How to wake up the Xiaomi speaker, how to wake up the Xiaomi speaker [detailed explanation]

  In the current audio market, the function of Xiaomi Audio is deeply loved by many people, because Xiaomi Audio comes with artificial intelligence, allowing us to have a very good experience when using the audio. So how can Xiaomi Audio wake up Xiao Ai? Here’s how Xiaomi Audio wakes up Xiao Ai.

  The specific methods are as follows:

  1. First, press and hold the power button to turn on the Xiaomi stereo.

  2. After long pressing to turn it on, you will hear a ding dong sound and a green light flashing.

  3. Then shout "Xiao Ai" into the Xiaomi stereo to wake up Xiao Ai.

  4. If the Xiaomi speaker cannot be Keyword Spotting, it may be that the network is disconnected. You can reconfigure the network or reset the speaker.

  The above is how Xiaomi Audio wakes up Xiao Ai. Friends who don’t know can operate through the above steps. I hope it will be helpful to you.

126,900 Chery Tiggo 8 Pro was officially listed.

  [New Car Listed in car home] On May 18th, Chery Automobile’s (|) family was officially listed.The new car has launched a total of 9 models.Fuel version modelThe price range is 126,900-171,900 yuan.The new car is young and dynamic in appearance and richer in configuration. There will be 5-seat and 7-seat space layouts and 1.6T and 2.0T engines to choose from. See the table below for detailed models:

Tiggo 8 PRO Guide Price motive force car make and model Price (ten thousand yuan)

290T

1.6T+7DCT

Deep Space Edition (5 seats /7 seats) 12.69 Sky Edition (5 /7) 13.39 Vast edition (5 seats /7 seats) 14.19 Storm Edition (5 seats /7 seats) 15.19 Star Edition (5 seats /7 seats) 16.19

390T

2.0T+7DCT

Sky Edition (5 /7) 14.39 Vast edition (5 seats /7 seats) 15.19 Vast version of four-wheel drive (5 seats /7 seats) 16.19 Storm edition four-wheel drive (5 seats) 17.19

Home of the car

Home of the car

Home of the car


★ New car features

Chery automobile tiggo 8 PRO 2022 290T two-wheel drive vast edition 5 seats.

  Externally, the new car only adopts a large-size front air intake grille, and is equipped with a dot-matrix mesh structure. The headlight groups on both sides are integrated with the front grille and connected by a chrome-plated decorative strip to form a through design. The front sides of the new car are also surrounded by polygonal heat dissipation openings, and the interior is equipped with horizontal LED daytime running lights.

Chery automobile tiggo 8 PRO 2022 290T two-wheel drive vast edition 5 seats.

  On the side of the car body, the new car adopts the standard SUV body structure. The front and rear fenders protrude slightly from the car body, and the whole side lines are relatively flat. Together with the chrome-plated decorative strips under the car door and the large-size rims with dense spokes, it shows the fashionable and dynamic side of the car. In terms of body size, the length, width and height of the new car are 4745/1860/1745mm and the wheelbase is 2710mm respectively.

Chery automobile tiggo 8 PRO 2022 290T two-wheel drive vast edition 5 seats.

  On the tail side, the new car is equipped with a roof spoiler, and the taillights adopt a through design, and the array shape of the internal light group is highly recognizable after lighting. In addition, the new car also adopts the exhaust design of four outlets on both sides, and surrounds the rear diffuser decorative panel in the middle after cooperation, so as to further enhance the dynamic effect of the vehicle.

Chery automobile tiggo 8 PRO 2022 290T two-wheel drive vast edition 5 seats.

  In the interior part, the design style of the overall center console of the new car refers to the previous design idea of Chery OMODA 5, and the double screen design with a size of 24.6 inches is particularly eye-catching. The new car is also equipped with the W-HUD head-up display function developed by Chery, which can display the speed, dynamic ADAS, navigation, telephone and other forms, and can also make the user’s line of sight more focused, which is conducive to safe driving. In addition, the Tiggo 8 PRO is also equipped with SONY luxury 10-speaker surround sound, as well as a full-fledged atmosphere light group.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  In terms of space, as a seven-seat model, the performance of the interior space of the Tiggo 8 PRO car is acceptable, and the design of hollowing out the back of the front seat gives more room for the second row of legs, which better ensures the seating space of the third row of passengers, and the performance of storage space is more conventional.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  In terms of power, the new car will be equipped with a pure fuel vehicle with a 1.6TGDI/2.0TGDI engine and the latest Chery Kunpeng DHT hybrid system. Among them, the 1.6T turbocharged engine has a maximum power of 197 HP and a maximum torque of 290 Nm. The maximum power of the 2.0T engine is 254 HP and the maximum torque is 390 Nm. Both power versions are matched with a 7-speed dual-clutch gearbox and a four-wheel drive system is available.

