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Hengda liquidation, what game is China’s real estate facing？

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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Evergrande is liquidated, what kind of game is China’s real estate facing? Observer Network, light touch to read the original text

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What is the difference between Mercedes-Benz e300 and e200？

https://car2.autoimg.cn/cardfs/product/g30/M05/67/E1/800x600_0_autohomecar__autohomecar__ChxknGVke16AYnYmAB0TMeHSqBk729.jpg

What’s the difference between Mercedes E300 and E200?

There are obvious differences between E200 and E300 in price, powertrain and configuration. First of all, E300 is more advanced and more expensive than E200. The official quotation of E300 fashion model is 465,800 yuan, which is 40,000 yuan higher than E200 sports model (basic model) of 425,800 yuan. Even the gap between E200′ s 4MATIC sports model (the highest configuration) and E300′ s fashion model is almost 20,000 yuan. Secondly, E300′ s powertrain is more powerful than E200′ s, and it is equipped with a 2.0T high-power engine with a maximum power of 190KW and a maximum torque of 370Nm, while E200 is equipped with a 2.0T low-power engine with a maximum power of 135KW and a maximum torque of 300Nm. Both engines are equipped with 264 920 models. Finally, E300 has more comprehensive configurations than E200, such as keyless entry of the whole vehicle, 360-degree panoramic image and steering wheel memory function, which are standard in E300. Therefore, if you want a better driving experience and more comprehensive configuration, you can choose E300.

Geely Xingrui L Zhiqing and Xingyue L Zhiqing are listed.

Beijing News Shell Financial News (Reporter Zhang Bing) On the evening of December 3, Geely Xingrui L-engine and Xingyue L-engine went on the market. Both new cars were equipped with China Xingzhi Engine Oil Mixing System, of which Xingrui L-engine sold for 126,700-146,700 yuan and Xingyue L-engine sold for 167,700-177,700 yuan.

Fan Junyi, general manager of Geely Automobile Sales Company, said that before December 31, the replacement subsidy of 10,000 yuan will be introduced to Geely’s old users.

Editor Song Yuting

Proofread Wang Xin

OEM Xiaomi car, is it？

It is reported that it will be OEM. On October 19, in response to the above rumors, BAIC Blue Valley responded that the company did not receive relevant information.

Beiqi Blue Valley rose 22.18% for three consecutive trading days in recent days. On the evening of October 18th, it was announced that the daily operation of the company had not changed significantly.

According to reports, informed sources revealed that Xiaomi had approached at the end of August this year to discuss matters related to OEM new energy vehicles, but the two sides failed to reach a final cooperation.

In addition, it is reported that Xiaomi has negotiated with Chery, Brilliance and other car companies, which may be responsible for production, while Xiaomi is responsible for sales, but the specific results are not yet known.

Xiaomi Automobile plans to build a vehicle factory in Yizhuang, Beijing in two phases. The first phase of the factory has been basically completed and put into use, with a production capacity of 150,000 vehicles per year. Lei Jun’s goal in 2024 is to sell 100,000 vehicles.

It is reported that after the first coupe model of Xiaomi Automobile, it plans to launch an SUV model, but it does not consider rebuilding the production line, so it turns to negotiate OEM production with other automobile manufacturers to achieve two-track advancement.

According to the plan, Xiaomi Automobile will be officially mass-produced in the first half of 2024, and it is getting closer and closer to the first half of 2024.

In terms of investment, the financial report shows that Xiaomi’s investment in innovative business such as smart electric vehicles in 2022 is RMB 3.1 billion. By the end of 2022, the size of the R&D team of automobile business was about 2,300 people.

Regarding the configuration and price of Xiaomi car, there have been many reports on the Internet, and even the road test data have been sent online. Insiders pointed out that the high-end version of Xiaomi Automobile is priced at 250,000 yuan to 300,000 yuan.

It seems that everything is ready for Xiaomi to build a car. However, regarding the qualification of building a car, there is no clear official news yet.

There are indications that Xiaomi Automobile is progressing smoothly and getting closer and closer to the press conference. However, at this time, Bloomberg gave rice noodles full of expectations.Spilled itA pot of cold water, they reported that Xiaomi has not got the qualification to build a car.

It is also reported that Xiaomi has obtained the production qualification of electric vehicles, but the official has not officially responded. The mass production of Xiaomi automobile may be unknown before it is officially qualified to build a car.

Since the official announcement of the car in March 2021, more than two years have passed, and Xiaomi has not let consumers see the real appearance of the car. The so-called official map that flowed out before always gave people the feeling of still hiding half her face from us behind her guitar.

So far, all kinds of news about the progress of Xiaomi Auto’s car-making have basically come from the network. The news seems to be a lot, but it is difficult to distinguish between true and false.

Say a few more words

According to Lei Jun, the goal of Xiaomi Automobile in the future is to strive to enter the top five in the world within 15 to 20 years, and Lei Jun also said before that to enter the top five, the annual sales may exceed 10 million.

Xiaomi, who is eager to catch up with the wind, is the only choice for Xiaomi, compared with Baidu, Huawei and other enterprises, and it is a little late to enter the game. However, Xiaomi’s research and development expenses are not too much in the entire automobile industry chain.

In fact, there is not much time left for Xiaomi automobile to enter the market, but if it is to form differentiated competitiveness in a short time, time is even more urgent.

Rumors about Xiaomi automobile are flying all over the sky.For this car company, the core asset is actually Lei Jun.To put it more directly, it is the credibility of Lei Jun.. After all, Xiaomi’s mobile phone has dominated the rivers and lakes for so many years, and Lei Jun’s credibility is still very high, which is much stronger than Jobs who still stays in the United States.

LI’s revenue in the first quarter was 18.79 billion yuan, and its net profit was 933.8 million yuan.

　　LI today released its financial report for the first quarter of 2023 as of March 31st. The financial report shows that LI’s total revenue in the first quarter was 18.79 billion yuan (about 2.74 billion US dollars), an increase of 96.5% compared with 9.56 billion yuan in the first quarter of 2022, and an increase of 6.4% compared with 17.65 billion yuan in the fourth quarter of 2022. The net profit was 933.8 million yuan (about 136.0 million US dollars), while the net loss in the first quarter of 2022 was 10.9 million yuan, an increase of 252.0% compared with the net profit of 265.3 million yuan in the fourth quarter of 2022. Non-GAAP net profit was 1.41 billion yuan (about 205.9 million US dollars), an increase of 196.4% compared with the net profit of 477.1 million yuan in the first quarter of 2022, and an increase of 46.1% compared with the net profit of 967.6 million yuan in the fourth quarter of 2022.


