Traffic information is broadcast every day, and at twelve o’clock in traffic, you can sort out the traffic and car information you need every day to protect your safe travel. Today’s main traffic information includes: Several Opinions on Promoting the Modernization Reform of Civil Aviation Statistics issued by the Civil Aviation Administration, blood donation organized by Shihuang Branch to help volunteer service, and the upgrade package of "5G Dana Intelligent Music Cockpit" added by Han EV flagship … Let’s learn about today’s traffic and automobile events!

First, traffic hotspots

The Civil Aviation Administration issued "Several Opinions on Promoting the Modernization Reform of Civil Aviation Statistics"

Recently, the Civil Aviation Administration issued "Several Opinions on Promoting the Modernization Reform of Civil Aviation Statistics". The development goal put forward is that by 2025, a modern civil aviation statistical system will be initially formed, the statistical investigation system will be more sound, the statistical methods and means will be more scientific, the statistical analysis services will be better, and the statistical system and mechanism will be more perfect. Looking forward to 2035, the modern civil aviation statistical system will be fully established, and the modernization of civil aviation statistical investigation system, methods and means, analysis service and governance capacity will be basically realized.

Second, Hebei Expressway Express

August 30 [Hebei Expressway Road Conditions] Today, the weather turned cloudy to thunderstorms. Shijiazhuang City, Handan City, Langfang City, Tangshan City, Cangzhou City, Qinhuangdao City, Baoding City, Dingzhou City: the limit number is 1 and 6. Beijing: Limit the tail numbers 1 and 6. (The measures to limit the number of counties and cities under the jurisdiction of restricted cities shall be subject to the release of the local traffic control department. )

Huangshi Expressway (G1811): Shitai section of Qingyin/Huangshi Expressway: The underpass of Nanxincheng Station was closed in both directions due to the construction at K318+233 to K318+700.

Taihang Mountain Expressway (S75): Xing-Han section of Taihang Mountain Expressway: Due to the heavy traffic, the two-way vehicles at K44+293 on the upper crossing of Xingtai West Station slowly pass for about 1km.

Shihuang Branch: Organize voluntary blood donation to help volunteer service.

Shihuang Branch combined voluntary service with the activity of "I do practical things for the masses", and organized the staff of headquarters and grass-roots units to carry out voluntary blood donation activities in sections in late August.

Before blood donation, the branch company made careful arrangements, actively publicized and created an atmosphere, initiated blood donation initiatives to employees, and informed them of blood donation instructions. When donating blood, everyone strictly follows the relevant regulations on epidemic prevention and control and unpaid blood donation. Under the guidance of blood station staff, check the health code itinerary, registration information, physical examination, blood test and blood donation, and the well is orderly and orderly. A total of 62 people in the branch signed up for blood donation activities, and 39 people donated blood successfully, donating a total of 12,600 ml of blood, which contributed to the society.

It is reported that since the blood donation activity was launched in 2016, Shihuang Branch has always adhered to the concept of "dedication and service" and organized more than 400 blood donations, which fully demonstrated the spirit of the branch as a "provincial civilized unit".

Third, traffic control traffic police

Traffic Police: bike-sharing enterprises express their condolences to the frontline traffic police and work together to build civilized traffic.

On the afternoon of August 26th, organized by China Communications Broadcasting Hebei Frequency FM101.2, representatives of Shijiazhuang Branch of Hellobike came to the traffic police squadrons in all districts of the provincial capital with caring materials to pay tribute to the traffic police comrades who have been struggling in the front line to maintain the traffic order in the provincial capital, thanking them for their hard work in traffic construction in the provincial capital, and hoping to actively undertake corporate social responsibility and create a more orderly, healthy and green travel environment for the provincial capital citizens by continuing to join hands with the traffic police on duty.

Hellobike donated 120 sets of daily necessities and 4,000 medical epidemic prevention surgical masks to squadrons in Qiaoxi, Xinhua, Yuhua and Chang ‘an. Zhu Lingling, the administrative manager of Hellobike Shijiazhuang Branch, said, "We are well aware of the hardships of front-line traffic police on duty, and thank them for sticking to their posts all the time. I hope that the materials sent can represent the concern and gratitude of all employees in Harbin to the provincial traffic police, and I also hope that they will not forget to take care of themselves when working."

Fourth, industry focus

Han EV flagship push "5G Dana Intelligent Music Cockpit" upgrade package

On August 29th, 2021, BYD brought DiLink4.0(5G) and the "5G Dana Intelligent Music Cockpit" upgrade package for the flagship of Han EV four-wheel drive high-performance version, which was officially listed at Chengdu Auto Show. The upgrade package of "5G Dana Intelligent Music Cockpit" includes four major upgrades: 5G Quick Link, HiFi customized Dana Audio, DiLink4.0(5G) and dual-frequency positioning navigation technology, and the price is 18,000 yuan. Before December 31st, users who purchase the flagship model of Han EV will be offered an upgrade package for a limited time of only 8,000 yuan, and will be given a 5G VIP listening package.

As the flagship car of China New Energy, BYD Han adheres to the concept of "customer first", constantly explores a new realm of intelligent luxury with leading technology, and continuously refreshes the user experience through functional iteration and configuration upgrade. The upgrade package of "5G Dynabar Intelligent Music Cockpit" is fully upgraded in communication technology, car audio, human-computer interaction and navigation technology, which will bring users a more intelligent and luxurious high-end experience and let users enjoy the most fashionable and fashionable smart car life.

The pre-sale is 102,900-140,900 yuan, and the Jietu X90 PLUS Chengdu Auto Show opens for pre-sale.

On August 29th, 2021, Chengdu Auto Show was grandly opened. Jetway Auto made its debut as an independent brand in the four domestic A-class auto shows, and launched the pre-sale of Jetway X90PLUS on the first day of the auto show, with a pre-sale price of 102,900-140,900 yuan.

At this auto show, Jietu X90 PLUS brought two power versions of 1.5T and 1.6TGDI, covering five models of houses, mansions, courtyards, villas and manors. From the name, we can see the intention of Jietu X90 PLUS in creating space and comfort.

Changan Auchan X7PLUS pre-sold 7.99-135,900 yuan and pushed 7 times as a popular gift.

On August 27th, Changan Auchan X7PLUS officially opened the global pre-sale, with an official pre-sale price of 79,900-135,900 yuan. The new car comes standard with a new generation of Blue Whale NE series engines, and there are 9 models with 1.5T+6MT and 1.5T+7DCT power combinations, as well as up to 6 body colors for users to choose from. Together with the pre-sale price, there is also the customer’s car booking rights of "7-fold popular gifts", which brings an ultra-high-value car buying experience far beyond users’ expectations.

As the first flagship PLUS model of Auchan Automobile, Changan Auchan X7PLUS has achieved advanced strength in five aspects: power, intelligence, face value, space and quality, and redefined the best choice of "150,000-class SUV" with the high-value configuration of "five leading industries, five leading peers, five pioneering industries and five standard systems".

57 leapfrog configurations, listed in Shijiazhuang, the 4th generation Emgrand of Geely.

On August 28th, "Emgrand, Walk with the Upward" Geely’s 4th generation Emgrand BMA champion car was officially launched in Shijiazhuang. This new car has launched four models with 1.5L-5MT and 1.5L-8CVT, and the official guide price is 69,900-88,900 yuan.

As the first car of Emgrand family born in BMA architecture, the 4th generation Emgrand has more beautiful body, more space, better comfort, more stable handling, higher quality and stronger technology, and it is advanced in all dimensions in terms of modeling, space, power, quality, technology and safety. The new car is equipped with 13 first configurations of the same class, 16 unique configurations of the same class and 28 leading configurations of the same class. It can be called a car with the highest quality-price ratio and the strongest sense of science and technology of 60,000-80,000 yuan.

Chaodong Rongcheng Great Wall Motor bombed the 2021 Chengdu Auto Show with five brands.

On August 29th, the 24th Chengdu International Automobile Exhibition officially opened. Great Wall Motor’s five vehicle brands, Haval, Tank, Wei Brand, Euler and Great Wall pickup truck, were assembled and debuted, and 12 new models were unveiled, demonstrating the new strength of global technology travel companies.

At the auto show, the booth of Great Wall Motor was bursting with popularity, and the users of the exhibition were bustling, moving Rongcheng with boiling posture.

Five, enjoy the book-today’s good book recommendation: "Wind and rain" edited by Liu Jianhui

Content introduction:This book closely follows the theme of seeking truth from facts and keeping pace with the times. From the perspective of the the Communist Party of China (CPC) Party Congress, it reviews and summarizes the glorious history and fine style of the Party, explores the reasons for the continuous development and growth of the Party, summarizes the valuable ruling experience accumulated by the Party for a long time, and focuses on the important significance of the previous party congresses in the political, economic and social development of China, as well as the international and domestic background and the influence on the historical process of China, highlighting the status and role of the previous party congresses.

