On Thursday, January 31st, the main contents of today’s headlines are as follows:
Media name front page headlines
China Securities Journal Science and Innovation Board unveiled five aspects to improve the basic system
A major breakthrough was made in the design of A-share system after the reform plan of science and innovation board and registration system of Shanghai Securities News was released
The securities times closely led the “bull nose” of the science and innovation board to open the curtain of capital market reform
Securities Daily science and Technology Innovation Board will be put into practice, and the IPO valuation of science and technology enterprises will be more effective
People’s daily decodes the science and Innovation Board: allow unprofitable enterprises, enterprises with special ownership structure and red chip enterprises to be listed
Economic reference daily science and Innovation Board rule system breaks through the A-share market-oriented reform
China business daily announced five channels to meet the listing needs according to the “science and innovation board + registration system” rules
China Securities Journal ( zone )
the science and Innovation Board appeared in five aspects to improve the basic system
On January 30, the CSRC issued the opinions on the implementation of establishing a science and innovation board and pilot registration system in Shanghai Stock Exchange. The CSRC and Shanghai Stock Exchange are orderly promoting the establishment of the science and innovation board and the pilot registration system in accordance with the requirements of the implementation opinions. The establishment of the science and innovation board and the pilot registration system is to implement the innovation driven development strategy, enhance the service level of the capital market to improve China’s key core technological innovation capability, support the construction of Shanghai international financial center and scientific and technological innovation center, improve the basic system of the capital market, adhere to the general tone of seeking progress in stability and implement the new development concept, An important measure to deepen the supply side structural reform.
many companies have suffered huge losses due to goodwill impairment, and the exchange sent a letter to pay attention to
Following the “thunder explosion” of the performance of many listed companies the previous day, on the evening of January 30, many companies announced the pre loss of annual performance in 2018. Among them, Dalian Zeus Entertainment Co.Ltd(002354) has an advance loss of 7.3 billion yuan to 7.8 billion yuan. At the same time, in view of the goodwill impairment claimed by some companies, the exchange also issued inquiry letters to a number of listed companies at the first time, asking them to explain their rationality.
the “cold winter” of the securities industry is busy “replenishing blood” and the heavy asset transformation is becoming more and more obvious
In the “cold winter” of the industry, securities companies are paying close attention to “replenishing blood”. Since 2018, whether it is refinancing or IPO, the financing rhythm and scale of securities companies have accelerated and improved compared with 2017. Various signs show that one of the important uses of intensive financing by securities companies is to develop capital intermediary business and proprietary business. Insiders pointed out that this reflects the trend of heavy asset transformation of Chinese securities companies.
nearly 2600 companies pre disclosed 50% of the annual results, and four in five industries or delisted
The release of performance forecast of Listed Companies in 2018 is coming to an end. According to the data, as of the press time of January 30, 2598 listed companies in A-Shares had disclosed the performance forecast for 2018, of which 1373 had increased in advance, reversed losses or continued profits, accounting for about 50%; There are 628 losses in advance, and the rest are pre reduced or uncertain. It is worth noting that four ST companies face the risk of termination of listing. In terms of industry, the listed companies with good performance are mainly distributed in five industries: chemical industry, mechanical equipment, medicine and biology, electronics and computer.
Shanghai Securities News (special area)
a major breakthrough in the design of A-share system
The detailed construction plan of science and technology innovation board was unveiled. With the consent of the CPC Central Committee and the State Council, the CSRC issued the opinions on the implementation of the pilot registration system for the establishment of the science and innovation board in the Shanghai Stock Exchange last night, and solicited public opinions on the measures for the administration of the registration of initial public offerings of the science and Innovation Board (for Trial Implementation) and the measures for the continuous supervision of listed companies on the science and Innovation Board (for Trial Implementation) from the same day. The deadline for feedback is February 28. It is reported that while implementing the issuance registration system, the science and Innovation Board will also implement a more strict delisting system according to the needs of “wide entry and strict exit”.
has exceeded 52 billion yuan! Northbound funds may reach a new high of net inflow in a single month
The “big bath” of the performance of some listed companies at the end of January deterred many investors from the market, but there were also funds to buy while the market was up and down. Data show that in the past month, the net inflow of northbound funds through Shanghai and Shenzhen Stock connect has exceeded 52 billion yuan, which is expected to reach a historical peak in the whole month. It still favors big blue chip and consumer sectors, and shows a special preference for leading stocks of Baijiu and home appliances. At the same time, some performance explosion stocks have been reduced by different ranges of northward funds in the past month.
