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Changan Automobile used IoTDB to build a 150 million time series vehicle condition data processing scheme, and the query was stable to achieve millisecond return.

This article was interviewed from:Chang’anautomobile

1. Changan Automobile Business Scenario

Chongqing Changan Automobile Co., Ltd. is one of the four groups of China Automobile. It is an automobile company that develops, manufactures and sells a full range of passenger cars and commercial vehicles. Its main products include a full range of passenger cars, small commercial vehicles, light trucks, minivans and large and medium-sized buses, and a full range of engines. Changan Automobile always takes "leading automobile civilization and benefiting human life" as its mission, takes customers as its center and products as its main line, continuously provides high-quality products and services, and strives to promote the third venture-innovative business plan, transform itself into an intelligent low-carbon travel technology company, and strive to achieve world-renowned automobile enterprises.

At present, digital technology has deeply reconstructed the automobile. The automobile has gradually evolved from a mechanical product equipped with electronic functions to an electronic product equipped with mechanical functions. The integration of cloud data and AI technology has gradually turned the automobile into a large intelligent mobile terminal, data acquisition carrier, energy storage unit and a mobile multifunctional space. Generally speaking, the smart car has gradually transformed into a wheeled mobile robot with multi-functional space. In this context, the national policy strongly encourages the development of intelligent vehicles and self-driving driven by Industry-University-Research, and the domestic head and new power OEMs gradually take intelligent networked vehicles or self-driving direction as their core business.

Changan Automobile focuses on the development of intelligent vehicles, and its application panorama includes intelligent vehicle control (remote control analysis), intelligent cockpit (vehicle burial point, vehicle user behavior analysis),IoT Data access (access detection, vehicle activation monitoring) and IoT vehicle condition management (vehicle condition monitoring, power research, vehicle networking big screen), realizing business display including eye-catching system, vehicle remote diagnosis and remote early warning system, remote debugging system, etc.

In order to realize the construction of intelligent vehicles, Changan Automobile has built an intelligent vehicle data platform. This big data processing platform is divided into five layers: data access layer, data storage layer, resource scheduling layer, computing engine layer and business presentation layer. now IoTDB It is mainly used in the data storage layer to cope with the massive Internet of Vehicles.time series dataManagement.

The industrial scene of realizing intelligent automobile direction involves a large number of time series data acquisition of vehicle equipment and sensor layer, which is very important for time seriesData solutionThe perfection and efficiency of the system pose a great challenge. Changan Automobile’s current time series data solution has obvious limitations, so we hope to find a better solution for writing, storing, querying and analyzing the time series data in the field of intelligent automobiles.

Based on the characteristics and advantages of IoTDB time series database, Changan Automobile chose IoTDB as the time series data processing scheme of mass intelligent networked vehicles, which realized flexible expansion of mass data writing and storage, effectively improved query performance and reduced equipment and operation and maintenance costs.

2. Pain points of business requirements

210 million data measuring points, with over 10 million new data points per second.

Changan Automobile, as one of the four major automobile groups in China, has a huge business volume, and it needs to deal with a large number of vehicles and data. At present, Changan Automobile’s networked vehicle mass vehicle condition time series data management system has collected about 570,000 vehicles on the network, with a total of 150 million data measuring points and more than 10 million data points added every second. Therefore, Changan Automobile has high requirements for real-time writing, compression and storage of time series database under this data volume.

2.2 High-speed signal acquisition frequency is high

The vehicle acquisition signals of Changan Automobile can be divided into high-speed signals and conventional signals. High-speed signals need to be acquired in milliseconds, and conventional signals need to be acquired in 3-4 seconds. Changan Automobile’s time series data solution should be able to support these two different acquisition frequencies at the same time, and ensure the continuous operation of real-time low-delay acquisition of high-speed signals.

2.3 Low latency data query

The vehicle data query scenario of Changan Automobile mainly includes the effective query of multiple time series of bicycles and the query of the newest point of the full time series of bicycles, that is, the classic real-time and off-line vehicle condition/historical vehicle condition query scenario in the vehicle networking scenario. Changan Automobile’s time series data solution needs to effectively support real-time real-time query and query with a large amount of stored historical data with low delay.

Based on the previous time series data solution of Changan Automobile, a vehicle condition data entered HBase If you want to do analysis later, you need to completely unload the incremental data from HBase, and this batch of range reading process takes a long time. For example, if HBase wants to do offline processing of yesterday’s data, it needs to unload the operational data and put it into Hadoop for analysis this morning. In addition, with the increase of business volume, it takes longer and longer to use HBase for batch reading, which is not suitable for the rapidly expanding data volume scene.

2.4 High cost and maintenance difficulty

Changan Automobile initially adopted HBase as the solution of time series data management, but faced with tens of millions of data measuring points per second, HBase’s cluster data writing was undertaken by 25 data nodes, so many data nodes directly led to the high maintenance difficulty and cost of the system.

3. reasons for selecting IoTDB

3.1 The data structure ensures high scalability, low cost and high stability.

In view of the huge existing data volume and new data volume processing requirements of Changan Automobile, IoTDB’s exclusive native time series model of the Internet of Things stores time series data in layers of devices, measuring points/sensors. With the continuous increase of data volume, it only needs to directly expand the hardware equipment of the query node without interrupting the normal operation of the system, which can achieve second-level expansion and effectively reduce the management and operation costs.

3.2 to achieve tens of millions of writing speed

In view of Changan Automobile’s demand for frequent writing of time series data, IoTDB can write tens of millions of data points per second and handle multi-device billion-level data points, and the writing rate does not decrease with the increase of data volume, maintaining a stable high-speed level.

3.3 Support valid details and latest value query.

Changan Automobile will use IoTDB for detailed query of massive networked vehicle condition data in the scene of vehicle fault alarm. IoTDB adopts a storage architecture that combines the time stamps of data points from below the root node with multi-level storage paths, so that the time series data of different dimensions can be effectively classified and stored, and then the time series data in IoTDB can be determined quickly and uniquely during the query, so that the query efficiency can still be maintained under the condition of using detailed query.

3.4 Improve the batch reading rate and achieve real-time analysis.

In order to meet the demand of Changan Automobile for fast batch reading of data before data analysis, IoTDB can directly synchronize the underlying data files of IoTDB because of its time index, and use the seamless integration of IoTDB and other big data systems to directly analyze the stored file TsFile in real time with Spark engine, which reduces the number of exported copies required for data analysis and improves the analysis and calculation efficiency compared with the original scheme.

3.5 Timely operation and maintenance, and active verification

Changan Automobile Project believes that when the business scenario brings new challenges to the time series data solution, the efficiency and thinking of dealing with the problem is very important. The team behind an excellent time series data solution needs to be able to solve the problem quickly and make the database cover the performance improvement and rich functions required by the business scenario. When Changan Automobile encounters problems in the production environment, the R&D team of IoTDB will quickly coordinate with relevant R&D resources to help. As a team with more than ten years’ experience in researching and serving industrial users, the team members are particularly willing to use IoTDB to verify the ecological environment in the industrial Internet scene, so that the success of the project and the maturity of the product can achieve mutual benefit and win-win. Changan automobile project expressed its gratitude to the IoTDB development team.

