CBRC Chairman Shang Fulin Beijing News (reporter Jin Yu) recently, prop nut the NPL debt issue of concern. Yesterday, halfen channel to attend the four session of the twelve National People’s Congress of the Chinese CBRC Chairman Shang Fulin after minister channel said, at present the bank asset debt matters still further study, need to go through a series of system design and technical preparation to open. The debt to equity swap with the current banking law conflict The so-called debt, is a common way to dispose of bad assets. For the struggling companies unable to repay bank loans to banks to stop lending often causes the enterprise into a vicious spiral, so that the bank has loans become non-performing loans”. The non-performing loan securitization, creditors become shareholders, after the improvement to enterprise economic situation, through the listing, transfer or business recovery funds repurchase form. “NPC and CPPCC” period, the CPPCC National Committee members, former East Asset Management Co President Mei Xingbao said in an interview, the bank can be implemented in key areas of debt, debt to equity swap in the capacity to play the role of. Shang Fulin said that the “debt” is not simply the bank debt to equity. The bank’s funding comes from the people and enterprises, so in accordance with the requirements of “commercial bank law”, the bank can not invest in non bank companies not directly hold shares of general enterprises. “The assets of banks’ debt ‘matters still further study, need to go through a series of system design and technical preparation to open.” Shang Fulin said. The morning of March 16th, the four meeting of the twelve National People’s Congress after the closing ceremony, Premier LI DADA said at a press conference, through market debt way reduce leverage. Analysts said the bank through the designated entity holding Are all hot and in debt, some enterprises began to try in this field. In March 8th, China largest private shipyard (now renamed Huarong energy) announcement that intends to issue up to 17 billion 100 million shares to the creditors, to offset the debt of 17 billion 100 million yuan. As of February this year, Rongsheng total debt has risen to 22 billion 600 million yuan, of which, Chinese is the largest creditor bank. After the implementation of debt to equity swap, China bank shareholding proportion will reach 14%, ranking first in the. Golden State Securities Ma Kunpeng said rshi debt is not the first case. “At the end of 2014, Nanjing Tanker had about 6 billion 500 million of the debt, second years after the reorganization will achieve profitability.” China Merchants Securities believes that the current “commercial bank law” prohibit banks to hold equity. But the announcement shows that the bank can “designated entities’ creditors hold equity, such as subsidiaries, if this method can be implemented, or will become an alternative to the disposal of non-performing loans in the future. – related news During the bank to sell financial products to the whole video recording Beijing News (reporter Jin Yu) “before the end of 2016, we asked the major and the conditions for commercial banks to fully open financial products” double. “.” In March 16th, China CBRC Chairman Shang Fulin in the Great Hall of the ministerial channel said. The “double book” refers to the bank in the sale of financial insurance, consignment and other financial products, audio and video synchronization. Shang Fulin said, in addition to some really difficult to implement the agricultural institutions, rural banks and other small institutions, to carry out other financial products and to sell product sales of the banking financial institutions shall implement network synchronous recording its own financial products and consignment sales process. It is understood that the implementation of the “double main purpose is to prevent the” record “fly”, namely, the bank employee used for bank business, or sales of non third party financial products, the bank issued non independent authorization and signed a consignment agreement. Shang Fulin said that the “double record”, if there is a dispute, also has the corresponding basis for treatment. Shang Fulin also said that in 2015 the CBRC has been in Beijing, Shanghai, Guangdong, Jiangxi and other provinces to carry out the “double entry” pilot work. Bank financing and sale related complaints received an 2015 Shanghai Banking Bureau were decreased by 69.3% and 27.2%.
