It is the first domestic pure electric vehicle developed by Mercedes-Benz brand in China market based on EVA pure electric platform. It is positioned as a medium and large luxury pure electric car and officially listed on August 24th, 2022. In addition to selling points such as long battery life, luxurious interior and pioneer appearance, Mercedes-Benz EQE also provides L2-level intelligent driver assistance system, which brings users a safer, more convenient and more comfortable driving experience. This paper will introduce in detail the composition, function and implementation of the intelligent driver assistance system of Mercedes-Benz EQE, and compare it with competing products of the same level.

Mercedes-Benz EQE provides 23 sensors related to the intelligent driver assistance system, including:

A long-distance millimeter-wave radar: located in the center of the front bumper, it can detect vehicles, pedestrians and obstacles within 200 meters ahead, and is used to realize adaptive cruise, automatic emergency braking and other functions.

Four corner radars: located on both sides of the front and rear bumpers, which can detect targets within 60 meters around the vehicle, and are used for blind spot monitoring, lane keeping, lane change assistance and other functions.

12 parking ultrasonic radars: distributed on the front and rear bumpers, which can detect obstacles within 1.5 meters around the vehicle, and are used to realize parking radar, automatic parking and other functions.

A front binocular stereo multifunctional camera: located above the windshield, it can capture the image information of the road environment ahead, and is used to realize the functions of road traffic sign recognition, intelligent far and near light control, pedestrian detection and so on.

Four 360 parking cameras: located under the front grille, the rear tailgate and the rearview mirrors on both sides respectively, which can splice panoramic images around the vehicle for realizing 360 panoramic images, AR real-life traversing navigation and other functions.

1 in-car viewing angle camera: located above the dashboard, it can monitor the driver’s attention state and be used to realize the functions of ATTENTION ASSIST.

These sensors are connected with multiple electronic control units (ECU) through high-speed buses, such as:

Driver assistance system control unit (DASCU): It is responsible for processing data from radar and camera, and outputting corresponding control signals to other ECU or actuators, such as brake system, steering system and engine management system.

Parking Assist System Control Unit (PASCU): It is responsible for processing data from ultrasonic radar and camera, and outputting corresponding control signals to other ECU or actuators, such as brake system and steering system.

Dashboard display unit (ICDU): It is responsible for displaying information and tips from DASCU and PASCU, such as navigation arrows, traffic signs and early warning icons.

Central display unit (CDU): It is responsible for displaying information and tips from DASCU and PASCU, such as panoramic images, vehicle status, system settings, etc.

The schematic diagram of the intelligent driver assistance system of Mercedes EQE is as follows:

Mercedes-Benz EQE’s intelligent driver assistance system provides many functions, which can be divided into two categories: driving assistance and parking assistance, as follows:

Adaptive Cruise (ACC): It can automatically adjust the vehicle speed according to the set speed and distance, and keep a safe distance from the vehicle ahead. At the same time, it can automatically adjust the vehicle speed according to navigation information, traffic signs and road conditions, such as in corners, intersections, toll stations and other scenes.

ACCA: On the basis of ACC, it can automatically identify and follow the vehicles driving in the same direction ahead according to the navigation information, and realize partial automatic driving on expressways or urban expressways.

Lane keeping (LKA): The lane line on the road can be identified by the camera, and the vehicle can be kept in the current lane through steering intervention. At the same time, it can automatically switch to the correct lane at the right time according to the navigation information.

Lane change assist (LCA): When ACC and LKA are turned on, the lane change assist function can be activated by the turn signal, and the system will detect whether the target lane has enough space and safe distance, and help the vehicle to complete the lane change action through steering intervention.

Blind spot monitoring (BSD): Blind spots at the rear and side can be detected by angle radar, and corresponding warning lights can be displayed on the rearview mirror. If a car is detected and the driver turns on the turn signal, the system will give an audible warning and increase the steering resistance to remind the driver of the danger.

Automatic emergency braking (AEB): Vehicles, pedestrians and obstacles in front can be detected by radar and camera, and visual and sound warnings can be given successively according to the collision risk, and the braking force is increased. If the driver fails to respond in time, the system will automatically start the maximum braking force to avoid or mitigate the collision as much as possible.

