Today's attention //
1. He Lifeng: Purchase part of the commercial housing at a reasonable price as appropriate
2. The central bank has made a combination of optimized housing finance policies, set up affordable housing re-loans, and accelerated the destocking of existing commercial housing
3. The 30-year ultra-long-term special treasury bonds were officially launched, with a total amount of 40 billion yuan
4. The China Securities Regulatory Commission responded to the rumors about the "random inspection" of local bond business: the information was untrue
5. The four departments will investigate and deal with cases of financial fraud and other violations and crimes in a strict, speedy and re-investigation manner in accordance with the law
6. This week, the Shenzhen Stock Exchange focused on monitoring abnormal securities such as "Zhengdan Shares" and "*ST Weihai".
Macro Policy //
1. He Lifeng, Vice Premier of the State Council: Do a good job in the risk disposal of unfinished commercial housing and protect the legitimate rights and interests of home buyers
According to Xinhua News Agency, a video conference on the work of ensuring the delivery of housing was held in Beijing, and Vice Premier He Lifeng attended the meeting and delivered a speech. He Lifeng pointed out that real estate is related to the vital interests of the people and the overall situation of economic and social development. At present, it is necessary to focus on classifying and promoting the disposal of commercial housing projects under construction that have been sold and difficult to deliver, fully support the financing and completion delivery of projects that should be renewed, and protect the legitimate rights and interests of buyers. The relevant local governments should proceed from the actual situation and properly dispose of the idle stock of residential land that has been transferred by means of repossession and acquisition as appropriate, so as to help real estate enterprises with financial difficulties to solve their difficulties. In cities with a large inventory of commercial housing, the government may purchase some commercial housing at a reasonable price as appropriate. It is necessary to continue to do a good job in the prevention and disposal of debt risks of real estate enterprises, and solidly promote the construction of affordable housing, the transformation of urban villages, and the construction of public infrastructure for both ordinary and emergency purposes.
2. Two departments: the minimum down payment ratio of the first home commercial loan is adjusted to not less than 15%, and the minimum down payment ratio of the second home commercial loan is adjusted to not less than 25%
The People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice that for resident families who take out loans to purchase commercial housing, the minimum down payment ratio of commercial personal housing loans for the first housing is adjusted to not less than 15%, and the minimum down payment ratio for commercial personal housing loans for second housing is adjusted to not less than 25%. On this basis, the provincial-level branches of the People's Bank of China and the dispatched agencies of the State Financial Supervision and Administration independently determine the lower limit of the minimum down payment ratio for commercial personal housing loans for the first and second houses in each city under their jurisdiction in accordance with the requirements of urban regulation and control and in accordance with the principle of city-specific policies.
3. The central bank: From May 18, the interest rate on personal housing provident fund loans will be lowered by 0.25 percentage points
The People's Bank of China issued a notice on lowering the interest rate of personal housing provident fund loans, starting from May 18, 2024, the interest rate of personal housing provident fund loans will be reduced by 0.25 percentage points, the interest rate of the first set of personal housing provident fund loans below 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, and the interest rate of the second set of personal housing provident fund loans below 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively.
4. The central bank: cancel the lower limit of the commercial loan interest rate policy for the first and second houses at the national level
The People's Bank of China issued a notice on adjusting the interest rate policy for commercial personal housing loans. It mentions that the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level will be abolished. The provincial-level branches of the People's Bank of China, in accordance with the principle of city-specific policies, guide the self-discipline mechanism of market interest rate pricing at the provincial level, and independently determine whether to set the lower and lower limits (if any) of the interest rates of commercial personal housing loans in each city within their jurisdiction according to the real estate market situation of each city within their jurisdiction and the regulatory requirements of the local government. Banking financial institutions should be based on the provincial market interest rate pricing self-discipline mechanism to determine the lower limit of interest rates (if any), combined with the institution's operating conditions, customer risk status and other factors, reasonable determination of the specific interest rate level of each loan.
