Evergrande suddenly!

China Fund Journal, Taylor

Brothers and sisters, a little bit of news tonight.

Hengda Real Estate: The outstanding debt has accumulated nearly 300 billion yuan

On the evening of February 1, Hengda Real Estate Group Co., Ltd. issued an announcement on major matters such as major litigation and failure to settle due debts.

The announcement shows that as of the end of December 2023, Hengda Real Estate Group Co., Ltd. (together with its consolidated subsidiaries referred to as "issuers") had a total of 2073 pending proceedings with an amount of more than 30 million yuan, and the total amount of the underlying amount was about 502.596 billion yuan.

As of the end of December 2023, the issuer involved a total of about 2978.1 billion yuan in unliquidated maturing debts; in addition, as of the end of December 2023, the issuer’s overdue commercial tickets accumulated about 2050.04 billion yuan. Evergrande Real Estate has recently encountered enforcement, adding 20 pieces of information on the person subject to enforcement, involving an amount of about 1.347 billion yuan.

On January 29, the Hong Kong hearing court ruled that China Evergrande should be liquidated. On the same day, China Evergrande’s liquidation case was re-heard in the Hong Kong High Court. The judge said that China Evergrande’s workout plan lacked progress, and the company was insolvent and officially ordered Evergrande to be liquidated.

Sean, the relevant head of China Evergrande, responded to the outside world: "Today’s court ruling is contrary to our original intention. We can only express that we have done our best and are very sorry."

According to Sean, China Evergrande has been working towards repairing and enhancing asset value and business vitality, and has made several major adjustments to the core terms of some restructurings, not only to protect the interests of overseas creditors, but also to protect the time and space for the company to continue operating chemical insurance. It has also received the full understanding and valuable support of a large number of creditors.

China Evergrande’s financial report shows that as of the end of June 2023, China Evergrande’s total liabilities were 2.39 trillion yuan, total assets were 1.74 trillion yuan, and net assets were – 644.20 billion yuan.

Industrial and Commercial Bank of China Announcement: Chairperson Resigns!

On the evening of February 1, the Industrial and Commercial Bank of China announced that on February 1, 2024, Mr. Chen Siqing submitted his resignation to the board of directors of the Industrial and Commercial Bank of China joint stock company. Due to his age, Mr. Chen Siqing resigned as the chairperson, executive director, chairperson of the board strategy committee and member of the bank.

In accordance with the Company Law of the People’s Republic of China and other relevant laws and regulations and the Articles of Association of the Bank, Mr. Chen Siqing’s resignation will take effect from the date of service on the Board of Directors of the Bank. As confirmed by Mr. Chen Siqing, he has no disagreement with the Board of Directors of the Bank, and there is no need to notify the shareholders and creditors of the Bank of any matters related to his resignation.

According to the website of Industrial and Commercial Bank of China, Chen Siqing has been the chairperson and executive director of Industrial and Commercial Bank of China since May 2019. Chen Siqing joined Bank of China in 1990 and worked for Bank of China Hunan Branch for many years and served as the assistant general manager of the international relocation of Zhongnan Bank Hong Kong Branch. He used to be the assistant and vice president of Bank of China Fujian Branch, the general manager of the risk management department of the head office, the president of Guangdong Branch, and the vice president, president, vice chairperson and chairperson of Bank of China. He used to concurrently serve as the chairperson of BOC Aviation Leasing Co., Ltd., and the non-executive director, vice chairperson and chairperson of BOC Hong Kong (Holdings) Co., Ltd.

According to the official WeChat account of the Industrial and Commercial Bank of China, on the morning of January 20, 2024, the relevant responsible comrades of the Central Organization Department attended the cadre meeting of the Industrial and Commercial Bank of China and announced the central decision: Comrade Liao Lin was appointed Secretary of the Party Committee of the Industrial and Commercial Bank of China, and Comrade Chen Siqing was removed from the position of Secretary of the Party Committee of the Industrial and Commercial Bank of China.

Liao Lin was born in February 1966 and graduated from Guangxi Agricultural University with a doctorate in management from Southwest Jiaotong University. He has served as Vice President and Vice President of Industrial and Commercial Bank of China as Chief Risk Officer since November 2019, and Vice Chairperson and President of Industrial and Commercial Bank of China since March 2021.

Before joining Industrial and Commercial Bank of China, Liao Lin had about 30 years of experience in CCB. He joined CCB in 1989 and served as Vice President of Guangxi Branch, President of Ningxia Branch, President of Hubei Branch, President of Beijing Branch, Chief Risk Officer and Vice President of CCB as Chief Risk Officer.

US stock situation

Tonight, the three major U.S. stock indexes rose, with the China Concept index rising more than 1%.

Just now, Huawei detonated! Yu Chengdong made a sound and continued to swipe to see the next one

Evergrande sudden! China Fund News, light touch to read the original text

China Fund News, like sharing, watching, write a message, swipe up to see the next one

Original title: "Hengda sudden!"

Read the original text

Huawei P7 Long Test (2): For those forgotten human interactions

  [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.

P7 long test
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.

P7 long test

  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.

P7 long test

  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.

P7 long test

  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.

P7 long test
Wallpaper information sharing function

P7 long test
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.

P7 long test
There will be a magazine lock screen data packet update prompt in the notification bar.

P7 long test
You can choose to update data in wifi mode.

P7 long test

  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.

P7 long test

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.

P7 long test
Click the virtual button to slide down to hide.

P7 long test
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.

P7 long test

P7 long test
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.

P7 long test
The power button made by Seiko adopts a sunken design

P7 long test

  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.

P7 long test
The curved chin also uses a trimmed design

P7 long test

P7 long test

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.

P7 long test
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.

Related reading:

Huawei P7 long test (1): There is a kind of appearance interaction called gentleman’s friend

//mobile.pconline.com.cn/517/5179024.html

Liu Yan outdoor fitness photo big show chest and buttocks, flat support sweating

柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)



  On October 09, 2015, a group of outdoor fitness photos taken by Liu Yan was exposed. She was generously wearing a sky blue sports Bra, with a small breasts and a sweet smile, and the devil’s figure was at a glance. Her willow waist and sexy buttocks also made many fans shout: "Good figure!" "My nosebleed!" Liu Yan also performed a flat support on the spot, highlighting the results of her fitness for more than a month, reflecting the health and hard work of contemporary women.
  
