Xinhua news agency, Brussels, anchor socket August 27, review: Europe looking to improve the international financial governance G20 Summit Xinhua News Agency reporter Liang Linlin Shuai Rong Zhao Xiaona The group of twenty (G20) Hangzhou summit held soon, "more efficient global economic and financial governance" is one of the topics. Many European politicians and scholars said that this year Chinese results have been achieved in promoting G20 to improve financial governance, look forward to the G20 summit in Hangzhou to continue to promote the reform of the global financial system, make contribution to global economic growth. Study on cloth rueger economic think tank Institute in Brussels recently published an article pointed out that the Chinese influence of rapid growth in the world, China plays an increasingly important role in international financial system. Director of the Institute of economic research Bbu Luger Guntram Wolf told the Xinhua News Agency reporters, G20 Summit on financial governance issues is very important for europe. As the stock market, bond market and other direct financing market is relatively underdeveloped, European banks in the financial system the proportion is too large, and the current banking crisis in some European countries the rise of risk, urgent financial control way. Under the new situation, China EU cooperation in recent years is financial deepening. Last year, the European countries have joined China advocated the establishment of the Asian infrastructure investment bank (Asian investment bank); Chinese formally joined the European bank for reconstruction and development, and at the same time, the European investment bank cooperation will continue to accelerate. The European Investment Bank President Heuer told the Xinhua News Agency reporters, the European investment bank and the investment bank will maintain close communication from the start, the two sides have reached a cooperation agreement, will jointly support investment in strategic projects. European experts believe that since the global financial crisis in 2008, G20 has become the main force to promote the global economic and financial governance system reform. Push in Chinese this year, the G20 conference launched the global financial governance framework reform, including the global financial safety net, the International Monetary Fund's special drawing rights (SDR), the use of green finance, the global financial system reform and other issues. These discussions will have a profound impact on the strategic framework of global financial governance. It is worth mentioning that green finance was first introduced in G20 Chinese agenda. China is promoting the establishment of the green finance team, to encourage the parties according to the national conditions, in-depth study of how to mobilize more resources to finance through the green environmental protection and sustainable development investment. EU economic and Monetary Affairs Commissioner Pierre Moscovici told reporters: "in emerging economies, especially Chinese into the international financial system, beneficial to the eu". He also said: "China has been committed to accelerating global economic reform and financial governance, especially in emerging economies and improve the voice and representation of developing countries. The EU welcomed Chinese play a positive role in global economic stability and healthy development." Click to view the topic
Will further play the advantages of long-term investment of insurance funds, to provide long-term stable funding for the development of capital market – reporter Su Shiyu According to market rumors about 600 billion yuan will gradually withdraw from the universal insurance A shares ", lifting clutches Chinese Insurance Regulatory Commission departments responsible person pointed out that the rumor is not real. In August 24th, an article entitled "the regulatory process to strike! 600 billion yuan for universal insurance will gradually withdraw from the A shares, has been involved in the exposure of 64 shares (list) "the article said, the CIRC has just issued a draft, intends to further tightening of high price products, and for the first time on the market of high insurance products guaranteed interest rate limit". At the same time, "according to CICC estimates, is expected to present A shares of about 500 billion yuan ~6000 million yuan capital stock from the high price of universal insurance. If the implementation of new regulations, from universal insurance stock funds will be gradually removed or replacement in 5 years." In this regard, the responsible person said, recently, the China Insurance Regulatory Commission organized a forum on how to further improve the supervision system of personal insurance products for some opinions of the insurance company. The relevant documents are in the process of soliciting opinions, in the hope that the public supervision department officially released documents shall prevail. The responsible person stressed that, in order to meet the growing consumer demand for insurance, Chinese CIRC will further strengthen the personal insurance products safeguard function, guide the development of the industry risk protection and long-term retirement savings products, gathering long-term insurance funds, the implementation of the development concept of insurance name "guarantee". Is the insurance funds to support the development of the capital market, promote the real important strength of economic transformation, promote the adjustment of industrial structure, will further play the advantages of long-term investment, to provide long-term stable funding for the real economy and capital market development. Huatai Securities analyst Luo Yi said, "600 billion yuan will gradually withdraw from the universal insurance A shares" judgment and inaccurate and too one-sided. If the adjustment will be carried out from the universal insurance account management, refund premiums, life insurance annuity form scheduled interest rates, etc., is not a barrier of universal insurance, but stressed that the protection of property insurance. At present our country universal insurance accounted for 31%, while the United States accounted for 40%, the term structure adjustment is the key. Huatai Securities Research Report estimates, China's premium income will reach 5 trillion yuan in 2020, a compound annual growth rate of 16%, the corresponding investment funds in 2020 was about 22 trillion yuan. Give 30% equity investment of insurance funds in accordance with the categories regulatory limit, the cumulative amount of equity investment will reach 6 trillion and 600 billion yuan. Even to maintain the current 14% caution equity investment ratio, the cumulative amount of equity investment will reach 3 trillion and 100 billion yuan. But as of July this year, China's insurance fund equity investments accounted for only 1 trillion and 700 billion yuan, equity dynamic space amounted to 1 trillion and 400 billion yuan to 4 trillion and 900 billion yuan. Luo Yi said that the insurance industry should actively participate in the construction of multi-level capital market, promote the direct investment of insurance funds in various forms. (Su Shiyu)