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

foreword

Malignant multiple myeloma(multiple myeloma ； MM) is a kind ofwithMalignant disease characterized by massive proliferation of monoclonal plasma cells in bone marrow. B cell maturation antigen (BCMA) is highly expressed on the surface of MM cells. In the past few years, great progress has been made in various BCMA targeted immunotherapy for recurrent/refractory MM patients, including anti-BCMA monoclonal antibodies, antibody-drug conjugates (ADC), bispecific T cell binders (BITE) and chimeric antigen receptor adoptive T cell therapy (CAR-T). The 63rd annual meeting of American Hematology Society updated some information about the application of BCMA in MM, and based on this annual meeting, the related contents of this paper were sorted out [1].

Immunotherapy targeting BCMA: (1)ADC; 　 (2)CAR-T; 　 (3)BiTE;　

copywriter |　NING

BCell maturation antigen (BCMA)

Also known as TNFRSF17, it is a member of TNF-receptor family, and is called tumor necrosis factor receptor superfamily 17. This receptor is expressed on the surface of B lymphocytes and plasma cells, and is a marker protein of B lymphocyte maturation. Under physiological conditions, BCMA is mainly expressed in plasma mother cells and terminally differentiated plasma cells (PC). Under pathological conditions,BCMA Almost in all MM Tumor cell line (80%–100%) are expressed.The number of BCMA on the surface of malignant PC is much higher than that of conventional PC, which explains why BCMA target has become a battleground for major biological enterprises.

Monoclonal antibody targeting BCMA

SEA-BCMAIt is a new humanized non-fucosylation. IgG1 mAb. The working mechanism of SEA-BCMA may include blocking BCMA activation and its downstream proliferation signal pathway, regulating antibody-dependent cell phagocytosis and enhancing antibody-dependent cytotoxicity.

Its clinical phase I trial (SGNBCMA-001; The preliminary results of NCT03582033) show that it has good safety and combination potential: SEA-BCMA also shows encouraging treatment duration and initial anti-tumor activity in the advanced R/R MM population who have received a lot of treatment before.

Source: blood (2021) 138 (Supplement1): 2740.doi: 10.1182/blood-2021-146047.

Bispecific T Cell cement (BITE)

BiTEs can simultaneously target BCMA on MM tumor cells and CD3ε domain of TCR on T cells. After T cells are combined with myeloma cells, cytotoxic T cells can be activated and secrete cytotoxic factors, thus producing cell killing effect.This part is still in Ⅰ at present./Phase ii.

The following table summarizes the clinical data of bispecific antibodies against BCMA, among which the BiTE bispecific type of BCMA×CD3 is the most common.

Novel trispecific antibody drugs

Researchers are no longer satisfied with treating patients with R/R MM through dual-target therapy.HPN217, an extended half-life (median serum half-life:74 Hours) three specificity. T Cell activation construct (TriTAC)It simultaneously targets BCMA and CD3ε (redirected T cells), and adds serum albumin to prolong the half-life, which can exert cytotoxic effect on myeloma cells.Currently working onR/R MM of 1 /2 Phase I clinical trial for evaluation (NCT04184050). Here are some preclinical data.

Legend: HPN217 mediates the killing effect of autologous T cells of NCG mice on BCMA-dependent/primary MM cells.

Source: blood (2021) 138 (Supplement1): 1185.doi: 10.1182/blood-2021-151880.

CDR101(CDR-lifeCompany’s products)Is simultaneous targeting.CD3、BCMAandPD-L1The trispecific antibody,T cells can be induced into tumor cells expressing BCMA, and the immunosuppressive effect caused by the interaction between PD-L1 and PD-1 can be blocked at the immune synaptic site. Compared with BCMA × CD3 bispecific drugs, CDR101 leads to at least a tenfold increase in T cell-mediated tumor cell lysis, and performs better than the combination of PD-L1 inhibitor and BCMA × CD3 bispecific drugs.CDR101 It may become a new ready-made treatment, providing a more lasting response and a higher cure rate. CDR101 Has excellent drug-like characteristics, high stability and high stability.CHOHigh yield of expression.Based on these findings, new trispecific immunotherapy drugs have high clinical potential and promising clinical application [2].

Antibody drug conjugate (ADC)

After recognizing BCMA on the cell surface, ADC internalizes it into myeloma cells. Through the degradation of lysosomes or endosomes, the payload is released, causing cytotoxicity.

Belantamab mafodotin (GSK2857916)Is targeted by humanization.BCMA IgG1 andMMAF(tubulin polymerization inhibitor). Belantamab mafodotin was approved by the US Food and Drug Administration (FDA) in 2020 to treat patients with R/R MM.This is the first target approved for listing.BCMAimmunotherapy,A multicenter phase II clinical study (NCT03525678) confirmed that the recommended regimen for patients was 2.5 mg/kg, once every three weeks, but the toxicity of the drug was mainly manifested in thrombocytopenia and pericorneal lesions, such as microcystic epithelial changes or superficial punctate keratopathy. In addition to belantamab mafodotin, several other ADCs targeting BCMA, such as AMG 224, MEDI2228 and HDP-101, have also conducted many preclinical or clinical studies at different stages.

Legend: Incidence rate of adverse events caused by Belantamab mafodotin at 2.5 mg/kg and Q3W.

Antibody drug conjugate (ADC) joint test.

In the joint experiment, there are two schemes: belantamab+DEX (dexamethasone) and belantamab+DEX+POM.

belantamab(2.5 mg/kg Q3W) and DEX(20-40 mg Q1W,threeCycle) jointAfter use, the objective remission rate (ORR) was 46%, the complete remission rate (CR) was 14%, the median progression-free survival (PFS) was 4.9 months, and the median overall survival (OS) was 7.4 months. The incidence of AEs from high to low is anemia (83%), keratopathy (82%; Gr3/4: 56%), thrombocytopenia (70%) and so on.

belantamab+DEX+POMUnion ofIn the experimental scheme, the ORR was 88.9%(48/54), and the CR and PR rates were 24.1%(13/54) and 20.4%( 11/54) respectively. However, keratopathy (96.9%) was also the most common AE, and 56.7% of such patients had reached Gr 3/4. These two studies show that POM and DEX may have a positive effect on the curative effect of belantamab. howeverKeratosis is still a challenge in the treatment process.

Legend: Detailed rules and results of belantamab+DEX (Dexamethasone) joint trial scheme.

Source: Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

CAR-Ttherapy

nowTwo CAR-T therapies based on BCMA have been approved for marketing.And is used for treating patients with multiple myeloma.

Source: "CAR-T therapy targeting BCMA"

7.1

Cilta-cel (Carvykti) for Orense injection.

Sidaki Orense injection(Cilta-cel,Carvykti) yes2022year2moon28Listed in China (NMPAApproved for listing/FDAFormal approval) targeting.BCMAofCAR-TCell products, jointly developed by Janssen and Legendary Bio, Legendary Bio owns 70% interests in Carvykti Greater China and 50% interests overseas.

In CARTITUDE-1 trial, the overall remission rate was 97%, the 18-month progression-free survival rate was 66%, and the 2-year progression-free survival rate was 61%. The 18-month overall survival rate is 81%, and the 2-year overall survival rate is 74%. Compared with similar products, this data is very gratifying. According to the latest news from Kingsley, the sales of the legendary BCMA CAR-T new drug Carvykti in the first half of the year was 24 million US dollars.

7.2

Abecma（Ide-cel）

2021yearthreemoon26Day,FDAapproveBaishimei SquibbAbecma(Ide-cel)be listedAbecma is also a BCMA-oriented CAR-T cell therapy, which is customized from patients’ autologous T cells. Clinical data show that the overall remission rate of all patients is 72%, of which the complete remission rate is 28%; Even for patients who have received various regimens, the remission rate of Abecma still reaches 72%, and this remission is very lasting, and 65% of patients are over 12 months.

Legend: preparation principle of Abecma

7.3

Iqalunsei injection

In addition, June 2, 2022Reindeer biology/Xinda biologyAnnounce BCMA CAR-T therapyIqalunsei injectionThe listing application was obtained.NMPAAccepted, it is expected to become the first domestic independent research and development of the whole process.CAR-Ttherapy. The clinical research data reported at the 63rd ASH annual meeting in 2021 showed that the overall remission rate (ORR) was 94.9%, and the complete remission rate/strict complete remission rate (CR/sCR) was 58.2%, showing the excellent safety and effectiveness of Iqalunsei injection.

