China Securities Journal ( zone )
strengthening the supervision of goodwill needs to eliminate three persistent diseases
The reporter learned that around goodwill, in practice, there are three thorny problems: high goodwill caused by high premium M & A of some companies, non provision for impairment as required and difficulty in fulfilling performance compensation commitments. An authoritative person told reporters that in order to solve these three problems, the regulators need to further strengthen supervision, such as strengthening the constraints on the valuation of M & A targets, strengthening the supervision of goodwill impairment and its information disclosure, and strengthening the supervision of performance commitments.
A-Shares are strong and private placement is positive
In the face of the current operation pattern of the overall shock and rise of a shares, the sentiment of private equity funds towards the market is significantly improving. While the “bottom area” continues to become the consensus of more institutions, most private placement companies are generally optimistic about the further performance of the short-term market. It is worth noting that although the optimism of mainstream private equity institutions about the short and medium-term trend of A-Shares is continuously improving, selecting individual stock targets and actively seeking market alpha income are still the mainstream strategy in the current private equity industry.
medicine and biology rose against the market trend, and selected boom stocks
According to the data of the National Bureau of statistics, from January to October 2018, the cumulative main business income and total profit of the pharmaceutical manufacturing industry were 2018.1 billion yuan and 255.4 billion yuan, with a year-on-year increase of 13.6% and 10.4%, and continued to maintain rapid growth. Analysts said that in November, important policies in the pharmaceutical sector were gradually implemented, uncertain emotions were repaired, the sector ushered in a rebound, and some high-quality targets were in the process of valuation repair.
actively hoarding money and cautiously hoarding land. Real estate enterprises enter the “winter mode”
The latest data show that in November, although the major real estate enterprises increased the promotion volume, the de conversion rate fell to the bottom of history, the year-on-year growth rate of the top 100 real estate enterprises continued to decline, and the financial pressure increased. To this end, major real estate enterprises have to enter the “winter mode”: on the one hand, since November, real estate enterprises have made large-scale financing, and the total financing has exceeded 100 billion yuan; On the other hand, real estate enterprises have become more cautious in taking land. 25 leading real estate enterprises have taken land for less than 100 billion yuan for three consecutive months. Looking forward to the future, insiders pointed out that the year-on-year growth rate of sales of real estate enterprises continued to decline, which will probably continue.
Shanghai Securities News (special area)
Shen Danyang, vice governor of Hainan Province: the business environment continues to improve. Hainan is studying the free trade port policy
At the 2018 Boao Forum of Chinese entrepreneurs held on December 5, Shen Danyang, vice governor of Hainan Province, told more than 200 entrepreneurs that the Ministry of commerce is now taking the lead in studying the policy and institutional system of Hainan free trade port, and Hainan Province is also studying it. It is understood that in the first 11 months of this year, 130 foreign-funded enterprises were newly established in Hainan, with a year-on-year increase of 54.7%, and the actual amount of foreign capital utilization increased by 69%.
The position of has increased slightly, and private placement is too optimistic to catch up
Since November, with the frequent warm wind on the policy side, private placement’s confidence in the future market of A-Shares has significantly improved. However, at present, the overall position is still at a medium level, and it is still a common phenomenon in the industry to be bullish but dare not catch up. According to the statistics of private placement network, as of the end of November, the average position of private placement was 63.3%, while the average position of private placement at the end of October was 57.84%, rising steadily. On the whole, the overall position level of private placement is still at a medium level, and there is still a large space to add positions.
new energy is expected to be laid out in advance by public and private placement in Fengkou
China Merchants Securities Co.Ltd(600999) the recently released 2019 investment strategy for the new energy industry shows that, on the whole, the fundamental trend of the new energy sector in 2019, especially in the second half of the year, will be significantly better than that in 2018. In terms of specific industries, the profitability of the midstream of new energy vehicles is expected to bottom out in mid-2019, and the differentiation and concentration of the photovoltaic industry will be significantly improved. With the beginning of the wind power delivery cycle, the profitability of subsequent enterprises is expected to stabilize.
stock price changes lead to the “privacy” multi favorite controlling shareholders planning to give way
After the stock prices rose and fell sharply and the shareholders raised their cards in violation of the rules, the favorite announcement on the verification of stock price changes again exposed the heavy news that the actual controllers of the company, Chen Jun and Huang Yani, plan to withdraw. It is reported that many favorite applications have been suspended since the opening of the market on December 6, and the suspension time is expected to be no more than 5 trading days.
