ByteDance responded that the car emperor will become an independent company; The Year of the Loong Moutai fell to 4,100 yuan per bottle.

[technology circle]

China Post takes over the agent of HarmonyOS Zhixing User Center? Huawei responded that it is not true!

On January 10th, it was reported that China Post and Telecommunications Equipment Group Co., Ltd. would take over the customer center agent of Huawei’s car business in HarmonyOS Zhixing, and initially planned to invest 30 billion yuan for the construction of the customer center and stores of HarmonyOS Zhixing in various places. The user center originally under the responsibility of Cyrus will be gradually handed over to China Post or entrusted, and Cyrus will fully return to "building cars" itself. However, Huawei told Yicai that the above news was untrue. According to the announcement issued by HarmonyOS Zhixing, China Post is building a new HarmonyOS Zhixing Customer Service Center, which will develop together with the existing AITO Customer Service Center managed by Cyrus. Cyrus also said that the report that "China Post will fully undertake the agent of HarmonyOS Zhixing User Center" is untrue.


Tencent formulated the "Bamboo Shooting Plan" to increase the incubation of vertical games.

Yicai learned from inside Tencent that on January 8, Tencent Holdings IEG (Interactive Entertainment Group) held an internal staff meeting, and the management talked about the increase of game version numbers and the close connection between games and short videos. On the same day, Tencent also released a self-developed project "Bamboo Shooting Plan" to increase investment in R&D resources for new opportunities, new gameplay and vertical game incubation.

ByteDance responded that the car emperor will become an independent company: based on the needs of normal business development,

In response to the fact that "Knowing Car Emperor will become an independent company", ByteDance confirmed this matter, saying that the registration and establishment of an independent company is based on the needs of normal business development. According to previous media reports, ByteDance is moving its employees who know Chedi to a newly established wholly-owned subsidiary, and the legal representative will be the strategic director of Chedi. A small number of employees who were originally from ByteDance will take the lead in transferring labour relation to the new company around the end of January. In the future, the car-savvy emperor will have an independent office. A new company may be established for listing, or to find partners and introduce external shareholders; It may also be for independent accounting, cost reduction and efficiency improvement. It is understood that ByteDance has discussed the spin-off and listing of Know Car Emperor, but there is no clear timeline. (Sina Technology)

JD.COM started the development of native applications in HarmonyOS.

On January 10th, Huawei and JD.COM announced their cooperation, officially launched the development of native applications in HarmonyOS, and further improved the ecological map of HarmonyOS.

[Car ring]

Xiaomi Automobile: The total investment in the first phase of intelligent driving has increased to 4.7 billion, and the team size has exceeded 1,000.

Xiaomi Auto released "Xiaomi Auto Answers 100 Questions from Netizens (Final Chapter)" on the official blog. Xiaomi Automobile said that intelligent driving is a long-term investment technology, and Xiaomi decided to conduct self-research on intelligent driving from the very beginning. The total investment in the first phase was 3.3 billion, which has been increased to 4.7 billion. The scale of Xiaomi’s intelligent driving team has exceeded 1,000 people (not included in the R&D resources of the group’s AI platform and the support of the engineering team), and more than 200 vehicles have been put into test. At present, the test mileage has exceeded 10 million kilometers.

LI’s 2023 sales transcripts were released, and a total of 376,000 vehicles were delivered throughout the year.

According to LI’s official Weibo, in 2023, LI delivered a total of 376,030 vehicles, with the monthly delivery exceeding 50,000 vehicles and the ideal L7 single vehicle exceeding 20,000 vehicles.

BYD official announcement: Looking up at U7

BYD’s look-up car in Weibo officially announced the "million-class new energy flagship car" look-up U7. According to reports, this model has over a thousand horsepower.

Tesla upgraded Model 3 is now available in North America.

According to reports, Tesla said that the upgraded Model 3 is now available in North America.

[Big consumption]

The wholesale price of the Year of the Loong Maotai Zodiac wine dropped from 6,000 yuan to 4,100 yuan/bottle.

The reporter learned from various channels that the wholesale price of the Year of the Loong Maotai Zodiac wine dropped sharply today, from 6,000 yuan/bottle to about 4,100 yuan/bottle. "Now (Longmao) prices are unstable." Some dealers told reporters that the price drop may be related to the large starting volume of Longmao. According to some channel dealers, dealers in some regions have already obtained quotas, and the starting volume is very large, but offline sales are not allowed for the time being. (Cailian)

Dong Yuhui’s first broadcast sold more than 100 million yuan. Third party: sales nearly quadrupled in the East.

