At the beginning of this year, executives including Brilliance China Chief Executive Officer and Chairman of Brilliance Automotive Group Yu Yumin exercised 6.84 million shares of Brilliance China’s shares in cash for HK$61.36 million in Hong Kong dollars, of which Sui Yumin cashed nearly 40 million Hong Kong dollars. .
Recently, according to the ever-adjusted strategic layout of the capital market, Yu Yumin stated that the development of Huachen Motors has mostly depended on self-financing. Therefore, the financing capacity of the capital market and the multi-channel financing development funded by Huachen over the years in the capital market , is the key support for the development of independent brands.
Indeed, compared to the two mainland-listed companies (ST Gold Cup, Shenhua Holdings), Brilliance China has much higher awareness in the industry. Moreover, due to the relatively simple financing procedures in Hong Kong, Yan Yumin said that considering the long-term development of funds, the Huachen Group is brewing a new round of capital operations.
Under the support of capital operation, Brilliance’s own brand, China Brilliance, sold 59,862 vehicles in the first half of this year, an increase of 8.6% year-on-year, much higher than the 2.1% year-on-year decline in self-owned brands. It is understood that the brand will also turn a profit this year and realize a net profit of 20 million yuan.
However, as the most attractive market-oriented company of Huachen Group, Brilliance China cannot rely on the status quo of HuaBinBao. Therefore, how to use the various resources in the company to open up more space for the development of independent brands and even high-end development. Yan Yumin accepted an exclusive interview.
The new round of capital operation Brilliance China as a platform Q: Brilliance's development model started with capital operation and the joint venture started earlier. What do you think of the advantages and disadvantages of this model compared to other independent brands? Is there any need to adjust this model in the future?
Yan Yumin: The business model of our company is the healthy interaction between the development of the automobile industry and the capital market. The car is a burning industry. Where did you come from? Must be through the development of your own industry in the capital market, a steady stream of funds for the development of development.
Most of the development of Brilliance Automotive has depended on its own financing for many years. Therefore, the financing capabilities of the capital market and the multi-channel financing development funds that Huachen has conducted over the years in the capital market are key support for the development of independent brands.
During the “Eleventh Five-Year Plan†period, Brilliance Motors used assets to dispose of more than 5 billion bad debts and solved the problems left over from history. In addition, through mergers and acquisitions and restructuring, Brilliance conducted a series of mergers and acquisitions in Sichuan, Jiangsu, and Henan, expanding its layout and scale through mergers and acquisitions.
In addition, during the “Eleventh Five-Year Plan†period, in addition to the appreciation of capital through the capital market, Brilliance Automotive also achieved a good return on investment. This is an important factor for Brilliance's good performance in recent years.
Q: At the beginning of this year, He played a very beautiful battle in the capital market. Do you still have plans for such a downturn in the stock market?
Yan Yumin: I'll give you a concept. The operation of capital does not mean that the capital market is good. You operate. The market cannot operate without moving. Good time to throw, bad time to buy. Therefore, we now have a complete set of capital operation programs and content. Since the capital market is too sensitive, we cannot say too much.
Q: Compared to the two listed companies in the Mainland, Brilliance China is more capable of absorbing gold. Will the next round of capital action platforms choose it?
Yan Yumin: Brilliance China is more recognized in the industry and its stock price has been boosted substantially in the past two years. Mainly benefited from two major positive questions: The first was the divestment of long-lost Chinese cars in 2009, which was replaced by the Huachen Group; the second was the continued expansion of BMW’s joint venture business, including the surge in sales volume of domestic BMWs and accelerated introduction of new products. Rapid expansion of production capacity.
After the operation of Brilliance China’s capital, the funds are mainly used for the development of our own brand. Such as the Chinese car will receive more financial support. In addition, our initial investment in special vehicles in Dalian will also be expensive. Therefore, taking into account the long-term development of funds, Huachen Group is brewing a new round of capital operations.
This year, the company will earn 20 million yuan in China's high-end vehicles. Q: At present, Chinese brands perform better in the market than the overall level. After you mentioned this year that China needs to make money, do you have any questions at the moment?
Yan Yumin: No problem, 20 million or so, is to achieve no loss. I dragged on for a year. It should have been made last year and was not made last year. I can make money this year.
Q: So what is China’s automobile business? Must it be better in the second half of the year?
Yan Yumin: Yes. Because this year our Chinese products are shipped in China, we increase by 20%, and the variety structure has undergone great changes. This year we mainly use the Chinese V5 and the Chinese H530. The contribution rate of the Chinese H530 should now exceed 50%. This is a aspect.
