Feature: Picture Channel

　　On the evening of July 14, "HEART AID Sichuan", a large-scale benefit performance attended by more than ten famous singers and musicians from China, Japan and South Korea, including Guo Fucheng, Zheng Yijian, Lin Yilian, W-inds, Dongyi Hideu, JULY John-Hoon, and more than ten other famous singers and musicians from China, Japan and South Korea, was held in Tokyo, Japan. The picture shows Guo Fucheng singing "Strong" to cheer for Sichuan. Posted by China News Agency, photographed by Zhu Yanhua

　　The "1/2008 Public Welfare Short Film Action" initiated by Shanghai Media Group is still underway. Directors such as Chen Kaige, Xie Jin, Zhang Yibai, Lu Chuan, Gu Changwei, Wang Xiaoshuai, Wang Guangli, and Chen Jialin have completed filming and started post productin. Recently, Guan Jinpeng also completed the shooting of the short film "Landing" in Hong Kong. Guo Fucheng, one of the "four kings" of Hong Kong’s entertainment industry, plays a husband waiting for his wife to give birth outside the delivery room. It is reported that Lin Baoyi, a famous Hong Kong TVB actor, has also joined the short film.

　　◎ Guan Jinpeng: The whole film should be full of true feelings

　　Guan Jinpeng’s short film, titled "Landing", tells the story of a child who was born during the earthquake. Guan told reporters: "The idea came from a coverage. On the day of the earthquake, all the healthcare workers in Chengdu West China Hospital stayed at their posts and brought courage and health to the patients. Such a small thing, in the context of the earthquake, seems extraordinary. Art comes from life, so I think it should be interpreted as such a true story."

　　Director Guan Jinpeng said that this activity initiated by SMG is very meaningful. The proceeds of the film can fund the reconstruction of the disaster area, and the film itself is a spiritual mutual assistance. Since it is necessary to convey the truth, the whole film must be filled with true feelings.

　　◎ Guo Fucheng: Contributing to the disaster area is an honor and an obligation

　　In the past, Guo Fucheng gave the impression of the most handsome and good-dancing "King of Heaven", but in the film "Father and Son", Guo Fucheng’s acting skills were greatly praised and received rave reviews. Later, he won the "Golden Horse Award" for Best Actor. I don’t know if Guan Jinpeng invited Guo Fucheng to shoot a short film because of his recognition of his acting skills. When he received a call from Guan, saying that SMG had launched such a charity event and asked if he could come, Guo Fucheng’s reaction was: "Tell me the time and place, and I will definitely take this role." He said that it is an honor and an obligation to contribute a little to the disaster area. No matter how tight the schedule is, it will take time. In one scene, Guo Fucheng waits for his wife to give birth outside the delivery room during the earthquake. To simulate the tremors when an earthquake comes may seem difficult for a person who has not experienced a major earthquake, but he found the feeling after trying a few times. During the play, those real news images haunted his mind, so it was not very difficult to play such a character who experienced an earthquake. He said that knowing that all the proceeds of the film will be donated to the reconstruction of the disaster area is very meaningful. In fact, he has always wanted to contribute to the reconstruction of the disaster area, so he cherished SMG for providing such an opportunity, and he will definitely play this role seriously.

Editor in charge: Li Erqing

　　Does the meaning of marriage really lie in a marriage contract? Edison Chen gave a free and easy answer: "Marriage is a piece of paper, and I think the most important thing is the relationship." He, who already has a love crystal with Qin Shupei, was asked in an interview whether he would take his relationship with his girlfriend further. Chen Edison’s attitude was clearly indifferent.

　　There was no end to the topic of marriage and love. As soon as Edison Chen’s remarks came out, the Penguin Q & A platform immediately triggered a heated debate about "two people have real feelings, do they still need to get a marriage license?"

　　After reading the answers from the netizens above, people can’t help but sigh. Maybe those netizens who think they don’t need to get a certificate have some truth. But should a man who doesn’t marry you believe that he loves you? Let’s take a look at the attitudes of emotional experts on this issue.

　　Indeed, in today’s complex society, feelings are a game. Furthermore, this society is developing better and better, and people are increasingly yearning for single aristocrats.However, whether a man marries or not and whether he loves you or not are sometimes not directly related to this extent.

　　A man who doesn’t want to get married can love you very much, there is no doubt about this. Loving you and not wanting to marry you are sometimes two different things. Of course, when you meet such a man, you can only talk about love with him, not the best marriage partner. If you don’t want to waste time, it is best to end this love quickly. After all, a woman values marriage very much, and only when you have a home can you feel warm.Therefore, you should believe that a man who doesn’t want to marry you loves you, but that’s all.

　　Whether to get married or not and whether to love you or not may really be two things. Seeing this, we might as well open our minds. If the marriage certificate is valid for 8 years, will you renew it after it expires? For this issue, netizens have different opinions.

　　Emotional Q & A Talent: Siege

　　If the marriage license valid period of 8 years, after the expiration of I will renew!Why not renew the marriage? If there are no reasons or excuses for not surviving the marriage, and if there are no issues of principle, why not continue the marriage?A lifetime of life requires countless eight years to complete, such a life is happy.

　　Therefore, no matter how many years the valid period of the marriage certificate is, there is no valid period for marriage and feelings, or the valid period for feelings and responsibilities is a lifetime. The marriage certificate is just a certificate, it cannot determine the quality of life, its only function is only a proof, proving the legitimacy and validity of the marriage. If there is no emotion, what is the meaning of even a valid period of life?

　　Tencent Qi’ehao: Magic Dragon Girl

　　If the relationship between husband and wife also becomes a contractual relationship. And the valid period is 8 years. I think I will choose to be single. Because I don’t want to choose someone else when I am young, and be chosen by others when I am old. The relationship between husband and wife is a kind of kinship without blood relationship, and it is not easy to maintain it unchanged. Now I have to put an 8-year valid period on it.I really don’t like this kind of relationship anymore. Instead of living in such a relationship without legal protection, it is better to have a happy life. Although obligations and responsibilities have been cancelled, it is better to be more thorough.

　　Be myself. If even the relationship between husband and wife has a time limit, then there will be too many variables in these 8 years. Unequal treaties will also take the opportunity to have a market. I don’t like to love and be loved with purpose. So, if so, I would rather choose to live alone.

　　Emotional Q & A Expert: Writer Hui Yongsheng

　　If the valid period is 8 years, someone may leave because of it. Loving is still loving, not loving, 8 years is a bit long.

　　For loving couples, the love is deep over time, regardless of the length of the marriage certificate, their love still runs deep. A marriage certificate is nothing more than a piece of paper to them, just a kind of proof from outsiders. But for other couples themselves, it doesn’t matter, the years can be learned, the existence or absence of this marriage certificate does not affect their feelings. Some couples have gone through 50 or 60 years of ups and downs together, and the marriage certificate has been moth-eaten and blistered, so what?

　　On the contrary, some couples who were carried away by love because of the wrong choice at the beginning, and two people walked together on a whim, 8 years was too long for them. In these eight years, I don’t know how many times they quarreled, how many times they fought, and how many times they had to go to divorce. If the valid period is reached, they are eager to leave early and break up.

　　This is also a relief for men and women who are emotionally divided.

　　In the past, when people regarded divorce as a foreign object, I don’t know how many women were tied up in a painful life by marriage and had no way to leave at all. Many rural women have ended up on a dead end as a result. Now, with the opening of people’s minds, women’s pursuit of independence and a happy life has become a trend. Many couples who live in discord choose to divorce and regain their freedom.

　　Emotions are sweet and sour, just like people know when they drink water. Even if the marriage certificate is valid for life, it cannot stop divorced men and women. Happy love has little to do with the marriage certificate, the key lies in people’s hearts.

