103-Year-old Red Army veteran Gu Changhua passed away, having served as Mao Zedong’s guardian during the Yan’an period

  Gu Changhua, a 100-year-old Red Army soldier from Cangxi, died at 2:05 a.m. on Dec. 16 at the age of 103, according to the Sichuan Guangyuan Daily. According to the news, Gu Changhua’s ashes have been buried in the Martyrs Cemetery in Baoding City, Hebei Province.

  According to public information, Gu Changhua, formerly known as Gu Changfa and formerly known as Gu Changhua, was born in May 1918. He was a native of Cangxi County, Sichuan Province. He joined the Red Army in 1933 and traveled to the snow-capped mountain grasslands three times with the Red Fourth Front Army. During the Anti-Japanese War, he worked in the 115th Division of the Eighth Route Army and the Central Guard Regiment. He was wounded many times during the war and served as Mao Zedong’s guard in Yan’an for five years from 1941. During the negotiations in Chongqing, he was appointed by Mao Zedong and served as Zhou Enlai’s assistant.

  He participated in the siege battle of Ningxian County, Gansu Province, and the victory of Pingxingguan. From 1947 to 1948, he was awarded the second-class hero once and the third-class hero twice by the Jin-Hebei-Luyu Military Region. During the Liberation War, he was awarded the North China Liberation Medal, the Northeast Liberation Medal, and the National Liberation Medal. In 1955, he was awarded the August 1st Medal, the Third-Class Independence Freedom Medal, and the Third-Class Liberation Medal. He retired in July 1965 and lived in Baoding, Hebei.

  According to a report by China Military Network in 2019, a four-corner number dictionary issued by the army during the Yan’an period was a treasure that Gu Changhua had always cherished. He once told his son that "he always took the dictionary with him at that time, and learned to read when he had time. When he had paper, he practiced calligraphy on paper, and when he didn’t have paper, he practiced on the ground."

  "My father said that Chairperson Mao was very concerned about their studies, and stipulated that they should spend two hours a day studying, including politics, literacy, and nature," recalled Gu Jingzhou, Gu Changhua’s second son. "Sometimes textbooks were missing, and Chairperson Mao told his secretary to write some new notes for the soldiers to read and write. When he went out with Chairperson Mao, Chairperson Mao sometimes asked him, ‘How many words did you learn today?’ Chairperson Mao often took the time to check their studies, grade their homework, and some even wrote criticism."

  Gu Changhua once said that since he joined the revolution, he did not know how many comrades died on the battlefield. He participated in the revolution to give the toiling masses a good life, and he was fortunate to survive and was content. His only wish was to see the motherland getting better and better.

Changde area eπ 008 price reduction is coming! The latest offer 178,600, only this time

[Autohome Changde Discount Promotion Channel] Latest news! Consumers in Changde area should not miss out on the promotions that are going on. The highest discount is 28,000 yuan, and the lowest starting price is only 178,600 yuan. For more discounts, please click "Check Car Price" in the quotation form to get higher discounts.

常德地区eπ008降价来袭!最新报价17.86万,仅此一次

The exterior design of the Eπ 008 is stylish and dynamic, and its front face adopts a highly recognizable design. The overall style is futuristic and technological. The air intake grille adopts a closed design, highlighting the unique charm of electric vehicles. The overall body lines are smooth, and with bold body proportions, it creates a strong sporty atmosphere.

