Changan Automobile

　　UNI-K sales continue to climb, and "Avita" is gradually approaching

　　Event Overview

　　The company released June 2021 sales: June sales totaled 173,000 vehicles, year-on-year -11.0%, January-June cumulative sales 1.2008 million vehicles, cumulative year-on-year + 44.5%; June production totaled 165,000 vehicles, year-on-year -15.1%, January-June cumulative production 1.127 million vehicles, cumulative year-on-year 37.5%.

　　Analysis and judgment:

　　Independent growth slows down, Ford improves month-on-month

　　The company’s sales volume in June was 173,040 units, + 22.2%/-11.0% year-on-year and -6.2% month-on-month. We judge that the quarter-on-month decline was mainly affected by the lack of cores. It is expected that with the impact of the lack of cores beginning to ease in the third quarter, the company’s sales growth rate is expected to pick up; the cumulative sales volume from January to June was 12.08 million units, + 45.5%/+ 44.5% year-on-year in 19/20. The data of the Passenger Federation shows that the year-on-year growth rate of wholesale sales of narrow passenger cars in June was -5.1%, and the company’s sales growth rate was weaker than the market average. By brand:

　　1) Self-owned brands (Chongqing + Hebei + Hefei, the same below): June sales of 91,871 units, + 33.5%/+ 0.4% year-on-year in 19/20, -11.2% month-on-month; January-June cumulative sales of 701,926 units, + 79.1%/+ 67.0% year-on-year in 19/20.

　　2) Ford: Sales of 21,752 vehicles in June, + 34.7%/-1.7% year-on-year in 19/20 and + 11.7% month-on-month. We judge that the improvement in the month-on-month was mainly due to the increase in the contribution of the re-listing of the Ferrez model. From January to June, the cumulative sales volume was 120,994 vehicles, + 61.0%/+ 24.2% year-on-year in 19/20.

　　3) Mazda: June sales were 10,068 units, + 4.4%/-20.2% year-on-year and + 4.4% month-on-month; January-June cumulative sales were 60,330 units, -1.4%/+ 7.7% year-on-year.

　　The proportion of independent sales in June was 53.1%, -3.0pct month-on-month, mainly due to the monthly decline in sales of independent brands; Ford’s June sales proportion was 12.6%, + 2.0pct month-on-month. It is expected that with the improvement of product structure and high gross profit brought by the launch of new cars, it will contribute important increments in the future.

　　Investment advice

　　The bottom of the passenger car industry cycle drives demand to pick up, and the company’s strategic focus on two core assets of autonomy + joint venture is expected to fully benefit. Among them, 1) Changan independence, the product cycle will rise in volume and price; 2) Changan Ford bottom will rise, and the margin will improve. At the same time, the CHN architecture and high-end electric intelligent new brand jointly built by the company with Huawei and () are expected to achieve rapid progress for the company in the development of intelligence and electrification. We maintain the profit forecast unchanged: it is expected that the company’s revenue in 2021-2023 will be 928.14/1022/113.506 billion yuan, the net profit attributable to the parent will be 53.92/60 25/65.94 million yuan, and the EPS will be 0.71/0 79/0.87 yuan. The PE corresponding to the current stock price is 29/26/23 times, maintaining the buy rating.

　　Risk warning

　　Downside risks in the auto market; sales of old models are declining, and sales of new models are not up to expectations; cost reduction and control fees are not up to expectations; Changan Ford’s strategic adjustment effect is not up to expectations; Avita brand development is lower than expected.

　　ZTE

　　2021 H1 performance forecast Comments: Performance exceeds expectations, endogenous changes are born into the sun

　　Upgrade the performance forecast and maintain the overweight rating. Based on the consideration of gross profit margin and share, we slightly raise the company’s net profit forecast for 2021-2023 to 6.513 billion yuan (+ 7.5%), 8.181 billion yuan (+ 2.1%) and 10.261 billion yuan (+ 4.7%), corresponding to EPS of 1.41 yuan, 1.77 yuan and 2.22 yuan respectively. Considering the compounded growth rate of the company’s net profit in the next three years, give the PE of 30x in 2021, and lower the target price to 42.3 yuan (-7.7%), maintaining the overweight rating unchanged.

　　The company announced that the net profit of H1 in 2021 is expected to be 3.80 billion yuan – 4.30 billion yuan, an increase of 104.6% -131.5%. According to the median, the net profit in the single quarter of 2021Q2 is nearly 2 billion yuan, which is expected to hit a new high in operating profit. The main reasons for the high net profit growth are: 1) the company optimizes the market structure, and it is expected that the three business lines will have good revenue growth; 2) its own management and R & D capacity enhancement brings about continuous recovery and improvement of gross profit margin; 3) the transfer of up to 90% of ZTE’s equity, confirming the pre-tax profit of about 800 million yuan; the overall performance exceeds market expectations.

　　5G scale procurement via bidding started, and the company’s various businesses were born into the sun. Recently, domestic operators’ 5G scale procurement via bidding started, and the investment in 2021 showed the characteristics of low before and high after, which better supported the high growth of the annual performance. At the same time, based on the core competitiveness of the company’s chips, algorithms, architectures, databases, etc., it has laid the foundation for business expansion in 5G industry applications, enterprise digitalization, automotive electronics and other fields. The three business lines of operators, government and enterprises and consumers will be further expanded.

　　Endogenous changes are obvious, moving towards high-quality development. The company has strong competitive product advantages under continuous R & D investment, superimposed supply chain, operation and management improvement, gross profit margin and net profit margin will increase, profitability will continue to increase, and it has been on the track of high-quality growth.

　　Risk warning: The epidemic has led to unclear investment by overseas operators and the risk of Sino-US trade friction.

　　Fuman Electronics

　　Rising platform IC star

　　The main business is growing rapidly, and the new product categories are constantly expanding: the company currently has more than 1,000 kinds of various IC products, and continues to enrich the product line. The company takes the lead in card position small pitch & MiniLED driver chip high-quality track, fast charging chip layout is leading, power management chip product line is rich, and actively layout in the field of radio frequency IC, with power management chip design, packaging and testing integrated supply capabilities. The company conducts strategic layout in the two aspects of core product depth development and industrial chain breadth extension, and gradually transforms from a single chip provider to a platform-based analog IC solution service provider. The future growth space is broad. Quarter 1, 2021, thanks to the company’s new product superposition and production, the sales volume and price of mature market products have risen simultaneously, the company’s performance has achieved rapid growth, and its profitability has been greatly improved.

　　LED driver chips are booming, and the company’s products are accelerating in volume: small-pitch LED displays have reached the sweet spot of price, which has significantly stimulated the application demand in related scenarios, and the product has penetrated rapidly. At the same time, under the trend of small-pitch LED displays, with the narrowing of the lamp bead spacing, the number of display driver chips used per unit area has increased exponentially. In the current semiconductor price surge, LED lighting driver chips are not sensitive to price at the end point app store due to their low price base, so there is a large room for price increase. Superimposed with a large amount of chips, it is expected to contribute considerable revenue growth to relevant LED lighting driver chip manufacturers. The company’s LED driver chip layout is perfect, and the technical competitiveness is strong, which can meet the diverse application needs of downstream. The company is the first to break through in the field of small pitch LED display driver chips with a pitch of 1~ 0.3mm, and relies on the comprehensive competitive advantages of technological innovation, product quality, cost performance and the ** to quickly occupy the relevant market, accumulating (), Chau Ming, () and other high-quality customer resources, is expected to continue to increase market share.

　　The fast charging market is accelerating its expansion, and the company continues to expand its high-end customers & applications: The fast charging market is in the stage of accelerated expansion, the industry’s prosperity continues to improve, and the potential app store volume is very considerable. The company has a complete fast charging IC solution, and the PD protocol chip has strong competitiveness. The company vigorously promotes the update of fast charging technology, strengthens its technological leadership and product competitiveness, and the fast charging chip continues to expand to high-end customers such as Aoji and Aohai and high-end applications such as standard power supplies, highlighting its market dominance.

　　The RF domestic replacement space is vast, and the company actively plans to open up a new growth space: the RF front-end chip market is booming, and the domestic replacement space is vast. The company vigorously deploys the RF IC field, and the RF switch and RF PA have been successfully mass-produced. By increasing the production capacity of 5G RF chips, promoting the R & D and upgrading of RF chips, and expanding to the 5G RF chip fields such as SAW filters, LTCC products, and WiFiFEM through endogenous epitaxy acceleration, it is expected to open up a new growth space.

