On June 1, NIO quietly announced its May sales, and the share price fell by 0.60%. This was another decline after the share price of the second-generation ES6 fell by 9% on the day of listing. By June 5, the total market value had been less than 100 billion Hong Kong dollars.

From the head of sales/market value to the tail of new car makers, NIO only took 2-3 years.

The market value is less than half of Li Auto, which makes NIO, which lost 14.40 billion yuan last year and 44.60 billion in 5 years, on the verge of difficulties, and the cumulative loss is more than Tesla’s 15 years of establishment.

In 2022, NIO’s cash will decrease by 10 billion yuan, and as of the beginning of 2023, there will still be 40 billion yuan in cash in the company’s account. At such a "burning money" rate, I wonder how long NIO can support?

Li Bin, chairperson of NIO, actually knows very well. He said in an interview in April this year that,If this year’s work is not good, 24 years will become another 19 years, which means that NIO may be "back" in the ICU again.

After NIO went public on the Nasdaq, it once became the most valuable car company in China, and Li Bin (left) was no exception for a while.

Back in November 2020, NIO’s market value reached 72.84 billion US dollars (about 479.70 billion yuan), making it the highest car company in China in one fell swoop.

This can’t blame NIO’s current stock price, because sales are not awesome! In May this year, NIO only delivered 6,155 vehicles, a decrease of 7.6% month-on-month, ranking second to last among new car-making forces. This is the fourth consecutive month of decline, and it is getting farther and farther from the goal of "Wei 10,000".

The monthly sales of 3 models are about 10,000, and the 7 models are still around the 10,000, so NIO is dubbed "Wei 10,000".

"If NIO still 10,000 sales every month, Qin Lihong (president) and I will have to look for jobs." In early May this year, Li Bin also joked.

Li Bin and Qin Lihong are also very hard, but the high-end pure electric vehicle (above 300,000 especially above 400,000, such as ES6 plus optional super 400,000 yuan) market targeted by NIO is too small.

Regarding the problem of NIO, as the reader’s comment after the DearAuto article hit the nail on the head "Fishing where there are fish, otherwise it will be a dead end. Where there are fish? One is plug-in hybrid including range extension to solve the problem of mileage anxiety. One is to take a trolley within 150,000 to solve the problem of urban traffic, and the family has a second car. Where there are no fish, there are no fish in the more than 300,000 pure electric markets. Whether you are Wei Xiaoli, BYD Great Wall Geely, or Huawei, there are no fish. Wang Chuanfu said well, strategy is the most important, strategy is wrong, wasting money is small, wasted time is priceless."

I seriously suspect that this reader may be a Weilai owner who hates that iron cannot make steel, otherwise he will not be able to see the problem so clearly.

There is no universal standard for high-end pure electricity, which is generally considered to be more than 300,000 yuan, which is equivalent to luxury fuel vehicles.

NIO’s standard is higher – more than 400,000 yuan, and it often posted such forms last year to prove that it is a monopoly in this market.

In August last year, for example, NIO was still relatively popular, occupying the top and second place in the rankings, but the top 10 were imposed on less than 7,000 vehicles, all of which were given to NIO, and NIO could not support such a large company with more than 30,000 people.

Correspondingly, there are only 10,000 people in Ideal and Xiaopeng.

NIO also has an ET5 sedan that is more capable of playing, in the 300,000-400,000 range, the car claims to outsell BMW 3 Series, and the amount of insurance once exceeded 3 Series, but then sales fell rapidly.

In April, BMW sold nearly 12,000 3 Series, but only 4,293 ET5s, proving that the 30-400,000 pure electric market is not so optimistic.

Due to the unresolved issues of charging and battery life, pure electric vehicles are more suitable for small cars as the second scooter in the family, rather than pure electric vehicles such as NIO.

Of course, the popularity of big cars such as the Ideal L8 and D9 also shows that consumers can also pay for high-end big cars, but they are PHEVs.

The high-end is largely reflected in performance. For electric vehicles, improving performance becomes very simple, basically adding batteries and enhancing motors; while the interior is replaced by a large screen, just to see who has a larger screen and higher pixels.

The threshold has suddenly been lowered, which means that it is not as high-end valuable.

The demand for high-end pure electric cars, if there is one, is small. NIO worked hard, but to no avail. After the launch of ES6, ES8 sales plummeted; when ES7 came out, ES6 sales fell again; when ET5 came out, ET7 dropped sharply.

This is not a problem with the NIO family. Even the most powerful pure electric brand, Tesla, saw its million-dollar Model SX sales plunge after Model 3/Y came out.

Mercedes-Benz, BMW, and Audi all performed poorly in the EV market. This is definitely not an accident. It is not that these products themselves are flawed, but that the market positioning is incorrect.

"We also know that high-end pure electric is a point of no return, but we can’t change it, it’s the decision of the global headquarters," a luxury brand head told DearAuto on condition of anonymity.

In addition, after three years of epidemic attacks, consumers are not as rich as manufacturers imagine, this year, no matter how the government at all levels to stimulate, car sales are always tepid.

According to the National Bureau of Statistics, the per capita disposable income of residents in 2022 was 36,883 yuan; this year, consumers seem to be even more short of money, and even if they have it, they will not dare to spend. The fire in Zibo during the May Day holiday also proved that ordinary people are "short of money", because the cost of going to Zibo is much cheaper than that of Sanya or Lijiang.

One of the reasons why NIO stood out in the early days was that it started early and had a first-mover advantage, which won the favor of the capital markets. The second relied on the ultimate service to create a unique city and build its high-end image. The power exchange model is the core of NIO’s service system, but this core may bring down NIO.

According to industry data, the cost of NIO’s first-generation replacement stations is about 2.50 million-3 million yuan, and the cost of second-generation replacement stations is about 1.50 million yuan (excluding batteries). NIO has established 205 first-generation replacement stations, and the number of second-generation replacement stations is 1,100. In this way, NIO has invested 21.625 billion in replacement stations. Including land rent and operating costs, NIO’s investment in replacement mode has exceeded 10 billion yuan.

In 2023, NIO plans to increase the number of new power stations from 400 to 1,000, with a new investment of 2 billion yuan.

"Kneeling and licking service" has no bottom line, it is difficult to get off the service, and the car owner is also spoiled.

NIO began to do some "tricks" on the service this year, including that the beta version of NOP + Enhanced Pilot Assistance will be switched from free use to paid subscription; the power exchange benefit will be changed from the original 6 times a month to 4 times a month free and no longer send home chargers.