　　Operating results in the first quarter:


　　In the first quarter of 2023, the total number of vehicles delivered was 52,584, a year-on-year increase of 65.8%.


　　By March 31st, 2023, LI had 299 retail stores covering 123 cities. At the same time, there are 318 service centers and car body and paint shops authorized by LI in 223 cities.


　　In April 2023, LI delivered 25,681 vehicles, up 516.3% year-on-year.


　　By April 30th, 2023, LI had 302 retail stores covering 123 cities. At the same time, there are 318 service centers and car body and paint shops authorized by LI in 222 cities.


　　Financial performance in the first quarter:


　　The total revenue was 18.79 billion yuan (about 2.74 billion US dollars), an increase of 96.5% compared with 9.56 billion yuan in the first quarter of 2022 and 6.4% compared with 17.65 billion yuan in the fourth quarter of 2022.


　　Automobile sales reached 18.33 billion yuan (about 2.67 billion US dollars), up 96.9% from 9.31 billion yuan in the first quarter of 2022 and up 6.1% from 17.27 billion yuan in the fourth quarter of 2022.


　　Other sales and service income was 459.7 million yuan (about 66.9 million US dollars), an increase of 81.4% compared with 253.4 million yuan in the first quarter of 2022 and an increase of 20.5% compared with 381.5 million yuan in the fourth quarter of 2022.


　　The cost of sales was 14.96 billion yuan (about 2.18 billion US dollars), an increase of 102.2% compared with 7.40 billion yuan in the first quarter of 2022 and 6.2% compared with 14.08 billion yuan in the fourth quarter of 2022.


　　Gross profit was 3.83 billion yuan (about 5.577 US dollars), an increase of 77.0% compared with 2.16 billion yuan in the first quarter of 2022 and 7.4% compared with 3.57 billion yuan in the fourth quarter of 2022.


　　The gross profit margin was 20.4%, compared with 22.6% in the first quarter of 2022 and 20.2% in the fourth quarter of 2022. The profit rate of automobile business was 19.8%, compared with 22.4% in the first quarter of 2022 and 20.0% in the fourth quarter of 2022.


　　The total operating expenses were 3.42 billion yuan (about 498.7 million US dollars), an increase of 32.9% compared with 2.58 billion yuan in the first quarter of 2022 and a decrease of 7.4% compared with 3.70 billion yuan in the fourth quarter of 2022.


　　R&D expenditure was 1.85 billion yuan (about 269.7 million US dollars), an increase of 34.8% compared with 1.37 billion yuan in the first quarter of 2022 and a decrease of 10.5% compared with 2.07 billion yuan in the fourth quarter of 2022.


　　The expenditure on sales, general affairs and administration was 1.65 billion yuan (about 239.6 million US dollars), an increase of 36.8% compared with 1.20 billion yuan in the first quarter of 2022 and 0.9% compared with 1.63 billion yuan in the fourth quarter of 2022.


　　The operating profit was 405.2 million yuan (about 59 million US dollars), while the operating loss was 413.1 million yuan in the first quarter of 2022 and 133.6 million yuan in the fourth quarter of 2022.


　　Not according to US GAAP, the operating profit was 885.4 million yuan (about 128.9 million US dollars), while the operating profit in the first quarter of 2022 was 74.9 million yuan, an increase of 55.7% compared with the operating profit of 568.7 million yuan in the fourth quarter of 2022.


　　The net profit was 933.8 million yuan (about 136.0 million US dollars), while the net loss in the first quarter of 2022 was 10.9 million yuan, an increase of 252.0% compared with the net profit of 265.3 million yuan in the fourth quarter of 2022.


　　Non-GAAP net profit was 1.41 billion yuan (about 205.9 million US dollars), an increase of 196.4% compared with the net profit of 477.1 million yuan in the first quarter of 2022, and an increase of 46.1% compared with the net profit of 967.6 million yuan in the fourth quarter of 2022.


　　The basic and diluted earnings per share of American Depositary Shares (ADS) attributable to ordinary shareholders are 0.95 yuan (about 0.14 US dollars) and 0.89 yuan (about 0.13 US dollars) respectively, while the basic and diluted losses per share of ADS in the first quarter of 2022 are 0.01 yuan, and the basic and diluted earnings per share of ADS in the fourth quarter of 2022 are 0.26 yuan and 0.25 yuan respectively.


　　According to Non-GAAP, the basic and diluted earnings per ADS belonging to ordinary shareholders are 1.44 yuan (about 0.21 US dollars) and 1.35 yuan (about 0.20 US dollars), respectively, while the basic and diluted earnings per ADS in the first quarter of 2022 are 0.49 yuan and 0.47 yuan respectively, and in the fourth quarter of 2022.


　　By March 31st, 2023, the total amount of cash and cash equivalents, restricted cash, time deposits and short-term investments in LI was 65 billion yuan (about 9.46 billion US dollars).


　　The operating cash flow was 7.78 billion yuan (about 1.13 billion US dollars), an increase of 324.3% compared with 1.83 billion yuan in the first quarter of 2022 and an increase of 58.0% compared with 4.93 billion yuan in the fourth quarter of 2022.


　　Free cash flow was 6.70 billion yuan (about 975.9 million US dollars), compared with 502.0 million yuan in the first quarter of 2022, an increase of 105.8% compared with 3.26 billion yuan in the fourth quarter of 2022.


　　Performance outlook:


　　LI predicts that the delivery volume of automobiles in the second quarter of 2023 will be about 76,000 to 81,000, an increase of about 164.9% to 182.4% year-on-year.


　　The total revenue will reach 24.22 billion yuan (about 3.53 billion US dollars) to 25.86 billion yuan (about 3.77 billion US dollars), an increase of about 177.4% to 196.1%.

Online celebrity anchor became a live broadcast platform to compete for the object, causing liquidated damages and other issues

　　The live broadcast platform and online celebrity anchor have been interdependent communities of interests since their appearance. With the increase of the number of live broadcast platforms and the escalation of competition, the conflict of interests between the two parties has intensified.

