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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 On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.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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Original title: "Evergrande liquidated, what game is China’s real estate facing?"

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Cadres walk into the live broadcast room to promote products to help increase income (a new observation of cadres’ state)

Lu Hongping is broadcasting live in strawberry greenhouse. Photo by Han Xichen

Video screenshot of Gao Shilong’s live broadcast with goods. Information picture

Arjun (left) is bringing goods live. Information picture

　　Editor’s note: The sudden epidemic situation has a great impact on the sales and circulation of agricultural products. In order to help overcome poverty and increase the income of fellow villagers, party member cadres in some places walked into the live broadcast room, or tried to introduce them on the spot, or used their talents to drain, trying to open up sales in the form of live broadcast with goods. What is the effect of the live broadcast of cadres with goods? In the long run, can a sustainable mechanism be formed, and what aspects need to be improved? This edition approaches the cadres who live broadcast with goods, pays attention to their thoughts and deeds, and talks about their wishes and hopes.

　　"Friends, this is the blueberry I picked today. It tastes crisp and sweet and has high nutrition. Hurry to buy it in buy buy!" At 8 o’clock on the evening of March 25th, Lu Hongping, deputy secretary of the Party Committee of Yanghe Town, jiaozhou city City, Shandong Province, munched on locally produced blueberries and interacted enthusiastically with netizens in the live broadcast room. At the bottom of the screen, the constant influx of netizens likes, sends flowers and leaves messages … … The sales of blueberries also went up, selling more than 500 kilograms that day.

　　In order to alleviate the unsalable agricultural products caused by the epidemic, party member cadres from many places across the country joined forces with e-commerce and short video platforms to walk into the live broadcast room to help fellow villagers bring goods. Lu Hongping is one of them. However, unlike professional anchors, live broadcast is just a way for cadres to help get rid of poverty and serve the masses.

　　Why did you walk into the live broadcast room?

　　Products are unsalable, people are anxious, and cadres are worried. I look forward to bringing goods online to open up the situation.

　　The day before the first webcast, Gao Shilong, the "anchor", stayed up almost all night. As the first secretary of Dabeishan Village, Longquan Town, Jingyu County, Jilin Province, the slow sales of local products in the village made him anxious to get angry in recent days.

　　Talking about the original intention of doing live broadcast, Gao Shilong said frankly that he was "dissatisfied": "I saw some anchors carrying goods, and thousands of goods were robbed in a few seconds. I also want to try and bring goods to everyone."

　　Someone once advised him to find a professional anchor, who is experienced and knows marketing, and the effect is not bad. However, most of the agricultural products in Dabeishan Village have low added value and short circulation cycle, so it is not worthwhile to pay for the anchor and calculate the economic account. What about the villagers’ live broadcast? Many people are too old to play live broadcast software. After much consideration, Gao Shilong decided to make his own venture. "Short videos and live broadcasts have entered thousands of households. If you can’t keep up with the rhythm, the goods will not sell well."

　　Compared with Gao Shilong, who touched the net for the first time and crossed the river by feeling the stones, Arjun, the county magistrate of Henan Mongolian Autonomous County in Qinghai Province, is now a complete "online celebrity Talent". In a live broadcast at the beginning of the year, he, three cadres from other counties and five net reds brought goods worth 12 million yuan in five hours.

　　Henan Mongolian Autonomous County, located at the junction of the three provinces, is rich in Hequ horses, Xueduo yaks and Euler sheep, and has a good foundation in animal husbandry. However, traffic congestion has caused "the smell of wine is also afraid of the depth of the alley." "Our products are not well-known and lack sales channels." Arjun is in a hurry.

　　Two years ago, at a promotion meeting in the eastern coastal areas, an e-commerce company gave him advice to consider using short videos that are on the air. Arjun counted the account: it is too wasteful to take money to find a professional team soon after our county got rid of poverty; Show yourself, and worry that you will be considered "showing off".

　　Thinking about it, Arjun chose to appear between being criticized and finding a market. Putting on a Mongolian costume and pointing to a flock of yaks behind him, Arjun shouted to the camera: "If you want to be good and thin, you should often eat more yak meat." Once this short video was launched, the click rate exceeded 30 million. Arjun was surprised and delighted.

　　Now, from short video to live broadcast, Arjun calmly eats and chats with the screen, and introduces the customs and tourist attractions of Henan County to the netizens in the live broadcast room, which is handy and humorous.