常德地区eπ008降价来袭!最新报价17.86万,仅此一次

eπ008是一款车身尺寸为5002*1972*1732mm的中大型SUV,其轴距达到了3025mm,确保了车内宽敞舒适的乘坐空间。车身线条流畅,侧面轮廓充满力量感,前轮距和后轮距均为1650mm,保持了稳定的行驶姿态。配备的265/45 R21规格轮胎与精致的轮圈设计相得益彰,不仅增强了车辆的运动感,还提升了操控性能和行驶稳定性。

常德地区eπ008降价来袭!最新报价17.86万,仅此一次

eπ008的内饰设计精致而富有科技感,中控台配备了一块15.6英寸的超大屏幕,支持语音识别控制多媒体系统、导航、电话和空调等功能,操作便捷。方向盘采用真皮包裹,手感舒适,并且具备手动上下+前后调节功能,满足不同驾驶者的个性化需求。车内还设有多个USB和Type-C接口,方便乘客充电。前排座椅采用仿皮材质,具备加热、通风及按摩功能,其中驾驶位座椅还配备了头枕扬声器,为驾驶者提供极致的舒适体验。此外,eπ008还具备电动座椅记忆功能,驾驶位和副驾驶位均可保存个性化设置,提升了乘坐的便捷性和舒适度。第二排座椅支持靠背和腿托调节,进一步优化了后排乘客的乘坐体验。

常德地区eπ008降价来袭!最新报价17.86万,仅此一次

eπ008搭载了一台1.5T涡轮增压发动机,最大功率为108kW(约147马力),最大扭矩达到210N·m,为车辆提供了强劲的动力输出。配合电动车单速变速箱,使得动力传输更加高效直接。

表示,他对eπ008的颜色向阳金十分满意,外观设计大气且中规中矩,不会出错。尤其值得一提的是,赠送的21寸马牌轮胎让车辆下身显得更加扎实。此外,他赞赏eπ008的高度适中,车尾造型不仅增加了后备箱空间,还提升了整体美感。

Smart World R7 listed, September 24th, starting price 219,800

It was officially launched on September 24, marking the launch of the first coupe SUV of the Hongmeng Zhixing family, with a price range of 259,800 yuan to 339,800 yuan.

The R7 inherits the family style in the exterior design. The front part of the car has tear-eye headlights and through-the-line daytime running lights, the roof has a lidar shaped like a watchtower, the front bumper has an air inlet, and the vehicle’s logo is located above the daytime running lights. The R7 is available in six body colors, including purple, clear blue, metropolitan red, gilt black, deep space gray and ceramic white.

From the side of the vehicle, the Smart R7 features a short front and rear overhang and a long wheelbase design. The overall shape is a slip-back style, equipped with hidden door handles and large-size wheel hubs. While the exterior mirrors retain the traditional design, other configurations of the vehicle are abundant. The rear is fitted with a C-shaped through taillight, and comes standard with a sports rear wing, a disc rear spoiler, and an electric hatchback door. The dimensions of the vehicle are 4956mm long, 1981mm wide, 1634mm high, and a wheelbase of 2950mm.

The interior inherits the layout of the Smart World S7 and adopts a wrapping design. Equipped with a special-shaped steering wheel and a pocket gear shift method. The central control is equipped with a 12.3-inch floating screen and runs the Hongmeng OS system. The vehicle is equipped with electric adjustable seats, zero-gravity seats, rear entertainment screens, cooling and heating WBs, HUAWEI SOUND sound system and electric sunshades. There is also a 50W wireless charging function in the car to provide convenience for passengers.

In terms of power, it is equipped with single-motor and dual-motor versions, using an 800V silicon carbide high-voltage platform, tested according to CLTC conditions, and has a maximum battery life of 802 kilometers. The vehicle is equipped with Huawei ADS3.0 end-to-end intelligent driving system, which supports functions such as automatic parking, valet parking and vehicle summoning.

Lantu Car Car Rise! Configure well

There are a lot of car choices now, as we said today. As for what advantages it has, please take a look below.

First of all, from the appearance, the front of the Landscape FREE looks very dignified and looks more simple. With the headlights, the details are exquisite. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing, etc. Come to the side of the car, the body size of the car is 4905MM*1950MM*1645MM, the car adopts sharp lines, the side looks very delicate, with large-sized thick-walled tires, the overall visual effect is very young and fashionable. The rear part of the car, the rear and the front face echo each other, and the taillights look very domineering, creating a good aura.

