Today's attention //
1. Office of the Security Committee of the State Council: Comprehensively launch the whole chain rectification action of potential safety hazards of electric bicycles
2. The State Administration of Financial Supervision issued a document to regulate the development of financial companies of enterprise groups, and strictly prohibit excessive financing in the interbank market
3. The Ministry of Finance clarifies the matters related to investors' investment in government bonds over the counter
4. China Securities Regulatory Commission: Listed companies cannot use ESG "coats" for excessive packaging
5. Kweichow Moutai: Guizhou Provincial People's Government recommended Zhang Deqin as the company's director and chairman of the board
6. Tesla's response to FSD's entry into China: there is no timetable yet
Macro Warning //
1. The spokesperson of the Ministry of Commerce answered reporters' questions on Japan's plan to tighten export controls in semiconductors and other fields
In response to a reporter's question on Japan's plan to tighten export controls in semiconductors and other fields, the spokesperson of the Ministry of Commerce of China said that the relevant measures proposed by the Japanese side will seriously affect the normal trade between Chinese and Japanese enterprises, harm others and themselves, and also damage the stability of the global supply chain. China urges the Japanese side to proceed from the overall interests of bilateral economic and trade relations, promptly correct its wrong practices, and jointly safeguard the stability of global industrial and supply chains, and China will take necessary measures to resolutely safeguard the legitimate rights and interests of enterprises.
China Bond Alert //
1. The Ministry of Finance clarifies matters related to investors' investment in government bonds over the counter
The Ministry of Finance issued the Notice on Matters Concerning the Over-the-Counter Trading of Government Bonds, which stipulates that book-entry treasury bonds and local government bonds can be distributed and traded over the counter in the inter-bank bond market after the issuance of book-entry treasury bonds and local government bonds is completed. Financial institutions that meet the conditions for opening over-the-counter business shall, in accordance with relevant regulations, actively participate in the over-the-counter trading of government bonds, and select government bonds for distribution and trading over the counter according to market demand. The scope of investors, distribution and quotation trading rules for participating in the over-the-counter trading of government bonds shall be implemented in accordance with the relevant provisions of the current management of the counter business. The over-the-counter trading of government bonds implements a centralized and unified custody system, with primary custody and bottom-level penetration. The notice will come into force on May 1, 2024.
2. The meeting of holders of "24 Xincheng Group SCP001" is invalid
Everbright Bank announced that "24 Xincheng Group SCP001" held a meeting of holders on April 23, and the amount of voting rights held by the holders of debt financing instruments participating in the meeting did not exceed 50% of the total voting rights of the debt financing instruments in the current period, and the meeting was invalid.
3. Beijing Guang'an Holding Group: The company is expected to incur significant losses
Beijing Guang'an Holding Group Co., Ltd. announced that the total floor area of the Dashilan C3H plot project developed and constructed by Beijing Dashilan Yongxing Real Estate Co., Ltd., a subsidiary of the company, has been reduced from 163,954 square meters to 93,700 square meters. In April 2024, the appraisal agency re-evaluated the project according to the changed index use and area according to the current appraisal specifications, and the project appraisal value was 3.557 billion yuan, which was greatly impaired.
4. Beixin Road and Bridge: "24 Beixin Road and Bridge MTN002" was cancelled
Xinjiang Beixin Road and Bridge Group Co., Ltd. announced that in view of the company's capital arrangement plan and recent market changes, it was decided to cancel the issuance of "24 Beixin Road and Bridge MTN002", and the follow-up issuance plan will be announced separately.
5. Wuhan Contemporary Science and Technology Industry Group: The court announced that the company froze the company's 400 million yuan equity in Wuhan Zhongbang Bank Co., Ltd
Wuhan Contemporary Science and Technology Industry Group Co., Ltd. announced that the company has recently been executed. The enforcement court is the People's Court of Donghu High-tech Development Zone, Wuhan City, Hubei Province, case number (2024) E 0192 Min Chu No. 31, which publicly froze the company's 400 million yuan equity in Wuhan Zhongbang Bank Co., Ltd., and the freezing date is from April 19, 2024 to April 18, 2027.
6. Xinhua Press Media Group: "24 Xinhua Press SCP001" was cancelled
Jiangsu Xinhua Press Media Group Co., Ltd. issued an announcement saying that in view of the recent market volatility, it was decided to cancel the issuance of "24 Xinhua Press SCP001", and the follow-up distribution plan will be announced separately.
