Today's attention //
1. Categorical policies, precise bomb disposal, and the central bank deploys financial stability work in 2024
2. PricewaterhouseCoopers responded to the alleged failure to audit Evergrande: the information was seriously false and had been reported
3. Li Guangsheng, the actual controller of Shangwei shares, was sentenced to three years and ten months in prison for the crime of manipulating the securities market
4. Cai Songsong, the former star fund manager, was involved in accepting bribes, and the case has been tried recently
5. Tesla was revealed to have started a new round of layoffs, which will affect more than 10,000 employees around the world
Macro Policy //
1. The People's Bank of China held the 2024 Financial Stability Work Conference
The People's Bank of China (PBOC) convened the 2024 Financial Stability Work Conference, emphasizing that the financial stability system should continue to implement the spirit of the Central Economic Work Conference and the Central Financial Work Conference, and do a good job in financial stability in 2024. It is necessary to continue to follow the principle of "stabilizing the overall situation, making overall plans and coordination, implementing policies in different categories, and accurately defusing bombs", grasp the relationship between power and responsibility, speed and stability, and prevention and destruction, and continue to effectively prevent, control and defuse risks in key areas. It is necessary to strengthen the analysis of the overall situation of financial stability from a macro perspective, improve the risk monitoring and evaluation system, improve the systemic risk identification mechanism, and strengthen risk warning and early warning. It is necessary to deal with stock risks in a vigorous, orderly and effective manner, further improve the early correction mechanism for risks with hard constraints, and curb incremental risks. It is necessary to continue to improve the risk handling mechanism, strengthen the financial stability guarantee system, build a long-term mechanism for preventing and resolving financial risks, and firmly guard the bottom line of preventing systemic financial risks.
China Bond Alert //
1. PricewaterhouseCoopers responded to the alleged failure to audit Evergrande: the information was seriously untrue and it had been reported
PwC China issued a statement on its official website, saying that it had recently noticed that an anonymous letter claiming to be "a part of PwC partners" had been published and disseminated on certain social platforms or media. The anonymous letter contained serious false information about PwC and some of its partners, and used the false information to maliciously attack PwC and some of its partners. PwC said that the relevant remarks were clearly contrary to the facts, seriously infringed on PwC's business reputation and legitimate rights, and caused a bad impact. PwC takes this matter very seriously and has taken countermeasures.
2. After the "364 foreign bonds" were suspended, there was a new trend in the issuance of urban investment bonds
According to Yicai, since mid-March, the "364 overseas bonds" of urban investment that were popular earlier have basically faded out. Many banks were instructed by the window to stop issuing 364-day standby letters of credit to urban investment enterprises, resulting in no pricing and issuance of this financing product after March 8. S&P Global Ratings believes that the funds raised by new bonds will be concentrated in "borrowing new to repay old debts", and the use of funds to repay bank loans or other types of debt may be reduced, and the funds raised by bonds issued by urban investment enterprises with a high proportion of non-standard debt may be more restricted.
3. Jinhui Holdings: The group has settled all credit bonds issued in the open market
Jinhui Holdings announced on the Hong Kong Stock Exchange that the company issued 7.8% senior notes due on March 20, and the company has deposited all the required funds into the designated bank account of the trustee for the redemption of the 2024 notes (its outstanding principal amount plus accumulated interest). Upon completion of the redemption, the 2024 Notes have been satisfactorily resolved. As at the date of this announcement, the Group has settled all credit bonds issued in the open market.
4. Moody's: Downgraded Greentown China's corporate family rating to "B1", with a "negative" outlook
Moody's has downgraded Greentown China Holdings Limited's Corporate Family Rating, Backed Senior Unsecured Rating and Senior Unsecured Rating to "B1" from "Ba3". Moody's Ratings maintains a negative outlook on the rating.
5. Yuyao Shuncai Investment Holding Co., Ltd.: transferred the equity of the subsidiary free of charge and lost the actual control of the important subsidiary
Yuyao Shuncai Investment Holding Co., Ltd. issued the "Announcement on the Free Transfer of Subsidiary Equity and the Loss of Actual Control of Important Subsidiaries", stating that Yuyao SASAC intends to transfer 100% of the company's shares of Plastic City Group and 100% of the shares of high-speed rail station company to Yuyao Jiegao Trading Company free of charge; it intends to transfer 100% of the equity of the industrial development group held by the company and 29% of the equity of the Economic Development Zone Construction Investment Company to Yuyao Jinrui Asset Management Company free of charge; The equity will be transferred to the Plastic City Group Company free of charge, and 100% of the equity of the Industrial Park Company will be transferred to the Industrial Development Group Company free of charge. The above-mentioned transfer will lead to a decrease of 14.059 billion yuan in the company's single consolidated net assets, accounting for 21% of the net assets at the end of 2022.
