Dark Blue G318 debut! After ＂far ahead＂, the ＂industry ceiling＂ is here again!

ifeng.com Car News On March 18, Changan Deep Blue Automobile held a grand press conference in Chengdu. Deng Chenghao, CEO of Deep Blue Automobile, explained in detail to the outside world the latest electric drive, range extension and battery technology of Deep Blue, and released its third model – the Deep Blue G318 based on the EPA1 platform. The new car is equipped with the Force intelligent super range extension system, which can be powered by oil and electricity, and has powerful off-road escape capabilities.

In terms of appearance, in today’s square box style running all over the street, the dark blue G318 has chosen the hardcore + cyberpunk appearance style. It has a large body under the tough appearance. The length, width and height of the dark blue G318 are 4915 (4998)/1985/1885 (1960) mm (the length and height are different due to the original modification), and the wheelbase is 2880mm. The curb weight is 2360kg, and the wind resistance coefficient of the whole vehicle is 0.35CD.

In addition, the dark blue G318 also provides luggage racks, headlights, electric pedals, backpacks, and other original expansion parts, and the four-wheel drive model also has a maximum trailer quality of 1.6 tons.

In terms of interior, the dark blue G318 combines the future with hard style, and the cockpit has both a sense of technology and power. The large-size screen adopts a built-in design, which not only looks simple and elegant, but also adds a sense of reliability. Most of the daily function buttons are integrated under the screen, and the physical buttons are real to the touch, allowing users to easily and accurately complete various operations during driving. Unlike the previous dark blue models, the G318 shift lever adopts the push-pull lever of a starship, which is very controlled.

In addition, the G318 has a four-wheel drive system composed of dual motors, and has a central stepless differential lock and a magnetic mechanical differential lock, which can achieve full torque left and right locking. To be more flexible in extreme road conditions, the G318 also supports in-place turn function, with a minimum steering radius of 3.2 meters.

The Dark Blue G318 is a hardcore SUV with a load-bearing body, with a torsional stiffness of 45,000 Nm/deg, making it the quasi-first echelon in the industry. Its stiffness is comparable to that of a non-load-bearing body with girders.

In terms of battery, the dark blue G318 adopts a golden bell battery, has a built-in safety design, and has 10 layers of battery bottom protection. It can support a pure electric cruising range of 190 kilometers under CLTC conditions, and supports a maximum of 6 kW external discharge function, and enjoys lifelong quality assurance.

In terms of power, the dark blue G318 is equipped with the Force Super Integrated Electric Drive 2.0 system and the Force Intelligent Super Range Extension system, which greatly reduces the weight and volume, and greatly improves the power density and efficiency. The efficiency of the motor assembly is 92.58%, and the range extension system can convert 1L of oil into 3.63kWh of electricity, which is higher than the industry level.

The G318 is designed with permanent magnet synchronous and AC asynchronous front and rear motors. The total system power is 316 kW, the wheel end torque is 6200 Nm, and the 100-kilometer acceleration time is only 6.3s.

In the future, the Deep Blue G318 will join the plug-in/range-extended hybrid SUV hardcore SUV market where the Equation Leopard 5 is located. Let’s look forward to its market performance.

China Consumers Association： Online car-hailing platforms should blacklist drivers with harassment and other behaviors

　　China News Service, May 22, according to the website of the China Consumers Association, on May 22, the China Consumers Association held a symposium in Beijing to promote safe consumption of online car-hailing. The China Consumers Association called for strengthening information protection to ensure consumer safety. It should not be at the expense of personal information security. It should not increase the burden and responsibility of consumers in the name of ensuring safety. The China Consumers Association requires online car-hailing platform operators to assume the responsibility of the first person responsible for protecting consumer rights and interests in accordance with the law, strengthen complaint handling, and blacklist drivers who have harassed and violent behavior, and adopt zero tolerance.

　　The online car-hailing industry has recently experienced a number of vicious incidents that violate consumer safety, which has attracted widespread attention from the society. On May 22, the China Consumers Association held a symposium on promoting safe consumption of online car-hailing in Beijing. The conference promoted the implementation of legal obligations and responsibilities of online car-hailing platform operators by introducing the main issues reported by consumers, discussing the operators of online car-hailing platforms, legal analysis by experts and lawyers, strengthening self-discipline by industry organizations, and expressing opinions by the Consumer Association. It called for strengthening the supervision of online car-hailing and ride-sharing behaviors, promoting the improvement of legislation and regulations on online transactions, and better protecting the legitimate rights and interests of consumers.