  Outdoor sunshine and green grass, Liu Yan awakened his lazy body in the early morning with healthy exercise. This photo is different from the past. There is no sexy and enchanting pose, no cold and tempting eyes, Liu Yan shows more confidence and firmness, and unremitting pursuit of life. This time, Liu Yan shows his good figure that he has been exercising for a long time to the public, and also shows the fledgling vest line and demonstrates the standard movement of flat support, which is comparable to professionals.
  
  It is reported that Liu Yan has only been in fitness for more than a month, but she has already mentioned her admiration for fitness in several programs. She said: "There are many things in the world that are not necessarily rewarded for giving, such as love; but a good figure is really rewarded by giving a little bit. As long as you exercise scientifically and healthily, everyone can have a good figure!" Liu Yan does not slack off on fitness even if he has a busy schedule. Every time he arrives at the hotel, the first thing he does is to ask about the opening hours of the hotel gym and insist on going to the gym to exercise every day. This outdoor photo also confirms that Liu Yan’s efforts have paid off: after insisting on fitness, her already healthy and sexy body is more and more full and exquisite, and the front and back are raised, which is very enviable!
  
  With the end of the eleven-day holiday, everyone has chosen their own way of leisure. When we are still indulging in delicious food and sleeping in, Liu Yan is still busy with work. For Liu Yan, work is his life, but in the face of the public, he does not want girls to be "desperate Sanniang". Liu Yan said that work should be happy and always put health first. Liu Yan, who has a thriving career, does not value his reputation very much. On the contrary, he is happy to settle down and cherish the current life. Even if his work is busy, Liu Yan will take time to exercise and accompany his family. Liu Yan’s positivity, optimism and filial piety towards life have also become an example for young people to learn from. The following is an exclusive interview with Liu Yan:
  
  Reporter: You recently posted a Weibo saying: "Recently, I have been exercising, and I have been hoping that in the near future, I will have someone fishing line to eat a delicious dinner. With a guilty mood, I went to the gym to practice hard for an hour and a half, and then I was hungry. Now I just finished a bowl of noodles and drank 300ml of Coke. What can you do to save me?"
  
  Liu Yan: I later figured out that you can consume as much as you eat, that is, after you eat, you still have to pay the price in the morning, to consume calorie, or to do 30 minutes of aerobic and more than 30 minutes of anaerobic training.
  
  Reporter: Sounds so professional, aerobic and anaerobic, so Muse’s fitness plan is to lose food and find balance that day.
  
  Liu Yan: I’m okay, I’m not that gluttonous. I just eat when I’m really hungry, otherwise I can’t sleep, and sometimes I do.
  
  Reporter: But in fact, many girls find it difficult to maintain fitness and lose weight. So do you think it’s easy to lose weight, or do you think it’s easy to love you for a lifetime?
  
  Liu Yan: Wake up, it’s impossible to love you for the rest of your life. But losing weight can be successful, and it must be possible. Slimming down and then getting fit is an investment in your body, and it is the most effective investment. No amount of investment in career, love, or marriage may have the perfect return.
  
  Reporter: Female friends must listen carefully, preferably then take notes.
  
  Liu Yan: No, it’s useless, they still want to eat whatever they want. I have a lot of ladies who eat, "Oh, I’m so annoyed!" Then continue to eat, basking in Moments every day, all delicious food.
  
  Reporter: So it’s always tomorrow that I have to lose weight?
  
  Liu Yan: Unless you are stimulated, you will really lose weight. I was stimulated because Yuan Shanshan showed the vest line, because we are all in "Pancake Man". I think she can do it, and in more than a month of silence, I should be able to do it too.
  
  Reporter: Then, did you persevere?
  
  Liu Yan: The vest line is a little bit, and then I want to show it when the mermaid line comes out. The mermaid line is super difficult.


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


 


[NextPage]


柳岩大秀酥胸翘臀香汗淋漓


(Liu Yan shows his breasts, hips and sweats)


Celebrating the first anniversary of the countdown to the Beijing 2008 Paralympic Games: Andy Lau sings

  Last night, the first anniversary of the countdown to the Beijing 2008 Paralympic Games was grandly held at the China Millennium Monument. The famous Hong Kong movie star and singer Andy Lau sang the song "Everyone is NO.1" composed for the Beijing 2008 Paralympic Games.

  Wang Bingyang, deputy director of the Paralympic Department of the Beijing Olympic Organizing Committee, introduced that "Everyoneis NO.1" was written and sung by Andy Lau. The song vividly depicts the inner life and spiritual world of the disabled with majestic music and touching lyrics. It describes not only the difficulties and sorrows they face, but also their struggles and struggles. It can be called a spiritual portrayal of the self-improvement, optimism and continuous efforts of disabled friends to win dignity. As one of the entries for the Beijing 2008 Olympic Song Collection and Selection Campaign, this song has participated in two countdown celebrations for the Beijing Olympic Games and the Beijing Paralympic Games, and has received positive responses and has been widely welcomed.

  Andy Lau made a special trip to Beijing to participate in the upload ceremony of the Olympic Music Wireless Charts. In an interview with reporters, he said that he began to contact disabled athletes in the 1990s, and in 2000, he went to Sydney, Australia to watch the Paralympic Games at his own expense. He was very moved by the spirit displayed by disabled athletes on the sports field and in life. This song for the Beijing Paralympic Games is to admire and understand their self-improvement spirit. I hope this song can make more people start to pay attention to, understand, support and help the disabled friends around them, and participate in and support the Beijing Paralympic Games with greater enthusiasm. "To be able to do my little for the Beijing Paralympic Games is not only my long-cherished wish, but also contains a huge pride and glory. I hope this song can become an emotional bridge for disabled and able-bodied people to communicate with each other, so that more people can start to pay attention to, understand, support, and help the disabled friends around them, and participate in and support the Beijing Paralympic Games with greater enthusiasm. "Remembering the process of songwriting, Liu Dehua was filled with emotion and presented the record to the disabled athletes.

