Today's attention //
1. There is great pressure on the rebound of major cases, and China is keeping a close eye on the risk of illegal fundraising
2. The commission rate of public fund securities transactions will be reduced from July 1
3. Strictly supervise the illegal reduction of shareholdings, and Hillhouse's subsidiaries were ordered to buy back the shares of LONGi Green Energy
4. Wanfeng Aowei: "The company and Tesla jointly established an eVTOL company and have set up a project team" rumors are untrue
5. The punishment of the CNNC titanium dioxide case was implemented
6. Hong Kong regulators will investigate PwC's role in auditing Evergrande's accounts
7. Netflix will stop publishing the number of subscribers
Macro Policy //
1. The Ninth Session of the Standing Committee of the 14th National People's Congress was held in Beijing from April 23 to 26
The Ninth Session of the Standing Committee of the 14th National People's Congress (NPC) was held in Beijing from April 23 to 26. The chairmanship meeting suggested that the Ninth Session of the Standing Committee of the 14 th National People's Congress (NPC) should continue to deliberate on the draft law on academic degrees and the draft law on customs duties; deliberate on the draft amendment to the National Defense Education Law submitted by the chairmanship meeting for deliberation; deliberate on the draft amendment to the Accounting Law, the draft amendment to the Statistics Law, the draft Energy Law, the draft Atomic Energy Law, the draft amendment to the Anti-Money Laundering Law, and the Agricultural Technology Promotion Law, and the draft decision on authorizing the State Council to temporarily adjust the application of the relevant provisions of the Food Safety Law in the Hainan Free Trade Port.
2. There is great pressure on the rebound of major cases, and China is keeping a close eye on the risk of illegal fundraising
The National Mobilization and Deployment Meeting for the Special Action to Combat Illegal Fundraising and the 2024 Inter-Ministerial Joint Conference on the Disposal of Illegal Fundraising pointed out that due to a variety of factors, the current risk situation of illegal fundraising is still severe and complex, and the rebound pressure of major and important cases is greater, especially the stock risk continues to "come to light". It is necessary to resolutely curb the spread of the risk of illegal fundraising. It is necessary to focus on key areas, key cases, and key areas, and make precise efforts to ensure that the work goals of fully grasping a number of clues to problems, discovering a number of risks and hidden dangers as soon as possible, effectively handling a number of major cases, and resolutely punishing a group of lawbreakers.
3. The China Securities Regulatory Commission formulated and promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds
The China Securities Regulatory Commission (CSRC) formulated and promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds, which will be officially implemented from July 1, 2024. There are 19 articles in the "Provisions", the main contents of which are four aspects: first, to reduce the commission rate of fund stock transactions, second, to reduce the upper limit of the proportion of securities trading commissions to fund managers, third, to comprehensively strengthen the relevant compliance and internal control requirements of fund managers and securities companies, and fourth, to clarify the content and requirements of information disclosure of transaction commissions at the fund manager level. The promulgation and implementation of the "Provisions" will further optimize the commission system for fund securities transactions, reduce the transaction costs of fund investors, and help guide securities and fund operating institutions to further correct their business philosophy, focus on improving investors' long-term returns, provide better trading, research and investment services, and promote the formation of a good industry development ecology.
4. The Ministry of Commerce is taking the lead in revising the Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies to further relax the restrictions on strategic investment by foreign investors in listed companies
Recently, the Ministry of Commerce and other ten departments jointly issued the "Several Policies and Measures on Further Supporting Overseas Institutions to Invest in Domestic Science and Technology Enterprises". It is mentioned that whether the investment exit can be achieved smoothly and efficiently is a common concern of overseas institutions in the preliminary investigation, and it is also the focus of the "Several Measures". The China Securities Regulatory Commission and other departments have launched a series of supporting measures around exit channels such as overseas listing, mergers and acquisitions, and share transfers. In the next step, we will continue to promote the market-oriented reform of mergers and acquisitions, give full play to the function of the capital market as the main channel for mergers and acquisitions, and provide smooth exit channels for foreign institutions to invest in domestic technology-based enterprises. The Ministry of Commerce is taking the lead in revising the Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies to further relax the restrictions on strategic investment by foreign investors in listed companies.