Yesterday, scaffolding accessories the dairy giant Mengniu Dairy performance report released in 2016. During the reporting period, the company's revenue has increased, but net profit fell to appear. In the current dairy industry downturn, Mengniu also difficult to own. According to Mengniu Dairy reporting the results show that the first half of this year, Mengniu sales revenue of 27 billion 260 million yuan, an increase of 6.6%; gross profit was 9 billion 181 million yuan, representing an increase of 12.8%; the first half net profit of 1 billion 77 million yuan, 1 billion 339 million yuan over the same period last year fell 19.5%. In addition, due to the decline in the cost of raw milk and the adjustment of product structure, Mengniu in the first half of the gross profit rate is 33.7%, compared to the same period last year increased by 1.8 percentage points. The reason for the decline in performance, the main reason is given by Mengniu, "associates profit attributable to 143 million 300 thousand yuan from the same period last year significantly reduced to a loss of 154 million 600 thousand yuan this year, and Ashley profits reduced, the group profit before interest taxes depreciation diluted (EBITDA) decreased by 6.9% to 2 billion 155 million 100 thousand yuan, compared to 2 billion 315 million 600 thousand in 2015 yuan". It is worth mentioning that Mengniu refers to the joint venture company, is a modern animal husbandry, the semi annual data released earlier showed that the modern animal husbandry in the first half loss of 566 million yuan, while Mengniu modern animal husbandry as the largest shareholder, the shareholding ratio of 25.41%. Because the price of raw milk fell before, because modern animal husbandry has the advantages of raw materials has become restricts the performance of mengniu. "Last year, modern animal husbandry contributes 140 million yuan, 150 million yuan loss today, one out of Mengniu affect the performance of nearly 300 million yuan." A person familiar with the Mengniu Dairy told the "Securities Daily" the reporter said, however, the modern animal husbandry may improve performance in the second half. In addition, Mengniu Dairy and at the same time the report's release and Ashley, data show that the first half of this year, Ashley net profit of 15 million 100 thousand yuan, 109 million yuan over the same period last year fell sharply 86.2%. Prior to 2013, Mengniu Dairy announced a HK $12 billion 460 million acquisition of the entire equity interest of Ashley dairy. Mengniu reported in the first half of this year, Mengniu huge capital expenditure for ashley. Data show that the first half of this year, Mengniu capital expenditures totaled 2 billion 706 million 500 thousand yuan, an increase of 88%. Which does not contain Ashley, Mengniu capital expenditure of 1 billion 667 million 300 thousand yuan. "The acquisition of Dumex Chinese Ashley all equity expenditure of 986 million 700 thousand yuan". A substantial decline in modern animal husbandry and Ashley huge loss of net profit, have been implicated in reporting the results for Mengniu dairy. However, Mengniu Group President Sun Yiping for the first half performance is more optimistic. Sun Yiping said, "Mengniu adhere to the consumer as the center, become the nutritional health food company" innovation leads the enterprise vision, by continuing to promote the quality, innovation, win-win three concepts, based on the internal operation and management of solid force, to enhance the quality, precision and channel terminal market performance, these efforts in the first half of 2016 achieved good results. (reporter Fang Xia)
Chinese Economic Net editor's note: Jiangsu Changshu rural commercial bank Limited by Share Ltd (stock abbreviation: Changshu bank, BFD coupler stock code: 601128) will purchase online in August 30th. It is reported that the number of non-public offering of shares of not more than 222272797 shares, all of the public offering of shares. The net amount of the initial issuance of 155591797 shares, accounting for 70% of the total issuance, online issue of the initial number of 66681000 shares, accounting for 30% of the total issued. According to the issue of the program, after deducting the cost of issue, the issue of net funds raised 911176625.91 yuan. The Bank of Changshu at the end of the listing of 8 years running, Jiangsu province has become after Jiangyin bank, Wuxi bank, agricultural firms and a county-level city will soon be opened to the capital market door. In January 20th this year, the Bank of Changshu (first) approved, motherboard fashenwei meeting proposed the main question asking around five aspects, including: please cause the issuer representative further explained the main source of profit to net interest income and intermediate business development is relatively slow, affecting the interest rate market reform policy and financial development of the Internet on the issue the market competition environment and business development, promote the diversification of revenue measures to be taken, the risk has been fully revealed. Please sponsor representative issued a verification opinion. Etc.. Investment Express reported that the Bank of Changshu over 50% loans by Changshu, poor anti risk; remote management, Hubei four banks three losses; income by single channel spreads, the capital adequacy ratio decline. As of June 30, 2016, December 31, 2015, December 31, 2014, December 31, 2013, Changshu bank's non-performing loans were 857 million yuan, 787 million yuan, 453 million yuan, 402 million yuan, non-performing loan ratio was 1.49%, 1.48%, 0.99%, 0.99%. Increased year by year. The bank loan is the main source of income, the Bank of Changshu in the latest letter of intent book says, "2016, 2015, 2014 1-6 month, 2013, the net interest income accounted for 88.4% of revenue, 89.5%, 90.9%, 95.7%, the bank loan interest income customers accounted for 65% of total interest income 