Touch the classic car (21), a sleek new era BMW 540i.

  [Aika Auto Culture Original]

  How much energy a person has depends on which gear your confidence value is in. For BMW, the eldest son of Bavaria’s automobile industry, it seems that they have never lacked talents, whether in the design field or in the industrial line. In the 1990s, just as BMW was booming, a group of design geniuses joined them. Chris bangle has also injected a brand-new concept into BMW. Although the designer of this BMW 540i(E39) is not himself today, we can also see from this car that Bangor has started to "tamper" with BMW!

Finger touch classic car

  It is undeniable that BMW’s "soul" is on the 3 series model, but for the brand, this "soul" can be understood as the spiritual foundation, but it cannot cover all. In 1972, after several rounds of trial loading, BMW defined its own concept of "luxury" car. Different from the sports style of the 3 Series, the first-generation BMW 5 Series is more stable in shape, or rather, it is a bit mediocre.

Touch the classic car (21)

Touch the classic car (21)

  In the 1980s, the BMW 3 Series began to become popular. Bavarians have seen the different forms of vehicles bring unprecedented market feedback. Gradually, the travel version of the car, the first M5, was also born on the second generation 5 Series (E28). At the same time, the crazy stealing of this generation of cars can often be seen in many gun-fighting movies.

Touch the classic car (21)

  In Bangor’s design ideas in the 1990s and early 21st century, the word "roundness" is always inseparable. When the fourth generation BMW 5 Series arrived, everyone saw an unprecedented BMW. The main designer of E39 is Japanese Nagashima Ranji. I believe he was also inspired or influenced by Bangor at that time, and Nagashima Ranji and Bangor are like the relationship between the main knife and the auxiliary knife on the operating table for this generation of models.

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

Touch the classic car (21)

 

The new US ambassador to Russia was protested by demonstrators: "War is American business."

  Beijing, Jan. 31 (Xinhua)-According to foreign media reports, Tracy, the new American ambassador to Russia, recently arrived in Russia to start his duties. However, when Tracy went to the Russian Foreign Ministry to submit a copy of her credentials on January 30, she was protested by demonstrators.

  According to Reuters, people hold posters criticizing the United States, one of which reads "Your tanks are killing civilians".

  The Tass news agency also said that in front of the US Embassy, protesters gathered and shouted, "(Tracy) Why are you here?" Slogans such as "War is American business" and "America is a terrorist country".

  On December 21, 2022, the US Senate approved Tracy as the US ambassador to Russia. Tracy was also the first woman to serve as the US ambassador to Russia.

  The Associated Press pointed out that Tracy is a senior diplomat with many years of experience in Russian affairs. She speaks Russian. She served as a senior adviser on Russian affairs in the European and Eurasian Affairs Bureau in the State Council, USA, and served as the second diplomat of the US Embassy in Moscow.

  In addition, she has worked in American diplomatic missions in Turkmenistan, Pakistan and Kazakhstan.

The new Maiteng looks fashionable and has no traditional impression; the interior is full of technology and shows digital charm

From the design point of view, this is the first time that the domestic product is different from the European version, while the domestic new Passat is more "authentic".

Friends familiar with Volkswagen models know that the original Volkswagen could distinguish different models by having "several bars" on the front, but now Volkswagen uses the "one bar" that can be lit as a family design language.

The C-shaped on both sides of the front surround is also hollowed out to reduce wind resistance. The wheel rim is designed in a five-spoke style, and the shape is relatively sporty, but the hollowed area is not large and the weight is definitely not light.

The illuminated logo and through taillights are even reminiscent of Volkswagen’s own tram, the ID.7VIZZION.

Entering the car gives people the illusion of a pure electric car. The 15-inch large screen and the 11.6-inch passenger entertainment screen add a lot of "digital sense" to the car. Although the new Maiteng air conditioner adjustment area can be lit up, it is still not as easy to operate as the physical button. The passenger screen actually looks average, bullet comments can be scrolled across the screen, but the black edges on both sides are large and the screen display area is small.

The new atmosphere mode is worth mentioning. If you choose a different mode, the ambient light, music and meter style will change in tandem. The trim pattern of the door panel is similar to marble, and the ambient light is lit in the center position in a dot shape.

The front seats are softly filled, but the wrapping is average, and the top model supports ventilation, heating, and massage functions, as well as manual leg rests.

The rear seats are as comfortable as ever, and the top model also supports ventilation, heating, massage and angle adjustment of the electric backrest.

The new Maiteng has 1.5T and 2.0T high-power engines available, both of which are matched with a 7-speed wet dual-clutch transmission. The 2.0T high-power engine has a maximum power of 220Ps and a maximum torque of 350N · m. We are all too familiar with the new Maiteng powertrain, but the gearbox changes gears more silkily.

If you are more concerned about fuel economy, it is recommended to use the economic mode for daily driving. If you release the accelerator, the vehicle will keep the engine speed at around 800rpm and slide in neutral, and the sliding distance is very long.

Compared with the old model, the early stage of the suspension is more "soft", the chassis feedback is more comfortable, and it will provide similar "tough" support to the old model when passing through large potholes.

The steering feel of the new car is lighter, and daily driving is easier. In terms of NVH, the car is quieter when driving at medium and low speeds, and more fetal noise is transmitted into the car when driving at high speeds. The front wheels are obviously slippery when starting, and the momentum is still very strong after changing gears.

The variety show in 2023 is still warm and cold. Where is the source of the "cold wave"?

Text | Lin Fujiko

In 2023, there were a lot of variety shows, including old IP such as Riding the Wind and Waves 2023 and China Rap Summit 2023, and new IP such as Stage 2023 and Let’s Go Now emerged in the market. At the same time, the industry is also actively innovating. There are new explorations in the mode of drama integration and derivative variety brand, and new incisions in the theme of physical variety and behind-the-scenes movies are also being explored.

The hot topic orientation of variety shows has also changed to some extent. In addition to common star entertainment, topics with social value are increasing. Recently, Weibo Hot Search # The most explosive 6 minutes and 32 seconds talk in the history of entertainment # originated from the feasibility of Tamia Liu and Hugh discussing specific environmental protection behaviors in "All the Way Forward", so the topic with practical significance comes from variety shows, which also shows that the social value concentration of variety shows is increasing.

However, under the appearance of the positive development of the variety industry, the situation of the variety traffic market is not optimistic. According to Yunhe data, in the first half of 2023, the effective broadcast of the cumulative feature film of the whole network variety increased by only 4% year-on-year, and the effective broadcast of the cumulative feature film of the Q3 network variety decreased by 7% year-on-year. Looking at the extended time, from 2020 to 2022, the cumulative feature films of the whole network were effectively broadcast by 37.2 billion, 32.2 billion and 27.6 billion respectively, and the traffic of the variety market was obviously declining year by year.

