Three "has entered a crucial period of credit growth is expected to last fall

"There's a tradition of many large enterprises are in line with the capacity to go, lifting socket inventory conditions in the industry, manufacturing, wholesale and retail Small and micro businesses and the recession," a small "two credit can not vote. I think this trend will last until the end of the year at least." A large state-owned bank credit department official said on China Securities Daily reporter, at present the whole industry is facing a small credit contraction, while the state-owned four lines in the "three" on the "under the ruthless hand" may be largely inhibited growth in new lending. The central bank announced on the 12 day of the July new data show that the total social financing in June 487 billion 900 million, lack of new increment of 1/3, an increase of less 263 billion 200 million. The 455 billion new loans to the entity, an increase of less 134 billion. Many experts said that corporate credit fell sharply in July to form a serious drag on credit increment. Long term, neutral monetary policy will face the economic downward pressure test. "Three to" credit "stop" Talk about the new credit data in July "diving", the banking industry of China Securities newspaper reporter said that despite the long expected but also surprised. Said a number of state-owned big firms, state-owned big firms in the implementation of the "three" is very strict, this year, those big companies overcapacity credit "stop", the second half of this year the situation will be worse, credit indicators may be done throughout the year. Four lines of credit as "absolute force", the impact is great. In addition, since the one or two quarter of this year, credit away a little ruthless, so in the second half of a guild appropriate regulation, July directly emerged. The situation in Shanxi, Shandong and other traditional energy province is most obvious, once the customer has become the "hot potato". Taiyuan branch of a joint-stock bank official said, "this year we have not made new customers, many large enterprises are coal enterprises, the head office of the bank or exit restrictions. At present, we only do Xudai business, this part is still relatively normal, many customers Xudai will expire next year, do not know the credit will not be worse." Coal, iron and steel, cement and other strong cyclical characteristics of industry are facing the grim situation of domestic trouble and foreign invasion ". Deputy Secretary General of China iron and Steel Industry Association Dou Liwei said that China has entered the peak area of the iron and steel industry, we must unswervingly adhere to the basic principles of resolving overcapacity, reduction of restructuring. "Three", the excess capacity, a large inventory of big enterprise credit "stop". Which has been guiding the real economy, Small and micro businesses financing is still rising". Zhejiang Tailong commercial bank relevant responsible person said that this year the real economy is becoming increasingly apparent lack of effective credit, wholesale, retail, manufacturing of small enterprises is very bad. "Some of our enterprise customers to investment, but they do not need, but early repayment. These small business owners are not willing to expand investment, this year to expand the size of." Analysis of traffic bank chief economist Lian Ping said that the operation pressure on the real economy, business investment will lead to weak credit demand downward trend, the data shows that the enterprise long-term loans increased by only 151 billion 400 million yuan. Corporate credit fell sharply on July credit increment forming a more serious drag on. On the one hand may reflect the local government debt replacement with time-delay in the operation, in June local government bonds issued large-scale, part of corporate credit on July by a negative impact. On the other hand may once again confirms the current business activity, investment will indeed is not high. Another concern is that the absolute scale of bill financing nearly two months compared with the previous period of billions of scale shrinking. In June new -151 billion, added in July 27 billion 600 million, perhaps with the recent period of time has increased the risk of bill. How long can a "hold" At the July credit data, the household sector loans in July increased 457 billion 500 million yuan, of which short-term loans decreased 19 billion 700 million, but long-term loans increased by 477 billion 300 million, still at historic highs. The first half of the year, personal loans seem to be more and more eye-catching performance". So, how long this trend can "hold"? Haitong Securities chief macroeconomic analyst Jiang Chao believes that the sum of long-term loans has exceeded the size of loans to the residents in various departments, reflecting the early lag caused by the pulling effect of hot real estate. But since April the real estate sales growth rate began to fall sharply, although a slight rebound in July but it is hard to change the long-term downward trend, and the current Chinese residents purchase marginal leverage ratio has reached 42%, a peak close to the United States during the financial crisis, so residents remained high growth state difficult long-term sustainability. CICC believes that the rapid growth of residents in the mortgage real estate needs rise to support, rather than a single lever. China overall leverage ratio and national mortgage affordability is not beyond the scope of reasonable, but the current housing stock year-on-year growth of 31% is higher than the long-term sustainable level, which is not without worries, and has attracted the attention of the relevant departments. Therefore, the possibility of adjustment of prices rose faster in the city real estate and housing policy cannot be excluded. Many bank insiders bluntly, the real estate policy began to differentiate, a second tier hot city began to tighten, the recent housing sales dropped significantly in line, the bank's personal housing mortgage policy adjustment is a high probability event. In the first half of this year, Beijing first-tier cities, first mortgage interest rates from 8.3 to 15% off is not difficult to enjoy preferential. Further easing limited space Bankers bluntly, the current cost of financing the real economy is still high, the credit demand is very weak, the expected decline stimulated credit easing is expected to heat up again. Jiang Chao believes that in July the total fixed asset investment growth fell to 8.1%, of which private investment monthly falling rate accelerated, and the consumption growth slowed to 10.2%, foreign trade is still shrinking, economic downward pressure is still large, coupled with the recent inflation dropped significantly, means that the neutral monetary policy will face challenges, easing is expected to heat up again. But in the long term, loose monetary policy can not solve the structural problems in the economy, but only asset bubbles, the supply side reforms is the kingly way. Lian Ping said that, overall, the current demand for credit outstanding structural problems, but the overall market liquidity is relatively abundant. To solve the deficiency of the current economic downward pressure under the background of enterprise investment intention, perhaps more from the credit demand side to start, cultivate new industries, stimulate the credit demand of a new growth point, and improve the capital off the virtual reality or is part of the industry, industry concentration into the birth of the asset price bubble phenomenon. So, the next time the monetary policy will remain stable, further adjustment to loose space and limited range. A substantial devaluation of the RMB may increase the pressure to loose and spawned part of asset price bubbles, than have the effect of monetary policy, more harm than good. lifting insert

