Important News Alert
The issuance of 30-year ultra-long-term special treasury bonds today is the first IPO after the new regulations, and Marco Polo postponed the review of Beijing's action plan for promoting the high-quality development of low-altitude economic industries
Tip of the day
The 30-year ultra-long-term special treasury bond was issued today.
Responsible persons of the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the People's Bank of China, and the State Administration of Financial Supervision and Administration briefed them on the relevant situation of supporting policies for ensuring the delivery of housing, and answered reporters' questions.
The State Council Information Office held a press conference today on the operation of the national economy in April 2024.
The National Bureau of Statistics (NBS) today released its monthly report on the sales price index of commercial residential properties for April.
Financial news
1. On May 16, the Listing Committee of the Shenzhen Stock Exchange held a meeting to consider Marco Polo's initial listing application and made a decision to suspend the review. This is the first IPO application considered by the exchange in recent times. The Shenzhen Stock Exchange requires issuers to explain and disclose whether their operating results are stable in light of the price trends of the issuer's main products, market competition, and comparable companies in the same industry. Explain whether the provision for individual bad debts is accurate. At the same time, the sponsor and the reporting accountant are requested to supplement the verification and express a clear opinion.
In the early stage, the new "National Nine Articles" and supporting policy documents have been promulgated, the China Securities Regulatory Commission and the stock exchange have successively issued supporting system rules, and the issuance and listing review rules have also revised the issuance and listing conditions and plate positioning requirements of the main board and GEM. Market participants believe that the listing committee meeting of the exchange is a concrete embodiment of the implementation of the new regulations on issuance and listing, the continuous and steady promotion of the review of issuance and listing, and the normal function of the capital market.
The relevant person in charge of the Shenzhen Stock Exchange said that this is a normal situation in the review, and in terms of the provisions and actual implementation of the review system, the review results of the listing application by the Listing Committee include three types: approval, rejection, and suspension of review. The Listing Committee's suspension of the review of Marco Polo's listing application is mainly due to the fact that the company's operating income and profit have declined to a certain extent during the reporting period, and it is necessary to further confirm whether the uncertain factors affecting performance have been eliminated on the existing basis.
2. According to the website of the Beijing Municipal People's Government, the "Beijing Action Plan for Promoting the High-quality Development of Low-altitude Economic Industries (2024-2027)" (hereinafter referred to as the "Plan") is open for public comment. The plan proposes to establish a leading group for low-altitude economic development led by municipal leaders to promote the solution of a number of major policies, key issues and important issues of low-altitude economy. Research and formulate task lists, establish a military-civilian coordination mechanism, and coordinate the promotion of airspace management, air traffic control services, demand distribution and other matters. Replicate the experience of the autonomous driving demonstration area to form a low-altitude economic promotion and management model. In addition, special policies have been formulated and introduced to increase financial support. Set up a low-altitude industry fund to guide social capital and professional institutions to invest in low-altitude industry projects.
The plan proposes that the number of low-altitude economy-related enterprises will exceed 5,000 in three years, low-altitude technical services will cover the whole country, and the low-altitude industry will form a national leading demonstration, driving the city's economic growth to exceed 100 billion yuan. By 2027, 10 leading enterprises with 1 billion yuan, 50 supporting enterprises in the core links of the industrial chain of more than 100 million yuan, and 100 technical service enterprises will be cultivated, and a number of low-altitude products and services with international competitiveness and brand influence will be formed in the fields of low-altitude intelligent networking, vertical take-off and landing fields, unmanned aerial vehicles and electric vertical take-off and landing aircraft (eVTOL).
3. He Yadong, spokesman of the Ministry of Commerce, said at the regular press conference of the Ministry of Commerce on May 16 that overall, China's foreign trade performance in April was in line with expectations.
For the foreign trade situation in the first four months, He Yadong said that there are three main characteristics: first, from the perspective of scale, import and export are a new high in the same period in history; Second, from the perspective of the market, both traditional and emerging markets are showing a growth trend; Third, from the perspective of the industry, the contribution of mechanical and electrical products is mainly increased.
4. On May 16, a reporter from the China Securities Journal learned that at present, as long as the inquiry meets the conditions in the Beijing Municipal Commission of Housing and Urban-Rural Development, Beijing families can purchase a third house according to the interest rate of the second house loan. At present, the interest rate for the first home loan in Beijing is 4.05%, and the interest rate for the second home loan is 4.55%.