　　Profit forecast and investment rating: We maintain the company’s 2021-2023 operating income forecast of 24.11/35 billion yuan, yoy + 188.4%/45.8%/35.1%, maintain the company’s 2021-2023 net profit forecast of 10.11/14 billion yuan, yoy + 906.3%/39.4%/29.3%, and achieve EPS of 4.93/6 88/8.89 yuan, corresponding to 30/22/17 times PE. Considering that the company’s product categories and app stores in the LED driver IC/power management IC/RF IC market are expected to continue to expand, referring to the average PE (62 times) of comparable companies in 2021, give the company 62 times the target PE in 2021, the target price is 305.66 yuan, and the target market value is 62.682 billion yuan, and maintain the "buy" rating.

　　Risk warning: market demand is not as expected; new product launches are not as expected; customer development is not as expected.

　　Xinhua News Agency, Beijing, November 12　Question: Schools also need to regulate eating takeout? Why is there such a "ban"?

　　Xinhua News Agency "China Network" reporters Li Xiongying, Cao Yiming, Tang Yang

　　In the Internet age, takeout has become a dining choice for many groups due to its time-saving and labor-saving characteristics. However, Guangxi University of Foreign Languages has issued a regulation banning takeout into dormitories, which has sparked discussion among netizens. Recently, Chinese online reporters conducted an investigation and interview on this.

　　What is the purpose of banning takeout?

　　A few days ago, Guangxi University of Foreign Languages issued the "Notice on Not Allowing Disposable Tableware and Lunch Boxes to Enter the Campus". The notice requires that in order to strengthen the management of food safety and hygiene on campus, starting from November 1, the school will prohibit takeaway, disposable lunch boxes and plastic bags from entering the dormitory.

　　Convenient and flexible takeaway fast food, why are schools shut out?

　　Su Junlu, director of the Student Affairs Office of Guangxi University of Foreign Languages, told reporters that the school’s introduction of this regulation is mainly based on considerations such as safety and environmental protection.

　　Su Junlu said that at present, the food delivery merchants are mixed with fish, the food production environment is uneven, and there are certain hidden dangers in food hygiene and safety. At the same time, some plastic bags and disposable tableware used for catering may release toxins under high temperature and other conditions, which may cause damage to the health of students. In addition, the delivery vehicles have also disrupted the daily management of the school while increasing the hidden dangers of campus safety.

　　Su Junlu said that the purpose of the school’s introduction of this regulation is to let students develop good living habits. "During the daily management work of the school, some students were found to stay in the dormitory for a long time, eating takeaway while surfing the Internet and playing games." Su Junlu said, "The takeaway makes life easier, but also makes some students develop lazy habits."

　　In addition, Su Junlu introduced that the increase in plastic waste has put tremendous pressure on environmental protection, and students in school should also start with small things around them, try not to use disposable plastics and carton packaging, and contribute to green environmental protection.

　　Are safety and hygiene grounds for the ban?

　　In fact, the ban on takeout at Guangxi University of Foreign Languages is nothing new. In recent years, some domestic universities have successively introduced bans on takeout and packaged food entering the campus, basically on the grounds that foreign food has safety issues and is not conducive to environmental protection.

　　The reporter combed through the opinions of netizens and found that some netizens questioned whether there was some kind of unwritten agreement between Guangxi University of Foreign Languages and the school cafeteria. The regulations were issued to protect the operators of on-campus restaurants.

　　Su Junlu told reporters that the school’s introduction of this regulation only prohibits the use of plastic products to pack hot food into the dormitory, does not prohibit students from eating outside the school, and does not require students to go to the school cafeteria to eat.

　　What did the students think about the school’s ban? The reporter interviewed several students at random on campus.

　　Liu, a freshman student, told reporters that during the peak dining hours, the school cafeteria has a long queue time, and eating in the school cafeteria often takes up lunch breaks, while takeout provides great convenience.

　　Regarding safety and hygiene issues, many students said that since they choose takeout, they must take responsibility for their actions.

　　"For the sake of environmental protection, all the teachers in the school are prohibited from driving to work, okay?"

　　Liu Junhai, a law professor at Renmin University of China, said that strictly speaking, the university’s ban does limit students’ right to choose: the relationship between students and food delivery companies is a civil contractual relationship, which is in principle free of contract, and the school does not control when, what and how students buy.

　　In addition, Liu Junhai said that there is an educational contract between the school and the students, and the students living in the school should accept the management of the school dormitory. As a property manager, the school has basic property management rights, such as not bringing firecrackers and other items that endanger public safety into the dormitory. But takeaway itself is not a dangerous product and does not hinder the public safety of the school. Although the school is under great pressure to clean up, the school also has the obligation to clean up after the students pay the tuition fee.

　　Takeaway should be sparse rather than blocked

　　Many students and netizens have expressed that the reason for choosing takeout is on the one hand because of the convenience and flexibility of takeout; on the other hand, it is also because the school cafeteria itself has objective problems such as serious queues and single food tastes.

　　Zhang Xiang, a professor at Fudan University, said that although lunch boxes may not be safe and cause environmental burden, school administrations should also consider the other side of the problem: why do students choose takeout, and should schools use more thought in cafeteria management?

　　A smart plate system recently unveiled in the third cafeteria of the Emerald Lake Campus of Hefei University of Technology has allowed students to bid farewell to the state of running to the cafeteria after class.

　　At noon, the reporter saw in the dining area of the cafeteria that the students took the dishes on different plates into the tray according to their own taste. As long as they put them on the checkout table, the number of dishes in the tray and the total price will be displayed immediately at the end point. Take out the campus card and swipe it lightly, and the whole settlement process is completed in an instant with a "beep".

　　"This is really good, and it reduces the waiting time in line. In winter, you don’t have to worry about the food being cold, and the efficiency is improved." Li Meng, a dining classmate, said.

　　Mei Rui, manager of the third canteen at the Emerald Lake Campus of Hefei University of Technology, said that they hope to provide more convenient logistics services for students through the application of new technologies.

　　Su Junlu also said that the cafeteria of Guangxi University of Foreign Languages has started to increase the number of dining tables, chairs and sales windows, and plans to open 24-hour dining windows to do its best to meet the needs of students.

　　Students’ choice of takeout may bring some problems, but the solution should not be a one-size-fits-all ban. "First, let takeout operators strengthen their environmental awareness and provide degradable and safe environmentally friendly materials; second, school cafeterias strengthen innovation and provide diverse exploration in terms of time, queuing methods, dish selection, etc.; third, encourage students to eat in cafeterias and strengthen education for students in environmental awareness and good habit formation." Liu Junhai suggested.

　　Author: Buy your own flowers and wear them yourself

　　618 spent 99 yuan to buy a small love speaker. He thought it was cheap, but in fact, the performance of this speaker is not that good.

　　Let me introduce this little love first, just that box, it is a little love smart speaker play.

　　It is very small, the color is black, and the color is quite textured. It looks good at home. Its internal thermal infrared control system can be used to control traditional home appliances, such as non-smart ceiling lights, non-smart TVs, and non-smart air conditioners. As long as there is an infrared transmitter and receiver unit, it can be used to control it.

　　When you go home, connect it and use it directly. It is really good to use, and it comes with a clock display function. It is quite convenient to place it near the bed and open your eyes to see the time.

　　The sound of this router is also quite good, very balanced, I can’t say that he is particularly good when listening to music, at least I can’t pick out any big problems, the price is 99 yuan, after all, I can’t use too good materials, so I am already very satisfied, the disadvantage is that he is relatively dragon…

　　Sometimes he couldn’t hear when he was called, but when he wasn’t called, he kept talking, which was very annoying.

　　When signing a contract, you are also frequently asked to bind the APP, and you must also open a membership to listen to some more popular music.

　　The rest is not a big problem. There are four more buttons on the top of the receiver speaker, the play pause button, the plus or minus volume button and the mute button.

　　If you have a smart home at home, you can let him control it, such as controlling it, asking him to turn on the lights, start the sweeping robot, start the air purifier, start the air conditioner or electric fan, etc. He can do it very well for you.

　　You can also use it to check the weather forecast and recent fortune, which is very convenient. It would be great if his reception sensitivity was improved a little more, and don’t talk like crazy when I don’t want him to appear, and don’t pretend to be deaf when I need him

　　China News Service, June 8, according to the website of the Ministry of Transport, the Ministry of Transport issued the "Notice on Doing a Good Job in Promoting Consumption Expansion and Quality of Transportation" on the 8th, saying that it is necessary to promote the development of green consumption in transportation, guide and urge localities to further promote the application of new energy buses and taxis, and gradually promote the electrification and cleanliness of urban public transportation and urban logistics distribution vehicles.