Chen Dongsheng / tabulation Zhai Chao / drawing Insurance firms listed on the first annual report released last night. Chinese peace earnings in 2015 hit a new record of the scale, operating income 619 billion 990 million yuan, an increase of 33.9%, net profit attributable to shareholders of the parent company 54 billion 203 million yuan, an increase of 38%. China safe in 2015 basic earnings per share of 2.98 yuan, the board recommended the payment of a final dividend for the year 2015 in cash per share 0.35 yuan (including tax), paid plus 2015 interim dividend per share cash 0.18 yuan, annual cumulative cash dividends 9 billion 688 million yuan. In the first half of last year to seize the bull market, investment income is Chinese become an important growth driver of the final peace. The report shows that, as of the end of last year, the scale of Chinese Ping An insurance fund investment assets to achieve further growth 1 trillion and 730 billion yuan, total investment income 114 billion 750 million yuan, representing an increase of 80.1% yuan in 2014 63 billion 729 million. At the same time, China safe investment yield level also hit a new high in recent years. Data show that as of December 31, 2015, net investment income of insurance funds rate of 5.8%, an increase of 0.5 percentage points; total investment return rate of 7.8%, an increase of 2.7 percentage points. For the 2015 investment income growth, China Ping said last year, the domestic stock market there was a substantial shock, we conduct in-depth research on the “new normal” investment opportunities, take strict precautions against market risk, optimize asset allocation structure, actively grasp A stock investment opportunities; at the same time, in the premise of credit risk control, continue to increase fixed income investment profit rate is higher, the better investment performance. Insurance funds investment portfolio composition, as of the end of 2015, fixed income assets China Ping holds 77.7%, by the end of 2014 compared with a decrease of 2 percentage points. At the same time, Ping An China directly held stock assets 124 billion 254 million yuan, accounting for 7.2%, by the end of 2014 compared with a decrease of 1.6 percentage points, but at the same time, China peace holds the rights to the fund size of 48 billion 275 million yuan, an increase of 0.8 percentage points compared to 2014. Chinese Ping An chairman Ma Mingzhe said in the report, the past year, peace not only in the business to maintain rapid and healthy growth, has achieved the best results since its inception, more importantly, Chinese peace for more than 10 years in recent years a number of strategic layout and model innovation began to blossom. Ma Mingzhe said that in 2016, Ping An will from the past 1 (self mode) and 2 (open market), entering a new era of 3 “open platform + open market”. The Securities Times reporter Ceng Yanxin
As of yesterday, lifting insert allocated brokerage accounts and brokerage set of financial products a total of 437 (only), accumulated floating profit 60 million 782 thousand and 600 yuan With the new shares online success rate has hit a new low, passion soared under the net purchase, but the number of allocated but lower. “Securities Daily” reporter statistics published 10 new shares inquiry institutions under the net, the involved in playing the new brokerage accounts and brokerage set of financial products a total of 437 (only), the average number of allocated only 4 thousand and 100 shares. The lowest only account allocated 400 riels. As of March 14th, there are 10 “post paid” shares successfully listed issuers, according to statistics flush iFinD, participate in the new play of the brokerage accounts and brokerage set of financial products a total of 437 (only), accumulated floating profit 60 million 782 thousand and 600 yuan. Everbright Securities hit southern media Floating profit 2 million 290 thousand yuan Although this year the trend of A shares is not stable, but become an independent school IPO Puzhang style without institutional investors disappointed, rose chirpier. Among them, South media or the highest, reaching 222.35%. Brokerage trading, brokerage 39 hit southern media to obtain floating profit are the highest, 383 thousand and 200 yuan. In addition, Everbright Securities’s 5 collection of financial products also hit South media, floating profit are 383 thousand and 200 yuan, that is to say, Everbright Securities and financial accounts in the southern media on a total floating profit 2 million 299 thousand and 200 yuan. It is worth mentioning that, at the end of last year, after the IPO floodgates 18 “prepaid” shares, the reader media is at that time let the broker to get the highest floating profit shares, floating profit reached 494 thousand yuan, visible by institutions like the media shares. According to the reporter flush iFinD data to incomplete statistics, CITIC Securities, CICC, British securities, capital securities, Kaiyuan securities, Haitong Securities, Northeast Securities, Bohai securities, securities proprietary accounts for only 10 of the shares were purchase, and floating profit are 1 million 469 thousand and 200 yuan. In addition, although Everbright Securities proprietary accounts only allocated 8 shares, but its financial accounts are out of 8 financial products up to the new play, accumulated floating profit 6 million 809 thousand and 200 yuan, accounting for 11.2%. Shares under the net rate of up to 95.56% finalists A new brokerage allocated an average of only 4 thousand and 100 shares The data show that the inquiry since the 2016 issue of the new shares under the net average hit rate as high as 95.56%, although the short rate is high, but the number of allocated was in decline, the lowest only account allocated 400 riels. The reporter statistics found that in the 10 shares hit new brokerage accounts and brokerage set of financial products a total of 437 (only) the average number of allocated only 4 thousand and 100 shares. Among them, hit the southern media and brokerage set of financial products for the highest number of allocated 14 thousand and 800 shares, then the number allocated gold emblem of wine is only 6 thousand shares, the remaining 8 stocks were also in the number of allocated 10 thousand shares. Ruierte, Hao Zhi electromechanical Hongyuan Hongyuan securities asset management plan emerging