5. The China Securities Regulatory Commission issued the "Sixteen Measures for the High-level Development of Capital Market Services for Science and Technology Enterprises"
The China Securities Regulatory Commission (CSRC) issued the "Sixteen Measures for the High-level Development of Capital Market Services for Technology Enterprises", proposing supportive measures in all aspects such as listing financing, mergers and acquisitions, bond issuance, and private equity investment. The main contents include: establishing a "green channel" for financing, accurately identifying technology-based enterprises, giving priority to supporting technology-based enterprises that break through key core technologies to raise funds in the capital market; M&A, restructuring and overseas listing, guide private equity venture capital funds to invest in the field of scientific and technological innovation, promote the high-quality development of scientific and technological innovation corporate bonds, focus on supporting the bond financing of high-tech and strategic emerging industry enterprises, encourage policy institutions and market institutions to provide credit enhancement support for private science and technology enterprises to issue science and technology innovation bond financing, practice the concept of "open the door for review", and optimize the service mechanism of science and technology enterprises.
6. China Securities Regulatory Commission: Supporting leading enterprises in mainland industries to list in Hong Kong
The China Securities Regulatory Commission (CSRC) will deepen cooperation with Hong Kong and adopt five measures to further expand and optimize the Stock Connect mechanism, help Hong Kong consolidate and enhance its status as an international financial centre, and jointly promote the coordinated development of the capital markets of the two places. The measure proposes to support leading enterprises in the Mainland industry to list in Hong Kong. In the year since the promulgation and implementation of the rules of the overseas listing filing management system, 72 enterprises have completed the filing of initial public offerings (IPOs) in Hong Kong, and the financing channels for listing in Hong Kong have been unimpeded, which strongly supports the standardized development of mainland enterprises by making use of the two markets and two resources. The China Securities Regulatory Commission (CSRC) will further strengthen communication and coordination with relevant departments to support eligible leading enterprises in the Mainland industry to list and raise funds in Hong Kong.
China Bond Alert //
1. Hong Kong regulators will investigate PwC's role in auditing Evergrande's accounts
Hong Kong's accounting regulator said it would investigate PwC's role in auditing China Evergrande's accounts based on the whistleblower letter. Hong Kong's Accounting and Financial Reporting Council (AFRC) said the widely circulated whistleblower letter "expressed serious concern" about PwC's quality management system and potential deficiencies in the quality of audits conducted by China Evergrande Group.
2. Fitch: Confirm Tongwei's Issuer Default Rating at 'BBB-', Downgrade Outlook to 'Negative'
Fitch reported that it has revised Tongwei's Long-Term IDR Outlook to 'Negative' from 'Stable' and affirmed its Long-Term IDR at 'BBB-'.
3. Moody's: Cancelled Yuexiu Real Estate's "Baa3" issuer rating and confirmed its "Ba1" corporate family rating
Moody's reported that it withdrew Yuexiu Property's "Baa3" issuer rating and affirmed its "Ba1" corporate family rating with a "negative" outlook.
4. Guangzhou Trading Investment: The company's subsidiaries are involved in major litigation
Guangzhou Communications Investment Group Co., Ltd. announced that CCCC Zhongnan Engineering Bureau Co., Ltd. v. its subsidiary Guangzhou Daguang Expressway Co., Ltd. recently received prosecution materials and summonses, and notified that the trial would be held on May 17.
5. Shengyan Industry: The company and its related parties have added new matters to be executed
Ningxia Shengyan Industrial Group Co., Ltd. announced that the company and related parties recently added a new matter to be executed, involving an amount of 338 million yuan.
6. Rongqiao Group: overdue and accumulated litigation and arbitration of the company's debts
Rongqiao Group Co., Ltd. announced that as of March 31, the total principal balance of loans from financial institutions that the company and its holding subsidiaries failed to repay on time was about 487 million yuan, and the total amount of commercial acceptance bills that could not be paid on time was 21.0441 million yuan. As of March 31, the total amount of litigation and arbitration cases that have been disclosed in the company's interim announcements or periodic reports and have not yet been concluded is about 1.157 billion yuan.