At 7: 00 pm on January 9, "Walking with Hui" was launched. According to the data of Mama Chan, the total number of fans of "Walking with Hui" is 7.369 million, and the cumulative sales of live broadcast exceeds 1 million, and the cumulative sales of live broadcast exceeds 100 million yuan. Corresponding to the surge in the number of fans and sales in the "Walking with Hui" live broadcast room, the growth rate of the Oriental selection live broadcast room slowed down. According to the data of Mama Chan, in the past ten days, the sales of the selected live broadcast rooms in the East also dropped from over 100 million yuan on December 18th, 2023 to 10 million yuan to 25 million yuan on the 9th.

China Zhongmian: Plan to lay out overseas markets next year.

China Zhongmian achieved revenue growth of 24.15% year-on-year in 2023; Net profit increased by 33.52% year on year. On January 10th, the staff of China Zhongmian Securities Affairs Department said that the supplementary agreement signed by the company and the Beijing-Shanghai core airport duty-free shop had come into effect. At present, the overall market performance is not good, which is a great challenge for consumer stock companies. The staff said that they would try to manage the company well and give it back to shareholders, and plan to lay out overseas markets next year.

The three squirrels distribution series stopped taking orders, Zhang Liaoyuan: Online has just begun.

On January 10th, three squirrels announced that during the New Year’s Festival in 2024, the offline distribution of three squirrel gift boxes/gift packages was far more popular than expected. At present, the whole series of standard gift boxes/gift packages have been sold out. In this regard, Zhang Liaoyuan, Chairman of Three Squirrels, commented on this matter in a circle of friends, saying, "The distribution business was forced to close down and focus on online 2C business. It’s not the squirrel’s strength, but the high-end cost performance caters to the market demand. In 2024, the new gift far exceeded expectations, and the online has just begun! " (Sina Finance)

[Financial Street]

Yao Zhenhua and Baoneng were enforced by 1.9 billion yuan.

Tianyancha App shows that on January 9, Yao Zhenhua, Shenzhen Baoneng Investment Group Co., Ltd. and its subsidiaries Shenzhen Baoneng Automobile Co., Ltd. and Guangzhou Baoneng Culture and Entertainment Co., Ltd. added a piece of information about the executed person, with the execution target of more than 1.9 billion yuan, and the related case was a contract dispute. According to the risk information, at present, Shenzhen Baoneng Investment Group Co., Ltd. has 62 pieces of information about executed persons, and the total amount of execution exceeds 37.5 billion yuan.

Logistics industry]

Express employees broadcast live and sell others express at low prices? ZTO Express responded: The involved outlets have reported to the police

In response to the incident of "ZTO Express employees live broadcast and selling others’ express delivery at a low price", ZTO Express responded that on January 9, the outlets involved had reported to the police and would actively cooperate with the police investigation and negotiate with customers. (The Paper)

Adjustment of organizational structure of polar rabbit: China District is newly established, and Liu Wei, a founding team member, is the first CEO.

On January 10th, regarding the recent adjustment of the organizational structure and personnel appointment of the network transmission polar rabbit express, the reporter confirmed from polar rabbit that the purpose of dividing the business of the Group and China this time is to refine the operation. China District will welcome its first CEO, Liu Wei, a member of the founding team of Extreme Rabbit, who will be responsible for the express delivery business in the domestic market and report to Fan Suzhou. The reporter also learned from an insider of Polar Rabbit that before Polar Rabbit had no group and China District, they were all called headquarters, with Fan Suzhou as the executive president and Hou Junyi as the vice president. After the split at the end of last year, Fan Suzhou and Hou Junyi focused on managing overseas and planned to enter new overseas markets. (The Paper)

Aviation industry

China Southern Airlineswait forThe airline will reduce the ticket refund fee from now on, and you can also refund it free of charge for changing models.

China Southern Airlines and China Eastern Airlines have successively issued new regulations on airline ticket refund and reform, and made extensive adjustments to the fee and scope of ticket refund and reform, which have been implemented since January 10th. The contents of the new regulations of the airline company show that the adjustment of the ticket refund and change rules has reduced the proportion of the ticket refund and change fee, and expanded the scope and application scenarios of free ticket refund and change, such as the change of aircraft type and the expensive ticket purchase, which can be refunded free of charge within a certain period of time, and relaxed the rules for returning and changing sick passengers.

