It was reported that in China, the mass automobile group, with more than 40 factories, had announced a new scheme to provide tailor-made vehicles, including equipment such as the in-house KaraOK, as required by Chinese clients, while investing billions of dollars in cooperative and production bases with local enterprises. It was reported that this was part of the development strategy for China, published by the mass automobile group in 2022.

At the same time, it has been reported that Basv, which has 30 production facilities in China, is also grappling with 10 billion euros (approximately 75.5 billion yuan renminbi) and that it is planned to build a new production base in China, with a size comparable to that of the Basv headquarters in the Port of Ludwihi on the Rhine, which covers approximately 10 square kilometres of land.

It was also reported that in Germany as a whole, a number of entrepreneurs were aware that such investments in China were contrary to the United States efforts to isolate China economically. However, they refuted that investment and cooperation in China were essential for their business to flourish in Europe.

It was also mentioned that the mass automobile group had privately recognized that the company was faced with a similar dilemma and that the high energy and labour cost placed it heavily on the Chinese market to help sustain its European operations.

According to the New China Society report on 9 November last year, many German business leaders, in their interviews with the New China newser, said this year marks the fiftieth anniversary of China’s construction, believing that exchanges and cooperation in the area of trade between China and China will continue to deepen, in the interest of China’s economic and social development.

The first set of the integrated base project, which the German Basv group invested in Hiroshima, was officially launched in 2022 as the single largest investment in China by German enterprises. The Officer-in-Charge of the Basv Group indicated that the further development of China’s operations would be of strategic and economic value to Basv and would further promote regional pluralism of the Group. In China’s future development, we are confident that we will remain.

OPPO K10

According to the relevant pictures, this certified oppo new machine adopts the oppo family design. The back plate has a certain radian and the color is “colorful blue”. This color design may be more suitable for young people. The design of the rear camera module is similar to that of many oppo mobile phones before. The three cameras are arranged in a matrix, and the flash is in the lower right corner of the lens module.

Relevant information shows that oppo k10x is equipped with Xiaolong 695 mobile platform, with sufficient performance to cope with daily use. In terms of endurance, as an entry-level model, oppo k10x has a built-in 5000mAh battery. At the same time, it supports wired charging with up to 33W power. Combined with a processor with low power consumption, the endurance of oppo’s new machine is what we expect. In terms of screen, it is equipped with a 6.59 inch screen with a resolution of 2412 × 1080, maximum refresh rate 120Hz. In addition, the rear image system of this model is a combination of a 64 million pixel main camera + two 2 million pixel sub cameras, and the front camera is 16 million pixels.

Opk10x network access

In terms of price, at present, the starting price of oppo K10 is 1999 yuan. Taking this as a reference, mobile china speculates that oppo k10x will eventually be sold around 1500 yuan.

The application of new e-government video networking technology has not only brought good results to the information construction of our province, but also had a great impact in the whole country. Brother provinces and cities have expressed their willingness to study and investigate in our province. On March 18, 2015, after investigating the application of video networking technology in our province, the general office of Zhejiang provincial government, the Commission of economy and information technology, the food and Drug Administration and other units highly appreciated the practice and results of our province.

Information Promotion Division

March 2015

“Material” beauty - all staff Xueba

The 37 students of material engineering class 18-1 have united as one and worked hard. They have been rated as “excellent study style class” for three consecutive years, once as “excellent study style model class” and once as “advanced class collective in Shandong Province”. The overall performance of the class is in the forefront of the school department, and the one-time pass rate of the course is the first in the school department for three consecutive times.

Over the past three years, 37 students have won more than 100 honors, such as national scholarship, provincial government scholarship, national inspirational scholarship, provincial government inspirational scholarship, Huate magnetoelectric scholarship, SICC Tianyue scholarship, academic scholarship and so on.