The second of our models is even more abundant. 1.5T is about to debut, and many users expect our 1.5T engine, especially the 1.5T model of China V5, to pay very close attention.
There is also the Chinese H230 and the Chinese H320, which will be displayed at the Chengdu Auto Show in the second half of the year. The two vehicles will make some contributions.
And our current sales model has also changed, from a dealer to a dealer. So we asked for large customers this year. We are now up by 109%. My cars are sold to Wuliangye. The large market for large automotive customers has a very large potential market.
We have indicators this year. I am 1,300 and we have 138 cadres. If we do not complete the targets, we will be laid off immediately and only a fixed salary will be paid.
Q: After the joint venture brand was established in the past two years, the original brand was a price-performance battle, and it has now risen to the core technology competition. The Great Wall cooperates with the top gearbox company in the world, and Geely is now integrating the safety technology of Volvo in Germany. What achievements have Brilliance made in the integration of advanced technologies throughout the world?
Yan Yumin: To compete with foreign brands and to have competitive products, I think it is necessary to integrate the world's resources.
We are going to engage in integration and integration. I dream of a product. Our chassis is good, because it is Porsche tuning. Our style, interior and exterior are made by Italy, and it's not bad. The next step is to take the BMW engine. The integration of the three things is a good car. When this car comes out, is it a competitive car? You have to go to research and development of parts and components, and everyone has finished research and development, all for a hundred years. Now that the technology is completely mature and completely open, in this case, you will improve your integration ability and integration ability. It is not necessary to engage in other things. Integrating innovation and integrating it into a competitive product is the way out, so I think it is a two-pronged approach. We are now China V5. As for BMW, is it okay? At the very least, your power system, your chassis technology, and your interior and exterior decorations are acceptable to consumers. You don't accept this thing. You say that your BMW-made face is useless.
Q: You just said that dream, BMW's engine, Porsche chassis, Italy's appearance, is not the future Greater China? When will it come out?
Yan Yumin: Yes. Nearly in 2014, Porsche gave me the ability to tune the chassis. It must have allowed Italy to make interior and exterior decorations for me. It must be put in the BMW advanced engine.
BMW is supporting us. I also use some of his X5 and 5 Series technologies. BMW is also integrating world resources. It does not mean that it is developed. He is also integrating, and it helps us to develop this Greater China.
Joint venture of new energy to realize the goal of 200 billion yuan Q: Just now you also mentioned learning from BMW, but BMW is a joint venture. What do you think about it?
Yan Yumin: The joint venture has asked each and every meeting, and innumerable questions I have answered are consistent. As long as foreigners can learn technology and management, which method is not important. Each factory has the conditions of each factory, joint venture and autonomy. You can't say it's not right, nor can you say that every one must go for a joint venture and do not be stereotyped. I think the key is to learn technology and management in a foreign country. The method is not important. It is essential to learn technology. This is the first one.
The second one of us, Brilliance and BMW, is very unique. On the one hand, on traditional energy sources, we don’t have autonomy in joint ventures. It’s entirely up to BMW to help me in China. It’s very simple. You go in a joint venture. To be independent, the first brand must be a new brand. For example, we will not be a BMW brand. Then there is technology behind the new brand. There is a series of things about quality management. Who is doing these things? There are foreign and Chinese sides. After all, there is still a great distance between China and the foreign. How do you develop this technology together and run the brand? It is very troublesome. So BMW very much agrees with my point of view. He sent someone to come and work in China. I think this is very good. This is the first one.
The second of us is also in the joint venture company to engage in autonomy and engage in something? Engaging in new energy, so we do not engage in traditional energy, we are engaged in new energy development in the joint venture in the new energy.
Q: During the "Twelfth Five-Year Plan" period, you have achieved a dream of 200 billion yuan, but including metallurgy, steel, and many related industries are showing a downward trend. Then for the goal of 200 billion yuan, you are strategically oriented. From this point of view, how much is there to achieve this goal?
Yan Yumin: I drew an airplane in my book, which is Brilliance's next decade. China and Jinbei must be the fuselage and the most important body of the aircraft. This is our main business and is the core of our development of independent brands.