Boeing CEO admits mistake in 737 MAX 9 accident.

Dave calhoun, CEO of Boeing Company, admitted at a meeting of the company on the 9th that the company was wrong about the recent accident related to Boeing 737 MAX 9. Calhoun said that Boeing will handle every step in a completely transparent way, and cooperate with national transportation safety board, which is investigating the accident, to find out the cause of the accident, and said that Boeing "has long-term cooperation experience with this organization". He also said that the US Federal Aviation Administration is monitoring and inspecting "to ensure the safety of the next lift-off plane, and this kind of accident will not happen again". (Xinhua News Agency)

Game circle]

Netease Games and Huawei Reach HarmonyOS Cooperation.

On January 10th, Huawei announced that Netease’s first HarmonyOS native game had been developed, and Ghost Mobile Games became the first Unity China engine game to complete the adaptation of open source HarmonyOS. Previously, Netease Games has announced that it will launch HarmonyOS native application development based on HarmonyOS NEXT, which will bring more interactive gameplay and more innovative game experience to players.

Medical industry

MitraClip surgery was suspended in some hospitals, and Abbott, a device manufacturer, responded.

Yicai recently learned from a number of industries that Guangdong Medical Insurance Bureau is investigating the problem of "retraction" of MitraClip surgery for cardiovascular interventional medical devices, during which MitraClip surgery in some hospitals was suspended. Abbott, the manufacturer of MitraClip, responded: "According to the workflow of the State and Guangdong Provincial Medical Insurance Bureau, the approval of medical services related to this operation is in progress."

(Editor: Gao Lishan)

More exciting content, all in the first financial APP.

Win the game and get the bonus? Gambling trap under legal cloak

  □ Our reporter Luo Shasha □ Our correspondent Ding Jin

  In recent years, with the continuous development of the e-sports industry, some lawless elements have set their eyes on e-sports and surrounding derivative projects in order to gain high illegal interests. A 14-member criminal gang headed by Gong and Liu set up an e-sports company, developed an e-sports game App, and opened a casino in the name of "Bounty Tournament". In just three months, the gambling money involved was as high as 8.6 million yuan.

  On June 14th, 2023, the People’s Procuratorate of gusu district, Suzhou City, Jiangsu Province filed a public prosecution, and the court sentenced 14 people, including Gong, Liu, Deng and Li, to prison terms ranging from five years and three months to one year and six months, and fined them ranging from 50,000 yuan to 20,000 yuan. Some of them were suspended. He was ordered to withdraw more than 1 million yuan of illegal income and confiscated more than 100 tools such as computers and mobile phones. At present, the judgment has come into effect.

  In August, 2021, Xiao Liu, a college student who lives in gusu district, Suzhou, got a short live video of "Bounty Tournament". According to the anchor, this game App called "Meet Me" contains all kinds of popular mobile games. If you win in the random pairing game, you can win the bonus, and you can withdraw it through the App.

  Not only can you play games, but you can also get money if you win? Xiao Liu, who was very excited, quickly downloaded, registered and logged in, and found that to participate in the "prize-winning battle", he had to recharge the diamond in the App as an "admission fee". Xiao Liu has recharged 100 diamonds and transferred to the entrance of a shooting mobile game that he often plays through the platform to participate in the battle. The so-called "bonus" is the sum of the "admission fees" of him and other players. Although he won 100 diamonds in the end, 30 diamonds were automatically taken away by the platform. Under the reminder of a friend, Xiao Liu realized that the platform was involved in gambling, so he immediately uninstalled the App and called 110.

  After receiving the report, the public security organ filed a case for investigation. The police found that Xiao Liu’s recharge funds flowed to an e-sports company in Chengdu, and a total of 14 suspects including the company’s head Gong, management Liu, App development and promotion and financial personnel were locked up. In September 2021, with the cooperation of the Chengdu police, the police arrested all the suspects and brought them to justice, and the "Mutual Help" App was immediately forced to stop.

  After investigation, Gong and his friend Liu partnered to open a network technology company, which faced losses due to poor operation. One day, when Gong accidentally saw an e-sports game advertisement of "winning the game and earning a bonus", he wanted to develop an App to explode the popularity of mobile games and use the "bonus" gimmick to attract traffic. The company only needed to sit and enjoy the draw.