The decline in the traffic market directly affected the realization of variety shows. According to the data of Jirang Science and Technology, in 2023, the number of customers in the soft-wide market will increase, but the proportion of customers who only invest in online dramas will increase the most, and the trend of continuous old customers switching from variety shows to online dramas is obvious. Looking back at the brilliant period of variety show investment in 2016, more than 10 sponsorships for a program are close to the normal state, while 5 sponsorships are already at a good level.

The cold weather at both ends of the market and brand is mainly due to the changes in consumer behavior and demand of users, and the realization mode of variety shows can not meet the new requirements of the current market. Under the signal that the industry needs to be innovated, how to put the needs of users first and realize more yuan in the variety market has become the most important issue.

Under the background of users’ migration from TV terminal to network terminal and then to mobile terminal, the consumption path, consumption habits and planting methods of related content have all changed greatly, and the variety industry is facing a brand-new market environment, and some phenomena need to be paid enough attention.

The most obvious point is that users’ patience with long content has declined. As short video has become one of the main forms of people’s daily entertainment, users’ tolerance for long content is getting lower and lower. In other words, in the balance of users’ disposable entertainment time, if the variety shows watched for a long time can’t bring additional value, users’ choices will easily tilt to the side of fragmented entertainment.

Faced with this phenomenon, the drama side has come up with short plays to adapt to the environment. Although the variety side has put forward the concepts of "light variety" and "small fresh comprehensive", there are not many successful cases of these lightweight contents. In this year’s new IP of variety show, "Planting the Land" is more eye-catching. While grasping the documentary, it controls the length of the film. Although the content is lighter, it does not affect users’ love for the program. Perhaps the industry can change its thinking, do light-weight and long-term operation, and adjust the market share of "light" and "heavy" so that users can have variety shows all day to meet the various content needs of the market.

The second point is that the current mainstream variety forms are difficult to get close to the characteristics that young people love to share, love and interact. Nowadays, young users are more and more willing to express and share their love in various ways, just as barrage plays appear, beautiful dramas are created twice, and interesting videos are co-produced. Obviously, variety shows also need to find more ways to satisfy young users’ new habits of content consumption outside barrage.

From this point of view, a variety IP that combines multiple content forms may create more interactive space for users and enhance the link between variety IP and users. For example, the short, long and straight variety "Go All Out for Action" of Tik Tok, just outside the feature film, used short video challenge and variety live broadcast to enhance the interaction between the program and users, and users loved watching and playing together, which also made the program an explosion, with 11.71 billion official shakes and 53 hot searches in Weibo.

On the other hand, the user’s demand for "planting grass" is prominent, but the variety show has not been well accepted. In the era of information explosion, users need a "buyer" to screen and plant grass for them, and the video content is just the right person. A few years ago, the hot drama series The Longest Day In Chang’an promoted the popularity of "Shuipen Mutton" on the whole network, and the short video also promoted the development of regional cultural tourism, which all reflected the "planting grass" ability of video content. However, on the variety side, at present, the user consumption path of the long video platform is long, and it needs to jump or switch platforms frequently to complete the content-planting-consumption link. How to shorten the user’s path from content to purchase is also a challenge that the industry needs to face together.

If the variety show is regarded as a product, then the business model of this product is obviously not mature enough, and perhaps the single business model that relies heavily on investment promotion is not healthy enough.

The first is to combat the enthusiasm of industry innovation. In the past, projects with weak investment attraction would be stillborn, and how to improve the attractiveness of brands should always be considered when making content. Introducing traffic artists has become the most direct and effective means, which also makes the distribution of variety production expenses unreasonable. Now, although the platform has increased its support for new IP and potential tracks, it is just that the platform side and the content side share the high production pressure, which has not solved the situation that the program still depends on attracting investment.

Second, advertising investment has obvious ceiling. There are upper limits on the brand’s budget and the number of brands that can be accommodated in the program. Too many advertisements affect the user’s viewing experience, and the variety sponsorship also tends to the buyer’s market. The brand always expects to get higher returns with lower investment.

Third, the single business model has poor risk resistance. The most intuitive example is that the brand reduced its launch last year, which led to the naked broadcast of many variety shows, which brought a big blow to the industry. As mentioned above, it is even more bad news that the brand’s delivery tendency now flows from variety shows to online dramas.

In a word, relying heavily on investment promotion makes the variety industry quite a bit "looking at the sky to eat".

A few years ago, the industry was thinking about how to solve the problem of single business model. In 2020, the Youth Mango Festival created the offline IP theme park "Youth Mango City", giving play to the IP value of platforms such as "Star Detective" and "Escape from the Chamber of Secrets"; Iqiyi, on the other hand, tried to use the trend variety to bring goods to fashion e-commerce when developing the trend track.

Now, the commercial development of the link after the variety show has begun to get on the right track. "Nice to meet you" combined with the value of "planting grass" mentioned above, through operating the account on Tik Tok, and continuously outputting the related contents of the variety expression kernel, it completed the accumulation and precipitation of users of IP accounts, which increased by nearly one million in half a year, and the derivative short video programs achieved brand investment in the order of one million. The GMV of the official e-commerce live broadcast in helena rubinstein also exceeded 23 million.

According to the consulting data of the joint research industry, the overall market size of the variety show is basically stable between 55 billion and 60 billion yuan from 2017 to 2022, and the stagnant growth means that the industry urgently needs to find new amounts.

The new environment of user market and new channels of content flow may all be brought into the consideration of variety commercialization, and the possibility of realizing variety content can be re-explored from a new perspective.

coda

The existing problems in the variety industry are not formed overnight. The good news is that we have explored in the predicament and seen some new changes and new demands from the market.

We believe that content people who are good at innovation can find suitable solutions and complete the break of content and business model, so that variety shows can have a face closer to the characteristics of the new era and revitalize domestic variety shows.

* Original article, please indicate the source when reprinting.

[Model worker shines in Tianshan Mountain] Joining the bones and connecting the heart to build a dream of Xinglin on horseback.

  Jiang Aguli Ai Shan (middle) is making rounds. (Image courtesy of Xinjiang Yili Traditional Chinese Medicine Hospital)

  Tianshan Net News (Reporter Zhao Zixuan intern Wang Luyao reports) Near May, the apricot blossoms in Nileke County, Ili Kazakh Autonomous Prefecture are in full bloom, and a piece of almond trees attracts visitors to stop and enjoy. "Xinglin" is also synonymous with the field of traditional Chinese medicine. People often praise the noble quality and excellent medical skills of doctors with "Xinglin is warm in spring".

  Butterflies and bees are flying among the flowers, and the "sweet career" of Jiang Aguli Ai Shan, a "grassland doctor" who went out from Nilek County, has never stopped. Every holiday, she rides a horse to a remote farming and pastoral area for a free clinic, and visits poor patients for dressing change and bone setting for free.

