It’s foggy in the morning and sauna at noon. Now … is this for the college entrance examination students to be baptized?















The A-share market fluctuated at a low level this morning, with the main indexes falling to varying degrees, and the real estate sector soaring, setting off a wave of daily limit and becoming one of the biggest highlights of the market in the morning.
New shares continue to be strong, and Xuchang Smart, a new share listed today, once rose more than 100% in the morning session.
The real estate sector rose sharply and set off a wave of daily limit.
The A-share market fluctuated at a low level this morning. As of the close of the morning, the Shanghai Composite Index fell slightly by 0.38%.
In terms of industry sector and track, the real estate sector rose sharply, with the intraday increase exceeding 3%. Individual stocks in the sector set off a daily limit, and Shahe shares, Pudong Jinqiao, China Communications Real Estate, Waigaoqiao and other stocks had daily limit.
In the news, Xiao Yuanqi, deputy director of the State Financial Supervision and Administration, said at the press conference of "High-quality Development of Financial Services Economy and Society" of the State Council Office that recently, we have actively cooperated with industry authorities and local governments to comprehensively implement policies from the supply and demand sides of the real estate market and continuously increase financial support. The Ministry of Housing and Urban-Rural Development, the People’s Bank of China and the General Administration of Financial Supervision have made clear the housing credit policy of "recognizing housing but not loans". The People’s Bank of China and the General Administration of Financial Supervision issued "16 financial measures" to support the stable and healthy development of the real estate market, and studied and established the dynamic adjustment mechanism of the first home loan interest rate policy, lowered the lower limit of the second home interest rate policy, and guided banks to reduce the interest rate of the first home loan. These policies and measures have played and are playing an active role in providing real estate financial services, stabilizing the reasonable financing demand of the real estate market and promoting the stable and healthy development of real estate.
Xiao Yuanqi said at the press conference of the State Council’s "High-quality Economic and Social Development of Financial Services" that in January this year, the Ministry of Housing and Urban-Rural Development and the General Administration of Financial Supervision jointly issued the "Notice on Establishing a Coordination Mechanism for Urban Real Estate Financing", requiring cities at and above the local level to establish a coordination mechanism for real estate financing, build a communication platform between government, banks and enterprises, and promote the accurate docking of housing enterprises and financial institutions.
Xiao Yuanqi said that at present, banks mainly have several channels for real estate financing: first, development loans to real estate enterprises and personal housing loans (mortgage loans). Up to now, the balance of development loans and personal housing loans is 12.3 trillion yuan and 38.3 trillion yuan respectively. In 2023, 3 trillion yuan of development loans and 6.4 trillion yuan of housing mortgage loans were issued respectively, which add up to nearly 10 trillion yuan, which is still very large. Second, banks invest in real estate corporate bonds. At the end of last year, the balance of bonds purchased by banks from real estate enterprises was 427.5 billion yuan, and the amount of bonds issued by banks investing in real estate enterprises was relatively large, which increased by 15% in 2023 compared with 2022. In addition, in 2023, banks also provided real estate enterprises with M&A loans and stock extension loans, which add up to more than 1 trillion yuan.
In terms of Baojiaolou, Xiao Yuanqi said that we actively cooperated with the Ministry of Housing and Urban-Rural Development and the People’s Bank of China to provide financial support. By the end of 2023, most of the special loans of 350 billion yuan for "guaranteed delivery building" have been put into the project, and commercial banks have also provided corresponding commercial supporting financing to ensure the completion of the task of "guaranteed delivery building".
Xiao Yuanqi said that the General Administration of Financial Supervision will guide financial institutions to make full use of the existing financial support policies, continue to do a good job in real estate financial services, maintain the overall stability of real estate credit, meet reasonable financing needs, and contribute to the stable and healthy development of the real estate market.
In addition to the real estate sector, media, building materials, light industrial manufacturing, environmental protection and other sectors also rose in the top.
The concept of "Chinese prefix", which rose sharply yesterday, surged in the morning session. The Wind Chinese prefix central enterprise index once rose by more than 1%, and then the increase was significantly narrowed.
