writing/Heichengwen

　　It’s not the first time that the shady scene has been exposed. The incident of adding sugar in 3.15 exposure must have shocked all car owners. Everyone will wonder if their cars have been added with sugar in a black heart. So what’s the harm of adding sugar to the cake? In addition to adding sugar to the car, what else does the "black heart" S shop add to the car to pit the owner?

　　Event review

　　Ms. Yang from Jingmen, Hubei Province spent 310,000 yuan to buy it. It was the first time to maintain it in a certain place. After more than two hours of delivery, she was told that there was a lot of sugar in the vehicle. Cleaning these sugar must be decomposed, and Ms. Yang had to pay for it at her own expense.

　　Adding sugar can cause "chronic heart disease"

　　White sugar, as a white crystal, will not dissolve in the engine oil, but with the start of the vehicle, the temperature of the cylinder will rise, and the white sugar will slowly melt, which will greatly increase the viscosity of the engine oil, so that it cannot be circulated normally. The damage caused by adding sugar will be overhauled, all oil circuits need to be cleaned and inspected, and parts such as oil pumps and oil pipes that cause blockage need to be replaced. The labor cost and material cost will easily exceed 10,000 yuan. Generally, manufacturers provide a warranty of as short as 3 years/100,000 kilometers and as long as 6 years/150,000 kilometers. As long as there is a problem with normal maintenance, manufacturers will unconditionally repair it. Adding sugar to the car is man-made destruction. If the crime can’t be found, the owner can only bear it himself.

　　The mechanic knows that a car with sugar can run up to 180 kilometers. After they put sugar, they will call the next maintenance department to get ready for that car and introduce business to each other. Overhaul is not a small expense, at least 20,000-30,000 yuan, and the garage will make a profit.

　　Besides adding sugar and black heart, what else is added to the car to damage it?

　　Alcohol in brake oil

　　In addition to adding sugar to the engine oil, some people broke the news that some black-hearted auto repair shops would quietly add alcohol to the brake oil. Adding alcohol to the brake oil will harden the parts in the brake system, thus accelerating the wear of the brake system. Once the owner feels that he can’t stop the car, he has to replace the brake system quickly. It is indispensable to spend thousands of dollars, and the garage will make another profit.

　　Sprinkle salt in antifreeze

　　The antifreeze is added to the water tank. Adding salt to the antifreeze and then adding it to the water tank is a common trick in black-hearted car repair shops. "The water tank mixed with salt will cause scale in the water tank, which will not only cause the circulating water to be unblocked, but also seriously corrode the water tank and cause the water tank to be damaged." The obvious consequence of this move is that vehicles often inexplicably show that the water temperature is high and even the water tank leaks. The repair cost of water tank varies from several hundred yuan to several thousand yuan according to different models.

　　Add bittern

　　After the bittern is added, the salt will agglutinate inside and form a "paste", which, like sand skin, wears away the parts constantly. When the wear reaches a certain level, the grinding disc in the inner part needs to be replaced, and the whole part may be damaged.

　　Under normal circumstances, this process of wear and tear takes a year or even years, but this dirty trick can shorten this process to months or even weeks. The profit is also considerable, and the repair cost is as high as 10 thousand yuan to 15 thousand yuan.

　　Adding caustic soda to the cleaning solution

　　Some stores add caustic soda to the cleaning solution when cleaning the water tank. On the surface, it seems to be cleaner, but it is not. After adding caustic soda into the cleaning solution, it will accelerate the aging of the plastic pad. If you don’t know what’s going on, you have to replace the plastic pad frequently, and put it in for hundreds at a time.

　　In order to avoid this kind of thing, the owner had better choose a reputable and trustworthy repair shop when repairing.

　　autowk

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Beijing Zhengban Fa [2008] No.1

The people’s governments of the districts and counties, the commissions, offices and bureaus of the municipal government, and the municipal institutions:

　　In recent years, the civil aviation planes of Capital International Airport (hereinafter referred to as Capital Airport) have been repeatedly hit by pigeons raised and released in the surrounding areas, especially since 1998, and such incidents have been on the rise, which has seriously endangered the flight safety of civil aviation. With the rapid growth of the flight volume of the Capital Airport and the approaching of the Beijing Olympic Games in 2008, in order to eliminate the hidden danger of bird strikes against aircraft in the clearance protection area of the Capital Airport and ensure the flight safety of civil aviation, according to the Civil Aviation Law of People’s Republic of China (PRC), the Notice of the General Office of the State Council on Strengthening the Management of Civil Aviation Flight Safety (Guo Ban Fa [2004] No.37) and other relevant regulations, with the consent of the municipal government, the relevant matters are hereby notified as follows:

　　1. According to the Convention on International Civil Aviation, the national civil aviation industry standard "Technical Standard for Civil Airport Flight Areas" (MH5001-2006) and other relevant regulations, the clearance protection area of the Capital Airport is 35.8 kilometers long from north to south, 15.9 kilometers wide from east to west, and covers an area of about 257.72 square kilometers (see Annex for specific coverage).

　　2. In the clearance protection area of the Capital Airport, it is strictly forbidden to raise and fly pigeons and other birds and animals (hereinafter referred to as birds and animals) that affect flight safety. Outside the clearance protection area of the Capital Airport, when flying birds and animals, no unit or individual may fly through the clearance protection area of the Capital Airport.

　　3. In the planned land use scope and clearance protection area of the Capital Airport, the industrial and commercial departments shall not register enterprises and individual industrial and commercial households engaged in raising and releasing birds and animals according to law. Within the planned land area of the Capital Airport, if bird activities endangering flight safety occur, the airport management agency shall take eviction or other necessary measures to deal with them. Outside the planned land use scope of the Capital Airport and within the clearance protection area, the local district government is responsible for building dovecotes and raising, flying and operating birds and animals without a license in violation of relevant regulations, and organizes urban management and law enforcement, public security, industry and commerce and other relevant departments, neighborhood offices and township governments to investigate and deal with them according to law.

　　Fourth, the carrier pigeon association should do a good job in the organization and management of its members, sheds, clubs, etc., and supervise them to strictly abide by the relevant regulations when raising and flying carrier pigeons and organizing racing competitions, so as not to affect flight safety.

　　Five, civil aviation, public security, urban management and law enforcement, industry and commerce departments should earnestly perform their respective duties, and in accordance with the Civil Aviation Law of People’s Republic of China (PRC), the Law of People’s Republic of China (PRC) on Public Security Administration Punishment, the Measures for Investigating and Banning Unlicensed Business (Order No.370 of the State Council), and the Regulations of Beijing Municipality on City Appearance and Environmental Sanitation, etc., the illegal acts shall be punished, and criminal responsibility shall be investigated according to law.

　　Attachment: Scope of Clearance Protection Area of Capital Airport

　　January 4th, 2008　　

Attachment:

Scope of clearance protection area of Capital Airport

　　According to the Convention on International Civil Aviation, the national civil aviation industry standard "Technical Standard of Civil Airport Flight Area" (MH5001-2006) and other relevant regulations, the clearance protection area of the Capital Airport is 6 kilometers on both sides of each runway and 15 kilometers at both ends. According to the final planning of the four runways, the clearance protection area of the Capital Airport is 35.8 kilometers long from north to south and 15.9 kilometers wide from east to west, with a total area of about 257.72 square kilometers in the east to Linhe Industrial Zone in Renhe District, Shunyi District, fan village in Yongshun District, Tongzhou District, Luogezhuang Village in Houshayu District, Shunyi District, and Baofang Village in Zhaoquanying Town, Shunyi District. It covers 3 streets, 6 districts, 1 industrial zone, 38 communities and 98 administrative villages under the jurisdiction of 3 towns in Shunyi District, 1 street in Chaoyang District, 6 communities and 26 administrative villages under the jurisdiction of 4 districts, and 9 administrative villages under the jurisdiction of 1 district and 1 town in Tongzhou District. The details are as follows:

　　I. Scope of Clearance Protection Area in Shunyi District

　　(1) Sixteen communities in Shengli Street: Xingfu West Street Community, Yibin Street Community, Yibin Building First Community, Yibin Building Second Community, Qianjin Community, Taiping Community, Shengli Community, Shuangxing West District First Community, Shuangxing West District Second Community, Xixin Community, Xixin First Community, Dongxing Community First Community, Dongxing Community Second Community, Dongxing Community Third Community, Shuangxing East Community, Happiness.