　　At the symposium, the China Consumers Association introduced the public opinion report and consumer complaints on the safe consumption of online car-hailing services. The main opinions of consumers on online car-hailing services include that the driver and vehicle information provided by the platform are inconsistent with the actual situation, the driver’s attitude is not friendly, the driver damages consumer property, the driver and the consumer have violent conflicts, the platform does not handle consumer complaints in a timely manner, and the driver detours and charges more, fails to comply with the agreement, and arbitrarily cancels the order.

　　Didi, Shouqi Car-hailing, Shenzhou Youche, BAIC Group, Yidao, Ctrip and other online car-hailing platform operators introduced the business types, audit management, operation status of their respective platforms, measures to ensure consumer safety, and handling of consumer complaints. Heads of relevant enterprises and representatives of industry organizations said that they will take measures to strengthen self-discipline and effectively protect the legitimate rights and interests of consumers in response to the problems existing in the field of online car-hailing.

　　Experts, lawyers according to the current laws and regulations, from the network audit, legal operation, contents of the contract, security, information protection, complaint handling, responsibility and other aspects of the in-depth analysis, pointed out that the network about the car industry is not extrajudicial land, platform operators themselves have legal obligations, such as non-performance or performance is not in place, should bear the corresponding responsibility.

　　The China Consumers Association pointed out that the right to safety is the first right of consumers, and ensuring consumer safety is the legal obligation of operators. The China Consumers Association requires online ride-hailing platform operators to effectively implement their legal obligations and assume the responsibility of the first person responsible for protecting the rights and interests of consumers in accordance with the law:

　　- Strengthen online access audits. Effective measures must be taken to strengthen the review and control of vehicles and drivers. In order to ensure public safety, for online booking vehicle services of various formats, standard and consistent review requirements should be adopted for drivers’ driving experience, traffic liability accidents, violent criminal records, etc., and strict verification should be carried out to strictly control personnel access and prevent safety risks.

　　- Strengthen safety management. It is necessary to effectively strengthen legal training and safety education for drivers, standardize service behavior, and improve service levels; it is necessary to effectively eliminate "vests" and ensure that the appointments of vehicles and drivers are consistent with reality; it is necessary to earnestly fulfill the duty of care, stop ride-sharing and ride-sharing services that do not meet the requirements, and put an end to illegal operations; it is necessary to effectively strengthen supervision and inspection to enhance drivers’ awareness of law-abiding and safe operation; it is necessary to effectively promote professional ethics, encourage drivers to take social responsibility, and protect consumers’ personal and property safety.

　　- Strengthen contract warnings. It is necessary to fairly formulate and provide standard terms, determine the rights and obligations between platforms, drivers, and consumers in accordance with the law, and highlight in a significant way the content that has a significant interest in consumers, especially safety precautions and risk warnings, after-sales services, civil liability, etc., shall not make unfair or unreasonable provisions on consumers, and shall not use standard terms and use technical means to force transactions.

　　- Strengthen information protection. It is necessary to collect and use consumers’ personal information in accordance with the law, strictly control the scope of collection, strictly fulfill confidentiality obligations, and strictly prevent information leakage. It is not allowed to disclose, sell or illegally provide consumers’ personal information to others through evaluation, sharing, etc. Where information leakage or loss occurs or may occur, remedial measures should be taken immediately. There are various technical means. To ensure consumer safety cannot be at the expense of personal information security, and consumers should not increase their burden and responsibility in the name of security.

　　- Strengthen the handling of complaints. It is necessary to attach great importance to consumer complaints, strictly screen the situation of drivers being sued, and eliminate safety hazards in a timely manner. Drivers who are harassing or violent should be blacklisted, and zero tolerance should be adopted to prevent follow-up services from endangering public safety. For acts that damage consumer property, compensation and disciplinary measures should be formulated to prevent similar acts from happening again. For acts that violate consumers’ personal information, it is necessary to resolutely stop and correct, and take immediate remedial measures. For drivers who have been sued many times, it is necessary to distinguish the situation and strengthen credit punishment, limit the number of orders received, and implement effective management.