7. Hunan Expressway: "24 Hunan Expressway MTN005" was cancelled
Hunan Provincial Expressway Group Co., Ltd. announced that the issuer decided to cancel the issuance of "24 Hunan Expressway MTN005" according to the funding arrangement plan and recent market changes, and the follow-up issuance plan will be announced separately.
8. CIFI has reached an agreement in principle with the bondholders' group
CIFI Holdings' debt restructuring ushered in important progress. CIFI Holdings announced that it has reached an agreement in principle with the bondholder group on a comprehensive plan, and the holders of the bondholder group together hold or control about 43% of the total principal amount of CIFI's various types of debt.
9. Kunming Urban Construction Investment and Development: Senior management personnel were investigated for major violations of discipline and law
Kunming Urban Construction Investment and Development Co., Ltd. announced that in March, according to the Kunming Municipal Commission for Discipline Inspection and Supervision, Bi Yunqiang, member of the company's Party committee and deputy general manager, was suspected of serious violations of discipline and law, voluntarily surrendered, and is undergoing disciplinary review and supervision investigation by the Kunming Municipal Commission for Discipline Inspection and Supervision.
10. R&F Real Estate and others were restored to 498 million yuan, with a total of 10.5 billion yuan
Guangzhou R&F Properties Co., Ltd. and Yancheng R&F Science and Technology Innovation Development Co., Ltd., a subsidiary of R&F, have added a new information on the resumption of enforcement, with an enforcement target of more than 498 million yuan, and the enforcement court is the Intermediate People's Court of Yancheng City, Jiangsu Province. According to the risk information, Guangzhou R&F Properties Co., Ltd. has more than 60 pieces of information on persons subject to execution, with a total amount of more than 10.5 billion yuan.
China Stock Alert //
1. Kweichow Moutai: Guizhou Provincial People's Government recommended Zhang Deqin as the company's director and chairman candidate
Kweichow Moutai announced that according to the relevant documents of the Guizhou Provincial People's Government, Zhang Deqin was recommended as a director and chairman of Kweichow Moutai Co., Ltd., and Ding Xiongjun was no longer the chairman and director of the company.
According to public information, Zhang Deqin, born in September 1972, is a native of Renhuai City, Guizhou Province, and holds an MBA from China Europe International Business School. He graduated from Guizhou University of Technology in July 1995 and joined Kweichow Moutai Liquor Company that year. In May 2010, he was appointed as the assistant to the general manager of Kweichow Moutai Distillery, and the chairman, general manager and deputy secretary of the Party Committee of Xijiu Company.
From December 2011 to August 2018, Zhang Deqin served as a member of the Party Committee and Deputy General Manager of Kweichow Moutai Distillery (Group) Co., Ltd., and Secretary of the Party Committee and Chairman of the Board of Directors of Kweichow Moutai Distillery (Group) Xijiu Co., Ltd.
2. Focus Media: It plans to terminate the listing of its subsidiary FMK on the Korean Stock Exchange
Focus Media announced that it intends to terminate the listing of its subsidiary FMK on the Korea Stock Exchange. The termination of this spin-off and listing will not have a substantial impact on the company, and will not adversely affect the company's operating conditions and financial condition.
3. Yongyue Technology: The company's shares will implement other risk warnings from May 6
Yongyue Technology announced that because Grant Thornton Certified Public Accountants (Special General Partnership) issued a negative opinion of the "Internal Control Audit Report", it touched the situation of "the internal control in the most recent fiscal year was issued with no opinion or negative opinion audit report, or the internal control audit report was not disclosed in accordance with the regulations" stipulated in Article 9.8.1 (3) of the Shanghai Stock Exchange Stock Listing Rules. The company's shares were suspended for 1 day from the opening of the market on April 30, and other risk warnings were implemented from the resumption of trading on May 6, and the stock abbreviation was changed to "ST Yongyue".
4. Zhenbaodao: The company's letter disclosure violated the rules and received the decision on administrative supervision measures from the Heilongjiang Supervision Bureau of the China Securities Regulatory Commission
Zhenbaodao announced that the company received the "Decision on Issuing Warning Letters to Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd., Heilongjiang Chuangda Group Co., Ltd., Fang Tonghua, Yan Jiujiang, Wang Lei, and Zhang Zhongfang" issued by the Heilongjiang Securities Regulatory Bureau.
