Important News Alert
As of the end of May, the scale of public funds exceeded 31 trillion yuan, hitting a record high
PricewaterhouseCoopers lost another order, and Haitong Securities plans to change its accounting firm
Tip of the day
Apple's headset Vision Pro was launched on June 28 in China, Japan, and Singapore
Wuliangye held an on-site meeting of the 2023 Annual General Meeting of Shareholders on June 28
The China Council for the Promotion of International Trade (CCPIT) held a regular press conference for June on June 28
CES Asia 2024 will be held June 28-30 in Beijing
Financial news
1. On June 27, the single-day turnover of many broad-based ETFs such as Huatai Pineapple CSI 300 ETF and CSI 500 ETF continued to increase, significantly exceeding the previous day's level. Compared with the first three weeks of June, equity ETFs continued to receive large funds this week, with a cumulative net inflow of nearly 30 billion yuan, significantly ahead of the previous level. The number of fund shares of broad-based ETFs such as Huatai Pineapple CSI 300 ETF and E Fund CSI 300 ETF Initiator has also hit a record high since its inception.
2. A reporter from the China Securities Journal learned on June 27 that in order to establish an effective communication mechanism between supervision and the market, improve the ability of the regulatory authorities to identify industry risks, and open up the path for the regulatory authorities to guide and serve industry institutions, the Beijing Securities Regulatory Bureau learned from the beneficial experience of the supervision of licensed institutions and launched the pilot project of the supervision of securities private investment fund managers in Beijing.
The first batch of pilot lists include 20 securities private equity fund managers such as stock long, quantitative, and bond funds, and institutions such as Tamsui Quan, Renqiao, Hanhe, Panze, Jiukun, Qianxiang, Zhuozhi, Jukuan, Tiansuan, Xinhong Tianhe, Lerui, and Mingyi are listed.
3. On 27 June, HKEX announced that it would launch weekly Hang Seng TECH Index options on 2 September, subject to regulatory approval.
Weekly Hang Seng TECH Index options are options contracts that expire weekly, and two sets of weekly contracts will be available, namely current and next week, allowing investors to manage their positions in response to short-term risks and specific events.
4. The People's Bank of China reported on June 27 that the party branch of the Financial Stability Bureau of the People's Bank of China recently wrote an article pointing out that in the next step, the People's Bank of China will adhere to the centralized and unified leadership of the party Central Committee over financial work, grasp the reasonable balance between economic growth, economic restructuring and financial risk prevention at the macro level, grasp the relationship between power and responsibility, speed and stability, prevention and extinction in risk handling work, effectively prevent and resolve financial risks, and firmly guard the bottom line of preventing systemic financial risks.
Specifically, the first is to improve the market-oriented, legalized, and normalized disposal mechanism.
Second, it is necessary to earnestly improve the effectiveness of financial supervision, strengthen regulatory coordination, and form a joint regulatory force.
Third, we will continue to improve the financial risk monitoring, early warning, prevention and control system.
5. On June 27, data released by the Asset Management Association of China showed that as of the end of May, the total net asset value of public funds was 31.24 trillion yuan. This is a new high after the scale of public funds exceeded 30 trillion yuan for the first time at the end of April.
According to the data of the association, as of the end of May 2024, there are 148 fund management companies in mainland China, 13 securities companies or asset management subsidiaries of securities companies that have obtained public fund management qualifications, and 1 insurance asset management company.
6. On June 27, according to the website of the Shanghai Stock Exchange, the semi-annual report of listed companies on the Shanghai Stock Exchange was released for the first time, and Kangxin New Materials will release the first semi-annual report of the Shanghai Stock Exchange on July 17. Tianma Technology followed closely behind, and the first scheduled disclosure date of the semi-annual report was July 23.
Image source: Shanghai Stock Exchange
7. On the afternoon of June 27, the Ministry of Commerce held a regular press conference. He Yadong, spokesperson of the Ministry of Commerce, said that China has repeatedly expressed serious concern and resolute opposition to the EU's anti-subsidy investigation of electric vehicles against China, and has always advocated properly handling economic and trade frictions through dialogue and consultation.
