佛山桑拿

With the acceleration of urbanization in China, the phenomenon of "garbage besieged city" is becoming more and more serious. About a quarter of cities in China have no landfill sites, and the accumulated land occupied by urban garbage dumps in China exceeds 500 million square meters, resulting in an annual economic loss of up to 30 billion yuan. Although burning garbage partially solves the problems of land occupation and groundwater pollution, it is not conducive to solving the atmospheric problem of frequent smog in China. China urgently needs to improve urban garbage disposal and actively deal with climate change and energy shortage. Germany is recognized as one of the countries with the earliest development of circular economy and the most experience in garbage disposal in the world. Learning from its relevant experience will help to improve the problems existing in garbage disposal in China.

Legal basis and management organization of garbage disposal in Germany

There are many laws and regulations on garbage management in Germany, involving various aspects and specific technical details. The Waste Disposal Law was first promulgated in 1972, while the Law on Circular Economy and Garbage Management in 1996 has a wide influence in the world, and it also started the circular economy in Germany. It is a programmatic regulation for developing circular economy and garbage disposal in Germany. The law defines some principles in garbage disposal, such as the polluter pays principle; Garbage is also a kind of resource, which can only be discarded when it can not be recycled under the conditions of existing technology. The scope of garbage disposal includes waste oil, packaging waste, batteries, scrapped cars and electronic waste. This regulation is supplemented by several more detailed regulations, such as Biological Waste Regulation, Landfill Regulation and Sludge Disposal Regulation.

Another significant thing is the "Regulations on Packaging Waste" implemented in 1991, which stipulates that the general "polluter pays" principle in environmental economics is extended to the field of production and consumption, that is, the producers and sellers of commodities are responsible for the recycling of their product packaging. This principle not only solves the problem of recycling and disposal of consumer waste, but more importantly, it encourages manufacturers to reduce waste at the source, such as improving technology to save the amount of raw materials, using recycled materials or simplifying product packaging. Today, this principle has been extended to many countries in Europe. In addition to the above-mentioned important laws and regulations, Germany has also promulgated wheelie bins Regulations, Scrap Cars Regulations, E-waste Regulations, Battery Regulations, etc., which are detailed to different types of waste and specific technical levels.

The highest management institution of German garbage disposal is the German Ministry of Environmental Protection and the professional agency Federal Environmental Protection Agency, which is mainly responsible for promulgating laws and state cooperation. The state environmental departments or regional organs and the State Administration for Industry and Commerce are senior management organs, mainly responsible for the implementation of relevant laws and regulations; There are also county and city management organs, which belong to lower management organs and are responsible for the whole process of garbage collection, transportation and disposal.

Organization and operation of garbage disposal in Germany

Based on the principle of extended production responsibility system, producers are responsible for the garbage they produce in the whole life cycle, but for many smaller producers and sellers, it is a big burden to establish their own recycling system. In view of this, in 1990, with the support of the German Federation of Industries and the German Chamber of Commerce and Industry, 95 companies in the retail, consumer goods and packaging industries spontaneously established the Green Point Company. The company is a private joint-stock enterprise, and it is non-profit. Green Point Company mainly aims at packaging garbage. By establishing a binary recycling system, on the one hand, manufacturers and sellers will be responsible for packaging recycling of their products, and on the other hand, their costs will be reduced. In this system, manufacturers and sellers pay Green Point Company to collect packaging garbage on their behalf, and Green Point Company then entrusts garbage recycling and utilization company to carry out follow-up work. The rate charged by Green Point Company to the manufacturer is often related to the environmental protection degree of the product packaging. The lower the environmental protection degree of the packaging, the higher the rate. Thus, Green Point Company has played a coordinating and organizing role in the whole system. Once the manufacturer entrusts the Green Point Company to engage in the garbage collection function on its behalf, they can attach the logo of the Green Point Company, that is, an arc-shaped green arrow, to the packaging of their products. Today, more than 90% of the products in Germany have the logo of Green Dot Company, and the model of Green Dot Company has been gradually extended to other European countries.

Classification and recovery of garbage disposal in Germany

The classification and recycling of garbage in Germany is very careful, so it is especially beneficial to the recycling and treatment of garbage. Generally speaking, all garbage can be divided into waste paper, light packaging, glass, clothes and shoes, biological garbage and residual garbage. The garbage put into the waste paper bucket (blue bucket) mainly includes newspapers, magazines, cardboard, toilet paper, etc. Leftover meals, peels, egg shells, fallen leaves, etc. are put into the biological trash can (brown bucket); Residual trash can (black bucket) is used to place other garbage that is not clearly classified, such as stockings, light bulbs, garbage cleaning, ballpoint pens, band-AIDS, broken toys, diapers, cigarette butts, etc. Plastic, aluminum, beverage cans, tin sheets, beverage boxes, yogurt cups, etc. are put into light packaging barrels (yellow barrels). In some cities, households put the packaging garbage into yellow garbage bags, and garbage trucks will take it away at a fixed time. The design of garbage trucks in Germany is also very user-friendly. Cleaning workers can automatically dump large boxes of garbage into the garbage trucks just by docking the garbage cans with the garbage trucks, saving manpower and time for garbage collection. For glass bottles, people need to throw them directly into special waste glass recycling bins on the street. Usually, such devices can be found near various communities, and glass bottles can be put into recycling bins according to three colors: white (transparent), green and brown. Similar to waste glass garbage, old clothes and shoes also have special collection points, but clothes need to be cleaned and wrapped before they are put into the garbage bin. After more than ten years of development, Germans have become accustomed to garbage sorting.

Enlightenment of German Experience to China

Comprehensively improve the laws and regulations on garbage management. Governments at all levels should formulate feasible laws and regulations, and strictly supervise them, especially the details of implementation, such as the requirements for garbage classification and recycling and how to classify them.

Actively adopt economic means to solve the problem of garbage sorting and recycling. Although China has carried out the pilot work of garbage sorting and recycling in many cities for a long time, the results are often a mere formality. The recyclable and non-recyclable garbage bins all over the streets do not play a classification role, and people do not make any distinction when throwing away garbage. In this regard, we can adopt the garbage charging system and the deposit refund system. Data and research in developed countries have shown that these economic means have remarkable effects on waste reduction and classified recycling. In Germany, the charge for residual garbage is often higher than other types of garbage, which encourages people to classify garbage more carefully.

Vigorously publicize the knowledge of garbage classification and promote the cultivation of people’s awareness of saving. Garbage classification is a meticulous and tedious work, which requires regular publicity and education activities with rich contents and various forms. On the other hand, guide the public to pursue a minimalist lifestyle and carry forward the fine tradition of thrift.

(Yang Ling, author: Xi ‘an Jiaotong University)

　　The Measures for the Supervision and Administration of Insurance Group Companies was adopted at the 10th Committee Meeting of China Banking and Insurance Regulatory Commission in 2021 on August 19th, 2021. It is hereby promulgated and shall come into force as of the date of promulgation.

　　Chairman Guo Shuqing

　　November 24, 2021

　　Measures for the supervision and administration of insurance group companies

　　Chapter I General Provisions

　　Article 1 In order to strengthen the supervision and management of insurance group companies, effectively prevent the operational risks of insurance groups, and promote the healthy development of financial and insurance industries, these Measures are formulated in accordance with the Insurance Law of People’s Republic of China (PRC) (hereinafter referred to as the Insurance Law), the Company Law of People’s Republic of China (PRC) and other laws and administrative regulations, as well as the Decision of the State Council on Setting Administrative Permissions for Administrative Examination and Approval Items that Need to Be Retained (Order No.412 of the State Council of the People’s Republic of China).

　　Article 2 The Insurance Regulatory Commission of the Bank of China (hereinafter referred to as China Banking and Insurance Regulatory Commission) shall, in accordance with laws, administrative regulations and the State Council’s authorization, and on the principle that substance is more important than form, conduct comprehensive, continuous and penetrating supervision and management over insurance group companies.

　　Article 3 The term "insurance group company" as mentioned in these Measures refers to a company registered in accordance with the law and established with the approval of China Banking and Insurance Regulatory Commission, which has the words "insurance group" or "insurance holding" in its name and exercises control, joint control or significant influence on the member companies of the insurance group.

　　Insurance group refers to an enterprise collection composed of insurance group companies and companies controlled, jointly controlled or greatly influenced by them. In this enterprise collection, besides insurance group companies, there are more than two subsidiaries that are insurance companies and insurance business is the main business of this enterprise collection.

　　The member companies of an insurance group refer to insurance group companies and companies controlled, jointly controlled or greatly influenced by them, including insurance group companies, subsidiaries directly or indirectly controlled by insurance group companies and other member companies.

　　Chapter II Establishment and Licensing

　　Article 4 The establishment of an insurance group company shall be submitted to China Banking and Insurance Regulatory Commission for examination and approval and meet the following conditions:

　　(1) The investor meets the qualification requirements for shareholders of insurance companies as stipulated by China Banking and Insurance Regulatory Commission, and the shareholding structure is reasonable, and it controls at least 50% of the shares of two domestic insurance companies in total;

　　(2) Having member companies that meet the requirements of Article 6 of these Measures;

　　(3) The minimum registered capital is 2 billion yuan;

　　(4) Having directors, supervisors and senior managers who meet the qualification requirements stipulated by China Banking and Insurance Regulatory Commission;

　　(5) Having a sound corporate governance structure, sound organizational structure, effective risk management and internal control management system;

　　(6) Having business premises, office equipment and information systems suitable for its operation and management;

　　(seven) other conditions stipulated by laws, administrative regulations and China Banking and Insurance Regulatory Commission.

　　Involving the disposal of risks, the above conditions may be appropriately relaxed with the approval of China Banking and Insurance Regulatory Commission.

　　Article 5 The supervision of equity and shareholders’ behavior of insurance group companies shall be governed by China Banking and Insurance Regulatory Commission’s regulations on equity management of insurance companies.

　　Article 6 At least one insurance company controlled by the investor who intends to establish an insurance group company meets the following conditions:

　　(a) in China for more than 6 years;

　　(2) It has made continuous profits in the last three fiscal years;

　　(3) Its net assets at the end of the previous year are not less than 1 billion yuan, and its total assets are not less than 10 billion yuan;

　　(4) Having a sound corporate governance structure, sound organizational structure, effective risk management and internal control management system;

　　(5) The core solvency adequacy ratio is not less than 75% in the last four quarters, and the comprehensive solvency adequacy ratio is not less than 150%;

　　(6) Its comprehensive risk rating in the last four quarters is not lower than Class B;

　　(seven) in the last three years, there were no major violations of laws and regulations and major acts of dishonesty.

　　Article 7 An insurance group company may be established in the following two ways:

　　(1) Initiating the establishment. The shareholders of an insurance company, as promoters, set up an insurance group company with their equity and monetary contributions, of which the total monetary contribution shall not be less than 50% of the registered capital of the insurance group company.

　　(2) Renaming the establishment. An insurance company is renamed as an insurance group company, and the insurance group company establishes an insurance subsidiary with monetary contribution, and the insurance business of the original insurance company is transferred to the insurance subsidiary according to law.　

　　The establishment of insurance group companies includes two stages: preparation and opening.　

　　Article 8 Where an insurance group company is established by means of sponsorship, the sponsors shall submit the following materials to China Banking and Insurance Regulatory Commission in the preparatory stage:

　　An application for establishment, including the name, organizational form, registered capital, domicile (business premises), investors, investment amount, investment proportion, business scope, preparatory organization, contact person and contact information of the company to be established;

　　(2) Feasibility study report, including feasibility analysis, establishment mode, development strategy, corporate governance and organizational framework, risk management and internal control system, solvency evaluation of insurance subsidiaries before and after integration, etc.;

　　(3) the preparation plan, including the establishment of the preparatory group, work responsibilities and work plans, the equity structure of the insurance group company to be established and its subsidiaries, the overall planning and operation process for rationalizing the equity relationship, the name and business category of the subsidiaries, etc.;

　　(4) The materials of the person-in-charge of the preparatory group, including the investor’s letter of confirmation on the appointment of the person-in-charge of the preparatory group and the proposed chairman and general manager, the basic information of the person-in-charge of the preparatory group, the personal approval certificate, the application form for the qualification of the proposed chairman and general manager, the identity certificate and the copy of the academic degree certificate;

　　(5) Draft articles of association of the insurance group company;

　　(6) The audited financial report and solvency report of the insurance company controlled by the promoters in the last three years;

　　(7) Business license;

　　(8) Relevant materials of investors, including basic information materials, financial information materials, corporate governance materials, subsidiary information materials, special materials of investors in limited partnership enterprises, etc.;

　　(9) documents certifying the ownership or right to use the domicile (business premises);

　　(ten) long-term development strategy and planning, business plan, foreign investment plan, capital and financial management, risk management and internal control and other major systems;

　　(eleven) information construction report;

　　(twelve) legal opinions;

　　(13) Anti-money laundering materials;

　　(14) A statement on the authenticity of the materials;

　　(fifteen) other materials stipulated by China Banking and Insurance Regulatory Commission.

