[Report from the press conference of the State Council Office] 　

　　Guangming Daily, Beijing, July 22nd, by Guangming Daily reporter Yuan Yufei

　　On July 22nd, the State Council held a press conference on the traceability of Covid-19. Xu Nanping, Vice Minister of Science and Technology, Ceng Yixin, Deputy Director of the National Health and Wellness Commission, Wang Chen, Vice President of China Academy of Engineering, Dean of Peking Union Medical College and Director of the National Respiratory Medicine Center, Liang Wannian, Chinese leader of the China-World Health Organization joint research group on Covid-19 traceability, Yuan Zhiming, director of Wuhan National Biosafety Laboratory of Chinese Academy of Sciences and researcher of Wuhan Institute of Virology, and other authoritative experts actively responded to the hot issues of the traceability of the new coronavirus concerned by Chinese and foreign media.

　　On July 21, at a testing point in Xuanwu District, Nanjing, medical staff were conducting nucleic acid testing and sampling for the citizens. Xinhua News Agency reporter Ji Chunpeng photo

　　Q: Is the report on global traceability in Covid-19 released by the World Health Organization on March 30th authoritative?

　　Ceng Yixin:The problem of virus traceability is a complex scientific problem. Since the outbreak of the epidemic, every responsible country and every responsible scientist is eager to find out the source of Covid-19. This is of great significance to prevent similar epidemics from happening again.

　　On March 30th this year, the World Health Organization officially released the joint research report "Global Traceability Research in Covid-19: Part of China" convened by WHO, and the global traceability research made a good start.

　　Governments, scientists and the media all over the world are very concerned about this report. Since its release a few months ago, more and more scientific evidence shows that this report is valuable, authoritative and can stand the test of science and history. The conclusion of the report is scientific, and the process of production always adheres to scientific principles.

　　This traceability research report is the China part of the global traceability research. The expert group draws the following conclusions: Coronavirus, which is closely related to Covid-19, has the highest homology with Covid-19 in terms of sequence, but these viruses are still not enough to prove that they are the direct ancestors of Covid-19, and there is still a certain gap. Combined with the research results of clinical epidemiology, animal and environmental detection, the joint expert group finally determined several possibilities for the virus to appear: the first one is "possible to relatively possible", and zoonosis directly overflows, that is, it directly overflows from animal hosts to people. The second is "more likely to be very likely", which is introduced through an intermediate host. Generally speaking, the natural host of the virus is an animal, and then it transits to people through the intermediate host. The third is "possibility", which is introduced through the cold chain. In some sporadic epidemics in various places last year, it was found that cold chain transmission may introduce viruses. The last one is the introduction of "extremely unlikely" in the laboratory.

　　In the next stage, the traceability work should be carried out under the overall coordination of WHO, and on the basis of the first stage of research, excellent experts from many countries should be organized to carry out in-depth work, scientists should be the mainstay, exchanges and cooperation should be strengthened, and the traceability work in Covid-19 should be carried out on a scientific track.

　　Q: Is Covid-19 naturally produced or caused by human factors?

　　Ceng Yixin:I really want to talk about my views on the second phase of the virus traceability plan released by WHO on July 15th. To tell you the truth, I was very surprised. Because in this plan, the hypothesis that "China violated laboratory regulations and caused virus leakage" is one of the research focuses. From this point, I can feel the disrespect for common sense and arrogant attitude towards science revealed in this plan. It is impossible for us to accept such a traceability plan.

　　What is the purpose of traceability? It is to find out the source of the virus and then take effective measures to prevent similar epidemics from happening again. Therefore, we must promote this work in accordance with scientific principles and rules. This is the attitude of the China Municipal Government.

　　So far, none of the staff and graduate students of Wuhan Institute of Virology has been infected with COVID-19. Wuhan Institute of Virology has not carried out research on the gain function of coronavirus, and there is no so-called artificial virus. So where did the virus leak due to violation of laboratory regulations come from? Therefore, this formulation violates both common sense and scientific laws. More importantly, the WHO expert group personally visited Wuhan Virus Institute, and reached the conclusion that the virus is extremely unlikely to be leaked from the laboratory. They are all very authoritative and experienced experts in various fields carefully selected by WHO. So we should respect their conclusions.

　　Yuan Zhiming:The Wuhan Institute of Virology has repeatedly responded to the rumors about the leakage of virus laboratories. Covid-19 originated from nature, which has become a general consensus in academic circles. I want to emphasize that before December 30, 2019, Wuhan Institute of Virology had not contacted, preserved or studied Covid-19. Wuhan Virus Research Institute has never designed, manufactured or leaked Covid-19.

　　Facing the sudden outbreak of COVID-19, Wuhan Institute of Virology quickly identified novel coronavirus with the advantages of platform, technology and talents accumulated for a long time, isolated the virus strain, determined the whole genome sequence, and submitted the whole genome sequence to the United Nations World Health Organization on January 12, 2020. These important research results have provided a foundation for the global antiviral drug screening and vaccine research, and also won time for the global fight against the epidemic.

　　Q: Is the original data of early communication in Wuhan public?

　　Yuan Zhiming:The structure and content of the database of Wuhan Institute of Virology are still in the process of continuous improvement. At present, the database is shared within Wuhan Institute of Virology. After analyzing and systematically sorting out some original data in the database, the staff will publish the research results in the form of papers, and display and retrieve them in the database in a visual way. After analyzing and sorting out the original data of scientific research, it will be published in the form of papers, and then the database will be made public. This is the practice of scientific and technological circles, and the Institute of Virology will strictly follow the rules of scientific and technological circles to display and share our scientific data.