Editor in charge: Liu Xinlong

After Evergrande resumed trading…

Today is the first trading day of Hong Kong stocks in October. Evergrande’s two stocks resumed trading today, and China Evergrande has become the most concerned individual stock in the market.

According to the Beijing Youth Daily, as of the close, China Evergrande had a strong performance throughout the day, rising more than 40% during the session.

The biggest intraday rise fell back to about 10%, and then rose again. As of the close, it rose 28.13% to close at HK $0.41, and the turnover was HK $161 million, 73% larger than the previous trading day.

Evergrande Properties rose as much as 14%, but fell as much as 3.39% to close at HK $0.57.

Evergrande Automobile announced in the Hong Kong Stock Exchange on October 3 that at the company’s request, the company’s shares will be temporarily suspended from trading on the Hong Kong Stock Exchange at 9:00 am on September 28, 2023, pending the company’s publication of an announcement on inside information.

China Evergrande announced on the Hong Kong Stock Exchange on the evening of October 2 that the board of directors of the company believes that there is no other inside information that needs to be announced at present. The company has applied to the Stock Exchange to resume trading of the company’s shares from 9:00 am on October 3, 2023.

On the same day, Hengda Property also announced that the board of directors of the company believes that the company’s operating conditions are normal and there is no other inside information that needs to be announced. The company has applied to the Hong Kong Stock Exchange to resume trading in the company’s shares from 9:00 am on October 3, 2023.

According to previous reports, on the morning of September 28, China Evergrande, Hengda Automobile, and Hengda Property announced the suspension of trading on the Hong Kong Stock Exchange.

That evening, China Evergrande Group announced on the Hong Kong Stock Exchange that the company had received a notice from the relevant departments that Mr. Xu Jiayin, the executive director and chairperson of the board of directors of the company, had been taken compulsory measures according to law on suspicion of illegal crimes.

On September 24, China Evergrande Group issued an announcement on the Hong Kong Stock Exchange, containing the terms of the company’s proposed overseas workout ("Proposed Restructuring"). Each new note to be issued under the proposed restructuring shall comply with the "Pilot Measures for the Administration of Overseas Issuance of Securities and Listing of Domestic Enterprises" issued by the China Securities Regulatory Commission and the "Measures for the Administration of Examination and Registration of Medium and Long-term Foreign Debt of Enterprises" issued by the National Development and Reform Commission according to its applicable circumstances. The company must prove that it complies with the relevant provisions. In view of the ongoing investigation of Evergrande Real Estate Group Co., Ltd. (the main subsidiary of the company), the current situation of the group cannot meet the eligibility for issuance of new notes. Holders of securities of the company and potential investors should exercise caution when trading securities of the company.

On the evening of September 22, China Evergrande announced that since the announcement of the company’s planned overseas workout, the group’s sales were not as good as the company expected. Based on the company’s current situation and consultation with its advisors and creditors, the company believes it is necessary to re-examine the terms of the proposed restructuring to match the company’s objective situation and creditors’ demands.

On September 16, the WeChat official account "Shenzhen Nanshan Public Security" issued a case report saying that recently, the public security organs have taken criminal compulsory measures against Du and other suspected criminals of Evergrande Financial Wealth Management (Shenzhen) Co., Ltd. Investors who need to report the case can register the case.

China Hengda in the first half of 2023 financial data show that in terms of liabilities, as of June 30, China Hengda’s total liabilities 2.3882 trillion yuan, excluding 603.98 billion yuan of contractual liabilities is 1.78422 trillion yuan, of which 624.77 billion yuan, trade accounts payable and other payables 1.05657 trillion yuan (including 596.17 billion yuan for engineering materials payable), other liabilities 102.88 billion yuan. Borrowing is 624.77 billion yuan, compared with 612.39 billion yuan at the end of 2022, an increase of 12.38 billion yuan, and the average annual interest rate of borrowing is 7.97%, compared with 8.12% at the end of 2022.

In the first half of 2023, China Evergrande’s revenue was about 128.18 billion yuan, gross profit was about 9.80 billion yuan, gross profit margin was 7.64%, operating loss was 17.38 billion yuan during the period, non-operating loss (including litigation, land recovery, equity disposal and other losses such as asset appraisal impairment) 15.03 billion yuan, income tax expenses 6.84 billion yuan, net loss total 39.25 billion yuan. China Evergrande’s cash and cash equivalents are about 4.047 billion yuan, of which restricted cash is about 9.334 billion yuan.

Source | Observer Network Synthesis

Original title: "After Evergrande resumes trading…"

Read the original text

Can I, Xu Jiayin, save the day again this time?

Author | Zhou Chaochen

Last Friday (December 2) at noon, the rumor of Xu Jiayin jumping off the building went viral for a while, and it was searched several times. According to self-media statistics, this rumor has been reversed at least 5 times.

Although I don’t know if this rumor is someone deliberately pranking Xu Jiayin, or Xu Jiayin’s self-directed and self-played bitter trick, it’s always a false alarm.

Xu Jiayin’s rumor-refuting style made an appearance. First, a 50-second voice screenshot of Xu Jiayin in the senior management group of Evergrande Group was deliberately released after 1 pm that day. Xu Jiayin said in the senior management group: "The chairpeople of the companies in various regions should ask the brand sales departments to increase the publicity work of the vigorous scene of engineering construction, publicity and promotion, and to increase the publicity and promotion of the construction of the building. The construction of the building and the construction of the project are the key to our sales. Therefore, increasing the publicity and promotion of the sales and delivery of the building is an important foundation for the sales work. Please pay great attention to the publicity and promotion of this project construction and the construction of the building."