Hongxin Internet first half net profit by 46.6 times will increase accounts receivable collection efforts

Hongxin Internet released late August 15th semi annual report shows that during the reporting period the company achieved operating income of about 268 million yuan, up 75.42% over the previous year; net profit attributable to shareholders of the listed company for 15 million 115 thousand and 600 yuan, lifting anchor an increase of up to 4660.10%. The reason for the growth performance of the company, said Hong Xin Internet, companies rely on the ability of technology and business based, and actively carry out the promotion of new business models. Since 2016, Hongxin Internet promote the construction mode of project manager system, the project manager is responsible for the overall project schedule, quality and cost, the company supervision department is responsible for overseeing the implementation of the construction process, and will be responsible for the project construction data feedback to HR departments responsible for performance appraisal, thus obtained the very big improvement in cost control. At the same time, with the further integration of the investment team and improve, Hong Xin has set up internet merchants business team in various provinces and cities nationwide, sales model is divided into direct mode and distribution mode. The direct model through the laying of 31 provinces signed the annual strategic marketing team, the contract and open up new markets in two ways, the project team of the company directly butt on real estate, general contractors, enterprises and construction units; distribution mode Recruitment agents for the sales nationwide, sales of the single rebate mechanism, bring more project information for the company, the project signed by the company's implementation, centralized procurement business contains its own operations into a single platform for online and offline sales into a single direct sales team. Many industry analysts told reporters, Hong Xin interconnected through a series of innovative measures, the business performance of the company to promote a comprehensive, substantial increase in operating income and profits rose. Note that the current China fenestration industry has entered the preliminary maturity, market competition pattern has been from the past "quantity", "price to win" to "quality", rely on the brand to win the trust of the market, with the advantage of technology to build the core competitiveness of enterprises. Public data shows, in 2015 the global economy is still in the depth adjustment period, affected by the economic situation of the country, the overall market downturn, investment and consumption are not strong, especially in the architectural decoration industry in the real estate industry based on the present situation of the slowdown. In view of the above situation, Hong Xin Internet business models are adjusted as compared to last year, the Internet platform as a temporary income is not the main business model, to develop the Internet company management module program, to optimize business management inside the company, but also provided basic data for the original business real background for the Internet platform. First of all, through the implementation of the Internet platform strategy first mover advantage, the company has been out of the traditional business model of the Red Sea, first to enter the blue ocean market innovation model. Secondly, by means of innovation and operation innovation management mechanism, small accounting unit, scientific decentralization of responsibilities and rights; implementation of big data industry, establish the perfect credit occupation, driving each project department for their own reputation and the interests of all, effective control of operational risks, enhance the enterprise market share high speed. The net flow for the company's operating cash is negative, said Hong Xin Internet, with the volume of business increased year-on-year growth, the project will produce items corresponding to material inputs; in order to ensure the construction period, and timely supply of materials, the company is scheduled to take certain amount of inventory to the supplier and the relative amounts paid. In addition, the performance of the company's rapid growth at the same time, other receivables also increased with the increase of quantity, so the net cash flow from operating activities was negative, but with the increase of the company's internal control system in management, capital returns, cost control and financial planning have been compared to last year has improved significantly. In the second half of the year, Hong Xin said it will continue to promote Internet sales to expand the market and increase accounts receivable collection efforts; on the other hand, improve the production plan to reduce inventory occupation, improve inventory turnover rate. With the company's R & D efforts to increase the core competitiveness gradually increased, plays a positive role for the continued viability of the company's future. bfd coupler

CIRC clear insurance firms listed on the new board specifications

CIRC August 15th news, cast in ferrules to support the small and medium-sized insurance companies nationwide SME share transfer system docking, precast concrete accessories recently, the China Insurance Regulatory Commission issued "on the insurance company in the National SME share transfer system listed notice related matters". The "notice" the China Insurance Regulatory Commission to support the insurance companies in the overall attitude of the new board listed, established to encourage or take to make the city more transparent bidding and transfer policy. At the same time, the "notice" specification of the work program of insurance company for listing, the insurance company after the listing of the shares of equity regulatory requirements, allowing natural person investment to market or auction listing of insurance companies, and insurance companies listed by equity supervision. In recent years, the new third market healthy and rapid development, the number of listed company, the scale of financing and financing capacity significantly improved. At present, there are two insurance companies listed on the new board, many insurance companies are actively applying for listing or plan. Listed on the new board has become an important way for small and medium-sized insurance companies visit the capital market, perfect the market mechanism, capital of the perfection of corporate governance. Reporter Li Chao shuttering magnet

The liability side of insurance asset allocation development momentum continued end pressure