Finally, Wu Jie was admitted to Hunan University with 384 points, Zhang Yi to Northeast University of Finance and economics with 378 points, Yang Jinyao to Nanjing University of Information Engineering with 377 points, Deng Junyu to Nanchang University with 369 points, Wang Zhen to University of science and technology of China with 365 points, and Li Zeying to Ocean University of China with 359 points

“Material” excellent, dry and economic -- academic climbing

Work hard for a long time. The class students leaned down and studied in front of the experimental platform, dared to start and innovate, actively engaged in scientific research and explored the mysteries of materials. Xu Yulin published papers in the international top journal advanced materials. Zhang Yuxue (admitted to Qingdao University), Zhao Zichao (admitted to Dalian Maritime University), Zhang Wenhui (admitted to China University of petroleum), Ding Yuan (admitted to Donghua University), Guo Liwen (admitted to Qilu University of Technology), Wang wenzeng (admitted to Qilu University of Technology) and other students presided over or participated in scientific research projects, and published several academic papers in EI or SCI journals.

“Material” and elegant reputation -- famous teachers and students

Professor Du Yi, the head teacher of class 18-1 of Material Engineering (who won the second prize of national technological invention and enjoyed the special allowance of the State Council), has rich experience and is learning-oriented. He has brought out many “champion classes”. The admission rate of class 17-1 of material engineering in 2021 is also more than 50%.

Mr. Du also instructed many students to participate in the Provincial College Students’ innovation and entrepreneurship training program. These students have made great progress in scientific research. Li Haoyu (admitted to Yunnan University), sun Guoliang (admitted to China University of science and Technology), Huang Yujin (admitted to Guangxi University), Ma Jingchen (admitted to Guangdong University of Technology) and other students jointly completed the project and published many papers and patents.

“Talent” military training - good atmosphere

Why did class 1-18 become the “material bully” of the material department?

Chi Zhenguo, deputy secretary of the Party committee of the Department of materials science, said: the Department of materials science has always attached importance to students’ postgraduate entrance examination and further study. At the beginning of enrollment, students are allowed to choose academic tutors according to their interests for one-to-one and hand-in-hand academic career guidance, guide students to participate in scientific research projects, guide students to carry out academic training, and increase students’ interest in academic research, which is conducive to students’ postgraduate entrance examination and further study. Under the leadership of the school department, many mobilization meetings for postgraduate entrance examination were held to guide students to complete key work such as registration and school selection; With the cooperation of all departments of the school department, we have opened up a green channel for students to “go to school without hindsight and have school departments for everything”, and created a good environment for top-down “Party committee - Youth League Committee - departments and offices of the school department - teaching offices” to fully serve students.

Postgraduate retest

Academic Symposium

Since March, the epidemic situation has been severe, and many students have been distressed because they do not have a suitable place for the re examination of postgraduate examination. After understanding the students’ demands, the school department immediately sorted out several offices for the re examination of students. The various working measures of the school department to serve the students wholeheartedly mentioned by the monitor Wang Zhen at the school (College) student backbone symposium were highly praised by Secretary Wang Yinglong.

“Material” xiongdemao - Comprehensive Improvement

At the beginning of admission, the students in the class actively completed collective activities such as military training, actively participated in a series of activities such as “freshman Cup” football match, basketball match and volleyball match organized by the school department, and achieved good results in the championship of football match and the top four of basketball match. Participated in the cultural and recreational activities held by the school department, enhanced the feelings of students, improved the overall spiritual outlook of the class, and won the champion of the class charm competition and Innovation Award.

At the call of Mr. Du, the head teacher and the counselor of the Youth League Committee, many people in the class participated in voluntary activities for returning home and school during summer and winter holidays, actively served remote mountainous areas, old revolutionary base areas and other areas with difficult conditions, and showed the good spiritual style of “material man”. They were reported by the local media and commended by the local government. Due to their excellent performance, many people were rated as the honorary title of “advanced individual in voluntary service”.

Since the epidemic, class students have responded to the call of the school (hospital) and the Ministry, actively participated in the local epidemic prevention and control, contributed their youth strength to the epidemic prevention and control, and demonstrated the good style of “workers” and “material people”. Party members and comrades have actively participated in the epidemic prevention and control of local grass-roots party organizations and played the vanguard and exemplary role of Party members.