5. The Shanghai Stock Exchange terminated the initial review of the Ming Dynasty Wanda Science and Technology Innovation Board
Due to the withdrawal of the application for issuance and listing by Beijing Ming Dynasty Wanda Technology Co., Ltd. and its sponsor, Zhongde Securities Co., Ltd., the Shanghai Stock Exchange terminated its initial public offering and listing review on the Science and Technology Innovation Board.
6. Qinghai Spring: The company's shares will implement other risk warnings from May 6
Qinghai Spring announced that because the company's net profit before and after deducting non-recurring profits and losses for the last three consecutive fiscal years was negative, and Daxin Certified Public Accountants (Special General Partnership) issued an unqualified opinion type of "Audit Report" with an emphasis on material uncertainties related to continuing operations on the company's 2023 annual financial report, the company's shares will be subject to other risk warnings. The company's shares will be suspended for one day on April 30, and other risk warnings will be implemented from the resumption of trading on May 6, and the stock abbreviation will be changed to "ST Spring".
7. Hangzhou Thermal Power: terminated the acquisition of 51% equity of Hangzhou Lin'an Green Energy Environmental Protection Power Generation Co., Ltd
Hangzhou Thermal Power announced that the company originally planned to acquire 51% of the shares of Hangzhou Lin'an Green Energy Environmental Protection Power Generation Co., Ltd. held by Hangzhou New Century Energy and Environmental Protection Engineering Co., Ltd. in cash. After full argumentation and analysis, the parties to the transaction believe that the conditions for the acquisition transaction are not yet mature, and the parties to the transaction have not reached an agreement on the transaction matters. Based on the principle of prudence and comprehensive consideration of factors such as the Company and the actual situation of the acquisition, the Company and the counterparty have decided to terminate the acquisition and sign the Termination Agreement of the Equity Acquisition Framework Agreement after friendly negotiation between the Company and the counterparty.
8. Tiansheng New Materials and the chairman of the board of directors were notified and criticized
The Shenzhen Stock Exchange issued a decision on giving notice of criticism to Tiansheng New Materials and related parties. After investigating that Tiansheng New Materials failed to perform the review procedures and information disclosure obligations for guarantee matters, the Shenzhen Stock Exchange decided to give notice of criticism to Wu Haizhou, chairman and former actual controller of the company, Xu Yi, president, and Xue Meixia, then chief financial officer, and Wu Haizhou, chairman and former actual controller of Changzhou Tiansheng New Materials Group Co., Ltd., Xu Yi, president, and Xue Meixia, then chief financial officer.
9. Guochuang High-tech: The controlling shareholder Guochuang Group is planning the transfer of control of the company
Guochuang High-tech announced that the controlling shareholder Guochuang Group is planning the transfer of control of the company, which is being negotiated, and there are still major uncertainties. The company's shares have been suspended since the market opened on April 29 (Monday), and the suspension time is expected to be no more than 2 trading days.
10. Chinese People's Insurance: net profit in the first quarter was 8.963 billion yuan, down 23.5% year-on-year
Chinese released a quarterly report saying that in the first quarter, the company achieved insurance service revenue of 126.2 billion yuan, a year-on-year increase of 7.7%, and realized a net profit attributable to the parent of 8.963 billion yuan, a decrease of 23.5%.
11. Tianqi Lithium: The net loss in the first quarter was 3.897 billion yuan, a year-on-year loss
Tianqi Lithium achieved operating income of 2.585 billion yuan in the first quarter, down 77.42% year-on-year, and net profit loss of 3.897 billion yuan, a year-on-year loss, compared with a net profit of 4.875 billion yuan in the same period last year.
12. LONGi Green Energy: net profit loss in the first quarter was 2.35 billion yuan
LONGi Green Energy's operating income in the first quarter was 17.674 billion yuan, down 37.59% year-on-year, and the net profit was a loss of 2.35 billion yuan, compared with a net profit of 3.637 billion yuan in the same period last year. During the reporting period, module and wafer prices declined, investment income from associates declined, and asset impairment such as inventories increased.