Immediately after 7:00 pm, Xu Jiayin appeared in Hengda Group’s special meeting on the construction of the building and the video leaked out. Xu Jiayin once again emphasized that the construction of the building is the top priority of Hengda. In the video with obvious signs of posing and lasting 1 minute, Xu Jiayin said: "From January to November this year, Hengda Group has achieved 256,000 sets of buildings. In 2022, it will strive to complete 300,000 sets of buildings. In December, it is necessary to ensure the quality assurance to complete the 44,000 sets of buildings. There are still 29 days left in this month. There is a tight time and a heavy task. All Hengda employees must unswervingly fulfill our main responsibility and never give up their efforts to ensure the completion of the annual delivery task."

Xu Jiayin knows that Baojiaolou is his only "life-saving straw" for political correctness at present.

Another rumor that appeared along with Xu Jiayin’s related rumors was that in order to reduce costs, the headquarters of Evergrande Automobile Group will be disbanded, and the staff structure of the headquarters will be adjusted. Most people face layoffs, and a small number of people will sink to the factory. According to the China Securities News, people close to Evergrande Automobile learned that the news was not true.

Between life and death, the relevant rumors about Xu Jiayin and Evergrande come at a very delicate moment. Since November, several ministries and commissions have launched three arrows in a row, 16 real estate finance policies and other favorable real estate policies, from saving projects to starting to rescue real estate enterprises, especially some high-quality real estate enterprises have recently been softened by credit. But these policies seem to have nothing to do with Evergrande. As the most indebted real estate enterprise, Evergrande, which has been lying in the ICU for more than a year, seems to be locked in a vacuum and has become an outsider of China’s real estate market rescue policy. Its only way out is to sell assets as cheaply as possible, while shouting that everyone is united to protect the property.

After the Securities Supervision Commission issued the third arrow at the end of November, Bai Wenxi, chief economist of IPG China, commented: "To say that the most aggrieved person today should be Xu Jiayin. The Securities Supervision Commission has finally released the equity financing of class A share real estate enterprises that has been suspended for ten years, but Evergrande has already missed it. Otherwise, Evergrande backdoor deep and deep housing will be implemented immediately, Xu Jiayin can sincerely say that’everything about Evergrande and me, Xu Jiayin, is given by the party ‘, and then continue to increase leverage to dry Evergrande’s real estate debt to 4 trillion, and then the land finance in various places can continue to increase income, and the property market will continue to be hot."

The policies of bailouts and blood transfusions here are one after another, and the news of Evergrande is a different story.

On the afternoon of November 30, Hengda Wealth announced that it would adjust the payment plan issued on December 31, 2021, adjusting the current monthly payment of 8,000 yuan per person to 2,000 yuan per person per month. Obviously, under the pressure of debt, the isolated Hengda capital chain is increasingly tight.

On November 26, Double 11 was put on the shelves of Hengda Shenzhen Bay Super Headquarters land successfully transferred by Shenzhen Anhe No. 1 Real Estate Development Co., Ltd. at a reserve price of about 7.54 billion yuan. According to the media, there is a shadow of Vanke behind the receiver, so some industry insiders believe that Yu Liang helped Xu Jiayin. In fact, as early as last autumn, there were rumors that Vanke was in contact with Hengda, but in the media communication meeting in October last year, when asked if Vanke would rescue Evergrande, Vanke chairperson Yu Liang was vague: "When winter comes, everyone is cold. In the case of cold, we must first solve the problem of how to survive the winter, and first ensure our own safety, in order to save people. How can I save someone if I’m not safe? If I can’t get through the winter, helping others may be purely troublesome. "

After the acquisition of Evergrande’s Shenzhen Bay Super Headquarters site, which is adjacent to Vanke’s new headquarters, the buyer was left wondering how to use the land that Xu Jiayin was supposed to use to reshape Shenzhen’s skyline.

Many people are speculating about the final outcome of Xu Jiayin and Hengda. Huxiu has written many times that Chen Feng and HNA may be the reference frame for Xu Jiayin and Hengda.

The older generation of entrepreneurs, such as Xu Jiayin and Chen Feng, all have one thing in common: a tougher gamble. But Xu Jiayin is different. The entrepreneur who walked barefoot from one of the poorest villages in eastern Henan Province, grew from a manure digger to China’s richest man, and became the "first loser" overnight. He has an extreme desire for survival, and has strong perseverance and mental strength, and will not easily do things that cannot be imagined.

In Evergrande’s growth history, it has encountered several major crises, which have eventually been saved from danger. For example, Evergrande was shorted by US short-seller Citron in June 2012, which said in a report that Evergrande Real Estate was insolvent. While Xu Jiayin asked Evergrande to respond to the short with financial data, he rushed to Hong Kong with executives to seek allies. Eight investment banks, including Bank of America Merrill Lynch, the sponsor of Evergrande’s Hong Kong listing, subsequently issued announcements bullish on Evergrande. The next day, Evergrande’s comprehensive clarification report was released. In the end, Evergrande eliminated the crisis within a thrilling 48 hours.

The most serious failure was Hengda’s first IPO in 2008. In 2008, Hengda frantically acquired land all over the country in order to go public, with a land reserve of up to 45.78 million square meters, becoming the real estate developer with the largest land reserves that year. However, the unfortunate fate was to catch up with the US subprime mortgage crisis, and Xu Jiayin was caught off guard.

In April 2008, Hengda’s listing was blocked, and Hengda had to pay 4.10 billion yuan in July, and had to face major bank loans that matured one after another. At that time, only 4 of Xu Jiayin’s 37 projects in the country met the opening conditions, and Hengda’s funding gap was as high as 12 billion. Xu Jiayin went to Hong Kong to seek help for this. Under the recommendation of Yang Shoucheng, Xu Jiayin met Zheng Yutong, the former chairperson of the board of directors of Hong Kong New World Development Co., Ltd., in order to get life-saving money, Xu Jiayin accompanied Zheng Yutong for 3 months to play hoe big D, and finally received 500 million US dollars of assistance, which solved the urgent need and became one of the members of the big D club.

At the same time, in October 2008, Xu Jiayin decided to let Evergrande Real Estate use the tried-and-true "magic" of price reduction promotion again, and the real estate in 18 cities across the country was sold at a 25% discount across the board. Evergrande took out nearly 20,000 housing units at that time, using ultra-low-price sales strategies, and there were more than 2 million square meters of construction area to benefit consumers, returning 5 billion yuan of funds. This trick was also sacrificed by Xu Jiayin at the beginning of last year. At that time, the splash ads of various apps were basically Hengda’s house sales promotions.