Class 18-1 of material engineering is like a boat, driving in the vast ocean of science. With the ardent care of school (Institute), department leaders and teachers, the careful teaching of professional teachers and the earnest instruction of class teacher Du Yi, we finally get through the clouds and see the sun, and reach the other shore of our dream. Don’t stay in pursuit of the wind and the moon. The spring mountain is at the end of Pingwu - class 18-1 of material engineering will bear in mind the teachings of the leaders and teachers of the school department and the school motto of “being moral, inspirational, practical and capable”, continue to study and make continuous efforts at a new starting point, strive for the cause of socialism in the new era, leave the shadow of “worker” in the great rivers and mountains of the motherland and show the style of “material man”!

Exhibition main Poster

The exhibition takes “metaphor and gaze” as the starting point, surpassing the simple gaze and imagining a more inclusive and resilient female future. Women, constantly glowing with vitality, open female perspective field, turn to themselves by appearing in the works, constantly think, approach the origin of the material object, give the prospect of their own survival and surpass the existence.

As a female curator, Zhu Yujie has always insisted on providing more opportunities for female artists to show their works and creativity. She said: “by constantly holding female artist exhibitions and writing female art, it is possible to let female artists be known by more people and let female artists enter art history.” It is these ideas that enable Zhu Yujie to make a group exhibition of female artists firmly, and it is also one of the ways of self-expression she has established in the way of group exhibition of female artists in the past three years. This exhibition selects the works of 17 female artists to reconstruct the relationship between contemporary female artists and the world and a new vision of female art history by establishing the transformation between reality and virtuality, memory and imagination, subject and object.

Curator / Zhu Yujie

Zhai Yongming, a famous poet and cross-border artist, is invited to show his work among close people. “Among close people” is a sentence in Han Dong’s poetry. Zhai Yongming made a long photographic scroll on this topic. The long volume records the two solo exhibitions in Sifang Art Museum: “Han Dong Maoyan”. During the visit and exhibition arrangement, Zhai Yongming photographed many “close people” with his mobile phone, that is, common friends, and made a growth volume with reference to the picture of Han Xizai’s banquet.

Ai Jing exhibited three paintings, I love series and two sculptures. I love heavy metals, all around the theme of “love”. I love series uses the symbol of “love”, and arranges it in a rigid way on the canvas, and spreads and accumulates over and over again. Metal is an indifferent industrial product, but it can increase rapidly with the increase of external temperature. This is like the passion of love. The moment of love may melt the whole world. After separation, the memory will gradually cool down, hidden in a corner at most, and gradually diluted by years.

Warm poetry is not necessarily soft, and butterflies are not necessarily weak. Their inner firmness is unparalleled. Zhou Li’s works are superimposed with butterflies, and the stainless steel outer ring and weaving echo from the two aspects of rigidity and softness, making the internal thinking and external appeal of the works clear at a glance.

The shape of the silk is as soft as that of the silk screen, while the solid silk is as flexible as that of the metal. The artist has been exploring the possibility of weaving it into a fine silk screen. The trace of time is virtually internalized in the works. Together with the burning trace, it constitutes the infinite extension of the works.

The form of Guo Bingxin’s works is a series of repeated eye gaze. Guo Bingxin’s painting behavior seems to be an impulse, which makes the artist in a state of uncontrollable attack.

Zhao Yu’s two works explore the artist’s identity culture and the intergenerational gap. Chen Xin’s installation works are hung on the top of the exhibition hall to discuss the disappearance and change of topics. At present, new topics (#) arise every day, while other topics (#) are rapidly “disappearing”, and the disappeared topics (#) are cold stored in the box of the database system. What about her and him who once paid attention to and cared about in the topic? After the topic disappears, will it ferment and sound in another form on the Internet?