A shares of listed insurance companies in August released semi annual report, had issued a notice of the insurance companies are expected to have varying degrees of performance decline. Analysts believe that the first half of the whole insurance industry showed rapid development momentum in the market yields overall downward trend, highlighting the advantages of insurance products, positive life insurance premium income this year. Affected by the overall impact of capital market, is expected in 2016 the insurance company operating profit or a substantial decline in the second half of the investment risk will be more prominent, increasing the difficulty of insurance companies in terms of asset allocation, and the overall economic benefits of the industry will continue to be the impact of capital market. The liability side growth expected to continue Influence of various factors on the insurance liabilities side has been shown. Changjiang Securities analyst Pu Dongjun said, the market gradually return to normal order. On the one hand, the short-term bond interest rates down, bank financing, trust product yields continued downward; on the other hand, universal insurance and investment linked insurance premium scale fell significantly, return to normal competition. Under the guidance of supervision, investment linked insurance and universal insurance a slowdown. To strengthen information management and supervision under the background of the interest rate down, bank financing and trust yields fell significantly. In the first half of the decline in investment and interest rates downward pressure, negative growth in net profit of the insurance industry in line with expectations, the value index of concern. Pu Dongjun said that the insurance net assets were steady growth, return to the market competition, investment linked insurance, universal insurance insurance growth decline, semi annual performance under pressure. Listed insurance companies reporting the results under pressure, the core reason is the influence of investment income up sharply reduced and the traditional risk reserve discount rate assumption changes, but taking into account the first half of the premium growth and good channel improvement is more obvious, the expected value index will have high growth. Zhejiang securities analyst Yang Yun said that the insured monthly value of several insurance companies in the first half of the decline is very obvious, is mainly affected by the CIRC in March to limit short duration annual sales of premium products. The first half of the whole insurance industry showed a rapid development trend, a series of factors affected by the interest rate down, and enhance the awareness of insurance rate reform, life insurance products more attractive. Urbanization growth brought about by the demand for health insurance, personal tax preferential type commercial health insurance policy support, many factors such as shortage of high quality medical resources to health insurance is hot, I believe that the second half of the strong momentum of health insurance will continue. Ping An Securities analyst Jiao Wenchao said that since 2015 the stock market for the better, the insurance industry overall capital gains rate reached 7.56%, the highest in recent years, the premium income relatively lag of investment income a year change, high income last year to a larger boost to this year premium income; at the same time, the overall downward trend in market returns next, highlights the positive advantages of insurance products, life insurance premium income this year. Risk capital allocation increased difficulty In the process of analyzing investment opportunities in asset allocation categories of insurance asset restructuring in the end to find the time, but the overall cautious action. In the case of debt securities, Changjiang Securities Research Report citing the July statistics show that the current insurance institutions to hold the main varieties of bonds amounted to 1 trillion and 710 billion yuan, an increase of 1.06%, the total holdings of 18 billion 40 million yuan. Venture capital holdings of debt structure and the adjustment is not last month, compared with June, venture capital holdings of corporate bonds, subordinated bonds and medium-term notes, holdings of government bonds, CDB bonds, bank debt, the debt holdings of the largest number is 10 billion 50 million yuan, other varieties of bonds and the number of the previous month than the no change. From the holders of debt structure, the main varieties of the current insurance institutions holding bonds is the debt of 32.57%, 26.35% and 18.93% of subprime debt structure, little change. Jiao Wenchao said that the first half of the year, the interest rate downward superposition of the stock market downturn, the use of funds facing the complicated market environment. The decline in investment yields more pressure on the insurance companies to surrender, and because the industry overall cost rate is high, the main operating profit from investment income, will have a greater impact on the profit of insurance companies. Affected by the overall impact of capital market is expected in 2016, the insurance industry investment yield from 4% to 5%, the insurance company operating profit or a substantial decline, the industry next year premium income growth will come down significantly. Yang Yun said that the first half of the year, the insurance industry investment suffered superposition influence capital market volatility and interest rates down, although the two quarter investment income increased, but the operating efficiency of the first half of the insurance industry over the same period last year decreased greatly. The insurance companies have begun to seek other types of investment to increase the rate of return. The second half of the investment risk will be more prominent, increasing the difficulty of insurance companies in terms of asset allocation, and the economic benefits of the whole industry will continue to be the impact of capital market. Yang Yun believes that in recent years the proportion of other investment increases gradually, and at the end of the first half beyond proportion declining bond. The influence of market competition and the rate marketization factors, the insurance company's cost of debt actually increased, insurance funds will continue to improve profits and seek diversified investment channels, fixed income and equity investment to offbeat trend will continue. Reporter Li Chao ringlock scaffolding

Xinguang green ring focus on solid waste treatment project equity investment income real doubt

