On May 16, the four major domestic securities newspapers and important financial media headlines on the front page of the content of the essence of the summary

On Thursday, May 16, the main contents of today's newspaper headlines are as follows:

China Securities Journal

The China Securities Regulatory Commission (CSRC) has promulgated regulations on the administration of programmatic trading in the securities market

In the eyes of industry insiders, the "Administrative Provisions" closely focus on the main line of strengthening supervision, preventing risks and promoting high-quality development, adhere to the general idea of "pursuing advantages and avoiding disadvantages, highlighting fairness, effective supervision, and standardized development", and make all-round and systematic provisions on the supervision of programmatic trading in the securities market (commonly known as "quantitative trading"), which is an important measure to strengthen the supervision of market trading behavior.

China Securities Regulatory Commission: Integrate insurance into all aspects of the whole process of system construction, supervision and law enforcement

On May 15, the China Securities Regulatory Commission (CSRC) held the 2024 "May 15 National Investor Protection Publicity Day" in Beijing, with the theme of "Caring for Investors and Working Together to Promote High-quality Development and Boost Investor Confidence". Wu Qing, chairman of the China Securities Regulatory Commission, said in his speech that the China Securities Regulatory Commission will consistently implement investor protection throughout the whole process of capital market system construction and regulatory law enforcement, further consolidate the institutional foundation of investor protection, further promote the improvement of the quality of listed companies, further promote industry institutions to improve the level of professional services, further crack down on securities violations and crimes in accordance with the law, and further smooth the channels for investor rights protection and relief. In addition, the China Securities Regulatory Commission will adapt to the needs of the development of new productive forces, optimize institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, and support those companies with innovation and development potential to accelerate their efforts to become better and stronger, not only to support the healthy growth of high-quality emerging enterprises, but also to support the transformation and upgrading of high-quality traditional enterprises, so that investors can better share the fruits of high-quality economic development.

Industrial integration, market value management, and large buyers of state-owned assets play a combination of mergers and acquisitions

The reporter's investigation found that in the past two years, the combined transaction of "agreement transfer + waiver of voting rights" has quietly become popular among the acquisition of state-owned assets. Under this model, state-owned assets can not only become the actual controller of the listed company at a lower cost, but also solve the problem of "professional managers" in mergers and acquisitions, so that the original management can still enjoy most of the company's benefits after the merger and acquisition. In addition, as the major shareholders who have lost the "actual controller" label have fewer constraints on reducing their holdings, their liquidity has become stronger.

SPC: Strengthen the function of multiple dispute resolution mechanisms

Construct a three-dimensional accountability system that integrates administrative law enforcement, civil accountability, and criminal crackdown. First of all, it is necessary to work with the China Securities Regulatory Commission to promote the normalization of the class action system, so that financial fraudsters can pay the due price, so that the losses of small and medium-sized investors can be timely and effectively compensated, and the rights and interests of small and medium-sized investors can be effectively protected, so as to give full play to the exemplary role of the representative litigation system in investor protection. The second is to strengthen coordination with regulatory authorities, strengthen the cohesion and cooperation of administrative law enforcement, civil accountability, and criminal crackdown, and work together to punish violations and crimes in the capital market and purify the capital market.

Shanghai Securities News

Wu Qing, chairman of the China Securities Regulatory Commission, said at the "5.15 National Investor Protection Publicity Day" event that insurance will run through all aspects of the whole process of system construction and regulatory law enforcement

Wu Qing stressed that investor protection should run through all aspects of the whole process of capital market system construction and regulatory law enforcement, and elaborated on five "further": further consolidate the institutional foundation of investor protection, further promote the improvement of the quality of listed companies, further promote the improvement of professional service levels of industry institutions, further crack down on securities violations and crimes in accordance with the law, and further unblock the channels for investor rights protection and relief.

After the new "National Nine Articles", the first "5.15" activity released multiple signals

Industry insiders said that the capital market is a market that "concerns the vital interests of hundreds of millions of families and hundreds of millions of people", and there is a long way to go to protect the legitimate rights and interests of investors. After the promulgation of the new "National Nine Articles", the first "5.15" activity released multiple signals: first, the next stage from regulatory concepts to system design, to regulatory law enforcement, will more reflect the protection of the legitimate rights and interests of investors, especially small and medium-sized investors; Secondly, the capital market will give more prominence to "strengthening the capital and strengthening the foundation" and "strict supervision and strict management", and respond to investors' concerns with the improvement of the quality of listed companies and the due diligence of securities and fund institutions; Finally, "zero tolerance" to crack down on violations of laws and regulations in the capital market is still the focus of the next stage, and combined with industry practice, the "toolbox" of diversified dispute resolution in the capital market is expected to continue to enrich and innovate to effectively protect the legitimate rights and interests of investors.