Zhou Wenjing discusses “clinical art” from the perspective of art between diseases, and displays her works “21 days, contraceptives” and “n ° 2 in the name of disease”. Self portrait 2077, unconscious hierarchy and Tahiti 2021 are the works of artist Wang Kaichen. The work shows the anti Utopian urban life in the future. At the same time, it aims to explore the simulated God perspective and vertically discuss the current human life and social conditions. Liu Qinmin’s latest music video “angelhaha no limit” is like a mixed media artist’s autobiography, which integrates the memes of pop culture, hip-hop music, cross-border fashion, contemporary dance and other elements. In the song, the artist keeps repeating “artists have no limits”, chanting the changes and multiplicity of artists’ identity today, and also showing the rhetorical contradiction of culture and commerce.

Artist Yang Yuanyuan said: “on November 21, 1990, my father left the earliest image for me. It is like a space-time capsule, carrying a period of time that I have experienced without memory. On August 22, 2020, in your first photo, you are a dark area of 0.3 x 0.4 x 0.3cm. I hope to keep this memory for you.”

“Eternity and a moment” is yuan Keru’s entry with three real characters as prototypes. Each of them had a short run away from the sea, and expressed regret, vented anger or reached reconciliation during the run. In Wang Xin’s eight Hertz white meditation hall, participants will take a novel journey of inner spiritual exploration in the form of meditation.

Chen Dan flute’s installation and image works explore the way people treat the city. This series of works revolves around modern people’s perception of their own environment. “Urban fantasy” is the first story in the series: we often build a city in an ideal state. The slices of rational cities expected by people are continuously superimposed on the blueprint.

Tong Wenmin’s performance art is presented in the form of images. Man is connected with nature. Nature is art

As a key project of national natural gas infrastructure construction, Wen23 Gas Storage Phase II project plans to drill 24 new injection and production wells, expand the injection and production station of Wen23 Gas Storage Project (phase I project), add gas injection compressor units, and build 4 cluster well pads and gas injection and production gathering and transmission branch lines. The project is planned to be fully started in September 2022. After the completion of the project, it can add 1.934 billion cubic meters of storage capacity and 735 million cubic meters of working gas, which will promote Wen 23 gas storage to achieve the construction goals of 10.365 billion cubic meters of designed storage capacity, 4.002 billion cubic meters of working gas, 24 million cubic meters of gas injection per day and 39 million cubic meters of gas production per day, and play a more important role in ensuring natural gas supply, emergency peak shaving and national energy security.

“At present, the second phase of Wen 23 gas storage project is being accelerated. Zhongyuan Gas Storage Co., Ltd. will anchor the construction period target, and under the guidance and cooperation of the local government, make every effort to do a good job in the construction of the second phase of the project with high quality and efficiency, and strive to complete and put into operation as soon as possible.” Chang Dawei, Secretary of the general Party branch and general manager of Zhongyuan Gas Storage Co., Ltd., said, “the company will do a good job in the management of the ‘two lists’ according to the three-year action plan for special rectification of production safety, strengthen equipment management, improve staff skills, and compact management responsibilities to ensure the safe and stable operation of the gas storage.”

The reason why we need so many forms is that workers have always had a dream of using one thing for many purposes. Programmers hope to have a guy who can take advantage of them at work, and can play games or brush plays at any time after work. In case any star gets married, the screen will turn over and work like this Productivity tools + entertainment tools can be switched at any time. Instead of playing games, I suddenly came to live and hurriedly went to find the computer to work.

Sina Jiangsu, September 2, 14:38 attention

Living in Xuzhou, there are surprises everywhere: four distinct seasons, fun, developed transportation, convenient everywhere, eat whenever and wherever you want. Livable, convenient, belonging and comfortable… These are the happiness labels of Xuzhou.

Living in Xuzhou, there are surprises everywhere: four distinct seasons, fun, developed transportation, convenient everywhere, eat whenever and wherever you want. Livable, convenient, belonging and comfortable… These are the happiness labels of Xuzhou.

“Every piece of evening makeup is new, and the spring of the jade palace is beautiful. It has fainted to the Danxia, so it turns the clear dew into fragrant dust.” Every spring, Magnolia’s arrogant and noble flower posture is always intoxicating. It has always been the protagonist of writers and writers since ancient times.