Securities Times (special area)
the transition of the development and Examination Commission is imminent, and the IPO audit is strictly expected to continue
With the publication of the list of candidates for the new development and Examination Commission, the 17th development and Examination Commission, which has been in service for more than two months, will probably step down this month. From the revision of the rules of the development and Examination Commission, as well as the changes in the IPO ecological environment and the composition of the members of the development and Examination Commission, many people in the industry expect that the audit tightness of the new development and Examination Commission may continue the previous standards, will not be reduced, will pay more attention to the technical indicators of enterprises, and the IPO audit passing rate may rise slightly.
the stock market fluctuated at a low level, and the public offering was optimistic about the opportunity of convertible bonds
Since this year, the stock market has continued to decline, and the bond market has emerged from a wave of bull market. As of yesterday, the China Securities all bond index has risen 8.3% this year. In the market where the bond market is rising and the stock market is depressed, there are few assets that can be configured by public funds and have a good profit-making effect. Many public funders said that convertible bonds with both equity and debt properties have become cost-effective allocation assets under the protection of the debt bottom, and are optimistic about the investment opportunities of convertible bonds next year.
detailed rules for intellectual property protection landing funds to pursue relevant concept stocks
Recently, the national development and Reform Commission and other 38 departments jointly signed the memorandum of cooperation on joint punishment of serious dishonest subjects in the field of intellectual property (patent). According to the requirements of the memorandum, six dishonest acts will be jointly punished. The relevant serious dishonesty will not only be recorded in the credit investigation system, but also the disciplinary measures include restrictions on taking planes and trains and being unable to be a civil servant, Serious dishonest subjects will also face a total of 33 joint disciplinary measures, such as restrictions on the establishment of financial institutions, restrictions on the purchase of real estate and state-owned property rights transactions.
Seymour electric restarted the acquisition of guanghaojie and was questioned
Only one and a half months after the announcement of termination of the acquisition of guanghaojie on October 19 this year, Seymour electric launched the acquisition of guanghaojie for the second time. In this regard, Shenzhen stock exchange requires the company to supplement whether the forecast of relevant income, expenses and cash flow is prudent and reasonable and whether the profit forecast of the target company is realizable in combination with the average growth rate of the industry, market competition, sustainability of orders on hand and subsequent orders, changes in gross profit margin and other factors.
Securities Daily (special area)
at the beginning of December, the overall position of private placement increased by 5%, exceeding 20%, and the position is full
In December, the overall position of private placement was also adjusted. According to the latest released data, at the beginning of December, the average position of private placement was 63.30%, while that of the same period in November was 57.84%, up more than 5% month on month; Among them, 23.71% of private placements are currently in full positions, which is significantly higher than 17.80% in November, and 74.23% of private placements are in 50% positions or above.
“policy + performance” resonates with the rise of intellectual property sector, and 6 companies were visited and investigated by institutions
Recently, the favorable policies of the intellectual property sector have become an important driving force for the current market capital layout. Statistics show that since November, a total of 6 companies have been visited and investigated by institutions. Analysts pointed out that in the next three to five years, copyright protection is still in a period of change from scratch, the penetration and amount of user payment continue to increase, and the space for payment of content such as pictures, short videos and music continues to expand in emerging markets, which will benefit the leading enterprises in the subdivided industries for a long time.
the agricultural sector is booming for 4 consecutive days, and institutions are firmly optimistic about the subdivided field of pig breeding
Under the background of continuous market shock, the agriculture, forestry, animal husbandry and fishery plate with prominent defensive nature rose against the market. Some institutions said that the reversal expectation of the pig cycle in 2019 and the rapid growth of the marketing scale of enterprises will promote the significant increase of the market value of listed leading enterprises and firmly layout the pig breeding sector.
the withdrawal of hot money caused Guangdong Chaohua Technology Co.Ltd(002288) seven limit increases and decreases. The lawyer said it would not affect the investor’s litigation claim
In September 2017, China Securities Regulatory Commission decided to file a case against Guangdong Chaohua Technology Co.Ltd(002288) for investigation on suspicion of illegal information disclosure. Subsequently, the company was administratively punished by China Securities Regulatory Commission, and Guangdong Chaohua Technology Co.Ltd(002288) shareholders sued the company. Li Jian, one of the plaintiff’s agents and lawyer of Zhejiang Yufeng law firm, told the Securities Daily that at present, he has sued Guangdong Chaohua Technology Co.Ltd(002288) and Liang Jianfeng on behalf of 32 investors, with a claim amount of about 2 million yuan, of which 11 investors have won the judgment in the first instance, and the company has filed an appeal.
