During the period of love, it is normal for me to send a red envelope and you to send a gift. When the spark of love goes out, many people look back on this past and have no heart, leaving only a chicken feather, which often leads to an idea: I spent so much money on Ta for nothing, can I get it back?

In judicial practice, there are not a few cases of resorting to law because of economic disputes during love, among which economic disputes arising from online dating account for a large proportion.

Case 1

A and B know each other by making friends online. A said that she brushed her fellow countryman B on Tik Tok, and the latter two added WeChat friends to each other. Since then, B has borrowed several times from A in various names. When A thought that love was coming, B began to refuse to answer the phone and did not repay the loan to A. A begged for no results and appealed to the court.

Although no debit note was issued in this case, there was a clear intention of borrowing between the two parties, indicating that they reached an agreement on the nature of the transfer, and the loan also reached the borrower’s account through WeChat transfer, forming a legal and effective private lending relationship, and the loan should be repaid. How the relationship between the two parties does not affect the nature of the loan between the two parties. It should be noted that "borrowing money for emergency" through WeChat often does not stipulate whether to pay interest and repayment period, nor does it issue a written loan. In this case, you can ask the other party to return it within a reasonable period of time, but the claim that the other party should pay interest cannot be supported.

Case 2

C and D were introduced, C was older and unmarried, D divorced and took care of the children. After the two sides exchanged WeChat, D borrowed 6,000 yuan from C. Since then, D has repeatedly asked C to transfer money to it on the grounds that it needs to repay the mortgage and pay the tuition for children. C said that he thought he was in love with D for the purpose of marriage, and he was willing to pay for his mortgage, credit card, living expenses and children’s tuition. While D asked for it, he also took the initiative to transfer money to C many times. C did not accept all of it, but only collected a small amount of money. C then thought D was a "reliable" person, and transferred tens of thousands of yuan to D who had never met before in just three months. Later, C heard some rumors related to D from his fellow villagers, and contacted D to ask for a meeting. D refused on the grounds that the two sides were incompatible, and then no longer contacted C. C thought that the purpose of marrying D could not be achieved, and asked D to return the money. After consultation, D did not repay it as scheduled, and C appealed to the court. During the court’s notice of responding to the lawsuit, D indicated that only 6,000 yuan was borrowed from C, and the rest was donated by C voluntarily.

It is normal that there are economic exchanges during the period of communication for the purpose of love. It is even more common to send special amounts of red envelopes such as "1314", "520" and "999" to each other in order to maintain the love relationship, or to transfer money to each other for expenses. In the absence of clear evidence to prove that the transfer is a loan, this type of transfer is really not suitable for lending.

So,

Is it not clearly defined as

Electronic platform transfer of loans,

Don’t even have to return it?

really not so

During the normal communication between men and women, sending a red envelope to each other, buying a gift, or transferring money for common living expenses during dating and cohabitation are all normal expenses to maintain the love relationship, which belongs to the general gift behavior and is also consistent with the concept of gift in the general concept of society. Naturally, it is impossible to ask the other party to return it. However, during the period of love, there is no marriage constraint between the two parties, and there is no legal obligation for the husband and wife to support each other. Naturally, there is no need to bear the other party’s loans, the living expenses of the dependents, etc. If they voluntarily bear it for the purpose of marriage, the husband and wife will be integrated after marriage. However, under the circumstances that the two parties have not successfully entered the marriage hall, whether they can accept such "gifts" with peace of mind remains to be discussed. During the period of love, a large sum of money transferred voluntarily to share the economic pressure of the other party in order to maintain the relationship and achieve the purpose of marriage is essentially a gift with conditions for dissolution, which is similar to a "bride price". When the purpose of marriage cannot be achieved, the conditional achievement will be dissolved and the gift will be invalid, and the party who receives the gift property should return the benefits obtained. It should be reminded that although this situation can require the other party to return it through legal means, in the end, the rights may not be honored due to the other party’s lack of repayment ability, and it is difficult to really recover the losses.

"A sincere heart is given to you, and I love you forever. I believe that one day, we will meet …" In modern society, people rely more and more on the Internet for social interaction, and it is also a fate to meet each other in the virtual world across Qian Shan. However, it should be noted that it is difficult to judge the true faces of "handsome guys" and "beautiful women" on the Internet. In the case that the two sides have never met, they only know each other from each other’s own words, blindly fall into "love", and rashly agree to each other’s requests for loans and property. In the end, people and money may be empty, and it may be time-consuming and laborious to mention them. At the same time, they may be unable to recover economic losses while suffering from lovelorn sorrow.

Law popularization link

Provisions of the Supreme People’s Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases

Article 9

A loan contract between natural persons may be regarded as established in any of the following circumstances:

(a) paid in cash, since the borrower receives the loan;

(2) If payment is made in the form of bank transfer or online electronic remittance, from the time when the funds reach the borrower’s account;

(3) If it is delivered by bill, since the borrower obtains the bill right according to law;

(4) When the lender authorizes the borrower to control a specific capital account, the borrower obtains the actual control over the account;

(5) When the lender provides the loan in other ways agreed with the borrower and actually performs it.