Source: NMPA official website

7.4

The clinical trial of CAR-T therapy targeting BCMA is as follows

summary

Judging from the listing situation,Belantamab mafodotin (GSK2857916) is composed of humanized targeting BCMA IgG1 and MMAF (tubulin polymerization inhibitor), which is the first targeted BCMA immunotherapy approved for marketing. At present, there are two CAR-T therapies that have been put on the market, developed by Bristol-Myers Squibb respectively.Abecma(Ide-cel), developed in cooperation with Janssen)/ Legendary Biology.Sidaki Orense injectionFrom the data point of view, the latter effect is better, the ORR is increased from 72% to 97%, and other indicators are relatively better. On June 2nd, 2022, Reindeer Bio/Cinda Bio announced BCMA CAR-T therapy.Application for marketing of Iqalunsei injectionIt has also been accepted by NMPA, and it is expected to become the first CAR-T therapy independently developed in the whole process in China. Let us wait and see! From the therapeutic point of view, CAR-T therapy is at the forefront in terms of clinical data and market situation, but we can’t simply judge the advantages and disadvantages of these products. For example, better anti-BCMA CAR-T cell therapy requires more complicated preparation conditions and more expensive treatment costs, which are unbearable for ordinary families. Therefore, while continuing the existing research, it is necessary to study the potential mechanism affecting the curative effect in order to optimize BCMA targeted immunotherapy.

　 　

Legend: Comparison of clinical efficacy between different immunotherapy products targeting BCMA (see [1] for specific clinical data).

reference data

[1]Targeting BCMA to Treat Multiple Myeloma: Updates From the 2021 ASH Annual Meeting. Front Immunol. 2022 Mar 7; 13:839097. doi: 10.3389/fimmu.2022.839097. PMID: 35320942; PMCID: PMC8936073.

[2] Blood 2021; 138 (Supplement 1): 1583. doi: https://doi.org/10.1182/blood-2021-152160

[3] Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

* Tweets are used to transfer knowledge. If you have any questions about copyright, please contact BiG Bio-innovation Society within 30 days after the publication of this article.

McDonald’s and KFC are believed to be the memories of a generation of Chinese people.

Fund Jun remembers that when he first ate it, he traveled to Shenzhen as a child. At the first meal, he clamored for McDonald’s, because he had long yearned for it in front of the overwhelming TV advertisements at that time.

There is a joke that says: the first English letter learned by kindergartens or primary school students was basically not A, but M, the M of McDonald’s.

After the reform and opening up, McDonald’s is one of the first two "foreign fast food" from the United States to enter the China market. After more than 30 years in China, I finally sold China’s business to China people.

(The first McDonald’s restaurant in mainland China at the east gate of Shenzhen)

Let’s take a look at the opening of the first McDonald’s in China.

On October 8, 1990, the first McDonald’s restaurant in mainland China — — Guanghua Restaurant was grandly opened in Dongmen Commercial Pedestrian Street, Luohu District, Shenzhen.

The queue for buying fast food went from the third floor to the first floor of the restaurant, and then turned around the whole Guanghua several times. Many people from Shenzhen went to taste McDonald’s food with their families. The customers who came to watch the grand opening of McDonald’s restaurant packed more than half of Dongmen Commercial Street.

The number of employees serving the opening of the new restaurant is nearly 1000. In addition to the first batch of more than 400 employees in China, McDonald’s temporarily transferred more than 500 employees from the Hong Kong company to help.

Guanghua restaurant at that time could be settled in Hong Kong dollars or RMB. Unexpectedly, the front of the Hong Kong dollar settlement counter was crowded with Shenzhen people who were born and raised in Shenzhen. It is said that in order to come to McDonald’s to taste the fast food chain, they all prepared a sufficient amount of Hong Kong dollars in advance.

Yes, McDonald’s in China changed its name from "foreign" to "Chinese".

On August 4th, CITIC Hong Kong Stock Exchange announced that the acquisition of the controlling interest in McDonald’s business in China Mainland and Hong Kong was completed on July 31st. This will become the largest McDonald’s franchise business outside the United States, and the partners will operate and manage about 2,700 McDonald’s restaurants in China Mainland and Hongkong market.

CITIC announced on January 9th this year that CITIC, CITIC Capital Holdings, Carlyle Investment Group and McDonald’s, a subsidiary of CITIC Group, jointly announced that they had reached a strategic cooperation and established a new company. The new company will acquire McDonald’s business in mainland China and Hong Kong for a total consideration of up to US$ 2.08 billion (about HK$ 16.14 billion).

After the transaction is completed, CITIC and CITIC Capital will hold a total of 52% of the controlling shares in the new company, while Carlyle and McDonald’s will hold 28% and 20% respectively.

CITIC Group has a total of 176 companies with total assets of 2.1 trillion yuan, and its business involves finance, resources and energy, manufacturing, engineering contracting, real estate and other fields. In recent years, CITIC Group has also begun to lay out the consumption field. Just before the acquisition of McDonald’s China, Chunxin Capital, a subsidiary of CITIC Group, acquired 100% equity of Jianlibao Trade in the hands of Uni-President Group for 950 million yuan.

Quite simply, the good times in China market are gone.

Think about it, will you go to McDonald’s and KFC every day to solve the problem of eating?

The data shows that the market share of KFC and McDonald’s in China’s fast food industry has dropped from about 57% (40% and 17% for two brands respectively) to about 37% (24% and 13% for two brands respectively).

Unable to maintain high growth, the trick McDonald’s came up with to get out of the predicament is to sell its brand management rights in the China market for the next 20 years, including the management rights of 2,200 stores that are operating.

Both companies have obtained a lot of funds for this round of transactions, which will be an important source of their next investment from me. Both companies have a large number of restaurants waiting to be renovated — — No matter what kind of restaurant, young people want a more comfortable and fashionable dining environment. In order to find consumers in the fragmented market, they have to catch up with the trend of digitalization. These all need money, a lot of money.

Fund Jun did a search in Weibo. This kind of problem actually appeared.

Many netizens are asking:

Are there any cups, toilet paper, free wifi, ketchup and straws available for free?

You can’t get ketchup after that.

I just want to ask, when boycotting American goods in the future, should McDonald’s boycott [allow sorrow]

Can I go to McDonald’s to go to the bathroom in the future?

These strange questions can only be observed later.

Today, Fund Jun continued to talk about the development of overseas brands after Chinese capital acquired them.

On May 21st, 2012, Wanda announced the acquisition of AMC, the second largest cinema in the world, for US$ 2.6 billion. This is the first international merger of China’s cultural industry and Wanda’s total transaction amount is 2.6 billion US dollars, including buying 100% equity and taking on debt. According to the M&A agreement, after the completion of the merger, Wanda Group will take over 338 cinemas under AMC and operate AMC as its wholly-owned subsidiary, and at the same time inject no more than 500 million US dollars into it every year.

A masterpiece of Wanda’s overseas mergers and acquisitions is now caught in the dilemma of loss-making and layoffs. On August 2nd, AMC Entertainment Holding Company (hereinafter referred to as "AMC"), a subsidiary of Wanda Group, released its second-quarter performance forecast, with estimated revenue ranging from $1.2 billion to $1.204 billion, net loss ranging from $174.5 million to $178.5 million, and loss per share ranging from $134 to $1.36, compared with earnings per share of 24 cents in the same period last year. In the face of performance losses, AMC also indicated that it will cut costs through measures such as layoffs. However, under the situation that the global film market is relatively depressed, AMC faces greater challenges. For Wanda Group, the frequent performance difficulties of overseas assets are not conducive to the layout of Wanda Group’s global film and television industry.

In 2004, under the auspices of Yang Yuanqing, Lenovo acquired IBM’s PC business for a total price of 1.25 billion US dollars. This acquisition, which Lenovo called "snake swallowing elephant", made Lenovo become the third largest computer manufacturer in the world.

After the acquisition, Lenovo experienced a long run-in because of cultural conflicts and changes in management. Until 2008, Lenovo lost $226 million, and Lenovo CEO was changed from Amelio, who was originally from IBM, to Yang Yuanqing.

In the 12 months to the end of March 2017, Lenovo’s total revenue was $43 billion, a year-on-year decrease of 4%. It made a net profit of $535 million, but nearly 85% of it came from the income from selling houses in the past year. Other products, including personal computers, mobile phones and servers, contributed less than $100 million in profits.

In the past fiscal year, Lenovo’s PC business was not very good, facing the global environment of the fifth consecutive year of decline in shipments. And, although Lenovo’s market share as of the end of 2016 is still the first in the world, reaching 21.7%, the second-ranked HP has narrowed the gap from 1.8% to 1.3%. An important reason for the overall market search is that people don’t change computers as frequently as before: once in the past 3-4 years, now 5-6 years.