　　Article 9 Where an insurance group company is established by renaming, the insurance company to be renamed shall submit the following materials to China Banking and Insurance Regulatory Commission in the preparatory stage:

　　(1) An application for renaming, which shall specify the name, organizational form, registered capital, domicile (business premises), business scope, preparatory organization, contact person and contact information of the company to be renamed;

　　(2) Feasibility study report, including feasibility analysis, renaming method, corporate governance and organizational framework, development strategy, risk management and internal control system, and solvency assessment of insurance companies before and after renaming;

　　(3) The name change plan, including the equity structure of the insurance group company to be established and its subsidiaries, the overall planning and operation process for rationalizing the equity relationship, the name and business category of the subsidiaries, etc.;

　　(4) The materials of the person-in-charge of the preparatory group, including the investor’s letter of confirmation on the appointment of the person-in-charge of the preparatory group and the proposed chairman and general manager, the basic information of the person-in-charge of the preparatory group, the personal approval certificate, the application form for the qualification of the proposed chairman and general manager, the identity certificate and a copy of the academic degree certificate;

　　(5) Draft articles of association of the insurance group company;

　　(six) the resolution of the shareholders’ (general) meeting of the insurance company to change its name and establish an insurance group company;

　　(7) The audited financial report and solvency report of the insurance company in the last three years;

　　(eight) the business license after the name change;

　　(9) documents certifying the ownership or right to use the domicile (business premises);

　　(ten) long-term development strategy and planning, business plan, foreign investment plan, capital and financial management, risk management and internal control and other major systems;

　　(eleven) information construction report;

　　(twelve) legal opinions;

　　(13) Anti-money laundering materials;

　　(14) A statement on the authenticity of the materials;

　　(fifteen) other materials stipulated by China Banking and Insurance Regulatory Commission.

　　Article 10 Where an insurance group company is established, the promoters or the insurance company to be renamed shall submit the following materials to China Banking and Insurance Regulatory Commission at the opening stage:

　　(1) An application for starting business, including the company’s name, domicile (business place), legal representative, registered capital, shareholding structure, business area and business scope, and the list of directors, supervisors, senior managers and key position managers to be proposed.

　　(2) If the establishment is initiated, the resolution of the founding meeting shall be provided; if there is no resolution of the founding meeting, the documents or resolutions of all investors agreeing to apply for business opening shall be submitted; In case of renaming, the resolution of the shareholders’ (general) meeting shall be provided.

　　(3) Articles of association of the insurance group company and rules of procedure of the shareholders’ (general) meeting, the board of directors and the board of supervisors.

　　(4) If the establishment is initiated, a capital verification report shall be provided; If the company adopts the method of renaming its establishment, it shall provide the asset appraisal report, customer and creditor rights protection plan and employee rights protection plan to be injected into the newly established insurance subsidiary.

　　(5) Development planning, including planning elements such as the company’s strategic objectives, business development, institutional development, solvency management, capital management, risk management and safeguard measures.

　　(6) Resumes of the directors, supervisors and senior managers to be appointed and the certification materials that meet the corresponding qualifications.

　　(7) The organizational structure of the company, including the establishment of departments and the basic composition of personnel.

　　(8) Asset custody agreement or letter of intent for asset custody cooperation.

　　(nine) the certificate of ownership or right to use the residence (business premises) and the fire safety certificate.

　　(ten) information construction report.

　　(eleven) the company’s internal management system.

　　(12) Business license.

　　(13) Relevant materials of investors, including financial information materials, tax payment certificates and credit records, information on the ownership structure, controlling shareholders and actual controllers, a statement of no record of major violations of laws and regulations, and a commitment letter for investment in self-owned funds.

　　(14) Anti-money laundering materials.

　　(15) A statement on the authenticity of the materials.

　　(sixteen) other materials stipulated by China Banking and Insurance Regulatory Commission.

　　Article 11 To establish an insurance group company, it shall register with the market supervision and management department in industrial and commercial registration and obtain a business license.

　　An insurance group company shall be approved by China Banking and Insurance Regulatory Commission before it can carry out relevant business activities. After approval by China Banking and Insurance Regulatory Commission, an insurance license shall be issued.

　　The time limit for examination and approval of the establishment of insurance group companies shall be implemented with reference to the relevant provisions of insurance companies.

　　Chapter III Operating Rules

　　Article 12 The business of an insurance group company is mainly equity investment and management.

　　Insurance group companies should use their own funds to carry out major equity investments. Major equity investment refers to the investment behavior of controlling the invested enterprise.

　　Article 13 An insurance group company shall abide by the requirements of laws, administrative regulations and other regulatory provisions in its insurance business, equity management and use of insurance funds.

　　Article 14 On the basis of respecting the operational autonomy of independent legal persons of subsidiaries and other member companies, insurance group companies shall make overall management of the equity investment of the whole group to prevent disorderly expansion.

　　Article 15 An insurance group company may invest in the following insurance enterprises:

　　(1) Insurance companies;

　　(2) Insurance asset management institutions;

　　(3) specialized insurance agencies, insurance brokerage agencies and insurance assessment agencies;

　　(four) other insurance enterprises approved by China Banking and Insurance Regulatory Commission.

　　Article 16 An insurance group company may invest in non-insurance financial enterprises.

　　The book balance of major equity investments made by insurance group companies and their subsidiaries in domestic non-insurance financial enterprises shall not exceed 30% of the consolidated net assets of the group at the end of last year.

　　Article 17 An insurance group company and its subsidiaries shall, in principle, not hold more than one share when investing in an enterprise with the same main business in the same financial industry.

　　Article 18 An insurance group company may invest in non-financial enterprises related to insurance business as stipulated in Article 56 of these Measures.

　　Except for non-financial enterprises and project companies established for investment in real estate as stipulated in Article 56 of these Measures, the shareholding ratio of an insurance group company to other single non-financial enterprises shall not exceed 25%, or it shall not have a significant impact on the enterprise.

　　Article 19 The total book balance of major equity investments made by insurance group companies and their financial subsidiaries in domestic non-financial enterprises shall not exceed 10% of the consolidated net assets of the group at the end of last year.

　　Non-financial enterprises included in the calculation scope of the preceding paragraph refer to the first-level non-financial enterprises invested by insurance group companies and their financial subsidiaries in China.

　　The non-financial enterprises mentioned in this Article do not include the project companies established by insurance group companies and their financial subsidiaries for investing in real estate, and the shared service subsidiaries mainly providing services for insurance groups as stipulated in Item (1) of Paragraph 1 of Article 56 of these Measures.

　　Article 20 An insurance group company may make overseas investments.

　　The book balance of major equity investments made by insurance group companies and their domestic subsidiaries in overseas entities shall not exceed 10% of the consolidated net assets of the group at the end of last year.

　　The overseas entities included in the calculation of the preceding paragraph refer to the first-level overseas entities invested by insurance group companies and their domestic subsidiaries abroad.

　　The book balance of an insurance group company and its domestic subsidiaries investing in a single overseas non-financial entity shall not exceed 5% of the consolidated net assets of the group at the end of the previous year.

　　The overseas entities specified in this article do not include the project companies established by insurance group companies and their domestic financial subsidiaries for investing in real estate.

　　Chapter IV Corporate Governance

　　Article 21 An insurance group company shall, in accordance with the requirements of laws, administrative regulations and other regulatory provisions, establish a corporate governance framework that meets the following requirements:

　　(1) Covering all member companies of the Group;

　　(2) Covering all important matters of the Group;

　　(3) properly identify and balance the conflicts of interest between the member companies and the group as a whole and among the member companies.

　　The contents that the governance framework should pay attention to include but not limited to:

　　(1) Standardized governance structure;

　　(two) the appropriateness of the ownership structure and management structure;

　　(3) Clear boundaries of responsibilities;

　　(4) Financial soundness of major shareholders;

　　(5) Scientific development strategy, values and good social responsibility;

　　(6) Effective risk management and internal control;

　　(7) Reasonable incentive and restraint mechanism;

　　(8) Perfect information disclosure system.

　　Article 22 An insurance group company shall respect the operational autonomy of its subsidiaries and other member companies as independent legal persons, make overall management of the group’s human resources, financial accounting, data governance, information system, capital utilization, brand culture and other matters, strengthen business collaboration and resource sharing within the group, establish a risk management, internal control compliance and internal audit system covering the whole group, and improve the overall operational efficiency and risk prevention capability of the group.

　　Article 23 An insurance group company shall not abuse its control position or take other improper measures to damage the legitimate rights and interests of its subsidiaries and other stakeholders in the process of performing its management functions.

　　Article 24 An insurance group company shall organize the formulation of the overall strategic plan of the group, regularly evaluate the implementation of the strategic plan, and adjust and improve the strategic plan according to the actual development and changes in the external environment.

　　An insurance group company shall, according to the overall strategic planning of the group, guide its subsidiaries to formulate development strategies and business plans. An insurance group company shall set up or designate corresponding functional departments to regularly monitor and evaluate the implementation of the development strategy and business plan of its subsidiaries and put forward management opinions to ensure the realization of the overall objectives of the group and the responsibility objectives of its subsidiaries.

　　Article 25 An insurance group company shall reasonably determine the size and membership of the board of directors according to its own management needs.

　　Article 26 The board of directors of an insurance group company shall set up a special committee according to relevant regulatory requirements and actual conditions, and exercise such functions as auditing, nomination and remuneration management, strategic management, risk management and related party transaction management.

　　Article 27 An insurance group company shall guide its subsidiaries to establish a standardized corporate governance structure according to the overall strategic planning of the group and the management needs of its subsidiaries and the principles of compliance, simplification and high efficiency.

　　If the subsidiary is a listed company, the corporate governance shall conform to the listing rules and the regulatory requirements of the listed company.

　　Article 28 An insurance group company shall, while promoting the good operation of its shareholders’ (general) meeting, board of directors and board of supervisors in accordance with the law, strengthen decision-making support and organizational management for different levels and types of meetings of its subsidiaries.

　　An insurance group company shall establish or designate corresponding functional departments to provide support and services for the directors and supervisors of its subsidiaries to perform their duties. Directors and supervisors of subsidiaries shall be responsible for their performance of duties in the board of directors or the board of supervisors according to law.

　　Article 29 An insurance group company may, after filing with China Banking and Insurance Regulatory Commission, exempt its insurance subsidiaries from the regulatory requirements on independent directors and special committees of the board of directors if it meets the following conditions:

　　(1) The insurance group has a sound corporate governance structure and an effective corporate governance mechanism, and has established a system of independent directors and special committees of the board of directors in accordance with relevant regulatory provisions;

　　(2) The insurance group company has established an effective control mechanism for its insurance subsidiaries.

　　In the event that an insurance subsidiary exempted in the preceding paragraph fails in its corporate governance mechanism or suffers from corporate governance defects, China Banking and Insurance Regulatory Commission may revoke the exemption as appropriate.

　　Article 30 An insurance group company shall have a concise, clear and penetrating equity structure.

　　An insurance group shall establish an organizational structure and management structure suitable for its strategic planning, risk status and management ability, so as to achieve a reasonable level of equity control of the insurance group company and its subordinate member companies, a clear and transparent organizational structure and a clear management structure.