　　Wuhan Institute of Virology has always insisted on the timely sharing of scientific research information, and we released the whole genome sequence to the World Health Organization in time. As early as February 3, 2020, Shi Zhengli’s research team published a research paper in Nature, proposing that Covid-19 came from nature. After we found that several drugs have antiviral activity at the cellular level, we published the research results in international magazines on February 4. At the same time, Wuhan Virus Research Institute also actively participated in the international video and audio conference held by the World Health Organization, and timely shared our research results in animal model establishment, antiviral drug screening, inactivated vaccine development in COVID-19, etc.

　　Q: What do you think about the possibility of virus spread caused by trade in cold chain products?

　　Wang Chen:The role of cold chain in the spread of infectious diseases is a new phenomenon. From Beijing Xinfadi epidemic situation and Qingdao epidemic situation, we can see such a close relationship, that is, the patients have been exposed to the cold chain, and no other possible virus sources have been found outside the cold chain.

　　In the detection of virus nucleic acid, cold chain goods nucleic acid detection is positive. Especially in the Qingdao epidemic, not only the virus nucleic acid positive was detected on the surface of cold chain items, but also the virus was isolated and cultured, which confirmed that there was a live virus on the surface of cold chain items. Combining these two points, the chain of evidence is gradually complete.

　　In the process of further virus traceability, we especially suggest that the cold chain should be regarded as a key traceability clue. At present, under the background of international trade, people and goods exchange frequently all over the world, and people in the cold chain environment — The spread of things has increased the complexity, which is particularly worthy of investigation and research.

　　Guangming Daily (July 23, 2021, 09 edition)

　China Internet TV is a new media video service of Internet TV under CCTV, which is operated by Future TV Co., Ltd., a holding subsidiary of CCTV. In March, 2010, it was the first company to obtain the license of Internet TV integration service and content service issued by the State Administration of Press, Publication, Radio, Film and Television. Future TV, as a specialized operator of CCTV’s Internet TV business, was registered in Tianjin in December 2011, with "China Internet TV" as the call sign, and launched Internet TV business all over the world. Relying on the strong resource advantages of CCTV and its own professional operation advantages, China Internet TV has achieved global coverage of 150 million users, and cooperated with more than 40 leading technology enterprises at home and abroad, such as Samsung, Hisense, Changhong, Xiaomi, Huawei, China Mobile, China Unicom and Telecom, leading the development trend of domestic Internet TV.More > > >

Today, Xiaobian picked a car in the medium-sized mpv and introduced it to everyone. It is. As for the outstanding performance of the car, please read it together.

Let’s take a look at the appearance of Chuanqi E8 new energy. The front of Chuanqi E8 new energy is cold and unforgettable. Coupled with simple headlights, the shape is very eye-catching. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car, the size of the car body is 4920MM*1900MM*1760MM. The car adopts dignified lines, which gives people a very solid feeling. With large-sized thick-walled tires, it looks full of movement. Looking back, Chuanqi E8 New Energy’s tail line is individual, and the taillights present a simple and generous design style, and the overall layout is impressive.

Coming into the car, Chuanqi E8 new energy interior design is relatively deep, and the overall appearance is very solid. The steering wheel of this car is very fashionable, made of leather, and the visual effect is good. Let’s take a look at the central control. The car is equipped with a touch-sensitive LCD central control screen, which makes the interior style impressive and looks personalized. Let Xiaobian introduce the dashboard and seats. The dashboard design is remarkable and the information reading is simple and clear. The car uses leather seats, equipped with auxiliary seat with memory electric adjustment, seat with memory electric adjustment, seat proportion down and other functions, and the overall comfort and wrapping are not bad.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, rear wiper, interior atmosphere light and other configurations, which fully ensures the convenience and comfort of the car experience.

To sum up: I wonder if you are excited about this car introduced today?

In the colorful entertainment circle, every artist is fighting for his dream and life. Some people became a hit with a masterpiece, while others were controversial because of several works with poor evaluation in succession. Recently, Bao Beier, a powerful actor, gave a sincere and close-to-life answer to the question of "the poor quality of his works" from netizens, which aroused a wide discussion on the Internet for a time.

Bao Beier’s attitude in the face of doubt is impressive. In an open interview, he calmly responded to the criticism from the outside world with a self-deprecating frank attitude: "Yes, there is no other drama for me, so what to shoot. I am very satisfied to have the opportunity to film. Will I still be picky? " This remark not only made the reporters and audience on the scene laugh, but also quickly caused a heated discussion on the Internet.

In the highly competitive entertainment circle, the choice of actors is often limited. For Bao Beier, it is a kind of luck to get the script and have the opportunity to show his acting skills in front of the camera. He understands that in this industry, only a few actors can choose their own roles. Therefore, he chose to treat every performance opportunity with a peaceful attitude and cherish every performance. Bao Beier’s remarks not only reflect his true and humble personality, but also reflect the reality of the existence of entertainment actors. In this big dye vat, actors often have to face all kinds of temptations and challenges, and it is particularly precious to be able to keep their initial heart and stick to their beliefs and principles.

Of course, Bao Beier’s answer also inspired the netizens to think deeply. In the process of chasing box office and fame, how actors should grasp the quality of their works and how to balance the balance between business and art has become a topic worth pondering. After all, what the audience wants to see is those works that are rich in depth and interest, rather than the poor works that only attract attention and earn box office.

