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A few days ago, at the 9th China Entrepreneur Development Annual Conference, Cao Dewang, chairperson of Fuyao Glass Group, talked about the crisis of Hengda, saying that Xu Jiayin 3.90 billion of his own capital in total, and actually loans can reach two trillion.

When referring to Evergrande’s current problems, Cao Dewang pointed out that the main reason for Evergrande’s collapse may be problems with its own investment decisions. "When we were studying abroad, there may be some punctuation marks that we didn’t see, didn’t learn well, and didn’t express clearly enough, so this kind of thing happened."

Cao Dewang also said that for the development of a company, it must have its own bottom line. "Don’t be greedy, but take it step by step. If you want to dig other people’s hearts, you should worry about whether your heart will be dug away." The correct and reasonable approach is to take it step by step, accumulate slowly, create dividends or wait for the market to give dividends, rather than relying on speculation and blind gambling.

In the past, Evergrande’s ambition in the automotive industry was very large, and it even felt like a gamble. Regarding the six new energy vehicles released by Evergrande in one go, Cao Dewang commented: "This is done by rich people like Xu Jiayin. If it is completely subsidized, it will be waiting for death."

At the 12th Auto Blue Book Forum last year, Cao Dewang once proposed that entrepreneurs should have three major responsibilities. The country is strong because of you, the society is advanced because of you, and the people are prosperous because of you. This is what an entrepreneur needs to do. If you can’t do it, don’t think about making money. "I have money and I want to save society!"

"The most successful approach is to adhere to the ancestral motto of respecting heaven and loving others. This is what Mr. Wang Yangming said, that is, we must adhere to this principle." Cao Dewang said this is the basic principle he has adhered to throughout his years of entrepreneurship and development.

However, Xu Jiayin seems to have abandoned some basic principles in the development of Evergrande. At present, the entire Evergrande group is not developing well, but Xu Jiayin is indeed an economically minded businessperson. From the very beginning of the high-profile announcement of entering the automotive field, Xu Jiayin saw the opportunity of the new energy automobile industry and the potential huge golden mountain behind it, but he ignored the basic laws and laws of this industry.

In just two years, Evergrande has gone from "buying" a lot of auto parts suppliers to build its own cars, to threatening to become the world’s largest new energy vehicle group, to now planning to sell its electric vehicle stake. It has only been a year or so since the first release of six new models of Hengchi at the same time, and now it has failed in the car business.

This is indeed a bit ironic for Xu Jiayin, a very shrewd and successful business tycoon. The most obvious manifestation of this irony is the stock price.

Hong Kong shares of China Hengda fell to HK $1.60, continue to brush the historical low, the Hong Kong Stock Exchange shows that from December 6th to December 9th, Xu Jiayin continued to be forced to sell about 277.80 million shares of China Hengda. And Hengda Automobile recently the largest decline of more than 22%, other Hengda also continued to decline, Hengda property is down 13.21%, China Hengda fell 6.98%.

Freezing three feet is not a day’s cold. In the eyes of many industry insiders, the reason why Hengda Group and Hengda Automobile exploded and went to today’s situation is because the landmines have long been planted. Evergrande’s current crisis is most directly reflected in financial issues.

According to China Evergrande’s financial report, in 2020 Evergrande Group’s revenue 507.25 billion yuan, after-tax profit 31.40 billion yuan, down 6.4% year-on-year. In the first half of this year, the company’s revenue was 2226.9 billion yuan, down 16.48% year-on-year; after-tax profit 10.50 billion yuan, down 28.87% year-on-year. As of June this year, Evergrande’s total assets 2.38 trillion yuan, total liabilities reached 1.97 trillion yuan, and the debt ratio exceeded 80%.

Among them, Hengda Automobile, which has high hopes, posted a net loss of 7.74 billion yuan in 2020, an increase of 55% year-on-year, while the company’s loss expanded to 4.82 billion yuan in the first half of this year, nearly doubling. As of the first half of the year, Hengda Automobile’s cash and cash equivalents were about 9.577 billion yuan, restricted cash reached 2.936 billion yuan, total liabilities reached 153 billion yuan, and the debt ratio exceeded 90%.