Road traffic sign recognition (TSR): Speed limit signs, prohibition signs, warning signs, etc. on the road can be recognized by the camera and displayed on the dashboard.

Manual transmission and automatic transmission: the game between driving pleasure and practicality

Today in 2024, with the continuous progress of automobile technology and the change of consumer preferences, the choice between manual transmission and automatic transmission has become the first important decision faced by many prospective drivers. This choice is not only related to the learning of driving skills, but also to the expectation and adaptation of future car use scenarios.

From the data point of view, the global market share of manual transmission models is declining year by year. In China, in 2020, manual transmission still occupied 10.7% of the market share, but by 2021 it had dropped to 7.2%, and now it is less than 4%. The market share of manual transmission models in the United States and Japan is only 1% and 2% respectively. This trend reflects that with the intensification of urban traffic congestion and consumers’ pursuit of driving convenience, automatic transmission models are more popular because of their simple operation and easy to use.

Manual gear:

Advantages: high speed, good hand feeling, fuel saving, low maintenance cost and relatively cheap car price. For those who love driving, manual gear provides more driving pleasure and participation, and can shift gears according to the speed and engine sound in time to realize the driving experience of people and vehicles.

Disadvantages: In the urban congestion environment, frequent operation of clutch, gear, throttle and brake not only increases the driver’s physical burden, but also reduces the driving efficiency. For beginners, the learning cost of manual gear is high, and it may be more likely to cause tension and psychological pressure in urban driving.

Automatic gear:

Advantages: simple operation, especially suitable for driving in urban congestion environment, reducing the physical burden and psychological pressure of drivers. For novices, automatic transmission models are easier to use and reduce driving difficulty.

Disadvantages: Compared with manual transmission, automatic transmission models may have higher fuel consumption and maintenance costs, and may lack driving pleasure in some cases. Some drivers may feel that the throttle response of automatic transmission is too tight, which is not as light as manual transmission.

From the practical point of view, automatic transmission models are undoubtedly the mainstream choice in the current market. With the intensification of urban traffic congestion and the acceleration of people’s life rhythm, the convenience and comfort provided by automatic transmission models are more in line with the needs of modern consumers. However, from the perspective of driving pleasure and skill improvement, manual transmission models still have irreplaceable value. For those who love driving and pursue the experience of integrating people and vehicles, manual transmission models provide more possibilities and challenges.

The existence of manual transmission models is also of certain significance to the diversity of automobile technology and market competition. Although automatic transmission technologies such as dual clutch are developing continuously, manual transmission models still maintain a certain market share in some specific fields and consumer groups. This is not only the inheritance of traditional driving skills, but also the respect for the diversity of automobile technology.

To sum up, the choice of manual transmission and automatic transmission should be decided according to the individual’s driving needs, skill level and preference. For those who pursue driving pleasure, like challenges and sense of control, manual transmission is undoubtedly a better choice. For those who pay attention to driving convenience, comfort and efficiency, automatic transmission models are more suitable. In the future, with the continuous progress of automobile technology and the change of consumer preferences, the game between manual transmission and automatic transmission will continue to exist, and each will occupy a place in the market. Therefore, whether you choose manual transmission or automatic transmission, you should make a wise decision based on your actual situation and needs.

Lin Jiaxin (right) and Ku Kui Kei went to Guangzhou to interact with the audience.

　　(Reporter Wang Zhenguo/Wen Wangweixuan/Photo) The comedy "Love Call Transfer 2", which will be released on the 28th of this month, was held in Guangzhou the night before. Director Zhang Jianya and starring Lin Jiaxin and Ku Kui Kei were present to interact with the audience. However, Lin Jiaxin and Ku Kui Kei lacked tacit understanding.

　　Ku Kui Kei:

　　Chasing girls is singing in her ear.

