Today's attention //
1. Report of the State Council: Concentrate on building a "national team" in the financial industry and promote the head securities companies to become stronger and better
2. Report of the State Council: Timely and reasonable adjustment of the proportion of state-owned financial capital in banking, insurance, securities and other industries
3. The Shanghai Futures Exchange answered reporters' questions on the recent strengthening of supervision and risk prevention
4. There were low-level text errors in the announcement, and Tibet Everest and Hu Handong, the secretary of the board of directors, were warned by the regulator
5. ByteDance said it has no plans to sell TikTok
Macro Warning //
1. The Office of the Central Financial Commission and the Central Financial Work Commission: Prudent and thorough, properly handle the stock and not cause the risk of disposal risk
The Office of the Central Financial Commission and the Theoretical Study Center Group of the Central Financial Work Commission issued a document saying that risk prevention should grasp the timeliness and effectiveness on the premise of stabilizing the overall situation. Preventing and defusing financial risks is related to national security, overall development, and people's property security, and is a major threshold that must be crossed to achieve high-quality development. It is necessary to adhere to the principle of "stabilizing the overall situation, making overall plans and coordination, implementing policies in different categories, and accurately defusing bombs" and properly grasp the relationship between power and responsibility, speed and stability, and prevention and destruction. Prudent and thorough, properly dispose of the stock, can not raise carbuncles, nor can it lead to the risk of disposal risk. In order to promote stability, strictly prevent increments, effectively strengthen the control of risk sources, in accordance with the principle of "four earlys", draw inferences from one case and tighten the "fence" of the system as soon as possible, and must not drag on small things and big things.
2. Ministry of Commerce: The hype of "overcapacity" is unreasonable, and China firmly opposes it
The Ministry of Commerce said that some Western countries have recently frequently accused China of overcapacity, and this hype is unreasonable, and China firmly opposes it. In the context of economic globalization, we should fully consider the reality of the global division of labor and the international market, and uphold an objective, fair and scientific standpoint.
3. Two departments: adjust the land appreciation tax policy for the reform of the rural collective property rights system
The Ministry of Finance and the State Administration of Taxation issued an announcement on the LAT policy for the reform of the rural collective property rights system. Villagers' committees and villagers' groups that, in accordance with the requirements of the reform of the rural collective property rights system, transfer or change the use rights of state-owned land, buildings on the ground and their attachments to the name of rural collective economic organizations, shall not be subject to LAT for the time being.
4. The State Administration of Financial Supervision responds to the proposal to issue a personal bankruptcy law: cooperate with the legislature to study and demonstrate
The State Administration of Financial Supervision replied to netizens' suggestions on "improving policies such as credit fund supervision and stimulating the vitality of private enterprises", and responded to suggestions such as "introducing a personal bankruptcy law". On the issue of personal bankruptcy, the State Administration of Financial Supervision stated that it will actively cooperate with the legislature to carry out research and demonstration on whether personal bankruptcy should be included in the law, the practical needs and positive effects of personal bankruptcy in the law, whether the timing is appropriate, and whether the supporting conditions are met.
China Bond Alert //
1. Fitch: Affirms's 'A' Long-Term Foreign Currency Issuer Rating, with 'Negative' Outlook
Fitch reported that it affirms's Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured Rating at 'A', with a 'Negative' outlook.
2. The first meeting of holders of "24 Xinxiang Investment MTN001" in 2024 has not taken effect
Bank of Zhengzhou announced that the first holders' meeting of Xinxiang Investment Group Co., Ltd. "24 Xinxiang Investment MTN001" in 2024 has not taken effect, and the proposal has not taken effect. The proposal is: the proposal on agreeing to the asset replacement of Xinxiang Investment Group Co., Ltd.
3. Fujian Sunshine Group: Unable to disclose the 2023 annual report and the financial statements for the first quarter of 2024 on time
Fujian Sunshine Group Co., Ltd. announced that it could not disclose the 2023 annual report and the financial statements for the first quarter of 2024 on time.