  Bone-setting inheritance+medical skill innovation = craftsman spirit

  When Jiang Aguli, director of the Department of Orthopaedics, Ili Chinese Medicine Hospital, Xinjiang, is mentioned, patients and their families will give thumbs up.

  Jiang Aguli was born in an ordinary herdsman’s family in Qunji Ranch, Nilek County.

  "I must use traditional Kazakh bone-setting and osteopathy to relieve the pain of more patients." 40 years ago, when 13-year-old Jiang Aguli studied the traditional Kazakh bone-setting and bone-setting therapy with her grandfather and aunt, she set such an ambitious goal.

  Jiang Aguli once broke her collarbone when she was a child, and her neck could not move. The pain was unbearable. That night, my father called my aunt on horseback. It took my aunt half an hour to help her fix, reset and apply medicine.

  "It won’t hurt after it is fixed." Jiang Aguli said. She immediately made a decision in her mind: she would study orthopedics with her aunt. From then on, every winter and summer vacation, she went to her aunt’s house to learn from her teacher. When she met a patient with mobility difficulties, she rode a long way with her aunt to treat the patient.

  Forty years later, Jiang Aguli, while inheriting the ancestral therapy, innovated and developed a new Kazakh medicinal ointment and self-created therapy with independent intellectual property rights, so that her medical technology not only relieved the pain of patients with bone injuries in China, but also attracted patients with bone injuries in neighboring countries such as Kazakhstan.

  Exquisite medical skills+free diagnosis and treatment = kindness of doctors

  As a doctor, Jiang Aguli saved every patient who was struggling with illness with a passionate heart and hard-working hands. Years have carved a solid and regretless footprint on her life path with full and affectionate brushstrokes.

  Jiang Aguli was deeply impressed when he mentioned little Dang Kang in the orphanage.

  A few years ago, Dang Kang Jr., who was only five years old, accidentally fell while playing, and his left femoral shaft was broken, requiring hospitalization for surgery.

  Upon learning of this situation, Jiang Aguli immediately went to the hospital pharmacy to buy bandages and medicines, and rushed to the orphanage more than 20 kilometers away to treat him, which relieved the child’s pain and exempted him from the cost of hospitalization.

  Jiang Aguli often takes her daughter to the orphanage to do rehabilitation for Dang Kang Jr. During this period, my daughter also forged a deep friendship with little Dang Kang, and kept this little brother in her heart.

  On October 18, 2016, a 76-year-old man, Kadi Abdulbai, who lives in Sayiboyi Village, Kalatobe Township, Nilek County, suffered a comminuted fracture of his calf due to an accidental fall.

  Considering that his mother was too old for surgery, the old man’s son turned to Jiang Aguli for help. Jiang Aguli quickly gave relevant treatment to the elderly and relieved their pain.

  After learning about the actual situation of the elderly’s family’s financial difficulties, home distance and so on, Jiang Aguli decided to use the rest time to provide on-site service.

  Since then, no matter whether it is windy or rainy or on holidays, she has insisted on dressing change and treatment at the patient’s home to guide her family members to take proper care.

  After nearly two months’ hard work, the old man Kadi Abdulbai was finally able to walk in the fields. She excitedly took Jiang Aguli’s hand and said, "Thank you so much for coming all the way to change your medicine and being so patient. I really don’t know how to thank you … …”

  Jiang Aguli Ai Shan (second from right) is treating patients. (Image courtesy of Xinjiang Yili Traditional Chinese Medicine Hospital)

  Cold and hot summer+riding up and down = a long way to practice medicine

  In the eyes of others, Jiang Aguli has made great achievements in the medical field. She was successively awarded the National May 1st Labor Medal winner, the national model of national unity and progress, the national advanced worker, the national advanced worker of health and family planning system, the advanced individual of national unity in Yili Kazakh Autonomous Prefecture, the "Top Ten Doctors" in Yili Kazakh Autonomous Prefecture, and the top talents in Yili Kazakh Autonomous Prefecture. She was selected into the "China Good People List" and won the special contribution award of Kazakh medicine of Xinjiang Kazakh Medical Association. She was awarded the title of "Frontier Health Guardian" in the advanced typical selection activity of health and family planning system in Xinjiang for 60 years and was elected as the national "2000".

  But in Jiang Aguli’s heart, she just wants to be a qualified doctor. She said, "The task of a doctor is to save lives. When I think that everyone trusts me and comes to me so far, I must cure every patient. This is all my wish. "

  On the operating table, Jiang Aguli is a worthy orthopedic surgeon.

  Under the operating table, she is a patient with thyroid tumor caused by years of reduction under radiation. At the same time, she also suffers from severe lumbar diseases, osteoporosis and other diseases, and she has to endure great pain every time she visits. The operation lasted for hours at a time, and I couldn’t straighten my waist. In winter and spring, the cold wind blows in the pastoral area, and she needs to wear a waist protector to work all the year round when she goes to the mountain for a free clinic. In the face of these, Jiang Aguli did not complain.

  In the scorching sun and the long snowstorm, Jiang Aguli walked on the road of practicing medicine without any regrets. Over the past few years, she has treated more than 100,000 patients, made more than 1,000 visits, and traveled tens of thousands of kilometers to practice medicine.

There are so many condiments in Sichuan cuisine, why is Pixian watercress known as the soul of Sichuan cuisine?

  Sichuan cuisine is known for its "taste", and it is called "one dish with one style, and all kinds of dishes are delicious". What attracts gourmets most about Sichuan cuisine is its unique taste. In Sichuan cuisine, there are many compound condiments used, such as spicy, salty and sour pickled red pepper, sweet sauce with sweet and salty flavor and sweet red soy sauce. However, the most well-known, widely used and frequently used condiment in Sichuan cuisine is Pixian watercress. According to the records of "Cooking Techniques of Sichuan Cuisine" and "Cooking Events of Sichuan Cuisine", among the 24 commonly recognized flavor types of Sichuan cuisine, 6 flavor types will use Pixian watercress in the preparation process.

  Some people may wonder: the flavor of Pixian watercress only accounts for 1/4 of the common 24 flavors. How can this show that Pixian watercress enjoys a unique and important position in Sichuan cuisine?

  In fact, in addition to the taste, the important role of Pixian watercress is also reflected in the cooking techniques of Sichuan cuisine. It is understood that there are more than 50 commonly used cooking techniques in Sichuan cuisine, and among these techniques, stir-frying, stir-frying, dry-roasting and home-cooked roasting are the best ways to show the cooking temperature of Sichuan cuisine and the level of Sichuan chefs’ mastery of fire. Among them, "home cooking" is a widely used cooking method of Sichuan cuisine, which can highlight the home flavor. People often say that the background color of Sichuan cuisine is "civilians", "the masses" and "rivers and lakes", which has a strong homely flavor. And this rich homely taste actually comes from Pixian watercress.