Civil Code of People’s Republic of China (PRC)

Article 158

A civil juristic act may be attached with conditions, except those that cannot be attached according to its nature. A civil juristic act with effective conditions shall take effect when the conditions are fulfilled. A civil juristic act with conditions for dissolution shall be invalid when the conditions are fulfilled.

Article 675

The borrower shall repay the loan within the agreed time limit. If the loan term is not agreed or clearly agreed, and cannot be determined according to the provisions of Article 510 of this Law, the borrower may return it at any time; The lender may urge the borrower to return it within a reasonable period of time.

Article 566

After the termination of the contract, if it has not been performed, the performance shall be terminated; If it has been performed, according to the performance and the nature of the contract, the parties may request restitution or take other remedial measures, and have the right to claim compensation for losses.

If the contract is terminated due to breach of contract, the obligee may request the breaching party to bear the liability for breach of contract, unless otherwise agreed by the parties.

After the termination of the main contract, the guarantor shall still bear the guarantee liability for the civil liability that the debtor should bear, unless otherwise agreed in the guarantee contract.

Interpretation of the Supreme People’s Court on the Application of Marriage and Family in the Civil Code of People’s Republic of China (PRC) (I)

Article 5

If a party requests the return of the bride price paid according to the custom, the people’s court shall support it if it is found that it belongs to the following circumstances:

(1) Both parties have not gone through the marriage registration formalities;

(2) Both parties have gone through the marriage registration formalities but have not lived together;

(3) paying before marriage and causing difficulties for the payer.

The application of the provisions of items 2 and 3 of the preceding paragraph shall be conditional on the divorce of both parties.

Contributed by Chen Ying

Original title: "Jianfa Classroom | No.24: Can I ask for a refund after breaking up with my online lover?"

Read the original text

Intelligent pure electric vehicles are driven by electric energy, with no pollution in the whole process, strong performance, quiet and comfortable, and with the blessing of intelligent configuration, they can bring users a subversive travel experience, so these products are highly sought after by users. In the current 300,000-class pure electric SUV market, there are many powerful players, among which Hehe has a lot of attention.

Extreme Yue 01 is a typical hard-core newcomer. At present, the car has launched four configurations, and the price range is 219,900 ~ 309,900 yuan. Weilai ES6 is an old man in this market segment. The car was revised and upgraded in February 2004. The whole department has two configurations, and the price range is 33.80 ~ 396,000 yuan. From the price point of view, the gap between the two cars is quite wide. Below, we will choose the Extreme Yue 01 top version to compare with the entry-level version of Weilai ES6. So which model can stand out from the competition with a price gap of nearly 30,000 yuan?

In terms of appearance design, both the Extreme Yue 01 and Weilai ES6 adopt the minimalist design style of the mainstream of new energy vehicles. The former has a streamlined radian of the whole car, which further optimizes its aerodynamic performance on the basis of ensuring the aesthetic feeling. At the same time, the car is also equipped with a far and near light module and an integrated interactive AI pixel headlight. With the AI voice interaction system, it can realize various interactive modes such as voice outside the car and pedestrian reminder, which is very playable.

The latter applies the brand-new family-style design, and there are indeed enough adjustments in the details, but the style of the whole vehicle has not changed much. Among them, the front design of the car has been simplified, and the horizontal trim used to connect the headlights below has been cancelled, which looks refreshing.

In terms of body size, there is not much difference between the two cars. Among them, the specific length, width and height of Extreme Yue 01 are 4853×1990×1611mm and the wheelbase is 3000mm respectively. The specific length, width and height of Weilai ES6 are 4854×1995×1703mm, and the wheelbase is 2915mm. As can be seen from the data, Weilai ES6′ s "measurements" are slightly ahead, while Extreme Yue 01 has pulled back a city on the wheelbase and has a higher room rate.

Compared with the appearance, the difference between the two cars in interior design will be more obvious. The brand’s flagship "Automotive Robot Design" is fully displayed in the ultra-Yue 01. The 35.6-inch penetrating screen on the center console in the car is very eye-catching, and it is equipped with Qualcomm Snapdragon 8295 high-end chip. The NPU computing power is 60Tops, and the functions of multi-finger flying screen control, visible and instant talking are completely captured, and the interactive experience is quite powerful.

In contrast, the interior design of Weilai ES6 is more conservative. The center console in the car adopts the traditional T-shaped layout, with a 12.8-inch central control display and a 10.2-inch full LCD instrument panel above it. After the change, the car finally changed its 8295 chip, which can be regarded as keeping pace with the times.

After talking about the intelligent cabin, let’s talk about the intelligent driving. The basic hardware configurations of Extreme Yue 01 and Weilai ES6 are similar. Both of them are provided with 12 ultrasonic radars and 5 millimeter-wave radars, and all of them are equipped with NVIDIA Orin X driver assistance chips. However, the intelligent driving systems used by the two cars are not the same. Among them, the Extreme Yue 01 adopts the Apollo intelligent driving system provided by Baidu, which makes the car the only mass-produced model in China that relies on pure visual perception, and only Tesla’s products are consistent with the route of the car.

