分类： sangna

Original title: Wanda Film reorganization, Wang Jianlin Wang Sicong father and son cash 2.70 billion, is to collect money or cut meat?

Author/Jia Yang, Chihiro

When the class A share film and television company was lamenting in the capital battle, Wanda Film, which had been suspended for nearly a year, threw out a restructuring plan – priced at 11.619 billion yuan and purchased 96.83% of Wanda Film and Television.

It seems that it is the sale of Wanda’s assets "left hand to right hand", but a discerning person can see the key to the problem at a glance: Wang Jianlin and his son have cashed out?

Entertainment CapitalAfter carefully analyzing the transaction structure, we found that the truth is not so simple.

It is not so much "cashing out" as "making a profit", and this is bound to go through a complex game of interests and multiple compromises.

In theory, Wang Jianlin and his son can indeed cash out nearly 2.70 billion yuan in the reorganization. But this is not their initiative, but triggered the relevant regulations of the Securities Supervision Commission on the short-term operation of major shareholders in the secondary market, and had to take cash. In addition, the money is not only paid in 3 years, but also stipulates strict gambling terms. Assuming that Wanda Film and Television does not complete the bet, 100 million less than the target, Wang Jianlin and his son will pay the listed company 1.30 billion…

Not only that, the price of Wanda Film and Television’s injection (about 13 times PE) is far lower than the current market price of film and television companies (24 times PE), and even lower than the valuation of the previous round of pre-IPO financing.

You know, the pre-IPO of Wanda Film and Television was still in early 2016, coinciding with the valuation peak of the film and television capital markets. Wanda’s bosses only sent a Moments, which easily raised billions of funds.

Now, film and television stocks are facing a cold winter, and Wang Jianlin’s demands are also very clear, and contradictions are divided into priority and priority. Advancing the listing of Wanda Film and Television as soon as possible is the first priority. It is necessary to reduce the valuation and obtain rapid regulatory approval, and use high cost performance to win the active endorsement of secondary market capital, so as to ensure the safety of the entire group’s funds.

After all, this is the rational and cold Wang Jianlin, not Jia Yueting who "runs blindfolded".

Wanda Film’s predecessor was the listed company Wanda Cinema (which had acquired Time Network), while Wanda Film and Television is mainly Wanda’s film and television production business, which has not been integrated into the listed company.

As early as 2016, Wanda Film and Television had a plan to inject assets into a listed company. At that time, the asset package also covered the legendary film industry that Wanda had just acquired. It was necessary to sell it to a listed company at a 37.20 billion price. But under the harsh environment of capital markets, in the end, Wanda voluntarily gave up.

This wait is two years.

This time, the injected asset package excludes the "big loss-making" Legendary Film Industry, and adds the new media Eslite (Wanda’s TV drama production asset, the production of "Breaking the Sky" is about to be broadcast).

Due to the change in assets, the transaction size has dropped significantly from the previous 37.20 billion to 11.60 billion.

In this merger, the listed company Wanda Film will purchase the equity of Wanda Film and Television shareholders through cash and issuance of new shares. After injecting Wanda Film, Wanda Film and Television made a performance commitment of 3.228 billion yuan in cumulative net profit for three years.

When the announcement came out and saw the following agreement, many people in the market tut-tut: The Wang father and son have cashed out!

Wanda Film said in the announcement that the underlying asset consideration held by Wanda Investment is 2.693 billion yuan, which is paid by Wanda Film in cash; the underlying asset consideration held by other parties is paid by non-public issuance of shares.

This Wanda investment is carried out by Wang Jianlin and Wang Sicong father and son through the shareholding, the two people together hold 100%. In theory, Wang Jianlin father and son can cash out nearly 2.70 billion yuan in the restructuring.

But in fact, taking cash may be a no-brainer.

According to Article 47 of the Securities Law, directors, supervisors, senior managers, and shareholders who hold more than 5% of the shares of a listed company shall sell their shares in the company within six months after purchase, or buy them again within six months after sale, and the proceeds therefrom shall belong to the company, and the company’s board of directors shall recover the proceeds.

What does this mean? That is to say, in secondary market stock trading, the Securities Supervision Commission does not allow major shareholders to buy and then sell, or sell and then buy within six months. This triggers the Securities Supervision Commission’s short-term trading rules.

According to the conditions in the announcement, in order to get the 2.70 billion yuan, the Wang father and son need to meet the following conditions:

First, 2.70 billion paid over three years.After the delivery, the listed company paid 1 billion yuan to Wanda Investment; after the first annual report, paid 900 million yuan; after the second annual report, paid the remaining 792,885,650 yuan transaction consideration.

Second, the cash payment transactions of Wanda Investment are tied to the gambling agreement.According to the announcement, before the payment of the second and third installments, if the performance commitment party Wanda Investment fails to complete the performance commitment and needs to compensate, Wanda Film will directly deduct the corresponding amount from the price.

