Guangzhou UnionPay reserve fund was exposed to unreasonable deduction and responded that it did not misappropriate funds.

  Editor’s Note of China Economic Net: Recently, some media reported that a company that attracted investors in the name of managing money on behalf of its customers had a huge volume of 1 billion yuan in eight months, and then disappeared completely. The reporter’s investigation found that the above funds did not flow directly to the company, but passed through a reserve account named Guangzhou UnionPay Network Payment Co., Ltd. (referred to as "Guangzhou UnionPay"), and finally disappeared in the name of purchasing goods.

  Investors said that they did not make online shopping, so the funds disappeared, which is obviously unexplained. Some lawyers pointed out that the third-party payment company should of course disclose to the payer who it will pay, as well as the amount and method. If the payment is made without receiving the instruction, it has obviously violated the property right of the payer.

  However, Guangzhou UnionPay issued a clarification statement saying that the company has never intercepted, occupied or misappropriated any client’s funds, and has never been involved in any illegal and criminal activities. Regarding the disputes between the parties reflected in the relevant articles, it was found that the parties operated through the Internet and initiated payment through online banking with their own digital certificate (Ukey). Using digital certificate can accurately confirm their identity and transaction amount, which is undeniable, and the relevant transaction funds have been paid to the merchants in full.

  Established in December 2001, Guangzhou UnionPay Network Payment Co., Ltd. is a high-tech enterprise owned by China UnionPay and wholly owned by UnionPay Commerce, specializing in bank card acquiring and specialized services, Internet payment, prepaid card acceptance and other main businesses. In May, 2011, it obtained the first batch of "Payment Business License" issued by the central bank.

  It is reported that Guangzhou UnionPay has been repeatedly complained by users because of the problem of deduction from the reserve account. According to Guangyuan Evening News, 3,000 yuan in Ms. Guan’s bank card was inexplicably transferred to the account of Guangzhou UnionPay customer reserve, and then the fund was purchased. In addition, on the complaint website, enter "Guangzhou UnionPay" in the search column, and 52 search records appear. There have been complaints from users that "the account was deducted from the customer’s reserve fund of Guangzhou UnionPay Network Payment Co., Ltd. for no reason".

  In response to this matter, the reporter from China Economic Net called Guangzhou UnionPay, and the customer service said that it would feed back the information to relevant colleagues and reply as soon as possible. As of press time, no reply has been received.

  The whereabouts of users’ funds are a mystery. Guangzhou UnionPay: Never intercepted, occupied or misappropriated any customers’ funds.

  "China Business News" reported that the account dispute of Guangzhou UnionPay made the whereabouts of users’ funds a mystery. It is reported that a company named Huibang Capital has been rolling up 1 billion yuan in eight months, and then disappeared completely. Zhao Hai, an investor, said that the company attracted investors in the name of managing money on behalf of customers (mainly speculating precious metals on behalf of customers). However, during the investigation, the reporter found that the above funds did not directly flow to Huibang Investment, but passed through the reserve account of Guangzhou UnionPay, and finally disappeared in the name of purchasing goods.

  Zhao Hai and many other investors told this reporter that they bought Huibang Capital’s "Smart Win the World" precious metal trading wealth management investment products through a website in October 2015. The platform requires investors to open an account with at least 10,000 US dollars, use automated trading software, gain income through international foreign exchange spot gold trading, and see the changes of the corresponding account information of investors through MT4 (market quotation receiving software), so investors cannot operate.

  It is worth noting that some investors inadvertently found something strange in the bank’s receipt. According to an electronic bank receipt provided by Zhao Hai, this is an online shopping receipt, the payee is "the name of the customer’s payer of Guangzhou UnionPay Online Payment Co., Ltd.", the trade name is "Zhonghui Business Online Payment", and the payment amount is about ××× 10,000 yuan.

  Zhao Hai thinks that he didn’t do online shopping, and he didn’t get a product or service named "Zhonghui Business Online Payment", so the funds disappeared, which is obviously inexplicable. "Even if I invest in the wealth management products of Huibang Capital, it should show that our funds have been allocated to enterprises related to Huibang Capital, rather than flowing into other companies in the form of purchasing goods."

  Zhang Feng, a lawyer of Shanghai Rongfu Law Firm, pointed out that Guangzhou UnionPay online payment has been suspected of breach of contract. "Third-party payment companies should of course disclose to the payer who they will pay, as well as the amount and method. If the payment is made without receiving the instruction, it has obviously violated the property right of the payer. There is an account agreement between the third-party payment company and the payer, so, more precisely, it is a breach of contract. "

  For the risk of merchant credit review, industry analysts said that third-party payment platforms will not take the initiative to conduct risk review on interface enterprises, even including the authenticity of enterprises. As a third-party channel, the payment platform may recover funds based on moral pressure, but it will never bear legal risks.

  On the morning of July 4th, Guangzhou UnionPay published a statement in official website, and hereby clarified this matter. The statement said, "Guangzhou UnionPay Network Payment Co., Ltd. has never intercepted, occupied or misappropriated any client’s funds, nor has it ever been involved in any illegal or criminal activities. Regarding the disputes between the parties reflected in the relevant articles, after the inquiry, the parties operated through the Internet and took the initiative to use their own digital certificate (Ukey) to initiate payment through online banking. Using digital certificates can accurately confirm their identity and transaction amount, which is undeniable and the relevant transaction funds have also been paid in full. "

  The statement continued to point out that at present, the public security organs have investigated the disputes between the relevant parties and their trading partners, and the company will actively provide relevant clues and evidence to the public security organs.

  3,000 yuan in the bank card was inexplicably transferred to Guangzhou UnionPay account and then the fund was purchased.

  In March 2015, according to Guangyuan Evening News, Ms. Guan suddenly received a text message from the bank reminding her that 3,000 yuan in her card had been transferred to the account of Guangzhou UnionPay Network Payment Co., Ltd. Ms. Guan immediately went to the bank to make an inquiry and found that the money in the card was indeed taken away.

  At 11: 33 am on March 18th, Ms. Guan, who was at work, suddenly received a reminder message from the bank, saying that she spent 0.38 yuan on one of her savings cards, and the message said it was a fund fee. Before she could react, the mobile phone received another text message, saying that the same item was deducted from its card for 3000 yuan. Because it is not time to deduct the mortgage, I have not made any payment or withdrawal. Ms. Guan immediately ran to the bank outlet to inquire and found that the money was indeed included in the account of the customer reserve fund of Guangzhou UnionPay Network Payment Co., Ltd.

