The 10th season of the popular variety show "Dream Makeover", created by Oriental Satellite TV in collaboration with Centennial Linnei and other brands, recently ended successfully. From the end of August 2023 to the end of December, the "Dream Makeover" program team traveled to more than ten cities such as Beijing, Shanghai, and Hong Kong, going deep into different families and commercial spaces, public welfare spaces, and providing humanized renovation services. The program has gained a high degree of attention, and the perception and attention of Linnei brands and products have also been greatly improved.

In response to the problems in each phase of the space, Linnei kitchen appliances, heating, water heaters, water purification systems, air source heat pumps and other products have also entered each family and public welfare projects. The "Dream Transformer" program team joined hands with Linnei to invite designers to solve the specific and real home problems of families with different living capacity for users, and successfully created a variety of ideal living models full of temperature to support people to complete their living dreams. At the same time, for public welfare projects, Linnei also provides more professional solutions for various practical transformation problems.

Innovative kitchen appliances help create a healthy and safe model kitchen

In the 10th season, the case is more real, the challenge is higher, and it is more humanized. Facing the demands of users in different regions, different family structures, and different age groups, Linnei has shown strong brand strength, and has created a variety of whole-house health and comfort solutions that are tailored to local conditions and individual conditions. Among them, the scientific and technological strength of Linnei kitchen appliances has attracted a lot of attention and received a lot of praise.

The current Chinese family structure is gradually developing towards diversification. The elderly live alone, the young are significant other, and the three generations live together. As a result, there are different demands for the home environment. For the Chinese people who "eat for the people", different family structures also bring more demanding and specific needs for kitchens and kitchen appliances. In the 10th season of "Dream Renovation Home", Linnei kitchen appliances have well met this challenge.

In the case of "Cuddling Home", a family of three, father and daughter suffer from ALS, and only the mother takes care of the housework. Linnei kitchen appliances show strong aging-friendly functions, and the Linnei Shuanganxin series safety stove is selected for the mother, providing a reassuring safety guarantee. The double stoves are equipped with intelligent temperature sensors, which have functions such as intelligent timing and safety protection, not only avoiding safety hazards such as the mother being busy taking care of the family and burning the pot dry or accidentally turning off the flame without timely detection, but also saving the mother’s busy time in front of the stove.

In addition to suitable products for the elderly, the design of Linnei kitchen appliances also shows the brand’s accurate insight into the demands of modern young families. In the first issue of "Divided Home", young couples in first-tier cities are busy with work and high pressure in life, so the appeal for efficient and simple cooking is also very urgent. The six gourmet functions and temperature control and time control functions of Linnei Star Kitchen series food stoves allow them to open free cooking with one click, helping young urban users to open the feast of taste buds in the pace of modern life.

In addition to the cooking process, the cleaning of tableware after meals is also very important for healthy home life. Especially in families with many members, the housework will be more onerous. In the first issue of "Labyrinth Home", the program team equipped a family of 6 with Linnei Jingguan series dishwashers. 5 smart washing modes correspond to the light and heavy oil stains of daily cooking. 10 sets of large-capacity dishes can easily handle 6 people, freeing mothers from heavy cleaning housework. In addition, Linnei product design also fully takes into account various real-life scenarios.

The modernity of the kitchen is not only reflected in the humanized technological functions, but also in the minimalist aesthetics of the modern sense. A full set of "White Lovers" kitchen electric sets is selected in "Nestled Home", which is not only comprehensive and powerful, but also brings ease and pleasure and aesthetic enjoyment to the whole family with a simple and elegant aesthetic.

Professional temperature control, endowing residential space with humanistic feelings

As a century-old enterprise, Linnei can be regarded as an expert in controlling "temperature", and the health and comfort performance of water heaters and wall-mounted boilers has a high reputation both inside and outside the industry. Linnei has also always incorporated the concept of environmental health into its brand commitment, and its performance in green and low-carbon is relatively bright. Today’s Chinese consumers are more concerned about energy conservation while pursuing comfort. Linnei’s water heaters, wall-mounted boilers and air-source heat pump systems open up new experiences for more families in the program.

In the first issue of "Home Together", the zero-cold water and double-water servo technology of Linnei Oxygen Pro water heater provides a more convenient and comfortable experience of housework water and bathing water for single mothers with heavy housework. The powerful cleaning power of the updated iteration of micro-nano active oxygen 2.0 technology also provides more protection for the health of the younger son. In "Return to the House of Rebirth", Linnei Oxygen Pro wall-hung stove and matching whole-house floor heating bring comfortable whole-house heating and domestic hot water to the paralyzed father and elderly mother of the client’s family. Even in the cold and humid southern winter, it can ensure that heating and domestic hot water can be enjoyed at the same time, and while bathing comfortably, the house is just as warm and mellow.

