Today's attention //
1. The central bank has signed bond borrowing agreements with several major financial institutions to continue to borrow and sell treasury bonds
2. The six departments jointly took action to resolutely crack down on and curb financial fraud in key areas
3. The China Securities Regulatory Commission seriously investigated and dealt with 5 cases of illegal information disclosure such as financial fraud of listed companies
4. The China Securities Regulatory Commission (CSRC) solicited public opinions on the Administrative Provisions on Information Disclosure and Information Submission of Private Investment Funds (Draft for Comments).
5. British Prime Minister Sunak announced his resignation
Macro Warning //
1. Li Qiang presided over the executive meeting of the State Council
Premier Li Qiang presided over an executive meeting of the State Council to study and deploy the work related to promoting the high-quality development of the digital economy, and reviewed and approved the "Implementation Plan for Supporting the Development of Innovative Drugs in the Whole Chain". The meeting pointed out that it is necessary to understand and promote the high-quality development of the digital economy from a global perspective, promote the deep integration of digital technology and the real economy, promote digital industrialization and industrial digitization, and comprehensively empower economic and social development; It is necessary to strengthen policy guarantees in the whole chain, make overall plans to make good use of policies such as price management, medical insurance payment, commercial insurance, drug allocation and use, investment and financing, optimize the review and approval and assessment mechanisms of medical institutions, and work together to promote the breakthrough development of innovative drugs.
2. Six departments including the China Securities Regulatory Commission: Strictly punish the fraudulent issuance of stocks and bonds, and continue to optimize and improve the review and registration mechanism for the issuance and listing of stocks and bonds
The General Office of the State Council forwarded the Opinions of the China Securities Regulatory Commission and other departments on further improving the comprehensive punishment and prevention of financial fraud in the capital market. It mentions that the fraudulent issuance of stocks and bonds will be severely punished. We will continue to optimize and improve the review and registration mechanism for the issuance and listing of stocks and bonds, and ensure the "entry gate" of the capital market. Intensify on-site inspection and supervision of stock issuance, focus on abnormal growth in performance, and strictly prevent "breaking through with illness". Focus on defaulted and risky bond issuers, and crack down on fraudulent issuance, false information disclosure, misappropriation of raised funds, debt evasion and other violations of laws and regulations.
3. Six departments including the China Securities Regulatory Commission: Crack down on systematic fraud and cooperate with fraud
The General Office of the State Council forwarded the Opinions of the China Securities Regulatory Commission and other departments on further improving the comprehensive punishment and prevention of financial fraud in the capital market. It mentions that it is necessary to crack down on systematic counterfeiting and cooperate with counterfeiting. Closely follow up on the characteristics and evolution trends of systematic and gang-type financial fraud, and strictly crack down on systematic fraud through methods such as forging or altering vouchers, using fictitious transactions of related parties, or third-party cooperation. Comprehensively punish the planners, organizers, implementers, and cooperators of financial fraud, as well as professional criminal gangs that professionally cooperate with fraud, and resolutely break the "ecosystem" of fraud.
China Bond Alert //
1. The central bank has signed bond borrowing agreements with several major financial institutions to continue to borrow and sell treasury bonds
The central bank has signed bond borrowing agreements with several major financial institutions. In this regard, the media confirmed, the central bank confirmed the information, the financial institutions that have signed the agreement can lend hundreds of billions of yuan of medium and long-term treasury bonds, will use an indefinite term, credit method to borrow treasury bonds, and will continue to borrow and sell treasury bonds depending on the operation of the bond market.
2. Fitch: AVIC International Industrial Rating Outlook is 'Negative' for the first time
On 5 July, Fitch Ratings assigned AVIC International Industrial Holdings Limited a long-term foreign and local currency IDR of 'A' with a negative outlook.
3. Fitch: Affirms Shandong Finance Group's Rating Outlook as 'Negative'
On 5 July, Fitch affirmed Shandong Finance Investment Group Co., Ltd.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'A+' with a negative outlook.