In October 2009, Hui Ka Yin announced that Evergrande Real Estate had once again launched its initial public offering on the Hong Kong Stock Exchange. At the roadshow luncheon on the first day of Evergrande Real Estate, Cheng Yu-tung, the 84-year-old chairperson of the board of directors of Hong Kong New World Development Group, supported Evergrande Real Estate. Zheng Yu-tung’s public statement, which has huge influence in Hong Kong, allowed Evergrande Real Estate to successfully complete the roadshow of the Hong Kong IPO, and received 11 times the international placement super subscription, and the offer for sale part exceeded 46 times.

On November 5, 2009, Hengda Real Estate finally achieved its listing on the main board of the Hong Kong Stock Exchange. At the listing ceremony and listing celebration ceremony of Hengda Real Estate, Zheng Yutong, Chairperson of the Board of Directors of Hong Kong New World Group, Zheng Kachun, General Manager of New World Development Group, Lau Luanxiong, Chairperson of the Board of Directors of China Real Estate Group, and Zhang Songqiao, Chairperson of the Board of Directors of China Chongqing Land, were present to congratulate and give Xu Jiayin face. On the day of Hengda’s listing, Xu Jiayin won the title of the richest man in the Chinese mainland for the first time with a net worth of 42.20 billion yuan, surpassing Wang Chuanfu, the richest man on the Forbes Rich List announced on the same day. Since then, Xu Jiayin has opened the road of crazy expansion and leverage.

It’s just that when Hengda thundered last year, Xu Jiayin’s wealthy friends passed away, and it was difficult to reproduce the brotherhood of that year by selling off (Hengda stocks).

Can the 64-year-old Xu Jiayin save the day again?

Behind the sales volume of 700,000, Geely China Star and China’s high-end market went in both directions.

Although sometimes we always say "don’t judge heroes by success or failure", countless facts of "success or failure" make us have to pay more attention to the winners. Especially under the stock competition, the "involution" of the automobile market is accelerating, and the automobile enterprises are also facing more complicated situations.

According to the retail sales data of the Federation, in July this year, the retail sales of the domestic narrow passenger car market reached 1.775 million, down 2.3% year-on-year and 6.3% quarter-on-quarter. From January to July, the cumulative sales volume was 11.299 million vehicles, only a slight increase of 1.9% year-on-year. Only three car companies that entered the TOP10 retail sales list of car companies in July achieved a year-on-year increase, which further highlighted the "pain" of the current auto market.

Therefore, when we saw that Geely Automobile rose against the trend, especially the performance of "China Star" series was eye-catching, we couldn’t help it. The data shows that Geely Automobile China Star High-end Series not only achieved sales of 700,000 vehicles in just a few years, but also continued to climb in the first seven months of this year. It is necessary to know that China Star’s models are all in the most competitive market in the domestic automobile industry at present, and they are also the "hinterland" of old joint venture brands. Under such "encirclement and suppression", China Star can still achieve such good results, and there must be something extraordinary about it.

Sales performance is only external performance, and excellent product strength is the fundamental reason.

The data can speak: According to the official sales volume of Geely Automobile, in July this year, the sales volume of passenger cars was 138,135, a year-on-year increase of 13%, and it has maintained a year-on-year and quarter-on-quarter growth for six consecutive months; China Star’s high-end series sold 29,696 vehicles, up about 9% from the previous month and over 15% year-on-year. Among them, Xingyue L, one of the flagships of China Xingshuang, reached a record high of 15,666 vehicles in July, with a year-on-year increase of over 24%. At present, the cumulative sales volume exceeds 270,000 vehicles; Since the launch of another 1.5TD model, the overall competitiveness of Xingrui has been further strengthened, which has rapidly boosted sales. In July, sales exceeded 10,204 units in Wanda, and the cumulative total sales exceeded 320,000 units.

Judging from the above data, the sales situation of China Star is good this year. Further analysis shows that the cumulative sales volume of China Star has exceeded 700,000, and it is accelerating at a high base. Taking Xingyue L as an example, the sales volume of new cars is 6000+ and the orders are 30,000+in 10 days, and the average monthly sales volume is over 10,000. In the past two months, it has repeatedly hit record highs, and it is still full of stamina after two years of listing; The same is true for Xingrui. It takes 30+ days from 0 to 10,000 vehicles, and 100+ days from 10,000 to 50,000 vehicles. After 10 months of listing, the sales volume quickly exceeded 100,000 vehicles, and after two and a half years of listing, it quickly exceeded 320,000 vehicles, with the highest market share in a single month of 3.21%. These two cars can be said to have their own traffic genes since they were born, and their debut is the representative of the peak.

From the perspective of market segments, Xingrui entered the hinterland of the sedan market with the price of 100,000-150,000, which was the most competitive and was almost monopolized by joint venture brands in the past. Now, although the "halo" of joint venture brands has weakened, their combat effectiveness is still very impressive. And Xingrui has made great strides all the way, entered the head competition, and constantly set a new record for China sedan with high-value products, becoming a new choice for sedan that can keep pace with mainstream joint ventures and even catch up with joint ventures. How difficult is it? Just think about it.

As for Xingyue L, it is also a masterpiece of hard-core joint venture, and it has entered a battleground for military strategists in the 150,000-200,000-class SUV market. In this already fierce market segment, Xingyue L not only has record sales, but also the average transaction price of all models is as high as 170,000. Facing the joint venture rivals such as CR-V, RAV4 and Tiguan L, it also won recognition with high value and high quality, and became the king of hard-core SUV of 200,000-class.

The models that can stand out in the current market environment must have the hard-core product power to kill the enemy. Two models based on CMA architecture were endowed with "high-value" genes from the very beginning and became the spokespersons of "high-value China cars". Take Xingrui as an example, its 1869mm ultra-wide body +2800mm ultra-long wheelbase, BOSE advanced audio, top-class car fragrance system, dual 12.3-inch high-definition LCD screen +7.5-inch full-color HUD head-up display, as well as the latest Galaxy OS system, a new generation of E02 high-performance chips, etc., not only meet the needs of users’ sense of technology and grade, but also bring users a smooth and easy-to-use intelligent car experience.