Wanda Film board secretary Wang Huiwu further explained to Entertainment Capital that this compensation is not equal, but has an amplification effect. According to the amplification formula announced in the announcement, assuming that Wanda Film and Television has a difference of 100 million in 2018 to complete the bet, then Wanda Investment needs to compensate the listed company for 1 divided by 3.20 billion, and then multiplied by 12 billion.

In this process, Wanda Investment not only cannot easily cash out, but also has to bear some risks for other shareholders.

Since Wanda Film and Television has 21 shareholders in this transaction, under normal circumstances, if Wanda Film and Television does not complete the bet, each shareholder should compensate the listed company according to the proportion of equity held. However, according to the announcement, this is equivalent to Wanda Investment holding only 22% of Wanda Film and Television’s shares, but it bears 100% of the compensation liability. As long as the bet is not completed, it will be compensated by the major shareholders.

Referring to the announcement of Oceanwide Holdings in early 2016 (purchasing 6.61% of Wanda Film and Television for 1.058 billion yuan), it can be estimated that the valuation of Wanda Film and Television at that time was 16 billion. And the asset package of this acquisition added New Media Eslite (valuation 1 billion) and Mutual Love Interactive (valuation 259 million),The overall valuation has instead fallen to 12 billion.

There are old investors in the stock bar who commented that sending it to the listed company at this price is completely a loss-making deal. No wonder this time it is only buying 96.83% of the shares instead of 100%. The remaining 3.17% of shareholders may be "nail households" who feel that the price is too low and will not sell.

Wanda Film and Television’s valuation value in this transaction is 12.002 billion, the initial carrying value is 5.08 billion, and the value-added rate is 136.25%. This value-added rate is not high in the film and television industry. In terms of the review required for the acquisition of listed companies, it is about 13-15 times the level, while Wanda Film and Television is installed into Wanda Film at 13 times the valuation. After the class A share media sector fell sharply, PE still has 24 times.

It is worth noting that, in addition to Wanda Investment, the other 20 investors, the private equity investors gave up the opportunity to cash out, the most obvious reason is that the valuation is too low, and it is more cost-effective to hold the shares of listed companies to share the later rising dividends.

Huace insisted on part of Wanda Film and Television’s equity in the first quarter of 2017, and received a return of 18 million yuan according to media reports

Entertainment CapitalIt has been discussed in depth before,The capital of the film and television industry is experiencing a ebb period in the past two yearsIt is not surprising that the valuation at that time has shrunk today. The initiative to lower the valuation is also to reduce the resistance in terms of supervision and promote the injection of assets into listed companies as soon as possible.

This is not a good time to list or set an increase. The entire class A share has been in a state of trade war + tight capital panic recently, and film and television stocks are one of the most obvious sectors for capital flight.

Shenwan cultural media sector has declined by more than 20% since the beginning of the year.

Zeng Maojun, president of Wanda Film, told Entertainment Das Kapital that no one can predict the trend of the capital markets. You think it is a bad time, and some people think it may be a good time. For leading enterprises, it is always good. Because the industry is not good, it means that the industry may be reshuffled. Who is likely to concentrate better resources? It must be the leader of the industry. Just like the Baijiu industry crisis brought about by the prohibition of alcohol gave birth to the trillion-dollar market value of the leader Moutai.

Concentrating resources at industry lows is an enterprising enterprise, and injecting assets during capital lows, as mentioned above, is the financial pressure behind the enterprise. Wanda Group’s real estate business is not very smooth when it returns to class A shares and film resources are injected into listed companies. The pressure on related repurchase agreements is great.

Wanda Commercial promised in September 2016 that if it failed to list on class A shares within two years, it would buy back a total of 14.41% of its shares and pay 10% to 12% annual interest. When Wanda Group purchased Legendary Pictures in January 2016, it promised that if it failed to inject Legendary Pictures into Wanda Film’s listing within 12 months, investors would receive a 15% annual interest return. Despite changes to the follow-up agreement, pressure from investors has been ongoing.

Winning the support of investors with a restructuring plan that cuts its own meat and gives profits, and relieving the repurchase pressure, for Wanda, it is to solve the main contradiction first and then consider the secondary contradiction.

In order to ensure the fairness of the transaction, the two sides made a bet. Wanda Film and Television promised that the net profit in 2018-2020 shall not be less than 888 million, 1.069 billion and 1.271 billion. If the profit does not meet the standard, Wanda Investment will compensate the listed company according to the method agreed in the agreement.

With the profitability of Wanda Film and Television, is this bet high or low?

In 2016, Wanda Film and Television’s net profit was 364 million; in 2017, the net profit was 597 million. According to the 64% net profit growth rate in 2017, Wanda Film and Television’s net profit in 2018 can reach 979 million. What’s more, it has been disclosed in the announcement that Wanda Film and Television achieved 407 million net profit in the first quarter of 2018, and completed 45.83% of this year’s gambling commitment in just one quarter.