4. Jinghu Construction: Huaan Company, a subsidiary of the company, was involved in a major lawsuit and was listed as the person subject to execution
Wuhu Jinghu Construction Investment Co., Ltd. announced that its subsidiary, Wuhu Huaan Real Estate Development Co., Ltd., was involved in a major lawsuit and was required to bear payment liability to Xu Yesheng within the scope of the unpaid project payment. After the first and second instance judgments, it was finally determined that Huaan Company should pay Xu Yesheng 75.6223 million yuan. At present, Huaan Company has been listed as the person subject to execution, and the execution target is 79.903 million yuan.
5. KWG Group: Pre-sales in June decreased by 42.8% year-on-year
KWG Group announced on the Hong Kong Stock Exchange that in June, the pre-sales of the group and its joint ventures and associates were 990 million yuan, a year-on-year decrease of 42.8%. The pre-sale floor area was about 54,800 square meters, a year-on-year decrease of 35.5%.
6. Seazen Development: Seazen Holdings' contracted sales in June decreased by 43.28% over the same period last year
Seazen Development announced on the Hong Kong Stock Exchange that Seazen Holdings achieved contracted sales of about 3.801 billion yuan in June, down 43.28% from the same period last year; The contracted sales area was about 525,300 square meters, a decrease of 44.32% over the same period of last year.
7. CCCC Financial Leasing Company: The total new borrowings in the first half of the year were 21.647 billion yuan
CCCC Financial Leasing Co., Ltd. announced that as of the end of June, compared with the end of last year, the total new borrowings were 21.647 billion yuan. The above-mentioned new borrowings comply with the provisions of laws and regulations, are caused by the company's capital needs for normal business activities, and will not adversely affect the company's production and operation and solvency.
8. Hefei Binhu New Area Construction Investment: Senior management personnel were investigated on suspicion of serious violations of discipline and law
Hefei Binhu New Area Construction Investment Co., Ltd. announced that Kang Huaishu, deputy general manager of the company, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Hefei Municipal Commission for Discipline Inspection and Supervision.
9. Xining Development Investment Group and Chairman Li Feng were warned
The website of the Qinghai Securities Regulatory Bureau disclosed the decision to issue a warning letter to Xining Economic and Technological Development Zone Investment Holding Group Co., Ltd. and Chairman Li Feng.
10. Sunac Real Estate Group: The company was included in the judgment defaulter
Sunac Real Estate Group Co., Ltd. announced that the company was included in the judgment defaulter. As of June 30, the company added 15 new untrustworthy acts.
China Stock Alert //
1. Six departments including the China Securities Regulatory Commission: Intensify the crackdown on manipulating asset impairment provisions to adjust profits and covering up fraud in the early stage with financial "bathing".
The General Office of the State Council forwarded the Opinions of the China Securities Regulatory Commission and other departments on further improving the comprehensive punishment and prevention of financial fraud in the capital market. Reference was made to strengthening the supervision of the misuse of accounting policies to commit fraud. Strengthen financial and accounting supervision, and intensify the crackdown on the abuse of accounting policies and accounting estimates to carry out financial fraud. Pay close attention to the implementation of accounting policies and accounting estimates, and intensify the crackdown on manipulating asset impairment provisions to adjust profits and using financial "bathing" to cover up fraud in the previous period.
2. Six departments including the China Securities Regulatory Commission: Strictly punish financial fraud based on the completion of performance commitments for mergers and acquisitions, facilitating major shareholders to grab huge dividends, meeting the conditions for exercising equity incentives, and avoiding delisting
The General Office of the State Council forwarded the Opinions of the China Securities Regulatory Commission and other departments on further improving the comprehensive punishment and prevention of financial fraud in the capital market. It mentions intensifying the fight against financial fraud in specific areas. Punish financial fraud carried out by securities issuers and listed companies through false trade methods such as "idling" and "taking orders" in accordance with law. Crack down on financial fraud through the use of supply chain finance, commercial factoring, bill trading, and other means. Strictly punish financial fraud carried out for the purpose of completing the performance commitments of mergers and acquisitions, facilitating major shareholders to obtain huge dividends, meeting the conditions for exercising equity incentives, and avoiding delisting. Consolidate the diligence and due diligence responsibilities of private equity venture capital fund managers, strengthen due diligence and post-investment management of the financial authenticity of the projects invested by the fund, and prevent the occurrence of fraud.