　　Online celebrity anchor is favored by live broadcast platforms because of its huge fan base and high-quality content, and it is also the main target of poaching between platforms. In recent years, some well-known anchors have jumped ship from time to time. In addition to fighting with their platforms, some anchors have even been brought to court.

　　Recently, a dispute caused by anchor job-hopping has aroused social concern.

　　Jia is the contracted anchor of a live broadcast platform. In April 2017, during the contract period with the original live broadcast platform, Jia went to another live broadcast platform for live broadcast activities. Therefore, the original live broadcast platform sued Jia to the court.

　　Recently, the Shanghai No.1 Intermediate People’s Court made a final judgment on this case, upheld the first-instance judgment of the Shanghai Pudong New Area People’s Court, and ordered Jia to stop violating the agreement with the original platform, continue to perform the obligation of inaction in the agreement with the original platform, and immediately stop providing live broadcast services or similar live broadcast activities for the new platform and any third party. Jia should compensate the original platform for liquidated damages within ten days from the date of the effective judgment.

　　In recent years, there have been many cases of similar lawsuits between anchors and platforms. The reporter combed similar cases and found that how to identify the relationship between the anchor and the platform, how to determine the amount of compensation, and how to find a balance between the anchor’s freedom of employment and the demands of the old club to continue to perform the contract have always been the focus of controversy.

　　How to identify the relationship between platform and anchor?

　　The reporter found out that the relationship between the anchor and the platform can be roughly divided into three types:

　　First, the anchor signed a sharing agreement with the live broadcast platform, that is, the anchor has the right to live broadcast, can perform live performances on the platform, and get certain gifts and rewards. At the same time, the anchor is not subject to the management constraints such as labor time and total labor stipulated by the live broadcast platform, nor does it engage in other labor tasks arranged by the live broadcast platform.

　　Second, the anchor becomes a contracted artist of the live broadcast platform, and is bound by a series of labor rules and regulations of the platform. While obtaining guaranteed economic income, it needs to undertake corresponding duties and tasks, including the assessment of multiple standards such as live broadcast duration, content quality, number of fans and live broadcast activity.

　　Third, the anchor signed a sharing cooperation agreement with the live broadcast brokerage company or guild, and the brokerage company or guild built the anchor in an all-round way. At the same time, the brokerage company cooperated with various live broadcast platforms to cultivate the incubating anchor.

　　Then, among these three relationships, which one constitutes a labor relationship?

　　In this regard, Zheng Ning, deputy director of the Department of Law, Department of Law, Communication University of China, analyzed that it is necessary to satisfy two conditions, namely, economic and personal dependence, to determine that the live broadcast platform and the anchor constitute a labor relationship. Economic relationship means that the anchor provides labor and the live broadcast platform gives remuneration; Personal attachment means that the anchor’s working time, content and methods are constrained by the rules and regulations of the live broadcast platform or specific management behaviors. In line with the above two conditions, there is a labor relationship between the anchor and the live broadcast platform.

　　"As far as the first and third cases are concerned, there is no personal attachment between the anchor and the live broadcast platform, and the anchor is independent. Therefore, these two situations do not constitute labor relations; As far as the second case is concerned, the anchor provides labor, the live broadcast platform pays remuneration, and at the same time, it is managed by the live broadcast platform and has personal dependence, so it constitutes a labor relationship. " Zheng Ning said.

　　In the view of Wang Yanhui, a Shanghai lawyer, three conditions need to be considered to determine whether there is a labor relationship between the live broadcast platform and the anchor: First, whether the employer and the employee meet the subject qualifications stipulated by laws and regulations; Second, whether the various labor rules and regulations formulated by the employer according to law are applicable to the workers, and whether the workers are subject to the labor management of the employer and engaged in paid labor arranged by the employer; Third, whether the labor provided by the laborer is an integral part of the employer’s business. According to the above conditions, it can be judged whether there is a labor relationship between the platform and the anchor.

　　"Therefore, in the above three situations, only the second one meets the conditions for forming labor relations." Wang Yanhui said.

　　However, Wang Quanxing, a professor at the Law School of Shanghai University of Finance and Economics, believes: "The live broadcast activity of the network anchor on the live broadcast platform is an activity in which the platform and the anchor jointly provide video products or services to the audience, and it is also the digital labor and remote labor provided by the anchor to the platform in the virtual place arranged by the platform, which constitute the production factors of the platform’s business activities of providing video products or services to consumers; The anchor shall abide by the management rules of the platform when engaging in anchor activities in the virtual places arranged by the platform. At the same time, the relationship between the platform and the anchor is continuous with the anchor activity as the object. Therefore, although the relationship between the platform and the anchor is different from the labor relationship in the traditional format, that is, it does not have all the elements of labor relations, but it has some elements of labor relations, such as subordination and continuity. "

　　Wang Quanxing said that as for the "cooperative relationship" agreed by the anchor and the platform, it is not a standardized legal concept, nor is it a famous contract concept. Any contractual relationship, including labor contracts, is cooperative. Therefore, the so-called "cooperative relationship" is not mutually exclusive with contracting relationship, entrustment relationship and labor relationship.

　　"In the terms of the contract, the anchor and the platform do not belong to the labor relationship or employment relationship ‘ Know ’ , and can not be used as the sole basis for determining whether it is a labor relationship. If the anchor has the facts that meet the requirements of labor relations in the process of cooperation, and this fact is also the agreement of both parties, such as the fact that the anchor undertakes the obligation of non-competition, it is the element that constitutes subordination. Therefore, whether labor relations are determined or not should be judged whether there are facts that meet the requirements of labor relations. " Wang Quanxing said that there are certain reasons for determining the nature of the so-called "cooperative relationship" between the platform and the anchor.

　　If it constitutes a labor relationship, workers can safeguard their rights and interests according to the labor law. Then, if it does not constitute a labor relationship, can the anchor effectively protect his rights and interests?

　　In this regard, Zheng Ning said that in some cases, although the anchor and the live broadcast platform do not constitute a labor relationship, there is a contractual relationship between the anchor and the live broadcast platform, and the anchor can safeguard his legitimate rights and interests according to the provisions of the contract law. There is a contractual relationship between the anchor and the live broadcast platform. The contract follows the principles of equality, voluntariness and good faith. Both parties can determine the contents of the contract through consultation. When one party thinks that there is fraud, coercion, obviously unfair or major misunderstanding, it can request the court or arbitration institution to cancel or change the contract. The parties to a contract may also stipulate liquidated damages in the contract. When one party violates the contract, the other party may request the defaulting party to pay liquidated damages and other ways to assume responsibility.