On June 22, Minister Wang Wentao of the Ministry of Commerce held a video conference with the Executive Vice President of the European Commission and Trade Commissioner Dombrovskis. The two sides agreed to launch consultations on the EU's countervailing investigation of electric vehicles against China. At present, the working teams of the two sides are in close communication and are stepping up the consultation. The essence of China-EU cooperation is complementarity, mutual benefit and win-win results, and there is broad room for cooperation in the field of green transformation. It is hoped that the EU and China will work in the same direction, promote positive progress in the consultations as soon as possible, and reach a mutually acceptable solution to avoid the escalation of trade frictions adversely affecting China-EU economic and trade relations.
Company News
1. Haitong Securities: On the evening of June 27, Haitong Securities issued an announcement on the change of accounting firms, proposing to appoint Lixin Certified Public Accountants (Special General Partnership) as the company's domestic auditor in 2024 and Deloitte Touche Tohmatsu Touche Tohmatsu as the company's overseas auditor in 2024. Previously, the accounting firms engaged by Haitong Securities were PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) and PricewaterhouseCoopers.
2. 7 days and 5 board space-time technology: On the evening of June 27, the company issued an announcement on stock trading changes, saying that on June 14, the company participated in the establishment of Beijing Shanhai Space-time Zhiyou Technology Co., Ltd., with a registered capital of 50 million yuan, and the company's capital contribution accounted for 40%, which has been paid-in. The establishment of the company aims to expand the cultural tourism business, and there is no artificial intelligence-related technology, personnel and business reserves, and the company has not yet started operation after its establishment, and will not have an impact on the company's operation.
3. Kelin Electric: On the evening of June 27, it was announced that Qingdao Hisense Network Energy Co., Ltd. announced the results of the offer to acquire Kelin Electric's shares, with a total of 62.2 million pre-offered shares, accounting for 22.82% of the company's total share capital. After the completion of the acquisition, Hisense Network can hold a total of 34.94% of the company's shares, and hold 9.57% of the voting rights, a total of 44.51% of the voting rights. The company's equity distribution still meets the listing conditions, and the listing status will not be affected. The company's shares resumed trading on June 28.
4. Yingtong Communication: On the evening of June 27, the company issued an announcement on stock trading changes, and the company's recent operation is normal, and there have been no major changes in the operating conditions and internal and external business environment. The Company, its controlling shareholder, actual controller Huang Hui and actual controller Zuo Sun'e do not have any material matters that should be disclosed but have not been disclosed, or major matters in the planning stage.
The company announced on the same day that Huang Hui, one of the company's controlling shareholders and actual controllers, released the pledge of part of the company's shares held by him on June 26, 2024, and the number of shares released from the pledge was 8 million shares, accounting for 17.89% of his shares and 5.14% of the company's total share capital. As of the disclosure date of the announcement, Huang Hui and his concerted actors had pledged a total of 21,414,900 shares, accounting for 32.12% of his shares and 13.77% of the company's total share capital.
5. Three Gorges Energy: On the evening of June 27, the company announced that the company plans to invest in the construction of the new energy base project in the central and northern part of Ordos in the Kubuqi Desert of Inner Mongolia, with a total of 8 million kilowatts of photovoltaic, 4 million kilowatts of wind power, 200,000 kilowatts of solar thermal, 4 million kilowatts of supporting coal-fired power projects and 5 million kilowatt-hours of new energy storage. The dynamic investment amount of the project is 79.792 billion yuan.
6. ST Hanggao: It was announced on the evening of June 27 that as of June 27, 2024, the closing price of the company's shares has been below 1 yuan for 20 consecutive trading days. According to the regulations, if the closing price of the company's shares is lower than 1 yuan for 20 consecutive trading days, the company's shares will be terminated by the Shenzhen Stock Exchange. According to the regulations, if the company's shares are terminated due to the forced delisting of transactions, the company's shares will not enter the delisting period. As a result, trading in the company's shares will be suspended from the market open on June 28.