　　(2) Nine communities in Guangming Street: Binhe Community, Yulong garden club, Family Committee of 66055 Army, First Community in New North District, Second Community in New North District, Third Community in New North District, First Community in New South District, Second Community in New South District and Sixth Community in Yulong District.

　　(3) Ten communities in Shiyuan Street: Wulicang No.1 Community, Wulicang No.2 Community, Shiyuan West Community, Shiyuan East Community, Shiyuan North District No.1 Community, Shiyuan North District No.2 Community, Shiyuan South Community, Light Automobile Committee, Yanjing Beer Manufacturers Committee and Shiyuan East Community.

　　(4) Linhe Industrial Zone and 19 administrative villages in Renhe District: Shigezhuang Village, Qianjin Village, Fuxing Village, Taiping Village, Zhuangtou Village, Shimen Village, Shajing Village, Wangquansi Village, Junying Village, Meigouying Village, Shatuo Village, Hugezhuang Village, Yangjiaying Village, Wujiaying Village, Migezhuang Village, Yaopo Village, Taojiafen Village and Pinggezhuang Village.

　　(5) Fourteen administrative villages in Houshayu area: Luogezhuang Village, Xitian Gezhuang Village, Yanwangzhuang Village, Xibai Xinzhuang Village, Jixiangzhuang Village, Matouzhuang Village, Houshayu Village, Qianshayu Village, Dongzhuang Village, Huoshenying Village, Blacksmith Ying Village, Kuliushu Village, Huimin Ying Village and Donggezhuang Village.

　　(6) Two communities and eight administrative villages in Tianzhu area: Lianzhu garden club, Lianzhu Garden Second Community, Tianzhu Village, Xuedarenzhuang Village, Loutai Village, Gangshan Village, Yang Er Ying Village, Hualikan Village, Ershilipu Village and Xiaowang Xinzhuang Village.

　　(7) Eleven administrative villages in South Faxin area: hong cun in Donghai, hong cun in Xihai, Nanjuan Village, Sanjiadian Village, Dongdulan Village, Xidulan Village, Beifaxin Village, Jiaogezhuang Village, Dajiangwa Village, Liujiahe Village and South Faxin Village.

　　(8) Eleven administrative villages in Ma Po: Liangzhengjuan Village, Miaoerjuan Village, Yamen Village, Shijiaying Village, Maojiaying Village, Yaodian Village, Majuan Village, Jingjuan Village, West Ma Po Village, Baigezhuang Village and Nihe Village.

　　(9) Five administrative villages in Niulanshan area: Qianyanzi Village, Yaogezhuang Village, Xianggezhuang Village, Guanzhijuan Village and Fangezhuang Village.

　　(10) Seven administrative villages in Gaoliying Town: Zhangxizhuang Village, Dongmagezhuang Village, Ximagezhuang Village, Xiaxianying Village, Nanlangzhong Village, Shuipo Village and Wenying Village.

　　(11) One community and nine administrative villages in Liqiao Town: Sakura Garden Community, Yinggezhuang Village, Nanbanbidian Village, Houqiao Village, Zhuangzi Ying Village, Wazi Village, Touerying Village, Sansiying Village, Zhangxin Village and Xishuxing Village.

　　12. The 14 administrative villages in Zhaoquanying Town: xi xiao ying, Beilangzhong Village, Qiansangyuan Village, Housangyuan Village, Baimiao Village, Majiapu Village, Daguanzhuang Village, xiaoguanzhuang Village, Xichengezhuang Village, Zhaoquanying Village, Baofang Village, Jishanying Village, Xijiangyouying Village and Banqiao Village.　　

　 　 　 　II. Scope of Clearance Protection Area in Chaoyang District

　　(1) Four communities in the streets of the Capital Airport: South Road Xili Community, South Road Dongli Community, Xiping Street Community and Nanping Li Community.

　　(2) There are 2 residential areas and 13 administrative villages in Jinzhan area: Chaoyang Farm Residential Area, No.16 Engineering Office Residential Area, Leizhuang Village, Dongcun Village, Xicun Village, Xiaodian Village, Beimafang Village, Louzizhuang Village, Shawo Village, Ligezhuang Village, Magezhuang Village, Picun Village, Dongyao Village, Caogezhuang Village and Gaoantun Village.

　　(3) Six administrative villages in Sunhe area: Sunhe Village, Qianweigou Village, Houweigou Village, Kangying Village, Beidian Village and Xidian Village.

　　(4) Four administrative villages in Dongba area: Sanchahe Village, Jiaozhuang Village, Dongxiaojing Village and Xixiaojing Village.

　　(5) Three administrative villages in Changying Hui area: Shilipu Village, Wuliqiao Village and Caofang Village.

　　III. Scope of Clearance Protection Area in Tongzhou District

　　(1) Three administrative villages in Yongshun area: Beimazhuang Village, fan village Village and Wangjiachang Village.

　　(2) Six administrative villages in songzhuang town: Guantou Village, Wugezhuang Village, Gequ Village, Yingezhuang Village, Regal Village and Zhaili Village.

1905 movie network news　Last weekend (01.18-01.20), the box office revenue in North America totaled $129 million, up 8.2% from the previous week. Monday is Martin Luther King Memorial Day, and we will continue to have a holiday. Among the new films on the list, M Knight Shamalan’s new film "Mr. Glass" earned $40.58 million in the first three days of the first weekend, which was close to $40.01 million in the first week of "Split" in 2017 and higher than $30.33 million in the first week of "Never Die" in 2000. Not surprised or pleased. The media mostly think that the content is too full and too anxious, but there is no emotional touch. They think that they are not attracted to fans of "The Dead Robber" or "Split" and become ungrateful at both ends. Another new film is a slightly niche animated film "Dragon Ball Super: brolly". The plot is based on the animated series "Dragon Ball". After telling the story of Wukong and brolly, it is biased towards fans. In the first week, it won 10.65 million US dollars in 1233 theaters in North America, but it attracted a limited audience and was not optimistic about its subsequent box office development.

"Mr. Glass" is too full of word of mouth, and the fans of "Dragon Ball Super: brolly" are serious

Recommended star rating of Mr. Glass: ★★★

"Dragon Ball Super: brolly" Recommended star rating: ★★★ (specific fan direction)

On the weekend of Martin Luther King’s Day, M Knight Shamalan’s new work "Mr. Glass" earned 40.58 million US dollars at the box office in North America from Friday to Sunday, which was close to 40.01 million US dollars in the first week of "Split" in 2017 and higher than 30.33 million US dollars in the first week of "Never Die" in 2000. In all the Martin Luther King Memorial Weekends, this box office ranked third, only behind the $41 million of "Sasaki Brothers" in 2014 and the $89 million of "American Sniper" in 2015. The production cost of Mr. Glass is $20 million, and the global box office has reached $90 million. These figures undoubtedly prove Shamalan’s ability to make money again. In fact, even in the low tide of Shamalan’s poor reputation, many of his films were very profitable. For example, in 2008, the production cost of "Death" was 48 million US dollars, and the final global box office was 163 million US dollars. In 2004, the production cost of "Mystery Village" was 60 million US dollars, and the final global box office was 256 million US dollars. What he really didn’t earn was only.

At present, the cinema score of Mr. Glass is B, IMDb score is 7.2, MTC score is 42, and the freshness of rotten tomatoes is 36%. "Hollywood Reporter" commented: "As the final part of the trilogy, this film is like a mixed bag, twisting all the previous narrative clues into one, but unfortunately trying too hard to tell the audience that Shamalan has a very special idea on the popular comic adaptation story, but the result is not shown." "Variety" said: "It’s still very happy to see Shamalan return, but" Mr. Glass "takes up more of our time, but it can’t create any touches, which makes people feel busy and dazzling, but there are few moving moments of emotional resonance." "International Screen" thinks: "Apart from McEvoy’s performance as a smoke bomb and Bruce Willis’s convincing charm, the whole film has actually not gone far in the concept of’ what happens when people become superheroes’." Due to the poor reputation, the follow-up box office track of Mr. Glass may be more similar to the Clover Files, which was opened on the weekend of Martin Luther King’s Day in 2008. The film earned $40 million in the first week and $80 million in the local box office.