　　Article 31 In principle, the level of equity control between an insurance group company and its financial subsidiaries shall not exceed three levels, and the level of equity control between its non-financial subsidiaries shall not exceed four levels. The calculation of the level of equity control is based on the level of the insurance group company. Special purpose entities that do not conduct business or actually operate, and project companies established to invest in real estate may not be counted in the above-mentioned equity control level.

　　Article 32 In principle, the member companies of an insurance group shall not cross-hold shares, and subsidiaries and other member companies shall not hold the shares of an insurance group company.

　　Article 33 In principle, the senior managers of an insurance group company may concurrently serve as the senior managers of at most one insurance subsidiary.

　　In principle, senior managers of subsidiaries and other member companies shall not concurrently hold positions with each other.

　　Article 34 An insurance group company shall establish and improve the performance evaluation system for directors, supervisors and senior managers covering the whole group.

　　An insurance group company shall establish a scientific and reasonable salary management mechanism and performance appraisal system that is compatible with the group’s development strategy, risk management, overall benefits, job responsibilities, social responsibilities and corporate culture.

　　Article 35 An insurance group company shall establish a unified internal audit system, conduct independent and objective supervision, evaluation and suggestions on the financial revenue and expenditure, business operation, internal control and risk management of the group and its member companies, and guide and evaluate the internal audit work of its subsidiaries.

　　If an insurance group company implements centralized or vertical management of internal audit, its subsidiaries may entrust the insurance group company to carry out internal audit.

　　Chapter V Risk Management

　　Article 36 An insurance group company shall integrate the group’s risk management resources, establish a comprehensive risk management system and a scientific and effective risk early warning mechanism that are suitable for the group’s strategic objectives, organizational structure and business model, and effectively identify, measure, evaluate, monitor and control the overall risks of the group.

　　Insurance group risks include but are not limited to:

　　(1) General risks, including insurance risk, credit risk, market risk, liquidity risk, operational risk, reputation risk and strategic risk;

　　(2) Unique risks, including risk contagion, opaque organizational structure, concentration risk, non-insurance risks, etc.

　　Article 37 An insurance group company shall set up a risk management department independent of the business department, responsible for the formulation and implementation of the group’s comprehensive risk management system, and require all business lines, subsidiaries and other member companies to formulate their own risk management policies under the framework of the group’s overall risk preference and risk management policies, so as to promote the consistency and effectiveness of the insurance group’s risk management.

　　Article 38 An insurance group company shall formulate a risk preference system at the group level, define the risk level that the group is willing and able to bear in the process of achieving its strategic objectives, determine the risk management objectives, and the risk tolerance and risk limit of the group for various risks.

　　The risk preference system shall be implemented after the approval of the board of directors, and shall be reviewed, revised and improved every year.

　　Article 39 An insurance group company shall, according to the overall development strategy and risk preference of the group, allocate various risk indicators and risk limits, and establish an over-limit disposal mechanism. The risk preference, risk tolerance and risk limit of subsidiaries and other member companies shall be coordinated with those of the Group.

　　An insurance group company shall monitor the implementation of the risk management system of the group as a whole, its subsidiaries and other member companies, and may require the member companies to adjust the risk limit based on the group risk limit when necessary.

　　Article 40 An insurance group company shall establish an information system to meet the needs of group risk management, ensure that it can obtain relevant information of group risk management accurately, comprehensively and timely, conduct qualitative and quantitative analysis of various risks, and effectively identify, evaluate and monitor the overall risk status of the group.

　　Article 41 An insurance group company shall manage the concentration risk of the group on the basis of consolidated statement, and establish and improve the policies, procedures and methods of concentration risk management, so as to identify, measure, monitor and prevent different types of concentration risks of the group as a whole and its member companies.

　　The concentration risk of insurance group refers to the risk that a single risk or risk combination of member companies may directly or indirectly threaten the solvency of the group after aggregation at the group level; Including but not limited to counterparty concentration risk, insurance business concentration risk, non-insurance business concentration risk, investment asset concentration risk, industry concentration risk, regional concentration risk, etc.

　　Article 42 An insurance group company shall establish and improve the firewall system in fund management, business operation, information management and personnel management within the group to prevent risk transmission among the member companies of the insurance group.

　　When conducting business collaboration among insurance group member companies, the risk-taking subjects shall be clearly defined in the form of contracts according to law, so as to prevent unclear risk responsibilities, cross-infection and conflicts of interest.

　　Article 43 An insurance group company shall establish policies and procedures for monitoring, reporting, controlling and handling related party transactions and internal transactions of the whole insurance group, so as to prevent possible improper interest transfer, delayed exposure of risks, regulatory arbitrage, risk contagion and other negative impacts on the stable operation of the insurance group.

　　The internal transactions of an insurance group shall comply with the relevant provisions of China Banking and Insurance Regulatory Commission on related party transactions and internal transactions.

　　Article 44 An insurance group company shall strengthen the overall management of the group’s external guarantee, and clarify the conditions, amount and approval procedures of the external guarantee.

　　An insurance group company can only provide guarantees to its insurance subsidiaries, and the balance of external guarantees provided by the insurance group company and its subsidiaries shall not exceed 10% of the company’s net assets at the end of the previous year.

　　Article 45 An insurance group company shall establish a stress test system suitable for its risks, conduct stress tests on the overall liquidity and solvency of the group on a regular basis, and apply the test results to the formulation of business management decisions, emergency plans and recovery and disposal plans.

　　Article 46 An insurance group company shall strengthen the information security protection of group customers, guide and urge its subsidiaries and other member companies to carry out the collection, transmission, storage, use and sharing of customer information in accordance with the principles of legality, justness and necessity, and strictly fulfill their information protection obligations.

　　Chapter VI Capital Management

　　Article 47 An insurance group company shall establish and improve a capital management system covering the whole group, including a capital planning mechanism, a capital adequacy evaluation mechanism, a capital restraint mechanism and a capital replenishment mechanism, so as to ensure that the capital is suitable for the asset scale, business complexity and risk characteristics, and can fully cover all kinds of risks faced by the group.

　　Article 48 An insurance group company shall, according to the company’s development strategic objectives, industry conditions and relevant state regulations, make targeted capital plans for the insurance group company and its financial subsidiaries for at least the next three years, and ensure the feasibility of the capital plans.

　　Article 49 An insurance group company shall set appropriate capital adequacy targets according to the group’s development strategy, business planning and risk preference.

　　Insurance group companies and their financial subsidiaries should establish a capital adequacy assessment mechanism that is suitable for their own risk characteristics and business environment, regularly assess their capital status, ensure that insurance group companies and their insurance subsidiaries meet the solvency supervision requirements, and the capital status of non-insurance financial subsidiaries continues to meet the requirements of financial supervision departments, and maintain the asset-liability ratio of non-financial subsidiaries at a reasonable level to achieve safe and stable operation of the group.

　　Article 50 An insurance group company shall establish a capital restraint mechanism within the group to guide its subsidiaries and other member companies to strictly abide by the capital restraint indicators, pay attention to prudent operation and strengthen risk management in formulating development strategies and business plans, designing products and using funds.

　　Insurance group companies shall strengthen the management of assets and liabilities, keep the debt scale and term structure reasonable and appropriate, and keep the asset structure and liability structure reasonably matched.

　　Article 51 An insurance group company shall establish a capital replenishment mechanism suitable for the development strategy and business planning of its subsidiaries and other member companies, maintain the group’s capital adequacy by strengthening business management, improving internal profitability, equity or debt financing, and strengthen cash flow management to fulfill its capital contribution obligations to its subsidiaries and other member companies.

　　Article 52 An insurance group company may issue qualified capital instruments according to laws, administrative regulations and other regulatory provisions, but the double leverage ratio shall be strictly controlled. The double leverage ratio of insurance group companies shall not be higher than the relevant requirements of China Banking and Insurance Regulatory Commission.

　　The term "double leverage ratio" as mentioned in these Measures refers to the ratio of the book value of the long-term equity investment of an insurance group company to the owner’s equity; Book value refers to the book balance minus impairment reserve.

　　Chapter VII Management of Non-insurance Subsidiaries

　　Article 53 The term "non-insurance subsidiaries" as mentioned in these Measures refers to the domestic and overseas subsidiaries directly or indirectly controlled by the insurance group company and its insurance subsidiaries, which do not belong to the insurance enterprises specified in Article 15 of these Measures.

　　Article 54 An insurance group company and its insurance subsidiaries directly or indirectly invest in non-insurance subsidiaries, which should be conducive to optimizing the group’s resource allocation, exerting synergy, enhancing the overall specialization level and market competitiveness of the group, and effectively promoting the development of the main insurance industry.

　　The term "direct investment" as mentioned in this chapter refers to the behavior of insurance group companies and their insurance subsidiaries to invest in the name of investors and hold the equity of non-insurance subsidiaries; The so-called indirect investment refers to the behavior of insurance group companies and their non-insurance subsidiaries at all levels to invest in the name of investors and hold the equity of other non-insurance subsidiaries.

　　Investing in non-insurance subsidiaries should follow the principle that substance is more important than form. In essence, the investment carried out by an insurance group company or its insurance subsidiaries shall not evade supervision by indirect investment through non-insurance subsidiaries in violation of regulations.

　　Article 55 An insurance group company shall establish a sound internal management system, define the authority, process and responsibility for the management of non-insurance subsidiaries, and implement the main responsibility for the management of non-insurance subsidiaries.

　　Article 56 An insurance group company may directly or indirectly invest in non-insurance subsidiaries, and the specific types include:

　　(1) A shared service subsidiary that mainly provides information technology services, auditing, policy management, catastrophe management, property management and other services and management for insurance group member companies;

　　(2) Other non-insurance subsidiaries established by carrying out major equity investment according to the regulatory provisions of China Banking and Insurance Regulatory Commission on the use of insurance funds;

　　(3) Other subsidiaries as stipulated by laws, administrative regulations and China Banking and Insurance Regulatory Commission.

　　Article 57 Where an insurance group company directly invests in a non-insurance subsidiary of shared services, it shall meet the following conditions:

　　(1) The corporate governance mechanism is sound and running well;

　　(2) At the end of the previous period, the comprehensive solvency adequacy ratio was above 150%, and the core solvency adequacy ratio was above 75%;

　　(three) the use of its own funds to invest, the source of funds in line with laws, administrative regulations and regulatory requirements;

　　(4) The non-insurance subsidiary with shared services to be invested mainly provides shared services for the insurance group;

　　(5) China Banking and Insurance Regulatory Commission’s regulatory provisions on major equity investments.

　　Insurance group companies may not indirectly invest in non-insurance subsidiaries of shared services.

　　Article 58 An insurance group company investing in a non-insurance subsidiary of shared services shall report to China Banking and Insurance Regulatory Commission for examination and approval, and provide the following materials:

　　(a) the materials that should be submitted for the major equity investment required by the relevant regulatory provisions of China Banking and Insurance Regulatory Commission;

　　(2) Specific plans for sharing services or management, institutional arrangements for risk isolation, and relevant measures for protecting the rights and interests of insurance consumers, etc.

　　The direct investment of insurance group companies in non-insurance subsidiaries other than shared services shall be implemented in accordance with the regulatory provisions of China Banking and Insurance Regulatory Commission on major equity investments.

　　Where an insurance group company indirectly invests in a non-insurance subsidiary, the insurance group company shall report to China Banking and Insurance Regulatory Commission within 15 working days from the date of signing the sponsor agreement or investment agreement.

　　Article 59 The direct investment of an insurance group company and its insurance subsidiaries in non-insurance subsidiaries shall conform to the internal decision-making procedures stipulated in laws, administrative regulations, regulatory provisions and its articles of association, and be approved by its shareholders’ (general meeting), board of directors or its authorized institutions.

　　Indirect investment in non-insurance subsidiaries shall be reported to the board of directors of the insurance group company or its insurance subsidiaries.

　　Article 60 An insurance group company and its insurance subsidiaries shall, through the management of the directly controlled non-insurance subsidiaries, ensure that other non-insurance subsidiaries invested or acquired by non-insurance subsidiaries comply with the relevant requirements of these Measures.