　　In light of the "E-commerce Law" being formulated, the China Consumers Association calls on the legislature to further clarify and refine the relevant provisions for e-commerce platform operators, strengthen consumer protection, and prevent e-commerce platform operators from evading their obligations and responsibilities and harming the legitimate rights and interests of consumers.

　　In addition, the China Consumers Association recommends that the government and relevant departments: First, further improve the standardized management of various types of online booking vehicle services, make clearer and unified regulations on key issues related to consumer safety, and focus on specific implementation; second, strengthen the development of online car-hailing industry standards, data monitoring, service supervision, risk management and control, to better protect the safety rights and interests of consumers.

　　The Consumer Association reminds consumers that when accepting online car-hailing services, they should pay attention to the safety of personal, property and personal information, pay attention to checking the consistency of online reservations and offline real-time vehicles and drivers, pay attention to preserving relevant evidence, and promptly complain and report problems. Together, we should strengthen social supervision and promote safer and more standardized online car-hailing services.

Byd Qin L DM

On April 25th, Qin L DM-i, a brand-new mid-level car of BYD Dynasty, made its world debut in auto china in 2024, and the marine sister model, Seal 06, made its simultaneous appearance.

According to reports, the length, width and height of Qin L are 4830mm/1900mm/1495mm respectively, and the wheelbase is 2790 mm. It is a standard mid-size car.

In the car matrix of the current dynasty, the Qin family is a compact pin crown, the Han family is a medium and large pin crown, and the Qin L sword refers to the intermediate level, which just fills the gap between the two cars.

As a brand-new mid-level sedan in the dynasty, Qin L adopts "the aesthetics of the new country’s tide and the beauty of the dragon’s face", integrates the dragon’s momentum into the body, has slender and elegant sides, and adopts an ultra-wide rear shoulder design at the tail, so that the whole car presents a "wide body and low body" posture.

In terms of interior, the integrated center console is centered on the rotating large screen, creating a strong sense of embrace, and also adopts an ergonomically comfortable and cloud-like seat.

Qin L is equipped with DiLink intelligent cockpit, which integrates 15.6-inch adaptive rotating suspended Pad, car ETC, NFC digital key, full scene intelligent voice and other configurations. DiPilot intelligent driving assistance system, including adaptive cruise, intelligent navigation, emergency lane keeping assistance, blind spot monitoring and other functions, comprehensively improves driving safety. With the luxurious cockpit, quiet space, immersive concert hall, etc., meet the daily entertainment needs of users.

In terms of power, BYD officially said that Qin L was built on BYD’s new generation of plug-in and hybrid vehicle platform, and integrated a number of forward-looking technologies, which was designed for plug-in, more efficient, safer and more interesting. As for the actual performance, we can look forward to it.

According to the previous news, BYD’s fifth-generation DM-i super hybrid consists of a 1.5L engine and motors with two powers of 120kW and 160kW provided according to different configurations. It is said that the comprehensive battery life has exceeded 2,000 kilometers, and the fuel consumption is lower than 3L. Whether it is true or not needs to be verified after the real vehicle is launched.

According to the official introduction, the arrival of Qin L will fully lead the new trend of mid-level cars, provide the mainstream families with the choice of upgrading the quality of cars, and provide young people with the one-stop choice of buying cars.

It is reported that Qin L will be listed in the second quarter of this year, and it is estimated that it will be sold at 120,000 yuan. Interested friends can look forward to it.

In addition, Seaseal 06, the sister model of Ocean Net, also appeared simultaneously, and it was also built based on BYD’s new generation plug-in vehicle platform.

The appearance of Seal 06 is similar to that of the current seal series, and the same energy consumption performance is also the focus of everyone’s attention. Interested friends can look forward to the energy consumption performance and daily experience of the two cars.

Avita 12 can be called a domestic ＂Paramela＂, which is the top value of the industry

Avita 12, which is positioned as a "future intelligent luxury car", belongs to the Avita brand and is jointly built by the three giants of Huawei, Changan and Ningde Times combined with their own superior technologies. With Huawei’s top intelligent strength, Changan’s top-current vehicle manufacturing strength, and Ningde Times’ top power battery, Avita 12 has become a "ceiling" level player in domestic smart driving new energy models, with excellent comprehensive strength.