  In the future, the new car will also be equipped with Chery Kunpeng DHT hybrid system, which will provide "3 engines, 3 gears, 9 modes and 11 speeds" with "CHERY AWD" Chery all-scene intelligent control four-wheel drive system, so that the new car has six all-scene road modes including economy, ordinary, sports, camping, skiing and cross-country.

★ Test drive review

  Previously, we have tested the 2.0T model version (the test-drive version, and the test drive experience does not represent the final production version). The engine parameters of this model are 254 HP and 390 Nm, which are in line with the 2.0T high-power engine of the first-tier manufacturers, but there are still some gaps in the actual experience. Mainly reflected in the power output process is not linear enough, and the low torsion performance below 2000rpm is weak. In addition, the stroke of the accelerator pedal is relatively long, and there is still a little empty position in the initial stage, which leads to the need for more accurate control of the ankle when following the car at low speed, otherwise the power will suddenly break out after the speed exceeds 2000rpm, and it is easy to go forward.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  But if you are the kind of driving style that you must rush out first, then the performance of this engine will definitely satisfy you, skip the initial fatigue and go straight to the power sweet zone, and this momentum can continue until 5000rpm. Even if the cruise state suddenly accelerates, it can be done in one go, don’t believe you look at the test results.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  For dual-clutch gearboxes, the attitude of China brand is mostly to keep comfort and abandon shift speed, and Tiggo 8 PRO is no exception. According to the standard of a family car, its performance is qualified, and the selection of gears and the switching between gears during stop-and-go can be smooth and natural, without any obvious frustration and hesitation. It’s just that in the face of sudden high power request, the speed of downshifting is not fast, and it’s not decisive enough. It can’t be lowered to the right gear at once, and sometimes it needs to be replenished.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  The chassis does not adequately filter small bumps, and it is also sensitive to the feedback of road information, and there will be redundant jumping when passing through potholes and speed bumps. But if you insist, it doesn’t count. After all, there is no strong impact transmitted to the car. The long-stroke suspension is not well restrained when facing the roll, and the response of the car body is also lagging behind. Generally speaking, it is comfort and movement, and both sides are not in place, giving people a very general sense of texture and advanced feeling.

Chery Automobile Tiggo 8 PRO 2022 Basic Model

  In general, the driving texture of the Tiggo 8 PRO is not as young as it looks, coupled with the high sitting posture and fuzzy steering wheel directivity, it still has a strong sense of "middle age". According to the data released by the manufacturers, the proportion of owners of Tiggo 8 over 36 years old is 56%, and that of Tiggo 8 PLUS is 40%. The main car buyers of Tiggo 8 PRO in the future will definitely be middle-aged, so this driving experience is in line with their car demand.

★ Model history

Chery tiggo 8 2021 kunpeng version 290TGDI automatic wind-driven version

Tiggo 8 Kunpeng Edition

Chery Automobile Tiggo 8 PLUS 2022 Kunpeng Edition 390TGDI DCT Passionate Edition+

Tiggo 8 PLUS』

Chery Automobile Tiggo 8 PRO 2022 Basic Model

Tiggo 8 PRO』

  The Tiggo 8 PRO is the third model of the Tiggo 8 family. At present, it is consistent with the two brothers in the series in terms of three major parts and body size, but it has changed its appearance, interior and configuration. Compared with Tiggo 8, which focuses on economy and practicality, Tiggo 8 PLUS focuses on luxury, while Tiggo 8 PRO focuses on youth and technology. It is aimed at the post-90 s family, which not only inherits the advantages of the large space of Tiggo 8 series to meet household needs, but also meets the needs of intelligent networking and young design after 90 s.

