China Fund News, Chenxi

On Friday evening, Hengda had another big news!

The first is that China Evergrande announced on the Hong Kong Stock Exchange that it has fulfilled various resumption guidelines, including the publication of all unpublished financial results required by the listing rules and the resolution of any audit qualified opinions. The company has applied to the Stock Exchange to resume trading in the company’s shares from 9:00 am on August 28, 2023.

Before China Evergrande, Hengda Automobile and Hengda Property have resumed trading successively. Hengda Automobile resumed trading by nearly 70% on the day, and Hengda Property resumed trading by nearly 50%. Before the suspension, China Evergrande’s share price had fallen to HK $1.65 per share, with a total market value of 21.80 billion Hong Kong dollars. The performance of China Evergrande’s share price next Monday will attract great attention from the market.

In addition, tonight Hengda Automobile also announced the performance of the first half of 2023: the first half of the group’s revenue was 155 million yuan, net loss 6.873 billion yuan, a year-on-year loss of 48.6%. As of June 30, the company’s net debt fell to 32.84 billion yuan.

So here it is.

China Evergrande officially announced the resumption of trading

Trading will resume next Monday

After Hengda Property and Hengda Automobile, China Hengda will finally resume trading.

On the evening of August 25, China Evergrande announced on the Hong Kong Stock Exchange that the company has fulfilled various resumption guidelines and has applied to the Stock Exchange to resume trading of the company’s shares from 9:00 am on August 28, 2023.

In order to resume trading, China Evergrande issued a one-time reissue of its financial results for 2021, the first half of 2022 and the full year of 2022 on July 17.

Among them, in 2021, China Evergrande’s annual revenue was 2500.1 billion yuan, with a net loss of 686.22 billion yuan. In 2022, the loss was reduced. The revenue recorded in that year was 2300.7 billion yuan, and the net loss was 125.81 billion yuan. That is, China Evergrande’s total net loss for two years reached 812 billion yuan. In terms of liabilities, as of the end of 2022, China Evergrande’s total liabilities were 2.43741 trillion yuan, and 1.71639 trillion yuan after excluding 721.02 billion yuan of contractual liabilities.

In January this year, China Evergrande replaced its auditor: PricewaterhouseCoopers (PricewaterhouseCoopers) resigned and appointed Shanghai Parkson PricewaterhouseCoopers Co., Ltd. as the new auditor. In the resumption guidelines, the new auditor gave solutions/solutions to all 9 matters raised by the predecessor. The board of directors of China Evergrande believes that the matters raised by Luo PricewaterhouseCoopers in his resignation letter have been fully resolved and believes that the company has fully fulfilled the resumption guidelines.

In addition, regarding the situation that Hengda’s 13.40 billion yuan pledge guarantee was enforced by the relevant banks, China Evergrande gave further investigation results: among the directors during the relevant period, Xu Jiayin, Xia Haijun and Pan Darong were able to contact and hold relevant documents. Some documents related to the pledge guarantee arrangement were signed by Xu Jiayin, but Xu Jiayin said that the signing was only a process and denied any knowledge of the pledge guarantee arrangement.

In July last year, China Hengda had announced that due to Hengda property 13.40 billion yuan deposit pledge was the relevant bank enforcement matters, the company’s executive director and chief executive officer Xia Haijun, executive director and chief financial officer Pan Darong, subsidiary Hengda Group Co., Ltd. executive president Ke Peng, has been asked to resign the relevant positions.

According to the independent investigation results, both Xia Haijun and Ke Peng have left, and Pan Darong has been transferred to a company under Evergrande as an ordinary employee. Therefore, the board of directors believes that there are no regulatory concerns about the integrity of the company’s management and has fulfilled the requirements of the resumption of trading guidelines.

732 construction projects resumed

Total assets 1.74 trillion yuan

In order to demonstrate that the company has sufficient business operations, China Evergrande has also released a number of business data.

China Evergrande said that the company takes stable operation and risk as the first priority, and actively promotes the work of the protection building with the greatest strength. It has obtained the understanding and support of various parties, including local governments, upstream and downstream enterprises, owners, etc., and has realized the full resumption of 732 protection building projects. A total of 301,000 sets of buildings will be handed over in 2022. The cultural tourism project on Haihua Island in Hainan, China has been operating steadily and has received more than 7.60 million tourists.

As of June 30, 2023, China Evergrande Group has a land bank of 190 million square meters. In addition, the Group is also involved in 78 old renovation projects, including 55 in the Greater Bay Area (34 in Shenzhen) and 23 in other cities.