Another noteworthy new film last weekend was the classic IP cartoon "Dragon Ball Super: brolly", which was only opened in 1,233 theaters in North America, aiming at clearly attracting a specific fan base, and won $10.65 million at the box office in three days in the first weekend. The story of "Dragon Ball Super: brolly" is a continuation of the upcoming TV animation "Dragon Ball", which tells the story between Saiyan brolly and Wukong. The film was nominated for the best cartoon in the 42nd Japanese Film Academy Award and was very popular among fans. At present, the media scores and fans’ scores of all platforms are very high, with IMDb score of 8.6, MTC score of 64 and the freshness of rotten tomatoes of 80%. The Los Angeles Times said: "brolly is ready to give Dragon Ball fans everything they want in a movie, and other viewers may feel lost in this world." Midwest Film Journal also thinks: "For the novice Dragon Ball, this film provides a dazzling animation time." There are also some media that don’t like it, such as "Movie Country", which means: "This is a meaningless garbage culture animation only for fans."

Old movies: "Neptune" local over 300 million "Upward" has a strong box office stamina.

Warner Bros.’ s superhero movie Neptune has entered its fifth week. After the weekend, the film’s box office outside North Captain America: Civil War has reached 759 million US dollars, surpassing’s 745 million US dollars, and the local box office has also exceeded 300 million US dollars. At present, the film’s global total box office is 1.063 billion US dollars, which is still 3 million US dollars short. Amber Heard’s Neptune can surpass Johnny Depp’s highest-grossing Pirates of the Caribbean: The Coffin. At the same time, Aquaman is also the movie with the strongest box office stamina after Teenage Mutant Ninja Turtles: The Age of Mutations in 2014. It is expected that Aquaman will have a good room for growth before The Lego Movie 2: The Second Part and Listen to Men’s Hearts come out on February 8.

In the following week, Upward Bound kept quite steady, with the box office of $15.6 million in three days over the weekend, which was only 23% lower than that in the first week. Earlier, many films in kevin hart fought bravely in Martin Luther King’s weekend, such as the above-mentioned Sasaki Brothers, Customized Best Man and Sasaki Brothers 2, and so on. This time, Upward Bound was opened in this schedule one week ahead of schedule. At present, the total box office of Upward is US$ 43.98 million. As long as it exceeds the US$ 48.7 million of Supersize Beauty last year, it will become the third domestic box office of STX Entertainment after bad mother and Christmas of Bad Mom. Sony’s Spider-Man: Into the Spider-Verse currently has a global box office of US$ 322 million, which has surpassed The LEGO Batman Movie’s US$ 311 million. The production cost of Spider-Man is US$ 90 million.

This week’s preview: Adventure "King Boy" Playing through the thriller "Quiet" arouses expectations.

This weekend (01.25-01.27), Fox’s youth movie "King Boy" and Matthew McConaughey and Anne Hathaway’s crime thriller "Quiet" will be widely opened in North America.

Fox’s "The King’s Boy" tells the story of a little fat boy, Alex, who accidentally pulls out and passes on the "sword in the stone" mentioned by H. As a destined little hero, he needs to unite his friends and the legendary wizard Merlin to fight against the eccentric witch Morgana. This is a story from modern times to legend, which will be opened in more than 3,400 theaters in North America this Friday. The crime thriller "Quiet" starring Matthew McConaughey and Anne Hathaway was postponed from last October to this week. It tells the story that Baker Dill, the captain of a fishing boat, received a request from his ex-wife Karen to help her kill her violent current husband. Karen’s appearance was forgotten in Jandyr, but in fact, the current situation is also city by the sea. The film will open in more than 2500 theaters this Friday.

Li Hui, deputy of the 19th National Congress and secretary of Yongzhou Municipal Committee of Hunan Province, was interviewed by CCTV reporters.

　　Cctv news(Reporter Tang Shiying, Liu Chunyu, Li Wenxue) "Since the 18th National Congress of the Communist Party of China, our urban and rural appearance has undergone gratifying changes. For ordinary people, the sense of gain is getting stronger and stronger, and there have been great changes in eating and living, and the smiles of ordinary people are brighter!" Li Hui, deputy of the 19th National Congress and secretary of the Yongzhou Municipal Committee of Hunan Province, said that it is the duty of a local responsible comrade to study the report of the 19th National Congress carefully. "After I go back, I will pass the voice of the party to every party member at the first time."

　　Yongzhou City is located at the source of Xiangjiang River. In recent years, Yongzhou City has actively integrated into the development mode of "green development and green life". The excellent air quality rate has reached more than 90% all the year round. From January to September this year, the excellent air quality rate ranked first in the province; The city’s forest coverage rate reached 64.7%, with 8 national forest parks, 8 national wetland parks and 4 national nature reserves; The city’s surface water environmental function zones, drinking water sources and urban centralized drinking water sources have reached the standard rate of 100%. Up to now, the water quality of the Xiangjiang River has maintained the Class II water standard for 64 consecutive months, realizing the "Xiangjiang River going north and flooding the river". Ecological advantages and green advantages are accelerating into development advantages.

　　Deputy Li Hui said that the changes and development of Yongzhou in recent years are due to the "four persistences" and the insistence on green development as the top priority. During the "Thirteenth Five-Year Plan" period, the city deployed 83 key ecological and environmental protection projects with a total investment of 104.2 billion yuan; Adhere to the ecological red line as the bottom line of politics. In recent years, Yongzhou City vetoed 72 projects to be stationed, with a planned total investment of more than 10 billion yuan; Insist on industrial transformation as a fundamental solution. Since 2015, Xiangjiang Paper, which has a history of nearly 60 years, has been shut down and transferred with an annual output value of nearly 1 billion yuan and a tax revenue of more than 100 million yuan. Adhere to the ecological accountability as a sharp weapon, strictly fulfill the "one post and two responsibilities", take the construction of ecological civilization and ecological priority development as the key contents of the "potential performance" assessment, and include them in the performance assessment of leading bodies and the assessment of leading cadres’ execution, so as to lead the green development with the assessment of "baton".

Li Hui, secretary of Yongzhou Municipal Committee of Hunan Province, accepted an exclusive interview with CCTV reporters.

　　It is such a series of measures that make Yongzhou’s ecological management and protection come to the forefront of the whole province and even the whole country.

　　The report of the 19th National Congress of the Communist Party of China made a new plan of "accelerating the reform of ecological civilization system and building a beautiful China". Deputy Li Hui said that the concept of "Lucid waters and lush mountains are invaluable assets" should be firmly established, and ecological protection and economic and social development should be planned and deployed together.

　　Yongzhou will conscientiously implement the spirit of the 19th National Congress of the Communist Party of China, insist on guarding the green mountains with an iron fist, promote green upgrading with industrial upgrading, write a green answer sheet with reform and innovation, and cultivate green development with green culture to ensure that Yongzhou has bluer sky, clearer water and greener mountains.

　　Deputy Li Hui said that in the next step, Yongzhou will also vigorously implement the strategy of "innovation leading the rise of openness", focus on building "a new highland of innovation and opening up, a new Yongzhou with quality and vitality", highlight the "six major battles" and strive to achieve "four upgrades". Strive to reach the forefront of the province’s second phalanx in comprehensive economic strength by 2022, with an average annual growth rate of 9%, reaching about 350 billion yuan and a per capita GDP of 10,000 US dollars; The total fiscal revenue increased by 15% annually, and the total amount doubled compared with 2017, exceeding 35 billion yuan; The per capita disposable income of urban residents is close to 50 thousand yuan, and the per capita net income of farmers exceeds 15 thousand yuan; It will be built into an inter-provincial regional central city of Hunan, Guangdong and Guangxi, a national civilized city, a national garden city, a national global tourism demonstration city and a world shoemaking capital.

Air-conditioning, watermelon, and WiFi are essential for summer homes.

Online classes, playing games and watching videos have become the daily life of friends.

Recently, there is a small partner private letter Xiaobian.

I found that my mobile phone traffic was "secretly running"

"The mobile phone is clearly connected to WiFi for 24 hours.

Why do you still generate traffic data? "

In order to protect the "money bag" of friends.

Xiaobian, this will reveal the secret for you.