　　When it comes to marriage, an interesting thing suddenly comes to mind here. Not long ago, on a dating show, a handsome guy from Chongqing said that he only eats clear soup when he eats hot pot. Unexpectedly, the female guests questioned that he was less masculine and chose to turn off the lights one after another. Isn’t it not a man if you don’t eat spicy food?

　　The netizens of Penguin Q & A tell you that whether you eat spicy food or not has nothing to do with whether you are a man!

　　Tencent Qi’ehao: Mind Story

　　Suppose someone else also said that a girl was not a real girl because she liked spicy food, what would she think? This question is like before, as long as a girl is stronger and has a larger appetite, she will be called a "woman man".Although some names are not malicious, when we freely use our own ideas to define others, have we ever thought that this kind of thing itself will have a different impact on others?

　　Secondly, I think whether it is a real man or not has nothing to do with whether you can eat spicy food. This may be due to your body, preferences, living environment, etc. I think it is also amazing to turn off the lights because of your eating habits. If you don’t like it, you can say it directly. No one scolds you.

　　Then again, now many people do have extreme disgust because of a certain action of others, but sometimes it is really an unintentional act of others. Before I knew a boy, walking all kinds of burnt buns, some people would say his mother, but really when you encounter something, he will always do his best to help you, while those who usually say that their boyfriend is full of strength will have no news. I think this kind of person can help you at a critical time without care, and usually keeps a friendly distance from girls. Such a person is a real man and a gentleman. But in real life, there are too few such boys, and most of them are so-called "real men".

　　But in fact, this can’t be blamed on them, everyone is just assimilated by the worldly vision, so they always look at the people around them with a rigid vision.The world doesn’t need too many "real men", nor does it need too many colored glasses. Reject the so-called double standard, reject this worldly similarity of vision.

　　Jackie Chan, who appeared for the first time as the newly elected vice chairperson of the China Film Association, sang "Hard to Say Goodbye" at the Spring Festival Gala of the China Federation of Literary and Art Circles on the 10th. Ying Ni, photo

Song Zuying concluded the party with a song "To the Motherland". Photo by Ying Ni

　　China News Service, *******, January 10 (Reporter, Ying Ni) The annual ****** Festival Gala ** China’s literary and art circles is already the seventh. This year will usher in the 60th anniversary ** New China and the 60th anniversary ** the founding ** the China Federation ** Literary and Art Circles. Therefore, this year’s gala will closely focus on the theme ** "I want to say to the Republic…". According to 11 art categories such as drama, film, music, artists, quyi, dance, folk literature and art, photography, calligraphy, acrobatics, and television, a group ** classic programs and well-known artists will be displayed.

　　First on the stage were Jiang Kun, Tang Jiezhong, Chang Baohua, Chang Guitian, Shi Shengjie, Li Guosheng and other 65 crosstalk experts, reviewing the development process of folk art in the past 60 years in the form of "crosstalk cantatas".

　　Subsequently, Mei Baojiu, the son of Peking Opera master Mei Lanfang, led Li Shengsu, the descendant of the Mei School, and Hu Wenge, a disciple of the Mei School, to perform the classic verse of Peking Opera "The Concubine is Drunk" on the spot. Peking Opera performing artists Yu Kuizhi and Meng Guanglu presented a wonderful excerpt from the new epic Peking Opera "Red Cliff".

　　Jackie Chan, who first appeared as the newly elected vice-chairperson of the China Film Association, today presented a down jacket to Lou Yuanyong, a farmer film projectionist. "This is Jackie Chan brand down jacket, I hope it can protect you from the wind and rain on the journey of future screenings." Then he sang the Olympic song "Hard to Say Goodbye" with his disciples to express his high respect for those who have silently dedicated themselves to the new Chinese film industry.

　　TV series "Romance of the Three Kingdoms" director Gao Xixi led Cao Cao’s actor Chen Jianbin, Zhuge Liang’s actor Lu Yi, and Liu Bei’s actor Yu Hewei to the stage. Li Shaohong, director of TV series "Dream of Red Mansions", led Jia Baoyu’s actor Yu Xiaotong, Lin Daiyu’s actor Jiang Mengjie, Xue Baochai’s actor Li Qin, Wang Xifeng’s actor Yao Di, and Lu Yi to sing on the spot, forming a small climax.

　　At the scene of this year’s gala, reporters saw a group of old artists such as Qin Yi, Yu Lan, Yu Yang, Cai Dan Zhuoma, Ding Yinnan, Dao Meilan, Yu Lan, Yu Yang, Wang Xiaotang, Ge Cunzhuang, etc.

　　Song Zuying’s finale singing "To the Motherland" ended the party perfectly.

　　It is reported that CCTV will broadcast the live video of the party during the Spring Festival.

Editor in charge: Li Erqing

　　The Ministry of Transport announced today (25) that as of February 28, a total of 222 online car-hailing platform companies across the country have obtained the operating license of the online car-hailing platform, and a total of 3.291 million online car-hailing driver licenses and 1.229 million vehicle transportation licenses have been issued. The online car-hailing platform companies registered a total of 58,000 compliance drivers in February, and 22,000 newly registered compliance vehicles. Among the online car-hailing platform companies with more than 1 million orders in February, the order completion rate according to double compliance was from high to low, respectively, Endao Travel (increased from 79.2% in January to 82.1%), T3 Travel, Cao Cao Travel, Shouqi Car-hailing, Ruqi Chuxing, Didi Chuxing, Meituan Taxi, Wanshun Taxi, Hua Xiaozhu Chuxing (decreased from 16.1% in January to 15.2%).

　　In order to ensure the safety of the lives and property of the general public, take a regular online taxi, on March 19, the "online booking taxi compliance information inquiry service" system has been launched. Log in to the official WeChat official account of the Ministry of Transport, find "online taxi compliance inquiry" in the "service" menu bar, click on it, enter the license plate number of the vehicle to take, you can check the compliance of the car. In the past 6 days, according to monitoring, the number of visits per hour during peak hours has exceeded 100,000 times.

　　According to the relevant regulations of online car-hailing management, compliance online car-hailing driver refers to a driver who has passed the background check, passed the assessment, met the conditions stipulated by the city people’s government, and obtained the "Online Reservation Taxi Driver’s License"; compliance online car-hailing vehicle refers to a vehicle that has installed emergency alarms and other devices, whose technical performance meets the relevant standards of operational safety, is registered as an appointment taxi passenger and has obtained the "Online Reservation Taxi Transport License".

　　Compliance of online car-hailing drivers and vehicles means more secure safety and better service. In order to ensure ride safety and service experience, the Ministry of Transport reminds passengers to choose compliant online car-hailing. (CCTV reporter, Tang Ying)

"This life must drive 318" I believe is the voice of every self-driving travel enthusiast. Compared with planes and high-speed rail, self-driving travel is more full of fun and challenges, enjoying the soul redemption of wilderness outdoors, and wanting to have a comfortable and relaxed journey. It must be a car that takes you to pursue freedom. The name of the dark blue G318 that just appeared some time ago is also from the Sichuan-Tibet Line National Highway 318. According to the official accurate news, the dark blue G318 will be officially listed on June 13.

First of all, when it comes to the appearance, the dark blue G318 is definitely something that people can’t forget at a glance. In everyone’s traditional impression of hard-core off-road vehicles, most of them are square box types, such as the Defender, Mercedes-Benz Big G, tanks, etc. But to be honest, coming out with an off-road vehicle is a square box really makes people a little visual fatigue, but the dark blue G318 is different. It balances the two current hotspots of hard-core and technology at the same time, and is more popular with young people. The chic headlights are combined with a closed front face, and the whole vehicle is based on a square body. Together, it feels like a technological battleship.