growth hit only the allocated 400 shares. And in the purchase of new shares in the success rate is so low, there are some new investors to abandon the purchase phenomenon. The recent listing of 5 new shares, more than 800 thousand stocks suffered abandoned shopping. Investors are not familiar with the new rules also resulted in the purchase process, forget payment, found it too late. In this regard, Shenwan Hong analyst Lin Jin believes that the purchase of abandoned shares all the brokerage underwriting, strictly speaking, generally used in the IPO underwriting contract, new shares investors can not get full subscription status, while the IPO market in China at present the real state of the purchase of enthusiasm, hard to find a sign. In view of the non risk characteristics of the IPO market, select the main underwriter shall be responsible for the way of underwriting is completely reasonable. For the future under the net purchase of new shares of the rate of return, Huatai Securities analyst Xue Hexiang believes that in 2015 the success rate, the future income under the net purchase rate, high and low context success rate were set to 0.25%, 0.18%, 0.10%. In addition, the shares rose, get new shares or modify the parameters in the multiple regression model of the optimistic and pessimistic value ratio were: 217.72%, 99.36%. The expected rate of return under the net purchase, set up based on the above parameters, the net purchase of single operation of the expected rate of return in the range of 0.099% to 0.544%. Assuming annual participation in the 50 (corresponding to 1 times a week to participate in) under the net purchase, the expected annual yield range is 5% to 27%. Income is considerable. For the purchase of new shares under the net facing risk, Xue Hexiang said, including the issuer of illegal or insufficient number of valid offer to purchase under the net and other reasons lead to the issue of failure risk and listed below the issue price risk. Securities Daily trainee reporter Zhou Shangyu
Recently, BFD coupler Taiping Life 2015 large claims data released, cast in sockets the largest settlement payment 475 yuan. The case of customer Mr. Xie drive through the ancient Syrian high-speed back to Chengdu, because of losing control of the vehicle accident, died on the spot. Taiping Life after receiving the report, the first time of survey and verification of payment customers high death insurance 475 yuan. The amount of compensation is high is the characteristics of this case obviously, in the process of analyzing the case, Taiping Life was found behind the high loss is highly recognized for TPL customers. It is understood that the customer Mr. Xie since 2009 to buy the first policy in Taiping Life, out of the Taiping Life products, service quality, brand identity, to 2014, has more than ten for yourself and your family insurance policy, involving finance, pension, medical insurance, critical illness and so on many, many kinds of high value. One of Mr. Xie personal insurance coverage totaled more than 400 yuan. Mr. Xie family received reparations after very excitedly said, Taiping Life Years of quality service, let them all for the company’s products are recognized, the insurance pays more and more attention; it is in Taiping Life under the help of Mr. Xie to make family insurance allocation, so as to give the family at the time of the accident economic security enough. In the Taiping Life, there are many such customers, they continued the family insurance, and personal risk entirely to TPL, reflects the customer to insurance recognition, but also reflects on the Taiping Life Insurance trust. As of the end of 2015, TPL cumulative customer service has more than 35 million people. 2015 annual claims payment of more than 15 pieces, more than 1 million large number of claims 45. (Xi Lu, Meng Qun, Hong Dan)
Industry legend, scaffolding clamps former Baidu CTO, bovine power technology CEO Li Yinan, in and out of public view for nearly 9 months after the attention once again, the reason is related to the stock market insider trading case. The evening of March 15th, according to the Shenzhen court litigation services online platform, the case day in Shenzhen City Intermediate People’s court. According to informed sources provide the case indictment, prosecutors alleged that Li Yinan and their families through insider trading stock profit about 7000000 yuan. In March 16th, electric cattle technology official said in response, Li Yinan the private case is cooperating with the investigation and litigation judicial department, Li Yinan was still able to participate in major decisions, the cattle electric technology functioning normally. Related to “Huazhong CNC” insider trading According to prosecutors accused Li Yinan suspected of insider trading that happened during the time, in the Jinsha River venture office. The prosecution alleged that Li Yinan in April 2014, by his brother-in-law and mother stock trading accounts, the whole store to buy Wuhan Huazhong CNC Limited by Share Ltd (hereinafter referred to as “CNC”) stock turnover reached 1148 yuan, the actual profit 5 million 80 thousand yuan. The girl under their command, the purchase of Huazhong CNC, turnover of more than 499 yuan, the actual profit 236 yuan. Li Yinan and his sister during the purchase of Huazhong CNC stock insider information sensitive period coincided with the merger and reorganization of the central nc. February 17, 2014, Huazhong CNC and related enterprises to discuss restructuring, the two sides signed a confidentiality agreement. According to the relevant laws, the insider information sensitive period deadline is insider information public, Huazhong CNC since May 27th of that year suspension. Prosecutors said the company in the sensitive period, Li Yinan and Li Xiaotao, President of Huazhong CNC repeatedly contact contact, Li Xiaotao Li Yinan college alumni, two people had worked in HUAWEI. After the completion of the merger and reorganization in 2014, Li Xiaotao to the board of directors submitted written resignation. December 2014, Huazhong CNC announced that Li Xiaotao for personal reasons resigned from the company to apply for directors, executive directors and company strategy committee and other related duties. According to the indictment, because of suspected insider trading, Li Yinan in June 3, 2015 by the Shenzhen Municipal Public