  Later, Gong persuaded five people, including Liu, to use the state’s support policies for the e-sports industry to register and establish Encounter E-sports Co., Ltd. and obtain the e-sports business license. The business scope includes sports competition organization, animation game development, sports event planning and other e-sports related content. Gong is the actual controller of the company, and Liu and other five people are the shareholders of the company. After joint discussion, they instructed five technicians, including Li and Ma, to develop the "Mutual Help" App, which was officially launched in June 2021. The company’s employees, Deng Mou and Huang Mou, used the online platform to promote the "Bounty Tournament" as a gimmick to attract players to download the App. After registration, they recharged through WeChat and Alipay and bought diamonds as virtual coins. After the user pays the prescribed equivalent virtual currency, the platform randomly pairs into the game, and the winner wins all the rewards and cashes out through App. The company draws profits according to the proportion of shooting mobile games 30% and pushing tower mobile games 20%, and financial staff Xu is responsible for fund settlement. After verification, the App has been in operation for 3 months, and the registered users have reached 2.6 million, and the user’s recharge amount has exceeded 10 million yuan.

  In November 2021, six management personnel, including Gong Mou and Liu Mou, were arrested by the gusu district Procuratorate on suspicion of opening a casino, and eight technical, promotion and financial personnel, including Li Mou, Deng Mou and Xu Mou, were criminally compulsory on bail pending trial. It was found through trial that from June to September, 2021, 14 people, including Gong and Liu, organized players to participate in online gambling through App. The gambling money involved was as high as 8.6 million yuan, and the profit from it was more than 1 million yuan, which constituted the crime of opening a casino.

  "The company has a legal e-sports license, ‘ Meet each other ’ App is similar to JJ landlord, how can it be regarded as opening a casino? " In January 2022, the case was transferred for review and prosecution. Gong and Liu tried to cover up the facts of the crime and insisted that they were engaged in legal and compliant e-sports business.

  According to the review of the procuratorate, the "Mutual Encounter Help" App provides users with a recharge channel for converting cash into virtual currency and a withdrawal channel for converting virtual currency into money again. Users can bet virtual currency as a chip, and the companies involved are drawn from the amount bet by each game player. The resulting user recharge and withdrawal are drawn from the companies involved, which correspond to the "up and down" links of gambling respectively, and belong to online gambling activities.

  "In fact, as long as it meets ‘ Money goes in and money goes out, winning or losing is random ’ This gambling feature can constitute the crime of opening a casino, ‘ E-sports ’ Camouflage is just self-deception. " Undertaking the introduction of prosecutor Liu Ben. In fact, along with the bloody e-sports competition, there were criminals who developed the e-sports quiz App, which allowed players to recharge and bet, and the platform settled and cashed out. In essence, it opened an online casino under the banner of e-sports quiz, which once attracted many players to indulge in it. In contrast, the "mutual encounter" App uses "playing games and winning bounty" as a cover and puts on a "legal coat", which is more confusing and tempting. Young people who love e-sports games, especially students at school, have weak discrimination ability, and are easy to fall into this kind of well-disguised trap, breaking the law without knowing it, so we should take a warning and be vigilant.

  How can we stay away from this kind of online gambling trap? The procuratorate reminded that buying chips to bet, winning or losing determines the income and can be exchanged for cash. As long as these three characteristics are met, whether it is chess, mobile games or other forms, it is already suspected of gambling violations. The masses must improve their discriminating ability, put an end to luck, download and log in games through official platforms and formal channels, don’t trust online advertisements and private recommendations, and don’t click on links that come from unknown sources. Once illegal activities such as gambling are found, they should take the initiative to refuse and report them immediately. Never believe gimmicks such as "generous bonuses" and "one-second cash withdrawal", otherwise they may be bankrupt, heavily in debt, and may be investigated for legal responsibility.

It’s about your money bag! Understand these changes in July in advance.

  Beijing, June 28th (Leng Yuyang), the client of Zhongxin. com, what changes will be ushered in in the coming July? If we want to sum up a keyword from it, then "money" is bound to be a topic that cannot be avoided. The reporter found out that from July 1 ST, pensions, imported goods, mobile phone fees, etc. will all usher in good news, which is related to your "money bag".

China News Service reporter Li Bo photo

  Pension will be adjusted centrally.

