China Securities Journal ( zone )
CSRC: actively promote the pilot of directional convertible bonds
The CSRC announced on November 1 that in recent years, the CSRC has continued to promote the market-oriented reform of M & A, and actively supported the development and growth of state-owned holding, private holding and other enterprises through M & A in the capital market. The CSRC stressed that in the next step, it will continue to play the role of market mechanism, continue to study and comply with the demands of market subjects, and create conditions to support all kinds of enterprises to optimize resource allocation through mergers and acquisitions and achieve high-quality development.
sufficient policy tools to rescue private enterprises and build a precise long-term support mechanism
“Confidence is more important than gold”. In view of the difficulty and high cost of financing of some private enterprises, the regulators have combined the long and short, frequently implemented the “combined fist” to help private enterprises implement their credit expansion and enhance the confidence of market players. From the perspective of private enterprises, although the establishment of bond financing support tools for private enterprises is to solve the current liquidity difficulties of some private enterprises, it is still conducive to the healthy development of Chinese private enterprises in the long run.
foreign institutions are optimistic about the Chinese market and prefer the “high certainty” plate
Since the beginning of this year, the Chinese government has launched a series of measures to promote financial opening to the outside world. Foreign institutions said that the relevant measures have enhanced the confidence of foreign investment in China. It is the general trend that China occupies an increasing share in the global capital market, and a large number of overseas capital is expected to gradually enter the Chinese market.
Yunnan Baiyao Group Co.Ltd(000538) absorption and merger of Baiyao Holdings
On the evening of November 1, Yunnan Baiyao Group Co.Ltd(000538) issued a plan to absorb and merge Baiyao holdings. The consideration for this merger is preliminarily estimated to be RMB 50.813 billion. After the completion of the transaction, Baiyao holding, as the merged party, will be cancelled, and Baiyao holding will realize the overall listing. The total number of shares issued this time is 666 million shares, and the issue price is 76.34 yuan / share.
Shanghai Securities News (special area)
increase volume and speed up favorable policies to stimulate the vitality of A-share M & a
The “small amount fast” audit mechanism of M & A, the “separate channel system” audit of M & A according to the industry, whether the IPO is reorganized and listed, and the interval between corporate restructuring and listing is adjusted from 3 years to 6 months, and promote the pilot of using directional convertible bonds as payment tools for M & A transactions. A series of favorable policies have been issued intensively, and the M & a market is becoming more and more warm – both the review speed and the number of meetings have made market participants feel the renewed vitality of M & A.
wait for the stock bond win-win fund in the fourth quarter to increase its position in convertible bonds in the third quarter
Convertible bonds ushered in the largest fund increase in the past three years in the third quarter. The fund’s third quarterly report just disclosed shows that the incremental funds of the fund industry are accelerating the layout of the convertible bond market, and the size of position increase in the third quarter exceeded 3.8 billion yuan. Different from the pessimistic expectations of the market, driven by funds, the convertible bond fund made an overall profit in the third quarter and excelled the market perfectly. For the trend of convertible bonds in the fourth quarter, the fund is generally optimistic that the market adjustment time and range have been relatively sufficient, and the medium and long-term layout opportunities have emerged.
counter the trend and sweep away the “head assets” QFII newly entered or increased 149 A-Shares in the third quarter
As one of the important institutional investors in the A-share market, QFII’s shareholding trend and investment target have always been the focus of the market. With the end of the disclosure of the third quarterly report of listed companies, a new round of QFII layout path also surfaced. The data show that despite the weak trend of A-Shares in the third quarter, the enthusiasm for foreign capital layout is still high. The data show that QFII appears in the list of the top ten circulating shareholders of 286 listed companies, and 149 companies have been newly introduced or increased holdings of QFII.
the semi annual report failed to disclose on time that st Changsheng resumed trading on the 5th
Changsheng announced today that the trading of the company’s shares was suspended from September 3 because the company did not disclose its periodic report (i.e. 2018 semi annual report) within the statutory period. Since the company was unable to disclose regular reports within two months of suspension from September 3, the delisting risk warning treatment was implemented for the company’s shares since the resumption of trading on November 5, and the stock abbreviation was changed from “St Changsheng” to “* ST Changsheng”.