　　Nie Bing, a girl played by Lin Jiaxin in Love Call Transfer 2, won 12 dating opportunities given to her by angels, and then met 12 men of different types and occupations, among whom Ku Kui Kei played an insurance salesman. At the press conference held on the evening of 17th, Ku Kui Kei blew herself up about her early love, saying that she had also used the girl-chasing bridge like "singing in her girlfriend’s ear" in the film: "I didn’t enter the business at that time, so I sang the songs of my predecessors. At that time, it was at the seaside in Tsim Sha Tsui, Hong Kong. Wow, now I think it is very romantic. She is in my arms and my ear is on my mouth. I will sing it to her. "

　　However, when Ku Kui Kei was filming, he was busy promoting the music album, so he only spent 40 hours in the group shooting, and he didn’t know some key plots in the film. On the evening of 17th, when he was asked the question "What dish did the insurance salesman do that touched Nie Bing", Ku Kui Kei was embarrassed, and answered three answers "Mom’s rice", "Mom’s food" and "Mom’s shrimp" in succession, but Lin Jiaxin, who knew the answer, just smiled at the side without any tacit help. Director Zhang Jianya quickly cleared the way: "This is not his fault, filming the scene of Lin Jiaxin eating food.

　　Lin Jiaxin:

　　You can’t accept sibling love in your life.

　　Love Call Transfer 2 is Lin Jiaxin’s first mainland film, and it is also a comedy route that she seldom tries. Lin Jiaxin said that she played this role in a "silly girl" way: "I really seldom try comedy, but I know that I have to catch a few points-Pisces, a girl who is about to turn 30, and a TV presenter, so I think I should catch’ silly’ because girls’ stupidity is very cute. I don’t want to pretend to know comedy very well. I hope to perform the role of Nie Bing with silly feelings. "

　　When it comes to the actor who feels the best in the film, Lin Jiaxin didn’t say it was Ku Kui Kei who was standing by, but Huang Lei who played the painter in the film, but she didn’t forget to add: "Of course, it feels good with Ku Kui Kei." Later, Lin Jiaxin explained, "Some people can’t establish too many tacit understandings because the shooting time for each of them is only two or three days.". What impressed me more was Huang Lei. There was a scene where I broke up with Huang Lei. He was crying, and I was suddenly tempted. I was infected in an instant and wanted to hurt him. "

　　I talked about 12 boyfriends in the movie. What kind of boyfriends does Lin Jiaxin like in life? Lin Jiaxin said, "I can’t accept sibling love, and I prefer mature men. The teacher Fan Wei in the film is not bad, very cute, and her eyes are always smiling, so she has no trouble with him. In real life, I will choose mature and humorous people. "

　　Reporters watch movies:

　　Audience favorite

　　Fan Wei is funny.

　　At present, Fan Wei, Huang Lei and Deng Chao are the three leading actors in Love Call Transfer 2. Talking about the comparison of the length of the actor’s scenes in future films, director Zhang Jianya said: "The film was three hours long when it was roughly cut, and many good scenes were cut off due to the limitation of the film length."

　　According to the reporter’s statistics, among the films, Fan Wei took on the most funny lines, and his performance also got the most laughter. He plays Fan Zhongju in the film. He owns a huge sum of money and a famous car. He is a veritable tycoon. Based on the life principle of "a vast sea of people, weeds everywhere, why not look for flowers", he has a crush on Lin Jiaxin. When Lin Jiaxin said that he liked Prince Charming, Fan Wei looked embarrassed: "That’s bad, they all call me a dark horse fat man."

　　Alec Su, an idol student, also performed brilliantly. He played an almost crazy draft player in this film. He participated in all kinds of draft programs, including "Good Man", "Fast Man", "Real Man" and "Handsome Man", in order to show a small face in front of the camera, and he also paid bribes to all kinds of people in the cast for the sole purpose of being famous. In the film, Alec Su not only boasts the "Xu Wenqiang" of Shanghai Beach, but also sticks his head out of the sky window affectionately in Lin Jiaxin’s car, waving to the roadside frequently and shouting "Hello friends at the top of the mountain". Before the words are finished, a garbage bag blows and sticks it on Alec Su’s face.