The overall proportion of the side of the body is very harmonious. The hidden door handles and raised eyebrow lines on the side add a sense of style while also appearing hard-edged. The whole car is at a balance point of hard style and youth. In terms of size, the length, width and height of the dark blue G318 are 5010 (including external spare tires)/1985/1960 (including spotlight luggage racks) mm, the wheelbase is 2880mm, and the dark blue G318 is positioned as a medium and large SUV. If you look at the size, it is larger than the Equation Leopard Five, Tank 500 and other models. The rear part of the car adopts the style of a more classic external spare tire, and the rear door uses a side door design, which is more convenient for even female users to use. At the same time, the manufacturer also provides original expansion parts, including headlights, luggage racks, etc. The playability of the dark blue G318 is also very high, with 1.6T trailer qualification, 6kW external discharge can easily supply the power demand of 8 tents, making outdoor travel more convenient.

After talking about the appearance, let’s take a look at the interior. The overall design of the interior has exceeded the expectations of the editor. Whether it is the workmanship materials or the embodiment of the sense of technology, it is not inferior to the luxury off-road brand. From the details, the dark blue G318 is equipped with a large-size LCD instrument panel and a 14.6-inch embedded central control screen. Instead of using the shift mechanism such as the button lever that is particularly popular among new forces, it uses a more traditional grip-type shift. At the same time, it also includes four-wheel drive system adjustment buttons. The retention of physical buttons makes the operation more convenient. The design of the central armrest box area is also very chic, and it looks very advanced in technology.

The next thing I want to introduce to you is its power aspect. The dark blue G318 is first equipped with a "super" range extension 2.0 power system. The maximum power of the front and rear drive motors of the dual-motor model is 131 kW and 185 kW respectively. The comprehensive maximum power of the system reaches 316 kW, the peak torque at the wheel end can reach 6200 Nm, and the zero-hundred acceleration reaches 6.3 seconds, which truly realizes "super cool". The long-distance range extension of the dark blue G318 has a feed fuel consumption of as low as 6.3L/100km, and the pure electric battery life in the urban area can reach 190km, truly achieving "super saving". The official certification of the golden bell cover battery achieves zero battery ignition, active safety of the assembly, and passive safety of the assembly. The three major battery safety protection battery packs have a distance from the ground (default 318mm) of 278mm-348mm and greater than 100mm. Embedded safety design and 10 Layer battery bottom protection, truly achieving "super safety".

The dark blue G318 adopts a double fork arm and multi-link suspension structure, which can have better anti-tilt ability of the car body and more comfortable road vibration isolation effect, making the driving texture more comfortable. And the dark blue G318 is also equipped with air suspension plus CDC, the height can be adjusted at any time and there is a millisecond damping response. The dark blue G318 is equipped with a central electric stepless differential lock and a magnetic mechanical differential lock. Above the choice of driving mode, the dark blue G318 includes five daily modes and five terrain modes plus three special scenarios of off-road creep, tank U-turn, and steep slope descent. One-click adjustment allows you to enjoy the fun of driving more easily.

The Deep Blue G318 is currently the third model under Deep Blue Auto. It also has two models, the SL03 sedan and the S7 SUV model. The editor has always been very favorable to Deep Blue. The models under Deep Blue are well-positioned and the audience is also very clear. And the design of any model is very fashionable and technological, and the overall preference is younger. The new car of the Deep Blue G318 also did not disappoint everyone. The appearance of the technology battleship, the interior of the luxury technology, and the power of the city can be satisfied. The editor believes that the Deep Blue G318 is still worth buying. There is no problem with the product. Now let’s look at the pricing on June 13. Let’s look forward to its final pricing together. If there is more information about this car in the future, follow us and we will inform you in time.

　　Source, Lei Di

　　Lei Di.com, Lei Jianping, March 5

　　NIO Group (NYSE: NIO; HKEx: 9866; SGX: NIO) today released financial results. The financial report shows that NIO’s full-year revenue in 2023 is 55.6179 billion yuan (7.8336 billion US dollars), an increase of 12.9% from 49.269 billion yuan in the previous year.

　　NIO delivered 160,038 vehicles in 2023, an increase of 30.7% over 2022.

　　NIO’s gross profit in 2023 was 3.0518 billion yuan (429.80 million USD), down 40.7% from the previous year; gross margin was 5.5%, compared to 10.4% in the previous year.

　　NIO’s 2023 operating loss was 22.6552 billion yuan (US $3.1909 billion), up 44.8% from the previous year. Excluding equity incentive expenses, the adjusted operating loss (non-GAAP) in 2023 was 20.2861 billion yuan (US $2.8572 billion), up 52% from the previous year.

　　NIO’s net loss for 2023 was 20.7198 billion yuan (US $2.9183 billion), up 43.5% from the previous year. Excluding equity incentive expenses, the adjusted net loss (non-GAAP) for the full year 2023 was 18.3507 billion yuan (US $2.5846 billion), up 51.1% from the previous year.

　　Li Bin, founder, chairperson and CEO of NIO, said that in 2023, NIO set a new record for the delivery of 160,038 vehicles. On 2023 NIO Day, we launched the intelligent electric executive flagship ET9, showcasing a series of latest technologies such as self-developed AD chips, global 900V architecture, intelligent chassis system and other industries. "

　　"We are about to start delivering the NIO 2024 model, which is equipped with the most powerful computing power in the production car, and continue to improve the user’s driving and digital experience. At the same time, we plan to introduce the NOP + urban pilot auxiliary feature to all NT2.0 users in the second quarter. Continued investment in technology, power exchange network and user community will enhance our advantage in future competition," said Li Bin.

　　"Our automotive gross margin continues to grow, reaching 11.9% in the fourth quarter of 2023," said Beng Wei, NIO’s chief financial officer. "In December 2023, we completed a $2.20 billion strategic equity investment from CYVN, underscoring our unique positioning and competitiveness in the global smart electric vehicle industry. Looking to 2024, we will focus on high-priority business objectives, improve system capabilities, and further optimize cost management efficiency."

　　NIO Q4 revenue 17.10 billion up 6.5%

　　NIO’s fourth quarter 2023 revenue 17.1032 billion ($2.4089 billion), up 6.5% from $16.06 billion in the fourth quarter of 2022 and down 10.3% from $19.10 billion in the third quarter of 2023.

　　NIO’s vehicle sales for the fourth quarter of 2023 were 15.4387 billion yuan ($2.1745 billion), up 4.6% from the fourth quarter of 2022 and down 11.3% from the third quarter of 2023.

　　NIO delivered 50,045 vehicles in the fourth quarter of 2023, including 33,679 high-end smart electric SUVs and 16,366 high-end smart electric sedans, an increase of 25.0% from the fourth quarter of 2022 and a decrease of 9.7% from the third quarter of 2023.

　　NIO delivered 10,055 vehicles in January 2024 and 8,132 vehicles in February 2024. As of February 29, 2024, NIO’s cumulative deliveries reached 467,781 vehicles.

　　Just completed $2.20 billion equity financing

　　NIO has applied to the competent authorities in Anhui Province to complete the filing of investment projects for pure electric passenger vehicles, and has been included in the directory of automobile manufacturers of the Ministry of Industry and Information Technology.

　　On 27 December 2023, NIO completed a US $2.20 billion strategic equity investment from Abu Dhabi-based investor CYVN Investments RSC Ltd (‘CYVN’). Together with the transaction previously completed in July 2023, CYVN beneficially holds approximately 20.1% of the total issued and outstanding shares of the Company.

　　On February 7, 2024, NIO appointed Eddy Georges Skaf and Nicholas Paul Collins as new directors to the company’s board of directors. In addition, on the same day, James Gordon Mitchell resigned as a director of the company.