　　"Leading cadres need to do things rigorously and master new tools. I think it is also practical to bring goods live." Arjun said frankly that it is inevitable that there will be various voices on the Internet for the live broadcast of cadres, but only by daring to try can there be a way out. Every product sold is the best help for the masses.

　　How to do it in the studio?

　　Various forms, product fidelity, cadre endorsement, sales increased, but the sales model needs to be improved.

　　On March 8, Gao Shilong, who first tested the live broadcast of water with goods, sold goods worth 7,000 yuan in four hours. This achievement is not outstanding on the internet, but the villagers are very satisfied. Previously, most of the time, the villagers in Dabeishan Village were squatting on the side of the road with a basket of mountain products, and they couldn’t sell much in a day.

　　In the live broadcast room, he sincerely said: "Authentic, true story, really affordable, the promised nutritional content is not up to standard, and I will pay you an extra 20,000 yuan out of my own pocket." This self-confidence stems from his understanding of local agricultural products. Since he became the first secretary in the village, he has strictly controlled every link in building factories, grasping quality and shaping brands. Gao Shilong said: "For a few hours online, you have to work hard offline, and the quality must be guaranteed."

　　In the past two years, e-commerce has developed rapidly, and live broadcasts have continued to be popular, but problems such as product fraud and difficulties in safeguarding rights have been constant. It is often the anchor who talks nonsense, but the products that consumers get are not satisfactory.

　　"I bought his things for the first time, but thinking about the county magistrate’s endorsement should not be fake." Ms. Liu, who placed an order to buy Xueduo dried yak meat, bluntly said that the cadres in the live broadcast room are all real-name certifications, and consumers are more assured.

　　Others came out of curiosity. On weekdays, cadres who are sitting in danger and doing things seriously walk into the live broadcast room. Can they put down their airs? Can you understand the online language?

　　Jin Hongfeng, the branch secretary of Zhongping Village, Baicaogou Town, Wangqing County, Jilin Province, who has participated in the live broadcast for more than a year, summed up his "secret": singing in seven points and selling goods in three points. In the live broadcast room, he sang the famous Korean song "Red Sun Shines on the Frontier", and he also replied to the barrage sent by netizens. "In addition to selling goods, the live broadcast should also be able to have ‘ Emotional interaction ’ Can’t all be dry product introductions. "

　　Because of his height of 2.04 meters, netizens call him "Golden Big Man". Netizens like it and have a high reputation. Jin Hongfeng simply named the local rice and spicy cabbage with this name. The highly personalized image creation has been praised and welcomed by netizens. Last month, a netizen from Heilongjiang came to the village and bought 2000 Jin of spicy cabbage in one breath.

　　When cadres walked into the live broadcast room, they gained something and found problems. Lu Hongping, who walked out of the live broadcast room, found that the sales of blueberries declined in the days when the live broadcast was not available, and some netizens could not even find a sales link. The same trouble happened to Arjun. "Some netizens reported that the dried yak meat package was too big, and some people said that it was delivered too slowly." The link to the shopping yellow car in the Jin Hongfeng live page has not been added yet, and consumers have to jump several times if they want to place an order.

　　From production and packaging to warehousing and logistics to distribution and after-sales, live delivery is a systematic project involving many links, not just a few hours in the live broadcast room. In this regard, some experts believe that the arrival of cadres can attract traffic; However, brand, word of mouth, efficiency, distribution, after-sales, etc., all need more professional design.

　　Where is the prospect of bringing goods?

　　Cultivate talents, make characteristics and strict standards, extend the industrial chain and make good use of resource endowment.

　　In March of this year, more than 100 county mayors participated in the live broadcast of goods on major online platforms. For a time, the transformation of cadres into anchors was hotly debated by the society. However, there are also many netizens who believe that we should be wary of going through the motions and not turning the live broadcast into a "catwalk".

　　"The live broadcast of cadres, the greater effort is actually outside the live broadcast room." Xin Feng, director of the Third Division of the Organization Department of Jilin Provincial Party Committee, said that it is normal to have challenges or even problems when you first come into contact with the live broadcast. The key is to regard the exposed problems as the driving force for improvement.

　　In order to solve the problems of low brand and different live broadcast forms, the Organization Department of Jilin Provincial Party Committee initiated the establishment of the "First Secretary Association of Jilin Province" on the basis of preliminary investigation, deeply explored the live broadcast talents among the first secretaries in the village, and invested in the construction of live broadcast rooms, registered the only official account, and used a unified logo to try to change the situation of going it alone.