In October 2014, Lenovo Group acquired Motorola Mobility, with a total acquisition of about 2.91 billion US dollars, and Lenovo immediately became the third largest smartphone manufacturer in the world.

After the acquisition, nearly 3,500 employees from all over the world will join Lenovo, including about 2,800 employees in the United States.

Lenovo will adopt a dual-brand strategy, that is, the parallel strategy of MOTO and Lenovo. Moto will be a supplement to Lenovo’s high-end product line in China, and its product design, R&D and operation are completely independent.

Looking back at Lenovo Mobile’s strategy, it is widely believed that Lenovo failed to grasp the transformation of Internet mobile phones or the offline channel changes initiated by OPPO and vivo.

In terms of mobile business, the revenue of Lenovo’s mobile business group since 2014 decreased by 10% year-on-year to US$ 7.707 billion. Revenue outside the China market fell by 5.4%, and profit margin before tax fell by 1.9%. At the beginning of 2014, Lenovo still had the status of the second smartphone manufacturer in China, but in the past three years, its ranking dropped to ten, and it was overtaken by Huawei, Xiaomi, OPPO, vivo and other mobile phones.

On the morning of January 12th, 2016, the signing ceremony of Wanda Culture Group’s acquisition of American Legendary Pictures Company was officially held in Beijing. Wanda Group will acquire 100% of Legendary Pictures, a well-known Hollywood film and television production company in the United States, with a cash of no more than US$ 3.5 billion (about RMB 23 billion), which is also the largest cultural acquisition of China enterprises overseas. Thomas Tull, Chairman and CEO of Legendary Pictures, will remain in office and continue to be responsible for the day-to-day operation of the company.

One year after Wanda acquired Legendary Pictures, ThomasTull, founder, chairman and CEO of Legendary Pictures, announced his resignation.

On January 17, 2017, the American media "Hollywood Reporter" reported that Thomas Tour’s resignation was not voluntary, but was under pressure from Wanda. Wanda is dissatisfied with his management level and ability to operate the Great Wall, Pacific Rim 2 and other projects.

On January 19th, Dalian Wanda Group Co., Ltd. issued a statement saying that online media reported recently that Thomas, the legendary American CEO, resigned because of the failure of Great Wall. The report is unverified and seriously inaccurate.

On August 2, 2010, Geely Holding Group officially completed the acquisition of all the shares of Volvo Car Company, a subsidiary of Ford Motor Company.

When negotiating the acquisition of Volvo, Li Shufu met with Volvo engineers. The other party made a somewhat harsh request, asking him to explain in three words why Geely’s acquisition of Volvo is the best. The scene was a little tense, and the host tried to beat the circle. Li Shufu stopped him: no problem, I can answer, three words, very good, because, "IloveYou!" "

Seven years after Geely acquired Volvo’s passenger car business, the two sides plan to jointly enter the mid-to-high-end automobile market in the form of a joint venture.

On August 4th, Link Investment Co., Ltd. was established in Ningbo, Zhejiang. This is a three-party joint venture, with Geely Automobile Holdings Limited, Zhejiang Geely Holding Group and Volvo Car Group holding 50%, 20% and 30% respectively.

Many market participants are optimistic about the cooperation between Geely Automobile and Volvo. Ni Wei, an analyst at Everbright Securities, said in the research report that they are optimistic about the long-term cooperation between Geely and Volvo based on Lectra. "The company or its own brand will switch up one of the most certain targets." The research report predicts that the sales volume of the Lectra brand will reach 15,000, 150,000 and 300,000 respectively from 2017 to 2019.

In 2016, Haier Group announced on January 15th that it would acquire the home appliance business of General Electric (GE). The acquisition amount is $5.4 billion, which will take over the personnel of GE’s home appliance department and its business base in the United States. At the same time, it will also obtain intellectual property rights and "GE" brand, which will be used as a foothold for officially opening up developed countries such as Europe and America. GE and Haier also announced that they will establish a long-term strategic partnership and explore cooperation in industrial internet, medical care and advanced manufacturing.

On the evening of March 30, 2016, Midea Group announced that Midea intends to acquire 80.1% equity of Toshiba’s white goods business with its own funds of about US$ 473 million after negotiation between the two parties. With this transaction, Midea will receive 40 years of global authorization from Toshiba brand, more than 5,000 patents related to household appliances, and the markets, channels and manufacturing bases of Toshiba household appliances in Japan, China and Southeast Asia. However, Midea’s acquisition needs to undertake about $220 million in debt from Toshiba’s home appliances.

TCL Group, one of the pioneers in the field of household appliances in China, and Thomson Company, the fourth largest consumer electronics supplier in the world, formally signed an agreement in Guangzhou to reorganize their color TV and DVD businesses and form the largest color TV supplier in the world — — — TCL— Thomson electronics company. This is also the first time that China’s home appliance enterprises have merged the mainstream business of the world’s top 500 companies.

The total assets of the merger and reorganization of the two parties will exceed 450 million euros. TCL International Holdings will become the major shareholder of the joint venture company, accounting for 67% of the shares, while Thomson will hold the remaining 33%. The newly established joint venture company has more than a dozen production bases in Europe, America and Asia, with an annual sales of 18 million color TV sets, making it the largest color TV supplier in the world.

On June 21, 2016, Tencent announced that it had acquired 84.3% equity of Supercell after consulting with Finnish mobile game developer Supercell84.3% The transaction amount is expected to be 8.6 billion US dollars (about 56.6 billion yuan). Supercell is a game giant from Finland. As of March 2016, the number of daily active users (DAU) of its games has exceeded 100 million.

According to sources, any buyer of Supercell must agree to the condition that six founders control the company. The new owner can’t force an IPO or fire the existing management team. At present, Supercell has launched games such as Clash of Tribes, Cartoon Farm and Raiders of the Island for the global market. In contrast, Zynga, which has more mobile game products, has about 21 million daily active users, while Gameloft and Glu have about 19 million and 5 million respectively. King, the developer of Candy Legend, has more than 130 million daily active users. Among them, the "local tyrant game" and "clash royale", which are well known by netizens, were also developed by them.

Source: China Fund News (ID: China Fund News)

Reporter: Taylor

　　How far is it from playing mobile phone every day to illness? Recently, a reporter from qianjiang evening news learned from the hospital that there is a 30-year-old clerk in Hangzhou who deals with computers, keyboards and mice every day, and likes to play with mobile phones during the spare time. As a result, his hands are numb enough to require surgery. Psychologists also warned mobile phone owners that if they keep looking at their mobile phones while shopping, they will spend more money. If you let your mobile phone sleep with you, it will do more harm to your health.

　　Keyboard and mobile phone play too much.

　　In addition to hand numbness, muscle atrophy will occur.

　　Zhou Qi (a pseudonym), 30, keeps her hands on the keyboard at work and keeps brushing her mobile phone at rest. She also has a habit of sleeping on her desk with her hands on her pillow during lunch break. It seems that most people’s living habits have damaged her ulnar nerve. It shows that the right hand is numb and tingling, and it takes a long time to straighten your arm to recover. Even the buttons are awkward, and you can’t even carry chopsticks when eating … … After a series of examinations such as electromyography, Zhou Qi was diagnosed as "cubital tunnel syndrome".

　　The ulnar nerve in medicine is what we usually call "numbness". It is one of the three main meridians on the arm. It starts from the cervical vertebra, passes through the elbow joint, sticks to the inside of the arm and goes down all the way to our ring finger and little finger. It is of great significance to our daily life, and the fine movements of our fingers, such as buttoning, holding chopsticks and holding a pen, can not be achieved without the contribution of ulnar nerve.

　　Frequent elbow flexion and other actions will cause ulnar nerve compression, leading to "cubital tunnel syndrome", which will affect the function of fingers and palms. When the sensory function of ulnar nerve is affected, there will be symptoms of numbness of fingers or palms, and when its motor function is also affected, there will be phenomena such as weakness of fingers or muscles. If it is affected for a long time, it will easily cause muscle atrophy and even cause serious irreversible consequences.

　　Use the keyboard and mouse for a long time, bend your elbows for a long time, or sleep on your desk, etc. Some people have cubital tunnel syndrome due to playing mahjong for several days, and office workers and surgeons are all high-risk groups. In order to completely cure the symptoms, Zhou Qi had to undergo surgery.

　　The doctor reminded that to prevent such diseases, one is: rest.

　　If you repeat an activity, whether it is typing, using the mouse or anything else, it is recommended to take a short break every 10 to 15 minutes to rest your elbow and wrist. During this period, you can stretch and exercise these two parts.

　　Second, keep a good working posture.