Come to the car of Landu FREE, the interior design of Landu FREE is relatively simple and the visual effect is very good. The steering wheel shape of the car is very simple, equipped with functions such as manual up and down + front and rear adjustment of the steering wheel, and the feel is good. Let’s take a look at the central control, which is decorated with a 12.3-inch central control screen, which makes the interior design quite layered. The overall design of the central control is very good. The instrument panel and the seat are also eye-catching, and the instrument panel design is remarkable, giving people a very tough feeling. The car adopts a leather/fur material mix and match seat, which is equipped with functions such as electric adjustment of the auxiliary seat, electric adjustment of the seat with memory, and seat ratio down, which improves the riding experience of the driver and occupant.

LANTU FREE has a high availability of trunk space and excellent loading capacity. The rear seats support the proportion down, and the space can be further expanded. At the same time, the car is equipped with fatigue reminder, brake anti-lock braking (ABS), LED daytime running lights, brake assistance (EBA/BAS, etc.), braking force distribution (EBD) main driver airbags, passenger seat airbags, side aircurtains, front side airbags and other safety configurations.

After reading the full text, do you have the urge to buy a car? Let me make a summary. The model level introduced today is the level that many people consider the most when buying their first car, mainly because the models in this level are of moderate size and reasonable price.

"Mai Passerby" is set for September 17, and Guo Fucheng leads the "Wandering Family"

1905 movie network news Recently, the film "Mai Passerby", directed by Zheng Baorui and directed by Huang Qingxun, starring Guo Fucheng and Miriam Yeung, has revealed its first fixed poster and announced that the film will be released on September 17.


The poster exposed this time highlights the warm texture with the theme of warm colors. The handwritten "September 17" schedule is attached with the slogan "Mai Road is the same way, cherish each other and depend on each other". The five flavors of life are condensed in this group photo.

Under the eaves of the 24-hour fast food restaurant, all the members of the "Wandering Family" went into battle together. A frozen frame photo focused on everyone’s face. The big group photo showed the various forms of beings among the little people at the bottom, and behind the smiles of each character was the sour life of "every family has a difficult scripture".


It is worth mentioning that in the group photo, although everyone came to the fast food restaurant to stay overnight for different reasons, their situation could resonate with the audience widely, precisely because "Mai Passerby" reflects the real life between you and me. In the post-epidemic era, facing life again, we still have to maintain a positive attitude towards life and move forward in hope.


It is reported that the movie "Mai Passerby" is based on real social events. "Mai Passerby" is also known as "homeless", referring to the fact that many low-level workers are homeless at night and choose to spend the night in 24-hour fast food restaurants. Even if they are "abandoned" by life, they are not "exiled" by themselves. The strangers of "Mai Passerby" meet, they are passers-by and family members. The movie shows the warmth of humanity in the world by showing a group of strangers warming each other and helping each other in fast food restaurants, finding the warmth of their families from strangers, and finding the dreams of life together.


In the 39th Hong Kong Film Awards, "Mai Passerby" was nominated for ten awards, and was successfully shortlisted for the world premiere of the "Asian Future" section of the 32nd Tokyo International Film Festival. It was also invited to serve as the closing film of many film festivals such as the London East Asia Film Festival, the Macau International Film Festival, and the Asian Dance Film Festival. It was unanimously recognized by judges and audiences at home and abroad.


The actor Guo Fucheng won the "Best Actor" in one fell swoop with the unanimous approval of the jury of the London East Asian Film Festival. In the screening section of the 23rd Shanghai International Film Festival, "Mai Passerby" was screened six times in a row, with rave reviews. Some audiences commented: "It is my favorite Chinese film in recent years. Thinking about poverty from a larger structure and exploring love from a smaller perspective, it is sincere and moving."


