Today's attention //
1. National Development and Reform Commission: It is working with a number of departments to formulate a law on the promotion of private economy
2. The first long-term mechanism for basic medical insurance participation in mainland China was officially announced
3. The Ministry of Industry and Information Technology issued a blockbuster document! It is related to the access and recall of intelligent networked vehicles
4. The mainland has just passed the "hottest July" in history, and Jiangsu, Zhejiang and Shanghai will become the heat center in August
5. The private placement operation guidelines are officially implemented, or accelerate the survival of the fittest
6. Taikang Life reduced its holdings in Poly Development, and its shareholding ratio dropped to less than 5%.
7. The EU "Artificial Intelligence Act" has officially come into effect, and enterprises can be fined up to 7% of their global annual turnover for violations.
Macro Policy //
1. The National Development and Reform Commission: It is working with a number of departments to formulate a law on the promotion of the private economy and improve the institutional mechanism for private enterprises to participate in major national strategies
Zhao Chenxin, deputy director of the National Development and Reform Commission, said at a press conference of the State Council Information Office that in terms of the reform of state-owned enterprises, the management of the state-owned economy will be strengthened and improved, and a guidance system for the optimization of the layout and structural adjustment of the state-owned economy will be established, so as to promote more investment in major areas such as ensuring national security, supporting scientific and technological progress, related to the national economy and people's livelihood, and providing public services. At present, the National Development and Reform Commission is working with a number of departments to formulate a law on the promotion of the private economy, protect the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with laws and regulations, improve the institutional mechanism for private enterprises to participate in major national strategies, and solve some urgent and difficult problems faced by business entities in market access, factor acquisition, and fair law enforcement.
2. The first long-term mechanism for basic medical insurance participation in mainland China was officially announced
The General Office of the State Council issued the "Guiding Opinions on Improving the Long-term Mechanism for Basic Medical Insurance" on August 1. According to the opinions, there are incentives for continuous insurance, and for those who have participated in the resident medical insurance for 4 consecutive years, the maximum payment limit of serious illness insurance can be increased by at least 1,000 yuan for each additional year of insurance from the 5th year; There is an incentive for zero reimbursement of the fund, and for the insured people who do not use the medical insurance fund in the current year, the maximum payment limit of serious illness insurance can be increased by at least 1,000 yuan in the second year. The scope of mutual aid in the personal account of employees' medical insurance has been extended to close relatives, and at the same time, the mutual aid area has been gradually expanded.
3. The mainland has just passed the "hottest July" in history, and Jiangsu, Zhejiang and Shanghai will become the heat center in August
The average continental temperature reached 23.21°C, surpassing July 2017 (23.17°C) and becoming the hottest July since complete observations began in 1961, and the hottest month in the history of observations. At the beginning of August, the high temperature in Jianghuai, Jiangnan and other places continued to develop and intensify. According to the forecast, in the next 7 days, Shanghai, Nanjing, Nanchang, Fuzhou, Changsha, Chongqing, and Hangzhou may be full of high temperatures, of which the highest temperature in Hangzhou may reach more than 40 °C in a row, and it may reach 43 °C on August 3, or it will tie the longest consecutive days above 40 °C in Hangzhou's observation history, and break the highest temperature record in the history of observation.
China Bond Alert //
1. Dealers Association: Severely punish non-market-oriented bond issuance violations
According to the National Association of Financial Market Institutional Investors of China, the National Association of Financial Market Institutional Investors attaches great importance to the prevention and crackdown on non-market bond issuance, continues to increase the investigation and punishment of non-market bond issuance violations, severely punishes a number of institutions participating in the issuance of "self-financing" and "fee rebate", and imposes maximum penalties on individual serious violators and suspends business for a certain period of time.
2. Gemdale Properties & Investment withdrew part of the equity of the industrial park, and people familiar with the matter said that it was not to raise funds for US dollar bonds
Gemdale Properties & Investment recently announced that the company intends to sell all the equity interests of four industrial park projects in Shanghai, and the net return of the Group is expected to be about 500 million yuan. Will the deal finance the upcoming August maturity of US dollar bonds? According to a person familiar with the situation, it is not to raise funds for dollar bonds, and the money for dollar bonds has already been prepared.
