Today's attention //
1. The Ministry of Commerce responded to the EU's surprise inspection of Chinese companies' offices in Europe
2. The revised draft of the Anti-Money Laundering Law is submitted for initial review, and an anti-money laundering monitoring and analysis agency will be established
3. In the new regulations for private asset management business, information such as leverage level and deferred payment must be reported on schedule
4. TikTok submitted TikTok Lite risk assessment documents to the European Union, striving to avoid huge fines
5. SenseTime's share price rose 31.15% and then suspended trading, and the board of directors said that it did not know the reason for the price and trading volume changes
6. Jolywood terminated the 14 billion yuan silicon-based project
Macro Warning //
1. The Ministry of Commerce responded to the EU's surprise inspection of Chinese companies' offices in Europe
The European Commission announced that it will conduct surprise inspections of the offices of Chinese companies in Europe to collect information on foreign subsidies received by enterprises. The head of the Trade Remedy Bureau of the Ministry of Commerce said that China expresses its grave concern and strong opposition to this, and urges the EU side to immediately stop and correct its wrong practices, so as to provide an open, fair, just and non-discriminatory environment for enterprises from all countries to invest and operate in Europe. China will pay close attention to the EU's follow-up developments and take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies.
2. The revised draft of the Anti-Money Laundering Law is submitted for initial review, and an anti-money laundering monitoring and analysis agency will be established
The draft amendment to the Anti-Money Laundering Law was submitted to the Standing Committee of the 14th National People's Congress for initial deliberation. The revised draft consists of 7 chapters and 62 articles, which stipulate that the anti-money laundering administrative department of the State Council shall establish an anti-money laundering monitoring and analysis agency to carry out anti-money laundering fund monitoring, and be responsible for receiving and analyzing large-value transactions and suspicious transaction reports. The draft amendments to the Anti-Money Laundering Law mainly include clarifying the scope of application, strengthening the supervision and management of anti-money laundering, and improving the provisions on anti-money laundering obligations.
3. Propaganda Department of the CPC Central Committee: Studying and formulating the "Guiding Opinions on Accelerating the High-quality Development of the Copyright Industry"
The Propaganda Department of the CPC Central Committee said that it is studying and formulating the "Guiding Opinions on Accelerating the High-quality Development of the Copyright Industry", aiming at the pain points that restrict and affect the high-quality development of the copyright industry, plugging the points and difficulties, and introducing relevant measures in a targeted manner.
China Bond Alert //
1. Standard & Poor's downgrades Seazen Development and Seazen Holdings to "B", with a "negative" outlook
Standard & Poor's issued a report saying that it downgraded the long-term issuer credit ratings of Seazen Development Holdings Limited and Seazen Holdings Group Co., Ltd. to "B" from "B+", with a "negative" outlook.
2. Country Garden's partial domestic bond extension plan was approved
According to the China Securities Journal, the news said that "some of Country Garden's domestic bond extension plans were voted through", and people close to Country Garden said that the news was true.
It is reported that on April 12, Country Garden published a notice of convening a general meeting of bondholders on the three bonds of H1 Bidi 01, H1 Bidi 02 and H1 Bidi 04 (the original 21 Bidi 01, 02 and 04 respectively), and solicited the opinions of bondholders on the matters that the payment of principal and interest of the above three bonds was originally scheduled to be postponed from March to June to September. According to the latest voting results, the above plan has been voted by the shareholders' meeting. The above-mentioned person said that this reflects the investors' understanding and support for the current state of Country Garden, and also effectively resolves the risk of the company's maturing bonds, and obtains a valuable window period for the company to raise debt repayment funds and solve debt problems.
3. Jinke Real Estate Group: The court ruled to accept the reorganization of the company and its wholly-owned subsidiary
Jinke Real Estate Group Co., Ltd. announced that on April 22, the company and Chongqing Jinke respectively received the "Civil Ruling" served by the Fifth Intermediate People's Court, and the court accepted the company's and Chongqing Jinke's application for reorganization.
4. Tonglu New Town Development Investment: The cumulative amount of new borrowings at the end of 2023 accounted for 68.43% of the net assets at the end of 2022
Tonglu New Town Development and Investment Co., Ltd. announced that the company's cumulative new borrowings at the end of 2023 amounted to 5.890 billion yuan, and the cumulative new borrowings at the end of 2023 accounted for 68.43% of the net assets at the end of 2022.