It can be seen that the technical advantages of IoTDB can effectively solve the business pain point of Changan Automobile’s current management of time series data, so Changan Automobile chose IoTDB to build the data storage layer of Changan Smart Car Data Platform. This paper introduces and analyzes the solution architecture, time series model structure setting and query performance effect of large-scale time series data management built by Changan Automobile based on IoTDB.

4. Solution architecture

The Internet of Vehicles is a typical Internet of Things scenario. The main data of the Internet of Things scene is time series data, and the whole life cycle of time series data is divided into six stages: collection, caching, processing, storage, query analysis and visualization application.

In the scene of car networking in Chang ‘an, devices and sensors such as Tbox and THU are used to collect car networking data (such as EFI data of engines, rotational speed, vehicle speed, etc.). After the data goes to the cloud, the message is ingested based on the private TCP protocol of Changan Automobile and the gateway written based on Netty. After entering the TU-GW application of K8s through CLB, the message is parsed. The message is parsed and sent to the message queue, and the time sequence messages required by different services are distributed to different storage terminals. After being written into the storage engine, Changan Automobile TSP business system and APP will query the time series data according to the latest data and historical vehicle conditions.

At present, the architecture of large-scale time series data management of Changan Automobile is divided into 1.0 and 2.0 versions. In version 1.0, the time series storage engine mainly used for car condition scenes is HBase, which realizes the writing of historical car condition data. Due to the huge volume of historical data, 25 HBase data nodes need to write cluster data. At the same time, version 1.0 of HBase cluster is configured with 10 Region Server. Because the storage architecture of HBase cannot independently support the latest vehicle condition query, the latest vehicle condition query needs to be implemented based on Redis.

The architecture of version 2.0 adopts the architecture of writing data into IoTDB through Kafka. The test scenario adopts a single machine with high IO, that is, a cluster configuration with large memory (about 384 g) and full SSD (about 50 T). After the good data schema design of IoTDB, one IoTDB machine replaced the writing function of 25 HBase nodes, and successfully maintained high stability for more than one year. At present, the test data volume is about 1.5 million pieces of data per second, and one time series data involves 16-17 measuring points on average, which stably supports the overall writing data volume of about ten thousand levels.

At the same time, the powerful data query capability of IoTDB enables the version 2.0 based on IoTDB to realize a set of scenarios in which the engine supports the query of bicycle time range (real-time query) and the query of the newest point of bicycle full time series (latest vehicle condition query), and can stably achieve the millisecond return of the results of the two types of queries.

With the improvement of writing and querying ability, the time series data management architecture based on IoTDB greatly reduces the complexity of the original HBase+Redis scheme, and increases the volume of devices and data accessible to IoTDB. At present, Changan Automobile uses about 570,000 IoTDB stand-alone access devices, and the custody time series is about 150 million.

5. Time series model and query application

At present, in the design of the four-level node timing model of the root node, service name, equipment layer and sensor layer of IoTDB, the equipment layer of Changan Automobile adopts the TUID of TBOX, that is, the equipment ID as the third-level node; In the sensor/measuring point layer, except for the signal name, the CANID is connected with an underline as the fourth level node. The reason for the design of this storage structure is that it is convenient to use the select last * from root.CANID command supported by IoTDB to query all the data values of bicycles under a certain CANID, so that IoTDB can simultaneously realize the main query scenario of Changan Automobile: the combined query of real-time vehicle condition and historical vehicle condition.

With the support of this data structure, Changan Automobile uses the following statements to run common query scenarios:

1. Query the time range of a single device

The SQL statement is as follows:

Select canid _ signal from root. can _ condition. tuid where time > t1 and time6. Future prospect.

Since 2020, Changan Automobile and IoTDB have cooperated stably for 2 years, and a stable and effective intelligent networked vehicle remote monitoring system has been built. Because the intelligent networked automobile business is in the initial stage of explosion, it is foreseeable that the number and density of vehicles collected in the vehicle networking scene will greatly expand in the future, and the amount of time series data will also increase exponentially. Big source data is still the main problem that the vehicle networking system will face.

` In the future, Changan Automobile and IoTDB will work together to further expand the volume of vehicle data access, enrich the related applications and functions of IoTDB in vehicle networking scenarios, and realize effective management of more vehicle networking business time series data.

(promotion)

Aiming at the forefront of international science and technology and the major needs of the country, the Ministry of Education strengthens organized scientific research

　　"In the next decade, the scientific and technological work in colleges and universities will achieve another leap, and it is far from enough to answer the questions of the times of marching into the forefront of world science and technology, serving the country’s major strategic needs, and serving the high-quality development of the economy and society." On July 19th, at the press conference of the Ministry of Education introducing the reform and development effect of science and technology innovation in colleges and universities in the past ten years, Lei Chaozi, director of the Department of Science, Technology and Information Technology of the Ministry of Education, pointed out that the Ministry of Education will focus on strengthening organized scientific research, accelerate the building of national strategic scientific and technological strength, and provide strong support for the construction of important talent centers and innovative highlands in the world and the self-reliance of high-level science and technology.

　　Since the 18th National Congress of the Communist Party of China, as an important part of the national innovation system, colleges and universities have effectively supported the development of education, science and technology, economy and society in China. One of the highlights is organized scientific research.

　　Lei Chaozi explained that from the guiding ideology, organized scientific research is to aim at the international scientific and technological frontier and the major needs of the country, and to change what I wanted and could do in the past into what the country needs me to do. Around the "four orientations", organize major tasks, build a large platform according to the needs of the tasks, build a large team based on the large platform, and continue to tackle key problems for a long time. Its fundamental purpose is to achieve continuous major original breakthroughs in basic research and lay a solid foundation for building a strong country in science and technology; Technological innovation should truly meet the national strategic needs, make up shortcomings and forge long boards, enhance the core competitiveness of China’s industrial development, and support high-quality economic and social development.

　　For example, Rong Zeng, vice president of Tsinghua University, said that the Institute of Nuclear Energy and New Energy Technology of the school has always adhered to the scientific research organization model of "tackling key problems by big teams and crossing disciplines". After more than 30 years of hard work by three generations and hundreds of scientists, the world’s first intrinsically safe modular high-temperature gas-cooled reactor nuclear power plant jointly developed and built with China Huaneng and China National Nuclear Corporation was connected to the grid for power generation in December last year, which realized the leap from "running with" to "leading" in this field. Professor Tsinghua University Lu Xinchun’s team has been deeply involved in the field of chemical mechanical polishing technology for a long time. The company whose scientific research results have been transformed is the only high-end semiconductor equipment manufacturer in China that can provide 12-inch CMP commercial models, breaking the monopoly of international giants in this field for decades.

　　After the outbreak of COVID-19, Tsinghua University quickly organized and set up 18 scientific research and anti-epidemic commandos, and achieved many achievements. China’s first anti-Covid-19 antibody drug successfully developed by Professor Zhang Linqi’s team has been approved by National Medical Products Administration for emergency listing; The mobile laboratory for nucleic acid detection developed by Academician Cheng Jing can complete the sample detection within 45 minutes; Academician Rao Zihe discovered and reconstructed the complete form of Covid-19 transcription and replication machine for the first time in the world, which provided key support for developing broad-spectrum anti-Covid-19 drugs.