　　According to reports, in order to implement the decision-making and deployment of the Party Central Committee and the State Council on expanding domestic demand, promote the expansion and quality of consumption, promote the formation of a strong domestic market, serve the "Six Stability" work, and implement the "Six Guarantees" task, with the approval of the Ministry of Transport, the relevant work notice on promoting consumption expansion and quality of transportation is as follows:

　　The first is to improve transportation infrastructure conditions and stimulate consumption potential. On the basis of promoting the perfect layout of transportation infrastructure and three-dimensional interconnection, we should highlight problem orientation and goal orientation, and focus on promoting a number of transportation infrastructure buildings that have obvious effects on promoting consumption, so as to create conditions for stimulating consumption potential.

　　Accelerate intercity transportation infrastructure building. Focus on key urban agglomerations and metropolitan areas such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Shuangcheng Economic Circle in the Chengdu-Chongqing region, and promote the formation of a multi-level rapid transportation network with rail transit and expressways as the skeleton. Improve urban agglomerations and metropolitan area center urban transportation infrastructure building, vigorously develop public transportation, and improve the level of transportation integration. Gradually form a 1-hour commute in metropolitan areas, and a 2-hour accessibility in urban agglomerations.

　　Improve the rural transportation infrastructure network. Promote the high-quality development of "Four Good Rural Roads", vigorously promote the withdrawal of organized villages and other large-scale natural villages with a population, and the opening of hardened roads to border natural villages, and promote more transportation projects to enter villages and households. Deepen the reform of the rural highway management and maintenance system, and speed up the establishment of a long-term mechanism for management and maintenance. Promote the construction of facilities such as ferry reform bridges, land and island transportation terminals, Kuhu District waterways and convenience docks, and improve the conditions for ferries in remote areas. Improve rural logistics infrastructure and service facilities, guide township passenger terminals to expand their functions of commerce, logistics, postal express delivery, etc., and realize "one point and more capabilities, one network and multiple uses, and multi-station integration".

　　Improve the development quality of comprehensive transportation hubs. Promote the construction of comprehensive passenger transportation hubs, and guide and drive the centralized layout, space sharing, three-dimensional or co-platform transfer of various transportation mode facilities. Encourage the use of large-scale comprehensive passenger transportation hubs as carriers to promote the agglomeration and development of related consumer industries such as commerce and finance, tourism and catering, shopping and entertainment, and build an urban complex. Promote the construction of logistics nodes such as national logistics hubs and freight hubs (logistics parks), and guide logistics nodes to expand service functions such as cold chain, postal express, cross-border e-commerce, and air logistics.

　　The second is to improve the quality of transportation services and upgrade service consumption. In response to the difficulties and painpoints faced by passenger travel and lifestyle logistics services, efforts will be made to improve the speed and convenience of travel services, promote the green and efficient development of freight logistics services, and open up the "blockage point" restricting consumption in the transportation sector to enhance consumption vitality.

　　Improve passenger transportation services. Speed up the remaining townships and villages with the conditions to pass buses, consolidate the achievements of the existing buses, and ensure the high-quality completion of the goal of passing buses by the end of September 2020. Fully realize the normal operation of the passenger rolling transport liner in the Qiongzhou Strait, and further shorten the average time for passengers to cross the sea. According to local conditions, promote the improvement of night economic transportation supporting services. Continuously meet the special needs of the disabled, the elderly and other groups, and improve the level of barrier-free and convenient travel services.

　　Optimize passenger transfer services. Further enhance the service level of passenger intermodal transportation, and effectively improve passenger travel experience. Encourage localities to strengthen innovation, and promote the opening and sharing of information on various modes of transportation, management coordination, optimization of security inspection processes, and integration of ticketing services. Promote the experience and practices of passenger intermodal transportation in Heilongjiang, Beijing, Nanjing, Shenzhen and other places. Strengthen the connection of urban public transportation and auxiliary public transportation services in comprehensive passenger transportation hubs, and improve the level of passenger "last mile" connection services. According to market demand, encourage the establishment of car rental service outlets at airports, railway stations, port passenger terminals, etc.

　　Improve the level of ticketing services. Encourage enterprises to use the Internet and other information technology applications to improve the level of ticketing services for networking, connecting, off-site, round-trip, and refund tickets, and guide Internet enterprises to provide "one-stop ticketing services" for intermodal transportation. Expand transportation card travel applications in taxis, city ferries, and road passenger transportation operated by buses. Promote road passenger e-tickets, and carry out pilot applications of road passenger e-tickets in Beijing, Jiangsu, Jiangxi and other provinces to improve the level of digitalization and informatization of road passenger transportation, and improve passenger travel experience. Promote the application of waterway passenger e-tickets, and carry out e-ticket applications in key waters such as Qiongzhou Strait and Bohai Bay. Continue to promote the implementation of the cruise ticket management system.

　　Improve the service level of life logistics. Promote the construction of "Global 123 Express Logistics Circle" to support the growing demand of residents for fast and convenient logistics services. Deepen the urban green freight distribution demonstration project, and guide local governments to coordinate urban transportation and urban material distribution needs according to the actual development, and accurately formulate urban distribution vehicle traffic control policies. Encourage local governments to strengthen departmental cooperation, promote information and data sharing, and provide support for improving the informatization level of urban freight distribution. Improve cold chain transportation standards and norms, improve the technical equipment level of cold chain logistics vehicles, and improve the quality of cold chain transportation services. Continue to promote the integration of delivery and mail, and improve the rural logistics service system at the county, township, and village levels.

　　The third is to promote the cross-industry integration of transportation and cultivate new consumption. Give full play to the advantages and characteristics of transportation points, long lines, and wide coverage, promote the integration and linkage of transportation "upstream and downstream, left and right" industries, and improve the application and development level of new technologies, new formats, and new models. Provide support for new consumption.

　　Promote the integration of transportation and tourism and sports industries. Strengthen the connection between expressways and scenic transportation, fully consider the connection with key scenic roads in expressway planning and construction, and improve the setting of traffic guidance signs. Promote the expressway service area to expand tourism, consumption and other functions according to local conditions, and combine regional characteristics to support RV parking spaces, gas stations, new energy vehicle charging piles and other facilities and equipment. Continue to promote the construction of tourist roads, tourist waterways, cruise yacht terminals, promote the development of cruise economy, tourism trains, low-altitude flight tourism, etc., and promote the cruise port to improve service levels. Encourage the creation of independent brand sports events featuring transportation resources.

　　Promote the integration of transportation and information industry. Promote the new transportation infrastructure building, improve the intelligent and digital level of transportation infrastructure. Promote the application of autonomous driving and vehicle-road coordination technology. Use "Internet +" technology to promote the healthy development of shared transportation, and encourage the development of new formats and models of travel services such as small and micro passenger car time-sharing leasing and road passenger transportation customization services. Encourage the development of "Internet +" efficient logistics, improve the level of automation, intelligence and digitalization of logistics, and improve the quality of services in areas such as timely delivery and cold chain express delivery, so as to effectively support the development of e-commerce and digital consumption.

　　Promote the development of green consumption in transportation. Guide and urge all localities to further promote the application of new energy buses and taxis, and gradually promote the electrification and cleanliness of urban public transportation and urban logistics distribution vehicles. Speed up the elimination of scrapped and old diesel trucks. Study and establish relevant standards and specifications for the safety and operation and maintenance of new energy vehicles in the field of road transportation. Guide logistics enterprises to use packaging that meets environmental protection and recyclable standards, avoid repeated packaging and excessive packaging, and improve the level of resource reuse and recycling.

　　The fourth is to create a safe transportation consumption environment and improve consumer satisfaction. Further enhance service awareness, and effectively safeguard consumer rights and interests through service innovation, transportation market supervision, and smooth rights protection channels, and strive to create a safe, convenient and comfortable transportation consumption environment.

　　Encourage innovation in service methods. Encourage all kinds of Internet platforms and market players to participate in the development of big data products and value-added services for transportation and tourism services, and use the mobile Internet as a carrier to provide the public with comprehensive information services such as diversified transportation, tourism, and sports events. Continue to deepen the expansion and application of ETC. Promote differentiated toll collection on expressways.