  The raw materials of Pixian watercress are not complicated, just use simple Erjing pepper, bean, flour and salt. But the most important peppers and broad beans are not simple. For broad beans, we should use "second-rate plate" dried green beans, and for peppers, we should use fresh Erjing pepper with thick skin, long strips and few seeds. It takes more than half a year’s production cycle to mature after shelling, petal-making, fermentation, mixing, seasoning, airing and dew absorption. The prepared Pixian watercress has less water content, complete posture, ruddy and bright color, spicy and mellow taste, spicy but not dry, crisp petals, thick and firm, and rich sauce ester.

  Pixian watercress has unique color, fragrance, taste and morphological characteristics, so no matter whether it is a family chef or a professional chef, as long as Pixian watercress is used in appropriate Sichuan cuisine, the home-cooked flavor of Sichuan cuisine will be well displayed, while other aspects of taste and creativity depend on the chef’s cooking skills and expressive ability.

  At present, there are more than 70 enterprises in Pixian that are qualified to use the trademark "Pixian bean paste". Among them, the subtle differences in the production process details and product formulas of different manufacturers make the products have their own characteristics. Some manufacturers produce Pixian bean paste with rich flavor, sticky sauce feeling and bright red sauce body, which is suitable for boiled dishes. However, some manufacturers’ bean paste has a broken body, a moderate viscosity, a bright red color and a rich fragrance, and is more suitable for cooking such as stir-frying.

  Wangfeng Pixian watercress is further divided into Wangfeng Chef Series, Second Brother Red Oil Series and other products. Chef Wangfeng series is super bean paste, which usually takes more than 3 years of natural fermentation. Because of the long fermentation time, Chef Wangfeng’s series of bean paste is dark in color, basically dull maroon, oily and shiny, smells rich in sauce fat, tastes mellow, spicy and fragrant, and the bean paste is crispy and has a long aftertaste. It is deeply loved by many Michelin Sichuan restaurants such as Yunyun, Yinba, Nanbei, Yuzhilan, Fangjing and Xujiacai, and has become their preferred bean paste product when studying new Sichuan cuisine.

  The second brother of Wangfeng’s Pixian watercress series products lie in its "aging concept", that is, "non-legacy 2-year zero-addition fermentation", so as to get out of the road of differentiation of Pixian watercress series products. After two years of aging and fermentation, Wangfeng’s second brother’s red oil Pixian watercress is unique and rich in flavor, spicy but not dry, and mild in spicy taste, which is favored by consumers and is popular in Tik Tok Mall.

  The appearance of Pixian watercress makes Sichuan cuisine more inclusive and flexible. In the process of making Pixian bean paste, the different preferences and techniques displayed by major brands make Pixian bean paste show diversity in taste, fragrance and use. They represent the inheritance and innovation of Pixian bean paste technology, which brings more possibilities for Sichuan cuisine, promotes the sustainable development of traditional food culture, and makes Pixian bean paste one of the indispensable and important ingredients in Sichuan cuisine, becoming a well-deserved "soul of Sichuan cuisine".

Authoritative experts interpret the hot spots of employee medical insurance reform

  Recently, Guangdong, Hubei, Sichuan and other provinces have implemented the reform of mutual aid for employees’ medical insurance outpatient service, clearly carried out the overall planning of employees’ medical insurance outpatient service, reimbursed the insured’s general outpatient expenses according to regulations, and simultaneously adjusted the method of recording employees’ personal medical insurance accounts. Around the focus of public concern, "Xinhua Viewpoint" reporter interviewed authoritative experts and insiders.

  The staff of the Medical Insurance Office of the First Hospital of Sanming City, Fujian Province (right) explained the relevant policies to the residents who came to consult about drug reimbursement (photo taken on November 18, 2020). Xinhua News Agency reporter Jiang Kehong photo

  Focus 1: Will the lack of "money" in personal accounts affect medical insurance benefits?

  With the implementation of multi-local policies, many insured people find that their medical insurance accounts have less "money" and are worried that it will affect their personal medical insurance benefits.

  It is understood that the medical insurance reform plans recently introduced in many places have something in common: the amount included in the personal account of employee medical insurance has changed in the current period. For on-the-job employees, the part originally included by the unit payment is no longer included and is included in the overall fund; For retirees, the personal account is included in the pension from the past to the quota, and the quota standard is linked to the per capita pension in the year of overall regional reform.

  From the book alone, the newly added "money" in personal accounts has indeed decreased, and some people have dropped a lot. This makes people wonder, where did the reduced "money" go? Will it affect personal medical insurance benefits?

  "‘ on the personal account of medical insurance; Money ’ The reduction does not mean the reduction or loss of medical insurance benefits for insured employees. " Wang Zhen, director of the Public Economics Research Office of the China Academy of Social Sciences, said that the "money" reduced in personal accounts will be converted into the increment of the overall fund "big pool" to bear the general outpatient expenses paid by the "small pool" of personal accounts in the past, and the accumulated balance before personal accounts will still be used by individuals to realize the "increment" of protection.

  In April, 2021, the General Office of the State Council issued the Guiding Opinions on Establishing and Perfecting the Outpatient Mutual Aid Guarantee Mechanism for Employees’ Basic Medical Insurance, which clearly adjusted the overall fund and individual account structure, and the increased overall fund was mainly used for outpatient mutual aid guarantee, so as to improve the outpatient treatment of the insured. That is to say, after the reform, ordinary outpatient expenses that could not be reimbursed before can be reimbursed.

  Take Zhou, a retired employee in Wuhan as an example. Its annual pension income is 50,000 yuan, and before the reform, the personal account was transferred to 2,400 yuan every year. Zhou has a cerebral infarction, but because there is no outpatient co-ordination policy in the local area, he can’t enjoy reimbursement for seeing a doctor in an outpatient clinic. After the reform, the annual transfer of his personal account was adjusted to 996 yuan. After the outpatient expenses incurred in a tertiary hospital were 7,150 yuan, he was reimbursed according to the new outpatient co-ordination policy, except the threshold fee of 500 yuan, and the reimbursement rate was 60% in tertiary hospitals, so he could be reimbursed 3,990 yuan. That is to say, although Zhou’s personal account was less than 1,404 yuan in that year after the reform, his enjoyment increased by 2,586 yuan.

  Focus 2: Is it because the overall fund is out of money to reform the employee medical insurance personal account?

  There are doubts that the reform of employee medical insurance personal accounts is because the overall fund has no money, and it is necessary to use personal accounts to "fill the hole". In this regard, experts said that this is due to the misunderstanding of the income and expenditure of China’s medical insurance fund.