　　(Wang Zhenguo)

Editor: Zhang Renhe

　　How about [car home New Car Illustration]? Can’t squeeze in! Many people want to take advantage of the 2024 Chengdu Auto Show to visit the Tucki booth (|), but in the end they failed, because there are too many people watching the car. It seems that this time, Tucki can stand tall on the sales list by MONA M03, which is no exaggeration, because we squeezed into the car show at the auto show and really felt it, and its competitiveness is really good. Next, let’s talk about the real picture, so that everyone can feel its murderous look through the screen.

　　As a brand-new compact car owned by Tucki, Tucki MONA M03 was officially launched a few days ago (August 27th). Let’s take a look at what happened after that. First, it was listed for 52 minutes, and it was definitely over 10,000 units, and then it was over 30,000 units in 48 hours. Then, at the press conference of Chengdu Auto Show today, MONA M03 held a delivery ceremony by the way, which competitor didn’t tremble at this speed!

　　It’s time to formally introduce Tucki MONA M03, with a price range of 119.8-155.8 million yuan. At present, there are three models in the whole department. Combined with pricing, MONA M03 is a pure electric compact car, and its rivals are mainly BYD Qin PLUS EV and AION S MAX. With the price and configuration table, we also give the purchase suggestion (portal), and the price/performance ratio is really quite good. Next, it’s time to take a good look at this car!

　　In terms of appearance design, the first attraction is Tucki MONA M03′ s low posture, with sharp body line modeling, the effect is dynamic enough. The body of MONA M03 in Tucki adopts the golden ratio design of sports coupe, and has excellent drag coefficient of 0.194Cd, which can improve the battery life by 60km.

　　The T-shaped headlight group makes this car have a good recognition. There are 300 LED bulbs built in, which can scatter the light to more angles and the longest irradiation distance is 150 meters. There is Gankun in the trapezoidal air inlet shape of the front face, and it is equipped with an active air intake grille (AGS), which can be intelligently adjusted according to the vehicle speed. When it is opened, it can enhance the heat dissipation of the motor, and when it is closed, it can reduce the drag coefficient. More importantly, it is standard in all departments!

　　Tucki MONA M03 offers five exterior car colors, including Xinghanmi and cool dark black, as well as Xingyao Blue, Xingyun White and Xingque Grey, each of which is unique. The interior color matching draws inspiration from the sky color, and there are three colors available: morning fog gray, noon blue and night gray.

　　From the side of the car body, it adopts a back-walking style, and the fashion sense of the wheel rim with a new style has been greatly improved. The concealed door handle not only enhances the sporty atmosphere, but also brings better aerodynamic performance. In terms of body size, the length, width and height of the new car are 4780/1896/1445mm and the wheelbase is 2815mm respectively.

　　The most interesting thing about the tail is the design of the hatchback, and the overall visual effect is very smooth. The taillights also adopt the T-shaped design, which makes the tail end echo, and the duckling tail slightly upturned makes the tail end look more dynamic.

　　There are two styles of rims to choose from. The 19-inch sports rim is full of strength, but compared with the 18-inch low-drag tire, it obviously sacrifices some energy consumption. According to the data of official website, the official cruising range of 515 is 515km, the cruising range is 485km with 19-inch wheels, the cruising range of 620 is 585km with optional wheels, and the cruising range of 580 Max is 550km with optional wheels. The endurance loss rate is around 6%. The specific energy consumption performance can be paid attention to our follow-up measured column, and we will test it as soon as possible.

[car home Fuzhou Preferential Promotion Channel] Recently, a wave of price reduction promotion activities was launched in Fuzhou market, with the highest preferential amount reaching 45,000 yuan, which reduced the minimum starting price of this luxury medium-sized car to 204,900 yuan, bringing unprecedented car purchase concessions to consumers. If you want to know more about the discount, please click "Check the car price" in the quotation form to get a higher discount.

The front face design of FAW-Volkswagen CC adopts a family-style design language, and the air intake grille is decorated with large areas of chrome. The overall style is very atmospheric and dynamic, which perfectly combines the elements of elegance and movement.