Evergrande’s continued losses have become a hot potato for the group; and Evergrande’s current high debt has seriously hindered Evergrande’s investment in new cars. The two continue to fall into a vicious circle, and the root cause is the lack of money. Ironically, Evergrande is currently struggling due to the break of the capital chain, but thinking back then, not short of money is precisely the embodiment of the greatest advantage of this new car-making force that is generally regarded by the outside world.

　　Writing | Willem

　　Editor | Mori Miao

　　Tao Huabi, founder of Laoganma, once said: The company can never go public because it has sufficient cash and does not do that deceptive thing.

　　For many self-made food companies that have been cultivating the market for many years, stable revenue and profits and sufficient cash reserves make them not have to worry about financing, but can proudly refuse olive branches from the outside world. But this situation is slowly changing. As the food fast-moving consumer goods industry enters a new stage, competition among enterprises is becoming increasingly fierce, and more and more companies are beginning to put aside their stubbornness in the past. Even Wahaha, who was in the "non-listing alliance" at the beginning, has changed his insistence for many years, believing that "after going public, it can accelerate the development of enterprises". As Wahaha’s opponent for many years, Nongfu Spring, the largest drinking water producer in China, has also been reported recently. It is said that the company plans to IPO in Hong Kong with a financing scale of more than 1 billion US dollars, and it will be carried out as early as the first half of next year. Regarding the rumor, the relevant person in charge of Nongfu Spring said in an interview with the media that he would not comment on the news. This ambiguous answer made capital markets imagine infinitely. You know, when Nongfu Spring was reported to have an IPO two years ago, the founder Zhong Xuanxian responded very firmly: the company does not need to go public. Two years have made Nongfu Spring’s attitude change a lot, and looking at the entire food fast-moving consumer goods industry, more companies have rushed ashore in the past two years, trying to seize the final trend in the IPO tide.

　　"Resolutely not listed" bottled water faucet, according to public information, Nongfu Spring was established in September 1996 and is headquartered in Hangzhou, Zhejiang. It is a holding company of Yangshengtang. At that time, the advertisement "Nongfu Spring is a little sweet" helped it quickly occupy the market. In addition to our common drinking natural water, Nongfu Spring’s main business also includes the research and development and sales of various soft drinks such as fruit and vegetable juice drinks and tea drinks. At present, Nongfu Spring distributes its products to all parts of the country by building large-scale production and nationwide marketing networks in water sources such as Qiandao Lake in Zhejiang and Danjiangkou in Hubei.