7. The status of Shanghai Chengtou Highway Investment (Group) Co., Ltd.'s 4 billion yuan small public offering project was updated to "terminated"
According to the corporate bond project information platform of the Shanghai Stock Exchange, the status of the project "Shanghai Chengtou Highway Investment (Group) Co., Ltd. will publicly issue corporate bonds to professional institutional investors in 2023" has been updated to "terminated". The project is a small public offering, with a proposed issuance amount of 4 billion yuan, and the issuer is Shanghai Chengtou Highway Investment (Group) Co., Ltd.
8. The status of Taizhou Eastern New Town Holding Group Co., Ltd.'s 2 billion yuan private placement project was updated to "terminated"
According to the project progress information of the Shenzhen Stock Exchange, the status of the project of "Taizhou Eastern New Town Holding Group Co., Ltd.'s Non-public Issuance of Rural Revitalization Corporate Bonds to Professional Investors in 2023" has been updated to "terminated". The project is a private placement, with a proposed issuance amount of 2 billion yuan, and the issuer is Taizhou Eastern New Town Holding Group Co., Ltd.
9. The status of Urumqi Transportation and Tourism Investment (Group) Co., Ltd.'s 2.5 billion yuan private placement project was updated to "terminated"
According to the corporate bond project information platform of the Shanghai Stock Exchange, the status of the project "Urumqi Transportation and Tourism Investment (Group) Co., Ltd. Non-public Issuance of Renewable Corporate Bonds to Professional Investors in 2023" was updated to "terminated". The project is a private placement, with a proposed issuance amount of 2.5 billion yuan, and the issuer is Urumqi Transportation and Tourism Investment (Group) Co., Ltd.
10. The status of the 680 million yuan private placement project of Sino-French Wuhan Ecological Demonstration City Investment and Development Co., Ltd. was updated to "terminated"
According to the project progress information of the Shenzhen Stock Exchange, the status of the project of "Sino-French Wuhan Ecological Demonstration City Investment and Development Co., Ltd. Non-public Issuance of Corporate Bonds to Professional Investors in 2023" has been updated to "terminated". The project is a private placement, with a proposed issuance amount of 680 million yuan, and the issuer is Sino-French Wuhan Ecological Demonstration City Investment and Development Co., Ltd.
China Stock Alert //
1. The Shanghai-Shenzhen-Hong Kong Stock Exchange reached a consensus on expanding the scope of Stock Connect ETFs
In order to continuously enhance the mutual access mechanism between the Mainland and Hong Kong markets and enrich the scope of Stock Connect, the Shanghai Stock Exchange, Shenzhen Stock Exchange and Hong Kong Exchanges and Clearing Limited have reached consensus on expanding the scope of Stock Connect ETFs. The optimization of ETF targets mainly includes two aspects: one is to reduce the requirements for the inclusion of ETFs, and the other is to reduce the requirements for the proportion of ETF index weights. After the implementation of the optimization, it is expected that the number and scale of Stock Connect ETFs will increase significantly, further enriching the investment products in the two markets and facilitating investors in the two places to allocate assets in each other's markets.
2. The Shanghai Stock Exchange solicited opinions on the Implementation Measures for Shanghai-Hong Kong Stock Connect Business of the Shanghai Stock Exchange (Consultation Paper).
The Shanghai Stock Exchange solicited public comments on the "Implementation Measures for Shanghai-Hong Kong Stock Connect Business of the Shanghai Stock Exchange (Consultation Paper)", clarifying the requirements for the relevant scale and weight of SSE ETFs and Hong Kong Stock Connect ETFs. In terms of SSE Stock Connect, the threshold for ETF inclusion has been adjusted from no less than RMB1.5 billion to no less than RMB500 million, and the proportion of ETFs has been adjusted to "the weighting of SSE and SZSE listed stocks shall not be less than 60% of the underlying index constituent securities tracked, and the weighting of SSE and SZSE securities shall not be less than 60%". In terms of Southbound trading, the threshold for ETF inclusion has been adjusted from no less than HK$1.7 billion to no less than HK$550 million, and the proportion of ETFs will be adjusted to "the weighting of stocks listed on the Stock Exchange shall not be less than 60% and the weighting of Southbound securities shall not be less than 60% among the underlying index constituent securities tracked", and the index will no longer be distinguished.