3. Six departments including the China Securities Regulatory Commission: Increase criminal accountability for financial fraud in the capital market
The China Securities Regulatory Commission, the Ministry of Public Security, the Ministry of Finance, the People's Bank of China, the State Administration of Financial Supervision and Administration of the State Council, and the State-owned Assets Supervision and Administration Commission of the State Council issued the Opinions on Further Improving the Comprehensive Punishment and Prevention of Financial Fraud in the Capital Market. The opinions put forward to promote the increase in the force of criminal accountability. Promote the issuance of judicial interpretations on the crime of breach of trust harming the interests of listed companies, and increase the extent of criminal accountability for controlling shareholders and actual controllers in organizing and carrying out financial fraud, embezzlement of listed companies' assets, and other such acts. Dig deep into clues on illegal crimes such as misappropriation of funds, embezzlement of duties, breach of trust, and damage to the interests of listed companies by directors and senior managers of listed companies. Where third-party personnel such as suppliers, customers, intermediaries, and financial institutions cooperate in carrying out financial fraud, which constitutes a crime, criminal responsibility is to be resolutely pursued in accordance with law. Promote the improvement of support mechanisms for civil accountability. Explore the establishment of a securities public interest litigation system.
4. The China Securities Regulatory Commission seriously investigated and dealt with 5 cases of illegal information disclosure such as financial fraud of listed companies
The China Securities Regulatory Commission (CSRC) has imposed administrative penalties and prior notices on five listed companies for information disclosure violations such as financial fraud and major shareholder appropriation of funds, taking into account the circumstances of the violation and the degree of responsibility. The first is to issue administrative penalty decisions to Jiangsu Shuntian, ST Texin, and *ST Zhongli, with a cumulative fine of 68.3 million yuan, and implement securities market prohibition measures for 6 main responsible persons; The second is to issue a prior notice of administrative punishment to the two companies of East and Caesar Tongsheng, with a total fine of 52.7 million yuan, and it is proposed to implement measures to prohibit one main responsible person from entering the securities market. In the next step, the China Securities Regulatory Commission will continue to strengthen the three-dimensional accountability of the controlling shareholders and actual controllers for organizing and implementing financial fraud and embezzlement of listed companies' assets, continue to deepen the linkage with the public security and judicial organs, and further promote the formation of a regulatory and law enforcement "ecosystem" of joint governance and orderly cohesion, and implement the regulatory and law enforcement requirements of "long teeth and thorns".
5. "A shares can be expected to be 1 million points"? Zhongtai Asset Management's latest response
According to CSI Taurus, the topic of "1 million points of A-shares can be expected" rushed to the hot search list on Weibo. The party involved in the incident is Jiang Cheng, co-chief investment officer of Zhongtai Asset Management and general manager of the equity public investment department. Zhongtai Asset Management responded that the occurrence of this incident was due to the lack of context, and some words were excessively amplified to affect the accuracy of expression, which deviated from the original meaning of investor communication.
6. Ganfeng Lithium: The company and its chairman Li Liangbin received the administrative penalty decision
Ganfeng Lithium announced that the company received the "Administrative Penalty Decision" issued by the Jiangxi Supervision Bureau of the China Securities Regulatory Commission, and the company was suspected of insider trading of "*ST Jiangte" stocks, and the Jiangxi Supervision Bureau of the China Securities Regulatory Commission decided to confiscate the company's illegal gains of 1.1053 million yuan and impose a fine of 3.3159 million yuan, give a warning to Chairman Li Liangbin and impose a fine of 600,000 yuan, and give a warning to Ou Yangming, the secretary of the board of directors at the time, and impose a fine of 200,000 yuan.