　　Sun Qingwei, vice president of Peking University, also said that the school has made great efforts to guide scholars to focus on practical problems facing economic and social development and national security. A number of teams aim at national needs to promote innovative research in the fields of graphene material preparation, photoelectric device devices, gallium nitride semiconductors, high-end medical equipment, biological breeding of wheat and fruits and vegetables, and digital economy. Academician Mei Hong’s team invented the "subversive" black box interoperability technology in the key core technologies of big data fusion; Academician Gao Wen’s team has established an international standard for China’s independent intellectual property rights in the field of ultra-high definition video coding and decoding. "Strengthening organized scientific research is the top priority in Peking University’s scientific and technological innovation work." Sun Qingwei said.

　　Lei Chaozi pointed out that in the next step, organized scientific research in colleges and universities should make efforts to achieve major breakthroughs in original innovation, to overcome the basic theory and key technologies of the "stuck neck" problem, to serve the national regional innovation and development strategy, and to enhance the core competitiveness of industrial development, so as to realize the transformation and upgrading of scientific and technological work in colleges and universities. (Science and Technology Daily, Beijing, July 19 th, by our reporter Zhang Galen)

618 accelerates the release of trade-in demand, and Suning’s one-stop trade-in is favored by the market.

The 618 War was in full swing, and consumers’ enthusiasm for "buying in buy buy" reached a climax in the middle of the year. Compared with previous years, this year’s 618 has more peace of mind and comfort for consumers.

The refrigerator of Ms. Li, a consumer in Nanjing, Jiangsu Province, has been used for some years, and sometimes the refrigeration is not complete. Because of her busy work and the trouble of finding someone to carry it, Ms. Li has never had time to replace it.

Taking advantage of this year’s 618, Ms. Li changed her refrigerator through Suning.cn’s trade-in service. According to Ms. Li’s past experience, it is often necessary to contact and coordinate different people to replace old appliances, and it will take many trips. The long waiting time for the replacement of old and new appliances will also affect the use. However, unlike the expected cumbersome process, it took Ms. Li less than a day to change the old refrigerator from the old one. By placing an online order for trade-in, the whole process can be done at once without leaving home, and there is no delay in use.

This is the convenience brought to Ms. Li by the service upgrade of Suning 618. Before 618 this year, Suning.cn completed the launch of one-stop trade-in, differential payment, cross-category trade-in and other special services. The one-stop trade-in service enjoyed by Ms. Li this time is the service upgrade made by Suning.cn in view of the pain points of consumers’ actual trade-in.

One-stop replacement service: solving the pain points and difficulties of consumers

After work on Friday night, Ms. Li bought a new refrigerator through Suning.cn APP at a price of 3,999 yuan. She chose the old-for-new purchase option and entered the old machine evaluation function page. She chose the opposite-to-door refrigerator model corresponding to the old refrigerator, discounted the old machine and added the old-for-new subsidy from Suning.cn. The system directly deducted 180 yuan. Ms. Li actually paid 3,819 yuan for the new machine and made an appointment for a one-stop replacement service at 4: 00 on Saturday afternoon. Suning after-sales staff brought the new refrigerator to the door and recovered her old one.

Like Ms. Li, consumers’ demand for trade-in is increasing. Especially with the coming of summer, ice-washed air-conditioning household appliances are also welcoming new trends. Because the replacement of household appliances often involves handling, disassembly and installation services, the convenience and professional operation of the old-for-new service also put forward higher requirements for service providers.

In this context, platforms have started to upgrade their services. Take Suning.cn as an example. First, in April this year, the latest version of the trade-in service was launched.

In April this year, Suning.cn launched the latest version of the trade-in service. At the same time, in May, it quickly upgraded its service functions and increased subsidies. The one-stop trade-in service for ice washing products has covered nearly 50 cities across the country, and the 3C one-stop trade-in service has covered nearly 200 cities.

Literally speaking, trade-in involves two simple steps, namely, "collecting the old ones" and "exchanging the new ones", but the actual operation includes many steps, such as door-to-door dismantling, old machines returning, recycling, new machine delivery, new machine installation, and price evaluation in the process. In the past, the old-for-new service enjoyed by consumers was mainly "two-step". After completing a series of links such as discounting old appliances and purchasing new products, the recycling of old appliances and the door-to-door installation of new appliances should also be divided into two steps, and different links should be served by different service personnel.

"One-stop" service has realized the integration of trade-in and trade-in. Users can complete the evaluation of old household appliances on Suning.cn APP, select the new products they want to buy, and directly see the exchange price after deducting subsidies and other benefits on the page. Discount old household appliances, pay the difference to buy a new one, drag old ones and send new services to your door at one time. In this way, the transaction link of home appliance replacement can save two steps, the performance link can save one step, and the conversion rate of replacement is expected to double. For consumers, the whole process of trade-in can be realized with one click and one stop online, which saves the time for many people to find someone and wait, saving time, worry and convenience.

Service specialization: trade-in is more standardized and transparent.

Behind the realization of one-stop service is the improvement of after-sales service ability and the overall upgrade of the system. At present, in China, Suning has integrated more than 700 localization partners and 7,270 certified engineers, covering 2,942 districts and counties, with a maximum of 50,000 jobs per day.

Liang Ming is a service engineer of Suning. He joined Suning with his father in 2015 and formally joined Suning in 2017. He is mainly responsible for the service of Nanjing jiqingmen area. The introduction of one-stop trade-in service has put forward higher requirements for Liang Ming’s service capacity. Need to be more considerate for consumers, but also have the ability to deal with various technical problems of disassembly.

Recently, Liang Ming received a trade-in order for Mr. Liang’s old refrigerator. Mr. Liang first found a master who repaired electrical appliances at the gate of the community. "The door-to-door fee is 300, no matter whether it is good or not, it is 300. It costs 500 yuan to replace the compressor, 700 yuan for materials, 200 yuan for freon, and the warranty is only three months. I have heard a lot about it, so I won’t repair it, just trade in the old one. "

Mr. Liang suffered a big loss in old electrical appliances. For convenience, he once looked for a small recycler to recycle the air conditioner near the community. "Call them to charge for recycling, and the air conditioner was dismantled in half. I temporarily said that I would increase the price. If I don’t add it, I will leave and I won’t put it back. What do you think I should do?" In addition to being slaughtered, Mr. Liang also met the elderly to carry home appliances. "When I lifted my waist, I flashed."

After that, Mr. Liang resolutely "only looked for regular units, who were punctual and hygienic." We all know that old household appliances can’t sell any money, but your service is good, it is definitely good, and people just want to save trouble. "

For the service of consumers, Liang Ming pays more attention to details besides constantly improving his professional skills. He often contacts customers half an hour in advance according to their agreed time. As the epidemic situation in COVID-19 is still repeated in various places, it has become the door-to-door service standard for Suning’s trade-in engineers to show their electronic number plates, wear shoe covers and wear masks. Every quarter, Suning will also organize Liang Ming, a service engineer, to conduct training on service specifications and professional skills.

