Today's attention //
1. The Supreme People's Court intends to make provisions on issues such as "fake divorce" and live streaming of minors.
2. U.S. Treasury Secretary Janet Yellen once again emphasized her opposition to the "decoupling" of China and the United States.
3. Car registrations in Germany fell by 6.2% in March.
4. Chile's national copper company's copper output in the first quarter was lower than last year's level.
5. The U.S. FDA announced that it would issue an import alert to a wholly-owned subsidiary of Adoption Shares.
Macro Warning //
1. The Supreme People's Court: It is proposed to make provisions on issues such as "fake divorce" and live broadcast tips for minors
The Supreme People's Court is soliciting public comments on the draft Interpretation (2) on the Application of the Marriage and Family Section of the Civil Code. The judicial interpretation intends to provide for issues such as "fake divorce" and live streaming tips for minors. Where, after a husband and wife register their divorce, one party requests confirmation that the divorce is invalid on the grounds that both parties have expressed false intentions, the people's court will not support it. Where one party has evidence to prove that both parties' intentions are false, and requests confirmation that the relevant property and debt treatment clauses in the divorce agreement are invalid, and advocates a new division of the joint property of the husband and wife, the people's court shall support it in accordance with law.
2. U.S. Treasury Secretary Janet Yellen once again emphasized her opposition to the "decoupling" between China and the United States
Yellen attended an event hosted by the American Chamber of Commerce in China in Guangzhou and spoke to U.S. companies in China, once again emphasizing her opposition to the "decoupling" of China and the United States.
3. The National Development and Reform Commission formulated the PPP "Preparation Outline", and the project implementation rules under the new mechanism are more perfect
With the end of the first quarter, the PPP field has also ushered in an important turning point. The Outline for the Preparation of the Franchise Plan for Public-Private Partnership Projects (2024 Trial Version) formulated by the National Development and Reform Commission (NDRC) was officially released. A number of PPP practitioners said that the "Preparation Outline" has made clear provisions on the franchise plan from the aspects of project feasibility, franchise model feasibility and main content, which will accelerate the implementation of the new PPP mechanism.
China Bond Alert //
1. North Group: major asset restructuring
Shanghai North Enterprise (Group) Co., Ltd. announced on April 7, 2024 that the company has undergone a major asset restructuring. On April 1, 2024, Shanghai North Enterprise (Group) Co., Ltd. and Jing'an District State-owned Assets Supervision and Administration Commission signed the "Share Transfer Agreement Free of Charge". The agreement stipulates that the 391,617,800 shares of Tibet Urban Development and Investment Co., Ltd. (accounting for 41.15% of the total share capital of Tibet Urban Development Investment Co., Ltd. after the completion of the issuance of shares to specific targets in 2023) directly held by the State-owned Assets Supervision and Administration Commission of Jing'an District will be transferred to the northern enterprises free of charge. After the completion of the transfer, the northern enterprise will hold 41.15% of the equity of Tibet City Investment. This free transfer constitutes a major asset restructuring.
2. Zhaohua District, Guangyuan City: In 2024, it is necessary to guard against government debt risks
The implementation of the 2023 budget and the draft budget of Zhaohua District, Guangyuan City, pointed out that in 2024, it is necessary to guard against the risk of government debt. We should properly handle the relationship between promoting development and preventing risks, improve and standardize the working mechanisms for government debt financing, debt risk assessment and early warning, include funds for repaying principal and interest on government debts in the fiscal budget, and resolve existing debts in an orderly and prudent manner. Expand the scale of fund income, expand the debt space, and reduce the debt risk level.
3. Loudi State-owned Assets Supervision and Administration Commission: Strictly implement the "631" maturity debt scheduling mechanism
The State-owned Assets Supervision and Administration Commission of Loudi City said that it is necessary to strengthen financial risk prevention and strictly implement the "631" maturity debt scheduling mechanism. We should do a good job in debt management, make every effort to reduce existing debts, strictly control incremental debts, prevent the accumulation of debt risks, and strictly prohibit new hidden debts. Monitor debt repayment in real time, seize the opportunity of the "window period" policy, maintain good communication and cooperative relations with financial institutions, promote the extension and reduction of interest rates, and strive for more policy support and financial support.
4. Shanghai Electric Wind Power Group: The cumulative new borrowings in the first quarter accounted for 24.95% of the net assets at the end of the previous year
Shanghai Electric Wind Power Group Co., Ltd. announced that the cumulative amount of new borrowings in the first quarter was 1.465 billion yuan, and the cumulative new borrowings accounted for 24.95% of the net assets at the end of the previous year.
5. Tiandiyuan: The cumulative new borrowings accounted for 33.21% of the net assets at the end of the previous year
Tiandiyuan Co., Ltd. announced that the company's net assets at the end of the previous year were 5128.0616 million yuan, the balance of loans at the end of the previous year was 6050.58 million yuan, the balance of loans at the end of the first quarter was 7753.41 million yuan, and the cumulative amount of new loans was 1702.83 million yuan, accounting for 33.21% of the net assets at the end of the previous year.