  Ms. Guan immediately called the customer service center of the company to which the other party’s account belongs, and learned that these two SMS deductions were actually not made by a company, but were transferred away by two fund companies in Beijing under Ping An Bank. Moreover, before her, the customer service center also received similar complaints, but because the merchants directly resolved with the complainant, they were not clear about the final settlement. However, the customer service center said that it would convey the complaint and let the other party reply as soon as possible.

  In response to Ms. Guan’s situation, the staff of the personal customer department of the card-issuing bank said that they have been actively contacting the third-party platform to solve the problem. The public can first appeal by the "three-step" method with the assistance of the staff of the nearby outlets.

  The first step is to print a bank card customer transaction inquiry form at a nearby outlet, and then call the bank’s manual customer service to explain the situation, inform the inquiry form of the transaction time, the other party’s account name, account number and other information, and send a short message after waiting for the manual customer service to inquire. Step 2: Call the customer service center number of the company to which the other party’s account belongs, which is provided by the SMS content, to make a complaint, indicating that there is no transaction before, and apply for compensation for the "deducted" funds, waiting for customer service inquiry. Step 3: Go to the police station to report the case, get the acceptance receipt, and prepare the relevant materials required by customer service.

  The goodwill of Guangzhou UnionPay was damaged due to the deduction of the reserve account.

  Established in December 2001, Guangzhou UnionPay Network Payment Co., Ltd. is a high-tech enterprise owned by China UnionPay and wholly owned by UnionPay Commerce, specializing in bank card acquiring and specialized services, Internet payment, prepaid card acceptance and other main businesses. In May, 2011, it obtained the first batch of "Payment Business License" issued by the central bank.

  Customer reserve refers to the monetary funds actually received by the payment institution to handle the payment business entrusted by the customer. The payment institution shall handle the payment business entrusted by the customer after receiving the irrevocable payment instruction of the customer’s reserve fund or the customer’s transfer of the customer’s reserve fund, and shall not handle it in advance.

  Guangzhou UnionPay is frequently criticized by netizens because of the problem of deduction from the reserve account. China Business News reported that in May this year, a user reported that the money in his bank account was actively transferred to Ping An Life Insurance Company of China Insurance through Guangzhou UnionPay, but the user did not buy any wealth management products of Ping An.

  A reporter from China Economic Net logged on the website of Jucomplaint and entered "Guangzhou UnionPay" in the search column, and 52 search records appeared. There have been complaints from users that "the account was deducted from the customer’s reserve fund of Guangzhou UnionPay Network Payment Co., Ltd. for no reason". The complainant, Mr. Liu, reported that he found that the bank card was deducted 5448 yuan from the customer reserve fund of Guangzhou UnionPay Network Payment Co., Ltd. on March 31. Ms. Wu issued a complaint on March 13, saying, "I received a short message from the bank without knowing it, and the flow of the funds was ‘ Guangzhou unionpay network payment co., ltd. customer reserve fund ’ 。”

  However, the reporter of China Economic Net has not received a reply from the relevant person of Guangzhou UnionPay, and the authenticity of the complaint information of Mr. Liu and Ms. Wu needs further confirmation.

The Municipal Association for Science and Technology organized agricultural technology experts to investigate watermelon planting in greenhouses.

Yueyang Daily February 21st (all-media reporter Qi Jie correspondent Wang Cichun)On February 17th, Li Bingqiu, a vegetable expert from the Agricultural and Rural Branch of Yueyang Old Association for Science and Technology, and Chen Xiaolu, a watermelon expert, and their party went deep into Liuzhiqu Village, Guangxingzhou Town, Junshan District to investigate the watermelon planting in greenhouse in spring. Liuzhiqu Village is one of the local science and technology demonstration bases. In recent years, under the leadership of Zhou Xijun, secretary of the General Party Branch, it has promoted the development of collective economy and planned to build 30 mu of new greenhouses and 3,000 tons of vegetable cold storage.

In the investigation, expert Li Bingqiu pointed out that watermelon planting should seize the time window and suggested that villagers purchase high-quality "Meidu" watermelon seedlings as soon as possible and transplant them so that they can be listed before the fourth tourism development conference in Hunan Province. Chen Xiaolu experts stressed that the improvement of watermelon quality needs to adjust the fertilization method, and suggested using Inner Mongolia sheep manure to improve the soil and increase the sugar content of watermelon to ensure the market competitiveness of watermelon.

This survey provided valuable technical support for Liuzhiqu Village, and also provided a feasible scheme for improving the economic benefits of watermelon in greenhouse. The Municipal Association for Science and Technology will continue to promote the development of greenhouse vegetable industry and help rural revitalization through technical guidance and project support.

AI current affairs pictorial | "dream", come true!

How to realize these dreams? The general secretary’s response is pragmatic and firm: "practice around the people’s pursuit of a happy and beautiful life." Our practice process is to move forward step by step, stick by stick. "

From "dream of adequate food and clothing" to "dream of a well-off society" and then to "dream of common prosperity", farmers’ dream is not only the joy of harvest, but also the yearning and pursuit of a better life. Today, the "dream" of new farmers singing the song of rural revitalization is constantly coming true. Come and find out in this issue of AI Current Affairs Pictorial … …

On February 18, 2024, in the wheat field of Sunlaojia Village, Jiwangchang Township, Lixin County, Bozhou City, Anhui Province, farmers drove a self-propelled high-pole sprayer to spray chemicals on wheat.

On February 18, 2024, in the wheat field of Sunlaojia Village, Jiwangchang Township, Lixin County, Bozhou City, Anhui Province, farmers drove a self-propelled high-pole sprayer to spray chemicals on wheat.

In 2024, the No.1 Document of the Central Committee proposed that we should learn to use the development concept, working methods and promotion mechanism contained in the "Ten Million Projects", and take promoting the comprehensive revitalization of rural areas as the general grasp of the work of "agriculture, countryside and farmers" in the new era and new journey.

Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has attached great importance to the work concerning agriculture, countryside and farmers, made clear the general goal, general policy, general requirements and institutional guarantee for implementing the rural revitalization strategy, and pointed out the direction for doing well the work concerning agriculture, countryside and farmers in the new era.

The overall goal of implementing the rural revitalization strategy is the modernization of agriculture and rural areas.