5. Tang Hongwei, former secretary of the Party committee and chairman of Zunyi Huichuan Urban Investment, was investigated
Tang Hongwei, former secretary of the Party committee and chairman of Zunyi Huichuan District Urban Construction Investment and Management Co., Ltd., is suspected of serious violations of discipline and law, voluntarily surrendered, and is currently undergoing disciplinary review and supervision investigation by the Zunyi Huichuan District Commission for Discipline Inspection and Supervision.
6. Cai Weidong, Secretary of the Party Committee and Chairman of Jiangsu Haisheng Holding Group, was investigated
Cai Weidong, Secretary of the Party Committee and Chairman of Jiangsu Haisheng Holding Group Co., Ltd., is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Commission for Discipline Inspection and Supervision of Haimen District, Nantong City.
7. STEC: Director and President resigned
Shanghai Tunnel Engineering Co., Ltd. announced that it recently received a written resignation report from Zhou Wenbo, director and president of the company. Mr. Zhou Wenbo applied for resignation as a director of the Company, a member of the Strategy Committee of the Board of Directors, and the President of the Company due to job changes.
8. Hong Kong Court: Hongyang Real Estate Liquidation Hearing adjourned to June
The Hong Kong court has adjourned the hearing of the winding-up petition against Chinese developer Hongyang Property to June 26. In February this year, Hongyang Real Estate received a liquidation petition in Hong Kong. The London branch of the Bank of New York Mellon is the other party in the case.
9. CDHTI Group: Jin Weimin, an external director, was subject to disciplinary review and supervision investigation
Jiangsu High-tech Investment Group Co., Ltd. issued an announcement saying that Jin Weimin, an external director, was suspected of serious violations of law and discipline and was subject to disciplinary review and supervision investigation.
China Stock Alert //
1. *ST Taian locked in early delisting
Following *ST Civil Control, *ST Meisheng, and *ST New Textile, *ST Tai'an was also locked in and delisted in advance. According to the current stock price calculation, even if the price limit continues in the next few trading days, the company's stock price will not be able to return to above 1 yuan, and the delisting condition of "less than 1 yuan for 20 consecutive trading days" will be reached, and the delisting will be locked in advance.
2. SenseTime: The Board of Directors is not aware of any reason for the price and volume changes
On April 24, SenseTime's share price rose 31.15% and then suspended trading, and the company's board of directors said that it was not aware of any reason for the price and trading volume changes, and the stock would resume trading on April 25.
It is reported that SenseTime held a technical exchange day at Shanghai Lingang AIDC, in which the company launched a 600 billion parameter large model "Ririxin 5.0", which has greatly improved its knowledge, mathematics, reasoning and code capabilities, and its comprehensive performance is fully benchmarked against GPT-4Turbo. At the same time, the company launched the industry large model all-in-one version and the mobile side large model SDK version.
3. Jolywood: terminated the 14 billion yuan silicon-based project
Jolywood announced that it would terminate a 14 billion yuan silicon-based project. The company previously planned to invest in an annual output of 200,000 tons of industrial silicon and an annual output of 100,000 tons of high-purity polysilicon projects in Gujiao City, Shanxi Province, but there was no feasible plan for the project to land in the chemical park, and the investment agreement failed to meet the effective conditions. After careful study, the company decided to terminate the investment in silicon-based projects. The termination of the project investment by the Company will not have a material adverse impact on the Company's financial condition and operating conditions, and there is no harm to the interests of the Company and its shareholders.
4. China Coal Energy: net profit in the first quarter decreased by 30.5% year-on-year
China Coal Energy announced that its operating income in the first quarter was 45.39 billion yuan, down 23.3% year-on-year, and its net profit was 4.97 billion yuan, down 30.5%.
5. EVE: net profit in the first quarter was 1.066 billion yuan, down 6.49% year-on-year
EVE released a quarterly report, with revenue of about 9.317 billion yuan in the first quarter of 2024, a year-on-year decrease of 16.7%, and net profit attributable to shareholders of listed companies of about 1.066 billion yuan, a year-on-year decrease of 6.49%.