4. Jinke Real Estate Group: 21 Jinke Real Estate SCP003 and 21 Jinke Real Estate MTN001 failed to repay the principal and interest in full on time
Jinke Real Estate Group Co., Ltd. announced that "21 Jinke Real Estate SCP003" and "21 Jinke Real Estate MTN001" failed to repay the principal and interest in full on time.
5. Evergrande Real Estate added 9 pieces of enforcement information, with a total amount of 52.8 billion yuan
Evergrande Real Estate Group Co., Ltd. added 9 pieces of information on the person subject to execution on April 24, with a total of about 370 million yuan. This enforcement information is mainly related to cases such as bill disputes and construction contract disputes. The persons subject to enforcement in some cases also include Enping Ooli Shang Real Estate Development Co., Ltd., Evergrande Garden Group Co., Ltd., and Evergrande Real Estate Group Pearl River Delta Real Estate Development Co., Ltd.
6. Tianjin Lingang: Lingang Construction, an important subsidiary, was fined a total of about 1.028 billion yuan
Tianjin Lingang Investment Holding Co., Ltd. announced that Tianjin Lingang Construction and Development Co., Ltd., an important subsidiary of the company, illegally occupied the sea area to build reclamation projects without obtaining the right to use the sea area, and Lingang Construction Co., Ltd. received four administrative penalty decisions issued by the Tianjin Municipal Bureau of Planning and Natural Resources on March 26, with a total fine of about 1.028 billion yuan.
7. The status of the 5 billion yuan private placement project of Gansu Provincial Highway Aviation Tourism Investment Group Co., Ltd. was updated to "terminated"
According to the corporate bond project information platform of the Shanghai Stock Exchange, the status of the project "Gansu Provincial Highway and Aviation Tourism Investment Group Co., Ltd. 2023 Non-public Issuance of Low-carbon Transition-Linked Corporate Bonds to Professional Investors" has been updated to "terminated". The project is a private placement, with a proposed issuance amount of 5 billion yuan, and the issuer is Gansu Provincial Highway and Aviation Tourism Investment Group Co., Ltd.
8. The status of Wuhan Yangtze River New Area 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 "Wuhan Yangtze River New Area Group 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 2.5 billion yuan, and the issuer is Wuhan Yangtze River New Area Group Co., Ltd.
9. The status of Xi'an International Land Port Investment and Development Group Co., Ltd.'s 1 billion yuan private placement project was updated to "terminated"
According to the corporate bond project information platform of the Shanghai Stock Exchange, "Xi'an International Land Port Investment and Development Group Co., Ltd. will issue "Belt and Road" corporate bonds to professional investors in 2023, and the project status is updated to "terminated". The project is a private placement, with a proposed issuance amount of 1 billion yuan, and the issuer is Xi'an International Land Port Investment and Development Group Co., Ltd.
China Stock Alert //
1. There were low-level text errors in the announcement, and Tibet Everest and Hu Handong, the secretary of the board of directors, were warned by the regulator
Due to low-level text errors in the announcement, the Tibet Securities Regulatory Bureau decided to take supervision and management measures of issuing warning letters to Tibet Zhufeng, Chairman Huang Jianrong, and Secretary of the Board of Directors Hu Handong. The Shanghai Stock Exchange said that there were low-level text errors in a number of announcements of Tibet Everest, which had a great impact, and decided to give regulatory warnings to the company and Hu Handong, the secretary of the board of directors.
In order to ensure the authenticity, accuracy and completeness of the company's information disclosure, the disclosure time of the company's "2023 Annual Report" and "2024 First Quarter Report" will be postponed to April 30, 2024.
2. Guao Technology: Chen Chongjun, the actual controller of the company, was criminally detained
Guao Technology announced that recently, the company received a detention notice issued by the Qingdao Municipal Public Security Bureau provided by Chen Chongjun's family, and learned that Chen Chongjun was criminally detained by the Qingdao Municipal Public Security Bureau on suspicion of manipulating the securities market. At present, the company's business situation is normal. Chen Chongjun is the actual controller of the Company and does not serve as a director, supervisor or senior management of the Company. Chen Chongjun's detention will not have a significant impact on the company's daily operations and will not affect the disclosure of the company's 2023 annual report.
