On Monday, February 18th, the main contents of today’s headlines are as follows:
Media name front page headlines
Fang Xinghai, vice chairman of China Securities Journal and CSRC, said that the current institutional arrangements have resulted in low long-term returns on new shares
Shanghai Securities News disclosed the latest trend of science and Innovation Board at several consecutive symposiums
Securities Times Fang Xinghai: the first day limit of new shares amplifies the price distortion
Securities Daily: Fang Xinghai, vice chairman of the CSRC, raised the price limit on the first day of IPO: the spring effect caused the average return of new shares to become lower
People’s daily promotes scientific and technological innovation ability — new connotation of grasping important strategic opportunities for China’s development
The economic information daily cultivates innovative growth points, growth belts and growth poles. The national echelon linkage and regional innovation accelerate the layout
The financial volume of China business daily supports the real economy and is expected to stabilize in the second quarter
China Securities Journal ( zone )
Fang Xinghai, vice chairman of the CSRC, said that the current institutional arrangements have resulted in a low long-term return on new shares {23456}
Fang Xinghai, vice chairman of China Securities Regulatory Commission, delivered a speech entitled “spring effect of price limit on the first day of IPO” at the 2019 annual meeting of China Economic 50 people forum on the 16th. He said that the current institutional arrangements have led to excessive price rise (spring effect) in the secondary market in the short term after the issuance and listing of new shares, and the short-term pricing level of the secondary market of new shares is significantly higher than that in the past.
divestiture and reorganization of pipeline assets of the three major oil companies. Oil and gas pipeline companies are expected to be established this year
The reporter learned from informed sources that the establishment of oil and gas pipeline company has been included in the work plan of relevant central departments, and is expected to be officially established within this year. It is expected to be established as soon as the middle of the year. At present, the plan has been reported. The oil and gas pipeline company will complete the asset delivery through the acquisition of the stock related assets of “three barrels of oil”, and operate in a market-oriented manner. Insiders pointed out that the establishment of the new company will break the vertical monopoly of petroleum and petrochemical companies, help oil and gas companies pay attention to the development of upstream resources and their own development, optimize resource allocation and reduce repeated construction. Subsequent relevant supporting policies and measures will be accelerated.
affected by the explosion of goodwill restructuring abortion of many listed companies
The sequelae of goodwill impairment of listed companies continues to ferment. According to statistics, since 2019, more than 20 listed companies have terminated major asset restructuring. Insiders said that the underlying transaction price and performance commitment terms became the focus of the game, and the buyer and the seller were deadlocked on the core terms, resulting in a number of restructuring abortions. Due to the low valuation in the secondary market and the “explosion” of goodwill, the listed company intends to reduce the valuation premium, but the subject party is unwilling to reduce its value, and there are obvious differences between the two sides on the subject pricing.
Shanghai Stock Exchange listened to the opinions and suggestions on the establishment of science and innovation board and the supporting rules of pilot registration system
According to the Shanghai Stock Exchange, in order to listen more widely and deeply to the opinions and suggestions of all parties in the market, from February 15 to 17, Huang Hongyuan, Secretary of the Party committee and chairman of the Shanghai Stock Exchange, and members of the leading group of the Shanghai Stock Exchange successively went to Shanghai, Beijing, Shenzhen and Chengdu to hold 9 regional symposiums to listen to the opinions and suggestions of various market subjects on the establishment of the science and innovation board and the supporting rules of the pilot registration system.
Shanghai Securities News (special area)
the latest trend of the science and Innovation Board was revealed in several consecutive forums
The solicitation of opinions on the supporting rules of the science and innovation board series of Shanghai Stock Exchange will end on February 20. Shanghai Securities News learned that from February 15 to 17, Huang Hongyuan, Secretary of the Party committee and chairman of the Shanghai Stock Exchange, and members of the leading group of the Shanghai Stock Exchange successively went to Shanghai, Beijing, Shenzhen and Chengdu to hold 9 regional symposiums to listen to the opinions and suggestions of various market subjects on the establishment of the science and innovation board and the supporting rules of the pilot registration system.