In fact, Bao Beier’s acting career is also full of twists and turns. He has also experienced the low point of his career, and some of his works have been questioned. But these experiences made him cherish every performance opportunity more and work harder to improve his acting skills and comprehensive quality. He knows very well that as an actor, only by constantly challenging himself and exceeding the limit can he gain a firm foothold in the entertainment industry and continue to grow and develop.

Looking forward to the future, we expect Bao Beier to keep this humble and diligent attitude, dare to challenge himself and bring more wonderful works to the audience. At the same time, we also hope that the whole entertainment circle can pay more attention to the quality and connotation of the works and offer more artistic masterpieces with depth and temperature to the audience. In this era of rapid consumption, the works that really touch the heart are the most precious.

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Editor in charge:

　　Tianjin Jinli Automobile Sales Co., Ltd.: is a company that sells Mercedes-Benz, BMW, Porsche, Land Rover, Audi, Bentley, Maserati, Toyota, Lexus, and other luxury car brands and high-end cars.

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　　The third layer of protection: to ensure that all vehicles sold can be registered normally across the country, according to the National V emission standards.

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　　You should know

　　When it comes to the Land Rover Defender, many people first think of the hard off-road label, and the hard off-road vehicles are basically from the military. However, the life of the Land Rover Defender is different. After World War II, the British industry was in ruins, and it was indeed inappropriate to reproduce cars at the time. Influenced by the Mercedes-Benz G and Jeep Willis, the British who were always gentlemen also began to conceive of their own off-road vehicles. This car is not a by-product of the war but a derivative after the war.

　　Series I (1948 – 1958)

　　On April 30, 1948, at the Amsterdam Motor Show, the Series I came out, and at the same time the new car brand Land Rover was born. Many people in the UK love Land Rover or Land Rover Defender, and I think the most important reason is because there was only one model in the first 22 years of the Land Rover brand – the Series (later Defender).

　　At the beginning of the launch of the Series I model, there was only one 80 model available. The 80 we mentioned here refers to the wheelbase of the model, and the measurement unit is naturally inches. Power is also very monotonous. It is equipped with a 1.6L naturally aspirated gasoline engine with a maximum power of 51Ps, matched by a 4-speed manual transmission.

　　This kind of power is difficult to make people have the urge to go off-road, but the tough appearance is still a classic in today’s eyes. In 1949, the 80-inch wheelbase did not meet the needs of the British. The Series I model was launched in a 7-seat version, with no changes in power but leather interior.

　　After the space was satisfied, Land Rover introduced a 2.0L gasoline version in 1954, and the introduction of the higher-displacement model was motivated by the British House of Representatives removing the model from commercial vehicle status (commercial vehicles were limited to 30 mph in the UK at the time).

　　The 86-inch model replaced the 80 model, and the longer wheelbase 107 model came out in 1957 with a 2.0L diesel engine with a maximum power of 52Ps and a hard roof design with metal plates and bolts. The original wooden roof was forever a thing of the past.

　　Series II (1958 – 1971)

　　The Series I model was a huge success. Land Rover began to strike while the iron was hot and launched the Series II model. The biggest change in the appearance of this replacement is the waist line on the side, which runs from the front fender to the rear.

　　The models are divided into 88 and 109, and the 2.25L gasoline engine has been updated from the original 2.0L 51Ps to 72Ps. The transmission is still 4-speed manual.

　　The famous Land Rover Series began to export to the world, and the Series II A model became the main export model. Since it was an export model, Land Rover wanted to show the best to the world in all aspects. In 1967, the long-wheelbase version of the Series IIA added a 2.6-liter inline six-cylinder gasoline engine, of which 811 were sold to the United States and Canada.

　　By 1969, Series IIA sales reached their peak. From 1969 to 1970, Series IIA’s annual sales reached 60,000 units. In the same year, 2.0L diesel engines were also added to the Series IIA product line. Personally, I think diesel engines and hardcore off-road are the perfect match.

　　Series III (1971 – 1985)

　　The Series III is the biggest change in the Land Rover Series series, and in my opinion the most classic generation model. The biggest changes in the Series III and Series II are the shift of the headlights on the sides of the front face to the left and right and the 22-year-old metal front grille to plastic.

　　The biggest change in terms of power is the increase of the maximum power of the 3.5L V8 gasoline engine by 91Ps. The 2.25L diesel engine, 2.0L and 2.6L gasoline engine power parameters have not been upgraded.

　　Due to its outstanding off-road performance, the Series III became a British military vehicle, and some models exported to Australia and New Zealand were also used as military vehicles by local governments.

　　However, in the field of military vehicles, the reliability of Land Rover does have problems, and it is often complained by the Australian soldiers at that time. Until the discontinuation of Series III in 1985, the most legendary model of Land Rover entered a new chapter. At this time, the Defender is about to be born.

　　Guard Forever

　　Our subtitle is Defender Forever, forever is not a model. At present, the Defender model has been discontinued. Since the name Defender was determined, the appearance of the Defender model has not undergone major changes.

　　Why was the Series model renamed the Defender? We have to jump back in time to 1970, the birth of the Range Rover, when consumers often had difficulty distinguishing between the Series and the Range Rover. When it came to 1989, the problem became more and more serious after the model was introduced.

　　The name at the time was like this – that is, there would be Range Rover (Range Rover), Discovery (Discovery) and Land Rover 90/110/127 for sale in the Land Rover store, which caused more and more confusion to consumers. As a result, the Land Rover model, which had shared the name with the brand for decades, urgently needed a name of its own.