  The data shows that in 2021, the income of the employee medical insurance pooling fund was 1,186.4 billion yuan, and the expenditure was 932.1 billion yuan. In other words, the overall fund not only breaks even, but also has a slight balance, so "the overall fund has no money" is not established.

  In this case, some people wonder why the "money" in personal accounts is transferred to the overall fund for outpatient mutual assistance and let others spend their own "money".

  "In the final analysis, medical insurance is a kind of social insurance, which means that it has the nature of mutual assistance, responsibility sharing and joint construction and sharing." Wang Zhen said that the insured people get sick less when they are young, and they are prone to get sick when they are old. It is limited to rely solely on personal account accumulation to see a doctor and take medicine. Putting everyone’s money together, the risk of social groups can be solved by the law of large numbers, and the public’s medical needs can be met in a wider range.

  Wang Zhen said that the adjustment of personal accounts is to reduce the current period, without moving the personal historical balance. It should be recognized that both individual accounts and overall funds belong to the paid medical insurance fees and are "money" raised, distributed and used to solve the public’s disease prevention and treatment problems.

  Before the reform, personal accounts could not be used by others, "those who are sick are not enough, and those who are not sick cannot be used", which gradually led to excessive precipitation, insufficient mutual assistance, fraudulent insurance fraud and other drawbacks.

  "Under the framework of strategic purchase of medical insurance, optimizing outpatient security treatment is a structural adjustment." Gu Xuefei, director of the Medical Security Research Office of National Health Commission Health Development Research Center, said that this is to improve the level of outpatient security without raising additional funds and increasing the burden of payment by units and individuals.

  Focus 3: What is the impact of personal account reform on the elderly?

  Some elderly people see that personal accounts have less "money" after the reform, and they are worried that the use of medical treatment and medicine is limited.

  The guidance is clear, and the level of general outpatient co-ordination security starts at 50%, and all localities are required to give inclined payment to retired elderly people on this basis.

  Taking Hohhot as an example, after the opening of outpatient co-ordination guarantee, the proportion of outpatient payment for retirees has increased, and medical institutions at all levels have increased by 5% on the basis of the original method. At the same time, the annual maximum payment limit for outpatient co-ordination has been further increased, and the payment for retirees has increased from the original 4,000 yuan to 6,000 yuan, which is higher than that for on-the-job employees.

  In addition, before the general outpatient service was improved, many areas first established the outpatient service security mechanism for chronic and special diseases, and used the overall fund to pay the expenses of chronic diseases and special diseases common to the elderly in outpatient service. Recently, some places have appropriately expanded outpatient special diseases. For example, Nanjing, Jiangsu Province has added 9 kinds of diseases on the basis of the original 4 kinds of special diseases; Wuhan has increased the number of special diseases such as hypertension and diabetes from 28 to 37, and the number of basic diseases from 32 to 70.

  By comparing the reform schemes of individual accounts for employees’ medical insurance in many places, we can also find one thing in common — — The use scope of personal accounts has been broadened, with the users ranging from individuals to spouses, parents and children, and the objects ranging from drug payment to medical devices and medical consumables. This is even more good for the elderly.

  Gu Xuefei said that after the reform, the insured can use the "money" from personal accounts to other family members such as the elderly, forming a "small mutual aid" within the family and improving the family’s ability to cope with medical risks.

  Focus 4: How to improve the people’s sense of gain in reform?

  With the implementation of reform plans in various places, some people also put forward opinions on the reform: in the past, they bought medicines at pharmacies at their doorsteps, but now they have to go to designated medical institutions for outpatient registration for reimbursement; Outpatient co-ordination reimbursement set deductible and maximum payment limit, and the guarantee is not as good as hospitalization reimbursement.

  "Insured people feel the most intuitive about reform." Gu Xuefei said that in order for the reform dividend to truly benefit the overwhelming majority of the people, it is necessary to fully consider the impact on the people, medical institutions and other stakeholders, and make concerted efforts to facilitate the people to seek medical treatment and purchase medicines.

  According to the relevant deployment, the reform of mutual aid for employees’ medical insurance outpatient service will be completed in three years. At present, most regions have announced the detailed rules for the reform of employees’ medical insurance personal accounts and the guarantee mechanism of outpatient mutual aid, but there are differences in the level of economic development and the overall strength of medical insurance in different regions, and the corresponding reform strategies and measures are not the same.

  Interviewed experts and insiders suggested that we should effectively respond to the reasonable demands put forward by the masses, start with improving the convenience and accessibility of medical security services and strengthening policy interpretation, and effectively solve the problem of people seeking medical treatment and medicine.

  "It is normal for different voices to exist in the reform process." Wang Zhen said that it will take time for the benefits of the reform policy to emerge, and it is necessary to promote coordinated supporting services at the same time, such as rationally adjusting the deductible line and the maximum payment limit for outpatient reimbursement, including qualified designated retail pharmacies as soon as possible, and exploring the inclusion of qualified "internet plus" medical services in the scope of protection.

  Many regions have adopted step-by-step adjustments to promote a smooth transition of policies. There are also some areas that reduce the deductible line of outpatient reimbursement and increase the reimbursement limit. For example, Guangzhou has increased the reimbursement amount on the basis of adjusting the outpatient reimbursement from the monthly limit to the annual limit; Beijing no longer sets the maximum payment limit for medical insurance clinics.

  The reporter learned that as of press time, some places have further optimized relevant supporting measures. Wuhan Medical Insurance Bureau issued an announcement to include the third batch of 4,065 designated retail pharmacies into the overall coverage of medical insurance outpatient service for employees on the basis of more than 1,000 retail pharmacies that have been announced in the early stage. (Reporter Peng Yunjia, Deng Nan, Deng Ruixuan, Dong Xiaohong, Huang Xiao)

"Made in Sichuan" COVID-19 vaccine has entered the third phase clinical trial and is applying for marketing.

● I am doing phase III clinical trials in Kenya, Indonesia, Mexico and other countries, and I am doing phase I and II clinical trials in Japan.

● Mainly for adults aged 18 to 60, three injections are required.

A new "made in Sichuan" COVID-19 vaccine is currently in the third phase of clinical trials, and it is being applied for marketing as soon as possible. This is what the reporter learned from the "Promotion Meeting of National Major Science and Technology Infrastructure of Translational Medicine (Sichuan) and West China Translational Medicine Forum" held on July 18th.

"Made in Sichuan" COVID-19 vaccine is a recombinant protein COVID-19 vaccine developed by Academician Wei Yuquan. Based on the precise design of structural biology, it targets the binding site between Covid-19 and human cells, and uses insect cells to multiply in culture medium to introduce the gene of coronavirus into insect cells to produce high-quality recombination vaccines protein.