5. According to the website of the Central Commission for Discipline Inspection and the State Supervision Commission on May 16, Lou Wenlong, former member of the Party Committee and vice president of the Agricultural Bank of China, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the State Supervision Commission. 6. According to the news on the website of the central bank on May 16, the central bank held the 2024 science and technology work conference to analyze the current situation and deploy key tasks in 2024. The meeting pointed out that in 2024, the central bank's science and technology line should accelerate the planning and construction of a digital central bank, continue to enhance network security and data security capabilities, further promote the application and digital transformation of financial technology, and continuously strengthen the supply and implementation of financial standards, so as to provide strong scientific and technological support for the construction of a strong central bank, the establishment and improvement of an independent, controllable, safe and efficient financial infrastructure system, and the "five major articles". 7. On May 16, Dali, Yunnan Province issued "17 measures" for the property market to accelerate the construction of an urban housing security system based on affordable rental housing. Encourage the acquisition of stock housing as affordable rental housing or talent housing, residential commercial housing in counties and cities, Dali Economic Development Zone, except for the internal supporting facilities of the industrial park and towns far away from the county (main urban area), no new affordable rental housing.
Company News
1. *ST Baoli: ST Baoli announced on the evening of the 16th that as of May 16, 2024, the closing price of the company's shares has been lower than 1 yuan for 20 consecutive trading days, and the company's shares will be terminated by the Shenzhen Stock Exchange. Trading in the company's shares has been suspended since the market opened on May 17.
2. Jingdong Group: On the evening of the 16th, it released a first-quarter performance announcement, with first-quarter revenue of 260.05 billion yuan, a year-on-year increase of 7%, and the market estimate was 258.35 billion yuan.
In the first quarter, JD.com's net profit attributable to ordinary shareholders of listed companies under non-GAAP was 8.9 billion yuan, a year-on-year increase of 17.2%. Benefiting from the continuous release of the efficiency of the supply chain infrastructure accumulated over the years, JD.com's service revenue reached 51.5 billion yuan in the first quarter, a year-on-year increase of 8.8%. Among them, revenue from logistics and other services increased by 13.8% year-on-year to RMB32.2 billion.
3. Baidu: On the evening of the 16th, it released a first-quarter results announcement, with a total revenue of 31.5 billion yuan in the first quarter. The net profit attributable to Baidu (Non-GAAP) was 7.011 billion yuan, a year-on-year increase of 22%, and the net profit attributable to Baidu's core (Non-GAAP) was 6.628 billion yuan, a year-on-year increase of 26%, both exceeding market expectations.
According to the financial report, as of mid-April, the number of developers in Baidu's PaddlePaddle developer community has grown to 13 million; In the first quarter, Carrot Express provided about 826,000 rides, a year-on-year increase of 25%, and as of April 19, it provided more than 6 million rides. In March this year, Baidu's app reached 676 million monthly active users, a year-on-year increase of 3%.
4. CMOC: The company's official WeChat account issued a statement at noon on May 16, saying that it had paid attention to the relevant media reports about its trading company, Exen. The company clarified that the hedging trading strategy of an international trading company buying in one market and selling in another market at the same time is a common practice in the industry. At present, the COMEX market in the United States has a high premium for copper products, and as a global commodity trading company, it is advantageous to conduct physical trading in this market. This hedging trading strategy is different from pure speculation, and the risk is completely controllable. Exsen has a strict risk control mechanism, and the operation is within the framework. As of the close of trading on the 16th, CMOC fell more than 5%, with a total market value of 187.27 billion yuan, and the stock has fallen for two consecutive days.
5. Guolian Securities: On the evening of the 16th, it was announced that the company's A-share shares will deviate from the closing price increase by 20% in two consecutive trading days on May 15 and May 16, 2024. After the company's self-examination and written confirmation to the controlling shareholder and actual controller, as of the disclosure date of the announcement, except for the company's disclosure of the company's planning to acquire 100% of the shares of Minsheng Securities Co., Ltd. by issuing A shares and raising matching funds, it is confirmed that there is no other material information that should be disclosed but has not been disclosed.