★ competitors

Changan Automobile Changan CS75 PLUS 2022 Second Generation 1.5T Autopilot Model

"Changan CS75 PLUS』"

  As an SUV with a wheelbase of 2710mm and a price range of 150,000, Tiggo 8 PRO will continue to compete with its old rivals such as Changan CS75 PLUS, Haval H6 and Bo Yue X. While the Tiggo 8 family is constantly updating, competing products are also constantly innovating. For example, at the end of February this year, the new CS75Pulse, a powerful competitor in this market, ushered in the market. In terms of paper strength, Tiggo 8 PRO has a good technology and automatic driving assistance configuration compared with competing products. At the same time, Tiggo 8 PRO will launch a hybrid model in the future, and it has taken a leading step in power selection compared with competing products. I hope its appearance will contribute to the sales of Tiggo 8 family.

★ Edit comments

  At present, there are more and more young consumers in the domestic SUV market, and manufacturers have begun to further upgrade and optimize the younger models. Tiggo 8 PRO is a model born in this background, which evaluates the fashionable and dynamic design and rich configuration to attract young consumers. With different product style positioning, Chery has also made a good market segmentation of the Tiggo 8 series models to meet the car purchase needs of more people.

  Looking at the sales volume of the Tiggo 8 family, by 2021, the annual sales volume of the Tiggo 8 family reached 166,000, and the global sales volume of the Tiggo 8 family reached 27,250 in January and February this year, up 12.1% year-on-year. In addition, in less than four years, the Tiggo 8 family has entered the country and marched overseas. At present, the global cumulative sales in dozens of countries around the world such as Russia, Egypt and Brazil have exceeded 480,000. It can be seen that the product strength of the Tiggo 8 family is still trustworthy. I believe that after the launch of the Tiggo 8 PRO model, it will bring better sales performance and product reputation to the Tiggo 8 family. (Text/car home graduated)

Jay Chou announces new songs, Warner praises tiktok, and the vibrato is not just a "divine comedy"?

  Wen | Fu Qiongyin, Jiang Yuqi

  On June 8th, Jay Chou uploaded a prelude to the new song Mojito on his Aauto Quicker account, which is the first time that Aauto Quicker has been used as his own music announcement platform since Jay Chou settled in Aauto Quicker.

  If we say that this past weekend, Aauto Quicker’s "Ollie Give" advertisement on social platforms made people re-understand Aauto Quicker’s "local culture" to some extent, then earlier Jay Chou settled in and joined hands with Jewel Music, it was a somewhat subversive platform brand "remodeling".

  So many people who don’t pay attention to Aauto Quicker can’t help asking: Why did Jay Chou choose Aauto Quicker?

  It is widely believed that behind this hand-in-hand, "Aauto Quicker needs Jay Chou"; But inPoisonous eyes (WeChat ID:youhaoxifilm)It seems that this is a win-win cooperation. Short video platforms represented by Aauto Quicker and Tik Tok are relying on their powerful influence.It stirs up the pattern of the music market and industry, and sometimes even affects the fate of many big companies and musicians.

  It may be hard to convince people if they just throw out the above point of view. Because in the public’s cognition, when talking about the connection between Aauto Quicker and Tik Tok and music, people may first think of all kinds of "divine comedy" and shouting wheat, which is difficult to relate to mainstream music culture. But in fact, whether at home or overseas, the development of the music industry is increasingly inseparable from the support of short videos.

  On June 3rd, local time, Warner Music, one of the largest record companies in the world, was officially listed on NASDAQ, and issued 77 million shares. Warner Music’s final stock issue price reached $25, and the closing price on the day of listing was $30.12, up by 20.48%, and the company’s market value also reached $15.3 billion.

  Warner Music (Source: vision china)

  According to public information, dozens of internationally renowned investment banks, including Morgan Stanley, have participated in the IPO of Warner Music, so this is the largest IPO in the US stock market this year. Behind Warner Music’s massive "Road to Stock Market Return", TikTok’s overseas version of Tiktok, to some extent, played the role of "Mr. Key".

  In the prospectus released earlier, Warner Music specifically mentioned the unique opportunities TikTok brought to the music industry, saying that the new digital scale platform can bring advantages and help to the music entertainment industry, providing incremental music services to "diversified young users", creating new music stars, short videos based on music, etc., which are becoming more and more popular on various social media.