In terms of trading stocks, Shenzhen China A rose 8.13% in the morning, and once again had a daily limit. If today is included, the stock has touched the daily limit for 14 consecutive trading days.
Last night, Deep China A issued an announcement on the reply to the letter of concern of Shenzhen Stock Exchange. According to the announcement, as of January 25, 2024, the closing price of the company’s A shares was 13.53 yuan/share, and the short-term change of the company’s A shares deviated greatly from the Shenzhen A-share index in the same period, which was higher than the increase of companies in the same industry in the same period. There may be irrational speculation risks. Investors are advised to fully understand the trading risks in the secondary market, make prudent decisions and invest rationally.
According to the announcement, after consulting the website data of CSI Index Co., Ltd., as of January 25, 2024, the latest rolling P/E ratio of textile, apparel and jewelry in the CSI industry classification 2530 of the company was 15.57 times; The latest rolling P/E ratio of C37 railway, shipbuilding, aerospace and other transportation equipment manufacturing industry, which belongs to the CSRC, is 29.49 times. The current P/E ratio of the company’s A shares deviates significantly from the industry average. Investors are advised to pay attention to trading risks, make prudent decisions and invest rationally.
The announcement also stated that from January 9, 2024 to January 25, 2024, the cumulative increase of the company’s A-share price was 202.68%. Since the company’s current fundamentals have not changed significantly, the recent share price increase does not match the company’s fundamentals. The stock price may be influenced by multiple factors such as macro-environment, market environment, industry development, company operation and investors’ preferences. Investors are advised to pay attention to trading risks, make prudent decisions and invest rationally.
At the same time, the company also faces the risk of price fluctuation of main raw materials, the risk of intensified market competition and the risk of falling market demand.
Xuchang Smart, a new stock, once rose more than 100% in the morning session.
Today, there is a new stock listed in the A-share market, which is Xuchang Intelligent. The stock once rose more than 100% in the morning session.
According to the prospectus, the main business of Xuchang Intelligent is the research, development, design, assembly, sales and service of intelligent power distribution products and new energy products and systems, as well as the general contracting business of power engineering. The main products and services include: high and low voltage switchgear and intelligent switchgear, distribution automation equipment, intelligent distribution system and intelligent components, rail transit power equipment, power engineering general contracting business, new energy solutions, processing services and others. The company has the ability to provide integrated solutions such as intelligent power distribution products and systems, urban rail transit power supply, "one-stop" power general contracting, smart community, energy cloud platform, electric vehicle charging and replacing, data center, energy efficiency management system, microgrid energy storage system, and integrated optical storage and charging system.
The company’s products are widely used in municipal engineering, rail transit, energy and electricity, data communication, industrial and mining enterprises, real estate, low-carbon parks and other fields, in the State Grid Smart Grid Research Institute, Beijing Metro, Shijiazhuang Metro, Zhengzhou Metro, Nanchang Metro, Zhengzhou East Railway Station, Chongqing West Railway Station, Beijing Daxing International Airport, Zhangbei Scenery Transmission and Storage Demonstration Project, Beijing World Expo, Beijing Winter Olympics, Guodian Pingtan Comprehensive Smart Energy Demonstration Project, and China Construction Seventh Bureau.
Editor: Zhu Yumeng
Everbright Sunshine Hedge holds Hybrid C for 6 months, which is a medium-risk product with a lock-up period of 6 months.
Buying wealth management products through offline banking channels may be misled by wealth management managers; However, online platform to buy wealth management products, although there is no wealth management manager to promote, but it will also be misled. Recently, an investor, Chen Hua (a pseudonym), spoke to reporters and bought wealth management products on the Internet platform. As a result, he bought a high-risk fund for investing in stocks and suffered losses. The reporter’s investigation found that many Internet platforms, such as Alipay, Tencent Licaitong, JD Finance, lufax, etc., all have the chaos of unclear classification, emphasizing marketing and neglecting risk warning. Text: Guangzhou Daily all-media reporter Lin Xiaoli
Complaint: Stock funds are mixed with sound financial management products.