3. The Shenzhen Stock Exchange solicited public opinions on the revision of the Implementation Measures for Shenzhen-Hong Kong Stock Connect Business of the Shenzhen Stock Exchange
The Shenzhen Stock Exchange solicited public comments on the amendments to the Implementation Measures for Shenzhen-Hong Kong Stock Connect Business of the Shenzhen Stock Exchange, clarifying the transfer of the relevant scale and weight proportion of Shenzhen-Hong Kong Stock Connect ETFs and Hong Kong Stock Connect ETFs. In terms of Shenzhen-Hong Kong Stock Connect, the scale of ETF transfers will be adjusted from less than RMB1 billion to less than RMB400 million, and the ratio of ETFs will be adjusted to "the weighting of stocks listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange shall be less than 55%, or the weighting of SZSE securities and Shanghai-Hong Kong Stock Connect shall be less than 55%". In terms of Southbound trading, the scale of the transfer-out will be adjusted from less than HK$1.2 billion to less than HK$450 million, and the call-out ratio will be uniformly adjusted to "the weighting of stocks listed on the Stock Exchange shall be less than 55% of the underlying index constituent securities tracked, or the weighting of Southbound securities shall be less than 55%", and the index will no longer be distinguished.
4. Shenzhen Stock Exchange: This week, "Zhengdan shares" and "*ST Zuojiang" will be monitored
This week, the Shenzhen Stock Exchange has taken self-regulatory measures against a total of 147 abnormal securities trading behaviors, involving abnormal trading situations such as intraday lifting and suppression, false declarations, etc., focusing on monitoring "Zhengdan Shares" and "*ST Zuojiang", and reporting clues to the CSRC on one case of suspected violations of laws and regulations.
5. Shanghai Stock Exchange: This week, written warnings and other regulatory measures were taken against 59 abnormal securities trading behaviors such as lifting and suppressing and false declarations
This week, the Shanghai Stock Exchange took written warnings and other regulatory measures against 59 cases of abnormal securities trading behaviors such as lifting and suppression, false declarations, etc., conducted special inspections on 16 major matters of listed companies, and reported 2 clues of suspected violations of laws and regulations to the China Securities Regulatory Commission.
6. China Nuclear Titanium Dioxide: Wang Zelong, the actual controller, received a prior notice of administrative punishment
The punishment of the China Nuclear Titanium Dioxide case was implemented, and the actual controller of China Nuclear Titanium Dioxide, CITIC Securities and Haitong Securities were fined a total of 235 million yuan. China Nuclear Titanium Dioxide announced that due to the illegal act of transferring shares and disclosing information in violation of restrictive regulations, Wang Zelong, the actual controller, received a prior notice of administrative punishment, and the final result is subject to the "Administrative Penalty Decision" officially issued by the China Securities Regulatory Commission. The Company will continue to pay attention to the progress of the matter, and fulfill its information disclosure obligations in a timely manner in strict accordance with the provisions and requirements of relevant laws and regulations.
7. CITIC Securities responded to the prior notice of punishment: sincerely accept and deeply reflect, and conscientiously implement rectification
CITIC Securities announced that it received the "Prior Notice of Administrative Punishment" from the China Securities Regulatory Commission, which mentioned that the China Securities Regulatory Commission has completed the investigation and intends to impose administrative penalties on the case of Wang Zelong, his friend Hong Haowei, CITIC China Securities Capital, CITIC Securities, Haitong Securities, and Han Yuchen suspected of violating restrictive regulations in the transfer of shares. CITIC Securities said that for the problems and penalties identified in the notice, the company and its grandson CITIC Securities Capital sincerely accept the punishment, and will deeply reflect, conscientiously implement rectification, further improve ideological understanding, actively implement regulatory requirements, draw inferences from one another, comprehensively and systematically investigate the shortcomings of various business management, carry out in-depth construction of financial culture with Chinese characteristics, and effectively improve the level of compliance and sound operation.