the “thunder” of goodwill can not hide the happy performance. More than 600 listed companies have increased by more than 50% in advance
Recently, the performance forecast period seems to have become a “mine outbreak period”. However, according to the information statistics of Shanghai Securities News, among the nearly 2500 listed companies that have disclosed the performance forecast, more than 600 companies have the lower limit of forecast net profit growth of more than 50%, and some high-quality companies have grown well. On the whole, the proportion of pre increase, slight increase, loss recovery and continued profit still accounts for 62%, and the growth is still the mainstream.
concern letter about performance change Huawei culture needs to explain the rationality of goodwill impairment
Before the full moon of the new actual controller, the performance of Huawei culture with constant topics has changed greatly. On the evening of January 29, Huawei Culture issued a performance forecast amendment announcement, which revised the profit forecast in the third quarterly report of 2018 from RMB 183 million to RMB 256 million to a loss of RMB 1.12 billion to RMB 1.35 billion, mainly due to the impairment of goodwill. Such a sudden change naturally can not convince small and medium-sized investors. Yesterday afternoon, the management department of small and medium-sized board companies of Shenzhen Stock Exchange issued a concern letter to the company, asking the company to make a reasonable explanation.
Securities Times (special area)
closely lead the “bull nose” of the science and innovation board to open the curtain of capital market reform
On the fourth day of Yi Hui’s full appointment as the new CSRC, the CSRC kicked off the reform of the “number one project” of the capital market this year – the establishment of the science and innovation board and the pilot registration system. The curtain of a new round of capital market reform has been slowly opened. It can be expected that the reform combination focusing on the establishment of the science and innovation board and the pilot registration system will make the capital market more inclusive, not only improve the pertinence and effectiveness of Finance in serving the real economy, but also allow investors to share the dividends of the growth of science and technology enterprises from more direct channels, so as to realize the continuous improvement and high-quality development of China’s industrial economy and financial market.
many companies are suspected of financial “big bath” and the industry calls for strong supervision
In recent days, dozens of listed companies have intensively released huge loss forecasts or significantly revised performance forecasts. What’s more, they were still in the state of pre increase a month ago, but suddenly turned to pre loss, making a 180 degree turn. Analysts said that there is the possibility of financial bath in the explosion of concentrated performance of listed companies, especially listed companies with high goodwill, indicating that the asset quality of previous M & A is poor and there is a minefield itself. Experts suggest that relevant companies should be restrained, standardized from the legal and institutional level, and resolutely prevent listed companies from “willful bathing”.
the performance of listed securities companies decreased significantly last year, and the head effect was more prominent
As of 18:00 on January 30, 17 listed securities companies had announced their performance in 2018, and the net profit had declined across the board. The revenue of most securities companies fell by about 20% year-on-year, and the decline of large securities companies was small; Net profit attributable to parent companies generally fell by a larger margin, with nearly 60% of securities companies falling by more than 50%. In addition, 10 listed securities companies have made provision for asset impairment in 2018, with a total amount of nearly 4 billion yuan.
st Xinguang’s performance changed and its performance commitment of RMB 4 billion became a piece of empty talk
Three years ago, when Zhou Xiaoguang and his wife joined st Xinguang (002147), they vowed to complete the performance commitment of 4 billion yuan in three years. However, with the spread of the bond crisis of Xinguang Group, the initial commitment will become an empty talk.
Securities Daily (special area)
the science and Innovation Board will be put into practice soon, and the IPO valuation of technology enterprises will be more effective
On the evening of January 30, with the consent of the CPC Central Committee and the State Council, the CSRC issued the opinions on the implementation of establishing a science and innovation board and pilot registration system in Shanghai Stock Exchange. At the same time, public opinions were solicited on the administrative measures for the registration of initial public offerings on the science and Innovation Board (for Trial Implementation) and the measures for the continuous supervision of listed companies on the science and Innovation Board (for Trial Implementation). Some analysts said that compared with the traditional channels, IPO pricing mainly refers to the P / E ratio standard, the pilot registration system of the science and innovation board, the pricing autonomy of institutions will be improved, and enterprises will consider a more reasonable valuation model when pricing IPO.