"Hurricane" is set! Zhang Yi and Zhang Songwen perform across 20 years of Beijing Sea situation

1905 movie network news The TV drama "Hurricane" has been officially announced and will be broadcast on January 14, 2023. The drama is co-performed by many powerful actors, led by,,,, and directed by gold director Xu Jizhou. It is the first film and television work to normalize the eradication of gangs and evil and the education and rectification of political and legal teams as the background of the times.


The fixed materials are heavily released to show the texture of realistic themes, and the group portraits of good and evil and the stories of the times are exciting


A few days ago, "Hurricane" released the official announcement of the "Heart is like a Rock" group portrait poster. The unique visual style has formed a strong impact and aroused a lot of expectations. This group portrait poster boldly adopts the texture of "stone statue", highlighting the hard-core characteristics of the series. Detective An Xin (played by Zhang Yi) stood among the crowd, his firm eyes showing his adherence to justice and belief. The surrounding people had different expressions, and they also conveyed different positions and personal attitudes towards the "Beijing Sea Wind and Waves". The two magnetic fields in the painting repel each other, and a fierce contest seems to start at any time, and the audience will also feel the rock-solid and unshakable will of the normalization of anti-crime and evil through this picture.


In addition, a single poster of the "Clean Lead" version was also released. The yellowish tone highlights the atmosphere of the era, showing the different life states of the characters under the changes of the times, whether firm, deep, or calm and happy. When all the dust settles, the past is vivid in my eyes, like a lifetime away, making the characters’ memories and thoughts on life and sense of the story of the era after leaving half a life on the paper. All the characters depicted in "Hurricane", some people rise to the challenge and always stand in the light; some people have shaken their beliefs and wander between right and wrong. The mixed fish and dragons under the changes of the times, the changes in human nature in the complex, the battle for justice that spans 20 years… How to unfold, everything will be revealed in the positive film.


Powerful actors gather in "hurricane" acting to present the new face of the normalization of anti-crime and evil


The ups and downs of the plot in the film are full of suspense, showing richer plot content, and revealing the complex character relationships in the ever-changing and turbulent "Jinghai City". Whether it is the police officer An Xin (played by Zhang Yi) who is accidentally discovered during an unannounced visit to the paper-drunk yacht feast, or Gao Qiqiang (played by Zhang Songwen) who is suddenly in distress and assassinated; whether it is the reporter Meng Yu (played by Li Yitong) pulling back and forth in emotion and ideals, or the leader of the guidance group, Xu Zhong (played by Wu Gang), who is sent to thoroughly investigate the Jinghai criminal case but is inexplicably framed… One incident after another has attached layers of doubt to Jinghai City. " As a major anti-crime drama, "Hurricane" is not only a wonderful plot with ups and downs, but also highly anticipated because it gathers a group of powerful actors on the same stage. Zhang Yi, Zhang Songwen, Li Yitong, Zhang Zhijian, and Wu Gang lead the lead actors in the drama with different identities and dedicated wonderful acting skills. In addition, many old actors such as Ni Dahong, Han Tongsheng, and Li Jianyi appeared in the drama, adding to the quality of the drama. The super-strong lineup joined forces to perform, making "Hurricane" sit firmly in the "most anticipated drama" of netizens.


Xu Jizhou, director of "Hurricane", expressed the hope that the story of sweeping away gangs and evil will outline the changes of Chinese society in the past 20 years, and show the growth and destiny of the little people in the background of the times. Therefore, the story of "Hurricane" will no longer stop at the scale of the picture and plot, but more in-depth excavation of human nature and the fight against the black and evil interest chain. As the chief producer Xu Kang said: "The education and rectification of the political and legal teams represents the most resolute will of the Party Central Committee." This time, "Hurricane" will also present the relationship between the underworld forces and umbrella companies as unprecedented. I believe this will be a "just hurricane" that shows the extraordinary will and strength of the normalization of sweeping away gangs and eliminating evil.