　　(The picture comes from the official website of Nongfu Spring) Looking back on the development history of Nongfu Spring, the company has come a long way. In 2000, Nongfu Spring’s products switched from pure water to natural water, which made it successfully squeezed into the top three in the market. In 2007, Nongfu Spring began to advocate consumers to drink weakly alkaline water, which once again caused shock in the industry. In 2011, Nongfu Spring surpassed Master Kong to become the first in the packaged drinking water industry. According to data analytics company Nielsen, Nongfu Spring ranked first in the industry with a market share of 26.5% in 2018, followed by China Resources Yibao and Centennial Mountain with a market share of 21.3% and 10.1% respectively. Wahaha and Master Kang have long since withdrawn from the top three in the industry. For a long time, Nongfu Spring has been very low-key in the business world, and its founder Zhong Shansui is known for his mystery, which is called an invisible rich man by the capital circle. Because the company insists on not listing or financing all year round, its financial data has always been a mystery. However, according to the "2018 Zhejiang Business National Top 500 List" released by Zhejiang Business Magazine, Nongfu Spring’s revenue in 2017 reached 16.25 billion yuan, an increase of 8.3% year-on-year. In the three years from 2014 to 2016, Nongfu Spring’s revenue was 9.09 billion yuan, 12.60 billion yuan and 15 billion yuan respectively. In June this year, Yangshengtang Holdings’ Wantai Biological updated its prospectus and also revealed some of Nongfu Spring’s financial data. According to the prospectus of Wantai Bio, Nongfu Spring’s total assets in 2018 were 20.07 billion yuan, net assets were 14.411 billion yuan, net profit was 3.61 billion yuan, and the debt-to-equity ratio was 28.2%. With a low debt ratio and high net profit, Nongfu Spring was also called "selling water and milking milk" by capital markets, which is why Nongfu Spring was able to shout the slogan "not listed". However, the rumors from the outside world are not groundless. In fact, as early as ten years ago, Nongfu Spring tried to sprint the class A share IPO, and then entered a long tutoring period. In May 2008, Nongfu Spring and CITIC Securities (600030, stock bar) signed the "Initial Public Offering Stock Tutoring Work Agreement". From May to December 2008, Nongfu Spring received listing counseling, which included communication between CITIC Securities and Nongfu Spring management.Assist Nongfu Spring in sorting out specific development goals and ways to achieve them. However, at the beginning of this year, the "CITIC Securities joint stock company report on the termination of Nongfu Spring joint stock company counseling" issued by the Zhejiang Regulatory Bureau of the China Securities Supervision Commission shows that Nongfu Spring has undergone ten years of listing counseling by CITIC Securities and terminated in December 2018. As to why Nongfu Spring terminated the ten-year listing counseling, Nongfu Spring said to the outside world that the company has no plans to go public, and does not need to use the power of capital markets, so it terminates the listing counseling. "Nongfu Spring started to participate in counseling ten years ago, and every time it has to report, so far it is a routine counseling. The company currently has abundant cash flow and has no listing plan," the company’s board secretary said.

　　According to the official website of Nongfu Spring, the company produces and operates dozens of products in four major series, including drinking water, fruit and vegetable juice drinks, functional drinks, and tea drinks. In addition to the familiar packaged drinking water brand Nongfu Spring, well-known brands in the market such as Nongfu Orchard, Scream, Water Soluble C100, and Oriental Leaves are also under its umbrella. Although it has not been active in listing, Nongfu Spring has been active in promoting new products and expanding its business. As a leader in China’s bottled water industry, Nongfu Spring has been actively expanding and investing more. In May 2010, Nongfu Spring invested at least 300 million yuan and signed a 10-year plan with Jiande City to build the Nongfu Spring factory project, saying that within ten years, Nongfu Spring will build 1.50 billion yuan in fixed assets in Jiande. In 2014, Nongfu Spring invested 1 billion yuan to establish the Emei Mountain factory, and then invested 500 million yuan to reach an agreement with the Jiangkou County Government to build a mineral water plant in Qindongping Town, Taiping Town, at the foot of Fanjing Mountain. In 2015, the Changbai Mountain (603099, stock bar) Fusong factory was fully put into use, officially entering the high-end water market, and launched Nongfu Spring glass bottle mineral water, natural drinking water suitable for infants and young children, and natural mineral water suitable for students. In August 2016, the fourth phase of the Nongfu Spring Jiande City project started with a total investment of more than 1 billion yuan. In October of the same year, the company invested 1.20 billion yuan to build its seventh factory in Zhejiang. At the end of 2016, Nongfu Spring Gannan Xinfeng County Navel Orange Factory was completed and put into operation, with a total investment of 680 million yuan.