<strong> China Economic Net editor's note:</strong> Xin Guang Lvhuan renewable Tiomin Resources Inc (hereinafter referred to as the "Xinguang green ring") recently announced the prospectus, fixing socket to be landing the Shanghai Stock exchange. The prospectus, lifting insert the proposed issue not more than 51 million shares, the sponsor of Shenwan Hong securities. The company’s main business is the solid waste disposal, recycling and related services. Intends to raise funds 264 million yuan, respectively, to the “Yantai hazardous waste landfill disposal center”, “Yantai municipal solid waste incineration disposal center expansion project”, “recycling scrap car dismantling and recycling project” and “Shanghai Xin Guang waste recycling project of environmental protection”. According to the SFC website news, April 29, 2015, motherboard fashenwei announced the audit results show that Xinguang green ring (starter) did not pass. Motherboard fashenwei of Xinguang green ring made a lot of questions, such as: Please sponsor representative that the issuer of electronic waste dismantling subsidies application procedures, with comparable companies further declare and the final number of subsidies, whether there are differences in the number, the existence of waste electrical and electronic products by the environmental protection department for examination and confirmation of non-standard dismantling or unqualified dismantling etc.. "Economic Herald" has pointed out that the crux of Xinguang green ring "pass through" failure in the letter phi. "Securities market weekly" report, June 22nd, Xinguang green ring third disclosed in the prospectus draft report. Xinguang green ring a sharp decline in performance. In 2015, the company operating income, net profit attributable to shareholders of the parent company was 574 million yuan and 66 million 250 thousand yuan, respectively, down 28.05% and 21.83%; and in 2014 an increase of 31.56% and 4.20%. Not only that, Xin wide green ring 2016 version of the draft report of the disclosure of equity investment projects and large changes in the previous two, the original equity investment projects or slow progress, or suddenly disappeared, its equity investment projects real income in doubt. The latest prospectus, Xinguang green ring operating profit was 9.381.93 million, 10.381.15 million, 7.643.65 million yuan, the operating profit in 2015 than in 2014 fell 2.737.5 million yuan, down ratio of 26.37%. If the macroeconomic downturn, falling commodity prices and other factors can lead to the future at the end of the year operating profit fell more than 50% of the risk. At the same time, the company also has accounts receivable balance is large, the rate of return on net assets due to the increase in the size of the net assets and decrease risk etc.. In view of the above situation, China Economic Net call Xin wide green ring, no one answered the phone, mail reply. <strong> The IPO application was not re-enter this year</strong> According to the SFC website news, April 29, 2015, motherboard fashenwei announced the audit results, Xinguang green ring (starter) did not pass. In March 11th, the Commission Issuance Examination Committee of the Xinguang green ring in the first application, the results of the audit is to defer the vote. "Economic Herald" reported that the crux of Xinguang green ring "pass through" failure in the letter phi. Motherboard fashenwei of Xinguang green ring put forward many questions, such as: 1, please sponsor representative that the issuer of electronic waste dismantling subsidies application procedures, with comparable companies further declare and the final number of subsidies, whether there are differences in the number, the existence of waste electrical and electronic products by the environmental protection department audit confirmation is not standardized dismantling handling or unqualified dismantling, if any, please add a specific number and accounted for the proportion of the total dismantling declaration and to confirm the impact of income. Please explain the main source of the Issuer on behalf of the reporting period and the waste TV computer and suppliers, did not disclose the reasons and the dismantling of waste computer coil, the number and amount of waste glass products; (2) shows that during the reporting period, after the dismantling of electronic waste copper coil and waste glass products such as per million weight significantly the fluctuation and change between mismatch; (3) please sponsor representative with the electronic waste recycling after the main products, sales revenue and volume changes, further explain the reasons during the reporting period the issuer dismantling sales and revenue growth rate far exceeds the number of dismantling growth; (4) combined with the business process and internal control system further description of the verification process and conclusion on the issue of electronic waste recycling business procurement, sales quantity and amount, and the information disclosed is true, accurate and complete verification of published opinions. Please sponsor representative further explained the specific methods of the issuer entrusted with the operation of the Tongling hazardous waste concentrated disposal center project and accounting, combined with the internal control system that measures to implement effective control of the issuer, and issued a verification opinion. <strong> Equity investment projects of real income in doubt</strong> "Securities market weekly" report, June 22nd, Xinguang green ring third disclosed in the prospectus draft report (hereinafter referred to as "the 2016 edition of the draft declaration"). In fact, Xin wide green ring performance has sharply declined. Wind information display, 2015, Xin Guang green ring operating income, net profit attributable to shareholders of the parent company was 574 million yuan and 66 million 250 thousand yuan, respectively, down 28.05% and 21.83%; and in 2014 an increase of 31.56% and 4.20%. Not only that, Xin wide green ring 2016 version of the draft report of the disclosure of equity investment projects and large changes in the previous two, the original equity investment projects or slow progress, or suddenly disappeared, its equity investment projects real income in doubt. The IPO, Xinguang green ring 264 million yuan to raise funds. Among them, the "Yantai hazardous waste landfill disposal center project appeared in the new third version of the draft declaration, plans to invest 100 million yuan, the first year for the construction period of second years, put into operation, the production load is expected to reach 80%, and third years after the production load is expected to reach 100%. In the 2014 edition of the draft declaration, Xinguang green ring said that as of December 31, 2013, the company has used its own funds 38 million 70 thousand yuan investment in the construction of the project has been completed and put into trial production project. In the 2015 edition of the draft declaration of Xin wide green ring also said that by the end of 2014, the company has used its own funds 48 million 980 thousand yuan investment in the construction of this project has been put into operation. Xin Guang green ring in the 2016 edition of the draft report said that as of January 5, 2016, the project has invested about 43 million 450 thousand yuan (net of the corresponding related building demolition land storage investment). 2014 edition, 2015 edition of the draft declaration, Xinguang green ring the project is expected to 100% RMB, service revenue and net profit (annual) were 75 million 950 thousand yuan and 10 million 650 thousand yuan; but the draft declaration was changed to 134 million yuan and 54 million 160 thousand yuan in the 2016 version, compared with the previous growth of 76.38% and 408.54% respectively. In this regard, Xinguang green ring did not give any explanation. 2014 edition, 2015 edition of the draft declaration, Xinguang green ring second equity investment projects for the "iron and steel scrap recycling processing, the project plans a total investment of 72 million yuan, all to raise funds; this project is fourth years (including construction period of 1 years) of production, production capacity for the design production capacity of 85%, the project of business postpartum income, net profit was 69 million 560 thousand yuan, 11 million 90 thousand yuan. The 2015 edition of the draft declaration, Xinguang green ring is expected after the completion of the project, the operating income, net profit was 50 million 590 thousand yuan and 9 million 640 thousand yuan, respectively, compared with 2014, the draft declaration is expected value decreased by 27.27% and 13.07%. In the 2016 edition of the draft declaration, "the use of funds raised in the" no "scrap steel recycling processing project, in this regard, there is no Xinguang green ring to give a reasonable explanation. Even in the 2011-2015 year Xinguang green ring in the construction details also did not see "scrap steel recycling processing project". In the 2015 edition of the draft declaration, Xinguang green ring at the tip of "electronic waste recycling prices lead to consolidated gross profit margin decline risk" also said that since 2013, Xin wide green ring electronic waste recycling price rose significantly, the average price of waste TV by 2012 28.45 yuan / 81.58 yuan / Taiwan up to 2013 Taiwan, and further in 2014 rose to 94.55 yuan / Taiwan, this is mainly due to the state is no longer on the electronic waste recycling requirements caused by price guide. If the future market competition, e-waste recycling market prices may continue to rise, resulting in the risk of a further decline in the performance of the company. In the 2016 edition of the draft declaration, Xinguang green ring without the above statement. Wind information also showed that: in 2014, 2015, Xin Guang green ring the total number of employees were 538 people and 600 people, "cash" paid to and for employees were 40 million 750 thousand yuan and 37 million 990 thousand yuan. This calculation, in 2014 2015, Xin Guang green ring employees at an average annual salary of 75 thousand and 700 yuan, 63 thousand and 300 yuan, showing a significant downward trend. <strong> Operating profit fell 50% or more</strong> The latest prospectus, the issuer's operating profit was 9.381.93 million, 10.381.15 million, 7.643.65 million yuan, the operating profit in 2015 than in 2014 fell 2.737.5 million yuan, down ratio of 26.37%. If the future macroeconomic downturn, commodity prices continued to decline, and the issuer's hazardous waste and other business, the issuer's business performance will be adversely affected, may lead to future at the end of the year operating profit fell more than 50% of the risk. The company also has the balance of accounts receivable risk. At the end of 2013, at the end of 2014, by the end of 2015, the book balance of accounts receivable were 10.532.33 million, 20.772.51 million, 16.022.01 million, respectively, current assets of 42.1%, 55.35%, 45.24%. The balance of accounts receivable, accounts receivable, adequate provision for bad debts, but still accounts receivable cannot be recycled or can not be recovered and the risk of bad debts, had adverse impact on the company's performance and production operations. The prospectus also shows that in 2013, 2014, 2015 after deducting non recurring gains and weighted average return on net assets were 18.53%, 16.69% and 11.41%. During the reporting period, the company after deducting non recurring weighted average return on net assets and loss rate was gradually declining trend. Because of the investment projects to raise funds to the construction period, some investment projects to raise funds in the short term is difficult to fast production efficiency, save company risk, in the short term rate of return on net assets decline at the same time, it failed to achieve the expected benefits of investment projects to raise funds after the completion of the company's revenue and profit growth can not achieve the desired goal, the new fixed assets the investment will increase the company's depreciation costs, bring pressure on the company's return on investment, the company net assets yield risk decreased due to the increase of the net assets. At the same time, 2013 -2015, the company's five largest suppliers accounted for the company total purchases accounted for 47.37%, 57.67%, 43.58%. The relative concentration of major suppliers. If major changes in the business environment, the production status of these suppliers, may in the short term to affect the production and operation of the company. In terms of safety in production, the prospectus said, the company is mainly engaged in industrial solid waste and hazardous waste recycling and processing business, the employees of the company such as operating equipment or improper handling of hazardous waste disposal equipment of solid waste, will produce safety risk. In view of the risk, formulate and implement the company "safe production responsibility system", "production safety inspection system", "identification of major hazard sources and management regulations" and other safety management system, standardize the safety management activities of the company in the process of production and operation. At the same time, in order to deal with unexpected events in the production, the company developed a covering the various departments of the "emergency rescue plan", actively and properly deal with production safety accidents. However, if the major property or personal safety accidents in the production process, will adversely affect the operations of the issuer. pfeifer vs box