the list of individual stocks favored by venture capital surfaced and “visited” nearly 300 listed companies
Recently, the China Banking and Insurance Regulatory Commission said that it encouraged insurance companies to increase their holdings of high-quality stocks and bonds of listed companies and maintain the stable and healthy development of listed companies and capital markets. Meanwhile, according to the data released by the cbcirc, by the end of 2018, the balance of insurance fund utilization was RMB 16408838 million, an increase of 9.97% over the beginning of the year; Among them, stock and securities investment funds were 192.987 billion yuan, accounting for 11.71%.
many departments have stepped up the disposal of “zombie enterprises”. Industries such as steel and coal have been focused on
The central economic work conference proposed to steadily promote the survival of the fittest, speed up the disposal of “zombie enterprises” and formulate exit implementation measures. From the work process of various ministries and commissions, industries such as steel and coal are accelerating the disposal of “zombie enterprises”.
LianJian optoelectronics plans to withdraw 2.7 billion yuan of goodwill impairment. The Board Secretary frankly said that it will survive the painful period of integration as soon as possible
The domino effect caused by the filing and investigation of time-sharing media, a subsidiary, put LianJian Optoelectronics in a dilemma in 2018. On the evening of January 30, LianJian optoelectronics released its performance forecast for 2018, saying that due to the provision for goodwill impairment of RMB 2.7 billion, the company expects a net profit loss of RMB 2.8 billion during the reporting period, and if this advance loss comes true, it will be the first loss since the establishment of the company.
people’s daily
decode the science and Innovation Board: allow unprofitable enterprises, enterprises with special ownership structure and red chip enterprises to be listed
As the relevant supporting rules began to solicit opinions, the “science and Innovation Board” and “registration system” were unveiled. According to the research rules, in view of the characteristics of long R & D cycle and slow profitability of science and innovation enterprises, the science and innovation board has greatly improved the tolerance and adaptability of listing conditions, allowed unprofitable enterprises to be listed, and allowed enterprises with special ownership structure to be listed. All enterprises listed on the science and Innovation Board implement the registration system. Only investors with assets of no less than 500000 yuan in securities accounts and capital accounts and securities trading for two years can participate. Analysts believe that the establishment of the science and innovation board is a major event in China’s capital market, which means that the reform has taken another big step.
economic reference daily
the rule system of the science and Innovation Board breaks through the market-oriented reform of A-Shares
Another major reform of China’s securities market and the biggest highlight of China’s capital market reform in 2019 – the rule framework of the science and innovation board and the pilot registration system has been established. Industry insiders believe that the market-oriented reform of the pilot registration system of the science and innovation board far exceeds expectations. Building a strong market restraint mechanism with inclusiveness will rewrite the history of a shares.
the performance of listed companies needs to be protected
Recently, A-share listed companies have intensively disclosed annual report performance forecasts, and many listed companies have made significant losses in advance and changed their performance, which has aroused strong concern in the market. On the evening of January 29, AUMA electric, Nan Jing Xin Jie Kou Department Store Co.Ltd(600682) , Shengyun environmental protection, Humanwell Healthcare (Group) Co.Ltd(600079) and many other listed companies had a loss in advance of more than 1 billion yuan. The provision for goodwill impairment is still an important reason for the significant loss in advance. Netizens believe that investors need to be cautious about the risk “black hole” of performance change behind huge goodwill.
China business daily
the science and innovation board + registration system rules publish 5 channels to meet the listing needs
Five sets of listing standards, the threshold for 500000 investors, no rise or fall in the five trading days before listing, allowing different rights of the same shares, allowing red chips, allowing losses, and piloting the follow-up investment of sponsors… These innovative systems will be first implemented on the science and innovation board. The reporter learned that according to the arrangement, in the first quarter of 2019, enterprises are expected to start applying to the exchange for listing on the science and innovation board, and the preparations for the science and Innovation Board will be ready in the first half of the year.
the foreign investment law is expected to be passed by the two sessions this year. The ownership of Hong Kong, Macao and Taiwan investment remains to be clarified
From January 29 to 30, the Standing Committee of the 13th National People’s Congress held an additional standing committee meeting to consider the draft foreign investment law. In the past two days, after listening to the report of the constitutional and Legal Committee of the National People’s Congress on the revision of the draft, the members of the Standing Committee were divided into six groups (27-29 people in each group) to deliberate and put forward their own opinions. Industry insiders said that if the process goes smoothly, the draft may be adopted by the National People’s Congress this year immediately after it is deliberated and adopted this time.