67.4%, 67.5%, 69.4%. Therefore, related with the bank loan business credit risk is the main risk facing the bank credit. If the customer loan maturity can not repay the loan principal and interest, the bank will suffer a loss." It is reported that Changshu bank loans are mainly concentrated in Changshou City, speaking of the industry, as of June 30, 2016, the bank loans to the manufacturing sector accounted for 52.25% of all corporate loans. In the face of income channels, what are the measures to make diverse income sources will the Bank of Changshu? How to keep sustainable profitability? A high concentration of loans, loans are mainly concentrated in the manufacturing industry especially for the textile clothing, how to control the risk? Aiming at the above problems, China economic net interview of Bank of Changshu, as of this writing has not replied. <strong> Motherboard fashenwei meeting inquiries focus in five areas</strong> Changshu rural commercial bank in June 27, 2014 to submit the prospectus, the latest version of the prospectus in December 2015 24 daily feeding, raising all for additional capital, the sponsor (underwriter) for CITIC Securities Limited by Share Ltd. In January 20, 2016, the Bank of Changshu will start. The IEC meeting put forward the main questions around the five aspects as follows: Please illustrate the Issuer on behalf of shareholders of the issuer of Jiangsu white snow electrical Limited by Share Ltd trade union shareholding situation and equity formation process, compliance with the relevant provisions, whether there exist any ownership or ownership dispute case, whether state-owned holding company; the Bank of Communications Ltd's shareholders and actual controllers; the relevant State-owned shareholders on the basis of whether obtaining approval approval of state equity management scheme and the transfer of state-owned shares, the issuer related state-owned shareholders whether concerted action and its reasons and basis; whether the issuer has the actual controller and its reasons and basis for compliance with the CBRC and the CBRC in 2014 2008 third orders fourth orders a single domestic non-financial institutions and related parties, the proportion of the total shares the rural commercial bank shall not exceed 10% of the total share capital requirements. Please sponsor representative issued a verification opinion. Please regulate the issuer representative of internal staff shares further shows that the issuer of a natural person shareholder is ESOP, the specific legal relationship and the shareholding of the issuer directors, supervisors and senior management personnel and their close relatives, in compliance with the relevant provisions of the people's Bank of China issued immediately set and whether the issuer "according to requirements; on standardizing the financial enterprise ESOP notice" (financial 97) the relevant provisions of the standard and meet the relevant requirements. Please sponsor representative: verification opinion and verification procedures and basis. Please issue on behalf of that compound growth during the reporting period the amount of overdue loans rate significantly higher than the industry average, the amount of non-performing loans of the compound growth rate is lower than the industry average level of reason and rationality. Please explain the sponsor representative verification issued credit asset risk classification management system implementation effectiveness. Please cause the issuer representative further explained the main profits from net interest income and intermediate business development is relatively slow, the influence of interest rate marketization reform policy and financial development of the Internet on the issue of market competition and business development, promote the diversification of revenue measures to be taken, the risk has been fully revealed. Please sponsor representative issued a verification opinion. Please issue on behalf of further plans to gain trust and investment right a large increase in the reason, related investment meets regulatory requirements, the provision for impairment of the method, basis and sufficient. Please sponsor representative issued a verification opinion. <strong> Changshu Bank net profit decline in 3.08% cross regional expansion of village bank losses</strong> In November 28, 2001, the Bank of Changshu by the Changshou City rural credit cooperatives restructuring, joint-stock established the first national rural financial institutions. These years, the rural commercial bank system has a lot of work, for example, become the first domestic introduction of strategic investors, in the rural commercial bank system's first strategic stake in the bank, the first to the province initiated the establishment of village banks and other places. Data shows, at present Changshu agricultural firm before the five largest shareholder of Bank of communications, Changshou City development and Investment Company Limited, Jiangsu Jiangnan business Refco Group Ltd, Changshou City Suhua Group Co. Ltd. and Jiangsu Longliqi Group Limited, the shareholding ratio was 10%, 4.64%, 4.37%, 3.95% and 2.86%, there is no controlling shareholder or actual controller. According to the "daily economic news" reported that as of the end of 2015, the Bank of Changshu, the total assets of 103 billion 366 million yuan, an increase of 4.81%; 77 billion 580 million yuan deposits, an increase of 8.41%; the loan balance of 53 billion 205 million yuan, an increase of 15.81%. The annual operating profit of 1 billion 203 million yuan, a decline of 7.11%; net profit of 975 million yuan, a decline of 3.08%; profit rate (ROA) and the rate of return on capital (ROE) were 0.97% and 12.86%. At present, the Bank of Changshu in a total of 139 outlets, including the Changshu local 107, places 32. At the same time, opened 30 "Xing Fu" system of rural banks, and shares of the 6 rural financial institutions. In fact, the Bank of Changshu has been actively committed to explore diversified development of cross the road. In 2008, the bank set up a branch in Haimen Haimen city of Jiangsu Province, became the county (city) level of rural small and medium financial institutions in the first off-site branch. At the same time, the bank in Hubei, Enshi and Yichang, Jiangsu, Changzhou, Wuxi, Yangzhou, Taizhou, Huaian, Yancheng, Suqian, Henan, Anyang and Luoyang and other places to set up a number of village banks, the establishment of village banks became the first county (city) level of rural commercial bank. Data show that as of the end of 2015, Changshu