8. Haitong Securities: Received a prior notice of administrative punishment from the China Securities Regulatory Commission
Haitong Securities announced that the company subscribed for the non-public issuance of shares of China Nuclear Titanium Dioxide in its own name in accordance with the quotation instructions of CITIC CSI, which objectively helped CITIC CSI and its customers to obtain stock income, so that the arbitrage behavior of private placement could be realized, and the company received a prior notice of administrative punishment from the CSRC.
9. High-tech development: On April 20, an investor briefing on the termination of major asset restructuring was held
High-tech Development announced that the company decided to hold an investor briefing on the termination of major asset restructuring on April 20, 2024, to interact and communicate with investors on the termination of major asset restructuring.
10. Xingyuan Material: The number of underlying shares corresponding to the number of GDR is less than 50% of the number approved by the China Securities Regulatory Commission
Xingyuan Materials announced that as of the close of the Shenzhen Stock Exchange on April 17, the number of A shares of the company held by the company's GDR depositary Deutsche American Xinfu Bank as a nominee holder was less than 50% of the number of basic A shares corresponding to the actual issuance of GDR by the company approved by the China Securities Regulatory Commission. The number of GDRs of the Company may be further reduced due to the redemption of GDRs, and the redemption of GDRs will result in a corresponding reduction in the number of A shares of the Company held by the Company's GDR depositary Deutsche America Trust Bank as the nominee holder in accordance with the GDR cancellation order and enter the domestic market for circulation.
11. Hongbo shares: The board of directors agreed to dismiss Zhou Weiwei as deputy general manager
Hongbo shares announced that the board of directors agreed to dismiss Zhou Weiwei from the position of deputy general manager, effective from the date of deliberation and approval of the board of directors. After the dismissal, Zhou Weiwei no longer holds any position in the company, and this dismissal will not have a significant impact on the company's daily production and operation activities. As of the disclosure date of the announcement, Zhou Weiwei held 850,000 shares of the company, accounting for 0.17% of the company's total shares.
12. Huashi Technology: Ye Jianbiao, one of the company's actual controllers, was detained for three months
Huashi Science and Technology announced that on the evening of April 18, the company received a notice from Ye Jianbiao's family that the Dongyang Municipal Supervision Commission decided to extend Ye Jianbiao's detention time for three months. At present, the board of directors of the company is operating normally, the daily operation and management are responsible for the senior management team, the production and operation order of the company and its subsidiaries is normal, and various businesses are progressing steadily.
13. Sanqi Mutual Entertainment: net profit in the first quarter is expected to drop by 16%-22% year-on-year
Sanqi Mutual Entertainment disclosed the performance forecast, and it is expected that the net profit attributable to shareholders of listed companies in the first quarter will be 600 million yuan to 650 million yuan, a year-on-year decrease of 16.08% to 22.54%. Mainly due to the excellent performance of a number of games launched in 2023, the company continued to increase traffic delivery, resulting in a significant increase in sales expenses in the first quarter. Since the new game is in the early stage of promotion, the corresponding sales expense growth rate will be higher than the operating income growth rate at this stage, which will have a phased impact on the sales expense rate during the reporting period.
14. Potassium International: Ma Yingjun, the general manager of the company, was placed in custody on suspicion of serious violations of public office
Potassium International issued an announcement saying that Ma Yingjun, the general manager of the company, is currently being investigated and placed in custody by the Ningxia Hui Autonomous Region Supervision Commission on suspicion of serious violations of duty. The Company is not yet aware of the progress and conclusion of the investigation. Other senior management personnel of the company have performed their duties normally, the board of directors and the board of supervisors of the company are operating normally, and the control of the company has not changed.