Two misunderstandings

1. Some friends think that after the WiFi connection is successful, there is no need to turn off the data traffic. In fact, when the WiFi signal is unstable, it is still possible to consume traffic.

2. Some friends think that the mobile phone is still running traffic when connected to WiFi, which is either a problem with the mobile phone or a bug in the traffic. In fact, there is a problem with the mobile phone traffic settings.

1. When the WiFi is unstable or disconnected, the mobile phone may switch back to the 2G/3G/4G/5G network by default;

2. Some public WiFi has a time limit and will automatically switch back to the data network after the use time is over;

3. Due to the problem of mobile phone settings, WiFi； connection failed;

4. Some mobile phone systems will automatically switch to the data network when the WiFi connection signal is weak.

solution

1. Turn off the mobile data when connecting to the WiFi network.

2. Many smart phones will automatically open the data network when the WiFi signal is weak by default, so we’d better turn this function off.

Android system (take Huawei mobile phone as an example): Click "Settings-WLAN-WLAN+"to close it.

IOS system (for example, iOS9 and above): Click "Settings-Cellular Network-WLAN Assistant" to close it;

3. When the mobile phone is set to WLAN connection disconnection, it will prompt to use mobile data connection, such as Android system (taking Huawei mobile phone as an example), and click "Settings-Mobile Network-Mobile Data-Advanced-WLAN/Mobile Data Connection Switching Prompt-Prompt to Use Mobile Data Connection".

Today’s mobile phone traffic secrets are shared here!

Have you learned?

If you find it useful

Original title: "Traffic is" sneaking "? The truth is coming … "

Read the original text

　　editorial comment/note

　　As International Consumer Rights Day, on March 15th every year, all kinds of anti-counterfeiting activities attract the most attention. As consumers, we can complain about rights protection if we eat fake food or buy fake goods; But when we enjoy "spiritual food" and watch "fake movies or TV", can we only admit that we are unlucky and have no recourse?

　　After all, in today’s film and television industry, we have become accustomed to data fraud. In 2016, ip man 3 was found by the regulatory authorities to have a fake box office of 32 million yuan and a box office purchased by the publisher of 56 million yuan; Monster hunt, which set a box office record in 2015, was even more because of the falsification of data, which led the authoritative foreign box office website Box Office Mojo to announce that it would no longer provide box office data of China film market, because it lacked "consistent and accurate" data sources.

　　The TV industry can’t be immune to it. It is reported that the current price of purchasing ratings has climbed to 300,000 to 500,000 yuan per episode, and a satellite TV channel needs to pay 4 billion yuan for ratings fraud throughout the year. In such a big environment, it is no wonder that consumers always suspect that they are watching fake movies or fake TVs that are different from others when watching movies with box office exceeding 100 million or TV dramas with top ten ratings.

　　Truth | law

　　Liu Junhai (Professor, Law School, Renmin University of China)

　　Film and television works are also regulated by the Consumer Protection Law.

　　Beijing News: As consumers, should the audience get some protection when consuming spiritual products? In an environment where fake data is rampant, are we considered to be infringed?

　　Spiritual products are also commodities. It also applies to market rules, including supply and demand rules, so it is completely adjusted by the Consumer Protection Law, which means that the goods and services adjusted by the Consumer Protection Law include film and television works.

　　Therefore, consumers of film and television works certainly enjoy the right to know, the right to choose, the right to fair trade and the right to security. If some cinemas and website platforms falsify and deliberately use water injection data, brush data and box office water injection, this actually constitutes fraud. According to the provisions of the Consumer Protection Law, consumers have the right to ask for a refund of 100 yuan if they buy a ticket with 100 yuan. Pay another 300 yuan.

　　Only in this way can we exert punitive damages, severely punish the faithless, fully compensate the victims and the audience, effectively motivate the rights-defending audience, warn the film and television industry, and at the same time, make things clear.

　　The untrustworthy in the film and television industry should pay the economic price.

　　Beijing News: Zhao Dongling, deputy to the National People’s Congress and screenwriter, suggested that criminal law should be used to punish plagiarism, box office water injection and data brushing. Is it realistic to rely on imprisonment to solve any chaos?

　　Although I am in favor of severe punishment for chaos and severe medicine for furuncle, "severe punishment" and "severe medicine" are not limited to criminal responsibility More importantly, it should activate civil liability. As long as the injured audience gets real money compensation, and the counterfeiters and faithless people really pay the economic price they are unwilling to bear, the effect should be very good.

　　We often say that the market has eyes and the law has teeth. To polish the eyes of the market, it also includes letting consumers pay more attention to their wallets when choosing demonstration works, and rationally choose their favorite film and television works; Temper the teeth of the law, including traditional civil liability, administrative liability, criminal liability, and the current credit sanctions mechanism-not only embarrassing, but also a breach of trust is limited everywhere.

　　In addition, to regulate the chaos in the film and television market, it is necessary to innovate the joint punishment mechanism for dishonesty. For example, when the producer or director of a broken promise works and other creative works reinvest and shoot other films in the future, the competent authorities will know fairly well-permission is troublesome, not to mention applying for relevant loans, participating in the government procurement market, participating in the "Five One Project" and so on, and I am afraid that they will all be missed in the future-equivalent to our court’s handling of "Lao Lai". Let the untrustworthy pay the price and let the honest get the pass. Only in this way can film and television works release positive energy and clear hidden rules.

　　With the improvement of people’s living standards, people have more and more demand for excellent film and television works. In fact, a good work is not a big hit, and it is not necessary to adopt dishonest marketing methods such as thirty-six schemes and larded studies-artists should have a conscience. Moreover, the problem of video data fraud should not be paid attention to until March 15 th Consumer Protection Day. This is a big problem related to the sustainable development of our film and television industry and market. My idea is to create an "audience-friendly" China film and television market, which can be truly shared by all creative parties and ordinary audiences.

　　False | data

　　Lv Yuxiang (teacher of Tsinghua University School of Journalism and Communication)

　　Video data should be supervised, and it is also important for the audience to improve their literacy.

　　Beijing News: During the two sessions, issues such as water injection and data brushing at the box office of film and television dramas were raised by many members. Can this problem be solved by technology?

　　For example, some data platforms can filter out some abnormal data through algorithms. This has long been technically realized. It is not difficult to find false data. The question is, who will make it public? Doing these things requires costs, and it can be done once or twice. In the long run, no one (or institution) will be able to afford it.

　　Data platform is a part of the market, so this problem is not only a matter of data platform, but also a market means. Practitioners are just driven by interests and take advantage of some loopholes that can be exploited. Moreover, no algorithm is perfect, and there will be defects. As long as there is demand in the market, there will always be some people who use it to achieve market goals. This is an industrial chain, but the problem will never be solved by criticizing them without guiding the audience-that is, improving the audience’s aesthetic and ability to distinguish between good and bad.

　　The data platform is not monopolized, and its influence is different.

　　Beijing News: Some members suggested that "monopoly should be broken, and new statistical methods such as real-time ratings should be introduced to realize a scientific system in which multiple ratings survey modes coexist." Can you explain it in detail?

　　In fact, operators, broadcasting systems and media platforms now have their own databases, which may cause other contradictions once they are made public. Official data, such as some ratings survey companies, are actually very few samples in different cities. Using such a small sample to interpret a problem in a large range can reflect a trend, but this sample cannot be used to delve into specific details.

　　If you think that the scoring and box office data of the open platform are very watery, there is actually not only one platform. Some research institutions also have their own monitoring, but their data are generally not completely open and have little influence, but some professionals may refer to them.

　　Can’t rely on the regulatory authorities for everything.

　　Beijing News: Can we rely on the government to establish a third-party data platform to control video data fraud?

　　This goes back to the first question. If the government leads, the government will invest money to be a platform or invest manpower to supervise. Who will this money be invested in? Is it necessary to create a new position? Personally, I don’t think we can let the government do everything, and let the market run and solve it when there is a market mechanism. As far as this issue is concerned, the official responsibility-whether the government or the media-should be to remind the audience not to blindly trust the data. If you know that the fraud is serious, the content itself is not good. As an audience, you should not watch it. This is a personal media literacy problem.

　　In a word, we can’t let the government solve all the problems while calling for decentralization. The establishment of a third-party data platform is not necessary to increase the workload of the management department-and it may not be done well.