The "backlash" came soon, and NIO’s sales in April and May did not exceed 7,000 units.

After the second-generation ES6 went on sale, ES7 owners quit (thinking that the ES6 was too cheap, affecting the residual value of ES7 used cars) and asked NIO for compensation. The owner replied to Li Bin and said: "My relationship with you is not that close. I am here to negotiate, not to talk."

Li Bin said publicly that this is impossible because he needs to invest in real money.

High-end is the tone of NIO electric vehicles. Li Bin has repeatedly emphasized that "NIO will not offer low-end vehicles, nor will it reduce prices."

But the auto industry is an industry that pays attention to scale. Li Bin is very clear in his heart, "In the long run, the sales of 2 million cars a year by car companies are the line of life and death. If you can’t see the hope of sales to this line, I think it will be difficult."

For NIO, the top priority is to sell more cars and cut costs to survive.

Due to NIO’s high-end attributes limiting its sales scale, its second brand, Alpine, and even its third brand, Firefly, are expected to be used primarily for impulse.

Let’s not say that multi-brand operation is a huge pit, and there are few successful precedents for Chinese and foreign automakers.

For NIO, going down is more difficult because it faces stronger competitors. In addition, mid- to low-end brands have higher cost requirements, which is not good at NIO.

According to NIO’s plan, the Alps brand will mainly target the price range of 20-300,000 yuan. And it is expected that products will be launched in 2024.

But competitors in this price range include BYD, Tesla, Extreme Krypton, Wei Brand, Deep Blue, and a large number of joint-venture electric vehicles.

Firefly is NIO’s car brand, which will be launched in Europe at that time, and is expected to be in the price range of 10-200,000 yuan.

The competition in this market is even more intense in China. Not only are there a bunch of pure electric vehicles including Aian and BYD, but also a large number of plug-in hybrid models. Wuling is also a mythical existence. (Text | DA Bin)

On November 21, the "2020 Screenwriting Night" was held in Beijing under the guidance of the China Broadcasting Federation Television Drama Screenwriting Committee and sponsored by iQIYI. Yang Shuo, Party Secretary and Director of the Beijing Municipal Radio and Television Bureau, Kong Jianhua, Party Member and Deputy Director of the Beijing Municipal Radio and Television Bureau, Li Jingsheng, Vice President of the China Federation of Radio and Television Social Organizations, Liu Heping, Chairperson of the China Broadcasting Federation Television Drama Screenwriting Committee, Li Shaohong, President of the China Film Directors Association and the fifth generation director of China, Liao Xiangzhong, Party Secretary and President of the Communication University of China, Hu Zhifeng, Deputy Secretary of the Party Committee and Vice President of the Beijing Film Academy, Gong Yu, founder and CEO of iQIYI, and many other industry experts attended the scene. That night, a total of 13 films, animations, dramas and other outstanding works, and 23 outstanding screenwriters were honored by the Screenwriters’ Night.

Screenwriter Night is the first screenwriter honor event launched by iQIYI for screenwriters. It aims to encourage and recognize outstanding screenwriters and creative talents, work with industry partners to build a healthy content creation environment, and help the birth of more excellent film and television works. At the scene, Gong Yu, founder and CEO of iQIYI, delivered a speech. He said: iQIYI always respects the screenwriter industry and creative talents. Screenwriters, as the source of film and television content creation, have a broad space for development. iQIYI hopes to work with more screenwriters to deliver high-quality content to the industry.

Liu Heping, Zheng Xiaolong and other 30 authoritative personnel served as judges for "Clouds Made of Rain in the Wind" and "Twelve Hours in Changan"

In recent years, with the development of the film and television industry gradually moving towards a mature stage, and the healthy guidance of leading video platforms, more excellent screenwriters have been discovered, and well-known screenwriters such as Wang Tie, Mo Baofei Bao, Chen Yuxin, and their works have successively gone to the public. This has made the importance of screenwriters and content creation better recognized by the market and users, and has also put the career path of screenwriters and the optimization of the industrial environment on the agenda.

This selection includes nearly 30 authoritative personnel in the field of drama, film, and animation as judges. According to the content quality, broadcast performance, market feedback and other factors of the work, the shining points of film and television works are explored from the market and professional perspective. After multiple rounds of screening and collegiality, the results are obtained. Positive incentives are given to screenwriters in different fields to ensure the justice and fairness of the selection.

In the drama unit, Liu Heping, president of the China Broadcasting Television Drama Screenwriting Committee, Zheng Xiaolong, president of the China Broadcasting Television Drama Director Committee, and Zhang Guoli, a national first-class actor, were invited; in the film unit, film director Xie Fei, Chinese film and television director Li Shaohong, and honorary president of the China Film Critics Society Zhang Baiqing were invited; in the animation unit, Yu Peixia, president of the China Animation Society, Huang Xinyuan, dean of the School of Animation and Digital Arts of the Communication University of China, and Li Jianping, dean of the School of Animation of Beijing Film Academy.

There are dozens of shortlisted works in this screenwriting night, including multiple platforms such as TV, Internet, and theaters in 2019, as well as multiple genres such as movies, dramas, and animations. The film shortlisted works include high-reputation films such as "Clouds Made of Rain in the Wind" and "Send Me to Qingyun". The series shortlisted works include "Celebrating More Years" and "Dear, Love" and other episodes with both traffic and word-of-mouth, and the competition is fierce.

Mo Bao Feibao won the "Best Young Screenplay" Wang Tie won the "Best Adaptation" honor for "Celebration of More Than Years"

Focusing on the three major units of drama, film and animation, as well as the special recognition of the organizing committee, the Screenwriters’ Night announced the list of outstanding works, with a total of 13 works and 23 outstanding screenwriters receiving recognition.

Among them, in the drama unit, Paw Studio won the "Hot Discussion of the Year" honor for "Twelve Hours in Chang’an"; Mo Baofeibao won "Best Young Screenplay" for "Dear, Love"; Wang Tie won "Best Adaptation" for "Celebration of More Than Years"; Chen Yuxin, Qin Yue, and Li Li won "Best Original" for "Ice Breaking Action".

In the film unit, Mei Feng, Qiu Yujie, and Ma Yingli won the "Best Original Cinema Film" based on "Clouds Made of Rain in the Wind"; Lin Yongchen, Li Yuan, and Xu Yimeng won the "Best Adaptation of Cinema Film" based on "Young You"; Guo Yude, Liu Bowen, and Sang Mutian won the "Best Screenplay of Online Movie" based on "Women’s Heavenly Group of Sorrowful Music".