15. Wanfeng Aowei: "The company and Tesla jointly established an eVTOL company and have set up a project team" rumors are untrue
Wanfeng Aowei issued a clarification announcement saying that it has recently paid attention to the market rumor that "the company and Tesla jointly established an eVTOL company and has formed a project team" reported by the media, which is untrue. The joint venture company established by the company and its strategic partner in the field of eVTOL is the head office of a well-known global automotive OEM in China, and its name cannot be disclosed due to commercial confidentiality. At the same time, due to misleading statements in response to investors, the company and related personnel received a warning letter from the Zhejiang Securities Regulatory Bureau and a regulatory letter from the Shenzhen Stock Exchange.
16. Strictly supervise the illegal reduction of holdings, and Hillhouse's subsidiaries were ordered to buy back
According to the China Securities Journal, the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" proposed to order the violating entities to repurchase the shares that were illegally reduced and pay the price difference. LONGi Green Energy announced that the company's shareholder HHLR Management Co., Ltd. (hereinafter referred to as HHLR) issued the "Simplified Equity Change Report", increased its holdings of LONGi Green Energy's shares, and promised to repurchase all the reduced shares of the target within one month. On April 19, HHLR completed its first buyback, increasing its shareholding from 4.98% to 5%. HHLR said that it promised to take the initiative to continue to increase its holdings of LONGi Green Energy shares with self-raised funds, and complete the repurchase of all the shares of the target within the next one month, and if this part of the share repurchase involves the proceeds, the listed company will own it.
17. Chongqing Gas: Removed from the post of general manager of Che Dechen Company
The Chongqing Municipal Investigation Team found out the problem of mischarging and overcharging gas fees reported by some citizens, instructed Chongqing Gas Group to refund the full amount of wrongly charged and overcharged gas fees, and recommended that Che Dechen, Secretary of the Party Committee of Chongqing Gas Group, be dismissed from his post. Chongqing Gas announced that the board of directors decided to appoint Li Jinlu as the general manager of the company and remove Che Dechen as general manager.
Overseas Warning //
1. Netflix will stop publishing the number of subscribers
U.S. streaming giant Netflix added 9.33 million subscribers in the first quarter of 2024, far exceeding expectations, but will no longer release subscription data from next year. Netflix said that seasonal factors will cause the number of users in the second quarter to be lower than in the first quarter, suggesting that the positive momentum of user growth may slow.
2. Standard & Poor's downgraded Israel, citing tensions with Iran
Standard & Poor's downgraded Israel's long-term issuer rating to A+ (previously AA-) with a negative outlook. The conflict between Israel and Iran shows that Israel faces many risks. The war between Israel and Hamas is likely to run through 2024.
3. UK regulator: Google's cookie scheme still has privacy loopholes
Internal documents from the UK's Information Commissioner's Office (ICO) show that Google's proposed alternatives to cookies need to do more to protect consumer privacy, and there are still vulnerabilities that advertisers can exploit. Cookies are a technology that tracks users' activities across websites so that advertisers can serve relevant ads to users in their Chrome browser.
4. Procter & Gamble's pricing advantage faded: the price increase in the third quarter did not rise, and organic sales fell short of expectations
Procter & Gamble Announces Results for the Third Fiscal Quarter of Fiscal 2024. According to the financial report, revenue for the quarter was $20.2 billion, up 0.6% year-over-year, $240 million lower than expected, diluted earnings per share (EPS) of $1.52, up 11%, and non-GAAP EPS of $1.52, $0.11 higher than the consensus estimate.
5. The reorganization of the private banking business in Asia, and it is rumored that Deutsche Bank has laid off dozens of employees
Deutsche Bank has cut 10 private banking jobs in Asia and has cut dozens of positions in recent quarters as Deutsche Bank focuses on more profitable markets and weeds out underperforming ones, the news said. A spokesman for Deutsche Bank declined to comment.