But it is worth noting that in the first quarter of this year’s report, Wanda Film and Television completed a total of 4.38 billion box office, and only one "Detective Chinatown 2" contributed 3.38 billion box office. In the second half of this year, or even next year and the next two years, whether it can continue to produce such a explosion is uncertain.

Wanda film and television how to complete the 3-year 3.128 billion performance bet? Zeng Maojun gave two major plans.

The first is to increase the number of movies, and to increase the non-box office revenue part of the movie revenue. In his opinion, no one can guarantee the box office of every movie, but 10 movies can have the probability of profitability, as long as the number is enough, it can spread the risk.

Secondly, it relies on TV series and games to make up for the income instability brought by film projects. This is also the reason why it is committed to loading the previously acquired company New Media Eslite into the listed company.

"The Wanda Film and Television team doesn’t do TV dramas, we do functional segmentation, and in the future TV dramas will be done by the platform of New Media Eslite. But all IP can form a linkage between movies, TV and games," Zeng Maojun said.

For example, the TV series "Breaking the Sky" produced by Wanda Film and Television has now been completed and is being posted productin. It will be broadcast on Hunan Satellite TV and Tencent platforms this year, and some profits have been locked in. At the same time, the TV series has planned a second and third season in addition to the first season, as well as movies and games with the same IP.

That is to say, in addition to getting the purchase price of the drama on the broadcast platform in advance, Wanda Film and Television will also enjoy the game sharing rights, movie box office sharing rights, derivatives sharing and many other benefits of "Fighting Sky". Even Wanda Film and Television has started planning the theme park of "Fighting Sky".

In addition to "Fighting the Sky", Zeng Maojun also revealed a series of web dramas, movies, games, and theme parks. For example, "Tang Tan" also started the development of web dramas and anime this year; "Dragon Hunting" series of games and theme parks, there will be a different form of IP project every year or two in the future.

Since Disney recently announced the acquisition of Fox, one of the reasons is to control the streaming video platform Hulu and compete with Netflix, which has surpassed Disney in market value. The threat of streaming media to traditional entertainment giants is imminent. Wanda Film and Television has also begun to explore streaming media in addition to its original business.

Zeng Maojun said that it will launch an online cinema chain and cooperate with film and television copyright holders in the mode of sharing accounts, which will be launched within this year.

Wanda’s acquisition of Legendary Pictures was seen as a landmark deal for Chinese capital to attack Hollywood.

If you count the valuation of Legendary Pictures alone, in early 2016, Wanda Group spent 3.50 billion dollars when it acquired, which was about 23 billion yuan at that time.

When Wanda Film and Television first announced the loading of a listed company in 2016, in addition to the production business of Wanda Film and Television itself, it also included the legendary film industry acquired by its Qingdao Film Investment Company and the film and television base Qingdao Movie Metropolis. The valuation at that time was 37.20 billion.

But soon after, Wang Jianlin said in an interview with the Financial Times that Wanda planned to separate Legend from its listing plans because Legend’s performance in 2016 was not satisfactory.In fact, Legendary Pictures has been acquired before two consecutive years of losses totaling 5.87 billion yuan, debt of more than 9 billion yuan.

The Sino-US co-production blockbuster "The Great Wall" released at the end of 2016 is a film jointly produced by LeTV Pictures, Legendary Pictures and Universal Pictures. It cost 150 million US dollars, and finally the world is about 1.20 billion. But neither the content nor the box office has met market expectations. Wanda’s expectations are that the global box office is 3-400 million US dollars.

The Great Wall.

After being acquired by Wanda, Legendary Pictures performed mediocre, with two consecutive CEOs leaving.

Even if it is at risk, Wanda will consider divesting Legendary. The main reason is that after the acquisition of Legendary Pictures by Wanda, the number of movies per year is relatively small, about 2-3, which is relatively risky.

For example, this year, Legendary Pictures participated in the production of "Jurassic World", and the investment accounted for 25%. Now the box office of this film has 620 million US dollars. When encountering such a hit, the performance may be very good, but when encountering a poorly performing film, the fluctuation is very large.

Zeng Maojun said that in the future, Legendary Pictures will develop independently and increase the number of movies. In addition, Legendary Pictures will also increase some TV drama business and strengthen cooperation with Time Warner and Universal Pictures.

Today’s Wanda Film is strengthening its entire layout from Wanda theaters to film and television production.Before the transaction, Wanda Film was mainly engaged in cinema investment and construction, cinema film distribution, cinema film screening and related derivative businesses, and its main business was concentrated in the downstream of the film and television industry chain.

Through this transaction, the company’s main business will expand to the investment, production and distribution of movies and TV series, as well as the distribution and operation of online games, and build "five business platforms integrating cinema end point platform, media marketing platform, film and television IP platform, online business platform, and film game interactive platform". Wanda Film can accelerate the pace of transformation into a pan-entertainment platform company.

So it seems that Wanda Film and Television’s ambitions are indeed not small.