From the upgrade of trade-in services to the standardized training of terminal services, it is not difficult to see that in the face of the new development opportunities in the trillion-dollar market and the trade-in service experience that needs to be improved urgently, Suning.cn has made full use of big data, intelligent marketing and standardized operation to build the platform capacity of trade-in services and support the large-scale development of trade-in services.

In the next step, Suning.cn will also support partners to build capacity and cooperate flexibly through ecological opening, improve business efficiency and user satisfaction, and jointly promote the value of building a green circular economy system. The value of trade-in is not only released to serve consumers, but also to serve the industrial chain, the ecological circle and the whole society.

The 19th National Congress： Deeply Affecting the World (Decoding the 19th National Congress)

　　On October 22nd, at the press conference held by the Press Center of the 19th National Congress, a foreign journalist was taking a wonderful shot.

　　Our reporter Lei Sheng photo

　　Accompanied by the victory of the 19th National Congress of the Communist Party of China, it attracted the attention from all over the world. When foreign political parties, foreign media and ordinary foreigners pay attention to the 19th National Congress, what are they paying attention to?

　　With the close attention of the outside world, the CCP is becoming more and more confident. What are the highlights of the CCP’s ideas, the advantages of the CCP’s general plan, and the outstanding features of the CCP’s capabilities?

　　For today’s China and the world, the influence of the 19th National Congress has just begun.

　　World identity of ruling idea

　　Guo Yezhou, deputy director of the International Liaison Department of the CPC Central Committee, told such a story.

　　China people have a well-known anti-corruption slogan, which is called "Tiger flies fight together". When communicating with foreign political parties, the other party was very inspired by the story of the CCP’s anti-corruption and honesty. These foreign political parties are very interested after hearing that "tigers and flies fight together", but because of different cultures, some countries have changed to "catch big fish and small fish together".

　　The CCP’s anti-corruption concept has fallen to the ground in other countries with a new look of "catching big fish and small fish together". Such a coincidence is not uncommon in the past five years. As this example shows, the concept of the Communist Party of China is of unique significance to the present world.

　　"China’s remarkable achievements in various fields and the improvement of its international prestige are first attributed to the Communist Party of China (CPC)’s political leadership." On the occasion of the 19th National Congress, rakhmon, Chairman and President of the People’s Democratic Party of Tajikistan, said in a congratulatory letter. This view coincides with political parties in many countries.

　　General Secretary of the Supreme Leader pointed out in the report of the 19th National Congress that in the past five years, with great political courage and strong responsibility, our party has put forward a series of new ideas, new ideas and new strategies, promulgated a series of major principles and policies, launched a series of major initiatives, pushed forward a series of major tasks, solved many long-term unsolved problems, and achieved many major events that we wanted to do in the past but failed to do, thus promoting historic changes in the cause of the party and the state.

　　"The guidelines formulated by the General Assembly will point out the direction for the future development of China. Under the strong and wise leadership of the Supreme Leader General Secretary, China’s future will certainly be brighter. " Lee Hsien Loong, Secretary-General of the People’s Action Party and Prime Minister of Singapore, said in his congratulatory letter that the 19th National Congress of the Communist Party of China was an important milestone in the development of the Communist Party of China (CPC) and China.

　　For the world, the concept of the CCP also has extraordinary influence. In the past few years, China has actively participated in the construction of the global governance system and promoted the development of the international order and global governance system in a more just and reasonable direction; Put forward the new development concept of innovation, coordination, green, openness and sharing, which provides ideological resources for other countries and people to seek development; "One Belt and One Road", "Building a Community of Human Destiny" and "Sharing, Building and Sharing" have been written into UN resolutions, which reflects the profound recognition of China’s ideas.

　　"The 19 th National Congress of the Communist Party of China is of great significance not only to China’s party and country, but also to the world." President Vucic, Chairman of the Serbian Kadima Party, said in a congratulatory letter.

　　The basic strategy attracts worldwide attention

　　In the report of the 19th National Congress of the Communist Party of China, the Supreme Leader put forward "14 Persistences", namely, upholding the Party’s leadership over all work, taking the people as the center, deepening reform in an all-round way, adhering to the new development concept, upholding the people as masters of the country, ruling the country according to law in an all-round way, upholding the socialist core value system, safeguarding and improving people’s livelihood in development, upholding the harmonious coexistence between man and nature, upholding the overall national security concept, upholding the Party’s absolute leadership over the people’s army, and upholding "one country, two The Supreme Leader said that the above 14 articles constitute the basic strategy for upholding and developing Socialism with Chinese characteristics in the new era.

　　In the past five years, the ruling experience of the CPC has proved the correctness of these basic strategies. Taking comprehensive deepening reform as an example, in order to promote its development, on December 30, 2013, the central leading group for comprehensive deepening reform was established, and the top leader personally served as the team leader. In just a few years, judicial system reform, household registration system, Internet court, finance and taxation, public hospital … … A series of reforms that have been widely anticipated for many years but have been difficult to promote have been promoted one after another, and China’s reforms have advanced to the deep water area.

　　In terms of strictly administering the party in an all-round way, in the past five years, only the inspection work has been impressive. In the past five years, the Central Leading Group for Inspection Work has conducted 12 rounds of inspections, visited 277 party organizations, "looked back" on 16 provinces, autonomous regions and municipalities, and conducted mobile inspections on 4 central units, fulfilling the political commitment of full coverage. On the basis of practice, it was upgraded to a system, and the "Regulations on Inspection Work in the Communist Party of China (CPC)" was promulgated, which was revised on July 1 this year.

　　After being proved to be effective by practice, the CCP’s strategy of governing the country has also become the "stone of other mountains" in many countries.

　　In Spain, in February this year, the ruling People’s Party held its 18th National Congress, and decided to follow the example of the inner-party supervision mechanism established by the the Communist Party of China (CPC) Commission for Discipline Inspection, set up a people’s supervision office, strengthen inner-party governance, strengthen the construction of internal mechanisms, and accept the accusation and supervision from all walks of life.

　　"Within the People’s Party, party member will talk privately about the CPC’s Commission for Discipline Inspection, and think that the achievements of this institution after the 18th CPC National Congress are admirable." Juan Carlos, a representative of the People’s Party of Baya Dorides, attended the meeting.

　　Guo Yezhou revealed that the International Liaison Department invites nearly 300 delegations of foreign political parties to visit China every year, and almost every day, international guests and friends of the Communist Party of China go abroad. In addition, leaders at all levels of the Communist Party of China also led a delegation to visit.

　　"Many foreign political parties have told us that through such activities, especially the opening of the first-level party organizations to them, they have understood what the leaders of the Communist Party of China often say ‘ Take charge of the overall situation and coordinate all parties ’ What does it mean, so that they can understand how the local party committees of the Communist Party of China implement the central decision, so that they can understand the advantages and characteristics of the political party system in China, and feel that the Communist Party of China is a party that is diligent for the people, keeps pace with the times, is open and confident, and has a heart for the world. " Guo Yezhou said.

　　Governance ability is universally recognized.

　　The Communist Party of China (CPC)’s achievements under the leadership of the people of China are inseparable from his strong organizational, decision-making and execution abilities. In a word, the ability to govern is crucial.