But at the moment when appearance has become an important decision-making factor for current users to buy cars, Avita 12 can obviously rely on strength, but it has made a circle with the top-class appearance, and is even called "domestic Paramela" by fans. You know, Avita 12 adopts a back-style coupe design, which is atmospheric at a glance. While showing the international style, it also meets the unique aesthetic needs of the new generation of users. On the other hand, Avita 12 adopts an integrated body design, which has a larger space and a more slender visual effect. At the same time, it has a relatively high safety factor guarantee.

At the rear of the body, the Avita 12 adopts a fully static luxury hatchback rear design without rear windows. With the low-lying shape, it gives the Avita 12 a higher degree of appearance recognition, and the overall body line is more smooth and full. It is worth mentioning that this styling design further reduces the drag coefficient of the Avita 12, reaching an amazing 0.23Cd, which can improve the battery life and reduce power consumption to a certain extent. In addition, before and after the body, the Avita 12 is designed with a light and shadow LOGO as a unique personality imprint, injecting a sense of luxury technology into every detail.

When it comes to details, Avita 12 does do a lot of details, for example, it is equipped with intelligent frameless induction motors, with touch-sensitive induction door handles, which can inject a sense of high-level ritual into every moment of departure, showing elegance. In addition, it also has a custom battery "dual energy well" diving design, which greatly optimizes the rear seat space and brings comfortable experience to the passengers. At the same time, in order to meet the user’s personalized requirements in the body color scheme, Avita 12 provides 6 high-gloss car colors and 2 matte car colors for users to choose, giving users sufficient choice space.

In addition to the appearance, the strength of Avita 12 can also be played. It is reported that Avita 12 is equipped with HarmonyOS 4.0 Hongmeng cockpit, which is more convenient for human-vehicle interaction and greatly enhances the control experience of the owner. In addition, due to the Huawei high-end intelligent driving system ADS 2.0, Avita’s smart driving function realizes full scene coverage of high-speed sections, urban sections and parking links, which can bring the owner a more comfortable travel experience.

The Avita 12 launched a total of 3 configuration models, the price range is 300,800 yuan – 400,800 yuan, a total of 3 configurations, up to 30,000 yuan limited-time rights. The model was listed for 6 days, and Dading broke through 1.5W, which was widely welcomed by users. Friends who are interested in the car can place an order with one click on the Avita APP.

Andy Lau’s national tour to Tianjin [Photos]

Feature: Picture Channel






On the evening of October 18, Andy Lau’s 2007 National Tour Tianjin Concert was held at the Tianjin Olympic Sports Center Stadium.


　　　　This is the first major concert since the completion of the Tianjin Olympic Sports Center Stadium "Water Drop". Xinhua News Agency







　　　　On the evening of October 18, Andy Lau’s 2007 National Tour Tianjin Concert was held at the Tianjin Olympic Sports Center Stadium. Xinhua News Agency







　　　　On the evening of October 18, Andy Lau’s 2007 National Tour Tianjin Concert was held at the Tianjin Olympic Sports Center Stadium. Xinhua News Agency


Editor in charge: Fan Jing

37,000 the order volume of Hengchi 5？ ＂Beautiful, so beautiful＂!

Hengchi Automobile officially announced the order of Hengchi 5 at the "First 720 Hengchi Festival". As of 18:23 on July 20, the order of Hengchi 5 had reached 37,180 units. It simply confirmed the words of Boss Xu: "Beautiful, so beautiful"!

Hengchi New Energy Vehicle Group President Liu Yongzhuo said in an interview recently that since the pre-sale conference on July 6, the market response of this car has exceeded expectations, and confidently believes that: Hengchi 5 big sale has become a foregone conclusion! On July 6, the day of the announcement of the pre-sale price of 179,000 yuan, the conference introduced various rich configurations including three screens, etc., and the host called Hengchi 5 the best pure electric SUV within 300,000 yuan.

In addition, Hengda mobilized almost all the available forces and allocated them to major regions and subdivided them into each project. The specific sales assessment indicators will be determined according to the number of community owners. Even grass-roots employees have 2 indicators per person, and deputy managers have 4 indicators above; in addition to employees, the community housekeeper of the property also assists the owner to complete the task of downloading and registering the Hengchi APP. Xu Jiayin personally supervised the formation to ensure that Hengchi 5 could open the market in the early stage.