3. Guolian Securities: Planning to acquire control of Minsheng Securities, and the stock was suspended
Guolian Securities announced that the company is planning to acquire control of Minsheng Securities and raise matching funds through the issuance of A shares. The transaction is still in the planning stage and is expected to constitute a major asset restructuring. After application, the company's shares will be suspended from the opening of the market on April 26, and it is expected that the suspension will not exceed 10 trading days. Guolian Securities also announced the termination of the previously planned private placement and the withdrawal of the application documents.
4. Luxin Venture Capital: The subsidiary intends to sell 3.83% of the shares held by Minsheng Securities to Guolian Securities
Luxin Venture Capital announced that its wholly-owned subsidiary, Shandong High-tech Investment, intends to sell 3.83% of the shares held by Minsheng Securities to Guolian Securities, and subscribe for the newly issued A shares of Guolian Securities with the underlying assets. On April 25, Shandong High-tech Investment has signed the "Cooperation Intent Agreement" with Guolian Securities.
5. Elion Clean Energy and the chairman of the board of directors were warned
The Inner Mongolia Securities Regulatory Bureau announced that due to the inaccurate disclosure of Elion Clean Energy's performance forecast, Elion Clean Energy, Chairman Wang Ruifeng, General Manager Hou Jinghui, and Chief Financial Officer Zhang Yanmei were subject to administrative supervision measures of issuing warning letters, which were recorded in the integrity file database of the securities and futures market.
6. Gangtai Holdings: Unable to disclose the 2023 annual report on time
Gangtai Holdings announced that the company should disclose the 2023 annual report before April 30, 2024 in accordance with the relevant provisions of the prospectus. As the Company was unable to contact the General Manager, Mr. Wei Chengchen, the Company does not expect to be able to disclose the 2023 Annual Report on time.
7. Chengyi Pharmaceutical: Jiangsu Chengyi, a subsidiary, stopped production
Chengyi Pharmaceutical announced that its subsidiary, Jiangsu Chengyi, had low capacity utilization, small scale and poor operating performance due to limited development. According to the above situation and combined with the actual business situation of Jiangsu Chengyi, after research, the company decided to stop production of Jiangsu Chengyi.
Overseas Warning //
1. ByteDance said it has no plans to sell TikTok
According to Beike Finance, ByteDance issued an article saying that the news of foreign media about ByteDance's exploration of selling TikTok is untrue, and ByteDance does not have any plans to sell TikTok.
2. The U.S. Securities and Exchange Commission (SEC) is expected to refuse to approve spot Ethereum ETFs
VanEck, ARK Investment Management, and seven other issuers have submitted applications to the SEC to launch Ethereum spot ETFs. The SEC must decide on May 23 and ARK, respectively, on May 23 and ARK, respectively, and the two companies are among the first to queue up. After frustrating talks with the companies involved in recent weeks, the SEC is expected to reject the two companies' applications to launch Ethereum spot ETFs, people familiar with the matter said.
3. The automotive and industrial businesses were weak, and STMicroelectronics' Q1 revenue and EPS fell short of expectations
STMicroelectronics announces financial results for the first quarter of 2024. According to the financial report, the company's net revenue in the first quarter was US$3.465 billion, down 18.4% year-on-year, less than the market expectation of US$3.615 billion, net profit was US$513 million, down 50.9%, and diluted earnings per share were US$0.54, less than the market expectation of US$0.65, compared with US$1.10 in the same period last year.
4. Meta encountered another downside: it was warned by the European Union for illegal use of sexual orientation data
An adviser to the EU's highest court has warned that the EU's data protection rulebook prohibits Meta Platforms' social media platform Facebook from using publicly available information about a user's sexual orientation to target advertising. This latest news can be described as another negative news for Meta after the weaker-than-expected earnings outlook hit the stock price hard.
5. The demand for home appliances in the United States is stagnant, and Whirlpool plans to lay off 1,000 people
Whirlpool, which owns the Metek and Amarna appliance brands, is laying off about 1,000 jobs globally to reduce costs as slowing U.S. home sales limit demand.