FAW-Volkswagen CC has slender and smooth body lines, with a vehicle size of 4865*1870*1459 mm and a wheelbase of 2841 mm, which provides spacious and comfortable seating space for passengers in the car. The front and rear wheel tracks are 1586 mm and 1572 mm respectively, which ensures the stability and handling of the vehicle. With 18-inch aluminum alloy wheels, tyre size with 245/45 R18 is adopted, which not only enhances the sense of movement of the vehicle, but also enhances the grip and driving experience.

The interior style of FAW-Volkswagen CC is dominated by luxury and technology, and the entire cockpit is made of a large number of high-quality materials, so that drivers can feel luxury while enjoying comfort. The steering wheel is made of leather, which feels excellent. At the same time, it supports manual adjustment up and down and back and forth, which can meet the individual needs of different drivers. The central control screen is equipped with a 9.2-inch touch screen, which can realize voice recognition control of multimedia system, navigation, telephone and air conditioner, and bring convenient operation experience to drivers. The seat material is a mix of leather and Alcantara, which not only retains the luxury of leather, but also increases the sense of movement of Alcantara. The main and auxiliary seats all support front and rear adjustment, backrest adjustment, height adjustment and lumbar support adjustment, which fully meet the needs of drivers of different sizes. The front seats are also equipped with heating function to keep drivers warm in cold weather. The rear seats are designed in proportion, which can flexibly adjust the space layout according to the needs.

FAW-Volkswagen CC is equipped with a 2.0T L4 engine, which can output the maximum power of 186 HP and provide the maximum torque of 320 Nm when the engine speed reaches 1,500-4,400 rpm. Equipped with a 7-speed wet dual-clutch gearbox, it can quickly respond to the driver’s needs and provide stable power transmission.

He spoke highly of the driving experience of FAW-Volkswagen CC. He praised the powerful horsepower of the 2.0T engine and the proper training of the gearbox. CC can flexibly cope with both urban roads and overtaking acceleration. A variety of driving modes can be switched freely, and the front and rear independent suspensions bring a comfortable riding experience, while the solid materials of the chassis make the body follow-up better. On the whole, FAW-Volkswagen CC is undoubtedly a car with excellent driving experience.

　　On September 7th, Guangdong-Hong Kong-Macao Greater Bay Area workers celebrated the 70th anniversary of the founding of People’s Republic of China (PRC) and the 20th anniversary of the establishment of the Macao Special Administrative Region. The performance was jointly sponsored by Guangdong Federation of Trade Unions, Hong Kong Federation of Trade Unions and Macau Federation of Trade Unions. The picture shows the audience waving a five-star red flag and singing My People，My Country. China News Service reporter Chen Yushe

　　When Chen Zhuoxi, the principal of Hong Kong Professional Continuing Education School, was young, there were not many opportunities to see the five-star red flag. As a primary school student, he made a small five-star red flag with a small wooden stick and raised it at home in Hong Kong. "I was born in a family that loves China and Hong Kong, and I was greatly influenced by my parents." Chen Zhuoxi told reporters.

　　My parents left a commemorative medallion for the founding of New China, which Chen Zhuoxi keeps to this day. "At that time, my parents were still young people. They bought this medal specially, so I can imagine the happy mood at that time." Since Hong Kong returned to the motherland in 1997, the five-star red flag has been flying in the wind on Hong Kong Island.

　　In 1999, Cui Shiping, chairman of the Macao Chinese Cultural Exchange Association, who was studying in Tsinghua University, took the urban planning and development of Macao as the topic of his doctoral thesis, and the relevant suggestions were adopted by the Macao SAR government. "Before the reunification, Macao’s economic development and public security situation were not ideal. After the reunification, Macao residents participated in the construction with the attitude of being masters and devoted themselves to development. " He told reporters.

　　The 70 years of New China are 70 years of rapid development, and 70 years of joint efforts by compatriots from Hong Kong and Macao and the motherland.