5. The central bank plans to set up a 300 billion yuan affordable housing re-loan, with an interest rate of 1.75%
The central bank plans to set up an affordable housing re-loan, with a scale of 300 billion yuan, an interest rate of 1.75%, a term of 1 year, and a renewable period of 4 times. The recipients include 21 national banks, including the China Development Bank, policy banks, state-owned commercial banks, postal savings banks, and joint-stock commercial banks. In accordance with the principle of independent decision-making and assumption of risk, banks issue loans to local state-owned enterprises selected by the city government to purchase completed and unsold commercial houses for use as affordable housing. The central bank will issue re-loans according to 60% of the loan principal, which can drive bank loans of 500 billion yuan.
6. The Notice on Further Giving Play to the Role of the Urban Real Estate Financing Coordination Mechanism to Meet the Reasonable Financing Needs of Real Estate Projects will be issued in the near future
The State Administration of Financial Supervision said that it will issue the "Notice on Further Giving Play to the Role of Urban Real Estate Financing Coordination Mechanism to Meet the Reasonable Financing Needs of Real Estate Projects" in the near future, establish and improve the urban real estate financing coordination mechanism, continue to adhere to the city-specific policies, take the city as the main body and the project as the center, fully support the financing and completion delivery of projects that should be continued, and do a good job in ensuring the delivery of housing.
7. Ministry of Housing and Urban-Rural Development: A work plan for the delivery of urban commercial housing projects will be introduced
The Ministry of Housing and Urban-Rural Development, together with the State Administration of Financial Supervision and other departments, will issue a work plan for the battle to ensure the delivery of urban commercial housing projects, which focuses on three aspects of the requirements: first, to do a good job in the battle of ensuring the delivery of commercial housing projects, prevent and dispose of the risk of unfinished, and promote the timely and quality delivery of the project; Second, make full use of the urban real estate financing coordination mechanism, and include projects in the "white list" to provide financing support; Third, we need to consolidate the responsibilities of local governments, real estate enterprises, and financial institutions. Real estate enterprises should assume the main responsibility, formulate a "one project, one policy" disposal plan, actively dispose of assets, raise funds from multiple parties, and ensure that the project is delivered on time and with good quality.
8. Ministry of Natural Resources: Prepare to introduce policies and measures to properly dispose of idle land and revitalize the stock of land
The Ministry of Natural Resources is preparing to introduce policies and measures to properly dispose of idle land and revitalize the stock of land, and support local governments to properly dispose of the idle stock of residential land that has been transferred by means of recovery and acquisition as appropriate, so as to help enterprises solve their difficulties. At the same time, it promotes the economical and intensive use of land, prevents and resolves risks, and helps the high-quality development of real estate. There are two main lines: one line is to strictly dispose of idle land in accordance with the law, and the other line is to increase support for the revitalization and utilization of stock land.
9. National Bureau of Statistics: In the next stage, we will study the policies and measures to digest the stock of real estate and optimize the incremental housing, and pay close attention to building a new model of real estate development
Liu Aihua, spokesman of the National Bureau of Statistics, said that since the beginning of this year, various regions have been optimizing real estate policies due to urban policies, and the real estate sector continues to be in a period of adjustment from the main data of the real estate field in April. In the next stage, in accordance with the spirit of the meeting of the Political Bureau of the Central Committee, we should earnestly implement the decision-making and deployment of the Party Central Committee, combine the new changes in the supply and demand relationship of the real estate market and the new expectations of the people for high-quality housing, coordinate the study of policies and measures to digest the stock of real estate and optimize the incremental housing, and pay close attention to building a new model of real estate development to promote the high-quality development of real estate.
China Bond Alert //
1. The results of the issuance of the first ultra-long-term special treasury bonds in 2024 have been released, and the winning yield is 2.57%
On May 17, the 30-year ultra-long-term special treasury bonds were officially launched, and the winning bid results were released, with the weighted winning interest rate of "24 special treasury bonds 01" being 2.57%, the full-time multiple of 3.9, and the marginal multiple of 382.6, and the winning yield was lower than the valuation of China Bonds. According to the issuance arrangement, the first 30-year ultra-long-term special treasury bonds are fixed-rate interest-bearing bonds, with a total amount of 40 billion yuan.
2. The China Securities Regulatory Commission responded to rumors about the "sampling" of local bond business: the information was untrue
In response to the rumors in the market about the sampling of local bond business, the relevant person of the China Securities Regulatory Commission said in response to the request for verification that the information was untrue.