In terms of power, both Extreme Yue 01 and Weilai ES6 are equipped with dual motors. The comprehensive maximum output power of Extreme Yue 01 system is 400kW, the peak torque is 696N·m, and the official acceleration score of 100 kilometers is 3.8s s. The comprehensive maximum output power of Weilai ES6 system is 360kW, the peak torque is 700N·m, and the acceleration score of 100 km is 4.5s. From the data point of view, Extreme Vietnam 01 played even better.

In addition, Extreme Yue 01 and Weilai ES6 are equipped with battery packs with capacity of 100kWh and 75kWh respectively, and the corresponding CLTC pure electric cruising range is 660 km and 500 km respectively. Obviously, Extreme Yue 01 is the one without endurance anxiety.

Editor’s summary:

Through the analysis of the following aspects, we can see that, as a rookie in the market, Extreme Yue 01 has made a clear lead in space, intelligent configuration, power and endurance on the premise that the price is about 30,000 yuan lower than that of the veteran player Weilai ES6, and this result is really unexpected. It seems that in this round of confrontation, the final winner is "the following offense", and the price-performance ratio is outstanding.

1905 movie network news The summer domestic animation masterpiece was released today (July 8) and released the special video and poster of "When the Stars of Datang Shine". The film won a lot of praise in the previous movie viewing activities, and was praised as "showing the magnificent scenery of the Tang Dynasty and visiting the Tang Dynasty in an immersive way", "visually presenting the artistic conception of poetry is so beautiful, which is unique to China people" and "moved by the friendship of Gao Shi and Li Bai". The film is being shown in the whole country.

The grand opening of the "New Culture" series, the beauty of tang style is amazing on the big screen.

In the poster for the release of Three Wan Li in Chang ‘an, the picture of Li Bai’s "embroidered mouth is half of the prosperous Tang Dynasty" is gorgeous, which makes people feel the chic and lofty sentiments of Li Bai, a "poetic fairy". In the special video "When the Stars of the Tang Dynasty Shine" released in the same period, Li Bai, Gao Shi, Du Fu, Wang Wei and many other stars of the Tang Dynasty all appeared together. The film will also show these historical figures who have shined for thousands of years, and raise a glass and push a lamp under the background of the Tang Dynasty to jointly pursue the touching story of life ideals.

In the previous movie-watching activities, many viewers expressed their love for the film. Some viewers said that "Li Bai is the Bai Yueguang in the hearts of all China people, and this film shows Li Bai’s magnificent life from a high-quality perspective, which is particularly wonderful." There are also viewers who are obsessed with the magnificent scenery of the Tang Dynasty in the film, saying that "I am particularly excited to see the beautiful scenery of Chang ‘an, Yangzhou and Yellow Crane Tower in the Tang Dynasty thousands of years ago in an animated film."

Visual presentation of the "world in poetry" written by Li Bai was praised. "Tang poetry is a romance unique to China people."

The most praised by the audience in the film is the visual presentation of "Into the Wine". After watching it, some viewers said excitedly, "My favorite Tang poem is Li Bai’s" Into the Wine ".The play of" Into the Wine "in the film is particularly dreamy, which makes me feel like I am in the" world in poetry "written by Li Bai. Some viewers also said that" Into the Wine "satisfied my romantic imagination of Tang poetry and really wanted to watch it again.

There are also viewers who have different opinions on the theme of the film. "The protagonist of this film is not just a poet, but the whole era. I am very glad that there is a film that shows the most splendid Tang Dynasty style of Chinese civilization, allowing us to look back at that starry era." Some viewers think that this film is the best way for us to inherit China culture and build modern Chinese civilization.

Three Wan Li in Chang ‘an, a ten-year shocking contribution of light-chasing animation, was produced by Shanghai Light-chasing Industry Co., Ltd., Beijing Alibaba Film Culture Co., Ltd., Tianjin Cat’s Eye Lithography Culture Media Co., Ltd. and China Film Co., Ltd., jointly produced by Beijing Weimeng Chuangke Network Technology Co., Ltd., distributed by Shanghai Taobao Film Film and Television Culture Co., Ltd. and jointly issued and directed by Tianjin Cat’s Eye Lithography Culture Media Co., Ltd. The film is being shown all over the country.

In [Autohome Shenzhen Discount Promotion Channel], we will bring you the latest affordable information! This MPV model that is very popular with consumers is launching a very strong promotion. At present, car buyers in Shenzhen can enjoy a cash discount of up to 2,000 yuan, further lowering the threshold for purchasing this popular model. The minimum selling price has been adjusted to 58,100 yuan, providing consumers with a more affordable car purchase option. Friends who want to seize this car purchase opportunity, be sure to click "Chatty Car Price" in the quotation form to get higher preferential treatment. The opportunity is not to be missed, so take action now!

The exterior design of Wuling Hongguang S3 fully reflects the perfect fusion of practicality and fashion. The front part adopts a family-style design, and the exquisite air intake grille and LED headlights set off each other, giving the vehicle a unique recognition. The body lines are smooth, the overall style is simple, atmospheric and dynamic, showing Wuling’s attention to detail. Whether it is city driving or long-distance travel, Hongguang S3 can show a good visual effect.