Chen Hua told reporters that he has always bought wealth management products from Alipay, and all of them are stable products recommended by the homepage. Moreover, because he trusts Alipay, the investment amount is not several thousand yuan, but more than 100,000 yuan. Last month, I bought another 190,000 yuan of wealth management, which was also bought from the wealth management products recommended on the homepage. I bought Everbright Sunshine Hedging’s mixed C for six months, showing that the yield in the past year was 5.0%, which is not very high, so I didn’t expect to lose money.
However, when I went in a few days ago, Chen Hua found that there was a loss in the principal. Only then did he find that Everbright Sunshine Hedge held mixed C for six months, which was actually a fund product, and it was also a fund that invested in stocks, a medium-and high-risk field.
"Now I have lost 1900 yuan in less than 2 weeks, and I can’t redeem it. I have to wait for 6 months before I can redeem it. I want to buy a wealth management product with stable income, and I don’t want to buy a fund with stocks. Alipay has set up a menu of wealth management products, funds, stocks and other pages, and I have never spent it on the fund and stock pages. However, Alipay has obviously misled the consumption behavior of this fund, and I hope Alipay can compensate me for my losses. " Chen Hua said so.
On March 8, the reporter logged into Alipay to check, but did not find the product on the homepage. However, through the search for "Everbright Sunshine Hedges Holding Mixed C for 6 months", it was found that the product was a mixed fund that invested in stocks, and it was a medium-risk product with a lock-up period of 6 months. On that day, it showed that the increase and decrease in the past year was 5.71%. After careful investigation, the reporter found that the fund is a product managed by Everbright Securities, accounting for 60.25% of the shares invested, with heavy positions in Kweichow Moutai, China Zhongmian and Industrial Bank.
Coincidentally, the reporter saw similar cases on the black cat complaint platform. Some investors said that in February, they received a recommendation from Everbright Sunshine to hold mixed C wealth management products for six months in Alipay wealth management products, with an annualized interest rate of 6.46%. The product details are the same as other wealth management products. I have been losing money since I bought it. Later, I found out that the product is a stock fund in the fund. The fund product I bought before has a separate fund page, which can be distinguished at a glance. Alipay put it on the regular financial management page and made false propaganda, which led to the wrong purchase and suffered losses.
Chaos 1: Unclear classification and inaccurate marking of risk level.
According to the reporter’s investigation, besides Alipay, Internet platforms such as Tencent Licaitong, JD Finance and lufax all have various chaos in selling wealth management products.
Mr. Huang of Guangzhou told the reporter: "Recently, I talked to my friends about several wealth management products I bought in Ping An Lu Jin, only to know that I actually bought fund products, but I didn’t see the word fund at all when I bought them, and I almost filled in the information incorrectly."
On the black cat complaint platform, some users complained last month that Jingdong Finance had unreasonable labels on its deposit products. It is understood that Jingdong Finance puts "Three Gorges Treasure-Yuedeli", a bank time deposit product, in the same category as flexible access products. This user bought "Three Gorges Treasure-Yuedeli" for many times from January to April, 2020, totaling over 110,000 yuan. But in fact, this product is a regular product, so it should not be under the flexible access column. Now, the interest that needs to be deducted is more than 5,000 yuan, and it is fed back to Jingdong Finance. Jingdong Finance has proposed a compensation plan of 50 yuan amount, which the user failed to accept.
The reporter’s investigation found that the classification of some platform products is not clear. In the "Steady Financial Management" project of Tencent Licaitong, the reporter saw the hybrid fund products released by several fund companies, with a medium risk level. In Alipay’s "wealth management" project, wealth management products and funds are in the same category; In the wealth management products, there are products such as "money fund" and "bond fund" marked in small red characters. Although money fund and bond fund belong to low-risk products, they actually belong to fund products.