Regulating quantitative trading, protecting investors' rights and interests, and diversifying the resolution of securities and futures disputes The China Securities Regulatory Commission (CSRC) has issued three system rules

On May 15, the China Securities Regulatory Commission (CSRC) issued three institutional rules closely related to investor protection, including the Administrative Provisions on Programmatic Trading in the Securities Market (for Trial Implementation), the Guidelines for the Application of Regulatory Rules - Issuance No. 10, and the Work Plan on Improving the Diversified Resolution Mechanism for Securities and Futures Disputes and Deepening the Governance of Litigation Sources, to make arrangements for the supervision of programmatic transactions, the protection of investors' rights and interests, and the diversified resolution mechanism for securities and futures disputes.

MLF equivalent parity sequel RRR cut window or move back

With the fluctuation of financial data and the imminent issuance of ultra-long-term special treasury bonds, the use of monetary policy tools by the central bank has attracted much attention from the market. On May 15, the People's Bank of China launched a 7-day reverse repurchase operation of 2 billion yuan and a medium-term lending facility operation of 125 billion yuan, and the winning interest rate was the same as before. Due to the expiration of 125 billion yuan of MLF this month, this operation has achieved the same amount of parity continuation.

Securities Times

The China Securities Regulatory Commission (CSRC) will hold the 2024 "May 15 National Investor Protection Publicity Day" to consolidate the foundation of the investor protection system and crack down on securities violations

On May 15, the China Securities Regulatory Commission held the 2024 "5.15 National Investor Protection Publicity Day", and Wu Qing, chairman of the China Securities Regulatory Commission, attended the event and delivered a speech. He said that investor protection should run through all aspects of the whole process of capital market system construction and regulatory law enforcement, including further consolidating the institutional foundation of investor protection, promoting the improvement of the quality of listed companies, promoting industry institutions to improve the level of professional services, cracking down on securities violations and crimes in accordance with the law, and unblocking channels for investor rights protection and remedy.

The prospectus is required to publish the issuer's statement to investors, and unprofitable companies are required to disclose forward-looking information such as expected profitability

On May 15, the China Securities Regulatory Commission (CSRC) issued the Guidelines for the Application of Regulatory Rules - Issuance No. 10, which will be implemented immediately. According to the CSRC, the guidelines are intended to promote all parties to establish the concept of being responsible to investors, strengthen the behavioral constraints of companies to be listed, and effectively protect the interests of investors.

The framework of programmatic trading rules is clear, and high-frequency quantification welcomes strong supervision

On May 15, the China Securities Regulatory Commission (CSRC) issued the revised Regulations on the Administration of Programmatic Trading in the Securities Market (for Trial Implementation). It makes overall and framework institutional arrangements for the supervision of programmatic transactions in the securities market, stipulates specific matters such as the management of programmatic transaction reports, transaction monitoring and risk management, information system management, and differentiated management of high-frequency trading, and authorizes the stock exchange to refine business rules and specific measures.

"Long teeth and thorns" The China Securities Regulatory Commission has "zero tolerance" to crack down on all kinds of violations of laws and regulations

On May 15, the China Securities Regulatory Commission (CSRC) released a "report card" for law enforcement in 2023 and clarified the focus of law enforcement in 2024. The China Securities Regulatory Commission said that it will strictly crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe on the legitimate rights and interests of investors, have a bad social impact, and have a strong reaction from the masses.

Securities Daily

Wu Qing: Further consolidate the foundation of the investor protection system and provide investors with more substantive and fair protection

"At present, we are thoroughly implementing the spirit of the Central Financial Work Conference, fully implementing the new 'National Nine Articles', and solidly promoting the implementation of the '1+N' policy measures in the capital market." Wu Qing said that the core content is to promote strong supervision, prevent risks, promote high-quality development, strengthen the foundation, strictly supervise and manage, and accelerate the creation of a safe, standardized, transparent, open, dynamic and resilient capital market. To this end, the China Securities Regulatory Commission (CSRC) has issued a series of institutional rules, including strictly controlling the entry of issuance and listing, strengthening the supervision of cash dividends, share reductions, quantitative trading, etc., and urging industry institutions to perform their duties and responsibilities. All these fully reflect the clear orientation of protecting investors.

China Securities Regulatory Commission: The stock exchange implements real-time monitoring of programmatic trading and strengthens the supervision of high-frequency trading

On May 15, the China Securities Regulatory Commission (CSRC) issued the Regulations on the Administration of Programmatic Trading in the Securities Market (for Trial Implementation) to further promote the standardized development of programmatic trading and maintain the order and fairness of securities trading. The Administrative Provisions will come into effect on October 8, 2024.