The side lines of the Wuling Hongguang S3 are designed smoothly, and the body size is 4655mm x 1735mm x 1790mm, showing a solid body profile. The wheelbase is 2800mm long, providing good support for the interior space. The front and rear wheel tracks are 1450mm and 1465mm respectively, ensuring driving stability and handling flexibility. The tire size is 205/65 R16, and it is matched with a delicate wheel design, which is not only practical, but also adds a fashionable atmosphere to the vehicle. Overall, the side design of the Wuling Hongguang S3 is not only practical, but also pays attention to aesthetics and details.

The interior design of Wuling Hongguang S3 focuses on practicality and comfort, and adopts warm color matching to create a spacious and bright sense of space. The steering wheel is made of plastic material, although it is not high-grade leather, it is in line with its positioning and cost-effectiveness. A simple and easy-to-use multimedia screen is integrated on the center console, which supports USB interface, which is convenient for passengers to connect mobile phones and other devices. The front row is equipped with a USB/Type-C interface to meet the charging needs of different devices. As for the seats, whether it is the main driver’s seat or the passenger’s seat, they are made of fabric material to provide a good riding experience. The seats support front and rear adjustment and backrest adjustment to ensure a personalized comfortable experience for passengers. The second row of seats is also equipped with front and rear adjustment and backrest adjustment functions to meet the passenger’s riding needs. Regarding storage space, the rear seats can be reclined as a whole, providing a flexible space solution for loading bulky items.

The Wuling Hongguang S3 is equipped with a 1.5L displacement L4 engine with a maximum power of 73 kilowatts, providing stable power support for the vehicle. In terms of torque, this engine can output 140 Nm, ensuring smooth handling of the vehicle in daily driving. Matched with a 6-speed manual transmission, it not only satisfies driving pleasure, but also takes into account practicality.

Summarizing the evaluation of the owner, although he has a supportive attitude towards its domestic identity, he also pointed out some shortcomings of the Wuling Hongguang S3. The owner believes that the vehicle has an atmospheric appearance, practical interior, and affordable price, which is suitable for various road conditions, especially mountain climbing roads. However, he expressed dissatisfaction with the clarity and computing power of the central control screen, as well as the car-machine interconnection function, and suggested that the factory make improvements. In addition, he also highlighted the issue of engine displacement and adjustment, arguing that these factors affect the driving experience. In response to this feedback, we can expect Wuling Motors to be optimized in subsequent models to meet the needs of more owners.

[Autohome Jining Promotion Channel] Bringing you exciting news! In Jining City, Shandong Province, the king of luxury SUVs is holding a grand promotion. At present, car buyers have the opportunity to enjoy a cash profit of up to 145,000 yuan, and the minimum starting price to take this highly sporty and luxurious model home has been reduced to 698,800 yuan. Such a great deal is a great time to buy a car not to be missed. To seize this wave of benefits, click "Check the car price" in the quotation form now, and let’s explore more possible car purchase discounts together!

The Mercedes-Benz GLE coupe shows its unique charm with the design concept of elegance and dynamism. Its front face is exquisitely designed, with the classic Mercedes-Benz Star Emblem air intake grille, which is atmospheric without losing a sense of power. The overall lines are smooth, and the body profile shows the sporty atmosphere, fusing luxury and performance aesthetics. Every detail reflects Mercedes-Benz’s ingenuity for luxury coupes.

The side lines of the Mercedes-Benz GLE Coupe are smooth and dynamic, with a body size of 4941mm*2018mm*1716mm and a wheelbase of 2935mm, creating a solid body ratio. Its tire specifications are well matched, with 275/50 R20 specifications for both the front and rear wheels, and a delicate rim design not only enhances the visual effect, but also provides good grip and stability for driving. Overall, the side design highlights the sense of luxury and power, showing its unique sporty temperament.

The interior design of the Mercedes-Benz GLE coupe fully reflects the fusion of luxury and technology. The interior of the car is equipped with a delicate leather steering wheel, which provides manual and electric up and down + front and rear adjustment functions, ensuring that the driver can always maintain a comfortable operating experience. The 12.3-inch central control screen stands on the dashboard, integrating multimedia systems, navigation and phone functions, and the touch is smooth and easy to operate. The seat material is imitation leather, and the seat cushion and backrest are designed to be comfortable and support multi-directional adjustment, including front and rear, backrest, high and low and waist support to meet the needs of different passengers. The front seats are also equipped with heating and ventilation functions, as well as power seat memory functions, which can be easily adjusted according to personal habits. Wireless charging function brings convenience to the use of mobile phones, and the rear seats support proportional reclining, which increases the flexibility of space. The overall interior design is both functional and luxurious, creating an elegant driving environment.

The Mercedes-Benz GLE Coupe is powered by a 2.0T turbocharged engine with a maximum power of 190 kilowatts and a corresponding torque output of 400 Nm. This power unit delivers 258 horsepower and is paired with a high-efficiency 9-speed automatic transmission to ensure smooth power transmission and handling of the vehicle during driving.

As the price reduction promotion of Mercedes-Benz GLE Coupe is about to come to an end, we sincerely invite all valued customers to seize the last opportunity of the discount. This luxury and dynamic SUV adds endless charm to your life with its excellent driving experience and innovative technology. Buy now, not only can you enjoy the attractive price advantage, but also a wealth of car purchase packages and considerate after-sales services. Mercedes-Benz GLE Coupe, looking forward to riding with you on the future journey and sharing the driving pleasure. Act now to start your luxury driving journey!