In addition, there are also cases where products labeled as "medium and low risk" have plummeted. Some investors told the Guangzhou Daily all-media reporter that the exclusive investment project of the high-end wealth management platform launched on Alipay platform last year was Jiashi Tianli No.1, a subsidiary of harvest fund. According to the propaganda at that time, the accrual benchmark (annualized) of the performance of this fixed-income product was 5%, with medium and low risks, with a starting investment of 310,000 yuan. However, this medium and low-risk product has actually lost money after one year of operation. The net value disclosed at the end of January plummeted by about 10%, and it has not rebounded significantly so far.
The reporter learned that harvest fund attributed the net value fluctuation of this product to "the change of asset allocation style in the market" and "the possible large redemption".
Chaos 2: Re-marketing and Light Risk Tips
In addition, although the online financial platform does not have the oral sales promotion of the financial manager, the propaganda words also tend to be marketing, while diluting the risk warning.
The reporter entered a number of financial platforms and found that the fund products were most recommended recently. On the fund sales page, the fund products purchased by 10 yuan abound, which are not only convenient to trade and low in cost, but also ready-made "good base" and "hot base" recommendations, which can be seen at a glance. There are also a variety of concepts to guide investors to "go and see" and "get on the bus immediately", especially the ups and downs up to double digits or even three digits are even more eye-catching, dazzling and ready to move. In fact, the past performance of equity funds does not represent future earnings.
"Since the advent of Yu ‘ebao in June 2013, in the past eight years, the Internet financial platform represented by Alipay has gradually optimized the user experience and cultivated users’ investment and financial management habits. A group of post-90 s and post-00 s have gradually grown up. The Internet has become an important consignment channel for investment products such as funds and old-age security, and its sales share has also increased year by year. The convenient experience has made many investors accustomed to buying investment products on these platforms." Yin Yanmin, an analyst at Rong 360 Big Data Research Institute, said that it is precisely the marketing activities such as the platform’s continuous optimization of the buying experience and the nesting of small red envelopes that make many investors unconsciously purchase investment and wealth management products with the process, but they are not used to reading specific product information such as product specifications and risk specifications, which will lead to the mismatch between investors’ risk tolerance and product risks. When they lose money, users feel cheated.
Yin Yanmin pointed out that for platform compliance management, investors should not blindly pursue sales and use smooth operation processes to make investors ignore product risks, and make enough risk warnings for high-risk products.
Reminder: There is no "guaranteed financial management"
A senior person in bank financing told reporters that at present, bank financing accelerates the transformation of net worth and breaks the rigid redemption. Bank financing can no longer claim to be "guaranteed". Similarly, the wealth management products of the Internet financing platform are not completely guaranteed. It is worth mentioning that, due to the new regulations issued by the regulatory authorities in January, commercial banks are not allowed to carry out time deposits and fixed deposit and convenient deposit business through non-self-operated network platforms. At present, the most secure deposit products have been removed from the shelves of Alipay, JD Finance, lufax and other platforms. "Investors should raise their risk awareness." The person stressed.
Feng Yun, a partner of Guangdong Green Law Firm, suggested that investors should fully understand the premise that investment is risky, truthfully complete the platform risk assessment, and correctly understand their own risk tolerance. When investing, you should read the relevant information carefully instead of skipping the direct signature.
"I feel lucky to be here. I was a few seconds late to sign up at that time, and I’m afraid the quota will be gone …"
Last weekend, 50 students went all out to complete the two-day "Devil Training Camp" in the Sports Park of Tihui+Hongguan, Minhang District, which was called "Shanghai Rugby Resort" by many rugby fans. Wang Peihao, a 25-year-old Shanghai boy, was one of them.
After successfully concluding the camp, Xiao Wang said that he was not only lucky, but also more rewarding. "What I learned here will be brought to my friends so that everyone can better participate in the flag football."
This flag football training camp named "Apple Seed Project" actually has a lot to offer-as one of the "stepping stones" for nfl professional football leagues to enter China, it has a history of 19 years. From inviting students to "play" for free at first, it is hard to get a ticket now. It can be said that with the new development opportunities of flag football in China, this "seed" finally reveals new green and is expected to blossom and bear fruit.
