分类： dd

On May 31, the Securities Supervision Commission said that it had recently made an administrative penalty decision on Hengda Real Estate’s bond fraud issuance and information disclosure violations according to law, ordered Hengda Real Estate to correct, gave a warning and fined 4.175 billion yuan, and imposed a top fine of 47 million yuan on the then chairperson and actual controller of Hengda Real Estate.

This time, the Securities Supervision Commission punished Hengda Real Estate’s fraudulent issuance of bonds according to 20% of the proceeds raised, and imposed a maximum fine on its information disclosure violations. This is the strictest measure since the unified law enforcement of the bond market. It not only punishes financial fraud severely according to the law, but also fully considers the scale of Hengda Real Estate bonds and the overall work of "guaranteeing the delivery of housing", and insists on the unity of political, social and legal effects. At the same time, the Securities Supervision Commission is promoting the investigation of relevant intermediaries.

Inflated revenue and profits, inExchange market fraud

The Securities Supervision Commission found that from 2019 to 2020, Evergrande Real Estate inflated its income and profits by recognizing its income in advance, resulting in fraudulent issuance of bonds publicly issued in the exchange market, and the relevant annual reports disclosed contained false records. At the same time, Evergrande Real Estate also failed to disclose regular reports on time, failed to disclose major litigation and arbitration as required, and failed to disclose due debts as required.

Securities Supervision Commission administrative penalty decision shows that the punishment involves Xu Jiayin and many other Hengda real estate executives at that time.

In terms of the amount involved, the penalty decision found that in 2019 Hengda Real Estate implemented financial fraud by confirming income in advance, and the false income was 2139.89 billion yuan, accounting for 50.14% of the current operating income, corresponding to the false cost of 173.267 billion yuan, false profit 40.722 billion yuan, accounting for 63.31% of the total profit of the current period.

In 2020, the inflated income was 350.157 billion yuan, accounting for 78.54% of the current operating income, corresponding to 2988.68 billion yuan of inflated costs and 51.289 billion yuan of inflated profits, accounting for 86.88% of the current total profit.

Due to the fact that the relevant data of the 2019 and 2020 annual reports with false records were quoted in the issuance documents announced during the issuance of the above bonds, Evergrande Real Estate fraudulently issued 20.80 billion yuan of bonds from May 2020 to April 2021.

In addition, Evergrande Real Estate failed to disclose the 2021 annual report, 2022 interim report and 2022 annual report on schedule, failed to disclose the situation of major litigation and arbitration as required, and failed to disclose the situation of failing to pay off due debts as required.

The penalty decision shows that as of August 31, 2023, Hengda Real Estate has not disclosed a total of 1533 major litigation and arbitration matters (the amount involved 50 million or more) in a timely manner as required since January 1, 2020, and the amount involved is 431.259 billion yuan.

As of August 31, 2023, Hengda Real Estate has failed to pay off 2,983 maturing debts in a timely manner since January 1, 2021, involving an amount of 2785.31 billion yuan.

Hengda Real Estate’s financial fraud is integratedtransformadvance, Xu Jiayin is to blame

In terms of wording, the punishment decision used terms such as "the means were particularly bad and the circumstances were particularly serious" for Xu Jiayin, the then chairperson. In view of Xu Jiayin’s decision and organization of financial fraud, the means were particularly bad and the circumstances were particularly serious. In accordance with the "Securities Law" and other relevant provisions, Xu Jiayin was banned from the securities market for life.

The Securities Supervision Commission stated that the evidence in the case is sufficient to prove that Xu Jiayin, as the chairperson and actual controller of Evergrande Real Estate, arranged and organized financial fraud, such as asking for the adjusted income level of operating indicators and deciding what index data to use. These related matters are all important components of the financial fraud process, which directly led to the illegal acts of fraudulent issuance and false records in Evergrande Real Estate. Accordingly, the Securities Supervision Commission determined that it made decisions and organized the implementation of financial fraud, and took responsibility for fraudulent issuance and false records in annual reports.

"In addition to failing to fulfill his duty of diligence as chairperson of Evergrande Real Estate, Xu Jiayin used the control of the actual controller over the company to instruct relevant personnel to commit financial fraud," the penalty decision states.

The Securities Supervision Commission believes that the evidence in the case proves that the financial fraud of Hengda Real Estate is the cooperation of the relevant functional areas of business of the company, the company headquarters and the project company are promoted as a whole, and the means of fabricating important facts such as modifying and adjusting the delivery list of the year and modifying the delivery time of the Mingyuan system are taken. It involves a wide range and a large amount of fraud. These matters have obviously exceeded the scope of duties and performance procedures that the chairperson can organize and implement.

Hengda Real Estate Bond Fraudulent Issuance and False Records in Annual Reportsnot exceededstatute of limitations

Xu Jiayin stated in his defense opinion that Hengda Real Estate’s illegal behavior has exceeded the time limit for administrative punishment and should not be subject to administrative punishment, and the audit institution should be held responsible.

In this regard, the Securities Supervision Commission believes that the "Administrative Punishment Law" stipulates that if the illegal act is not discovered within two years, no administrative penalty will be imposed, unless the law provides otherwise. As long as the clues of the illegal act have entered the field of vision of the competent authority, the illegal act should be determined to be "discovered".

In August 2021, Hengda Real Estate risk broke out. In December 2021, relevant departments organized accounting firms to conduct an asset inventory special project audit of Hengda Group. In March 2022, the audit found that Hengda Real Estate was suspected of violations such as early recognition of income. Therefore, the illegal acts involved in the case were discovered by the competent authorities no later than March 2022.

Evergrande Real Estate disclosed its 2019 and 2020 annual reports in April 2020 and April 2021 respectively. At the same time, the issuance time of the five bonds of 20 Evergrande 02, 20 Evergrande 03, 20 Evergrande 04, 20 Evergrande 05, and 21 Evergrande 01 was not earlier than May 26, 2020, and the time of discovery was not more than 2 years from March 2022. The responsible personnel in this case participated in the preparation of false data and reports or signed the corresponding reports and documents, and did not exceed the 2-year time limit for administrative penalties.