　　(Nongfu Spring Jiande Base) In addition, in order to achieve upgrades, Nongfu Spring has also increased investment in technological product innovation. Among them, the parent company Yangshengtang invests more than 1 billion annually in this regard, which is also the reason why Nongfu Spring has continuously launched new products in addition to natural drinking water. Especially in 2019, in order to open up new growth points, Nongfu Spring began to accelerate its expansion into market segments, and successively launched the ready-to-drink coffee brand "Charcoal", the middle-aged and elderly beverage "Lithium Water", and the low-temperature juice "NFC Juice". It is not difficult to imagine that with the rapid expansion of Nongfu Spring, the demand for funds will inevitably increase gradually. Although the company currently has a good cash flow, it is natural to open up new funding channels if it wants to be more comfortable in the development of new projects. In fact, the growth rate of Nongfu Spring’s revenue has been slowing down year by year. In the "2018 Zhejiang Top 500 List", Nongfu Spring’s revenue in 2017 was 16.25 billion yuan, an increase of 8.3% year-on-year. In 2015 and 2016, its revenue growth rate was around 20%. On the other hand, the competition in the domestic bottled water market is also becoming more and more brutal. After Nongfu Spring, there are five major brands such as China Resources Yibao, Master Kang, Hundred Years Mountain, Wahaha, and Binglu. The competition among oligarchs is intensifying. Nongfu Spring cannot be said to be without pressure. In this context, listing has become an option worth considering for Nongfu Spring, which can give it more ammunition in the ever-changing capital markets and face increasingly powerful opponents more calmly. In this regard, Zhu Danpeng, a Chinese food industry analyst, once said that the listing of Nongfu Spring, whether from the capital chain, corporate goodwill, or from the development of multi-brand, multi-category, multi-channel, multi-consumption scenarios, multi-consumer groups, and the development trend of fast-moving consumer goods, has certain advantages and help. Xu Xiongjun, a strategic positioning expert, also believes that "although Nongfu Spring operates in many aspects, it still needs to carry out multi-brand layout to enhance the scale. The most direct way is to achieve rapid expansion through capital operation and reduce the chance of making mistakes. "

　　In fact, the entire food industry has entered a big year of listing in 2019, and many food companies have joined the IPO team. According to incomplete statistics from Node Finance (ID: jiedian2018), many leading food companies have "caught up with the tide" in 2019. Among them are West Wheat Food (002956, stock bar), which is mainly engaged in the production of oat food, Youyou Food (603697, stock bar), which is known as "the first stock of chicken feet", Tianwei Food (603317, stock bar), which specializes in hot pot seasoning, Three Squirrels (300783, stock bar), which started with dried fruits and casual snacks, Liangpin Shop, and New Dairy (002946, stock bar), Plum Garden, Feihe and other dairy companies. After that, there are Ganyuan Food, which specializes in processing beans and nuts, Zhancui Food, a cartoon snack foundry of Peppa Pig, Dongpeng Special Drinks, Huawen Food, the main company of "Jinzai", and Yoyo Orchard, which produces "Yoyo Plum".

　　Combing through the list of food companies with IPOs this year, it is not difficult to find that these companies can be roughly divided into three categories, one is the snack companies represented by Three Squirrels and Yoyo Orchard; the other is the dairy companies represented by Plum Garden and Feihe Dairy; the third is the condiment companies represented by Tianwei Food and Zhongjing Food. First, the listing of leisure snack companies has become the focus of the food industry this year. With the centralized listing of Three Squirrels, Yanjin Shop (002847, stock bar) and other companies, the road to upgrading of the leisure snack industry has officially opened, especially in the context of omni-channel has become the consensus of the industry, the willingness of leisure snack companies to impact the IPO has become more intense. Secondly, 2019 is also a key year for domestic dairy companies to intensively impact the capital markets. On January 25, the new dairy industry, which has rapidly expanded through the integration of regional dairy companies, was listed on the Shenzhen Stock Exchange; on November 13, Feihe Dairy, which has been established for nearly 60 years, also sounded the bell for listing on the Hong Kong Stock Exchange. In addition, regional dairy companies such as Junyao Dairy, Huahua Niu, and Red Star Meiling are also actively promoting IPOs. In addition, the capital markets are also quite favorable to the condiment industry. In addition to Tianwei Food’s successful listing on the Shanghai Stock Exchange in April this year, many condiment companies have also rushed to A-shares and Hong Kong stocks. Moreover, with the opening of the domestic salt industry, many salt companies represented by Hunan Salt Industry (600929, stock bar), Shandong Salt Industry, and Jiangxi Salt Industry have also joined the IPO team. It is worth mentioning that in addition to brand manufacturers, food foundries have also become new members of the IPO army, among which Zhancui Food, which was established in 1996, is the most concerned. This factory that processes candy and chocolate for brands such as Peppa Pig, Minions, and Frozen, also decided to hit the capital markets. The food industry is the industry that is most in contact with people’s daily lives and is the most vulnerable to attention. Under the pursuit of capital, Haitian Flavor Industry (603288, stock bar), Fuling mustard (002507, stock bar) and other sub-enterprises have become large-market companies. Among them, the total market value of Haitian flavor industry has reached about 300 billion yuan, which will undoubtedly be a huge stimulus for Nongfu Spring or other food companies.