Set the alarm clock to grab tickets for "devil training camp"
It is no exaggeration to call it a "devil training camp".
Since its birth in that year, the nfl flag Apple Seed Program has been aimed at cultivating excellent waist flag football coaches and referees nationwide, so even though the training camp last weekend was only "entry-level", both the teaching content and requirements were very strict-from the most basic ball-taking action to the specifications of different positions such as quarterback, center, running forward and receiver; From the detailed explanation of posture, to the tactical arrangement of the game, the norms and rhythm of the referee’s penalty … The two-day training camp, from morning till night, with the record high temperature in Shencheng, can be said to have drained all the energy of the students. "Our clothes have almost never been done!" A student said with a smile.
It’s hard to imagine that such a hard "trial" has been robbed of places. Wang Peihao told reporters, "When I saw the news of the opening of the camp, my first reaction was to judge that the number of places would definitely be’ second light’, so I set the alarm clock one week in advance. As expected, several of my friends were more than 20 seconds late in signing up, so I couldn’t report it!"
It is understood that the training camp has already made four stops in other cities across the country, namely Guangzhou, Hangzhou, Xi ‘an and Chengdu. The registration fee of 2680 yuan, almost all places are "second light". Asked why they signed up, several students said this sentence-"Now the flag football is on the wind!"
What is the "window" of flag football?
"I am happy to see so many people like flag football!" No one feels more deeply about the "tuyere" in the students’ mouths than Zhou Xiaohua.
For two days, 43-year-old Zhou Xiaohua dragged his cold body, ran back and demonstrated his movements in the scorching sun, and kept shouting at the top of his voice. In the end, he almost lost his voice.
As the head coach of the training camp, Lao Zhou is actually the "senior brother" of all the students-NFL China organized and held the "Apple Seed Program" training camp in Beijing, Shanghai and Guangzhou for the first time in 2003, and it was through this that Zhou Xiaohua, who was studying at Shanghai Institute of Physical Education, first came into contact with the waist flag football project. At that time, Zhou Xiaohua was deeply attracted by this sport and began to devote himself to it. Later, nfl China organized junior high school flag football leagues and college students’ flag football leagues in China. He was the "leader" among them, just as Lao Zhou said, "We are the first generation of flag football players in China".
In Lao Zhou’s view, these students are now in a completely different state of mind from when he participated in the training camp. "We were just curious and interested in that year, and most of the contact with flag football was passive and tentative. But now these students, all with clear goals, are eager to embrace the flag football … "Lao Zhou couldn’t help feeling," The mass base of the flag football now is beyond our imagination. "
This can be seen from the composition of the participants in the training camp. It is understood that most of the students are in charge of the flag football community. At present, there are a large number of such communities in major cities, gathering a large number of flag football fans. These communities organize group members to participate in offline training and competitions every week. This has formed a stable circle. Even if the sport itself is not mentioned, it is only regarded as a fashionable social activity to gain a sense of belonging, and it is still attractive to young people. However, it is an indisputable fact that qualified coaches are the core of a community, which is also the purpose of these group owners to participate in the training camp. "I hope to convey the correct training methods, rules and competition system to the fans of flag football, otherwise it will be a misunderstanding." A "group master student" said.
In addition, there are some coaches from sports training institutions among the students. Driven by the market, they are also trying to transform, hoping to carry out sports training business with more "money". A student told the author with confidence that the coach resources of waist flag football are in short supply in Shanghai at present. "Many institutions, including some league construction companies, are looking for coaches, but in fact, the number of people with teaching qualifications and teaching ability is very limited."
In addition, there are school teachers and college students-teachers can create interest courses around flag football when they return to school through professional training; College students can form a flag football club.
Where people chase, there is a market. If there is a market, there will be more people chasing it. All this is an intuitive embodiment of the "window".
Take a step ahead and lead the country.
Indeed, the flag football has given people a feeling in the past two years: it has changed from unfamiliar to familiar, too fast. Few people know that nfl China and a group of rugby players have silently nurtured it for nearly 20 years.