　　Article 61 An insurance group company shall strengthen the management of trademarks and shop names, and clarify the specific ways and authorities for non-insurance member companies to use their own trademarks and shop names, so as to avoid the transmission of reputation risks.

　　Article 62 An insurance group company and its insurance subsidiaries shall not provide guarantees for the debts of non-insurance subsidiaries, and shall not provide loans to non-insurance subsidiaries, unless otherwise stipulated by China Banking and Insurance Regulatory Commission.

　　Article 63 An insurance group company and its insurance subsidiaries may not invest in non-insurance subsidiaries by taking joint liability for the debts of the invested enterprise.

　　When an insurance group company and its insurance subsidiaries subscribe for shares of non-insurance subsidiaries or securities such as stocks and bonds issued by them, they shall abide by the regulatory provisions of China Banking and Insurance Regulatory Commission on the use of insurance funds.

　　Where an insurance group company and its insurance subsidiaries make commitments to increase investment or provide capital assistance to non-insurance subsidiaries in the future, they shall comply with relevant regulations and be approved by their shareholders’ meeting, the board of directors or their authorized institutions.

　　Article 64 An insurance group company and its insurance subsidiaries shall establish an outsourcing management system, specifying the scope, contents, forms, decision-making authority and procedures, follow-up management, rights, obligations and responsibilities of outsourcing parties, etc.

　　The term "outsourcing" as mentioned in these Measures refers to the behavior that an insurance group company and its insurance subsidiaries entrust some business activities or management functions that were originally handled by themselves to non-insurance subsidiaries or institutions outside the group for continuous processing.

　　Article 65 Where an insurance group company and its insurance subsidiaries outsource their business or functions, they shall conduct a risk assessment and be reviewed and approved by its board of directors or the agency authorized by the board of directors, so as to ensure that the entrusted party providing outsourcing services has good and stable financial status, high technical strength and service quality, complete management ability and strong ability to deal with emergencies.

　　When outsourcing, an insurance group company and its insurance subsidiaries shall sign a written contract with the trustee, specifying the outsourcing content, form, service price, customer information confidentiality requirements, rights and obligations of all parties, and liability for breach of contract. In the process of outsourcing, we should strengthen the risk monitoring of outsourcing activities, regularly review the performance of outsourcing business and functions in the annual risk assessment, conduct risk exposure analysis and other risk assessments, and report to the board of directors.

　　Insurance group companies and their insurance subsidiaries shall report to China Banking and Insurance Regulatory Commission 20 working days before the signing of the outsourcing contract. According to the risk status of the outsourcing behavior, China Banking and Insurance Regulatory Commission can take measures such as risk warning, meeting and talking, supervision and inquiry.

　　Article 66 An insurance group company shall submit the annual report of its non-insurance subsidiaries to China Banking and Insurance Regulatory Commission before April 30th every year. The report shall include the following contents:

　　(a) the overall situation of investment in non-insurance subsidiaries, including the number, level, business classification and operation, control, important internal control and risk management system of non-insurance subsidiaries;

　　(2) The equity structure diagram of non-insurance subsidiaries, including the hierarchy and calculation of non-insurance subsidiaries, and the equity proportion of insurance group companies and their insurance subsidiaries directly or indirectly investing in non-insurance subsidiaries, etc.;

　　(3) Basic information of the main senior managers of non-insurance subsidiaries;

　　(4) Risk assessment of non-insurance subsidiaries, including major related party transactions and major internal transactions, outsourcing management, firewall construction and asset-liability ratio of non-financial subsidiaries, etc.;

　　(5) The insurance group’s holding of changes in equity, a non-insurance subsidiary, and the reasons;

　　(six) other matters required by China Banking and Insurance Regulatory Commission.

　　The annual report of the non-insurance subsidiaries of the insurance group shall be submitted by the insurance group company.

　　Chapter VIII Information Disclosure

　　Article 67 An insurance group company shall, in accordance with the requirements of laws, administrative regulations and other regulatory provisions, follow the principles of completeness, accuracy, timeliness and effectiveness, and disclose information in a standardized manner.

　　Article 68 An insurance group company shall, in addition to disclosing its basic information according to the relevant regulatory provisions on information disclosure of insurance institutions, also disclose the basic information of the group as a whole, including:

　　(a) the ownership structure between the insurance group company and its subsidiaries at all levels;

　　(2) Basic information such as the name, registered capital, paid-in capital, shareholding structure and legal representative of the non-insurance subsidiary;

　　(3) Other matters stipulated by China Banking and Insurance Regulatory Commission.

　　Article 69 An insurance group company shall, in addition to disclosing its major events in accordance with the relevant regulatory provisions on information disclosure of insurance institutions, also disclose the following major events that have occurred in the group:

　　(1) Risk events that have a significant impact on the Group;

　　(two) other matters stipulated by China Banking and Insurance Regulatory Commission.　

　　Article 70 An insurance group company shall prepare an annual information disclosure report, which shall at least include the following contents in addition to the company’s annual information disclosed in accordance with the relevant regulatory provisions on information disclosure of insurance institutions:

　　(1) Financial and accounting information under the consolidated caliber of the previous year;

　　(2) solvency information of the previous year;

　　(3) Major internal transactions between consolidated member companies of the insurance group in the previous year, except those that have been disclosed by member companies according to laws, administrative regulations and other regulatory requirements;

　　(4) The overall risk management status of the Group in the previous year;

　　(five) other matters stipulated by China Banking and Insurance Regulatory Commission.

　　Article 71 An insurance group company shall post the basic information, major events and annual information disclosure report of the company and the group as a whole on the company website.

　　If the basic situation changes, the insurance group company shall update it within 10 working days from the date of change.

　　In the event of a major event, the insurance group company shall issue a temporary information disclosure announcement within 15 working days from the date of the event.

　　The annual information disclosure report shall be released before April 30th of each year, unless otherwise stipulated by China Banking and Insurance Regulatory Commission.

　　The disclosure of information related to solvency shall be implemented in accordance with the relevant requirements of the solvency supervision rules of insurance companies.

　　Article 72 Relevant information that has been disclosed by a listed insurance group company in accordance with the information disclosure requirements of listed companies may not be disclosed repeatedly.

　　Chapter IX Supervision and Administration

　　Article 73 On the basis of supervision by a single legal person, China Banking and Insurance Regulatory Commission conducts comprehensive and continuous consolidated supervision on the capital, finance and risks of insurance groups, and identifies, measures, monitors and evaluates the overall risks of insurance groups.

　　Based on consolidated supervision, China Banking and Insurance Regulatory Commission can adopt direct or indirect supervision, and comprehensively monitor the risks of all member companies of insurance groups through insurance group companies or other regulated member companies according to law, and take corresponding measures when necessary.

　　The financial management department shall, in accordance with the division of responsibilities for financial supervision, supervise the insurance group companies and their financial member companies.

　　Article 74 China Banking and Insurance Regulatory Commission follows the principle that substance is more important than form, and determines the scope of consolidated supervision of insurance groups on the basis of control and taking into account the risk correlation.

　　Article 75 An insurance group company and its subsidiaries shall be included in the scope of consolidated supervision.

　　In addition to the circumstances specified in the preceding paragraph, the following institutions invested by insurance group companies shall be included in the scope of consolidated supervision:

　　(1) The risks or losses generated by the invested institution are sufficient to have a significant impact on the financial position and risk level of the insurance group;

　　(2) Other invested institutions established through complicated equity design such as domestic and overseas subsidiaries and shell companies, which are actually controlled by the insurance group or have a significant impact on the operation and management of the institution.

　　Article 76 China Banking and Insurance Regulatory Commission has the right to determine and adjust the scope of consolidated supervision and put forward supervision requirements according to the changes in the ownership structure, risk categories and risk status of insurance group companies.

　　The insurance group company shall report the consolidated scope and management to China Banking and Insurance Regulatory Commission.

　　Article 77 China Banking and Insurance Regulatory Commission may require the following units or individuals to provide materials and information related to the operation, management and financial status of an insurance group company within a specified time limit:

　　(1) A member company of an insurance group;

　　(2) Shareholders and actual controllers of the insurance group company;

　　(3) Directors, supervisors and senior managers of insurance group companies;

　　(four) other units or individuals that China Banking and Insurance Regulatory Commission considers it necessary to provide relevant information.

　　China Banking and Insurance Regulatory Commission can establish a tripartite meeting mechanism with insurance group companies and external auditors to learn about the insurance group’s corporate governance, risk prevention and control, and group management and control.

　　According to the Insurance Law and the relevant provisions of the financial supervision and coordination mechanism, China Banking and Insurance Regulatory Commission can ask the account opening banks, designated commercial banks, asset custody institutions, stock exchanges and securities registration and settlement institutions of the member companies of the insurance group to assist in the investigation.

　　Article 78 An insurance group company shall timely submit financial reports, solvency reports, consolidated supervision reports, reports of non-insurance subsidiaries and other relevant reports and other materials to China Banking and Insurance Regulatory Commission in accordance with relevant regulations.

　　Article 79 In case of major events that affect or may affect the operation and management, financial status, risk control and customer asset safety of an insurance group company, or major changes in the organizational structure, management structure or equity structure of an insurance group company, the insurance group company shall immediately submit a report to China Banking and Insurance Regulatory Commission, explaining the causes, current status, possible impacts and measures to be taken.

　　Article 80 If the capital adequacy level of the financial subsidiaries of an insurance group company fails to meet the requirements of the financial regulatory agency, China Banking and Insurance Regulatory Commission may require the insurance group company to ensure its capital adequacy by means of capital increase. If an insurance group company fails to implement the regulatory requirements, China Banking and Insurance Regulatory Commission can take corresponding measures according to law.

　　Article 81 If an insurance subsidiary of an insurance group company fails to meet the prudential supervision requirements stipulated by the financial regulatory agency, and its business or financial situation deteriorates significantly, China Banking and Insurance Regulatory Commission may require the insurance group company to take effective measures to help it resume its normal operation.

　　Article 82 If a non-insurance subsidiary significantly endangers the safe operation of an insurance group company or its insurance subsidiaries, China Banking and Insurance Regulatory Commission may require the insurance group company to make rectification.

　　Article 83 If the equity investment scope, proportion or equity control level of an insurance group company and its subsidiaries do not meet the regulatory requirements, China Banking and Insurance Regulatory Commission may take corresponding measures according to law.

　　Article 84 China Banking and Insurance Regulatory Commission may, based on the principle of prudential supervision, require insurance group companies to carry out stress tests covering the whole group on their solvency, liquidity and other risks, and take corresponding measures according to the results of the stress tests.

　　Article 85 China Banking and Insurance Regulatory Commission may require an insurance group company to make a recovery and disposal plan according to its asset scale, business complexity and risk status. The recovery plan should ensure the sustainability of the important business of the insurance group in the face of crisis; The disposal plan should avoid the negative impact on the industry caused by the interruption of the operation of the insurance group and minimize the consumption of public capital.

　　Article 86 China Banking and Insurance Regulatory Commission cooperates with other domestic regulatory agencies, shares regulatory information, coordinates regulatory policies and measures, and effectively supervises insurance group member companies to avoid regulatory vacuum and duplication.

　　China Banking and Insurance Regulatory Commission can carry out regulatory cooperation with overseas regulatory agencies by signing cross-border cooperation agreements or other forms, strengthen cross-border regulatory coordination and information sharing, and effectively supervise cross-border insurance groups.

　　Chapter X Supplementary Provisions

　　Article 87 The supervision and management of the merger, division, change, dissolution and business of insurance group companies, as well as the qualifications of relevant personnel, shall be implemented with reference to the relevant provisions of China Banking and Insurance Regulatory Commission on insurance companies.

　　Article 88 These Measures shall apply to foreign insurance companies or foreign insurance group companies that set up insurance group companies as shareholders of insurance companies in China. If there are special provisions in the Regulations on the Administration of Foreign-funded Insurance Companies and its detailed rules for implementation, those provisions shall prevail.

　　These Measures shall apply mutatis mutandis to insurance companies that have direct or indirect control over other insurance enterprises, but do not have the words "insurance group" or "insurance holding" in their names, and the first paragraph of Article 29 shall not apply.

　　Insurance groups recognized as systemically important financial institutions have special regulatory provisions, which shall prevail.

