On Thursday, April 11th, the main contents of today’s headlines are as follows:
Media name front page headlines
The catfish effect of China Securities Journal Kechuang board shows that the IPO audit cycle is shortened
Shanghai Securities News has a shortcut to improve asset securitization. The financial holding platforms of central enterprises have rushed to the A-share market
The number of enterprises accepted by the science and Innovation Board of the securities times increased to 62, and 19 inquired
Securities Daily: the central bank did not reverse repo for 15 trading days. The standard reduction or delay in the second quarter
21st Century Business Herald China EU summit issued a joint statement at the last minute. The two sides intend to reach a high-level investment agreement next year
Economic information daily places intensively layout the metropolitan area to build a regional growth pole
People’s daily Beijing service industry expanded its opening-up pilot, and promoted the combination mode of industrial opening and park opening
China Securities Journal ( zone )
Catfish effect of scientific innovation board shows that IPO audit cycle is shortened
As of April 10, the 18th development and examination committee had reviewed the IPO applications of 12 enterprises, of which 11 enterprises had passed the meeting and 1 enterprise was rejected, with a passing rate of 91.67%. Experts believe that the “catfish effect” brought about by the establishment of the science and innovation board and the pilot registration system has begun to appear, the audit cycle of IPO issuance and audit has been shortened, the pressure relief speed of “barrier lake” has been further accelerated, and the audit focus has shifted to the authenticity of enterprise information phi. In addition, accelerating the IPO progress of small and medium-sized enterprises with prominent main business and standardized operation requires the joint efforts of issuers, intermediaries, local governments and securities regulators.
the financing threshold remains unchanged, and the financing cost of issuing bonds by real estate enterprises is significantly reduced
According to statistics, the financing of real estate enterprises continued to heat up in March, and the total financing of 40 typical listed real estate enterprises exceeded 100 billion yuan; The financing cost has also decreased, and the overseas financing cost of mainstream real estate enterprises is 6% – 8%. Insiders revealed that although the financing environment of real estate enterprises has improved, the financing threshold for real estate enterprises has not been reduced. It is expected that small developers with weak financial strength will still face higher financing risks in the future.
foreign capital also chased up and down. The main line is still value investment
As of April 10, northbound funds had accumulated a net inflow of 121.296 billion yuan this year, becoming an important incremental fund in the A-share market this year. Although the total net outflow in the past four trading days was nearly 10 billion yuan, the overall inflow trend remained unchanged. From the perspective of shareholding characteristics, white horse blue chips with heavy capital positions in the north can even control the trend of some stocks, with greater voice. At the same time, there are diversified shareholding methods, and there are also moves to chase up and kill down. Industry insiders believe that although some mainland funds bypass Hong Kong and return to the A-share market, the volume of these funds is small. For northbound funds, value investment and long-term investment are still the main line.
seven banks have 400 billion perpetual bonds to be issued, and banks need to “replenish blood” through multi-channel financing
According to incomplete statistics, since 2019, Dozens of banks have passed (or plan to) issue secondary capital bonds, preferred shares, convertible bonds, perpetual bonds, financial bonds and private placement to supplement capital. Insiders said that due to the large capital pressure brought by the return of off balance sheet businesses to the balance sheet, the need for a large amount of capital to prepare for the establishment of wealth management subsidiaries and the heavy responsibility of banks to invest credit in the real economy, it is necessary for banks to supplement capital at present It’s urgent.
Shanghai Securities News (special area)
there is a shortcut to improve asset securitization. The financial holding platforms of central enterprises have rushed to the A-share market
In the past month, there have been 3 cases of financial assets and capital holding companies of central enterprises (collectively referred to as “financial holding platform”) seeking restructuring, listing or shell buying: Yingda securities and Yingda trust, the financial holding platform under the State Grid, the controlling shareholder of Xinxin Electric, have been registered; Spic Dongfang Energy Corporation(000958) was noted as “state power investment group capital holding company”; CNNC capital plans to enter Tsinghua Tongfang Co.Ltd(600100) . In addition to Cnpc Capital Company Limited(000617) , AVIC capital, Minmetals Capital Company Limited(600390) which have previously completed securitization, the asset securitization trend of central enterprise financial holding platform is becoming more and more obvious.