Recently, a new generation of G-Class exterior official pictures were exposed. The new car retains the classic "square box" shape, which mainly improves the appearance details and interior. It is reported that the new car will be officially unveiled in Detroit on January 15, and is planned to hit the domestic market in mid-2018.

Editor’s comment: The appearance of the car is still the square box shape we are familiar with. Its interior adopts a hardcore style, and the configuration has also been improved. The car is equipped with a 4.0-liter V8 pair, which can bring it strong enough power. For more follow-up news, please continue to pay attention to the e-family new car report.

Business Name: Yuantong International Trade Co., Ltd.

National Consulting Service Hotline: Manager 13391566662 Pei [Same WeChat]

Company address: No. 102, Beihai Road, Binhai New District

If you buy a car from other places, you can take the high-speed rail to get off the bus in Tanggu, and you can pick it up by plane to Binhai International Airport.

On April 24, the launch ceremony of Baoji Geely Automobile’s "Galaxy L7" new model was held in the new welding workshop of Baoji Geely Automobile Production Base, marking a new level of deepening cooperation between Baoji City and Geely Group, and injecting new impetus into Baoji City’s continued expansion and strengthening of the automobile and parts industry chain.

As the first product of Geely’s mid-to-high-end new energy series Galaxy, Geely’s "Galaxy L7" is a mainstream A-class intelligent electric hybrid Sport Utility Vehicle based on intelligent super-electric architecture. The model brings together a new generation of Raytheon electric hybrid technology, a new operating system Galaxy NOS (Geely’s full-stack self-developed distributed operating system) and a series of Geely’s self-developed blockbuster technologies such as the Aegis battery safety system. As Geely’s comprehensive new bullseye product, the launch of Geely’s "Galaxy L7" also marks Geely’s new energy officially moving towards a new stage of "value creation", which will help Geely open up a new situation in the mainstream new energy market.

"Baoji has a good industrial foundation, complete production factors, high-quality technicians, and unique advantages in developing the automotive industry, which has laid an important foundation for building the quality of Geely’s Galaxy L7." Mao Yong, senior vice president of Geely Holding Group, said at the launch ceremony of the new car. "During the 10 years of cooperation with Baoji City, the leadership team of Baoji City Party Committee and Municipal Government interacted frequently with Geely’s senior management, actively negotiated and solved the difficulties and problems encountered in the cooperation project, which strongly promoted the development of the cooperation project. Today’s launch of Geely’s Galaxy L7 is an important cooperation result between the two sides."

It is understood that Geely Baoji Base is the core manufacturing base of intelligent super-electric architecture products with the world’s leading level. It is a 4.0 super smart factory integrating advanced technology, quality leadership and intelligent manufacturing. It is also an important carrier for Geely to build an automotive industry cluster with core competitiveness and international influence in Shaanxi. Since mass production in 2016, the base has delivered a total of 840,000 vehicles to users.

Ding Shengren, member of the Standing Committee of Baoji Municipal Committee and deputy mayor, said that Geely Group has made Baoji the only production base for Geely’s "Galaxy L7" products, which fully reflects Geely Group’s emphasis on Baoji base and confidence in Baoji’s automobile industry. The Baoji Municipal Committee and Municipal Government will focus on the overall idea of the development of the "12445" automobile industry, focus on transformation and upgrading, insist on strengthening supporting and expanding the two-wheel drive of the whole vehicle, attract the whole vehicle with the whole vehicle, and promote the comprehensive transformation from the whole vehicle to the supporting to the new energy, and strive to build an important automobile and parts industry base in the country.(Reporter: Li Wanrong)

Feature: Picture Channel

　　Ren Xianqi (left) kissed his daughter on the cheek while singing the night before

　　Mother Tina and daughter Rati cheered offstage

　　When Ren Xianqi started singing, the big screen behind him played pictures of his daughter and son. (Image source: Hong Kong’s Ming Pao)

　　Singer Ren Xianqi (Xiao Qi) sang at the Hong Kong Red Pavilion the night before yesterday, and the black explosive head wore a golden western dress and other exaggerated shapes, which made the fans exclaim. His girlfriend Tina also took her daughter Rati to cheer on the stage. After the hard-working flamenco dance, he said proudly: "My line dance teacher said that I am only a little bit short of Guo Fucheng." And his daughter Rati, who celebrated her 3rd birthday that night, came on stage to lay flowers. He sang "Grandma’s Bridge" to send his daughter back and kissed her on the stage to show his gentle father’s side.

　　Taiwan media reported that Xiao Qi appeared in a handsome general’s style the night before yesterday, and also danced with the dance group to make swords, and also wore black explosive heads, matching gold suits and large bell pants, wearing 4? high boots, singing the new song "I Love You", which made the audience scream. After singing and dancing, he smiled at the audience and said: "How is it? It is qualified. Wait a minute, there is a more exciting dance to show you. If you want to go to the toilet, hurry up."

