Let's look at the important news on the 21st. At the critical moment of 3000, the CSRC held a meeting, and vice chairman Fang Xinghai also made a new statement. In addition, Contemporary Amperex Technology Co.Limited(300750) handed over a fairly OK financial report.
Yi Huiman accepts an exclusive interview with Xinhua News Agency
According to Xinhua news agency, the 34th meeting of the Standing Committee of the 13th National People's Congress voted to pass the futures and derivatives law of the people's Republic of China on the 20th. The law shall enter into force as of August 1, 2022. On the introduction and implementation of the futures and derivatives law, the reporter of Xinhua news agency interviewed Yi Huiman, chairman of the CSRC.
focus on regulating the futures market and taking into account the derivatives market
Q: what are the main contents of the futures and derivatives law?
A: Based on the actual situation of the futures market and derivatives market, the futures and derivatives law focuses on standardizing the futures market, giving consideration to the derivatives market, focusing on giving full play to the function of the futures market and derivatives market in serving the national economy, raising the mature and reliable system tested by practice into law, consolidating the achievements of reform and development, accurately grasping the trend of market development and making some major institutional reforms in a forward-looking manner, Reserve sufficient institutional space for market innovation and development.
The law has 13 chapters and 155 articles, focusing on the basic system of futures trading, settlement and delivery, the protection system of futures traders, the supervision of futures operating institutions and futures service institutions, the operation of futures trading places and futures settlement institutions, the supervision and management of futures market, legal responsibilities, etc.
The futures market is closely related to the futures market, and has the same system and functions as the futures market. Compared with the futures market, the derivatives market started late, is still in the stage of exploration and development, and there is a relative lack of regulatory practice.
In combination with the actual situation of the market, the futures and derivatives law has uniformly established the basic international systems urgently needed for the development and supervision of the derivatives market, such as single master agreement, termination of net settlement, transaction report library, etc., entrusted the futures regulatory authority under the State Council or the department authorized by the State Council with the responsibility of supervising and managing the derivatives market, and authorized the State Council to formulate specific management measures in accordance with the principles of the law.
promote the futures and derivatives market to serve the high-quality development of the real economy
Q: how will the futures and derivatives law promote the futures and derivatives market to better serve the real economy?
A: the futures and derivatives law has made institutional arrangements to promote the function of the futures market around the main line of serving the high-quality development of the real economy:
First, it clearly stipulates that the State supports the healthy development of the futures market and gives full play to the functions of market price discovery, risk management and resource allocation.
The second is to encourage enterprises to use the futures market to engage in hedging activities, such as hedging limit exemption.
Third, it is specially stipulated to take measures to promote the development of Shenzhen Agricultural Products Group Co.Ltd(000061) futures market and derivatives market, and guide China's Shenzhen Agricultural Products Group Co.Ltd(000061) production and operation.
Fourth, establish a market-oriented variety listing mechanism, stipulate the basic conditions for variety listing in principle, optimize variety listing procedures, enrich futures varieties and improve product structure.
Fifth, expand the business scope of futures companies, increase futures market making trading, derivatives trading and other businesses, and reserve legal space for futures companies to enhance their business ability and risk management ability and better serve entity enterprises.
firmly adhere to the bottom line of preventing and resolving financial risks
Q: how does the futures and derivatives law prevent and resolve financial risks?
A: the futures and derivatives law takes preventing and resolving market risks as the top priority.
First, further improve the risk control system and consolidate the foundation for the stable operation of the market. It stipulates that futures trading shall implement risk control systems such as position limit, no liability settlement on the same day and forced closing of positions, and clarify the legal status of the central counterparty of futures settlement institutions.
Second, improve the risk identification, prevention and disposal system of the futures market, strengthen the front-line supervision responsibilities of futures trading places, stipulate emergency measures and emergency disposal measures for abnormal situations, improve the market monitoring system and build a three-dimensional and diversified risk prevention and control system.
Third, strengthen supervision and management, increase the punishment for violations, significantly increase the cost of violations, and effectively maintain market order.
promote the further opening of futures market
Q: what institutional arrangements has the futures and derivatives law made for the opening of the futures market to the outside world?
A: opening wider to the outside world is the only way to improve the core competitiveness and international influence of China's futures market. The formulation of the futures and derivatives law has filled the gap in the legal system of foreign-related futures trading.
First, establish the extraterritorial application effect of the law. If futures trading, derivatives trading and related activities outside the people's Republic of China disrupt the domestic market order and damage the legitimate rights and interests of domestic traders, they shall be dealt with and investigated for legal responsibility in accordance with the relevant provisions of this law.
Second, it stipulates that the futures regulatory authority of the State Council can establish a cross-border regulatory cooperation mechanism with overseas regulators to carry out cross-border supervision and management according to law.
Third, from the two aspects of "bringing in" and "going out", clarify the regulatory requirements for overseas futures trading places and overseas futures operating institutions to provide services to China, and standardize the cross-border trading behavior of domestic and foreign traders.
Fourth, foreign entities are strictly prohibited from operating relevant futures business activities in China without performing legal procedures, and their legal responsibilities are clarified.
At the same time, provisions are also made on issues such as information exit, contract price Linked Settlement listed in overseas futures exchanges and domestic futures exchanges.
fully implement the futures and derivatives law and improve regulatory efficiency
Q: what is the significance of futures and derivatives law for the legal system of capital market? How will the CSRC implement it in the next step?