Magnolia of Ming Dynasty (part)

As early as the spring and Autumn period and the Warring States period, Qu Yuan wrote a good sentence “drinking the dew of Magnolia in the morning and eating the fallen flowers of autumn chrysanthemum in the evening” in his poem Lisao. In his eyes, Mulan is the same as Su mang who “does not wither in winter” and Qiu Ju who “does not wither in winter”, which can show the noble personality of the poet.

Wen Zhengming of the Ming Dynasty is also a fan brother of Magnolia. A song “chanting Magnolia” praises that Magnolia must be a “real fairy” coming to earth: “it is graceful to make new makeup, jade is bright, and su’e is surrounded by thousands of snow. I know Gu shoots the real fairy and heaven sends neon clothes to try on her feather clothes.”

Magnolia of Ming Dynasty (part)

Due to the homonym of “jade” and “abundance”, Magnolia was once regarded as a symbol of glory and wealth, implying “full of gold and jade”.

In fact, the alias of “spring flower” and “spring tree” means that it really blooms. However, in early spring, Magnolia may be the most “in a hurry”. A flower, from opening to failure, can only take two or three days at most. If it rains, the petals will wither rapidly, and the flowering period of the whole tree is only about two weeks.

Although the flowering period is not long, the magnolia is even more gorgeous when it is in full bloom.

There is also an ancient Magnolia of the Ming Dynasty in Hangzhou Faxi temple, which is said to be more than 500 years old. Two days ago, orange friend “Yiyi boat old” had just visited the scene, and many flower buds had been saved on the branches. According to the master of Wuguan hall, it was cold some time ago, so it would take about a week to blossom this year.

It is said that the average crown width of this ancient tree has reached 7.5 meters, and the tree height is more than 10 meters. The full flowering period is like a giant flower umbrella, which makes people stop. Because it also has yellow walls, green tiles, cornices, red lights, carved bars, small windows and other ancient elements as the background, which is very photogenic.

Orange friend “a red cloud” broke the news that although this magnolia is still in bud state, it has been crowded underneath.

In addition to Faxi temple, there are many magnolias in the botanical garden, and there are many varieties. In addition to the common white magnolia, there are also Erqiao magnolia, Purple Magnolia, Tianmu magnolia, Huangshan Magnolia… You can see enough at one time.

Out of the South Gate of the botanical garden, there is a magnolia mountain tea garden. You can tell from its name that it is the territory of Magnolia. However, as this year’s recovery is later than last year, the Magnolia in the garden is still in bud state, but this is the peak flowering period of Camellia. It’s also good to enjoy Camellia like orange friend “master Zhong”.

There are also magnolias in Taiziwan Park, Hangzhou flower garden and yunqi bamboo path, especially in Hangzhou flower garden. There is also a magnolia landscape path, which is also a good place to take photos and punch in.

Hangzhou garden and Cultural Relics Bureau has also recommended these magnolia flower appreciation points. Please put them away.

Chengbei Sports Park, Chengdong Park, Binjiang Liuhe Park, Xinyifang birth square, Qianjiang New Century Park, nanyingjia River hydrophilic platform, Beidagang River, canal (laodesheng bridge jiangzhang bridge section), Longjing Road, Ningbo Road, Zhijiang Road, Wulin Road, BINKANG Road, Genshan West Road, Yanshan River phase IV, Wenyi Road, Tianhe Road (hefenggang and Tangning Road), etc.

Orange persimmon interaction · City Express reporter Song Yun

After investigation, at 1:30 p.m. on March 7, 2016, Zhang Xizhan, a 46 year old man, went up the mountain from Luohan temple, Ma’anshan Park, Yufeng District, Liuzhou city. After 20 minutes, after passing the viewing platform at the top of Ma’anshan mountain, Zhang walked along Houshan road to a section of slate road in the middle of the mountain and met Xiao Ling who climbed the mountain. Seeing no one around, Zhang immediately had the evil idea of robbery. Taking advantage of Xiaoling’s unprepared, he suddenly hugged Xiaoling from behind and covered Xiaoling’s mouth with his hand. After encountering Xiaoling’s resistance, Zhang vigorously strangled Xiaoling to death. After that, Zhang dragged Xiaoling to a platform near the cliff, violated the body, and robbed Xiaoling of cash 130 yuan and other items in her backpack. After the incident, Liuzhou police arrested Zhang Xizhan who was whoring in a massage shop on Taiping middle street.