In the animation unit, Dong Xiangbo’s original script "Spirit Cage" won the "Best Original of National Manga"; Chen Tong, Lv Linjin and Liu Yang won the "Best Adaptation of National Manga" for "Whale Ride of the Four Seas Season 2"; Li Zibo won the "Best Original of Children" for "Du Dangman".

In addition, the organizing committee also awarded special commendations. "Diplomacy" and screenwriters Ma Jihong, "Nezha’s Devil Child" and screenwriters Dumpling, "Donkey on the Tree" and screenwriter Chang Wenjiang were honored by the conference.

"2020 Writers’ Night" Honorary Works List:

Drama Unit Honorary Works

Hot Talk of the Year

"Twelve Hours in Chang’an": Paws Studio

Best Young Screenplay

"Dear, Love": Mo Bao Fei Bao

Best Adaptation

"Celebration of the Year": Wang Tie

Best Original

"Operation Ice Breaking": Chen Yuxin, Qin Yue, Li Li

Film Unit Honorary Works

Best Original Cinema Movie

"Clouds Made of Rain in the Wind": Mei Feng, Qiu Yujie, Ma Yingli

Best Cinema Movie Adaptation

"Young You": Lin Yongchen, Li Yuan, Xu Yimeng

Best Screenplay for an Online Movie

"Mourning Women’s Heavenly Group": Guo Yude, Liu Bowen, Sang Mutian

Animation Unit Honorary Works

National Manga Best Original

"Spirit Cage": Dong Xiangbo

Best Adaptation of National Manga

"Whale Ride of the Four Seas Season 2": Chen Tong, Lv Linjin, Liu Yang

Children’s Best Original

Dudang Man: Li Zibo

The organizing committee specifically commends

Diplomacy: Ma Jihong

The Devil’s Child of Nezha: Dumplings

"The Donkey Climbs the Tree": Chen Wenjiang

1905 movie network news On the evening of December 22, Jiaxing Media, the brokerage company to which Yang Mi and Liu Kaiwei belong, issued a statement announcing that Yang Mi and Liu Kaiwei had signed an agreement in 2018 to peacefully break up and end their marriage.

In the statement, it also specifically stated that "although they will no longer live together as husband and wife, the two will also take care of and raise the children together as relatives in the future." To put an end to the small glutinous rice issue that the majority of netizens are concerned about.

In 2011, Yang Mi and Liu Kaiwei fell in love for the filming of the TV series "Ruyi". In 2012, the two admitted to their relationship on Weibo. On January 8, 2014, Yang Mi and Liu Kaiwei held a wedding ceremony in Bali; on January 19 of the same year, Liu Kaiwei confirmed that Yang Mi was more than three months pregnant. On June 1, 2014, Yang Mi gave birth to her daughter "Xiao Nuomi" in Hong Kong.

In the two years after their marriage, Yang Mi and Liu Kaiwei interacted frequently, and the two often forwarded and interacted sweetly with each other on Weibo. But since 2016, the interaction between the two sides on Weibo has become less and less. In the past two or three years, both of them have produced a lot of new works, but the two sides have almost never promoted each other. On December 3, 2015, Liu Kaiwei forwarded Yang Mi’s new works for the last time. And at the end of 2015, it was when Liu Kaiwei and Yang Mi reported that their marriage was changing.

Until 2018, the two’s Weibo almost stopped interacting. The last time Liu Kaiwei interacted with Yang Mi on Weibo was on April 12, 2018. Yang Mi was caught in a public welfare scam, and Liu Kaiwei forwarded the rumor-refuting article and supported Yang Mi.

And according to an online friend, "It has been rumored for so long, why did Liu Kaiwei and Yang Mi choose to announce the divorce statement today? Because schools in Hong Kong will give students a Christmas holiday from December 22, and the holiday time is not short. In order to protect Xiao Nuomi from being chased by the media, the two of them advised everyone not to disturb Xiao Nuomi."

　　Lost "life saving money".

　　A few days ago, the Hong Kong Stock Exchange announced that the strategic investment agreement signed with Newton Group was terminated. original transaction and relatedThe amendments failed to achieve further development.

　　Said that, as at the date of this announcement, no further progress has been made on the proposed transaction and the amendment of its terms. The Company confirms that the proposed transaction and will no longer proceed. As the Share Subscription is no longer taking place, the Subscriber is under no obligation under Rule 26 of the Takeovers Code to make an unconditional mandatory general offer in respect of all issued Shares which it and persons acting in concert with it have not yet owned or agreed to acquire.

　　ShanghaiNewspaper reporters recently interviewed and learned that Hengda, which once built high-profile cross-border cars, has been mired in crisis.

　　Hengchi Automobile Tianjin Factory Production Line

500 million dollar "lifesaving money" is gone

　　On August 14, 2023, Hengda Automobile announced that it received the first US $500 million strategic investment from NWTN.US, a listed company held by the UAE sovereign fund, and another RMB 600 million transition funds will arrive in the account five working days after the announcement. The proposed transaction between the two parties is expected to be completed in the fourth quarter of 2023. After the completion of the transaction, the shareholding ratio of Newton Group to Hengda Automobile will account for 27.5% of the total number of issued ordinary shares after the expansion.

　　At that time, the market believed that the Newton investment would be a "life-saving money" for Evergrande. Evergrande had announced that the company planned to use all the war investment funds for Evergrande’s Tianjin plant to ensure the normal production of Hengchi 5 and the successive mass production of Hengchi 6 and Hengchi 7. Newton Group will also assist Evergrande in exploring overseas markets and achieve the annual export of 30,000 – 50,000 Hengchi cars to the Middle East market. However, the deal comes with 19 prerequisites, includingWorkout takes effect, no major adverse impact events, etc.

　　On January 1, 2024, Hengda Automobile announced that the Newton Group’s share purchase agreement and the company’s debt-for-equity subscription agreement for Hengda Automobile had expired on December 31, 2023. The deadline for these two agreements is December 31, 2023, and the parties to the agreement have not agreed to extend them.

　　Evergrande Motor said that the parties to the Newtown Group share purchase agreement and the debt-for-equity swap subscription agreement, as well as certain stakeholders, have been and will continue to negotiate on amending certain key terms of the proposed transaction and the debt-for-equity swap. The company will make monthly announcements until the exact intention to proceed with the proposed transaction and the debt-for-equity swap is announced or the decision not to proceed with the proposed transaction and the debt-for-equity swap is made.