  For a long time, "a sense of security for the elderly" is not only a thousand-year-old virtue inherited by China, but also the expectation of every Chinese. From July, pensions will undergo major changes, and the timely and full payment of pensions in various places will be more secure.

  On June 13th, the State Council issued the Notice on Establishing the Central Adjustment System of the Basic Endowment Insurance Fund for Enterprise Employees, and decided to establish the central adjustment system of the endowment insurance fund, which will be implemented on July 1st, 2018.

  The "Notice" clarifies that on the basis of the current provincial-level overall planning of basic old-age insurance for enterprise employees, a central adjustment fund for old-age insurance will be established to appropriately adjust the old-age insurance funds in various provinces to ensure that basic pensions are paid in full and on time.

  You Jun, deputy director of the Ministry of Human Resources and Social Security, explained that due to the difference in population dependency ratio and other reasons, the problem of fund imbalance between provinces has become more and more prominent. However, it is difficult to solve this problem by provincial overall planning, so it is necessary to improve the overall planning level and make appropriate adjustments to the fund nationwide.

  What netizens are most concerned about is whether this will affect their treatment after retirement. You Jun also hereby reminds: "This fundraising policy will not increase the burden on enterprises and individuals, will not increase the contribution ratio of endowment insurance, and will not affect the treatment of retirees."

  China News Service reporter Zhang Yunshe

  These tariffs will be lowered.

  While the pension is more secure, there is also good news for hands-chopping people.

  According to the announcement issued by the the State Council Customs Tariff Commission on May 22, since July 1, 2018, the tariffs on automobiles with tax rates of 25% and 20% will be reduced to 15%, with tax reductions of 40% and 25% respectively; The tariffs on auto parts with tax rates of 8%, 10%, 15%, 20% and 25% will be reduced to 6%, with an average tax reduction of 46%.

  In addition to cars, the drop in import tariffs on some daily necessities will make everyone happy to "buy in buy buy".

  On May 31, the State Council Customs Tariff Commission announced that the MFN tariff rate of some consumer goods will be reduced from July 1, 2018, involving 1,449 tax items, and the average tariff rate will be reduced from 15.7% to 6.9%, with an average decrease of 55.9%.

  Specifically, the average import tariff rate of clothing, shoes and hats, kitchens and sports and fitness products has dropped from 15.9% to 7.1%; The average import tariff rate of household appliances such as washing machines and refrigerators was reduced from 20.5% to 8%; The average import tariff rate of processed foods such as aquaculture, fishing aquatic products and mineral water decreased from 15.2% to 6.9%; The average import tariff rate of washing products, cosmetics such as skin care and hairdressing, and some medical and health products decreased from 8.4% to 2.9%.

  In this regard, there is a voice saying that lowering tariffs will reduce the import cost to a certain extent, which will generally help reduce the price in the domestic market. This also means that domestic consumers are expected to buy more imported consumer goods with good quality and low price.

  Mobile phone traffic roaming fee will become history.

  From July, when you are on a business trip or traveling in other places, you can also save a mobile phone traffic fee.

  On June 22nd, China Mobile, China Unicom and China Telecom announced that they would cancel the roaming fee for domestic mobile phone traffic from July 1st, and the provincial traffic of mobile phone users would be upgraded to domestic traffic (excluding Hong Kong, Macao and Taiwan traffic).

  So, who will benefit? Mainly users who used to use local packages. After the roaming fee is cancelled, as long as there is traffic in your package, you can use it safely wherever you go in China.

  However, campus packages, community packages, subway traffic packages and airport traffic packages are not within the scope of this adjustment.

 China News Service reporter Yin Liqin photo

  Some high-speed rail fares should be discounted and the extended version of "Fuxing" will start.

  You can also save money by taking the high-speed rail! After the railway map adjustment on July 1, people will not only have a greater chance to take the extended version of Fuxing, but also some high-speed trains will be discounted by 6.5%!

  From 0: 00 on July 1, 2018, the national railway will implement a new train diagram, and 16 long-formed "Fuxing" EMUs will be put into operation for the first time. The daily number of the national railway "Fuxing" EMU will increase from 114.5 pairs to 170.5 pairs, which can reach 23 municipalities, provincial capital cities and autonomous region capitals.

  In addition, from July 5th, China Railway Corporation will only announce the fares of the high-speed train emus with an operating speed of 200-250km/h on the six sections of lines opened earlier, namely Hefei-Wuhan, Wuhan-Yichang, Guiyang-Guangzhou, Liuzhou-Nanning, Shanghai-Nanjing, and Nanjing-Hangzhou, for optimization and adjustment.