China Motors is now very fragile and needs protection. It must rely on two wings to protect it. On the left, BMW and BMW Brilliance have already been completely laid out, and the production capacity has already built 360,000 vehicles. The second is the BSV, Brilliance special-purpose vehicle BSV, also finished layout, 100,000 vehicles. Both of these are probably about one hundred million yuan. In the middle of us, there are also seven or eight hundred million Chinese and Gold Cups. I have allocated 25 billion to protect it to two hundred billion. I tried to develop Gold Cup and China with the money earned by a BMW-specific car.
The aircraft has two engines. There are four engines. The large aircraft has four engines. The engine has to fly higher. It has to have power. What kind of power is it? One is technology, one is brand, one is development fund and one is corporate culture.
Advanced corporate culture. What do we want to say? What kind of corporate culture is spoken is the advanced corporate culture with internationalization, marketization, and modernization. There are four motivations to allow the aircraft to fly higher.
Urban governance block government should not simply limit purchases Q: Now Guangzhou has limited the car, big cities are certainly a big blow to their own brands, do you think as an independent brand, is not only a way, is to shift to a lower level market, Or that there is an opportunity to keep the market share of the front line?
Yan Yumin: The problem that you just said to go to a few tiers of cities, I feel that, in general, the market violates the law in its development, not to mention independent brands, and luxury cars are also shifting. Because of this central city, the development of central cities in China is too fast. With the construction of municipal facilities, the ownership of automobiles is developing too quickly. After too fast, it violates the law and leads to growth. If the original 20-year plan has been completed within 10 years, it will certainly be transferred. This shift is a normal phenomenon. Everyone should not think that the transfer is a matter of nothing. It must be calm and comfortable to face it.
The second thing I said about the urban restrictions you mentioned is, I said today, I just came back from Beijing, and they have a forum called Finding the Way. I said that the road is very clear. I do not need to find it. The road is very clear. How does the problem go? right? How to walk down to earth, the road is very clear. I mentioned one point. I said that our government has complicated simple issues and simplified complex issues.
Traffic congestion is a worldwide problem. China is particularly serious. By restricting purchases, the method of restricting the purchase of limited number is not a fundamental solution to the problem. Why? Because of the traffic congestion in the city, it is a comprehensive issue involving the structure of the city. Our city is like a honeycomb and there are problems. Beijing is too big and it has six rings. When the city reaches a certain level, it is necessary to open the framework. It is to extend outwards, and this extension is best not to extend in the form of a loop. This is the case with Chinese cities. They are all willing to develop central cities and there are problems with our urban structure.
The second three-dimensional traffic system in our city has problems. The traffic system is three-dimensional. There are light rails in the sky, subways in the ground, and ground traffic in the ground. This term is called the extremely transit system. We also have problems with this system in the central city. You can't blame traffic jams on cars. If you want to develop light rails, do subway developments ease? So I think this system still has problems.
The third we have problems with the management of vehicles and central city vehicles. In fact, Beijing’s car ownership is about the same as that of Berlin. How many people are in Beijing? How many people are in Berlin? The per capita possession of Berlin is much greater than that of Beijing. You go to Hong Kong to see, I went to Hong Kong, Hong Kong cars are always flowing, Beijing, Shanghai cars have always been creeping, this is my word. It is a management issue. It is not that the car has more. Therefore, these officials think that there is more vehicle insurance, so we can only say that he is wrong. I can only say that he simplified the complicated issue. This requires a set of management. It needs a set of management systems, and it must use economic means.
Q: In fact, after Beijing implemented restrictions on purchases and restrictions, the best implementation effect was to increase parking fees in urban areas.
Yan Yumin: Who does it learn from? Learning management in London, the charge management of the six districts, one district and one district is not the same. When your car stops there, the ticket will come immediately. How can China have this set of things? At the very least, the three major issues are very prominent, but it must be blamed for the fact that you have more possessions, obviously simplifying the complex issues. I can't say it's wrong. Practice has proved that the limit number has not reached the goal, but also block it! I will buy a double number and buy two cars. Another thing, such as a limited number, is to say that it is a violation of human rights. Buy a car. Why don't you let me drive it? is not it? I buy a car is my private money, why not let go? So this is my second opinion.
The third point of view is that as our own brand cars must be transferred, we must transfer first-line second-line, second-line and third-line. Why should we shift it? Because the market is shifting, the market shifts over and over again.
The fourth one is not like you said. We just give up the central city. No, we Chinese V5 take it all. What do they say about the V5 market position? Anybody in this city has ah, does it? Why do you use the city to draw? I was the first to sell V5 in Beijing and Shanghai. This car is so beautiful. So your model, some models are suitable for three or four-tier cities, some models it is suitable for a second-tier cities, the same model will occupy different cities, because in this market, the breakdown of the crowd is not the same.