　　How to evaluate the liquidated damages for job-hopping

　　Anchor is the core resource of live broadcast platform, and the competition between platforms will also affect the value of anchor. In the fierce competition between live broadcast platforms, the value of the anchor is constantly being raised, and even there is a false high situation. At the same time, some online celebrity anchors think that their popularity depends on their own abilities, but the platform thinks that they have invested in packaging, publicity, planning and even broadband resources. Therefore, when some online celebrity anchors change jobs, they are often asked by the live broadcast platform to pay high liquidated damages. In recent years, the amount of liquidated damages has been increasing. However, how to evaluate the liquidated damages?

　　"On the legal level, the setting of liquidated damages has two main meanings: on the one hand, it is to protect the transaction, and it is a means of punishment for the defaulting party; On the other hand, it is also the most important function of liquidated damages, that is, to make up for losses, because one party’s breach of contract will often bring economic losses to the observant party, including actual losses and expected benefits. The determination of the amount of liquidated damages should be based on the actual loss of the observant party, and the observant party should prove its actual loss and expected benefit. If the breaching party thinks that the liquidated damages claimed by the other party are too high, then it has the right to ask the court to make adjustments, and the court will also make reasonable judgments according to the actual situation and the general situation in the industry. " Wang Yanhui said.

　　In this regard, Zheng Ning’s point of view is: "As far as the assessment of liquidated damages is concerned, there are two situations: first, there is a labor relationship between the anchor and the live broadcast platform. According to the provisions of the Labor Contract Law, the platform provides training fees for the anchor, and the service period is agreed, and the anchor can be claimed to pay the training fees that have not been fulfilled. If the anchor terminates the contract in breach of contract, or violates the confidentiality obligations or non-competition restrictions agreed in the labor contract, causing losses to the employer, it shall be liable for compensation. "

　　"Another situation is that there is a contractual relationship between the anchor and the network platform." Zheng Ning said that the contract law stipulates that the parties may agree that one party shall pay a certain amount of liquidated damages to the other party in case of breach of contract, and may also agree on the calculation method of the amount of damages arising from breach of contract. If the agreed liquidated damages are lower than the losses caused, the parties may request the people’s court or arbitration institution to increase them; If the agreed liquidated damages are excessively higher than the losses caused, the parties may request the people’s court or arbitration institution to reduce them appropriately. The Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of People’s Republic of China (PRC) Contract Law (II) stipulates that the agreed amount of liquidated damages exceeds 30% of the loss, which can generally be regarded as "excessively higher than the loss caused". Therefore, in the contract, the anchor and the network platform can agree on the liquidated damages in advance, and when one party violates the agreement, the other party can claim to pay the liquidated damages.

　　In Wang Quanxing’s view, in labor relations and labor law, the application of liquidated damages is subject to legal restrictions, and compensation has legal rules. In civil contracts, we should pay more attention to the principle of fault, the principle of fairness and the proof of damage facts for liquidated damages and compensation.

　　Both sides should raise their legal awareness.

　　Some people think that anchor job-hopping is an act that lacks the spirit of contract; Others believe that this is normal business competition. As anchors who want to jump ship, they want to get a job on a new live broadcast platform; As an old club, the anchor is generally required to continue to perform the contract and compensate for the losses. So, how to balance the different demands between the anchor and the live broadcast platform?

　　In this regard, Wang Yanhui said that according to the provisions of the Contract Law, the observant party has the right to choose to terminate the contract and demand payment of liquidated damages, and also has the right to choose to ask the defaulting party to continue to perform the contract. However, the purpose of China’s civil law is not only to protect transactions, but also to protect the freedom of transactions as much as possible. If the anchor has reasonable reasons to prove that he can’t continue to perform the contract with his old club, then the law generally won’t "buy and sell" and ask him to continue to broadcast live on the original platform.

　　In Zheng Ning’s view, in the case of labor relations, the labor law stipulates that workers have the freedom to work, and they can terminate the labor contract by notifying the employer in writing 30 days in advance. The employee may terminate the labor contract by notifying the employer three days in advance during the probation period. Therefore, the anchor has the right to terminate the labor contract in accordance with the provisions of the labor law. The employer can only demand compensation for the corresponding losses through terms such as non-competition, confidentiality obligations and training.

　　"In the case of a contractual relationship, both parties shall exercise corresponding rights and perform corresponding obligations in accordance with the contents of the contract agreed in advance. The live broadcast platform may require the anchor to pay liquidated damages and compensate for the losses for the anchor’s breach of contract. However, the subject matter of the contract has personal attributes and is not suitable for enforcement. Therefore, after the anchor pays the liquidated damages, the anchor can broadcast on the new platform. " Zheng Ning said.

　　In Wang Quanxing’s view, there is a legal basis for non-competition in labor relations. Because the restriction of non-competition is a restriction on the freedom of workers to choose a job, it is conditional for workers to undertake the restriction of non-competition, and it is based on the compensation given to workers by employers. As for whether the non-competition clause can be stipulated in the civil contract, there is no legal basis in China. There must be a legal basis for agreeing on non-competition. Even if it is allowed to agree on non-competition, the obligation to undertake non-competition should be conditional and have economic compensation as consideration. Otherwise, obviously unfair.

　　"In reality, many live broadcast platforms are unwilling to form a labor relationship with the anchor on the one hand, and require non-competition restrictions on the anchor on the other hand, and their goals are conflicting. In fact, choosing the arrangement of labor relations may not be unfavorable to the live broadcast platform. " Wang Quanxing said.

　　Then, once the anchor changes jobs, how should the anchor and the platform protect their rights and interests?

　　"Improve legal awareness. When signing a contract, clarify the legal relationship between the two parties, that is, clarify whether it is a labor relationship or a contractual relationship, and then stipulate the rights, obligations and legal responsibilities of both parties in detail. The contract should clearly stipulate the remuneration standard, payment method, payment period, etc., and determine a reasonable amount of liquidated damages. If conditions permit, it is best to hire legal counsel or consult legal experts. " Zheng Ning said.