6. Bijie Xintai Investment: Atomic Company was listed as a dishonest person subject to execution and overdue bills
Bijie Xintai Investment Co., Ltd. announced that the atomic company was included in the dishonest judgment debtor and the overdue bills. Guizhou Bijie High-tech Construction Investment Co., Ltd., an atomic company, was listed as a dishonest person subject to execution, and the atomic company Gaoxin Xinjian Investment and Bijie Huihui Cultural Tourism Co., Ltd. had overdue bills.
7. China Fortune Foundation Holdings: Corporate bonds continue to be suspended
China Fortune Foundation Holdings announced that the company's bonds continued to be suspended. As of March 31, 2024, the company and its subsidiaries have failed to repay debts (excluding interest) on time with a total amount of 31.276 billion yuan.
8. Zhuzhou City Construction and Development Group Co., Ltd. was involved in major litigation
Zhuzhou City Construction and Development Group Co., Ltd. announced that the company recently received an enforcement ruling, and the multiple bank accounts of Zhuzhou Qingshuitang Investment Group Co., Ltd. totaled 78,100 yuan and its 20% equity in Zhuzhou CCCC Qingshuitang Investment and Development Co., Ltd. was frozen due to construction contract disputes. The plaintiff is Xinjiang Bingtuan Urban Construction Group Co., Ltd., and the amount involved is 114.6038 million yuan. At present, the case has been filed in the Intermediate People's Court of Zhuzhou City, Hunan Province, and has not yet been heard.
9. Sunac and others were forced to enforce 660 million yuan, with a total of more than 21.9 billion yuan
From April 11th to 12th, Sunac Real Estate Group Co., Ltd. added 8 new information on the person subject to enforcement, with a total of more than 660 million yuan in the subject matter of enforcement, involving disputes over the right of recourse of bills, bill disputes and other cases, some of the cases subject to enforcement also include Zhejiang Kaihong Cultural Tourism Group Co., Ltd., Shijiazhuang Jubang Real Estate Development Co., Ltd., etc., and the enforcement courts include Wenzhou Intermediate People's Court of Zhejiang Province and Shijiazhuang Intermediate People's Court of Hebei Province. According to the risk information, Sunac Real Estate Group Co., Ltd. has more than 560 pieces of information on the person subject to execution, with a total amount of more than 21.9 billion yuan. In addition, the company also has a number of consumption restriction orders, judgment defaulters (lai) and final case information.
10. Fantasia Holdings' debt restructuring support agreement was extended to April 19
Fantasia Holdings announced that the deadline for the restructuring support agreement entered into on January 13, 2023 has been extended to April 19, 2024. The Company and its advisors will continue to engage in discussions with various stakeholders.
China Stock Alert //
1. Shangwei shares: The actual controller Li Guangsheng was sentenced to three years and ten months in prison for the crime of manipulating the securities market
Shangwei Co., Ltd. announced that on April 14, 2024, the company received the Criminal Verdict (2023) Zhe 05 Xingchu No. 7 of the Intermediate People's Court of Huzhou City, Zhejiang Province, delivered by Li Guangsheng, the controlling shareholder and actual controller of the company. Defendant Li Guangsheng was sentenced to three years and ten months imprisonment and a fine of 7 million yuan for the crime of manipulating the securities market.
2. The investigation team was stationed, and Chongqing Gas responded that the stock price fell: it will not have an impact on the company's production and operation
According to CSI Taurus, on April 13, the Information Office of the Chongqing Municipal Government held a press conference on gas metering, saying that relevant municipal departments have set up a joint investigation team to enter Chongqing Gas Group, Kaiyuan Gas and other related gas companies to carry out investigations. In this regard, the staff of Chongqing Gas Securities Department responded that the stationing of the investigation team will not have an impact on the company's production and operation. At present, the company's production and operation are normal. The staff of Chongqing Gas Securities Department said that the company has no further reply to the question of "consumer complaints caused by high gas costs", and the reply of the official customer service department can prevail. As for the data that "in the fourth quarter of 2023, Chongqing Gas's net profit soared by 824%, and the gas sales volume increased by only 0.69% in the same period", the company's annual report has not yet been disclosed, and the company cannot make further responses to the specific data.