Under the influence of the PPT project in the past two years, many companies have been afraid to release film orders during the Shanghai Film Festival. However, at Wanda Night, Wanda Film and Television announced 30 work plans in one go, including 9 domestic films, 6 co-productions, 4 animation works, and 11 TV series. For example, online dramas such as "Tang Detective" and "The Story of Kings in the Western Regions".

This year, Wanda Film and Television also launched an elite + talent training program. The first phase of screenwriter training is called the Future Master Workshop. So far, the screening training has been completed, and the contract has been signed, and the first phase of incubation has been completed. "We cooperate with industry celebrities, including well-known domestic screenwriters and Hollywood teams. We hope to train about 40 screenwriters every year in the next five years or so," Zeng Maojun said.

In addition to offline development, Wanda is also exploring online cinema business. But for the value of streaming media, Wanda Film’s perspective is still: content is king. Zeng Maojun is more optimistic about the Mango TV model. He believes that as long as there is good content, the video platform can be established in the short term. One or two variety shows will raise the market value of Mango TV to 10 billion.

This seems a bit conservative compared to Disney, which Wanda regards as a role model and rival.

A few days ago, Disney announced the acquisition of Fox. According to US media analysis, in addition to content assets, Disney has a 30% stake in Hulu in Fox’s hands, plus its own 30% stake, and can control Hulu after the merger is completed. In the major reform of the department in March this year, Disney has specially opened a department responsible for streaming media business.

But in Mr. Zeng’s view, Disney is more interested in Fox’s offline theme parks and vast IP library than Hulu. Wanda Pictures also does not want to buy BAT-owned streaming sites such as "Aiyouteng", but does its own streaming media. Zeng Maojun said that different forms of online platforms have survival space. Wanda will be different from other platforms. The main purpose is to divert traffic and divide accounts, and it will be combined with film marketing. That’s all.

Throughout last year, Wang Jianlin broke down, selling assets and reducing liabilities.

In July 2017, Wanda sold tourism and hotels to Sunac and R & F, and this agreement alone reduced debt by 44 billion yuan and recovered funds by 67 billion yuan. In Wanda Group’s 2017 work summary, Wang Jianlin revealed that assets at cost were 700 billion yuan, a decrease of 11.5% year-on-year. For this year’s plan, Wang Jianlin said that Wanda Group will use all capital means to reduce corporate liabilities, including the sale of non-core assets, equity transactions under the premise of maintaining control, and cooperative management of other people’s assets. "Wanda Group will never have any credit default in the world!"

So after entering 2018, Wanda Group continued to "sell, sell, sell". In addition to selling London and Australian hotel assets, it also transferred the equity of Wanda Commercial and Wanda Film, and introduced strategic investors respectively. While withdrawing funds, it delayed the pressure for Wanda Commercial to return to A and Wanda Film for restructuring.

With the help of this series of arm-breaking and slimming actions, Wanda has safely landed from the danger of the capital chain being questioned in the second half of last year and the dual killing of stocks and bonds. In June this year, Standard & Poor’s adjusted Wanda’s rating to stable, and Moody’s also adjusted Wanda Commercial’s rating outlook from negative to stable. Fitch confirmed Dalian Wanda Commercial Management’s BB + rating, with a stable rating outlook, and removed the negative watch list.

The cut to promote the reorganization of Wanda Film is part of Wanda Group’s overall strategy of exchanging small for big. Wang Jianlin said in Wanda Group’s 2017 work summary that this year’s goal is to promote transformation, accelerate the pace of light assets, and form a new pillar industry. The first is the film and television industry.

Wanda Film board secretary Wang Huiwu also told Entertainment Das Kapital: Wanda Group did not want to put a high valuation of things into the listed company, the bigger the industrial chain is the consideration. Wanda Group makes a lot of profits, is to make this thing, not to say how big the valuation.

For more exciting content, follow Titanium Media’s WeChat account (ID: taimeiti), or download the Titanium Media App.

Nicholas Tse scratched his hand during the trial shoot.

Nicholas Tse received a heavy slap from Zhang Jingchu.

　　Last night, the last scenes of "Witness," the latest film starring Nicholas Tse, Zhang Jingchu and Zhang Jiahui, were filmed in a simple shutdown ceremony on Shanghai Street in Mong Kok, Hong Kong. In these scenes, Nicholas Tse not only has to be slapped by Zhang Jingchu, but also climbs up the five-storey neon sign and breaks into the house to rescue the kidnapped child.

　　The filming of these scenes was not smooth and difficult. Because they were in a busy city, they attracted many citizens to watch, and the crew did not finish work until 3 am the next day. Before filming these scenes, the stars Nicholas Tse and Zhang Jingchu gave interviews to reporters. It is reported that the film is expected to be released early next year.