　　"According to my understanding of this industry, many anchors are still young, their social experience is not rich, and their legal awareness is not strong. If you want to guarantee your own interests, the anchor must first sign a formal contract with the platform, and no matter what form of cooperation, it should be implemented in writing. " Wang Yanhui suggested that the rights and obligations of both parties should be clearly stipulated in the contract, and the anchor should be familiar with his obligations and the legal ways to safeguard his interests when his rights are violated. In addition, both the anchor and the live broadcast platform should keep their contracts and communication evidence in case of emergency. Live broadcast belongs to a new industry, which lacks corresponding laws and regulations to regulate. Only by improving the legal awareness can employees in this industry have better development.

　　□ Our reporter Han Dandong

Delineate the red line of behavior, share the blacklist, live broadcast with goods, and wear the rule of law ＂golden hoop＂

　　□ Reporter Zhao Chenxi

　　With the increasing popularity of online shopping, many people are no longer satisfied with their own drawings and introductions, so they order shopping from the e-commerce platform, but need some people to give "professional" recommendations and explanations, which also makes the live broadcast more and more hot.

　　According to the Statistical Report on the Development of Internet in China, as of December 2020, the number of live webcast users in China reached 617 million, of which 388 million were e-commerce users, an increase of 123 million compared with March 2020, accounting for 39.2% of all netizens, ranking first in the number of live webcast users.

　　However, while some people earn a lot of money by live broadcasting, many merchants and anchors with goods take advantage of the loopholes in content review and supervision and management of live broadcasting platforms to make false propaganda and sell fake and shoddy goods, which seriously damages the legitimate rights and interests of consumers.

　　In this regard, on April 23rd, the State Internet Information Office, the Ministry of Public Security, the Ministry of Commerce, the Ministry of Culture and Tourism, the State Taxation Administration of The People’s Republic of China, the State Administration of Market Supervision, and the State Administration of Radio, Film and Television jointly issued the Measures for the Management of Webcast Marketing (for Trial Implementation), which will take effect on May 25th.

　　Liu Junhai, director of the Institute of Commercial Law of Renmin University of China, said in an interview with the Daily Rule of Law that no matter how big the Internet is, it is no bigger than the French Open. The promulgation of the Measures will put a golden hoop of the rule of law on the live broadcast industry and effectively rectify the chaos in the industry.

　　"the first law" of live broadcast with goods

　　In the China E-commerce Legal Report 2019-2020 issued by the Economic and Social E-commerce Research Center of the domestic e-commerce think tank network, "the risk of live broadcast with goods" is one of the "Top Ten E-commerce Legal Risks in 2019-2020".

　　The reporter noted that long before the joint release of the seven departments, the relevant departments issued a number of specifications related to webcasting in 2020.

　　In June, 2020, the Media Shopping Professional Committee of China Business Federation drafted and formulated the group standard of live shopping industry, "Operation Management and Service Specification for Live Shopping (Draft for Comment)", which stipulated the basic requirements, product quality requirements, operator management, live broadcast personnel and other aspects of live shopping management and service. This specification is the first national standard in the live shopping industry.

　　On June 24th, 2020, China Advertising Association issued the Code of Conduct for Webcast Marketing, which is applicable to the webcasting marketing activities in which merchants, anchors and other participants sell goods or provide services to users in the form of live broadcast on e-commerce platforms, content platforms, social platforms and other online platforms. This code is the first special code on webcasting marketing activities in China.

　　On June 30, 2020, Zhejiang E-commerce Promotion Association issued "Training and Evaluation Standard for Live E-commerce Talents", which is the first domestic standard for live e-commerce practitioners.

　　Although some norms have been issued by relevant departments, in the view of Yang Chunbao, a senior partner of Dacheng (Shanghai) Law Firm, these norms are scattered and have a low level of effectiveness. When handling or hearing related complaints or cases, market supervision and law enforcement departments and judicial organs can only rely on universal laws such as e-commerce law and advertising law. Therefore, it is urgent to issue a targeted and high-level regulation to regulate all kinds of chaos in the webcast industry.

　　Yang Chunbao believes that the promulgation of the "Measures" undoubtedly makes up for this problem, and makes detailed provisions on the respective obligations and legal responsibilities of the main practitioners in this industry, which is the "first big law" to regulate the marketing of webcasting at present.

　　Define the age limit for practitioners.

　　Nowadays, more and more minors are exposed to live webcasts. Apart from being viewers, it has also been revealed that some minors were packaged as anchors with goods and used "immature" words to promote products.

　　The "Measures" subdivide the live broadcast publishers engaged in live broadcast marketing activities into live broadcast room operators and live broadcast marketers, and set a clear age limit, requiring natural persons to be at least 16 years old; Minors over the age of 16 who apply to become live marketers or live room operators shall obtain the consent of their guardians.

　　Liu Junhai pointed out that minors, as anchors with goods, are easy to be used by some businesses and marketing teams, and will also have a bad demonstration effect on society, which should be explicitly prohibited.

　　If the underage anchor is "not deeply involved in the world", then some relatively well-known anchors with goods are suspected of "knowingly committing crimes".

　　In May, 2020, Liu Ergou, a network anchor with more than 18 million fans, showed in a live broadcast with goods that the paper towels he sold were 1,800 grams. After purchasing, consumers found that the paper towels received were only 500 grams, which was a serious problem.

　　In November, 2020, Simba, a live broadcast anchor with tens of millions of fans, falsely advertised a flavor beverage with a bird’s nest content of only 0.014% as a commodity with a high bird’s nest content in a live broadcast.

　　Not only that, some businesses that intend to promote are also frequently subjected to "routines" by network anchors and their teams.

　　At present, the main revenue models of anchor goods are divided into three modes: pure pit fee, pure commission or commission plus pit fee, in which "commission" means that the anchor draws a share according to the sales volume of the live broadcast room, and the higher the sales volume, the more it is divided; The pit fee is a fixed appearance fee for the anchor to introduce and publicize the goods.

　　In order to gain high income, it is not uncommon to cheat in the live broadcast room. The high popularity of supporting anchor pit fees can be faked, and fans, viewers, likes and interactions can also be purchased in batches at low prices. Some anchors even hire a brushing team to purchase goods first and then return them one after another. Some merchants revealed that the live broadcast of the goods cost 150,000 yuan, but the final return rate was as high as 90%, and all the goods were pressed in their hands.