　　Maintain the order of the transportation market. Build a fair, open, competitive and orderly transportation market, improve market access and exit systems, and strive to improve the rules for the operation of the industry. In key areas such as transportation, transportation and logistics, build a new credit-based supervision mechanism, study and promote the interconnection of credit information, mutual recognition of credit evaluation, joint reward and punishment interaction, and credit repair interoperability. Cross-regional credit supervision and application, and optimize the overall credit environment of the industry. Promote the expansion and application of the electronic health file system for automobile maintenance to provide support for promoting used car transactions. Strengthen the supervision and management of transportation services, comprehensively use the Internet, WeChat, telephone and other channels to open up and accept problems reported by the masses, respond to problems in a timely manner and properly solve them, and improve consumer satisfaction.

　　Guarantee the safety of passengers’ travel. In accordance with the relevant requirements of the "Guidelines for the prevention and control of COVID-19 epidemic in passenger stations and transportation vehicles by zoning and grading", do a good job in epidemic prevention and control of passenger stations and transportation vehicles. Supervise transportation enterprises to implement the main responsibility of safety management. Further strengthen safety supervision and emergency response capacity building. Increase investment in infrastructure safety protection, and improve the safety protection capacity of key infrastructure. Build a safe vehicle and ship terminal, strengthen safety inspection and danger work, and create a safe environment. Promote the sharing of inter-provincial chartered passenger transportation sign information and external inquiries, and improve the safety and standardized operation level of tourist chartered vehicles. Implement key supervision of safety production on long-distance passenger routes and sleeper buses over 800 kilometers.

　　Fifth, strengthen organization and implementation to ensure effective results. Strengthen organizational leadership, innovate working methods, strengthen publicity and guidance, strive to promote consumption expansion and quality improvement to achieve practical results, and provide strong support for coping with the adverse impact of the epidemic, effectively expanding domestic demand, and promoting the formation of a strong domestic market.

　　Strengthen organizational leadership. Transportation authorities at all levels should raise their political standing and fully understand the importance of transportation to promote consumption expansion and quality improvement. In their work, they should strengthen organizational leadership, improve service awareness, strengthen departmental linkage, refine and implement measures in combination with actual conditions, and increase the reform of "decentralization, management and service" to form a joint force to promote consumption expansion and quality improvement.

　　Innovate working methods. Strengthen policy innovation and system innovation, and encourage local transportation authorities to promote consumption expansion and quality improvement according to local conditions through pilot exploration, demonstration-driven, and policy support. For projects that meet the requirements of the pilot program for building a transportation power, are highly innovative and have outstanding demonstration-driven, the Ministry of Transport will be included in the pilot program according to the procedures.

　　Strengthen propaganda and guidance. Give full play to the role of the media in guiding public opinion, make extensive use of key news websites, major commercial websites and media platforms such as Weibo, WeChat, mobile client side, etc., carefully set topics, vigorously publicize the good experience and good practices of transportation to promote consumption expansion and quality, and play a typical demonstration and driving role.

Today, China Hengda (03333.HK), Hengda Automobile (00708.HK), Hengda Property (06666.HK) suspended trading. As of the time of suspension, the three companies fell by 20.87%, 18.21% and 2.50% respectively.

On the news, the liquidation case of China Evergrande was re-heard in the Hong Kong High Court. The judge said that China Evergrande’s workout plan lacked progress, and the company was insolvent. It officially ordered Evergrande to be wound up, and held a hearing this afternoon to deal with the regulatory order and issue written reasons.

According to the Securities Times, a liquidation petition is a common means of debt collection under the Hong Kong legal system. The court issues a liquidation order, which declares that the company has entered bankruptcy and liquidation procedures. This means that the Hong Kong capital markets have ushered in the largest bankruptcy and liquidation of a real estate company. China Evergrande, which has debts of 2.40 trillion yuan, has been subject to creditors’ application for liquidation. In order to delay the liquidation, it has repeatedly expressed the preparation of a new workout plan. However, due to the slow progress of the workout plan, it was eventually ordered to be wound up by the court.

In fact, there are already signs that China Evergrande is about to receive a winding-up order. According to the official website of the Hong Kong Judiciary, Judge Chan Jing-fen is scheduled to hold a hearing on a potential regulatory order on the afternoon of January 29. Once such a regulatory order takes effect, it means that the court will oversee the winding-up process, which may involve the appointment of a liquidator.

The winding-up hearing has been postponed several times before

I was still trying to liquidate my debt last week

For Evergrande, the way to avoid a winding-up petition is to complete the workout. In order to win the approval of the restructuring plan, China Evergrande’s winding-up hearing has been delayed for a long time, with a total of seven delays.

The Hong Kong High Court had previously decided to postpone December 4, 2023 as the last time for China Evergrande’s liquidation hearing. However, at that time, China Evergrande was granted another extension time after the applicant suddenly said that it would not ask the court to issue a liquidation order and did not object to China Evergrande’s application for adjournment.

The winding-up order, which may be tied to the entry of new applicants, has been reported to include a winding-up petition at the hearing by a special panel of major overseas bondholders, a provisional group of creditors holding more than $2 billion in offshore notes secured by Evergrande and its backers. Industry lawyers say the move increases the chances of an immediate winding-up order.

Evergrande had been pushing for a restructuring plan to avoid liquidation. However, at the end of September and the beginning of October 2023, with Evergrande Real Estate and Xu Jiayin being investigated successively, China Evergrande could not meet the eligibility for the issuance of new bills, resulting in the failure to implement the restructuring plan that all parties had been working hard to promote. Since then, Evergrande has not disclosed a new workout plan.

China Evergrande tried to come up with a last-minute workout to avert a possible imminent liquidation before a liquidation hearing at the end of December. The plan is understood to include converting some of the debt held by foreign creditors into equity in the company and two Hong Kong-listed subsidiaries, and repaying the remainder with non-tradable "certificates" backed by foreign assets. However, creditors are widely seen as unlikely to accept Evergrande’s new plan, given the low likelihood of debt recovery and growing concerns about Evergrande’s future.

Just a few days ago, on January 25, the company also announced the sale of the interests of a project company. According to the announcement, Hengda Real Estate Group Guangdong East Co., Ltd. (the transferor), a subsidiary of China Evergrande, signed an agreement with (among others) the transferee, Shantou Hengyao Real Estate Development Co., Ltd., the transferor will transfer its 65% interest in the project company (Shantou Hengming Real Estate Development Co., Ltd.) to the transferee for a total consideration of 137.60 million yuan. As part of the transaction, the project company will forgive part of the debt of the transferor and its contacts to it, amounting to 376 million yuan. In the announcement, Hengda stated that the sale will revitalize the group’s projects, promote the resumption of work and production of the surviving projects, and protect the legitimate rights and interests of project investors, creditors, and homebuyers.

China Hengda recently disclosed that as of the end of November 2023, Hengda Real Estate involved a total of about 316.391 billion yuan of unliquidated maturing debts; at the end of October this figure was 301.363 billion yuan. In addition, as of the end of November 2023, Hengda Real Estate overdue business tickets accumulated about 2055.37 billion yuan.

In terms of litigation, as of the end of November 2023, Hengda Real Estate had a total of 2053 pending proceedings with a target amount of more than 30 million yuan, and the total amount of the target amount was about 490.069 billion yuan; at the end of October, these two figures were 2002 and 470.755 billion yuan respectively. During November 2023, Hengda Real Estate added 101 pieces of information to be executed compared with the end of October, and the total amount of new executions was about 13.048 billion yuan.

Evergrande real estate 2022 annual report shows that the company’s total liabilities 1.833819 trillion yuan, total assets 1.468557 trillion yuan, has been insolvent.

Hengda Sean: I have done my best, I am very sorry

According to the 21st Century Business Herald, in response, China Evergrande Executive Director, CEO, and Evergrande Group Executive President Sean responded that the Group and China Evergrande have made every effort to defend the petition for overseas liquidation. Previously, the Group supported and urged China Evergrande and its advisory team to continue to conduct comprehensive and in-depth exchanges with various creditors, adhere to the principles of marketization, rule of law, and internationalization to treat domestic and foreign creditors fairly, actively promote overseas workouts, and maximize and fairly protect the maximum interests of domestic and foreign creditors based on the actual situation of the company.

Sean said that although we have been working towards repairing and improving asset value and business vitality, objectively, the group’s operation is facing huge difficulties, resources are extremely limited, and the preliminary voting of creditors has not met expectations. Hengda Real Estate has been investigated by the China Securities Supervision Commission, and the group’s actual controllers have been taken compulsory measures according to law for suspected illegal crimes. The company also believes that it cannot meet the relevant legal conditions for key aspects of overseas workout. These circumstances make various uncertainties continue to intensify, so that the workout plan is ultimately difficult to implement. Today’s court ruling is contrary to our original intention. We can only express our best efforts and regret for this.