　　Many factors have contributed to the boom in capital markets. Behind the listing of many food companies, on the one hand, it is the favorable policy environment, and on the other hand, it is the pressure of the entire market environment and the company’s own operation. First of all, from the policy perspective, in 2017, 7 food companies went public smoothly. However, in 2018, under the situation of stricter review by the Issuance Examination Committee, Hairong Food, Dexing Food and other companies have suspended the review, and no one has attended the meeting throughout the year. In May 2019, at the annual meeting of the China Listed Companies Association, Yi Huiman, chairperson of the Securities Supervision Commission, said in response to the issue of IPO listing of enterprises that more outstanding enterprises from all walks of life will be attracted to list and continue to maintain the normality of IPO. The food industry, as an industry related to people’s livelihood, has naturally ushered in the upsurge of capital markets; as of the end of August this year, six companies have successfully obtained the approval of the Securities Supervision Commission.

　　Secondly, the listing of food companies at this time is also due to the critical period in the current food industry. According to the data of iiMedia Consulting in 2018, the retail sales of various sub-segments of the fast-moving consumer goods industry in our country continued to grow. Among them, grain, oil and food increased by 10.2% year-on-year, beverage increased by 9.0% year-on-year, tobacco and alcohol increased by 7.4% year-on-year, and daily necessities increased by 13.7% year-on-year. However, with the overall growth of the industry, the competition among enterprises is getting bigger and bigger. Taking the beverage industry where Nongfu Spring is located as an example, the data of the China Commercial Industry Research Institute shows that as of the end of May 2018, the number of enterprises in the beverage manufacturing industry in our country reached 6717, of which 881 were loss-making enterprises, with a total loss of 3.82 billion yuan, a year-on-year decrease of 4.7%. In this critical period of the industry, almost all food companies are facing a life-and-death test. Surviving it means that they can achieve rapid development, otherwise, they are very likely to be eliminated by the market. And because the entry threshold of the food industry is relatively low, and there are many companies participating, capital and management have become the key to victory. In recent years, fast-moving consumer goods have fallen to the bottom, and almost all companies have begun to worry about cash flow, and some of their shortcomings have also been exposed due to financial problems. At present, many food companies have problems such as single products, categories, channels, scenarios, and consumer groups, which brings great risks to business operations. Listing can not only solve financing problems, but also solve some management problems, and also facilitate the rapid expansion of enterprises. On the day of Zhou Hei Duck’s listing, the official flagship store sold a total of 1.25 million boxes of goods. On the same day, the stock price rose by 13% to the close. It can be seen that in the domestic class A share listing, in addition to bringing sufficient capital transfusion, enterprises can also obtain a rapid increase in brand influence and a sharp rise in market value and valuation. Therefore, no matter how tight-lipped food companies like Nongfu Spring or Wahaha are, in the context of consumption upgrades and increasingly fierce platform competition, going public will become their next priority.

This article was first published on WeChat official account: Node Finance. The content of the article belongs to the author’s personal opinion and does not represent the position of Hexun.com. Investors operate accordingly, and please bear the risk.

　　CCTV News:From November 1st, a batch of new regulations will be officially implemented, including: ① online car-hailing leaks passenger privacy can be fined 10,000 yuan; ② cruise taxi refusal, detour and other maximum fines of 2,000 yuan; ③ our country’s first civil protective masks The national standard is implemented, and the filtered air must be good or better; ④ The basic scientific research business fee of central universities shall not purchase more than 400,000 instruments; ⑤ Shandong: the strictest environmental protection regulations The maximum penalty for excessive emissions is 1 million. Come and see what else is relevant to you???