6. Xiamen Xiangyu: The cumulative new borrowings in the first quarter exceeded 20% of the net assets at the end of the previous year
Xiamen Xiangyu Co., Ltd. announced that the cumulative amount of new borrowings in the first quarter was 12.15 billion yuan, and the cumulative new borrowings accounted for more than 20% of the net assets at the end of the previous year.
China Stock Alert //
1. The Shenzhen Stock Exchange terminated the IPO review of 5 companies, all of which were voluntarily withdrawn by the issuer and sponsor
The Shenzhen Stock Exchange terminated the IPO review of five companies, including Haojida, Zhouyu Design, Huayi Ecology, Direction Electronics, and Sumai Medical, all of which were voluntarily withdrawn by issuers and sponsors. Among the five sponsorship projects, CITIC Securities accounted for 2, Haitong Securities, Shenwan Hongyuan, and Zheshang Securities each accounted for 1.
2. Adoption of shares: The US FDA announced that it would issue an import alert to its wholly-owned subsidiary
According to the announcement of the adoption of shares, the US FDA announced that it would issue an import alert to its wholly-owned subsidiary. Before Adopt Medical is removed from the above list, some medical syringe products of Adopt Medical will not be able to enter the U.S. market temporarily, which is expected to have a significant impact on the company's subsequent main business revenue and profit.
3. Shanghai Stock Exchange: Terminate the IPO review of Alpha shares
Shanghai Stock Exchange: Terminated the review of the initial public offering of shares of Zhejiang Mingtai Holding Development Co., Ltd. and its listing on the main board of the Shanghai Stock Exchange.
4. Ruichuang Micro-Nano: Ma Hong, the actual controller and general manager, was placed in detention
Ruichuang Micro-Nano announced that the company received the "Notice of Retention in Custody" and the "Notice of Case Filing" issued by the State Supervision Commission on April 4, and placed Ma Hong, the actual controller, chairman and general manager of the company, in lien on him, and he was temporarily unable to perform his duties as chairman of the board of directors during the retention period.
5. Hytera: The company does not sell products containing walkie-talkie technology for the time being
Hytera's official website announced that according to the order of the U.S. court, Hytera is not allowed to sell any products containing walkie-talkie technology anywhere in the world until further notice.
6. The Shenzhen Stock Exchange publicly reprimanded Ye Guobing, the then general manager of Concentrating Technology and its holding subsidiary
The Shenzhen Stock Exchange publicly reprimanded Ye Guobing, the then general manager of Concentrating Technology and its holding subsidiary, for failing to form effective management control over the subsidiary due to major deficiencies in the company's internal control, resulting in Yunnan Concentrating on bribes to state employees and seeking improper benefits by illegal means.
7. Tiankang Biotechnology: Chairman resigned
Tiankang Biotechnology announced that because Yang Yan had reached the statutory retirement age, he applied for resignation as a director and chairman of the company, as well as a member of the Strategy and Investment Committee, the Nomination Committee and the Remuneration and Assessment Committee. After his resignation, Yang Yan no longer held any position in the company.
8. CNOOC: The suspension of some drilling platform operations has little impact on the company's drilling sector
CNOOC announced that the suspension of some drilling platform operations this time is due to the adjustment of the customer's operation plan, and the company still has a number of drilling platforms providing normal services in the area. At present, the company operates and manages a total of 62 drilling platforms, and the suspension of platform operations has little impact on the company's drilling sector.
9. Saifutian: Termination of the issuance of shares to specific objects
Saifutian announced that the company decided to terminate the issuance of shares to specific objects.
10. Yangpu Medical: The chairman of the board of directors was taken into custody
Yangpu Medical announced that Deng Guanhua, chairman and general manager of the company, was investigated and placed in custody on suspicion of violating discipline and law.
Overseas Warning //
1. Chile's National Copper Company: Copper production in the first quarter was lower than last year's level
Maximo Pacheco, chairman of the board of directors of Chile's National Copper Company (Codelco), hinted that the company's copper production in the first quarter of 2024 was significantly lower than in 2023.
2. The loss amounted to 60 million US dollars? TSMC refuted rumors: the recovery rate of wafer factory equipment exceeded 70%.
There were several earthquakes in Hualien County, Taiwan, with the largest magnitude of 7.3. Regarding the impact of the earthquake, TSMC said that although a small number of equipment in some factories were damaged and affected the production of some production lines, the main machines, including all extreme ultraviolet (EUV) lithography equipment, were not damaged. Within 10 hours of the earthquake, the recovery rate of fab equipment was over 70 percent, and the recovery rate of newly built fabs was more than 80 percent. However, there is still news that the impact of the earthquake on TSMC's second-quarter fiscal quarter is about $60 million, in this regard, TSMC said that the news was "not released by TSMC".
3. German Federal Automotive Administration KBA: German car registrations fell 6.2% in March
Car registrations in Germany fell 6.2 percent to 263844 in March, according to the German Federal Motor Vehicle Agency KBA.