　　"Since you can only be a part-time anchor, you must create more high-quality full-time anchors." Lu Hongping recently set his sights on the young people in the village, and planned to set up a delivery team to make the live delivery sustainable and normal.

　　With the anchor, product quality and service experience should also be kept up in time. Arjun said that a bad review will almost make the newly accumulated word-of-mouth go down the drain. To have the confidence to shoot your chest in the live broadcast room, you must have excellent products and quality services.

　　In the past, Arjun mostly only sold local dried yak meat, which only needed rough processing. However, there are more and more similar products. How to embody the characteristics, bring forth the new and extend the industrial chain, one problem after another. Arjun collects feedback from netizens during each live broadcast. "We produce what the market needs." Yak chops and special yogurts were put on the line one by one, and meat, milk, skin, hair and bone were processed into products in all directions, which made good use of local resource endowments and revitalized them.

　　Grassroots cadres are working hard, and a number of powerful measures have been introduced one after another. Smooth circulation channels, promote accurate docking of production and marketing, and improve the market operation and scheduling mechanism are all helping the special anchors in front of the camera. (Reporter Xu Leipeng, Feng Jiang, Pan Junqiang and Li Jiading)

　　People’s Daily (11th edition, April 2, 2020)

Peace, sunshine and fairness! This year’s college entrance examination, these practical measures are very powerful.

　　In a few days, the college entrance examination is coming. This year, the number of applicants for the college entrance examination was 10.71 million, and 945,000 invigilators and examiners were arranged. This is the largest organized collective activity in China since the outbreak of the COVID-19 epidemic, and it is a major test for the prevention and control of the epidemic normalization. How to ensure the safety, peace of mind, fairness and justice of candidates to take the exam, these practical measures to understand.

　　How to do epidemic prevention in college entrance examination? National Health Commission released 10 key measures for epidemic prevention in college entrance examination.

　　Official website, National Health Commission, recently released 10 key epidemic prevention measures for the 2020 college entrance examination, which mentioned that all candidates and examination staff can only enter the examination center if their body temperature is below 37.3℃. Candidates who have respiratory symptoms such as fever and cough on the day of the exam will be allowed to use the standby isolation examination room. In low-risk areas, a preventive disinfection should be carried out for the examination room after the examination every day, and in non-low-risk areas, a preventive disinfection should be carried out after the examination of each subject.

　　At the same time, candidates in low-risk areas should wear masks before entering the examination room, and they can decide whether to wear them after entering the examination room. Candidates in alternate isolation examination rooms and high-risk areas should wear masks all the time. Staff and invigilators wear masks throughout the whole process, and invigilators and staff in isolated examination rooms must wear work clothes, medical protective masks and disposable gloves, etc., and can wear protective clothing when necessary.

　　Ten key measures involve the corner of the epidemic prevention work in the college entrance examination, so as to escort the candidates to take the exam safely.

　　Ministry of Education: The highest standards and strictest measures go all out to do a good job in the 2020 college entrance examination.

　　Official website, the Ministry of Education, issued a notice on July 2nd, stating that the education department and the member units of the Inter-Ministerial Joint Conference on the Unified National Education Examination should strictly do a good job in epidemic prevention, examination safety, examinee service, enrollment and other work of the college entrance examination with the highest standards and strictest measures, so as to ensure the realization of "safe college entrance examination", "sunshine college entrance examination" and "fair college entrance examination".

　　In terms of enrollment, in view of the hot and difficult issues concerned by the masses, the internal supervision of college enrollment will be strengthened, and a management system of "collective research and collective decision-making" will be established. The discipline inspection and supervision department will supervise the enrollment of colleges and universities throughout the process, encourage colleges and universities to hire social supervisors to participate in the enrollment work, and realize "double supervision" within the system and the public.

　　At the same time, seriously carry out the re-examination of freshmen’s admission, and resolutely cancel their admission qualifications and deal with them seriously for those freshmen who cheat, cheat in exams, get extra points or attempt to impersonate; Those who register for school will cancel their school status and will not be electronically registered as freshmen; At the same time, cooperate with public security, discipline inspection and supervision departments to find out the truth and investigate the responsibility of relevant personnel according to law and discipline.