　　Adjust the height of the seat to keep the forearm as high as the keyboard. When using the keyboard, there should be no feeling of outward expansion and drooping, so that the elbows and wrists are in a relatively relaxed state.

　　The third is: always be vigilant. Once there is numbness and discomfort in the finger, and it is a constant and persistent feeling, you must not ignore it easily. You should go to the hospital as soon as possible for professional judgment and exclusion.

　　Play mobile phone while walking.

　　Shopping is more expensive.

　　A new study by American scientists shows that if you play with your mobile phone while shopping, it will not only increase the risk of hitting obstacles, but also make people spend a lot of money unconsciously.

　　The research team of Fairfield University asked 231 participants to complete a simulated shopping task. One group of participants restrained themselves from taking out their mobile phones and only paid attention to the goods, while the other group randomly used their mobile phones intermittently for unrelated tasks (such as answering phones, sending and receiving text messages, listening to music, etc.). Both groups of participants used to shop according to a shopping list provided by the researchers, but the results showed that people who used their mobile phones occasionally or constantly in the store made far more unplanned purchases than those who concentrated on shopping.

　　The researchers pointed out that when shopping, people may forget what goods they need most when they are distracted, but they will be attracted by the dazzling array of other goods in the store and take them into their pockets without thinking. Even if you only use your mobile phone occasionally during shopping, it will have this effect, which will lead to additional expenses. Therefore, we should concentrate on saving money when shopping.

　　Wang Yiquan, an expert in early intervention of psychological problems in Hangzhou No.7 Hospital, said: "From the perspective of behavior patterns, those who rely heavily on mobile phones have poor self-control ability, and they are easily influenced by external information such as price reduction and new product listing when shopping, resulting in more impulsive consumption. From the analysis of emotional influence, the information from the mobile phone will affect the mood of shoppers, and these emotions may stimulate impulsive consumption whether positive or negative. Seeing good news, buy something to reward yourself or your family; When you see bad news, you should buy something to comfort yourself and decompress. For example, people often joke that ‘ Bao ’ Treating all diseases is the most vivid explanation of the influence of emotions on shopping. "

　　We have to admit that consumption is indeed a good way to vent and quickly adjust emotions, but only if it is moderate. If it is inappropriate or even unreasonable consumption beyond one’s own ability to pay, one must be alert to whether there are psychological problems.

　　In fact, in life, it is easy to understand the difference between men and women’s shopping habits. For most men, shopping is a kind of "torture". They often think about where to buy something, go straight to the destination and buy it, and then leave. They rarely pay attention to what other stores are selling along the way, and naturally they will not have unplanned consumption. Women tend to take shopping as a kind of "leisure", walk around, shop around, stop and watch more, and the temptation is more likely to lead to many unplanned consumption.

　　Sleeping with your mobile phone is harmful to your eyes.

　　Playing mobile phone for a long time at night often leads to sore eyes, sharp drop in vision, deepening myopia, and even dry eye. Once, because of playing mobile phone games for a long time, the function of meibomian gland was worse than that of the elderly.

　　Everyone’s two eyes have a dominant eye and a non-dominant eye. Under normal circumstances, under the control of the brain, the eyes of both eyes are even, but after lying on the side, one eye has to shoulder a heavier eye task. Over time, if the balance is broken, the vision will be inconsistent between the left and right eyes.

　　Sleeping with mobile phone is harmful to cervical health

　　"Cervical arch inversion" is the most common pathological basis of cervical diseases. High pillow can make the head bend forward and increase the stress of the lower cervical vertebra, which may accelerate the degeneration of cervical vertebra. However, bad living habits such as lying on a high back and watching TV, surfing the Internet for a long time, lying down and playing with a mobile phone, and pulling the cervical vertebra for a long time will also lead to the curve lordosis decreasing, straightening and even bending back.

　　Sleeping with mobile phone affects sleep quality.

　　Adequate sleep is a necessary guarantee for a healthy life. When playing mobile phone, the production of melatonin (secreted by pituitary gland, which directly affects the quality of sleep) will be reduced, which will lead to less sleep and even inability to sleep. I believe those who play mobile phones until midnight or even later have a profound experience — — I’m not sleepy at all. I don’t want to sleep.

　　Sleeping with mobile phones affects family harmony.

　　Young people, once they have cell phone sleepiness, are not in a hurry to find a partner. They think that cell phones are so fun and have everything in them. Why do they need to find a partner? Parents look at the older single children, but they really hate the dead mobile phone. After three days, they cursed, "I know how to play mobile phones every day. Everyone else has grandchildren, so you will give me a mobile phone?"

On December 23rd, Chongqing Jin Kang Sailis announced that it had jointly launched a high-end smart car brand AITO (Chinese name: Aotu), which is a new high-end new energy brand that Huawei has chosen new products and cooperated with car companies. slogan is "A journey of thousands of miles begins with AITO"!

At today’s new product launch conference of Huawei in winter, AITO’s first model, AITO Wenjie M5, was officially launched, with a mid-to-high-end positioning, belonging to an intelligent luxury electric drive SUV (medium-sized), which was built by major teams such as Huawei’s consumer business, including system software, industrial design, engineering technology, ecology, etc., with high autonomy.

In addition, HUAWEI has specially provided Huawei’s household charging piles for new cars, which are genuine Huawei car accessories to help solve the anxiety of users.

The IT House learned that "Huawei only makes parts and does not build cars, but helps enterprises build good cars".

Yu Chengdong said that this model is far superior to other brands in terms of performance, handling and intelligent experience.

Huawei also brought its simple and ultimate industrial design concept to this car. The exterior is luxurious and compact, and the interior is spacious and comfortable, which not only allows everyone to enjoy the convenience of parking and turning around easily in the city, but also allows the main driver and passengers to have a comfortable experience even during the long journey.

With the help of the industrial concept of Huawei team, this car has achieved a simple and extreme design. First, it is equipped with an intelligent cockpit. The AITO M5 can seamlessly flow with other intelligent terminals, completely breaking through the barriers between "people, cars and homes".

In terms of software, the M5 interface of AITO Interface provides advanced sense and intelligent functions, which "surpasses all models and car enterprises", such as L2+intelligent driving assistance, HarmonyOS intelligent split screen, one-button flow, NFC Bluetooth sensorless car key of Huawei watch, 3D face recognition, automatic login to Huawei account, automatic switching of driving information, schedule, real-time updating of car navigation map, intelligent sound source perception in multi-tone area, offline voice assistant, real-time detection of fatigue state by computational vision, etc.

Huawei said that with powerful computing power and operating system, through continuous AI learning optimization and OTA upgrade, HarmonyOS Auto can meet consumers’ demand for intelligent, scene-based and personalized experience upgrade.

IT House understands that AITO Wenjie M5 has six paint colors: ceramic white, pine frost green, ice crystal gray, gold-plated black, mi navy blue and azure blue, and three interior colors: ivory white, extreme night black and agate brown, which can be freely matched.

According to Yu Chengdong, Huawei designed it according to the quality and interior requirements of millions of luxury cars, which exceeded the driving sense of 500-100 million yuan. The interior space was comparable to that of a large SUV, and the cockpit was surrounded in one piece, which perfectly interpreted the experience of "advanced feeling", "simplicity" and "immersion".

In terms of power, AITO Wujie M5 adopts front double wishbone independent suspension (anti-roll), rear multi-link independent suspension (stable), all-aluminum chassis (weight -30%), and is equipped with Huawei’s own DriveOne pure electric drive range-extending platform, which has fast acceleration, long battery life and can be powered by electricity and oil.

It is equipped with 1.5T four-cylinder range extender 3.0, asynchronous AC motor and permanent magnet synchronous motor. The peak power of intelligent four-wheel drive flagship version is 365kW(675N?m), and the performance version of four-wheel drive is 315kW. Its performance is superior, and its endurance exceeds that of Porsche, BMW X3, Mercedes-Benz GLC, Audi Q5L, Tesla Model Y and many other luxury cars, with the highest compression ratio of 15:1, ultra-high thermal efficiency of 41% and 3.

According to Yu Chengdong, this model also has extreme cornering performance, which is stronger than McLaren. In terms of acceleration, it can also achieve acceleration of 4.4 seconds at zero speed and 1.9 seconds at 0-50km/h, and its performance can crush many fuel vehicles and surpass many pure trams.

Advanced precision oil cooling technology is also adopted in AITO Interface M5, which reduces the average peak temperature of winding by 30℃ and the peak temperature of magnetic steel by 15℃.

This model can store 40 kWh of electricity, and has a matching "Huawei Household Charging Pile", which supports fast charging (45 minutes can make the power from 20% to 80%, and 5 hours of slow charging can make the power from 20% to 80%), and of course it can also generate electricity from gasoline (56L fuel tank), and it can also output 3500W(220V) AC power to the outside world. Super fast charging charging charging charging treasure, four-wheel drive flagship version 110.