　　Hengchi Automobile Tianjin Factory Production Line

Evergrande Automobile’s performance has exploded, and its business has stagnated

　　The latest financial report shows that Hengda Automobile listed on the Hong Kong Stock Exchange in 2023 annual revenue of RMB 1.34 billion yuan, net loss of RMB 11.995 billion yuan, a year-on-year reduction of 56.64%. As of December 31, 2023, Hengda Automobile has delivered more than 1389 vehicles.

　　In 2019, Hengda’s Hengchi Automobile brand was born, and it also participated in the 2021 Shanghai Auto Show with a high profile. It launched 9 pure electric models in one go, and its booth area exceeded that of the same international first-tier car companies. At that time, Liu Yongzhuo, president of Hengchi Automobile, said that in the fourth quarter of 2021, Hengchi Automobile will start full trial production, and large-scale delivery will be carried out in 2022. However, it was not until April 2022 that three Hengchi 5 cars were actually unveiled. Six months later, Hengchi 5 was finally delivered. However, Hengchi Automobile soon fell into quality doubts. Since then, due to insufficient funds, Hengchi Automobile’s Tianjin factory has suspended production of Hengchi 5.

　　However, the betThe car track is still trying to help its Hengda car, which is also listed on the Hong Kong Stock Exchange, out of trouble after falling into a liquidity crisis. At the end of May 2023, TianjinLeaders led a team to carry out research services at Hengchi Automobile’s Tianjin factory. Hengchi Automobile introduced that Hengchi’s Tianjin factory has now fully resumed production. Liu Yongzhuo said that the company will make every effort to speed up the production and delivery of Hengchi 5, and continue to promote the development and production of subsequent models to make the company bigger and stronger.

　　A Hengchi Automobile employee told reporters that in mid-2023, the company also made some efforts, such as imitating other automobile companies to hold Hengchi Chongqing Chengdu car owners’ mountaintop camping activities, which were mainly targeted atOTA online upgrade with optimized management system and charging logic.

　　But the good times did not last long. Hengda Automobile announced on January 8 that Liu Yongzhuo, the executive director of the company, has been detained according to law for suspected illegal crimes. In addition, Hengda Hengchi Automobile (Shanghai) Co., Ltd. recently added three pieces of information about the person being executed, with a total target of 98 million yuan.

　　The reporter learned that since March 1, employees of Hengchi Automobile Tianjin have been unable to enter the office building with facial recognition, and the facial recognition machine shows that "the person is not registered". The person in charge of media relations of Hengchi Automobile also told reporters that he usually does not go to the company, does not connect with the media, and no one hands over the job. "Now there are no people in the brand department of Hengchi."

　　"Evergrande’s car manufacturing industry is currently in deep crisis." Zhang Junyi, a managing partner of Oliver Wyman Consulting, told reporters that on the one hand, assets such as Hengchi Automobile’s Tianjin factory have been mortgaged many times, making it difficult to find a successor. On the other hand, with a fierce price war, the domestic new energy automobile industry has entered a stage of overcapacity. The assets of Wenzhou and Huanggang, the two production bases of Weimar Automobile, which had gone bankrupt and reorganized, have not been taken care of.

On November 29, Meituan announced that since December 1, it plans to buy back the company’s shares with a total amount of no more than 1 billion US dollars.

Meituan believes that the share repurchase demonstrates the company’s confidence in its business outlook and prospects. The board believes that the company’s existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position.

According to Meituan’s latest third quarter results announcement for 2023, the company’s quarterly revenue was 76.50 billion yuan, an increase of 22.1% year-on-year; adjusted profit was 5.73 billion yuan, an increase of 62.4% year-on-year.

Editor, Li Yan

Proofreading, Liu Baoqing

Click to watch more video highlights of Star Jump > >

Killer took off handstand.

Xing Aowei takes off.

Gao Hu’s Flying Swallow Action

　　Zhejiang Satellite TV’s large-scale charity star diving reality show "China Star Jump", since last week’s transfer to the semi-finals of the master’s tricks, the overall difficulty of the players’ jumping has improved, and the difficulty of the movements has erupted collectively. Especially in Gao Hu and Killer, two "high-platform kings" jumped out of the amazing professional-level movements. Killer took out the difficult movement of 611A handstand and somersaulted forward for half a week in the first jump, and then challenged the highest difficulty 202A of the 10-meter platform since the launch of the diving program, while Gao Hu 302C’s perfect jump of reflexively somersaulted and hugged her knees for one week, which was praised by Olympic champion Li Na, a substitute judge, as "the height that professional athletes can only reach after practicing for one year". This week’s second semi-final is still full of experts, especially Xing Aowei, the Olympic gymnastics champion of cross-border diving, who created a dazzling 720-degree somersault and a 180-degree twist against the sky in the preliminary round. The semi-final will continue to carry forward the spirit of innovation and threatened to "jump the diving action of the next Olympic Games" if he advanced to the final.

　　Killer, Xing Aowei and Gao Hu, who are also non-professional divers, have turned from inexperienced diving novices to almost professional ones. Their respective advantages of "being in harmony with the right time and the right people" are prominent, which is an important weight for their successful breakthrough and the secret behind their successful counterattack.

　　Location: Gao Hu grew up facing the sea, and his childhood "plunge" warmed up and dived.

　　Gao Hu is the "king of the platform" among the contestants. He not only won the 10m platform at the fastest speed in training, but also was the first person in the competition. In addition to the courage and boldness of "being too high to be happy", Gao Hu showed an amazing and perfect swallow in the preliminary round, and the difficulty of the action was also upgraded all the way. Especially in the last semi-final, Gao Hu 302C made a perfect jump by doing a reverse somersault and holding her knees for a week. Even Olympic champion judge Li Na praised this as "the height that professional players can only reach after practicing for one year". He also relied on this difficult and perfect jump to sit firmly on the spot and advance directly to the final without any suspense.

　　The reason why Gao Hu achieved such amazing diving attainments in a short time can be said to be due to the "geographical advantage" occupied since childhood. He is a native of Qingdao, and the urban environment surrounded by the sea on three sides gives Gao Hu a unique advantage before diving. According to Gao Hu himself, "I grew up facing the sea, and I have a deep plot about water. My whole family likes swimming very much, so I have been moving freely in the water since I was three or four years old". According to Gao Hu’s recollection, there are many hills and rocks in his hometown near Qingdao. When he was a child, he was bold. He often avoided his parents’ attention with his friends and jumped from the rocks to the water for excitement. Although the equipment was rudimentary and there was no technical content, his childhood experience was similar to that of today’s diving, especially because he learned Gao Hu’s boldness. It is no wonder that he was able to walk calmly on the 10-meter platform on the first day of training. He once said that "I am not afraid of heights at all and like to challenge the limits." Gao Hu, who has excellent water quality, also revealed that he had passed the diving certificate when he traveled to Palau.