4. Reserve Bank of India Governor: Due to the high debt-to-GDP ratio, potential risks may erupt suddenly
RBI Governor: Due to the high debt-to-GDP ratio, potential risks could flare up suddenly.
5. The LG family of South Korea lost the first instance of the case of improper collection of inheritance tax by the tax department
South Korea's LG family lost the first instance of the administrative lawsuit against the tax department for inheritance tax reduction. LG Group Chairman Koo Kwang-mo, his mother and two younger sisters filed a lawsuit against the director of the Yongsan Tax Office, asking the court to revoke the Yongsan Tax Office's administrative act of imposing inheritance tax. On the same day, the 5th Administrative Division of the Seoul Administrative Court pronounced the first-instance judgment on the case and ruled against the plaintiff.
6. Nikon will lay off 2,400 employees by March 2025
Nikon will lay off 2,400 employees by March 2025.
7. The report that "Mexico cuts crude oil exports" is untrue
Mexican President Manuel López: Reports that Petroleos Mexicanos are cutting crude oil exports are "not true", that Petroleos exports will be adjusted as domestic refining capacity increases, and that the Dos Bocas refinery will start producing diesel in April.
8. Japan will require cybersecurity as a condition to obtain chip subsidies
The Japanese government is planning to subsidize chip companies to build new factories on the condition of cybersecurity, a policy aimed at combating cyberattacks and ensuring stable supply.
9. At least 10 people have been injured when a fire breaks out on an offshore oil rig in Mexico
An explosion and fire broke out at an offshore drilling rig of Petroleos Mexicanos. So far, at least 10 people have been injured in the accident. The accident occurred at around 16:48 on the 6th, and the fire was basically under control at around 17:04.
Financial Interbank Warning //
1. The Shenzhen Stock Exchange issued fines to 6 "new" violators
The Shenzhen Stock Exchange issued fines to 6 "new" violators, due to varying degrees of violations of the relevant rules and requirements of the exchange and the securities industry association.
2. Sixty percent of the performance of the head brokerage companies has declined, the industry is expected to be clear in mergers and acquisitions, and institutions are optimistic about the opportunities at the bottom of the brokerage sector
The performance of the top ten leading brokerages, including CITIC Securities, Huatai Securities, Guotai Junan, China Securities Construction Investment, China Galaxy and CICC, has attracted widespread attention from the market. Among them, the net profit of Haitong Securities, CICC, Guotai Junan and GF Securities fell by double digits. The industry believes that the valuation and institutional allocation of the brokerage sector are still at the bottom of history, and the fee reduction boots are basically landed, which has a limited impact on the brokerage with high "base content".
3. Next week, the restricted shares of 64 listed companies will be lifted, with a market value of nearly 60 billion yuan
Next week, excluding new listings, 64 listed companies in the A-share market will usher in the lifting of restricted shares. Based on the latest price of individual stocks, the total market value of the 64 companies corresponding to the lifting of the ban is 59.684 billion yuan. In terms of scale, the market value of Yuntian Lifei-U ranked first, with 6.223 billion yuan, and Nanxin Technology ranked second, with a market value of 5.903 billion yuan.
Industry Warning //
1. The Ministry of Industry and Information Technology publicly solicits opinions on the standardized conditions and announcement management measures for the electric bicycle industry (draft for comments).
The Ministry of Industry and Information Technology (MIIT) solicited public opinions on the "Standard Conditions for the Electric Bicycle Industry" and the "Administrative Measures for the Standard Announcement of the Electric Bicycle Industry". The "Standard Conditions for the Electric Bicycle Industry" proposes to encourage enterprises to vigorously promote intelligent manufacturing, improve the level of modern management, safety production guarantee capacity and resource allocation efficiency, and promote the digital upgrading of product research and development, production and operation, marketing management, after-sales service and other links. Enterprises should use 3D software for modeling design, equipped with and use ERP (enterprise resource planning), MES (production execution system). Encourage enterprises to code and identify the electric bicycle batteries produced or purchased, and promote the traceability management of battery information.
2. With the upgrading of competition in intelligent driving chips, how can local enterprises expand their living space?
With the continuous implementation of new production capacity of chip factories, the competition in the field of automotive-grade chips is becoming more and more fierce. Coupled with the price war in the new energy vehicle industry, chip factories have to seize market share by reducing costs.
3. Operators respond to the risk of canceling mobile phone numbers: they will expand the coverage of the "secondary number" unbinding service
In response to the market's concern about the risk of canceling mobile phone numbers, China Mobile's official customer service responded that there is a 90-day "freezing period" after the cancellation of China Mobile's account, and customers can still retrieve their numbers to continue to use during the "freezing period", and the number will be re-entered into the number library for subsequent market launch after the 90-day "freezing period". According to telecommunications professionals, this operation is often referred to as "secondary numbering", and the number that is placed is often referred to as "secondary number".
RISK(Wind 风控)
Real-time monitoring of network-wide information and timely warning of risk dynamics
Accurately identify risk subjects and quickly reach the source of risk
Intelligently connect associated risks in series and deeply analyze risk links
An intelligent risk control platform that integrates due diligence and risk monitoring