  In fact, as early as 2018, Tik Tok reached a cooperation with Warner on music copyright, so now that Warner is listed again, there are many voices speculating whether it is possible for ByteDance and Warner Music to take the opportunity to build more contacts. However, no matter where the relationship between the two parties will go in the capital level, at the business level, the fate of short video and music industry is already inseparable.

  Maker of divine comedy

  After nearly ten years of delisting, Warner Music finally made a comeback.

  As one of the oldest traditional record companies in the world, Warner Music has enjoyed great scenery in the middle and late last century, and its influence has spread all over the world. However, since entering the new century, the company has been frustrated repeatedly and changed owners twice. Although it was successfully listed in 2005, it had to be privatized by Access Industries in 2011 at a price of $8.25 per share (a total of about $3.3 billion) because of its poor performance.

  The twists and turns of Warner Music are undoubtedly influenced by the rapid development of the Internet after 2000. The rise of digital music and the weak copyright awareness of the audience made piracy once rampant, and the world’s major physical record markets began to shrink. Many established record companies, including Warner Music and Sony, suffered losses for years.

  However, this time, it almost "killed" the Internet of record companies, and now it has become the basis for its development. According to the data of Warner Music’s prospectus, the company’s operating income rose from 2.966 billion US dollars to 4.475 billion US dollars in fiscal year 2015-2019, of which the revenue of digital music sector in fiscal year 2019 reached 2.343 billion US dollars, an increase of 16% compared with fiscal year 2018, accounting for 2018.

  Behind the rapid growth of digital music business of music companies, the contribution of short video platform can not be underestimated.

  In addition to paying the music company a high copyright fee when using the music library, the biggest function of the short video platform is actually "music with goods". Before 2018, Warner Music’s "Fitz the Tantrums" had never been commercially promoted in Asia, but its song "Hand Clap" was used as BGM by a Korean dance company and became popular on TikTok, which quickly made it famous internationally, and the song also topped the international pop charts in six major music markets around the world.

  With this kind of "unintentional", Warner Music naturally pays more attention to the promotion work on TikTok. Arisha A Yadea, senior vice president in charge of digital marketing, revealed that Warner Music launched a series of promotional activities in 2019 and achieved success. The popularity of Disturbed’s song "Hold on to Memories" increased sharply in TikTok, and the number of short videos created for BGM increased by 100 times.

  In fact, not only Warner Music, but also many overseas music companies and musicians have felt the charm of short video platforms in recent years. According to Billboard, an American music magazine, the executives of RCA Records Company promptly followed up the official version of the new songs after discovering that their artists’ songs became popular in TikTok, and then even released new versions of many old songs according to the preferences of TikTok users.

  In another report of Billboard in 2019, it was mentioned that the rapper Sueco the Child became popular on TikTok because of the popular song Fast, which was used as BGM by 2.7 million TikTok videos in a short period of time, and also won more than 7 million plays on Spotify, an overseas music platform, and Sueco was favored by Atlantic Records and won a paper contract.

  Regarding this trend, Billboard revealed that,Now many record companies and music creators try to analyze how to make these songs popular through TikTok at the birth stage of a song.

  Compared with European and American music practitioners, China musicians and companies feel the charm of short video platforms earlier.

  In 2017, "Divine Comedy" and "We Are Different" became popular in Aauto Quicker with the help of various secondary creations, and even went all the way to Southeast Asia. The number of MV broadcasts on the Internet exceeded 100 million; "Take You to Travel" appeared in many "Tik Tok Love Stories" as BGM, and then ranked fourth in the 2017 Netease Cloud Music Hot List; "Tencent Entertainment White Paper 2017" shows that in the TOP10 online songs in 2017, half of the songs became popular through short video transmission …

  Source: Tencent Entertainment White Paper 2017

  In the following two years, from "Mimeowing Cats" to "Desert Camel", from "Ear Seed" to "Teenager", the hot songs on Aauto Quicker and Tik Tok became the most magical existence on the Internet.