　　In addition, Gao Hu is also a sportsman. He likes to play volleyball since he was a child. He is the leader of the school volleyball team. He has participated in many municipal competitions with the team, and volleyball has also trained Gao Hu’s good arm strength.

　　Timing: Killer was born with good gene dance skills and was born with boldness.

　　Killer has been called "Zhang Dadan" since she entered the competition. In the preliminary competition, she was the first woman on the 10m platform, which was as famous as Gao Hu. In the semi-finals, she was even more powerful, with two consecutive jumps. The first jump of 611A turned upside down for half a week, becoming the first woman to use platform handstand, while the second jump of 202A turned backwards for a week, which was the highest difficulty since the diving program was launched.

　　The reason why Killer dives so well can be said that she won at the starting line because of her favorable weather and natural genes. Killer’s mother is a dance teacher, and her innate motor genes, coupled with the super-high physical flexibility of practicing dance since childhood, give her obvious advantages in diving. In addition, Killer, who is bold by nature, also said that he was particularly love the water and liked swimming since childhood. This boldness surprised everyone when Killer walked into the diving hall for the first time, and immediately won the 10m platform, giving the competitors a modest "duel". In a daily training, the diving hall was suddenly cut off due to an accident, and it was suddenly plunged into darkness. At that time, the staff and players present, especially the girls, screamed with fear and scrambled to climb ashore from the water. At that time, Killer, who was on the shore, jumped into the water and swam in the dark diving hall, exclaiming that "such an opportunity is too rare, swimming in the dark is very exciting", which attracted Gao Hu present to be outdone and jumped into the water.

　　People and Peace: Coach Xing Aowei and the judges all found that small gymnastics and diving are connected.

　　As the Olympic champion of gymnastics, Xing Aowei still can’t hide the champion’s potential in cross-border diving. In addition to his amazing jump in the preliminary round, he let the audience see the high platform handstand for the first time, and even created a dazzling "anti-heaven" action in the second jump: 720-degree somersault and 180-degree turn, which caused a full house of applause. This action is even more created by Xing Aowei. In the semi-finals, he said that he would continue to carry forward the spirit of innovation, and he confidently threatened to "jump the diving action of the next Olympic Games" if he could advance to the final.

　　Xing Aowei has the highest starting line among all the players. As a gymnast of the national gymnastics team and an Olympic gold medal champion, he stood out among all the players from the first day of training. The national diving team and the gymnastics team are veritable neighbors. They used to practice in the same training hall. Therefore, many national diving team members and Xing Aowei have been good friends since childhood, including Li Na, the world diving champion who is the coach in this competition. Therefore, Xing Aowei has no pressure and a sense of formality in the training process. Although gymnastics and diving are two completely different sports, they have a lot in common, especially turning and tumbling, which is why Li Xiaopeng of Prince of gymnastics was specially invited to the jury, and Li Xiaopeng’s position was to comment on diving from a semi-professional perspective. Xing Aowei and Li Xiaopeng are both Olympic champions. Since Li Xiaopeng can be a judge, it can be seen that Xing Aowei’s starting line is high, and their teammates, especially good brothers, let him score in the judges’ scoring.

　　Pay more attention to "China Star Jump" official website: http://www.zjstv.com/splash

　

According to the China Fund, the pace of capitalization of the new car-making forces has obviously accelerated, and this time it is Li Shufu’s turn to be a krypton car.

On February 13th, Geely Holding (00175.HK) announced in the morning that it issued and distributed about 139 million Series A preferred shares to five investors, raising a total of 750 million US dollars (equivalent to 5.09 billion RMB). Among them, Contemporary Amperex Technology Co., Limited (300750), which has invested in the Pre-A round, has increased its price again, which shows that it is optimistic about this new force.

After completing this round of financing, the valuation of Krypton has reached 13 billion US dollars (about 88.23 billion yuan). It is understood that this valuation amount also exceeds the valuation level before landing in the IPO of the US stock "Wei Xiaoli" in the early years. As early as the end of last year, Geely publicly announced that it planned to split the IPO of Extreme Krypton in the United States, and this new force in making cars is also expected to become the first new energy vehicle company listed this year.

Contemporary Amperex Technology Co., Limited participated in the second vote.

Extreme Krypton Automobile announced the first heavyweight financing of the new energy automobile industry this year. According to the announcement of Geely Holding, Extreme Krypton entered into a share purchase agreement with five investors on February 12. Accordingly, five investors agreed to subscribe and purchase from Krypton, and Krypton agreed to issue and distribute a total of 139 million Series A preferred shares to five investors at a total consideration of 750 million US dollars.

It should be pointed out that the investors participating in this financing are Amnon Shashua, founder of Mobileye Global Inc, Contemporary Amperex Technology Co., Limited, Yuexiu Industrial Fund, Trading Fund and Xin An Zhi Fund. According to Krypton, after the completion of this A round of financing, the valuation of Krypton is about 13 billion US dollars.

This amount also exceeds the pre-IPO valuation of the three new car-making forces "Wei Xiaoli" that have been listed in the United States. The highest valuations of the above three companies were about $6.4 billion, $8.6 billion and $8.8 billion before the US stock market was issued.

Judging from the institutions participating in this round of financing, Contemporary Amperex Technology Co., Limited is not only a long-term strategic partner of Krypton, but also an additional investment in this round to further deepen cooperation. As early as August, 2021, Contemporary Amperex Technology Co., Limited participated in the Pre-A financing of Krypton cars. In addition to Contemporary Amperex Technology Co., Limited, the participating institutions in this round include Yuexiu Industrial Fund, Trade Fund and Quzhou Trust An Zhi Fund. According to Krypton, the above three companies will help Krypton integrate its rich industrial resources and help it further expand in the upstream and downstream of the industrial chain.

According to the announcement, immediately after the delivery, Geely Holding will hold approximately 54.73% (calculated on the converted basis) and approximately 51.33% (calculated on the fully diluted and converted basis). Krypton will remain an indirect non-wholly-owned subsidiary of Geely Holding, and its financial performance will continue to be incorporated into the Group’s consolidated financial statements.