Recently, according to the ever-adjusted strategic layout of the capital market, Yu Yumin stated that the development of Huachen Motors has mostly depended on self-financing. Therefore, the financing capacity of the capital market and the multi-channel financing development funded by Huachen over the years in the capital market , is the key support for the development of independent brands.
Indeed, compared to the two mainland-listed companies (ST Gold Cup, Shenhua Holdings), Brilliance China has much higher awareness in the industry. Moreover, due to the relatively simple financing procedures in Hong Kong, Yan Yumin said that considering the long-term development of funds, the Huachen Group is brewing a new round of capital operations.
Under the support of capital operation, Brilliance’s own brand, China Brilliance, sold 59,862 vehicles in the first half of this year, an increase of 8.6% year-on-year, much higher than the 2.1% year-on-year decline in self-owned brands. It is understood that the brand will also turn a profit this year and realize a net profit of 20 million yuan.
However, as the most attractive market-oriented company of Huachen Group, Brilliance China cannot rely on the status quo of HuaBinBao. Therefore, how to use the various resources in the company to open up more space for the development of independent brands and even high-end development. Yan Yumin accepted an exclusive interview.
The new round of capital operation Brilliance China as a platform Q: Brilliance's development model started with capital operation and the joint venture started earlier. What do you think of the advantages and disadvantages of this model compared to other independent brands? Is there any need to adjust this model in the future?
Yan Yumin: The business model of our company is the healthy interaction between the development of the automobile industry and the capital market. The car is a burning industry. Where did you come from? Must be through the development of your own industry in the capital market, a steady stream of funds for the development of development.
Most of the development of Brilliance Automotive has depended on its own financing for many years. Therefore, the financing capabilities of the capital market and the multi-channel financing development funds that Huachen has conducted over the years in the capital market are key support for the development of independent brands.
During the “Eleventh Five-Year Plan†period, Brilliance Motors used assets to dispose of more than 5 billion bad debts and solved the problems left over from history. In addition, through mergers and acquisitions and restructuring, Brilliance conducted a series of mergers and acquisitions in Sichuan, Jiangsu, and Henan, expanding its layout and scale through mergers and acquisitions.
In addition, during the “Eleventh Five-Year Plan†period, in addition to the appreciation of capital through the capital market, Brilliance Automotive also achieved a good return on investment. This is an important factor for Brilliance's good performance in recent years.
Q: At the beginning of this year, He played a very beautiful battle in the capital market. Do you still have plans for such a downturn in the stock market?
Yan Yumin: I'll give you a concept. The operation of capital does not mean that the capital market is good. You operate. The market cannot operate without moving. Good time to throw, bad time to buy. Therefore, we now have a complete set of capital operation programs and content. Since the capital market is too sensitive, we cannot say too much.
Q: Compared to the two listed companies in the Mainland, Brilliance China is more capable of absorbing gold. Will the next round of capital action platforms choose it?
Yan Yumin: Brilliance China is more recognized in the industry and its stock price has been boosted substantially in the past two years. Mainly benefited from two major positive questions: The first was the divestment of long-lost Chinese cars in 2009, which was replaced by the Huachen Group; the second was the continued expansion of BMW’s joint venture business, including the surge in sales volume of domestic BMWs and accelerated introduction of new products. Rapid expansion of production capacity.
After the operation of Brilliance China’s capital, the funds are mainly used for the development of our own brand. Such as the Chinese car will receive more financial support. In addition, our initial investment in special vehicles in Dalian will also be expensive. Therefore, taking into account the long-term development of funds, Huachen Group is brewing a new round of capital operations.
This year, the company will earn 20 million yuan in China's high-end vehicles. Q: At present, Chinese brands perform better in the market than the overall level. After you mentioned this year that China needs to make money, do you have any questions at the moment?
Yan Yumin: No problem, 20 million or so, is to achieve no loss. I dragged on for a year. It should have been made last year and was not made last year. I can make money this year.
Q: So what is China’s automobile business? Must it be better in the second half of the year?
Yan Yumin: Yes. Because this year our Chinese products are shipped in China, we increase by 20%, and the variety structure has undergone great changes. This year we mainly use the Chinese V5 and the Chinese H530. The contribution rate of the Chinese H530 should now exceed 50%. This is a aspect.