　　After careful consideration by Land Rover executives – the name Defender was born. Adhering to the pedigree of hard-core off-road vehicles, the appearance of the Defender model is still boxy, and the interior is also minimalist and the configuration is pitiful.

　　However, in today’s passenger car industry, it is very rare for the front and rear suspension to use an integrated bridge structure, and the guard has been quietly adhering to this design, the main purpose is to maximize the strength of the body, so that it can adapt to various harsh use environments.

　　The four-wheel drive structure of the guard does not have electronic limited slip and wheel-to-wheel differential lock, and its four-wheel drive still looks a bit old. Although the appearance and four-wheel drive structure have not changed for nearly 20 years, there are still differences in engines from different periods. Imagine if it were not for environmental protection policies, the power parameters might not have changed much.

　　Defender started with a 2.5-liter inline-four-cylinder diesel turbocharged engine. In 1998 Land Rover replaced the 300TDi with a 2.5-liter inline-five-cylinder turbocharged diesel codenamed Td5, and in 2007 a 2.4-liter inline-four-cylinder turbocharged diesel from Ford replaced the Td5.

　　In addition to diesel power, the 1998 50th Anniversary Defender used a 4.0-liter V8 petrol engine from the Range Rover and was paired with a 4-speed automatic transmission from the ZF.

　　The increasingly stringent environmental protection policies made it difficult for diesel engines to survive. On the eve of the shutdown of the Defender, Land Rover equipped it with an engine from Ford’s ZSD-422 that met the Euro 5 emission standards. Its maximum power on the Defender was adjusted to 122Ps and a maximum torque of 360 Nm. The torque performance was in line with the positioning of a hardcore off-road, and it was paired with a 6-speed manual transmission. However, the acceleration time of 100 kilometers is 14.3 seconds, and the speed of 135km/h is still obediently to conquer the mud danger.

　　summary

　　The probability of the Land Rover Defender appearing on the streets of the UK is as great as we see the Jetta Santana in China. The relatively low price, strong off-road performance and huge modification space make this car a tool car for the British people. But with the discontinuation of the Defender model and the emergence of a new generation of Defender render graph, the price of the domestic Defender has not dropped but risen. The price of up to 70W will keep many people out. The reason for this is not the expensive price, but the price is difficult to be proportional to the vehicle. People who really choose it in China must have rigid needs or have full feelings. By Zhang Dongxu

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Lynk & Co 08 is a new mid-to-large luxury SUV launched by the Lynk & Co brand jointly established by Geely Automobile and Volvo Cars, which uses a gasoline-electric hybrid powertrain.

This model is equipped with Volvo’s Drive-E series 2.0TD T5 engine with a maximum power of 187kW and a maximum torque of 350Nm. At the same time, it is also equipped with a set of Siemens high-efficiency motors with a maximum power of 65kW and a maximum torque of 240Nm. This hybrid system has a combined maximum power of 250kW and a combined maximum torque of 510Nm.

In terms of transmission, the Lynk & Co 08 is equipped with a 7-speed dual-clutch transmission and BorgWarner Timely 4WD system. The car’s 0-100km/h acceleration time is only 6.8 seconds, and the combined fuel consumption is 2.2 liters per 100km.

In addition, Lynk & Co 08 is also equipped with an energy recovery system that converts some of the kinetic energy into electricity during braking and coasting and stores it in the battery, thus further improving fuel economy.

Overall, the Lynk & Co 08, as a gasoline-electric hybrid SUV, offers both power performance and fuel economy, making it a model worth considering when purchasing a car.

[Rider Toutiao – Rider Number – Electric Pai]　　

"The US has Tesla CyberTruck, and China has Changan Qiyuan E07 (parameters)."

This may be a good enough compliment for Qiyuan E07.

"Can be SUV, can be pickup truck",This is the selling point of Qiyuan E07 against CyberTruck.

More importantly, compared with CyberTruck’s failure to enter China, Qiyuan E07 on the other side only offered a pre-sale price of 249,900.

Can Qiyuan E07, which is qualified as a replacement for CyberTruck, open up the blue ocean market for new species?

Last August, Changan officially launched the Qiyuan series to locate the new energy sector.

Soon, Qiyuan came up with the A-series and Q-series models that were targeted at the entry-level market.

Among them, in the Qiyuan A05 (parameters), A06 (parameters) and Q05 (parameters), it is not difficult to find the shadow of the past Changan brand fuel vehicles.

This approach, on the one hand, is to deliver bullets to Qiyuan as soon as possible.

From the price positioning to the model arrangement, it is not difficult to see that the emergence of Qiyuan is to help Changan complete the transition from fuel vehicles to new energy brands.

A similar style of play can also be seen in Geely Galaxy and Dongfeng Yipai.

Changan has made it clear that Qiyuan needs to take over the basics of its original fuel vehicle brand.

In the blueprint of Changan, the official expects that by 2030, the Changan brand will sell 4 million vehicles annually, and the sales of new energy will account for more than 60%.

Among them, Qiyuan will account for 120-1.50 million vehicles.

Well, obviously.Qiyuan is the real prince of Chang’an Department.

Since that was the case, Chang’an did not want Qiyuan to leave an impression in the hearts of the public, only "entry level".

Qiyuan cannot simply replicate the style of the past Changan fuel vehicle brand.

So, take out the new species of Qiyuan E07 to climb higher, which is worth trying.

In fact, Changan has launched a tough-looking medium and large SUV CS95 (parameter), trying to enter the 200,000 market.

However, due to the low market acceptance of high-end models of independent brands at that time, the Changan CS95 failed to generate much excitement.