  Many old songs have even turned red under the drive of two platforms, such as "On Earth" sung by Wang Jianfang in 2014, which became one of the hottest songs in Aauto Quicker in 2017; "Panama", which was created in 2013, became popular because the clip was intercepted as "C-mile C-mile Dance", and the Baidu index soared. Miriam Yeung’s "First Kiss" and other old Cantonese songs first became popular on the short video platform, and then triggered a second creative craze.

  For musicians and companies, the popularity of songs on platforms such as TikTok is definitely not limited to the short video field. Because short video content is easier to spread on social platforms, many authoritative views believe that the appearance of popular short video content is easier to help music content spread to different platforms, and then gain more "willingness to pay" and audiences outside the circle-This is not only applicable to online songs, but also to traditional music content.

  According to this logic, many domestic stars, music companies and short video platforms have reached cooperation, which actually takes a fancy to the user breadth and "circle expansion ability" of these platforms.

  Take Jay Chou and Jewell Music holding hands with Aauto Quicker as an example. In the outside world’s cognition, it seems that Aauto Quicker wants to expand the influence of the platform and attract new users by taking advantage of the momentum of the king of heaven. Recently, many fans in Jay Chou have said that they have registered Aauto Quicker for Jay Chou; On the other hand, the degree of overlap between Aauto Quicker fans and Jay Chou fans is not so high, which also means that Jay Chou can use the platform to reach out to more young users.

  "The increase of Jay Chou’s fans is not too fast compared with his coffee spot." A person close to Aauto Quicker revealed to Poison Eyes that the first video released by Jay Chou on Aauto Quicker broke 40 million in three hours, but at that time its total number of fans was only 2.6 million, and it took a week to break 10 million."This is good data among stars, but it is not high compared with the number of fans in Jay Chou, which is lower than many people’s initial expectations."

  This conclusion is not surprising.

  Tencent Music Entertainment Group conducted a user survey on the four platforms of the whole network in Q1, 2019. The results show that Jay Chou is the most popular singer among users from the post-60s to the post-90s, but the post-00s group prefers Joker Xue. According to the statistics of Ai Media Data Center, as of Q3 2019, the proportion of young users under the age of 24 in Aauto Quicker is close to 48%, which explains why the enthusiasm of Aauto Quicker users for Jay Chou is not as high as expected. In addition, it is worth mentioning that Joker Xue, who is deeply loved by the post-00 generation, is the most popular male artist in Tik Tok.

  Source: Tencent Music Entertainment Group

  From this point of view, no matter what the real reason and purpose of the cooperation between Aauto Quicker and Jewell Music is, Aauto Quicker has the opportunity to attract the attention of more users who love Jay Chou; For Jay Chou, with the spread and channel advantages of short video platform, it can also expand its influence among "diversified young users" as stated in Warner Music’s prospectus.

  As a result, this is likely to be a win-win cooperation.

  Aauto Quicker and Tik Tok are more than divine comedy.

  In the face of huge music traffic, short video platforms are obviously not willing to be only one channel.

  As more and more musicians and companies pay attention to the short video platform, it seems to be a natural thing to support the platform’s own original music. On January 19, 2018, Tik Tok officially launched the original music function; Six days later, on January 25th, Tik Tok launched the "Seeing" music program to support original musicians, which was the first time that Tik Tok supported original musicians.

  In the middle of the same year, Aauto Quicker launched the "Musician Plan" and announced that it would give musicians a real share of money. Aauto Quicker’s "musician" certification threshold is not high, the official said that as long as the creator has published an original work in Aauto Quicker, he can become an officially certified musician.

  The investment in the head platform has indeed returned gratifying results.

  Tik Tok’s "Seeing Music in 2018" project has attracted 14,000 musicians to participate in it in one year, and received more than 80,000 original music works, which has inspired 150 million users to shoot videos with related music and helped tens of thousands of Tik Tok musicians to promote new works. It was in this year that the modern brothers who had been in the army for four years became famous with the help of Tik Tok, and then they had the opportunity to board various variety shows such as Everyday, Golden Melody Fishing and so on.

  The tilt of the platform in terms of traffic and resources has also pushed singers to focus on the short video platform from another dimension, and more and more Chinese singers have begun to choose the short video platform as a publicity channel. After 2018, Wu Yifan, Lu Han, Tiger Hu, Guo Caijie and other singers have successively publicized and released new songs in Aauto Quicker or Tik Tok, and Wang Leehom even chose Tik Tok as the exclusive launching platform of the single "Nanjing, Nanjing".