　　On February 1, 2024, NIO completed the Offer of Repurchase Rights relating to its 0.00% Convertible Senior Notes due 2026 (the’Notes’). The aggregate principal amount of the Notes validly filed and unwithdrawn prior to the closing of the Offer of Repurchase Rights is $300 million. After the Repurchase Settlement, the aggregate principal amount of the Notes remains outstanding at $910,000 and continues to be subject to the existing terms of the Deed and the Notes.

　　NIO Q4 cost 15.80 billion increased by 2%

　　NIO cost $15.80 billion in the fourth quarter of 2023, up 2% from $15.40 billion in the same period last year.

　　NIO Q4 Gross 1.279 billion Gross Margin 7.5%

　　NIO’s gross profit for the fourth quarter of 2023 was 1.2792 billion yuan (180.20 million USD), an increase of 105.7% from the fourth quarter of 2022 and a decrease of 16% from the third quarter of 2023.

　　NIO’s gross margin was 7.5% in the fourth quarter of 2023, compared to 3.9% in the fourth quarter of 2022 and 8% in the third quarter of 2023.

　　NIO’s automotive gross margin was 11.9% in the fourth quarter of 2023, compared to 6.8% in the fourth quarter of 2022 and 11% in the third quarter of 2023.

　　NIO Q4 expenses 7.90 billion increased by 7%

　　NIO’s expenses for the fourth quarter of 2023 were $7.90 billion, up 7% from $7.36 billion in the same period last year and up 24% from $6.37 billion in the previous quarter.

　　NIO’s research and development expenses for the fourth quarter of 2023 were 3.9721 billion yuan (US $559.50 million), a decrease of 0.2% from the fourth quarter of 2022 and an increase of 30.7% from the third quarter of 2023. Excluding equity incentive expenses, research and development expenses (non-GAAP) were 3.6164 billion yuan (US $509.40 million), an increase of 1.8% from the fourth quarter of 2022 and 36.8% from the third quarter of 2023.

　　R & D expenses remained relatively stable compared to the fourth quarter of 2022. R & D expenses increased compared to the third quarter of 2023, mainly due to higher design and development costs for new products and technologies and higher personnel costs in the R & D department.

　　NIO’s R & D expenses for the full year 2023 were 13.4314 billion yuan (US $1.8918 billion), up 23.9% from the previous year. Excluding equity incentive expenses, R & D expenses (non-GAAP) were 11.9142 billion yuan (US $1.6781 billion), up 25.2% from the previous year.

　　NIO’s selling, general and administrative expenses for the fourth quarter of 2023 were $3.9727 billion ($559.50 million), up 12.6% from the fourth quarter of 2022 and 10.1% from the third quarter of 2023. Excluding equity incentive expenses, selling, general and administrative expenses (non-GAAP) were $3.7815 billion ($532.60 million), up 16.1% from the fourth quarter of 2022 and 10.4% from the third quarter of 2023.

　　NIO’s selling, general and administrative expenses in 2023 were $12.8846 billion ($1.8148 billion), up 22.3% from the previous year. Excluding equity incentive expenses, selling, general and administrative expenses (non-GAAP) were 12.1167 billion ($1.7066 billion), up 25.8% from the previous year.

　　NIO Q4 operating loss 6.6253 billion operating margin -39%

　　NIO’s fourth quarter 2023 operating loss 6.6253 billion ($933.20 million), down 1.6% from the fourth quarter of 2022 and up 36.8% from the third quarter of 2023.

　　Excluding equity incentive expenses, the adjusted operating loss (non-GAAP) for the fourth quarter of 2023 was 6.0593 billion ($853.40 million), an increase of 0.7% from the fourth quarter of 2022 and 42.9% from the third quarter of 2023.

　　NIO Q4 net loss 5.3677 billion narrowed year-on-year

　　NIO’s fourth quarter 2023 net loss was 5.3677 billion ($756 million), down 7.2% from the fourth quarter of 2022 and up 17.8% from the third quarter of 2023. Excluding equity incentive charges, the adjusted net loss (non-GAAP) for the fourth quarter of 2023 was 4.8017 billion($676.30 million), down 5.2% from the fourth quarter of 2022 and up 21.5% from the third quarter of 2023.

　　As of December 31, 2023, NIO held cash and cash equivalents, restricted cash, short-term investments and long-term time deposits of $57.30 billion (USD 8.10 billion).

　　NIO expects Quarter 1 vehicle deliveries in 2024 to be between 31,000 and 33,000, a decrease of about 0.1% from the same quarter in 2023 to an increase of about 6.3%.

　　NIO expects Quarter 1 revenue in 2024 to be between 10.499 billion yuan ($1.479 billion) and 11.087 billion yuan ($1.562 billion), a decrease of about 1.7% from the same quarter in 2023 to an increase of about 3.8%.

　　Lynk & Co’s flagship SUV, the new 09EM-P, launched two six-seat and two seven-seat models, priced from 307,800 yuan to 347,800 yuan. It is understood that the new car has been improved in terms of chassis materials, handling performance, space comfort and safety performance. So, which model is more suitable for purchase?

　　The new 09EM-P inherits the family classic design of the Lynk & Co brand "Urban Opposition Aesthetics". The middle grid grille that occupies a large area of the front of the car adopts a straight waterfall design, which has been blackened and treated with luxury and visual impact. The headlight group still adopts the iconic and sharp split design, which has a good recognition after lighting. There are large-size air intakes on both sides of the front of the car. The interior is embellished with chrome-plated trims to enhance the texture of the front face. The side shape of the new 09EM-P is very tough, and the rich line design presents a good light and shadow effect. The segmented waist line design is matched with blackened decorative pieces around the windows, which has a strong sense of movement. On the tail side, the taillight adopts a through design, and the layout of the internal light group module is more personalized. The exhaust layout is concealed and a bright black diffuser is added.　 　

　　Entering the car, the panoramic island cockpit reflects a symmetrical beauty. The 12.3-inch smart LCD instrument is paired with a 15.4-inch central control screen, which has a good sense of technology. In terms of power, relying on the Lynk & Co EM-P super range-extended electric solution, the new 09EM-P is equipped with 2.0T + 3DHT + three-motor layout. The maximum output power of the power system is 408kW, and the maximum output torque is 844N · m. It can achieve a CLTC pure electric cruising range of 190km, and a CLTC comprehensive cruising range of up to 1430km. The whole system is equipped with FYRA-E intelligent electric four-wheel drive system as standard, providing 7 dynamic driving modes.

　　The seven-seat version of the new 09EM-P has two models, namely the seven-seat PLUS and the seven-seat PRO, priced at 307,800 yuan and 317,800 yuan. The two models have little difference in configuration, mainly reflected in some comfort configurations and atmosphere creation.　

　　Specifically, first of all, in terms of safety, the seven-seat version comes standard with front dual airbags, front side airbags, head air curtains (one row to three rows on the side), RP roll protection system, front pre-tightening force-limiting seat belts, ESP9.3 HEV body stability control system, CBC curve control system, DTV dynamic torque control system, ARP anti-roll protection system, front/rear parking assistance early warning system, 360 ° panoramic imaging system, 180 ° transparent chassis system, steering assistance image, and vehicle theft reminder and tracking. In terms of intelligent driver assistance system, the car is uniformly equipped with 1 forward camera, 1 rear camera, 4 surround view cameras, 5 millimeter wave radars and 12 ultrasonic radars. Other features come standard with DAC driver fatigue warning system, DMS driver status monitoring system, TSR traffic sign recognition system, FCW forward collision warning system, AEB active emergency brake assist system (with pedestrian identification), CVW vehicle rapid approach warning system, RCTA rear lateral oncoming warning system, TAA car active deflection system, etc. In the external configuration part, the new 09EM-P comes standard with AFS headlight follow-up steering system, ADB intelligent matrix high beam control system, AHB-C intelligent far and near light control system, adaptive headlights (low beam mode adjustment), sliding openable panoramic sunroof, first row of double-layer sound insulation glass, second row of double-layer sound insulation privacy glass, third row of privacy glass, electric trunk tailgate, exterior rearview mirror electric folding & heating & memory, etc.