Next, the Group will face difficulties and problems, take all legal compliance measures, and steadily promote the normal operation of the Group’s business on the premise of protecting the legitimate rights and interests of domestic and foreign creditors.

Sean stressed that the subject of the overseas liquidation order issued by the court this time is China Evergrande, which is listed in Hong Kong. At present, the management and operation system of Evergrande Group and other domestic and foreign subsidiaries as independent legal entities remains unchanged. The group will still strive to do everything possible to ensure the stability of domestic business and operation, steadily advance key tasks such as guaranteeing the delivery of buildings, and maintain the quality of property services. It will still make every effort to ensure the smooth progress of risk resolution and asset disposal. It will still try its best to advance all work fairly in accordance with the law.　

Liquidation or impact on foreign assets

Expert: Guaranteed building has legal protection

According to the HKFC, under the relevant laws of Hong Kong, the court may issue a winding-up order against a company once it is satisfied that one of the requirements set out in section 177 (1) of the Companies Winding-up Ordinance (including the company’s insolvency) has been met. The court will take into account the wishes of the creditors and the principles of justice and fairness.

During the compulsory winding-up period, all proceedings against the company and actions by creditors are automatically suspended unless the court grants permission for such proceedings to begin or continue. In addition, the powers of the directors will be suspended, while the court-supervised liquidator will be responsible for recovering and realising the company’s assets, investigating the company’s affairs, adjudicating creditors’ claims, and distributing to creditors from the winding-up estate. Once the company is wound up, the liquidator will apply to the court to release the liquidator from liability and dissolve the company.

According to the Daily Economic News, a senior lawyer said that the liquidation of China Evergrande will not directly affect the domestic subsidiaries of Evergrande Group in the short term, such as the most concerned Hengda Real Estate. The bankruptcy liquidation of China Evergrande will not directly lead to the bankruptcy of Hengda Real Estate. At most, the equity of Hengda Real Estate held by China Evergrande may be disposed of during the bankruptcy liquidation process.

In addition, within the territory, home buyers have the statutory "super priority" according to law. On April 20 last year, the Supreme People’s Court issued the "Reply of the Supreme People’s Court on the Protection of Consumer Rights of Commercial Housing" (Fa Shi [2023] No. 1) (referred to as the "Reply"), which makes it clear that if a consumer of commercial housing purchases a house for the purpose of living and has paid the full price, and claims that his claim for the delivery of the house has priority over the right to payment for the price of the construction project, the mortgage and other claims, the people’s court shall support it. At the same time, the Supreme People’s Court also pointed out that in the case that the house cannot be delivered and there is no possibility of actual delivery, if the consumer of commercial housing claims that the right to return the price has priority over the right to payment for the construction project price, the mortgage and other claims, the people’s court shall support it.

According to the 21st Century Business Herald, a legal expert familiar with the situation said that, in general, as long as the debt risk is resolved in accordance with the law and regulations, the guaranteed building is guaranteed by law, which is the saying that "the sky cannot fall". The court’s ruling means that although China Evergrande has made every effort to defend the liquidation and promote the workout, it is still being liquidated due to its long-term accumulation of serious defects, and may eventually lead to the dissolution of the overseas company. Although there are still cases in history that the company can try to revoke the liquidation order by restarting the workout procedure under the leadership of the liquidator, the current probability for China Evergrande is only theoretical.　

"A fair, ordinary and objective view of China Evergrande’s liquidation"

　

　　Our reporter, Du Xiao　

　　The intern of this newspaper, Liu Yanqing

　　Recently, the person in charge of Didi’s access security publicly stated that the conservative estimate of the market size of online car-hailing black production reached 1 billion yuan.

　　Didi also said that the phenomenon of "people do not match" is directly a permanent suspension of service processing. The current platform targets the average daily face verification of drivers to 4.30 million times, covering 100% of the total number of drivers’ out-of-the-car verification and in-trip sampling, and the monthly average manual sampling review 600,000 times. Despite possibly facing the strictest controls, some drivers still take risks.

　　The Legal Daily reporter learned in the interview that at first, the illegal production of online car-hailing was mainly to register false driver accounts and receive orders to obtain platform subsidies. Later, some "vest cars" appeared in the development process of online car-hailing, that is, online car-hailing cars whose actual information does not match the registration information. However, with the increasing supervision and crackdown, the problem of black production of online car-hailing cars is gradually improving.

　　Called a car and found that the information did not match

　　Some passengers will not report

　　According to Didi, "the latest information from Didi’s intelligence team shows that the quotation of the black industry’s plan to bypass the face has exceeded 2,000 yuan."

　　After searching the Internet, the reporter found that relevant information such as registration can still be found, but the number is very small. Once contacted, the other party will ask to add WeChat for further details.

　　"If you don’t have enough driving experience to register with the original license plate, change the foreign license plate to the local license plate, and solve the problem that the system does not send orders," a merchant offering online registration services said in the advertisement. The price of this service is 200 yuan.

　　The reporter searched the other party’s public WeChat and found that the WeChat account could not be displayed abnormally, and then the other party provided another contact information. The other party told the reporter that the driving age is insufficient and cannot be handled, but the car age is over and the foreign license plate can be replaced with a local license plate. The average asking price is 1,000 yuan. "The 200 yuan price is just to attract buyers to come to consult."

　　When asked whether they could guarantee that they would not be banned, the other party said that whether a normal car could be banned depended on whether it would be complained by passengers. If there were many complaints, the number would be banned, and if there were few complaints, it would not. False registrations pose a risk of being banned. Think carefully before registering.

　　Regarding the issue of being banned, the other party also offered a trick: "Once the customer finds that there is a problem, he has to rely on his words to convince the customer, and if he can convince the customer, he will not be complained. Or when he is almost at the boarding location, he will call the customer again, divert the customer’s attention and make him not pay attention to the license plate, and then he will be fine."

　　Another registered merchant who advertised on the forum told reporters that it is generally impossible to register if the driving age does not match, and the online car-hailing platform has stricter supervision on this. However, there are also individual online car-hailing platforms that can register if the driving age is not enough. Although the review also has driving age requirements, it can be operated in the background. Charge 200 yuan to help register and activate the account, and ensure that it is in compliance with the registration, there will be no risk of being banned, and access to the order pool to grab the reservation will cost extra.

　　For passengers who encounter "people do not match", some people will not choose to report or complain.

　　A female passenger told reporters that she placed an order through the platform, and when the car arrived, she found that the license plate number was not the one displayed when she placed the order.

　　"At first I thought the driver was looking for the wrong person, but the driver explained to me that the platform had mistaken his information. The driver gave his mobile phone number to prove his identity, and other information displayed on the order was correct, so I got on the bus," the passenger said.

　　Another passenger also encountered a similar situation. He told the reporter that the waiting car did not match the information of the called car, but the driver said that it was his friend who took the order, and he came on behalf of the friend because of something temporary. If you are not at ease, you can place a new order. For safety reasons, the passenger chose to place a new order.

　　"It’s not credible to get the wrong information." Hu Ping (a pseudonym), who has been working as a part-time online ride-hailing driver since 2016, told reporters that if there is indeed an error in the registration of information, it is more difficult to correct the information, because the customer service is usually busy and cannot take care of it.

　　"Whether the information is true or not has a big impact on the driver. Once the passenger complains about this, the platform will block the driver," Hu Ping said. "When registering a driver’s account on the online ride-hailing platform, you need to upload a driver’s license, vehicle driving license, ID card, etc. As long as the information is true and the certificate is valid, the review can basically be passed within three to five working days."

　　There are many hidden dangers of fake accounts

　　The compliance process needs to be accelerated

　　It is understood that the Guangdong police had previously announced the top ten cyber security cases in 2017, among which the "Didi black product" case attracted attention. The police revealed that there were hundreds of thousands of accounts involved, and the amount involved was as high as tens of millions of yuan.

　　Zhao Zhanzhan, a special researcher at the Intellectual Property Research Center of China University of Political Science and Law, believes that online car-hailing black production involves issues such as the sale of personal information and vehicle information. At present, the supervision is already very strict. The reason why online car-hailing black production exists is because of market demand and profitability, coupled with some deficiencies in the management of online car-hailing platforms, which are exploited by criminals.

　　"Drivers registering fake accounts will bring safety hazards to passengers. On the one hand, they avoid the safety review of the platform, and on the other hand, they will increase the risk of personal harm to passengers. For example, some people may want to engage in illegal and criminal activities, some people may not be qualified to drive, and some people may not be skilled in driving." Zhao Zhanzhi said.