Up to now, under the rewriting of the market landscape by new energy vehicles,200,000 level is no longer the ceiling that Chinese brands are deterred from.

In this regard, with the inspiration of popular brand positioning, we are well aware that conventional play is not easy to break through the high-end price.

(Text/rider number, electric wave)

1905 movie network news Recently, the film, written and directed by producer, Liu Jiayin, has released a pilot poster. After the previous announcement of the lead actor, it has officially announced a new lineup, starring, and special starring. The film also has a number of powerful actors joining, so stay tuned for the full lineup. The film tells the story of Wen Shan (played by Hu Ge), who writes eulogy for a living, finding answers in balancing his relationship with the world. In his encounters with ordinary people of all kinds, Wen Shan comforts others, gains warmth, and finally finds his own life direction. The film has been announced.

The pilot poster hides details and tells the life stories of ordinary people

In the leading poster of the film, a corner of the paper that is shrunk and spread out, Wen Shan reads the final chapter of his life for every ordinary person. The English title "All Ears", which was first exposed in the film, introduces the meaning of "listening" as an important part of Wen Shan’s eulogy writing work – listening is not enough, listen: not only through the brain, but also through the heart, through Wen Shan and the life of every ordinary person.

At the same time, the film joined hands with Harper’s Bazaar to launch a special collaboration. Under the theme "See All Beings, See Yourself", the light and shadow convey a calming power. Every actor involved finds themselves in this encounter and tells the life that is worthwhile. As the film expresses: every ordinary person deserves respect, and every ordinary person is the protagonist of his own life.

The new role has been exposed for the first time, and the full lineup of the powerful faction is looking forward to it

The film is produced by Cao Baoping, written and directed by Liu Jiayin, and starring Hu Ge. The official announcement of the new lineup, starring Wu Lei and Qi Xi, with Bai Ke playing a special role, and many powerful actors joining. Please look forward to the full lineup.

This film is also a three-way collaboration between Hu Ge and Wu Lei. This time, Wu Lei plays Xiao Yin, the partner of Wen Shan (played by Hu Ge), who writes eulogies for a living. Xiao Yin’s existence is Wen Shan’s comfort, and it is the supplement and hope in Wen Shan’s personality. Wu Lei also recalls himself when he was thirteen or fourteen years old when he and Hu Ge filmed "Langya Bang" together, and sighs: "At this age, we talk about different topics, and now we can occasionally talk about performances. But what remains unchanged is the intimacy between the two people. For ten years, he still feels familiar."

Qi Xi starred in Shao Jinsui, a girl who travels all the way to find Wen Shan for a friend’s eulogy. After several days of working together to find the truth in other people’s lives, Shao Jinsui and Wen Shan have brought about insignificant changes to each other. This time, Bai Ke starred in Wen Shan’s friend Pan Congcong, a funeral home worker whose introduction led to Wen Shan becoming a eulogy writer. Bai Ke also said that "Pan Congcong is a bright color in the movie, very colorful, and very suitable for me."　

"Story is a metaphor for life" is a favorite phrase of the screenwriter and director Liu Jiayin. I believe that when this story about the lives of ordinary people is staged on the big screen, the audience can also feel that it is worthwhile for themselves.

Xu Jiayin probably didn’t expect that the back he left to this era was peach-colored.

Beginning in late September, along with the announcement of Xu Jiayin’s coercive measures, gossip and jokes about Evergrande’s song and dance troupe gradually flooded the Internet. Beauty, money, and the mysterious 42nd floor of Evergrande’s headquarters led to an image that entered the hearts of the public almost overnight. In the years before that, Xu’s carefully shaped shell of doctors, professors, entrepreneurs, and philanthropists had all disintegrated. Perhaps they had never really been established, because in comparison, the former was more in line with everyone’s imagination of the former richest man.

And those who don’t need to imagine, I mean those who can get close to Xu’s family, how close can they be to reality?

For example, the last image Xu Jiayin left for an employee of Evergrande Group turned out to be relaxation. During the conversation, those trillion-dollar debts are not a problem, "(Liabilities)Some can be talked about that way, some can be resolved that way ",It is said that Xu Jiayin believes that Evergrande only needs tens of billions of working capital to turn around again. In his opinion, "all solutions can be solved."

This optimism, which is in great contrast to reality, has caused confusion to the Evergrande employee. He does not know whether Xu Jiayin’s psychological quality is particularly good, or whether the people around him have created this illusion for him.

Speaking of which, this illusion comes more from the magic of time. Since founding Evergrande in 1996, Xu Jiayin has crossed the line of life and death several times. Like many real estate developers, they have collectively fallen into a kind of survivorship bias, thinking that "too big to fail". If they want to fail, it can only be because it is not big enough, so they are desperately high turnover, high leverage, and high debt, using the lowest cost, highest debt, and most complex moves to pry the largest scale.

This is the famous "three highs and one low". Until the thunderstorm, not only Evergrande, but most of their peers have always believed in this "real estate philosophy".

Obviously, not everyone is as "optimistic" as the founder, and Evergrande executives have long said privately that "the end of this journey is Xu Jiayin’s last moment."

The "silver bracelet" was slowly tightened.

In early September, a number of executives of Evergrande Wealth were taken away. It is understood that because of their deep involvement in Evergrande Wealth, Xu Jiayin’s second son, Xu Tenghe(Peter Xu)It was at that time that he was arrested. Not long after his son lost his freedom, on September 27, the media reported that "Xu Jiayin was recently placed under residential surveillance." Paradoxically, the next day, China Evergrande announced that the company had received a notice from the relevant departments that Xu Jiayin, the executive director and chairperson of the board of directors of the company, had been taken compulsory measures according to law for suspected illegal crimes.