Weak economic data once again into the gold market shock consolidation

Last week, the economic data revealed hike "signal" again more tangled, scaffolding accessories the gold market to continue to shock consolidation, sideways also makes some investors moved to other asset markets, the market needs to be more clear direction guidance. Data show that close to 12, the New York market price of gold closed at $1343.2 per ounce, basically unchanged from the previous week, within a week of fluctuation is not big, affected by the domestic market, RMB denominated gold prices also launched sideways, the Shanghai futures exchange, gold futures prices closed at 286.85 yuan per gram, compared with the previous a week only slightly down 0.4%. Because the Cianjin may September expected the fed to raise interest rates rise, investors may raise interest rates to follow clues of economic data and official statement revealed". But last week, a series of open economic data than expected, allowing investors to raise interest rates again entangled prospects". Especially the U.S. retail sales data concern is less than expected, the United States in July core retail sales fell 0.1%, the biggest drop since January this year, the market is expected that this may be a drag on U.S. economic growth in the second half, with PPI data as indicators of inflation prospects the largest single month decline in nearly a year also hit next, PPI also dropped to let the market worried about inflation may be difficult to reach the target value of the Fed started to raise interest rates. By the impact of weak economic data, the market expected the fed to raise interest rates to cool, the measure of professional traders expected the fed to raise interest rates probability of the federal funds rate futures, interest rate is expected to reduce the probability of September to 19%, the probability of rate hikes in December also fell to 43%, even in 2017 March, the interest rate is only 50% of the index shows the probability the. It is noteworthy, because precious metals of gold recently launched sustained shock consolidation, some investors to exit the market in other asset markets. The Commodity Futures Trading Commission (CFTC) released the latest data show that in August 9th when the week, including hedge funds and other speculators held net long positions fell to 286 thousand hands, that professional investors bullish on gold will be cool. At the same time, to measure the market risk aversion degree of gold ETF fund has a continuous reduction. On the 13 day, the amount of gold in the world's largest gold ETF SPDR holdings of 960.45 tons, compared with the previous week reduction of nearly 20 tons. Shanghai, a private agency research department responsible person said that this year, the international price of gold has surged by 27%, an important driving factor behind the Fed's interest rate hike is undoubtedly a slower pace, in the current global monetary policy continues to loose, the Fed rate hike outlook again facing new challenges, the future of gold hedging the function is still worthy of attention. Chaos Tiancheng futures analyst Sun Yonggang also said that the gold market is actually driven by multiple factors, one is the market uncertainty on macroeconomic and policy concerns, investors from the previous holdings continue to continue buying, on the other hand, monetary easing stimulus, including bonds and other investment assets are overvalued let the money into gold, precious metals market. Yunfu Chen halfen channel

The China Insurance Regulatory Commission to support the insurance companies listed on the new board