　　Article 89 The management of non-insurance subsidiaries directly or indirectly invested by insurance companies shall refer to the provisions of these Measures on non-insurance subsidiaries.

　　Except for branches of member companies of an insurance group, the unincorporated organizations of an insurance group shall be governed by the provisions of these Measures on member companies of an insurance group.

　　Article 90 The term "control" as mentioned in these Measures refers to the existence of one of the following circumstances:

　　(1) The investor directly or indirectly obtains more than half of the voting shares of the invested enterprise;

　　(2) The investor substantially owns more than half of the voting rights of the invested enterprise by signing agreements or other arrangements with other investors;

　　(3) According to the law or agreement, the investor has the power to actually control the behavior of the invested enterprise;

　　(4) The investor has the right to appoint or remove more than half of the members of the board of directors or other similar authority of the invested enterprise;

　　(five) the investor has more than half of the voting rights in the board of directors of the invested enterprise or other similar authority;

　　(6) Other circumstances under control, including those in accordance with the Accounting Standards for Enterprises No.33 — — The consolidated financial statements constitute a control situation.

　　When two or more investors are qualified to independently lead the decision-making, operation and management activities of the invested enterprise in different aspects, the party that can lead the activities that have the most significant impact on the return of the invested enterprise is regarded as forming control over the invested enterprise.

　　Article 91 The term "above", "at least" and "not less than" as mentioned in these Measures all include this number, and "exceeding" does not include this number.

　　Article 92 These Measures shall be interpreted by China Banking and Insurance Regulatory Commission.

　　Article 93 These Measures shall come into force as of the date of promulgation. The Measures for the Administration of Insurance Group Companies (Trial) issued by the former China Insurance Regulatory Commission (No.29 [2010] of China Insurance Regulatory Commission) shall be abolished at the same time. Where the provisions of the Guidelines for Consolidated Supervision of Insurance Groups (No.96 [2014] of China Insurance Regulatory Commission) are inconsistent with these Measures, these Measures shall prevail.

family reunion dinner on the lunar New Year’s Eve

It is the highlight before the New Year every year.

A variety of dishes

It contains people’s concern for happy reunion.

And the expectation of a better life.

There is still about a week before the Spring Festival in the Year of the Loong.

New Year’s Eve reservations are in full swing.

The reporter was informed by an interview

Major hotels and restaurants are in succession.

Open the dinner reservation.

Some restaurants also present

"One table is hard to find" scene

Reservation for New Year’s Eve dinner is "hard to find a table"

"Can I still book the New Year’s Eve box?" Recently, Ms. Shen came to this seafood-themed restaurant in Gangxia District, Futian, Shenzhen to make a reservation. After the waiter inquired, he said that the dinner on New Year’s Eve, 112 storefronts and 30 independent private rooms were all fully booked.

Yang Xiao, general manager of a seafood theme restaurant in Shenzhen, told the reporter, "The New Year’s Eve, the first day of the first month and the second day of the first month are the peak days for eating. In addition to Shenzhen locals, there are also many tourists from Hong Kong and other provinces who booked this year, which is almost twice as many as last year."

In Nanshan, a traditional old Cantonese restaurant in Shenzhen, in order to meet the needs of more customers, the hotel set a three-round platform turning time slot on the night of the 30 th of the year. As of press time, only the third round of platform turning can be reserved.

In addition to having New Year’s Eve dinner, many citizens choose to have dinner at the wrong peak, and book a restaurant to have dinner with family and friends before New Year’s Eve. When the reporter tried to book a number of restaurants in Futian by phone, he learned that almost all restaurants and private rooms from weekends to Chinese New Year were fully booked, and many restaurants said, "You can only queue up at the scene." Not only is the New Year’s Eve dinner "a table is hard to find", but also the dinner is very hot near the Spring Festival.

In addition, compared with usual, the price of the New Year’s Eve dinner package will be relatively higher. A Cantonese restaurant in Shenzhen has launched a set meal for 10 people in various combinations this year, with prices ranging from 4,500 yuan to 5,400 yuan. Public comments show that the average consumption of the store is around 200-300 yuan.

In the naming of set meals and dishes, catering businesses have also put a lot of thought into highlighting the festive atmosphere of the New Year’s Eve, and incorporated "the Year of the Loong elements", such as "Fucai Xianglong", "Dragon and Phoenix Chengxiang", "Longteng Xiangrui" and "Long Xing Universiade" to create a full-year flavor.

"Book the next year’s dinner after eating."

On social platforms, many netizens shared their process of booking New Year’s Eve dinner, "I ran several times before booking a box", and "some people queued up after 6 o’clock". Some netizens commented, "It’s still very good to book it now." "Most hotels are basically booked as long as they open the New Year’s Eve."

Netizens have said that it is necessary to book the New Year’s Eve dinner as early as possible. "We all book the New Year’s Eve dinner for the next year just after eating this year." "Some popular restaurants have to book after the National Day at the latest, and even the lobby is gone if it is later."

Online data also proves that the catering market is hot. Since January, public comment netizens have paid great attention to the "dinner reservation".

According to the take-away data of the US Mission, the search volume of "Shenzhen New Year’s Eve Reservation" increased by 8 times compared with the same period of last year. Among them, Baoan District, Longgang District, Nanshan District, Futian District and Longhua District are the top five regions in terms of consumption scale.

Some catering merchants have launched low-discount New Year’s Eve dinner, reunion dinner and other store packages through platforms such as Meituan and public comment, so as to lock in the dining needs of citizens and tourists during the Spring Festival in advance. According to reports, in the past week, the number of catering merchants in Shenzhen who launched the "New Year’s Eve" theme meal package in the US Mission increased by over 110% from the previous week.

Catering consumption may continue to pick up in 2024.

According to reports, the end of the year and the beginning of the year are important observation points for catering consumption. Experts pointed out that the popularity of New Year’s Eve reservations also reflects the increased consumer confidence and the overall recovery of the catering industry.

Yang Xiao, general manager of a seafood restaurant in Shenzhen, said, "Compared with weekdays, our stocking volume during the Spring Festival increased by 40%-50% to cope with the peak passenger flow. For example, the daily stocking of Rocky Shrimp is only about 200 kg, the daily stocking during the Spring Festival is 400-500 kg, the daily stocking of oysters is about 1,300, and 1,600-1,800 are prepared during the Spring Festival. "

Hou Lijie, secretary-general of Shenzhen Cuisine Association, said that with the change of consumer demand, the dining scene, acquisition method and dish form of New Year’s Eve dinner have become more and more yuan, and consumers have higher requirements for the quality of dishes, freshness of ingredients and cooking techniques, and pay more attention to cost performance.

"With the iteration of consumers and the richness of dining scenes, hotels and well-known restaurants can launch home delivery service for New Year’s Eve. In terms of on-site kitchen service, we have trained more relevant practitioners to bring higher-skilled and higher-standard kitchen substitutes to the market, and formulated the standards of’ annual dishes’ in various regions to meet the needs of consumers for better quality New Year’s Eve. " Hou Lijie said.

Original title: "Shenzhen New Year’s Eve Reservation" "

Read the original text

　　On May 16th, Bayuquan District, Yingkou City, Liaoning Province issued a notice to promote the prevention and control of epidemic situation and economic and social development in COVID-19 as a whole. Bayuquan temporarily closed all individual clinics in the district, and the specific recovery time will be announced separately. Individual clinics are invited to actively cooperate with the prevention and control of epidemic situation, and all relevant departments and units should do a good job in guiding patients.

　　On the 14th, according to a circular issued by Yingkou City, Liaoning Province, Lu Mou, a confirmed case in COVID-19, Anhui Province, was infused in a local clinic, during which he reported that he had a sore throat and no fever. On the 15th, the epidemic prevention and control conference in Yingkou, Liaoning Province reported that after diagnosis, the clinic doctor Li was asymptomatic in COVID-19.

　　In addition, the Education Bureau of Bayuquan District of Yingkou City said that in order to further tighten epidemic prevention and control measures, strengthen the health management of teachers and students, and ensure the safe, stable and orderly operation of the campus, all kinds of private training schools (institutions) and kindergartens at all levels will immediately stop offline education and teaching and other related activities from May 16; Junior high schools and primary schools will be closed and suspended, and online teaching will be carried out. All kinds of related activities and exams can be conducted online or postponed. In the high school stage, students in Grade One and Grade Two of the school are suspended and online teaching is implemented; Senior three students and faculty implement closed management at school. (Reporter Zhang Yifei Zhao Hongnan)

Source: Time Video, Pear Video, Chutian Traffic Radio, Xinhua News Agency, People’s Daily, Chutian Metropolis Daily, Visual Records, etc.

Xiaobian: Zhou Wei

Editor-in-Chief on duty: Still

Customer service: 13997670966

On November 18th,

Xiaodongmen Station of Wuhan Metro Line 7,

Platform staff chenchen

Found a woman sitting on the ground.

So I went forward and asked,

Seeing that the woman has been silent,

Xiao Chen comforted her and touched her head.

I didn’t expect her to have a sudden emotional breakdown.

Cry with Xiao Chen.

The woman said that she worked overtime for a month in a row.

Too tired and too bitter,

But afraid to cry at home,

Afraid of scaring the young daughter.

After the mood stabilizes,

Xiao Chen sent the woman out of the station.

She enthusiastically took Xiao Chen and asked her if she had a boyfriend.

Such a nice girl

Be sure to ask about it for your own family!

This crying.

A warm touch and hug.

Aroused countless netizens to resonate.

"In the world of adults,

There is no word "easy"

It’s also on the Wuhan subway

On November 10th, the morning rush hour.

Hong Kong Road Station of Metro Line 7

When a female passenger got on the bus,

A corner of the windbreaker was caught by the door.

Even worse.

Next, when the train arrives at the station, it always opens the opposite door.

Due to the rush to work

The female passenger is decisive.

I chose the latter between windbreaker and work.

Leave contact information and get off.

The remaining windbreaker sat all the way to the terminal.

Fortunately, Zhou Hongpu, a subway employee, happened to take this bus.

After he arrived at the terminal with the train

Helped take off the windbreaker

And sent it to the car control room of Changwharf Station.

As soon as the news comes out

Topic # A windbreaker rides alone to the finish line #

Immediately boarded the Weibo hot search netizens have said.

Life is so hard.

"But this is life."

Hankou railway station ticket office

An uncle of migrant workers

Suddenly kneel to the lady next to you.

Lady said hurriedly lifted him up:

"Uncle, get up quickly."

original

The uncle migrant worker wants to buy a ticket to get home that night.

But I didn’t bring enough money, and I was worse than 20 yuan.

The conductor said there would be a bus at 11 noon the next day.

Tickets can be cheaper.

Uncle hesitated and decided to buy it.

Next to the lady said:

"I’ll help you make it up, buy a ticket for tomorrow,

You have to eat and live at the station and have no money. "

With that, she took out 20 yuan money from her wallet.

Uncle migrant workers suddenly feel at a loss.

I don’t know how to repay her.

Kneel and kowtow to her three times in a row to show her gratitude.

The moment uncle knelt down, it made people cry.

"Thank you, kind strange girl."

There was a popular topic before:

27 years old

Because there is no deposit

Because there is no lover

Feel at a loss and panic

Actually, think about it.

It seems that every stage of life

Will not be easy.

Teenagers worry about their studies.

In his twenties, he was anxious about work and love.

At the age of 30, I began to take care of my family.

At the age of 40, there are old and young.

50-year-old children leave home

Life is not easy …

Life is like a ruthless carving knife.

Changed our appearance.

The circle of friends looks glamorous.

The sadness behind it all depends on your own death.

Life is really hard sometimes.

But it’s far from the end of the rope.

What is big today will be small tomorrow.

The biggest thing this year will be a story next year.

A 76-year-old grandmother went to the street to sell vegetables with a pole every day, rain or shine, for eight years.

That year, her son had an accident, and the family emptied their money and owed 100,000 yuan.

The creditor came to the door and found that the 76-year-old man picked 60 kilograms of vegetables to sell every day in order to pay off his son’s debts, in fact, he could sell 70 yuan.