Liuzhou intermediate people’s court held that Zhang Xizhan used violent means to rob others’ property on the spot for the purpose of illegal possession. After being resisted by the victim, he took violent means to cause the death of the victim. His behavior constituted the crime of robbery and caused the death of one person. After killing the victim, Zhang Xizhan infringed on the victim’s body. His behavior constituted the crime of insulting the body and should be punished for several crimes in accordance with the law. Since Zhang Xizhan committed a violent crime in the Central Park and hid the victim’s body and clothes in order to avoid legal investigation after committing the crime, it is enough to prove that his subjective malignancy is very deep, the criminal means are particularly cruel, the circumstances are particularly serious, the social impact is extremely bad and the personal risk is great, so he should be severely punished according to law. After the incident, the economic losses suffered by the victim’s family members did not receive any compensation. Although Zhang voluntarily pleaded guilty after being brought to justice, his crime was extremely serious and the court decided not to give a lighter punishment. Finally, the court made the above judgment according to law.

Public security personnel blocked the scene investigation in the area where the woman fell into the mountain. Photographed by reporter Qing Yaolin

News review:

The 23-year-old girl climbed Ma’anshan alone and lost contact

She was found dead halfway up the mountain yesterday afternoon

Guangxi News Network - intern reporter of Nanguo Jinbao Liu Siyi

At about 2 pm on March 7, Xiaoling, a 23-year-old girl, came to Ma’anshan Park in Liuzhou City alone and planned to climb the mountain for exercise. After climbing the mountain, she disappeared for no reason. Two days later, at about 4 p.m. yesterday, when Tianma police station police, firefighters of Yufeng District Fire squadron and Xiaoling’s relatives and friends found her halfway up the mountain, she had unfortunately died.

The lost girl in the circle of friends affects people’s hearts

In the past two days, a missing message spread in the wechat circle of friends, with details and photos of the missing girl. Many people forwarded it after seeing it, hoping to help find the missing girl.

On March 7, Xiaoling had lunch and climbed the mountain in Ma’anshan park by herself. When parking an electric car across the park, she talked to her boyfriend in a different place on the phone and told him that she was going to climb the mountain and plan to see a movie in the evening. When she got to the foot of the mountain, Xiaoling called Xiaoqing again and talked about her plan to go home on the Tomb Sweeping Day.

After these two calls, Xiaoling’s boyfriend and Xiaoqing found that Xiaoling’s phone had been turned off and could not contact her. On the evening of the 7th, Xiao Ling, who had always been clever, did not return to the rental house. On the morning of August 8th, she, who should have been on the morning shift, was absent from work for the first time without reason.

Xiaoling can’t be found through her mobile phone, roommate and company. Xiaoqing panicked. At 2 p.m. on the 8th, she called the police to Tianma police station and released the missing message to the circle of friends, which attracted the attention and forwarding of netizens.

After the release of the circle of friends, Xiaoqing received many calls, some from relatives, friends and classmates, and some strange kind-hearted netizens, who wanted to verify the situation and help forward the news, but no one could provide clues.

Relatives and friends came to Liu to look for a clever girl. Where did she go

After Xiaoling lost contact, her parents, Xiaoqing, boyfriend and other relatives and friends rushed to Liuzhou from other places on the 8th and 9th to find her whereabouts together.

Xiao Ling’s roommate Xiao Fu told reporters that Xiao Ling usually lives by the rules. After work, she usually watches TV and has a rest at home. Xiao Ling used to be a sports student and likes sports. Xiao Fu sometimes climbs Ma’anshan with Xiao Ling at night. On the afternoon of March 7, Xiao Fu didn’t have time to climb the mountain. Xiao Ling sent a message to find her partner in the company’s wechat group. However, due to different rest hours, other colleagues were not free.