　　Our reporter, Shen Yuan’an/Wen, Shao Quanda/Picture

　　Actor’s Voice

　　Nicholas Tse: 5 floors, it’s alright

　　Before the shutdown ceremony, Nicholas Tse, who plays a plainclothes police officer in "Witness," a common police film in Hong Kong, told reporters about the scene he was going to shoot that night climbing a high building to save lives. "The fifth floor is fine, not too high," he said with a smile. He further described climbing from downstairs to the top. However, he believes that the difficult part of filming action scenes is not in the action, but in the spirit. When asked if he would pay more attention to safety after having a family, Nicholas Tse said that it is because of the family that he has to work harder to find a breakthrough. Tse admitted that this scene is the most tiring of all the scenes he has ever made, but it is not physically tiring, but mentally tiring. As for why it is a mentally exhausting play? He said that the audience will have the answer after watching the movie.

　　On set reproduction

　　Nicholas Tse was slapped in the face by Zhang Jingchu

　　Difficulty: Really hit! Emotions should be in place

　　The first scene of the night was a rival scene between Nicholas Tse and Zhang Jingchu, in which Zhang Jingchu got out of the car, saw Nicholas Tse’s plainclothes police officer, and went up to slap him a few times because her daughter was kidnapped. The director passed the scene three times. The first two times the director felt that the two were not in the right mood, and also expressed dissatisfaction that Zhang Jingchu’s shot was not heavy enough.

　　The last time, Zhang Jingchu slapped Nicholas Tse hard, and his angry emotions were rendered in place through some actions and some hysterical language, while Nicholas Tse, who was slapped, used silence to express his understanding of the kidnapped family members.

　　The reporter found that Zhang Jingchu used all Cantonese during the filming process, which was very fluent. And every time after Tse slapped him, she immediately came forward to touch his face and asked him if he was in pain. After three rounds of filming, Tse’s face had already been blushed, because a loud slap could be heard from a distance.

　　Zhang Jingchu used a stand-in in a fall scene

　　Difficulty: Easily injures the knee

　　After filming "The Disciple," Zhang Jingchu received praise from the industry. This time in "Witness," she played a modern woman. But in the second scene of the night, Zhang Jingchu used a double to avoid hurting her knee.

　　The scene tells the story of Zhang Jingchu falling while chasing a taxi. At first, the reporter didn’t notice that the double was performing, but when he saw the double’s face, he realized that it was not Zhang Jingchu himself. At that time, Zhang Jingchu played a modern woman wearing a black dress, a trench coat, and high heels, so it was easy to break her feet and hurt her knees when she fell. It is estimated that Zhang Jingchu used a double for this reason. The reporter found that the double was wrapped with protective glue on the calf to avoid injuries such as friction and bleeding on the knee.

　　Nicholas Tse climbed the five-story sign

　　Difficulty: Dangerous! Easy to fall

　　In the final scene, Nicholas Tse climbed up a five-story neon sign and broke into the window to rescue the kidnapped child. For this scene, it took nearly two hours to build "Wei Ye", mainly because he was worried that there would be an accident during the shooting. Unlike Zhang Jingchu’s use of a double, this scene is very dangerous action scene, Nicholas Tse personally went into battle to challenge the difficult action.

　　Since there was no traffic blockade at the scene, there were several staff members who were responsible for assisting in directing traffic, and many staff members were busy testing safety measures. During the shooting, everyone looked solemn, for fear that Tse, who had always insisted on going into battle personally, would have any accident. Although the staff had taken precautions on the bamboo frame they climbed, Tse was still scratched by something during the trial shooting, but he still insisted on completing the scene.

Editor in charge: Wang Yuxi

1905 movie network news　Hollywood Action Cops Movie January 17confirmdomestic introductionThe movie was created by Hollywood gold producer Jerry Bruckheimer, starring "The King" Will Smith and Martin Lawrence, and the "Bombing Street Boys" combination joined hands again. Not only did all kinds of tough and wild drag racing shootout scenes continue, but endless happy and funny jokes will also come out. It can be called the most indecent Hollywood action cop and bandit blockbuster of the year. The movie has been released in North America on January 17, and the domestic release time is to be determined.

"Jedi Men: Fast Pursuit" Confirmed

　"Fried Street Boys" dominates Miami, and it explodes in a new pose

In the newly released trailer, Will Smith plays Miami police detective "Mike", who makes a handsome appearance in a stylish suit, can not only stroll through the streets full of Miami style, but also get into the back kitchen of dragons and snakes to interrogate opponents with a kind of ruffian aura. Will Smith and Martin Lawrence’s detective partner "Marcus" turned into the "Bombed Street Boy" combination, driving the iconic "Porsche 992" on the Gold Coast of Miami, and the handsome guy on the beach made fun of the beautiful woman. In a blink of an eye, the "Bombed Street Boy" sat on a sidecar tricycle and launched a rampant street shootout with gangsters. All kinds of extreme speed continued. The two even talked about the joke of "flying together, dying together" on the plane. The new pose made people laugh.