　　What can you do if you find "false ratings"?

　　department responsible for the work

　　The Film Industry Promotion Law, which came into effect on March 1, 2017, stipulates that if film distribution enterprises and cinemas make false transactions, falsely report sales revenue, etc., disrupting the order of the film market, the film authorities of the people’s governments at or above the county level shall order them to make corrections, confiscate their illegal income, impose fines according to specific circumstances, and may take measures such as ordering them to suspend business for rectification and revoking their licenses according to the seriousness of the circumstances.

　　consumer

　　According to China’s Law on the Protection of Consumers’ Rights and Interests, business operators should provide consumers with information about goods or services truthfully and comprehensively, and must not make false or misleading propaganda; Consumers also have the right to report and sue acts that infringe on consumers’ rights and interests. Therefore, when we meet relevant operators and use false data in the process of film and television promotion, we can not only write film reviews truthfully, but also report them to relevant departments. □ Xiaoxiao (Master of Laws)

　　CCTV News recently reported on the safety investigation of self-heating hot pot.

　　You don’t need fire or electricity, just add a bottle of water, and you can enjoy the hot pot … … Nowadays, the so-called "lazy people cook their own hot pot" has quietly become popular, and some brands have also introduced self-heating foods such as rice, noodles and vermicelli. However, in the investigation, the reporter found that although the self-heating convenient hot pot is delicious and fast, there are certain safety hazards. The heating package of self-heating food is flammable and explosive, so consumers should be very careful when using it, and it is not allowed to take it by train or plane.

　　What is a self-heating hotpot?

　　Self-heating hot pot does not need fire or plug in electricity, and it is mainly composed of ingredients, an ingredient pot, a pot cover, an outer pot and a heating bag. The heating principle is to use the substance in the heating bag to contact with water to release heat, so that the temperature of the food in the upper food pot increases after absorbing heat. Besides self-heating chafing dish, it is also called micro chafing dish, clear boiled chafing dish and self-cooking chafing dish.

　　This product, which first appeared in Wechat business’s circle of friends, attracted more and more catering and food companies to join. From making hot pot bottom materials to chain hot pot restaurants, many companies have started self-heating small hot pot business. Even a good shop that makes snacks sells self-heating hot pot in its own Tmall flagship store. Now go to e-commerce platforms such as Tmall and JD.COM to search for "self-heating hot pot", and at least nearly 30 brands will appear.

　　Eat a hot pot and call the police!

　　However, there is no small safety risk in this convenient hot food. The reporter noticed that there are many reports on the Internet that the alarm will give an alarm when the self-heating hot pot is used, and consumers have sent the video that triggered the continuous alarm of the gas alarm when using the self-heating hot pot to the short video platform.

　　Consumer Xiao Chen has been afraid to eat self-heating hot pot at home since it caused the gas alarm to call the police. According to reports, she was operating in the kitchen according to the instructions. After the lid began to steam, she planned to go back to the house for a while, but before she left the kitchen, the gas alarm suddenly rang.

　　"At that time, I was shocked. I was afraid of gas leakage and specially called the gas company. The other party said that the gas did not leak after the door-to-door inspection." The inspectors said that it may be caused by the self-heating chafing dish, because the gas alarm will only give an alarm when it detects that carbon monoxide exceeds the standard, which may be caused by the gas released when the self-heating chafing dish is heated.

　　In addition, consumer Xiao Li told reporters that once he ate self-heating rice on the glass coffee table at home, the vent hole on the lid of the box just burst, and he heard a bang, and the corner of the glass coffee table burst, causing the rice to spill all over the floor.

　　The reporter bought a box of self-heating hot pot at random. After unpacking, first put the hot pot bottom and all the ingredients into the lunch box and add cold water. Then tear off the outer bag of the heating package and put it in the bottom box, and add cold water without heating the package. Place the food box on the heating bag, open the vent hole on the closed cover and cover the hot pot tightly. After a few seconds, steam will be ejected from the vent hole. After a few minutes, the sound of boiling water will be heard in the box, and the box will expand and deform when heated, and the high temperature can be felt near the lunch box. After more than 10 minutes, the box gave out a bang, and then the gas alarm at the reporter’s home rang. Turn off the gas alarm and wait for a few minutes, open the airtight cover, and high-temperature steam will blow on my face. In the process of eating, the self-heating hot pot has always maintained a high temperature. After eating for an hour, the outside of the lunch box still feels hot.

　　The manufacturer said this.

　　Why does the alarm continue to alarm?

　　So, what is the reason that causes the gas alarm to alarm continuously? The reporter dialed the telephone number of the manufacturer of the heating package. "When the heating package heats up, it will produce a small amount of hydrogen, because hydrogen will cause the smoke sensor to alarm." The person in charge of a heating package manufacturer said. Hydrogen is a combustible and reducing gas. Pure hydrogen burns quietly in the air, while impure hydrogen may explode when it burns.

　　Is it dangerous to generate hydrogen in the heating package?

　　However, in view of the hydrogen generated during the reaction of the heating package, the personnel of the manufacturer claimed to the reporter that "there is absolutely no safety hazard".

　　The person in charge of a heating package manufacturer told the reporter: "It doesn’t matter. If that thing is dangerous, it can’t be so hot in the market. Don’t think it’s so dangerous, it’s not so dangerous, and big companies are doing it."

　　safety test

　　1 In a confined space, the heating package has the risk of deflagration.

　　The manufacturer of the heating package said that there was absolutely no potential safety hazard. However, reports about the alarm of the self-heating food appeared from time to time. Then, is there a safety hazard after the heating package reacts with water?

　　Not long ago, the Shanghai Consumer Protection Committee informed about the testing of 20 self-heating instant hot pot products. The test items include the inspection of appearance and packaging label, the surface temperature of the pot, the gas released by the heating package when it meets water, the secondary water addition reaction of the heating package, the composition and content of the heating package and other indicators. The test results show that all the tested heating packages belong to "substances or mixtures that emit flammable gases when in contact with water".

　　Shang Zhaocong, executive deputy director of the National Chemical Product Safety Quality Inspection Center, told the reporter: "We have done a lot of experiments, and basically each heating package can generate about 40 liters of hydrogen. The combustion limit of hydrogen in air is 4% to 75.6%. Of course, there are other closed or semi-closed conditions, such as inside the car, which will have similar risks. "

　　You should also be careful when eating hot pot together on the tourist bus.

　　Not only the self-heating food may bring the risk of deflagration when it is used in a closed space, but also it has great safety hazards when it is used intensively in some public places.

　　Xiao Qiuping, assistant director of the National Chemical Products Safety Quality Inspection Center, said: "For example, many tourists don’t know that hydrogen will be generated during the driving of tourist buses and long-distance buses. The large-scale use of self-heating hot pot may lead to the accumulation of hydrogen in vehicles, especially in summer, when the air conditioner is turned on, and the whole compartment is in a closed environment. In this case, if the lower explosion limit concentration is reached and a little fire source is encountered, a lighter is not needed.

　　3 After using the discarded heating package, there are still potential safety hazards.

　　Experts also told reporters that not only the self-heating products may bring the risk of deflagration after reaching the deflagration limit value of hydrogen in the use process, but also there are safety hazards after using the discarded heating packages.

　　In this experiment, the Shanghai Consumer Protection Committee also submerged 20 sample heating packages in water again. The results show that there are 14 samples of heating packs with different degrees of continuous deflation. The reaction duration is more than 3 minutes, and the longest is 8 minutes.

　　If such a heating package is discarded and meets water in a closed space such as a garbage can, and a little fire source is added, it may burn.

　　Safety warning to be standardized, safety standards to be issued.

　　In terms of product standards, there are currently no national and industrial standards related to self-heating instant hot pot products and heating packages in China. In fact, this unpredictable but possible security risk needs to be clearly reminded before users use it. However, the reporter found that at present, no self-heating product on the market has made a clear warning against these problems.

　　Cai En, director of the Consumer Guidance Department of the Shanghai Consumer Rights Protection Committee, said: "The manufacturer of heating packs should first make further tests and analysis on the components and related proportions of its heating packs, including the weight, to ensure that this heating pack can fully respond and ensure the safety of consumers when using it."