　　Feel the great changes personally

　　Chen Zhuoxi’s hometown is in Nanhai, Guangdong Province. When he was young, he went to the mainland for an exchange visit. Sitting on the train from Shenzhen to Guangzhou, he saw picturesque mountains and rivers outside the window, and the construction of the motherland advanced by leaps and bounds more than a few years ago. The car broadcast is playing "Singing the Motherland", and the bright melody falls on Chen Zhuoxi’s heart. "There is a very kind feeling of going home."

　　"Hong Kong people have counted up to three generations, and many of them have come from the mainland." Chen Yong, vice chairman of the Hong Kong Democratic Alliance for Betterment of Hong Kong (DAB), told the reporter that his father was a returned overseas Chinese, his mother was a native of Henan Province, and he was born in the Mainland. When growing up, Chen Yong, who went back to the mainland to visit relatives with his family many times, witnessed the rapid changes in the motherland. "Every time I go back, I will find that the impression of my hometown and childhood has changed a lot, and infrastructure construction has mushroomed. Many aspects of development were unimaginable before." Chen Yong said.

　　Yu Guochun, the chairman of Hong Kong Yuhua Domestic Department Store Co., Ltd., was born in 1951 and is known as the "king of domestic products". Sixty years ago, his father was invited to Beijing to participate in the 10th anniversary of the National Day. It was in that year that his father founded Yuhua Chinese products, which means "rich China". Yu Guochun told reporters that his father hopes to sell China’s high-quality products overseas through Hong Kong, and at the same time, open up the country’s foreign trade channels and increase foreign exchange income. "When Yuhua first opened in 1959, it only sold a few hundred kinds of goods. Today, we have sold hundreds of thousands of high-quality domestic products. " Yu Guochun said, "Our domestic products have benefited from the development of the motherland, especially the reform and opening up and the return of Hong Kong. I am honored to be a witness and participant and personally feel the great changes. "

　　Liang Weite, Financial Secretary of the Macao SAR Government, told reporters that Macao’s development achievements today also benefited from the country’s reform and opening up, especially after Macao’s return to the motherland, under the advantage of "one country, two systems", with the strong support of the state and the concerted efforts of all walks of life in Macao, Macao has undergone earth-shaking changes.

　　Better integrate into the mainland

　　In 1996, Hong Kong businessman Feng Guoyou shifted his career focus to the mainland. At that time, Hong Kong had not yet returned to China, and some Hong Kong businessmen lacked confidence in developing their businesses in the Mainland. Feng Guoyou hopes to tell Hong Kong compatriots the real situation in the Mainland through personal experience and attract more Hong Kong businessmen to develop in the Mainland.

　　With the return of Hong Kong to the embrace of the motherland, more and more Hong Kong people go to the Mainland to show their talents. Feng Guoyou, a veteran "North drifter", established the Hong Kong Professionals (Beijing) Association in 2011 to help Hong Kong people better integrate into the Mainland. At the beginning, there were only 30 or 50 small teams, but now there are 1300 members, covering many industries and highlighting the characteristics of youth, innovation and technology.

　　Borong Wang, chairman of the Youth Affairs Committee of the Association, said: "In recent years, the state has launched many measures to help Hong Kong people integrate into the overall development. For example, it is very positive to cancel the employment permit of Taiwan, Hong Kong and Macao personnel in the Mainland and implement the residence permit system for Hong Kong, Macao and Taiwan residents. "

　　Chen Zhuoxi said that about a quarter of the students in Hong Kong professional continuing education schools go to the Mainland for exchanges and internships every year. "Many students go to the mainland, not only to visit schools, enterprises or scenic spots, but also to visit mainland students’ homes and take the initiative to invite mainland students to Hong Kong. This two-way communication has enabled students to build deep feelings, and Hong Kong students have a deeper and more comprehensive understanding of the Mainland. "

　　Chen Zhuoxi said that today, with the increasingly close ties between Hong Kong and the Mainland, I hope that young people in Hong Kong will conform to the trend of the times and take the initiative to integrate into the overall situation of national development.