According to Wei Yuquan, academician of China Academy of Sciences and director of the State Key Biological Laboratory of Biotherapy in west china hospital, the Sichuan-made vaccine is undergoing phase III clinical trials in Kenyan, Indonesian, Mexican and other countries, while phase I and II clinical trials are being conducted in Japan. At present, the epidemic situation in COVID-19 is still spreading rapidly all over the world, and there are many mutated viruses. According to the clinical trial data, the vaccine made in Sichuan has great advantages in preventing these mutated viruses.

It is understood that the "made in Sichuan" vaccine is mainly aimed at adults aged 18 to 60, and needs to be injected with three doses.   (Reporter   Li Wei)

The report of the 19th National Congress conveys eight major points of reform.

  It is clearly stated in the report of the 19th National Congress that the overall goal of comprehensively deepening reform is to improve and develop the Socialism with Chinese characteristics system and promote the modernization of the national governance system and governance capacity. The report makes arrangements for key areas and key links, and conveys many reform points.

  Deepen the structural reform of supply side: take improving the quality of supply system as the main direction.

  According to the report of the 19th National Congress of the Communist Party of China, to build a modern economic system, we must take improving the quality of the supply system as the main direction and significantly enhance China’s economic quality advantage.

  "Using advanced planting technology, updating machinery and processing equipment and improving product quality, our rice price is more than 10 times higher than that of 10 years ago." Li Hualiang, chairman of Shenghua Farmers’ Professional Cooperative in Shuangyang District, Changchun City, Jilin Province, felt the strength brought by the structural reform on the supply side.

  Chi Fulin, president of China (Hainan) Reform and Development Research Institute, believes that China’s economy has shifted from a high-speed growth stage to a high-quality development stage, and quality first and efficiency first must be adhered to. To improve the quality of supply system, we need to speed up the construction of manufacturing power, support the optimization and upgrading of traditional industries, speed up the development of modern service industry and strengthen the construction of infrastructure network.

  Deepening the reform of rural land system: the second round of land contract will be extended for another 30 years after its expiration.

  At present, rural contracted land in most areas of China is in the second round of contracting period. In the report of the 19th National Congress, it was clearly stated that contract relationship should be kept stable and unchanged for a long time, and the second round of land contracting should be extended for another 30 years after its expiration.

  "This is for the farmers to eat a ‘ Reassuring pills ’ 。” Deputy Li Liancheng, secretary of the Party branch of Xixinzhuang Village, Puyang County, Henan Province, said that some agricultural enterprises were afraid to increase investment and some farmers had short-term behaviors because they were worried about the instability of land and contract relationship. The policy signal clearly issued by the 19th National Congress is conducive to stabilizing farmers’ expectations, promoting the large-scale operation of agriculture, cultivating new agricultural business entities mainly family farms and agricultural enterprises, and guiding more capital, technology and talents to flow into rural areas and agriculture.

  Deepening the Reform of Financial System: Keeping the Bottom Line of No Systematic Financial Risks

  Preventing systemic financial risks is an important task to resolutely fight against and resolve major risks. The report of the 19th National Congress of the Communist Party of China proposed to improve the financial supervision system and keep the bottom line that systemic financial risks do not occur.

  Deputy Guo Shuqing, Chairman of the China Banking Regulatory Commission, said that in terms of preventing financial risks and controlling the chaos in the banking market, three key areas were identified this year: interbank, wealth management and off-balance sheet. First of all, these three areas cover prominent risk points, such as shadow banking, cross-finance, real estate bubble and local government debt. At the same time, there are operational risks related to it, so we should concentrate on rectification.

  Promote the formation of a new pattern of comprehensive opening up: give the free trade zone greater autonomy in reform

  The report of the 19th National Congress of the Communist Party of China proposed to give the Pilot Free Trade Zone greater autonomy in reform and explore the construction of a free trade port.

  At the end of March this year, the State Council approved the establishment of seven free trade zones, including Liaoning, Zhejiang, Henan and Hubei, which increased the number of free trade zones to 11, enabling a wider range and more fields to be tested first and leading a new pattern of opening up.

  Professor Chen Bo, executive director of the Research Center of Free Trade Zone of Huazhong University of Science and Technology, said that at present, some phased reform goals of the Free Trade Zone have been achieved. With the urgent transformation and upgrading of the domestic economy and the rapid changes in the international economic situation, the reform of the free trade zone needs to be accelerated, and it is necessary to give greater autonomy and stimulate the vitality of reform.

  "The free trade port is a further extension and promotion of the free trade zone." Chen Bo said that FTZs are in line with the highest international opening standards on the basis of benchmarking the international advanced opening level in the existing FTZs. For example, explore the complete free flow of talents, materials and other factors, and fully integrate finance with the international market. Exploring the construction of a free trade port is conducive to further improving the level of China’s opening up.

  Reform the ecological environment supervision system: set up state-owned natural resource assets management and natural ecological supervision institutions.

  The report of the 19th National Congress proposed the establishment of state-owned natural resource asset management and natural ecological supervision institutions; We will uniformly exercise the duties of the owner of all natural resources assets owned by the whole people, uniformly exercise the duties of controlling the use of land and space and ecological protection and restoration, and uniformly exercise the duties of supervising various types of pollution emissions in urban and rural areas and administrative law enforcement.

  Li Zuojun, deputy director of the Institute of Resources and Environmental Policy of the State Council Development Research Center, said that the landscape, forest, field, lake and grass are a complete ecosystem, but the existing multi-head supervision affects the realization of the protection goal.

  Deputy Li Yunting, director of the Atmospheric Office of Beijing Environmental Protection Monitoring Center, believes that this top-level design is conducive to integrating institutional functions and forming a joint regulatory force. It fully embodies the determination and wisdom of "protecting the ecological environment and making efforts of our generation" put forward in the report.

  Reform of administrative system: explore the merger or co-location of party and government organs with similar functions in provinces, cities and counties.

  The report of the 19th National Congress of the Communist Party of China proposed to give provincial and below governments more autonomy. Explore the merger or co-location of party and government organs with similar functions in provinces, cities and counties.

  "These two reform measures are an important part of adapting to the modernization of the national governance system." Liu Peng, a researcher at the National Institute of Development and Strategy of Renmin University of China, said that giving more autonomy to local governments at or below the provincial level will better and more pertinently solve the current situation of insufficient uneven development in various parts of China. Exploring the merger or co-location of party and government organs is helpful to solve the problems of overlapping and similarity, unclear division of labor and excessive redundancy of grass-roots party and government organs.

  "Exploring the merger and establishment or co-location of grassroots party and government organs will help streamline work processes and improve work efficiency." Deputy Cai Songtao, secretary of the Lankao County Party Committee of Henan Province, said.