"We have now planted more than 20,000 mu of rice, with a yield of 1,100 Jin per mu. Through digital management, the labor efficiency has been greatly improved, and the surrounding farmers have been effectively promoted to become rich." At the National People’s Congress in 2023, Wei Qiao, a "post-80s" who returned to his hometown to start a business, told the Supreme Leader General Secretary his story of new farmers in the new era.

Hearing that Wei Qiao’s representative "planted more than 20,000 mu of rice", the general secretary said with a smile: "In the south, this scale is not small, showing high efficiency, right? Machinery can be put to use when it has a scale, and modern agricultural measures can also be put to use. "

In recent years, Wei Qiao has established an agricultural production system that integrates tillage, planting, management, harvesting, drying, storage, processing and sales, and the export of modern agricultural models. Each field has a unique two-dimensional code, which accurately records and traces the farm work of each field. With the farmland digitization technology behind the QR code, one person can manage 300 mu to 500 mu of farmland. "Sweeping yards to cultivate" 10,000 mu of grain fields has become a reality.

Wei Qiao is inspecting the growth of crops in the field.

Wei Qiao is inspecting the growth of crops in the field.

In the process of Chinese-style modernization, we have comprehensively promoted rural revitalization and built an agricultural power, and there are countless new farmers like Wei Qiao, who have turned their "scholar spirit" into the vigorous vitality of cultivating mulberry and grown into indispensable "farmers" in the front line of "agriculture, rural areas and farmers".

In Tongnan, Chongqing, Rui Huang, a new farmer born after 1980s, set up a professional cooperative to provide services for farmers with drones. Compared with manual operation, UAV operation not only significantly improves the efficiency, but also greatly improves the utilization rate of agricultural inputs and effectively reduces the cost of agricultural planting. "Flying a plane" to cultivate land is becoming the daily life of new farmers.

In an e-commerce yard in Jin Ryu, Shouguang, Shandong Province, Yan Qingmei, a new farmer born after 1990, took advantage of the strong east wind of rural e-commerce and started seed sales online. More than 2,000 kinds of seeds and seedlings became hot-selling products, with annual sales exceeding 50 million yuan.

In Bailong Village, Fangchenggang City, Guangxi, Huang Zhongqiu, who graduated from sichuan fine arts institute, gave full play to his professional advantages and transformed the abandoned factory building in Bailong Village to make Bailong Village a "online celebrity Village" with unique fishing village style and artistic flavor. Art not only contributes to "beauty" in rural areas, but also contributes to increasing rural income.

… … … …

On November 15, 2023, in a farmland in Qixing Street, Nanhu District, Jiaxing, Zhejiang Province, farmers operated drones for aerial seeding of winter wheat.

On November 15, 2023, in a farmland in Qixing Street, Nanhu District, Jiaxing City, Zhejiang Province, farmers operated drones for aerial seeding of winter wheat.

These hard-working new farmers are also "farmers" who are active on the road of rural revitalization, and they are idyllic dreamers who lead their lives into poetry. This is a two-way trip for the younger generation and the cause of agriculture, rural areas and farmers, and it is also a little star for young people to take root in the countryside, study agriculture and serve farmers.

Spring comes back to the earth, and everything shows the Soviet Union. On the land of vast expanse, the "farmers" watered their hometown with wisdom and sweat, lit up the colorful rural dreams with high technology and innovative ideas, and painted a happy picture of prosperous industries, rich farmers and beautiful countryside.

Counting the top 15 movies in the global box office in 2018, two domestic films are on the list!

  2018 is about to pass. Who will be the best box office in the world among the films released this year? Suddenly, I found that two domestic movies have been in the top ten list for a long time. Today, Xiaobian brings you the top 15 movies at the global box office in 2018. Have you seen them all?

Fifteenth place: Solo: A Star Wars Story)— — $392 million

Ranger network

  "Ranger Solo: The Legend of Star Wars" has a domestic box office of 213 million US dollars and an international box office of 179 million US dollars, of which the domestic contribution is 15 million US dollars. It is really surprising that this movie can appear on this list, because of the polarized evaluation after the film was released. However, the loyal fans of Star Wars series still supported most of the box office of this movie, enough to appreciate the influence of Star Wars series in Europe and America.

Ranger network

  However, the performance of this film is far worse than that of the previous Star Wars series: the opening box office is lower than expected, and the box office expectation is also seriously reduced after two weeks of release. Coupled with the budget surge caused by the replacement of directors, "Ranger Solo: The Legend of Star Wars" has done its best to ensure that it will not lose money. After all, this $392 million was the box office before the split.

Ranger network

Is Wuling Binguo worth buying? Professional car bloggers take you in-depth analysis.

The biggest highlight of Wuling Binguo is its design. This car adopts a round shape of retro style, with four fashionable body colors, such as milk coffee white, bright night black, aurora green and ice berry powder, which can be recognized at a glance. In the front of the car, Wuling Binguo uses round headlights and chrome-plated mesh to create a retro and lovely feeling. On the side of the car body, the lines of Wuling Binguo are simple and smooth, and there is no extra decoration, which highlights the characteristics of purity and practicality. In the rear part, Wuling Binguo also continued its sleek design style, with round taillights and rear fog lights, as well as hidden rear door handles, which made the whole rear look clean and neat.

In addition to the design, another highlight of Wuling Binguo is its spatial performance. Although this car is only 3.950 meters long, 1.708 meters wide and 1.58 meters high, it has a wheelbase of 2.56 meters and a curb weight of 990 kilograms, which means that it is light and flexible, and it also provides enough spacious seating space and cargo space. According to official data, the rear seats of Wuling Binguo can be laid down at a ratio of 4/6, which can meet various needs of daily life and travel.

As a new energy vehicle, Wuling Binguo also has a good performance in power. This car has introduced two motor configurations, 30kW and 50kW respectively, with maximum power of 41 HP and 68 HP and maximum torque of 95 Nm and 150 Nm respectively. These two kinds of motors are matched with single-speed gearbox, and both adopt the layout of front drive. In terms of battery life, Wuling Binguo also provides two battery configurations, 203km and 333km respectively. Both batteries use ternary lithium batteries, and both support fast charging and slow charging functions. According to official data, in fast charging mode, Wuling Binguo can fully charge 80% of the electricity in 30 minutes.