This is not difficult to explain: in the increasingly international metropolis, the change of contemporary young people’s life concept and the in-depth implementation of the national strategy of national fitness have provided fertile growth soil for this sport. With the help of social platforms such as Little Red Book, it can gain traffic in a short time and become a new online celebrity movement.
But after all, social platforms can only be used as a pusher, but they can’t be a real grasper of a sport. In the face of the rapid growth of novice players, whether waist flag rugby can grasp the rare historical opportunity depends on whether a series of real problems can be solved-whether there is a stable sports venue, and then a benchmark "rugby resort" is born, making this sport one of the city’s business cards; Whether it is possible to build a brand that is both public-oriented and professional, and finally move towards commercial operation; Whether there are enough qualified coaches and referees to meet the needs of fans from "white" to "specialization" …
In Shanghai, the city with the earliest rugby acceptance and the strongest rugby atmosphere in China, a group of professionals and people with lofty ideals have been laid out. They are not only one step ahead of schedule, but also hope to lead the country.
It is understood that the nfl flag Apple Seed Program was jointly sponsored by Shanghai Rugby Association and nfl China. They gathered a group of "old wizards" who love rugby and are willing to contribute, and "toured the country" for the purpose of promotion rather than profit, providing the most professional training courses to the public. They also publicize through grounded channels such as new media and communities to expand their influence. It can be said that at present, the training system of waist flag rugby talents in Shanghai has been initially formed.
What’s more worth mentioning is that the venue of the "Apple Seed Project" training camp in Shanghai, Tihui+,has reached a long-term cooperation intention with the Shanghai Rugby Association. They hope to make use of their own venue resources and the advantages of a comprehensive service platform to build a "rugby resort" in Shanghai in the future. "From the data of venue reservation, we found that Shanghai residents are very keen on the new sports with multiple attributes such as fitness, leisure, entertainment, social interaction, etc. It is our main goal at this stage to make every effort to build an urban sports center that meets the fitness needs of ordinary people. The strategic layout of cooperation with Shanghai Rugby Association also fits the corporate brand mission of’ healthy life and happy friends’." The relevant person in charge of "Body Exchange+"said.
The author also learned that Hongqiao Town, Minhang District also plans to focus on flag football, gather regional characteristics, guide and support social forces such as sports social organizations, and create brand events that the people love. "Sports Hongqiao" is a business card of the regional party building in Hongqiao Town. Guided by the party building, it actively meets the spiritual needs of enterprises and the masses, gives full play to the innovative advantages of the grassroots party building mechanism, and adopts a brand-new competition mode of "government building, enterprises singing opera and the whole people participating", which has been widely recognized by the citizens in recent years and has produced a wide range of social influence.
The flag-waist rugby has become a candidate event for the 2028 Los Angeles Olympic Games through social media pictures and videos. However, it is undeniable that this sport is still a very minority sport. What he needs most now is a real, healthy and sustainable environment. The rugby people in Shanghai are also going all out on this right road.
Editor-in-Chief: Chen Hua
Author: Yao Qinyi
With Harbin’s "going out of the circle" this winter, many southern friends have plans to go skiing. We can’t ignore the risk of injury caused by ice and snow sports. Falling on the snowy road can easily cause tooth trauma, which will cause many adverse effects if it is not handled in time.
How to prevent tooth trauma when skiing?
Before skiing, you should fully warm up. When skiing, you should wear protective equipment such as helmet and protective denture correctly to minimize the risk of tooth injury. In addition, it is best to be accompanied by professionals when exercising.
Sports protective denture
I dislocated my teeth while skiing.
Do it at the scene!
In case of tooth dislocation during skiing, please find the tooth as soon as possible. If the tooth is dirty, it can be washed gently with milk or normal saline, or soaked in the patient’s saliva. Then hold the crown, don’t touch the root of the tooth, put the root into the alveolar fossa, and gently bite the posterior molar.
If the child has a tooth injury and refuses to put the fallen tooth back into the mouth, please don’t wrap the tooth with paper or dry it, but soak it in milk.