In 2023, the China Securities Regulatory Commission will impose 539 administrative penalties and confiscate 6.389 billion yuan

On May 15, the China Securities Regulatory Commission (CSRC) released a summary of the enforcement situation in 2023. Since 2023, in accordance with the requirements of "comprehensively strengthening financial supervision", the China Securities Regulatory Commission has strengthened political guidance, faithfully performed its duties, pooled the joint efforts of the system, cracked down on all kinds of violations of laws and regulations with "zero tolerance", and strived to achieve "long teeth and thorns" in regulatory law enforcement, strong foundation, strict supervision and strict management, and make every effort to maintain the smooth operation of the capital market, protect the legitimate rights and interests of investors, and provide a strong legal guarantee for the high-quality development of the capital market.

SFC issues regulatory guidelines to urge issuers to firmly establish a correct "listing view"

On May 15, in order to implement the new "National Nine Articles" and the "Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial)", promote all parties to establish the concept of being responsible to investors, strengthen the behavioral constraints of enterprises to be listed, and effectively protect the interests of investors, on May 15, the National Investor Protection Publicity Day, the China Securities Regulatory Commission issued the "Guidelines for the Application of Regulatory Rules - Issuance No. 10", which will be implemented immediately.

People's Daily

In the first four months, the mainland's RMB loans increased by 10.19 trillion yuan, and RMB deposits increased by 7.32 trillion yuan How to look at the changes in financial data in the first four months

Experts expect that the growth rate of the mainland's money supply is expected to stabilize in the coming months. "At present, the financing demand of the real economy is gradually improving. In the economic operation, the positive factors have increased, the momentum has continued to increase, the economic recovery trend is obvious, and the financing needs in the fields of scientific and technological innovation, green development, and inclusive small and micro enterprises will also be more visible. Dong Ximiao, chief researcher of Zhaolian, said.

In 2023, the total number of retired power batteries in mainland China will exceed 580,000 tons, and the power battery recycling industry will "accelerate"

With the continuous growth of the new energy vehicle industry in mainland China, the new energy vehicle power battery recycling industry is growing rapidly. According to data from the Society of Automotive Engineers of China, the total number of retired power batteries in mainland China will exceed 580,000 tons in 2023. "Power batteries account for about 50% of carbon emissions in the production stage of new energy vehicles, and it is very important to establish and improve the recycling system of power batteries to improve the resource utilization level of the entire industry and reduce carbon emissions throughout the life cycle." Fu Yuwu, honorary chairman of the Society of Automotive Engineers of China, said.

Economic Daily

Control the chaos of private placement violations

The Economic Daily article pointed out that effectively managing the relevant chaos and allowing the private equity industry to truly return to the origin of private equity and investment is the proper meaning of preventing and resolving financial risks and building a financial power. In view of the problems of multi-layer nesting and custody failure that have been exposed in the industry recently, the regulatory authorities should also increase the full-cycle penetrating supervision of "fundraising, investment, management and withdrawal", and constantly eliminate regulatory gaps and blind spots, so that private equity can come out of the shadows and all links are placed under the sun. Private equity practitioners also need to take a long-term view, establish a sense of compliance with the law, stabilize internal control, prevent risks, promote compliance, strengthen professionalism, improve risk management and internal control systems, and do a good job in before, during, and after the event. Take care of your reputation with honesty and trustworthiness and stability, and protect the lifeline of the industry. Investors should also raise their awareness of risks, keep their eyes open, do their homework, and make rational investments from the manager's reputation, historical performance, capital investment and other aspects.

The delisting reform continues to exert force

Accelerating the survival of the fittest and metabolism in the capital market is an indispensable part of enhancing the investment value of listed companies. In order to continue to deepen the reform of the delisting system and achieve an orderly and timely settlement pattern, the China Securities Regulatory Commission (CSRC) formulated and issued the Opinions on Strict Implementation of the Delisting System, and the stock exchange revised and improved the relevant delisting rules. On the basis of the 2020 delisting reform, the revision of the delisting criteria further highlights the deterrence of financial fraud and internal control failure, and improves the all-round three-dimensional crackdown system against violations of laws and regulations.

21st Century Business Herald

The United States has once again waved the "tariff stick" on Chinese photovoltaic products: although the tariff rate has doubled, it has little impact

On May 14, local time, the Biden administration announced new tariffs on $18 billion worth of Chinese imports. On May 15, the reporter learned from a number of photovoltaic companies in the industry that they have paid attention to the above information, but the preliminary assessment is "the current impact is very small". Some business people further told reporters that what is currently being paid closer attention is the policy changes of the United States for photovoltaic products in Southeast Asia.