In the century-old house of "Home with Deep Love Everywhere", the program provides Linnei Zhihui cooling and heating system for the client’s mother and daughter, creating a comfortable life for them in the whole house in winter and summer. The winter is warm from the feet, and the summer is cool but not cold. The energy conservation and emission reduction effect of the comprehensive energy technology used in Zhihui cooling and heating system is also very outstanding, fully demonstrating Linnei’s research and development achievements in the field of green and low-carbon in recent years and the strong sense of responsibility for the natural environment of the century-old enterprise.

Frontier water purification technology, layout of whole house healthy water purification map

In recent years, more and more consumers have begun to pay attention to drinking water health. Linnei has also launched a product matrix of whole-house healthy water system solutions, from pre-filters to central water purifiers, water softeners, and multi-end point water purifiers, to adapt to the drinking water needs of members of different age groups in various households.

In the first issue of "Three Ways to the Home", Linnei’s whole house healthy water system plan was more comprehensively displayed. The young couple lived with two pairs of elderly people on both sides. Due to differences in age, living habits and pace of life, the family’s needs for drinking water were also different. The client’s father had a weak stomach after surgery, so Linnei provided him with a RO reverse osmosis water purifier for Linnei’s little penguin, and a new generation of mother-child membrane flushing technology to ensure that every cup of water is healthy and direct drinking of newly made water. In addition, considering that both pairs of elderly people have the habit of drinking tea, Linnei also equipped them with a tea Gudong hot-cleaning machine, with an exclusive tea brewing warehouse, which adjusts the intensity according to the taste; and a small Gudong desktop hot-cleaning machine was added on the first floor, with a 7-speed temperature, 4-speed water volume, and 2-second heat, making it convenient for the whole family to match their drinking water needs.

In addition, the final project of the Dream Renovation Family this season, "Home for the Elderly", is a public welfare project of great significance to social pension. Lin Nei provided support for the "rejuvenation plan" of Chaishan Island in Zhoushan, Zhejiang Province, and jointly explored the model of "old age". The local school was converted into an elderly care institution, so that many elderly people on the island could support themselves. Because there are many people in the public space, Lin Nei chose a commercial water purifier in Lin Nei for the elderly, which is purified seven times to provide healthy and safe water for the elderly; the commercial water purifier in Lin Nei also adopts a decentralized water distribution structure heat tank, which uses more continuous hot water to ensure that the elderly can drink hot water during peak water use periods.

In each episode of the 10th season of "Dream Transformer", Linnei’s solutions with designers will bring qualitative improvement to the quality of life of the participants, and the cases and star products presented in the program can also provide more reference value, which will not only benefit domestic and foreign audiences for future home transformation, but also provide inspiration and reference plans for more public welfare projects. Because of this, the audience rating of the 10th season of "Dream Transformer" continues to rise, and Linnei’s humanized brand concept and strong product strength are more deeply rooted in the hearts of the people.

"Creating a healthier lifestyle" is a long-term project that requires strong resilience, accurate insight into new consumer needs, and humanized care for products while tackling technological challenges. In the future, Linnei will continue to fulfill the brand promise with practical actions, focus on users, return to consumers’ most authentic needs for quality life, and use the power of technology to convey love and feelings to create a more comfortable and livable living environment for more people.

　　　　　　　 Nicholas Tse, who recently won the Best Supporting Actor at the Hong Kong Film Awards, has recently returned to the crew of "The New Shaolin Temple" to continue filming. Since Ting Feng was rushing back to Hengdian to continue work and did not have time to celebrate, in order to continue this joy, director Chen Musheng and the crew specially prepared a mini celebration for Ting Feng at the filming venue of "The New Shaolin Temple" and sent two cakes with "Double Happiness" and "Linmen" written on them respectively. Congratulations to Ting Feng for winning the supporting actor role and being promoted to the second father! However, what made Ting Feng most excited at the celebration was that his idol Andy Lau cheered him up at the celebration and encouraged him to move towards the Best Actor award next year, which made him very excited.

　　　　　　　Ting Feng said that he has been with Hua Ge for nearly four months and has a happy cooperation during filming. He also hopes that the two will be shortlisted for different awards at major film awards ceremonies next year based on "New Shaolin Temple". Director Chen Musheng said that although there will be many movies released next year and the opponent is also very strong, he is confident that the audience will enter and support movies with different themes. Maybe next year, Hua Zai and Ting Feng will be nominated for Best Actor at the same time with "New Shaolin Temple" and become benign competitors!