It is reported that the interior car of AITO’s M5 is a 15.9-inch 2K HDR screen, with 90% screen ratio, 128-color RGB atmosphere lights and seamless panoramic canopy.

In addition, this model also has built-in Huawei Sound’s top luxury audio system and a car audio with a peak of 1200 watts. It is worth mentioning that Huawei also has a high-quality cockpit music experience, providing a 10-million-level music library and a high-quality music area for Huawei music, and supporting the playback of lossless music with 5.1 channels and 7.1 channels.

In other aspects, AITO Wujie M5 comes with its own fragrance system, which claims to have the fastest charging in the car, 66W wired fast charging and 40W wireless fast charging, with five charging interfaces of 1A4C, as well as the advanced crystal diamond handle, the co-pilot’s "Queen’s fill lens", center speaker, 19-unit vocal design, ventilated heating massage seat, Napa leather, HUD head-up display function and so on.

Finally, AITO M5 also provides Huawei Card Owner’s Courtesy Edition, covering the whole life cycle from car purchase to car use, providing preferential installment service and rich owner’s rights and interests. With the owner card of Huawei Card, you can enjoy the owner’s rights and services. In Huawei wallet App, car owners can quickly apply for cards, handle car staging, enjoy cash back and driver accident insurance on the whole line, and create a variety of smart car scenes.

On April 15th, the preview of Qin L, a brand-new car of BYD Wang Chaowang, was released. The appearance of the new car continues the "loong" design language, and it will form a two-car pattern with Qin PLUS, with an estimated starting price of more than 120,000 yuan.

In terms of appearance, Qin L’s front face inherits Wang Chaowang’s Longyan aesthetics, and the sharp headlight group is connected by thick chrome trim strips. The word "Qin" is engraved in the center of chrome trim strips, and the interior of the large-size mesh is decorated with breakpoints. The shape surrounded by the front is also very sharp. The waistline of the new car adopts two-stage design, and the roof line is full and smooth. The tail of the new car has a heavy shape, and the classic "Chinese knot" element is added to the taillights. The luminous BYD LOGO is full of science and technology.

In terms of power, the new car will be equipped with a plug-in hybrid system consisting of a 1.5L engine and a motor, in which the maximum power of the engine is 74 kW and the maximum power of the motor is 160 kW. It is equipped with a lithium iron phosphate battery pack, providing 90km and 60km pure electric cruising range.

Answer Comments: According to the application information, the length, width and height of Qin L’s body are 4830/1900/1495mm and the wheelbase is 2790 mm. Except the height of the body is the same as that of Qin PLUS, it is larger than Qin PLUS in other aspects, which is close to the body size of a medium-sized car. The starting price of Qin PLUS on sale is 79,800 yuan, and the price of Qin L will be between Qin PLUS and Han, and 120,000 yuan will be a more suitable point. Judging from the positioning of Qin L, its interior will be more luxurious than Qin PLUS. The specific performance of the new car will not be known until it is officially unveiled.

　　Huawei usually releases new P-series machines in the spring, and it’s the P70 series this year. According to mobile phone China, Huawei P70 series has a lot of news on the Internet, but not much about the price. Some digital bloggers recently broke the news that the price of Huawei P70 series may be similar to that of Mate60 series.

　　Huawei P70 series imaginary map

　　Recently, a blogger wrote that what is the price of Huawei P70 series? Refer to the Mate60 series, which is not bad. In the comment area, some netizens suspected of pollen said that the P70 series would be cheaper than the Mate60 series, while bloggers replied that it was "not much cheaper", which seemed to confirm the speculation that the P70 series was relatively cheaper. In addition, some netizens asked whether Huawei P70 series will continue the color scheme of Rococo White, while bloggers said that P70 series has white, but it is not necessarily Rococo White.

　　Let’s review the price of Huawei Mate60 series:

　　Huawei Mate 60-12 GB+256 GB 5499 yuan; 12gb+512gb5,999 yuan; 12GB+1TB 6999 yuan

　　Huawei Mate 60 Pro-12 GB+256 GB 6499 yuan; 12GB+512GB 6999 yuan; 12GB+1TB 7999 yuan

　　Huawei Mate 60 Pro+-16GB+512GB 8999 yuan; 16GB+1TB 9999 yuan

　　Huawei Mate 60 RS extraordinary master-16GB+512GB 11999 yuan; 16GB+1TB 12999 yuan

　　According to the blogger’s news, the starting price of Huawei P70 series should be less than 5499 yuan. In addition, the starting price of Huawei P60 series is 4488 yuan, so the starting price of P70 series can be expected.

　　CCTV News:The Ministry of Communications and the Ministry of Housing and Urban-Rural Development have issued new regulations to encourage the use of new energy vehicles to carry out time-sharing and encourage time-sharing operators to adopt credit model instead of deposit management.

　　The Guiding Opinions on Promoting the Healthy Development of Minibus Rental formulated by the Ministry of Transport and the Ministry of Housing and Urban-Rural Development was officially promulgated today. The Guiding Opinions includes 5 parts and 13 articles, including general requirements, laying a solid foundation for safety management, improving service capacity, encouraging time-sharing development and creating a good development environment.

　　It is understood that from June 1 to 14, the Ministry of Communications publicly solicited opinions on the Guiding Opinions on Promoting the Healthy Development of the Car Rental Industry. According to the suggestions, the Guiding Opinions were revised and improved: the scope of application was limited to the lease of minibuses; Enriched the relevant requirements of anti-terrorism prevention and added the contents of "maintaining public safety"; At the same time, the new format of time-sharing lease is standardized and managed.

　　What is a minibus??

　　Minibus refers to a minibus with seven seats or less. The "Guiding Opinions" clearlySmall minibus leaseIt refers to the operation mode that the minibus leasing operator delivers the minibus to the lessee for use within the agreed time, collects the leasing fee and does not provide driving services.

　　According to the Ministry of Communications, there are currently more than 6,300 car rental operators in China.The total number of leased vehicles is about 200,000.The market scale is growing at an annual rate of about 20%. but92.7% of car rental enterprises in China own less than 50 vehicles.It is difficult to implement network operation and form economies of scale.

　　In addition to insufficient service capacity,At present, there are no new laws and regulations for the car rental industry at the national level.. At the local level, only four provinces (cities) such as Beijing, Shanghai, Chongqing and Shanxi have issued special local regulations on car rental, while another 21 provinces only involve one or two principled provisions in the Road Transport Regulations and other relevant local regulations, while six provinces such as Tianjin, Hebei, Inner Mongolia, Guangxi, Hainan and Qinghai have not yet issued laws and regulations on car rental.

　　For the sake of vehicle insurance, scrapping and second-hand salvage value,At present, about 95% vehicles in the car rental market are registered as non-operating vehicles.As a result, it is difficult to guarantee the safety of vehicles, and users cannot get insurance compensation in case of traffic accidents.

　　In order to ensure the safety performance of leased vehicles and the legitimate rights and interests of users, the Guiding Opinions put forward requirements such as standardizing the management of leased vehicles and implementing the inspection system in real-name registration system. Rental vehicles shall be in accordance with relevant laws, regulations and technical standards.Go to the public security organ for registration., and in accordance with relevant regulations, carry out safety technical inspection, environmental inspection and scrapping of vehicles. Insure compulsory insurance and third party liability insurance according to the insurance rate corresponding to the registered nature of use.

　　To implement the identification system, minibus rental operators should have the facilities and equipment needed for identification and check the valid documents provided by the lessee.

　　Highlights of the new regulations ②: Encourage time-sharing of new energy vehicles.

　　In order to encourage the development of the new format of time-sharing lease, the Guiding Opinions proposes to consider the characteristics of time-sharing lease in non-intensive travel, reasonably determine the positioning of time-sharing lease in the urban comprehensive transportation system, and study and establish a vehicle delivery mechanism that is suitable for public travel needs, urban road resources and parking resources.

　　Time-sharing operators should improve their online and offline service capabilities, strengthen the intelligent organization and deployment of vehicles, and ensure the good safety of vehicles through daily inspections and self-inspection of vehicles by operators. Operators should adopt safe and compliant payment and settlement services to ensure the safety of users’ deposits and funds, and encourage the use of credit mode instead of deposit management.

　　This paper puts forward some support policies, such as encouraging public parking lots in crowded areas to provide convenience for parking time-sharing vehicles and exploring on-street parking concessions in cities. Encourage the use of new energy vehicles to carry out time-sharing leasing.

　　Highlights of new regulations ③: Promote the construction of parking spots in densely populated areas.