  For this reason, after entering 2019, the competition in the field of music between Tik Tok and Aauto Quicker will become increasingly fierce.

  First, the two sides chose to overweight their respective musicians’ support plans. Tik Tok announced the "Seeing Music Plan in 2019" in January, adding interactive rules of cover, and customizing the creative content for music in the form of semi-proposition; In the same year, Aauto Quicker announced that it would jointly launch the "2019 Music Wildfire Plan" with QQ Music, Cool Dog Music, Cool Me Music and National K Songs to support musicians from the aspects of traffic, promotion and realization.

  "2019 Music Primordial Plan" site

  "TikTok itself is not a music promotion product, but in the process of users creating and spreading short videos, it has a very significant impact on the promotion of music." In 2019, the person in charge of ByteDance Music Cooperation told Bloomberg Businessweek that in overseas markets, TikTok has also launched plans to support independent musicians in Japan and South Korea, and intends to cooperate with record companies around the world to promote distribution.

  Another battlefield is the struggle for copyright. For the growing short video platform, it is obviously not enough to rely solely on the song supply of its original musicians. If we lose the right to use part of the trump card copyright, the short video platform is equivalent to cooking without rice. Therefore, the competition between Tik Tok and Aauto Quicker for the copyright owner of the head is becoming more and more fierce.

  According to media reports, Aauto Quicker and Tencent Music Entertainment Group have reached an in-depth cooperation in copyright. Tencent’s 35 million genuine songs have not only been docked with Aauto Quicker and entered its BGM music library, but also Aauto Quicker’s Aauto Quicker Extreme Edition, Station A, Fast Shadow and Sweet Camera can be used. At the same time, according to 36kr news, Tik Tok and Tencent Music Entertainment Group have reached a music licensing cooperation at the end of 2019.

  In such a competitive situation, Jay Chou holding hands with Aauto Quicker may just be the beginning of deep cooperation between top singers and short video platforms. According to Poison Eye, although in the evaluation of short video platform, there are few legendary top singers like Jay Chou in the whole industry, on the whole, the platform will continue to introduce some influential top singers and launch more in-depth music project cooperation.

  In the near future, there is still much room for imagination in the music business on short video platforms, such as online Live.

  The impact of the epidemic has accelerated the development of online performances, and also enabled the short video platform to open up the chain from music announcement, interaction to online performances. By the end of April, Tik Tok had hosted more than 80 live DOULive broadcasts, in which singers such as Greeny, Wilber Pan, Ar Fi and ELLA participated. Aauto Quicker also co-planned several online concerts with UCCA Ullens Center for Contemporary Art and National Centre for the Performing Arts.

  In the eyes of many insiders, short video has become an indispensable position in the music industry. On the one hand, users have the opportunity to deeply participate in the process of song consumption, resulting in a large number of secondary creative content including cover, gesture dance, dance, performance and so on; On the other hand, the platform also helps the original songs to be strongly exposed, and to some extent alleviates the situation that the online hot songs "songs are not hot".

  In addition, the short video platform has reconstructed the whole music ecology, a large number of music companies have risen, and various online hot songs have emerged one after another. Now, there have been many companies that specialize in making divine comedy for the two platforms.

  The music story among content companies, musicians, broadcast platforms and short video platforms may just begin.

  References:

  Tiktok is rewriting how hits get made Source: Billboard

Preventing and resolving financial risks has achieved initial results, and city commercial banks are stable and far-reaching

CCTV News:Preventing and resolving financial risks is the top priority of China’s financial supervision in recent years. Some city commercial banks, which are based in cities and mainly provide loan support for small and medium-sized enterprises, once experienced a situation of high non-performing loan ratio and unsustainable operation due to insufficient financial strength and low market risk tolerance. Local governments and financial supervision departments took a series of innovative measures in time, which successfully resolved the risks.

Liangshan Yi Autonomous Prefecture, located in the southwest of Sichuan Province, is rich in local mineral resources and has nearly 1,000 large and small mining enterprises. In 2014, in the last round of market volatility, the price of iron ore once dropped by 50%, and local mining enterprises were in trouble, and this risk was also transmitted to the financial system.