3. Xiaomi executives responded to the prediction of "an average loss of 6,800 yuan per SU7 sold": the information deviation is large
Citi expects Xiaomi Group's SU7 deliveries to reach 5,000 to 6,000 units in April, with annual deliveries of about 55,000-70,000 units. Xiaomi will lose an average of 6,800 yuan for every SU7 sold in 2024, and the entire car-making business will lose a total of 4.1 billion yuan. In this regard, Xu Jieyun, special assistant to the chairman of Xiaomi Group, responded that this information may be quite different. Citi Auto Analyst's report, published on April 2, may have underestimated the booming sales of the Xiaomi SU7. In the past few weeks, the company has continued to increase orders and is also making every effort to increase its delivery capacity.
4. The performance forecast "changed face" and the nature of profit and loss changed, and Hongbo shares received a letter of concern from the Shenzhen Stock Exchange
Hongbo shares received a letter of concern from the Shenzhen Stock Exchange, because the company's performance forecast revision announcement is significantly different from the original performance forecast and the nature of profit and loss has changed, suspected of violating relevant regulations. The Shenzhen Stock Exchange will subsequently initiate disciplinary proceedings against the company and relevant parties.
5. Tongling shares: downward revision of performance expectations, net profit in 2023 is expected to increase by 40.01%-59.89%
The company expects to achieve a net profit of 162 million yuan to 185 million yuan in 2023, a year-on-year increase of 40.01%-59.89%, and the previous expected net profit is 190 million yuan to 215 million yuan.
6. Zangge Mining: Due to the suspected criminal case, the actual controller of the company was taken compulsory measures
Zangge Mining announced that it received a notice from the family of Xiao Yongming, the actual controller of the company, that Xiao Yongming was placed under residential surveillance at a designated location by the Zigong Municipal Public Security Bureau on suspicion of a criminal case.
7. Oriental Zirconium: At present, it is still in the stage of providing samples for the research and development of solid-state battery material manufacturers
Oriental Zirconium disclosed the announcement of stock trading changes, saying that the company is concerned that the concept of solid-state batteries has received high market attention recently, and the company is still in the stage of providing samples for the research and development of some solid-state battery material manufacturers. The company has set up a special technical research and development team to increase technology research and development and investment in zirconia products used in solid-state battery electrolytes.
8. Lingda Co., Ltd.: The PERC high-efficiency solar cell production line of the subsidiary continued to stop production
Lingda Co., Ltd. announced that as of the disclosure date of the announcement, in view of the market situation of the subsidiary Jinzhai Jiayue PERC high-efficiency solar cell products and the company's supply chain, sales, labor organization and other difficulties, considering the company's current financial constraints and existing debt default, the company decided to continue to suspend the production of Jinzhai Jiayue's main production equipment, which is expected to stop production until May 15, 2024.
9. Chaohua Technology: Some debts have not been paid off when they are due
Chaohua Technology announced that due to the continuous pressure on the external business environment, the unused financing credit line was restricted, resulting in a phased shortage of liquidity funds, resulting in the company's failure to repay or renew some debts as scheduled. As of the disclosure date of the announcement, the company's overdue debts in banks amounted to 184 million yuan, accounting for 13.86% of the company's audited net assets in 2022.
10. Oriental Selection: Some people spread rumors related to South American white shrimp on the Internet, which seriously damaged the goodwill of Oriental Selection
Oriental Selection issued an article saying that it has recently noticed that some people have spread rumors related to Oriental Selection of South American white shrimp on the Internet, which has seriously damaged the goodwill of Oriental Selection and caused trouble to some customers. The remark of "sulfur dioxide exceeding the standard by 7 times" issued by Liu Jiang, a counterfeiter, was made out of nothing. In response to Liu Jiang's false remarks, the company has collected evidence and will take legal measures to resolutely defend the legitimate rights and interests of the company. Dongfang Selection said that it will, as always, strictly control the quality of its own products to ensure the bottom line of food safety.