　　In response to all kinds of chaos, the "Measures" clearly stipulate that live broadcast operators and live broadcast marketers engaged in online live broadcast marketing activities should abide by laws and regulations and relevant state regulations, follow social public order and good customs, and truly, accurately and comprehensively publish information on goods or services. At the same time, it also stipulates that practitioners should not publish false or misleading information to deceive or mislead users; It is forbidden to market fake and shoddy goods, which infringe intellectual property rights or do not meet the requirements for protecting personal and property safety; It is forbidden to fabricate or tamper with eight red lines, such as transactions, attention, views, likes and other data traffic fraud.

　　Strengthen the protection of consumers’ rights and interests

　　The biggest loss of live broadcast rollover is consumers. China Consumers Association has repeatedly pointed out that it is difficult for consumers to protect their rights in the field of live broadcast.

　　In Liu Junhai’s view, the illegal cost of offenders is lower than the illegal income, while the cost of consumer rights protection is higher than the rights protection income, which is the key reason for the repeated illegal activities of live broadcast.

　　In order to strengthen the protection of consumers’ rights and interests, the Measures stipulate that consumers jump to other platforms to buy goods or receive services through links in live broadcast rooms and QR codes. In case of disputes, relevant live broadcast marketing platforms should actively assist consumers to safeguard their legitimate rights and interests and provide necessary evidence and other support. Operators and marketers of live broadcast rooms shall perform their responsibilities and obligations to protect consumers’ rights and interests according to laws and regulations, and shall not deliberately delay or refuse legitimate and reasonable demands put forward by consumers without justifiable reasons.

　　Zhu Wei, deputy director of the Communication Law Research Center of China University of Political Science and Law, believes that the provisions of the Measures are an extension of the consumer rights protection law in the field of live delivery, especially requiring the platform to provide necessary evidence of rights protection, which provides support for consumers’ rights protection.

　　Throughout the past cases, there were problems with live broadcast, consumers’ rights and interests were damaged, and the anchor was questioned, but the live broadcast platform was often "lucky to escape". The "Measures" focus on compacting the responsibilities of the live broadcast platform, requiring the live broadcast platform to establish and improve mechanisms such as account registration and cancellation, information security management, marketing behavior norms, protection of minors, protection of consumers’ rights and interests, personal information protection, and network and data security management.

　　In view of the live broadcast room with a large number of fans and a large transaction amount, the Measures further strengthened supervision, requiring the platform to take preventive measures such as real-time inspection by special personnel and extending the storage time of live content. At the same time, the platform is required to take measures such as blocking live broadcasts, closing accounts, being blacklisted, and joint punishment for violations.

　　Zhao Zhanling, a special researcher at the Intellectual Property Research Center of China University of Political Science and Law, pointed out that live broadcast is real-time. At present, it is mostly solved by reporting and complaining afterwards, and measures such as real-time inspection stipulated in the Measures help to strengthen prevention in advance.

　　It is worth noting that in order to avoid the problem of water control in Kowloon, the Measures propose that the seven departments establish and improve the working mechanisms such as clue transfer, information sharing, consultation and judgment, education and training, and do a good job in the supervision and management of webcasting marketing according to their respective responsibilities, and share information on the list of live marketing market entities that seriously violate laws and regulations, and carry out joint punishment according to law.

　　While welcoming the strongest supervision, Zhao Zhanling also hopes that the anchors with cargo can improve their legal awareness and regulate their own behaviors. The anchor promotes the products he manages, and his role is the product seller. If the propaganda content is false, it is suspected of fraud; If you do propaganda for businesses, their roles are advertising operators and publishers, and you need to fulfill the obligation to review the authenticity and legality of the advertising content of businesses as advertisers, otherwise you will be suspected of violating the advertising law and bear corresponding legal responsibilities.

Zibo Zhiji LS6 is on sale! The promotion discount is 10 thousand, and the discount waits for no one.

On the [car home Zibo Special Promotion Channel], we found that special promotion activities were going on. The starting price of this model in Zibo is 219,900 yuan, and the maximum discount is 10,000 yuan. If you are interested in this model, you can click "Check the car price" in the quotation form to get more information about the discount.

https://car3.autoimg.cn/cardfs/product/g24/M05/62/05/autohomecar__CjIFWGUsnQCAfta-ABe7d1PCnHk634.jpg

Zhiji LS6 is a stylish and dynamic medium-sized SUV. Its front face is streamlined, and the air intake grille is decorated with a large area of chrome, which makes the whole car look more exquisite. The body lines are smooth and the overall style is fashionable. The exterior design of Zhiji LS6 is very attractive, showing the highest level of modern automobile design. Its front face design is very unique, with unique lines and smooth curves, giving people a strong visual impact. In addition, Zhiji LS6 is also equipped with fashionable LED headlights and unique air intake grille design, which makes the whole vehicle look very exquisite. The exterior design of Zhiji LS6 is in line with the aesthetic needs of modern people, and it is an excellent medium-sized SUV.

https://car3.autoimg.cn/cardfs/product/g24/M09/10/48/autohomecar__Chxky2UsnP-AX6zpABIubKtBK08648.jpg

Zhiji LS6 is a medium and large SUV, with a body length, width and height of 4904mm, 1988mm and 1669mm respectively, and a wheelbase of 2,950 mm. It has excellent seating space and comfort. The car side lines are smooth and powerful, showing dynamic lines and modern design. The front and rear wheel tracks are 1698mm and 1707mm, respectively. The front tyre size is 235/50 R20, and the rear tyre size is 255/45 R20, which provides stability and grip for the vehicle. The tire design of Zhiji LS6 is fashionable and the rim style is unique, which adds a sense of movement and technology to the whole vehicle. In a word, the design of Zhiji LS6 is not only impressive, but also brings excellent driving experience to drivers.

https://car3.autoimg.cn/cardfs/product/g27/M08/DA/CE/autohomecar__CjIFVWUsnRmAUKYrABSYSL3HQQE406.jpg

The interior design style of Zhiji LS6 is fashionable and simple, using high-quality materials and fine craftsmanship to create a comfortable and luxurious driving experience. The steering wheel is made of leather, which feels comfortable and supports manual adjustment up and down and back and forth, so that drivers can find the most comfortable driving posture. The central control screen size reaches 26.3 inches, and the display effect is clear. It supports voice recognition control system and can control multimedia, navigation, telephone and air conditioning. The front and rear rows are equipped with Type-C and USB interfaces, which are convenient for passengers to charge. The front row also has mobile phone wireless charging function. The seat is made of imitation leather and genuine leather. The main seat supports four-way adjustment of front and rear, backrest, height, leg rest and lumbar support, and the auxiliary seat supports two-way adjustment of front and rear, backrest and height. The driver’s seat also has the memory function of electric seat. The backrest of the second row of seats can be adjusted, and the rear seats support proportional reclining, providing more space and comfort for passengers.

https://car2.autoimg.cn/cardfs/product/g26/M03/88/1D/autohomecar__ChxkjmUsnQ6AEgAeAAx44Qw42PQ250.jpg

Zhiji LS6 is equipped with a high-performance engine with a maximum power of 231kW and a maximum torque of 450 N m.. This engine adopts advanced technology and provides a strong power output for the vehicle. Whether driving daily or at high speed, Zhiji LS6 can easily cope with all kinds of road conditions, so that drivers can enjoy the ultimate driving pleasure. At the same time, the high efficiency and reliability of the engine also ensure the stability and durability of the vehicle.