7. Guosen Securities: Ordered by the Shenzhen Securities Regulatory Bureau to make corrections and suspend the filing of new private asset management products
Guosen Securities announced that it received the decision on administrative supervision measures from the Shenzhen Securities Regulatory Bureau, and the company had problems such as channel business characteristics, untruthful rectification of new asset management regulations, and convenience for other financial institutions to operate capital pool wealth management business in violation of regulations, and was ordered by the Shenzhen Securities Regulatory Bureau to correct and suspend the filing of new private asset management products for 3 months, with a suspension period from July 6 to October 5, 2024.
8. China Galaxy: Its wholly-owned subsidiary, Galaxy Jinhui, was ordered to make corrections and suspend the filing of new private asset management products for 3 months
China Galaxy announced that its wholly-owned subsidiary, Galaxy Jinhui Securities Asset Management Co., Ltd., received a decision on administrative supervision measures from the Shenzhen Securities Regulatory Bureau, and the Shenzhen Securities Regulatory Bureau decided to take administrative supervision measures to order it to correct and suspend the filing of new private asset management products for 3 months due to four problems in the development of private asset management business, including individual directional asset management accounts in violation of regulations and transactions with other securities asset management accounts of the company. The suspension period is from 6 July to 5 October 2024.
9. Radio and Television Network: Due to the false record in the 2022 annual report, other risk warnings were implemented, and the stock abbreviation was changed to ST Radio Network
Radio and Television Network announced that the company received a prior notice of administrative punishment from the Shaanxi Supervision Bureau of the China Securities Regulatory Commission due to false records in the 2022 annual report. According to the relevant regulations, the company's shares will be suspended for 1 day on July 8, 2024, and other risk warnings will be implemented from July 9, and the stock abbreviation will be changed to ST Guangwang, with a daily rise and fall limit of 5%.
10. In the past, Zhongli and Wang Chaoyong, the former 10 billion veteran private equity letter, were issued a warning letter
Due to the failure to disclose the 2023 annual report in a timely manner, Wang Chaoyong, the chairman of the board of directors of Xinzhongli at the time, was taken by the Beijing Securities Regulatory Bureau to issue a warning letter. It is believed that Zhongli announced that the 2023 annual report was still not disclosed before June 28, and the company was at risk of being terminated. As a result, Xinzhongli has been suspended from May 6. As early as November 2017, Xinzhongli had announced the cancellation of the AMAC, and then planned to take the initiative to delist the New Third Board. According to the announcement, Xinzhongli began to prepare for the delisting application at the end of 2018, and the share transfer system finally rejected the application in September 2021.
11, Yu Minhong responded to the Dongfang Selection turmoil: Please don't attack Dongfang Selection and any anchors who walk with Hui
Yu Minhong, the founder of New Oriental and CEO of Oriental Selection, posted a video on his personal social media account, asking everyone not to attack Oriental Selection and any anchor who walks with Hui. "The emergence of Dongfang Selection is also to provide a new stage for young people", Yu Minhong said, "I ask everyone here again not to attack Dongfang Selection and any anchor who walks with Hui, and I also strongly urge everyone to express their views in rational and peaceful language no matter where they speak, be more tolerant, be more kind, and give children a clear Internet environment." ”
Overseas Warning //
1. Sunak announced his resignation as British Prime Minister
Sunak, the current Prime Minister of the United Kingdom and leader of the Conservative Party, announced his resignation as Prime Minister in a speech at 10 Downing Street. Subsequently, Sunak will travel to Buckingham Palace to meet with King Charles III and formally resign as prime minister. After this, Labour leader Starmer will travel to Buckingham Palace to accept the King's appointment as the new Prime Minister of the United Kingdom.
2. After Microsoft's official announcement of adjusting offline channels: offline Microsoft employees were withdrawn, and the official website did not update store information for a long time
According to Yicai, from the feedback of stores, Microsoft has not updated the information of offline channel stores. According to Microsoft's official store, Microsoft currently has a total of 146 stores in China, of which 106 stores only provide services and are not responsible for sales. The remaining 40 stores with sales qualifications are Xbox retail experience stores and Shundian Microsoft experience zones, although some stores have long ceased operations. Shundian employees said that Shundian and Microsoft were directly cooperating before, and Shundian stores also had Microsoft employee services, and after the recent adjustment, Microsoft employees have been withdrawn, and Shundian store employees are responsible for reception.