　　It turned out that his pressure box treasure was dancing flamenco with female dancers, for which he received 2 months of devil training. After dancing, he boasted that his dancing skills were only a little short of Guo Fucheng’s, and he should have the opportunity to be the dance king in the future, which made fans laugh. The highlight then came on stage, and his daughter Rati came on stage to lay flowers without warning.

　　It turned out that the day before yesterday was Rati’s 3rd birthday. She quietly went on stage to present flowers to her hard-working father. Seeing her daughter so caring, he sang to her daughter, and the fans under the stage also sang Happy Birthday songs for her. Rati was shy and nervous, hiding behind her father, making everyone laugh. The screen also cooperated with the growth photos of her daughter, and even the photos of her younger son, who was more than 2 months old, were exposed. That night, the guests included Cao Ge and Wang Yuzhi, and their partners sang to warm applause.

Editor in charge: Zhang Tuoya

What is the most popular drink among Shanghai residents this summer? Which restaurants are the most popular when you go out to eat? Not Internet celebrities, not rookies, but many "old faces" and "time-honored brands". According to the results of online buying and auditions released by some Internet platforms recently, affordable food and catering are still the favorites of the market.

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The Shanghainese drank 4 million bottle of salt soda

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"I never expected that salt soda water is so popular in Shanghai, and its sales are higher than Coke." Li Yao is the person in charge of the operation of Tmall Supermarket in East China. Choosing the right goods for the supermarket is one of her daily jobs. Since entering the summer, she has found that salt soda water has quietly become popular on the platform, selling 5 million bottles in half a month, more than Coke, and becoming the sales champion of carbonated beverages; what surprises her even more is that, "After pulling the background data, I found that 80% of them were bought by Shanghai netizens."

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"My parents are both employees of state-owned enterprises. When I was a child, every summer, there was salt soda water in the high-temperature benefits issued by the factory. At first, it was produced by the factory and filled in beer bottles, and then bottled, ‘Yanzhong’ brand." Liu Cheng is a "Shanghai boy" born in the 1980s. He still remembers the old taste of summer, and he found that the old taste of salt soda water has not disappeared these years, but has a new taste: "Now there are lemon flavors, cherry flavors… They are all sold online. When I buy it, I not only drink it myself, but my four-year-old son also likes to drink it. My parents feel very nostalgic."

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Liu Cheng said that some time ago, Bright Ice Bricks and Popsicles attracted a lot of attention, and some people felt that they couldn’t buy them, but he felt that many time-honored brands were available on the Internet, so it was still very convenient to buy them. Moreover, the Internet’s role in the dissemination of time-honored brands and old products was also obvious: "I think the Internet has a great influence on time-honored brands. A few days ago, I saw that the post-95s in the office were also drinking salt soda water. When I asked, I said it was an’Internet celebrity ‘drink, because there was a line in the online drama" Love Apartment "called’I’ll spray you to death with a mouthful of salt soda water’, and they also knew it."

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Online platforms find opportunities in affordable foods such as salt soda and bright cold drinks. Chen Zhengmin, a staff member of Tmall Supermarket, believes that the most important thing for a platform to gain consumer recognition is to provide the products they want. From the recent hot-selling salt soda and affordable cold drinks, it can be seen that the market appeal of old products and time-honored brands is still very strong, which requires us to do what we like.

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Li Yao sees opportunities for old products and time-honored brands in new markets: "In fact, as long as many products are properly promoted, many young people will pay for them. For example, salt soda, in addition to the nostalgic consumers who will buy it, many young people also find that this drink is especially suitable for replenishing trace elements lost by sweating. It is the Chinese version of a sports drink, so in addition to quenching thirst in midsummer, it is also suitable for sports people such as running and playing ball. At the same time, the average age of consumers in Tmall supermarket is 5 years younger than that of offline stores, which means that old products and time-honored brands can explore the taste of new markets online." She also revealed that in order to "reverse the growth" of old products and time-honored brands, Tmall has also launched the "Tianzihao" plan. In addition to Yanzhong, Zhengguanghe, Guangming and other time-honored brands that have recently attracted much attention, there are also more than 30 Shanghai time-honored brands such as Shen Dacheng, Xinghualou, Gongdelin, Xinya, Dabai Rabbit, and Shao Wansheng, which have settled in and actively interact with consumers through various activities.

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Affordable snacks are a "must-eat in Shanghai"

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Xiao Long Bao, Fried Scallion, Noodles Mixed with Scallion Oil, White Chicken, Braised Pork, Sweet and Sour Steak, Oil-fried Shrimp, Pickled Button Fresh, Hairy Crab… These were the must-eat meals in Shanghai in the eyes of netizens, and local snacks and home-cooked dishes accounted for the vast majority. Looking at the "Shanghai Must-Eat" restaurants that netizens "auditioned", there were many roadside shops with a per capita price of only a few dozen yuan, and the signature dishes were precisely these local snacks or home-cooked dishes.

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Just as Tmall "discovered" Shanghai’s Internet celebrity drinks and cold drinks, Dianping invited netizens to audition for "must-eat" dishes and restaurants around the world, and released the city’s must-eat list. From the Shanghai list, it is seen that the flavors and reasonable prices are the common denominators of the listed dishes and restaurants.