Financial Interbank Warning //
1. Report of the State Council: Concentrate on building a "national team" in the financial industry to promote the head securities companies to become stronger and better
The State Council's report on the research and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability put forward that efforts should be concentrated on building a "national team" in the financial industry. Research and draft an action plan to strengthen the management of state-owned financial capital, promote large state-owned financial enterprises to benchmark with world-class financial enterprises, highlight their main business, do fine and professional, and continuously enhance their competitiveness and international influence. Research and formulate guidance on promoting the high-quality development of the insurance industry, and promote the standardized development of non-bank financial institutions. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.
2. Report of the State Council: Timely and reasonable adjustment of the proportion of state-owned financial capital in banking, insurance, securities and other industries
The State Council's report on the study and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability put forward that the Ministry of Finance and the financial management departments should further optimize the layout of state-owned financial capital, rationally adjust the proportion of state-owned financial capital in various financial industries, deepen the reform of policy-oriented financial institutions, increase the supply of policy-based finance, and promote the differentiated development of state-owned financial enterprises. With the theme of promoting high-quality development, we will study and improve the layout of state-owned financial capital, and effectively give play to the leading role of state-owned financial capital in the financial field. We should study in depth the proportion of state-owned financial capital in banking, insurance, securities, and other industries in a timely and rational manner through such means as replenishing capital and increasing profits, and in accordance with the principle of "advancing and retreating, and rational flow."
3. Report of the State Council: Study and revise the provisions on the calculation standards of risk control indicators of securities companies
The State Council's report on the research and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the rectification and accountability of financial enterprises proposes to improve the prevention and control mechanism at the source of risks, and further optimize and improve the analysis and monitoring function of financial enterprises through mining and integrating existing report data. Improve the rating, risk monitoring and early warning system of central bank financial institutions, establish a hierarchical and segmented management framework, and continue to optimize the stress testing framework. Establish an off-site monitoring and early warning mechanism for banks, and give early warning and early intervention measures to institutions with problems such as excessive debt growth and insufficient capital. Study and revise the provisions on the calculation standards of risk control indicators of securities companies, and further give play to the role of the "baton" of risk control indicators.
4. The Office of the Central Financial Commission and the Central Financial Work Commission: It is necessary to strengthen the risk assessment of financial innovation, and resolutely cannot engage in it if it does not work
The Office of the Central Financial Commission and the Theoretical Study Center Group of the Central Financial Work Commission issued a document saying that strong supervision should be real, tough and bright on the premise of improving the system. Financial supervision is a key institutional design for preventing and controlling financial risks, controlling financial chaos, and standardizing financial order. It is necessary to speed up the filling of the gaps in the regulatory system, strengthen regulatory coordination, implement the responsibility of comprehensive supervision, and achieve full coverage of financial supervision. Comprehensively strengthen the "five major supervisions", and resolutely reverse the accumulation of disadvantages of heavy development, weak supervision, and risk drumming and covering the lid. Supervision and supervision of supervision must be "long teeth and thorns", and resolutely show the sword when problems are found. We should properly handle the relationship between strengthening financial supervision and financial innovation, and financial innovation should be carried out, but we should not innovate indiscriminately, and we should not engage in "innovation" that deviates from the needs of the real economy and evades supervision. It is necessary to strengthen the risk assessment of financial innovation, and resolutely not engage in it if it does not work.
5. The Shenzhen Securities Regulatory Bureau issued warning letters to Zhengwei Private Equity and Li Li
The Shenzhen Securities Regulatory Bureau issued warning letters to Zhengwei Private Equity and Li Li. After investigation, Zhengwei Private Equity failed to update the relevant information of the manager in a timely manner in accordance with the regulations of the Asset Management Association of China in its private fund business activities, and failed to properly keep the suitability management data of some investors in the private equity fund.
6. The Hong Kong Securities and Futures Commission issued restriction notices to Futu Securities International and Interactive Brokers Hong Kong Limited
The Hong Kong Securities and Futures Commission (SFC) has issued restriction notices to Futu Securities International and Interactive Brokers Hong Kong Limited, prohibiting them from disposing of or dealing with assets held in their clients' accounts. The restriction notices prohibit the two brokerages from disposing of or disposing of, or assisting, abetting or procuring another person to dispose of or deal with any assets in the accounts without the prior written consent of the SFC, to the extent set out in the notices. Futu and IBKR are not the targets of the SFC's investigation, and both have cooperated with the investigation. The restriction notices do not affect the operations of these brokerages or other clients.