In the word-of-mouth of car home car owners, we can see that she speaks highly of Zhiji LS6. She said that when she first drove the Zhiji LS6, she was attracted by its design, performance and technology. Zhiji LS6 looks fashionable and full of sense of science and technology, which makes her feel very modern and avant-garde. This proves once again the uniqueness of Zhiji LS6 in automobile design, which can not only meet the needs of consumers for appearance, but also provide excellent performance and technical support. As a new electric SUV, Zhiji LS6 has attracted much attention in the market, and its excellent performance and reputation have also been recognized by consumers. We believe that in the future development, Zhiji LS6 will continue to bring more surprises and innovations to consumers.

Apple iPhone 12 mini battery evaluation： discharge efficiency is far ahead

Apple introduced the iPhone 12 mini in October 2020. IPhone 12 mini is one of our high-end models (US$ 600-799). Despite its small size, it is equipped with a high-resolution Super Retina XDR screen and dual cameras. Our battery benchmark engineer recently tested the Apple iPhone 12 mini；; The following are the main conclusions of the test.

Main specifications:

Battery capacity: 2227 mAh

20W charger

Chipset: A14 Bionic

5.4- inch, 2340 x 1080 (476 ppi), 60 Hz OLED screen

Test storage/memory combination: 4 GB/128 GB

Support wireless charging (12W)

About DXOMARK battery test: This paper aims to highlight the most important test results. (For more details about our smartphone battery benchmark, please read our battery benchmark.

superiority

Thanks to excellent software optimization, battery discharge is extremely efficient.

Support wireless charging, comparable to wired charging.

insufficient

Small capacitance (2227 mA), which seriously affects the battery life.

Although there is a 20W charger, the charging speed is slow.

IPhone 12 mini has an appropriate name, small overall size and small battery capacity, which is only 2227 mA. At the time of writing, it has the smallest capacitance in our entire battery database. However, although its capacity has a significant impact on battery life, it always scores 59, ahead of several other devices with larger batteries.

We compare the performance of iPhone 12 mini in several key categories with another high-end device, Google Pixel 5, and one plus 8T in our mid-to high-end models (400-599 USD). The battery capacity, chargers, screen types and resolutions, and processor specifications of all three devices are shown in the following table.

How long the battery can run continuously depends not only on the battery capacity, but also on other aspects such as mobile phone hardware and software. The battery life score of DXOMARK consists of three performance test scores: (1) indoor static, (2) outdoor movement, and (3) calibration mode. The score of each test item contains a series of comprehensive test results to measure the battery life in various real-life scenarios.

At the time of writing, the overall battery life score of Apple iPhone 12 mini is 41, which is very close to the last one in our database. Its battery capacity (2227 mA) is obviously different from that of Google Pixel 5(4080 mA) and one plus 8T (4500 mA), so it is difficult to compete with them.

However, it is worth noting that when the power of the iPhone 12 mini is displayed as 10%, the remaining power is indeed 10%, so the user will not suddenly reduce the remaining usage time because the power is about to run out. This is an advantage that many other mobile phones don’t have. )

Now let’s take a closer look at the performance of the mini battery in the endurance test.

The robot in faraday cage simulates a series of touch-screen actions of users, which we call "typical usage scenarios", including making phone calls and watching online videos, which often lasts for 16 hours, of which 4 hours are active and 8 hours are dormant. The robot repeats the same action every day until the battery power runs out.

Although there is a big gap in battery capacity, the iPhone 12 mini is not inferior to competing products, and its battery life is only four hours less than that of Google and One Plus. The following chart shows the performance of iPhone 12 mini and competing products in typical usage scenarios driven by robots:

When using a smart phone when moving outdoors, the battery life will be reduced because of additional "hidden" requirements, such as continuously transmitting signals to select a cellular network. DXOMARK battery experts take the mobile phone outdoors to perform a set of precisely preset activities, and each device follows the same three-hour moving route.

The outdoor mobile score of iPhone 12 mini is 51 points, which is consistent with the score of Pixel 5, but obviously lags behind the score of 61. According to the analysis of a single usage scenario, Yijia is far superior to Apple and Google’s devices in 3G calling, and Apple and Google are slightly close to Yijia in camera and GPS (Google is almost consistent with Yijia in the use of social media apps).

In order to complete this kind of test, the mobile phone will return to faraday cage, and our robot will repeat a set of specified activities (usage scenarios), such as games and streaming media. Starting from 80% power, all devices should be tested until they run out of at least 5% battery power.

If the iPhone 12 mini is not in the default automatic mode, but in the calibration mode (the screen brightness is 200 nits and the speaker volume is 60 decibels), it will not be comparable to the competing products and fall behind in all tests. However, it is worth noting that Apple claims that the mini can provide 10 hours of video streaming, and on average, the iPhone exceeds this number in calibration mode, with 13 hours of play online time in WiFi and 8 hours and 30 minutes in 4G.

The charging score of DXOMARK battery consists of two sub-scores: charging speed and fast charging. Full charge test to evaluate the reliability of battery icon; Evaluate how long it takes for the battery to charge from 0% to 80% and from 80% to 100%; At the same time, measure how long and how much power it takes for the battery to be fully charged from the icon display 100%. Under different power levels (20%, 40%, 60%, 80%), the fast charging test can measure the power received by the battery after five minutes of power connection.

The charging performance of iPhone 12 mini is slightly below average. In view of its small battery capacity and 20W charger, we expected the iPhone to charge faster. On the contrary, its charging performance is similar to that of Google Pixel 5 with 4080 mAh capacity and 18W charger.