"Hurricane" focuses on realistic themes. It not only gathers a super-strong cast to create group portraits of the times, but also polishes the script carefully behind the scenes, striving to create a new benchmark drama in the genre of anti-crime and evil. The play recounts the changes in Chinese society over the past 20 years in detail, showing the determination and strength of the country in the normalization stage of anti-crime and evil, and promoting the style and perseverance of political and legal police officers. Stay tuned for January 14!


"Edge Walker" released a trailer, Ren Xianqi and Ren Dahua upgraded their anti-violence


1905 movie network news A few days ago, the crime movie directed by a famous director and starring in,,,, announced that the Qingming schedule will open nationwide on April 2, and at the same time released a new "anti-violence upgrade" trailer and a "sharp-edged" group portrait poster. In the trailer, A Luo, played by Ren Xianqi, uses multiple identities to kill and eliminate violence. What kind of bloody storm will he set off in the darkest moment of the chaotic times? The national screening will start on April 2, and the Arrogance Battle Qingming file will be revealed.


The background of the story of "Marginal Walker" focuses on the eve of its return in 1997. Under the black and white dilemma, the contradictions between multiple forces have intensified, violent incidents have occurred frequently, the situation is fleeting, and great changes are coming. The gang leader Lin Yaochang (played by Ren Dahua) has entrusted the gang to his confidant A Luo (played by Ren Xianqi). A Luo with multiple identities walks on the edge of black and white, and a riot control operation is quietly opening the prelude to anti-killing.

Arrogant undercover riot removal upgrade is imminent

Ren Xianqi’s "identity" is densely clouded and walks the edge of black and white


"Edge Walker" released "anti-violence upgrade" trailer released more film suspense. In the trailer, the "arrogant undercover" Ah Luo’s complex and misplaced identity conflict is vividly displayed – if you want to find out the mastermind behind the crime, you will inevitably put yourself in the core of the intertwined contradictions of gang leaders, ruthless bandits, politicians and new stars. The situation with all forces is like water and fire, which also makes this black and white confrontation even more thrilling.


The police, gang leaders, and chaebol dignitaries who stood at the peak of their power appeared in turn, and the whole city was swept into the whirlpool of disputes by multiple forces. A desperate undercover, A Luo, vowed to light up the lights at the darkest moment and light up the dawn. A Luo went from street gangster to gang leader, and even became a rising star in politics to deal with bosses from all sides.Unexpectedly, Ah Luo, who was prosperous and prosperous, finally "revealed his identity as a new member of Liansheng" and turned into a "stain witness". The sentence "Those who dare to step on a tightrope are not afraid of death" also started Ah Luo’s journey of hanging Buddha and killing Buddha and Demon and killing Demon all the way. The multiple inversions of identity and the urgent changes of the current situation, can Ah Luo, who is wandering in the black and white world, defend his "edge" of good and evil and successfully fight back? The multiple upgrades of arrogant undercover anti-killing and anti-violence make people eager to go to the movie to find out the results.


Five characters stand out and wait for an opportunity

Rare Chinese themes subvert Hong Kong film cognition


In the new "Sharp-edged" version of the poster released at the same time as the "Anti-Violence Upgrade" trailer, arrogant undercover agents, gang leaders, police leaders, gang tyrants and other prominent figures are collectively exposed. The people hiding in the dark are waiting for an opportunity under the black and white chaos, and the ruthless eyes and scattered gazes also suggest that the good and evil confrontation between the characters is about to break out. Who is a friend and who is an enemy in this? Everything is unpredictable, and the foes like black and white destiny will eventually kick off the final showdown.


Since the "Edge Walker" was finalized, it has attracted wide attention from the audience with its rare historical background, anti-killing and anti-violence crime film genre, the strength of all acting schools and the strong narrative style of Hong Kong films. Many audiences have heated discussions about the details revealed in the film’s lineup and materials, and the slaughter of various social platforms along the way, coupled with this "anti-violence upgrade", will undoubtedly be crowned "April’s most explosive film".