  Deepening the reform of the state supervision system: the pilot reform of the state supervision system has been launched nationwide

  The report of the 19th National Congress proposed to deepen the reform of the national supervision system and push the pilot work across the country. Formulate the national supervision law, endow the supervision committee with responsibilities, authority and investigation means according to law, and replace the "two regulations" measures with lien.

  At present, the pilot tasks of national supervision system reform carried out in Beijing, Shanxi and Zhejiang provinces and cities have been fully completed, which has accumulated rich experience for the follow-up reform.

  "The relevant reform measures proposed in the report are a further summary and clarification of the previous pilot experience, and also fundamentally guarantee the smooth progress of reform through legislation." Zhuang Deshui, deputy director of the Research Center for the Construction of a Clean Government in Peking University, said, for example, lien is a measure given to the supervisory committee in the previous three pilot schemes.

  Deputy Secretary CPC Central Commission for Discipline Inspection and Minister of Supervision Yang Xiaodu said at the press conference of the 19th National Congress that under the leadership of the Party Committee, the Commission for Discipline Inspection and the Supervision Committee co-located, which fully reflected the organic unity of inner-party supervision and state supervision under the leadership of the Party.

  Improve the evaluation mechanism of cadres: adhere to the combination of strict management and love, and pay equal attention to encouragement and restraint.

  According to the report of the 19th National Congress of the Communist Party of China, we should adhere to the combination of strict management and love, pay equal attention to encouragement and restraint, improve the evaluation mechanism of cadres, establish an incentive mechanism and a fault-tolerant and error-correcting mechanism, and take a clear-cut stand to support and encourage those cadres who dare to take responsibility, do things in a down-to-earth manner and do not seek personal gain.

  "It is necessary to strengthen the political and ideological education of ideals and beliefs, strengthen the enforcement of discipline, and let party member cadres know awe, be wary, and keep the bottom line. It is necessary to correct the atmosphere of selecting and employing people, strictly control them, and put an end to problems such as promotion with illness. " Zhu Lijia, a professor at the National School of Administration, said that only by allowing trial and error and tolerating failure can the enthusiasm and initiative of the broad masses of cadres be activated. Party organizations at all levels need to further refine the specific supporting mechanisms.

  (Xinhua News Agency, Beijing, October 22nd, by reporters Li Jinfeng, Qi Zhongxi, Wu Mengda, Liu Shuo, Song Xiaodong and Yu Jiaxin)

  Above: On October 22nd, The 19th National Congress of the Communist Party of China Press Center held a press conference, inviting Chen Baosheng, Party Secretary and Minister of the Ministry of Education, Huang Shuxian, Party Secretary and Minister of the Ministry of Civil Affairs, Yin Weimin, Party Secretary and Minister of the Ministry of Human Resources and Social Security, Wang Menghui, Party Secretary and Minister of the Ministry of Housing and Urban-Rural Development, and Li Bin, Party Secretary and Director of the National Health and Family Planning Commission, to introduce the situation of meeting people’s new expectations and ensuring the improvement of people’s livelihood, and to answer questions from reporters. This is a reporter raising his hand to ask questions.

  Xinhua News Agency reporter Li Xinshe

The power of Jia Yueting PPT, Americans finally saw it.

A capital storm is sweeping the American electric vehicle manufacturing industry.

In the past two years, American electric vehicle entrepreneurs, including Jia Yueting, took advantage of the regulatory gap of SPAC and took away billions of dollars in the secondary market with a PPT. Now, the SEC has decided to plug this loophole.

Recently, the US Securities and Exchange Commission (SEC) concluded a 60-day public consultation period and put forward some proposed guidelines for SPAC, especially those on disclosure, marketing practice and third-party supervision. If approved, the entry threshold of SPAC will be raised, and the gap between SPAC and the traditional IPO supervision will be narrowed. This probably means that this wave of SPAC "ebbs".

One of the main regulatory targets of this new policy is the American electric vehicle industry.Since mid-2020, the listing activities of SPAC have exploded. At present, more than 300 companies have been listed through merger with SPAC. Among them, the most popular field of SPAC is the electric vehicle industry. Nikola, Lordstown Motors, Lucid Motors, Karma, Fisker, Canoo, Hyliion, Proterra and Faraday Future are all listed through SPAC.

However, after raising a large amount of funds through SPAC, these car companies failed to fulfill their original performance promises, and even many car companies have not been able to mass-produce so far, so their stock prices have plummeted, causing investors to suffer huge losses.According to the data of research firm Audit Analytics, since the beginning of 2021, six companies, including Canoo, Faraday Future, Lordstown Motors, Nikola and Lucid, have disclosed that they have been investigated by the SEC, and at least three automobile or battery manufacturers have issued warnings of going concern.

SPAC is short for Special Purpose Acquisition Company, that is, special purpose acquisition company. The listing of SPAC refers to the establishment of a new cash shell company as the main body of listing, and the acquisition of one (or more) private companies with the raised funds after IPO to realize the curve listing of the private companies, so that the sponsors and investors of SPAC can realize the return on investment.

To put it simply, SPAC is the reverse operation of backdoor listing. First, the management team sets up a shell company without any business, then carries out roadshows, fundraising and IPO, and then looks for potential M&A targets within 12 to 24 months. Compared with traditional IPO, SPAC is attractive for its short cycle, low threshold and flexible trading.

In fact, the listing of SPAC is nothing new. Historically, US stocks have had two SPAC listing climaxes: the first time in 2007, and the second time since 2020. The environment of these two climaxes is somewhat similar: after the crisis, the Federal Reserve continued to implement loose monetary policy in order to stimulate the economy, and a large amount of funds poured in, which led to an increase in the valuation of enterprises in the capital market. The flexible mechanism design of SPAC allows open market investors to invest in the primary market and make higher profits, so the demand for SPAC has greatly increased.

To put it simply, the valuation of the secondary market is at a historical high, and the valuation premium of the primary and secondary markets is high, which makes the assets of the primary market more attractive. In 2021, the overall PE of S&P 500 was 32.49 times, which was in the historical 92.53% quantile. In 2020, the value multiple of S&P 500 enterprises will be 16.8X, reaching a historical high. This also means that the valuation of the secondary market is at a historical high level, which makes the assets in the primary market more attractive and enhances the motivation of private enterprises to go public for financing.

Then in this upsurge, electric vehicle companies have become the most sought after objects.As for the reason, this has to mention Tesla. Tesla’s share price has increased sevenfold in 2020, more than twice that of Toyota, the automobile giant. The high rate of return has stimulated investors, who are frantically looking for the "next Tesla".

At the same time, as countries around the world list the timetable for promoting the electrification of automobiles from 2030 to 2040, traditional automobile manufacturers continue to increase investment in new energy vehicles. More and more people expect that electric vehicles and trucks will soon begin to replace cars powered by fossil fuels.