According to Krypton, the funds raised this time will be mainly used for research and development of Krypton products and technologies, global business development and user experience improvement. The company said that the five investment institutions have rich industrial resources in their respective fields, especially in smart driving, power batteries, innovative materials and high-end equipment manufacturing.

Or the fastest IPO case in the cost round

In March 2021, Extreme Krypton Automobile was jointly invested and established by Geely Automobile and Geely Holding Group. Geely has also given high hopes to the extremely krypton car.

The data shows that Krypton delivered a total of 71,900 vehicles last year, and completed the sales target of 70,000 vehicles in 2022 ahead of schedule in mid-December. According to the expectation of Geely Holding Group, by 2025, the sales volume of extremely krypton vehicles will reach 650,000, ranking the top three in the world in the market share of high-end electric vehicles. Moreover, the sales performance of Krypton is completely supported by the single model Krypton 001, so the annual sales of Krypton are quite valuable.

In terms of financing, Krypton Auto completed the Pre-A round of financing with a total of US$ 500 million from Intel Capital, Contemporary Amperex Technology Co., Limited, Bili Bili, Hongshang Group and Boyu Investment in August of that year. According to the financing situation at that time, the valuation of Extreme Krypton was about $9 billion.

In December last year, Geely Holding publicly announced that on December 7, 2022, Krypton submitted a draft registration statement for possible initial public offering to the US Securities and Exchange Commission on a confidential basis. The proposed spin-off currently includes two items, namely, the sale of krypton shares in the United States and the distribution of American Depositary Shares to shareholders in kind.

Earlier, it was reported that Krypton sought to raise more than $1 billion in the United States, with a valuation of more than $10 billion, which was higher than the valuation of $9 billion when it raised funds for the first time in 2021. However, according to the valuation of this A round of financing, this amount has far exceeded previous expectations. And this new car-making force was established only less than two years ago.

It is widely speculated in the market that Krypton will be listed as soon as possible in the second quarter of this year, so it is also considered to be the most likely car company to be listed first in this round.

Years of losses to accelerate financing.

Recently, the pace of capitalization of new car-making forces is accelerating. At the beginning of this month, Hezhong Automobile behind Nezha Automobile completed the shareholding system change, which was understood by the market as accelerating the IPO. Ai’ an, a subsidiary of Guangzhou Automobile Group, also explicitly called out the IPO in 2023.

These new forces have a common feature, that is, they are in a state of loss for years. Even "Wei Xiaoli", whose sales volume has climbed and gross profit margin has turned positive, has not yet achieved profitability under the continuous R&D investment and market layout. Ceng Qinghong, chairman of Guangzhou Automobile Group, once bluntly said, "Except for Tesla, all new energy automakers are losing money and have no money to earn. This is a consensus."

In 2021 alone, the loss of Ai ‘an, which has been valued at over 100 billion yuan, reached 1.389 billion yuan, with a year-on-year increase of 101.95%. In 2019 -2021, the losses of Ai ‘an were 621 million yuan, 688 million yuan and 1.389 billion yuan respectively, with a cumulative loss of 2.698 billion yuan in three years. In 2020, the net loss of Nezha Automobile reached 1.321 billion yuan, and in 2021, its net loss expanded to 2.908 billion yuan.

Krypton cars can’t escape this fate. According to the previously published financial report data of Geely Convenience, the revenue in 2021 was 2.868 billion yuan, and the net loss in the same period reached 1.01 billion yuan; In the first half of 2022, the revenue of Krypton was 8.828 billion yuan, and the net loss during the period was 759 million yuan. Since the establishment of the brand, the accumulated net loss of Krypton is nearly 1.8 billion yuan.

The gross profit margin of this new car-making force was around 5% in the first half of last year. The gross profit margins of LI, Xpeng Motors and Weilai were 22.09%, 11.55% and 13.8% respectively.

Original title: the valuation is nearly 90 billion! Li Shufu is on fire again, Ning Wang is overweight!

Editor: Zheng Yalan

Editor: Zhang Songtao

Audit: Feng Fei

Self-owned brand SUV models have already laid their own world. However, it is still difficult for domestic independent brands to compete with joint venture models in the family car market, but with the strength of independent brands, this situation has gradually changed. High-quality models such as BYD Qin PLUS DM-i and Geely Xingrui also have the ability to compete with joint venture models at the same level. What are the emphases of these two excellent cars? The following analysis one by one:

Byd Qin PLUS DM-i and Geely xingrui,The price is in the range of 100,000-150,000, but their positioning is not the same.. BYD Qin PLUS DM-i aims at the hybrid field of Shuangtian in Japan, and its opponents include the dual engines of Ralink and Corolla, as well as the sharp mix of Lingpai and Xiangyu. And Geely Xingrui will have a wider scope of attack, directly targeting the compact family car market, and using its superb car-making technology and luxury configuration to compete for market share.

Since both of them are located in compact family cars, space is definitely a hard indicator. In terms of measurements, the length, width and height of BYD Qin PLUS DM-i are respectively4765/1837/1495mm, with a wheelbase of 2718 mm., and Geely Xingrui’s length, width and height are respectively4785/1869/1469mm, with a wheelbase of 2800 mm., is a large family car.

From the perspective of design, the advantages of independent brands in recent years are also very obvious. BYD Qin PLUS DM-i inherits the family-style design style. Although it is the lowest model of the dynasty series, its design concept is very avant-garde. The family design language of Dragon Face embodies the charm of the dragon to the fullest. The design of Geely Xingrui’s straight waterfall net also inherits the design language of Geely family, and its wider body shape and stable lines show its atmosphere and fashion.Although the appearance is radish and cabbage, each has his own love, but in terms of their design style and skill, they definitely don’t lose the joint venture model.

In terms of interiors,Both of them adopt the design of LCD instrument+floating screen.,It’s just the rotating central control screen of BYD Qin PLUS DM-i, which is more cool and practical.. However, in terms of workmanship and materials, Geely Xingrui is more luxurious and kind. Soft plastic-lined materials and leather packages can be seen everywhere, and great efforts have been made to create a luxurious atmosphere in the interior. Therefore, the interior of Geely Xingrui is also a big killer for it to challenge the joint venture car at the same level.