Xingyue L, on the other hand, also has the full range of Drive-E 2.0TD power, 100-kilometer acceleration of 7.5s, Aisin imported 8AT gearbox, 100-kilometer fuel consumption of 6.9L, Borg Warner’s sixth-generation four-wheel drive system, as well as AR-HUD enhanced head-up display, Geely Galaxy OS, HWA high-speed driving assistance system and other rich functional configurations, achieving high value that rivals at the same level can’t match. We can see from the inside that why China Star has established a joint venture? How can it stand out in the "hot water" fuel vehicle market? You can find clues from the above points.

Breaking records is not the goal, but enhancing brand influence is the ultimate goal.

At present, China Star has become a masterpiece of Geely’s brand, and it can be regarded as a successful model. In fact, we know that there have been various cases in the high-end breakthrough of China brand, but there are not many real successes; In such a short period of time, the cumulative sales volume of China Star exceeded 700,000 vehicles, and cars and SUVs went hand in hand, realizing the transformation from phenomenal explosion models to classic models, achieving joint venture and killing, and gaining widespread recognition from consumers. Such a situation is rare. Driven by China Star, Geely has achieved the goal of brand promotion, while the high-end strategy is getting better and better.

The high-end image of China Star has brought direct brand premium to Geely and achieved its own market performance. However, high-end is not far from the masses, but should be closer to users, so that more consumers can get a higher-level value experience. For example, in the two years since the birth of China Star, there have been many examples of co-creation with users, such as joining hands with Long Zijia, a cutting-edge jewelry designer, to create the "China Star" ×CIGALONG co-branded limited jewelry "Xingmang", and to interpret the new height of rims; Join the trend fitness brand "Super Orangutan" to jointly create a "Super Player Fitness Party" and launch a series of exclusive private education courses; Jointly with Sanxingdui Museum, a joint-name model of Xingrui Space-Time Edition was launched; The launch of Xingrui only this turquoise version, etc., played a new height for users and successfully approached users.

As the saying goes: the moon comes first by being close to the water. Only by interacting with users can users fully understand that the original intention of high-end is not to be above the top, but to give users a better product experience. As the most direct bridge between brands and users, products are good or bad, which determines the final result of brand development. Only by going deep into users can we deeply understand and actively respond to users’ actual needs, and effectively avoid the embarrassment of "applauding without making a seat". From this perspective, China Star has obviously found its own doorway.

Since the listing of China Star Series, by creating an all-round and ecological "star" experience, cars are no longer cold vehicles, but travel partners who can resonate emotionally; At the same time, in line with the original intention of "fighting for the value of China automobile", China Star took the lead in adopting the strategy of "popularizing high-end products", successfully broke the inherent pattern and brand barriers of joint venture brands, led China brand cars to transform from price advantage to value advantage, gradually grasped the right to speak in China automobile market, and showed the quality and self-confidence of China automobile to the world.

China Star played an important role in helping Geely go to its own sea of stars.

Undoubtedly, the automobile development in the new era is facing all kinds of tests, but no matter how complicated and fierce the competition is, the foundation of constant change is the high-value experience brought by advanced technical strength.

Obviously, the core technology of China Star is its "high value" code. Fundamentally speaking, China Star has CMA, the world’s leading car-making architecture, which can cover the development needs of different models from A-class to B-class, and build a world-class good car.

In terms of intelligence, Geely has already made a forward-looking layout in the fields of low-orbit synchronous satellite, V2X vehicle-road coordination, high-level autonomous driving and so on, and gradually applied it to many models such as China Star, and took the lead in making smart travel in the era of 5G smart travel. Under the guidance of "Blue Geely Action Plan", GHS2.0 intelligent hybrid system, which leads the world in intelligent energy saving and new energy technology, has also been put on China Satellite for the first time.

Technology is the "foundation" of the automobile industry, and technology can only be verified by products. On the Geely China Star model, there is the most genuine technology of Geely, which is also the true embodiment of "high value", and it is also related to the future development of Geely brand. Now these have been verified on China Star products, and Geely’s upward road is stable.

Write at the end:

Why did Geely China Star stand firm with the joint venture brand in the most competitive market segment, and made quite eye-catching achievements against the trend? There is no other reason than its outstanding performance in product strength and marketing service, which shows us the rising road of Geely brand and even China brand, and also verifies its own uniqueness. We believe that China Star will show better achievements in the market in the future, which will contribute to the upward development of Geely brand. We will wait and see.

(This article was originally produced by the editorial department of [Car Industry] New Media, and the author of this article is Wei Wuxian. Please indicate the source when reprinting.)

Wang Jianlin, don’t admit defeat

Article | Market Value Observation, Author | Yuntan, Editor | Xiaoshimei

Wang Jianlin, China’s former richest man, continues to fight while some property companies lie flat.

On the evening of June 28, Zhuhai Wanda Commercial Management submitted its Hong Kong IPO application materials for the fourth time, more than 500 days after the first listing application.

In the past three years, Wang Jianlin’s life is not easy. The impact of the epidemic, the strictest supervision in the history of real estate, a group of once-famous real estate giants have collapsed.

Considering that the betting agreement with investors will take effect at the end of the year, if Zhuhai Wanda fails to list, then Wanda will face up to 40 billion share repurchase pressure.

For Lao Wang, going public is no longer the "icing on the cake". There are only 6 months left. Wang Jianlin, who does not admit defeat, must fight to the back.

"Wanda Commercial Management is Wanda’s core enterprise. I can lose any enterprise, but this cannot be lost."

But this "lifeblood" continued to be undervalued after it went public in 2014, so in 2016, Wang Jianlin decided to delist Wanda Commercial Management.

In the seven years since, the real estate industry has undergone a sudden change, and Wang Jianlin has always adhered to the "three major tasks" – reducing debt, light asset transformation and promoting re-listing.