　　Fu Weigang, a researcher at the Shanghai Institute of Finance and Law, believes that in recent years, regulators have increasingly strictly regulated the online car-hailing market.

　　According to Fu Weigang, in January 2019, the Ministry of Transport issued the "Notice on the Key Points of Transportation Safety Production Work in 2019", proposing to speed up the process of online car-hailing compliance, and all localities have also continuously urged online car-hailing platform enterprises to speed up the process of compliance. The Shanghai Municipal Transportation Commission Law Enforcement Corps issued a notice requiring all online car-hailing platform enterprises to complete by the end of June: clear the registered vehicles without online car reservation qualifications in the platform, clear the non-compliant personnel and vehicles in the blacklist that were seized and warned in the early stage, improve the basic information of vehicles and drivers, and synchronize the supervision platform in real time. At the same time, platform companies are required to conduct offline entity inspections or reviews of newly registered vehicles and vehicles suspected of "vest" complaints, and strengthen legal education for drivers on the platform.

　　"In fact, for many users, they are mainly concerned about whether the driver drives well or not, whether the service is good or not, and whether the driver’s registration information matches the actual situation and whether the household registration is local. Some users may even worry that if the driver’s entry threshold is too high, the number of drivers will be reduced, which will lead to more expensive taxi prices," Fu Weigang said.

　　Zhao Zhan suggested that passengers themselves should raise their safety awareness and make more efforts within their means, including complaining to the platform if they find that the driver does not match the vehicle information, and assisting the platform in strengthening the management of drivers and vehicles.

　　Appropriately lowering the entry threshold

　　Promote the regular operation of drivers

　　In 2016, after the Ministry of Transport, MIIT and other seven ministries jointly issued the Interim Measures for the Administration of Online Booking Taxi Business Services, various localities successively issued detailed implementation rules.

　　According to media reports, in 2018, Hangzhou introduced a new policy, canceling a number of requirements for online car-hailing drivers, and at the same time adopting a policy of one test and two certificates. Once the driver passes the test, he not only obtains the qualification to drive an online car, but also can drive a taxi. This also makes the number of compliant drivers increase more than 3 times in 2018. At present, the number of online car-hailing drivers in Hangzhou who have obtained the qualification certificate has reached 55,000.

　　Yu Mingyuan, director of the Highway Traffic Development Research Center of the Highway Science Research Institute of the Ministry of Transport, said in an interview with the media that, for example, excessive requirements are placed on technology, and even excessive requirements are placed on the length and frame of the vehicle. Some also require local household registration, and now there are also requirements that the manufacturer is also local.

　　In Fu Weigang’s opinion, some places have set more restrictions on the access of online car-hailing drivers, which will lead to some people not meeting the conditions, which will lead to the creation of online car-hailing illegal production. The stricter the similar standards, the larger the scale of online car-hailing illegal production may be. "If the standards are too high, it will be more unsafe to have black cars. If the standards are relaxed, then some drivers can directly operate online car-hailing through regular channels."

　　Zhao Zhan also believes that to rectify the illegal production of online car-hailing, the threshold for online car-hailing should be appropriately lowered to solve the problem of non-compliance of some online car-hailing drivers. Judging from the implementation of online car-hailing policies, some places have introduced stricter policies, and there are fewer qualified drivers and vehicles. Although the high threshold for access to the online car-hailing market is one of the reasons for the emergence of illegal production of online car-hailing, if there is no access threshold, it will not meet the current laws and regulations, and it will also be opposed by the traditional taxi industry. The threshold for access to online car-hailing needs to be set, mainly whether the level is appropriate.

　　Fu Weigang suggested that to solve the problem of illegal production of online car-hailing, from the platform side, we should first improve the mechanism and system, so that passengers can promptly identify drivers with good service and poor service, and eliminate drivers with poor service. Secondly, the online car-hailing platform should be responsible for reviewing driver information and promptly connecting with the information systems of the public security department, transportation department and other relevant departments.

　　Zhao Zhan added that the platform side should play a leading role in the rectification of online car-hailing black production, and can identify fake accounts through technical means, increase the crackdown, and ensure the safety of passengers.

On the evening of August 10, Alibaba Holding Group announced the Quarter 1 results for fiscal year 2024. As Alibaba’s first financial report after launching the "1 + 6 + N" organizational change, Local Life Group performed well in it: in this quarter, driven by the strong growth of Ele.me and Autonavi, Local Life Group’s revenue grew by 30% year-on-year; at the same time, driven by the overall business scale and efficiency improvement, the segment loss continued to narrow, and the adjusted EBITA (operating profit and loss) reached the best level in recent years.

This quarter’s financial report also shows that due to the fact that Ele.me continued to record positive unit economic benefits, the order density continued to increase, and Ele.me’s losses continued to narrow year-on-year. Under the dual efforts of overall business scale and efficiency improvement, the loss of Local Life Group continued to narrow rapidly: Adjusted EBITA (operating profit and loss) continued to narrow to 1.982 billion yuan from a loss of 2.834 billion yuan in the same period last year.

The growth of high-quality supply, the improvement of consumer demand, and the continuous improvement of distribution capabilities have jointly driven the development of Ele.me from "stable growth" to "stable and fast": while the overall operating efficiency remains healthy in fiscal 2023, Ele.me is showing a strong and considerable growth trend at the beginning of fiscal 2024.

Firmly maintain the vision of "ecological progress" and continue to support high-quality merchants

The joint improvement of the supply quantity and quality of merchants is behind Ele.me’s firm investment in ecology. From April to June 2023, as the impact of the epidemic fully subsided, local travel and consumer demand accelerated. In order to better support the business recovery of merchants and work with merchants to serve consumers in more scenarios, Ele.me launched a series of support measures for merchants during the quarter.

In June, Ele.me held the 2023 Summer Merchant Conference and announced that it would increase investment in "six major areas" to continue to build a "benign, open and common development" merchant ecosystem, including: supporting good stores and good products, increasing investment in Sunshine series merchants, establishing local merchant academies, establishing open APIs, focusing on supporting sub-sectors to explore innovation, and re-launching summer consumer promotion activities. The merchant conference also sent a clear signal: Ele.me is committed to the long-term and firm strategic direction of an open and ecological platform.

At the 2023 Summer Merchant Conference, Eli.me COO Chen Weiye released business support measures for merchants

In order to fully support the launch of new takeaway stores by catering merchants and help new merchants in the industry to harvest business growth, Ele.me launched the "Young Seedlings Plan" in the quarter, launching special project measures for new takeaway merchants in terms of traffic, service and training. In addition to giving up to 28 days of free traffic support and preferential participation in key activities, Ele.me continues to implement all-day independent and easy settlement, and merchants can open stores on the same day of application. At the training end, Ele.me also launched 60-day customized new store growth training support for new store merchants to help new takeaway merchants master takeaway operation skills from scratch.

In order to meet consumers’ escalating demand for instant e-commerce, Ele.me has also continued to introduce various high-quality brand merchants to increase the supply of various retail products on the platform. In this quarter, Ele.me has successively reached cooperation with Apple and Suning.com: currently, more than 500 Apple authorized stores and more than 600 Suning.com stores across the country have been fully listed on Ele.me, covering major cities across the country. Through Ele.me, consumers can place orders for all kinds of Apple digital products anytime, anywhere, and buy more than 3,000 kinds of Suning.com store products such as mobile communication, digital computers, and household appliances. The fastest delivery in the city is 30 minutes.

Innovative user activity design continuously upgrades the consumer experience

The increase in the active level and order volume of Ele.me on the consumer side is driven by experience innovation. From April to June, during various consumer festivals such as the "May Day" holiday, Mother’s Day, and 520 Confession Day, Ele.me continuously met new consumer demand trends through platform innovation activity design. At the end of the quarter, Ele.me launched a new user activity such as "Guessing Answers Free Order" and "City Free Order" in this summer action, creating a new experience for the summer home delivery scene.

For example, during the "May Day" holiday, Ele.me worked with multiple platforms to jointly distribute cross-platform user benefits, including takeout, tickets, taxis and other different scenarios during various travel journeys. Through the "May Day Guardian Gold", consumers can more conveniently enjoy local consumption discounts during the holiday.

In mid-to-late June, with the launch of Ele.me’s summer action this year, last year’s popular online "free answer" activity returned again, and a variety of new ways to play were launched. Unlike last year, this year’s Ele.me free order activity does not need to guess the time, and the free order time will be told to users in advance. If you participate in the answer at the corresponding time, you will have the opportunity to grab the free order place.