　　In this test, 18 samples of heating packages were marked with main components and corresponding enterprise standard codes. According to the marked main components, it can be divided into two groups: group ⅰ is calcium oxide, aluminum particles and sodium bicarbonate; Group II is calcium oxide, aluminum powder, sodium carbonate and sodium hydroxide. The heating packages of the other two self-heating instant hot pot samples were not marked with ingredients and enterprise standard codes.

　　According to the Catalogue of Hazardous Chemicals (2015 Edition) issued by state administration of work safety and other ten ministries and commissions, "aluminum powder" belongs to hazardous chemicals. In the list of dangerous goods in the United Nations Model Regulations on the Transport of Dangerous Goods, "uncoated" aluminum powder belongs to the listed 4.3 substances that release flammable gases when meeting water; Sodium hydroxide belongs to the listed class 8 corrosive products. When transported by air, calcium oxide belongs to the eighth corrosion product listed in the list. The heating package belongs to the substances listed in the list that release flammable gas when it meets water.

　　According to the classification standard of the United Nations "Recommendations on the Transport of Dangerous Goods Model Regulations", the self-heating instant chafing dish products are dangerous goods in transportation, because of the danger of releasing flammable gas when encountering water.

　　Therefore, China’s civil aviation system has completely banned the carrying of self-heating products on the plane. The regulations on railway safety management issued by Guangxi also clearly stipulate that it is forbidden to use self-heating food on bullet trains.

　　Use reminder

　　Shanghai Consumer Protection Committee reminds consumers:

　　● Read the instructions of the product before use, and operate in strict accordance with the prompts, especially not in closed and narrow environments such as cars, avoiding naked flames, and minors can use it under the guidance of adults.

　　● When using, please pay attention to placing the product on the anti-scalding table, and avoid touching the outer pot to avoid scalding.

　　● After use, the instant chafing dish garbage should avoid massive accumulation or direct contact with water, and be classified according to the regulations of Shanghai Municipal Domestic Waste Management, and the used heating package should be classified and disposed according to harmful waste.

　　Self-heating food raw materials have the problem of nutrient loss.

　　Chen Rong, president of the Nutritionist Association of Heilongjiang Province and a national first-class nutritionist, said that the nutritional value of vegetable raw materials in self-heated food could not be compared with that of fresh vegetables.

　　Comprehensive CCTV, interface news, life newspaper, etc.

Author Liu Yan

Editor Xin Ling

Toutu. com

After a wave of unrest, Gao Wei fell into a storm of public opinion again.

First, it was rumored that the consumer group was "indiscriminately laying off employees". After Gao Yan’s urgent rumor, it was rumored that some of its projects were "frequently looking for buyers", "selling a lot of assets" and "looking for a takeover man" … and then the market conveyed various speculations.

In response to the so-called "selling assets" in the market, Gao Yan responded to the entrepreneurial state and said: "International markets such as Coller Capital and TR Capital are all mature players in the S market. S-transactions are more often about the continuation of assets than the simple sale of assets. In the simplest way, the seller who sells the share is not a VC/PE institution, but a share transfer between LPs. Before and after the asset package transaction, the GP share remains unchanged. That is to say, the so-called’ high-selling assets’, in essence, the share transfer between high-selling LP is not high-selling assets.

At the same time, according to the entrepreneurial state, Gao Yan is also setting up a special S fund team. Gao Wei said: "S trading has two meanings for Gao Wei. On the one hand, it can serve our LP and help the existing LP to better grasp the exit rhythm. At the same time, we are also very optimistic about the investment opportunities in the S market. For the long-term optimistic areas, we can either invest in new shares or intervene in the S fund. We believe that S trading, as a new tool, has great market potential and promotes venture capital. "

Let’s not comment on the deep-seated reasons behind Gao Ling’s trading in S, but from the feedback of the market, do we really know S funds?

The answer may not be.

As far as the incident itself is concerned, "Gao Yi sets up S fund team" has been misunderstood by the market as "Gao Yi sells assets". The so-called "high-selling assets" in the market is actually the share transfer between high-selling "LP", which can make the old LP get liquidity and withdraw early, but high-selling is still the holder of assets, and its share of assets remains unchanged.

When Gao Ying set up the S fund, it appeared as a buyer in the S transaction, and they would buy fund shares, investment portfolios or investment commitments from other investors.

We can see that Gao Ling, as an important weather vane, has begun to focus on the hidden opportunities in S trading.

The fundamental reason why the market has misunderstood Gao Ling’s fund is that many people confuse the concepts of S fund and S trading, and think that S fund is only an exclusive game dominated by LP, and GP with operational problems will passively participate. Even most GPs deliberately stay away from the S fund, which seems to have the label of "disposal of non-performing assets", for the sake of brand protection.

In fact, S trading is a good tool to help GP "make money". More and more foreign GPs take the initiative to use S trading as a tool to solve the problems of raising funds, withdrawing, optimizing LP structure, asset management, adjusting investment strategy and withdrawing cash.

After more than 20 years’ development, this innovative financial instrument has entered a milestone development abroad. The landmark event is that in 2021, the GP-led S transaction exceeded the LP-led transaction scale for the first time, and it showed a sustained growth trend. According to the latest data of Jefferies in the United States, the transaction volume dominated by GP has increased from 35 billion dollars in 2020 to 68 billion dollars in 2021, accounting for more than half of the transaction volume in the S market, among which, the continuation fund (a model in S trading) accounts for the majority. This survey is also verified by Lazard’s data.

Foreign GP-led transactions surpassed LP-led transactions for the first time, accounting for half of the total trading volume in the S market (Source: Lazard).

However, in China, the vast majority of China GPs don’t realize the intrinsic value of S-trading. In most cases, GPs passively participate in S-trading when LP needs to withdraw, and the GP institutions that actively initiate trading are rare. As far as quantity is concerned, there are only a few domestic GP-led trading cases, such as IDG Capital, Kunzhong Capital, Huagai Capital-Shenzhen Venture Capital, Junlian Capital, Xiangfeng Fund and Puzzle Capital.

As a professional buyer, S fund managers generally believe that the risk coefficient of GP-led S trading is higher than that of LP-led S trading, but the return on investment is also significantly higher. This has also become one of the important reasons why the big buyers of foreign mature S funds represented by Kohler Capital actively participate in GP-led transactions.

What is GP-led s trading? When will it become mainstream in China? How can VC/PE managers use it to create more value?

S fund has been known to most GPs. As the market tends to be hot, 2020 is also called the first year of China S Fund. However, many people’s first impression of S fund still stays at the level of "taker" of non-performing assets.

Tracing back to 30 years ago, when S Fund was born abroad, it also had the derogatory color of "disposal of non-performing assets".

"In the beginning, S funds were only used when there were major problems in American funds. At that time, some big GPs would try to avoid having relations with S funds, so as not to be labeled as’ bad’. Now, more and more GPs are actively looking for S funds to cooperate, in order to create more income. At present, the awareness of S funds in the China market in the early stage of development is at most a neutral concept. " Yang Zhan, director of Kohler’s capital investment and general manager of Kohler (Beijing) Private Equity Fund Management Co., Ltd. introduced.

"The fund expires to find the next LP, just as it is common for a girl to find an object when she is older." Executive CEO Li Miao made an image metaphor. She believes that it is absolutely unnecessary for GP to avoid the normal behavior of selling assets or transferring shares.

"Generally, it is very good that 20% of the assets of US dollar funds can be withdrawn through IPO, and a large number of other assets need to be withdrawn through mergers and acquisitions, transfer, repurchase and liquidation." As an early group of S fund practitioners in China, Li Mingming, managing director of Xingnahe Capital, told Entrepreneurship.

"The market has a certain misunderstanding of the S fund. The S fund will not simply buy bad assets, but can look at the underlying assets through cycles and outlets and invest in valuable asset packages. And in general, the return on investment of S funds is higher than that of parent funds, even higher than that of some PE/VC funds, and J curve can be avoided to some extent. " Li Mingming thinks.

"In China, many VC/PE institutions and even the media often confuse the concept of S fund with S transaction, which leads many GPs to wonder whether they should find S fund to receive assets or do S fund, and even narrowly think that only S fund can help GP." Li Miao said.