　　Online car-hailing is included in supervision, and the maximum penalty for leaking passenger privacy is 10,000 yuan

　　The Interim Measures for the Administration of Online Booking Taxi Business Services came into force on November 1, 2016. The Interim Measures cover online ride-hailing platform companies, online ride-hailing vehicles and drivers, online ride-hailing business behavior, supervision and inspection, legal liability and other aspects. Provisions are made for drivers engaged in online ride-hailing services: having more than 3 years of driving experience; no traffic accident crime, dangerous driving crime record, no drug use record, no driving record after drinking, no record of 12 points in the last 3 consecutive scoring cycles; no violent crime record.

　　Online ride-hailing platform companies and online ride-hailing drivers who illegally use or disclose the personal information of ride-hailing people and passengers shall be fined not less than 2,000 yuan but not more than 10,000 yuan by the public security, online information and other departments in accordance with their respective duties. Those suspected of committing a crime shall be investigated for criminal responsibility according to law.

　　Cruising taxis refuse to take, detour, etc. with a maximum fine of 2,000 yuan

　　The decision of the Ministry of Transport on amending the "Regulations on the Administration of Taxi Business Services" will come into force on November 1, 2016. The name of the regulations is revised from the "Regulations on the Administration of Taxi Business Services" to "Regulations on the Administration of Cruise Taxi Business Services".

　　The original statement in the regulations that "taxis should adapt to the economic and social development of cities, develop in harmony with public transportation and other passenger service methods, and meet the personalized travel needs of the people" was changed in the new regulations to "taxis are supplements to urban public transportation and provide personalized transportation services for the public. Priority is given to the development of urban public transportation, and appropriate development of taxis."

　　The fines for refusing to load, bargaining, dumping, detouring, and failing to issue bills as required have been increased from the original fines of 50 yuan and 200 yuan to 200 yuan and 2,000 yuan.

　　Our country’s first national standard for civilian protective masks is implemented, and the filtered air must be above good

　　The national standard "Technical Specifications for Daily Protective Masks" was officially implemented on November 1. This is the first national standard for civilian protective masks in our country, but the standard clearly states "not suitable for children’s masks". The protective effect is the core indicator of the standard. The protective effect level is divided into four levels from low to high: D level, C level, B level, A level, and the corresponding use environment is as follows:

　　Class D is suitable for moderate (PM2.5 concentration ≤ 150 μg/m3) and below pollution.

　　Class C is suitable for severe pollution (PM2.5 concentration ≤ 250 μg/m3) and below.

　　Class B is suitable for severe pollution (PM2.5 concentration ≤ 350 micrograms/cubic meter).

　　Class A is used when PM2.5 concentrations reach 500 micrograms per cubic meter.

　　Wearing a mask reasonably according to the standard requirements can reduce the inhaled PM2.5 concentration to less than 75 micrograms per cubic meter, so that the inhaled air quality in the body can reach a good level or above.

The standard also requires that the mask should be able to protect the mouth and nose safely and firmly, and the field of vision under the mask should not be lower than 60 degrees.

　　Beijing-Tianjin-Hebei heavy pollution weather warning classification implementation unified standard

　　Beijing-Tianjin-Hebei region heavy pollution weather warning classification standards have been unified. On the basis of the unification of the six cities in the core area in early 2016, the implementation scope will be expanded to cities above the prefectural level of Beijing-Tianjin-Hebei and cities in Henan Province and Shandong Province transmission channel. All localities will implement a unified early warning classification standard before the end of October to achieve a unified response to heavy pollution weather in the region.

　　Shandong: the strictest environmental regulations exceed the maximum penalty for emissions 1 million

　　The "Regulations on the Prevention and Control of Air Pollution in Shandong Province" came into effect on November 1, 2016. The regulations stipulate 12 supervision and management systems, including the implementation of staggered production, the establishment of a joint prevention and control mechanism, pollution source control, total air pollutant control, emergency warning for heavily polluted weather, interviews and suspension of approval, and listing supervision of major cases and outstanding problems.