  This time, it is clear that the published fare is the highest price limit. Railway-related enterprises can lower the fare within the price limit by season, time, seats and sections according to the passenger flow, with a maximum discount of 6.5%. Compared with the current situation, the adjusted executive fare has generally increased and decreased.

  There is no need to pay for academic degree certification.

  For job seekers, many people will be asked to certify their academic degrees, and the fees they need to pay will soon become history.

  On June 27, the Ministry of Education and other three departments issued a notice, deciding to completely cancel the fees for domestic higher education degree certification services from July 1 this year.

  After the cancellation of the domestic higher education academic degree certification service fees, the academic degrees that have been registered in the relevant databases of college students’ academic information management system and degree information management system will be subject to online inquiry and electronic certification in principle.

Ministry of Housing and Urban-Rural Development: Fully Giving Urban Real Estate Control Autonomy

Beijing Daily Client | Reporter Lu Yang
Good news in the real estate market. On January 26th, the Ministry of Housing and Urban-Rural Development held the deployment meeting of urban real estate financing coordination mechanism. The meeting was clear,It is necessary to meet the reasonable financing needs of real estate enterprises with different ownership equally. In addition, local cities will be fully given the autonomy of real estate regulation and control, and real estate policies can be adjusted according to local conditions.
The orderly development and construction of real estate projects is the basis for the stable and healthy operation of the property market and concerns the vital interests of the people. In view of the current financing difficulties of some real estate projects, the Ministry of Housing and Urban-Rural Development proposed that all localities should focus on projects, pay close attention to research and put forward a list of real estate projects that can be given financing support, coordinate financial institutions in their respective administrative areas to issue loans, and accurately and effectively support reasonable financing needs.
It is more important to manage the funds well. The Ministry of Housing and Urban-Rural Development proposed that credit funds should be ensured to be operated in a closed way and used in compliance, and misappropriation should be resolutely prevented. At the provincial level, it is necessary to track and monitor the implementation and strengthen supervision and guidance; At the national level, an information platform for urban real estate financing coordination mechanism projects will be established, and weekly scheduling and monthly notification will be implemented. The reporter learned that,Before the end of this month, loans can be obtained after the first batch of projects are listed.
"It is a major measure to meet the reasonable financing needs of real estate enterprises with different ownership and promote a virtuous circle of finance and real estate." The Ministry of Housing and Urban-Rural Development said that for this,The people’s governments of cities at or above the prefecture level should play a leading and coordinating role, quickly establish and operate this important mechanism, timely judge the local real estate market situation and real estate financing needs, build a communication platform between government, banks and enterprises, promote the accurate docking of real estate enterprises and financial institutions, and coordinate and solve the difficulties and problems existing in real estate financing.
Nowadays, the relationship between supply and demand in the real estate market has undergone major changes. The Ministry of Housing and Urban-Rural Development proposed that all localities should adhere to the policy of the city, precise policy, one city and one policy, and make good use of the policy toolbox. Cities around the world will be fully given the autonomy of urban real estate regulation, and cities can adjust their real estate policies according to local conditions. At the same time, the Ministry of Housing and Urban-Rural Development said that it is necessary to rectify the order of the real estate market and correct the chaos in real estate development, transactions, intermediary and property.
Li Yujia, chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, said that in practice, banks are often worried about risks and have low trust in housing enterprises. Therefore, today’s policy focus has shifted to the optimization of the coordination mechanism, that is, pushing the list of qualified loan projects to financial institutions and financing these projects, thus supporting the development and construction of real estate projects and promoting the stable and healthy development of the real estate market.

Preventing and resolving financial risks has achieved initial results, and city commercial banks are stable and far-reaching

CCTV News:Preventing and resolving financial risks is the top priority of China’s financial supervision in recent years. Some city commercial banks, which are based in cities and mainly provide loan support for small and medium-sized enterprises, once experienced a situation of high non-performing loan ratio and unsustainable operation due to insufficient financial strength and low market risk tolerance. Local governments and financial supervision departments took a series of innovative measures in time, which successfully resolved the risks.