Security Bureau of criminal detention; suspicion of committing the crime of insider trading, was arrested on July 10, 2015 in Shenzhen city public security bureau. The industry was shocked on the Li Yinan case” According to the reporter in the courtroom, the prosecution allegations, Li Yinan said never had access to insider information, it does not imply that the sister buy Huazhong CNC shares, said the personal friendship with Li Xiaotao, the sale of Huazhong CNC because of their consistent investment style, also have never suggested that family to buy. In March 16th, the Beijing News reporter on “insider trading” one thing called Huazhong CNC, securities affairs representative Wu Lei said, do not know about this company. And Li Yinan had contacted senior media people Ji Qingyong told reporters on the Beijing News, Li Yinan alleged insider trading, let him feel very shocked, I cannot understand. “Through the establishment of harbor networks, as well as 12580 CEO, he should have the financial freedom, there is no need to participate in this matter.” A Li Yinan has had the intersection with the IT industry also expressed similar views on the Beijing News reporter, Li Yinan is young and had high positions, by HUAWEI CEO Ren Zhengfei and Baidu chairman Robin Li recognition, through the acquisition of insider trading is not worth millions of dollars in the interests of both parties, the truth remains to be seen each one sticks to his argument. “Disappear” during the company said the United States for illness The last time Li Yinan appeared in public view, in June 1, 2015 the first product of bovine power technology conference. In the field of Electric will be two months before the Mavericks, Li Yinan also did not show up. For one thing Li Yinan did not show up, electric cattle technology was in November 2015 that Li Yinan catch production in Dallas electric production workshop is located in Jiangsu of Changzhou. But according to the media survey found that Li Yinan was not in Changzhou, the office in Changzhou, in addition to the two table chairs almost no equipment, even on the table has fallen on a thin layer of dust. In late November of the same year, hundreds of Baidu Ceng Fawen said, Li Yinan for alleged insider trading, the Commission has been taken away. Electric cattle technology quickly denied the news. Electric cattle technology founder and Vice President Hu Lin told the media that Li Yinan was ill in the United States to recuperate. But, what disease, why has yet to return, return, Hu Yilin was not given zhunxin. Beijing News reporter Xu Wei – Li Yinan resume – 1985 15 year old Hua Yuan was admitted to the University of science and Technology (now the Huazhong University of Science and Technology) in the junior class. – 1992 Second graduate students to HUAWEI practice. – June 1993 After graduation he joined HUAWEI. Two years of the entry was promoted to Chief Engineer / HUAWEI central research department at the age of 26 and became president, vice president of HUAWEI company. – 2000 To create the North Harbour Networks, the rapid development of the company to become HUAWEI’s rival. – June 2006 HUAWEI’s acquisition of harbor networks. Return to HUAWEI, the telecommunications chief scientist and vice president. – December 2007 Was appointed Vice President of HUAWEI terminal company. – October 2008 As Baidu’s chief technology officer (CTO). – January 2010 The departure from Baidu, China Mobile, CEO, 12580. – July 2011 12580 resigned from the post of CEO. – August 2011 Joined as a partner of Jinsha River venture capital. – April 2015 Co founded smart electric power technology company Niu Ren CEO. – figure Ren Zhengfei, Robin Li was deeply affected by the appreciation of “the boy genius” “This is a young man of the world, this is an era of infinite possibilities.” The release site in Dallas electric car in June 2015, electric cattle technology CEO Li Yinan in a blue shirt, jeans, a summary of their experience with a southern accent mandarin. He founded the company to compete with the old club HUAWEI Li Yinan resume omnipresent he said “young” and “infinite possibilities” these two words. The 15 year old was admitted to the junior class of Huazhong University of science and technology; at the age of 26 and became the youngest HUAWEI executive vice president; 30 years old for 38 years as founder of harbor networks; Baidu CTO; 40 year old joined China Mobile as the 12580 CEO; 41 year old as the 45 year old Jinsha River venture partner; co founded smart electric power technology company cattle. “Up and down, ups and downs, sometimes I think that is a roller coaster ride, a bumpy road ahead.” Li Yinan used these words to describe their 20 years of occupation career. Li Yinan is known as the communications industry’s legendary genius. Li Yinan was born in 1970, Hunan. In 1992, the second year is a graduate student Li Yinan and several of his classmates, ideals into what was then the humble HUAWEI internship. A year later, the wearing black frame glasses boy officially joined HUAWEI. According to the number of employees of HUAWEI old memories, when Li Yinan does not love to talk, but a sensitive technique let him won the HUAWEI President Ren Zhengfei appreciated. After joining HUAWEI, Li Yinan for two years was promoted to chief engineer of HUAWEI, at the age of 26 and became Vice President of HUAWEI. Young Li Yinan did not get rid of rebellious behavior. In 2000, Li Yinan from HUAWEI’s high-profile departure, set up the network harbor, challenge the old club. According to media reports, HUAWEI held the power of the company “Hong Kong”, specifically to deal with network harbor, harbor network eventually lost. 2006 harbour networks acquired by HUAWEI, Li Yinan returned to HUAWEI, continue to serve as vice president. Two years later, Li Yinan successfully persuaded by Robin Li to join Baidu as CTO. “No more than three people around the world can do Baidu CTO, Li Yinan is one of them.” Robin Li did not spare his own praise. But the work in Baidu after more than a year, Li Yinan decided to submit his resignation to Robin Li. In the next few years, he has joined China Mobile as the 12580 CEO, as Jinsha River venture partners, to join the smart electric power technology company cattle. Frankly he broke numerous somersault: heart really hurts For such a “genius” character, Li Yinan also has its weaknesses. “Based on