JINGWAH Times News (reporter Niu Yinghui) CIRC yesterday issued a "notice" on the insurance company listed on the relevant items in the National SME share transfer system, water stopper support qualified insurance companies listed on the new board. There are two insurance companies listed on the new board, halfen channel are alltrust insurance and insurance zhongcheng. CIRC said, in recent years, the new third market healthy and rapid development, the number of listed company, the scale of financing and financing capacity significantly improved. At present, many insurance companies are actively applying for listing or plan. Listed on the new board has become an important way for small and medium-sized insurance companies visit the capital market, perfect the market mechanism, capital of the perfection of corporate governance. "Notice" requirements, the insurance company listed on the new board in accordance with China CIRC relevant Prudential indicators, in addition, no major violations of the law in the recent three years. The concern is that the "notice" pointed out that natural person can share, but investment in insurance companies, holding more than 5% to the CIRC for approval; 5% by agreement transferee, need to the CIRC for archival purposes; 5% by making or bidding transferee, without filing. Reporters learned that the number of A shares currently queued insurance companies, but the successful listing of insurance company, Pacific Insurance, China life is only safe, Xinhua four people. In contrast, the conditions listed on the new board more relaxed, as long as the time, for the listed companies to the existence of at least two years, and no specific requirements of financial indicators. However, at present, three new board listed enterprise market activity is very limited, the insurance company only take the form of the transfer agreement. Some analysts have pointed out that with the CIRC for insurance companies listed on the new board of the open policy, will attract more insurance companies landed three new board and take to make the city the way, liquidity will be improved. cast in ferrules

The central bank in response to the July financial data below market expectations

JINGWAH times cartography Xie Yao JINGWAH Times News (reporter Yu Xuefei) yesterday, wavy tail anchor the central bank issued a document that last year, stock market volatility led to the credit data base is large, and the recent broad money (M2) year-on-year data distortion. Expected with the base effect gradually disappeared, 8, September M2 growth will rebound. The central bank announced on the Chinese July financial data below market expectations, the new loans in July, M2 growth rate, the scale of social financing fell sharply. Analysis of the person responsible for the central bank, loans from financial institutions, for the early delivery, early return "to consider, in general the first half of the first half of this year accounted for the bulk of loans, loans increased 7 trillion and 530 billion yuan, an increase of nearly 1 trillion yuan. Although the July seasonal decline in loans, but the total is still more to see. In addition, in July last year to respond to market fluctuations on some loans, local government debt replacement for financial institutions to increase the non-performing loan write off and disposal efforts. From the scale of social financing in recent months, an increase of less is not discounted bank acceptance bills to reduce the number of the occurrence of a number of cases, strengthen supervision has related to the bill market. "From the M2, the two or three quarter of last year stock market fluctuations, so that the base of a substantial raise, resulting in recent months year-on-year M2 data some distortion, do not represent the true growth rate." The central bank responsible person pointed out. The central bank is expected, with the base effect gradually disappeared, 8, September M2 year-on-year growth will rebound. The central bank in July financial data also showed that M1 (narrow money) and M2 "scissors" to further expand to 15.2 percentage points, a voice said this is reflected in a "liquidity trap". In simple terms, M2 and M1 growth rate between the "price scissors" can be regarded as the judgment of active funds level, especially the enterprise level observation variables. The smaller the price scissors, money supply and demand deposits tendency is higher, the higher the economic vitality. The liquidity trap is a hypothesis proposed by Keynes, when a certain period of time to reduce interest rates low, money demand elasticity will become infinite, no matter how much more money, people will be stored. The central bank responded that, as of 2014 and the first half of 2015 M1 base is relatively low, a lot of the month M1 growth rate below 5%, significantly lower than the M2 growth rate, so the recent corporate demand increase, the growth rate of M1 is increased significantly, there is also a strong base effect. The central bank said that M1 and M2 growth of "price scissors" mainly reflects changes in the currency in the various departments of distribution and activity, between the theoretical hypothesis and the "liquidity trap" far apart, and not necessarily what links. swift lift anchors

P2P cannot advertise "bank deposit" with bank endorsement era is coming to an end

Beijing morning news (reporter Jiang Fan) net loan platform holding bank endorsement era is about to become history. Many industry insiders confirmed, the CBRC has recently issued to the banks "lending funds to depository network business guidelines (Draft)", not only halted third party joint custody mode, also banned the P2P platform to "bank deposit" as a gimmick for credit. Display in the industry to provide a "draft", the depositary bank should not be outsourced or borne by the partner institutions, shall not be entrusted to net loan institutions and the third party agency issued by and the borrower transaction settlement funds account. And make in the bank management platform requirements specified, including the registration of local financial supervision departments to complete the registration in industrial and commercial applications, telecommunications business license in accordance with the relevant provisions of the relevant departments of communication, with internal business management, perfect operation, audit and risk control system etc.. "Regulators hope by the depository to solve most of the net loan regulation, bank depository in fact become recessive licence." Pat credit President Hu Honghui said that the small platform risk, and can not solve the actual consumption areas of concern to the government of new loans, they actually just doing capital Porter, will increase the system risk and the risk of transmission, regulation of course cannot tolerate the tube, through a combination of the so-called third party deposit way to bypass the regulatory requirements and the bank must be. Direct deposit tube. The depository of the strict requirement will be rejected most of the risk control, compliance is not high, the net loan platform, a substantial increase in concentration is represent the general trend. According to incomplete statistics, as of July this year, the CITIC Bank, Minsheng Bank, Prudential Bank and other depository bank announced the signing of more than 30 business and P2P platform. And the true and complete bank funds depository system docking platform not only to 50, accounting for the number of net loan industry is about 2% of the normal operation of the platform. However, for the 50 platform, the future may not be able to "bank deposit" as an excuse for endorsement platform. In the draft, the bank exemption range increased, and shall be responsible for the authenticity and accuracy of the depository bank's net loan data, if the client (net loan platform) fraud or data error led to the business risk borne by the client. While in the custody of borrowing funds in the network, in addition to the necessary supervision and disclosure requirements, the client shall not use the "deposit" to do the open marketing. "Bank depository is just to solve the cash flow problem, so that the platform can not touch money, but it does not mean that the authenticity of the platform of the project is guaranteed." PPmoney Maxwell chairman Chen Baoguo said, although such a provision is expected to vigorously promote enthusiasm and enhance the bank depository business, but also to investors and net loan platform put forward higher requirements. pfeifer vs box