3. General Motors was fined more than $140 million for exceeding the emission standard
The U.S. government investigation found that about 5.9 million GM vehicles exceeded emission standards, and GM will be fined US$145.8 million (about 1.06 billion yuan). The U.S. Environmental Protection Agency said that the vehicles involved, mainly some models manufactured between 2012 and 2018, emitted more than 10 percent more carbon dioxide than GM claimed in its original compliance report. However, the U.S. Environmental Protection Agency has not asked GM to recall the vehicles with excessive emissions.
4. Luxury brands collectively adjusted prices again, and the clerk said that it would affect sales, but the price would still increase
According to Yicai, it was recently reported that Louis Vuitton's Chinese stores had increased prices across the board on July 2. The reporter visited the offline stores and found that the price adjustment was true, and the increase in each category was about 3%~6%. During the visit, I learned that in addition to LV, other luxury brands such as Dior and Givenchy will also increase their prices in the near future, but the store is deserted. Some store clerks said that the price adjustment will indeed affect sales, but the price will still increase.
5. British media: Brazil prohibits Meta from using social media to train A
According to the BBC, the Brazilian Data Protection Authority (ANPD) recently said that it would suspend the implementation of the latest privacy policy of Meta in the United States, prohibiting Meta from training generative artificial intelligence (AI) models based on posts published by Brazilian users.
Financial Interbank Warning //
1. Six departments to crack down on financial fraud in the capital market: suspend or prohibit intermediaries with major violations of laws and regulations from engaging in securities service business in accordance with the law
The General Office of the State Council forwarded the "Opinions on Further Improving the Comprehensive Punishment and Prevention of Financial Fraud in the Capital Market" issued by the China Securities Regulatory Commission and other six departments, consolidating the "gatekeeper" responsibilities of intermediaries. Promote a quality-oriented evaluation mechanism for the practice quality of intermediaries of listed companies and bond issuers. Supervise and urge intermediary institutions such as sponsor institutions, accounting firms, asset appraisal institutions, and law firms to strengthen practice quality control. Strengthen the supervision and inspection of intermediaries, and if intermediaries discover financial fraud involving securities issuers or listed companies, they shall promptly report to the financial and securities regulatory departments. Where intermediaries take the initiative to report when they discover fraudulent conduct, they are to be given a lighter or commuted punishment in accordance with law. Complete the credit records of intermediary institutions and practitioners, and urge relevant institutions and personnel to be diligent and conscientious. Intermediaries with major violations of laws and regulations shall suspend or prohibit them from engaging in securities service business in accordance with the law, and strictly implement systems such as revocation of practice licenses and prohibition of practitioners.
2. The China Securities Regulatory Commission (CSRC) solicited public opinions on the Administrative Provisions on Information Disclosure and Information Submission of Private Investment Funds (Consultation Paper).
The China Securities Regulatory Commission (CSRC) solicited public comments on the Administrative Provisions on Information Disclosure and Information Submission of Private Investment Funds (Consultation Paper). The Provisions specify the differentiated periodic reporting and interim reporting requirements for private securities investment funds and private equity investment funds, as well as specific arrangements for the disclosure of underlying assets. Clarify the audit requirements for private securities investment funds involving non-custody and other circumstances and the comprehensive audit requirements for private equity investment funds. Clarify the review and review of the net value of the fund by the custodian of the private securities investment fund, as well as the investor reminder and reporting requirements when specific risk situations are discovered.