7. The Shanghai Exchange answered reporters' questions on the recent strengthening of supervision and risk prevention
In response to reporters' questions on the price fluctuations of precious metals and some non-ferrous metals, the Shanghai Futures Exchange said that at present, the popularity of some varieties such as precious metals has declined, and the work of various varieties for delivery in May has been carried out in a stable and orderly manner. However, it should also be noted that the current external environment is complex, a variety of uncertainties and instability factors are intertwined, and the risk of price fluctuations in the futures market is still large. The May Day holiday is approaching, and it is recommended that all member units and market traders should do a good job in position management, reasonably control positions, and rationally participate in the futures market. The Exchange will further implement the instructions and instructions of the CPC Central Committee on financial work, adhere to the general tone of seeking progress while maintaining stability, focus on strengthening supervision, preventing risks and promoting high-quality development, adhere to the principle of marketization and rule of law, prevent systemic risks caused by large price fluctuations, prevent overheating of transactions, and ensure the safe and stable operation of the market.
Industry Warning //
1. The Ministry of Industry and Information Technology solicited opinions: electric bicycles plan to ban on-board chargers and improve permanent identification
The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the No. 1 amendment to the mandatory national standard No. 1 (draft for comments) of the "Safety Technical Requirements for Chargers for Electric Bicycles". According to the brief letter of the Ministry of Industry and Information Technology, in view of the recent large number of on-board chargers, which may affect the safety of electric bicycles, it is proposed to ban on-board chargers and improve the content of permanent labels. During the drafting process of this document, the main drafting units and main drafters were convened to discuss the current situation and task needs, implement relevant policy requirements, and increase the permanent identification of high temperature resistance and prohibit on-board chargers, without major differences. This document proposes a transition period of 6 months.
2. The State Tobacco Monopoly Administration intends to further regulate the trading of e-cigarettes
The State Tobacco Monopoly Administration plans to revise the "Rules for the Administration of E-cigarette Transactions (Trial)" issued on June 2, 2022 in combination with the current status of e-cigarette transaction management. The main contents of this revision include: clarifying the transaction entities of various types of e-cigarette transactions, such as adding Article 28 to define e-cigarette import business enterprises and clarifying the scope of their licenses, etc., improving the specific content of total volume management, such as enriching and improving the content of total volume management in Article 18, simplifying the description of the total volume management requirements for different types of products, etc., and adding some new management requirements, such as adding Article 19 to the relevant requirements for the filing of marketing activities carried out by production enterprises.
3. The National Energy Administration will carry out special supervision on outstanding problems in the electricity market order in 2024
The National Energy Administration issued the "Notice on Carrying out Special Supervision on Outstanding Problems in the Electricity Market Order in 2024", focusing on the supervision of the following situations: the implementation of trading rules, focusing on the rationality of the behavior of market operators in various market transactions since 2023, Compliance and fairness, restricting market competition, focusing on the compliance of market operators intervening in the market and the trading behavior of market trading entities since 2023; information disclosure and reporting, focusing on the information disclosure and reporting of the electricity market carried out by market operators and power grid enterprises since 2023; Other outstanding problems in the electricity market order that may exist in the jurisdiction as reflected by market entities and discovered by complaints and reports。
4. Passenger Association: The retail sales of narrow passenger cars in April are expected to be 1.6 million, a year-on-year decrease of 1.5%
The Federation of Passenger Cars expects that the retail market size of narrow passenger cars in April will be about 1.6 million units, down 1.5% year-on-year and 5.3% month-on-month. Among them, the retail sales of new energy vehicles were about 720,000 units, flat month-on-month, up 37.1% year-on-year, and the penetration rate is expected to reach 45%.
RISK(Wind 风控)
Real-time monitoring of network-wide information and timely warning of risk dynamics
Accurately identify risk subjects and quickly reach the source of risk
Intelligently connect associated risks in series and deeply analyze risk links
An intelligent risk control platform that integrates due diligence and risk monitoring