　

"Jedi Men: Fast Pursuit" stills

As one of the famous tourist cities in North America, Miami’s dangerous and charming urban atmosphere has attracted Hollywood producers to create many classic police and criminal films set in Miami. "Jedi Men: Fast Pursuit" not only shows the wonderful chemistry of "Bombing Street Boys" in the new trailer, but also unveils the wonderful elements of this action gangster film that took place in Miami. Hot and charming Gold Coast, handsome men and beautiful women eat beer and barbecue, nightclub crazy life immerses people in a different style experience, and "Bombing Street Boys" takes turns to stage the extreme operation of speedboats, motorcycles, and luxury supercars, which is even more dizzying, making domestic audiences look forward to it.

"Jedi Men: Fast Pursuit" North American Media Reviews

North American premiere word-of-mouth lifting ban, live up to expectations, the best series of praise

The film held its world premiere in Los Angeles on January 14, North American time. After watching the movie, the media and film critics gave high praise. At the same time, major platforms in North America scored high marks for lifting the ban. Among the Hollywood movies released in North America at the same time, the Rotten Tomatoes Index of "Jedi Men: Fast Pursuit" is far ahead. " The San Francisco Chronicle called it "an entertaining and satisfying action comedy that doesn’t disappoint a single minute or shot." Forbes was particularly positive about the movie’s action scenes and big production scenes. "Action scenes full of big-budget and big-budget scenes", and some media people were excited after watching the movie. They said that this is the best one in the series. The characters played by Will Smith and Martin Lawrence, the strongest old iron pair, have become closer and more interesting than before. Impressive and fun.

"Jedi Men: Fast Pursuit" Will Smith and Martin Lawrence Red Carpet Drive

For domestic audiences, the news of the lifting of the North American premiere word-of-mouth ban and the domestic review came at the same time, which not only made everyone more informed about the quality of the film, but also made them more curious about the various scenes in the film, the hilarious chemistry of Will Smith and Martin Lawrence before, which made people even more excited and looking forward to the film’s release in China.

"Jedi Men: Fast Pursuit" is co-directed by Adil El Abbey and Bilal Farah, the series Hollywood gold producer Jerry Bruckheimer is fully blessed, "The King" Will Smith (,,), Martin Lawrence ("Jedi Men" series) starring, Vanessa Hudgens (), Alexander Ludwig () and other stars co-starring, the film will be released in North America on January 17, the domestic introduction has been confirmed.

Battery life has always been the top priority for target people to buy new energy vehicles. Fully charged, full of fuel, and being able to run far is the breakthrough for new energy vehicles to compete with fuel vehicles. Today we will summarize several new energy vehicles with a battery life of more than 800 kilometers.

The first model,. Positioning medium and large cars, is one of the three tripods in the Chinese market at present. In the case of full fuel and full power, it can really last 835.3 kilometers, and the comprehensive fuel consumption is 6.61L per 100 kilometers. Combined with the price of 338,000 yuan, the fuel consumption can not be considered too good, but it can give you a lot of space and luxury. When the oil is full, the battery will be charged first, so the air conditioner will be suspended for a period of time, and the humanization is insufficient.

The second model is the Tang DMI. The official said that the Tang DMI has a comprehensive battery life of 1050 kilometers, but the measured battery life is only 950.4 kilometers, which is about 100 kilometers less than the official figure, but the performance is also remarkable, with a comprehensive fuel consumption of about 5.8L. In the case of full fuel feeding, the Tang DMI also has a performance of 800 + kilometers.

The third,,,. ET7 and L7 are not yet on the market, but at the official press conference, they both claimed that the model will be equipped with technology, and the comprehensive battery life is expected to exceed 1,000 kilometers. Looking forward to the official listing of ET7 and L7. Huawei Smart Choice sf5 is a hump intelligence system jointly cooperated by Celis andIt is composed of Cyrus SEP200 high-performance AC asynchronous motor + Huawei DriveONE three-in-one electric drive system, forming a dual-motor intelligent four-wheel drive power combination, with a comprehensive cruising range of up to 1017 kilometers. Made by Huawei, it is somewhat reliable.

The fourth model,. The longest-lasting new energy vehicle in the B-class coupe, the extended-range version has a range of more than 1,100 kilometers, and the pure electric range is also more than 800 kilometers. This figure looks very wow, but it has not been listed yet. The specific performance can only wait until it is listed to see if it is true.

The fifth model, DMI. In the case of full fuel and full power, the official battery life is 1200 kilometers, the measured 1206.2 kilometers, and the comprehensive fuel consumption is about 5L. Without charging, it is completely driven as a fuel car. If you fill up a tank of fuel, you will also have a battery life of 1099 kilometers. How can you say it?

The sixth model, Qin DMI. That’s right, still. It’s really magical. As a compact sedan, the price of the 120KM flagship model is only 145,800 yuan, and the official battery life is 1200 kilometers. And measured, the full battery life reaches 1269.9 kilometers, and the fuel consumption per 100 kilometers is only about 3.8L. Under normal circumstances, because daily driving may encounter various situations, including turning on the air conditioner, heavy rain, etc., the actual battery life will be 20% off or even 60% off the official battery life. It is the only model with more actual battery life than the official announcement so far. This is really awesome!