China Evergrande said that the company’s current sources of Working Funds are mainly rescue fund loans provided by local governments, project disposal income, existing regulatory funds and daily operating sales income. In the first half of 2023, the group realized the contract sales amount of RMB 33.413 billion yuan, the contract sales area was 5.115 million square meters, and the cumulative sales refund in the first half of the year was RMB 27.10 billion yuan.

As of June 30, 2023, the total assets of China Evergrande Group were approximately 1.743997 trillion yuan. The board of directors believes that the group has sufficient business operations and has assets of sufficient value to support operations.

It has been 17 months since China Evergrande suspended trading on the morning of March 21, 2022. According to the "18-month delisting" system arrangement of the Hong Kong Stock Exchange, China Evergrande applied to resume trading in time at the deadline, ushering in a turnaround. After China Evergrande resumes trading, China Evergrande, Evergrande Property and Evergrande Automobile, the three listed companies of Evergrande, will fully resume trading.

The resumption of trading is not easy, and the share price is even more worrying. Before the suspension, China Evergrande’s share price had fallen to 1.65 Hong Kong dollars per share, and the total market value was 21.80 billion Hong Kong dollars. The performance of China Evergrande’s share price next Monday will attract great attention from the market.

In contrast, Hengda Motor resumed trading on July 28, the day plummeted nearly 70%. Hengda Property resumed trading on August 3, the day fell nearly 50%, the continuous decline has been reduced to penny stock, the latest total market value 7.50 billion Hong Kong dollars.

Hengda Automobile reduced losses by 48.6% in the first half of the year.

Net debt fell to 32.80 billion

On August 25, Hengda Automobile announced in the Hong Kong Stock Exchange that the group’s revenue in the first half of the year was 155 million yuan, and the net loss was 6.873 billion yuan, a year-on-year reduction of 48.6%.

In the 6.87 billion loss, Hengda Automobile said that the discontinued business (i.e. divested real estate projects) held for sale lost 1.061 billion yuan, non-operating losses such as asset disposal and asset impairment 3.716 billion yuan, and operating losses 2.096 billion yuan.

The announcement shows that the Group’s discontinued business (i.e. divestment of real estate projects) held for sale was completed on May 12, resulting in a decrease of 43.139 billion yuan in net liabilities in the financial statements. As of June 30, the company’s net liabilities fell to 32.84 billion yuan.

The announcement shows that for the six months ended June 30, 2023 (the reporting period), Evergrande continued to focus on the high-quality production and delivery of the Hengchi 5, improving and streamlining the production management system. Of all the pre-orders for the Hengchi 5, more than 760 units were delivered during the reporting period. In terms of research and development results, Evergrande has applied for 3,512 patents in similar research fields worldwide, of which 2,715 have been granted patents.

Evergrande Motor said that it will fully promote the mass production and delivery of Hengchi 5 in the future. The Group will continue to lay a solid foundation for research and development. While accelerating the research and development of core technologies to lead the research and development of smart electric vehicle technology, it will continue to focus on the research and development of new models. Evergrande Motor will strive to improve the manufacturing level of the Tianjin manufacturing base, improve the quality system, and ensure high-quality production and delivery. In terms of sales, it will further expand sales channels, create overseas markets, and continue to improve sales and after-sales services.

Prior to this, on the evening of August 14th, Hengda Automobile announced that it had received the first strategic investment of US $500 million from the US-listed company Newton Group (NWTN), which is held by the UAE sovereign fund, and another 600 million RMB transition funds will arrive one after another within 5 working days after the announcement. All the war investment funds will be used for Hengda Automobile’s Tianjin factory to ensure the normal production of Hengchi 5 and the mass production of Hengchi 6 and 7.

On August 25, Hengda Motor closed at HK $1.29/share, down 3.01% on the day, and the total market value 14 billion HK $.

Editor: Joey

Review: Wood Fish

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Original title: "Sudden! Evergrande Late Night Announcement"

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China football, every China fan feels mixed feelings when he mentions it.

Whenever the World Cup season comes, the China men’s soccer team is always in a way"spectator" and "joke"As a participant, but not as a participant.

Then, why in today’s international arena, China, as old as football civilization,But always lost to Europe, America and even Japan, which is also East Asia?

What’s wrong with this?Do we really have no DNA to play football?
The Development Course of Football in China

In 1992, this year was of special significance to China football.Marketization reformIn this year, the curtain was opened, which marked an important step towards the professionalization of football in China.

This made the whole football system become different, and the professional league was established, which provided new career opportunities for players and coaches.This also directly prompted them to start.Get economic returns from clubs and markets.Football has thus gained unprecedented attention.