Xiaoqing said that her sister is clever and sensible, and has a good personality. She has no troubles in her work, life and feelings, and won’t act willfully. Her unexplained loss of contact worried her relatives and friends. Because they found Xiaoling’s electric car parked across the park, they set the search scope on the mountain.

On the afternoon of August 8, Xiaoling’s relatives and friends found Xiaoling in two videos during Skynet monitoring of the police station. In the picture, she is wearing a wine red coat, blue jeans and purple sunglasses. She is alone in both scenes.

There were no more clues in the monitoring. At about 7 a.m. on the 9th, more than a dozen relatives and friends and a dozen firefighters began to search the mountain. They searched along the mountain road until noon, and the party got nothing.

On the afternoon of September 9, the police and firefighters went up the mountain again and found Xiaoling on the hillside of Ma’anshan. Unfortunately, Xiaoling was dead when they found it. At this time, it has been two full days since she lost contact.

As for the specific circumstances of the incident, the police are still under further investigation.

Catch the murderer in the massage shop

On March 26, the police tracked down the surveillance video of “Skynet” and analyzed that suspicious men often haunted Lequn Road, Guangming Road and Gubu street. The next day, the police of the task force deployed control where the suspect may appear. On the afternoon of March 28, when the suspicious man appeared in a massage shop on Guangming Road, the police immediately arrested him.

The arrested man surnamed Zhang, 46, from Danjiangkou City, Hubei Province.

On February 28, Schroder Bank of communications Wealth Management Co., Ltd., a wholly-owned subsidiary of Bank of communications, and Schroder Investment Management Co., Ltd., a wholly-owned subsidiary of Schroder investment group, jointly established the third domestic Sino foreign joint venture wealth management company - Schroder Bank of communications Wealth Management Co., Ltd. (hereinafter referred to as “Schroder Bank of communications wealth management”) in Shanghai. This is the third foreign-controlled joint venture wealth management company in the industry after Huihua wealth management and BlackRock Jianxin wealth management.

The 21st Century Business Herald reporter learned from people close to ICBC that the joint venture financial management company between Goldman Sachs and ICBC is also in full swing. The arrangement of Chinese and foreign senior executives has been drawn up and may be available in the near future.

The four joint ventures are all located in Shanghai. In addition to the parent bank of Schroder bocom wealth management in Shanghai, Huihua wealth management, BlackRock Jianxin wealth management and Goldman Sachs ICBC wealth management, which are headquartered in Beijing, are registered and operated in Shanghai.

In fact, there are precedents. Even if it is 100% funded, it is common that the financial management company and the parent bank are not in the same place before. For example, in 2019, CCB financial will set up its headquarters in Shenzhen. Liu Xinghua, chairman of CCB financial management, once publicly explained the reason: “Guangdong Hong Kong Macao Dawan district has a high degree of internationalization; as the core city of Dawan District, Shenzhen has a strong business atmosphere, China’s most active financial soil and the most open financial and Economic Frontier, which is convenient for talent recruitment, looking for counterparties and obtaining high-quality assets.”

Two modes of Sino foreign joint venture financial management

“There are two main considerations in choosing the location in Shanghai: first, the joint venture wealth management companies are controlled by foreign parties, and most of the Chinese headquarters of foreign parties are set up in Shanghai, so the location in Shanghai is convenient for communication with major shareholders; second, Shanghai has a rich reserve of financial talents, which is convenient for joint venture wealth management companies to recruit talents.” A person from a joint venture financial management company told reporters.