　　In all previous meetings of the leading group for comprehensively deepening reform, the top leaders will discuss the reform methods. For example, at the fifth meeting of the Central Deep Reform Group, the supreme leader stressed that it is necessary to deploy and enrich the specialized inspectors to carry out inspections on the implementation of major reform plans, so that the inspectors will follow wherever the reform is promoted. At the tenth meeting of the Central Deep Reform Group, the supreme leader proposed to highlight the key points, aim at the focal length, find the right acupoints and hit the key points. At the 17th meeting of the Central Deep Reform Group, the Supreme Leader pointed out that encouraging grassroots reform and innovation and bold exploration should be regarded as an important way to grasp the reform.

　　Take the comprehensive deepening of reform as an example. In the past few years, more than 1,500 reform measures have been carried out step by step, and the main framework of reform in the main field of "four beams and eight pillars" has been basically established. As commented by Lianhe Zaobao, looking around the world, no country can push forward the reform process in an all-round way like today’s China.

　　Take the fight against poverty as an example. In the past five years, this campaign has made decisive progress, with more than 60 million poor people steadily lifted out of poverty, and the incidence of poverty dropped from 10.2% to below 4%. Time and again, China has created a miracle in the history of poverty reduction in the world. Not long ago, Javier Miranda, chairman of the Uruguayan ruling party "Broad Front", made a special trip to Nujiang, Yunnan Province to learn about China’s experience in poverty alleviation. After the inspection, he said with deep feelings that the CPC’s sense of responsibility and action set an example for the cause of poverty reduction in the world.

　　These actions of the CCP are in the eyes of the world. The practice of the CCP provides an important reference and choice for the world.

　　Song Tao, director of the International Liaison Department of the CPC Central Committee, said that foreign political party politicians generally believe that the Supreme Leader’s New Era Socialism with Chinese characteristics Thought has expanded the way for developing countries to move toward modernization, provided new choices for countries and nations in the world who want to speed up their development and maintain their independence, contributed China wisdom and China’s plan to solving human problems, made China contribution to the development of world socialism, and opened up a new road of civilized development for the international community.

Tesla’s reorganization promotes FSD’s entry into China, and there are still these challenges.

K graph TSLA_0

　　In the electric car giantOn the occasion of betting on autonomous driving technology, the company’s CEO Musk is setting off a round of "executive reshuffle" on a global scale. The First Financial Reporter learned from many sources that the important direction of this round of business restructuring is to promote the landing of its self-driving technology FSD software, including its development in China.

　　Global layoffs, All in autopilot

　　After Musk ended his whirlwind trip to China, he stepped up global layoffs. Just earlier this month, Musk announced the abolition of the entire super charging department. According to media statistics, recentlyOn average, an executive leaves every three days.

　　At the same time, it is actively promoting the global landing of FSD, and how to promote FSD in China market is also the main topic of Musk’s recent trip to China.

　　According to a report quoted by the China Journal on May 8th, Musk proposed an advanced driver assistance scheme to be tested in China during his recent visit to China, and deployed it on a self-driving taxi. According to the report, China officials told Musk China that Tesla was "welcome to test self-driving taxis" and hoped that it would "set a good example".

　　Up to now, China authorities have not approved the use of Tesla’s FSD function, although China users can purchase FSD software. At present, China car owners can use Tesla’s assisted driving Autopilot function, which can be turned on on the highway. FSD is a more autonomous driving assistance function, which can be used in urban public roads, including automatic parking, automatic lane change and traffic navigation.

　　Many Tesla owners told the First Financial Reporter that they were very much looking forward to the launch of FSD in China. "Because this will allow drivers to gradually liberate their hands." A car owner who has purchased FSD software told the First Financial Reporter.

　　Robotaxi has developed in China for many years, but it has made little progress. In the early years, many enterprises engaged in Robotaxi business have exhausted their cash flow, and some have switched from L4-level automatic driving to L2-level assisted driving to obtain certain income. The whole industry is going through a difficult period in China.

　　According to the incomplete combing of the First Financial Reporter, Xiaoma Zhixing, Wen Yuan Zhixing, Yuanrong Qixing, AutoX, Canoe, Didi and.They all claim to develop Robotaxi, but most of them have been transformed at present, and there are very few major players.

　　Open road test FSD still has challenges.

　　Globally, only China and the United States have opened the open road test of autonomous driving, but there are still strict restrictions. Xiao Jianxiong, founder and CEO of AutoX, a self-driving technology company, suggested that China should, like the United States, allow the "iron brand car" with self-driving ability to start when it enters the L4 self-driving area as soon as possible..

　　The latest progress comes from Hangzhou. On May 1st, the Regulations of Hangzhou Municipality on Promoting the Testing and Application of Intelligent Networked Vehicles was officially implemented, and the main central city of Hangzhou was used as the testing and application area of intelligent networked vehicles. Hangzhou has also become the first city in China to clarify the specific process of self-driving vehicles on the road by local legislation except special economic zones, and it is also the first city in China to legislate for low-speed unmanned vehicles.

　　According to the first financial reporter, at present, in China’s big cities, autonomous driving in Beijing and Shanghai can only be carried out on the outskirts of the central city; Only 5% of the downtown area of Guangzhou is open to autonomous driving.

　　"To encourage the development of autonomous driving technology, it is most basic to allow vehicles to test on open roads." He told the First Financial Reporter, "We hope Tesla can push more cities in China to open their roads to test autonomous driving." It is reported that Tesla is currently seeking to apply to start the Robotaxi test in Shanghai. Tesla did not respond to this. Before the full launch of FSD, Tesla still needs the approval of the regulatory authorities in China to collect and transmit the data needed for Tesla’s vehicle training and driving assistance function.

　　According to another news, Tesla has reached an agreement with. Although the two parties did not disclose the details of the transaction, they are not sure what the agreement has to do with Tesla FSD, but if Tesla can use the map, it at least means that the accuracy of Tesla map will be expected to be improved.

　　In this regard, a senior industry insider told the First Financial Reporter that Tesla FSD needs navigation maps. Tesla has no map mapping qualification and needs to cooperate with qualified map merchants. Gaode, Baidu and Tencent all have the ability to provide navigation maps needed by Tesla.

　　When referring to the challenges that Tesla’s self-driving FSD may encounter when it is fully launched in China, the above-mentioned insiders told the First Financial Reporter: "Tesla’s self-driving model training is deployed in North America, and if the perceived data obtained in China cannot be sent back to the United States for training input, it is necessary to deploy the training environment in China."

　　This person believes that there are two solutions to solve these problems. "Either the China government allows Tesla’s data collected in China to leave the country; Either the US government agrees that Musk will deploy large-scale AI computing power in China. " He said, "Both options are challenging."

　　He also said that another important issue is that at present, the Traffic Management Bureau of the Ministry of Public Security of China has not expressed its position on the new traffic law enforcement challenges that Tesla FSD may bring.

　　Musk previously said that Tesla will release Robotaxi on August 8 this year. He has publicly predicted the future mode of travel, that is, taxis may eventually become a more common mode of transportation than human driving cars. He also said that Tesla will have no value if it does not achieve full automatic driving ability.