In summary, Hengda Real Estate disclosed false records in the 2019 and 2020 annual reports and the illegal issuance of fraudulent bonds of public distribution companies are within the time limit for administrative penalties.

Beijing News Shell Financial Reporter, Zhang Xiaochong, Editor, Chen Li, Proofreader, Lucy

Netcom interview During the 2023 Chengdu Auto Show, in an exclusive interview with Netcom News Agency, Bach, deputy general manager of Geely Automobile Sales Company and general manager of Galaxy Business Unit, said that the E8 is Galaxy’s first pure electric product, and he hopes that the vehicle can become Galaxy’s pure electric flagship masterpiece. As time progresses, the E8 is planned to be released in the fourth quarter and deliveries will start within the year.

Netcom: What are the highlights of Geely’s booth this year?

Bach:Geely brought all the family to the exhibition, including the Galaxy Light concept car, Galaxy L7, Galaxy L6 and other Galaxy series; China Star, Emgrand, and Planet and other auspicious star series; Panda mini, Geometric E Firefly and other geometric series were on display; there was also a new generation of Raytheon 8848 technology display. The biggest highlight this time is the pre-sale of Geely Galaxy L6 released today on the booth.

Netcom: Geely Galaxy L7 has become one of the best-selling hybrid models within 200,000 yuan since its launch. Galaxy is a new mid-to-high-end new energy series launched by Geely brand. Its first product, L7, is placed in the 150,000-class electric hybrid SUV market that has been dominated by the first movers. What do you think are the reasons behind it?

Bach:For many reasons, first of all, the domestic market has a large hybrid market, and this year there is a relatively large outbreak. The first half of the data is probably more than 90% growth space, so thanks to such a day.

In addition, we have relatively solid product fundamentals. On the one hand, our Raytheon electric hybrid technology, such as Raytheon three-speed variable frequency electric drive and mass-produced engine with peak thermal efficiency, allows electric hybrid products to achieve more extreme performance in terms of energy saving and performance. Another example is our battery quality, the Aegis battery safety system equipped with Geely Galaxy L7, which conducts more than 100 battery pack-level basic tests based on full-scenario extreme operating conditions, 80 more than the national standard, and the safety quality has passed the rigorous tests of many industry authorities.

On the other hand, Geely Galaxy L7 has also inherited Geely’s long-standing excellent product genes, including chassis and vehicle safety.

In addition, on this basis, we have also equipped this product with some of our internal features called charm configuration, such as some functions related to smart cockpit, such as pampering the co-pilot, multi-screen linkage, etc., which are now popular among young consumers.

So in general, on the one hand, the overall growth of the big environment is relatively good, and on the other hand, the products are specially developed and designed for the hybrid market. Combining these two aspects, coupled with Geely Automobile Group’s early strategic layout and deep technical investment in the new energy field, it has now built a complete set of strict intelligent electric vehicle industry chain system, covering from three electricity, chip, intelligent architecture, to intelligent cockpit, intelligent driving, intelligent computing center, to production and manufacturing, battery recycling and other technical fields. There have been more than 3,500 patented technologies in the new energy field, providing a strong technical guarantee for building safer new energy vehicles.

Net News Agency: You also mentioned that the Galaxy L6 starts pre-sale today. In fact, the competition in this segment is still very fierce. In this context, what are your expectations for it, and what are its competitive advantages compared to similar products?

Bach:L6 is the most intense A-class sedan market in China, so I think you must have real product strength in this field.

On the one hand, it inherits the family factors, hybrid system, 3DHT, and battery, including architecture, chassis, and our basic product mechanical qualities. In addition, we also carry the 8155 chip, and Galaxy’s operating system, including the AI big model we have introduced now, can do voice conversations outside the car, which makes Geely Galaxy series cars, including L6, have many new and different ways to play. That is, what I just said, the basic quality of the product and the charm configuration can be combined in this product.

At the same time, the L6 product, in this field, can achieve both power and energy saving, both maneuverability and comfort, which is relatively rare.

Netcom News Agency: In the past 5 months from Galaxy’s official announcement to the present, there are only 2 products, and the sales performance is good. In addition to sales, what progress has been made in channel construction? And has the sales performance met the original expectations?

Bach:First, we have created a new channel ecosystem of compound franchise authorization for the Galaxy series, with "a new channel ecosystem, a new service standard, and a new user experience", striving to "satisfy users" as the standard of Geely Galaxy. At present, our Galaxy stores across the country have reached more than 400, and it is expected to reach 650-700 by the end of the year. This scale has basically covered the vast majority of consumer areas. Even if there are more than 400 now, most consumers can buy cars nearby.

Second, we have also realized the model of online and offline channel linkage. Based on the digital empowerment of Xingrui Smart Computing Center, Geely Galaxy stores have created a "digital exhibition hall" to connect the full link of user car purchase by digital means, so as to achieve double improvement of service efficiency and user experience. Users can skip the annoying bargaining link, directly place an order through the online payment platform, and visually track the status of the vehicle anytime, anywhere; furthermore, the details are more attentive. For example, when users book a test drive through the Geely Galaxy APP, even the drinks they want to drink that day can be selected online and enjoyed directly at the store.

Continuously strengthening service quality and service quality, that is, the service level of national channels is also moving towards a new level, so relatively speaking, there is still considerable progress in these aspects.

Going purely online, users can directly place orders online, including reservations, including delivery, all of which can be fully reflected in our online.

Network News Agency: A few days ago, the Galaxy E8 has also seen some voices. Users have very high expectations for this car. Let’s briefly introduce the positioning of this car and what product advantages it will have after it goes on sale.