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Huang Hai, senior vice president of Meituan Dianping, said that the purpose of launching the "Dianping Must-Eat List" is to actively explore the special cuisine of all parts of the country, so this list is mainly judged by netizens, rather than professional institutions or industry experts, hoping to use consumers’ eyes to choose their favorite restaurants. This year, the list also proposed the concept of "must-eat dishes in the city" for the first time, hoping to help the inheritance and development of local food culture.

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"The selection of’must-eat restaurants in the city ‘is based on the online search volume and review volume of dishes in the city, and the final list is determined by the votes of local users. At the same time, for those’must-eat restaurants’, the weighted item of whether there is a’local must-eat ‘has also been added." Huang Hai said: "Although restaurants now promote cross-regional and integrated cuisine, we feel that in terms of’must-eat restaurants in the city’, we still need to restore the local taste, so we need to consider the preferences of local consumers."

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Judging from the "Shanghai must-eat meals" and "must-eat restaurants" selected by netizens, the Shanghai-style region is full of characteristics: in terms of meals, they are all familiar specialties and dishes in Shanghai; in the restaurants, there are both local time-honored brands in Shanghai and Shanghai-style fusion dishes. Specifically, there are 91 restaurants in Shanghai selected for the "must-eat list", with an average unit price of 171 yuan. Among them, there are local noodle restaurants with a per capita consumption of less than 20 yuan, crab noodle soup dumpling restaurants with a per capita consumption of less than 100 yuan, but there are also fusion restaurants with a per capita consumption of more than 400 yuan. But overall, nearly 40% of the "must-eat restaurants" are authentic local restaurants, and the rest are mainly fusion dishes.

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For the two lists of "must-eat meals" and "must-eat restaurants", many consumers feel that they are more down-to-earth than those selected by professional organizations. "A big feature is the high cost performance." White-collar Yu Mo boasted of being a "customer", and she carefully compared this list with the lists made by some professional organizations: "The per capita price is much lower. In the end, it is eaten by netizens themselves, and the price is relatively moderate. Everyone has the opportunity to try it. At least I plan to eat it according to this list."

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"For business operators, it is also an inspiration – the market needs’sunshine and white snow ‘, but’Xialiba people’ are also very popular." Mr. Qi, a restaurant practitioner, believes that both the online audition list and the professional organization list have reference value: the former reflects the mass base, while the latter comes from the professional "tongue": "After all, it is impossible for every company to reach the three Michelin stars standard, so the easiest way to gain popularity is to see what ordinary people like."

[Text | Interface, Yuan Yingqi]

Nongfu Spring, which has repeatedly said that there is no need to list, finally decided to list on the Hong Kong Stock Exchange. The company that mainly produces "a little sweet" mineral water has a financing scale of no more than 1 billion US dollars, but it is a high probability event that it will enter the 100 billion market value club after listing.

We carefully read the prospectus submitted by Nongfu Spring to the Hong Kong Stock Exchange and found that the company had mixed feelings.

Nongfu Spring "not bad money"

Nongfu Spring was established in 1996, and its founder Zhong Liangyi holds 87.4% of the shares. The company’s main business contributes about 95% of the total operating income. The main products include drinking water, tea beverages, functional beverages and fruit juice beverages, accounting for 60%, 13%, 16% and 10% of the revenue respectively. Among them, drinking water and fruit juice beverages have grown rapidly.

Image source: Prospectus, Interface News Research Department

According to the prospectus, Nongfu Spring has maintained steady growth in the past three years. From 2017 to 2019, the income was 17.491 billion yuan, 20.475 billion yuan and 24.021 billion yuan respectively, with a compound annual growth rate of 17.2%. Nongfu Spring achieved net profit of 3.385 billion yuan, 3.612 billion yuan and 4.954 billion yuan in the past three years, with a compound annual growth rate of 21.0%.

Image source: Prospectus, Interface News Research Department

In 2019, the comprehensive gross profit margin of Nongfu Spring was as high as 55.4%. Mainly due to the gross profit margin of 60.2% of the largest drinking water product. The gross profit margins of other categories such as tea beverages, functional beverages and fruit juice beverages were 59.7%, 50.9% and 34.7% respectively.

In terms of net profit, the net profit rate of Nongfu Spring rose to 22.8% in 2019, of which sales expenses accounted for the largest proportion of the three fees. Specifically, sales expenses accounted for 24.2% of operating income, and the most important ones were transportation expenses and advertising expenses, which were 2.53 billion and 1.22 billion yuan respectively, accounting for 10.5% and 5.1% of operating income, respectively.

In terms of cash, Nongfu Spring adopts the first payment and then the goods transaction method, and the book receivables are very small. From 2017 to 2019, the company’s net operating cash inflow was greater than the net profit of the year, especially in 2019, the net operating cash inflow was as high as 8.73 billion yuan. From 2017 to 2019, the book structured deposits were 2.04 billion, 3.60 billion and 200 million yuan respectively. The average interest rate earned was between 4.0% and 4.9%.

The sharp decrease in cash in 2019 was due to the concentrated dividend of Nongfu Spring up to 9.50 billion yuan before listing. Among them, the major shareholders received 8.20 billion yuan. Previously, although Nongfu Spring also had annual dividends, the amount was 2-300 million yuan. And the total financing of Nongfu Spring is only 1 billion US dollars.It is certain that Nongfu Spring did not choose to go public because of a lack of funds.