This year’s "free order" upgrade of Ele.me not only reflects customer engagement. It is reported that as of the beginning of August, more than 1.50 million merchants participated in this year’s Ele.me "free order" activity, which is 2.5 times that of the same period last year. Among them, Starbucks, Wallace, Juewei Duck Neck, Xibei Noodle Village, McDonald’s, Gu Ming and other national chain brands are deeply involved in the activity and make joint marketing of "free order" IP.

With the rise in temperature and the arrival of the summer economy, Ele.me also collaborates with major platforms to carry out a series of activities such as "50% off Friday", "Crazy Weekend", "18 Red Packet Festival", "This Cup I Invite" to promote consumption and provide more preferential benefits for brand members and platform members. At the same time, for platform Black Diamond members, Ele.me also launched exclusive butler and other member services at the same time, and continuously upgraded the member service experience through high-quality service guarantee.

Continue to strengthen the construction of logistics capabilities to improve the care and protection of riders

Continued investment in on-the-go network capacity building and technological innovation has driven the overall order efficiency of the Ele.me platform to continue to improve, further consolidating the performance chassis for business growth. In order to better cope with the rapid growth of orders in spring and summer, Ele.me continued to strengthen investment in logistics network capacity building in the quarter, and on the basis of last year, further enhanced rider summer care and protection measures.

According to public reports, through technological innovation, Ele.me Blue Knight can send more orders in the same period of time. Compared with June last year, Ele.me riders’ combined order rate increased by 85.7% in one year. At the same time, Hummingbird has increased its investment in IoT equipment such as sideboards, smart helmets, and smart food boxes, continuously improving the convenience and safety of Blue Knight’s work.

After the launch of the Ele.me Summer Action in June, Ele.me provides riders with a variety of incentive measures and care measures including special project red envelopes, summer running order subsidies, and summer cool bags. In order to allow riders to deliver meals safely while reducing outdoor exposure, Ele.me also carried out front platform reminders according to local weather warnings this year to optimize routes and send order protection for riders.

　　Ele.me accelerates the construction of rider stations across the country

Recently, Ele.me has launched four major measures: Blue Knights go to college for free, the construction of "Hundred Cities Million" Knight Inn, the upgrade of the Blue Knight Fund, and the heavy award of "Community Hero" to better support the work, life and development of riders. Among them, the "Hundred Cities Million" plan accelerates the construction of Knight Inn nationwide, allowing more Blue Knights to enjoy the inn service, and better solving problems such as "difficulty in eating, drinking, resting, and charging".

It is worth mentioning that in December last year, Ele.me released the industry’s first "Rider Growth and Development System". In the past year, 2,409 riders have been promoted to webmaster and higher positions. This development and growth development system is currently accelerating among riders across the country.

　　Recently, the issue of "Peking University postdoctoral fellows delivering food for half a year for research" has become a hot topic on the Internet.

　　Chen Long, a doctoral postdoctoral fellow in the Department of Sociology of Peking University, experienced the labor process of a takeaway rider for 5 and a half months in 2018 in order to complete the fieldwork of his doctoral dissertation. Chen Long wrote in the media about his experience as a rider for nearly half a year.

　　According to Chen Long’s self-report to the media, in 2018, in order to complete his doctoral dissertation, he joined a team of food delivery riders in Zhongguancun, Beijing, and spent five and a half months conducting fieldwork, delivering food every day, and experiencing the rider’s labor process. He was curious about how hundreds of thousands of riders could walk through the streets of various cities across the country, seemingly chaotic but orderly. The results of his dissertation will be published this year, and all his investigations have always revolved around a central proposition in sociology: How does capital control workers, and how do workers resist?

　　A reporter from Surging News found through China National Knowledge Network on May 9 that Chen Long’s paper "Labor Order under" Digital Control "- Research on Labor Control of Takeaway Riders" was recently published in the journal "Sociological Research" No. 6, 2020. Chen Long said in the abstract part: "Following the idea of Marx’s technical control, this paper studies the labor process of takeaway riders from the perspective of organizational technology and science and technology."

　　Drawing on his own experience, Chen points out: "On the one hand, through the redistribution of control by platform companies, the platform system and consumers have replaced the platform company in managing the riders. The platform company appears to have given up direct control over the riders, but in fact it has diluted the responsibility of the employer; labor conflicts have also been correspondingly transferred to the platform system and consumers. On the other hand," digital control "has been upgraded from physical machines and computer equipment to virtual software and data. The platform system makes labor order possible by subtly collecting and analyzing rider data and reacting the data results to the riders."

　　"Digital control not only weakens riders’ willingness to resist and erodes their autonomy, but also allows them to unknowingly participate in the process of managing themselves," says Mr. Chen. "Digital control also shows that capital control is not only shifting from autocracy to hegemony, but also from physical to virtual."

　　The surging news reporter noticed that Chen Long used his own experience in delivering food as an example in his paper to analyze the problems existing in the delivery platform system.

　　For example, in the section "Rider Autonomy under’Digital Control ‘" of Chen Long’s paper, he quoted a conversation he had seen in his food delivery team’s WeChat chat group:

　　screenshot of the paper

　　Chen Long explained: The "report" in the mouth of the rider refers to the fact that the rider can extend the delivery time by "reporting" when the delivery work is delayed due to the slow delivery of food in the restaurant. "Pending order" is a strategy that the rider "invented" during the delivery process over the years to run more orders. In principle, the rider should go to the restaurant to pick up the food immediately after receiving the order. However, before the rider feeds back "confirmed pickup" to the platform system, if the platform system receives a new order with the same destination, it will send the new order to the same rider. Whether there will be such an order depends entirely on luck, so the rider tries his luck by "hanging order", that is, dragging the way of not giving feedback "confirmed pickup" to the platform system. " The "pending order" is actually a strategy to delay the delivery time in exchange for more orders. However, when the rider wants to "place an order" and does not want to delay the delivery time because of the "pending order", making up for the time loss caused by the "pending order" becomes the primary issue before the rider.

　　He points out in the paper that the corresponding way to extend the delivery time is to "report", but the "report" needs to meet three prerequisites: first, the rider is near the restaurant; second, the rider has been at the store for more than 5 minutes; third, the restaurant has not eaten at the estimated time. For experienced riders, it is easy to meet the "report" prerequisites. First of all, the straight line distance between the place where the rider is waiting for the order and most restaurants is within 500 meters (the requirement of "near the restaurant" is that the straight line distance is within 500 meters); secondly, because it is within 500 meters, the rider can click "Confirm to arrive at the store" in the same place, so that the requirement of arriving at the store for more than 5 minutes can be met while "placing an order" in the same place; finally, in the midst of the busy situation, even if the restaurant has already served, the rider can still insist that the restaurant has not served within the estimated time or cannot find an order. In the end, the rider can extend the delivery time of the previous order by "reporting" the previous order, which means that it is assumed that the restaurant’s delivery is slow rather than his own "pending order" caused the delivery delay.

　　At the end of the paper, Chen Long argues: Although the platform system is used to manage the data of riders objectively, there is a profit orientation behind it. No matter how much technology leaps forward, it still essentially serves capital. And blind admiration for technological myths often makes us relax our vigilance against behind-the-scenes operations. Therefore, we should see that the platform system is not an objective and neutral "manager", and there is a figure of capital manipulation behind "digital control". If it has become an open secret that the content of social media and shopping websites will be pushed according to the preferences and habits of your audience, then there is also reason to believe that Internet platform companies are using the data they collect to maximize their profits.

　　Chen Long wrote: As people’s daily lives are surrounded by various Internet platforms, whether consumers or workers, to avoid eventually becoming "digital refugees" under the Internet platform, they must see the potential dark side of data, be vigilant against capital manipulation behind technology, and resist data infringement by platform companies through reflection, criticism and action.

　　Draw your mobile phone, order what you need in the WeChat Mini Program, and you can get the goods at the head of the community the next day – community group buying is a new type of consumption model that has emerged in recent years. During this year’s COVID-19 pandemic, community group buying suddenly became popular, providing residents at home with daily necessities, especially fresh fruits and vegetables that are necessary for three meals a day. It has played a huge role in ensuring the normal life of residents during the epidemic prevention and control period, and has also been recognized by more and more people. How will community group buying develop in the future has become a topic of concern for people.