　　Many measures in four aspects cover the whole process of the college entrance examination, which makes the cage of the system tighter and makes the candidates feel at ease and practical.

　　Public security organs will open three green channels to serve college entrance examination candidates.

　　Zhang Zuoliang, deputy director of the Public Security Administration of the Ministry of Public Security, recently introduced that during the college entrance examination this year, the public security organs will open three green channels to serve candidates:

　　First, the green channel for resident ID cards. Candidates who need to be expedited and have their ID cards renewed will be given priority in acceptance, certification and delivery. At present, this work has been implemented, and more than 32,000 identity cards have been urgently processed for college entrance examination candidates.

　　The second is the green channel for nursing examination. During the college entrance examination, local police officers on duty will provide emergency access facilities for candidates who forget to bring their ID cards, admission tickets, encounter traffic jams and other difficulties, and help candidates arrive at the examination room on time.

　　The third is to rescue the green channel. The police on duty will quickly send police and deal with the vehicles that have broken down and traffic accidents, and help contact the vehicles to transfer students if necessary.

　　Candidates for the college entrance examination in some parts of China can make an online reservation for the candidates’ car.

　　According to Xinhua News Agency, Gaode Map is currently launching the "examinee car" service in many cities such as Beijing. Candidates for the college entrance examination can make an appointment directly online. After the appointment is successful, candidates can enjoy free one-to-one and peer-to-peer delivery and acceptance services during the college entrance examination.

　　At present, love motorcades in Beijing, Chongqing, Wuhan, Xuzhou, Lianyungang, Zhengzhou, Qinhuangdao, Zhangjiakou, Jiujiang and other cities have settled in the "examinee car". The team has asked all the team members to check the condition of the car before sending it, communicate with the reserved candidates and survey the route in advance.

　　In the aspect of epidemic prevention, in order to ensure health, drivers are required to measure their body temperature before leaving the car every day, wear masks all the time, be ventilated frequently, and be disinfected immediately after completing each pick-up task.

　　Experts advise college entrance examination students to improve their immunity. Don’t be greedy and blindly tonic.

　　As the college entrance examination approaches, how to scientifically improve the immunity of college entrance examination students is a concern of many parents. Nutrition and health care experts remind parents not to give their children too much greasy food, and not to supplement candidates with too much protein and fatty food. Diet should be light.

　　At the same time, when the weather is hot, it is not recommended for college entrance examination students to eat too much cold drinks and carbonated drinks, not to be greedy for cold food and not to eat too much at dinner, so as not to increase the burden on the digestive system of candidates and affect their sleep.

　　Don’t give too many supplements and health products to college entrance examination students, so as not to cause overnutrition and increase the burden on liver and kidney. In addition to ensuring comprehensive nutrition and regular diet, candidates should be encouraged to adhere to moderate exercise and improve their immunity. (Compilation/Wang Ying)

186 million dollars in 3 years! Why did the Lakers renew Davis’ contract in advance with a super maximum salary？

Anthony davis signed a three-year, $186 million contract with the Lakers. After reaching this contract, Davis’ contract will expire in the summer of 2028, with a total value of more than $270 million. The average annual renewal contract is $62 million, which is the highest in NBA history, higher than Jaylen Brown’s new contract, which is $304 million in five years and $60.8 million in an average year. If Davis keeps playing 60 games every season, his average salary will exceed $1 million during the renewal period.

Why did the Lakers renew Davis’ contract in advance?

In the regular season of 2022-23, Davis averaged 34 minutes per game, scoring 25.9 points, 12.5 rebounds, 2.6 assists, 1.1 steals and 2.0 blocks.

The record of averaging 25 points, 10 rebounds and 2 blocks in a single season is the third player in the history of the Lakers to achieve this achievement, second only to Shaq O ‘Neal and Tiangou Jabbar.

Davis has averaged 24.6 points, 10.1 rebounds and 2.1 blocks per game since his Lakers career. He has a championship and two All-Stars, and has the best lineup and the best defensive lineup.

Pelinka, the general manager of the Lakers, thinks that Davis is the best player in the Lakers, an incredible captain and leader, and the main reason why the Lakers can win the championship in 2020. At the same time, in order to make the team enter the Western Conference finals last season, he is willing to continue playing with a foot injury. Therefore, Pelinka naturally hopes that Davis can stay with the Lakers.