What is the valuation after going public?

Master Kong Holdings, the equivalent producer of mineral water in Nongfu Spring, has been listed on the Hong Kong stock market. In 2019, Master Kong Holdings’ beverage business contributed HK $39.70 billion to operating income, which was greater than Nongfu Spring’s operating income. But net profit was only HK $3.72 billion, far less than Nongfu Spring’s 4.95 billion yuan.

At present, the market value of Tingyi Holdings is 77.20 billion Hong Kong dollars, corresponding to the price-to-earnings ratio of about 20.8 times in 2019. It is estimated that the total market value of Nongfu Spring after listing is at least about 130 billion Hong Kong dollars. In fact, Nongfu Spring is better than Tingyi Holdings in terms of profitability and growth, and the market may give a higher valuation.

According to the prospectus, the drinking water market is still in a stage of rapid development. According to Nielsen’s forecast, it is still expected to maintain a growth rate of about 10% in the next five years. Compared with the beer and condiment market, the drinking water market has more room. Based on the high concentration of the drinking water market, it is also possible to produce a leader with a larger market value than Budweiser Asia Pacific (1876.HK) and Haitian Flavor (603288.SH) in the long run. The average price-to-earnings ratio valuation of beer in the Hong Kong stock market is 30-40 times. The average valuation of soy sauce and vinegar in the class A share market is more than 40 times. Based on this, we have predicted the market value of Nongfu Spring.

Image source: Interface News Research Department

The troubles of Nongfu Spring

Although the situation is good, Nongfu Spring is not a smooth road.

First of all, the drinking water business depends on the source of water, and the bottleneck facing the long-term growth of Nongfu Spring is the limited source of water. According to relevant laws and regulations, units and individuals who directly extract water from natural resources (such as rivers, lakes and groundwater) need to obtain a water extraction license and pay a water resource fee. Enterprises need to extract water according to the approved annual water extraction plan. Moreover, mineral water has the dual attributes of water resources and mineral resources. The production of mineral water should also apply for a mining license according to law. In other words, the scarcity of water sources on the one hand helps enterprises to establish high industry barriers, and on the other hand restricts enterprises to expand production capacity. It is conceivable that with the development of the industry, there are fewer and fewer untapped water sources.

The situation of Nongfu Spring’s newly obtained water sources in recent years is not optimistic. At present, Nongfu Spring has a total of 10 water sources. The main production bases are still Qiandao Lake in Zhejiang, Changbai Mountain in Jilin, Danjiangkou in Hubei and Wanlv Lake in Guangdong, which were obtained before 2005. With the increase in environmental awareness, the water withdrawal from water sources obtained by Nongfu Spring in recent years has become smaller and smaller. In 2019, the newly obtained water withdrawal from water sources was only 504 thousand cubic meters per year. Although the approved water withdrawal from water sources currently owned by Nongfu Spring is much larger than the actual production capacity of the company, the company does not have the problem of insufficient water withdrawal in the short term. However, products concentrated in water sources in Zhejiang, Guangdong, Jilin and Hubei are also limited by the transportation radius.

Nongfu Spring has less water sources that can produce mineral water, which is not conducive to product upgrades in the future. In addition, the average ton price of Nongfu Spring drinking water has declined for two consecutive years, the company explained, because of the increase in sales of large-packaged drinking water with lower unit prices. In the short term, Nongfu Spring may face the risk of lower gross margins.

Due to the scarcity of domestic water sources, Nongfu Spring has begun to go overseas. Nongfu Spring has acquired Otakiri Springs, a New Zealand bottled water company. The prospectus revealed that Nongfu Spring will look for suitable acquisition targets in the future. However, the overseas market is more mature than the Chinese market, and the growth space is limited. The risk of "going out" is really not small.

Image source: Prospectus, Interface News Research Department

Secondly, Nongfu Spring also faces the problem of "succession". The company has five executive directors. Among them, the founder Zhong Shuzi currently serves as the chairperson and general manager of the company, with a shareholding of 87%. Appropriately reducing the founder’s shareholding ratio through listing can achieve the effect of optimizing the shareholding structure and reducing decision-making risks. At present, Zhong Shuzi is 66 years old and has been deeply involved in the operation of Nongfu Spring. Another executive director, Guo Zhen, deputy general manager in charge of the overall operation and production of Nongfu Spring, is also 62 years old. Zhong Shuzi, the son of Zhong Shuzi, is currently a non-executive director of the company and does not participate in daily operations. Zhong Shuzi joined the group in 2014 and is currently the general manager of Yangshengtang (Nongfu Spring Holding Company) Brand Center.

It is worth mentioning that at the same time as the listing of Nongfu Spring, another company controlled by founder Zhong Shanyuan, 603392.SH, landed on the class A share main board on April 29. The current market value is 6 billion yuan, and the daily limit has not been opened. In the Hurun wealth list in 2020, Zhong Shanyuan was listed with 14.10 billion yuan. With the listing of the above two companies, his worth is expected to rank among the top five on the rich list.