6. Oriental Wealth: net profit in the first quarter decreased by 3.7% year-on-year
Oriental Fortune announced that the operating income in the first quarter was 2.46 billion yuan, down 12.6% year-on-year, and the net profit was 1.954 billion yuan, down 3.7%.
7. Shentong Express: Singapore Shentong plans to transfer 0.74% of Cainiao's shares
Shentong Express announced that Singapore Shentong, an overseas subsidiary of the company that indirectly holds 100% of the shares, intends to transfer its 0.74% stake in Cainiao to Ali CN at a price of $0.62 per share, with a transfer price of $70.738 million.
8. Lingnan shares received a regulatory letter from the Shenzhen Stock Exchange
Lingnan Co., Ltd. received a regulatory letter from the Shenzhen Stock Exchange, because the company did not perform the board of directors' deliberation procedures on the day when the downward revision of the conversion price was triggered, and did not disclose the indicative announcement of amending or not amending the convertible bond conversion price before the market opened on the next trading day, which violated the regulations.
9. Thunderda: Termination of the issuance of GDRs and application for listing on the Swiss Stock Exchange
Thundersoft announced that in view of changes in the internal and external environment and other factors, the company decided to terminate the issuance of GDRs and apply for listing on the Swiss Stock Exchange after in-depth discussions and careful analysis with relevant intermediaries according to the actual situation.
10. The Shenzhen Stock Exchange issued the "Prior Notice of Disciplinary Punishment" to Chen Jilei, a shareholder of Dianguang Technology
The Shenzhen Stock Exchange issued a "Prior Notice of Disciplinary Punishment" to Chen Jilei, a shareholder of Dianguang Technology, because he was suspected of violating the relevant regulations of the exchange, and planned to give him a public reprimand.
11. The rumors that Vanke plans to transfer more than 8.7 billion project assets are untrue
According to sources, Vanke plans to transfer its 10 assets in Shenzhen through asset transactions or equity transactions, involving an amount of more than 8.7 billion yuan, including hotels, commercial, office, apartments, etc. Vanke said that the rumor information was untrue.
12. CIMC: received a warning letter from the Shenzhen Securities Regulatory Bureau
CIMC announced that the company received a warning letter from the Shenzhen Securities Regulatory Bureau. When Yang Xiong proposed to serve as an independent director of the Company, the Company and Yang Xiong respectively issued the "Statement of Independent Director Nominees" and "Statement of Independent Director Candidates" on May 20, 2022, stating that Yang Xiong did not serve as a director, supervisor or senior manager in more than five companies at the same time, and guaranteed that the above statements were true, accurate and complete, and that there were no false records, misleading statements or material omissions. After investigation, Yang Xiong was found to have served as a director, supervisor or senior manager of more than five companies at the same time, and the content of the above statement was inconsistent with the facts. The Shenzhen Securities Regulatory Bureau decided to take administrative supervision measures against the company and the secretary of the board of directors, Wu Sanqiang and Yang Xiong, who issued warning letters.
Overseas Warning //
1. The Japanese Yihuayin passenger plane leaked oil and smoked during landing, and there were no casualties
A Japanese All Nippon Airways Boeing airliner failed when it landed at Hokkaido's New Chitose Airport, causing oil leakage and smoke in the airframe, but fortunately there were no casualties. Boeing's first-quarter revenue was $16.569 billion, down 8% year-on-year, and a net loss of $355 million, compared with a net loss of $425 million in the same period last year.
2. The operating profit of the four major groups in South Korea fell by 66% year-on-year last year
According to a report by the Korea CXO Institute, the total operating profit of the four major Korean groups, including Samsung, SK, Hyundai Motor and LG, fell by 65.9% year-on-year to 24.518 trillion won last year. According to the report, the operating profit of the four major groups fell at the same time, deepening the sense of economic crisis in South Korea.
3. Global funds continue to sell Indonesian equities
Indonesian stocks have been net sellers for the 15th day in a row. Exchange data shows that on April 23, global funds sold a net of $7.91 million in Indonesian stocks.
4. Bank of Thailand: will be ready to adjust the key interest rate if the government's policy and outlook change
The Bank of Thailand is false, that Thailand's current policy rate is conducive to macro-financial stability, that the overall financial system remains strong, that export recovery may be slower than expected, and that it is ready to adjust the key interest rate if government policies and outlook change.