　　Fresh fruits and vegetables become the main commodities of the "group"

　　"My family’s daily necessities such as vegetables and fruits are basically solved by community group buying, and the monthly consumption exceeds 1,000 yuan," Ms. Liu, from Kaifu District in Changsha City, told reporters on April 22. "This kind of community group buying consumption model provides convenience for our working people, the price is relatively affordable, and the quality feels good."

　　The merchant recruits the head of the community as a unit, the head of the group creates a group buying WeChat group, and the head of the group promotes group buying goods in the group. Consumers place an order in the WeChat Mini Program, and the merchant delivers it to the head of the community according to the order volume the next day. Consumers go to the head of the group to pick up the goods, thus completing a community group buying.

　　Group buying platform on the sale of a dazzling array of goods, the reporter in the prosperity of the preferred platform to see, there are 24 categories, ten Hui group also has 14 categories, from fresh fruits and vegetables, food, beauty care to home appliances digital group, and even cleaning services, laundry services can be group, among which vegetables, fruits, snacks, fresh most popular.

　　In the vicinity of Heyuan Community, Kaifu District, Changsha City, there are three group buying points, Xingsheng Preferred, Zhihua Zhiguo, and Shihui Group. There are two group buying groups in the mobile phone of Ms. Zhang, a resident of the community, "I joined two community group buying groups. Each group buying has a different time every day, and the types and prices of sales are different. So when I want to buy something, I will compare the supply of the two platforms before placing an order. There is one platform with better fruit quality, and the other platform has cheaper daily necessities." Ms. Zhang is very knowledgeable about group buying. She said that she has joined community group buying for more than two years. Now most of the daily necessities are solved by group buying, and the number of visits to supermarkets and vegetable markets is much less than before.

　　On the morning of April 24, the reporter saw a truck full of fresh food at the Shihuituan pick-up point in Lotus Pool, Kaifu District. The delivery driver told the reporter that he was responsible for delivering more than ten points around the area, each time there were thousands of orders.

　　The number of Zhihua Zhiguo group buying group in Heyuan Community has reached 492 people, and sometimes the head of the group also sells some local eggs, local chickens, Dongjiang fish and other local specialties. The head of the group buying is mainly middle-aged people, office workers.

　　It is common for several group buying platforms to coexist in a community. Residents of Jinxiu Huatian, Kaifu District, Changsha City told reporters that before the Spring Festival, there was only one prosperous and preferred community. After the epidemic appeared, there are now 4 group buying platforms in the community. Every day, the 4 heads of delegation do their best to promote platform products in the group, which is very lively.

　　In Changsha City, Chengbei Shuiying California Community, the head of the "A Preferred Little Talent" concurrently operates three platforms: Xingsheng Preferred, Koala Selection Mall, and Shihui Group, as well as Deyuan Baozi delivery. Every day at about 8:30 am, she will send the main product links of each platform in the WeChat group to notify the arrival and other information. During the epidemic prevention and control period, she also personally delivered the goods to her door. Ms. Zhou from the community told reporters that because it is far from the urban area and there are relatively few supermarkets, she is more willing to participate in community group buying. The content of the three group buying platforms is similar, all of which are fruits, vegetables, daily necessities, etc., and the prices are slightly different. The price of group buying vegetables and fruits is cheaper than the surrounding fruit shops and supermarkets, such as honeydew melon in Hainan, fruit shops sell for 6 yuan/catty, while the platform only 4 yuan/catty.

　　Community group buying plays an important role during the epidemic

　　"On the fifth day of the first lunar month, there were no vegetables at home. I went to the vegetable market and found that it was not open at all. I went to the nearby supermarket. The vegetable area that had always been dazzling in the past had no leaves. Just when I was at a loss, the owner of the commissary in the community pulled me into the Zhihua Zhiguo shopping platform. The next day, the dishes I bought arrived and felt fresh. Since then, as an office worker, I have been buying fresh fruits and vegetables on the platform every day, which feels very convenient." Recently, Ms. Liu from Yuhua District, Changsha City, told reporters how she became a loyal consumer of community group buying.

　　The sudden COVID-19 epidemic has disrupted the normal life of the citizens, the semi-closed management of the community, and the vegetable market has also delayed the opening of the door. With the extension of the closure time, many residents have no food, and some e-commerce platforms are still delivering goods without interruption. Some community heads also responded positively to the opening of the group, alleviating the residents’ shopping problems.

　　During the most serious period of the epidemic, the reporter found that community group buying was very popular. For example, on the Xingsheng Preferred platform, each single product is tens of thousands of pieces of vegetables, soy products and meat, which are often sold out within 15 minutes of opening the group at 0:00. Some other commodities that are in short supply during the epidemic, such as alcohol, disinfectant, yeast powder, etc., have been out of stock elsewhere, but they are still available on the platform from time to time. As popular products, they need to be snapped up quickly.

　　Ms. Zhou of Heyuan Community said that recently, she has been guarding the two platforms of the community to open a group and stock up on some vegetables every day. It is because of community group buying that her family’s life has not been greatly affected during the epidemic.

　　The frenzy of group buying has ruined the heads of the community. A head of the group surnamed Liu in Lotus Pool, Kaifu District, Changsha City, said that since the opening of the group on the sixth day of the new year, the number of group buying has soared, reaching more than four times the previous number. "During the epidemic, I am so busy that I often can’t eat lunch and dinner." A head of the group surnamed Zhang in Furong District also told reporters that as soon as the delivery truck arrived at 2 pm, in order to prevent the crowding of people taking goods, his family of four went into battle and put the goods in sub-units first.

　　The person in charge of several large-scale group buying platforms in Changsha told reporters that during the COVID-19 epidemic, the sales volume of the platform ushered in explosive growth. For example, in Xingsheng Preferred, Changsha’s super 1 million active users placed orders on the platform, the average order volume increased by about 300%, and the number of new users increased by more than 4 times year-on-year. Fresh goods such as vegetables and fruits were basically sold out before noon.

　　All platforms have tried to ensure delivery during the epidemic. The person in charge of Zhihua Zhiguo told reporters that during the epidemic, the platform also applied for resumption of work early. The first delivery began on February 6, and the growth of vegetables and meat was obvious. In order to ensure that a community with suspected cases can deliver goods, several shareholders also take turns to drive home deliveries. Xingsheng Preferred also took measures such as providing additional subsidies for distribution personnel and setting up incentives to encourage distribution personnel and heads of delegation.

　　Healthy development requires facing existing problems

　　The epidemic has made community group buying widely accepted by people, which is greatly conducive to the future development of this e-commerce model. However, the threshold for community group buying is not high, and many problems such as commodity quality and after-sales services are also exposed during the epidemic. Pay attention to and solve these problems, so that community group buying can better develop and better serve the masses.

　　Group buying has a price advantage, but because you can’t see the real thing, sometimes you will buy troubles: the duck intestines you bought are covered with red spots, the tofu is sour, the vegetables are broken, the melons and fruits are cracked, and the fruit taste is very poor – consumers have a lot of complaints. The biggest difference with other online shopping products is that the fresh fruits and vegetables have a short shelf life, and the goods are particularly easy to break, which brings certain difficulties to after-sales. The sales process includes producers, group buying platforms, community heads, consumers and other links. The responsibilities of each link are not clear. Once there is a problem, mutual accusations and wrangling often occur. Some consumers because the price of goods is not high, defective products thrown away, did not go to complain, but if this happens often, it will definitely affect the group buying feeling.

　　Delivery of goods is also often untimely, which occurs from time to time on various platforms. Sometimes a goods cannot be delivered for several days in a row, and fresh ingredients are not delivered in time, which brings extraordinary trouble and greatly reduces the satisfaction of the shopping experience.

　　Platform in the selection of the community head, there is no threshold, some heads do not even have their own brick and mortar stores, the goods come, just like a stall in the community. A resident of Changsha Yuelu District complained that the community will be a long pile of vegetables, fruits and even meat on the ground, spring and winter season is OK, summer to do? Who is responsible for deterioration?

　　How to protect rights if there is a problem with the goods bought by the group, lawyer Li Chunguang of Hunan Haitian Law Firm told reporters, "If the head of the group buys for free, as long as there is no major fault, it generally does not need to bear legal responsibility; if the purchasing fee is charged, if the purchasing behavior causes the buyer’s loss, it will be legally responsible. Citizens who encounter Sanwu products or quality problems must keep relevant evidence. If the after-sales service of the group buying products is not smooth and there is a dispute, they can use the WeChat chat records and payment records of the head of the group to complain to the Market Supervision and Administration Bureau, or they can request the Consumer Association to mediate or sue to the court."

　　(Text/Tian Yan, Shi Xuehui)

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