Rural Commercial Department of village bank has opened 19, the other in Yunnan Province, a new round of mass formation to start, deposit and loan balances amounted to 4 billion 722 million yuan and 4 billion 406 million yuan. But the "daily economic news" reporter noted that in the 19 village banks, as of June 30, 2015, 12 of the net profit is negative. In this regard, the Bank of Changshu said that at present the bank business focuses on Changshou City's rapid growth in recent years, largely benefited from the thorough understanding and accurate assessment of the Changshou City economic and cultural environment. The level of understanding of the economic and cultural environment in these areas may be inadequate, and the lack of outside Changshou City operating experience, therefore, the bank does not guarantee based or to achieve stable and sustainable development in the future outside Changshou City. <strong> Bad, clothing and textile industry downturn increased lending over 4, 50% loans by Changshu</strong> According to the "investment express" reported that originated in the county rural credit cooperatives in Changshu agricultural firms in recent years, the expansion trend is obvious, not only in Jiangsu local capital will reach more take cities and seize territory, the central and Western Hubei, Henan and other places, fighting each other with the local rural commercial bank. However, multiple head aura in Changshu agricultural firms not only to face the pain caused by the expansion, but also face the economic downturn caused by the risk of loans. The Bank of Changshu is rooted in the local Changshu more than 10 years, more than 50% of their business depends on the local loan business is highly concentrated, especially for real estate loans, "two high and one left industry loans and local financing platform loans. By the macroeconomic impact of collateral liquidity is limited, to bring greater risk to the. Not only that, the proportion of overdue loans increased year by year, the reporting period (2012 to June 2015), overdue loans accounted for the proportion of total loans to customers were 0.57%, 0.78%, 0.89% and 1.91%. As of June 30, 2015, overdue loans amounted to 961 million yuan, up 133.95% over the previous year, the bank non-performing loans amounted to 617 million yuan, up 36.32% compared with the beginning. The expected risk for nationwide expansion is the Bank of Changshu, is undoubtedly a "inhibition". More alarming is that the "investment express" reporter survey found that the rapid growth of Changshu bank loans to the manufacturing sector growth came mainly from the textile industry and the textile and apparel industry, during the reporting period, the total amount of loans for the textile and apparel industry, textile and garment manufacturing industry accounted for the proportion of loans were 41%, 41.4% and 40%. 39.9%. These industries are currently in the doldrums, industry analysts believe that the adverse risk is high. The loan from the customer perspective, as of June 30, 2015, the 65171 loans to customers, small and medium-sized enterprises and individual industrial and commercial households accounted for 33.65%, accounting for 65.12% of personal loans to customers. As of June 30, 2015, the bank more than 50% of the loans concentrated in Changshou City. From the point of view of the loan industry distribution, as of the first half of this year, the bank loans to the manufacturing sector accounted for 60.5% of all corporate loans, of which the textile and textile and garment, shoes, hat manufacturing loans accounted for about 41% of all loans to the manufacturing sector. The prospectus also shows that as of June 30, 2015, Changshu rural commercial real estate loans, "two high and one left industry loans, local financing platform loans were 439 million yuan, 1 billion 657 million yuan, 539 million yuan, accounting for the proportion of the total loans were 0.87%, 3.29%, 1.07%, plus the macroeconomic downturn, the collateral realization limited ability to bring greater risk to the lending industry. Investment advisor in the financial industry researcher Huo Xiaohua worried that, in spite of the CBRC, the central bank repeatedly issued strict control "two high and one left industry loans, but some city commercial bank loans are concentrated in the" two high and one left, and the real estate industry, local financing platform, a large part of the reason is by local government and large shareholder pressure, this behavior led to larger loans risk, laid hidden dangers to the city agriculture business management. <strong> Revenue sources rely mainly on net interest income from capital adequacy ratio</strong> According to reports, the Changshu bank revenue sources rely mainly on net interest income, 2012-2015 in June 30th, net interest income accounted for 93.52% of revenue, 95.66%, 90.93%, 92.85%. Among them, the customer loan interest income has been the biggest part of the bank interest income, 2012-2015 in June 30th, which accounted for 70.7% of total interest income that year, 69.4%, 67.5% and 66.9%. In addition, from 2013 to June 30, 2015, the core of Changshu agricultural firm's capital adequacy, capital adequacy ratio and capital adequacy ratio were continuously decreased. According to the CBRC implementation of the "commercial bank capital management approach (Trial)" the provisions of the calculation, the core of Changshu agricultural firm's capital adequacy ratio was 11.39%, 11.58%, 10.70%; the capital adequacy ratio were 12.51%, 12.71%, 11.85%. Changshu bank also said in the prospectus published in August this year, 1-6 months of 2016, 2015, 2014, 2013, the bank's net interest income accounted for the proportion of revenues were 88.41%, 89.52%, 90.93%, 95.66%, and net fee and commission income accounted for 6.9%, 1.6%, 1.3%, 2.1%. Despite the development of intermediate business, but the proportion is still low. Also aware of the importance of intermediate business for business diversification, taken positive measures. Changshu bank said, this IPO is conducive to the further improve its reform, standardize the operation, to further strengthen the external constraint mechanism, set up the public image of the bank; the bank to establish a reasonable and long-term capital replenishment mechanism, improve the capital adequacy ratio and risk tolerance, to ensure the sustainable development of the bank's profit growth; based on the scale of assets and business scale further expansion, to provide a broader space for the transformation and for business development and profit patterns.