The movie "Edge Walker" is led by Ren Xianqi, Ren Dahua, Fang Zhongxin, Tan Yaowen, and Wu Zhuoxi, starring,,, Zhu Jianran, starring in friendship,,,,, and special starring. With all the staff showing their sharp edges, how to upgrade the anti-killing and anti-violence? The movie will be screened nationwide on April 2. The arrogant undercover Qingming file will take the lead in blowing up the screen, and everything will finally come to an end!


Xiaomi’s new products are on sale today! The top version of the mini Bluetooth speaker is 199 yuan!


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Xiaomi Bluetooth speaker Mini summer limited light coffee color is on sale today, priced at 199 yuan. The design of this speaker is very unique. The top comes with an RGB ring top wear, supports sound and light linkage, and has a variety of lighting effects to choose from. The speaker adopts a bottom design made of woven mesh and anti-collision soft glue, which can effectively relieve the impact of sudden impact on the speaker. In addition, the outer layer is also coated with a hydrophobic coating, with IP67…

Which is the best driving platform? Which is better, e-driving and Didi driving?

At present, the top ten driving companies are e-driving, Didi driving, hitchhiking, (| |) driving, Ai driving, micro driving, etc. Among them, e-driving and Didi driving are relatively well-known and are also among the best in the driving industry. Many friends who want to join the ranks of driving are hesitant and do not know which driving platform is better. Today we will discuss the situation of e-driving and Didi driving in detail, and give some guidance and suggestions.

Which platform is better?

E-driving status quo: At present, more than 100,000 drivers and 500,000 users have registered, and the business covers 200 cities. It is the first driver platform that has been deployed and entered the market. It has certain advantages in hardware, service system, word-of-mouth and brand. User experience is the hottest, coolest and most practical mobile client side.

Didi driving status quo: a one-stop travel platform including taxis, special cars, express trains, hitchhikers, chauffeurs, and buses. The diversity of services allows more users to choose Didi driving, and it also has many advantages such as driver resources and platform big data, which has won a certain reputation.

Love the status quo of chauffeur driving: China’s chauffeur driving industry is a fast, safe and reliable professional drunk driving service. Starting at 38 yuan is cheaper than a taxi, but it is not as popular as the first two.

Micro Driver Status: It is an application that solves various needs such as drunk driving, business driving, long-distance driving, renting a car, and driving test sparring.

In general, each major driving platform has its own advantages, e-driving and Didi driving have more advantages. Let’s analyze it in detail below.

Which is better, e-driving and Didi-driving?

1. As for how much money Didi and e-driving can earn a month, according to the driver’s report, most of the orders for part-time drivers at night are after ten o’clock in the evening, and one order is more than 100. You can earn about 150 yuan for two or three orders a night, and the driver can earn 2000-3000 yuan a month. No problem.

2. Didi driving and e-driving platforms are a problem. The driver also mentioned that if you drive 10% -20% for a single drive, Didi will have driver points. If the cancellation is greater than 20%, the corresponding points will be deducted (12 points a year), and the e-driving platform will even give the offending driver a ban.

3. Platform scheduling rules. Both platforms adopt the rules of customer self-service or system dispatch. The client side can display the information of the nearest driver. Select one of them or place an order with one click to call the driver for door-to-door service. But the system dispatch requires the customer to place an order on behalf of the driver and make an appointment according to the time of the customer’s appointment.

4. Platform charging standards. Since the charges vary slightly from place to place, in general, the charges for e-driving will be higher. If you want to drive part-time, you can choose e-driving. For details, please click (Didi driving charging standards) or (e driving charging standards) to view.

5. Liability for driving accidents. Didi driving platform liability protection of up to 3 million yuan per order brings greater protection to drivers and passengers when contemporary drivers have accidents. E driving platform liability insurance maximum compensation 2 million.