Bach:It is not convenient to disclose too much information now. I will pick some core points. The length of this car is more than 5 meters, which is based on the SEA architecture. In addition, in the cockpit, we now directly release a 45-inch, 8K high definition smart screen to you, which will carry more car applications in the future.

E8 is Galaxy’s first pure electric product, and we hope it can become Galaxy’s pure electric flagship masterpiece. As time goes by, we will meet users one after another in the fourth quarter, and finally go on the market and achieve delivery within the year.

Netcom: In the past two years, users have been considering an increasingly high proportion of intelligent driving when choosing a car. What do you think of this issue and Geely’s layout in this area?

Bach:Geely invested relatively early in intelligent driving, and invested relatively high in these traditional manufacturers in China. This ability at the L2 level is available. Later, we will also target the related capabilities of NOA, and continue to launch corresponding products through the superposition of products. There will also be product plans in the future, and NOA will also meet with users during the year. In this regard, including the L6, L7, and E8 mentioned just now, NOA will eventually be available.

In addition, most of Geely’s layout in this area is self-researched, which is actually Geely’s long-term layout, including our low-orbit satellites to provide high-precision positioning for future mobile travel. Therefore, the technological achievements of smart Geely 2025 will gradually be landed and empowered on Galaxy products.

Network News Agency: This year’s intelligent driving has been very popular, but Geely may not have performed so well in terms of the overall model price.

Bach:We can pull out some space to give the user experience. So this is also a process of gradual adaptation. People who choose new energy products in the early stage will pay more attention to smart cockpit and smart driving, but now in fact, new energy products have reached a stage of popularization. When they are popularized to the vast majority of users, they may not care much about smart cockpit or smart driving at the beginning, but as time goes by, he will find that this thing is easy to use and convenient for it, so the popularity rate will gradually increase.

NEWS: This year, the new energy penetration rate in the automotive market has approached 30%, and it is likely to reach 35% or even higher in the second half of the year. At present, Geely’s new energy sales are not rising month-on-month in the past few months. What do you think of Geely’s overall performance in the new energy market and Geely’s follow-up plans for the whole?

Bach:In the first half of the year, Geely’s overall new energy sales were nearly 200,000, and there were about 40,000 sales in July. In the field of new energy, as far as the Geely brand is concerned, we now have two major new energy pillars, Galaxy and Geometry. Geometry is biased towards popular pure electric products. Galaxy’s mid-to-high-end new energy products, especially the first two products of our Galaxy are mainly hybrid, and then the following products are mainly pure electric, and the overall layout is relatively perfect. Therefore, whether it is from low to high, or from hybrid to pure electric, Geely has been in the horizontal and vertical layout, which can gradually be reflected in our sales.

(Photo/text, Mao Kaiyue)

BYD Tangchun Electric Edition is priced at 139,900 yuan, and the specific configuration is as follows:

1. In terms of appearance, the overall shape of BYD Tang draws lessons from the design of S7. The front part of BYD Tang adopts large-size chrome-plated decoration and black honeycomb air intake grille, and the lower grille is designed with a big mouth. At the same time, it is equipped with personalized headlights with LED daytime running lights and brand-new multi-frame wheels, which makes the overall style more sporty.

2. In terms of power, BYD Tang is equipped with a 2.0TI turbocharged engine with a maximum torque of 320Nm and a high-power motor. The transmission system is matched with a 6-speed wet dual-clutch gearbox;

3. It only takes 4.9 seconds for the car to accelerate from standstill to 100km/h, and the maximum driving distance in pure electric mode is about 70 km.

　　You can also pay for brushing your eyes, unmanned vehicles run out of the street, and robots parking service.

New Internet technologies began to flock to Wuzhen.

　　Yesterday, the third world internet conference Internet Light Expo opened in Wuzhen. More than 310 Internet companies at home and abroad have brought a number of new Internet technologies and achievements that are the most advanced and cutting-edge in the world.

　　Ma Yun also arrived in Wuzhen yesterday evening. He "bought some cakes and then walked into a private restaurant". This time, he brought new technologies such as urban data brain, artificial intelligence ET, and face-scanning payment.

　　Baidu unmanned vehicles have also started to operate dynamically in Wuzhen in the past few days.

　　Hikvision’s intelligent parking robot, which is being put into trial operation in Wuzhen, also appeared at yesterday’s Internet Light Expo.

　　More and more Internet technologies are being fermented in Wuzhen.

　　Ma Yun brings new payment technology.

　　Previously, Alibaba had launched "brush face payment", but at this Internet conference, Alibaba brought "brush eye payment".

　　"Brush eye payment" is a "black technology" based on eye pattern recognition technology, which attracted the media’s enthusiasm and attention on the spot. As long as the user stares at the smartphone camera and turns his eyes to both sides, the software will be able to analyze the distribution map of eyeball blood vessels in the photos taken by the camera and establish unique ID data for the user.

　　"Eye white texture, like fingerprints, has become the password for payment. The software accuracy rate of this pure biotechnology can reach 99.99%, which is more economical and convenient than iris and fingerprint sensors." On-site related personnel introduced.

　　Tang Liang, the activity development and operation department of Alibaba Group, said that at this Internet conference, they also brought new technologies such as urban data brain, artificial intelligence ET and face-scanning payment technology.

　　Baidu unmanned vehicle is on the road.

　　Remember the driverless car that showed up at the world internet conference last year? Last year, with many doubts, this year has begun to "run."

　　Different from last year, Baidu unmanned vehicles will be operated on the real urban roads in Wuzhen. It is understood that before the opening of this Internet conference, Nokia Internet of Vehicles built a base station in the extension of midnight road in Wuzhen, and Baidu driverless car conducted a road test in the extension of midnight road.

　　This also means that the cooperation between the Internet town Wuzhen and Baidu to build the world’s first unmanned vehicle operation scenic spot has gradually matured.