The general rule of bank deposits is the longer term the higher the interest rate, which seems to have become common sense. However, scaffolding parts with the interest rate market continues to advance, the "knowledge" is being broken. The current Beijing city commercial banks 3 year deposit interest rate and 5 year deposit interest rate level is very close, even a 5 year deposit rate 3 year deposit rate is low interest rates "upside down" phenomenon, and this phenomenon is reflected in the large scale banks themselves. Bank deposit three years more cost-effective Since banks have launched the "time deposits over the years to pay by a few years of interest on interest policy file, Ms. Fang people to deposit idle funds to the long term. "In the past 5 years to save, in case you have to take advance, only by the current interest to the bank. But now the vast majority of banks are on file interest period of 5 years, the deposit, if they want to take over two years, the bank will be according to the two-year deposit interest to me. So I put money into several pens, try to save for a long time, because as we all know, the longer the duration of higher interest rates." However, recently more than half a year, Ms Fang gradually found her wishful thinking is no longer so easy. Many 3 – year bank deposit rate and 5 year period is the same, even higher than 5 years period. For example, Beijing area is 3 year and 5 year deposit interest rate is the lowest in China Merchants Bank, two stalls were 2.75%; industrial and Commercial Bank of two stalls are 3.3%, two Chinese bank files a higher interest rate was 3.575%; the interest rate upside down is the bank and Construction Bank, the former 3 year 3.52%, 5 year 3.51%, 3.3% in the latter period of 3 years, 5 years is only 2.75%, far below the 3 year deposit interest. This means that if Ms. Fang put money in the bank deposit, choose 3 years may be more appropriate than the deposit for 5 years. While the 3 year following the schedule of the annual interest rate of deposits, is still the longer term the higher the interest rate. Small bank deposit interest for five year high The reporter found that there are 3 years and 5 years, the interest rate inversion phenomenon are larger banks, smaller banks is still a period of 5 years the highest interest rate. The national joint-stock commercial banks such as bank, Huaxia Bank, China Everbright Bank, given the small term premium, 5 year deposit rate over the 3 year period is 0.2% to 0.25%. City Commercial Bank, Bank of Nanjing, the bank will also be 3 years and 5 years, the interest rate open class, the Bank of Nanjing for 3 years 5 years 3.65%, 3.85%, 3.29% to 3 years can be the bank after the floating, 5 years 3.47%. At present, the Beijing market 5 year deposit rate highest bank is the Bank of Jinzhou. As long as the deposit amount reached 100 thousand yuan, the annual interest rate is 4.8%, the interest rate level is higher than the current most banks to sell non guaranteed financial products interest rate. If you need money, you can advance to the principal all withdrawal, withdrawal, deposit interest according to the deposit rate of interest on file, such as the early withdrawal of principal already full two years, according to the deposit savings deposit rates on two-year interest and minus the interest paid earlier; and a deposit, the monthly interest payment. Is the central bank's benchmark interest rate of 1.5% a year now, two year 2.1%, three year 2.75%, five years is no longer the benchmark interest rate. According to regulations, banks can go up in this foundation. The reality is that banks in the interest rate market situation, the interest rate gap is growing. The lady will be 100 thousand yuan respectively in China Merchants Bank and the Bank of Jinzhou as an example, if the deposit for 5 years, China Merchants Bank's total interest is 13750 yuan, the total interest of the Bank of Jinzhou is 24000 yuan, the difference reached 10250 yuan. Why the big 5 – year bank deposit interest rate is not high – low, and small banks are trying to raise the 5 year interest rates to attract customers? Rong 360 financial analysts pointed out that this is because the larger banks for little power absorption of long-term deposits, they rely on good credit endorsement, obtained at a low cost in short-term funds have been enough, if funding through the high cost but can not find a good project in terms of bank lending, but it is a heavy burden. Small banks are relatively large funding gap, anti risk ability is weak, willing to lock long-term funding. So the deposit in the deposit must be "order three", at which banks which term savings products most suitable for their own. Newspaper reporter Zhang Pinqiu
Author Li Yongsen (Institute, China Youth University for Political Science in the financial research xinjingwei special expert) The State Council recently issued a notice to reduce scheme of the real economy enterprises cost of work, specific measures include support between the real economy enterprises have the potential for the development of debt to equity. In fact, a debt statement this year has been the central document mentioned several times, an optional way of debt to equity swap as bad debt disposal, has also been widespread concern in the community. A part of the "zombie" companies will benefit from debt, to linger, stiff and dead? This issue has become the focus of people's attention. A new round of debt is more emphasis on the market The "debt" is not a new term. Early in the last century, to support the reform of state-owned enterprises, to resolve non-performing assets of the four state-owned commercial banks, at the same time for the state-owned commercial banks joint-stock reform foundation, four Asset Management Co set up and receive the corresponding four big state-owned banks non-performing assets, of which about 400 billion yuan of bad assets out of debt to equity. Although all claims will be converted into equity, but this round of debt the biggest difference is the supply side in promoting structural reform, implement the "three to one drop fill" five tasks under the background, emphasized based on the market, avoid the government leading, fully respect the independent choice of various types of market players right. To implement the specific operation is: cancel the pilot scale, stressed that "one policy, one thing". One policy execution although tedious, but because each enterprise reality itself is different, the degree of excellent assets and bank creditor relationship is different. How much debt to equity ratio for the conversion of debt into equity, after the operation, should make the corresponding liabilities according to the scheme of equity enterprises and creditor bank. Therefore, in the long run, one policy can make debt program corresponding