3. Longfor Group: The redemption or early payment of bonds reached 7.2 billion yuan during the year
Longfor Group completed the interest payment of 120 million yuan of the three bonds of "22 Longfor 03", "21 Longfor 03" and "21 Longfor 04", as well as the resale of the principal of 1.5 billion yuan of the "21 Longfor 03" bonds, totaling 1.62 billion yuan. Up to now, Longfor Group has paid or prepaid 7.2 billion yuan of domestic bonds in 2024.
4. Vanke has reached a preliminary agreement with the bank on a syndicated loan of tens of billions of yuan? Vanke did not comment
According to market sources, Vanke has reached a preliminary agreement with the bank on the collateral of the syndicated loan, and the loan withdrawal amount is expected to not exceed 50 billion yuan. Vanke did not comment on this rumor.
5. Country Garden: The High Court ordered the hearing of the petition to be adjourned to 11 June
Country Garden announced on the Hong Kong Stock Exchange that in the High Court hearing on May 17, the High Court ordered the hearing of the petition to be adjourned to June 11, 2024.
6. Greenland Group and others were forced to pay 830 million, and Greenland Group was executed to more than 1.7 billion yuan
On May 16, Greenland Holding Group Co., Ltd., Ningbo Hangzhou Bay New Area Greenland Nanwan Infrastructure Development Co., Ltd., Greenland City Investment Group Co., Ltd., and Greenland Infrastructure Group Co., Ltd. added a new information on the person subject to enforcement, with an enforcement target of more than 834 million yuan, involving a financial loan contract dispute case, and the enforcement court is the Shanghai Financial Court. The company has 9 pieces of information on persons subject to execution, with a total amount of more than 1.7 billion yuan, and in addition, the company's equity in a number of companies has been frozen.
7. Evergrande Real Estate and other new 12 pieces of information on persons subject to enforcement, with a total amount of about 5.123 billion yuan
Evergrande Real Estate Group Co., Ltd. added 12 pieces of information on the person subject to execution on May 16, with a total amount of about 5.123 billion yuan. This enforcement information is mainly related to cases such as financial loan contract disputes and bill disputes. In some of the enforcement cases, Evergrande Real Estate Group Jinan Real Estate Co., Ltd. and Jinxiang County Dexin Real Estate Development Co., Ltd. were also listed as judgment debtors.
8. Sote Debt Return: Unable to pay the principal and interest of the resale
Soyute Group Co., Ltd. announced that the number of resale declarations for "Soute Bond Refund" was 4.95 million, and the resale amount was RMB 497 million (including current interest and tax). Due to the debt crisis and business crisis, the company has a huge debt overdue, the company's main bank accounts and assets have been frozen/seized by the court, and there is a serious shortage of funds.
China Stock Alert //
1. Next week, the ban on restricted shares with a market value of 60.752 billion yuan will be lifted, and the ban on 8.949 billion yuan will be lifted by Zhongke Flying Measurement
Wind data statistics show that a total of 64 companies' restricted shares will be lifted next week, with a total of 4.337 billion shares, and the total market value of 60.752 billion yuan will be lifted according to the closing price on May 17. The top three in terms of market value are Zhongke Feishi (8.949 billion yuan), Shensanda A (8.207 billion yuan), and Nanqiao Food (6.025 billion yuan), and the top three in terms of the number of shares are Electric Wind Power (800 million shares), Shougang (494 million shares), and Shensanda A (493 million shares).
2. Shenzhen Stock Exchange: This week, it will focus on monitoring abnormal securities such as "Zhengdan shares" and "*ST Weihai".
This week, the Shenzhen Stock Exchange focused on monitoring abnormal securities such as "Zhengdan Shares" and "*ST Weihai"; A total of 42 major matters of listed companies were verified, and 5 cases of suspected violations of laws and regulations were reported to the CSRC.
3. The IPO review of the three companies was terminated
The Shanghai Stock Exchange terminated the review of the listing of Zhongqiao Sports on the main board due to the withdrawal of the application documents by the company and the sponsor. The Shenzhen Stock Exchange terminated the listing review of Kunlun New Materials Growth Enterprise Market and terminated the listing review of Dongshi Co., Ltd. on the main board of the Shenzhen Stock Exchange.