Fang Xinghai, vice chairman of the CSRC: the first day limit of new shares is enlarged, the price is distorted, and the excess return of investors is low
Fang Xinghai, vice chairman of the CSRC, said that the study found that the current relevant institutional arrangements led to the short-term increase of the secondary market after the listing of new shares significantly exceeding the unlimited price period, making investors in the secondary market blindly pursue the rise, amplifying the price distortion, resulting in the low excess cumulative return of new shares after opening the limit board. And the market value of GEM companies is smaller than that of the main board, and the distortion effect after price limit is more obvious.
the commencement season is approaching, and more than 100 billion yuan of major projects are launched
Major construction listed companies have also released the announcement of business data for the fourth quarter of 2018. According to the announced data, the newly signed orders of most companies focusing on infrastructure construction showed a warming trend, among which Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) and Gezhouba increased by more than 60% in the fourth quarter.
the plan can’t keep up with the change Tianshan Aluminum Group Co.Ltd(002532) backdoor purple optics failed
Tianshan Aluminum Group Co.Ltd(002532) backdoor purple optics failed. Ziguang University announced today that the board of directors of the company had held a meeting on February 15 to consider and pass relevant proposals such as the termination of major asset restructuring. The company is scheduled to hold an investor briefing on February 20 to communicate and exchange with investors on the termination of this major asset restructuring.
Securities Times (special area)
Fang Xinghai: the first day limit of new shares amplifies the price distortion
Fang Xinghai said that the study found that the current institutional arrangements led to the super rise in the price of the secondary market in the short term after the issuance and listing of new shares, and the short-term pricing level of the secondary market of new shares significantly exceeded that in the past, which made the expectations of investors in the secondary market highly consistent, blindly chasing up, amplified the price distortion, and caused the low long-term return of new shares. Because the market value of gem is smaller than that of the main board, it is easier to induce investors to blindly chase up, and the price distortion of new shares in the secondary market of gem is more serious.
Xiao Yaqing: support central enterprises to participate in the development of private enterprises and foreign enterprises through equity cooperation
Xiao Yaqing, director of the state owned assets supervision and Administration Commission of the State Council, said that whether state-owned enterprises or private enterprises, the first attribute is enterprises, and competition is inevitable. SASAC of the State Council supports private enterprises and foreign-funded enterprises to actively participate in the reform and development of central enterprises and jointly explore various ways and methods of in-depth cooperation. At the same time, it also actively supports central enterprises to participate in the development of private enterprises and foreign-funded enterprises through equity cooperation, project cooperation and other ways.
banking institutions increased to 4588, and rural financial institutions grew rapidly
According to the data released by the China Banking and Insurance Regulatory Commission, the number of Bank Of China Limited(601988) institutions has increased to 4588. According to the statistics of the securities times, in the past three years, rural financial institutions have grown rapidly, and the growth of private banks and loan companies has slowed down in the past two years, but the ranks of foreign legal person banks and consumer finance companies have significantly expanded.
the focus company is frequently asked about Dongfang Jinjue’s suspension of equity transfer
In the first week after the Spring Festival, the website of Shanghai and Shenzhen Stock Exchange disclosed 26 inquiry letters, and the number fell back to the normal level. One of the most interesting is undoubtedly Dongfang Jinyu. China Lantian, the former protagonist of counterfeiting, intended to return to A-Shares through the transfer of Dongfang Jinjue’s controlling stake, which was concerned by the market and questioned by public opinion. The Shanghai stock exchange quickly issued an inquiry letter and supervision letter, requiring all parties to carefully consider whether to continue to promote this transaction, stabilize market expectations and effectively safeguard the interests of the company and small and medium-sized investors before comprehensively verifying and fully disclosing relevant matters.
Securities Daily (special area)
Fang Xinghai, vice chairman of the CSRC, raised the price limit on the first day of listing of new shares: the spring effect reduced the average return of new shares
“The price limit on the first day of listing of new shares has a spring effect. In the short term, the price exceeds the limit, causing investors to have highly consistent expectations and blindly pursue the rise, amplifying the price distortion of the stock and reducing the average rate of return of new shares.” Fang Xinghai, vice chairman of the CSRC, recently put forward the above research conclusions.