to different enterprises, banks and enterprises to reach a consensus and achieve win-win results, it is more efficient. <strong> To prevent the zombie companies stiff and dead</strong> This is the supply side structural reforms crucial year, to production, to the enormous pressure on the stock, steel and coal industry overcapacity is especially serious, zombie companies occupy the low efficiency and large consumption of social resources, hindering the transfer of resources to the enterprises that have a good development before the king. Repayment difficulties of the vast majority of enterprises in industries with excess capacity, is the main force of the formation of non-performing bank loans, but the bank's non-performing loan is the most difficult subject, these companies also hope to get respite through debt urgently. This round of debt repayment difficulties, the focus is to help the industry leading enterprises out, on the basis of promoting industry integration, optimize the structure and production capacity of the target. Many industry faces to the task of capacity, does not mean to completely eliminate these industries, they still need to continue to exist and develop in the national economic and social development, just within the industry should be optimized to improve the efficiency. Therefore, in the process of debt, for enterprise and industry, banks are in between to capacity and enterprise development potential measure. Of course, the bank in the process of selection, should also prevent zombie companies stiff and dead, they continue to occupy a lot of social resources, and appear very bad to jig phenomenon, hindering the market clearing, leading to a further deterioration of the allocation of resources, achieve the goal of structural reform to delay the supply side. It is particularly important to prevent zombie companies continued losses, debt after a step down the banks, sparking the financial risk. <strong> Banks should strengthen financial risk prevention</strong> Debt is a "double-edged sword", ready to help enterprises reduce the debt burden, reduce leverage, walk out of predicament, back to life, to find a new way of creditor banks to dispose of bad assets, rich asset allocation and optimize the asset structure, reducing the risk of assets, which is conducive to the whole society enterprise to reduce leverage, reduce financial risk point. On the contrary, if the shares may be zombie companies on the supply system structure reform opportunity, drag the hind legs, continue to waste precious financial resources, banks will lose the right of recourse debt due to equity, and equity value due to the enterprise decline and eventually return to zero, completely the formation of bad debts, if this situation occurs in large area it will increase the risk of the banking system. In the last round of debt, before the bank transfer or non-performing assets exit, then subject to purchase the debt, the bank may become shareholders through direct conversion. The current "commercial bank law" provisions of article forty-third, the commercial bank shall not engage in trust investment and securities business in the territory of the people's Republic of China, not to the commercial real estate investment or investment to non bank financial institutions and enterprises, except as otherwise stipulated by the state. Change the role of bank, will be a major breakthrough, the creditors become the owner of the enterprise, the relationship between banks and the real economy more closely, bank assets of business risk, enhance the sensitivity of corporate equity market risk, the relationship between banks and enterprises from the relationship between different stakeholders to benefit community relations change. Therefore, in the implementation of the reform, more attention should be paid to the new changes in the structure of bank assets, risk structure, the relationship between banks and enterprises. Other risks will be faced after the transformation of bank's role. After the conversion, the dividend payment is bank holding and the distribution of level, by the enterprise profit, how much profit and dividend policy, and there is a lot of uncertainty, resulting in equity income uncertainty is much higher than bank bonds. Therefore, at the same time debt should continue to develop the relationship of normal lending, let the banks and enterprises to maintain a certain distance, to prevent banks and enterprises formed over close relationship, the establishment of new non bank financial institutions, also should establish the risk isolation mechanism between banks and the necessary attention, it is crucial to prevent risks and transfer the firewall. At the same time, we should also realize that the debt is not a panacea, the bank non-performing rate is higher, and the banks have their own reasons, there are reasons for the economic cycle, and reduce the rate of non-performing enterprises out of difficulties, operating conditions of enterprises rely on the most fundamental improvement in their efforts and it relies on the enterprise and the economic boom, but also to rely on tax cuts down fees policy duocuobingju. (new latitude APP) (this does not mean the new latitude view)
Beijing In August 26, enjoy intellectual ecology, connecting the future "2016 IEBE (Shanghai) international e-commerce Expo Internet plus Section Application Exhibition on August 24th -26 at the Shanghai National Convention Center Hall 7, 30 countries and regions worldwide electricity providers and electricity supplier service providers in Shanghai. 360 financial CEO Xu Jun invited to attend the meeting and delivered a keynote speech. In the name of "financial opportunities and big data Internet dimensions of the theme of his speech, Xu Jun pointed out that" the scene who in the world". He also pointed out that the Internet fundamentally shape the financial industry data show that everyone's way of life. Finally, he pointed out that the Internet financial products three success factors: open platform, reserve data and system scalability and adaptability. At the end of the event, 360 merchants and financial Consumer Finance Companies strategic partnership signing ceremony. It is reported that the first 360 financial consumer loan products "360 IOU" will be released on September. The consumer loan business platform 360 financial has been open to the banking financial institutions, cooperation agencies can expand the personal credit business through the "360 IOU", to provide cash consumer credit services for users. It is understood that there are a number of banks and Consumer Finance Companies with 360 financial aspects of the business conducted a joint credit contact, Shanxi Consumer Finance Companies became one of the first and 360 financial cooperation in financial institutions.