4. *ST Baoli: Received the prior notice of termination of listing issued by the Shenzhen Stock Exchange
*ST Baoli announced that the company has received a prior notice from the Shenzhen Stock Exchange on May 17 that it intends to terminate the listing of the company's shares.
5. Shengtun Mining: It was filed by the China Securities Regulatory Commission on suspicion of violating laws and regulations
Shengtun Mining announced that the China Securities Regulatory Commission decided to file a case against the company due to the company's suspected illegal information disclosure.
6. New Cape: The actual controller, chairman and general manager received the "Decision to Lift Bail Pending Trial"
New Cape announced that it was previously disclosed that the Weifang Municipal Public Security Bureau decided to release Mr. Yang Weiguo, the actual controller, chairman and general manager of the company, on bail pending trial, with a period starting from May 18, 2023. The Company received a notice from Mr. Yang Weiguo, the actual controller, chairman and general manager of the Company, that he received the Decision on Lifting Bail Pending Trial issued by the Weifang Municipal Public Security Bureau, and decided to lift it due to the expiration of the period of release on bail.
7. Jiayun Technology: It was filed by the Securities Regulatory Commission on suspicion of violating laws and regulations
Jiayun Technology announced that the company received the "Notice of Case Filing" from the China Securities Regulatory Commission on May 17, and the China Securities Regulatory Commission decided to file a case against the company due to the company's suspected illegal information disclosure. At present, the company's production and operation activities are carried out normally. During the investigation, the company will actively cooperate with the work of the China Securities Regulatory Commission and fulfill its information disclosure obligations in strict accordance with the regulations.
8. Shangfeng Cement: The subsidiary was fined 1.5 million yuan for environmental protection
Shangfeng Cement announced that the subsidiary Gerger Environmental Protection recently received the "Administrative Penalty Decision" issued by the Wuzhong Municipal Ecological Environment Bureau, and the category of hazardous waste disposed of by the environmental protection cement kiln and the safe landfill was inconsistent with the hazardous waste business license approved to operate the hazardous waste category, and it was fined 1.5 million yuan for not engaging in hazardous waste disposal business activities in accordance with the provisions of the hazardous waste business license.
9. Shenghang Co., Ltd.: A safety accident occurred on a ship operated by the company
Shenghang Co., Ltd. announced that the company's operating ship "Shenghanghua 6" ship was unloaded at the Singapore anchorage on May 15, 2024, and at 23:55, there was an open fire in the engine room of the ship for unknown reasons, and all the crew immediately started the fire deployment and effectively controlled the fire. At the same time, the ship also urgently contacted the relevant authorities in Singapore to request assistance in extinguishing the fire. At about 8 o'clock on May 16, the ship confirmed that the fire was completely extinguished and there was no danger of re-ignition. The accident caused no casualties to the crew and no third-party property damage.
10. Puli Pharmaceutical: The company's 2023 annual report is still under audit and there is a risk of delisting
Puli Pharmaceutical announced that the company's shares have been suspended since May 6 due to the failure to disclose the 2023 annual report and the first quarter report of 2024 within the statutory deadline. The company is now going all out to promote self-inspection and rectification, and is expected to disclose the 2023 annual report and the first quarter report of 2024 by June 30. However, the company also reminded investors that if the preparation and disclosure of the above report cannot be completed on time, the company's shares may face the risk of being put on delisting risk warning or terminated. At present, the audit of the company's annual report is still in progress.
11. Wenjie commercial vehicle highway fire? The response came
On May 17, a video circulating on the Internet showed a truck transporting cars catching fire on a highway with multiple Wenjie brand products burning on board and billowing smoke billowing from the scene. On the same day, Anji Automobile Logistics (Shanghai) Co., Ltd. issued an accident statement, saying: On May 17, in the process of transporting Cialis (601127) commercial vehicles, a combustion accident occurred when passing through the Caidian section of Hubei Province of G50 Shanghai-Chongqing Expressway, and the preliminary determination was that the rear wheel of the truck caught fire caused by the locking of the truck's brake system, and the loaded goods were damaged after the fire spread.