　　According to reports, in the demonstration car on this "fully transparent" road, you can see that the mobile phone terminal or vehicle terminal perfectly realizes the map navigation application combined with real-time traffic video, and the full-motion video switches rapidly with the change of vehicle position. Travelers can not only get daily road information on navigation, but also click on the screen to directly check the real-time road conditions and make travel arrangements in advance in a more intuitive way.

In modern society, "intelligence" seems like a false word. Many products that clearly advocate human-computer communication under the banner of intelligence will be embarrassed when they are actually used, but they will take you to McDonald’s, but they will take you to the cinema.

For example, a smart speaker in my house, I called it to play a popular song that young people like, but it played me a good luck …

Nowadays, many car companies also want to March into the field of intelligence, but in the end, it is "much cry and little rain", thinking that just installing a big screen on the car, plus a slightly retarded voice communication system and some irrelevant driving assistance is an intelligent car.

Stop it,Smart speaker+smart computer+low-level assisted driving ≠ smart car.

If you want me to say, to really understand smart cars, it is better to look at this car company-Changan Automobile. Although Changan Automobile currently holds more than 100 intelligent black technology technologies in three categories: intelligent interconnection, intelligent interaction and intelligent driving, it is not as simple as eating the cover in one car and going up to the fifth floor at one breath. If you want to find out, it is better to start with this year’s Guangzhou Auto Show.

At the 2018 Guangzhou Auto Show, Changan Automobile unveiled its latest smart SUV, which attracted a lot of attention. What is the charm of this car and Changan Automobile?

　

Killer 1: APA 4.0 parking service system that makes parking like playing a remote control car.

You know, the car we drive is not a remote-controlled car, and now the urban road situation is becoming more and more complicated. For every novice, parking is always their biggest headache. Even the old drivers who have been through the battlefield, I believe they want to shout "I won’t coach!" When they encounter complicated parking environment.

As the gospel to save the "parking difficulty", one-click parking has increasingly become a parking artifact that everyone relies on, and major manufacturers are also happy to carry this technology on their new cars and attract consumers’ attention as a gimmick.

　

The APA4.0 parking service system carried by Changan CS85 can realize the functions of actively searching parking spaces, one-button parking inside the car and remote parking outside the car, and is suitable for horizontal parking, vertical parking, diagonal parking and horizontal parking.

As long as the vehicle is close to the parking space, APA4.0 parking service system will turn on the parking space identification, and when the parking space is detected, the intelligent steering wheel will be turned on. The driver only needs to switch gears according to the instructions, and the car can be easily sent to the garage like a child playing with a remote control car. You know, this core technology of autonomous driving has already been launched in Chang ‘an New CS75 at the Beijing Auto Show in April.

Killer 2: IACC integrated adaptive cruise reaching L2 autopilot level.

"Intelligence" is not only "wisdom", but also reflects whether a car is "alert" in parking, and automatic driving assistance also needs to be fully armed.

As the backbone of the ranks of independent brands, Changan Automobile naturally lags behind others. The IACC integrated adaptive cruise carried by CS85 includes many intelligent driving functions, which can cope with a variety of car scenes. This system has already been carried on changan CS55 to meet consumers.

　

With the cooperation of ICA one-lane intelligent assisted driving, TJA traffic jam assistance system and other configurations, CS85 can automatically extend the middle of the lane, and if the road conditions are congested and the markings are unclear, CS85 can also start the automatic car-following driving mode, and make a series of complex behaviors such as intelligently manipulating the steering wheel, automatically slowing down, and recognizing the speed limit of the road, which greatly liberates the driver’s hands and feet and creates a relaxed and pleasant driving atmosphere.

Killer 3: the real "man-vehicle integration" TAI automobile intelligent system

Just like everyone’s requirements for mobile phones, not only high value and high performance, but also certain playability can highlight personality.

The new Tencent TAI car intelligent system can be said to push the playability of CS85 to another height. I believe that if CS85 car owners play their cars thoroughly in the future, they will be more willing to turn their cars into their own "internet addiction places".

　
TAI car intelligent system not only introduces Tencent’s massive advantageous content ecology, such as QQ music, Tencent Radio, etc., but also doesn’t leave behind the IP of online games like the glory of the king, which Wang Dajie’s second son likes to play most.

Another thing that is more enjoyable is that the CS85 LCD instrument panel and the color big screen are not only beautiful, but also can realize intelligent interaction with two screens. For example, information from all directions such as navigation, making phone calls and listening to the radio can be directly mapped from the central control big screen to the instrument panel, which will neither let us miss important information nor affect driving safety because of reading information. It can be said that people and vehicles are truly integrated, intelligent and practical.

　

Create a real smart car

When the intelligence of other car companies still stays in the stage of PPT painting sesame cakes or concept cars, Changan Automobile has put intelligent and practical technology on production models, setting a reference sample for the intelligent development of the automobile industry.

Looking at the whole large and medium-sized SUV market segment, it is really only exclusive to Changan that it can be equipped with two core technologies of autonomous driving and many intelligent interconnected systems at the same time, like Changan CS85.

　
In August this year, Changan Automobile announced the intelligent strategy "Beidou Tian Shu Plan", which clearly described the bright future of automobile intelligence to the general public. (Now, it seems that there is finally a car company that is not just drinking too much and bragging. )

In Changan Automobile’s view, with the upgrading of driving demand, experience has increasingly become the focus of consumers’ attention. Just as the main contradiction in our society has been transformed into the contradiction between the people’s growing need for a better life and the insufficient development of imbalance, consumers need safer, more comfortable, more convenient, communicative and personalized cars to meet the consumption upgrade.

In the future, cars will change from vehicles to large-scale intelligent terminals, and at the same time, new business models featuring "sharing and electrification" are accelerating. It is estimated that by 2020, the proportion of intelligent networked new cars will reach 50%, and by 2025, it will reach more than 90%. The automobile industry will fully enter the era of "no network, no wisdom and no car".