docking with the Yangtze River Delta capital market service base of the science and Innovation Board was officially launched
On April 10, the opening ceremony of the Yangtze River Delta capital market service base was held in Zhangjiang Science City, Pudong New Area, Shanghai. As the carrier undertaking the two major tasks of regional integration development in the Yangtze River Delta and docking with the science and innovation board, the service base adopts the dual service mode of “offline + online”, gives full play to the agglomeration and radiation function of Shanghai’s financial factor market, meets the multi-level financing needs of enterprises in the Yangtze River Delta and optimizes the resource allocation in the region.
have raised China’s economic growth expectations this year. What signal does China’s foreign institutions send?
Recently, the International Monetary Fund (IMF), JPMorgan Chase, HSBC and Guotai Junan Securities Co.Ltd(601211) and other Chinese foreign institutions have announced to raise China’s economic growth forecast for this year. What signal does this send?
multiple misjudgments brew bitter fruit * ST integrated lithium battery business becomes a burden?
The misjudgment of the lithium battery technology route, the misjudgment of the industry trend and the misjudgment of the lithium battery product price make * ST integrated core business face difficulties, and the previous rounds of raised investment projects have become “burdens”. If the lithium business restructuring is not completed in time and the loss is not reduced this year, * ST integration will be difficult to avoid the risk of suspension of listing.
Securities Times (special area)
the number of enterprises accepted by the science and Innovation Board increased to 62, and 19 inquires
According to the reporter of the securities times, the newly accepted listing standards of Bloomage Biotechnology Corporation Limited(688363) , fangbang electronics, Shanghai Friendess Electronic Technology Corporation Limited(688188) , Zhuoyi technology and Zhangjiagang Guangda Special Material Co.Ltd(688186) have selected standard (I), of which Xiaomi fund and Intel are the shareholders of fangbang electronics and Zhuoyi technology respectively.
private placement welcomes the “golden” first quarter: the average income is 16.55%, nearly 30% of the full position
Under the bull market, private equity funds have been increasing their positions since the Spring Festival. At the end of March, the average position of private equity has increased to 74%, a 14 month high. In addition, the survey shows that 29.91% of private placement is currently in full position, and the proportion of full position private placement has increased slightly compared with February.
the fourth batch of pension target funds was officially approved for the first time this year
As an important part of the third pillar of the pension security system, pension target fund has attracted much market attention. The reporter of the securities times learned that following the approval of 40 pension target funds in three batches last year, the fourth batch of pension target funds also recently obtained the “birth permit”, which is also the first approval of pension target funds this year.
the latest annual report of La Chapelle was asked, and the Shanghai Stock Exchange focused on financial authenticity
La Chapel (603157), who has just disclosed a precipitous decline in performance in 2018, said on the evening of April 10 that it had received the post audit inquiry letter of the Shanghai Stock Exchange on the company’s 2018 annual report. The inquiry letter involves more than 20 questions. Through the review and inquiry of the current situation and change trend of industry information and financial data in its annual report, it focuses on the authenticity of the company’s business, the operation of the industry and the rationality of capital flow, and requires the company to further supplement and disclose.
Securities Daily (special area)
the central bank did not reverse repo for 15 trading days. The standard reduction or delay in the second quarter
On April 10, the people’s Bank of China announced that at present, the total liquidity of the banking system is at a high level, and no reverse repurchase operation will be carried out on that day. This is also the reason why the central bank has not carried out reverse repurchase operation for 15 consecutive working days since March 20.
the improvement of the draft real estate tax law is expected to speed up. Experts’ suggestions on the exemption area of housing
Recently, the State Council determined the division of labor among the key work departments of the government work report, requiring the top leaders of all departments to personally grasp and take overall responsibility, formulate implementation plans item by item according to the division of labor, and report to the State Council before April 15. Among them, steadily promote the legislation of real estate tax, and the relevant departments shall cooperate with each other according to the division of responsibilities.