　　Those who exceed the emission standards of air pollutants or exceed the total amount control indicators of key air pollutants and discharge air pollutants shall be ordered by the environmental protection department of the people’s government at or above the county level to make corrections or restrict production, stop production for rectification, and impose a fine of not less than 100,000 yuan but not more than 1 million yuan. In the prohibited area, barbecue tools and illegal income shall be confiscated, and a fine of not less than 2,000 yuan but not more than 20,000 yuan shall be imposed on the unit, and a fine of not less than 500 yuan but not more than 1,000 yuan shall be imposed on the individual.

　　"Special fares" are expected to increase

　　The "Notice on Deepening Issues Concerning the Reform of Domestic Air Passenger Transport Fares" came into effect on November 1. The notice stipulates that the fares of routes below 800 kilometers and some routes above 800 kilometers will be determined by airlines according to law, which means that the majority of passengers will usher in more and more "special tickets".

　　Health and Family Planning Commission: Encourage medical personnel and others to take the initiative to report medical quality adverse events

　　The "Measures for the Management of Medical Quality" issued by the National Health and Family Planning Commission came into effect on November 1. The measures clarify that the medical quality management shall implement a two-level responsibility system of hospitals and departments. The main person in charge of a medical institution is the first responsible person for the medical quality management of the institution; the main person in charge of clinical departments and departments of pharmacy, nursing, medical technology and other departments is the first responsible person for the medical quality management of the department. The measures require that a medical safety and risk management system be established in medical institutions. Encourage medical institutions and medical personnel to take the initiative to report medical quality (safety) adverse events, and promote information sharing and continuous improvement.

　　The basic scientific research business expenses of central universities shall not purchase more than 400,000 instruments

　　The "Measures for the Administration of Basic Scientific Research Business Fees in Central Universities" came into force on November 1, 2016. The "Measures" stipulate that basic scientific research business fees shall not be used to spend salaries, bonuses, subsidies and welfare expenses of personnel with salary income; shall not purchase large-scale instruments and equipment of more than 400,000 yuan; shall not share the public management and operation costs of schools; shall not be used as supporting funds for other projects; shall not be used for loan repayment, payment of fines, donations, sponsorship, investment and other expenditures; nor shall they be used for other expenditures that shall not be listed in accordance with state regulations.

　　Companies that falsely issue motor vehicle sales invoices will be placed on the "blacklist"

　　The "Announcement on the Implementation of the Publicity System for the List of Motor Vehicle Enterprises that Illegally Issue Unified Invoices for Motor Vehicle Sales" issued by the State Administration of Taxation came into effect on November 1, 2016. Motor vehicle enterprises will be included in the "blacklist" if the following three situations occur:

　　(1) Failure to issue invoices for all the prices and extra-price expenses charged for the actual sale of motor vehicles more than twice (including twice) or the circumstances are serious;

　　(2) Selling the same motor vehicle while issuing a unified invoice for motor vehicle sales at a low price in violation of regulations, and then issuing other VAT invoices resulting in underpayment of vehicle purchase tax more than 2 times (including 2 times) or serious circumstances;

　　(3) Other violations of invoice management regulations resulting in underpayment of vehicle purchase tax more than 2 times (including 2 times) or serious circumstances.

　　It is more convenient to issue VAT invoices on behalf of others

　　The State Administration of Taxation issued the "Announcement on the Process for Taxpayers to Apply for the Issuance of VAT Invoices", which will simplify the filling of invoice information and clarify the application process since November 15, 2016. It will be more convenient for taxpayers (except for real estate obtained from sales and other personal rental real estate businesses) to issue invoices on their behalf.

　　Standardized implementation of personnel file management services for mobile personnel

　　On October 25, the Ministry of Human Resources and Social Security introduced at the third quarter press conference that three national standards, including personnel file management service specification for mobile personnel, human resource training service specification, and human resource planning service specification, were officially implemented on November 1 this year.