Image source: More Shandong

A big bag of wild vegetables, I don’t know how long it took to dig, only sold for two dollars.

In order to save money, grandma couldn’t bear to eat good food at noon, so a bowl of boiled water and two hard buns were enough.

In the eyes of many people, grandma has a hard life, but she is quite satisfied. People who are not treated well by life know more about kindness.

She said that all the people she met were good people. Everyone would buy more food every time, let her go back early, and when she saw that she couldn’t bear to eat steamed buns, she would also buy her a leek cake.

Image source: More Shandong

The most touching thing about grandma is that when life slaps one after another, she doesn’t complain. Instead, she says, "Crying can’t solve the problem. I’ll eat well and live well."

Now her life is getting better little by little, her son is gradually recovering, and her debt is almost finished …

Image source: More Shandong

Life is bitter, but suffering is not life.

Because there are always people who can look up at the stars in the gutter and still love life after seeing the cruel truth of life.

A 69-year-old blind Filipino grandfather has no children or daughters, and his brothers and sisters are not around.

To survive, the old man has been peeling coconuts for a living.

I have to peel 1200-1300 pieces every day, not to mention the bad working environment. The most distressing thing is that I can just fill my stomach when I am so tired.

Despite the hard life, the old man never wanted to ask others for help, nor did he complain.

He was told, "You are really something." Grandpa smiled and said, "it’s nothing. You can’t survive without working."

A heavy snow stopped the bus.

Uncle Zhao, 60, walked back to his hometown 80 miles away, carrying quilts, mats and other daily necessities in order to save 200 yuan for taking a taxi.

It costs 200 yuan to take a taxi, which may be a meal for many people, but it is already a lot for Uncle Zhao. He said it was harder to earn money when he was older.

Image source: pear video

His salary is more than 2000 yuan a month, and he only paid off half of it in the New Year. Save a little, save this 200 yuan, and he thinks about buying a new dress for his wife.

Someone asked him if he was not cold. Grandpa smiled and said, "It gets warmer as you go."

There is no word "easy" in adult life, but if you make your family’s life better with your own efforts, everything is worth it.

On a rainy night at 4 o’clock in the morning in Hangzhou, a takeaway brother rode for more than 20 miles to deliver food. After arriving at the destination, he couldn’t contact the customer, so he had to put the meal at the door.

No one knows how long he had been running around in the heavy rain to earn more money, and even his hands were frostbitten.

Maybe he is really tired. He sent such a short message to the customer with his itchy hands: Thank you, let me say goodbye to this business completely. Enjoy it.

Then I pushed the electric car that had no electricity and walked home for dozens of miles.

Fortunately, the final ending was very warm. After the customer found the takeaway, he explained to the younger brother that he fell asleep because he was too tired from work and did not receive the call in time. The takeaway brother also continued to come back to work.

In this world, there is no job that is not hard. You have to swallow grievances, bitterness and unwillingness … The takeaway brother delivers food rain or shine, and the white-collar workers have seen Beishangguang at three in the morning.

Fortunately, there are always some unexpected warmth that touches the softest part of the heart and becomes the reason to persist.

A melon farmer went to town to send tuition fees to his children, but he was so anxious that he left 8000 yuan on the bus because of carelessness.

Fortunately, the lost money was discovered by the driver’s master and contacted the melon farmers in time.

Seeing the recovered money, the eldest brother cried like a child, and the sister next to him said, "Don’t make people laugh", but he was still sobbing.

We can’t imagine how helpless and anxious he was during the time when the money was lost. Maybe 8000 yuan, for some people, is just the money for a new mobile phone, but for this big brother, it is hard-earned money and the money for children to study.

Image source: Beijing News

It is said that men don’t flick when they have tears, but a penny can really beat the hero.

People always ask why so many people care about those few dollars. The truth is, you never know how important these few dollars are to them.

I have seen such a news, and I am deeply impressed so far.

A lost notebook was found on a bus in Zhengzhou. Open the notebook, which records the income and expenditure of one year, the cost of mother’s medical treatment, visiting relatives and daily expenses … After a hard year, there is really not much money left.

In a hurry for another year, after careful calculation, this year’s income is 92,000 yuan, and the expenses that can be remembered are 76,600 yuan, leaving 15,400 yuan.

In fact, my hands are empty, and after a hard year, the bill has come out, but I don’t know where all the money has gone. ? ?

Finally, the owner of the notebook wrote such a sentence, "It’s really hard to earn money". Just from the words, we can see that the life of the notebook owner is not easy.

Some people say that this is a true portrayal of a drifter, but isn’t this a portrayal of you and me?

Every day, I am surrounded by life, and I am defeated again and again. I want to give up countless times, but I think that there is no one behind me, so I can only grit my teeth and insist.

The feeling of being beaten by life is particularly bad, but life will continue anyway.

indeed

We are all forced by life at times.

But there are always some people and things.

Some touching details support us.

Live for the people you love and the things you love

So are you, and so am I.

Take a deep breath when you are unhappy.

It’s just a bad day

It’s not a bad life

Life is not easy for anyone.

But please believe.

Every time you carry a load.

Are accompanied by the gentleness and goodwill of the world.

As long as you don’t recognize cowardice

Life can’t stop you.

As long as you live, something good will happen.

There is no easy word in the adult world.

Praise for everyone who works hard.

The leader was furious.

This flower costs less than 333 yuan.

Xiaobian has to drink northwest wind this month

Saving Xiaobian depends on one of your little ones.

↓↓↓

　　[car home in-depth investigation] It has been a long time since the last battery investigation, and now we have picked up this topic again. The models surveyed in this issue are still several popular models listed recently, including compact cars, medium-sized cars and SUVs. Next, let’s take a look at the battery performance of these popular models!

● Automobile batteries are divided into ordinary lead-acid (non-maintenance-free) batteries and maintenance-free batteries.

　　Batteries in vehicles are divided into ordinary lead-acid (non-maintenance-free) batteries and maintenance-free batteries. Ordinary lead-acid batteries have low cost, so distilled water needs to be added regularly to supplement electrolyte for maintenance to ensure normal use. The other is a maintenance-free battery, which consumes very little electrolyte and basically does not need to be supplemented with distilled water during its service life, making it more convenient to use. The service life of general maintenance-free batteries is about 4-5 years, and the price is higher than that of ordinary lead-acid batteries. However, with the development of science and technology, some brands of lead-acid batteries have made great progress than before, and their service life is not lower than that of maintenance-free batteries, and there is no need to replenish electrolyte regularly under normal use.

● How to distinguish between ordinary lead-acid and maintenance-free batteries

　　Ordinary lead-acid batteries need to replenish electrolyte regularly, so there is a unscrewing liquid replenishment port at the top of the battery. On the contrary, the maintenance-free battery does not, so the surface is flat. In addition, the batteries of many vehicles in the market are placed in dust-proof boxes, and the batteries can only be seen after opening the dust-proof boxes.

● Several important data of battery:

Rated voltage:In general, the voltage of household car batteries is 12V.

Capacity:It represents the amount of electricity discharged by the battery under certain conditions (discharge rate, temperature, termination voltage, etc.). Generally, the capacity unit of an automobile battery is Ah. For example, a battery with a capacity of 45Ah can continuously discharge for 45 hours if the continuous discharge current is 1A. The higher the capacity of the battery, the better, otherwise it will affect the use of automotive electrical equipment. Of course, the higher the capacity of the battery, the higher the price.

Low temperature starting current (CCA):In addition to the above two data, there is also a mark "CCA" on the battery, which indicates the starting current that the battery can provide to the engine at low temperature. That is, the value is the current discharged by the battery before the limit feed voltage when the battery is discharged at -17.8℃ for 30 seconds. For example, a 12V battery case is marked with CCA value of 450, which means that at -17.8℃, before the voltage drops to 7.2V, it can provide 450A current for 30 seconds.

● At present, common standards for naming commonly used battery models:

First, based on the national GB standard, taking the battery of model 6-QAW-54a as an example, the explanation is as follows:

6: It is composed of six single-cell batteries, and the voltage of each single-cell battery is 2V, that is, the rated voltage is 12V；;
Q: indicates the purpose of the battery, Q is the battery for automobile starting, M is the battery for motorcycle, JC is the battery for ship, HK is the battery for aviation, D is the battery for electric vehicle, and F is the battery for valve control;
A and W: indicate the type of battery, A indicates dry-load battery, W indicates maintenance-free battery, and if it is not marked, it indicates ordinary battery;
54: indicates that the rated capacity of the battery is 54Ah;
Corner A means the first improvement of the original product, and corner B means the second improvement after the name, and so on. (Note: adding D after the model indicates good low-temperature starting performance, such as 6-QA-110D).

Second, based on Japanese JIS standard.For example, the meaning of battery parameters with model "38B20L" is analyzed as follows:

38: Indicates the performance parameters of the battery. The larger the number, the more power the battery can store. (Note: the numerical value has nothing to do with the capacity)
B: code indicating the width and height of the battery. The combination of the width and height of the battery is represented by one of eight letters (A to H). The closer the letter is to H, the greater the width and height of the battery.
20: indicates that the length of the battery is about 20cm.
L: indicates the position of the positive terminal. Seen from the battery pole, the positive terminal is marked R at the right end and L at the left end.

Third, based on the German DIN standardFor example, the meaning of each parameter of the battery with model "CCA 660" is analyzed as follows:

CCA: indicates low-temperature starting current.
660: indicates that the low-temperature starting current value is 660 amps.

---

2013 Buick Excelle

　　Excelle is a veteran of the compact car market. In 2013, the manufacturer made a small change to it. Although the appearance changed little, it replaced a brand-new power system, which greatly improved its fuel economy. However, the manufacturer did not replace the battery of Excelle because of changing the power system, but still purchased the maintenance-free battery of the well-known brand ACDelco, with a capacity of 55Ah and a low-temperature starting current of 610A, which is enough for a 1.5-liter model. However, the price of this battery in Buick 4S store is not cheap, and 650 yuan is still much more expensive than the market price. In addition, the working hours in 50 yuan mean that if you choose to replace the battery for Excelle in 4S store, it will cost 700 yuan in total.

2013 Buick Angola ENCORE

　　Angola ENCORE is a small SUV launched by Buick in October 2012. Its appearance broke the market structure and further lowered the threshold of SUV, so that consumers with a budget of only 100,000 yuan can also buy a stylish, well-equipped, powerful and joint-venture SUV with a four-wheel drive system.

　　Buick Angola ENCORE uses a power combination of 1.4T+6AT, which has good acceleration performance and smoothness. The battery it uses is also from ACDelco (the specific model is unknown), but the capacity and low-temperature starting current are different from those of Excelle. It has a capacity of 60Ah, a low-temperature starting current of 438A, a 4S shop price of 605 yuan, and a working hour fee of 665 yuan in 60 yuan, which is cheaper than Excelle.

2013 Shanghai Volkswagen New Santana

　　Santana is a famous name for Chinese people. However, the new Santana launched in 2012 has nothing to do with the "previous generation" models in essence. It is a product from PQ25 platform, and should belong to the same level as POLO. However, due to its long body size and wheelbase, we will classify it as a compact car for the time being. It has been proved that its interior space is not less than that of most compact cars.

　　The new Santana has two power options: 1.4-liter and 1.6-liter, and the 6AT gearbox is one of its highlights. The new Santana adopts valta 5KD 915 105C battery, which is consistent with models such as POLO and Skoda Jingrui. The capacity of this battery is 51Ah, the low-temperature starting current is 480A, the price of 4S is 622 yuan, the working time is 70 yuan, and the total cost of replacing the battery is 692 yuan. In addition, because there is a circuit board on the battery surface of Volkswagen series models, it is a little troublesome to disassemble and replace it.

2012 Speed Sharp 1.5T Model

　　BYD is the first manufacturer in its own brand to adopt turbocharged engine and dual-clutch gearbox technology, and its brand influence has been greatly improved. Speed sharp has won the attention of the media and the public with its unprecedented remote control technology. Although there is still a lot of room for improvement in the ride comfort of the fast-sharp dual-clutch gearbox, the power of the 1.5T turbocharged engine is excellent. Coupled with its rich configuration performance, BYD Speed Sharp’s comprehensive strength is quite strong.