　　　　　　　At the celebration, Brother Hua was very considerate to Tingfeng, not only cutting the cake for Tingfeng and sharing it with the staff present, but also hilariously shooting the champagne at Tingfeng who was about to taste the cake, catching him off guard, immediately putting down the cake and running away, hiding behind the director, the scene was funny! Originally, when Tingfeng and Brother Hua were holding two bottles of champagne to drink, they laughed and said that they wanted to drink it all, but the director Chen Musheng immediately stopped drinking it and said with a smile, "If you want to get drunk, you will be drunk until the movie Buke, and then everyone will have a good drink! You two are so drunk now, who should I shoot for the next scene?"

　　　　　　　Ting Feng made the cake for lunch, drank a few sips of champagne with Brother Hua and the director, and hurriedly buried his seat to catch up with the play. Even the staff present praised Ting Feng for his diligence, but everyone saw that Ting Feng didn’t even take off his makeup and gave it to the crew to celebrate. It looked very funny. Some staff laughed that Ting Feng was injured to celebrate winning the award. It was really a special dress, and it should be followed by the best dress, and then the best makeup!

Next page More stills of "Shaolin Temple"

　　　　　　　 Movie Network News(Photo/Yang Yaru) On June 22, coinciding with the 8th anniversary of the death of director John Woo’s mentor Zhang Che, the (original name) producer held a commemorative viewing event in Beijing, and Woo also came from Shanghai. Woo said that Zhang Che is very good at creating heroes, and his movies are all shadow of Zhang Che’s movies. Referring to the latest executive martial arts romance "Sword Rain", Woo revealed that they actually replaced Chow Yun-fat’s character with Yeoh Michelle Yeoh, but he himself never read martial arts novels. Woo even revealed that he left Hollywood because no one believed he could make a romance film.

John Woo created a martial arts movie "Rain of Swords" and revealed that he gave up Hollywood for a romantic film

　　　　　　　 On the day of the event, the organizers screened Zhang Che’s "Thorn Horse" and "Revenge." John Woo said, "’Thorn Horse’ was the last play I worked with Zhang Che, and he taught me a lot of techniques and techniques for shooting martial arts films. Back then, I replaced the swords in Zhang Che’s movies with guns, and now I’m making’Sword Rain ‘and replacing the original guns with swords."

　　　　　　　 Unlike previous works, John Woo’s "Sword Rain" features a woman as the protagonist. "Actually, I don’t like to make male movies. I believe that women also have feelings.

　　　　　　　 John Woo admitted that he has not made a real martial arts film yet, which is something he will definitely accomplish in the future, but Woo also revealed that he has never read martial arts novels and is more eager to direct a romance movie. "I never read martial arts novels because I don’t believe that one can jump into the air and turn around. Although’Sword Rain ‘is a martial arts film, the action is not exaggerated. In addition, I have always wanted to make a romance film, but no one wants to believe me, which is one of the reasons why I left Hollywood temporarily."

John Woo exaggerates the innocence of S’s smile, saying he wants to cooperate with Jiang David and will remake "Revenge".

　　　　　　　 Speaking of Big S and Pei-ci Wu, who have no foundation in kung fu, Woo explained, "They both fit the characters’ personalities very well, like Big S playing a cold-blooded killer, with a beautiful appearance and a cold heart. In real life, Big S’s smile is very innocent and cute, and I didn’t expect her fighting scenes to surprise me." Woo also didn’t forget to praise his precious daughter, "Although my daughter has very few roles in’Blade Rain ‘, she has worked very hard to learn swordsmanship and taekwondo. When I was hanging my head, I was nervous, but she was very brave!"

　　　　　　　 "This is something I wanted to do before I went to Hollywood, but I didn’t have a good script, and I really want to work with Jiang David again." When Woo revealed that he was so poor back then, it was Jiang David who extended a helping hand. "Jiang David is also very heroic in real life. I remember that we both had long hair at that time, and he was a big star, but I was very poor, so he gave me the money and took care of me for one or two years." Woo said with a smile, "Don’t look at Jiang David playing a tough guy, in fact, he often writes poetry in private. If there is a chance, I will definitely invite him to appear in my movies."

Next page More wonderful pictures

Dilizheba

Dilizheba

Dilizheba

Dilizheba

　　　　　　 On the evening of January 11, the 2019 Sina Weibo Night was held in Beijing, and Di Lizheba made an appearance.