However, the development of everything has two sides; Although the market-oriented reform has brought new vitality to China football, it is also accompanied by problems.

Among them,The most obvious problem is that many young players choose to leave because they are dissatisfied with the conditions of provincial and municipal teams, which leads to a large number of brain drain.; More importantly, the original reform paid too much attention to the construction of professional leagues, butForget the importance of basic training.This makes the development of football in China appear obvious "fault".

This fault problem has been exposed in the early stage, but it has not been paid enough attention.

If the infrastructure of a league is not stable, then no matter how dazzling it is, it is difficult to go far;This may explain why in the late 1990s and early 2000s,Although China football had a brief glory, it quickly fell into a downturn.

But,In addition to the above-mentioned professionalization and marketization issues, is there anyOther factorsIs it affecting the development of football in China?

These factors can be discussed from three aspects: physical fitness, technology and genes:

First of all, there are indeed differences between Asians and Africans or Europeans in physical strength and flexibility; But this difference is not purely determined by genes, and eating habits and training methods also play an indispensable role.

howeverBased on this factor alone, we can’t come to the conclusion that "China people are not suitable for playing football";

Looking back at last year’s World Cup, Japan successfully defeated the powerful German team, which clearly proved that East Asian teams can also compete with the world’s top teams.

Furthermore, football is not just a "European and American" sport; It is global, and its technology, tactics and ideas are constantly evolving on a global scale.

Simply copying the football model in Europe and America cannot guarantee success, and each region has its own unique football culture and development route;Too much pursuit of integration with Europe and the United States, but ignoring local characteristics, often brings bad consequences.

reviewAlthough China tried to imitate European football in the early stage of its professionalization, its basic work was ignored.

A solid foundation is the key to the top league. In this respect, countries like Japan and South Korea have done quite well.

They started from the foundation and gradually built a perfect football development system, with clear planning and continuous investment from youth training to top leagues.

The rise of Japanese football is largely due to their solid youth training system;Large-scale competitions such as the All-Japan High School Football Championship involve about 100,000 student players. Every year, about 4,000 teams participate in the preliminaries, and 48 teams are finally selected to enter the finals.

This is not only a competition, but also a platform to show yourself and exercise your skills. The Gaoyuan Palace Cup Japan Football Association U18 League has created a more professional stage for the youth teams of various professional clubs.

South Korea, another strong team in East Asia, is famous for its excellent physical confrontation and physical fitness;In the international arena, they can often show excellent competitive state in the confrontation with strong European teams.

South Korean star Sun Xingyu’s Premier League performance is undoubtedly the best proof.He is not only a player, but also a representative of Korean football innovation youth training;

The sports park invested and built by Sun Xingyuan in South Korea represents the new direction of Korean football-"Sun Xiongzheng mode" (Sun Xiongzheng is Sun Xingyuan’s father and a former football player in South Korea), which pays more attention to technology and basic skills.

Compared with Japan and South Korea, although their football road is different from ours, their success provides us with valuable enlightenment; Both Japan’s youth training system and South Korea’s innovative ideas on player training are worthy of our in-depth study and thinking.

At the same time,Our national team, especially the women’s football team., also has a remarkable performance on the international stage.

Compared with the men’s soccer team, why can they show better elegance in the international arena?

From the perspective of professionalism,China women’s football team is on a global scale.Degree of professionalismMore prominent;

In many countries, many women football players are stillAmateur state,But in our country, most women football players areprofessionalismofThis provides them with rich training time and helps them to form an advantage in technology and tactics.

Furthermore,Women’s football has relatively little commercial value.Make the players focus more on the performance on the court, rather than being influenced by commercial factors.This pure attitude towards the gameUndoubtedly, it has created a more pure competition environment for women football players.

On the other hand, although the men’s football team has gone through the road of professionalization, there are many problems in the promotion of marketization;

The most critical problem is the neglect of basic work.This has led to a great loss of football talents. Compared with women’s football team’s obvious attitude of paying attention to technology and basic skills, men’s football team seems to be subject to more external interference in the process of marketization.

When we look back on every glory of China women’s football team, we can deeply feel the efforts behind them; And every ups and downs of the men’s soccer team is a wake-up call, suggesting that we need to reflect deeply.

In the future, we hope that both men’s football team and women’s football team should cherish every opportunity to play, go all out, create more bright spots, win glory for our country, and bring joy and pride to every fan.

References:

1. Why is the "national football" so smelly?
2. In-depth analysis, why is China football getting worse and worse, and where is the future development direction?
3. Japanese and Korean football tells us that confrontation is not a European patent, and yellow people can also have technology.
4. Ball Comment: Why is China Women’s Football Team so Strong? What is the real reason why men’s football is not as good as them?