Lu Ningyuan, head of Liangshan Branch of Sichuan Bank and former vice president of Liangshan Commercial Bank:The vast majority of mining-related enterprises are in trouble, the interest on bank loans cannot be paid, the loans due cannot be repaid, and a large number of non-performing loans (loans) have also appeared in the loans of mining-related enterprises of the former Liangshan Commercial Bank.

Established in 2007, Liangshan Commercial Bank covers 17 local counties and cities. Among its total loans, loans from mining-related enterprises account for a relatively high proportion. This kind of loan structure is in western Sichuan, not only Liangshan Commercial Bank. Almost at the same time, Panzhihua Commercial Bank also experienced a crisis. As a shareholder of Panzhihua Commercial Bank, Luo Yangyong keenly felt that there were problems in bank operation.

Luo Yangyong, Chairman of Anning Iron and Titanium Co., Ltd.:When dividends were gone, bad debts and bad debts gradually increased. Other indicators have also deteriorated seriously, and we feel that the investment will fail, and it is estimated that we will lose all our money. All the shareholders are worried, but they are helpless and don’t know how to do it.

It never rains but pours. The guarantee company, which should have provided guarantee for the mine-related enterprises in the loan process, has not played its due role.

Today, many parties admit that in this process, banks themselves also had problems such as inadequate risk management and control. When the risks were exposed, even though Liangshan Commercial Bank and Panzhihua Commercial Bank, two city commercial banks, took various measures to deal with non-performing assets to resolve the risks, the non-performing assets continued to climb. By 2019, the total balance of non-performing assets of the two banks will be nearly 30 billion yuan. Among them, the non-performing loan ratio of Panzhihua Commercial Bank was as high as 53.4%, while the average non-performing loan ratio of 134 city commercial banks nationwide was only 2.3% in the same period.

Nearly 30 billion yuan of non-performing assets and more than 50% of non-performing loan ratio, once not properly disposed of, the consequences are unimaginable. Faced with such a huge challenge, the Sichuan provincial government and financial supervision departments decisively intervened, merged two high-risk municipal city commercial banks and established a new provincial bank.

As the chairman of Sichuan Bank, Lin Gang participated in the risk resolution of Liangshan Prefecture Commercial Bank and Panzhihua Commercial Bank and the establishment of Sichuan Bank. He told reporters that the working group faced many difficulties as soon as it was established in 2019.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:The first is the problem of how to resolve and digest the bad assets of these institutions on such a large scale.

After a thorough investigation of non-performing assets, in February, 2020, the Working Group launched a 60-day battle to clear and close non-performing assets in Panzhihua, Chengdu and Liangshan.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:It is very, very difficult to collect interest from one household, collect the bad loans they owe, and increase the collateral of loans from one household to another.

While collecting and transforming some non-performing assets, the working group adopted the strategy of digesting part of the old shareholders’ equity at a discount, keeping part of the books, packaging and stripping part, and the new shareholders taking part. With the decrease of non-performing assets, a more intractable problem has surfaced.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:In the bank, the shareholder himself has a record of breaking the law and needs to be cleaned up. If the shareholders have non-performing loans in the bank, you can either pay off the principal and interest of your non-performing loans or pay off your shares to repay the non-performing loans. There is another problem: the shareholder’s loan exceeds the requirement of regulatory concentration, and he should also bear the responsibility and correct it.

With the vigorous promotion of local government departments, the two banks cleaned up and rectified 258 old shareholders. In order to prevent the same problem from appearing again, the supervision of the new shareholder team must also keep up. The working group hired external professional institutions to formulate strict plans for the bank’s internal processes and governance structure.

Wu Weijun, Vice Chairman of Deloitte China:As a shareholder of a bank, I have a responsibility, not to say that this bank is mine, so I can trade at will. Any shareholder’s transaction with the commercial bank he has invested in is a related party transaction from the perspective of our accounting, and it should be disclosed. In this risk prevention, we signed an agreement with shareholders to follow the regulatory requirements.