5. Ming-Chi Kuo: Apple has cut its headset shipments to 400,000-450,000 units in 2024
Ming-Chi Kuo, an analyst at Tianfeng International Securities, believes that Apple has cut Vision Pro headset shipments due to the demand decline "seriously exceeding expectations". Apple has revised down its 2024 VisionPro shipments to 400,000–450,000 units.
Ming-Chi Kuo pointed out that Apple's cutting orders before the release of the VisionPro headset in non-US markets represents a sharp decline in US market demand that exceeds expectations, making Apple more conservative about non-US market demand. Apple is revisiting and adjusting its headset roadmap, so it may not launch a successor or derivative of the VisionPro headset in 2025, and Apple currently expects VisionPro shipments to decline year-over-year in 2025.
6. Tesla's global layoffs: fresh graduate offers were ruined, and more than 6,000 employees were laid off in the United States
Tesla Inc. recently laid off more than 10% of its workforce worldwide. Tesla canceled all offers (admission notices) for fresh graduates in China. In the United States, Tesla laid off more than 6,000 jobs in Texas and California.
7. Italian regulators fined Amazon 10 million euros for unfair business practices
The Italian Competition and Markets Authority announced that after investigation, the bureau found that Amazon had unfair business practices, including pre-selection and regular purchases of a large number of products available on the Amazon platform, thereby restricting consumers' freedom of choice, so it imposed a joint and several fine of 10 million euros on two Amazon companies.
Financial Interbank Warning //
1. The Beijing Stock Exchange issued the "first order" of disciplinary punishment in 2024
The Beijing Stock Exchange issued the "first order" of disciplinary punishment in 2024. Lin Yanhe, the former actual controller of Shenzhen Jinshajiang Investment Co., Ltd. and Yunnan Biovalley Pharmaceutical Co., Ltd., was given a disciplinary punishment of circulating criticism by the Beijing Stock Exchange for illegally reducing his shareholding during the investigation of the judicial organ, and was recorded in the integrity file of the securities and futures market.
2. The State Administration of Financial Supervision issued the No. 1 "fine" this year: Zhongan Property Insurance was fined 1.8 million yuan
The State Administration of Financial Supervision issued the No. 1 fine in 2024. Due to four violations of laws and regulations, including concealment of related parties and related party transactions, Zhongan Property Insurance was fined 1.8 million yuan, and the three then deputy general managers were given warnings and fines.
3. In the new regulations for private asset management business, information such as leverage level and deferred payment must be reported on schedule
AMAC intends to strengthen the self-discipline management of information reporting in the private asset management industry, and require securities and futures operating institutions engaged in private asset management business to continue to fulfill their information reporting obligations after the completion of the filing of asset management plans. The content of the report includes, but is not limited to, operational information such as the financing leverage level and deferred payment status of the asset management plan. If the reporting obligation is not fulfilled as required, the AMAC may take corresponding self-discipline management or disciplinary measures against the relevant institutions and responsible persons, and include them in the integrity file database of the securities and futures market.
4. AMAC: Private equity managers who have not managed funds for 12 months will be deregistered
AMAC issued the Notice on Reminding Private Equity Managers of Funds Under Management to Cancel Registration for 12 Months after all the private funds managed by the private fund managers have been liquidated, and if no new private funds have been filed within 12 months from the date of completion of the liquidation, the registration and filing institutions shall promptly cancel the registration of the private fund managers and publicize them.
5. DCE: Adjust the trading limit of iron ore futures-related contracts
DCE announced that starting from April 26, non-FF members or clients will not be allowed to open more than 500 contracts in a single day in iron ore futures I2405 and I2409 contracts, and 2,000 contracts in other iron ore futures contracts in a single day.
6. The first-instance trial of Liu Liange, former chairman of the Bank of China, for accepting bribes and illegally issuing loans
Liu Liange, the former chairman of the Bank of China, was charged with illegally soliciting and accepting more than 121 million yuan in property in the first instance of the case of accepting bribes and illegally issuing loans. During the trial, the procuratorate presented relevant evidence, the defendant Liu Liange and his defender conducted cross-examination, the prosecution and defense fully expressed their opinions under the auspices of the court, and Liu Liange made a final statement and pleaded guilty and repented in court. At the end of the trial, the court announced an adjournment and announced the verdict at a later date.