Hengchi 5 is positioned as a compact pure electric SUV. The new car CLTC has a comprehensive cruising range of 602km. The car can be returned and refunded within 15 days after pickup, and the 60% discount will be repurchased within three years after pickup. The deposit for the first 10,000 cars is 10,000 yuan to 20,000 yuan. What kind of clues are there behind such a beautiful operation?

First of all, the car purchase payment is paid to the special account supervision of Tianjin Jinbin Notary Office. This is the first time I have seen it in the automotive field. Of course, everyone knows the problem of Evergrande’s capital chain. If a large amount of money is injected into the corporate account, it is likely to be wasted.

In addition, Hengchi had previously found agencies or industry media to place a large number of advertisements, but many of the settlement fees had not yet been received. When he went to Hengchi Automobile’s public relations, he found that people had already left the tea cold. Unless they went to Guangzhou to file a lawsuit, the media would have to suffer a loss.

The most important thing for Hengchi at the moment is to build the car. After all, everyone has long learned about Hengda’s credit. From the number of days to the delay in delivery, the masses really don’t want to listen to fake news anymore. If the car can be delivered smoothly, it is indeed a good development for Hengchi. Unlike buying a house, if the deposit is paid first, the deposit cannot be returned at most, and the related losses cannot be compared with buying a house. But now, it is not easy for everyone to make money, and if it cannot be delivered in the end, the losses will be not small. At that time, the cost of all aspects required to protect their rights will be enough to drink a pot.

So whether it is beautiful or not, time will give us the answer. Please wait and see.

Ask the new M7 will add a new version： half a year sales nearly 180,000

On April 17th, the new M7 is about to usher in a new action. Recently, MIIT publicized the new version of the new M7 model declaration map. As can be seen from the declaration map, the new version of the model has been optimized and partially configured to meet more user requests.

Since its release in September 2023, with its excellent user experience, Wenjie New M7 has accumulated nearly 180,000 vehicles in more than half a year, becoming a phenomenon-level explosion in recent years, ranking first in the new power of high-end models in the Chinese market in the first quarter of 2024, and second in the whole brand.

At present, the new M7 cash model has launched a limited-time car purchase rights, with a maximum value of 42,000 yuan. The new car purchase rights and the new version of the model will continue to enhance the competitiveness of the new M7 product, consolidate its leading position, and further enhance its market share.

Andy Lau’s Tianjin solo singing shows high technology, taking the lead in feeling the atmosphere of the 08 Olympic Games


Tianjin Olympic Center Stadium – Water Drop Night View

Tianjin Olympic Center Stadium – Water Drop

　　It is reported that there will also be amazing details at Andy Lau’s Tianjin concert on October 18 – the stage effect created by 60 million yuan is like watching a Hollywood blockbuster. At the same time, the reporter also learned that the entire performance of Andy Lau’s Tianjin concert will last more than 3 hours, and all the songs familiar to fans will be received in the concert’s repertoire. At the same time, Andy will also make Tianjin audience feel the strong Olympic atmosphere in the "water drop".

　　If you ask the most unusual thing to watch at a concert, it must be the fully transparent stage. The total width of the stage is 93 meters, spanning the entire stadium. A round trip on the stage, Andy has to run about 200 meters, and the huge stage is not worth mentioning in front of the high-tech equipment used to create a sense of science fiction.

　　Mr. Song Jiang, the head of the organizer of the Tianjin concert, told reporters that the transparent LED large screen used in China for the first time is the latest invention in the world. It is not only as thin as a cloth, but also can be flipped and moved.

　　The concert was a prelude to the outer space image on the screen and then back to China on Earth, sometimes allowing the audience to see Tiananmen Square, and sometimes taking the audience to the moon. Through the screen, you can also see the band behind. What’s even more amazing is the combination of 3D imaging and "trapeze" technology, which is a stage effect created entirely in mid-air with lights and machinery. The coolest part is that Andy turned into an astronaut, and in the "spaceship" constructed by 3D imaging, he slowly soared to a height of more than 10 meters in mid-air and sang, and then turned into a Cowherd and Weaver Girl dancing together. The following climax will surprise everyone: Andy stands in a hanging platform as small as a square brick, pulled by a ropeway, slowly "floating" from the stage to the top of the auditorium, all the way to the heads of the audience in the last row of the infield. You can imagine how "exciting" this is for the fans.