13. Ganfeng Lithium: A net loss of 439 million yuan in the first quarter, a year-on-year loss
Ganfeng Lithium achieved operating income of 5.058 billion yuan in the first quarter, a year-on-year decrease of 46.41%, and a net profit loss of 439 million yuan, a year-on-year loss, compared with a net profit of 2.397 billion yuan in the same period last year. During the reporting period, affected by the fluctuations in the lithium products and lithium battery markets, the sales prices of the company's products fell.
14. Vanke released its first loss performance report since its listing
Vanke released a first-quarter report on the Hong Kong Stock Exchange saying that in the first quarter of 2024, the company's operating income was 61.59 billion yuan, a year-on-year decrease of 10.05%, and a net loss of 362 million yuan. This is the first time that Vanke has posted a loss since its listing in 1991. Vanke pointed out that the net profit loss in the first quarter was mainly affected by the decline in settlement scale and the decline in gross profit margin of development business.
Overseas Warning //
1. ON Semiconductor's guidance for the second quarter fell short of expectations
ON Semiconductor's first-quarter revenue was $1.86 billion, down 5% year-on-year. Looking ahead, ON Semiconductor expects second-quarter revenue of $1.68 billion to $1.78 billion, below the consensus of $1.82 billion, and non-GAAP diluted earnings per share of $0.86 to $0.98, below the consensus of $1.00.
2. U.S. regulators launched a preliminary investigation into Ford's self-driving technology, BlueCruise
The National Highway Traffic Safety Administration's Office of Deficiencies Investigation (ODI) said it has opened a preliminary investigation into Ford's self-driving technology, BlueCruise, after learning of two accidents in which Mustang Mach-E cars collided with stationary vehicles.
3. Tesla's response to FSD's entry into China: there is no timetable yet
According to Shell Finance, in response to the recent news of Tesla's fully autonomous driving entry into China, Tesla responded that there is no timetable for FSD to enter China. On April 28, Tesla CEO Elon Musk came to China, and Tesla's official Weibo made two statements, mentioning the acceleration of autonomous driving technology.
4. Apple's iPad operating system is reported to be subject to the European Union's Digital Markets Act
Apple's iPad operating system is reported to have been subject to the EU Digital Markets Act, and Apple has a six-month buffer to comply with the EU Digital Markets Act. Apple will continue to engage constructively with the European Commission to comply with the relevant technical rules of the European Union.
5. ByteDance announced the dismissal of 61 people, and the internal anti-corruption actions of major Internet companies continued
According to Yicai, recently, ByteDance issued the "Notice of the Corporate Discipline and Professional Ethics Committee (No. 2, 2024)", dismissing 61 employees for four reasons: suspected of constituting a criminal offense, violating the integrity and integrity system, violating the conflict of interest system, and violating the information security system. In recent years, a number of Internet companies, including Tencent, Meituan, Didi, Kuaishou and Baidu, have intensively carried out internal anti-corruption crackdowns.
Financial Interbank Warning //
1. The State Administration of Financial Supervision issued a document to regulate the development of financial companies of enterprise groups, and strictly prohibit excessive financing in the interbank market
The State Administration of Financial Supervision issued the Guiding Opinions on Promoting the Standardized and Healthy Development of Financial Companies of Enterprise Groups and Improving the Quality and Efficiency of Supervision. The "Guiding Opinions" put forward that financial companies should stick to their main responsibilities and main businesses, provide financial services closely around the main business of enterprise groups, strengthen the centralized management of enterprise groups' funds, improve the efficiency of capital use, reduce overall operating costs, and effectively improve the quality of financial services. It should not become a profit-making center for an enterprise group, and excessive financing in the interbank market should be strictly prohibited, so as to prevent alienation from becoming a channel and tool for external financing of an enterprise group.
2. China Securities Regulatory Commission: Listed companies cannot use ESG "coats" to over-package
According to the Securities Times, the relevant person in charge of the Listing Department of the China Securities Regulatory Commission said that the China Securities Regulatory Commission will continue to evaluate the adaptability of the "Guidelines for Sustainable Development Reporting of Listed Companies", further improve the rules in light of the actual situation, and study and promote more companies to disclose sustainable development reports. At the same time, listed companies cannot mislead investors by providing inaccurate information through the "coat" of ESG, and the CSRC will continue to improve its regulatory capabilities and continue to strengthen supervision.