　　Internal configuration part, the new car comes standard with leather multi-function physical button steering wheel, automatic anti-glare frameless rearview mirror, NAPPA leather seat, electric 12-way main and passenger seat adjustment (including 4-way electric waist rest), main driver seat memory function, front seat heating & ventilation function, dual temperature zone automatic air conditioning, passenger compartment PTC heating, glove box refrigeration function, active cockpit cleaning system, rain sensing integrated water spray system wiper, rain sensing sunroof & window closing, keyless entry & start system, 12.3-inch smart LCD meter, 15.4-inch central control screen, high fidelity audio (10), car 5G network, car Wifi hotspot, four-tone area voice interaction system, mobile APP remote control system, mobile phone wireless charging function and other configurations …　 　

　　In terms of specific differences, the seven-seat PRO is 10,000 yuan more expensive than the seven-seat PLUS version. The electric adjustment of the main and auxiliary seats is upgraded from 12 to 16 (including 4-way electric lumbar support + flank support + seat cushion extension). The number of high fidelity audio is increased from 10 to 14 and adjusted to BOSE luxury audio. There are more front seat massage functions, second-row seat heating functions, AQS air quality management system, 12.8-inch full-color W-HUD head-up display, ANC active noise reduction system, streamer coral ambient light, and high definition driving recorder.　

　　In addition, the seven-seat PRO version can also be selected to the performance package, which includes dual-cavity air suspension, CCD continuously adjustable electronically controlled vibration damping system, multi-function electronic sun visor, main driver motor pre-tensioned seat belt, exterior rearview mirror welcome light, exterior rearview mirror automatic anti-glare – main driver side, NAPPA leather steering wheel, steering wheel electric four-way adjustment & heating & memory, rear passenger seat electric adjustment, front foldable aviation headrest, third-row seat electric folding and recovery, four-temperature zone automatic air conditioning, PM2.5 air quality detection system, Ocean Mystery fragrance system, second-row door side sunshade, and second-row air conditioning control screen.　 　

　　The six-seat version has six-seat HALO and six-seat ULTRA models, priced at 327,800 yuan and 347,800 yuan respectively. On the basis of the configuration of the seven-seat PRO version, the six-seat HALO adds the pre-tensioned seat belt of the main driver motor, the welcome light of the outer rearview mirror, the automatic anti-glare of the outer rearview mirror – the main driver side, the electric four-way adjustment multi-function steering wheel, NAPPA leather steering wheel, steering wheel heating & memory, the electric leg support of the passenger seat, the memory function of the passenger seat, the function of one row of two rows to form a bed, the electric adjustment of the rear row of the passenger seat, the small table board of the rear row of the passenger seat, the ventilation & massage & lumbar support function of the second row of seats, the electric folding and recovery of the third row of seats, the automatic air conditioning in the four-temperature zone, the PM2.5 air quality detection system, the ocean mystery fragrance system, the second row of door side sunshades and the second row of air conditioning control screens.

　　In terms of the adjustment of the main and auxiliary seats, the six-seat version is equipped with the main driver electric 12-way (including 4-way electric waist support) and electric 14-way (including 4-way electric waist support + 4-way electric leg support), and the second row of seat adjustment is electric 4-way. Finally, look at the six-seat ULTRA model. As the top model, this car has only more CCD continuously adjustable electronically controlled vibration reduction system and dual-cavity air suspension system than the six-seat HALO version.

　　Since consumers have their own needs for the purchase of the seven-seat version or the six-seat version, the two versions can be purchased on demand. Specific to the model part, among the seven-seat versions, the PRO model has a higher technological configuration and a sense of luxury atmosphere. Consumers who pursue these two points can choose this model. After all, the price difference of 10,000 yuan is more cost-effective. If you only want seven seats, the PLUS version is enough for daily use if other functions don’t matter; and in terms of the six-seat version, the configuration of the two models will be richer. If you want air suspension, you can directly choose the ULTRA model. (Source: Lynk & Co Automotive)

　　Xinhua News Agency, Jinan, September 25 Question: 15.2 kilometers of road charge 19.9 kilometers of money, how many pits are there for driving?

　　Xinhua News Agency "Xinhua View" reporters, Wang Yang and Shao Luwen

　　Recently, a post of a new scam on behalf of driving has gone viral through the public security official Weibo and WeChat in many places. According to the police, some personnel pretended to be chauffeurs to send passengers home, took personal information on the way, deliberately created traffic accidents "to make a game", and finally demanded high amounts of money. Many netizens expressed that they have resonated, and they have also been tricked by "black chauffeur".

　　"Xinhua View" reporter survey found that after drunk driving into prison, "drunk looking for a driver" has become a common consumer habit. Statistics show that last year, the national driving industry total orders have exceeded 253 million orders, the total output value of 15.40 billion yuan. At the same time, the management of the driving industry is disorderly, sky-high prices, hit-and-run and other chaos.

　　The driver actually invited a drunk, the industry is not standardized, and there are great safety hazards

　　Analysys think tank released a report showing that in the first half of 2017, China’s Internet driving market reached 2.965 billion yuan, showing a steady growth trend. At the same time, the unscrupulous behavior of individual practitioners has brought hidden dangers to the industry.

　　Mr. Zhong, a resident of Jinan, said that he was going to find a chauffeur to go home after a party, but he did not expect a drunk to come over by the chauffeur’s phone. Mr. Liu, a resident of Beijing, also encountered similar unhappiness. When he left a restaurant after drinking, he chose a chauffeur at the door on the strong recommendation of the waiter. Due to his drunken confusion, Mr. Liu did not notice anything wrong during the journey home, but found that the door of the car was obviously scratched the next day. He contacted the chauffeur, but the other person denied it.

　　Liu Ruzhong, a senior partner at Taihe Tai (Beijing) Law Firm, said that there are three main aspects to the current chaos in the driving market: first, the industry threshold is too low, the driving level of practitioners is uneven, and the quality of some personnel is low; second, the fees are arbitrary, and the driver adjusts the price arbitrarily; third, some drivers are indifferent to traffic rules, resulting in many accidents.

　　The reporter searched the China Judgment Document Network and found that in the past two years, the number of cases related to driving has increased significantly. Since 2016, there have been 1,078 such court verdicts, including 402 involving traffic accidents, 244 liability compensation, 228 personal injury compensation, and 118 mental damage.

　　"The surrogate driving market is growing rapidly, but under the circumstance of imperfect industry norms, the safety hazards are also increasing. Hit-and-run accidents, theft of property, illegal driving, etc., make consumers pay a heavy price for one-time surrogate driving," said Zhang Shili, head of the Auto Club branch of the China Automobile Dealers Association.

　　The reporter personally experienced: "Black driving" charges 19.9 kilometers for 15.2 kilometers of road, and it is difficult for regular driving drivers to grab the order

　　Recently, the reporter experienced the whole process of the service of multiple chauffeurs in Jinan. At around 9 pm on the 14th, the reporter came out of a hotel in Jinan and found that there were many chauffeurs waiting at the door. A chauffeur who came forward to collect work said that he could choose two ways: "report the order" and "do not report the order".