3. Yao Xinmin, former deputy general manager of Xinjiang Airport Group, was examined and investigated
Yao Xinmin, former member of the Party Committee, director and deputy general manager of Xinjiang Airport (Group) Co., Ltd., is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Xinjiang Uygur Autonomous Region Commission for Discipline Inspection and Supervision.
4. Contemporary science and technology: the total amount of new implementation targets in the near future is about 142 million yuan
Wuhan Contemporary Technology Industry Group Co., Ltd. announced that the company, its legal representative Ai Luming and its subsidiary Wuhan Tianying Investment Group Co., Ltd. have recently been executed on the China Execution Information Disclosure Network, with a total amount of about 142 million yuan.
5. Xi'an Investment Holdings: 2023 annual performance loss and provision for credit impairment loss
Xi'an Investment Holdings Co., Ltd. announced that the consolidated net profit in 2023 will be -6.347 billion yuan, and the loss amount will account for 18.94% of the consolidated net assets at the end of 2022. The loss was mainly due to the provision of credit impairment losses by the invested companies. In 2023, the total credit impairment loss will be -5.015 billion yuan, including the bad debt loss of receivables -1.235 billion yuan and the impairment provision for loan losses -264 million yuan.
6. Baolong Industrial Development Group: "21 Baolong MTN001" substantial default principal amount expanded to 900 million yuan
Shanghai Baolong Industrial Development (Group) Co., Ltd. announced that the two bonds of "19 Baolong MTN002" and "20 Baolong MTN001" failed to repay the principal and interest in full on time, triggered the cross-protection clause and had matured early, constituting a default, and the actual default principal amount of "21 Baolong MTN001" was expanded to 900 million yuan.
7. China Chengxin International: Delay the disclosure of Wanda Commercial Management's 2024 tracking rating report
China Chengxin International announced that due to the fact that Dalian Wanda Commercial Management Group Co., Ltd. has major issues that may have an impact on its credit level, it needs to be further understood, and will delay the issuance of regular follow-up rating reports of the company and related bonds.
8. Yin Rujun, the former general manager of Henan Communications Investment Group, was investigated
Yin Rujun, former deputy secretary of the Party Committee, vice chairman and general manager of Henan Communications Investment Group Co., Ltd., was subject to disciplinary review and supervision investigation.
China Stock Alert //
1. Defa Seiki: The bank loan of the subsidiary is overdue and is actively negotiating with the syndicate
Rifa Seiki announced that Airwork, a subsidiary of the company, signed a syndicated loan contract in April 2019 with all its existing and future assets as collateral. As at 31 July 2024, the principal amount of the syndicated loan due and payable was US$83.356 million and 230,800 New Zealand dollars, respectively, equivalent to RMB596 million, and as of the date of the announcement, the loan was overdue. The Board of Directors and management of Airwork are actively negotiating with the syndicate to reach an agreement with the syndicate on a debt solution to resolve the overdue loan as soon as possible.
2. BDStar: The cumulative change in the shareholding ratio of large funds has reached 5%
BDStar announced that the shareholder National Integrated Circuit Industry Investment Fund has participated in the company's non-public offering project to obtain shares since 2016, during which the company's implementation of equity incentive plan, refinancing and issuance of shares passive increase/dilution and its active reduction of shareholdings, resulting in its shareholding ratio changed from 11.6% to 6.60%, with a cumulative change ratio of 5%.
3. McGuire: 17.04% of the company's shares held by the controlling shareholder will be auctioned judicially
McGuire announced that 29,670,200 shares of the company held by the company's controlling shareholders will be auctioned judicially, accounting for 63.34% of its shares and 17.04% of the company's total share capital. This judicial auction may lead to changes in the number of shares of the Company held by the Company's controlling shareholders and persons acting in concert with them, and affect the controlling position of the Company's controlling shareholders and actual controllers over the Company, but the final auction results shall prevail. The company's daily business activities are normal, and the above matters have not had a substantial impact on the company's operation for the time being.