Shanghai stock exchange held a symposium on Soliciting Opinions on the supporting rules for the establishment of science and innovation board and pilot registration system
The reporter learned on February 17 that from February 15 to 17, Huang Hongyuan, Secretary of the Party committee and chairman of the Shanghai Stock Exchange, and members of the leading group of the Shanghai Stock Exchange successively went to Shanghai, Beijing, Shenzhen and Chengdu to hold 9 regional symposiums to listen to the opinions and suggestions of various market subjects on the establishment of the science and innovation board and the pilot registration system supporting rules.
during the year, 200 A-share companies were increased by important shareholders, with a market value of about 6.315 billion yuan
According to the statistics of East Money Information Co.Ltd(300059) choice, as of February 15, since this year, a total of 200 important shareholders of Listed Companies in Shanghai and Shenzhen have realized a net increase in holdings, with a total net increase of 1.009 billion shares, and the total market value of the net increase is about 6.315 billion yuan.
Sanquan soup dumplings were exposed to detect African classical swine fever virus. Enterprises chose “three no’s and one no”
Recently, Sanquan Food Co.Ltd(002216) was pushed to the forefront because African classical swine fever virus was exposed in pot soup dumplings. However, the event has been fermenting. As the “protagonist” of the event, Sanquan Food Co.Ltd(002216) has chosen “no communication, no announcement, no response, no contact.”
people’s daily
improving the ability of scientific and Technological Innovation — grasping the new connotation of important strategic opportunities for China’s development
In today’s world, scientific and technological innovation has become the key support for improving comprehensive national strength and a strong leader in the reform and progress of social production mode and lifestyle. Whoever leads the bull’s nose of scientific and technological innovation and takes the first step of scientific and technological innovation, who can seize the first opportunity and win the advantage.
economic reference daily
cultivate innovative growth points, growth belts and growth poles, and accelerate the layout of national echelon linkage regional innovation
The reporter learned that China will accelerate the construction of science and technology innovation centers in Beijing and Shanghai and international science and technology innovation centers in Guangdong, Hong Kong and Macao Bay area, and give play to the high-end leading, supporting and driving role of urban agglomerations and urban circles through point to area. The goal is to improve the regional innovation layout of echelon linkage, and cultivate innovative growth points, growth belts and growth poles.
prices are expected to be stable and rise moderately in the year
On January 15, the National Bureau of statistics released the data of national consumer price index (CPI) and industrial producer price index (PPI) in January 2019. CPI rose 1.7% year-on-year in the current month, the lowest level since February 2018; PPI rose 0.1%, down 0.8 percentage points from the previous month. Industry insiders said that the price situation was generally stable at the beginning of the year and is expected to remain stable in the future.
China business daily
social finance volume supports the real economy, which is expected to stabilize in the second quarter
The financial data released last Friday (February 15) really surprised the market. The financial data that had been sluggish for more than a year suddenly increased in volume – the increase in the scale of new RMB loans and social financing in January both exceeded expectations. This is due to a series of liquidity release policies such as RRR reduction in recent years, as well as the continuous propaganda of regulators to promote funds to support the real economy. Many industry insiders believe that in the process of economic downturn, abundant liquidity is inevitable. Although the expectations of the industry that the RRR will continue to be reduced in the future are relatively consistent, there are still differences on the possibility of interest rate reduction. With the implementation of a series of policies to support the real economy, market confidence will gradually recover, and China’s economy is expected to stabilize in the second quarter of this year.
Shanghai No. 3 airport has not been finalized. Several candidate sites are in the competition
The landing of the airport can often cause more economic factors to gather in the city, and will also form an airport economic form around the airport, which will help to improve the transformation, upgrading and development of the urban economy. “Connecting China and major foreign cities through the airport route network, so as to form an export-oriented and open economy, which is the characteristic of the airport economy and meets the requirements of modern economic development.”