During this period, Wanda Commercial Management introduced a number of investors, but also buried the risk of gambling.

In 2017, Wanda shares and debt double-kill, Wang Jianlin bite after the teeth, at the expense of borrowing to Sunac, let Sun Hongbin and R & F tension to 63.75 billion yuan to pick up 13 Wanda cultural tourism city and 77 hotels.

At the Wanda annual meeting in January the following year, Wang Jianlin was in tears:In 2017, Wanda experienced too many storms and hardships.

But the wave has not subsided, and another wave has come to attack.

There is no such thing as a free lunch in the world. The nine investors who helped Wanda privatize previously agreed with Wang Jianlin to go public at the end of 2018, otherwise Wanda would have to pay interest and buy back shares.

However, the road to listing of real estate companies is basically locked, Wang Jianlin can only ask for help from old friends, Pony Ma, Zhang Jindong, Sun Hongbin, Liu Jintao opened the purse generously, jointly funded 34 billion, to solve the urgent needs of Lao Wang.

Since then, Wang Jianlin has switched to H shares again, and the listed entity has been changed to Zhuhai Wanda Commercial Management.

On the eve of its listing in Hong Kong, Zhuhai Wanda Commercial Management launched a Pre-IPO financing, transferring 21.17% of its shares to multiple investors such as Country Garden, CITIC Capital, Ant Group, Tencent, PAG Pacific Alliance Investment Group, etc. A total of about 6 billion US dollars (43.50 billion yuan).

The price Wanda needs to pay is that it must complete the listing by the end of 2023, otherwise it needs to buy back investors’ shares. That is to say, if the listing cannot be completed by the end of this year, Wanda needs to use 40 billion funds to buy back the equity.

The same script played out again, but this time, the friends were already cash-strapped, and some of them could not even protect themselves, so there was no money to help others.

For Wanda, which is currently not well-off, the expenditure of tens of billions of dollars is undoubtedly adding to the woes.

The end of the bet is approaching, and the iron man Wang Jianlin must speed up his pace.

In the history of H-share listings, it is rare for such a large number of IPOs to be repeatedly tossed.

Due to the delay in obtaining the "big road" of the China Securities Supervision Commission, some analysts said that,Zhuhai Wanda Commercial Management has set a "record" for the slowest overseas listing of a private company.

As early as October 11, 2021, Zhuhai Wanda obtained the acceptance letter from the Securities Supervision Commission and submitted its first listing prospectus to the Hong Kong Stock Exchange ten days later. But to this day, Wang Jianlin has not yet received the "pass" he has been longing for.

According to past experience, it only takes 3 to 6 months to get from "small road" to "big road", but Wang Jianlin waited 627 days. In addition, several Wanda IPO applications have also stepped on the implementation node of the "Pilot Measures" for overseas listing, and the road to listing can be described as a difficult buff.

Under the pilot scheme, domestic companies seeking to list overseas or in H-shares must obtain, in addition to an acceptance letter from the Securities Supervision Commission, known as a "small road", "H-share issuance approval" issued by the Securities Supervision Commission, known as a "big road". Only after having the "big road" will the Hong Kong Stock Exchange conduct a listing hearing for the company and start the issuance, roadshow and listing work.

In addition to the two "tickets", it also needs to be filed with the Securities Supervision Commission and approved. In other words, Zhuhai Wanda Commercial Management has an additional hurdle of approval.

Previously, Wanda’s listing information had expired three times, and the fundamental reason was that the "big road" had not been approved. On June 2, the China Securities Regulatory Commission raised six major questions to Zhuhai Wanda and asked for supplementary materials. Compared with the ease of listing in 2014, Wang Jianlin’s IPO can be described as even more difficult.

Therefore, in response to the supplementary material requirements of the Securities Supervision Commission, whether Wanda’s reply can pass the customs will be the key to the sprint listing.

Looking at the requirements of the Securities Supervision Commission, it can be seen that the problem mainly focuses on compliance, including corporate governance, capital exchanges with major shareholders, the authenticity of rental rate data, share repurchase, debt repayment arrangements, and high proportion of dividends.

According to the requirements, the issuer should supplement the materials within 30 working days. That means Wanda has about two weeks to prepare this response.

However, it is better to receive a reply than no news. Wanda also pointed out that "requesting supplementary materials is a normal process, and the listing is still in progress."

Just leave Wang Jianlin time is not much, in the face of the Securities Supervision Commission questions, Wanda iron also need their own hard.

If the "big road" is successfully obtained, coupled with the current policy atmosphere to support the real estate market, it is not impossible for Wanda to accelerate its listing.

Wang Jianlin is a man who refuses to admit defeat.

16 years of military experience have created his character of integrity, perseverance, and perseverance.

At the beginning of his business, he ran supermarkets, factories, elevator factories, substations, and eventually waded into the field of real estate development. But real estate is a capital-intensive industry. Due to his lack of experience, he has walked to the edge of the cliff many times due to capital chain problems.

At first in order to obtain a 20 million loan, he has more than 50 times hope to meet the leader of a bank, sometimes in the bank gate a stand is a whole day, but at that time Wanda is still a little-known small business, the bank is not willing to take risks, the final loan or not down.

On the one hand, he was exhausted for loans, and on the other hand, he was unable to start the project for a long time. Wang Jianlin didn’t sleep for nine days and nights at that time, and on the tenth day, he was directly unconscious in the company and was rushed to the hospital.

"You can’t be afraid of humiliation, you can’t be afraid of setbacks. The living can’t be suffocated to death by urine, and the bank can’t find it, so think of other ways." Wang Jianlin finally rescued Wanda, which was on the verge of bankruptcy, by issuing bonds.

In 2000, Wang Jianlin decided to switch to commercial real estate, but Wanda’s troubles still did not stop. In the first three years, Wanda mainly sold, and the merchants who purchased the shops directly sued Wanda in court for poor management.

In just three years, Wanda has fought 222 lawsuits. Although it has lost only two, the company is struggling to cope. Many people left Wanda at that time to find other ways.