　　Chongqing: Implementing the Measures for the Implementation of Chongqing Residence Permit

　　From November 1st, the "Measures for the Implementation of Residence Permits in Chongqing" came into effect. As long as you have lived in Chongqing and registered for temporary residence for half a year, and have one of the conditions for legal and stable employment, legal and stable residence, and continuous study, you can apply for a residence permit with your ID card, 2 1-inch color registration photos, address of your place of residence, employment or study certificate, and "Registration Form for Application for Residence Permit".

　　Shenzhen: Lowering the threshold for applying for a residence permit

　　The new "Shenzhen Residence Registration and Residence Permit Processing Regulations" will be implemented on November 1, 2016. The "New Residence Permit Regulations" state that those who have already registered in Shenzhen and have a full-time college degree or above can directly apply for a residence permit. Previously, non-Shenzhen household registration personnel who need to apply for a residence permit need to apply for a residence registration for 12 consecutive months, and social security for 12 consecutive months.

1905 movie network news The movie starring the screenwriter, director,,, and lead is currently being screened. At present, the cumulative box office is nearly 100 million yuan, and it has won the box office crown for 4 consecutive days, earning a word-of-mouth score of 9.4 points. Since the release of the movie, the emotion of Lao Luo and Chi Rabbit accompanying each other and paying tribute to the golden age of Hong Kong action movies have been loved by many people.

After 60 years in the industry, Jackie Chan has left behind countless classic movies, accompanying generation after generation to grow up, and director Yang Zi, as a fan, has also integrated these works into the movie,… These small thoughts have also been discovered by the big brother’s fans, and finding Easter eggs has become a unique pleasure for everyone when watching movies. "From watching big brother’s movies in primary school to becoming a social animal, I like the footage of past works interspersed in the film, which makes people reminisce about the time when they held the disc and didn’t let go."

Jackie Chan’s 60-year film life is a microcosm, with tribute details everywhere

Audience: A movie ticket takes youth back to the past

After watching the movie, many viewers were killed by the easter eggs buried by director Yang Zi. "A movie ticket brings youth to wander back to the past, and every picture has endless memories." At the beginning of the movie, Lao Luo saw a figure hanging a doll in the shape of a clock, which is exactly the same; the shape of an Indian who takes pictures on the street with Red Rabbit to make a living is from; the shape of wearing a leather jacket and goggles is the same; the shape of wearing a blue leather jacket on the set is the same; the action design of turning a hat in front of Xiao Bao is from "Miracle"; when avoiding debt collection, the shot of jumping from the second floor to the first floor awning and then falling to the ground replicates the scene; the group of singing children he encountered during the escape is a tribute…

According to audience statistics, the film paid tribute to at least 20 works of Jackie Chan’s eldest brother, and his feelings were overflowing, "not only about Lao Luo, but also about Jackie Chan’s 60-year film life. When those clips that worked hard with his blood, sweat and tears were displayed in the movie, I was really touched."

Tribute clip Watching crying action movie fans "choked up and cried several times"

Audience: Time does not take away one’s strength and love.

In the movie, Xiaobao saw the dangerous actions that Lao Luo did when he was young on the USB flash drive, and he shed tears because of his pain. This scene also made many viewers in front of the screen red, "These scenes are all clips of Jackie Chan’s past and beat-the-scene. As an action movie fan, I choked up and cried several times."In the movie, Lao Luo, even though the action scenes are difficult, difficult, and dangerous, his pursuit of ideals and beliefs has never given up.

Jackie Chan is the same, even though his hands and feet are broken and scarred, in the face of dangerous actions that risk his life, he still insists on shooting, jumping from heights again and again. Because of this, many fans call this film "Big Brother’s semi-autobiographical film". Seeing that Big Brother is still on the set at the age of 69, he can’t help but sigh, "From the beginning of the double group performance to today’s international superstar, time cannot take away a person’s strength and love."