At present, there are two ways for overseas financial institutions and domestic banks to become “asset management partners”. One is to establish a joint venture wealth management company controlled by a foreign party. According to the statistics of Societe Generale research, the total asset management scale of the joint venture financial company at the end of January 2022 was nearly 90 billion yuan, equivalent to the asset management department of an urban commercial bank. Among them, the fund-raising scale of Huihua financial products that took the lead in setting sail was 86.3 billion yuan, and that of BlackRock CCB was 2.9 billion yuan. Another model is to participate in wealth management companies. For example, Morgan asset management, a strategic investor, was introduced at the end of last year, which invested 2.667 billion yuan to subscribe for 10% equity of CMB wealth management.

The same function of the two models is that in addition to opening their own retail channels in China, foreign investors have found large banks with outlets all over the country as their powerful channel supplement, and the cooperation between the two sides is closer and diversified. The difference is that the latter is mainly to enrich capital and introduce “foreign aid” in investment and research. For the former, due to foreign holding, mature overseas asset management institutions have a more extensive and comprehensive impact on corporate structure, product design, investment and research, and financial technology. Many executives and employees come from abroad, and investment decisions, large and small, need to be communicated in detail with foreign shareholders, The proportion of “experience value” of foreign parties is higher.

For example, in terms of personnel arrangement, China and foreign countries are more integrated. The chairman of Schroeder Bank of communications financial management is from the foreign side and the president is from the Chinese side. Chairman Chen Chaodeng has 26 years of experience in asset management and 13 years of working experience in Schroder investment group. President Liang Bing has 18 years of experience in investment trading, asset management and product marketing at home and abroad. Previously, he was the vice president of BOCOM Wealth Management Co., Ltd. The chairman of BlackRock CCB wealth management is Qi Jiangong of China Construction Bank system, and Ji Bing, a veteran of BlackRock for more than 10 years, is the general manager.

Shanghai has also spared no effort in attracting foreign investment in recent years. In recent years, with JPMorgan Chase, BlackRock, fidelity, Schroeder and other international asset management giants successively setting up wholly foreign-owned securities companies, wholly foreign-owned public funds, joint venture financial management and other institutions in Shanghai, Shanghai has continuously won many “firsts” in the field of financial opening to the outside world, and will list six wholly foreign-owned public funds that have been opened, approved or officially applied for in China The four joint venture wealth management companies are all “in the bag”, and the construction of global asset management center has a good foundation.

In terms of talent introduction, it also has certain advantages. Shanghai is the first choice for more financial elites, and talents from securities companies and funds are also gathered here, which is conducive to the recruitment of talents by joint venture financial companies. For example, Bao Aili, general manager of Huihua financial management, was previously the general manager of Everbright Prudential fund.

Some bank financial management companies are not headquartered in first tier cities, so the attraction of talents may be slightly discounted. They need to improve employee benefits in order to get the same favor.

Among the five major banks, the Agricultural Bank of China has not announced the relevant news of joint venture financial companies. Earlier, it was reported that BNP Paribas may cooperate with ABC to set up a joint venture financial company, but the two sides did not comment.

Light capital operation

From the perspective of the three joint venture financial companies currently established, the registered capital is 1 billion yuan. Compared with the previous year, when the financial management companies of the five major banks were successively established in 2019, the registered capital was 8-12 billion yuan. The joint venture financial management company is about one tenth of it, which is quite “light capital”.

In fact, this is also a point that foreign investors were more concerned about before. Foreign asset management companies and banks are two different concepts, while China’s financial management companies were born out of the bank’s asset management department. The registered capital of subsidiaries of large state-owned banks is mostly at the level of 10 billion, and financial management companies are no exception. However, foreign asset management companies generally have a very small registered capital of more than US $100 million, and most of them operate with light assets. Because they have long realized the mode that customers are responsible for their own profits and losses and asset management companies charge management fees.

In July 2019, the office of the financial commission of the State Council launched 11 measures to open the financial industry to the outside world, including allowing overseas asset management institutions to jointly establish wealth management companies controlled by foreign parties with subsidiaries of Chinese banks or insurance companies.

At that time, many foreign banks and asset management companies believed that the capital might become an obstacle to taking shares in the financial management subsidiary of the bank, especially the foreign holding company needed to contribute more than 51%. However, from the current registered capital, this obstacle has been basically removed.