Summarize:

Anxiety about battery life is a problem that every possible car buyer will worry about. A battery life of more than 1,000 kilometers is really fragrant, and you don’t have to worry about driving anywhere, and you don’t have to spend time charging. You don’t need to rely on the engine to generate electricity, but rely solely on the motor to achieve a battery life of 1,000 kilometers. It is the focus of research and development for every new energy company now. If any car company can give priority to such technology, it is estimated that which model will be able to attract the attention and pursuit of car buyers without much promotion.

　　　 Movie Network NewsOn October 21, "Big Brother" Jackie Chan appeared in Tokyo, Japan, to attend the Tokyo press conference of the film. Jackie Chan, who went to Japan for the first time since the March 11 earthquake, was always filled with a very friendly smile. Facing the influx of media, Jackie Chan said excitedly: "Long time no see everyone! I have always wanted to see you, but due to busy work, I didn’t come until today. I am really sorry." Jackie Chan also admitted that he was very moved by the strong spirit of the Japanese people after the earthquake, and shouted in Japanese "Japan, come on!" The audience was very moved.

　　　 On the same day, Shoko Nakagawa, the pure actress who dubbed the Japanese version of the film, took the stage as a fan of Jackie Chan’s big brother and gave Jackie Chan a large handful of roses. Seeing her idol, Nakagawa said excitedly, "Today is the happiest day in my life! I like your works very much! You are a treasure for all of us, please be immortal!" An excited speech made Jackie Chan smile from ear to ear.

　　　 Jackie Chan will appear on the green carpet of the 24th Tokyo International Film Festival, which opens today (October 22). The film "Xinhai Revolution" will be released nationwide on November 5, 2011.

More exciting content on the next page

　　[Pconline long-term test]Easy-to-use interaction often makes us forget it in our free experience. In the age of talking about feelings and interaction, we gradually forget to pay attention to parameters. This is an emerging trend in the mobile phone market. Configuration fever also needs to look good, and the appearance needs to be easy to use. After two weeks of getting started, Huawei P7 has also accumulated bit-by-bit experience discoveries from the interaction of software and hardware.

Huawei Ascend P7 Mobile　　picture　　series　　review　　forum　　quote　　Online shopping price

A bright magazine lock screen

　　A gentleman has nine thoughts. The first one is "Vision Siming", which means that when you see it, you have to figure out whether you understand it or not. The world is all-encompassing, and we are overwhelmed. We choose to look down at the square inch of the plaything in our hands, but we don’t know that the bright screen is the new and old default lock screen wallpaper. In real life, we often directly unlock the first window of the mobile phone, and then go directly to the function we want to operate. Huawei P7 allows users to lock their eyes on the lock screen interface. In the latest Emotional 2.3, the magazine lock screen function is added to add more knowledge and nutrients to the fragmented time.

　　Every time the screen is on, you can get a different wallpaper. In addition to enhancing the novelty of the eye, the wallpaper also comes with a little information text, and swipe up to get more operations. If you like a wallpaper and want to keep it as a lock screen wallpaper, you can click Pause to lock the wallpaper.

　　If you want to continue reading, you can click "Next" to browse. If you think the wallpaper looks good and want to collect it, click "Favorite" to save the wallpaper in the gallery.

　　Click the "More" button to get the wallpaper sharing function. In addition, the Emotional 2.3 magazine lock screen also sets up an advertising entrance for manufacturers. Some video information is automatically embedded with Sohu video browsing buttons, which can be easily jumped to the designated browsing page with a click, laying a strong foundation for future advertising cooperation.

Wallpaper information sharing function

Click to jump to the specified video.

　　Regarding the magazine function, the author was also worried about the traffic problem at the beginning. Emotional 2.3 added the wifi environment update function to the settings very thoughtfully. All data about the magazine can only be downloaded and updated under wifi conditions, and users can also customize the magazine content they want to browse according to categories such as travel, cars, and celebrities.

There will be a magazine lock screen data packet update prompt in the notification bar.

You can choose to update data in wifi mode.

　　It is worth mentioning that turning on the magazine lock screen function can also support pattern or digital unlocking, which has done enough for user privacy.

Hidden virtual key

　　The heart of a gentleman can be big or small; the ambition of a husband can be bent and stretched. The most fundamental interaction of the system also pays attention to the way of a gentleman. If you are too free, you will lose your own characteristics; if you are too closed, you will lead to user rejection. Emotional UI pays attention to harmony and difference in the way of a gentleman. Unlike other mobile phone manufacturers that use virtual keyboards, virtual keyboards can be freely opened and hidden under the Emotional system. This also strengthens the user’s demand for full-screen gaming and video experience.

Click the virtual button to slide down to hide.

Virtual keyboard hidden renderings

　　In addition, for visually demanding users, the hiding of virtual keys is also conducive to the oneness of the screen when taking screenshots. It is believed that the future Emotional UI will also optimize this function more intelligently, such as freely changing the position of the return key, or automatically realizing intelligent hiding in video, photography, and gaming experiences.