11. Ding Yi, chairman of Masteel Co., Ltd., resigned, and the announcement of the shareholders' meeting was to be followed
The staff of the securities department of Masteel Co., Ltd. responded to the fact that "Ding Yi, chairman of Masteel Co., Ltd., was absent from the shareholders' meeting, and the group company officially announced that he had left office, and the listed company did not make an announcement", saying that although Masteel Group released the news of Ding Yi's resignation, the listed company has not yet received Ding Yi's resignation, and the follow-up needs to be reviewed and approved by the general meeting of shareholders.
Overseas Warning //
1. Tesla was revealed to have started a new round of layoffs, which will affect more than 10,000 employees around the world
According to Yicai, Tesla issued an email to all employees, announcing that it would lay off more than 10% of its workforce worldwide. Tesla's previous filing with the U.S. Securities and Exchange Commission (SEC) shows that as of December 31, 2023, Tesla's total number of employees worldwide is 140473, which means that Tesla's layoffs will affect more than 14,000 employees.
2. Rusal responds to the US and British sanctions on Russian metals: it does not affect the company's supply capacity, and the global demand for Russian metals is still strong
Russian aluminum giant Rusal issued a statement saying that the new US and UK sanctions on Russian metals will not affect the company's supply capacity, as RUSAL's global logistics and distribution solutions, banking system, overall production and quality system will not be affected. RUSAL said it will remain able to provide hedging services to its customers and remains committed to market-based pricing. Consumer demand for Russian metals around the world remains strong.
3. The Cybertruck had a difficult birth as soon as it was launched, and the prospective owner was told that the delivery of the car was delayed
According to Barron's, Tesla's new electric cargo truck, the Cybertruck, has been officially launched, and deliveries will begin at the end of 2023. However, the latest reports show that a number of prospective owners who have ordered the Cybertruck have posted that the delivery of the Cybertruck was originally scheduled for the weekend, and Tesla recently informed that the delivery schedule has changed, and the delivery needs to be postponed due to production defects, but it is still uncertain when the delivery will be delayed, and the delivery time will be notified after confirmation.
4. Standard Chartered China responds to high-level changes
According to the Securities Times, in response to rumors of high-level changes, Standard Chartered China said that Zhang Xiaolei is still the president, president and vice chairman of Standard Chartered Bank (China) Co., Ltd., and the regional chief executive officer of China and Japan. The company confirmed that Zhang Xiaolei will be the global co-president of Standard Chartered Bank's financial institutions business, and the relevant appointments will be announced in due course.
Financial Interbank Warning //
1. Cai Songsong, the former star fund manager, was involved in accepting bribes, and the case has been tried recently
There has been a new development in the bribery case of Cai Songsong, a former well-known fund manager of Nuoan Fund. According to the Jinhua Intermediate People's Court, the case of Qu Quanru, Dong Boxiong, and Cai Songsong for the crime of accepting bribes by non-state functionaries and offering bribes to non-state functionaries officially opened on March 27, 2024. The case was prosecuted by the procuratorate, and the trial has been concluded, and the next step is to wait for the verdict. It is reported that on September 29, 2023, Cai Songsong left Sino Fund, and there has been no news of new employment since then. Guosen Securities Economic Research Institute used to have an employee named "Dong Boxiong" who was a research assistant who left in June 2019.
2. Bank wealth management has encountered an "asset shortage", and the performance benchmark has continued to decline
According to China Fund News, since the beginning of the year, although the scale of wealth management market products has increased slightly, the performance benchmark has continued to decline. In March, the average lower limit of the performance benchmark of fixed income and hybrid products of the wealth management subsidiaries of joint-stock banks fell below 3%, and in the long run, since 2023, the average lower limit and upper limit of the performance benchmark of new products have shown an overall downward trend. Interviewed institutions and industry insiders said that the decline in the expected return of the underlying assets is the main reason for the continuous decline in the performance benchmark of wealth management products, and also reflects the current dilemma of the lack of high-coupon assets in the wealth management market. It is expected that this "asset shortage" situation may continue in the future, and the duration will be affected by factors such as economic recovery, policy adjustments, and changes in supply and demand.