　　It is reported that Andy Lau will sing more than 20 classic old songs and nearly 10 new songs at the Tianjin station of the tour. His old songs accounted for a large part of the concerts in the previous few stops. After the concert in Nanjing, he brought his song "EveryoneisNo.1" for the Olympic Games, so that fans can "listen" first. In the final part of the concert, Andy Lau specially designed the Olympic link. At that time, the Olympic songs sung by Andy can let Tianjin fans feel the Olympic atmosphere in the Olympic venue "Water Drop" in advance. (Source: Jinbaow.com – Daily News)

Editor in charge: Zhu Xinrui

Didi responded positively to the ＂flight attendant hitchhiking＂ case for the first time： the platform has loopholes

　　China Central Broadcasting Network Beijing May 22 news, according to the voice of China "news vertical and horizontal" report, these days, Zhengzhou stewardess Didi Hitch case caused widespread discussion in the community, what are the loopholes in the management of the Didi platform? In the end is it safe to take Didi Hitch? Didi Chuxing company recently responded positively for the first time, chief development officer Li Jianhua admitted that the alleged offender in the case Liu illegally used his father’s account to receive orders and commit crimes, indicating that the platform did have loopholes before.

　　Although the Didi Hitch case has passed for many days, the loopholes exposed in the case are still thought-provoking. What is the security situation of the Didi platform, and how should the safety net of Hitch and online car-hailing be woven?

　　According to China Central Radio and Television CCTV, Didi Chuxing said that in order to ensure safety, taking the hitch accident as an example, it has set up five gates, including real-name verification registration, virtual middle contact phone number, facial recognition when the first order is placed, itinerary sharing, and one-click alarm. Among them, real-name verification registration is the first hurdle for driver and vehicle identity confirmation. Didi requires hitch drivers to be at least one year old. When registering, drivers must upload their ID cards, driver’s licenses, and driving licenses to the platform for three-certificate verification.

　　But the alleged offender, Hitch driver Liu, only got his license at the end of December. According to the situation of the alleged offender Liu, Didi said that he must not pass the review of Didi’s driver qualification. The reason why he passed the review was because his father’s three certificates were uploaded when the account was registered.

　　In addition, facial recognition must be carried out before receiving the first order after registration. Is it the father or the son who passes the facial recognition of this first order? Li Jianhua, chief development officer of Didi Chuxing, said that the registered car owner, the father of the alleged offender Liu, is compared through the facial recognition of the first order.

　　However, the person who actually took the order and drove it became the son – the alleged offender Liu. "The problem is that we didn’t find that the driver who took the order was either the registered person or his father," said Li Jianhua. "But it’s not particularly clear who picked up each order."

　　So, the people and cars in actual operation are not the same as when they were registered. Is it an accident in this case?

　　On May 11, the day Didi issued its statement, at around 6 PM, through the Didi platform, a reporter made an appointment for an express train in Beijing, but another car arrived.

　　Reporter: Master, is your tail number 98962?

　　Driver: Internet Finance Center.

　　Journalist: Yes.

　　Driver: Get in the car!

　　Reporter: But this one is written as 98962.

　　Driver: I’ve changed again, tail number M5.

　　It is not uncommon to encounter people and cars when ordering a car through the Didi platform. Some cars are not registered cars, and some people are not registered people. Didi driver told reporters: "I can be a car and a person. I just log in with one account, then take the order and pull it."

　　Citizen 1: I found out that it was another car, which was different from the phone number and license plate number on the software. I didn’t pay much attention at the time.

　　Citizen 2: He will say that I have this limit number, or that I have changed a car, which is easy to prevaricate.

　　According to the drivers, no matter which car it is, no matter which person it is, as long as you log in with your registered account, the platform system will automatically assume that it is the registered person and car for dispatch and checkout. If the registration is Zhang San driving but becomes Li Si, can the Didi platform find out in this situation? Li Jianhua, chief development officer of Didi Chuxing, responded: This case shows that the platform has previously had loopholes.

　　So, why did all these "barriers" to ensure safety fail in this case? Didi said that the company is now growing rapidly and on a large scale. In 2017, there were about 21 million car owners on the Didi platform. Wang Sixin, deputy director of the Department of Cultural Studies at Communication University of China, pointed out that no matter how large and fast the development scale of the enterprise, the main responsibility of the enterprise should always be put first.