my understanding of the past Li Yinan, he is a very simple person, more focused on products and technology.” Senior media people Ji Qingyong told the Beijing News reporter, from Li Yinan harbor entrepreneurial experience, he is not good at management, especially in terms of personnel management, but the technology trends and product trends judgment is very accurate. “He is at the age of 12580, just as with the board of directors have differences on some issues, pique resign. Baidu is also true in a year.” Ji Qingyong said. “He really is a genius, but in the process of getting along with colleagues in everywhere in straitened circumstances. If it is in the other company, Li Yinan will be pushed out.” Media interviews that a person who has worked at HUAWEI before this, HUAWEI was in the atmosphere is strong, but no debate complex office politics, and that HUAWEI under the leadership of Ren Zhengfei but is used, which is attracted to Li Yinan at the HUAWEI and can be the responsibility of the Commission to reason. Li Yinan recalled in 2015 Dallas electric your experience conference said, student love dream, entering the workplace uppity, undertake many bear responsibility, want to start at the age of 30. “The middle made many mistakes, I also fell a lot over, you have to ask my heart pain, I think it is really painful, but in retrospect, and nobody at a young age had penetrative pain!” Shuaiguo somersault many times Li Yinan could stand up in the alleged insider trading case? Beijing News reporter Xu Wei
So far in 2016, swivel coupler A stock market vagaries make equity fund investors fears, anchor nut the capital preservation fund and the QDII fund is relatively popular. Statistics from the WIND information, as of Monday’s close, the mainland QDII fund yields have a significant differentiation, in the first row of the lion gold reached 16.47%, the next is full of gold QDII fund is huitianfu gold and precious metals, harvest gold, yifangda gold theme, while the lowest ranking is the silver Huaheng H shares of B, the yield is -24.14%, and the difference reached about 41%. Before the end of the first quarter, QDII fund has significant Lengrebujun, gold and precious metals fund to become a leader, but a four quarter contest now is too early to determine the winners and losers, what kind of QDII fund will catch up? Both Binghuoliangzhongtian A comprehensive review of the current QDII fund sub type, China economic network reporter found that internal QDII funds are hot and cold. Statistics from the Milky Way Securities Fund Research Center show that as of March 11th, the average income of each sub type of QDII fund is negative, the largest loss for QDII Asia Pacific Equity Fund, the average loss reached 10.02%, in 12 QDII the Milky Way subdivision type, only QDII and QDII commodity fund bond fund the return is positive. First, QDII commodity funds, this category currently includes 8 funds, respectively, Yinhua anti inflation theme, lion global gold, anti inflation Bo, yifangda enhanced return gold theme, harvest gold, huitianfu gold and precious metals, fidelity global commodity theme, Cathay commodities configuration etc.. Chinese economic net reporter noted that the state securities in March 2016 the continuation of “gold + high-yield bonds configuration, and further increase the proportion of the overall portfolio of gold assets to hedge market risk and share price rise at the same time to avoid the dividend, European stocks, Hong Kong stocks and commodities QDII. As it seems, it seems QDII internal goods next will also appear differentiation, gold QDII will become a thriving varieties. Reporters learned that from a long-term perspective, the price of gold rose is no longer limited to short-term rebound concept, rising prospect is bright. Maybe this is one reason that gold in the stock market in the era of QDII is glittering. In the top of the list of 4 to remove the gold fund, ranked fifth in the S & P Global Select BOC, the yield can reach two figures so far this five fund is QDII in the mainland. At the other end of the list, a total of 6 QDII funds since the beginning of the loss reached or exceeded 20%, specifically actually only 3, respectively is B, H shares of the Hang Seng Yinhua GF NASDAQ biotechnology, Castrol global internet. If the types of QDII fund, statistics from the Milky Way securities fund research center, QDII global equity funds only Lion oil and gas energy of a return is positive, and the contrast is the QDII global commodity funds, only two negative returns in this sub type, are Yinhua anti inflation the theme and Cathay commodities configuration. It is interesting to note that the recent mainland prices have soared trend, but the international prices did not seem to form a linkage, which is reflected in the QDII real estate QDII this year is not an outstanding performance. Real estate is the best performing GF American real estate QDII, which rose only one percent points. The amount of QDII or catalyst Yesterday, a news may affect the development of the next, QDII Fund recently, some fund companies received a safe mail thoroughly use of foreign exchange products. An unnamed source told reporters that since the United States to stop the quantitative easing into the rate hike cycle, the mainland fund companies to issue QDII products are becoming more interested, but many fund companies have almost exhausted the safe QDII quota, but since last February has not approved a new limit, at the same time the amount of QDII the lease cost is expensive, which also led to new QDII increasingly scarce. According to the China SFC website disclosure, the latest of QDII fund approval time is January 21st of this year, Huaan fund to accept and examine the global dollar coupon bond (QDII) application, but since no QDII products into the review stage. At the same time, the stock of QDII, since the second half of last year due to the appreciation of the dollar and by the Blitz, and hands QDII the amount of tension of fund companies can only suspend part of the product purchase or large purchase limit. It is reported that since mid January this year, the QDII for the amount of $600 million boshijijin suspended its “Bo Asia coupon bonds, Bo Greater China Asia select equity” and “anti inflation Bo enhanced return” and other QDII funds product purchase; Cathay Pacific Fund Cathay Pacific Nasdaq 100 index (QDII) “from the beginning of January 7th to suspend large purchase of more than 500 thousand yuan. In fact, suspended the OTC QDII fund purchase actually guide the flow of funds in the similar to the QDII – class LOF products. The reason has been the recent crude oil and gold turns to the strong performance of some of these products have high premium performance, so investors can lead to curb subscription and two market sell arbitrage. However, the reporter to remind people to pay special attention to the point, QDII-LOF funds are often the underlying commodities such as crude oil price index, and between the net premium rate is likely to expand, not from buying a large number of investors two of the market, but the net value of the fund index fell down suddenly, which for the early completion of the purchase and the positions of the investors, will hit the net to shrink, even if the premium rate unchanged, also need to bear the loss. Surprisingly, on the surface of suspended funds for QDII products under the banner of the purchase, but the lock operation does not seem to be able to bring QDII fund income increase, from crude oil to hot switching gold seems to have heralded the quick success of QDII investors. Where is the way for future development? Reporters noted that the NPC and CPPCC period, deputy governor of the central bank and safe Secretary Pan Gongsheng has said that the next step will be to study and modify the QDII system, the tone is more convenient cross-border investment and financing market. At the same time, the Shenzhen Hong Kong through this year also clear gate was put forward. Data show that the mainland QDII fund currently has 32 companies to get a QDII quota, the mainland fund companies accounted for QDII 1/3, and get the amount of about 25 billion dollars. Insiders pointed out that, to take on the new QDII quota and eager to fight the sea investors seem to be resorted to Shanghai and Hong Kong through the gate and the possible impact of Shenzhen and Hong Kong through particularly serious is the main investment market in Hongkong Hong Kong QDII. However, these analysts told reporters, this fear may have some worry, after all, whether or Shenzhen through Shanghai and Hong Kong through certain capital threshold, and the Hongkong market also did not reflect enough money effect, at the same time, the Hongkong market for a class of similar turbine investment risk is extremely high, to some extent this will deter mainland investors. Perhaps there is an example from one side can also support this point. According to the reporter got the information, in December 2015 the mainland Hongkong mutual fund gate opening, mutual recognition of the fund did not attract the interest of investors, to raise the scale of the prescribed amount accounted for only 1/10000. The main reason for mutual fund sales freeze the A shares and Hong Kong stock market has a huge adjustment, investors are familiar with will take time for new products. Although it may be expected to impact the unexpected, but the overall lack of QDII fund money effect is already an indisputable fact. China economic network reporter learned that, due to the QDII team fund often need to hire overseas returnees and Hailun, the cost compared to the mainland issued equity funds or fixed income funds is much higher, so the limited strength of the fund company has actually abandoned. Specifically, they amount to QDII is not used for a long time lead to failure in the application. In summary, the current development of QDII seems to be waiting for the regulatory authorities of new policies, has been hovering in the crossroads of the future development of QDII funds to decide on what path to follow? Let’s wait and see! (reporter Zhang Jie)
Beijing In March 16, according to the central bank website news, lifting anchor the people’s Bank of China on Wednesday (March 16th) launched a tender interest rate 20 billion yuan of 7 day repurchase operations, the successful rate of 2.25%.
Last year the Commission issued, lifting socket to promote the establishment of a registration system reform to adapt to the requirements of the civil compensation system, effective protection of investors to obtain compensation through the civil compensation lawsuit, allow offenders to pay a high cost and cost. Director of investment adviser Guo Fanli told the “Securities Daily” said in an interview with reporters, perfect the civil compensation mechanism, one can better protect investors and improve the cost of illegal criminals, deter illegal behavior; on the other hand, investors’ interests are infringed, there are judicial channels to seek help, to fully protect the legitimate rights and interests of investors the. “The current capital market mechanism of civil compensation should firstly establish and perfect the compensation mechanism of illegal cases after treatment, this is one of the most effective system to protect the interests of investors. It also includes two aspects: first, the establishment of the external internal security system of listing Corporation and listing Corporation to establish the corresponding security system. Secondly, should increase the punishment for illegal acts. That is to say, to establish a registration system reform for civil compensation system, on the one hand is to perfect the compensation mechanism, but also impose heavy on illegal violations.” Guo Fanli said. The National People’s Congress, Thailand securities Limited by Share Ltd chairman Li Wei said, investors should focus on perfecting the civil compensation mechanism, building a diversified dispute resolution and the judicial relief system of double protection. The implementation of “Regulations on civil liability of insider trading and other illegal activities in the securities law”. Give full play to the role of market discipline, strengthen market supervision, to deter illegal behavior, strengthen the protection of investors’ interests and investor damages. “The perfect civil compensation mechanism can improve the market credibility, authority of clear market laws and regulations, thus the interests of investors and companies have a certain degree of protection, to prevent criminals take advantage of speculation; on the other hand, the civil liability of false statement of the defendant to the misrepresentation of a a certain degree of punishment for the purification of the market environment.” Guo Fanli told the “Securities Daily” reporter. Securities Daily