4. TusEnvironment: The company was included in the list of dishonest judgment defaulters
Tus-Environment announced that some of the company's previous litigation cases have been awarded or settled, and due to the failure to pay some of the pending enforcement payments as scheduled, the company has been listed as a dishonest person subject to execution by the relevant courts due to related disputes.
5. Taikang Life Insurance reduced its holdings in Poly Development, and its shareholding ratio dropped to less than 5%.
Poly Development announced on the evening of August 1 that due to the implementation of the reduction, the company's second largest shareholder, Taikang Life, has reduced its shareholding in the company to less than 5%. Taikang Life responded that the reduction was implemented according to asset allocation needs and related investment decisions. When the shareholding is reduced to less than 5%, it will no longer be subject to the restriction of 5% significant shareholders.
6. Jinke Real Estate added new tax arrears, with a total amount of more than 82.46 million yuan
ST Jinke added a new tax arrears announcement, including individual income tax, stamp duty, value-added tax, urban maintenance and construction tax, with a total balance of more than 82.46 million yuan. The risk information shows that the company has 290 pieces of information on persons subject to execution, with a total amount of more than 3.9 billion, in addition to a number of information such as dishonest persons subject to execution (lai), consumption restriction orders, and final cases.
7. Shanghai Ganglian: The total amount involved in the litigation and arbitration matters of the company and its subsidiaries is 200 million yuan
Shanghai Ganglian announced that as of now, the company and its subsidiaries have accumulated a total of 200 million yuan in litigation and arbitration from October 9, 2023 to the disclosure date of this announcement, accounting for 10.1% of the absolute value of the company's latest audited net assets.
8. Zhengyuan Wisdom: Deputy General Manager and Secretary of the Board of Directors received the "Decision to Terminate the Investigation"
Zhengyuan Wisdom announced that Zhou Junhui, deputy general manager and secretary of the board of directors of the company, received the "Decision to Terminate the Investigation" and "Decision to Lift Bail Pending Trial" issued by the public security organs, and decided to terminate the investigation of Mr. Zhou Junhui and release him on bail pending further investigation. At present, the company's daily operation is normal, and all work is carried out in an orderly manner.
9. The server delivery is unstable, and it is difficult to promote the computing power business of Lotus Holdings
According to the progress disclosed by Lotus Holdings on the transformation of the computing power business, as of now, there are still 318 GPU series servers left in the computing power server purchase contract that have not been delivered, and there is a risk that the delivery deadline is not clear. From the cross-border computing power of the condiment industry, Lotus Holdings has taken a big step, and now the purchased servers are facing delivery problems, whether it will lead to the difficulty of advancing related transactions, whether the follow-up business can continue to be carried out, and whether the transformation of the computing power business is a failed "hot spot" has become the focus of attention of the industry and investors.
10. Yitong Technology: Shareholders plan to reduce their holdings of no more than 2.96% of the company's shares
Yitong Technology announced that Wang Zhenhong, a shareholder who holds 17.9865% of the company's shares, plans to reduce his holdings of the company's shares by no more than 9 million shares (accounting for 2.9612% of the company's total share capital).
11. Yuanfei Pet: Shareholders plan to reduce their holdings of the company by no more than 3.32% in total
Yuanfei Pet announced that Pingyang Shengyu, a shareholder of 4.9998% of the company's shares, plans to reduce its holdings by no more than 5,651,400 shares, no more than 3% of the company's total share capital; Pingyang Shengjin, a shareholder holding 0.6428% of the shares, plans to reduce its holdings by no more than 600,000 shares, not exceeding 0.3185% of the company's total share capital.
Overseas Warning //
1. The EU "Artificial Intelligence Act" has officially come into effect, and enterprises can be fined up to 7% of their annual global turnover for violations.