The second of our models is even more abundant. 1.5T is about to debut, and many users expect our 1.5T engine, especially the 1.5T model of China V5, to pay very close attention.
There is also the Chinese H230 and the Chinese H320, which will be displayed at the Chengdu Auto Show in the second half of the year. The two vehicles will make some contributions.
And our current sales model has also changed, from a dealer to a dealer. So we asked for large customers this year. We are now up by 109%. My cars are sold to Wuliangye. The large market for large automotive customers has a very large potential market.
We have indicators this year. I am 1,300 and we have 138 cadres. If we do not complete the targets, we will be laid off immediately and only a fixed salary will be paid.
Q: After the joint venture brand was established in the past two years, the original brand was a price-performance battle, and it has now risen to the core technology competition. The Great Wall cooperates with the top gearbox company in the world, and Geely is now integrating the safety technology of Volvo in Germany. What achievements have Brilliance made in the integration of advanced technologies throughout the world?
Yan Yumin: To compete with foreign brands and to have competitive products, I think it is necessary to integrate the world's resources.
We are going to engage in integration and integration. I dream of a product. Our chassis is good, because it is Porsche tuning. Our style, interior and exterior are made by Italy, and it's not bad. The next step is to take the BMW engine. The integration of the three things is a good car. When this car comes out, is it a competitive car? You have to go to research and development of parts and components, and everyone has finished research and development, all for a hundred years. Now that the technology is completely mature and completely open, in this case, you will improve your integration ability and integration ability. It is not necessary to engage in other things. Integrating innovation and integrating it into a competitive product is the way out, so I think it is a two-pronged approach. We are now China V5. As for BMW, is it okay? At the very least, your power system, your chassis technology, and your interior and exterior decorations are acceptable to consumers. You don't accept this thing. You say that your BMW-made face is useless.
Q: You just said that dream, BMW's engine, Porsche chassis, Italy's appearance, is not the future Greater China? When will it come out?
Yan Yumin: Yes. Nearly in 2014, Porsche gave me the ability to tune the chassis. It must have allowed Italy to make interior and exterior decorations for me. It must be put in the BMW advanced engine.
BMW is supporting us. I also use some of his X5 and 5 Series technologies. BMW is also integrating world resources. It does not mean that it is developed. He is also integrating, and it helps us to develop this Greater China.
Joint venture of new energy to realize the goal of 200 billion yuan Q: Just now you also mentioned learning from BMW, but BMW is a joint venture. What do you think about it?
Yan Yumin: The joint venture has asked each and every meeting, and innumerable questions I have answered are consistent. As long as foreigners can learn technology and management, which method is not important. Each factory has the conditions of each factory, joint venture and autonomy. You can't say it's not right, nor can you say that every one must go for a joint venture and do not be stereotyped. I think the key is to learn technology and management in a foreign country. The method is not important. It is essential to learn technology. This is the first one.
The second one of us, Brilliance and BMW, is very unique. On the one hand, on traditional energy sources, we don’t have autonomy in joint ventures. It’s entirely up to BMW to help me in China. It’s very simple. You go in a joint venture. To be independent, the first brand must be a new brand. For example, we will not be a BMW brand. Then there is technology behind the new brand. There is a series of things about quality management. Who is doing these things? There are foreign and Chinese sides. After all, there is still a great distance between China and the foreign. How do you develop this technology together and run the brand? It is very troublesome. So BMW very much agrees with my point of view. He sent someone to come and work in China. I think this is very good. This is the first one.
The second of us is also in the joint venture company to engage in autonomy and engage in something? Engaging in new energy, so we do not engage in traditional energy, we are engaged in new energy development in the joint venture in the new energy.
Q: During the "Twelfth Five-Year Plan" period, you have achieved a dream of 200 billion yuan, but including metallurgy, steel, and many related industries are showing a downward trend. Then for the goal of 200 billion yuan, you are strategically oriented. From this point of view, how much is there to achieve this goal?
Yan Yumin: I drew an airplane in my book, which is Brilliance's next decade. China and Jinbei must be the fuselage and the most important body of the aircraft. This is our main business and is the core of our development of independent brands.
China Motors is now very fragile and needs protection. It must rely on two wings to protect it. On the left, BMW and BMW Brilliance have already been completely laid out, and the production capacity has already built 360,000 vehicles. The second is the BSV, Brilliance special-purpose vehicle BSV, also finished layout, 100,000 vehicles. Both of these are probably about one hundred million yuan. In the middle of us, there are also seven or eight hundred million Chinese and Gold Cups. I have allocated 25 billion to protect it to two hundred billion. I tried to develop Gold Cup and China with the money earned by a BMW-specific car.