　
Intelligentization is actually a rare opportunity for China brand which started relatively late and has insufficient profitability. Therefore, only by quickly laying out the industrial chain, core technologies and innovating business models can we build an integrated long-term competitive advantage.

It is the opportunity and challenge of intelligent future that gave birth to the Beidou Tian Shu Plan of Changan Automobile. Changan Automobile will provide customers with a "four-hearted" intelligent mobile experience with peace of mind, happiness, intimacy and peace of mind, and create a better travel life.

　
In the field of autonomous driving, Changan Automobile has created a number of firsts: the first to realize the 2000KM unmanned driving test, the first to realize the mass production of the core technology of autonomous driving APA4.0, the first to realize the high-level automatic parking function of APA6.0, the first to realize the mass production of the core technology of autonomous driving IACC, the only China automobile enterprise in China to obtain the road test license of smart cars in China and the United States, the first L4-level autonomous driving public display, and the first to realize the L4-level semi-open park in China.

　
As can be seen from the debut of Changan CS85, Changan Automobile is creating new miracles.

"Shangri-La" plans to make efforts in the field of new energy.

Facing the growing new energy market, Changan Automobile sized up the situation and released the new energy strategy-Shangri-La Plan in 2017.

　
The "Shangri-La Plan" includes four strategic actions: 100 billion actions, 10,000-person R&D, partnership plan and ultimate experience. The goal is to complete the construction of three special platforms for new energy by 2020; By 2025, the traditional fuel vehicles will be completely stopped to realize the electrification of the whole spectrum of products.

By 2025, more than 100 billion yuan will be invested in the whole industrial chain to build an open and win-win industrial ecosystem and create a new energy vehicle with high quality and pleasant experience.
　

Then, Changan Automobile launched brand-new products such as CS75 PHEV, New Benben EV360 and Yidong EV460 non-stop.

At this year’s Guangzhou Auto Show, the first pure electric hatchback sports car, Yidong ET, was unveiled, realizing the full coverage of electrification in the market segment. Within a year, even pushing a variety of new energy vehicles, we can really see Changan Automobile’s determination and courage in the new energy market.

The director has something to say:

For Changan Automobile, CS85 is an important step towards intelligent transformation. Only such car companies that dare to innovate, are good at research and development, and are good at cooperation can truly push China’s automobile industry to the world.

Remember to like it!

　　A few days ago, the State Financial Supervision and Administration announced the "No.1 Order" since its listing — — The Measures for the Administration of Auto Finance Companies was revised and released, and will come into force on August 11th.

　　As a professional financial institution supporting and serving the automobile industry chain, auto finance companies have grown from scratch and played a positive role in promoting China’s automobile consumption, helping to smooth the automobile industry chain and supporting the stability of the macro-economic market.

　　The insiders believe that the release of the new "Measures" after this revision is conducive to further strengthening the supervision of auto finance companies, guiding them to operate in compliance with laws and regulations, and continuing to operate steadily, prompting them to adhere to the functional orientation of specializing in auto consumer credit, continuously improving the quality and efficiency of serving the real economy, and achieving high-quality development.

　　Adapt to market changes

　　An auto financing company refers to a non-bank financial institution established with the approval of the State Financial Supervision and Administration to provide auto financing services. The first professional organization in the industry is SAIC General Motors Finance Co., Ltd., which was established in 2004. The Industry Development Report of China Auto Finance Company (2022) issued by China Banking Association (hereinafter referred to as "Report") shows that by the end of 2022, there were 25 auto finance companies in China, with assets of 989.195 billion yuan, which remained stable on the whole. The balance of retail loans was 785.258 billion yuan, down slightly by 3.51% year-on-year; The balance of inventory wholesale loans was 112.69 billion yuan, up 8.73% year-on-year; The balance of financial leasing was 6.15 billion yuan, an increase of 29.45%.

　　With the development of auto financing company industry, the management measures have undergone three revisions. The first edition was the Administrative Measures for Auto Financing Companies issued by the former CBRC in 2003, and the corresponding implementation rules were also issued in the same year. The second edition is the "Measures for the Administration of Auto Financing Companies" issued by the former CBRC in 2008, which has been significantly revised. The third edition was released after this revision.

　　"In the 15 years after the promulgation and implementation of the original Measures, profound changes have taken place in the domestic automobile industry and automobile consumption market." Ye Huaibin, a researcher at China Bank Research Institute, said. Up to now, China’s automobile production and sales volume has ranked first in the world for 14 consecutive years, the gap between the production and manufacturing of fuel vehicles and the traditional automobile powers has been narrowing, the advantages of the new energy automobile industry are remarkable, and the industry’s "going out" has become a development trend.

　　Moreover, after continuous high growth, the growth rate of urban automobile penetration rate in China has slowed down obviously, and the automobile consumption market has gradually matured, and consumers pay more attention to full-cycle financial services such as automobile maintenance and after-sales.

　　"From the perspective of the industry growth trend, the value chain of the automobile industry is being reshaped, and all links in the automobile industry chain need strong financial support." The person in charge of SAIC General Motors Finance told the reporter. On the one hand, automobile sales are no longer just one-off product sales, but have gradually turned into continuous automobile ecosystem services. After-sales and derivative consumption of automobiles will become the main profit growth points and an important driving force for the sustainable development of the automobile market. Retail customers’ demand for financing has also expanded from single car financing to after-sales, derivative and other car life cycle financing needs. On the other hand, with the deepening of electrification, networking, intelligence and the rise of shared services, new production methods and service methods will introduce more participants into the automobile industry chain and become important members of the supply-side reform of the automobile industry, such as shared automobile operators, after-sales parts manufacturers and service providers, intelligent terminal equipment providers, insurance institutions and after-sales maintenance institutions, which will bring new financing needs.