　　Earlier, Reba had posted a post on "Oasis", ridiculing himself that walking the red carpet is often "super cold and pretending that the years are quiet and I am very used to it". When meeting with Sina Entertainment today, Reba also lamented that Beijing is very cold in winter, and it was freezing when it was just walking the red carpet. Although it is cold, Reba’s black tight dress today is really stunning. Talking about the secret of maintaining his figure, Reba laughed that in fact, he has recently gained weight after indulging in various night snacks such as roadside stalls, hot pot, and lobster noodles. His good figure is only due to the tight dress.

　　Today’s Weibo night, Reba will also reunite with the previous students of "Creation Camp 2019", the boy group R1SE, who successfully debuted from the program. "Mentor" Reba said that he has been following the development of R1SE, especially impressed by their interesting interviews, "For example, they say they’don’t deserve it ‘!"

　　Recently, Reba has also presented the singing and dancing stage on some occasions. When asked if he is interested in developing in the direction of "singing and dancing singers" in the new year, Reba "applies what he has learned" to R1SE’s famous saying: "I don’t deserve it! (laughs) "

　　When asked about the loss of singing and dancing skills, "I don’t deserve it" exposed that I was addicted to supper and gained weight

　　Sina Entertainment: Before, when I teased female artists on the red carpet on the oasis, it was "super cold and pretend that the years are quiet and I am very used to it." Are you also walking the red carpet with this mentality today?

　　Di Li Reba: Yes, always. Then today at the Water Cube (the event venue) I thought it would be very warm, because just after swimming, I thought it should be steaming hot, but I didn’t expect it to be so cold.

　　Sina Entertainment: Every time you walk the red carpet, it will become a hot topic. Share with us your little Tips for walking the red carpet?

　　Di Lizheba: Actually not. I used to be a little less confident, but I didn’t know where to put my hands when walking, so I would put a "yeah" or something, but now it doesn’t matter, just because I walk too much, I may have a little more confidence.

　　Sina Entertainment: Some celebrities have shared that there will be some warm measures on the red carpet in winter, such as wearing long johns under the skirt. Do you have any secrets like this?

　　Di Lizheba: In fact, when I was a child, I used to watch celebrities walk the red carpet. In winter, I watched them wear dresses. I always thought that if they had some kind of oil that could be rubbed on their bodies, they would not be cold. I always thought so. But I didn’t expect that they would really rely on raw endurance! For example, if I wear a longer or more fluffy dress, I should be able to wear long johns, flesh-colored. But if not, like what I have today, I can’t wear anything, just resist.

　　Sina Entertainment: We saw your students in "Creation Camp 2019", and R1SE was also on our Weibo night today. Do you have anything to say about their development and changes this year?

　　Di Lizheba: It’s the relief of an old sister. Like they have gone from a particularly stressful stage to now being able to complete so much high-intensity work independently, and there are many interviews that require emergency response. I think they have all done a good job and are very interesting.

　　Sina Entertainment: Did you watch their interview?

　　Di Lizheba: Yes, as they said in the interview, "I don’t deserve it" hahaha, I saw it all!

　　Sina Entertainment: Actually, the boy band dance you danced in "Creation Camp" had a very enthusiastic response. Recently, there have been many singing and dancing performances. Do you want to develop into singing and dancing singers?

　　Di Lizheba: No. Because in fact, when I first entered this industry, everyone also chased after the girl group, and I also watched some girl group and boy group dances. So many beautiful little sisters and little sisters played together, I think it was a very happy thing. Everyone could take care of each other, and I felt very happy and surrounded by love. I quite envied them. So in 2019, because I was a promoter, I used this opportunity to try it, but I didn’t want to develop in this direction. I don’t deserve it (laughs)!

　　Sina Entertainment: I saw that you also opened an Oasis account last year. You often post some daily things that female celebrities want to eat but don’t dare to eat.

　　Di Lizheba: I didn’t dare to eat it, I just wanted to eat it and went to eat it.

　　Sina Entertainment: Fans are also curious, like the crayfish and hot pot you sent, which one is your favorite?

　　Di Lizheba: Even these night snacks are my favorite. Because we are filming during the day, sometimes we can’t order takeout in some more remote places, and we can only order a lot of takeout when we go back to the city at night, so I may eat more at night, but I am indeed fat, so I will control it a little bit.

　　Sina Entertainment: Are there any favorite foods recently?

　　Di Li Reba: Recently, I like to eat crayfish noodles, which is to put noodles in crayfish, rice cakes, and a green thing like winter squash, which I think is delicious. There are also some cinnamon buns and the like.

　　Sina Entertainment: You really studied these things carefully.

　　Di Lizheba: Yes, there really is.

　　Sina Entertainment: But your "good body" related topics often rush into our hot search list. How do you maintain a good body while eating?