Wanda Commercial Management’s listing has taken another "two steps": pay the 1.575 billion as scheduled, and thaw 5.1 billion shares

Produced | Sohu Real Estate & Focus Finance

Author | Wang Zehong

Editing | Wu Ya

The decisive battle for IPO is imminent, but Wanda Commercial Management has encountered various storms, whether it is the freezing of equity or the hidden acquisition of several Wanda plazas, all of which are related to its debt pressure.

But public debt is a bottom line, especially for Wanda Commercial Management, which is in the final sprint of listing. On July 11, the capital markets reported that for the "20 Dalian Wanda MTN003" 1.575 billion yuan ticket due on July 10, Dalian Wanda Commercial Management has remitted the full amount of funds for redemption to the Shanghai Clearing Exchange.

In addition to the winning ticket due in July, Wanda Commercial Management has nearly 4.30 billion yuan of bonds, which will be repaid in January 2024. The news also pointed out that Wanda Commercial Management plans to repay the public debt through equity funds and refinancing channels.

In this regard, Wanda Group responded to Sohu Finance: "1.575 billion yuan ticket due payment news is true."

An industry professional told Sohu Finance: "Wanda has some liquidity pressure, but obviously this pressure comes from the expectation of listing and the real estate sector. The real estate sector and the business management sector are independent legal persons. As the main body of listing, there is no liquidity pressure in the short term, so it is natural to repay the debt on time. If there is an overdue, it shows that even the liquidity of the business management sector has deteriorated sharply, which will naturally endanger the listing process of the business management sector."

After the news of the scheduled payment came out, several US dollar bonds of Wanda rose on the same day. Among them, the purchase price of US dollar bonds due in 2024 rose by about 1.5 cents to around 61.7 cents per dollar, and Wanda’s domestic bonds "200,000 to 01" rose slightly by 0.6%.

Behind the equity thaw: Zhuhai business management became a mystery for 6 days, Vanke exceeded the freeze and unblocked

Meanwhile, another piece of good news also arrived.

On July 11, according to the information disclosed by the national enterprise credit information publicity system, all the shares held by Dalian Wanda Commercial Management in Zhuhai Wanda Commercial Management have been thawed, with a total amount of about 5.072 billion yuan.

The previous day, Qichacha showed that Dalian Wanda Commercial Management held all the shares of Zhuhai Wanda Commercial Management (holding 70.16%) were frozen, the amount of frozen shares was about 5.072 billion, the freezing period from July 4, 2023 to July 3, 2026, the enforcement court is Zhanjiang City Intermediate People’s Court of Guangdong Province.

But unlike in the past, the frozen equity was thawed in just 6 days, according to the national enterprise credit information publicity system, Zhuhai Wanda Commercial Management’s frozen 5.072 billion yuan equity has been lifted on July 10.

Such a large amount of freezing and thawing happened in the "lightning and flint", what happened behind the scenes? A relevant person from Wanda Group told Sohu Finance: "We don’t know the specific reason."

A number of Wanda Group companies have been frozen recently, including Dalian Wanda Group’s stakes in Dalian Wanda Commercial Management, Shanghai Wanda Microfinance, and Wanda Properties’ stakes in Wanda Properties.

In particular, Wanda and Vanke due to the Changchun Film and Television City project of more than 1 billion yuan of financial disputes, resulting in Dalian Wanda Group holding Dalian Wanda Commercial Management 1.979 billion equity were frozen, causing Wanda’s strong dissatisfaction, and said that the freeze Wanda Commercial Management 1.90 billion equity, significantly more than the amount of financial disputes between the two sides, is through legal channels to appeal, confident to safeguard the legitimate rights and interests of Wanda Group.

Compared with the "5.072 billion equity freezing incident", the ins and outs behind this financial dispute freezing incident are clear, but because of the excess freezing, Liu Jipeng, the legal adviser of the State-owned Assets Supervision and Administration Commission of the State Council and the dean of the Capital Finance Research Institute of China University of Political Science and Law, was bombarded, and recently recorded a video program to explain.