　　Because of its high configuration, remote control technology and remote engine starting technology, it has higher requirements for batteries. The original factory of Surui is equipped with valta 80D26L battery, with a capacity of 70Ah and a low-temperature starting current of 600A. These parameters are completely comparable to those of medium-sized cars. However, its battery price is relatively expensive. The price quoted by the 4S shop is 654 yuan, and the total cost of replacing 30 yuan is 684 yuan.

2013 Dongfeng Citroen C4L

　　Although C4L has not been listed for a long time, it has left a deep impression on people with its powerful power of 1.6T and spacious and comfortable ride. C4L is a rising star in the compact car market. Its biggest highlight is the 1.6T engine jointly developed by PSA and BMW. This engine was also awarded the title of "Top Ten International Engines in 2013" some time ago.

　　The battery of C4L is almost covered by a whole circuit board, so it is difficult to see the brand and parameters of the battery from the outside. Through our contact with the 4S store, we know that the battery used in C4L is no different from the previous Sega, both of which are Bosch L2-400 maintenance-free batteries, with a capacity of 60Ah and a low-temperature starting current of 640A. The price of accessories is 490 yuan and the working hours are 96 yuan, and the total price is a little more expensive than Sega.

2013 Dongfeng peugeot 3008

　　3008 is the first SUV launched by Dongfeng Peugeot. From the current attention and sales volume, it should be regarded as a successful model. I think its success is first attributed to the correct positioning of the 3008 by the manufacturer. Although it is derived from the compact car platform, the space and workmanship are not worse than those of mainstream SUVs such as CR-V and Tiguan, and the price is lower than them, so it is not surprising that the 3008 sells well.

　　3008 and C4L use the same power system, so their batteries are basically the same, which has been verified in the previous Sega and 308. Under normal circumstances, Citroen or Peugeot will have two battery suppliers, Bosch and Camel. The C4L introduced above uses Bosch’s battery, and the 3008 we investigated this time just uses the camel battery of the same L2-400 model, with the same capacity and low-temperature starting current as C4L, which are 60Ah and 640A respectively. However, the price of batteries in Peugeot 4S shop is relatively cheaper, with the price of accessories in 480 yuan and the working hours in 100 yuan, totaling 580 yuan.

2013 GAC Toyota Camry

　　The seventh generation Camry used tougher lines, which made it look younger and more athletic. However, its appearance doesn’t seem to get much recognition, so that its sales volume is not as good as before. In fact, if you carefully observe this generation of Camry, you will find that it has made great progress in appearance and interior texture. More importantly, the 6-speed automatic manual transmission has finally become the standard configuration of the 2.5-liter model (except the hybrid version). On the whole, its overall strength has been significantly improved compared with the previous generation.

　　Japanese cars have always used local brand parts, and almost all batteries are maintenance-free. For example, Camry uses Hitachi brand non-maintenance-free batteries, with a capacity of 65Ah and a low-temperature starting current of 630A A. From the parameter point of view, this battery is not bad. In fact, 4S stores call this battery "maintenance-free and refillable", and its service life is about 4-5 years, which is equivalent to maintenance-free batteries. According to the 4S shop, this battery does not need to be added with electrolyte during its service life under normal use. However, if it is not used properly, such as when the vehicle is parked for a long time, or listening to music when the engine is turned off, this battery may lose power and need to be supplemented with electrolyte when necessary. The quotation of this battery 4S shop is 695 yuan, and the replacement time is 80 yuan, with a total cost of 775 yuan.

2013 Dongfeng Nissan Teana

　　As another best-selling Japanese car in the medium-sized car market, Teana has also undergone a generation change in the previous period. In addition to the new design of the exterior and interior, the biggest change of the new generation Teana is to replace the previous 2.5-liter V6 engine with a 2.5-liter L4 engine. Although two cylinders were reduced, the new L4 engine did not lose to the previous V6 engine in terms of parameters, and the fuel economy was improved.

　　The new Teana adopts the non-maintenance-free battery of GS (Uni-President) brand, its capacity is 62Ah, and the low-temperature starting current is 582A. Compared with the Camry just introduced, Teana is slightly worse in battery parameters, but it will not affect the daily car. In addition, the price of battery replacement in Nissan 4S shop is slightly lower than that of Camry, in which the price of accessories is 590 yuan and the working hours are only 48 yuan.

2013 Chevrolet Mai Rui Bao

　　Although Chevrolet Mai Rui Bao has a history of many years in the United States, it is still a young model that just debuted in China. However, in the highly competitive medium-sized car market, Mai Rui Bao has gradually gained a foothold with its balanced strength and high cost performance. It is indeed a model worthy of recommendation, because its price is comparable to that of compact cars such as sagitar, but it is an out-and-out medium-sized car.

　　Mai Rui Bao uses a sail brand maintenance-free battery with a capacity of 60Ah and a low-temperature starting current of 525A. This battery is priced at 452 yuan in the 4S shop, and the working hours are paid in 90 yuan, so the overall cost is not expensive.

Summary:

　　At present, most family cars on the market use maintenance-free batteries, while only some Japanese manufacturers insist on using non-maintenance-free batteries. However, even today’s non-maintenance-free batteries, in fact, under normal use, there is no need for users to regularly replenish electrolyte, which is as convenient to use as maintenance-free batteries, and their service lives are similar. Judging from the models we investigated in this issue, the batteries they use can reassure consumers in terms of brand and parameters. Only with the increase of purchasing cost, the quotation of 4S stores for batteries is generally high, which is about 200 yuan on average. Therefore, we suggest that if your vehicle has exceeded the warranty period, it is more cost-effective to replace the battery in some regular auto repair shops, provided, of course, that the replaced battery must match the vehicle. (Text/Figure car home Zhang Ziyi)

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[car home Changsha Preferential Promotion Channel]: At present, preferential promotion activities are being carried out in Changsha, and the highest preferential margin has reached an astonishing 89,300 yuan, which has reduced the minimum starting price to 348,200 yuan. If you want to buy a car, you may wish to click "Check the car price" in the quotation form to get a higher discount.

The exterior design of BMW i4 shows the perfect combination of futuristic sense and sporty sense. Its front face design adopts a closed kidney-shaped air intake grille with sharp LED headlights, which gives people a strong visual impact. The whole body line is smooth, and the roof line leans backwards, creating a dynamic posture. The waistline on the side of the car body is tough and powerful, which outlines the muscular outline of the car body. On the whole, the design of BMW i4 is fashionable and full of sense of science and technology, which perfectly explains the innovative spirit of BMW brand.

The body size of BMW i4 is 4785mm (length) *1852mm (width) *1455mm (height), and the wheelbase is 2856mm. The side lines of the car body are smooth, showing a dynamic visual effect. The front tread is 1601mm and the rear tread is 1630mm, which makes the vehicle running stability good. The tyre size is equipped with front wheels 245/45 R18 and rear wheels 255/45 R18, with 18-inch rims, which further enhances the sense of movement and handling of the vehicle.

The interior design of BMW i4 embodies the perfect combination of minimalism and technology. The center console is equipped with a 14.9-inch floating touch screen, which supports voice recognition control system and can realize intelligent control of multimedia, navigation, telephone and air conditioning. The steering wheel is made of leather, which supports manual adjustment up and down and back and forth, so that the driver can find the most comfortable grip angle. There are multiple USB and Type-C interfaces in the car, which meet the charging requirements of different devices. The front row is also equipped with a wireless charging board, which is convenient for placing mobile phones for charging. In terms of seats, BMW i4 offers a variety of material choices, including imitation leather, genuine leather and fabric/suede mix and match, to meet the needs of different consumers. The front seat has heating function and supports electric seat memory, which is convenient for the driver to adjust the seat to the most comfortable position. The rear seats support proportional reclining, which increases the flexibility of the interior space.

The BMW i4 is equipped with a powerful electric engine with a maximum power of 250 kW and a maximum torque of 430 Nm, which provides excellent power performance and driving experience for the vehicle.

Car home car owner’s evaluation of BMW i4 is very pertinent. He mentioned that the configuration parameters of I series 3, 5 and X3 are almost the same, and he chose i4 mainly because of its unique design and personality. He said: "The big nostrils are not mediocre at first glance. People who drive out are guessing at 600,000. I am embarrassed." The unique charm brought by this appearance makes i4 the best choice in his heart.

Shanghai securities news, a well-known domestic securities media, once described Xiaomi eco-chain enterprises in "Xiaomi Department": Real Bottleneck and Fantasy Valuation ":

1) Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines than independent operations;

2) Although the relevant founder is the largest shareholder, the actual control right behind the complicated shareholding structure still belongs to Lei Jun;

3) The high related party transactions make Xiaomi Eco-chain Company and Xiaomi more like a "family".

Since it is a "family", it is common to leverage each other for common development; But once the dependence is formed, it greatly increases the difficulty of capitalization.

As the largest ecological chain group in China, Lei Jun and many enterprises in its Xiaomi ecological chain once dreamed of going to the distant capital market. Now, they have to face the cold reality because the regulators are not stupid.

More than 20 days ago, the proposal of all-magic acoustic backdoor under Xiaomi Ecological Chain was rejected by CSRC, and the right and wrong of Xiaomi Ecological Chain and the ultimate trend of Xiaomi Empire were once again put before the public.

There are two main audit opinions of the M&A Committee of CSRC:

1) The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in recent three years is not sufficient;

2) The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.

If you don’t quite understand the meaning of these two sentences, then compare them with the three descriptions of shanghai securities news above.

In fact, this seemingly dull veto has dealt a fatal blow to Lei Jun and Xiaomi’s eco-chain, and also intuitively demonstrated many business dilemmas of eco-chain enterprises pointed out by the Shanghai Stock Exchange in its report:

Single product structure, serious related party transactions, lack of independent pricing power, excessive dependence of brands and channels on Xiaomi, and doubts about the stability of ownership structure …

The Shanghai Stock Exchange pointed out that "from the business, it is increasingly difficult for eco-chain enterprises and Xiaomi to be independent of each other; From the perspective of capital market rules, eco-chain enterprises may not be listed separately. " If Xiaomi is listed on the A-share market, it will face the problem of related party transactions, and the listing of eco-chain enterprises will face the question of independence.

Serious financial contact interviewed relevant people of Xiaomi Group, and no reply was received as of press time.

01

The backdoor is denied, whose magic acoustics?

The first reason why the CSRC vetoed the backdoor of Wanmo Acoustics is:The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in the past three years is not sufficient.

Translate this sentence as follows:Tell me honestly, who is the boss of Wanmo Acoustics?

In fact, the matter itself is not complicated.

According to the equity change report disclosed by electroacoustic, Wanmo Acoustics was established in October 2013. In December 2016, Xiaomi began to invest in Wanmo Acoustics, mainly producing Xiaomi piston headphones for Xiaomi OEM.

Up to now, Gary Hsieh holds 20.9408% equity of Wanmo Acoustics by adding Hong Kong, HKmore, Wanmo Guanxing, Wanmo Yingren, Wanmo Renju, Wanmo Shuntian and Wanmo Hengqing, and is the actual controller of Wanmo Acoustics on paper.

According to the inquiry announcement, in the historical shareholding change of Wanmo Acoustics, People Better Limited once became the largest shareholder of the company, with a shareholding ratio of 33.32% and a majority of the board seats. The CSRC asked it to supplement whether the actual controller of the company has changed.

In this regard, Wanmo Acoustics replied that the change in shareholding ratio is only the adjustment of the red-chip structure, and the financial investors do not participate in the actual operation, and the actual controller has always been Gary Hsieh. However, supervision is still in doubt.

Why do regulators cling to this issue?

According to the understanding and application of Article 12 of the Measures for the Administration of Initial Public Offering and Listing of Stocks —— Opinions on the Application of Securities and Futures Law No.1 (Zheng Jian Zi [2007] No.15, hereinafter referred to as Opinions on the Application of Securities and Futures Law No.1), the CSRC defines the company’s control right as:

(Source: Official Document of CSRC)

Generally speaking, the identification of the actual controller is based on the principle of "substance is more important than form" and combined with the specific analysis of individual cases.