Financial Interbank Warning //
1. China Securities Regulatory Commission: Strengthen the supervision of public offering commission distribution, and the upper limit of transaction commission distribution ratio is reduced from 30% to 15%
The China Securities Regulatory Commission (CSRC) formulated and promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds. The new regulations will strengthen the supervision of the public offering commission distribution industry, and the upper limit of the transaction commission distribution ratio will be reduced from 30% to 15% to prevent the transfer of benefits. In addition, it strengthens internal institutional constraints and external supervision constraints, clarifies the relevant prohibited behaviors of fund managers and securities companies in terms of commission payment and the regulatory responsibilities of fund custodians, and optimizes and improves the content and requirements of information disclosure, requiring fund managers to regularly disclose the level of transaction commission rates, annual summary expenditure and distribution details, and strengthen market supervision.
2. The reform system of commission rates for public offering transactions has been introduced, and the first two stages of rate reform measures can save investors about 20 billion yuan per year
According to the Securities Times, the China Securities Regulatory Commission issued and implemented the "Regulations on the Management of Securities Transaction Costs of Publicly Offered Securities Investment Funds", marking the implementation of the second phase of the rate reform of the public fund industry. According to static data, after the promulgation and implementation of the "Regulations", the total annual stock trading commission of public funds will be reduced by 38%, and the first two stages of rate reform measures can save investors about 20 billion yuan per year.
3. China Securities Regulatory Commission: The commission rate of passive stock trading shall not exceed the market average, and other fees such as research services and liquidity services shall not be paid through trading commissions
The China Securities Regulatory Commission (CSRC) promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds, which will come into force on July 1, 2024. In principle, the commission rate for stock trading of passive equity funds managed by fund managers shall not exceed the average market commission rate for stock trading, and shall not pay for other expenses such as research services and liquidity services through trading commissions; The average market commission rate for stock trading is calculated by the Securities Association of China on a regular basis and notified to industry institutions. If the commission rate for stock trading agreed between the fund manager and the securities company is higher than that provided for in the preceding paragraph, the adjustment of the transaction commission rate shall be completed within three months.
4. China Securities Regulatory Commission: Fund managers shall not use trading commissions to transfer payment fees to third parties, including but not limited to fees arising from the use of external expert consultation, financial terminals, research platforms, databases, etc
The China Securities Regulatory Commission (CSRC) has formulated and promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds, which prohibits fund managers from using trading commissions to transfer payment fees to third parties, including but not limited to fees arising from the use of external expert consultations, financial terminals, research platforms, databases, etc. Funds managed by fund managers that adopt the brokerage trading model are excluded from the use of trading commissions to pay research service fees to third-party securities companies.
5. The State Administration of Financial Regulation: It is necessary to intensify efforts to promote the reform of small and medium-sized financial institutions to reduce risks, and strictly prevent insider control and major shareholder operation
The Theoretical Study Center Group of the Party Committee of the State Administration of Financial Supervision and Administration issued a document stating that it will accelerate the risk disposal of small and medium-sized financial institutions. At present, the large financial institutions, which are the basic plate of the mainland's financial security, are generally stable, and the risks are mainly concentrated in small and medium-sized financial institutions. It is necessary to intensify efforts to promote the reform of small and medium-sized financial institutions to reduce risks, improve the corporate governance of financial institutions, strictly prevent insider control and major shareholder operation, and strictly prevent the transfer of interests and related party transactions in violation of laws and regulations.
6. The Jiangsu Securities Regulatory Bureau ordered Huatai Securities to take corrective regulatory measures because there were four major problems
The Jiangsu Securities Regulatory Bureau ordered Huatai Securities to take corrective regulatory measures. The Jiangsu Securities Regulatory Bureau said that it recently carried out on-site inspections of Huatai Securities. Huatai Securities has the following problems: 1. The compliance and risk control of some proprietary businesses is not in place. 2. The suitability management and supervision obligations of some customers are not in place. Third, the qualification management of employees is not in place. Fourth, the internal control of the co-investment business is not perfect.
7. The Hainan Securities Regulatory Bureau ordered Ruida Futures Hainan Branch to take corrective regulatory measures
The Hainan Securities Regulatory Bureau ordered Ruida Futures Hainan Branch to take corrective regulatory measures due to the company's improper management of customer information, inadequate control of Internet business, failure to verify, process and report the situation reported by customers, and lack of customer information management mechanism through Internet channels.