What are the disadvantages of Wuling Binguo? I think one of the most obvious shortcomings is its safety performance. Although this car is equipped with ABS, EBD, ESP and other active safety systems, as well as passive safety equipment such as front double airbags and side air curtains, its body structure and materials are not very tough, and its weight is relatively light, so in the case of high-speed collision, its protection ability may not be ideal. In addition, Wuling Binguo’s interior design and materials are relatively simple, and there is not much sense of technology and luxury, which may affect the purchase intention of some consumers who have higher requirements for interior decoration.

Is Wuling Binguo worth buying? I think it depends on your needs and budget. If you are a young man who has certain requirements on appearance and likes retro and lovely style, if you are a family user who needs space and needs to carry people or goods frequently, if you are a city user who doesn’t have too high requirements on power and endurance and only needs to meet daily commuting and short trips, if you are an economic user who is sensitive to price and wants to enjoy new energy subsidies and tax-free concessions, then I think Wuling Binguo is a good choice. The price range of this car is 59,800-83,800 yuan, of which the highest 333km Linxi Interconnect is also equipped with an intelligent interconnection system, which can realize functions such as remote control of mobile phones, voice control, OTA upgrade, etc., and improve driving convenience and fun.

If you want to buy Wuling Binguo, I suggest that you choose 333km Express or 333km Pleasant. Compared with the 203km light and 203km comfortable models, these two models have obvious improvements in motor power, battery capacity and cruising range, and there is not much difference in price. If you want more technology configuration, then you can choose 333km Linxi Interconnect, which has unique advantages in intelligent interconnection system, but you should also consider that its price is relatively high, and its intelligent interconnection system may have some compatibility and stability problems.

Fourth, the comparison of Wuling Binguo

Let’s take a look at the performance of Wuling Bingo in the same class. I chose two models that have a certain competitive relationship with them for comparison, namely BYD Seagull and Panda mini. These two models are small pure trams, and both have lovely designs and high cost performance.

From the price point of view, the price of Wuling Binguo is relatively high, but it also provides higher performance and configuration, so the cost performance is not low. The prices of BYD Seagull and Panda mini are relatively low, but they also provide low performance and configuration, so the cost performance is not high.

V. Summary

Through the above analysis, we can draw the following conclusions: Wuling Binguo is a large-space five-door pure tram with a retro and lovely style. It has a good performance in appearance design, space performance and power endurance, and it is also equipped with an intelligent interconnection system, which improves the convenience and fun of driving. Although its price is relatively high, it also provides higher performance and configuration, so the cost performance is not low. If you are a young man who has certain requirements on appearance and likes retro and lovely style, if you are a family user who needs space and needs to carry people or goods frequently, if you are a city user who doesn’t have too high requirements on power and endurance and only needs to meet daily commuting and short trips, if you are an economic user who is sensitive to price and wants to enjoy new energy subsidies and tax-free concessions, then I think Wuling Binguo is a good choice.

Dong Mingzhu’s domineering side leakage: I paid for Gree employees with two rooms, one living room and a car.

[Observer Network Synthesis] Dong Mingzhu was once again domineering. Yesterday (February 21st), Dong Mingzhu announced a decision in an interview with the People’s Daily client that she would let every employee live in two rooms and one living room.

In addition to the house, Gree also gives employees incentives such as sending mobile phones and raising salaries. Dong Mingzhu also told reporters in the interview that when Gree cars were produced, "then I will give them".

Dong Mingzhu was interviewed.

Yesterday (February 21st), Dong Mingzhu announced a decision in an interview with the People’s Daily client that she would let every employee live in two rooms and one living room.In the interview, Dong Mingzhu admitted that Gree employees are most worried about the house at present, and she will let all Gree employees enjoy two rooms and one living room in the next few years, and she will pay for it. Dong Mingzhu then further explained that as long as the employees don’t leave, when they retire, the house will belong to the employees themselves.

This is not the first time that Gree has helped employees to distribute houses, as pointed out in a press release issued by Gree official website on November 24th last year. As early as 2005, Gree Electric invested 200 million yuan to establish the first phase of Kangleyuan, an employee living area. The park has a building area of over 120,000 square meters and can accommodate more than 10,000 employees. In 2014, the second phase of Kangleyuan, covering an area of nearly 40,000 square meters and spending 400 million yuan, has also been put into use.

Kangleyuan pictures

Gree’s move is "very local tyrant" and very real, which reminds people of the measures of housing allocation in the planned economy era. Big companies such as Alibaba and Tencent also use the same method to retain excellent employees. The Paper reported in March last year that Ma Yun found Greentown Development Real Estate Co., Ltd., a subsidiary of Song Weiping, and built 380 houses on a plot at Wenyi West Road, Chang ‘er Road, Hangzhou, and sold them to his employees. The price of Ali’s interior room is only 60% of the market price.

Tencent’s plan to help employees buy houses was implemented earlier. According to the Beijing News, Tencent launched the housing plan in June 2011, and will invest 1 billion yuan to provide the first set of interest-free loans for qualified employees in three years. Employees only need to issue a house purchase contract and submit a personal credit inquiry report issued by the central bank, and do not need other physical guarantees.

In 2015, the original plan was upgraded. In the first-class cities such as Beijing, Shanghai, Guangzhou and Shenzhen, the amount of interest-free loans has increased from 300,000 yuan to 500,000 yuan; In addition to the above four cities, the second category of cities has increased from 200,000 yuan to 250,000 yuan.

In addition to sending a house, as a manufacturing giant, Gree’s other welfare policies are even more varied. According to Nanfang Daily, Gree Electric has decided to increase the salary of every employee who has worked for three months by 1000 yuan.

Gree salary increase notice

Subsequently, the person in charge of the marketing department of Gree Electric confirmed the reliability of the content. "This salary increase involves about 70,000 employees, and the company’s per capita efficiency is constantly improving, so we should share the labor results with you." According to the number of people, Gree Electric will increase its expenditure by 70 million per month.

But not every benefit is popular. Gree Electric gave the latest Gree mobile phone 2nd generation to employees as a Spring Festival benefit, but it seems that some employees didn’t "buy it". According to the news of China Business News, a large number of second-hand Gree mobile phones were sold on the Internet, and some sellers claimed to be Gree employees.

According to the inquiry of Observer.com, there are indeed a large number of advertisements selling Gree second-generation mobile phones on the second-hand online trading platform "Xianyu.com", and the price is generally "cut by half".