For start-up car companies, building a car is originally a capital and technology-intensive industry, which requires a lot of money. Although they have their own vision, many companies have not yet developed prototypes, and it may be difficult for them to find investors if they raise funds through traditional IPO. Sam bursa Mead, an auto industry analyst at Guidehouse Insights, once said, "The problem of these companies is that many of them have not reached a certain level, and it is difficult to be truly considered as a highly feasible enterprise. 」

Therefore, in the face of the SPAC boom at that time, the best response of these electric vehicle companies is to strike while the iron is hot, take advantage of the optimism of current investors, and seize the opportunity to obtain financing quickly.

It is in this context that a large number of electric vehicle companies, such as Nikola, Lordstown Motors, Lucid Motors, Karma, Fisker, Canoo, Hyliion, Proterra and Faraday Future, went public.

This craze has even spread to other kinds of innovative means of transportation. According to statistics, in 2021, five flying car companies were listed through SPAC, including American flying car companies Archer and Joby, German flying car company Lilium, British flying car company Vertical, and flying car company Eve under Embraer.

However, just as the listing of SPAC was in full swing, the SEC began to strengthen supervision because it was aware of the "loopholes" in the SPAC rules.

Compared with IPO, SPAC listed companies can give forward-looking guidance to investors before listing, which is regarded as a regulatory arbitrage around the "safe haven" rule. The so-called "safe haven" principle is a rule promulgated by the United States in 1995. Listed companies mention some future plans in their disclosure information, and contain some standard wording, such as "note that our statement about the future may not come true", so even if the final result is not realized, investors can’t sue. Traditional IPO is excluded from the "safe haven" principle.

This provides SPAC with operating space. SPAC’s operation mode is to set up a shell company first, then raise funds to go public, and then find some high-quality assets to put into the shell within 12 to 24 months. Because the listing of SPAC has been completed, technically speaking, this transaction is a merger rather than an IPO, and the principle of "safe harbor" can be applied.Therefore, the management of many acquired targets can tell the company’s vision and convince investors that this is a good investment. Even if the final forecast is not realized, it is difficult for investors to sue listed companies.

In March 2022, the SEC published a draft regulation on SPAC, including five aspects. The most important change is that the financial statements required by SPAC should be consistent with those of traditional IPO, which is an important step towards creating more transparency. At the same time, the principle of "safe harbor" is no longer applicable to the disclosure of performance guidance information of SPAC company.

At the same time, there are a lot of insider trading such as information asymmetry, securities fraud and interest transfer in SPAC companies from listing to asset acquisition and injection. In particular, many SPAC companies can double their share prices by market rumors without substantial asset injection (acquisition of enterprises), which is highly speculative and makes a large number of investors admit their losses and leave.

Just as the SEC strengthened supervision, many listed companies began to expose problems. It is understood that because of the fiery concept of SPAC and electric vehicles, the share prices of many electric vehicle companies rose sharply at the beginning of listing, but later they were investigated by the SEC due to factors such as difficult fulfillment of mass production commitments, and their share prices subsequently performed poorly.

"Since 2021, many SPAC companies have deliberately exaggerated the performance and future growth space of the acquired assets in the process of acquiring assets, resulting in losses for the pursuers. An international hedge fund manager said.

Since listing, the share prices of these companies have fallen by 60% to 90% from the high point, which is far greater than the market fluctuation. Among them, Lordstown has the largest decline, approaching 95%. Its current share price is 1.54 USD/share, and its latest total market value is 313 million USD. Faraday Future (FF) share price is $2.27/share, down 89% from the high point ($20.75/share), with a market value of $686 million.

Among them, at the end of March 2022, Faraday announced in the future that some company management team members and employees were summoned by the SEC for allegedly releasing inaccurate information to investors. The US media speculated that this is related to Faraday exaggerating the number of reservations for its upcoming vehicle FF 91 to investors in the future.The investigation found that only a few hundred of the declared 14,000 FF 91 orders have been paid.

The financial report shows that the net loss of FF in the first quarter was about 153 million US dollars, compared with 76 million US dollars in the same period last year. By the end of the first quarter, FF’s total assets were about $706 million, including $276 million in cash. According to the company, part of the reason for the decrease in cash is the repayment of $97 million bills and accrued interest as planned.

In terms of orders, by the end of March 2022, only 401 users had paid a deposit of $1,500, and these deposits were not binding. If customers change their minds, they must return them in full.

In fact, this wave of start-up electric vehicle craze in the United States is somewhat similar to the "new power to build cars" that began to rise in China around 2016. At that time, there were nearly 300 automobile start-ups in China. For a long time, they were called "PPT cars" by the media because their cars were not mass-produced. Later, after big waves, there are only less than 10 such as Wei Xiaoli.

Although many American start-ups have been listed through SPAC, they will inevitably go through the process of shuffling. At the beginning, many start-ups saw Tesla’s great commercial success and began to try to enter the automobile industry. However, they underestimated the complexity and difficulties. Automobile is an industry that requires extremely high capital, technology and supply chain.

In this regard, Tesla CEO Musk said in an interview that "the history of car startups is terrible, and they are almost bankrupt. This is the graveyard of an incredibly large startup. There are hundreds of car companies that people have never heard of. At present, in the United States, the only two American auto companies that have not gone bankrupt are Ford and Tesla. Tesla almost went bankrupt many times, and I can’t count it. 」

At the same time, he also said, "These new car companies I saw rushed in and tried to produce a high-volume car without ever producing a car before. It’s like going to the Olympics without practicing your sports. You won’t win. This is crazy. You need to start small, make small-scale trial and error, and make sure that you have a large amount of reserve capital. Then gradually accumulate experience through the stupid things you did at the beginning. Over time, gradually reduce mistakes. Otherwise, it will bring huge financial losses. 」

In fact, the situation encountered by these start-up electric vehicle companies in the United States is not just a challenge for the company. On a larger scale, this is mainly because the United States no longer has advantages in supply chain and manufacturing, resulting in high manufacturing cost, low efficiency and poor quality.

Li Bin, CEO of Weilai Automobile, once said that Tesla once encountered a "productivity hell" around 2019, and life and death hung by a thread. There is basically no such thing in China. As long as there is a large order, if you give the car companies a few months, they will have no problem building multiple factories at the same time, and the parts manufacturers will also produce them for you if they work overtime, which will test the industrial and manufacturing foundation of a country. It is this difference that leads to the efficiency of Tesla’s China factory, which is much higher than that in the United States.

After the "sweet period" after SPAC went public, the new car-making forces in the United States will face the test of mass production and delivery, and they will usher in a real reshuffle in the increasingly involuted competition. However, judging from the global competition pattern, there is really not much time left for them to grow up.

This article comes from WeChat official account Geek Park (ID: geekpark) on WeChat. Author: Zhou Yongliang, editor: Zheng Xuan, and 36Kr are authorized to publish it.