referred to as Evergrande) issued an announcement saying that "in view of the ongoing investigation of Evergrande Real Estate Group Co., Ltd. (the main subsidiary of the company), the current situation of the group cannot meet the eligibility for the issuance of new notes".

Public information shows that Hengda is in a serious insolvent situation. At the end of 2021, the end of 2022 and the end of June 2023, the company’s insolvent gap is 473.10 billion yuan, 599.10 billion yuan and 644.20 billion yuan respectively.

Judging from this set of data, Evergrande has not "stopped the bleeding". What should be done for such a large real estate company that is in crisis and the situation is rapidly deteriorating?

Market-oriented solutions

The current situation of Evergrande is not optimistic. If the government does not intervene in this crisis and the market comes up with a solution, then there are only two outcomes. One is that Evergrande goes bankrupt, and the other is that market-oriented institutions acquire and integrate Evergrande without the help of the government.

Let’s look at the first outcome. Logically, this is the most likely outcome if Evergrande’s crisis continues to worsen. If Evergrande does go bankrupt, what consequences will we face?

In principle, companies, like people, no matter how big or small they are, will die one day without much fuss. However, the reality may be much more complex than we think, especially for large companies with a wide range of implications.

A classic example of this is the impact of the collapse of Lehman Brothers Holdings Inc. during the 2008 financial crisis.

In 2007, the pressure on financial marekts caused by falling house prices became increasingly obvious, and a series of Financial Institution Groups began to experience insolvent problems, but the overall situation was still under control.

After entering 2008, the situation took a sharp turn for the worse. Lehman, the fourth largest investment bank on Wall Street, began to thunder continuously, and the problem of insolvent gradually appeared. At that time, there was a huge disagreement in the whole society on whether the government should rescue Lehman.

In fact, the government also wanted to raise resources to rescue Lehman, because Lehman was one of the core nodes of the US financial network, but it was ultimately concerned about moral hazard (moral hazard refers to the fact that under the condition of asymmetric information, the responsible economic actors do not bear the full consequences of their actions. For example, Lehman took excessive risks in the course of its operation, making money for himself, and losing money can be required for government rescue based on its importance), and gave up the rescue.

The collapse of Lehman Brothers brought the financial crisis to a climax, causing the largest crisis in the US economy since the Great Depression.

The government’s abandonment of the Lehman bailout quickly escalated the financial crisis, but if Lehman is bailed out, it is likely to exacerbate moral hazard in the financial system in the future. As moral hazard builds, it will only be a matter of time before a larger financial crisis erupts.

The failure of Lehman’s self-rescue brought an unexpected result, which was the successful self-rescue of Merrill Lynch (Merrill Lynch for short).

Merrill Lynch is the third largest investment bank on Wall Street. As the parties discussed how to rescue Lehman, John Thain, the last Chief Executive Officer of Merrill Lynch (CEO), who participated in the discussion, immediately realized that Merrill Lynch had a similar problem. If it did not act immediately, then Merrill Lynch would be the next Lehman.

In order to save himself, Thain contacted Bank of America and sold himself to the latter for $50 billion, thus avoiding the end of Lehman.

In fact, from the perspective of game theory, the decision of the US government not to rescue Lehman, a Financial Institution Group that was so large that it had systemic risks, was somewhat random.

This means that the government will eventually rescue the vast majority of Financial Institution Groups that may cause systemic risks, but it should not let the market know the government’s trump card when choosing to give up a Financial Institution Group that can detonate systemic risks to curb moral hazard.

After all, there is a huge social cost to detonating systemic risk.

Government intervention solutions

The above describes the situation of relying on the market to solve the crisis, but in fact, when a major crisis occurs, the government will intervene more or less. Here are three examples according to the degree of government intervention.

First, the government only plays a coordinating role, and it is mainly handled by market forces.

The most typical example of this is the crisis resolution of Long-Term Capital Management (LTCM).

Founded in 1994, LTCM is a hedge fund specializing in highly leveraged carry trades.

LTCM became famous for its outstanding performance once it was established, but in 1998 LTCM suffered a huge loss. Due to LTCM’s highly leveraged trading strategy, its counterparties included many Wall Street Financial Institution Groups, so the crisis of LTCM once led to a possible systemic crisis in financial marekt. To avoid this dangerous situation, the Federal Reserve Bank of New York convened many Wall Street Financial Institution Groups to discuss ways to rescue LTCM. Finally, many Wall Street Financial Institution Groups raised $3.625 billion to rescue LTCM. The Wall Street Financial Institution Group’s investment not only saved the LTCM from the verge of collapse, but also eliminated its threat to the entire financial system.

During the entire incident, the Federal Reserve Bank of New York played a convening and coordinating role, but it did not provide capital or guarantee, and its intervention in the market was limited. It mainly relied on market forces to solve problems.

Second, the government provides some funds for rescue, but the main transactions are still completed by market institutions. A more typical example of this is the handling of Bear Stearns by the Federal Reserve Bank of New York in 2008.

Bear Stearns is the fifth largest investment bank on Wall Street and a very important Financial Institutions Group in the US financial system.

In order to prevent the collapse of Bear Stearns from hitting the entire financial system, the Federal Reserve Bank of New York coordinated JPMorgan Chase’s acquisition of Bear Stearns. In the process, the Federal Reserve Bank of New York funded the purchase of Bear Stearns’ assets for $30 billion, which helped to complete the entire acquisition.

In this deal, the government offered real money to rescue the problem company, but the amount was relatively small and only played a supporting role. The big problems were still solved by the market itself.