This was obviously a more severe wording. Among all the coercive measures, residential surveillance was a relatively light one, and the "coercive measures" in the announcement were relatively heavy.

First, copy Yao Zhenhua and surpass Yao Zhenhua

Since crossing the line of life and death in 2008, Evergrande has been on the road to "going big" all the way. A large group is of course structural, so Evergrande’s "big" belongs to the structural big, including business structure, capital structure and shareholder structure. At one point, Xu Jiayin used several superimposed words to describe Evergrande’s strategy – "big big, close, buy buy buy, circle, good".

The complexity of Evergrande’s business structure is now well known and needless to say. As for the capital structure, Xu Jiayin suffered a big loss of "no money" in the early years. In 2008, he got the life-saving money by "hoeing the earth" with Hong Kong bosses. Real estate is essentially a game of cash flow, soXu Jiayin realized that to make the business bigger, we must first solve the problem of cash inflow. Only by increasing the leverage ratio of the company can we form a higher return on equity funds. To achieve this, we must realize the pre-financing stage and diversify the financing methods.For example, in the land acquisition stage, take pre-financing to access lower-cost funds.

If you rely on the Financial Institution Group public to public, then the cost of financing is difficult to come down, we must find another way.

Opportunities always fall from the sky. In 2012, in order to solve the problem of "difficult and expensive financing" for real enterprises and promote economic growth, financial innovation was encouraged to develop. In May of that year, the "Implementation Opinions on Encouraging and Guiding Private Capital to Enter the Banking Industry" was issued, which clearly stated that "private enterprises can invest in the Banking Financial Institution Group by initiating the establishment, subscribing for new shares, transferring equity, mergers and acquisitions and restructuring." In October of the same year, the Securities Supervision Commission promulgated "one law and two articles", and brokerage funds joined the army of financial innovation. At the end of the year, the channels for venture capital investment were greatly liberalized. It was also that year that the P2P industry entered a period of explosion, and the number of platforms rapidly increased from 50 in 2011 to about 200 in 2012.

Under the tide of financial innovation, the bosses with a keen sense of smell noticed the huge opportunities contained in it, and they applied for financial licenses one after another under the guidance of experts. Yao Zhenhua’s Qianhai Life Insurance was approved to be established in that year, and three years later, through investment-linked insurance, universal insurance, and the huge funds raised by allies of the Financial Institution Group, the capital markets were turned upside down and set off monstrous waves.

In early 2015, Foresea Life Insurance began to quietly buy Vanke’s class A shares. Before the market noticed Yao Zhenhua’s true intentions, Xu Jiayin may have known Yao Zhenhua’s plan. In March, Xu Jiayin found a well-known financial boss from Henan, respected as "big brother", and invited him to buy an insurance company together, but was declined.

In July of that year, Yao Zhenhua suddenly raised a placard, and a "battle of treasure and ten thousand" opened the curtain. The "brilliant record" stimulated Xu Jiayin, and also made Xu Jiayin more convinced that "it is better to ask for others than to ask for yourself". It is the last word to master the "money bag" – to become bigger and bigger, you must control the Financial Institution Group yourself.

On November 22, 2015, Evergrande Group acquired a 50% stake in Chongqing-based Sino-Singapore Great Eastern Life Insurance Company for 3.939 billion yuan, renamed Evergrande Life Insurance, and officially announced its entry into the insurance industry. Evergrande Financial Group was also established in Qianhai, Shenzhen, and Xu Jiayin began to "collect licenses".

After that, Hengda’s financial layout flourished in an all-round way. According to First Financial, according to public information, that year, Hengda Group won a full set of financial and financial services such as insurance, Internet finance, financial leasing, financial asset exchange, and factoring in one go.

It was widely rumored in the market that Evergrande was preparing for private banks. Until a few trading days from the end of February 2016, Evergrande through its wholly-owned subsidiary Evergrande Group(Nanchang)Co., Ltd.(Hereinafter referred to as "Hengda Nanchang")Acquired 577 million H shares of Shengjing Bank, and later passed two acquisitions to acquire 1.0168 billion domestic shares of Shengjing Bank for 10.068 billion Hong Kong dollars, and finally became the largest shareholder of the bank.

To apply for a new license, you need to queue up, even if the license is down, you have to do the scale first, and at that time, Shengjing Bank with assets of more than 700 billion yuan was a ready-made big standard. It is worth noting that in 2011, the Founder Department controlled 8.12% of the shares of Shengjing Bank, collecting major financial licenses such as securities, funds, banking, insurance, and futures, which can be described as aggressive. After the collapse of the Founder Department, Xu Jiayin regained this license and became one of his most important "money bags" in the future.

Although the Founder Department has become a "ruin", Xu Jiayin does not think that he will repeat the same mistakes, but has accelerated the pace of model replication. In September 2016, Xia Haijun, the former vice chairperson of the board of directors of Evergrande Group, said at Evergrande’s interim results conference that the future may be ready to acquire some small real estate developers and Financial Institution Group, especially securities companies and trust companies will have merger and acquisition plans, and the future group will form a financial and real estate juxtaposition pattern.

At the 2017 work conference, Xu Jiayin directly proposed that the goal of Hengda Financial Group in 2017 is to achieve full financial licenses such as shareholding, holding banks, insurance, securities, trusts, public funds, and Internet finance.

To build a financial empire, it is not enough to have only a license plate, but also people and allies.