　　"After these years of development, the position of auto finance companies in the auto finance market has become increasingly stable, and auto finance has become an important part of the financial market." Ye Huaibin told reporters that according to Roland Berger, a management consulting company, in 2022, the share of auto finance companies in the domestic auto finance market was about 41%, which was basically the same as that of commercial banks’ auto finance business with 42%. In addition, there were financial leasing companies accounting for about 17%.

　　The data also shows that the financial penetration rate of China’s new car market has reached 58% in 2022, an increase of 20 percentage points over five years ago; The financial penetration rate of the used car market was 38%, up 13 percentage points from five years ago. "In the face of profound changes in the industry, the implementation of this new regulation is conducive to promoting the high-quality development of the auto finance industry, supporting and expanding auto consumption, and enhancing the international competitiveness of China’s auto industry." Ye Huaibin said.

　　Strengthen standardized supervision

　　From the content point of view, the new Measures are mainly revised in four aspects: strengthening supervision based on risk, adapting to the market demand of high-quality development of automobile industry, strengthening corporate governance and internal control, and implementing the policy of opening to the outside world. "The focus of the revision is to strengthen risk prevention and control and corporate governance." Ye Huaibin believes.

　　In order to guide auto financing companies to focus on their main business, the new regulations cancel the equity investment business. Put forward higher requirements for investors, strengthen shareholders’ support for auto financing companies, appropriately expand the scope of shareholders’ deposits, and cancel the term of time deposits. Risk management requirements have been increased, liquidity risk supervision indicators have been added, and regulations on major emergency reporting, on-site inspection, extended investigation and tripartite talks have been improved.

　　The investor threshold has also been greatly improved in this revision. For example, it is stipulated that the investor of an auto financing company is a non-bank enterprise legal person legally established inside and outside China, and the main investor must be an automobile manufacturing enterprise or a non-bank financial institution. "Automobile sales enterprises are no longer among the major investors." Hu Wubin, the founding partner of Shaanxi Andexin Commercial Vehicle Service Co., Ltd., told the reporter.

　　In addition, detailed requirements are made on what conditions non-financial institutions and non-bank financial institutions should have as investors of auto finance companies. For example, if a non-financial institution is required to be the controlling shareholder, its net assets must be no less than 40% of the total assets at the end of the last fiscal year, and it has been profitable continuously for the last three fiscal years.

　　At the same time, at least one investor of an auto financing company should have more than five years of rich experience in auto consumer credit business management and risk control, or introduce a qualified professional management team for the auto financing company, including at least one senior manager with rich experience in auto finance and one risk management professional.

　　"The requirements for the strength of investors and business areas are obviously stricter than before the revision, which reflects the prudent supervision attitude of risks, which is conducive to the steady development of auto finance companies themselves and to their real role in supporting the auto industry." Hu Wubin believes.

　　The new Measures also add requirements for corporate governance and internal control, focusing on the regulatory requirements for equity management, "three meetings and one floor", related party transactions, information disclosure, consumer rights protection, internal and external auditing and information systems, and strengthen the corporate governance construction with the characteristics of auto finance companies.

　　"One of the highlights of this revision is to highlight the risk-oriented, put the prevention of financial risks in the first place, and lead the scientific, professional and standardized development of auto finance companies." The relevant person in charge of SAIC-GM Automotive Finance told reporters that "prudent management and risk-oriented are the cornerstones for auto finance companies to achieve sustainable and high-quality development. The regulatory requirements of these two chapters provide important support and solid guarantee for the steady development of the industry, and the company will fully support and resolutely implement them."

　　The future is vast.

　　"In the past, buying a car with a loan could only be used to buy a car; In the future, if you want to add additional equipment to your car, such as car clothing film, navigation equipment, driving recorder, etc., you will also be able to borrow money from auto financing companies. In this way, the financial threshold for us to complete the car and some surrounding equipment can be lowered. " Xiao Li, a Beijing citizen who is looking at the car recently, said happily after hearing the latest introduction from the sales staff of 4S shop.

　　The highlight of this revision is that it has opened up new space for auto financing companies in business scope, exhibition area and financing channels, which will better stimulate consumption in the auto market, support the auto industry to "go global", improve the liquidity management level of auto financing companies and promote the high-quality development of the industry.

　　The aforementioned "Report" shows that auto finance companies have exerted their efforts from both the retail end and the supply chain end, which has played an effective role in stimulating new kinetic energy of consumption and supporting small and medium-sized micro-dealers. By the end of last year, 25 auto financing companies nationwide had 6,554,400 retail loan vehicles, including 6,009,100 new car loan vehicles, accounting for 22.37% of China’s auto sales last year; Dealers lent 3,634,800 vehicles wholesale, accounting for 13.45% of China’s automobile output last year. Among them, there were 1,158,800 new energy vehicle loans, and the accumulated loan amount was 98.603 billion yuan, a year-on-year increase of 90.68%.

　　In order to meet the needs of high-quality development of the automobile industry, this revision further includes automobile accessory financing in the business scope, allowing customers to apply for accessory financing separately after handling automobile loans. It is allowed to provide loans such as inventory purchase and maintenance equipment purchase to automobile after-sales service providers. Allow the financial leasing business in the mode of sale and leaseback, and stipulate that leaseback business must be based on the real trade background of vehicles.

　　"China auto industry has entered a new historical development stage, and it is necessary to adjust the business scope of auto finance companies around the changes in market structure and the transformation of growth kinetic energy in the new stage. Including strengthening financial support for the automobile after-sales market and increasing the types of financial services of after-sales service providers, it has increased financial support for the current and future development of the automobile market from multiple dimensions. " The relevant person in charge of SAIC General Motors Finance believes that this is a concrete measure to deepen the structural reform of the financial supply side and is conducive to promoting finance to better serve the real economy.