8. The Shenzhen Securities Regulatory Bureau issued a warning letter to Guosen Securities
The Shenzhen Securities Regulatory Bureau took the measure of issuing a warning letter to Guosen Securities. After investigation, Guosen Securities has the following problems in its compliance internal control: first, the blacklist management of individual targets of the stock pledged repurchase business is not in place, the due diligence of individual targets is insufficient, and there are still many conditional extensions after the risk of the business integration party, resulting in large losses; second, the management of bail-out products is insufficient, and the funds invested in some bail-out asset management products for bail-out purposes do not reach the specified proportion; third, the management of private equity subsidiaries is not in place, and individual products carry out business without filing, Fourth, there are problems such as facilitating the evasion of supervision by financial institutions and their management products, providing outsourcing services for private placement products that have not been filed, and failing to implement the information barrier system.
9. Ping An Trust's overdue progress of over 700 million products, the latest response is coming
Ping An Trust's WeChat official account issued the "Explanation on the Relevant Situation of Funing No. 615 Trust Plan". Ping An Trust stated in the "Explanation" that at present, the equity repurchase case of Ping An Trust against Zhenro has won the first-instance judgment, and Ping An Trust has realized the supervision of the underlying project seals, licenses and bank accounts.
Industry Warning //
1. State Administration of Financial Regulation: Promote the active and prudent resolution of real estate risks
The Theoretical Learning Center Group of the Party Committee of the State Administration of Financial Supervision and Administration issued a document stating that it will strengthen the prevention and control of financial risks in key areas. At present, financial risks, real estate risks, and local debt risks are intertwined and closely linked, and the risks are particularly hidden, sudden, and contagious. It is necessary to adapt to the new situation of major changes in the relationship between supply and demand in the real estate market, promote the active and steady resolution of real estate risks, and provide effective financial support for accelerating the construction of a new model of real estate development. Cooperate with the establishment of a government debt management mechanism that is compatible with high-quality development, and make overall plans for debt conversion and development. Crack down on illegal financial activities, and strictly prohibit "driving without a license" and "violating regulations with a license". Firmly grasp the changes in the international situation and the dynamics of the international financial market, and properly respond to the risk of external shocks.
2. Ministry of Commerce: Anti-dumping duties are levied on imported polycarbonate originating in Taiwan
According to the announcement of the Ministry of Commerce, the investigating agency finally determined that there was dumping of imported polycarbonate originating in Taiwan, and the mainland polycarbonate industry was materially injured, and there was a causal relationship between the dumping and the material injury. The Customs Tariff Commission of the State Council has decided to impose anti-dumping duties on imported polycarbonate originating in Taiwan from April 20, 2024.
3. The Ministry of Public Security launched a special operation to crack down on the illegal production and sale of "special liquor"
Recently, the Ministry of Public Security has deployed a special operation to "clean the wind", organizing public security organs across the country to severely crack down on the criminal activities of fraudulently using the names of party and government organs and the military to produce and sell so-called "special supply" and "exclusive supply" of fake liquor In criminal cases, we must resolutely destroy a number of criminal gangs, severely punish a number of lawbreakers and criminals in accordance with the law, eradicate a number of criminal dens, cut off a number of chains of illegal interests, rectify a number of key areas, and effectively curb the criminal activities of illegally producing and selling "special liquor."
4. IDC: China's printing peripheral market shipments in the fourth quarter of 2023 fell by 29% year-on-year
According to the National Business Daily, IDC's latest "Global Printing Peripherals Market Quarterly Tracking Report (Q4 2023)" shows that in the fourth quarter of 2023, China's printing peripheral market shipments will be 4.625 million units, a year-on-year decrease of 29.0% and a quarter-on-quarter increase of 24.2%. Among them, the shipment of inkjet printers was 2.077 million units, a year-on-year decrease of 40.9%, the shipment of laser printers was 2.255 million units, a year-on-year decrease of 12.4%, and the shipment of dot matrix printers was 293,000 units, a year-on-year decrease of 30.7%. The economy is in a downturn, and although the fourth quarter is the traditional peak season for procurement, the overall demand does not meet expectations.
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