At the configuration level, independent brands also have great advantages.BYD Qin PLUS DM-i and Geely Xingrui are equipped with the popular L2 driver assistance system.. At the same time, compared with the two top models, Geely Xingrui has more abundant configurations, such as automatic parking, panoramic sunroof, inductive tailgate, HUD head-up display system, ventilated and heated memory seat, boss key, 10 BOSE speakers, rainfall sensor and air conditioner, all of which are more luxurious configurations than Qin Plus DM-I. It can be fully seen that Geely Xingrui has reflected the higher cost in comfortable configuration and air purification device.

In terms of power, it is also the biggest difference between the two. They all come up with powerful power units of this level in their respective fields of expertise.BYD Qin PLUS DM-i adopts a set of hybrid power system mainly driven by motor.Moreover, it is a plug-in hybrid mode. Under the battery capacity of 8.32 kWh and 18.32 kWh, it can achieve pure battery life of 55km and 120 km. It is worth mentioning that even in the case of complete power loss, driving it as a HEV-like model, its fuel consumption is very close to that of Shuangtian’s hybrid model.

Not only that,It has two versions, big battery and small battery, which can reach the ultra-long cruising range of nearly 900 km and 1200 km under the condition of full oil and full charge., is definitely the most at the same level. It is a "sweet and salty" powertrain. At the same time, in terms of power output, the large and small battery versions of BYD Qin PLUS DM-i have output power of 132kW and 145 kW respectively, and the maximum torque is 316 Nm and 325 Nm respectively. With such strong power, its 100-kilometer acceleration is only 7.9s and 7.3s s. It can be imagined that BYD’s DM-i hybrid system is by no means a hollow reputation.

Geely Xingrui’s power system is also excellent. In the price range of 100,000 to 150,000, if you want to buy a 2.0T car, it is simply rare.Moreover, this 2.0T engine is the power unit of Volvo T4, which has a maximum power of 140 kW and a maximum torque of 300 Nm.Such a high-standard power output is also the leader of this level.

But on the other hand, fuel consumption,Geely xingrui 2.0T gasoline engine is obviously not more economical than BYD Qin PLUS DM-i with hybrid system.It can also be seen that Qin PLUS DM-i spent the cost on a complex and high-tech hybrid system. The cost of Geely Xingrui is spent on high-grade working materials and luxurious and comfortable configuration.

In terms of chassis, there is also a big difference between the two.BYD Qin PLUS DM-i adopts front McPherson and rear trailing arm torsion beam suspension system, and the rear axle adopts semi-independent suspension layout.Obviously, in order to save costs, we pay more attention to the creation of space in the car and the trunk, but this setting has also made some sacrifices for maneuverability. butGeely Xingrui adopts front McPherson and rear multi-link four-wheel independent suspension.This kind of structure is the layout that a high-end car should have, and its natural excellent structure makes its training very balanced. However, in terms of vehicle positioning, Geely Xingrui prefers home use, so the suspension setting is relatively soft and comfortable, which is also in line with its comfortable home style.

In terms of vehicle warranty,BYD Qin PLUS DM-i has a 6-year and 150,000-vehicle warranty.And it uses a blade battery,It also provides the battery with a lifetime warranty of unlimited mileage and unlimited years for the first owner.There is basically no worries in use. And Geely xingruiUpgrade to a four-year 100,000-kilometer vehicle warranty under the mandatory three-year 100,000-kilometer warranty.It also highlights the principle of domestic brand service first.

In the end, by comparison, the price of BYD Qin PLUS DM-i 14.98 and Geely Xingrui 149,700 are only different from 100 yuan.In the case of similar guide prices, BYD Qin PLUS DM-i has a greater advantage.As a plug-in hybrid model, it can be exempted from purchase tax at present, so the landing price of BYD Qin PLUS DM-i can save nearly 13,000 yuan in purchase tax compared with Geely Xingrui. At the same time, its ultra-low power consumption and ultra-long warranty also reduce the burden on consumers’ subsequent car maintenance costs.

In the case that both cars can compete with the joint venture models, should we choose BYD Qin PLUS DM-i, which is energy-saving, environmental-friendly, lower in use cost and closer to pure electric vehicles, or choose Geely Xingyue, which is more calm and solemn, more luxurious and more spacious and comfortable? Then it’s up to you to make a decision.

Recently, a head media launched a winter test in Mohe. In the extremely cold weather of -40℃, more than 50 new energy vehicles competed on the same stage, and the actual measurement was carried out around the core dimensions that users paid attention to, such as battery life, charging power, control and intelligence. Looking at the major lists, the million-level new energy hardcore cross-country looked up to U8 with excellent results and won six first places in one fell swoop. Among them, in the field of plug-in/extended-range vehicle segmentation, Wangwang U8 Deluxe Edition successfully won the pure electric endurance achievement rate, the maximum charging power and the average charging power TOP1, and it was ranked in the first echelon in the elk test on the open road and the static fake car test by ACC in the snow at night, and also got TOP1 in the voice interaction test of winter scenes.

Leading the three power systems, looking up to U8 has more hard-core cloud-P.

This winter test was carried out in the environment of -40℃, which put forward an extreme test for the test vehicle. Before all the tests, the participating vehicles should implement the uniform maintenance standard and strictly implement the same test conditions, so as to ensure the fairness of the test and truly simulate the user’s car use situation in winter. Under the harsh test conditions, Wangwang U8 first demonstrated the leading technical level of Sandian, and stood out from the crowd to obtain excellent measured results.

From a technical point of view, looking up to U8 depends on the blade battery first. Looking up to U8, it is equipped with the easy Sifang technology platform. Four motors form the core drive source, and each wheel is controlled by one motor. On this basis, it is equipped with a blade battery whose battery core is further upgraded to meet the ultra-high charge-discharge rate requirements of the Sifang system. Compared with the previous generation blade battery, it is expected that the blade battery can reach the original specific power of 220%, and the energy density of the battery is increased by 8%. Under the condition of not increasing the volume of the central battery pack, the existing battery pack can store more energy. At the same time, the blade battery equipped with U8 also supports up to 110kW DC fast charging, and it takes only 18 minutes to charge from 30% to 80% at the earliest, so that users can effectively avoid charging anxiety, and can quickly replenish power in a short time and improve the convenience of car use.

In the end, according to the measured results, the achievement rate of pure electric endurance of U8 in ultra-low temperature extreme environment still reached 58.6%, ranking first among all plug-in/extended-range models, which performed quite well. Moreover, in the test of 180W charging pile, its maximum charging power reaches 82.33kW, and its average charging power can also reach 57.41kW, which also ranks first among plug-in/extended-range vehicles.