　　As of press time, Tesla’s share price has fallen by nearly 30% so far this year.

Tengshi N9 declaration information exposure vehicle length is over 5m 2 and wheelbase is over 3m 1.

After the flagship of MPV and sedan, the flagship of brand SUV is coming. After many spy photos were exposed, Tengshi N9 boarded the latest new car declaration catalogue of the Ministry of Industry and Information Technology.

As can be seen from the declaration, the overall design of Tengshi N9 is still very imposing, and the closed front face is not monotonous. There are C-shaped decorations on both sides of the front of the car, and a trapezoidal air inlet with a small area is left at the bottom of the front bumper. The side lines of the car body are relatively straight, but there is a curve that fits the wheel arch before and after, which makes the huge car body more harmonious. The rear part of the car is designed to be relatively full, and the taillights and high-position brake lights are designed in long strips, but they are not connected through.

Of course, there are different opinions about the appearance of Tengshi N9, but as a flagship model, it is not a bad thing to be more mature and stable. Moreover, the electronic exterior rearview mirror and the lidar on the roof highlight the scientific and technological attributes.

In addition, the detailed body dimensions are provided in the application information. The length, width and height of Tengshi N9 are 5258mm/2030mm/1830mm respectively, and the wheelbase reaches 3125mm, which is at the same level as that of Hehe. However, the curb weight of Tengshi N9 exceeds 3.1 tons, which is much heavier than that of the M9 and the ideal L9. The declared model adopts a six-seat layout.

In terms of power, Tengshi N9 will be equipped with a hybrid system consisting of 2.0T engine and 3 motors, in which the maximum power of the engine is 152kW, the maximum power of the front motor is 200kW, and the maximum power of the two rear motors is 240kW respectively. Therefore, although Tengshi N9 has a huge body, its dynamic performance is also very strong, and its maximum speed can reach 230 km/h. In addition, Tengshi N9 will be equipped with a group of 46.992kWh, with a pure battery life of 165km.

Zhao Changjiang, general manager of Tengshi Sales Division, once said on social media that Tengshi N9 will be an SUV that peers can’t catch up with in five years. Therefore, in addition to the oversized body size and easy three-way technology, Tengshi N9 may have more functions and configurations worth looking forward to.

Spring Festival travel rush’s passenger flow has increased significantly, and many departments have made every effort to ensure service.

According to the data of comprehensive transportation Spring Festival travel rush working class in 2025, the cross-regional personnel flow of the whole society is expected to be 286.54 million today (January 30th). Among them, the railway passenger traffic is expected to be 9.5 million passengers, and 317 additional passenger trains are planned. Harbin Bureau and Hohhot Bureau of China Railway have specially set up ice and snow tourism service posts, provided green security check channels for passengers traveling with snow gear, and opened bus loops directly to ski resorts to help develop the ice and snow economy.

Today, the turnover of highway personnel is estimated to be 273.57 million person-times, a substantial increase compared with yesterday. The tidal characteristics of highway network flow are obvious, and 9-12 o’clock and 14-19 o’clock are prone to congestion. Popular tourist cities have great pressure on traffic security. Public security traffic control departments and other departments have strengthened the guidance of unblocking and ensuring smoothness in key sections. With the increase of vehicles in high-speed charging stations, transportation, power supply and other departments focus on strengthening the charging service guarantee in expressway service areas to meet the charging demand during peak hours.

Today, the number of passengers sent by waterway and civil aviation is estimated to be 1.2 million and 2.27 million respectively, which is a significant increase compared with yesterday.

Notice of the General Office of the People’s Government of Henan Province on printing and distributing some policies and measures to support enterprises to stabilize their posts and stabilize producti

Municipal People’s governments under the jurisdiction of all provinces, Jiyuan Demonstration Zone, Airport Management Committee, and various departments of the provincial people’s government:

　　"Several policies and measures to support enterprises to stabilize posts and stabilize production before and after the Spring Festival" have been approved by the provincial government and are hereby printed and distributed to you, please implement them carefully.

　　General Office of Henan Provincial People’s Government

　　January 14th, 2023

Some policies and measures to support enterprises to stabilize their posts and stabilize production before and after the Spring Festival

　　In order to thoroughly implement the spirit of the provincial economic work conference, implement the deployment of the eighth plenary session of the provincial government, encourage and guide enterprises to stabilize production and quickly resume production before and after the Spring Festival, continue to set off the upsurge of ensuring health and fighting for the economy in the whole province, minimize the impact of festivals on economic operation, sprint at the beginning and accelerate at the beginning, and promote the overall improvement of economic operation, the following policies and measures are formulated.

　　1. For industrial enterprises above designated size that are producing at full capacity in the first quarter of 2023, a financial reward of 100,000 yuan will be given. In the first quarter of 2023, industrial enterprises above designated size will be given a financial reward of 200,000 yuan, which will produce at full capacity and achieve a year-on-year increase in operating income of more than 10%. The bonus funds shall be shared by the provincial and local governments according to the ratio of 1: 1. (Responsible unit: Provincial Department of Finance, Department of Industry and Information Technology)

　　2. Support enterprises to continuously produce and use electricity at off-peak hours, and implement phased electricity consumption concessions for industrial enterprises that implement time-of-use tariffs. From January 17, 2023 to February 5, 2023 (20 days from the 26th day of the twelfth lunar month to the 15th day of the first lunar month), the flat electricity consumption of relevant enterprises shall be settled at 80% of the household electricity tariff, and the valley electricity consumption shall be settled at the current electricity tariff. (Responsible unit: Provincial Development and Reform Commission, electric power company)

　　3. Industrial enterprises above designated size that have maintained continuous production (the average daily electricity consumption is not less than 70% of the average daily electricity consumption in 2022) during the period from January 17, 2023 to February 5, 2023 (20 days in total from the 26th of the twelfth lunar month to the 15th of the first lunar month) will be awarded compensation according to the standard of 500 yuan per person, with the maximum amount of compensation for each enterprise not exceeding 10. (Responsible units: Provincial Department of Human Resources and Social Security, Department of Finance, Department of Industry and Information Technology, Statistics Bureau, Electric Power Company)

　　4. During the period from January 17, 2023 to February 5, 2023 (20 days in total from the 26th of the twelfth lunar month to the 15th of the first lunar month), 20% discount will be given to the expressway tolls of the "four guarantees" white-listed enterprises in the province. (Responsible unit: Provincial Department of Transportation, Development and Reform Commission, Finance Department)

　　5. According to the actual operation of the local economy, all localities should take measures such as issuing "red envelopes for staying at work", giving "warm-hearted New Year’s Eve", issuing exclusive coupons for people who have not returned home, and opening entertainment venues free of charge, so as to keep jobs at work, pay jobs, and leave jobs with affection to ensure the stable production of key enterprises to the maximum extent. (Responsible units: municipal governments under the jurisdiction of provinces, Jiyuan Demonstration Zone, Airport Area Management Committee)

　　6. All localities should strengthen the overall dispatch of epidemic prevention materials, smooth the logistics channels of medical materials, set up drug delivery points in advanced manufacturing development zones, support enterprises to strengthen the reserves of relevant drugs, masks and other epidemic prevention materials, and ensure the normal epidemic prevention needs before and after the Spring Festival and the medical treatment of frontline personnel. (Responsible units: municipal governments under the jurisdiction of provinces, Jiyuan Demonstration Zone, Airport Area Management Committee)

　　Relevant departments directly under the provincial government should refine the detailed rules for policy implementation as soon as possible, strengthen policy publicity and interpretation, strengthen business guidance, track and dispatch, and actively promote the implementation of various policies. All localities should combine local conditions to refine policies and measures, improve working mechanisms, and jointly promote the implementation of policies and measures.