　　On May 16, Didi Chuxing announced rectification measures, including: all personalized tags and comment functions in the offline ride-hailing business, drivers must perform facial recognition before each order, and at the same time launch prizes for reporting people and cars that do not match on all major platforms. In addition to Didi’s self-rectification, the next step is to further strengthen supervision for the problems of people and cars that appear on the online ride-hailing platform, which is also the focus of the competent authorities.

July 8, 2023 National Insurance Public Awareness Day

　　After more than a year of suspension of trading on the Hong Kong Stock Exchange, on the evening of July 17, China Evergrande reissued its 2021 annual report, 2022 semi-annual report and 2022 annual report one after another, and the outside world finally got a glimpse of its financial situation. Although the market has long expected Evergrande’s liabilities and losses, when a series of figures really come into view, it is still staggering.

　　According to the performance report disclosed by China Evergrande, the company’s net loss in 2021 and 2022 was 686.22 billion yuan and 125.81 billion yuan respectively, and the net loss in two years totaled 812.03 billion yuan. At the same time, China Evergrande has fallen into an insolvent situation. The total value of its assets held at the end of 2021 and 2022 was 2.11 trillion yuan and 1.84 trillion yuan respectively, and the total amount responsible was 2.58 trillion yuan and 2.44 trillion yuan respectively.

　　According to Wind data statistics, in all 110 class A share listed housing enterprises, in 2021, 23 housing enterprises with negative net profit suffered a total loss of 118.16 billion yuan; in 2022, 35 class A share listed housing enterprises with negative net profit suffered a total loss of 122.57 billion yuan. Dozens of housing enterprises lost far less than China Evergrande.

　　"The company takes stable management and risk management as its top priority, and actively promotes the work of the guaranteed building with the greatest efforts. It has won the understanding and support of various parties, including local governments, upstream and downstream enterprises." China Evergrande said in its financial report that the company achieved full resumption of work on 732 guaranteed building projects in 2022, and a total of 301,000 sets were handed over throughout the year. At the same time, Evergrande Automobile achieved the mass production and delivery of the "Hengchi 5" model.

　　Looking to the future, China Evergrande further stated that it will make every effort to ensure the steady and orderly progress of key work such as "Baojiao Building", do a good job in the sustainable operation of new energy vehicles, property services and other sectors, explore the efficient disposal and effective revitalization of the company’s core assets, and steadily promote risk mitigation.

　　On the one hand is the beautiful vision described in the financial report, and on the other hand is the huge financial "black hole" in reality. The future direction of China Evergrande is not only related to the interests of thousands of enterprises in its entire ecological chain, but also affects the hearts of all parties. According to recent news from China Evergrande, the company will hold a number of restructuring debt holders’ meetings on July 24-25, and overseas workouts may usher in clear results.

　　Debt at the end of 2022 is about 2.44 trillion yuan

　　From the perspective of income, in 2021, China Evergrande achieved revenue of 2500.1 billion yuan and gross profit of 18.45 billion yuan. The total net loss for the year was 686.22 billion yuan, of which the operating loss was 113.75 billion yuan, and the losses related to land recovery, impairment losses of financial assets and other non-operating losses were 180.20 billion yuan.

　　In 2022, China Evergrande realized revenue of 2300.7 billion yuan and gross profit of 24.99 billion yuan, from negative to positive. The total net loss for the year was 125.81 billion yuan, of which the operating loss was 43.39 billion yuan, and the loss related to land recovery, impairment loss of financial assets and other non-operating losses were 69.37 billion yuan.

　　In terms of assets and liabilities, as of the end of 2021, China Evergrande held total assets of 2.1071 trillion yuan, net assets – 473.05 billion yuan; total liabilities were 2.58015 trillion yuan, excluding contract liabilities of 974.35 billion yuan was 1.6058 trillion yuan, of which loans 607.38 billion yuan, trade accounts payable and other payables 893.34 billion yuan (including 585.01 billion yuan payable for engineering materials), other liabilities 105.09 billion yuan.

　　As of the end of 2022, China Evergrande held total assets of 1.83834 trillion yuan, net assets – 599.07 billion yuan; total liabilities of 2.43741 trillion yuan, excluding contract liabilities of 721.02 billion yuan is 1.71639 trillion yuan, of which 612.39 billion yuan, trade accounts payable and other payables 1.00226 trillion yuan (including engineering materials payable 596.16 billion yuan), other liabilities 101.74 billion yuan.