He believes that the Shanghai Hongkou Court 1.40 billion the disputed assets exceeded the standard by 94 times and seized Wanda 128.70 billion assets, accounting for almost one-third of Wanda’s entire net assets. Therefore, when the guarded person and the qualified intermediary provide strong evidence to prove that the value of the seized assets 120 billion, the legal department should unblock it in time and give Wanda Group sufficient relief rights.

Liu Jipeng also revealed that the Shanghai Hongkou court realized that the 94 times exceeding the standard required by Vanke was unreasonable and serious, and had given 830 million to the seized 1.98 billion equity, but the remaining 1.15 billion equity was still 53 times the disputed assets of 1.38 billion yuan, and the value 74.80 billion. As long as the equity is still in legal proceedings, Wanda Commercial Management listing and issuance of similar funds cannot be carried out.

Behind the 6-day lifting of the 5.072 billion yuan equity, whether it is also sealed due to financial disputes, it is still a fog.

"Borrowing new and returning old" suspension: reduce holdings of Wanda Film to cash out 736 million

But behind this series of events, all point to Wanda Group’s debt pressure. As of the end of June 2023, Wanda Commercial Management’s domestic open market bond stock size was 12.341 billion yuan, and the overseas bond stock size was about 1.80 billion US dollars.

In addition, according to the gambling terms of Zhuhai Wanda Commercial Management, if Zhuhai Wanda Commercial Management fails to go public by the end of 2023, Wanda Commercial Management is obliged to buy back 30 billion yuan of equity from investors.

According to the capital markets, Wanda Commercial Management plans to repay the public debt through equity funds and refinancing channels.

For open market debt, borrowing new to repay the old is one of the ways to solve the gap. However, Dalian Wanda Commercial Management applied to the Shanghai Stock Exchange to issue a 6 billion small public offering, which was suspended by the Securities Supervision Commission on June 28. It was Wanda Commercial Management that actively applied to the Securities Supervision Commission to suspend the issuance on June 9.

According to Sohu Finance, the funds used for the 6 billion bonds were originally planned to be used to repay four domestic bonds due in October 2024 2 billion yuan "200,000 up to 02", 2.50 billion yuan "200,000 up to 03", 1.50 billion yuan due in December 2024 "200,000 up to 04", and 3.80 billion yuan due in September 2025 "200,000 up to 01".

But now this plan has been temporarily unable to carry out, in early July, Wanda Group told investors that the Securities Supervision Commission suspended the registration process of 6 billion corporate bonds, mainly because Zhuhai Wanda Commercial Management’s application for listing in Hong Kong is still in the review process, and the bond application review will be resumed after the progress of the Hong Kong listing.

The core of solving the debt crux finally points to the listing. According to the previous agreement with the 1.30 billion US dollar syndicate to participate in the listing of the loan bank on November 30, Wanda has less than 5 months.

In addition, Wanda’s recent financing moves have been frequent. In early June, everyone’s life insurance loomed to take over Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza, and Jiangmen Taishan Wanda Plaza. Recently, Wanda Investment has successively reduced its holdings of Wanda Film to cash in.

On the evening of July 10, Wanda Film announced that Wanda Investment reduced its holdings of 2245.74 million shares from June 12 to July 7, according to the estimated average price of 12.87 per share, cashing out about 289 million yuan; in addition, the 37.1877 million shares reduced from May 23 to June 13, cashing out 447 million yuan, a total of 2.5964% of the shares, a total of 736 million yuan.

In addition, Wanda Commercial Management’s performance is also a major support for cash flow. On July 3, Wanda Commercial Management released a business express, and 12 Wanda plazas were newly opened in the first half of 2023, with a total of 484 openings. The total rental income in the first half of the year was 26.32 billion yuan, an increase of 4.5% year-on-year; the net rent was 13.01 billion yuan, an increase of 7.2% year-on-year; the net rent of comparable Wanda plaza increased by 3.8% year-on-year. The rental rate was 98.2%, and the rent collection rate was 100%.