　　It turns out that the so-called "declaration" is a company behavior, and the driver needs to pay 20% of the income to the company; not "declaration" means that the driver himself takes "private work" under the banner of the company, and the insurance and other guarantees provided by the company for passengers become the driver’s private income. The driver told reporters that doing "private work" is good, and now the most chaotic market is "black driving".

　　According to clues, the reporter experienced a "black driver" service on the evening of the 21st. From the Jinan Olympic Sports Center, he called the driver to drive to the vicinity of the reporter’s residence. The map shows that the distance is 15.2 kilometers, and the estimated cost of e-driver and Didi driver and other platforms is about 80 yuan. However, the software carried by the "black driver" shows that the mileage is 19.9 kilometers, and the final settlement fee is 99 yuan.

　　The "black driver" charges 59 yuan for 10 kilometers. When the reporter asked how to charge for more than 10 kilometers and whether it was still charged according to this standard, the driver did not respond positively.

　　Master Zhang, a full-time driver who has been working on a driving platform for five years, told reporters that in addition to asking for random prices, some "black driving" may also bring safety problems. In Jinan, there are many "black driving", and it is difficult for regular drivers to grab orders.

　　Zhang Shili said that at present, there is a lack of mandatory standards in the driving industry, resulting in too low a threshold for personnel and no code of conduct.

　　The person in charge of Didi’s driving said, "On the Internet driving platform, in addition to requiring no bad records such as crime, alcoholism, and traffic violations, drivers have to undergo strict training and written tests, interviews, and other assessments before they can be hired." According to the reporter’s investigation, many small driving companies do not require driver training in accordance with industry standards and specifications, nor do they have insurance for driver liability insurance.

　　"Since 2015, the Automobile Dealers Association and several major driving companies have initiated industry self-discipline, calling on all employees to take a third-party practice test for certification, and after passing the test, obtain a driving training certificate. At present, the number of people with certificates in the industry has accounted for 37.5%." Zhang Shili said.

　　Who will take care of these "black drivers"?

　　The reporter’s investigation found that at present, the driving company is a company registered with the Industry and Commerce Bureau to engage in "non-operating vehicle driving services", and the supervision subject is not clear.

　　The Shandong Provincial Administration for Industry and Commerce said that the industry and commerce department is mainly responsible for the registration of driving companies in accordance with the company law and relevant laws and regulations, in accordance with the principle of market access.

　　According to the interviewed traffic police department, the traffic police mainly investigate and deal with violations in the process of driving. Driving services are essentially different from operating driving services. Without clear jurisdiction, the traffic control department cannot supervise the driving industry.

　　Wang Xinliang, director of Shandong Xinliang Law Firm, believes that it is crucial to rectify the chaos in the driving industry and clarify the supervision of the driving market.

　　"The price department can guide the driving industry to formulate clear charging standards, and the charging standards of the driving company should be publicized or registered for the record. This can not only ensure the free pricing of the market, but also accept social supervision to prevent enterprises or individuals from changing the standards at will," said lawyer Chen Zhiwei, a partner in the Shanghai branch of Beijing Zhongzi Law Firm.

General Office of Beijing Municipal People’s Government
About deepening reform and promoting the taxi industry
Implementation Opinions for Healthy Development

District people’s governments, municipal government committees, offices, and bureaus,Municipal institutions:

In order to fully implement the "Guiding Opinions of the General Office of the State Council on Deepening Reform and Promoting the Healthy Development of the Taxi Industry" (Guoban Fa [2016] No. 58), actively and steadily promote the reform of the taxi industry in this city, and better meet the diverse travel needs of the people, with the consent of the municipal government, the following implementation opinions are hereby proposed.

Guiding ideology and work objectives

(1) Guiding ideology.

Deeply implement the spirit of the 18th National Congress of the Communist Party of China and the Second, Third, Fourth, Fifth and Sixth Plenary Sessions of the 18th Central Committee of the Communist Party of China, thoroughly study and implement the spirit of the series of important speeches of the General Secretary of the Supreme Leader and the important instructions to Beijing, earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, firmly establish the development concept of innovation, coordination, green, openness and sharing, adhere to the basic idea of giving priority to the development of public transportation and the appropriate development of taxis, in accordance with the principle of "passenger-oriented, reform and innovation, overall consideration and standardization in accordance with the law", actively and steadily promote the reform of the taxi industry in this city, effectively improve the service level and supervision capacity, and strive to build a diversified and differentiated travel service system to better

(2) Work objectives.

Promote the integrated development of cruise taxis (hereinafter referred to as cruise cars) and online rental cars (hereinafter referred to as online taxi-hailing), promote the transformation and upgrading of cruise cars, standardize the operation of online taxi-hailing, improve the management and service level of the industry, promote the sustainable and healthy development of the industry, and provide the public with safe, convenient, comfortable and economical personalized travel services.

Second, clarify the positioning of the taxi industry

(3) Scientific positioning of taxi services. Taxi is an integral part of the urban comprehensive transportation system, a supplement to urban public transportation, and provides personalized transportation services for the public. Taxi services mainly include cruises, online reservations, and other methods. The city will continue to give priority to the development of public transportation, develop taxis moderately, optimize the urban transportation structure, and build a super-large urban passenger transportation pattern with diverse and differentiated services.

(4) Establish a dynamic regulation and control mechanism for the total amount. Implement the strategic positioning of the capital city, comprehensively consider the city’s population, economic development level, air quality, urban traffic congestion, public transportation development level, taxi mileage utilization rate and other factors, rationally grasp the scale of taxi transportation capacity and its share in the urban comprehensive transportation system, and establish a dynamic monitoring and adjustment mechanism. Carry out a scale assessment of the total number of taxis, and prepare a development plan and implementation plan for the taxi industry, which will be implemented after approval by the municipal government.

III. Deepening the reform of cruise vehicles

(5) Reform the management system of operating rights. Adhere to the implementation of the free use of vehicle operating rights, and the term of the operating rights of cruise vehicles is the same as the period of vehicle scrapping. The new operating rights of cruise vehicles shall be subject to period restrictions, and the operating entity shall not be changed without authorization. If the operating rights of existing cruise vehicles do not specify the specific operating period, all factors shall be comprehensively considered, a transition plan shall be scientifically formulated, and the operating period shall be reasonably determined. Establish and improve the allocation and management system of operating rights guided by service quality and reputation. If the operating rights expire or there are major service quality problems, major safety production liability accidents, serious illegal business activities, and unqualified service quality and reputation assessments during the operation process, the operating rights shall be recovered in accordance with relevant regulations.

(6) Perfect the benefit distribution system. Cruise car operators shall sign employment contracts and contracts with drivers in accordance with the law to build a harmonious labor relationship. Encourage, support and guide cruise car operating enterprises, industry associations, cruise car drivers and trade union organizations to negotiate on an equal footing to determine the contract fee standard or quota task, and dynamically adjust it according to factors such as operating conditions, cost and freight changes. If the existing contract fee standard or quota task is too high, it should be reduced. Taxi car industry associations shall organize and guide cruise car operating enterprises to actively explore the use of Internet technology to build a business model in which enterprises and drivers share operational risks and distribute interests reasonably.

(7) Straighten out the price formation mechanism. Cruise vehicle freight rates are subject to government-guided prices. It is necessary to comprehensively consider factors such as the operating costs of cruise vehicles, the income level of drivers, and the overall development of urban transportation. Continuously improve the formation mechanism of cruise vehicle freight rates and the linkage mechanism between freight rates and fuel prices. Improve pricing rules, scientifically formulate and timely adjust the level and structure of cruise vehicle freight rates, and give full play to the leverage of freight rates to adjust the supply and demand relationship in the taxi transportation market.