6. Zhengdan shares: It was announced on the evening of the 16th that from April 16, 2024 to May 16, 2024, the closing price of the company's stock price for 15 trading days has not been less than 130% (i.e., 9.62 yuan/share) of the current conversion price of "Zhengdan Convertible Bonds" (7.4 yuan/share), which has triggered the conditional redemption clause in the prospectus. Combined with the current market and the company's own situation, after comprehensive consideration, the board of directors agreed that the company exercised the early redemption right of "Zhengdan convertible bonds", and the redemption price was 100.31 yuan per piece; The "Zhengdan Convertible Bonds" will cease trading from June 4, 2024, and the conversion of shares will cease from June 7, 2024.
7. 3 boards Yazhen Home: On the evening of the 16th, it was announced that the company's shares closed at the limit price for three consecutive trading days on May 14, 15 and 16, 2024, with a cumulative increase of 33.26%, and the company's stock trading price has fluctuated greatly recently, and the increase is significantly higher than that of the Shanghai Composite Index in the same period. The controlling shareholder of the company signed the Share Transfer Agreement with Xie Kai on May 11, 2024, and the share transfer is currently in the process of handling the share transfer, pending compliance review, and there is an uncertainty risk whether it can be finally completed. The share transfer agreement only involves a 5% change in equity and will not lead to a change in the controlling shareholder or actual controller of the company.
8. Tongce Medical: On the evening of the 16th, it was announced that the company received the "Decision on Issuing Warning Letters to Zhejiang Tongce Eye Hospital Investment Management Co., Ltd. and Lv Jianming" issued by the Zhejiang Securities Regulatory Bureau on May 15, 2024. Zhejiang Tongce Eye Hospital Investment Management Co., Ltd. (hereinafter referred to as "Ophthalmology Investment") failed to repay the financial assistance in a timely manner in accordance with the announced repayment plan, and Lv Jianming failed to perform the repayment obligation on behalf of Lv Jianming when the ophthalmic investment failed to return within the promised time limit, and the above-mentioned acts of Ophthalmology Investment and Lv Jianming constituted the circumstances described in Article 15 of the Regulatory Guidelines for Listed Companies No. 4 - Commitments of Listed Companies and Their Related Parties (CSRC Announcement [2022] No. 16). According to the regulations, the Zhejiang Securities Regulatory Bureau decided to take supervision and management measures of issuing warning letters to Ophthalmology Investment and Lv Jianming respectively, and recorded them in the integrity file of the securities and futures market.
9. Shenzhen Textile A: On the evening of the 16th, it announced that it would terminate the purchase of 100% of the shares of Hengmei Optoelectronics Co., Ltd. held by a total of 17 counterparties, including Chimei Material Technology Investment Co., Ltd. and Haosheng (Danyang) Investment Management Co., Ltd., by issuing shares and paying cash.
Selected Research Reports
Guotai Junan Research Report pointed out that it is recommended to continue to grasp the two main lines of performance realization of the high-prosperity track of the communication industry, as well as the valuation repair brought about by the recovery of demand. In 2024, the overall valuation level of the communications industry will return to the highest level since 2016. The high prosperity of computing power brought by AI has formed a consensus expectation in the market, and the follow-up will continue to follow up on the delivery and performance realization of the AI track, and the recommended sector is optical modules. In addition, most of the communication manufacturing industry ushered in a rebound in demand, especially the overseas-oriented Internet of Things modules, controllers, power informatization, etc., the valuation is significantly lower than the popular track that has formed a high prosperity, which is a valuation depression.
The research report of Cinda Securities pointed out that the low-altitude economy is a comprehensive economic form that relies on low-altitude airspace, takes the low-altitude flight activities of various manned and unmanned aircraft as the traction, and radiates and drives the integrated development of air tourism, regional passenger transport, general aviation services, scientific research and education and other related fields. As a representative of new quality productivity, the low-altitude economic development has broad prospects, and the potential industrial chain market size reaches one trillion yuan. With the inclusion of the low-altitude economy in the national plan, the industrialization implementation and airspace management optimization are expected to accelerate, and at the same time, the central + local policies are intensively introduced, and the commercialization of eVTOL, as an important carrier of the low-altitude economy, is expected to accelerate.
Reporter: Zhang Jing Editor: Wang Yin Proofreader: Zhang Diange
Producer: Li Ruoyu Issued by: Sun Hong