Ministry of Justice： Defining the benchmark of administrative penalty discretion and refining the licensing procedure

CCTV News:The State Council Press Office held a routine briefing on the State Council policy today (July 29th). Relevant officials of the Ministry of Justice, the Ministry of Transport and the General Administration of Market Supervision introduced the situation of further standardizing administrative discretion, canceling and adjusting a number of fines. At the briefing, the relevant person in charge of the Ministry of Justice introduced that when drafting the "Opinions on Further Standardizing the Establishment and Management of Administrative Discretion Benchmarks", the investigation found that there were four main problems at present.

First, the formulation subject is not clear. Second, the formulation procedures are not standardized. Third, the discretion range is unreasonable. Fourth, the dynamic adjustment is not timely. In view of these problems, the Opinions on Further Standardizing the Establishment and Management of Administrative Discretion Benchmarks proposes solutions from five aspects:

First, the responsibilities and authorities of relevant departments in the State Council, provincial people’s governments and their departments, municipal governments and their departments with districts, and county-level governments and their departments to formulate administrative discretion benchmarks have been clarified. But at the same time, it is clearly stipulated that the administrative organ can formulate the benchmark of administrative discretion according to the needs of the work, and it is not allowed to make it repeatedly.

Second, it is clear that the benchmark of administrative penalty discretion should include illegal acts, legal basis, discretion order, applicable conditions and specific standards. The administrative expropriation and requisition affairs within the scope of statutory duties shall not be handed over to other units or individuals for implementation by purchasing services.

Third, it is clear that the benchmark of administrative discretion should be formulated according to management needs. To formulate the benchmark of administrative discretion in the form of rules, it is necessary to perform the procedures stipulated in the Regulations on Rules-making Procedures; To formulate the benchmark of administrative discretion in the form of administrative normative documents, it is necessary to fulfill the procedures stipulated in the Notice of the General Office of the State Council on Strengthening the Formulation, Supervision and Management of Administrative Normative Documents.

Fourth, it is clear that the benchmark of administrative discretion should be submitted for the record in accordance with the procedures and time limits determined by the regulations and the filing system of administrative normative documents. If the filing and examination organ finds that the benchmark of administrative discretion conflicts with laws, regulations and rules, it should be corrected according to law. It is necessary to embed the benchmark content of administrative discretion into the administrative law enforcement information system, provide accurate guidance for administrative law enforcement personnel, and effectively regulate the exercise of administrative discretion.

Fifth, it is clear that the establishment and management of administrative discretion benchmark should be included in the evaluation index system of government under the rule of law and included in the supervision content of government under the rule of law.

Looking back at the dispute between Jun and Wan： In the past 22 years, Wang Shi’s tactics are exactly the same.

In December, 2015, the chairman of Vanke’s board of directors publicly called Baoneng Yao Zhenhua, saying that he was not welcome to become a major shareholder of Vanke, which officially opened the equity battle between the management headed by Wang Shi and Baoneng.

Going back to 1994, Junan Securities, the stock underwriter of Vanke, and a group of shareholders of Vanke, including a new generation of Hainan Securities, demanded the reorganization of Vanke’s board of directors.

The two equity competitions have been worse for more than 20 years, but Vanke’s tactics to stop barbarians are strikingly similar.

First of all, let’s briefly review the battle between Jun and Wan more than 20 years ago.

Jun ‘an camp

Lord:Zhang Guoqing, general manager of Junwan Securities.

Allied forces:Shenzhen New Generation Enterprise Co., Ltd., Hainan Securities, Hong Kong Junshan Investment Co., Ltd., Chuangyi Investment Co., Ltd.

Firepower configuration:It holds 10.73% of Vanke’s total shares.

Purpose of sending troops:Jun ‘an underwritten Vanke B shares, with 10 million shares in hand. The cost price was 12 yuan per share, and the market price was 9 yuan at that time, with a book floating loss of 30 million. The intention is to stimulate the stock price and control the board of Vanke through this acquisition.

Vanke camp

Lord:Wang Shi, Chairman of Vanke Group

Allied forces:Liu Yuansheng, Zhao Xiaofeng and Ma Gongyuan.

Firepower configuration:Actual control right of Vanke’s board of directors

Defense purpose:Repel Junan’s acquisition and protect the stability of Vanke’s existing board of directors.

What happened:On March 30, 1994, according to Wang Shi’s book Road and Dream, Zhang Guoqing, general manager of Junan, entered his office and told him that he would hold a press conference and reorganize in the afternoon, which was only two and a half hours before his official announcement. Wang Shi said that this is a plot for Junwan to take over Vanke in an all-round way.

In response to Jun Wanfang’s aggressiveness, on March 31st, Wang Shi resolutely decided to apply to Shenzhen Stock Exchange for suspension of trading, which was approved-this was the first time that the China stock market was suspended. At that time, there was no suspension restriction on the rise and fall of stocks, and Vanke set a precedent. Wang Shi won time by suspending trading, blocking the "mouse warehouse" of Jun ‘an and others. At the same time, the other shareholders who were wooed by Junan were disintegrated, and the alliance that attempted to reorganize Vanke was disintegrated. Within five days of Jun ‘an’s equity dispute, the war was successfully won.

At that time, in addition to Wang Shi’s strategy, the contacts of Shenzhen government and CSRC were the key to Vanke’s success.

In Wang Shi’s autobiography Road and Dream, there is a description like this:

A week later, Zhang Ziping, director of the Market Supervision Department of China Securities Regulatory Commission, came to Shenzhen to investigate the "March 30 incident".

In a hotel room, Director Zhang met with me.

Zhang Ziping said: "Your report has been approved by President Liu Hongru: Strictly investigate and deal with it. I’m here to deal with this. Ning Zhixiang is my classmate in graduate department, the People’s Bank of China, Wudaokou, and I can’t cut it with my knife raised. When you come to Shenzhen, you must investigate, but you know, this investigation is like a ship leaving the dock. The destination of the ship is very clear: cross the river and dock;But when the boat reaches the middle of the river, it’s not up to you or me to sail.Do you understand what I mean? "

I nodded.

"How to investigate, first look at your attitude of Wang Shi."

"Be kind to others."

……

More than 20 years later, Vanke was involved in the equity dispute again. This time, the rival Baoneng Department was obviously more difficult than Junan Securities. In that year, Vanke defeated its opponent in just a few days, but this time, it took more than 200 days for both parties.

And combing Vanke’s moves so far is similar to that of that year.

First, the suspension-preemptive

Vanke set a precedent of suspension in 1994, and this time, this move was also used to resist the strong acquisition of Baoneng.