(8) Encourage companies to operate on a large scale. Study and formulate supporting policies to encourage cruise car operators to integrate resources through mergers, reorganizations, and other means, implement intensive and large-scale operations, give full play to their backbone leading role, and improve industry management and service levels. Measures for the implementation of the transfer, transfer, and share purchase of cruise car operators’ vehicle operating rights shall be formulated in accordance with the law. Individual industrial and commercial households of cruise cars shall be encouraged to jointly establish companies of a certain scale or join existing cruise car operating enterprises by means of shares, etc., implement organized management, improve service quality, reduce management costs, and enhance anti-risk capabilities. Encourage cruise car operating enterprises to take passenger needs as the guide, continue to increase the intensity of driver training, take the initiative to disclose service standards and service quality commitments, and actively carry out safety, integrity, and quality service creation activities; strengthen the main responsibility of cruise car operating enterprises, vigorously promote enterprise branding, and effectively improve the level of management services. Improve the assessment and evaluation system for cruise car operating enterprises, improve the content and methods of assessment, regularly publish the assessment results and evaluation, and establish an incentive and restraint mechanism that conforms to the characteristics of cruise car operation.

(9) Promote the transformation and upgrading of the industry. Encourage cruise car operators and online ride-hailing platform companies to adopt mergers, restructurings, and absorbing shares to achieve the integrated development of new and old business models. Revise the technical specifications of cruise cars and improve vehicle technical standards. Encourage cruise car operators to follow the idea of "Internet + taxi", make full use of Internet information technology and the advantages of existing vehicles and personnel, and transform to provide online ride-hailing services. Encourage cruise cars to provide operation services through telecommunications, Internet and other e-hailing services, and promote the use of non-cash payment methods that meet financial standards to facilitate public rides, reduce empty vehicles, and reduce the labor intensity of drivers. When cruise cars provide operation services, they must use the special metering device for cruise cars, and charge fees and issue special invoices for taxis in this city accordingly. Encourage the development of new energy cruise vehicles.

IV. Standardizing the development of online car-hailing

(10) Regulate the development of online car-hailing. Online car-hailing platform companies, as well as enterprises that provide vehicles, drivers who provide online car-hailing services, and their vehicles, shall comply with relevant national and municipal regulations and requirements. Online car-hailing platform companies are providers of transportation services, and shall have online and offline service capabilities. They shall have corresponding office space and driver education and training places in this city. They shall also connect relevant basic information and dynamic operation data to the supervision platform of relevant departments in this city in real time, so as to realize the backup of data information in this city. Online car-hailing platform companies implement restrictions on the operating period. The operating period is 4 years. The expiration can be extended after passing the review. The online car-hailing platform company shall assume the responsibility of the carrier, the responsibility of production safety and corporate social responsibility in accordance with the law, undertake the safety management responsibilities of vehicles and drivers, purchase relevant insurance to fulfill the responsibility of the carrier, and ensure the safety of operation and the legitimate rights and interests of passengers. Encourage online car-hailing platform companies to use their own vehicles to carry out business activities.

Online car-hailing vehicles should meet the basic conditions for providing passenger transportation services, have passed the annual inspection by the public security department of this city, have purchased commercial vehicle compulsory traffic insurance, third-party liability insurance and passenger accident injury insurance, and have the city’s vehicle number plate. 5-seat sedan or 7-seat passenger car. Non-operating vehicles of government agencies, enterprises, institutions and social organizations are not allowed to engage in online car-hailing operations. Online car-hailing qualifications are applied by online car-hailing platform companies. When a vehicle applies for online car-hailing qualifications, it must meet the latest motor vehicle emission standards announced and implemented by this city, have no unfinished traffic accidents and traffic violations records, and meet the technical specifications of online car-hailing vehicles in this city. Vehicles that have obtained online car-hailing qualifications must have a special logo posted on the body of the online car-hailing vehicle, and use the original number plate. The term of the vehicle operation right shall not exceed 8 years from the date of vehicle registration (or when the mileage reaches 600,000 kilometers), and the vehicle operation right shall not be transferred without authorization. If the vehicle is scrapped, transferred or the ownership is transferred without authorization, the vehicle operation right shall be cancelled. If the access relationship between the platform and the vehicle is terminated or the operation period of the platform company is terminated, the vehicle shall not engage in online car-hailing operations during the period of not accessing the new platform.

Online car-hailing drivers must be registered with the city, have obtained a driving license issued by the city, have not reached the legal retirement age, are in good health, have not committed more than 5 road traffic safety violations in driving a motor vehicle within 1 year before the date of application, and have not been included in the taxi serious violation information database. Individuals and vehicles under their names who apply for access to the online car-hailing platform must obtain the qualifications of online car-hailing drivers and vehicles, and have no other cruise cars and online car-hailing cars under their names, and drive their own vehicles to provide online car-hailing services.

(11) Regulate the business behavior of online car-hailing. Online car-hailing platform companies should safeguard and protect the legitimate rights and interests of drivers, maintain the stability of the driver team, and sign employment contracts or agreements with their subordinate drivers according to law. If an agreement is signed, they should purchase personal accident insurance for them; it is necessary to strengthen the production and operation management of service vehicles and drivers, and continuously improve the passenger’s satisfaction with the ride experience. Online car-hailing provides operation services through online booking, and it is not allowed to cruise around to pick up customers or queue up at cruise car dispatching stations to pick up customers. Reasonably determine the metering method of online car-hailing, and there must be no improper price behavior. Online car-hailing platform companies shall strengthen cyber security and information security protection, establish and improve data security management systems, collect, use and protect personal information in compliance with the law, and shall not disclose sensitive information involving national security. The personal information collected and the business data generated shall be stored and used in the Chinese mainland, and the retention period shall not be less than 2 years. Online car-hailing platform companies and drivers shall declare and pay taxes to the tax department in accordance with the law. After providing operation services, online car-hailing vehicles shall issue special invoices for taxis in this city.

V. Regulate private passenger car sharing

(12) Encourage private passenger car sharing. Private passenger car sharing (also known as carpooling and ride-sharing) is a shared travel mode in which the ride-sharing service provider publishes travel information in advance, and people with the same travel route choose to take the ride-sharing service provider’s passenger car, share the travel cost (fuel and tolls) of the ride-sharing part, or free mutual assistance. Private passenger car sharing is conducive to alleviating traffic congestion and reducing air pollution, and this city will encourage and regulate its development. The city’s guidance on private passenger car sharing travel shall be formulated and issued separately by the municipal transportation administrative department in conjunction with relevant municipal departments.

(13) Regulate private passenger car ride-sharing. The ride-sharing information service platform providing ride-sharing travel services must comply with the relevant regulations of the state and this city. The connected vehicles must be the city’s number plate, and the number of orders per car per day shall not exceed 2 times. It is forbidden for any enterprise or individual to carry out illegal operations in the name of ride-sharing. Those who charge significantly higher than the ride-sharing billing standard, provide ride-sharing services more than the specified number of times, and provide online car-hailing business services in the name of private passenger car-sharing shall be punished in accordance with the relevant laws, regulations and rules of the state and this city for illegal passenger transportation.

Create a good market environment

(14) Improve service facilities. Further increase the planning and construction of comprehensive taxi service areas, dispatching stations, recruitment stations, waiting parking spaces, charging infrastructure and other service facilities. It is necessary to set up cruise bus dispatching stations or waiting areas in large public places and large residential areas such as airports, railway stations, public transportation hubs, commercial areas, hotels, hospitals, etc., and scientifically guide taxi operations to provide convenient services for passengers’ daily travel, especially in special circumstances such as bad weather.