Beijing In August 26, swivel coupler according to the SFC website news, whether to be able to re listing Xintai electric turn the system into the stock delisting, the Commission spokesman Zhang Xiaojun 26, stressed that the gem for the delisting of the company without re listing arrangements after delisting, Xintai electric, specialized level will enter the stock transfer system set up listed for sale, not re listed on the stock exchange. There are questions from the media conference, said the future delisting after entering the stock transfer system of Xintai Electric is able to re listed? It is understood that the relevant documents of the securities industry association is developing Xianhengpeifu, could you introduce the latest progress? In this regard, Zhang Xiaojun said, according to the relevant provisions of the Shenzhen Stock Exchange gem, no system of re listing arrangements. Xintai electric after delisting, specialized level will enter the stock transfer system set up the listing transfer, can not be re listed on the stock exchange. At present, the industry self-discipline organization is formulating relevant guidance documents on Xianhengpeifu, aims to make industry guiding suggestions on compensation scope, compensation standards, compensation program, payment procedures content. Formulate relevant guidance documents will be formed based on the market parties to listen to opinions and suggestions, welcome to actively offer suggestions.
Beijing In August 26, according to the SFC website news, pfeifer VS box the Commission spokesman Zhang Xiaojun 26, said, according to the State Council Order No. 130 requirements of law enforcement procedures, the Commission will Xintai electric transferred to public security organs, shall be investigated for criminal responsibility. The day before, in accordance with the law, strict and comprehensive regulatory principles, the Commission issued an administrative penalty responsibility of the issuer and its directors, supervisors and senior management personnel and related agencies and responsible personnel of Xintai electric, serious fraud, resolutely and severely, and promptly pursue the administrative legal responsibility, and the main staff to take responsibility the stock market measures banned for life. To pay close attention to the administrative accountability work at the same time, according to the provisions of the "administrative law enforcement organs to transfer suspected criminal cases" (State Council Decree No. 310th) requirements of law enforcement procedures, the special commission in consultation with the public security organs, decided to Xintai electric and related personnel suspected of fraudulent issuance and other related crimes transferred to public security organs, investigation the criminal responsibility according to law. Recently, the public security organs have been specially deployed to carry out related work of criminal investigation. In order to effectively curb the issue of fraud, legal provisions of China's legal responsibility system including administrative responsibility, civil liability and criminal liability of the various responsibilities and measures, offenders should not only be subject to administrative penalties, regulatory authorities from the stock market delisting, the issue of fraud due to investors caused by the loss of economic compensation shall be made. In addition, the issue of fraud due to serious violation of information disclosure system, serious damage to the legitimate rights and interests of investors, serious damage to the integrity of the market, is the most serious fraud in the securities market, China's criminal law made clear provisions on criminal liability shall bear the issue of fraud. That is to say, the implementation of the main responsibility of the issue of fraud, not only to bear administrative liability and civil liability according to law, but also to bear criminal responsibility according to law, the illegal parties most severe penalty regulations, to sanction illegal, illegal repression, and earnestly safeguard the order of the securities market, to really protect the lawful rights and interests of investors. In June this year, the Commission in accordance with the law and Xintai electric and related intermediaries illegal behavior at the same time, specifically to start with the public security organ case consultation mechanism, special study on the alleged crime of the case. According to the consultation opinion, the Commission decided to Xintai electric and related personnel suspected of fraudulent issuance and other related crimes to the public security organ. This is the Commission comprehensive use of administrative, civil and criminal punishment system, to curb illegal crime IPO link, an important decision to purify the market environment. Next, the Commission will fully support the public security and judicial investigation, prosecution and trial work, ensure that the illegal promises to pay the legal costs for their behavior. The Commission hopes that the various main responsibility in this case, fully alert, learn a lesson. The issuer and its controlling shareholders, actual controllers and the relevant executives should resolutely correct "Misappropriating Public" wrong idea, especially for investors to abandon any irresponsible ideas and practices, does not have any luck, but can not be considered listing after all is well, problems can walk away, to truly protect the requirements of the legitimate rights and interests of investors in mind, implement. The enterprise public offering to raise funds to the capital market play an important way of direct financing function, the service of the real economy, service supply side structural reform, hope that the market and social aspects, together with the Xintai case as mirror, comprehensive purification IPO market environment, supporting the work to do to resolve the problem of enterprise risk, and jointly safeguard the capital market the long-term healthy and stable development.