Wujiang Rural Commercial Bank net profit fell 21%, the textile industry loans concentrated buried mine

<strong> China Economic Net editor's note:</strong> the first line listed 5 agricultural firms have been fully met, agricultural firms listed on the tide is about to open. The day before, scaffolding parts Jiangsu Wujiang rural commercial bank, Limited by Share Ltd (hereinafter referred to as Wujiang agricultural firms) has put the code of A shares to finalize the 603323. The latest report of the prospectus, Wujiang commercial bank intends to issue 111 million 500 thousand shares, accounting for 10.01% of the total issued share capital, to raise funds after deducting the cost of issue will be used to replenish capital. March 23rd, Wujiang agricultural firm first successful too. Motherboard fashenwei meeting put forward questions on five aspects, such as the issuer of the textile industry business loans more. Please issue on behalf of further quality and reasons for changes in the textile industry and business loans, repayment main customer is normal, whether full disclosure of relevant risk. Please check that the sponsor representative of the aforesaid matters. Wujiang Rural Commercial Bank report shows that in 2015, the industry performance is bleak. Operating income, total profit, net profit attributable to the parent company showed a negative growth. At the end of the reporting period operating income of 2 billion 368 million yuan, down 2.53%; a total profit of 755 million yuan, a decrease of up to 22.86%, while net profit attributable to shareholders of the parent company 604 million yuan, down 21.27% compared to the same period in 2014, net profit of 5 agricultural firms in the largest decline in a. Display data in terms of quality of assets, as of December 31, 2013, December 31, 2014 and December 31, 2015, Wujiang rural commercial banks non-performing loans were 456 million yuan, 643 million yuan and 764 million yuan, non-performing loan ratio was 1.35%, 1.69% and 1.86%. It is worth noting that the bank loans are mainly distributed in the manufacturing and wholesale and retail trade, total loans ratio was 59.6%/10.78%. In the past three years, the rate of non-performing loans from the manufacturing sector grew 4 times. The prospectus also said "there is a certain concentration risk loans to customers and industry". The trapped manufacturing cold, Wujiang rural commercial bank loans of nearly 300 million lawsuits. The prospectus shows that the single subject of litigation as 1 million yuan litigation matters a total of 62 pen, involving a total amount of more than 286 million yuan. Among them, the majority of the business loans for small and medium manufacturing enterprises, about 34 more cases involving the related enterprises in the textile industry. The textile industry buried mine, the textile industry is still in the Wujiang rural commercial bank loans to total loans in higher proportions. At the end of June 2015, Wujiang rural commercial bank loans to the textile industry accounted for 31.31% of total loans, is only at the end of 2014 fell 3.30%. Aiming at the above problems, Chinese economic net reporter contacted Wujiang agricultural firm, as of this writing has not replied. <strong> Wujiang agricultural firms in March this year will be fashenwei ask around five</strong> In March 23rd this year, Wujiang agricultural firm was the first to apply for the issuance examination committee passed. It is understood that the Wujiang rural commercial bank intends to issue 111 million 500 thousand shares, accounting for 10.01% of the total issued share capital, to raise funds after deducting the cost of issue will be used to replenish capital. The IEC meeting put forward the main questions as follows: The issuer of the textile industry business loans more. Please issue on behalf of further quality and reasons for changes in the textile industry and business loans, repayment main customer is normal, whether full disclosure of relevant risk. Please check that the sponsor representative of the aforesaid matters. Please issue on behalf of further pricing and decision-making, the specific circumstances and related transactions during the reporting period and the related party loan business of disclosure, and whether the case involving occupation related party funds, whether to establish a sound internal control system and related transaction execution. Please check that the sponsor representative of the aforesaid matters. Please release the representative further explained that the latest situation as of now the issuer of the shares held by shareholders freeze pledge, the issuer shareholders pledge freeze, affect the issuer's equity clear, and lead to significant changes in the ownership structure. Please check that the sponsor representative of the aforesaid matters. Please release the representative further explained: (1) the corresponding measures as the issuer litigation and arbitration cases and the latest developments for the issuer litigation has been taken, the existence of litigation arbitration cases increased and whether; (2) due to the litigation and arbitration cases provided the meter loan impairment preparation; (3) a significant impact on the issue of whether the arbitration proceedings continue operating. Please check that the sponsor representative of the aforesaid matters. Please issue on behalf of a further explanation to the accounting treatment of financial products. Please explain the sponsor representative verification. <strong> The decline in profitability, non-performing rate rose manufacturing loans accounted for more than half</strong> According to the "daily economic news" reported that the Wujiang commercial bank is located in the economically active Jiangsu city of Suzhou Province, as of December 31, 2015, the total assets of 71 billion 453 million yuan, an increase of 15.35%; foreign currency loans 40 billion 994 million yuan, an increase of 7.75%; the foreign currency deposits of 57 billion 188 million yuan, an increase of 10.15%.    The profitability index in recent three years, Wujiang agricultural firm's earnings per share, the weighted average return on net assets, the average return on total assets continued to decline. 2015 annual report data show that in the 2015 annual revenues of 2 billion 368 million yuan, down 2.53%; a total profit of 756 million yuan, down 22.86%; net profit of 612 million yuan, down 21.26%.    