The aircraft has two engines. There are four engines. The large aircraft has four engines. The engine has to fly higher. It has to have power. What kind of power is it? One is technology, one is brand, one is development fund and one is corporate culture.
Advanced corporate culture. What do we want to say? What kind of corporate culture is spoken is the advanced corporate culture with internationalization, marketization, and modernization. There are four motivations to allow the aircraft to fly higher.
Urban governance block government should not simply limit purchases Q: Now Guangzhou has limited the car, big cities are certainly a big blow to their own brands, do you think as an independent brand, is not only a way, is to shift to a lower level market, Or that there is an opportunity to keep the market share of the front line?
Yan Yumin: The problem that you just said to go to a few tiers of cities, I feel that, in general, the market violates the law in its development, not to mention independent brands, and luxury cars are also shifting. Because of this central city, the development of central cities in China is too fast. With the construction of municipal facilities, the ownership of automobiles is developing too quickly. After too fast, it violates the law and leads to growth. If the original 20-year plan has been completed within 10 years, it will certainly be transferred. This shift is a normal phenomenon. Everyone should not think that the transfer is a matter of nothing. It must be calm and comfortable to face it.
The second thing I said about the urban restrictions you mentioned is, I said today, I just came back from Beijing, and they have a forum called Finding the Way. I said that the road is very clear. I do not need to find it. The road is very clear. How does the problem go? right? How to walk down to earth, the road is very clear. I mentioned one point. I said that our government has complicated simple issues and simplified complex issues.
Traffic congestion is a worldwide problem. China is particularly serious. By restricting purchases, the method of restricting the purchase of limited number is not a fundamental solution to the problem. Why? Because of the traffic congestion in the city, it is a comprehensive issue involving the structure of the city. Our city is like a honeycomb and there are problems. Beijing is too big and it has six rings. When the city reaches a certain level, it is necessary to open the framework. It is to extend outwards, and this extension is best not to extend in the form of a loop. This is the case with Chinese cities. They are all willing to develop central cities and there are problems with our urban structure.
The second three-dimensional traffic system in our city has problems. The traffic system is three-dimensional. There are light rails in the sky, subways in the ground, and ground traffic in the ground. This term is called the extremely transit system. We also have problems with this system in the central city. You can't blame traffic jams on cars. If you want to develop light rails, do subway developments ease? So I think this system still has problems.
The third we have problems with the management of vehicles and central city vehicles. In fact, Beijing’s car ownership is about the same as that of Berlin. How many people are in Beijing? How many people are in Berlin? The per capita possession of Berlin is much greater than that of Beijing. You go to Hong Kong to see, I went to Hong Kong, Hong Kong cars are always flowing, Beijing, Shanghai cars have always been creeping, this is my word. It is a management issue. It is not that the car has more. Therefore, these officials think that there is more vehicle insurance, so we can only say that he is wrong. I can only say that he simplified the complicated issue. This requires a set of management. It needs a set of management systems, and it must use economic means.
Q: In fact, after Beijing implemented restrictions on purchases and restrictions, the best implementation effect was to increase parking fees in urban areas.
Yan Yumin: Who does it learn from? Learning management in London, the charge management of the six districts, one district and one district is not the same. When your car stops there, the ticket will come immediately. How can China have this set of things? At the very least, the three major issues are very prominent, but it must be blamed for the fact that you have more possessions, obviously simplifying the complex issues. I can't say it's wrong. Practice has proved that the limit number has not reached the goal, but also block it! I will buy a double number and buy two cars. Another thing, such as a limited number, is to say that it is a violation of human rights. Buy a car. Why don't you let me drive it? is not it? I buy a car is my private money, why not let go? So this is my second opinion.
The third point of view is that as our own brand cars must be transferred, we must transfer first-line second-line, second-line and third-line. Why should we shift it? Because the market is shifting, the market shifts over and over again.
The fourth one is not like you said. We just give up the central city. No, we Chinese V5 take it all. What do they say about the V5 market position? Anybody in this city has ah, does it? Why do you use the city to draw? I was the first to sell V5 in Beijing and Shanghai. This car is so beautiful. So your model, some models are suitable for three or four-tier cities, some models it is suitable for a second-tier cities, the same model will occupy different cities, because in this market, the breakdown of the crowd is not the same.
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