As a two-way business alliance, if one side of the team fails to provide a suitable offer for contract renewal, the players with outstanding performance may naturally jump out of the contract to exert pressure, and it may be even more difficult to renew the contract without paying the maximum salary in advance. And considering that James is 39 years old, Davis’ early contract renewal can cover the rest of James’ career. In addition, Davis will consider his own injuries, and the benefits of renewing the contract in advance definitely outweigh the disadvantages.

So naturally Davis can renew his contract in advance during the offseason.

After renewing Davis’ contract in advance, the Lakers’ transactions since the offseason are as follows: renewing Davis’ contract in advance, renewing Russell’s contract, eight village bases and Reeves’ contract, and signing Vincent, Prince, Reddish and Hayes. During the offseason, we don’t make drastic changes to the team’s personnel list, keep the Western Conference lineup, win practical players, and make the lineup more reasonable.

The operation of the Lakers in the offseason is really commendable. To what extent do you think the Lakers’ record will be next season? Did you win the championship, win the Western Conference, have a second tour, have a first tour, or failed to enter the playoffs?

Leeds United manager picked up a 5-pound note and handed it to the fourth official. After being rejected, he put it in his pocket for heated discussion.

In the 37th round of Premier League, West Ham played against Leeds United at home. In this crucial battle of relegation, there was an interesting scene: Leeds United coach Al Daisy found a note worth 5 pounds on the sidelines, and he did not hesitate to give it to the fourth official beside him with a smile. Unfortunately, the other party refused to accept this gift. Seeing this scene, Al Daisy was still smiling, and like a wild crane, he put the 5-pound note into his pocket. This move seems to be a reappearance of the old tradition, which makes people laugh.

In the 37th round of the Premier League, Leeds United team was challenged by two powerful teams, West Ham and Tottenham, which means a life-and-death relegation battle for Leeds United. Victory or failure will have a far-reaching impact on the team’s fate. It is at this critical moment that Leeds United coach Al Daisy has become a key figure with high hopes from fans. His rich coaching experience and deep understanding of the Premier League have given the team more opportunities and advantages in this life-and-death battle. As a seasoned football coach, Al-Daisy plays a particularly important role in the team. He plays a leader who guides and leads the team forward. Through his accurate analysis of the game and tactical deployment, Leeds United will give full play to its own strength and proud team spirit in this key battle, and inject a shot in the arm for the team’s relegation road.

In the 37th round of the Premier League, Leeds United faced double challenges from West Ham and Tottenham. For Leeds United, this means that they must seize every opportunity to score goals and strive to stay ahead in the life-and-death relegation battle. In the 17th minute, Leeds United finally got their chance. Mckenney’s foul ball went into the penalty area, and Rodrigo seized the opportunity to blast his opponent’s goal with a volley, winning an important goal for Leeds United, giving them a 1-0 lead. This goal not only shows Rodrigo’s excellent shooting, but also highlights the team’s spirit of cooperation and tactical cooperation, which makes Leeds United fans feel relieved and injects a booster into the team’s relegation road.

Al-Daisy paced back and forth on the sidelines, and suddenly he found a golden piece of paper shining near the sidelines. He quickly took a step and bent down to pick it up. The paper money has a peculiar smell of ink, which makes people can’t help smelling it again and again. When Al Daisy found that it was a banknote with a high denomination, he began to search for ways to spend this wealth around him and put it in his pocket with a little pride.

Al Daisy is over 70 years old. He smiled and handed a 5-pound note to the substitute referee who was in charge of placarding on the sidelines, as a thank you for their hard work, as well as encouragement and support. The front and back of the paper money are clearly visible, with exquisite patterns and profound meanings printed on it, which reflects the British culture and historical background. However, the grim-faced 4th official unceremoniously pushed Al Daisy away, as if everything he did was regarded as nothing. Al Daisy was embarrassed and helpless. He didn’t expect such a reaction, but he firmly believed that kindness and honesty would be rewarded and recognized.

Al Daisy returned to the sidelines, with an embarrassed smile on his face and turned to leave. He held a 5-pound note in his hand and handed it to the teaching assistant beside him with emotion. He never thought that the teaching assistant didn’t accept it. Ale Daisy ‘s heart sank slightly, the smile on his face solidified, and he looked puzzled. But he didn’t give up. He turned and walked over to another substitute referee who was in charge of the sideline, trying to hand him this note as a thank-you and support for their hard work. But it was rejected, making Al Daisy even more helpless. He can’t help but wonder whether these officials really understand and recognize his enthusiasm and sincerity. However, Al Daisy still firmly believes in his kindness and integrity, and believes that those excellent qualities will always be rewarded and recognized. Therefore, he walked into the field silently, full of love and trust in his heart, and full of confidence and courage even when he was coldly and misunderstood.