Title 1: From the country of Cuju to the spectators today: Exploring the deep reasons why China football lags behind Europe, America and Japan.

Title 2: From ancient stadium heroes to today’s audience, the vicissitudes of football in China: where is the gap between us and Europe, America and Japan?

Title 3: The Battle of the Top Three in East Asia: Why did China lose to Japan because of the cultural background of football and the technical conflict between Europe and America?

Title 4: The glory and trough of football in China, exploring the real gap between us and Europe, America and Japan and the way of the future.

Title 5: The problem of China’s men’s football team and the glory of women’s football team: Exploring our football road, why is there such a gap with Europe and America?

　　Zhongxin. com, Qingdao, December 19 (Hu Yaojie, Zhang Xiaopeng) The on-site meeting on the integration and development of express delivery industry and manufacturing industry was held in jiaozhou city, Shandong Province on the 19th. This conference attracted more than 150 industry guests, including representatives from the headquarters of express delivery brands in China, to discuss the integrated development of express delivery industry and manufacturing industry in China, and to exchange and share their working experience.

　　At the meeting, He Hailin, deputy director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology of China, said that the logistics industry is the blood of the smooth operation of the manufacturing industry, and the express delivery industry, as an important component of the logistics industry, is the foundation for the high-quality development of the manufacturing industry. Focusing on the integrated development and sustainable development of the two industries, the State Post Bureau and the Ministry of Industry and Information Technology have carried out many explorations and practices in recent years, resulting in the first batch of pilot pioneer areas and typical projects, which provide an important impetus for deepening reform and promoting a higher level of integration. He Hailin said that in the future, they will rely on relevant think tanks to dig deep into typical cases and sort out more experience models that can be used for reference and sharing.

　　According to Guo Xiaozhong, member of the Standing Committee of Jiaozhou Municipal Committee and deputy mayor, the integration of the two industries is an important way to enhance the core competitiveness of manufacturing industry, cultivate modern industrial system and achieve high-quality development. When sharing his experience, Guo Xiaozhong said that jiaozhou city continued to promote the deep integration of the two industries by deepening business association, chain extension and technology penetration, releasing new space for industrial transformation and building new advantages in industrial competition. In the future, jiaozhou city will speed up the construction of a number of national-level typical projects for the integration of the two industries, cultivate a number of new formats and models, form a number of replicable and scalable experiences, and provide a "Jiaozhou Plan" for the development of the integration of the two industries nationwide.

　　Jiang Yulong, head of the cold chain medicine business of Jiangsu Jingxundi Supply Chain Management Co., Ltd., said that they have been integrated into the manufacturing fields such as medicine and automobile, and optimized the express logistics services such as inbound logistics, warehouse distribution integration and order distribution, helping manufacturing enterprises to reconstruct the circulation system, optimize business processes, improve logistics efficiency and reduce operating costs, and achieved positive results. He believes that there is great potential for the integration and development of the two industries. In the future, they will continue to promote express logistics solutions to more industries.

　　At the meeting, the State Post Bureau and the Ministry of Industry and Information Technology announced the list of "Pilot Zone for the Integration Development of Express Industry and Manufacturing Industry" and "Typical Project for the Deep Integration of Express Industry and Manufacturing Industry", among which jiaozhou city was selected as "Pilot Zone for the Integration Development of Express Industry and Manufacturing Industry".

　　It is reported that this on-the-spot meeting is jointly sponsored by the State Post Bureau and the Ministry of Industry and Information Technology, aiming at building a platform to exchange the experience of typical projects and pilot pioneering areas for the integration of express delivery industry and manufacturing industry, pushing the integration of the two industries into a new stage and making new breakthroughs, and making industry contributions to better serving the economic and social development of China and helping the new development pattern. (End)

In addition to the two joint laboratories, at the signing ceremony, Dr. Wang Qianying, Vice President of Lenovo Group and General Manager of Technology Strategy and Innovation Platform of Lenovo Research Institute, said that at present, 15 sub-topics have been identified in the research cooperation between Lenovo and Jiaotong University. Other laboratories of Lenovo Research Institute, such as enterprise cloud computing and car computing laboratories, and other R&D departments of Lenovo, including intelligent equipment group and solution service business group, are also important participants in these research topics. The cooperation covers the schools of electronic information, mechanical power, artificial intelligence and chemical engineering of Jiaotong University. The subject is also very extensive, involving battery, chip and other component technologies, new materials such as aluminum and magnesium alloys, speech and large scene video processing, complex robot systems and DNA storage.