　　Di Li Reba: (Clothes) Keep it! Don’t you keep it all, let it out and scare you to death (laughs)!

　　Thank you for becoming an actor in 2020. I hope to focus on filming and not accept variety shows.

　　Sina Entertainment: It has been 10 years since our Weibo. Do you still remember what you were doing 10 years ago?

　　Di Lizheba: I was 17 years old 10 years ago. When I was 17, I should have been working and commuting to work every day in a song and dance troupe.

　　Sina Entertainment: Did you set a goal to become an actor at that time?

　　Di Lizheba: I didn’t have any such dreams at that time, including after I went to the Shanghai Theater Academy. I wanted to be a dancer at the age of 17 and perform well on the stage.

　　Sina Entertainment: After 10 years, what do you think of the current state of Di Lizheba?

　　Di Lizheba: How should I evaluate it? It’s just an unexpected surprise. I think being an actor is a happy thing. First, I am a girl who likes novelty very much, and I changed places in three or four months to play different roles. Second, like I did a lot of new things in 2019, such as being the host and promoter of "Creation Camp 2019", and being a little sister who accompanies everyone in "Extreme Challenge". So I think that being an actor has actually given me a lot of new attempts. If I didn’t become an actor, I would never have been able to try it in my life, so I am very grateful that I chose to act at that time, chose to be an actor, and then I can always stick to my dream.

　　Sina Entertainment: You also shared a lot of breakthroughs last year, such as participating in "Creation Camp 2019" and "Extreme Challenge". I don’t know what new attempts you want to make in the variety field this year?

　　Di Lizheba: Because last year was a relatively relaxed state, it was also a time to think about how I should plan my work in the future. In fact, at the end of the year, including the beginning of 2020, I took a few days off and thought about it carefully. I think this year, I may still go to filmmaking and do my major seriously. For variety shows, I may not have too much time, because I still hope to devote myself to filmmaking.

　　Sina Entertainment: I just said that I took a break, did I secretly go on vacation?

　　Di Lizheba: No, I just had a good night’s sleep, washed clothes or something, and piled up a lot of clothes.

　　Sina Entertainment: Can you cook for yourself?

　　Di Lizheba: Yes, but I haven’t paid for natural gas recently, so I didn’t do it.

　　Sina Entertainment: Let’s talk about the plans for the recent TV series. It seems that "Three Lives and Three Worlds Pillow Book" will also be broadcast. Can you introduce it?

　　Di Li Reba: "Three Lives Three Worlds Pillow Book" I don’t know when it will be broadcast, but I have been looking forward to meeting you soon. Fans may have been waiting for a long time. I hope you can also support it when you see "Three Lives Three Worlds Pillow Book", and then see if it will be different from the previous "Three Lives Three Worlds Ten Miles Peach Blossom".

　　Sina Entertainment: Finally, let me share my wishes for 2020.

　　Di Lizheba: In 2020, I hope I can play the role I want to play, and then I can be myself forever, and I can be healthy and everything goes well.

??　　 According to Hong Kong media reports, the great beauty Lin Qingxia’s 66th birthday yesterday (November 3), and her new book was also released on the same day. She shared a lot of unknown aspects of herself. For example, she had a good relationship with the famous clothing designer Zhang Shuping. When she was young, Lin Qingxia encountered emotional troubles and tried to cry to Zhang Shuping. Unexpectedly, Zhang Shuping praised her for crying well, which made her laugh. Lin Qingxia even tried to give Zhang Shuping her naked photos, scaring the other party to run away!

??The great beauty also has natural enemies. It turned out to be her friend Shi Nansheng. She said that every time she saw Shi Nansheng, she felt that her dress was lost. Lin Qingxia made many Qiong Yao love movies when she debuted. She recalled that many producers asked her to take the show with a travel bag of banknotes. She said that there were so many banknotes that she filled the safe and the bedside table. Lin Qingxia is an idol of many people, and she revealed that she is a fan of Zhen Zhen, and the two have a very good relationship in private. They will meet for afternoon tea.

??In addition, Lin Qingxia shared a fate with the late Shao’s Huadan Li Jing. Li Jing had a difficult life in her later years and could not afford to pay the rent. Once, Lin Qingxia met Li Jing and expressed her desire to write a story about Li Jing. Qingxia said that when she saw Li Jing walking, she needed to use a cane, her body was soft, and her left arm was swollen badly, which was caused by surgery to remove her breasts and lymph. Before leaving, Qingxia gave Li a red envelope and wanted to ask Li Jing to eat her favorite sea cucumber again. Who knew that more than ten days after the meeting, the news of Li Jing’s sudden death came.

　　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"