　　It can be seen that trade payables and other payables account for the majority of China Evergrande’s external liabilities, reflecting China Evergrande’s arrears to upstream and downstream suppliers, contractors and partners during the real estate development process. At the same time, as of the end of 2021 and 2022, China Evergrande’s cash assets were only 5.435 billion yuan and 4.334 billion yuan respectively.

　　Overseas workout or welcome new progress

　　Regarding the overseas workouts that are concerned by all parties in the market, China Evergrande also mentioned in the performance report.

　　"In line with the principle of respecting international restructuring principles, treating the existing rights and demands of all creditors with justice and fairness, the company and its advisory team have continued to conduct in-depth and detailed consultations with overseas creditors, and have carried out multiple rounds of communication on the details of the restructuring plan, and steadily advanced the formulation of the overseas debt restructuring plan." China Evergrande said that with the support of overseas creditors, the company obtained the approval of the Hong Kong High Court to postpone the liquidation petition hearing.

　　On the night of the release of the performance report, China Evergrande simultaneously disclosed the latest news of an overseas workout: from July 24 to 25, 2023, multiple hearings will be held in the High Court of Hong Kong, the Grand Court of the Cayman Islands, and the High Court under the Eastern Caribbean Supreme Court to vote on the overseas workout plan disclosed by China Evergrande on March 22 this year. If it fails, Evergrande is likely to face forced liquidation.

　　Since March 21, 2022, China Evergrande shares have been officially suspended from trading. At present, China Evergrande shares continue to be suspended. According to the relevant regulations of the Hong Kong Stock Exchange, the Hong Kong Stock Exchange can order listed companies that have been suspended for 18 consecutive months to delist. There are still two months left for China Evergrande.

　　Auditors remain "unable to comment"

　　It is worth mentioning that in the overseas workout plan in March, the unaudited financial information disclosed at that time showed that as of the end of 2021, China Evergrande’s total liabilities were 1.898 trillion yuan, a gap of nearly 700 billion yuan from the latest 2.58 trillion yuan.

　　And even with such a huge financial "black hole", after replacing the original auditor, PricewaterhouseCoopers (i.e. PwC), the new auditor, Shanghai PricewaterhouseCoopers, still believes that there are a number of uncertainties in China Evergrande’s continuing operation, and it cannot obtain sufficient audit certificates for the comparison of the opening data. Therefore, it has issued "no opinion" reports on its 2021 and 2022 annual reports.

　　"A large and high-quality land bank is a solid foundation for the group to guarantee the property, gradually pay off debts and resume normal operations." Even after handing over the huge loss and unaudited "books", China Evergrande’s statement in the earnings report appeared confident.

　　Data show that by the end of 2021, China Evergrande had a land reserve of 260 million square meters and participated in 93 old renovation projects, including 66 in the Greater Bay Area (39 in Shenzhen) and 27 in other cities; by the end of 2022, China Evergrande had a land reserve of 210 million square meters and participated in 79 old renovation projects, including 55 in the Greater Bay Area (34 in Shenzhen) and 24 in other cities.

　　Policy development promotes stable and healthy market development

　　Yan Yuejin, Chief Research Officer of E-House Research Institute, believes that China Evergrande’s "insolvent" is not only related to its own operational problems, but also to some extent related to the adjustment facing the industry. For the real estate industry, many problems take a long time to effectively resolve.

　　In fact, since the fourth quarter of last year, relevant departments have made concerted efforts from both the supply and demand ends to launch various support and relief policies. Many research opinions believe that although the current real estate market recovery is still facing many disturbances and uncertainties, the trend of bottoming is gradually emerging. With the combined efforts of the policies of both the supply and demand ends, it will continue to create favorable conditions for the overall risk resolution of high-quality real estate enterprises and the industry, and will also play a positive role in protecting investor confidence and safeguarding the rights and interests of home buyers.

　　Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, said at the press conference of the State Information Office recently that considering that the supply and demand relationship of the real estate market in our country has undergone profound changes, there is marginal optimization space for the policies introduced in the long-term overheating stage of the market in the past, and the financial sector will actively cooperate with relevant departments to strengthen policy research.