There are two unavoidable problems:

1) Is the big boss of the company Xiaomi or Gary Hsieh? This is related to the change of ownership structure.

2) Who has the final say in the actual operation of Wanmo? Is it the millet that hatched it, or Gary Hsieh?

According to the description of the absorbed party in the electro-acoustic absorption scheme, People Better Limited was once the largest shareholder of Wanmo Acoustics and held a majority of seats. According to public information,People Better Limited is a subsidiary of Xiaomi Technology Co., Ltd., and the actual controller of Xiaomi Technology is Lei Jun.

(Source: A total of electroacoustic history announcements)

Shunwei, another shareholder of Wanmo Acoustics, Xu Dalai is the actual controller and the former non-executive director of Xiaomi Technology, but as we all know, Lei Jun is the big boss of Shunwei Capital.

(Source: Historical Announcement)

Back to July 31st, 2017, Xiaomi’s People Better Limited and Shunwei TMT(HongKong) Limited invested 16,611,600 yuan and 10,509,300 yuan respectively, holding 33.22% and 21.02% of the shares, with a total holding of 54.24%, and the proper largest shareholder plus the actual controller.

(Source: A total of electroacoustic history announcements)

After several rounds of capital increase and equity transfer,Up to now, the shareholding ratios of People Better Limited and Shunwei TMT(HongKong) Limited are 11.15% and 7.19% respectively, making a total of 18.34%, second only to Gary Hsieh’s 20.9408%.

What is the inner feeling behind the arrangement and change of this ownership structure? Is there a proxy? As a result, Gary Hsieh is only the nominal actual controller? After the evaluation benchmark date announced in the draft merger plan, People Better Limited and Shunwei TMT(HongKong) Limited continued to reduce their shareholding ratio. What is the purpose?

The answers to these questions are the core of the regulatory authorities’ continuous questioning of the actual controller of Wanmo Acoustics.

02

Business dependence and related party transactions rely on Xiaomi to make money?

Regarding the second question that the CSRC is concerned about:The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.This problem is also unavoidable for any party.

Backed by Xiaomi’s powerful channels and traffic, the compound growth rate of Wanmo Acoustics revenue in the past three years is as high as 47%.

However, this performance growth has also caused Wanmo Acoustics to rely on Xiaomi’s performance.

During the reporting period, the sales proportion of the top five customers of Wanmo Acoustics in 2016 -2018 was 86.01%, 83.17% and 83.54% respectively. Among them, Xiaomi Group is a related party and the company’s largest customer, with sales accounting for 59.45%, 64.24% and 60.12% respectively.

You can understand that if there is no Xiaomi, the performance of Wanmo Acoustics will collapse by at least half.

Moreover, such high correlation and dependence also lead to the lack of autonomy in sales channels and product pricing of Wanmo Acoustics:

• Wanmo Acoustics sells Xiaomi ODM products to Xiaomi Communication according to the cost price, but the cost audit is checked by Xiaomi Communication;

• Wanmo Acoustics does not have the independent right to set the retail price of Xiaomi ODM products. The products are sold by Xiaomi according to the fair market price, and the profit is divided into 50%.

It is this dependence and lack of relative autonomy in the main business that determines profits that makes Wanmo’s profitability lower than that of similar companies.

According to the report of Securities Market Weekly, the historical data of Wanmo Acoustics shows that,The gross profit margin of ODM headphones is 23.89% to 27.56%, while that of OBM (private brand) headphones is 33.59% to 38.14%.

In the case that ODM accounts for more than half of the revenue (57.65% in the first half of 2019), most of the surplus value of Wanmo acoustic products is "deprived" by downstream customers, namely Xiaomi.

Business dependence, related party transactions, combined with the CSRC’s questioning of the actual controller of Wanmo Acoustics, it is not difficult for us to understand the real intention of the regulatory authorities to be so cautious.

Behind this is actually a cliche:Why do regulators attach so much importance to related party transactions?

Due to the sales and purchases with related parties, there may be accommodation or even fraud in terms of price, payment method and account period. A large proportion of related party transactions will distort the company’s financial data, which is not conducive to investors’ accurate judgment. At the same time, there are risks such as interest transfer, which is likely to damage the interests of listed companies and thus the interests of investors.

In order to protect the interests of investors, especially small and medium-sized investors, the regulatory authorities are particularly strict in the disclosure management of related party transactions.

However, as an independent enterprise, Wanmo Acoustics is not convincing enough in its sustainable management ability and independence.

03

Capitalization is difficult. Is the label "Xiaomi" an assist or an obstacle?

The problem of magic acoustics is also common in Xiaomi ecological chain enterprises:

1) The adjustment of ownership structure has experienced the changes in equity process from Xiaomi Holdings to Xiaomi’s shareholding;

2) In terms of business structure, Xiaomi is both a related party and the largest customer.

According to the report of Shanghai Stock Exchange, Huami Technology also has the same subtle equity arrangement as Wanmo Acoustics. According to its prospectus, the company’s largest single shareholder is Huami CEO Huang Wang, holding 39.4% of the shares; Shunwei Capital holds 20.4%, and Xiaomi’s fund People Better limited holds 19.3%. Shunwei Capital and Xiaomi are controlled by Lei Jun.. Therefore, although Huang Wang is the largest natural person shareholder, Lei Jun’s consolidated shareholding ratio is 39.7%, which has surpassed Huang Wang.

In addition, judging from the disclosed prospectus, the performance of Huami also reflects that Xiaomi is highly dependent on the eco-chain company: in the first three quarters of 2015, 2016 and 2017, the revenue contributed by mi band to Huami Technology was 870 million yuan, 1.434 billion yuan and 1.068 billion yuan respectively, accounting for 97.1%, 92.1% and 82.4% of Huami Technology’s revenue in the same period.

Coincidentally, Roborock, another typical enterprise of Xiaomi Eco-chain, also experienced repeated inquiries and verification by the regulatory authorities before listing in science and technology innovation board.

According to the prospectus, Roborock’s gross profit margin in recent three years was 19.21%, 21.64% and 28.79% respectively, while Cobos’s gross profit margin remained at around 36%. In terms of splitting, the gross profit margin of its own brand products is 42.06% higher than that of Cobos, but the gross profit margin of "Mijia Robot" produced for Xiaomi is 14.99%, which lowers the average gross profit of the company.

In addition, there are ten business risks related to Xiaomi’s cooperation mode in the prospectus, involving a large number of related transactions, ODM business dependence, foundry selection and so on.

It can be seen that the two fatal problems of the rejection of Wanmo Acoustics also exist in Roborock and Huami Science and Technology.

Looking back on the development of Xiaomi’s ecological chain, Xiaomi and the ecological chain company have achieved mutual success.

Starting from Xiaomi itself, the products of these eco-chain enterprises support the high efficiency of Xiaomi’s offline channels and greatly share the operating costs of offline stores; As for the "world’s largest intelligent hardware IOT platform" planned by Lei Jun for Xiaomi, the mobile phone is only one of the terminals, and the "data" and "control" of products of a number of eco-chain enterprises are also the core of the platform.

To this end, Xiaomi’s approach is:Investing in eco-chain companies, splitting the product departments that should exist into eco-chain companies, and finally making Xiaomi’s shareholding equal to that of the founders of eco-chain companies through ingenious equity design, thus achieving the status quo of controlling these eco-chain companies and seemingly "independent".

According to this capital path, "eco-chain enterprises" will be listed independently, and Xiaomi will convert the business income of its multi-product lines into investment income. At the same time, there will be a number of listed companies in the whole system of Xiaomi, which will open up new space for the capital operation of Xiaomi.

This is the capital imagination of Xiaomi and its ecological chain.

But in the process of capitalization, the disadvantages of ecological chain are gradually emerging:

• Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines. They have no independent pricing power and product autonomy. Their own brand channels and capital are weaker than the OEM model, and their independent operation is doubtful.
• In terms of shareholding structure, although the relevant founder is the largest shareholder. However, tracing back to the actual control right behind the complex ownership structure, there are Lei Jun or Xiaomi, and problems such as A-shares and related party transactions cannot be avoided.

From this perspective, the independent development of eco-chain enterprises may be a good wish from the beginning.

THE END

This article is written bySerious finance and economicsOriginal production, please do not reprint without permission.

Wen | Fu Jie♀

According to media reports, Ford C.EO Jim Farley (Jim Farley)The new electric pickup truck will compete with China’s competitors, especially in terms of production cost. However, it is expected that the model will not be available until three years later.

　

Ford lost billions of dollars in the field of electric vehicles in the first half of 2024, and further efforts are needed to improve profitability.

Jim Farley"It will be compared with China products made in Mexico in the future," he said. He added: "60% of the material cost has been calculated." He stressed that he clearly knew the production cost of the new model.

It is expected that the new medium-sized electric truck will directly compete with BYD "Shark" and other electric pickup trucks. In the scheme of reducing costs, the flexible platform of internal battery assembly and sharing on multiple models is proposed.

　

Jim FarleyRecently, it praised the platform that Ford is developing, and said that it will be used in many electric vehicle models in the future, and commented that together with related platforms, Michigan will start producing LFP batteries in 2026, and the prospect is positive.

However, it has also been pointed out that the time to market is a problem. Ford has changed the electric vehicle plan many times and made different responses to the electric vehicle market, including canceling the three-row electric SUV and diversifying the hybrid vehicles.

　

The medium-sized electric pickup truck named "T3 Project" will be launched at the end of 2027, but no other more information is provided.

Ford plans to produce vehicles in Tennessee, while BYD is considering establishing production facilities in Mexico, with an estimated annual production capacity of 150,000 vehicles.

On May 14th, 2024, SHARK, BYD’s first new energy pickup truck, was officially released in Mexico. This car will be equipped with the same DM-O hybrid system of Equation Leopard, which will be officially released in 2024. DMO is an off-road platform mainly driven by electricity, and both the engine and EHS hybrid system of DMO platform adopt vertical layout.

　

BYD plans SHARK.The pickup truck will be listed in the global market early next year, and the estimated vehicle price is about $55,000. This is the current competitive price with Ford Ranger and Toyota Highlux, and Ford needs to build a more competitive electric pickup truck. If the vehicle launch time is delayed for more than 3 years, it is still a question how competitive the relevant models can be in the market. ???

　　Recently, the urban comedy "One Car and Four Servants" starring Wang Zijian, Hu Xinger, Yuan Chengjie and Fuxiang Zhong officially released a poster and a preview, which will land in the national cinema on November 16th to celebrate the New Year in advance.

　　In the finalized poster, Wang Zijian, dressed in a suit, looks like a successful person, while Hu Xinger holds a baseball bat and is full of women’s breath; Yuan Chengjie incarnates as a small white-collar worker in the city, and Fuxiang Zhong is full of stories. Four people with different identities, standing or sitting, standing or lying down, gather in a car, and it seems that a happy drama will be staged. The title of "One Car with Four Servants" shows that a complicated and interesting New Year comedy will be staged between the four people.

　　In the era when Pinduoduo is rampant, you have to organize a group to buy an apple. In order to save some poor wages, white-collar workers with tight funds poured into the "group army". In "One Car and Four Servants", Wang Zijian, Hu Xinger and other four people started a bolder attempt &mdash; &mdash; Fight for a car.

　　In the preview, Wang Zijian, a small boss in the wine business, Hu Xinger, a fashion designer who runs a personal studio, Fuxiang Zhong, a diaosi actor who wants to be a big star, and Yuan Chengjie, a car enthusiast, all need a luxury car as a facade for various reasons. However, the four people who are short of money can’t afford a luxury car, so by chance, four people who met by accident suddenly had a whim to buy a car in partnership, and a strange "car owner" was formed. The luxury car brought surprises to the ordinary life of the four people, but it caused a series of troubles, and the original beautiful life became unpredictable embarrassment and embarrassment.

　　The ideal has always been beautiful, but the reality is often very bad. On the road of carpooling, the four protagonists not only have to face frequent financial crises and internal frictions, but also the "pit car group" composed of more than a dozen gold comedians is the strength to steal the mirror. All kinds of unexpected surprises make several protagonists feel at a loss and full of jokes. On November 16th, "One Car and Four Servants" celebrated the New Year in advance, and brought you a wild smile!