Wang Jianlin did not flinch. In the face of difficulties, he believed in the thinking of "actual combat" and explored innovation and solved problems in practice. "When you reach the Yellow River, you will not die, and if you hit the south wall, you will not look back. When you reach the Yellow River, you will build a bridge and pass, and if you hit the south wall, you will turn over with a ladder."

He came up with an "urban complex" model. "Make a commercial center, build office buildings and apartments next to it. Sell apartments, office buildings, get cash flow, and the shops will run themselves."

This "combination of rental and sale" has allowed Wanda to rapidly expand its territory across the country and gradually grow into the country’s leading commercial real estate enterprise.

From an operational perspective,Wanda Commercial Management is China’s largest and most profitable business operations service provider.

According to the prospectus, Zhuhai Wanda achieved 17.196 billion yuan, 23.481 billion yuan and 27.12 billion yuan respectively in 2020, 2021 and 2022; its net profit during the same period reached 1.112 billion yuan, 3.512 billion yuan and 7.534 billion yuan respectively.

It can be seen that after the epidemic was released, Wanda bottomed out and rebounded, successfully achieved a V-shaped reversal, and its profitability increased significantly. Moreover, the profitability level from 2021 (adjusted by a specific algorithm) to 2022 has exceeded the gambling requirements. Considering the signs of consumption recovery, it will also be a high probability event to complete the betting profit requirement of 9.46 billion yuan in 2023.

The parent company Dalian Wanda Business Management Group is even larger, in 2022, Dalian Wanda Business Management revenue 49.314 billion yuan, net profit 12.301 billion yuan.

Taking Zhuhai Wanda as a reference, its revenue is 3 times and 6 times that of Xincheng Holdings and China Resources Vientiane Life Business Management, and 3.4 times that of the entire China Resources Vientiane Life Profit (2.206 billion yuan).

As of the end of 2022, Zhuhai Wanda had 472 projects under management, covering an area of 65.60 million square meters, making it the world’s largest business operations service provider and the only service provider in China to export large-scale management to third parties.

This asset-light model is not only what Wang Jianlin hopes to achieve, but also favored by capital markets. In Hong Kong stocks, the price-to-earnings ratio of China Resources Vientiane Life is nearly 5 times that of China Resources Land. The market value of Country Garden Services once exceeded that of Country Garden, which is mainly engaged in real estate development. Vanke also split All Things Cloud and listed it in Hong Kong.

The "limit for betting" has been reduced, and the listing battle of Zhuhai Wanda will most likely determine the fate of the real estate kingdom. But Wang Jianlin, a soldier, will not easily admit defeat. For now, this big gamble continues.

In April last year, Wang Jianlin took over the 10-year operation rights of the commercial project owned by Hu Baosen, "the first brother of Henan Real Estate"; five months later, two Wanda workshops in Zhengzhou opened at the same time.

In addition, Wang Jianlin also worked with Xinyuan Zhang Yong and Shanxi Tian Sen Du Yinwu, and took over the operation rights of Beijing Blue Harbor and Wukesong Zhuozhan Shopping Center. In 2022 alone, Wanda Commercial Management was involved in more than a dozen transactions.

Taking advantage of the recovery in consumption after the epidemic, Wanda is back on the road. The latest data shows that Wanda Commercial Management Group opened 12 Wanda Plaza in the first half of 2023, with a total of 484 openings. Total rental income in the first half reached 26.32 billion yuan, an increase of 4.5% year-on-year;

In addition, compared with other business management service providers, Wanda is more efficient, with a rental rate of 98.2% in the first half of the year and a 100% rent collection.

In addition to the core sector of business management, Wang Jianlin also pointed out at the annual meeting that in 2023, in addition to promoting the listing of Zhuhai Wanda Business Management, there will be cultural tourism "starting again".

After selling a number of cultural tourism assets to collect funds, Wanda Cultural Tourism "came back" in 2023. After the Lunar New Year, the once-quiet Wang Jianlin made frequent appearances, appearing in Luoyang White Horse Temple, Luoyi Ancient City, Guizhou Danzhai and other places, and immediately signed a number of cultural tourism projects.

Not only that, Wanda also issued a recruitment announcement called "Return to the Goose Plan", which is intended to bring back people who have worked at Wanda Hotels. More than 100 Wanda hotels are said to have participated in the campaign.

Residential real estate has also begun to return to the public eye. Wanda Real Estate (residential sector) focuses on Wanda’s commercial development and has been located in Wuhan, Guiyang and other places.

"In China’s real estate industry, Wang Jianlin deserves to be ranked first in terms of strategic execution and tactical discipline." Hu Baosen said of Wang Jianlin.

From surviving with a broken arm in 2017 to today’s massive counteroffensive, Wang Jianlin has taken precautions and acted countercyclically, which is the key to Wanda’s long-term survival.

Wang Jianlin once said: "Wanda’s difficulties are only temporary and phased, and Wanda will never lie flat." However, since the beginning of the year, the negative news lingering on Wanda has continued to ferment, causing Wanda, who originally "went ashore early", to once again fall into doubt.

However, these negative news are not completely real, and there are still many controversies. For example, the previously frozen equity of Dalian Wanda Commercial Management 1.90 billion, which Wanda said was worth far more than 1 billion yuan in property disputes. Wanda is using legal channels to safeguard the legitimate rights and interests of the company.

Previously, Dalian Wanda suspended the small public debt of 6 billion yuan, taking into account the current market conditions and voluntarily giving up the issuance, and will not have a direct impact on the listing of Zhuhai Wanda.

In fact, after the crisis in 2017, after Wanda repaid more than 200 billion in debt, the "debt nuclear bomb" has been dismantled. The decisive transformation to light assets has also made Wanda lighter.

Moreover, compared with the crazy leveraging companies such as Sunac and Evergrande, Wang Jianlin has a more forward-looking strategic vision. He often takes precautions before the storm, even at the risk of breaking his wrists, ultimately escaping disaster.

At another crucial crossroads, the former richest man in China is facing a crucial battle.

As his favorite song sings: "I want to go from south to north, and I want to go from white to black." At the age of 69, he chose to stubbornly continue to fight.