Screenshot of salted fish net

Gree officially responded that it should not be sold by employees. Moreover, the mobile phone is a company’s welfare, not a deduction, but also hopes to motivate employees to use their own products. As for the problem that mobile phones are rarely seen in the market, Gree insiders told reporters that Gree mobile phones are all self-produced, and at present they are only sold in a small range, online platforms and internal channels. "The overall production capacity is very limited, in order to ensure quality."

He also revealed that at present, the proportion of Gree employees using Gree mobile phones is not very high. "Because the mobile phone production capacity is not large, many employees have never seen it themselves, and employees are very curious. Some core employees of the company have experienced it first."

The possible sellers are related manufacturers of Gree, and some sellers claim that their Gree mobile phones are paid off by Gree related parties at the time of checkout.

In addition to mobile phones, there may be "Gree cars" in the future. Gree Group announced on the evening of February 20th that the company intends to sign a Cooperation Agreement with Zhuhai Yinlong, and the total amount of mutual priority procurement between the two parties shall not exceed 20 billion yuan.

It seems that the failure of Gree’s acquisition of Zhuhai Yinlong last year did not affect Dong Mingzhu’s confidence in entering the automobile industry.Dong Mingzhu also told reporters in the interview that when Gree cars were produced, "then I will give them".

[Observer Network Integrated Gree official website, Beijing News, Caijing.com, Nanfang Daily, etc.]

The first shot of new energy to the countryside, the Wuling Hongguang MINIEV family has dropped by 13,000 yuan 29,800 yuan

  Recently, the National Development and Reform Commission and the National Energy Administration issued the "Implementation Opinions on Accelerating the Charging Infrastructure Building to Better Support New Energy Vehicles to the Countryside and Rural Revitalization", encouraging new energy vehicle companies to support the purchase and use of new energy vehicles in rural areas. As a national enterprise, Wuling took the lead in responding to the call of the state and announced that the Wuling Hongguang MINIEV family has dropped by 13,000 yuan to provide consumers with ultra-low threshold and lean quality new energy products and services.

The first shot of new energy to the countryside, the Wuling Hongguang MINIEV family dropped 13,000 yuan to 29,800 yuan _fororder_image001

  Driven by the policy of new energy going to the countryside, Wuling New Energy leads green travel

  In 2020, Wuling faced the development situation of the new energy industry, actively responded to the national call, based on the needs of the people, launched the "people’s scooter" Hongguang MINIEV, innovatively opened up a new track for small new energy vehicles, and the Hongguang MINIEV family series model matrix was continuously improved and enriched, gaining the favor and recognition of more than one million users.

The first shot of new energy to the countryside, the Wuling Hongguang MINIEV family dropped 13,000 yuan to 29,800 yuan _fororder_image002

  In order to better meet the needs of the masses for travel and promote consumption in the rural new energy market, Wuling has brought the excellent quality Wuling Hongguang MINIEV family models to consumers at a more favorable price. From now on, the Wuling Hongguang MINIEV family has dropped by 13,000 yuan to the highest level, and new and old users can enjoy discounts when purchasing. Wuling supports new energy to the countryside with practical actions.

  Product first, accurately improve the travel quality of urban and rural residents

  After market tempering and verification, small new energy vehicles will become an important force to promote the promotion and application of new energy vehicles in rural areas. Wuling is deeply cultivating the small new energy market and continues to provide rich choices for rural residents to purchase new energy vehicles with a diversified product matrix. The scooter pioneer Hongguang MINIEV is easy to drive, easy to stop, and easy to save money. With its outstanding convenience, extremely low cost of use and reliable safety, it can effectively solve people’s short-distance travel pain points; Wuling New Energy’s first global car Air ev is Wuling’s strength under global quality and standards. With 300km high fidelity battery life, rich technological configuration and light and quality global quality, it meets people’s green and light travel needs.

The first shot of new energy to the countryside, the Wuling Hongguang MINIEV family dropped 13,000 yuan to 29,800 yuan _fororder_image003

  Under the surging tide of new energy, standing on the industrial highland, Wuling starts from the needs of people, uses solid quality new energy products and real people-friendly prices to benefit thousands of households, helps new energy vehicles go to the countryside, and helps the high-quality economic development of the new energy industry. (SAIC-GM Wuling, photo provided)

Geely will launch the "Galaxy" brand? Seeing another multi-brand strategy, I don’t understand.

Written by: Listening to the Wind

Reviewer: Kan Second Sister

Editor: Xiao Xiao

It is difficult to say whether it is a curse or the times. In the past 20 years, among the many car companies in China, the success rate of those who want to engage in multi-brand strategies is not very high. But what is interesting is that even if there are so many lessons from the past, there are always car companies who want to test the waters of multi-brand strategies.

Previously, the official Weibo of Geely Automobile Group announced a set of information. On February 23, Geely will officially release the "Geely Brand New Energy Strategy" at the main venue of the Hangzhou Asian Games, and launch Geely’s mid-to-high-end new energy series models. It is reported that the new brand may be named "Galaxy", while the official Weibo of Geometry Automobile seems to reveal that the brand will be named "Galaxy" when forwarding the news.

It is worth noting that Geely Automobile’s current sub-brands are quite rich. In addition to the main brand Geely, it includes many brands such as Extreme Krypton, Lynk, Ruilan, Radar, Geometry, etc. If the acquired brands are included, it will be even richer. Now, with the news of the debut of the "Galaxy" brand, it means that Geely’s huge brand matrix will add another one.

On the surface, the huge brand matrix seems to demonstrate the strength of Geely Automobile, but it is still difficult to determine whether too many sub-brands are good or bad for Geely. As for whether it can break the curse of Chinese car companies’ difficulty in promoting multi-brand strategies, it is even more difficult to judge.

There are many lessons from the past, how did Geely break the game?

Judging from past experience, there are few successful cases of Chinese car companies implementing multi-brand strategies. Among them, Chery, as a pioneer, once formed a multi-brand operation structure including Chery, Kerry, Ruiqi, Wellin, Kaiyi and Qoros. But a cruel reality is that almost all of the above-mentioned brands except Chery have failed, and Chery has also begun to divest sub-brands in the long process of development, and finally only brought Jietu and Xingtu two brands with a certain amount of volume.

A more recent example is Great Wall Motors. Although it formed five brands with Haval, Wei brand, Euler, tank, and Great Wall pickup truck, it was once brilliant. Wei Jianjun, the founder of Great Wall Motors, also once used "our Great Wall Motors and other car companies are different in the path of branding, because we build brands by category" to demonstrate the success at that time.