In this regard, Wujiang agricultural firm said, the main reason is that the provision for impairment losses on assets increase, the adjustment of interest rate policy, interest rate spreads space reduction. At the same time, the bank expects 2016 total assets exceeding 76 billion yuan, net profit of over 600 million yuan, non-performing loan rate was controlled within 2%. Display data in terms of quality of assets, as of December 31, 2013, December 31, 2014 and December 31, 2015, Wujiang rural commercial banks non-performing loans were 456 million yuan, 643 million yuan and 764 million yuan, non-performing loan ratio was 1.35%, 1.69% and 1.86%. In this regard, Wujiang agricultural firm said, mainly by the continued downward economic effect, anti risk ability of small and medium sized enterprises weak flaw has exposed, non-performing loans increased pressure drop.    It is understood that the Wujiang rural commercial bank loans are mainly concentrated in the Wujiang region. Data show that as of June 30, 2015, the Bank of Wujiang in the area of loans amounted to 30 billion 934 million yuan, accounting for the proportion of total loans 79.82%.    In addition to regional focus, the bank loan is mainly distributed in the manufacturing and wholesale and retail trade, as of December 31, 2015, the two industry loans accounted for the proportion of the total loans were 59.60% and 10.78%. In the manufacturing sector loans, as of June 30, 2015, the non-performing loan ratio was 1.52%. In 2012, the rate of non-performing loans in manufacturing is only 0.3%. That is to say, in the past three years, the rate of non-performing loans from the manufacturing sector grew 4 times. <strong> The interest income relies more on</strong> Official website shows, Wujiang rural commercial bank is composed of natural and legal persons jointly initiated the establishment of joint-stock financial institutions. Wujiang city is the predecessor of the rural credit cooperatives, from 1950s. In August 2004, China approved by the Banking Regulatory Commission of the former Wujiang city rural credit cooperatives established restructuring, since the establishment of the CBRC after the new regulatory framework of the first listed on the opening of the rural commercial banks. As of the end of 2015, Wujiang rural commercial bank has 1 branches, 1 sub branches and 41 head office. According to the "China business daily" reported that the Wujiang commercial bank for interest income is dependent, 2012 year 2013 year 2014 year 1 and 2015 to June, the bank's net interest income was 1 billion 972 million yuan, 2 billion 118 million yuan, 2 billion 308 million yuan and 1 billion 133 million yuan respectively, accounting for 93.65% of revenue, 92.75%, 94.97% and 94.75%.    Among them, the corporate banking business is Wujiang agricultural firm main source of income and profits. As of June 30, 2015, Wujiang rural commercial bank for enterprises of all types of loans amounted to 36 billion 902 million yuan, accounting for 95.22% of the total Wu Jiangnong firm all loans, including interest income loans and bills discounted, excluding non-performing loan business loans from 1 billion 305 million yuan, accounting for Wujiang agricultural firms total interest income 73.96%.    According to the economic characteristics of the region of Wujiang, Wujiang rural commercial bank business lending target customers to small and medium enterprises, as of June 30, 2015, the Bank of SME loans reached 31 billion 835 million yuan, accounting for the total amount of Wujiang agricultural firm business loans 86.27%.    A city firm of small and medium-sized enterprises financial credit department director said, the small and medium-sized enterprise loan interest rates generally is significantly higher than that of large enterprises, can bring more income to the bank spreads, however, in financial strength, the ability to withstand risks, small and medium-sized enterprises are lower than that of large enterprises. Interest income, however, in financial strength, the ability to withstand risks, small and medium-sized enterprises are lower than that of large enterprises. <strong> The lawsuit loans of nearly 300 million textile buried mine</strong> The trapped manufacturing cold, Wujiang rural commercial bank loans of nearly 300 million lawsuits. According to the "China business daily" reported that in January 14, 2016, Wujiang agricultural firms to update the pre disclosure prospectus. Prospectus, as of the end of June 2015, the single subject of litigation as 1 million yuan litigation matters a total of 62 pen, involving a total amount of more than 286 million yuan. According to the Wujiang agricultural firm during the reporting period the 62 lawsuit matters, the reporter made a query on one of the companies involved, according to the national public enterprise credit information publicity system shows that the content of rough statistics that the defendant enterprises for the majority of small and micro enterprises, and more for the manufacturing industry, of which, about 34 more cases involving related enterprises in the textile industry. Wujiang rural commercial litigation focused on manufacturing in the textile industry as the representative of the enterprise is not accidental. Wujiang District of Suzhou city is the manufacturing industry, especially in the textile industry cluster. Wujiang agricultural firm said in the prospectus, the bank outlets concentrated in the Wujiang area. Wujiang agricultural firm disclosure, as of June 30, 2015, the bank loans to the manufacturing sector accounted for 62.57% of all loans, the ten largest single loan customers are mainly manufacturing enterprises, there are certain concentration risk loans to customers and industry. "Chinese Textile Industry Research Report 1 monthly" report, which pointed out that facing the new environmental regulation, enterprise survival pressure is more and more big, especially small and medium-sized textile enterprises, China's economic slowdown, consumer demand is lower, also let the market overcapacity, the industry under the low fan, foreign fast fashion brand impact, and more and more consumers exit to buy Apparel, clothing prices to rise. Wujiang agricultural firm said in 2014 and 2015 the total output value of 1 to June in Wujiang industrial area over the same period last year decreased by 1.2% and 0.1%, the overall economy is in a downward trend, especially in the textile manufacturing enterprises business conditions deteriorated, repayment capacity decreased, resulting in non-performing loans rise. The textile industry is still in the Wujiang rural commercial bank loans to total loans in higher proportions. At the end of June 2015, Wujiang rural commercial bank loans to the textile industry accounted for 31.31% of total loans, is only at the end of 2014 fell 3.30%. pfeifer vs box

1 88 89 90 91 92 605  Scroll to top