3. Bank of China responds to the rumors of suspending personal loans for new cars: it is untrue, and the financial business of relevant car companies is normal
According to Shell Finance, in response to the rumors that a provincial bank of the Bank of China suspended the personal loan business for new cars, the bank's business personnel said that the online news was untrue, and the financial business of related car companies was normal, and they would continue to be committed to supporting the development of new energy vehicles. At present, the bank is carrying out the "BOC Car Enjoyment Day" test drive activity, and customers are welcome to participate in the experience. A notice from a provincial bank of the Bank of China has been circulated on the Internet showing that from now on, "new cars" are not allowed to do "Zeekr, Ideal, VOYANT, and Weilai" businesses.
4. PICC Assets ushered in a new president
The trillion-dollar insurance asset management giant ushered in a new president. Chinese Asset Management Co., Ltd. announced that Huang Benyao, secretary of the company's party committee, has been appointed as the company's president. PICC Asset Management was established on July 16, 2003, and currently manages assets of RMB 1.7 trillion.
5. The target date of Ping An Pension is 2045, and the five-year holding period FOF issued a liquidation warning
Ping An Fund announced that the FOF with a five-year holding period of 2045 with a target date of Ping An Pension may trigger the termination of the fund contract. If the fund size is less than 200 million yuan at the end of the day as of April 20, the Fund Contract will be automatically terminated, and the fund manager will liquidate the fund in accordance with relevant regulations. In order to reduce the impact on investors, the fund has suspended subscription and regular investment business since April 15.
6. Shanghai Futures Exchange: Restrictions on opening positions for some customers due to the over-limit of the opening volume of silver futures 2406 contracts during the day
As announced by the Shanghai Futures Exchange, Li × (01676684) Group (Account Group No.: B0009531) on April 15 on the Silver Futures (AG) 2406 contract, the account group's intraday opening trading volume exceeded the limit for the first time, reaching the exchange's processing standard. Its trading behavior violated Article 16 of the Measures for the Administration of Abnormal Trading Behaviors of the Shanghai Futures Exchange, and the Exchange decided to take regulatory measures against the relevant customers from opening positions in the corresponding contracts for 5 trading days.
Industry Warning //
1. In the first quarter, the operation of chain tea brand stores declined to varying degrees year-on-year
Analysts understand through research that in 2024, the operation of chain tea brand stores in Q1 will decline to varying degrees year-on-year, such as Heytea's revenue will decline by 3-5% year-on-year, and some brands may decline by 10-20% year-on-year. In addition, the price of 10~20 yuan with tea market is fiercely competitive, and the number of brand stores is increasing. Gu Ming, Shanghai Auntie, and Tea Baidao are all aiming to expand their stores to more than 10,000 stores in 2024, with an overall net increase of more than 2,000 stores, and Heytea plans to expand to nearly 7,000 stores in 2024.
2, the short drama person with "100,000 monthly income" is always ready to escape
According to 36 Krypton, a few days ago, the State Administration of Radio, Film and Television issued new regulations for the filing of micro-short dramas: from June 1, 2024, all micro-short dramas must be "certified to work", and micro-short dramas that have not been reviewed and filed shall not be disseminated online. As soon as the new rules came out, the short drama was once again "sung down". This is not the first time, judging from past experience, the strong ability of short dramas to "attract money" and the risk of "the industry is gone" exist at the same time. Skit writers and actors came with the capital and were lucky to make money, but they were also ready to appear with the withdrawal of capital at any time.
3. Jones Lang LaSalle: The rent of Grade A office buildings in Shenzhen is still in the adjustment window
According to the Securities Times, Jones Lang LaSalle's luggage Wenjie said that as the market supply and demand expectations are still unbalanced, landlords generally adopt an active leasing strategy to promote transactions with price advantages and additional services, so the Shenzhen office market is still in the rent adjustment window in the first quarter. However, it is worth noting that some projects that have successfully promoted decentralization by lowering the rent threshold have narrowed the rent reduction.
4. The price of second-hand housing in Beijing fell back to the level at the end of 2019 as a whole, falling by 15.5% at the high point
According to analysts, the price of second-hand housing in Beijing has fallen back to the level at the end of 2019, falling 15.5% from its high point. Shanghai has fallen back to mid-2020 levels, down 20.3% from its high. In addition, from April 1 to 7, the average listing price in 40 key cities was 17,647 yuan, down 0.3% month-on-month and down 14.3% from the high point in 2021.
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