But a reality that can be seen is that in the organizational restructuring at the end of last year, Great Wall Motors began an all-round resource integration, with only one core, "ONE GWM", that is, a Great Wall. Several of its major brands no longer fight each other, but began to gather resources. And this, to some extent, has subverted the previous business philosophy of Great Wall Motors "one car, one brand, one company".

As for the reasons, it is also easy to understand. Having more children is easy to fight, but it is also more troublesome to divide the family property. Lin Shi, secretary general of the China-Europe Association of Intelligent Networked Vehicles, told the editor of "Dogo Talk Car" that the advantage of the multi-brand strategy is that it can launch more models to meet market demand, and it is also conducive to the sharing of internal resources of car companies. However, at the same time, models are easy to overlap in terms of positioning and price, which forms internal friction. In addition, sub-brands need to add teams in production and service, which requires higher management and marketing requirements for car companies.

What’s more, from the launch of Geely brand and Lynk & Co brand plug-in hybrid models, Geely’s overall electrification is almost inevitable. Whether the emergence of a new brand will plunder the market of Geely’s original new energy brand and fuel vehicle brand, and form internal friction with them, who can predict?

History is strikingly similar, but not today.

Yang Xueliang, senior vice-president of Geely, previously said in an interview: "The mid-to-high-end new energy series has three power forms: pure electric, plug-in hybrid, and extended range hybrid. The new series will adopt a new design language and intelligent configuration, and emphasize user direct connection in operation." According to market news, the positioning of "Galaxy" may be between geometric and polar krypton, focusing on 20-300,000 yuan market.

That is to say, intuitively, Geely’s new brand can be distinguished from Geely’s existing new energy sub-brands, but this may not be the reason why Geely can successfully implement a multi-brand strategy. After all, every Chinese car company that implements a multi-brand strategy has more or less different sub-brands, and even Great Wall Motor’s "category distinction" is more obvious, but Great Wall Motor still chooses resource integration.

As the saying goes, "history is always strikingly similar", Geely’s multi-brand strategy may not necessarily succeed. But as the saying goes, "today is different". A significant difference from previous years is that China’s new energy vehicles have developed very rapidly in recent years, and the new energy vehicle market is also growing rapidly. Data show that the penetration rate of new energy vehicles will increase to 25.6% year-on-year in 2022. There is no doubt that this is a terrible data and an opportunity for Chinese car companies.

In addition, when Chinese automakers pursued multi-brand strategies before, the technology of Chinese automakers was generally average, and the brand perception was relatively low-end. But today is different. Take Geely as an example, its vast architecture has become the cradle of luxury car brands such as smart and Jidu, and its Raytheon Hi-P/F hybrid system has also become a popular choice in the current market. The industry change initiated by new energy vehicles is reshaping the ranking of automakers. Participants believe that they can benefit from it, and Geely is obviously one of them.

However, it may be important to note that even if a multi-brand strategy is implemented, it is still necessary to ensure the strength of the main brand. No matter whether it is Ford, BMW, or Toyota, Tesla, Volvo, Mercedes-Benz, Volkswagen and other international well-known car companies, there are many sub-brands, but they still have a main brand that can stand alone and even resist fierce competition and changes in the economic cycle. Of course, whether "Galaxy" is a product series or a "brand" is still uncertain, and the meaning of the two is still different.

Beijing auto show looks forward to the brand’s participation in the whole department, taking Yunnian -Z to lead the new trend of future travel.

At the Beijing Auto Show in 2024, Wangwang brand made a stunning appearance with all its products, among which the most striking thing was Wangwang U7 equipped with Yunqi -Z technology for the first time. Looking up to the brand’s participation in this exhibition not only demonstrated its strong strength in the field of new energy vehicles, but also brought a visual feast for the audience about future travel through the application of Yunqi -Z technology.

As the flagship model of Wangwang brand, Wangwang U7 has attracted the attention of many audiences with its unique dimension door family language and Interstellar headlight design. In terms of power, Wangwang U7 is equipped with a powerful power system, and its 0-100 km/h acceleration time is only 2.9 seconds, which shows Wangwang brand’s unremitting pursuit of vehicle performance.

However, the biggest highlight of U7 is not only its powerful performance, but that it is equipped with cloud -Z technology for the first time. As a revolutionary new technology developed by BYD, Yunqi -Z has realized complete electrification and adopted a highly integrated suspension motor. With the addition of this technology, looking up to U7 has reached an unprecedented height in handling and comfort.

The adjustment response speed of Yunqi -Z technology is as fast as 10 milliseconds, that is, it can complete nearly 50 adjustments in a blink of an eye, far exceeding the adjustment speed of the traditional active suspension system. This more accurate and real-time dynamic control makes the body looking up at U7 remain as stable as Mount Tai, as if suspended on the ground, which greatly improves the stability and safety of driving.

In addition, Yunqi -Z technology also has the characteristics of kinetic energy recovery. Different from the traditional hydraulic active suspension, the suspension motor used in Yunqi -Z can do work directly, and the traditional design of oil as medium is abandoned, so the energy transmission loss is smaller. At the same time, the suspension motor can realize the conversion of kinetic energy into electrical energy and charge the battery during operation, thus improving the energy utilization efficiency and extending the battery cruising range.

In addition to looking up at U7, looking up at the brand has also brought many other hot-selling models, such as looking up at U8 cross-country player version and looking up at U9. These models also show the profound strength and innovative spirit of Wangwang brand in the field of new energy vehicles. Among them, Looking Up at U8 Off-Road Player Edition has become the focus of the audience with its powerful off-road performance and unique configuration.

Generally speaking, the brand Wangwang participated in the 2024 Beijing Auto Show, which not only demonstrated its strong strength in the field of new energy vehicles, but also brought a visual feast for the audience about future travel through the application of Yunqi -Z technology. Looking up to the brand is leading the new energy automobile industry to a better future with its forward-looking technical layout and innovative spirit.

Sancha capital market, Xiaomi’s optimistic smart driving company went to Hong Kong for IPO.