Evergrande also has ready-made allies. As early as March 2015, China CITIC Bank, CITIC Trust and Evergrande Group signed a 60 billion strategic cooperation agreement, in which China CITIC Bank 40 billion credit to Evergrande Group. In February 2016, China CITIC Bank Chongqing Branch landed Evergrande Life Insurance’s 1.969 billion yuan M & A loan project. In December 2016, China CITIC Bank Guangzhou Branch invested 31.20 billion yuan in real estate funds to Evergrande Group. In early 2017, China CITIC Bank reached a "100 billion +" cooperation agreement with Evergrande Group.

Yes, China CITIC Bank was once Evergrande’s largest "top gifter". At that time, the president of China CITIC Bank was Sun Deshun, and the vice president was Zhu Jialin. In September 2017, Zhu Jialin resigned from CITIC Bank to become the vice president of Evergrande Group and chairperson of Evergrande Life Insurance.

This is the "revolving door", and it is not just Zhu Jialin who pushes open the "revolving door" between China CITIC Bank and Evergrande. Zhang Qiang, former vice president of China CITIC Bank, was hired as the president of Shengjing Bank in February 2018; Shen Guoyong, former general manager of China CITIC Bank’s head office institutional business department, went to Shengjing Bank as the vice president in January 2019, and so on. The management of Shengjing Bank was completely replaced by executives from CITIC Bank. China CITIC Bank was not only Evergrande’s most important ally at the time, but also its "talent pool" in the financial sector.

In addition to the executives of China CITIC Bank, there are also people in the regulatory department who have pushed open this "revolving door". The head of the regulatory unit where China New Great Eastern Life Insurance was originally registered "went to sea" in 2016, shortly after Evergrande won the license, and became the vice chairperson of Evergrande Life after the renamed.

Interestingly, Yao Zhenhua also has an executive from Shenzhen’s insurance regulator. But in comparison, Xu Jiayin is "better" than Yao Zhenhua, whether it is the size of the host bank ally or the level of the executives recruited.

Of course, the final hole was even bigger.

Second, willing to spend money, "good at" spending money

At the height of the relationship, Citic also appeared in Evergrande’s list of strategic investors. In 2017, Evergrande introduced strategic investors in three installments. One of the earliest batch of strategic investors – Hexin Hengju, which is controlled by CITIC Trust.

That year, to return to A as a gimmick, Hengda completed the diversification of the shareholder structure, the Financial Institution Group, partners, and Xu Jiayin’s prominent friends, all circled into this circle. You know, at the beginning of that year, Hengda’s pre-financing interest rate to 20% + was difficult to borrow funds, but attracted a total of 130 billion war investment.

However, with the passage of time, many glossy stories took off their "coat" and still revealed their "underpants". Today, there is a considerable amount of moisture in this 130 billion’s battle investment.

"Most Words" learned that in Hengda’s war investment, more than one source of funds is a joint-stock bank with close ties to Hengda and the city commercial bank it once controlled.

What can be used as confirmation is that in August, China Evergrande(03333.HK)It is worth mentioning that the 2021 annual report disclosed by China Evergrande clearly pointed out that 16.50 billion yuan of the strategic investment introduced by Evergrande Real Estate in 2017 was a liability, which is obviously different from the announcement information issued by China Evergrande on November 22, 2020.

According to various market parties, this amount is much smaller than the funds that Evergrande has freed up from controlled institutions and allies. With many war investors doing business with Evergrande itself, it is difficult to determine whether the investment is a left-handed investment.

In August 2017, Hengda Life Insurance, a "Hengda" insurance company, quietly bought shares in Xuzhou Suning Real Estate Co., Ltd. and Zhenjiang Suning Real Estate Co., Ltd., which are owned by Ning. On September 20, Xu Jiayin and the senior management team of Hengda Group visited the headquarters of Ning Group and met with Zhang Jindong. The two sides said that they would carry out strategic cooperation in real estate, e-commerce, finance and other fields.

More than a month later, on November 6, Hengda Group announced that China Hengda’s Kailong Real Estate, Hengda Real Estate and its controlling shareholder Xu Jiayin signed a capital increase agreement with six institutional strategic investment institutions, introducing a total of the third round of strategic investment 60 billion, 6 institutions obtained about 14.11% of the shares after the investment. Among them, Shandong Expressway Group(20 billion), Shang Group(20 billion)Zhengwei Group(5 billion)Jiayu Investment(5 billion)Yihe Investment(5 billion)Sichuan Dingxiang(5 billion)< unk > is in the column

Someone close to one of the war investors once told us that although the war investor invested money in Evergrande, Evergrande bought a lot of land from it, and the money earned from selling the land can already cover the funds of the war investor, which means that it "took the money earned from Evergrande and invested in Evergrande."

"But most of the bosses lost their pants, which were invested in real money," the person said.

But whether the real money comes from Hengda’s funds or the investors’ own funds is to some extent "close and distant". If it is a supplier of Hengda, it may really need "out-point blood". After all, Hengda is used to defaulting on accounts and paying for goods by commercial ticket.

To this day, a large number of suppliers are still weighed down by Evergrande, struggling to survive.

Some media have pulled out the Hengda supplier creditor list, the first is Nantong Sanjian, the second is Shengjing Bank, the third is Guangtian shares, the fourth is Gold Mantis, the fifth is E-House China, the sixth is Quanzhu shares, the seventh is World Bank, and the eighth is Shaanxi Construction Engineering.

Even some suppliers not only advanced funds for Evergrande, but were also fooled into betting on Evergrande.