Overseas Warning //
1. Ping An responded to the reduction of HSBC Holdings: HSBC is a long-term financial investment and has confidence in its long-term development
According to the Securities China News Agency, market sources said that Ping An of China is considering how to reduce its holdings of HSBC shares by $13 billion. Ping An Asset Management responded that HSBC is a long-term financial investment, and HSBC has always maintained a unique competitive advantage in Asia and is confident in its long-term development.
2. If it does not provide AI risk information, Microsoft Bing may face a fine from the European Union
The European Commission has until May 27 to submit more information about some of its generative AI tools and services, and failure to do so could result in fines for the company, which could total up to 1% of Microsoft's total annual revenue.
3. The preliminary sales of Game Station Q1 are less than expected, and it plans to issue 45 million ordinary shares
GameStation announced preliminary results for the first quarter, with sales expected to be in the range of $872 million to $892 million, below the consensus estimate of $1.05 billion and $1.237 billion in the same period last year, and a net loss of between $27 million and $37 million, compared with a net loss of $50.5 million in the year-ago period. In addition, GameStation filed with the U.S. Securities and Exchange Commission (SEC) to request the sale of up to 45 million shares of common stock.
4. UK regulator: Microsoft's cooperation with Mistral AI is not eligible for investigation
The U.K.'s antitrust authority said Microsoft's collaboration with French artificial intelligence startup Mistral AI was not eligible for an investigation. In April, the UK's Competition and Markets Authority (CMA) conducted an analysis of the deal to determine whether it warranted an investigation. The CMA said in a statement on Friday that the transaction does not require an investigation under the merger provisions of the Companies Act 2022. At the same time, the EU antitrust authorities are still analysing the deal.
5. After Adobe's $20 billion acquisition fell through, Figma allowed employees to sell their shares at a $12.5 billion valuation
Figma, a cloud-based design tools company, valued at $12.5 billion, will allow investors, including current and former employees, to sell its stake in a tender offer, the company said.
6. Toshiba plans to lay off up to 4,000 employees in Japan
Toshiba Corporation announced its medium-term management plan, stating that it will lay off up to 4,000 employees across the entire group in Japan. Toshiba's financial report showed that its revenue for fiscal 2023 was 3.29 trillion yen, down 2% from the previous month, and the annual loss was 74.8 billion yen.
Financial Interbank Warning //
1. The four departments issued the "Opinions on Several Issues Concerning the Handling of Securities and Futures Illegal and Criminal Cases"
The Ministry of Public Security, the Supreme People's Court and other four departments issued the "Opinions on Several Issues Concerning the Handling of Securities and Futures Illegal and Criminal Cases", requiring that financial fraud, embezzlement of assets of listed companies, insider trading, market manipulation and securities fraud be investigated and dealt with strictly, quickly and severely in accordance with the law. Securities issuers, controlling shareholders, actual controllers, directors, supervisors, senior managers, financial practitioners, etc., who commit securities and futures violations and crimes, shall be severely punished in accordance with law. If a crime is constituted, criminal responsibility shall be pursued in accordance with law if the intermediary organizations and financial institutions that provide false supporting documents and financial bills for financial fraud, professional gangs that carry out cooperative acts such as capital allocation, trading and stock recommendation for the crime of insider trading and manipulation of the securities and futures market, and external personnel who collude with the listed company inside and outside the company to hollow out the company's assets, and constitute a crime.
2. The mobilization and deployment meeting for self-examination and self-correction of service price behavior of commercial banks in Beijing was held
The mobilization and deployment meeting for self-examination and self-correction of service price behavior of commercial banks in Beijing was held, and the leaders of the competent banks, financial directors and price liaison officers of 32 commercial bank branches and 3 policy bank branches in Beijing attended the meeting. The meeting demanded that all commercial banks should complete the self-examination and self-correction work with high standards in accordance with the relevant price laws and regulations, fee management regulations and policies and measures to benefit enterprises.