3. In the previous period, the energy took regulatory measures to restrict the opening of positions for some customers
In the last energy announcement, Lu ×× (02888854) group (account group number: B6003139) on April 29, the account group's intraday opening trading volume exceeded the limit on the 2408 contract of the container transportation index (European line) futures, and reached the energy processing standard of the previous period for the first time. The Exchange decided to impose regulatory measures on the relevant customers to restrict them from opening positions in the corresponding contracts for 5 trading days.
4. The leading companies pressed the stop button in batches, and the ETF liquidity service accelerated the reform
According to the China Securities Journal, some large fund companies have recently announced that their ETFs have terminated the liquidity services provided by some brokerages. This is the most intensive round of ETF liquidity service termination in recent years, which comprehensively involves the leading fund companies in the ETF field. In the eyes of industry insiders, this is related to the revised new rules on liquidity services and the new commission reform system of the Shanghai and Shenzhen Stock Exchanges, and the competition for liquidity services may become increasingly fierce.
5. The second fund failed to raise funds during the year, tracking this emerging index, and the related index products have not yet exceeded zero
ABC Credit & Investment Fund announced that its ABC Credit & Investment MSCI China A-share Climate Change Index Fund failed to raise funds. The fund's tracking index was released by MSCI in August 2020, and then Huabao Fund and ABC Credit Management Fund submitted relevant product issuance materials in 2021 and were accepted.
Industry Warning //
1. Office of the Security Committee of the State Council: Comprehensively launch the whole chain rectification action of potential safety hazards of electric bicycles
The Office of the Security Committee of the State Council held a video conference to deploy and comprehensively launch the whole chain rectification action of potential safety hazards of electric bicycles and the safety precautions before and after the "May Day" holiday. The meeting pointed out that it is necessary to vigorously crack down on non-violations, control the "offline" business outlets, maintenance shops and "online" e-commerce platforms, strictly investigate speeding behavior, and increase the crackdown on recycling and assembling batteries; the meeting stressed that it is necessary to resolutely stabilize and control the safety situation in high-risk industries, rectify illegal activities in mines, pay close attention to the safety of hazardous chemicals and industry and trade, and comprehensively investigate and rectify the risks and hidden dangers in construction, fishing vessels, special equipment and other industries.
2. Ministry of Industry and Information Technology: The management measures for the comprehensive utilization of power batteries for new energy vehicles and other documents are being researched, demonstrated, and drafted
The Ministry of Industry and Information Technology announced the 2024 work plan for the formulation of regulations, among which 9 projects, including the management measures for the comprehensive utilization of power batteries for new energy vehicles and the provisions (revisions) on regulating the order of the Internet information service market, were included in the list of projects drafted for intensive research, demonstration and drafting.
3. The National Development and Reform Commission solicited public opinions on the "Measures for the Management of National Fertilizer Commercial Reserves (Revised Draft for Comments)".
The National Development and Reform Commission (NDRC) is soliciting public comments on the "Measures for the Management of National Fertilizer Commercial Reserves (Revised Draft for Comments)". The national commercial fertilizer reserves are divided into three parts: nitrogen, phosphorus and compound fertilizer reserves, potash fertilizer reserves, and disaster relief fertilizer reserves. The national fertilizer commercial reserve shall be responsible for each round of storage for not less than 4 years, which shall be determined by the National Development and Reform Commission and the Ministry of Finance. The annual nitrogen, phosphorus and compound fertilizer reserves are 6 months, and the potash fertilizer reserves and disaster relief fertilizers are 12 months.
4. The State Administration for Market Regulation promulgated the General Principles for the Review of Food Business Licenses
The State Administration for Market Regulation revised and promulgated the General Principles for the Review of Food Business Licenses, adding new requirements for the review of licenses for emerging business formats. In view of the emerging formats such as the headquarters of food business chain enterprises and the use of food automatic equipment to engage in food business, the licensing review requirements are put forward from the aspects of organization, personnel and system, so as to promote the healthy development of emerging industries under the premise of ensuring food safety.
5. In March, the revenue of China's game market was 23.417 billion yuan, down 5.86% month-on-month
According to a report released by the Game Working Committee of the China Audio and Digital Association, as the heat of the Spring Festival waned in March, the domestic mobile client game market declined month-on-month due to the decrease in the number and intensity of mobile and client activities, as well as the difficulty in supporting the increment of new product performance. In March, the revenue of China's game market was 23.417 billion yuan, down 5.86% month-on-month and 7.18% year-on-year.
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