　　In order to improve the service ability of the industry, the Guiding Opinions put forward specific requirements from the aspects of infrastructure planning and construction and daily operation and management of operators. According to the local economic and social development and residents’ travel needs, it is required to formulate a development plan for minibus rental, and incorporate it into the comprehensive transportation system planning and urban comprehensive transportation system planning, strengthen the transfer connection between minibus rental and different modes of transportation, and promote the construction of transportation hub business outlets such as airports, railway stations, bus stations and ports, as well as parking stations in densely populated areas.

　　Encourage operators to use new technologies and new means to strengthen daily management and improve the convenience of car rental. Operators should improve network security protection measures and collect, store, use and protect personal information in compliance with laws and regulations. Strengthen the linkage between upstream and downstream industries and related industries, and promote the scale, networking and brand development of the industry.

　　List of other highlights

　　In addition, in order to further create a good development environment for the industry, the Guiding Opinions also put forward the requirements of accelerating the construction of system standards and promoting the resolution of outstanding problems such as illegal road traffic disposal of leased vehicles and fraud of leased vehicles. Accelerate the construction of credit system, establish a credit evaluation system for lease operators and lessees, and build a cross-departmental and cross-regional joint incentive and punishment mechanism.

　　The Guiding Opinions require that local transportation departments should formulate supporting policies, measures and implementation plans.

　　On August 2, the Ministry of Transport and other 10 departments jointly issued the draft of "Guiding Opinions on Encouraging and Regulating the Development of Internet Rental Bicycles", which clearly pointed out that the development of Internet rental electric bicycles is not encouraged.

　　Li Jiangping, inspector of the Traffic Management Bureau of the Ministry of Public Security, said that such regulations mainly consider that vehicles generally exceed the standard and do not meet the standard requirements of the General Technical Conditions for Electric Bicycles; Prone to traffic accidents; Fire safety hazards are prominent; High risk of vehicle operation safety; In addition, the battery pollution problem is serious.

Wen | Buer Research Institute Yi Xin Zi Qing

Following the price reduction of Tesla at the beginning of the year, in August this year, new energy vehicles once again set off a new wave of price reduction. Brand officials, such as Zero Run and Weilai, announced the price reduction, and the ideal was to "reduce the price in disguise" by releasing new cars.

On August 8th, LI (02015.HK) announced the second quarterly report of 2023. Although the net profit of the second quarter increased, its share price showed the opposite trend.

On the day of the financial report, its US stock price closed down by 8.62%; The next day (August 9), Hong Kong stocks closed down 5.52%.

As of August 14th, LI closed at HK$ 160.90 per share, corresponding to a market value of HK$ 335.4 billion (about RMB 311.1 billion).

According to the latest data released by Ideal, its delivery volume in the second quarter reached 86,533 vehicles, up 201.6% year-on-year and 65% quarter-on-quarter. In July, the delivery volume was 34,134 vehicles, up 227.5% year-on-year and only 4.7% quarter-on-quarter.

According to the announcement of LI, it is estimated that the delivery volume in the third quarter is only 100,000-103,000, equivalent to 33,000-34,500 vehicles per month. Based on this data, it is speculated that the growth of ideal monthly delivery volume may stagnate.

According to its second quarterly report, "Buer Research" found that in the second quarter of this year, LI’s revenue was 28.65 billion yuan, a year-on-year increase of 228.1%; The net profit was 2.31 billion yuan, turning losses into profits year-on-year, up 147.4% from the previous month.

In the second quarterly report, the ideal revenue doubled, but the strategy of re-marketing may continue. The R&D expenditure in the ideal second quarter was 2.43 billion yuan, up 58.4% year-on-year and 31% quarter-on-quarter. Sales, general and management expenses were 2.32 billion yuan, up 74.3% year-on-year and 40.4% quarter-on-quarter.

Source: official website, LI

At present, LI’s production capacity is limited to 8,000 vehicles per week, and the production capacity of parts suppliers has fallen into a bottleneck, which is also a challenge it faces in the second half of the year.

According to the financial report meeting in the second quarter, due to the development of economic situation and the upgrading of enterprise organization matrix at the beginning of the year, it is ideal to lower the planned annual sales target of 360,000 vehicles to 300,000 vehicles.

Today, the new energy vehicle has entered the second half, and the industry volume has been intensified; Although LI turned losses into profits year-on-year, how long can the story of its profitability be sustained and increased?

In March of this year, the new forces of building cars suffered a double crit.

The first crit comes from the continuous price reduction war of peer TSLA, and the second crit is the government-enterprise subsidy jointly initiated by Hubei Dongfeng. The fuel vehicle market is "chaotic", which makes new energy vehicles suffer crit.

As one of the Three Musketeers, a new force in car-making, LI has previously published the 2022 annual report and the first quarterly report in 2023. Although the revenue in 2022 has achieved substantial growth, it is still at a loss.

According to its financial report, "Buer Research" found that in 2022, LI’s revenue was 45.29 billion yuan, a year-on-year increase of 67.7%; In the same period, its net loss was 2.03 billion yuan, up 531.42% year-on-year, making it the most serious year since the listing of US stocks in 2020.

Among them, the ideal automobile sales revenue in 2022 is 44.106 billion yuan, accounting for 97.39% of the total revenue. According to "Buer Research", due to the increase in R&D investment and rising operating costs in 2022, the automobile sales revenue failed to catch up, which led to the further expansion of LI’s net loss.

Under the new energy automobile track, it still takes time to accumulate and reserve funds to transform R&D investment into automobile production capacity.

Although the capital reserve has been expanded after the dual listing, more and more car-making competitors and intensified competition in sub-sectors seem to be shortening the ideal "new" time window.

01 landing in Normandy

In 2015, after leaving office in car home, Li wanted to start a business again, aiming at the field of new energy vehicles. At that time, Tesla was in the limelight, and many Tesla "fans" emerged in China.

Source: LI founder-Li Xiang-LI Guan Wei

Since then, Li Xiang’s brand ideal of new energy vehicles has stood out, and he, together with Weilai Automobile and Xpeng Motors, has been called "Three Musketeers".

In 2019, when the ideal first car, Li ONE, was officially launched, Li Xiang said frankly, "I have been in business for 20 years, and today is my most nervous day, and it is also the Normandy landing day of the company".

In July 2020, above the new energy outlet, it was ideal to land on Nasdaq in the United States, and the IPO was priced at $11.5 per share, with the highest increase of more than 50% on the first day of opening.

On August 12, 2021, LI landed on the Hong Kong Stock Exchange, becoming the second new car-making force to achieve dual listing in Hong Kong stocks after Xpeng Motors.

Although the new energy outlet is still there, the competition of the Three Musketeers, a new force to build cars, is intensifying. Compared with the increasingly full product matrix of Weilai and Tucki, the outside world is quite worried about the ideal car-making pace: the 2020 Li ONE that landed in Normandy has been sold for nearly three years, and the ideal finally got the new 2021 Li ONE.

Source: official website, LI

According to the ideal quarterly report in 2023, its total revenue in the first quarter was 18.79 billion yuan, up 96.5% year-on-year and 6.4% quarter-on-quarter. In the same period, the net profit was 934 million yuan, turning losses into profits. In addition, the ideal annual gross profit margin in the first quarter of 2023 is still declining.

According to "Buer Research", the ideal main revenue source is vehicle sales, and its vehicle sales revenue in the first quarter of 2023 was 18.33 billion yuan, accounting for 97.55% of the total revenue.

The increase in sales revenue in LI is mainly due to the increase in delivery volume in the first quarter and the increase in the average selling price of ideal L series models. In addition, the revenue and delivery have been greatly improved, which has also enabled LI to turn losses into profits.

Entrepreneurship means choosing the path of extended-range technology and relying on an extended-range electric vehicle to conquer the world. The ideal can be described as a different kind among the three musketeers, a new force in building cars. However, the increasingly strict policy supervision is like the sword of Damocles hanging overhead, and it is ideal to make up for the autopilot technology.

Li Xiang once said frankly, "In terms of autonomous driving, compared with Tesla and Tucki, we have to make up lessons." According to the plan, this year’s ideal research and development is continuously invested; In the first quarter, its R&D expenditure was 1.85 billion yuan, up 34.8% year-on-year; In the second quarter, its R&D expenditure was 2.43 billion yuan, a year-on-year increase of 58.4%.

When the market structure of the new force of car-making is initially determined, the competition of new energy vehicles has entered the second half: the sales and mass production targets of 280,000-300,000 vehicles, and the fierce competition of autonomous driving technology.

As a supporter of the "10,000-hour Law", Li Xiang once wrote in Weibo, "I have trained more than 60,000 hours in the automobile industry since 2004, and I am more confident in my major".