Securities Times (special area)
net profit of Shanghai stock exchange companies increased by 11% in the first three quarters
The third quarterly report of Shanghai Stock Exchange Company in 2018 has been fully disclosed. Overall, the performance of Shanghai stock exchange companies achieved steady growth in the first three quarters, and the overall growth rate maintained a high level. In the first three quarters, 1446 companies in Shanghai Stock Exchange realized a total operating revenue of 23.62 trillion yuan, a year-on-year increase of 12%; The net profit was 2.31 trillion yuan, a year-on-year increase of 11%.
the operation quality of Shenzhen company increased steadily in the first three quarters
By the end of October 2018, except st Changsheng, 2126 listed companies in Shenzhen had disclosed the third quarter report of 2018 on schedule. Statistics show that in the first three quarters of 2018, Shenzhen companies achieved a total operating revenue of 8428.417 billion yuan, a year-on-year increase of 15.65%; The total net profit attributable to the shareholders of the parent company was 603.811 billion yuan, a year-on-year increase of 9.54%. It can be seen that behind the data, the operating performance of Shenzhen listed companies increased steadily and the operation quality increased steadily.
North net purchases of funds to create a new high historical record, Baijiu
On November 1, the main stock indexes of Shanghai and Shenzhen opened and closed higher, and the activity of the interconnection market increased again. Standing at the high transaction level of RMB 31.3 billion in a single day, the net purchase of funds from North China was as high as RMB 8.5 billion, setting the second highest level since the opening of Shanghai Stock connect and the highest amount since the opening of Shenzhen Stock connect. In the same day, the Baijiu plate was strong in the stock market, and the net purchases of Kweichow Moutai Co.Ltd(600519) and Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) were the highest in each transaction. The leading companies in finance and home appliances were also overweight.
Luenmei Quantum Co.Ltd(600167) Taizhou project encountered “Cheng Yaojin”: a foreign country encountered a peer’s “food snatching” exclusion clause “not exclusive”
Nearly a decade after the “protection” of the exclusive clause, Jiangsu Lianmei, a wholly-owned subsidiary of Luenmei Quantum Co.Ltd(600167) (600167), encountered “Cheng Yaojin” halfway through a biomass thermal power project with a total investment of about 420 million yuan in Taizhou. Jiangsu Yuanyi, a wholly-owned subsidiary of the new third board company Yuanyi shares (831702), also landed a similar project in Taizhou, with a total investment equivalent to that of Lianmei. In September this year, Jiangsu Lianmei filed a lawsuit with the Hailing District Court of Taizhou City, and the case will open on November 6.
Securities Daily (special area)
stamp duty on securities transactions is expanded by 1 ‰ and the tax rate remains unchanged
The stamp tax law of the people’s Republic of China (Draft for comments) issued by the Ministry of Finance and the State Administration of Taxation yesterday stipulates that the stamp tax on securities transactions is one thousandth of the transaction amount. At the same time, the depositary receipts issued based on shares will be included in the collection scope of stamp tax on securities transactions. In order to be flexible and proactive, facilitate contingent regulation and better meet the actual needs, the exposure draft stipulates that the taxpayer and tax rate adjustment of stamp tax on securities transactions shall be decided by the State Council and reported to the Standing Committee of the National People’s Congress for the record.
local special bonds for escorting infrastructure weaknesses can be withdrawn in advance
Recently, the State Council issued the guiding opinions on maintaining the strength of making up for weaknesses in the field of infrastructure (hereinafter referred to as the opinions), emphasizing that we should increase financial support for projects under construction and major projects to make up for weaknesses, reasonably ensure the normal financing needs of financing platforms, and implement positive financial policies and prudent monetary policies. Analysts believe that the opinions suggest that local finance can first use the funds for infrastructure projects and then advance the money back after issuing bonds for financing, which can speed up the construction of infrastructure projects.
nine key areas to make up for weaknesses with more than 300 million yuan to raise 10 infrastructure stocks
Recently, the general office of the State Council issued the guiding opinions on maintaining the strength of making up weaknesses in the field of infrastructure, which made it clear that we should focus on the weaknesses in nine key areas such as poverty alleviation, railways, roads and water transportation, airports, water conservancy, energy, agriculture and rural areas, ecological environmental protection and social people’s livelihood, and accelerate the promotion of major projects that have been included in the plan.
sun Hongbin used 290000 yuan of legal fees to recover Jia Yueting’s 530 million yuan arrears
Sun Hongbin, chairman of rongchuang China, who suffered a “blood loss” due to his investment in LETV, finally got back some “hard-earned money” recently. Previously, rongchuang real estate applied to the court for enforcement against LETV holdings. According to the court ruling, rongchuang has recovered about 530 million yuan of arrears, and about 260 million yuan has not been recovered.