　　Zeng Xiaowei, a think tank expert of Rongyixue Industrial Leasing Talent Research Center, believes that this expansion of business scope will have a positive effect on promoting automobile consumption. "For example, the accessory financing business is expected to support consumers’ financing needs for updating new energy vehicle batteries in the future. In the long run, it is possible to give birth to ‘ Battery bank ’ The new format will bring new imagination to the convenience of new energy vehicle consumers and industry development and help green development. "

　　In addition, auto finance companies will also be allowed to set up overseas subsidiaries to provide financial services for national brand cars to explore overseas markets and support China’s auto industry to "go global". In order to implement the requirements of the opening-up policy, the restrictions on the asset size of non-financial institutions’ investors have also been lifted. "This is conducive to expanding financial opening up and supporting ‘ Belt and Road ’ Construction has laid a good foundation for building a domestic and international dual-cycle pattern of China’s automobile industry. " The relevant person in charge of SAIC General Motors Finance said.

　　Where reliable and low-cost money comes from is one of the most fundamental factors for auto financing companies to better play their role in supporting the real economy. At present, the financing channels of auto financing companies have extended from single bank loan and capital injection to more diversified directions. From 2020 to 2022, a total of six auto finance companies completed capital increase, and one of them completed capital increase in 2022. In 2022, 17 auto financing companies issued 44 single asset-backed securities, with a total issuance scale of 216.68 billion yuan; Two auto financing companies issued three financial bonds with a total issuance scale of 7 billion yuan. In addition, many auto finance companies actively tried to apply green financing tools. In 2022, four auto finance companies issued seven green asset-backed securities, with a total issuance scale of 22.24 billion yuan. An auto financing company issued green financial bonds with a scale of 1 billion yuan.

　　In the future, the financing channels of auto financing companies will be further broadened, which will help to improve their liquidity level and operational efficiency and reduce the cost of debt, thus reducing the financing costs of enterprises and individual customers and supporting the development of the real economy.

　　The data shows that all the supervision and management indicators of auto finance companies are in good condition at present. By the end of 2022, the industry average liquidity ratio reached 227.84%; The average capital adequacy ratio of the industry was 23.31%, an increase of 1.52 percentage points over the end of last year; The industry average non-performing loan ratio is 0.71%, which is 0.13 percentage points higher than that in 2021 due to the COVID-19 epidemic, but it is still at a relatively stable level.

Write in front:

Although the rise of domestic brand SUV in recent years has also promoted the development of the whole China brand, it is undeniable that after the joint venture brand launched the SUV market, the China brand was greatly threatened, which can be seen from the trend of the proportion of models in the SUV sales list. Through the analysis of SUV market, we can easily find that the main battlefield of China brand is below 150,000 yuan, but the SUV market with 150,000 yuan or even more than 200,000 yuan is still occupied by joint venture brands. For example, Tiguan L, Haoying, RAV4, Qijun and other products are still the vanguard in the 200,000-yuan market.

Is there any product that China brand SUV can get in the market of 150,000 yuan or even 200,000 yuan? Is there a China car that can impact the joint venture brand SUV market? It is difficult for us to find such a China brand SUV that can compete with the market at the same level or seize the share of joint venture brands, but with the appearance of L, this situation is likely to bring new changes.

Xingyue L is listed, and the price is even more surprising.

L is an SUV model that was born and paid attention to super height. From its earliest appearance to the launch of Shanghai International Auto Show, Xingyue L has its own aura wherever it goes. Not only that, it has also become a new car with the highest attention of unlisted new cars. Netizens frequently watch the Star Yue L on the Internet, and they can also see the charm of the Star Yue L. The voice of this car is getting higher and higher.

Under the persistent voice, the long-awaited Xingyue L of netizens and users finally ushered in the listing. On July 20th, 2021, the brand-new SUV Xingyue L was officially launched in Hangzhou, the automobile base camp. This time, the new car launched two power combinations, totaling six models, and the official price range of the new car was 137,200-185,200 yuan. Not only that, Xingyue L also brought multiple car purchase policies including rejuvenation gift, financial gift, flow gift, maintenance gift, and gift box quality enjoyment gift.

As soon as the price came out, the voice of the new car conference kept on, and the author was directly shocked by such a price. You know, as a car like Xingyue L, the starting price of 137,200 yuan is absolutely delicious, while the top price of less than 190,000 yuan is even equal to the beggar version of the compact joint venture SUV. The sincerity of price and the absolute advantage of product strength make the author call: this will be another new car on the SUV hot-selling list.

Li Shufu, the head of the platform, Xingyue L stands for the brand flagship.

Not only that, but also a mysterious figure was seen at the launch conference of the new car: Li Shufu, the head of the car. As we all know, at all kinds of major events of the automobile group, especially at the launch conference of new cars, we hardly see the figure of Li Shufu, the head of the automobile group, but this time he is uncharacteristically present at the new car launch conference of Xingyue L, which is somewhat unexpected.

In his speech at the new car launch conference, Li Shufu also revealed the reason why he appeared at the listing meeting of Xingyue L: Xingyue L is a unique new car, a model that connects the past with the future and the latest flagship SUV of the brand. Li Shufu, who has not appeared in front of the new car or even the press conference for a long time, is a platform for Xingyue L, which is somewhat puzzling. The speech was short, the tone was ordinary, and Li Shufu, who was dressed in casual clothes, gave a brief account of his mental journey by telling stories. Until the "good luck all the way, forever" turn, the back that disappeared on the stage made the author see the bright future of the car.

Walking all the way to the venue in the Asian Games venue of Hangzhou Olympic Sports Center, the new car of Xingyue L greeted us all the way, which made us see something different. The strategy of "parent brand’s high-end" is quite different from other independent brands’ impact on the high-end. The automobile’s brand-new high-end brands are all bypassed by parent brand, but this time, they directly gave their products high-end on "parent brand", launched a brand-new Star Yue L, and directly competed with mainstream joint venture vehicles for their equivalent values.