McDonald's is caught in the "sequelae" of expansion: "expired ingredients" are just a corner

Recently, according to an investigation by the Beijing News, McDonald's Zhengzhou Excellent Agricultural Federation Restaurant and McDonald's Jinan University Restaurant have problems such as tampering with food shelf life labels, using expired ingredients, selling food after the expiration date, and cutting corners. McDonald's Zhengzhou Excellent Agricultural Union Restaurant, there is also the situation that the quality of fried oil exceeds the standard. In this regard, McDonald's said, "It is actively cooperating with the local market supervision department to investigate and verify." Any violation of the operating standards will not be tolerated and will be dealt with seriously. Judging from this statement, McDonald's is still in the "verification" stage of whether the store uses "expired ingredients". Previously, McDonald's China proposed to exceed 10,000 restaurants by 2028. For this company, how to solve the management problems caused by rapid expansion may be the key to solving the problem.

CBN

External risks are rising, and Chinese assets are becoming more attractive

On the 14th local time, the U.S. government announced that it would impose tariffs on Chinese electric vehicles and other products; On the same day, Fed Chairman Jerome Powell revealed in his speech that he lacked confidence that inflation would fall in the short term, and Fed Governor Bowman even said that "there will be no interest rate cuts this year". However, the RMB exchange rate rose instead of falling. On the 15th, the onshore yuan closed up 182 points against the US dollar. The Hang Seng Index fell 0.22% to 19,073.71 points, and the Shanghai Composite Index fell 0.82%, still above the 3,100-point mark. After the US April CPI released on the evening of the same day Beijing time did not rise more than expected, the dollar index dived in the short term, and the dollar fell more than 300 points against the offshore yuan intraday. It is widely believed that the overall impact of tariff hikes is not significant, and the trend of the renminbi still depends on economic fundamentals and the trend of the US dollar. With the recent slight reduction of foreign investors in the underweight of Hong Kong stocks and A-shares, the sustainability of subsequent capital inflows also depends on whether there is a change in fundamentals, especially whether the trend of declining earnings of listed companies is nearing the end.

The industry said that the filing of private equity NEEQ funds was suspended, and there were still institutions participating in the private placement

Industry insiders believe that the association's above-mentioned measures are not unexpected, and the reason is to control risks in the short term. In fact, the association's supervision of private placement is gradually becoming stricter. Recently, a number of private equity firms have been punished by the association for business violations, and some private equity firms have even received disciplinary sanctions of "suspending the acceptance of their private fund product filings for three months". However, Yicai found that in the case of the suspension of the filing of new products, there are still private placements that have recently "detoured" to invest in NEEQ companies through private placements.

Economic Information Daily

Wu Qing, Chairman of the China Securities Regulatory Commission: Consolidate the institutional foundation of investor protection

Wu Qing pointed out that at present, the China Securities Regulatory Commission is thoroughly implementing the spirit of the Central Financial Work Conference, fully implementing the new "National Nine Articles", and solidly promoting the implementation of the "1+N" policy measures in the capital market. To this end, the China Securities Regulatory Commission (CSRC) has issued a series of institutional rules, including strictly controlling the entry of issuance and listing, strengthening the supervision of cash dividends, share reductions, quantitative trading, etc., and urging industry institutions to perform their duties and responsibilities, which fully reflects the clear orientation of protecting investors.

The popularity of trade-in has risen significantly, and the trillion-level market has been accelerated

The "618" e-commerce promotion is about to start, and many platforms have recently announced promotional plans, and the trade-in of consumer goods such as home appliances has become the focus of promotion. The data shows that since April, the popularity of trade-in has increased significantly, and the search volume and sales have increased significantly. Experts said that driven by policies, markets and other factors, the trillion-level market space for the trade-in of consumer goods is accelerating the release. Many places have also clarified the quantitative goals for the promotion of trade-in of consumer goods. Among them, Jilin proposed that by 2027, the recycling volume of scrapped vehicles will be about double compared with 2023, the transaction volume of second-hand cars will increase by 45%, and the recycling volume of waste household appliances will increase by 30%; Jiangsu proposes to recycle about 250,000 scrapped vehicles and renew 7.5 million home appliances (including refrigerators, washing machines, air conditioners, TVs, etc.) in 2024. In the view of industry experts, the trade-in of consumer goods involves a trillion-level market space, and the promotion of measures by all parties will effectively stimulate the market space and promote the continuous recovery and expansion of consumption.

(Source: Oriental Wealth Research Center)

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