Al-Daisy returned to the sidelines, smiled awkwardly, and handed the 5-pound bill to the teaching assistant beside him with emotion, but was unexpectedly rejected. He didn’t give up, and when he tried to ask another substitute referee who was in charge of the sidelines, he was also rejected. Al Daisy ‘s heart sank slightly, and his face was puzzled. He began to wonder whether officials really understood his enthusiasm and sincerity. In any case, this paper money represents his gratitude and support for his hard work in this competition, so he put it in his wallet, expecting to get due reward and recognition in the future. Al-Daisy turned away with a little depressed expression, just like the fleeting attack, which made the coach who came to comfort him in a hurry feel a little distressed. He raised his head, reached for the 5-pound note and handed it to the teaching assistant beside him, silently expecting the other person’s approval, but it was rejected. He tried to pass the money to another substitute referee on the sidelines to express his gratitude to the referees for their hard work, but it was also in vain. Al Daisy ‘s brow wrinkled, and he began to wonder whether those officials really understood his enthusiasm and sincerity. However, this 5-pound note still represents his devotion and efforts to the game, so he gently put it into his pocket.

When Al Daisy left the stadium, he smiled and leaned over to pick up a 5-pound note scattered on the grass. At this time, there are no spectators and players on the field, and this scene seems a bit funny. He held the money in his hand and was deeply moved. This banknote represents his deep love for this Premier League game, and it is also his firm belief and investment in football. He seems to be deeply moved by this seemingly insignificant bill, which is a precious wealth for him. He stroked the bill gently, his eyes soft and focused. At this moment, he seems to have projected his soul on this banknote. In his eyes, this paper money represents a value beyond money. The weight of coins has long been surpassed and changed in his heart, and it has become a deep gratitude and support. This game, he has passed the young and impulsive age, but his inner love for football and passion for the game are still so strong. He put the bill in his pocket, as if it were a precious stone. This banknote will accompany him and witness his unremitting pursuit and investment in football.

Some media made fun of the fact that Al Daisy picked up the 5-pound note during the competition. ESPN, for example, joked that Al Daisy was trying to buy off the referee with money, but was firmly rejected. SPORTbible, the account for playing stalk, used a pun. They said that Al Daisy picked up the money, but it was rejected by the fourth official, so he quickly put it in his pocket. This is an old tradition. In fact, this ironic statement implies a meaning that in the past case of English coach Sam, he was dismissed after just 67 days because of his behavior of allegedly trading power and money with a third party. In this way, these media seem to imply that Al-Daisy ‘s behavior may be inappropriate and needs to be sufficiently vigilant.

In this relegation battle between West Ham and Leeds United, Leeds United coach Al Daisy found a 5-pound note and became the focus. Al Daisy handed the money to the fourth official, but the other party refused to accept it, so he put his wallet in his pocket again. Some media hinted at the impropriety of Al-Daisy ‘s behavior by teasing, so there was a lot of discussion in the football circle for a while.

Sun Yingsha regrets losing, Liu Guoliang warms her heart and comforts her, and Chen Meng’s return to the state of full blood is completely different.

Chen Meng state regression

Chen Meng and Sun Yingsha have played twice in the last six months, namely, the finals of Xinxiang World Cup in October 2022 and the semi-finals of Xinxiang Championship in 2023. Sun Yingsha defeated Chen Meng twice. In the Xinxiang Championship a week ago, Sun Yingsha swept Chen Meng in straight sets. During the competition, Sun Yingsha completely suppressed Chen Meng, hardly giving her opponent any breathing space. Sun Yingsha’s state is too good.

Coming to the Macau Championship, Sun Yingsha and Chen Meng met again in the semi-final. Before the start of the game, Mi Gu explained that Hou Yingchao said that this game should not present a one-sided situation, and it will definitely be a fierce confrontation. Hou Yingchao was only half right, and the game was fierce enough, but the result was still one-sided. Only the winner this time is Chen Meng.