the two-way opening of the capital market is overweight. This year, opening up promotes reform
Recently, Premier Li Keqiang said that China will further expand its opening-up and introduce new policies and measures. In June this year, China will further reduce the negative list of foreign investment access, adopt the principle of “no prohibition or entry”, constantly optimize the business environment and provide equal treatment services and convenience for Chinese and foreign enterprises. Experts believe that since last year, the financial industry has been the top priority in the field of opening to the outside world, and a series of substantive opening-up measures have been introduced. This year, the financial opening-up will be further strengthened, especially the opening-up of capital market, bond market, banking and insurance will reach a new level.
the main science and technology industry in East China has suffered losses for 14 years. The government’s “blood transfusion” still lost 1 billion yuan last year
With the semiconductor display industry entering the adjustment period since the second half of last year, the market demand for smart phone display screen, laptop display screen, TV display screen and other products was once sluggish. Among many electronic display device enterprises, East China Science and technology, with a net profit of 987 million yuan, is particularly eye-catching.
people’s daily
the pilot of expanding the opening of Beijing’s service industry and promoting the combination mode of industrial opening and park opening
The State Council Information Office held a comprehensive pilot press conference on comprehensively promoting the opening-up of Beijing’s service industry on the 10th. On the basis of the first two rounds of pilot work, the Ministry of Commerce and Beijing took the lead in formulating a comprehensive promotion plan for the comprehensive pilot. First, continue to relax market access and put forward 14 opening-up measures in six industrial fields, with a high overall opening-up level. Second, strengthen the overall planning of opening up to the outside world. At the same time, explore and promote the combination mode of “industrial opening + park opening”, and improve the carrying capacity of service industry opening by relying on functional areas such as Beijing Centergate Technologies (Holding) Co.Ltd(000931) , airport economic zone and comprehensive bonded zone.
economic reference daily
local intensive layout metropolitan area to build a regional growth pole
Authorities said that at present, the 19 urban agglomeration plans proposed by China have been basically prepared, of which the inter provincial urban agglomeration plans have been issued and implemented. However, in the process of implementation, it is found that taking urban agglomeration as the yardstick, the scope is relatively large, and there is a lack of necessary entry point and grasp. “This means that a smaller entry point is needed. This is also the main reason for promoting the construction of metropolitan areas in the core areas of urban agglomerations,” the source said
local bond issuance still needs to pay attention to risk prevention
Recently, the first batch of pilot local government bonds issued in the counter market of commercial banks have been sold one after another, which has been warmly welcomed by the market. When local bonds are sought after, we still need to do a good job in risk prevention. The security of local government bonds is strong and the overall risk is small, but local bonds are not deposits or treasury bonds after all. The possibility of default still exists in the future. Investors should also pay timely attention to the financial capacity and capital use of local governments. At the regulatory level, we should urge local governments to implement the requirements for the disclosure of local government debt information, strictly enforce the credit rating of local bonds, timely disclose bond information, and steadily promote the “sunshine” of local government debt.
21st Century Business Herald
The EU China Summit issued a joint statement at the last minute. The two sides intend to reach a high-level investment agreement next year
On the afternoon of April 9 local time, Premier Li Keqiang co chaired the China EU leaders’ meeting with President tusk of the European Council and President Juncker of the European Commission in Brussels. After the meeting, the two sides agreed to issue a joint statement.
the night before the introduction of the recommendation and follow-up investment policy of the science and Innovation Board: the “latent” figure of direct investment loomed in 11 enterprises
After communicating with several securities companies, the reporter learned that, combined with the information disclosed by the previous regulators, securities companies have made a rough estimate of the follow-up investment system, and most securities companies will not invest too much cost in this business in the early stage. However, combing the application enterprises of the science and innovation board shows that some securities companies have “lurked” through direct investment subsidiaries, of which the shareholders of 11 enterprises have their sponsor securities companies’ direct investment subsidiaries directly or indirectly.
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