The main difference between S fund and S transaction is that S fund is one of many participants in S transaction and a part of S market. S fund is a Secondary Fund, which specializes in investing in the private equity secondary market.

For example, there are Kohler Capital and TR Capital abroad, and there are Gefei S Fund, Nuelle S Fund, SIIC Shengshi S Fund (jointly established by Shengshi Investment and SIIC Group) and Shenzhen Venture Capital S Fund in China, which act as buyers in S transactions.

S transaction refers to the Secondary Transaction of private equity, which is commonly divided into two types: LP-led and GP-led.

Among various transaction types, GP and LP have achieved different requirements (source: Executive Middle School).

Most GPs in China are familiar with the LP-dominated trading mode, and most of them are the share transfer between LPs due to liquidity considerations. Because it is difficult to bring increment to the management scale of VC/PE funds, GPs generally have no driving force to actively cooperate with S trading links such as full adjustment and industrial and commercial changes.

What VC/PE in China ignores is that GP-led S transaction usually refers to a transaction in which GP takes the initiative to transfer one or more assets or fund shares to a new fund, and the new fund will continue to be managed by the existing GP or related parties. It is generally divided into various types, such as continuing fund, fund reorganization, late trading and tied trading.

After removing the misunderstanding of S-transaction and S-fund, we further analyze the value of GP-led S-transaction to VC/PE institutional managers.

For GP, what other "money-making" opportunities are implied in S trading?

Generally speaking, passive pressure and active interests are enough to drive more and more China GPs to actively participate in the private equity secondary market. This is Li Miao’s view.

As far as income is concerned, she learned that the income of investment institutions participating in S trading is considerable. "The first income from investing in S shares comes from discount income, but more income comes from the later appreciation of assets. We are familiar with S funds and financial institutions that have participated in the S market since 2021. "

For example, a fund restructuring transaction led by Kunzhong Capital, as the seller, created a 25% DPI for RMB funds. In addition, some investors revealed that the investment return performance of individual market-oriented S funds in China is better than that of mature foreign markets, and they are enjoying the early dividends in China’s S market.

However, the market dividend of S fund for LP share discount transfer will not last forever. "After a wave of market dividends in the downturn of the secondary market in 2018, the share of S in COVID-19 will be rapidly ignited in 2020, because the share of S can accelerate the cash return, reduce the risk of blind pools, and the discount rate will increase the return on income." As a parent fund practitioner for many years, Li Mingming, managing director of Xingnahe Capital, said.

After communicating with her peers, she basically reached a general consensus that the small LP share discount transfer has actually entered a relatively fierce level in China, and the "missing" behavior of buying and selling shares at low prices between LPs is difficult to last for a long time. In contrast, the complex S trading led by GP will gradually become a new trend.

"In the past two or three years, foreign GP-led transactions have gradually increased, and now it has accounted for half of S transactions, of which single assets have more transactions. The reason is not only related to the expiration of many foreign funds, but also because S trading has become one of the important exit paths for foreign M&A funds. Through S trading, M&A funds can retain assets for a longer period of time in order to obtain higher returns. " Kohler Capital Yang Zhan analyzes the differences between China and foreign countries.

Many people said that the two core pain points of fund-raising and withdrawal will force China GP to find more exit ways, and S-trading will gradually become an important supplement to various exit channels such as IPO, M&A and liquidation. This trend is basically consistent with the mature American market of private equity.

Although the multi-level capital markets such as Beijing Stock Exchange, Growth Enterprise Market registration system and science and technology innovation board can broaden the exit channels, the pressure of fund exit is still great, and a large number of funds are entering the liquidation period one after another, and the demand for fund late trading is great. "Looking back at the VC/PE industry in China, it experienced rapid development from 2015 to 2017, during which a large number of market-oriented funds were established with a term of 5-7 years. Now many funds have reached the liquidation period, and LP urgently needs liquidity. In addition, there are many funds that take money from the financial funds with a term of 10 years, and they have also come to the exit period one after another, and the enthusiasm of state-owned assets to participate in S-share trading is getting higher and higher. The stock market of domestic S transactions is very large, with a scale of more than 13 trillion yuan. " Huang Zhenlei, deputy general manager of Beijing Equity Exchange Center, told Entrepreneurship.

Why are "second-hand share" trading opportunities more active in the stock market era?

Kohler Capital Yang Zhan made an image metaphor: "The Beijing real estate market has entered the stock market, and the second-hand housing transactions are active, accounting for the vast majority of the total transaction volume, which is a bit like the reason that the private equity secondary market in China will gradually enter the stock market; The real estate market in Xiong’ an is just the opposite. The real estate development time is delayed in Beijing, and it is still in the era of first-hand housing transactions, and there will be no large-scale second-hand housing transactions for the time being. "

Yang Zhan is optimistic about the market potential of a large number of second-hand shares in China market. Kohler Capital, where he works, is the buyer of the private equity secondary market with the largest investment team in the world, and its investment strategy will also focus on the GP-led market.

Huang Zhenlei of Beijing Equity Exchange Center revealed to Entrepreneurship: "As the first pilot of S share transfer in China, the transaction volume of Beijing Equity Exchange Center has shown a substantial growth trend in the last two years. Last year, the transaction volume reached 1 billion, and it is expected to break through 10 billion yuan this year."

Then analyze the pressure of GP fundraising. Factors such as new asset management regulations, tight financial funds, and financial difficulties of listed companies lead to difficulties in LP’s capital contribution. The situation that LP’s subscribed capital contribution is not in place, LP requires DPI, and fund raising increases the pressure on GP to raise funds.

What is the root cause of the difficulty in raising funds for GP?

Li Miao has different perspectives: "Compared with other asset classes, private equity funds have a long cycle and high uncertainty of investment returns. The core reason is a serious shortage of liquidity. An illiquid asset is lifeless, and S trading can just solve the liquidity problem of private equity funds. Money is the smartest and will flow to assets that can generate returns, so now we can see that a larger amount of funds have entered the private equity secondary market. "

"Despite the existence of market demand and GP pain points, on the whole, the enthusiasm of domestic GPs to actively participate in S trading needs to be improved. Although they are interested in S trading, there are not many real participants. Compared with overseas developed markets, S trading in China market is still in the early stage, and the market space is very large. " Huang Zhenlei of Beijing Equity Exchange Center said.

Judging from the proportion of capital contribution, the main sellers in China S market may be finance, central enterprises, state-owned enterprises and financial institutions, but the buyer’s strength needs to be cultivated, the types of intermediary institutions need to be enriched, and the pricing mechanism for financial state-owned shares needs to be further improved. Judging from the transactions completed by Beijing Equity Exchange Center, although there are occasional packaged asset transactions and GP restructuring, the trading mode is relatively simple, and GP-coordinated LP share trading is still the mainstream.

"A core point is that when the assets invested by GP are really poor, it is not S trading that can solve the problems of withdrawal and fundraising, and the cart before the horse cannot be put". Li Miao reminds some players who want to participate in the transaction.

"Foreign fund managers and investors will use S trading as a tool to adjust their existing portfolios, just like buying stocks to adjust positions." Kohler Capital Yang Zhan said that the frequency of domestic players using S tools is obviously not high.

In addition, according to the observation of many domestic people, a new phenomenon has begun to appear in the China market. When some GPs encounter difficulties in fund-raising, they begin to use S trading tools and promise to sell some assets of new LP or past fund shares at low prices in exchange for the possibility of LP contributing to the new fund, so as to achieve the purpose of fund-raising. This practice of "tying up assets" belongs to bundled transactions.

"Although there are similar binding modes abroad, the thinking logic and original intention are different." Kohler Capital Yang Zhan reminds domestic players.

According to Li Miao, some FA will use Mingchi Continuation Fund when raising funds for GP. "this method is more suitable for new funds or GP that has just come out to raise funds and is being institutionalized. S tool can help GP create DPI performance. In addition, a single old stock and asset package transaction can also be used as a value exchange to create DPI for GP. With DPI, GP will make it easier for the new LP to see its historical performance and raise funds more conveniently. "

In fact, continuing fund and fund reorganization have become a new way of playing individual head GP in China in recent two years. "Asset restructuring seeks to withdraw, and generally packages a number of assets to speed up the withdrawal of funds and release more management energy of GP. It can also adjust investment strategies, turn to other track investments, and even actively optimize the LP structure and absorb institutionalized LP. In addition, you can also make a single project fund share transfer. " Huang Zhenlei of Beijing Equity Exchange Center said.