After tooth dislocation, go to the hospital for treatment as soon as possible.
After the basic emergency treatment, please go to the nearest hospital for treatment, grasp the golden treatment time, and replant the teeth within 15-30 minutes, which can greatly improve the success rate of treatment. The specific diagnosis and treatment process is as follows:
1. Film inspection:X-ray examination is needed after tooth dislocation, and oral CBCT(Cone Beam CT) is taken if necessary to check whether there is alveolar bone fracture.
2. Treatment of dislocated teeth:Dislocated teeth generally need to be reset under local anesthesia, fixed elastically for 2-4 weeks, and taken orally with antibiotics if necessary.
3. Precautions after treatment:
During elastic fixation, patients should pay attention to maintaining oral hygiene, brush their teeth with a soft toothbrush after meals, and use mouthwash if necessary.
Avoid eating too cold to stimulate the teeth, and brush your teeth with warm water.
Soft food for two weeks, don’t bite hard objects with your affected teeth (apples can be cut into small pieces and chewed with your back teeth).
Avoid taking part in antagonistic sports.
Follow the prescribed time for follow-up. (The article comes from: "Nanjing Stomatological Hospital" WeChat WeChat official account)
With the introduction of new regulations on asset management business of financial asset investment companies, the trillion-dollar debt-to-equity swap market will also usher in many changes. On May 6th, China Banking and Insurance Regulatory Commission issued the Notice on Matters Related to the Asset Management Business of Financial Asset Investment Companies (hereinafter referred to as the Notice), which clarified the matters related to the asset management business of financial asset investment companies (AIC) from the aspects of fund raising, investment operation, registration and custody, information disclosure and submission, which also marked a breakthrough in the realization system of asset management business of financial asset investment companies.
Financial asset investment company is the implementation institution of bank debt-to-equity swap, which has emerged as a new financial format since June 2018. According to the Notice, the debt-to-equity swap investment plan of a financial asset investment company can apply for registration as a shareholder of the target company of debt-to-equity swap according to law. Insurance funds and pensions can be invested in the debt-to-equity swap investment plan according to law. When conducting asset management business, a financial asset investment company shall abide by the principles of calculable cost, controllable risk and full disclosure of information, and pay investors income according to the agreed conditions and actual investment income, without guaranteeing the principal payment and income level, and investors shall bear the investment risks and obtain income.
"In fact, this is a part of the unified asset management policy. All kinds of asset management institutions can issue asset management products to qualified investors." According to the analysis of the asset management industry, this new regulation should be mainly aimed at aligning with the new asset management regulations for institutions such as financial asset investment companies, unifying standards, and further enriching the sources of funds for debt-to-equity swaps.
Liao Yuanyuan, deputy director of China Banking and Insurance Regulatory Commission Innovation Business Supervision Department, pointed out that the overall idea and main contents of the Notice are consistent with the core principles of the new asset management regulations. At the same time, the Notice focuses on solving the realistic needs of market-oriented fund-raising of financial asset investment companies, and puts forward more targeted regulatory provisions in combination with their own characteristics of asset management business, combining unified supervision with differentiated supervision, which not only ensures that asset management business can better support the implementation of debt-to-equity swap projects, but also has a significant role in promoting the healthy and orderly development of asset management business of financial asset investment companies.
China Banking and Insurance Regulatory Commission data show that in the past two years, financial asset investment companies have actively and orderly carried out their business, and the amount of debt-to-equity swaps has exceeded 1 trillion yuan. Experts believe that the "Notice" is beneficial to both the capital end and the business end of financial asset investment companies, which is conducive to the better development of debt-to-equity swap business.
Ceng Gang, deputy director of the National Finance and Development Laboratory, said that broadening the business scope of financial asset investment companies can alleviate the problem of funding sources that debt-to-equity swaps have been facing. Debt-to-equity swap requires relatively diversified funds, appropriate cost and long term, and can introduce more social funds, which is of course meaningful to the sustainable development of debt-to-equity swap.