(15) Strengthen the construction of the credit system. It is necessary to implement the service quality credit assessment system and the driver qualification management system, formulate taxi service standards, credit management system for operators and employees, and clarify the basic requirements for operating in accordance with the law and providing honest services. Actively use the Internet, big data, cloud computing and other technologies to establish an evaluation system for taxi operators and drivers, and strengthen the records of information such as violations and dishonesty, complaints and reports, and passenger service evaluation. As an important basis for taxi operators and employees to enter and exit, and incorporate it into the city’s credit information sharing platform and enterprise credit information publicity system. Taxi industry associations should continue to improve industry self-discipline, smooth communication channels between drivers and enterprises, take the initiative to commit to service standards to the society, and promote the improvement of industry service capabilities and integrity levels.

(16) Strengthen market supervision. It is necessary to innovate supervision methods, simplify licensing procedures, strengthen the use of information technology means, and promote online processing to further improve the transparency of the management of the taxi industry. Establish a joint supervision and law enforcement mechanism and a joint punishment and exit mechanism for the participation and linkage of the Municipal Transportation Commission, the Municipal Development and Reform Commission, the Municipal Public Security Bureau, the Municipal Human Resources and Social Security Bureau, the Municipal Environmental Protection Bureau, the Municipal Commission of Commerce, the Municipal Bureau of Industry and Commerce, the Municipal State Taxation Bureau, the Municipal Local Taxation Bureau, the Municipal Quality Supervision Bureau, the Municipal Communications Administration, the People’s Bank of China Business Management Department, the Municipal Network Information Office, and the Municipal Urban Management Law Enforcement Bureau. Establish an integrated information sharing platform, strengthen real-time supervision of law enforcement throughout the process, investigate and punish acts that hinder fair competition in the market and various price violations in accordance with the law, and severely crack down on illegal operations, gathering crowds to disrupt social order, or inciting organizations to disrupt operational order and damage public interests. Regularly carry out taxi service quality assessments and release them Handle complaints about service quality issues in a timely manner, promptly expose serious violations of laws and regulations, and protect the interests of passengers.

(17) Strengthen the legal system and organizational guarantee. Accelerate the revision of laws and regulations such as the Regulations on the Administration of Taxi Vehicles in Beijing to provide better legal guarantee for deepening reform and promoting the healthy development of the taxi industry. Strengthen organizational leadership, establish a leading group for deepening the reform of taxis in this city, and be responsible for coordinating and promoting various reform work. Strengthen social communication, smooth the channels for interest appeals, take the initiative to disclose information, respond to social concerns, build consensus on reform, and create a good public opinion environment. Major policy-making in reform should carry out social stability threat and risk assessment, improve emergency response plans, prevent and resolve various contradictions, and maintain social stability.

From the date of issuance of this implementation opinion, online car-hailing platform companies, drivers and vehicles that have already started online car-hailing business in this city will be given a five-month transition period.

General Office of Beijing Municipal People’s Government

guideThe car has lost more than 110 billion in 5 years.

Source |Hengda Automobile Announcement, Financial World, Securities Times, Daily Economic News

According to Hengda Automobile’s announcement, Newton Group’s strategic investment has been terminated, and the company’s previously proposed transactions and amendments to the terms of the debt-to-equity swap have not made any further progress.

Evergrande Motor said that it will not hold a shareholders’ meeting for approval and will not publish any circulars relating to, among other things, the Special Mandate, the Newtown Group share purchase agreement, the proposed transaction, the wash waiver, the proposed amendment, the debt-for-equity subscription agreement, the offset agreement and the debt-for-equity swap. The company will no longer issue further monthly announcements on the proposed transaction and the progress of the debt-for-equity swap.

As the Share Subscription is no longer in progress, the Subscriber is under no obligation under Rule 26 of the Takeovers Code to make an unconditional mandatory general offer in respect of all outstanding Shares which it and persons acting in concert with it have not yet owned or consented to acquire. The Company will not apply to the Executive for his consent to the Special Deal.

In August 2023, Hengda Auto and strategic investor Newton Group signed an agreement. The main content of Newton Group’s share purchase agreement is that Newton Group implements a strategic investment of about 500 million US dollars in Hengda Auto and provides 600 million yuan in transition funds; the debt-to-equity swap agreement means that Hengda Group, Xu Jiayin and other creditors offset the 20.895 billion Hong Kong dollar debt owed by Hengda Auto by subscribing for new shares of Hengda Auto. Assuming that the debt-to-equity swap of new energy vehicles is completed and followed by the completion of the subscription of new energy vehicle shares, China Evergrande’s shareholding ratio in Evergrande Automobile will be diluted to about 46.86%, Evergrande New Energy Automobile will no longer be a non-wholly-owned subsidiary of China Evergrande, and its financial performance will no longer be comprehensively accounted for in China Evergrande’s performance.

In October 2023, the transaction was suspended, and Evergrande announced that Newton Group had suspended the implementation of relevant obligations in the share purchase agreement. The change in the transaction was directly related to the exposure of "Xu Jiayin was subject to coercive measures" at that time, which interrupted the process of Hengda’s dollar debt restructuring, which in turn caused Hengda to fail to meet the pre-conditions of the transaction.

In January 2024, Evergrande announced that the Newtown Group’s share purchase agreement and the company’s debt-for-equity swap subscription agreement for Evergrande had expired on December 31, 2023. At that time, Evergrande responded that the parties to the Newtown Group’s share purchase agreement and debt-for-equity swap subscription agreement, as well as certain stakeholders, have been and will continue to negotiate amendments to certain key terms of the proposed transaction and debt-for-equity swap. The company will make monthly announcements until it announces its exact intention to proceed with the proposed transaction and debt-for-equity swap or decides not to proceed with the proposed transaction and debt-for-equity swap.

Evergrande’s "life-saving money"

Newton Group’s strategic investment in Hengda Automobile is regarded by public opinion as "life-saving money" for Hengda Automobile.

On August 14, 2023, Hengda Automobile announced that it received the first strategic investment of 500 million US dollars from the listed company Newton Group (NWTN.US), which is held by the sovereign fund of the United Arab Emirates, and another 600 million yuan of RMB transition funds will be received one after another 5 working days after the announcement.

The proposed transaction between the two parties is expected to close in the fourth quarter of 2023. Upon completion of the transaction, Newton Group’s shareholding ratio in Evergrande will account for 27.5% of the total number of issued ordinary shares after the expansion.

However, the deal is subject to 19 preconditions, including the entry into force of the China Evergrande workout and the absence of material adverse events.

The car has lost more than 110 billion in 5 years

According to Hengda Automobile previously disclosed that all the funds invested in this war will be used for Hengda Automobile’s Tianjin factory to ensure the normal production of Hengchi 5 and the successive mass production of Hengchi 6 and 7. In addition, Newton Group will also assist Hengda Automobile to develop overseas markets and achieve the annual export of 30,000-50,000 Hengchi vehicles to the Middle East.

In 2023, Hengda’s total revenue is 1.34 billion yuan, of which more than 1.10 billion yuan comes from property sales, accounting for more than 90% of the overall revenue.

Hengda Automobile lost 11.995 billion yuan last year (27.664 billion yuan in 2022). Statistics show that Hengda Automobile has been building cars for 5 years, with a cumulative loss of 110.841 billion yuan and a cumulative delivery of 1389 units.

As of the end of last year, Hengda’s total assets 34.851 billion yuan; total liabilities 72.543 billion yuan, of which, loans 26.484 billion yuan, trade and other payables 43.012 billion yuan, other liabilities 3.047 billion yuan.

As of the end of last year, Hengda Automobile was involved in the outstanding debts of about 9.447 billion yuan; on December 31, 2023, the group’s overdue commercial tickets accumulated about 3.401 billion yuan. In addition, the number of pending proceedings with a target amount of more than 30 million yuan totaled 68 pieces, and the total amount of the target amount totaled about 13.608 billion yuan.