Recently, ledger blade Chinese central bank vice governor Chen Yulu at the national NPC and CPPCC period for the large RMB rumors are given the exact response: there is no central bank plans to issue large denomination rmb. In this regard, experts pointed out that the convenience of the currency denomination size should give full consideration to the economic situation and the residents of a country to use. The face value of money is not the bigger the better, as far as China is concerned, there is no necessity to issue certificates of money. In addition, taking into account the development of safety and technology, electronic trading can fully meet the needs of future large transactions, and it should also be the direction of future development. The currency is not the bigger the better The issuance of Renminbi throughout history, large denominations have been very rare, has issued in the five set of RMB, only the first set of RMB 50000 yuan had the largest denomination, and this is for the special economic situation at the time of consideration. After the release of the four set of RMB, there have been no maximum value more than 100 yuan. In recent years, on the issue of more large par value of RMB voice has appeared, even it was posted on the Internet, “sixth yuan” the large amounts of money to them. Large denomination RMB really so attractive? “Monetary value is not the bigger the better. A country’s currency value size is determined by many factors, the general should take into account the development of the country’s commodity economy, currency stability and convenience, the residents use habits is an important consideration.” Central University of Finance and Economics Chinese banking research center director Guo Tianyong said in an interview with this reporter, if the issue of RMB 1000 yuan like this denomination, will not only meet the use of small problems, but also may cause the inconvenience of trading. And look at the history of Europe and the developed countries, monetary value can be found, and the stability of residents in these countries are paying attention to the usage of monetary value. The United States has maintained the largest denomination of $100 for dozens of years, the euro from birth to now, has maintained the highest denomination of 500 euros. We rarely hear these economies to discuss the issue of large denomination, on the contrary, the economy and even some officials and experts are proposing to abolish the large amount of $100 and 500 euros. “Note” there is no market demand Large bills also have appeared in some of the rest of the world economy, many countries are still in use, but this is mainly based on the actual development of a country. Guo Tianyong pointed out that, in general, a large amount of money in the choice to launch mainly there are two possibilities, one is the country suffered serious inflation, the central bank was forced to choose to issue certificates of money; the other is the country’s wealth rose sharply, or even a shortage of money. So our country whether there is such a demand? Guo Tianyong pointed out that China’s current CPI (consumer price index) the trend of moderate inflation risk does not exist. China’s economy is essential to maintain the high growth in about 7% of the residents, wealth growth is relatively stable, the money supply is normal. So, in our country there is no need to issue large denomination currency. In addition, suddenly issued large amounts of money is likely to exacerbate inflation expectations, disrupt the overall economic development order. Experts pointed out that large amounts of money are more likely to give people a psychological hint, that is the money in hand “increasingly worthless”, and once the expectation formation may lead to rising prices. Industrial Bank chief economist Lu commissar said earlier, the issue of large Renminbi should still not appropriate. One of the main reasons is that the economy of large transactions demand, actually online payment and mobile payment has been able to meet the demand, there is no need to issue certificates of RMB to support the so-called large transactions, and a large amount of yuan in the face of counterfeit situation also makes the identification of rising costs, especially for large RMB concerns received counterfeit money, the same will increase transaction costs, so be careful to issue bills. The pilot implementation of the $1 coin Recently, the people’s Bank of Ji’nan branch Chinese news release, Shandong province this year will be part of the city to start the implementation of the “1 yuan coupon coin project”, 5 in Shandong city invested 1 yuan ticket money to stop commercial banks. Chen Yulu said that the first pilot in some places, and then gradually extended. In this regard, Guo Tianyong pointed out that to promote the 1 yuan coin is mainly in order to make the daily transactions more convenient. 1 yuan coins have many advantages in terms of durability and preservation. In real life, the subway, the self-service vending machines in the use of coins is also very convenient. Many experts believe that the 1 yuan banknotes out of circulation is “prelude”, with the development of technology, electronic trading will become mainstream. Guo Tianyong said, relying on online consumption, online payment and mobile payment, electronic trading conditions are gradually mature, regardless of the future or will gradually pay money to electronic direction. It is understood that China’s central bank is studying the issue of “digital currency”. “Notes low technical content, from the point of view of safety and cost, is the new technology and new products to replace is represent the general trend.” The people’s Bank of Chinese governor Zhou Xiaochuan said the digital currency issued by the central bank is currently the main alternative to cash, reduce the traditional currency issuance and circulation cost, improve convenience. Reporter Qiu Haifeng