The European Union's Artificial Intelligence Act came into force on August 1. The Act is the world's first regulation to comprehensively regulate AI. The bill requires AI systems such as chatbots to explicitly inform users that they are interacting with machines, and AI technology providers must ensure that synthesized audio, video, text, and image content can be detected as AI-generated content. The EU will impose fines of up to 7% of annual global turnover on companies that violate the rules.
2. Manufacturing activity in United States contracted the most in eight months, and employment indicators fell significantly
United States' ISM manufacturing PMI fell 1.7 to 46.8 in July, the biggest contraction in eight months, and the accelerated decline in orders and output value led to the largest decline in employment in four years. Production indicators fell 2.6 in July to a more than four-year low. Why the employment indicator fell nearly 6 points to 43.4, the lowest level since June 2020.
3. Microsoft included OpenAI in the list of artificial intelligence and search competitors
Microsoft listed OpenAI as a competitor in its Form 10-K filing with the United States Securities and Exchange Commission (SEC). The list also includes companies such as Amazon, Google, and Meta. In the filing, Microsoft identified OpenAI, the creator of the ChatGPT chatbot, as a competitor to artificial intelligence products and search and news advertising.
4. Kobayashi Pharmaceutical also confirmed that there were problems with the products of four companies that used its red yeast rice raw materials
Japan's Kobayashi Pharmaceutical Co., Ltd. released news that after re-investigation, it was confirmed that there were 9 companies that purchased and used the company's red yeast rice raw materials, and some of the products they produced had higher red yeast rice content than the content of this raw material in the company's related problem health products. In July, the company identified five companies that had purchased and used the company's red yeast rice ingredients, and that some of their products contained higher levels of red yeast rice than the ingredients in the company's problematic health products.
5. Bad weather dilutes the growth of the beer industry in the first half of the year, and Budweiser China's sales volume in the second quarter decreased by 10%
Although this year's double sports IP of the European Cup and the Olympic Games were blessed, the continuous rainy weather disrupted the plans of beer companies in the first half of the year. On August 1, Budweiser APAC announced its 2024 half-year results, and the peak season in the second quarter was affected by the high base of the previous year and bad weather, and the sales volume in the Chinese market decreased by 10% in a single quarter.
6. There are potential safety hazards in airbags, and Hyundai Motor recalled nearly 50,000 vehicles in the United States
Hyundai Motor United States is recalling some of the 2024 Santa Fe and Santa Fe HEV vehicles, totaling 49,719 units, according to the United States's National Highway Traffic Safety Administration (NHTSA).
Financial Interbank Warning //
1. The private equity operation guidelines are officially implemented, or accelerate the survival of the fittest
On August 1, the Guidelines for the Operation of Private Securities Investment Funds came into effect. There are 42 articles in the Operational Guidelines, covering all aspects of the raising, investment and operation of private securities funds. Industry insiders said that the implementation of the "Operation Guidelines" will not only reshape the healthy ecology of the industry, but also contribute to the long-term healthy development of the industry. A number of first-line private equity institutions recently said that they have carried out rectification and improvement from many aspects in the early stage. The person in charge of private placement of a medium-sized stock in Shanghai said that one of the core tasks of the company in the near future is to communicate with investors about the revision of the existing fund contract in accordance with the relevant requirements of the "Operation Guidelines". The specific modification clauses include the resetting of the subscription and redemption clauses, the strict clarification of the product investment scope and the corresponding modifications, and the cancellation of the early warning line and the stop loss line. In terms of nesting of private placement products, the custody departments of a number of securities firms have recently sent notices to private equity fund managers, requiring private placements to issue nested commitment letters.
2. 8 senior executives of E Fund need to return 1.4 billion yuan? Fake news
According to Beike Finance, there are market rumors that 8 executives of E Fund have retired 1.4 billion yuan, and authoritative sources have revealed that this news is fake news.
3. In the first half of the year of bank wealth management: the average rate of return declined
According to the Economic Observer, the scale of wealth management products reached 28.52 trillion yuan, an increase of 6.43% from the beginning of the year and an increase of 12.55% from last year. Although the number of investors and the scale of existence have increased, the average rate of return of wealth management products has shown a downward trend. The average yield of wealth management products in the first half of 2024 is 2.80%, down from 2.94% for the whole of 2023.