Rumor has swirled among Zhejiang entrepreneurs that a company engaged in doors and windows spent 2 billion to buy products from Evergrande Wealth Management. The company is also a downstream supplier of Evergrande, and Xu Jiayin once lobbied the chairperson of the company, saying that Evergrande Wealth Management had a 10% return. But later, the overall redemption rate of this wealth management was only 10%.

After several years, Hengda has built a trillion-dollar financial empire, ostensibly achieving a low-cost source, but in fact, it is a huge transfer of funds, layers of nesting, real debt, and high interest rates. It is no different from other once-famous and rapidly collapsing capital systems.

To achieve such a deception trick requires the help of professionals, and only after working in the financial field for many years can this delicate "exquisite game" be designed and implemented.

Xu Jiayin is very generous in recruiting talents, not only giving high salaries to hire financial professionals, but also recruiting research talents. In December 2017, Xu Jiayin introduced well-known economists with 15 million annual salary. Less than a year later, Evergrande found the president of the investment banking department of one of the four major banks and hired him as vice president in charge of financing. The annual salary is higher than that of 15 million.

It’s just that the person left after staying at Evergrande for half a year.

III. Where did you come from and where are you going?

Because in Evergrande, the financing pressure is too great. Although the assets are trillion, the liabilities are also two trillion, which means that Evergrande is like a monster in a state of hunger forever, and it needs continuous funds to maintain. In addition to selling houses to withdraw funds, it also needs to sell wealth management products.

Even Xu Jiayin has sold his wealth management, which shows that Evergrande’s full marketing and full financing are really not just talk on paper.

Generally speaking, if a large enterprise wants to manage well, there will be two paths, one is high incentive, the other is strong control, because the national real estate business management margin is too large, most companies will choose the first path, such as Country Garden and other companies to follow the investment plan, choose the second path is not much, because it is not easy to manage, but Hengda just took this path, probably because Xu Jiayin is a workshop director and is very good at SOP process design and management.

At Evergrande, there is a unique management model that Xu Jiayin sees as a magic weapon for maintaining long-term high growth – target plan management. "In management, usually target management and plan management are two separate chapters, Evergrande combines the two, and Evergrande’s plans are all targeted," the "professor" of Wuhan University of Science and Technology once said.

The so-called plan has goals, which should be similar to today’s popular OKRs, that is, the alignment and dismantling of goals, including sales and financing tasks. One Evergrande employee felt that the most stressful part of working in the company was the layered tasks. "There are always various tasks, selling wealth management products, how much a regional company wants to sell, all employees market and sell houses, and each department of the group has to take the task."

After receiving the task, they also need to make a big ranking. Everyone wants to be in the top six, and the current six will be praised. No one wants to be in the bottom six, because the last six not only have to be criticized, written reviews, but also deducted performance pay.

Once upon a time, when the marketing pressure on all employees was the greatest, many Hengda employees considered buying a house by themselves, and many employees also invested real money in Hengda’s financial management.

There are also many relatives and friends of employees who have also invested in Evergrande Wealth Management. Of course, it cannot be said that they are also forced by plans and tasks.On the one hand, at that time, Evergrande gave a higher return on investment than the market level. On the other hand, there were still many people who believed in "too big to fail" like Xu Jiayin.

You can’t say that they are completely wrong. To this day, both Hengda’s workout and delivery are still struggling to advance. For a company, it is actually the easiest to lie down and go bankrupt, but real estate is a people’s livelihood industry. Now Hengda and other companies are on the capital side, tying up various interests at home and abroad, B and C, how can the company fall down and let the actual controller go away.

According to Evergrande people, the current special class still hopes to properly solve Evergrande’s workout, "this will be a textbook case."

But the misunderstanding is also in this idea. With the long-term operation, private enterprise owners like Xu Jiayin often fall into a myth similar to the family world, such as painting the company with the Xu family completely equal. If the company cannot easily collapse, does it mean that the Xu empire will continue to Evergrande?

In fact, the fate of Fangzheng, Anbang, HNA, and other large enterprises and controllers had already given the answer. It was just that the latecomers were just lucky. The idea that they would sleep peacefully after binding their backers was purely an illusion, or a "life-saving straw" that they desperately wanted to grab when drowning.

Sun Deshun was investigated for corruption of nearly 1 billion yuan. The CCTV feature film "Zero Tolerance" revealed that during Sun Deshun’s tenure at China CITIC Bank, his main work direction was up the ante real estate loan, and he sought personal benefits. Sun Deshun fell, and the gears of Xu Jiayin’s fate began to turn. Although he also thought of ways and asked people, on the surface, he was short of "tens of billions of working capital, which can be rotated again." In fact, he had long been credit through the warehouse, and no one dared to rescue him. The Financial Institution Group, which was hollowed out and dragged down by him, was even more difficult to protect itself.

In the past, the disorderly expansion of debt will eventually be settled after the autumn. If Xu Jiayin can do his best to protect the property and finance the payment, he may be able to exchange for a slightly decent disposal.

But Xu Jiayin was still disappointed. As his patience ran out, he finally lost his freedom.

After Evergrande, there are still a number of private real estate enterprises on the verge of collapse of the capital chain. If the actual controllers do not pay for the property and promote financial redemption, their patience and time should not be much.

A friend of Xu Jiayin once summed it up with us, "Every entrepreneur has his era, and he also has the threshold of the era. The past is the door, and the past is the threshold. You know, when the era abandons you, he will not greet you, and you can’t even keep up with him."

It is time to encourage you together.

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