　　In Chen Yong’s view, since the 18th CPC National Congress, the Belt and Road Initiative and the construction of Guangdong-Hong Kong-Macao Greater Bay Area have created precious opportunities for Hong Kong to take off again, and Hong Kong should seize the opportunity to accelerate its development. "I hope that the country will introduce more development achievements in all aspects to Hong Kong, so that Hong Kong can better integrate into national development and continue to maintain prosperity."

　　Highlight institutional advantages

　　Chen Yong said that after Hong Kong’s return to the motherland, it shared the huge dividends of national development, which included the benefits of "one country" and the convenience of "two systems". Backed by the motherland, Hong Kong can play the role of a "super contact" through the Belt and Road Initiative and the construction of Greater Bay Area, and hopes to become a "super partner" and a "super participant".

　　Yu Guochun said that the state recently announced its support for Shenzhen’s construction of the Socialism with Chinese characteristics Pilot Demonstration Zone, which is of great benefit to Hong Kong, and is conducive to further promoting the construction of Guangdong-Hong Kong-Macao Greater Bay Area and promoting Hong Kong’s long-term development and prosperity and stability.

　　This year marks the 20th anniversary of Macao’s return to the motherland, and it is also the year when the Outline of Guangdong-Hong Kong-Macao Greater Bay Area Development Plan was promulgated. Liang Weite said that the country has now given Macao a clear positioning: a world tourism and leisure center and a service platform for business cooperation between China and Portuguese-speaking countries. This is also an important entry point for Macao to serve the country and give full play to its own strengths. The construction of Guangdong-Hong Kong-Macao Greater Bay Area is an important historical opportunity to promote the moderate and diversified development of Macao’s economy.

　　Xiao Zhiwei, president of the Macao Development Strategy Research Center, told reporters that Guangdong-Hong Kong-Macao Greater Bay Area has been written into the government work report for three consecutive years, reflecting that Greater Bay Area has been highly valued and concerned at the national level. "Greater Bay Area construction can promote ‘ One country, two systems ’ New practice has formed a new pattern of comprehensive opening up. " Xiao Zhiwei is full of expectation and confidence for the future development of Macao in the new era.

　　Cui Shiping believes that before the reunification, Macao actively cultivated people’s patriotic feelings and accumulated economic and social foundations. After the reunification, the strong vitality of "one country, two systems" has been demonstrated by meeting the needs of the country and giving full play to Macao’s strengths. He said that since the founding of New China 70 years ago, earth-shaking changes have taken place, and Macao people have become more and more patriotic and United. "Home and everything. If the country is good, Macao will be better. "

Recently, heavy news came out in the market. Legend Rui Holding Group is considering splitting its automobile business and listing it in Hong Kong, with an estimated market value of about 50 billion yuan. This dynamic has not only brought a new turn for Chery’s listing, but also aroused widespread concern in the entire automobile industry.

As one of the few automobile group companies in China that have not yet landed in the capital market, Chery’s listing process can be described as twists and turns. Then, can this spin-off listing become a key leap for Chery to realize its dream of listing?

The road to listing is full of twists and turns

Since its establishment in 1997, Chery Holding Co., Ltd. has developed from a single automobile manufacturer into a comprehensive enterprise covering automobile, finance, real estate, service, intelligence and parts manufacturing, and its business footprint covers more than 80 countries and regions around the world. However, despite remarkable achievements in business scale and market share, Chery’s road to listing is extremely difficult.

Chery automobile has been preparing for the IPO for nearly 20 years since the listing plan was first announced in 2004. At that time, Anhui Province actively promoted the listing of Chery and implemented the share reform. However, despite its outstanding performance, Chery’s initial listing attempt finally failed due to factors such as unclear equity relationship with SAIC.

Around 2006, JAC was in trouble. As the two major automobile manufacturers in Anhui Province, it was once reported in the market that Chery and JAC might merge and go public and cross-hold shares, which brought JAC the hope of getting out of trouble. But unfortunately, Chery failed to be the savior of Jianghuai. With the approval of Jianghuai car project, it successfully saved itself, and the rumors of merger with Chery also vanished.