On December 18, 2015, Vanke A issued a temporary suspension notice, saying that it was planning to issue shares for major asset restructuring and acquisition of assets. At that time, Baoneng had continuously increased its holdings of Vanke through the secondary market, holding a total of 22.45% of the latter. Vanke’s suspension lasted for six months, and the restructuring target was always confusing. It was not until four months after the suspension that the reorganization target Shenzhen Metro was announced for the first time.

In the eyes of many people in the industry, Vanke’s emergency suspension is more to stop the crazy shareholding of Baoneng Department, fearing that the continuous increase of the latter will affect Vanke’s management and the latter’s right to speak. It is not excluded that Vanke chose to suspend trading first, and then find a reorganization object to win time for itself to fight back.

In the dispute between Jun and Wan, Vanke set a precedent for the suspension of A shares. After more than 20 years, this move has won Vanke six months of preparation time.

Second, restructuring-looking for a backer

In 2000, Wang Shi took the initiative to introduce China Resources Group, a central enterprise, after Vanke went through the dispute between Jun ‘an and An ‘an, hoping to adjust its shareholding structure, attract powerful consortia and become a strategic major shareholder. In the following more than 10 years, Wang Shi and Yu Liang publicly stated for many times that China Resources is the best major shareholder of Vanke, and the latter provided Vanke with lawyers and accounting professionals, which played a vital role in the organizational construction of Vanke and the entire management structure of Vanke.

When Vanke met Baoneng’s shareholding in 2015, it once turned to the major shareholder, but China Resources did not intervene.

Therefore, Vanke turned to Shenzhen Metro, another state-owned enterprise, to solve its own crisis.

According to the announcement of the trading plan issued by Vanke, Vanke intends to purchase 100% equity of Qianhai International held by Shenzhen Metro by issuing shares, with an initial transaction price of 45.613 billion yuan. Vanke will pay all the transaction consideration by issuing shares.

Out of this move, Vanke’s plan is to dilute the shares of Baoneng Department by issuing shares. But to Vanke’s surprise, this move also diluted the shares of China Resources, which directly led to the fierce opposition of China Resources. At the board meeting on June 17th, three directors of China Resources Department directly voted against the reorganization plan, showing a clear attitude.

Since the reorganization plan needs to hold the second board meeting and shareholders’ meeting, Baoneng Department and China Resources now hold 40% of the shares, and they can veto any proposal put forward by Vanke.

In the face of China Resources’ face, Wang Shi admitted frankly in Weibo that the last fig leaf had been removed.

The war between Vanke and Baoneng suddenly entered China Resources, making the prospect of this management dispute more complicated and unpredictable.

After the dispute between Jun and Wan, Vanke introduced China Resources, once the best major shareholder, but this move is obviously not omnipotent.

Third, public opinion-employees and shareholders go into battle together

In July, Baoneng Department demanded the removal of Vanke’s existing management, which directly aroused Vanke’s strong opposition.

Vanke Trade Union Committee sued Baoneng for harming shareholders’ interests, and the People’s Court of Luohu District of Shenzhen has accepted the case. According to the "Civil Complaint", there are five main claims of Vanke Trade Union, including the request to order five defendants to continue to increase their holdings of Vanke A shares when they hold 5% of Vanke A shares and thereafter, which is an invalid civil act; There are three main reasons for Vanke’s trade union’s lawsuit: Ju Shenghua, Qianhai Life Insurance, etc. involved in failing to fulfill their obligation to report in writing to the securities regulatory authority in the State Council, failing to fulfill their obligation of information disclosure in strict accordance with the requirements of the Securities Law and the Measures for Acquisition, and holding more shares is an invalid civil act.

In addition, more and more third parties have joined the camp.

Vanke’s largest natural person shareholder reported the real names of China Resources and Baoneng to seven regulatory authorities, including China Securities Regulatory Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission, and questioned the relationship between them. Including questioning how many significant interests there are between China Resources and Baoneng Department; When did China Resources and Baoneng start negotiations and transactions on the status of Vanke’s largest shareholder? The reasons why the two sides jointly opposed the reorganization of Shenzhen Railway; Whether the secret agreement reached by the two parties on the change of ownership of the largest shareholder has been suspected of insider information trading and market manipulation, and whether the source of funds used by Baoneng for acquisition is legal or not.

In addition, Dong Huasheng, the independent director of Vanke, also disclosed the relationship between one of China Resources and Baoneng acting in concert in Weibo.

Compared with the last time, Vanke’s allied lineup is obviously stronger.

Fourth, uncover the bottom treasure-looking for Achilles’ heel?

On July 19th, Vanke issued a Report on Investigating and Punishing the Violations of Laws and Regulations of Ju Shenghua and Related Asset Management Plans under its control. In this report, Vanke revealed the number of shares held by Baoneng Department, the cost of holding shares, and even the details of the amount of nine asset management plans.

These nine asset management plans, that is, the sources of funds announced by Baoneng for the acquisition of Vanke A after the placard with a shareholding of 25%, said that these nine asset management plans are concerted actions.

According to the report, the interest rate range of the nine asset management plans is 6.5%-7.2%, and the average price of Vanke A shares purchased by Baoneng is 18.89 yuan/share. Based on the average interest rate and the existing period of 8 months, the average share price after considering the financing cost is about 19.83 yuan/share. This is the first time that Vanke is prepared to disclose the cost of Baoneng’s position.

Some analysts said that since the resumption of trading on July 4, Vanke’s share price has fallen by 30%. Vanke announced the cost of Baoneng’s position at this time, which undoubtedly kept the share price under pressure.

In addition, it is reported that due to the continuous decline in stock prices, some asset management plans plan to cancel the concerted action.

If the news is true, this is exactly the same as Vanke’s tactic of disintegrating the alliance more than 20 years ago.

While Vanke unveiled Baoneng’s card, Vanke listed a series of problems such as unclear disclosure of Baoneng’s asset management plan, illegal asset management plan, illegal transfer of voting rights and infringement on the interests of minority shareholders.

Some market participants believe that the timing of Vanke’s report is accurate. After Vanke A’s share price plummeted for a few days, this report accelerated the market’s concern about Vanke’s share price, because if the share price continues to fall, Baoneng’s nine asset management plans will have the risk of liquidation, which will undoubtedly accelerate the stock price decline, thus putting pressure on the regulatory authorities.

In the dispute between Jun and Wan, Vanke once directly cracked the crisis by learning that Ning Zhixiang colluded with Jun ‘an’s top management and obtained the evidence of "rat warehouse" in one fell swoop.

This time, Vanke clung to nine asset management plans, and the channel business was in a vague area of supervision. All the problems of how to judge were transferred to the regulatory authorities. Vanke chose to disclose it to the regulatory authorities when the stock price plummeted, with deep intentions, the above-mentioned market participants added.

The battle for Wanbao is still going on, but this time the Baoneng Department is not as vulnerable as Jun ‘an more than 20 years ago. At the same time, the whole regulatory environment is also changing. Vanke’s tactics have more progress and the brand of the times while maintaining its excellent tradition.

Can Wang Shi win this battle?

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