Although there are high-end brands like Krypton at present, compared with itself, it has different significance to Li Shufu, the head of the company. In my opinion, as far as personal feelings are concerned, the success and weight of ""is the original intention of Li Shufu to build a car. I think this should also be the reason why Li Shufu chose to cross the L platform for the brand-new model at this time.

High-end, not high-end price, but high-end products. Provide high-end products at affordable prices and declare war on joint venture brands. The significance of the "Star Series" product itself is to drive the overall value of the brand, to ordinary people, to afford higher-end products at more appropriate prices, and to the whole China brand, it is the strength embodiment of declaring war with the joint venture brand.

The space advantage of Xingyue L far exceeds the same level.

Back to L, the flagship product itself, Xingyue L is superior among domestic products with the same price and value. Xingyue L itself is defined as a compact SUV, but it has more advantages than the space of a compact SUV of the same level. The length, width and height of the new car are 4770*1895*1689mm, and the wheelbase is 2845mm, which is close to the size level of a medium-sized SUV.

It is worth mentioning that the Xingyue L is still a big five-seat layout. You know, in the current domestic SUV market, there are not a few seven-seat SUVs, but from the actual use and experience, even at the level of medium-sized or even medium-sized SUVs, the overall experience of the seven-seat layout is still not satisfactory. Compared with 5 seats, the third row of 7 seats can only be used in an emergency, and long-distance use will be very tasteless. The layout of the big five seats, coupled with the overall design of acoustic materials, sound insulation materials and NVH of Xingyue L, make the cockpit more spacious and comfortable.

The appearance and interior design can be said that radish and vegetables have their own tastes. We won’t go into details here, but it doesn’t mean that Xingyue L is a bright spot in internal and external design. However, the price of 140,000-180,000 makes Xingyue L reach the level and value of the joint venture brand of 300,000.

Smarter, safer, and the advantage of leapfrog L.

For example, the new car is equipped with the Galaxy OS system for the first time, which adopts the Qualcomm Snapdragon 8155 chip with the strongest vehicle specification, and can realize the three-screen linkage of IMAX and the four-screen linkage of 25.6-inch AR-HUD. As the intelligent cockpit with the largest "screen ratio", the author experienced this function at the scene of the new car launch. On the co-pilot, we can easily catch up with dramas, movies and variety shows. This design not only appeals to young users, but also appeals to children’s likes. It is estimated that no child will refuse to drive long distances.

At the launch of the new car, we saw the powerful function of Xingyue L to simulate the sounds and sounds from the short words of real people and copy them to the voice of personal tailor. I believe it belongs only to your voice function, and no one will refuse it. In addition, it opens up the ecology with Internet partners such as WeChat and Tik Tok, and realizes the functions of online WeChat and Tik Tok. The 5G-AVP intelligent unmanned parking system is also absolutely practical, which also reflects the advantages of Xingyue L in intelligence.

It is also worth mentioning that consumers are most concerned about: car safety. Affected by mergers and acquisitions, the safety concept of "zero casualties" has been carried forward in the brand. Xingyue L appears under the top safety pedigree of CMA Super Matrix in the world. It can be said that Xingyue L is a China safety car armed from head to toe. For example, it is equipped with EMA emergency steering assistance system, and the elk test has passed 79 km/h. In addition, the HWA Expressway assists driving, which can help you drive safely to the greatest extent.

High-strength steel in the car body accounts for 78.94%, the roof pressure resistance is 5.2 times, and it exceeds the highest standard in the industry by 30% …………………………………………………………………………………………………………………

It has the largest number of 24 sensing originals, 26 active safety configurations, 360-degree full detection without dead angle, 540-degree transparent chassis, patented battery tray design, front grille collapse, aluminum alloy anti-collision beam, anti-whipping safety seat, etc … How many cars can you find out from head to toe, even if you put aside the price of 140,000-180,000 yuan and put it at a level above 300,000 yuan?

Power far exceeds the same level, in one word: fragrance.

Having said that, let’s talk about the performance of Xingyue L in power. As a brand-new model from CMA super matrix, Xingyue L can be said to have a "good foundation". The new car comes standard with the Drive-E series 2.0TD engine, in which the high-power version has a maximum power of 175kW, a maximum horsepower of 238Ps and a maximum torque of 350 N m..

In terms of transmission, it is matched with Aisin 8AT gearbox, which is characterized by high reliability and smooth shifting. In addition, the high-power version of the car is also equipped with the sixth-generation electro-hydraulic four-wheel drive system launched by Borgwarner in China, which makes its 100-kilometer acceleration reach 7.7 seconds and its 100-kilometer braking reach 37.37 meters, which is comparable to luxury cars.

Even the low-power version has excellent power performance. The low-power version has a maximum power of 160kW, a maximum horsepower of 218Ps and a maximum torque of 325N.m. In terms of transmission, it is matched with a 7-speed wet dual-clutch gearbox. The biggest feature of this set of power is better power acceleration and better fuel economy. The front McPherson independent suspension and the rear multi-link independent suspension of Xingyue L also ensure its driving comfort to the greatest extent.

Write at the end:

For me, Xingyue L is not only a new product, but also a new starting point, a transformation and sublimation of the brand. It is not difficult to understand that Li Shufu, the head of the company, stands at Xingyue L. From the perspective of product strength and positioning, Xingyue L is undoubtedly a new car that directly targets joint venture brands such as CR-V, Tiguan L, Haoying, RAV4 and Qijun, and it also has such strength.

At the scene of the new car launch, we also saw the China Star composed of Xingyue L, Xingyue S and Xingrui, which represent the highest level of car-making in China, and also let us have a deeper understanding of the brand CMA high-end series. China Star, the strongest lineup of China’s flagship, also shows us the real strength of the China brand to compete with the joint venture brand.

Leapfrog space, leapfrog luxury, leapfrog intelligence and safety, leapfrog motivation and such sincere price make the author have to expect that there will be another new player on the SUV hot-selling list in the future.