You can choose to turn off the hidden virtual key function in the settings.

Unsentimental appearance interaction

　　Gentlemen often miss virtue, villains often miss the countryside. Huawei does not tweet about hardware feelings. In the beauty of elegance, P7 also pays attention to good hardware interaction on the appearance page. First, move the power button down and optimize it separately. Add a sunken design around the button, so that users can achieve blind pressing operation.

The power button made by Seiko adopts a sunken design

　　In addition, the chamfer under the arc of the fuselage feels better than that of the P6. In the rounded corner design, the arc surface will be smoothed, so that users can hold it in a single hand every day without bumping into the palm.

The curved chin also uses a trimmed design

Summarize:

　　And some people say that mature works are like gentle and elegant gentlemen, always considering reality. Unlike cardamom girls, they are keen to chat about feelings. In the actual experience of Huawei P7, you are often obsessed with its appearance, but forget the comfort it gives in the interaction of software and hardware.

Huawei Ascend P7 Mobile　　picture　　series　　review　　forum　　quote　　Online shopping price

　　The most successful advertising is always implanted in the invisible. The most appropriate interaction, I believe, is also difficult to discover the experience. Feelings can be expressed through stories, but interactions speak only through feelings. The overall experience given by P7 is an update and upgrade of P6 from the hardware, and a progressive experience of Emotional UI from the software. This kind of interaction that is comfortably experienced by users to forgotten, has true meaning, and has been forgotten.

1003 days after the official announcement, Lei Jun and Xiaomi’s first car SU7 were officially unveiled.

In the past year, the launch of new domestic forces has made people feel the illusion of a domestic mobile phone launch conference. It’s a week or two, and it’s dizzying. It’s estimated that the joint venture brands are dumbfounded. Is this frequency a mobile phone or a new car? As a result, many netizens have reached a consensus: domestic electric vehicles are like domestic Android phones with constant press conferences. As for which Apple iPhone is, it doesn’t matter.

Back to Xiaomi’s "Su Wife", positioning a C-class high-performance eco-tech car, the drag coefficient has reached the lowest drag of 0.195 among mass-produced cars in the world, the maximum horsepower is 673PS, the peak power is 495kW, the peak torque is 838Nm, the high-profile version has a zero-acceleration of only 2.78 seconds, the top speed is 265km, and the CLTC cruising range is 800km. It claims to be the king of electric vehicles in winter, and people and cars are all ecological. ……

Lei Jun spoke emotionally for three hours, and some netizens left a message to Lei Jun: The whole press conference was most impressed by the sentence "How can it be 99,000?". Why? Because ordinary people buy a household scooter, where can anyone go to see what wind resistance coefficient? How much electricity can be saved by a low drag coefficient? Where can anyone watch the zero-speed acceleration for a few seconds? It is difficult to drive 60 yards an hour on the increasingly serious traffic jam. Just like blowing your own mobile phone, the whole press conference "Su Wife" was all about the friend Porsche Taycan. It is also interesting to look down on others and learn from them in various ways.

At the press conference, Lei Jun said that it is impossible for Xiaomi automobile SU7 to sell 99,000, and it is impossible to sell 149,000. Lei Jun did not respond to the 199,000 cases with the highest voice from the masses. So, is it possible? There was a detail at the press conference. From the beginning to the end, when Lei Jun introduced SU7, he compared Taycan Turbo and Model S, which cost about one million yuan. The meaning is clear: good is expensive, and expensive is good. Presumably, you already have the answer in your heart.

It is worth mentioning that Lei Jun said at the press conference that Xiaomi SU7 will not be officially released for several months. When I saw this sentence at that time, I accidentally laughed. Don’t forget, Xiaomi is the originator of playing futures. When Xiaomi’s mobile phone was released, it took several months for official website Gen to deliver it. Unexpectedly, Xiaomi played his own specialty in the car. How low the wind resistance of SU7 is, how many motors and batteries are, how powerful the interconnection between vehicles and engines is, and how long the battery life is. In the ever-changing era of electric vehicles, various unexpected changes (evolution) may occur in a few months.

By the way, yesterday’s Krypton 007 entry version was priced at 209,900 yuan, and the top price was 299,900 yuan. Even in the entry-level version, the rear axle motor is 310kW, 440Nm, with an acceleration of 5.6s, a power consumption of 12.5kWh/100km, a battery life of 688km, Qualcomm Snapdragon 8295 and so on. The configuration is not low, and there is still the right to upgrade the battery to 100kWh for 20,000 yuan. In the eyes of many people, Krypton 007 is a direct competitor of Xiaomi SU7, and then the price is rolled up to 200,000.

Before the press conference, when talking with friends about the price of millet SU7, we all thought that the probability of SU7 would be in the range of 250,000-350,000. The killing of electric vehicles in this price range has entered a white-hot stage.

Next, it depends on Xiaomi and Lei Jun. …