3. The discussion of bank salary cuts has resurged: the trend of the times, and many factors have accelerated the decline in per capita salary last year
According to Yicai, at a time when salaries and salary cuts are being hotly discussed by funds and brokerages, banks have once again become the focus of the topic of salary cuts in the financial industry. According to some media, CCB will carry out a large-scale salary cut, with the salary of employees at the headquarters cutting by at least 10%, and the decline in executive pay may be even greater. At the same time, there is news circulating on the Internet that the Beijing and other branches of Minsheng Bank have cut salaries by 40% and to 50% by the end of the year, and another large state-owned bank has been rumored to have cut salaries during the same period. This is also since the news of Ping An Bank's "salary cut" in May, the salary changes in the banking industry have once again attracted widespread attention. Some people in the financial industry told reporters that there is no general salary cut in the banking industry at present, and most of the salary cuts on social media are young front-line bank employees, which is not universal. However, a number of people in the banking industry told reporters that the industry's salary cut has been the trend that everyone expected, on the one hand, the urgency of reducing costs and increasing efficiency brought about by operating pressure, and on the other hand, the overall adjustment pressure of high salaries in the financial system.
4. Yi Yingsen, former marketing director and general manager of the institutional business department of Agricultural Bank of China, was reviewed and investigated
According to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the Agricultural Bank of China and the Beijing Municipal Commission for Discipline Inspection and Supervision: Yi Yingsen, the former marketing director and general manager of the institutional business department of the Agricultural Bank of China, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the Agricultural Bank of China and the supervision and investigation of the Supervision Committee of Yanqing District, Beijing.
5. Hong Kong Monetary Authority: DBS Hong Kong was fined HK$10 million for violating anti-money laundering regulations
The Hong Kong Monetary Authority (HKMA) announces that it has completed investigation and disciplinary proceedings against DBS Bank (Hong Kong) Limited (DBSHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The Monetary Authority imposed a fine of HK$10 million on DBS Hong Kong for contravening the Anti-Money Laundering Ordinance. The investigation found that DBSHK had deficiencies in its controls over ongoing monitoring of its business relationships with customers and rigorous customer due diligence in high-risk situations at various times between April 2012 and April 2019, and failed to keep records of certain customers. During the period, DBSHK also failed to maintain effective procedures to meet its obligations under the AMLO in relation to the above control deficiencies.
Industry Warning //
1. The State Food and Drug Administration deploys to strengthen the supervision of drug management
The State Food and Drug Administration has deployed to strengthen the supervision of drug operations, requiring drug regulatory departments at all levels to adhere to the problem orientation, implement territorial regulatory responsibilities, strictly check access, strictly investigate the source of purchases, strictly control risks and hidden dangers, and severely crack down on illegal activities such as purchasing and selling drugs through illegal channels, solidly promote the consolidation and improvement of drug safety, and continue to purify the order of the drug market.
2. The financing of real estate enterprises continued to shrink in the first half of the year
According to Yicai, in the first half of the year, the total amount of bond financing of real estate enterprises was about 282.29 billion yuan, of which the issuance scale of central state-owned enterprises accounted for 93%, an increase of 3 percentage points over the same period last year; The other bond issuers are relatively stable private and mixed-ownership enterprises, with only about 5 issuers.
3. After a double-digit decline adjustment, China's cheese industry needs to grow urgently
According to Yicai, after the rapid growth during the epidemic period, domestic dairy consumption has shown a gradual decline since 2023. NielsenIQ data shows that from 2021 to 2023, the growth rate of domestic dairy omni-channel revenue will increase by 7.9%, -6.5% and -2.4% year-on-year.
4. In the first half of the year, the land market shrank across the board
According to China Real Estate Network, the planned construction area of land transactions in the first half of 2024 will be 115.111 million square meters, down 36.8% year-on-year and 75.3% from the second half of last year; The transaction floor price was 4,893 yuan/㎡, down 17.1% year-on-year and up 6.7% slightly from the second half of 2023. In the first half of the year, the national land transaction value was 563.39 billion yuan, down 73.6% from the second half of last year and 47.6% from the same period last year.
Review of historical articles
Witness History! The State Council, the China Securities Regulatory Commission, and the Exchange made a blockbuster shot", "Shenzhen, Beijing and other places collectively shot", "Throughout the 50-year history of the Federal Reserve's interest rate cuts, this time is the most unusual", "Beijing, Shenzhen, Nanjing property market has big news again"
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