This version of the version tab: Zheng Jialiang drawing: Soldiers CBRC vice chairman Cao Yu recently on the “investment loan linkage of the first pilot will be announced shortly after the statement, the investment loan linkage topic once again pushed on the stage. Securities Times reporter found in the interview, pfeifer VS box many industry insiders for investment loan linkage first pilot access conditions define the standard is not clear, but there is news that, in Beijing, Shanghai, Tianjin, the headquarters of Shenzhen high tech park has a greater probability of banks received the first batch of pilot qualifications. “No matter how to apply for the qualification.” A interviewed Hushang Bank said. Hold this idea of the bank is not a few, there are a number of agricultural businesses, including small and medium-sized banks fashion. However, a city firm of East China investment banking executives said, even in the form of a subsidiary to carry out investment loan linkage, banks also need to establish a strict firewall system in decision-making and capital, to prevent the risk of spreading the impact on the stable operation of commercial banks. A number of banks to follow up “We are small and medium-sized enterprises in the application for this thing (refers to the investment loan linkage qualification), because of technology and Finance on their side. All I know is, as the first batch of pilot qualifications should be to Beijing, Shanghai, Tianjin and Shenzhen. Some reports say the branches (such as branch branch) distribution can also be in the area of the bank, but we are very confused: is the only branch to conduct business in the pilot, or as long as there is a branch in the whole line, to carry out investment loan linkage business?” A large city firm investment bank told reporters bluntly, “it has no set number, we also have to look at.” A number of banks such as answering reporters. It is understood that a number of banks to disclose or get exact information, does not seem to fully. Insiders also told reporters that Shanghai has 3 banks may get the first batch of pilot qualifications, including Shanghai’s first private bank Huarui bank. Rules have not yet landed does not affect the small and medium-sized commercial banks for investment loan linkage enthusiasm. “We have been very focused on investment loan linkage business, some time ago sent a team to Nanjing to learn bannk.” Wuxi agricultural firm insiders told reporters, “we here has a high tech Zone, we have applied for pilot qualifications, is now waiting for the approval of China Banking Regulatory commission.” As of now, at least in Jiangsu and Zhejiang 3 other city commercial banks and agricultural firms told reporters that they are applying for the pilot qualifications. The main or subsidiary should Subject to the bank, domestic commercial banks temporarily unable to truly carry out equity investment. This means that, at this stage it is not possible to direct the pilot investment loan linkage to banks as the main body of. In this regard, the CBRC Chairman Shang Fulin recently said, the basic idea is to support the investment loan linkage, the bank established Vc firm or similar funds, to provide financial support for innovative enterprises, and build on the basis of strict risk isolation, in order to achieve early banking capital funds. At the same time, these funds to enter, better understanding of enterprises by banks, bank credit funds can also be a little earlier intervention, the equivalent of two of capital and credit support. “Good risk isolation is the core of investment loan linkage, if to itself as the main body of equity investment, the equivalent of breaking the relationship between bonds and stocks, bank depositors will lose the guarantee for.” A city firm of East China investment banking executives said, even in the form of subsidiaries to carry out, also need to establish a strict firewall system in decision making and capital. Shanghai bank chairman Jin Yuyi said that through the establishment of equity investment companies, commercial banks within the group of risk investment loan linkage control, revenue sharing, resource sharing mechanism for closer arrangement. At the same time, the model in risk assessment and incentive preferences, more flexible and market-oriented, are more likely to be used by various banks. It should be noted that, within the group needs to establish a sound risk isolation mechanism, otherwise once the equity investment company mismanagement, risk may spread to the group, in order to commercial banks steady business impact.” Investment loan linkage model three According to the city commercial bank investment banking executives above the East China, the definition of the pilot phase of investment loan linkage for banks’ equity + debt financing services for enterprises is the main mode of the branch, bank and equity investment institutions (private equity venture capital PE/ VC) cooperation, commercial banks according to their risk preferences, credit management and industry orientation, strategic cooperation with relevant institutions for equity investment, equity investment institutions have invested in the enterprise, to give the corresponding loan support. This means that the pilot phase of the model is not much innovation investment loan linkage. In fact, commercial banks have explored various models of investment loan linkage to the target enterprise business. At present, the domestic commercial bank mainly through 3 modes involved in non financial enterprises equity investment. A large bank is the behavior of representatives of the four, with foreign investment banking license and institutions through overseas subsidiaries, such as BOC, abci in equity investment in china. For example, the establishment of industrial and Commercial Bank of Harmony China real estate fund by Icbc International Investment Management Ltd, Agricultural Bank of China set up the Hainan international tourism industry fund by abci. The two is to China Merchants Bank, industrial bank, Shanghai Pudong Development Bank as the representative of the national joint-stock banks, to “loan + stock option”, and the market of private equity (PE) institutions to carry out investment loan linkage. This way is in bank credit at the same time, the proportion of the loan price agreed in advance to convert into equity, options, in the company’s initial public offering (IPO) equity value, or premium, a bank may choose to exercise, and held by a generation of institutions to sell equity earnings. The three is part of small and medium-sized banks “loan + financial adviser” approach to the market PE agency recommended high-quality equity project. The Securities Times reporter Liu Xiaoyou Mei Wan