It seems that the capital market that votes with its feet is not satisfied with Li Xiang’s "10,000-hour law".

By comparing the PE value (P/E ratio) and the PB value (P/B ratio) of the Three Musketeers, a new car-making force, it was found that by the close of the US stock market on August 12th, EDT, except LI, the PE values of the new car-making force were all negative, with the PB values of Tucki 2.81, Ideal 6.23 and Weilai 7.63 in turn, while the PB value of Tesla was 15.06.

Among the three musketeers, the ideal PB value ranks second, which is about 1/10 of Tesla PB value. The higher the PB value, the higher the valuation of enterprises in the capital market.

As of August 12th, EST, the US stock market closed, with an ideal market value of $42.18 billion, while Tesla’s market value has passed the $700 billion mark.

02 on the new speed.

On May 25th, 2021, Ideality released the 2021 Li ONE in Beijing, which was different from the enthusiastic conference site. The capital market reacted coldly and fell immediately after the opening of the day. Only one day later, it is ideal to announce the financial report for the first quarter of 2021, from profit to loss.

"Li Xiang, you owe an explanation to the owner who picked up the car in April and May." After the release of the 2021 Li ONE, Li Xiang’s Weibo was overwhelmed by the owner’s doubts.

According to the ideal plan, after the production and sales of the 2021 Li ONE model begin, the production of the 2020 model will stop. The car owner who just bought the old model of Li ONE soon felt that he had been "cleared of inventory" by routine. Although it is ideal to provide four paid upgrade schemes for old car owners, it still cannot satisfy the skeptics.

In August of the same year, a similar scene was once again staged in the ideal riders group: the prospectus revealed that the ideal will launch a new full-size SUV in 2022, and compared with the existing products, the size, hardware and intelligent configuration have been improved in many aspects.

Source: LI Guanwei

To some extent, the rapid iteration of new energy vehicles is accelerating the depreciation of the value of the previous generation models. Anxiety, confrontation and other emotions spread between riders waiting for a full-size new car and owners who have already picked up the car.

According to "Buer Research", the innovative technology of new energy vehicles is both a spear and a shield. Compared with traditional cars, the product cycle of new energy vehicles is shorter; How to balance customer perception and product iteration has also become an ideal test.

However, the other side of the coin is the risk brought by the thin product line, and any fluctuation in Li ONE may trigger a chain reaction.

In order to change this situation, it is ideal to replace Li ONE with L8 and L9 from the second half of 2022.

In the fourth quarter of 2022, the ideal delivery volume was 46,319 vehicles, a year-on-year increase of 31.5%; In the same period, Weilai and Tucki delivered 40,052 vehicles and 22,204 vehicles respectively, both of which increased year-on-year.

By the end of 2022, it is ideal to deliver 133,246 vehicles throughout the year, up 47.2% year-on-year; Although it did not reach the expected goal of LI, it was slightly ahead of Weilai Automobile’s 122,486 vehicles and Xpeng Motors’s 120,757 vehicles in terms of the number of deliveries in 2022.

By the end of January this year, LI’s monthly sales even exceeded the combined monthly sales of Weilai Automobile and Xpeng Motors.

In the first quarter of this year, the ideal delivery volume was 52,584 vehicles, a year-on-year increase of 65.8%; The deliveries of Weilai and Tucki in the same period were 31,041 and 18,230 respectively.

The outbreak of black swan is only a small probability event. If compared with the same industry, to some extent, the large data fluctuation of ideal sales revenue is related to its single product structure.

In the view of "Buer Research", in the early stage of starting a business, the 2020 Li ONE solo combat can unite all the superior resources; However, due to the lack of product matrix, ideal is losing its position in the price range, and it is easy to fall into the situation of weak subsequent growth.

Expanding the product matrix is imminent. On August 3 this year, it officially launched the ideal L9 Pro. According to the ideal plan, it is expected to launch the first pure electric vehicle MEGA； by the end of 2023. And in 2024, four new cars will be released, including an extended-range SUV and three pure electric models.

Source: official website, LI

It is not easy to "upgrade" new energy vehicles, and R&D investment is similar to "arms race"; Only from the number of patents and invention patents in 2020, the ideal is relatively backward.

Intelligent driving is the focus of LI’s current layout. This year, the ideal plan is to land the "NOA" function in 100 cities.

At present, LI has successfully opened the urban NOA internal test in Shanghai and Beijing, and completed the first test drive of urban NOA and commuter NOA in Beijing. It is expected that in the third quarter, Ideal will also open the commuting NOA function to "early bird users".

In the view of "Buer Research", when the potential of new energy vehicle track is highlighted, attracting many car-making forces to enter the market, the competition in market segments will become more intense.

Regardless of the technical path, ideally, the time window of the new product matrix is limited, and it is urgent to find a balance between iterative novelty and customer perception.

03 Flag of Li Xiang

In February 2021, Li Xiang said in an internal letter that by 2025, it is ideal to win 20% of the market share and become the first intelligent electric vehicle enterprise in China; In 2030, it will go further and become the first intelligent electric vehicle enterprise in the world.

In the second quarter of this year, Li Xiang set a new Flag: the ideal total sales this year will exceed the target at the beginning of the year by 10%-20%. The ideal target at the beginning of the year is annual sales of 306,000 vehicles, and the adjusted sales volume is expected to be 336,000-366,000 vehicles.

According to the latest data released by Ideal, its delivery volume in the second quarter reached 86,533 vehicles, up 201.6% year-on-year and 65% quarter-on-quarter. And delivered 34,134 vehicles in July.

In terms of production capacity closely related to the delivery volume, the "Buer Research" found that the annual production capacity of the ideal Changzhou factory in 2020 will be about 100,000 vehicles, and the annual production capacity of the factory will increase to 200,000 vehicles after upgrading.

After the release of Q3 financial report in 2022, Shen Yanan, the ideal co-founder and president, announced his resignation. He helped LI choose to build his own factory in Changzhou. This adjustment is regarded as a large-scale change since the establishment of Ideal.

At the ideal second-quarter financial report meeting on August 8, Li Xiang said that at present, due to the influence of supplier supply, the production capacity is in a bottleneck.

Earlier, there were media reports that Ideality was contacting Beijing Hyundai and hoped to receive its first factory that had stopped production. At present, the Beijing base is expected to be officially put into production at the end of this year. In addition, it is reported that the production plan of the ideal third factory, Chongqing production base, has stopped.

According to "Buer Research", if we want to achieve production and sales of 1.6 million vehicles in 2025, we need a strong production capacity reserve. The only Changzhou factory and Beijing factory may not have enough production capacity to carry their delivery demand, so the construction of new factories is imminent.

Previously, compared with the other two new car-making forces, the ideal offline layout was not dominant and is currently accelerating.

By June 30, 2023, LI had operated 331 retail stores covering 127 cities. In addition, LI operates 323 after-sales maintenance centers and authorized car body and painting centers in 223 cities.

When Internet companies such as Baidu and Xiaomi went off to build cars one after another, the war of new energy vehicles intensified. Regarding the cross-border showstopper, Li wants to speak frankly about the car, saying that the car sales can’t be faked, and the final development depends on the final product.

Although LI is speeding up its running, will Li Xiang’s Flag fall down under many skinny realities?

"Ideal" meets the cold reality

Although the ideal delivery volume since 2023 has been leading the new domestic car-making forces, LI still considers 2023 as "Alexander". In particular, the head car companies headed by Tesla started a price war, which caught the industry off guard.

However, as a "hardware for traffic portal, software for charging service", Tesla model seems to bring new imagination space for new energy vehicles.

When the income of Tucki XPILOT software and Weilai NIOPILOT software increased, Li Xiang declared: "The new Li ONE autopilot is standard, and the future ideal will not charge for autopilot".

"With the development of smart cars, there will be more and more usage scenarios for users and more and more business models." Li wants to put his hopes on another possibility of business model innovation, but it needs to be built on the basis of ownership.

Che Gewana once said, let’s be loyal to our ideals and face reality. On the increasingly crowded track, Li wants to be loyal to his ideals, but he also needs to face reality: the day after tomorrow of new energy vehicles is beautiful, and today is very difficult. The key is whether he can survive tomorrow.

Some references in this article:

1. LI, Sorry for the Old Car Owner, Sina Technology.

2. Li Xiang with Ideal, Taber.com.

3. "The listing price of LI and Hong Kong is HK$ 118, which is 21.3% lower than the suggested subscription price", Caixin.com.

5. "LI’s second-quarter earnings revenue increased significantly, and the decline in US stocks reflected investors’ concerns", interface news.

6. Ideal sells crazy, but it can’t relax its vigilance. Connect sight.