7. Wuzhou Transportation: On the evening of June 27, the company announced that the company plans to invest in the construction of the reconstruction and expansion project (Tanluo to Baise section) of the Nanning-Baise section of the G80 Guangkun Expressway operated and managed by Guangxi Tanbai Expressway Co., Ltd., a wholly-owned subsidiary. The main line of the project is about 177.05 kilometers long, with a construction period of 4 years, and the standard reconstruction and expansion of two-way eight-lane expressways is adopted, with an estimated total investment of about 20.43 billion yuan, and the project funds are solved by the company's self-raising and bank loans.
8. Yunji Group: On the evening of June 27, it was announced that in order to accelerate the development of the company's digital and intelligent industry and greatly enhance the company's market competitiveness, the company plans to invest 200 million yuan to set up a wholly-owned subsidiary, Huayun Zhiyuan (Chengdu) Technology Co., Ltd. The business scope of Huayun Zhiyuan (Chengdu) Technology Co., Ltd. includes general projects: artificial intelligence industry application system integration services; data processing services; Artificial intelligence application software development, etc.
9. Shanshan shares: announced on the evening of June 27 that the company and related personnel received the "Decision on Administrative Supervision Measures" issued by the Ningbo Supervision Bureau of the China Securities Regulatory Commission, and the Ningbo Securities Regulatory Bureau took administrative supervision measures to issue a warning letter to the company and related personnel.
Shanshan Holdings, the controlling shareholder of the company, occupied the company's funds through purchase advance payments and project advance payments, and occupied a total of 1.788 billion yuan from January 2022 to April 2024. The company failed to disclose relevant information in a timely manner, which violated the information disclosure management measures. Some of the Company's related party transactions did not perform the review procedures and were not disclosed to the public in a timely manner. The Ningbo Securities Regulatory Bureau has taken administrative supervision measures to issue a warning letter to the company and the relevant responsible persons.
Selected Research Reports
Zhongyuan Securities Research Report pointed out that the current valuation of the lithium battery sector is significantly lower than the industry median level of 46.16 times since 2013. Combined with industry policies, industry development prospects, performance growth expectations and valuation levels, the industry maintains the investment rating of "stronger than the market". In 2024, it is recommended to focus on three main investment lines: first, under the overall pressure of upstream raw material prices, downstream lithium battery companies are expected to benefit, focusing on enterprises with technology and scale advantages; the second is the market share of the subdivided field against the trend growth advantage enterprises, focusing on the cost advantage of the target; The third is the thematic investment opportunity under the premise that the sales of new EV manufacturers exceed expectations.
Guotai Junan Research Report pointed out that recently, the official website of the National Press and Publication Administration released the approval information of domestic online games in June 2024, with a total of 104 games approved and another 5 games approved and changed. The number of edition numbers has been further increased, and some products such as Tencent, Sanqi Mutual Entertainment, Gigabit, and iDreamSky have been approved. Focusing on the summer vacation and product scheduling in the second half of the year, the overall valuation of the game industry as a whole is at a low level, among which companies with rich and high-quality content reserves and solid fundamentals will take the lead in repairing, and in the medium and long term, companies with leading advantages in game development, publishing, and AI technology applications are also expected to gradually improve.
Reporter: Zhang Jing Editor: Wang Yin Proofreader: Zhang Lijing
Producer: Zhang Nan Issued by: Peng Yong
Questionnaire on the Status of Investors in National Public Funds (Individuals) (2024)
In order to fully grasp the investment behavior, risk appetite and psychological expectations of mainland public fund investors in the past year, and strengthen the education of fund investors in a targeted manner, the Asset Management Association of China will carry out the 2024 national public fund investor survey under the guidance of the China Securities Regulatory Commission.
Your comments are very important to us, so please answer them carefully. Here is a link to the questionnaire:
https://www.credamo.com/s/J3euMbano
Asset Management Association of China