In China, the fund restructuring transaction known as the first RMB-to-US dollar fund in China is dominated by Kunzhong Capital.

In 2020, Kunzhong Capital packaged and sold seven projects to overseas entities set up by TR CAPITAL, creating a 25% DPI for RMB funds, and the transaction involved about 100 million US dollars. Through this S transaction, Kunzhong Capital completed the withdrawal of some RMB assets, and at the same time realized the raising of the first US dollar fund of Kunzhong Capital. Also completed the RMB-to-US-dollar fund restructuring transaction is Unconfused Capital, with the transaction scale exceeding 100 million US dollars. It can be seen that the GP-led S transaction can realize dual-currency conversion and solve the fundraising problem smoothly.

Kunzhong Capital Dollar Fund Reorganization Transaction Chart (Source: Guangchen Consultant "Ten Thousand Folds Must Be East")

Guangchen Consultant stated in "Ten Thousand Folds Must Go East" that Kunzhong Capital achieved a win-win situation among the three parties through this transaction. First of all, the original LP achieved considerable DPI through this transaction, which improved the overall cash performance of the fund in 2016; Secondly, the new LP has obtained the potential appreciation space of assets in the future; Thirdly, RMB LP helped GP upgrade to a dual-currency GP with more brand influence, paving the way for GP to enter the US dollar fund market for future financing.

In September, 2020, IDG led the completion of the S-fund restructuring transaction with NAV (Net Fund Share) exceeding USD 600 million, which became the largest publicly disclosed S-fund transaction in the history of China at that time.

This typical GP-led S-trade has injected a shot in the arm into the S-market. In the transaction, IDG packaged the portfolio of one of its RMB funds that has not been withdrawn into US dollar funds, involving more than 10 projects, and the buyer was a consortium led by Harbour Vest, an international parent fund management agency.

According to the observation of Entrepreneurship, the S transaction led by IDG capital is relatively active. At the beginning of this year, the largest single paid-in "QFLP+S" fund was established in Wuxi, which is also the first cross-border S fund of IDG to complete the payment.

Let’s look at the first publicly available large-scale RMB GP-led fund share restructuring transaction in China, with Huagai Capital as the leading party and Shenzhen Venture Capital S Fund participating as CO-GP.

The scale of this S fund is 800 million yuan. As the first RMB-structured reorganization and continuation fund in China, Huagai Capital has packaged many star projects such as Fuhong Hanlin. Through this continuation fund, Huagai Capital further enlarges the value of the portfolio, prolongs the holding period of star assets, and thus improves the return on investment.

In addition, Junlian Capital also completed a typical GP-led medical continuation fund transaction in 2021, with a transaction scale of US$ 270 million. Among them, one of the important buyers of the transaction is Kohler Capital. Prior to this, in February 2020, Junlian also completed a $200 million continuation fund transaction.

Junlian Capital’s $270 million medical and health continuation fund transaction chart (Source: Zhongzhong)

Vilen, managing director of Xingnahe Capital, suggested that GP should have strong resource control ability, and it is best to find a professional intermediary or professional buyer to cooperate. Generally, GP may find it difficult to copy the existing gameplay of other GPs.

As one of the earliest S-trading practitioners in China, vilen thinks that the current S-market in China may not be as lively as most people feel. After all, the S-market in China is in its early stage, and the professionalism of the buyers and sellers involved in the transaction is extremely high. "S-trading is highly complex, the trading process is complex, the water is deep and there are many pits, so participants need to be cautious, otherwise there will be many potential risks."

Finally, many senior people said that there will be special trading opportunities and market dividends when the secondary market is depressed. 2022 is undoubtedly a good opportunity for S fund buyers to buy excellent assets, but it is not necessarily a good time for GP to sell assets.

If you are right"s trading topic"Interested, welcome to add the author’s WeChat communication (ID: ID：i20130214).

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　　Cctv news Recently, with the theme of "improving the emergency response ability and keeping the bottom line of safety and stability", the second class of the 65th Middle School of the Party School of Zhengzhou Municipal Committee held a student forum on how to improve the emergency response ability of young and middle-aged cadres. During the activity, 15 students’ representatives exchanged speeches, and Deng Yunqi, director of the cadre planning office of the Organization Department of Zhengzhou Municipal Committee, made a summary comment.

　　At the forum, all the students spoke from different perspectives and fields closely around the theme, combining their work practice and learning experience. Students communicate from the practical level, explain their views from the industry field, express their views from the perspective of "learning from practice", and solve the problem of emergency response ability of young and middle-aged cadres with "understanding thinking".

　　The atmosphere at the forum was warm, and "flash" suggestions emerged one after another. The speeches included both theoretical explanations and case analysis. There are both problems and countermeasures; There are both experiences and lessons. Through this forum, the students exchanged ideas, enlightened their wisdom, tested the learning effect, and embodied the purpose of applying what they have learned to promote learning.

　　Deng Yunqi fully affirmed this student forum. He believes that the forum is well-prepared, well-organized, and has a strong atmosphere. All the students have made in-depth thinking based on their own job responsibilities and professional fields, and made speeches from different dimensions and perspectives. He expressed the hope that everyone will cherish the learning platform of the party school, take everything and every activity seriously, calm down, think deeply, discuss and communicate, improve their ability in all directions, lay a solid foundation for future work, and live up to the trust and cultivation of the organization.

Early Indian films:

"Caravan" warms a generation in China. The episode of "Wanderer" is widely sung.　

　 　 Indian films have a long history with China audiences. In 1955, The Wanderer directed by Raj Kapoor was translated by changchun film studio and premiered in China, becoming the first film to introduce China. The film was re-released in China in 1978 and swept the country. The episodes "Song of Raz" and "Song of Rita" were widely sung. Since the reform and opening up, a large number of Indian song and dance love movies such as Caravan, Nuli and Cinnabar Love have entered China, especially Caravan, which has a far-reaching influence. aruna irani’s dance and Lata’s singing have warmed the hearts of a generation. After entering the new century, Hollywood movies are coming on a large scale, and Indian movies, together with movies from other countries, are gradually pushed to the edge, which leads to the China audience’s impression of it not being updated in time. All this will be improved with the signing of the China-India film cooperation agreement in 2014.

　 　　At the beginning of its birth, Indian films were dominated by myths and ancient themes, such as King Harish Chandra, Salandri and Light of Asia. In 1931, India’s first sound film "Aram Allah" appeared, interspersed with 10 songs and several dance scenes, which was a great success, and then set off a wave of musical production. Because Indians have a special liking for song and dance performances since ancient times (classical Sanskrit dramas and various folk dramas carry a large number of song and dance performances), and singing and dancing are also a part of their daily life, song and dance passages have since become an indispensable element of Indian films, and the films with wide influence include Wanderer, Caravan, Warm and Warm People, Bollywood Love for Life and Death and so on.

　 　　Nevertheless, there are still many different kinds of films in the history of Indian film. In 1930s, Indian filmmakers studied western artistic techniques and made many films to explore social problems. After the victory of World War II, films such as Doctor Kodi Hua by Sendaram and Son of the Earth by K·A· Abbas represented the rise of Indian national films. In the 1950s and 1960s, satya Kit Rey, BimalRoy and others started the Indian "New Film" movement, focusing on subjects closely related to the people, and won international prizes one after another. This tradition was inherited by "neo-realism" and "social school" writers and lasted until the 1980s and 1990s. Later, historical films and action films with high entertainment value, such as Ashoka and Terrorists, caused great waves in India.

　 　 We often refer to Indian movies as Bollywood movies, but this is not an accurate name. The word "Bollywood" is a combination of "Hollywood" and the first letter of Mumbai’s old English name "Bombay". At first, it refers to the film production base in Mumbai, while "Bollywood film" refers to Hindi films produced here. Indian film industry is composed of Hindi films, Tamil films, Bengali films and other production bases. After the rise in the 1920s and 1930s, the short-lived crisis during World War II, the post-war prosperity, the depression in the 1980s and the resurgence in the 1990s, it has exerted great influence on the culture of the Middle East, Africa, Southeast Asia and even the whole world.