Author | Li Lan

Edit | Chapter Ripple

On March 30, three years ago, officer Lei announced to build a car. One hundred days later, Xiaomi led nearly 20 supply chain manufacturers such as Zongmu Technology, a smart driving solution provider.
As one of the first companies to invest and bet after Xiaomi entered the car, on March 28, 2024,On the day when Xiaomi’s first car, SU7, went public, Zongmu Technology also formally submitted a prospectus to the Hong Kong Stock Exchange, intending to list the main board.
This is the third listing of Zongmu Technology.
In January 2017, Zongmu Technology was listed on the New Third Board and delisted in December of the same year. The reason given was "needed for the adjustment of the company’s operation and development strategy".
In November 2022, Zongmu Technology science and technology innovation board’s IPO application was accepted by the Shanghai Stock Exchange, and it planned to raise 2 billion yuan, but in September 2023, it chose to withdraw its listing application in science and technology innovation board.
Now,Vertical scientific and technological choiceGive up science and technology innovation board and launch a sprint to the Hong Kong Stock Exchange.
fromAccording to the prospectus,Zongmu Technology has been more cautious in its wording this time, and put more emphasis on products. At the same time, before applying for IPO, it also carried out a series of "light" actions.
asThe "veteran" who broke into the capital market for the third time doesn’t know.Can the listing of Zongmu Technology go smoothly this time?
01
The financial report has improved, and the business is exploring.
The most eye-catching part of the prospectus is that the gross profit margin has finally turned positive.
Compared with the unprofitable situation in November 2022, Zongmu Technology has achieved a positive gross profit margin. From 2021 to 2023, Zongmu Technology’s gross profit margin was -8.9%, -3.5% and 3.5%, respectively, corresponding to a gross profit of-20.07 million yuan,-16.29 million yuan and a profit of 17.33 million yuan. Revenue has a steady growth with a compound annual growth rate of 48.7%.

Moreover, the cash flow of Zongmu Technology has also become stable. According to the prospectus, there is still a lot of room for fault tolerance. As of January 31, 2024, Zongmu Technology had 33.2 million yuan in cash assets, leaving 1.19 billion yuan in unused bank facilities.
How did Zongmu Technology achieve "rebirth"?A lot of factors benefit from the continuous growth of the market as a whole.
Before the real commercialization of L4 comes, L2+ has the widest application prospect, among which, the "integrated operation and parking" has the highest cost performance. According to the monitoring data of the Institute of Advanced Technology Intelligent Automobile, in 2023, 3,504,800 new cars with automatic parking were delivered as standard in China market (excluding import and export), up by 22.10% year-on-year.
According to the data in the prospectus, in 2022, about 20% of the ADAS solution market for passenger cars in China will be automatic parking. Among them, APA solutions account for more than 80%. Based on the corresponding income in 2022, Zongmu Technology is the second in China and the first in China respectively.
At present, most parking and parking integrated solutions in the market are actually designed and integrated based on the 1.0 architecture, which simply combines the driving SoC and the parking SoC into one box. The biggest technical moat of technology is that only a single SoC can solve the two problems of parking and parking.
Although three of the top five automatic parking APA schemes are foreign suppliers,However, domestic suppliers have the advantage of being "close to the water", which is convenient to provide personalized customized services to domestic new energy vehicle enterprises. The market share of domestic suppliers has increased from less than 5% in 2018 to 16.7% in 2022, and it is expected to exceed 25.0% in 2027..

According to the data of burning knowledge consulting, in terms of sales revenue in 2022, the ranking of the company among mainland suppliers in China is as follows: Zongmu Technology ranks fifth in the ADAS market with a market share of 1.0%; Ranked second in the automatic parking solution market, with a market share of 4.9%; Ranked first in APA parking solution market, with a market share of 5.6%.
According to the prospectus,AVP and APA platforms have been used in 28 models, and the energy service robot for intelligent mobile energy solutions is equipped with L4-level autopilot function supported by Drop’nGo platform..
From the most basic composition, the products of Zongmu Technology can be divided into two main directions:First, intelligent driving hardware and solutions, including domain controller and camera, 4D millimeter-wave radar, ultrasonic radar and other gauge sensors; Second, provide research and development services related to autonomous driving.
The hardware part is divided into three products,That is, panoramic surveillance camera, automatic parking assistance function and autonomous parking function, which respectively correspond to three scenes: car panoramic "reversing radar", automatic parking in the car and remote parking outside the car..
A domain controller is a computer that manages specific vehicle functions or fields, such as active safety, automatic driving, parking or parking. The controller of Zongmu Science and Technology Domain collects data from sensors around the vehicle (including radar, camera and ultrasonic sensor) to build a model of the surrounding environment. The software algorithm embedded in the domain controller will then determine the appropriate action of the vehicle according to the model. Moreover, Zongmu Technology has also developed a separate software algorithm, which can be delivered as a comprehensive software embedded hardware product or as an independent software product.
Finally, the computing platform of Zongmu Technology provides the basis for all function iterations, and the Drop’nGo platform supports the development of intelligent driving functions from L0 to L4.
According to the prospectus, since its launch in 2017, the Drop’nGo platform has gone through several iterations, enhancing its multi-sensor data fusion capability, improving its adaptability to weather and lighting conditions, and expanding its application scenarios from indoor to outdoor.
The third generation of Drop’nGo platform can provide L2+ comprehensive intelligent parking function on passenger cars, and further empower energy solutions with L4 automatic driving function.
The hardware that science and technology can make money has changed year by year.
In December 2022, in the prospectus of Zongmu Technology,Describing himself as "one of the few first-class suppliers in China that can provide intelligent driving systems for automobiles, including L0-L4 intelligent driving control units and intelligent sensors", the importance attached to control units has declined.
From the perspective of income structure, Zongmu Technology mainly relied on car trajectory sensors for profit last year.
At present, the domestic self-driving auto market dominated by L2+ level still needs the second-gear APA integrated parking solution. According to the prospectus, the company is in a leading position in the market of ADAS, automatic parking and APA (automatic parking assistance system) parking solutions.

From the perspective of profitability, the highest gross profit margin is the R&D services related to autonomous driving. In 2021 and 2022, the gross profit margin reached 42.7% and 50.8% respectively. However, in 2023, there was a waist cut, only 18.6%. Looking at the technology, it is pointed out that this is mainly due to the increasingly fierce market competition and the increase in project complexity, resulting in increased costs.
From the data of the prospectus alone, although Zongmu Technology does not have much exponential growth, it still has extraordinary incremental space.