Although it takes twice as long for the iPhone 12 mini to run out of power and charge to 80% (the former is close to 52 minutes and the latter is 25 minutes), the Apple device is better than Google, which takes 1 hour and 14 minutes to reach 80%. In addition, it takes longer for iPhone to display from 80% to 100% than Google and One Plus, and it takes longer to display from 100% to fully charge than I, but shorter than Google.

In terms of wireless charging, it takes 1 hour and 36 minutes for the iPhone 12 Mini to reach 80% at 12W (52 minutes for wired charging)-but it is not bad in a word.

The remaining power when the user charges the iPhone 12 mini will affect the endurance obtained after plugging in for 5 minutes. When connected to the power supply when the remaining 20%, the battery life of Apple devices is more than twice as long as when the remaining power is 80%. Although these results are similar to those of Google Pixel 5, after five minutes of charging, one plus 8T provides about twice the extra battery life as the other two devices.

The battery efficiency score of DXOMARK consists of two sub-scores, charging and discharging. The data used are from the typical usage scene test of robot, outdoor mobile test, charging evaluation and power measurement, and the battery capacity of equipment is also considered.

Although the measured battery life can’t compete with most devices with larger battery capacity, the battery life of the iPhone 12 mini is still good (here, it shows excellent discharge efficiency) if considering its small capacitance.

Although the charging efficiency of Apple iPhone 12 Mini is 68% higher than that of Google Pixel 5 (66%), it is far from one plus 8T (81%). Similarly, its low score here is also attributed to an unexpectedly inefficient charger.

Apple iPhone 12 mini has what our engineers call "amazing performance" in all discharge tests except 3G calls. In the default mode, it discharges only half the current of competing products, which proves that it is a well-designed smart phone and has obtained the highest score of this sub-attribute in our database so far.

Apple iPhone 12 mini is a well-designed smart phone with very effective software optimization, and its battery has become the leader in discharge efficiency in our database so far. However, compared with almost all other devices we have tested, its small battery capacity makes the battery life too short.

The Ministry of Public Security has cracked a number of illegal and criminal cases of obscenity and pornography on mobile phones.

Special topic: encirclement and suppression of mobile phone network pornography

　　People’s Daily Online, Beijing, December 24 th On December 8 th, since nine ministries and commissions, including the Foreign Affairs Office of the Central Committee, the Ministry of Public Security and the Ministry of Industry and Information Technology, deployed a special campaign to further rectify obscene pornography and vulgar information on the Internet and mobile phone media, the Ministry of Public Security has made a heavy blow to the illegal and criminal activities of obscene pornography on mobile phones. In just half a month, the national cyber security department has closed 2,361 WAP websites of obscene and pornographic mobile phones, cracked 28 criminal cases of obscene and pornographic mobile phone websites, and arrested 34 suspects. The crackdown and rectification work was successful in the first battle.


　　Beijing cracked the case of "3gsem.cn" mobile phone wap website spreading obscenity and pornography. Recently, the work of Beijing Public Security Bureau found that a mobile WAP website named "Abusive Naked Campus" provides a large number of obscene and pornographic information links, through which you can browse obscene and pornographic videos, pictures, novels, etc. on other obscene and pornographic websites. The website server is hosted in IDC computer room of Yizhuang, Beijing Unicom. The public security organs in Beijing immediately set up a task force to carry out investigations and arrested the suspect Zhao. After the trial, Zhao confessed that he applied for virtual space and domain name through Beijing Tuofeng Weiye Company around October 2008, purchased wap mobile phone program code from the Internet, and successively searched more than 50 pornographic websites from the Internet, which increased the number of clicks with each other, and applied for advertising alliance of "Beijing Posture Wireless Company" and "Beijing Business Opportunity Unlimited Company". These two companies put advertisements on 3gsem.cn website, and the company will pay Zhao 0 according to the number of clicks of advertisements.


　　Jiujiang, Jiangxi Province cracked the case of "51xo.org" mobile phone WAP website spreading obscene articles. Recently, the public security organs in Jiujiang City, Jiangxi Province successfully cracked the case of "51xo.org" mobile phone WAP website spreading obscene articles, arrested a suspect, seized a computer involved and seized illegal income of more than 60,000 yuan. On November 16, 2009, the network supervision detachment of Jiujiang Public Security Bureau in Jiangxi Province found that a wap website of mobile phone was suspected of spreading obscene articles, and the server of the website was located in IDC room of Jiujiang Telecom. After investigation, it was found that the criminal suspect was forced by the strong public opinion pressure to crack down on the spread of obscenity and pornography on mobile phone wap websites recently, and set up jumping links to nearly 20 overseas obscene mobile phone wap websites, such as "Wolf Friends Home", "The Complete Collection of Sexy and Cool Stations", "Mao Mao Hand Mao Mao Foot" and "Jibazi Best Prostitute Station", in order to escape the crackdown by the public security organs. There are a lot of obscene pictures and novels in these obscene mobile phone wap websites. On December 7, the police handling the case of Jiujiang Public Security Bureau in Jiangxi, with the strong cooperation of Maoming Public Security Bureau in Guangdong, arrested the suspect Zhang in Maoming City. After the trial, the suspect Zhang confessed to the fact that he started to spread obscene and pornographic information on his mobile WAP website in April 2008, and put advertisements on his mobile WAP website for illegal profit by joining the network advertising alliance.


　　Shenzhen, Guangdong, cracked a case of using mobile media to spread obscene pornographic videos for profit. On December 2, 2009, the network police detachment of shenzhen public City, Guangdong Province found that a mobile WAP website was suspected of engaging in online viewing service of obscene pornographic videos. After the investigation, it was found that the suspect also maintained six other obscene and pornographic websites. The network police detachment of Shenzhen Municipal Bureau immediately assigned a special person to collect evidence and inspect the website, fixed the criminal evidence, and arrested three suspects, Liu’s brother and sister. After investigation, the three suspects set up seven pornographic websites, uploaded a large number of pornographic videos, and some websites had more than 1,000 pornographic movies. It takes advantage of the characteristics of high click-through rate and large traffic of pornographic websites, promotes advertisements by inserting online advertisements into obscene pornographic videos and movies, and makes profits by charging commissions according to clicks. Since the website was launched in October 2009, three suspects have made a profit of nearly 6,000 yuan.

Editor: Wang Jiaolong

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