In addition to the hard-core three-electric system, Wangwang U8 is also equipped with Yunqi -P intelligent hydraulic body control system. The system uses five dimensions of intelligent exploration, deep collaborative intelligent calculation of software and hardware, and intelligent control of three directions and six degrees of freedom to get through the whole link of perception, decision-making and execution, which can realize all-round intelligent control of the car body and comprehensively improve the maneuverability and comfort of looking up at U8. Coming to the ice and snow trial site in Mohe, Yunqi -P showed its ultimate strength. In the off-road elk test at 50km/h, the posture of U8 body is stable and controllable, and the safety and handling are fully guaranteed, and finally the G excellent rating is obtained.

Outstanding intelligent strength, looking up to U8 voice intelligent driving double first.

Another highlight of this media winter test is to test the reliability of vehicle intelligent system in low temperature environment. In the aspect of intelligent interaction, the media specially measured the voice interaction ability of winter scenes, and issued 30 voice commands in Mandarin, including 15 common commands, 5 fuzzy commands, 4 complex commands, 3 visible-to-talk commands and 3 wakeup-free commands. After testing, Wangwang Link intelligent human-computer interaction on U8 is outstanding, and the number of successful voice commands ranks first in the audience. Functionally, U8 supports continuous dialogue in the whole scene, and users can set the duration of continuous dialogue for 20s/60s/90s, and a wake-up call can continuously issue multiple instructions such as setting navigation, turning on air conditioner and turning on music. At the same time, the system also supports four-tone independent interaction, and each passenger can control the train independently with voice, with excellent recognition accuracy and command response speed.

In the field of intelligent driving, the media focused on AEB’s emergency braking ability and intelligent driving assistance ability, and conducted a rigorous test of "ACC battle in the snow at night". Finally, Wangwang U8 successfully passed the static fake car test in the snow ACC 60km/h at night, the static fake car test in the backlight ACC 60km/h at night, and the static fake car test in the backlight ACC 40km/h at night, and became the first echelon, which fully confirmed the technical level of its AEB system and intelligent driving system. It is worth mentioning that not long ago, BYD conducted an AEB test by looking up at the U8 test vehicle, and the top speed of successful braking and braking came to 130 km/h. Although the test video showed that this function has not been mass-produced on the car, it has fully demonstrated the leading position of BYD AEB technology.

Judging from the harsh winter test of the media, the strength of U8′ s hard-core products with real endurance, strong control and high safety has been fully verified, and the final test results are quite excellent. Just in the past December, Wangwang U8 Deluxe Edition ranked first in the sales of millions of new energy SUVs in the first complete delivery month with the monthly sales of 1,593 vehicles, which made Wangwang successfully become the first echelon of millions of high-end brands and created history. As a high-end brand built with the ultimate technology, I hope that I have completed the first step of "rushing" and the future can be expected.

Business News (Reporter Wang Zhuyu) It has been established for less than three years, and it is expected to become the "fastest IPO in history" brand of high-end pure trams. Recently, Krypton publicly submitted a prospectus to land on the New York Stock Exchange, with the stock code "ZK". At present, Geely Holding Group has 9 listed or planned listed companies, including Krypton, and Li Shufu, the helm of Geely, has ushered in a bumper IPO.

According to public information, Extreme Krypton was established in March 2021 and is a high-end intelligent pure electric vehicle brand hatched by Geely Holding Group. If it is successfully listed before March 2024, it will become the "fastest IPO in history" new energy automobile enterprise. For reference, it took Weilai, Tucki and Ideality, who are also new car-making forces, about 4 years, 6 years and 5 years to go public in the United States respectively. Tesla also spent seven years.

According to the prospectus, apart from producing high-end pure electric vehicles, Extreme Krypton also provides technology-driven solutions and is committed to leading the electrification, intelligence and innovation of the automobile industry. At present, Krypton has released four models, including Krypton 001, Krypton 001FR, Krypton 009 and Krypton X.

The data shows that in 2022, 72,000 vehicles were delivered throughout the year. In the first half of 2023, 43,000 vehicles were delivered, a year-on-year increase of 124.3%. By the end of October 2023, Krypton had delivered more than 170,000 vehicles.

The rapid increase in car sales has led to a significant increase in revenue. In 2022, Krypton achieved revenue of 31.899 billion yuan. In the first half of 2023, the revenue was nearly 21.3 billion yuan, a year-on-year increase of 136%, of which the vehicle sales revenue was 13.175 billion yuan, a year-on-year increase of 148.75%.

In terms of gross profit margin, the gross profit margin of Krypton vehicles reached 12.3% in the first half of this year, up 7.6 percentage points year-on-year. Earlier, An Conghui, CEO of Extreme Smart Technology, revealed that Extreme Smart is already the pure electric brand with the best gross profit level except Tesla. This year, the company’s gross profit margin target is in double digits. Judging from its growth momentum, Krypton is expected to become the first and fastest electric vehicle company to make money except Tesla.

According to the plan, Krypton plans to enter the pure electric vehicle market in Europe and the Robotaxi market in the United States in the future. And this will bring about a corresponding increase in R&D, marketing and other expenses. The data shows that in the first half of 2023, the R&D expenses of Krypton reached 3.19 billion yuan, and the sales, general and administrative expenses were 2.90 billion yuan.

As an important bet of Geely in the field of new energy, it is urgent to improve its "hematopoietic" ability, and listing is bound to be one of the paths of capital blessing. On August 25 this year, the CSRC confirmed the information on overseas listing. According to the filing notice of overseas issuance and listing, Krypton plans to issue no more than 926 million ordinary shares and list them on the New York Stock Exchange.

According to the prospectus, the funds raised by this IPO are mainly used for three purposes: about 45% is used for "developing more advanced pure electric vehicle technology and expanding product portfolio"; About 45% is used for "sales and marketing, expanding service and charging network"; 10% is used for "general purpose of the enterprise, including the working capital requirements to support the company’s business operation and growth".

In recent years, many brands under Geely have rushed to the capital market. At present, there are 9 listed or planned listed companies, including Geely Automobile, Volvo Automobile, Lotus Technology, Polar Star, Yikatong, Extreme Krypton Automobile, Qianjiang Motorcycle, Hanma Technology and Lifan Technology. While Li Shufu, the helm of Geely, ushered in a bumper IPO, it also made Geely Holding Group’s "team battle" ability expand.

Some market analysts believe that the independent listing of Geely’s brands will enable Geely to achieve large-scale operations. As Li Shufu said in his internal speech: "In the end, the number of global automobile industry enterprises will not be too much, and only large-scale enterprises can survive."