4. Pay attention to credit and delisting risks, and cool down the investment in public convertible bonds
According to the China Securities Journal, the second quarterly report of the fund shows that the number of public funds investing in convertible bonds in the whole market is 2,031, a new low in the past four years; The cumulative market value of convertible bonds held by the public offering was 276.165 billion yuan, and the trend of continuous decline was obvious. It is worth noting that in the past two months, the prices of some convertible bonds with poor qualifications have fluctuated violently, and there has even been a rare phenomenon that the price of more than 100 convertible bonds has fallen below the face value of 100 yuan.
5. Ping An Bank responded to the rumors of the "beating incident".
According to Sina Finance's front-line news, there was recent online news that an employee of Ping An Bank was beaten by a leader, and the person concerned has called the police and examined his injuries. In this regard, Ping An Bank said: Regarding the rumors of the "beating incident" of the bank's employees on the Internet, the company immediately retrieved the workplace surveillance video, interviewed a number of employees at the scene, and cooperated with the police to carry out relevant verification, which was verified to be false information. There was a dispute between the person concerned and his supervisor in the open area of the bank's workplace, and both parties have reported to the police and cooperated with the police to deal with it. Ping An Bank emphasized that the Bank attaches great importance to and earnestly protects the legitimate rights and interests of every employee. At the same time, strengthen workplace discipline and maintain normal office order.
Industry Warning //
1. The Ministry of Industry and Information Technology issued a blockbuster document! It is related to the access and recall of intelligent networked vehicles
The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the Notice on Further Strengthening the Management of Access, Recalls and Online Software Upgrades of Intelligent Connected Vehicles (Draft for Comments). The draft proposes to strengthen the supervision and management of OTA upgrade activities. Before implementing OTA upgrade activities, enterprises should ensure that their automotive products comply with relevant requirements such as national laws and regulations, technical standards and technical specifications, and file with the Ministry of Industry and Information Technology and the State Administration for Market Regulation in accordance with relevant requirements. If an enterprise learns that the products it produces and sells have safety incidents such as the failure of the combined driving assistance system or the withdrawal of functions beyond the system boundary, as well as accidents such as collision and remote control of vehicles equipped with integrated driving assistance systems, it shall report to the Ministry of Industry and Information Technology and the State Administration for Market Regulation in accordance with relevant requirements.
2. China's notebook shipments are still declining in Q2
TechInsights, an analyst firm, released a report that in the second quarter of this year, notebook shipments in the Chinese market were still declining. Growth is not expected to resume until mid-2025.
3. The China Consumers Association released the hot spots of public opinion on consumer rights protection in the first half of the year
According to the Economic Information Daily, the China Consumers Association released the hot public opinion on consumer rights protection in the first half of 2024. Among them, problems such as expired ingredients have repeatedly appeared in freshly made beverage brands; "Professional store closures" have become an obstacle to the protection of prepaid consumer rights; The chaos of payment for micro-short dramas and the frequent occurrence of content violations have become the top three hot spots of public opinion. The automatic renewal of the online platform is "easy to open and difficult to unsubscribe"; The "pillar ticket" of the concert affects the on-site experience of consumers, and it is also among them.
4. In July, more than 900,000 vehicles were recalled
In July, the recall of domestic passenger cars ended the downward trend in the first half of the year, rose rapidly and became the second highest point of the year. A total of 10 brands were divided into 12 batches, and a total of 907345 passenger cars were recalled, an increase of 484.63% year-on-year and 577.18% month-on-month.
5. Buy Hongqi cars and return 20 cases of Moutai? Official response
According to Yicai, recently, a Hongqi automobile poster circulating on the Internet shows that Hongqi Automobile has carried out the activity of "buying a car and sending Moutai" for two models. FAW Hongqi said that in the investigation, the promotional activities were not true, and the logo was wrong.
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"
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