Since then, Chery has repeatedly suffered setbacks on the road to listing. In 2015, Chery Huiyin, its joint venture company, failed to hit Hong Kong stocks and A shares. In 2016, Chery New Energy tried to achieve "backdoor listing" through conch profiles, but it also failed to do so. As an old-fashioned independent brand car company, Chery’s repeated failures are undoubtedly regrettable. However, Chery has not given up, but has been actively preparing for listing.

In 2020, Chery introduced Qingdao Wudaokou Capital; In 2022, Luxshare became a new strategic investor of Chery. According to the latest plan, Chery plans to complete the A-share IPO by 2025. Two years ago, Yin Tongyue, Party Secretary and Chairman of Chery Holding Company, made it clear that in order to broaden the financing channels, it was hoped that Chery Automobile could successfully go public before 2025, so as to promote the company’s new round of transformation.

The main purpose of enterprise listing is financing. Chery’s capital demand has always been well known to the industry. Yin Tongyue once admitted that Chery’s early capital investment was limited, and it has not been listed, and it has not issued bonds in the capital market in recent years. Therefore, in the process of rapid development, Chery’s capital demand mainly depends on bank financing. Landing in the capital market will not only help Chery to establish a long-term capital replenishment channel, but also activate its equity incentive mechanism. From the initial listing plan in 2004 to the completion of the capital increase and share expansion project in 2019, Chery’s listing road has been tried many times, but it failed for various reasons. Now, with the news of the spin-off and listing of the automobile business, Chery has once again taken a solid step towards the capital market.

Multiple considerations behind the valuation of 50 billion yuan

As early as the end of last year, there were rumors that Chery Automobile was preparing to go public this year, and the listing place was initially designated as the mainland, with a valuation as high as 150 billion yuan. However, the valuation of this IPO in Hong Kong has been adjusted to 50 billion yuan, which is significantly reduced compared with previous rumors. Behind this change, there are multiple factors such as the uncertainty of the global automobile market, the fierce competition of the new energy automobile industry and the fluctuation of the Hong Kong stock market.

Under the background of global supply chain bottleneck, rising raw material prices and increasingly fierce market competition, the profitability of auto companies is facing severe challenges, and investors are becoming more cautious about the valuation expectations of auto companies. At the same time, the competition in the new energy automobile industry is becoming more and more fierce, which makes investors conservative about the future growth potential of Chery Automobile. In addition, the overall poor performance of the Hong Kong stock market, especially the fluctuations in technology stocks and new energy vehicles, also affected Chery’s valuation.

Nevertheless, the spin-off listing is still of great significance to Chery. Through direct financing in the capital market, Chery can obtain more funds for R&D and market expansion, especially in frontier areas such as new energy vehicles and smart driving. At the same time, listing will also help attract strategic investors and partners and inject more resources and support into the company’s long-term development.

In order to have a deeper understanding of the prospect of Chery’s spin-off and listing, "Auto Talk" interviewed a number of industry experts and analysts. They generally believe that the spin-off and listing will help Chery to focus more on the main automobile industry and improve its operational efficiency and market competitiveness. Through listing, Chery can more clearly define the strategic objectives and market positioning of the automobile business, and optimize the resource allocation and management system.

However, some analysts have warned that Chery needs to pay close attention to the changes in the market environment and competitive situation, and formulate practical strategic planning and marketing strategies. In addition, before the spin-off, Chery needs to strengthen its internal management and enhance its brand image to ensure the long-term and stable development of the company.

According to Yin Tongyue, chairman of Chery Holding Group Co., Ltd., Chery will be split and listed in the future, and will be laid out in many fields such as new energy, artificial intelligence, mobile travel service and core components. Through the spin-off, Chery can build a multi-sector listed company cluster, realize the diversification and coordinated development of its business, and thus enhance its overall competitiveness and anti-risk ability.

Generally speaking, the news that Chery intends to spin off its auto business and go public has brought new hopes and opportunities for the company’s future development. Despite many challenges and uncertainties, Chery has not given up its dream of going public. Through the spin-off, Chery is expected to improve the efficiency of capital operation and financing ability, focus on the main automobile industry and enhance brand value and market competitiveness, conform to the development trend of the automobile industry and seize market opportunities.