3. Yang Zhiguo, former deputy general manager of the data center of Bank of China, was examined and investigated
According to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the Bank of China and the Tianjin Municipal Commission for Discipline Inspection and Supervision: Yang Zhiguo, the former deputy general manager of the Bank of China's data center, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the Bank of China and the Tianjin Municipal Supervision Commission.
4. Ping An Bank was heavily fined more than 67 million yuan
According to the administrative penalty information disclosure form disclosed by the State Administration of Financial Supervision and Administration, Ping An Bank was confiscated of illegal gains and fined a total of 67.2398 million yuan for violations of laws and regulations in five aspects: corporate governance and internal control, credit business, interbank business, wealth management business and others. Among them, the head office is 60.7398 million yuan, and the branch is 6.5 million yuan. Cai Xinfa, the special assistant to the president at the time, Fu Zhongqiang, the then president of the auto finance department of Ping An Bank, and Zhu Junxia, the then president of the retail operation and consumer loan department of Ping An Bank, were simultaneously fined.
Industry Warning //
1. National Bureau of Statistics: From January to April, the national real estate development investment was 3,092.8 billion yuan, a year-on-year decrease of 9.8%
According to data from the National Bureau of Statistics, from January to April, the national real estate development investment was 3,092.8 billion yuan, a year-on-year decrease of 9.8%; Among them, residential investment was 2,339.2 billion yuan, down by 10.5 percent. From January to April, the construction area of real estate development enterprises was 687544 million square meters, a year-on-year decrease of 10.8%. Among them, the residential construction area was 480647 million square meters, a decrease of 11.4%. The area of new housing construction was 235.1 million square meters, down by 24.6%. Among them, the area of new residential construction was 170.06 million square meters, a decrease of 25.6%. The area of housing completions was 188.6 million square meters, down by 20.4%. Among them, the area of residential completions was 137.46 million square meters, down by 21.0%.
2. China's crude steel output in April 2024 was 85.94 million tons, down 7.2% year-on-year
According to the National Bureau of Statistics, in April 2024, China's average daily output of crude steel, pig iron, and steel was 2.388 million tons, 2.865 million tons, and 3.884 million tons, respectively. crude steel output in April was 85.94 million tons, down 7.2% year-on-year; the output of pig iron was 71.63 million tons, down 8.0% year-on-year; The output of steel was 116.52 million tons, down 1.6% year-on-year, and the output of coke was 38.49 million tons, down 6.9% year-on-year.
3. Nanjing's commercial residential land is planned to supply 240 hectares in 2024, a year-on-year decrease of 51.3%
Nanjing's 2024 state-owned construction land supply plan was released. In 2024, Nanjing plans to supply 265 hectares of residential land, of which 240 hectares are planned to be supplied for commercial residential land, a decrease of 51.3% compared with last year, and the scale reduction is very significant. It is understood that the scale of 240 hectares is at the lowest value in the history of the supply of commercial residential land in Nanjing.
4. Anhui rectifies the chaos of live broadcast e-commerce
The Anhui Provincial Administration for Market Regulation has deployed a three-year improvement action to standardize the operation of live broadcast e-commerce across the province from May 2024 to December 2026. This move aims to further consolidate the main responsibilities of live-streaming e-commerce platforms and operators on the platform, rectify illegal and chaotic phenomena such as false publicity, illegal advertising, price fraud, order speculation, counterfeiting and shoddy, and regulate the behavior of online anchors bringing goods. It is reported that the promotion action will continue to optimize the innovation and development environment of live broadcast e-commerce through a series of measures, including improving the supervision mechanism, consolidating the monitoring foundation, strengthening supervision and management, and improving service quality.
5. Colleges and universities in many places will strictly investigate AI writing papers
Colleges and universities in many places have announced that they will introduce paper detection tools to strictly investigate the behavior of AI writing papers. Among them, Daqing Normal University clarified that the AI test result of the undergraduate graduation thesis can only be defended if the AI test result is less than 40%; Fuzhou University emphasized that the test results will be used as a reference basis for the evaluation of grades and the selection of outstanding graduation theses. At present, there are many AI tools that use "essay" as the main template, and a thousand-word paper can be generated in less than 1 minute, and the lowest price is 2 cents each time. In addition, AI tools also have problems such as non-existence of citations and bias of cited data.
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