China Securities Journal ( zone )
Shanghai Stock Exchange: serving the national strategy with the science and innovation board as a breakthrough
Since the 19th national congress, the Shanghai Stock Exchange has actively implemented the national innovation driven development strategy, worked hard to build a multi-level and inclusive new blue chip market, focused on promoting system construction and improving the rule system. In order to ensure the steady implementation of the reform, the Shanghai Stock Exchange considers that in the process of system design, through supporting measures such as issuance, trading, delisting, investor appropriateness, capital constraints of securities companies and the introduction of medium and long-term funds, the incremental pilot will be carried out step by step, and the new funds will match the progress of the pilot synchronously, so as to strive to achieve investment and financing balance, primary and secondary market balance Balance the interests of new and old shareholders of the company and promote the formation of good expectations in the existing market.
policy tools escort funds across the year
Near the end of the year, the central bank’s care for the capital surface is obvious, but the market still has some concerns, which is reflected in the recent obvious rise in the price of cross-year funds. From the perspective of comprehensive institutions, when the Spring Festival is superimposed across the year, the monetary policy needs to take into account the internal and external balance, and the market interest rate may fluctuate. However, it is expected that at that time, the central bank will flexibly use tools such as reverse repurchase, RRR reduction, MLF continuation and temporary liquidity support during the Spring Festival to deal with it, and the cross-year probability of funds will be stable.
at the end of the year, listed companies intensively “subsidized” pharmaceutical and other three industries into the focus of subsidies
Near the end of the year, listed companies intensively announced the receipt of government subsidies or subsidies. By the time of press release on December 26, 65 companies had announced that they had received government subsidies and subsidies this week. Many enterprises receive huge subsidies. Generally speaking, government subsidies are divided into two categories: related and unrelated to the daily activities of the enterprise, which are recorded in other income or offset related costs and expenses, and non operating income or offset related losses respectively. Subsidies usually have a direct impact on the current performance of listed companies. According to the current announcement, the pharmaceutical industry, emerging technology industry and machinery manufacturing industry are the areas where subsidies are concentrated.
five listed companies were dismissed this year, and the normalization supporting mechanism for delisting needs to be improved
On December 27, Zhonghong shares ushered in the last trading day of a shares. After the end of the trading day, Zhonghong shares will be officially delisted and delisted. Including Zhonghong shares, since this year, a total of five listed companies have been confirmed by the exchange to implement compulsory delisting, and the market ecology of “in and out, survival of the fittest” is gradually taking shape. Insiders suggested that, as one of the routes of the next capital market reform, while improving the delisting system, we should improve the punishment for illegal acts and improve the investor compensation system.
Shanghai Securities News (special area)
foreign financial institutions “match their words and deeds” to stabilize China’s economy next year
At the end of the year, a number of foreign financial institutions continued to stabilize China’s economy in 2019 in their outlook report, and practiced in-depth layout of the Chinese market. These institutions generally believe that fiscal policy may continue to be the key to maintaining steady economic growth in China, and the overall risk is relatively balanced.
the fourth batch of incremental distribution business reform pilot started
The national development and Reform Commission and the comprehensive Department of the National Energy Administration officially issued the notice on submitting the fourth batch of pilot projects for incremental distribution business reform on December 26, requiring all localities to speed up the organization and submission of the fourth batch of pilot projects, and extend the pilot to the county on the basis of basically realizing the full coverage of cities above the prefecture level.
wind power abandonment rate decreased and local projects were intensively approved
Under the influence of relevant policies, the serious situation of wind power abandonment in some provinces (regions) has been reversed. After the wind abandonment rate in Jilin, Gansu, Heilongjiang and Shanxi fell by more than 10 percentage points, Xinjiang recently announced that the wind abandonment rate was lower than the national standard of 20% for five consecutive months, which is expected to lift the red warning. At the same time, various localities are intensively approving a number of wind power projects. Anhui Province recently approved 20 wind power projects in succession, totaling 1080.6mw; Hubei Province recently approved six wind power projects, with a total investment of 3256884700 yuan.
The investment service center calls on Ningbo Shanshan Co.Ltd(600884) shareholders to actively exercise their voting rights
On December 28, Ningbo Shanshan Co.Ltd(600884) will hold an extraordinary general meeting of shareholders to supplement and consider the related party transactions of public bidding for 30% equity of Suiyong holdings. This transaction has been concerned by the Shanghai stock exchange for several times since its announcement, and has also attracted the attention of the investment service center. As a shareholder of a listed company and a public welfare institution specializing in the protection of the rights and interests of small and medium-sized investors, the investment service center calls on the shareholders of Ningbo Shanshan Co.Ltd(600884) to actively participate in the meeting and exercise their rights rationally. It is worth noting that the Investment Service Center pointed out that this acquisition can not bring incremental benefits to listed companies.