Third, the government fully intervened to take over the companies at risk, a classic example of which was the handling of Silicon Valley Bank by US regulators in March 2023.

Silicon Valley Bank, a bank whose main customers are high-tech companies, experienced a severe run in March 2023 because it did not do a good job of risk management. Fearing that panic would spread and trigger a chain reaction, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) acted together and quickly intervened in the crisis.

After regulators took over Silicon Valley Bank, the FDIC announced an unlimited guarantee on all deposits, breaking the previous limit of $250,000. For Silicon Valley Bank, the regulator ousted all its executives and zeroed out the equity value.

From this series of actions, it can be seen that the government took a comprehensive intervention approach in response to the crisis of Silicon Valley Bank, taking complete control of the company, which is the deepest form of government intervention.

How can we resolve the Hengda crisis as soon as possible?

The above discusses different ways to resolve the crisis from the perspective of the market and the government. What is the significance of this for us to deal with Evergrande’s problems?

Here is the first thing to say, some people may say that the examples mentioned above are all Financial Institution Group, Evergrande is a real estate developer, not Financial Institution Group, there are substantial differences between the two.

Indeed, Financial Institution Groups, especially those large Financial Institution Groups that are at the heart of the financial system, often have a direct and huge impact on the entire system, even the macroeconomy, so once these institutions are in crisis, they are often prone to systemic crises. This is the case we saw in the Lehman bankruptcy.

Institutions with systemic risk are often large Financial Institution Groups, but systemic risk is not the patent of large Financial Institution Groups. All institutions that have a direct and huge impact on the economy and finance as a whole are institutions with systemic risk. Evergrande is one of them.

There are three reasons for this.

First of all, the real estate itself in China belongs to the giant industry, and its upstream and downstream implication is very wide, from steel and cement to home appliance decoration, some studies believe that these industries together ** the country’s gross domestic product (GDP) ratio may be close to 30%;

Second, real estate is closely linked to the financial system. When real estate goes wrong, the land market will soon follow. A large amount of financing in China is based on land and real estate as collateral. Once the value of these collateral shrinks, the risk will immediately spread from real estate to the financial sector;

Finally, Evergrande is a typical leader in the real estate industry, and its survival has a significant impact on people’s views on the entire real estate industry, and even on China’s economy.

Evergrande is so important, so how should we handle the current crisis?

First, Evergrande’s self-rescue seems to be very difficult to succeed. Evergrande has been in danger for two years. If self-rescue can work, we don’t need to discuss whether to rescue Evergrande today.

Second, use a market-oriented approach to solve Evergrande’s problems.

First, let Evergrande go out of business. This is difficult because Evergrande is a company with systemic risk. Second, let other companies in the industry merge and acquire Evergrande. This is a better approach because real estate is a sector with a certain technical threshold, and companies in other industries do not easily learn how to run a developer efficiently in a short period of time.

But there are two difficulties here, one is that Hengda’s scale is too large, in 2020 before Hengda’s accident, Hengda’s housing sales area was as high as 80.86 million square meters, ranking first in the country; the other is that Hengda has been suffering for a long time, and no one knows how big a hole there is. The resources required to acquire such a giant company may not be what a developer can have.

Third, the government intervened to rescue Evergrande.

First, the government only plays a coordinating role, allowing companies in the industry to acquire Evergrande, or establish a consortium, with money, such as the Financial Institution Group, and powerful contributions, such as developers. However, as mentioned above, this path is currently not feasible.

The second is that the government provides a small amount of funds, and then joins social funds to jointly acquire Hengda. This method is better, but the coordination cost is higher.

The third is for the government to directly take over Evergrande. This approach is the simplest and most straightforward, and can control the spread of risk in a short period of time. But the biggest problem is that the government does not know how to run a real estate developer well, and it is still such a huge and opaque developer.

From the current situation, each plan has advantages and disadvantages. Rescuing Evergrande, no matter what method, will create a certain moral hazard, but because Evergrande is a company with systemic risk, this forces us to compromise.

Rescuing Evergrande requires two resources, one is technology and the other is funding.

The government and some large companies outside the industry have capital but no technology, and companies in the industry have technology but no capital. Therefore, the best way is to form a consortium and give full play to their respective strengths.

But the drawback of this is also obvious. How to assemble a suitable team is very difficult, which takes time, but whether Evergrande’s crisis has left us enough time is something we don’t know. A direct government takeover can immediately stop Evergrande’s bleeding, but subsequent operations are beyond the government’s ability.

But this approach is not completely impossible. In this regard, we can still learn from the treatment of Silicon Valley Bank by US regulators. On March 10, 2023, US regulators took over Silicon Valley Bank. Just 16 days later, the regulatory bank found the next home for Silicon Valley Bank – First Citizens Bank (First Citizens BancShares).

Many people now have an understandable sense of anger towards Evergrande, especially those who paid for a house but couldn’t get it.

In the future, even if we rescue Evergrande, it will not be all bailouts. We should rescue homebuyers who cannot get houses and suppliers who do not get the money, but we should let Evergrande’s equity go to zero, most of its debt is impaired, and all executives are dismissed, just like the way US regulators handled Silicon Valley Bank.

But the most important thing at the moment is to stop the bleeding of Evergrande and stop allowing its risks to accumulate and spread. At the same time, we should preserve good evidence to lay a good foundation for future accountability in a rule of law manner. Looking at the overall situation, the government should find a way to take over Evergrande as soon as possible.