Moreover, there are more choices when getting through the depth of customers. As of December, 2022, the overall customer matrix is still relatively simple. Among them, Cyrus accounts for more than 50% of the revenue, and the top five customers account for nearly 90%. By 2023, the number one customer has dropped to 43.8%, the customer diversity has increased, and the ability to resist risks has also been significantly enhanced.
Zongmu Technology is also constantly adjusting its customer service mode, and the autonomous driving R&D service has received a large order. In December 2023, it successfully obtained the Amphiman 3000 fixed-point from Changan Automobile to support its new car platform for a series of models, and it is expected to be mass-produced in 2024.

However, Zongmu Technology is still at a loss.

From 2021 to 2023, the net losses of Zongmu Technology were 434 million yuan, 588 million yuan and 564 million yuan respectively, and the adjusted net losses were 382 million yuan, 477 million yuan and 516 million yuan respectively.The total net loss for three years exceeded 1.3 billion yuan.
Of course, Zongmu Technology also has an explanation for this persistent loss.Even similar to the contents in the prospectus required for listing in science and technology innovation board in 2022, the chip is too expensive.
According to Zongmu Technology,With the overcapacity of global chips, this adverse impact on costs will be significantly reduced in the future. After all, whether it is hardware upgrade or solution iteration, the core need is computing power..
02
High-profile financing, multiple IPOs
Zongmu technology has always been highly anticipated by the capital market.
In the latest shareholding structure, Hong Kong Zongmu is the largest shareholder of the company, holding 22.17% of the shares. As a concerted action, Tang Rui and his mother Li Xiaoling control 33.3% of the shares of the company through multiple entities. In addition, Junlian Capital holds 7.55% of the shares as the second largest shareholder, while Xiaomi Group, which has received much attention, ranks the fifth largest shareholder with 4.73% of the shares.

The earliest round of financing record of Zongmu Technology occurred in 2015. In the previous year, in 2014, Mobileye, the world’s largest ADAS manufacturer, landed on the New York Stock Exchange, which means that the track of ADAS has been verified and opened a financing channel for Zongmu Technology, which is on the same track.
In June, 2021, Zongmu Technology announced the formal completion of Series D financing with a cumulative amount of $190 million.. Among them, the D3 round was led by Xiaomi Changjiang Industrial Fund, and the investors included Fosun Chuangfu, Langtai Capital, Shanghai Kechuang, Industrial Bank, strategic investors Changan Automobile and Coboda Investment.
Zongmu Technology completed 9 rounds of financing before IPO, and the accumulated subscription amount reached 2.247 billion yuan. Among them, in the E round of financing in March 2022, Zongmu Technology raised 867 million yuan at the subscription price of 93.56 yuan/share, and the company’s valuation exceeded 9 billion yuan.
However, the financing journey of Zongmu Technology is always interrupted for various reasons..
Zongmu used to be very close to listing. On January 19th, 2017, Zongmu Technology was approved to be listed on the National Small and Medium Enterprise Share Transfer System (NEEQ) with the stock code of 870816. However, "considering the business strategy and compliance cost at that time, we adjusted the future development strategy". Less than one year later, Zongmu Technology completed the termination of listing on December 11th, 2017.
The vigorous Shanghai Stock Exchange in 2022 has almost become a reality. However, in the end, due to the development strategy and other reasons, Zongmu Technology voluntarily withdrew its previous A-share listing application, and the withdrawal was officially accepted on September 27, 2023.
In the meantime,There is also news from the pulse that Zongmu Technology has a saying that the salary of fresh graduates will be reduced by 20%.

It may be that the road to listing is not smooth and the top management has fluctuated.In February 2024,CTO Wang Fan joined Beidou Zhilian, and Wang Fan was one of the four core executives of Zongmu Technology. He started to build the Beijing Autopilot R&D Center, and completed the research and development of AVP1.0 in Zongmu Technology in 2017.
Fortunately, the new employee was the original team, and he was replaced by Jiang Weiping. He joined Zongmu Technology as early as 2013, and had previously worked in CSR Semiconductor Company and NVIDIA. Later, he left Zongmu Technology due to infighting and did not return to Zongmu until the end of 2022.
03
Go to the new track
On the premise that the APA market is saturated, Zongmu Technology tries to go further to the charging robot track.
In 2023, nearly 65% of Zongmu Technology’s revenue sources are car gauge sensors. Compared with technology companies, Zongmu Technology is more like a manufacturing enterprise. This may come from another manufacturing attribute of the founder, Tang Rui, CEO, who also founded Can Cong Robot.
In the official LinkedIn,The latest position of Zongmu Technology is the on-site operation and maintenance engineer of intelligent energy storage charging robot, and some positions are in Ningbo, mainly in Shanghai.

In late January of this year, Zongmu Technology and Can Cong Science and Technology launched the charging treasure in the automatic driving field and the low-speed fully automatic driving charging robot FlashBot. According to the prospectus,The first generation of FlashBot is equipped with 104 kWh storage capacity, which is one of the robots with the highest storage capacity among all L4-class self-driving energy service robots developed in the world.
Tang Rui said, "Can Cong robots are building a highly flexible mobile energy network to promote energy trading in a larger space-time range." At the application level, the most intuitive embodiment is to save electricity and money.
In December last year, two Flashbot were put into commercial operation in Zhangjiang Park, and an average of 272 kwh of electricity was purchased from the local microgrid every day, of which 185 kwh was sold back to the microgrid, and 87.5 kwh was used to provide charging service for new energy vehicles, with an average daily cycle of 2.6 times, which brought more than 12,000 yuan in income in that month, that is, the average daily net income of each device was close to that of 200 yuan.
Before the robot officially appeared, Zongmu Technology had actually been laying out its energy business.Zongmu Technology has also designed a set of SaaS software and a DragonNet program to maintain on-site operation. If the charging robot of Zongmu Technology can be commercialized, it may make some changes in the charging pile scene.
According to the data in the prospectus, from 2021 to 2023, the sales revenue of Zongmu Technology from wireless charging equipment and accessories for new energy vehicles was 129,000 yuan, 11.357 million yuan and 437,000 yuan respectively.
In addition, as an "external charging treasure" loaded with sensors, Flashbot is also a part of the flywheel that I hope to build. The energy service robot conducts algorithm training in different driving cases, and then gives data support to the ADAS car-level hardware.
Looking at the highlights of this reorganization of business, Zongmu Technology began to break through into more subdivided markets, and may be able to complete the listing more lightly. At that time, it will be the third listed company in the Xiaomi automobile industry chain after Sagitar and Hesai.

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