Beijing In August 26, yesterday evening, aop formwork CITIC Bank Limited by Share Ltd announced the 2016 semi annual performance report. The report shows that the first half of 2016, continuing to enhance the profitability of CITIC Bank, rapid growth in business scale, asset quality remained stable, continuous optimization of business, customers and profit structure, strategy implementation and management a new chapter. <strong> Steady improvement in operating results of non-performing rate fell contrarian</strong> The first half of this year, CITIC Bank Group attributable to shareholders of the bank's net profit of 23 billion 600 million yuan, an increase of 4.49%; pre provision profit of 55 billion 165 million yuan, an increase of 17.85%; net operating income 78 billion 205 million yuan, an increase of 11.66%. Operating performance to maintain steady improvement trend. As of the end of the reporting period, CITIC Bank Group's total assets amounted to 5 trillion and 606 billion 778 million yuan, up 9.46% over the previous year; the deposit balance of 3 trillion and 455 billion 161 million yuan, up 8.56% over the previous year; the total amount of loans 2 trillion and 749 billion 227 million yuan, up 8.72% over the previous year. The RMB deposit and loan increment ranked the forefront of joint-stock banks. Keep in the rapid development at the same time, CITIC Bank always adhere to sound business philosophy, and vigorously promote the construction of risk management system, overall asset quality control. As of the end of the reporting period, CITIC Bank Group non-performing loans 38 billion 520 million yuan, up 6.85% over the previous year; non-performing rate of 1.40%, down 0.03 percentage points over the previous year, showed a decline trend. As of the end of the reporting period, CITIC Bank Group's core capital adequacy ratio of 8.89%, a capital adequacy ratio of 8.94%, the capital adequacy ratio of 11.26%. The capital adequacy ratio at all levels to meet regulatory requirements. <strong> To promote the integration of business financing service ability rapidly</strong> At present, China's economy has entered a "L" type development stage, the bank profit growth in general decline, the development of the industry is facing great challenges. In this grim situation, CITIC Bank to speed up the strategic deployment of key areas, to achieve effective breakthrough, comprehensive management to maintain a good momentum. It is understood that the first half of this year, CITIC Bank to carry out "the best comprehensive financing service bank strategy. During the reporting period, CITIC bank balance sheet comprehensive financing reached 7 trillion and 230 billion yuan, up 8% over the previous year. The rapid advance of the comprehensive management of CITIC Bank due to beneficial exploration comprehensive financing service mode on. According to reports, CITIC Bank to take "army combat mode + Bank CITIC Group brothers Bank + subsidiary, through the investment banking firm + + lease", "Table + sheet", "to the public to the private," + "Online + offline" integrated customized solutions for a large number of government machine structure, large and medium-sized enterprises to provide a package of customized service program, the successful implementation of the "two big coal", "four barrels of oil", "five power", "ten big military", "fifty strong real estate and other key business customers full coverage, comprehensive service ability in the interbank financing. <strong> Three plates with big business highlights</strong> The first half of this year, CITIC Bank, retail and financial markets three plate business transformation and remarkable achievements, racing together bridle to bridle, the income structure is more optimized, single product has become the highlight of the plate. Corporate banking business continued to maintain the industry lead. During the reporting period, the company achieved operating income of 43 billion 525 million yuan bank business, an increase of 5.35%, accounting for 56.36% of the bank's operating income. Among them, the foreign currency of 2 trillion and 769 billion 768 million yuan deposits, an increase of 9.51% over the previous year, public savings balances and incremental ranked first in the joint-stock banks. At the same time, by the end of the reporting period, the company customers a total of 546 thousand households, 3.04% growth over the previous year. The industry's most important trading banks exclusive brand "transaction +" in the first half of the full landing, online customer accumulated 10 million 800 thousand transactions, the transaction amount more than 30 trillion yuan. During the reporting period, operating income of 19 billion 197 million yuan for the retail banking business, an increase of 27.48%, accounting for 24.86% of the bank's operating income. Retail sales of non interest income 11 billion 547 million yuan, an increase of 49.01%. As of the end of the reporting period, the individual customer management of assets of 1 trillion and 214 billion 714 million yuan, up 12.53% over the previous year; the family trust business balance reached 1 billion 960 million yuan, the scale and the number of customers in the forefront of the industry; credit card business income 11 billion 518 million yuan, an increase of 31.92%; overseas financial business continued to maintain a leading edge, launched the "global sign" products to further enhance the brand influence the salary pot; more than 2 million customers, new customers accounted for 66.43%; the scale of the rapid growth of mobile banking customers exceeded 16 million, an increase of 207%, the number of active customers, at the same time, China CITIC Bank to accelerate the implementation of the "Internet finance" as the breakthrough point of channel integration strategy, accelerate the development of line acquiring market, continuing to enhance market competitiveness. In addition, the development of light effect of financial market significantly, constantly optimize the business model. Among them, the foreign exchange business of spot market, the international balance of payments, raised the debt underwriting scale are among the forefront of joint-stock banks mergers and acquisitions; rapid development of loan business, successfully led Chinese chemical group form a $12 billion 700 million acquisition of Syngenta project of cross-border mergers and acquisitions of syndicated loans; "The Belt and Road" fund creation reached 61 billion 100 million yuan, the actual on the scale of 28 billion 600 million yuan.