The newly established Sichuan Bank has a registered capital of 30 billion yuan, and the share price is 1.3 yuan/share, of which 1 yuan/share is the share capital and 0.3 yuan/share is the premium fund, and the premium part is specially used for the disposal of non-performing assets. At that time, the valuation P/B ratio of listed banks in China was around 0.8, and the P/B ratio of Sichuan Bank was 1.3. It was a great challenge for the working group to raise enough funds.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:At that time, to be honest, we were all worried about the uneven fundraising. In the end, the capital raised was about 34.8 billion yuan, and 4.8 billion yuan was returned. Some shareholders did not come in. Sichuan Financial Holdings, as the main sponsor, holds a lot of 20%, a few percent and a few percent. Therefore, from the perspective of the market dispersion of shareholders, it should be said that it is more reasonable.

On November 7, 2020, Sichuan Bank opened its doors for business. After two years of risk mitigation, it achieved initial results.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:From the quality of its assets, the non-performing (loan ratio) has dropped from the original high to about 2.08% at the end of April, and our goal is to drop below 2%, so I think this is a very, very good thing.

The establishment and steady operation of Sichuan Bank has explored a new path for the regulatory authorities and local governments to resolve the operational risks of city commercial banks, and Shanxi and other places are also resolving the risks of city commercial banks through similar models.

On April 28th this year, Shanxi Bank officially opened to the public. Shanxi Bank was formed by the merger of five original city commercial banks: Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank and Yangquan City Commercial Bank.

Ceng Gang, Deputy Director of National Finance and Development Laboratory:It is not a simple merger. During the merger process, it has a lot of institutional mechanism optimization to enhance its long-term development ability. In fact, it is not only capital injection, but also wisdom injection, so as to improve the management ability and management concept.

According to industry insiders, there are currently three main modes for risk resolution of city commercial banks — — Bankruptcy, short-term rescue and merger and reorganization have indeed played a role in stabilizing local economic development and maintaining the stable operation of the financial system.

Xing Guijun, Director of China Banking and Insurance Regulatory Commission City Banking Department:After more than three years of efforts, the risk preference of city commercial banks has been gradually revised, the extensive business model has been gradually reversed, the business behavior has become increasingly standardized, the risk level has continued to converge, and it has gradually changed to high-quality development.

In addition to resolving risks of city commercial banks, rural commercial banks and high-risk trust institutions, China Banking and Insurance Regulatory Commission has made positive progress in dismantling high-risk shadow banks and strengthening credit risk prevention and control. From 2017 to 2020, the cumulative disposal of non-performing loans was 8.8 trillion yuan, exceeding the sum of the previous 12 years, and the scale of shadow banking dropped by about 20 trillion yuan compared with the historical peak.

Liang Tao, Vice Chairman of China Banking and Insurance Regulatory Commission:A number of city commercial banks and rural commercial banks have made positive progress in risk resolution. At the end of the first quarter (2021), the balance of non-performing loans in the banking industry was 3.6 trillion yuan, and the non-performing loan ratio was 1.89%, down 0.02 percentage points from the beginning of the year.

today in history

1. On November 25th, 1944, War of Resistance against Japan, China entered the stage of strategic counter-offensive, and China troops fought fiercely with Japanese troops in Changde and Hengyang.

2. On November 25th, 1965, China successfully conducted the flight explosion test of the first surface-to-surface missile with a nuclear warhead.

On November 25th, 1978, China and the United States issued the Joint Communiqué on the Establishment of Diplomatic Relations between the People’s Republic of China and the United States of America, announcing that the two countries formally established diplomatic relations the next day.

4. In 1984, the first carbon monoxide leakage accident that killed three tourists occurred, and many people were missing; Liaoning’s "Marshal’s Hometown", Laoting, Hebei, once again showed a series of related cases and past events that sounded the alarm for female cadres of supply and marketing cooperatives; It also caused a special report by Xinhua News Agency: It is this person who is now engaged in corruption and bribery-the disclosure form of all property of state public officials in May 4th, and we should be alert to this phenomenon!

The following are other important events that happened on November 25th in history:

5. In 1967, China carried out the first mechanized coal mining in Datong Coal Mine, which marked the great progress of coal mining technology in China.

6. In 1977, Queen Elizabeth II visited China, which was the first visit by a member of the British royal family to China since 1949.

7. In 1987, former British Prime Minister Margaret Thatcher visited China, which was her last visit to China during her term of office.