A: the futures and derivatives law has effectively filled the gap in the construction of the rule of law in the capital market, and the "four beams and eight pillars" of the rule of law system in the capital market have been basically completed.
To give full play to the function of capital market, we must always be based on a scientific and complete legal system. By the end of 2021, there were about 2000 laws, administrative regulations and regulatory documents, judicial interpretations and policy documents, rules and normative documents related to the capital market, covering all aspects. On the whole, the capital market has realized that there are laws and rules to follow.
In the next step, the CSRC will organize the units of the whole system to seriously understand the legislative spirit of the futures and derivatives law, deeply study and master the connotation of various systems, truly implement each system, effectively improve the regulatory efficiency, guide the whole industry to carry out publicity and education activities of the futures and derivatives law, and promote the whole society to fully understand the functions and values of the futures market and derivatives market, Promote more industrial customers to use the futures market and derivatives market for hedging and other risk management activities.
At the same time, according to the provisions of the futures and derivatives law, the CSRC will pay close attention to the "establishment, reform, abolition and interpretation" of rules and normative documents, urge futures trading places, futures settlement institutions and industry associations to revise self-discipline rules at the same time, and improve the legal system of futures market and derivatives market as soon as possible.
In addition, the CSRC will take the opportunity of the adoption and implementation of the futures and derivatives law to further improve the development and supervision level of the futures market and derivatives market, strengthen the construction of the supervision talent team of the futures market and derivatives market, and cooperate with relevant departments of the State Council to promote the sustained, healthy, stable and high-quality development of the futures market and derivatives market.
latest statement by Fang Xinghai, vice chairman of CSRC
1. Fang Xinghai: the IPO falling below the issue price does not mean that there are too many IPOs, but that the pricing power should be further improved
Fang Xinghai, vice chairman of the CSRC, said at the sub forum of the Boao Forum for Asia 2022 annual meeting on the 21st: our market can be further improved in terms of depth and breadth, serving different investors and meeting market challenges. For example, in terms of market making and IPO pricing, international experienced institutions can be introduced, which is helpful to improve the quality of the market.
"I believe that more foreign capital will enter the market, especially long-term institutional investors and international leading institutions. In this way, the pricing and investment level of our market will be further improved, and the market will be more resilient and dynamic." Fang Xinghai said that recently, some IPO projects have fallen below the issuance price, which does not mean that there are too many IPOs, but that the pricing should be more appropriate and the pricing ability should be further improved.
2. Response to the decline of China concept shares
Fang Xinghai, vice chairman of the CSRC, said in response to the decline of China concept shares that the audit and supervision problem between China and the United States is the core, and some arrangements need to be made. Finding a reasonable arrangement is not a simple thing. He said that the negotiation team of the CSRC and the negotiation team of the United States are very smooth, video once a week, and gradually implement the details. He is confident that an agreement will be reached in the future to allow PCAOB to review legally and reasonably. This uncertainty is believed to be removed soon.
3. Foreign capital will return after leaving
Fang Xinghai, vice chairman of the CSRC, said at the sub forum of the 2022 annual meeting of Boao Forum for Asia on the 21st: "This year's net inflow of foreign capital will also be considerable. Although the stock index fell today, the capital going north is still a net inflow, that is to say, foreign capital has long-term and lasting confidence in China. You should see this. I have a lot of dealings with foreign capital in recent years. Maybe foreign capital has a familiar process of looking at China, and sometimes I can't understand it. Sometimes when we have any policies, he panics and leaves. I don't think it's relevant to leave for a while Yes, he'll be back in a while. "
Contemporary Amperex Technology Co.Limited(300750) : profit of 15.931 billion yuan in 2021
year on year growth of 185.34%
Contemporary Amperex Technology Co.Limited(300750) 421 disclosed the annual report of 2021. During the reporting period, the company achieved an operating revenue of 130356 billion yuan, an increase of 159.06% year-on-year; The net profit was 15.931 billion yuan, a year-on-year increase of 185.34%; The basic earnings per share is 6.876 yuan. The company plans not to distribute cash dividends, bonus shares or increase share capital with provident fund.
It was announced on the same day that it is planned to invest in the construction of Xiamen times new energy battery industry base project in Xiamen, Fujian Province, with a total investment of no more than 13 billion yuan. The construction content is Contemporary Amperex Technology Co.Limited(300750) + 0.52% lithium battery energy storage of power battery system and energy storage system production line.
In 2021, the sales revenue of Contemporary Amperex Technology Co.Limited(300750) power battery system was 91.491 billion yuan, accounting for more than 70% of its annual operating revenue, with a year-on-year increase of 132.06%, which is the main revenue source of Contemporary Amperex Technology Co.Limited(300750) at present. However, the gross profit margin of power battery system was 22.00%, a decrease of 4.56 percentage points over the same period last year. On the other hand, energy storage has become the fastest growing business segment of Contemporary Amperex Technology Co.Limited(300750) industry. In 2021, the sales revenue of its energy storage system was 13.624 billion yuan, accounting for 10.45%, with a year-on-year increase of 601.01%.
In the intraday trading on April 21, the lowest price of Contemporary Amperex Technology Co.Limited(300750) stock was 398.90 yuan / share, the lowest since June last year. As of the closing on April 21, Contemporary Amperex Technology Co.Limited(300750) shares were reported at 409.11 yuan / share, up 0.52%, with a total market value of 953575 billion yuan.