Sun Yingsha actually took the initiative in the first game, but Chen Meng was in a brave state and could compete with Sun Yingsha for speed and strength. In the first game, Sun Yingsha got the game point at 10-9, but Chen Meng made a determined effort to save the match point quickly and stubbornly. After that, the two sides fought against each other in multiple boards, and it was not until 15-14 that the winner was decided.

Chen Meng’s confidence increased greatly after winning the first game, and he played even better in the next three games. Sun Yingsha is a little worried, and the whole person’s state is not so excited. Sun Yingsha actually thought of many ways, but Chen Meng really showed impeccable performance, which could resolve Sun Yingsha’s changes in serving and attacking. Chen Meng won the next three games with 11-6, 11-8 and 11-9 respectively.

After the game, Chen Meng concluded that I really didn’t expect to win the game with a score of 4-0. Recently, Sasha’s state is very good. Today, I am holding the mentality that I can win one more point. Before the game, I just wanted to win the next game. Sasha may have entered the finals in a row recently, and she is a little tired. I hope I can continue to enjoy such a good stage, show myself more and do my best in the competition.

Chen Meng was right. She put down her posture and attacked her opponent, which really mobilized her to play better. Sun Yingsha may be physically tired and didn’t play her own thing in this game. To tell the truth, Chen Meng really played well in this game. I would also like to congratulate Chen Meng on his qualification to win the championship in the final.

After Sun Yingsha lost the game, Liu Guoliang, chairman of table tennis, found Sasha in particular and said something to her with a smile. It should be some encouragement for Sasha. Sun Yingsha’s progress is obvious to all, and Liu Guoliang also pays special attention to Sasha. No matter who wins the civil war of Guoping Jinhua, it is the pride of Guoping, so Liu Guoliang is in a very good mood. Satisfied with Chen Meng’s performance, and satisfied with Sasha’s performance.

The national table tennis women’s team is very strong, almost every competition will win the semi-finals and never let the champion fall behind. It doesn’t matter if Sun Yingsha loses. The Durban World Table Tennis Championships will be a stage for you to show your strength. The women’s singles final of the Macau Championship will start at 18: 00 pm on April 23rd. I look forward to the wonderful performance of Chen Meng and Manyu Wang, who will also stage the classic confrontation picture of the final of the 2021 World Table Tennis Championships in Houston. Come on!

Original article, welcome to pay attention to comments.

Artificial intelligence replaces manual labor, uses machine learning to carry out scientific research and match the best alloy!

A large group of researchers found that machine learning can be used to help metallurgists find the best metal mixture to make the required alloys. In this way, they found an alloy with a thermal coefficient lower than that currently recorded.

The research was carried out by scientists from Max Planck Institute for Iron Research, who cooperated with colleagues from darmstadt University of Technology, Delft University of Technology and Royal Institute of Technology.

For thousands of years, people have been mixing metals according to their own needs and learned a lot about alloy manufacturing. But finding the right combination always requires some inspiration, patience and luck.

Therefore, most alloys are made from a single base metal (such as iron), and the obtained characteristics are observed by adding a small amount of other metals.

However, in the past few decades, the situation has begun to change-some researchers have begun to make alloys containing several metals in equal parts.

Of course, it is much more difficult to make this alloy with specified characteristics. In this new work, researchers apply machine learning to help this process. They first reduced the test space to only one application-making alloys that will not expand and contract too much when exposed to temperature changes.

In order to create a machine learning application, researchers searched and found metal features that can be used for comparison purposes, and then trained their systems using the information in the currently available databases. In the process, they developed a process to find an alloy suitable for the required goal.

The team’s process was reduced to three main steps: First, they created a new mixture using a model based on information stored in a database describing metal characteristics. Then, they use the second model to help predict the properties of some alloys they created in the first step. The last step is to study the candidate alloys produced by the system and select some of them for practical testing.

Using this system, the researchers obtained 1000 candidates, which were narrowed down to three alloys. Then, they made three kinds of alloys using the mixture described in the system and tested their physical properties.

The team used data from real alloys to train the system and repeated the whole process. They chased it for seven times and found an alloy with a thermal coefficient lower than the current record.

In their paper published in the journal Science, the team described their three-step process and its performance in the test. Scientists from the Institute of Metals, Chinese Academy of Sciences published an article on the prospect in the same issue, describing the work done by the team on this new project.

Reference: https://techxplore.com/news/2022-10-machine-optimal-mixture-metals-desired.html.

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