7. Suspected stud Nvidia, but Bin's products fell by more than 10% in a week
With the sharp pullback in Nvidia's stock price last week, Dan Bin, a private equity boss who is suspected of having a heavy position in Nvidia, may be "seriously injured", and many of its private equity funds fell by more than 10% in net value last week.
Industry Warning //
1. The "natural gas price" in many places has accelerated, and the price of residential gas is indeed rising
Residents in many places have recently raised questions about their gas bills from the second half of 2023 to the next half of 2023 compared with previous years. It is reported that in addition to factors such as manual meter reading errors and non-standard gas pricing, the "smooth price" of natural gas from the second half of 2023 will increase, resulting in an increase in gas costs.
2. Passenger Association: Retail sales of passenger cars in the first 21 days of April fell by 12% year-on-year
According to data released by the Passenger Car Association, from April 1 to 21, the passenger car market retailed 852,000 units, down 12% year-on-year and 2% month-on-month. Among them, the retail sales of new energy vehicles were 420,000 units, a year-on-year increase of 20% and a month-on-month decrease of 2%.
3. TikTok submitted TikTok Lite risk assessment documents to the European Union in an effort to avoid huge fines
TikTok has submitted overdue risk assessment documents to the European Commission for the app TikTok Lite. Previously, EU regulators threatened or imposed fines and partially banned the service, while investigating the potential danger that the service poses to minors. TikTok issued a statement saying that it had submitted the documents before the deadline.
4. China Index Research Institute: In the first quarter, the rent of office buildings in major business districts in key cities fell by 0.47% month-on-month
According to data released by the China Index Research Institute, the average rent of office buildings in major business districts in key cities across the country in the first quarter was 4.68 yuan/square meter/day, down 0.47% from the previous quarter. From the perspective of the performance of different business districts, 26.3% of the business districts with a quarter-on-quarter increase in office rents in the first quarter and 71.3% of the business districts with a quarter-on-quarter decrease in rents.
5. Guangdong: Real estate development investment in the first quarter was 0.25 trillion yuan, down 13.2% year-on-year
In the first quarter, the real estate development investment in Guangdong Province was 0.25 trillion yuan, down 13.2% year-on-year, and the decline was 0.4 percentage points narrower than that from January to February. Among them, the investment in commercial housing decreased by 16.8%, and the investment in office buildings and commercial buildings increased by 8.5% and 4.1% respectively.
6. Wang Jianlin's withdrawal from Wanda? Insider: It is a rumor, and the equity change only involves the subsidiary Wanda Investment
A few days ago, there were rumors that "Wanda will sell all its shares to China Ruyi" and "Wang Jianlin will withdraw from Wanda", and people familiar with the matter said that the above news is fake news or even rumors. In fact, China Ruyi obtained 100% of the equity of Wanda Investment, thus becoming the largest shareholder of Wanda Film. Wanda Investment is also only one of the original Wanda companies.
7. More than 40 domestic car companies cut prices in April
Since the beginning of this year, the price war for new energy vehicles has intensified. At the beginning of March, traditional and new energy vehicle companies such as BYD and SAIC Volkswagen cut prices one after another, intensifying market competition. On April 21, Tesla cut the price of all models in China by 14,000 yuan, which was less than a month ago. Subsequently, Li Auto also announced price cuts, with prices of 18,000-30,000 yuan for many models, and cash feedback for owners who have picked up their cars.
It is reported that these price cuts and rebate measures are expected to boost sales, but as the price war intensifies, the market competition is becoming increasingly fierce. According to incomplete statistics, in April, nearly 40 auto brands and a total of 128 car series have announced discounts, subsidies or price reductions.
8. After "Egg Boy Party" became popular, the revenue gap between Tencent NetEase games increased instead of decreasing
The 2023 financial reports of various game companies have been announced one after another. Although last year's "Egg Boy Party" and "Against the Cold Water Mobile Game" performed well, the revenue gap between NetEase and Tencent games has risen instead of falling. In 2023, NetEase's game revenue will be 75.8 billion yuan, and Tencent's game revenue will be 179.9 billion yuan, a difference of 104.1 billion yuan, an increase of 2.37 billion yuan from 101.73 billion yuan in 2022.
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