Securities Times (special area)
financial commission: support banks to issue perpetual bonds to supplement capital
New progress has been made in the capital replenishment problem that plagues commercial banks. The official website of the central bank announced yesterday that on December 25, the office of the financial Commission held a special meeting to study issues related to multi-channel support for commercial banks to replenish capital and promote the issuance of sustainable bonds as soon as possible.
soliciting opinions on the draft foreign investment law, highlighting the promotion and protection
Yesterday, the foreign investment law of the people’s Republic of China (Draft) was published on the website of the National People’s Congress of China. From now on, it will solicit opinions from the public. The deadline is February 24, 2019. The experts interviewed by the reporter said that as the basic law for foreign investment, the draft adheres to the national treatment and negative list management before access, strengthens the protection of the legitimate rights and interests of foreign investment, defines the equal participation of foreign-invested enterprises in standardization, and makes principled provisions on the safety review system of foreign investment, which will be conducive to stabilizing foreign investment.
Kechuang board company has four major risk exposures, and the industry calls for the introduction of commercial insurance
Promoting the science and innovation board is a major project in the capital market in 2019. The science and Innovation Board will pilot the registration system and relax the requirements of reporting enterprises in terms of profit conditions and agreement control, which puts forward higher requirements for the investor protection of the science and innovation board. The Securities Times reporter learned from various investigations that in the future, the risk exposure of enterprises listed on the science and Innovation Board will focus on four aspects: formal review under the registration system, financial worries after reducing profit requirements, operating risks under different rights of the same share, and the weakness of start-up private enterprises. In this regard, many people from the legal profession, the audit profession and the insurance profession suggest that insurance mechanisms can be introduced to solve these problems.
practical exploration Changyuan Technology Group Ltd(600525) “thunder explosion” subsidiary: the offices on the whole floor are idle
The share price of Changyuan Technology Group Ltd(600525) whose self exploding subsidiary is suspected of falsifying its performance fell by the limit for two consecutive days. In addition, Changyuan Technology Group Ltd(600525) subject’s long-term credit rating and corporate bond credit rating are listed in the credit rating watch list by rating agencies. Changyuan Technology Group Ltd(600525) said that “the company expects the net profit attributable to shareholders of Listed Companies in 2018 to decline significantly year-on-year, and the company will face greater capital pressure.”
Securities Daily (special area)
the science and Innovation Board was “topped” by the CSRC and Shanghai Stock Exchange. The industry judged that the probability of launching it in the first half of next year is high
The “establishment of a science and innovation board and pilot registration system” was “topped” by the CSRC and the Shanghai Stock Exchange. In the key work to be done well in the next step specified by the CSRC recently, the science and innovation board takes the lead: ensure the establishment of the science and innovation board in the Shanghai Stock Exchange and the implementation of the pilot registration system as soon as possible, comprehensively promote the reform of basic systems such as issuance, listing, information disclosure, trading, delisting and investor suitability management, so as to better serve scientific and technological innovation and high-quality economic development. The Shanghai Stock Exchange has determined to focus on eight aspects of work in the next stage. The science and innovation board has also been put in the first place: fully promote the reform of the science and innovation board and the pilot implementation of the registration system as soon as possible. Brokers told reporters that from this judgment, it is very likely that the science and Innovation Board will be launched in the first half of next year.
the reform of higher-level state-owned enterprises has been fully launched, and the mixed reform at the group level of central enterprises is expected to accelerate the implementation
At present, the scope of mixed reform of central enterprises has been widely promoted, but it is mainly concentrated at the level of subsidiaries. By the end of last year, more than two-thirds of the subsidiaries of central enterprises at all levels had achieved mixed ownership, and the lower the level of subsidiaries, the higher the degree of mixed ownership, and more than 90% of the subsidiaries of central enterprises below level 4 had achieved mixed ownership. However, from the perspective of central enterprises, only China United Network Communications Limited(600050) , Shanghai Bell and Hualu group are mixed ownership enterprises. In order to further promote the mixed ownership reform from bottom to top, in this year, the SASAC held a video meeting of the heads of central enterprises and local SASAC. When deploying the key tasks in the second half of the year, it was proposed that the mixed ownership reform should be upgraded from the sub enterprise level to the group level in the second half of the year, and steadily promote the implementation of equity diversification at the group level of two to three central enterprises.
long term funds followed, leading A-Shares out of the dilemma
Recently, the central economic work conference deployed the economic work in 2019, which made it clear to guide more medium – and long-term funds into the stock market. It is understood that since the beginning of this year, capital market policy dividends have been released continuously, attracting more and more medium and long-term funds to join them. The pension target fund has been approved successively; The pace of pension and occupational pension entering the market has been accelerated; The degree of opening to the outside world has been deepened, and the enthusiasm for foreign investment is high.
Guangdong Golden Glass Technologies Limited(300093) letter Phi received multiple regulatory letters in violation of regulations, but the largest shareholder pledged 99.97% of its shares without disclosure
The violation of letter Phi made Guangdong Golden Glass Technologies Limited(300093) encounter multiple “care” from the regulatory authorities. Recently, Guangdong Golden Glass Technologies Limited(300093) announced that it had received four warning letters from Guangdong securities regulatory bureau. Due to the failure to disclose the events such as the freezing of the shares of Luo Weiguang, the second largest shareholder, and the pledge of the shares of King Kong industry, the first two major shareholders and two senior executives of Guangdong Golden Glass Technologies Limited(300093) were taken corresponding administrative supervision measures.