Liangshan Yi Autonomous Prefecture, located in the southwest of Sichuan Province, is rich in local mineral resources and has nearly 1,000 large and small mining enterprises. In 2014, in the last round of market volatility, the price of iron ore once dropped by 50%, and local mining enterprises were in trouble, and this risk was also transmitted to the financial system.

Lu Ningyuan, head of Liangshan Branch of Sichuan Bank and former vice president of Liangshan Commercial Bank:The vast majority of mining-related enterprises are in trouble, the interest on bank loans cannot be paid, the loans due cannot be repaid, and a large number of non-performing loans (loans) have also appeared in the loans of mining-related enterprises of the former Liangshan Commercial Bank.

Established in 2007, Liangshan Commercial Bank covers 17 local counties and cities. Among its total loans, loans from mining-related enterprises account for a relatively high proportion. This kind of loan structure is in western Sichuan, not only Liangshan Commercial Bank. Almost at the same time, Panzhihua Commercial Bank also experienced a crisis. As a shareholder of Panzhihua Commercial Bank, Luo Yangyong keenly felt that there were problems in bank operation.

Luo Yangyong, Chairman of Anning Iron and Titanium Co., Ltd.:When dividends were gone, bad debts and bad debts gradually increased. Other indicators have also deteriorated seriously, and we feel that the investment will fail, and it is estimated that we will lose all our money. All the shareholders are worried, but they are helpless and don’t know how to do it.

It never rains but pours. The guarantee company, which should have provided guarantee for the mine-related enterprises in the loan process, has not played its due role.

Today, many parties admit that in this process, banks themselves also had problems such as inadequate risk management and control. When the risks were exposed, even though Liangshan Commercial Bank and Panzhihua Commercial Bank, two city commercial banks, took various measures to deal with non-performing assets to resolve the risks, the non-performing assets continued to climb. By 2019, the total balance of non-performing assets of the two banks will be nearly 30 billion yuan. Among them, the non-performing loan ratio of Panzhihua Commercial Bank was as high as 53.4%, while the average non-performing loan ratio of 134 city commercial banks nationwide was only 2.3% in the same period.

Nearly 30 billion yuan of non-performing assets and more than 50% of non-performing loan ratio, once not properly disposed of, the consequences are unimaginable. Faced with such a huge challenge, the Sichuan provincial government and financial supervision departments decisively intervened, merged two high-risk municipal city commercial banks and established a new provincial bank.

As the chairman of Sichuan Bank, Lin Gang participated in the risk resolution of Liangshan Prefecture Commercial Bank and Panzhihua Commercial Bank and the establishment of Sichuan Bank. He told reporters that the working group faced many difficulties as soon as it was established in 2019.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:The first is the problem of how to resolve and digest the bad assets of these institutions on such a large scale.

After a thorough investigation of non-performing assets, in February, 2020, the Working Group launched a 60-day battle to clear and close non-performing assets in Panzhihua, Chengdu and Liangshan.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:It is very, very difficult to collect interest from one household, collect the bad loans they owe, and increase the collateral of loans from one household to another.

While collecting and transforming some non-performing assets, the working group adopted the strategy of digesting part of the old shareholders’ equity at a discount, keeping part of the books, packaging and stripping part, and the new shareholders taking part. With the decrease of non-performing assets, a more intractable problem has surfaced.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:In the bank, the shareholder himself has a record of breaking the law and needs to be cleaned up. If the shareholders have non-performing loans in the bank, you can either pay off the principal and interest of your non-performing loans or pay off your shares to repay the non-performing loans. There is another problem: the shareholder’s loan exceeds the requirement of regulatory concentration, and he should also bear the responsibility and correct it.

With the vigorous promotion of local government departments, the two banks cleaned up and rectified 258 old shareholders. In order to prevent the same problem from appearing again, the supervision of the new shareholder team must also keep up. The working group hired external professional institutions to formulate strict plans for the bank’s internal processes and governance structure.

Wu Weijun, Vice Chairman of Deloitte China:As a shareholder of a bank, I have a responsibility, not to say that this bank is mine, so I can trade at will. Any shareholder’s transaction with the commercial bank he has invested in is a related party transaction from the perspective of our accounting, and it should be disclosed. In this risk prevention, we signed an agreement with shareholders to follow the regulatory requirements.

The newly established Sichuan Bank has a registered capital of 30 billion yuan, and the share price is 1.3 yuan/share, of which 1 yuan/share is the share capital and 0.3 yuan/share is the premium fund, and the premium part is specially used for the disposal of non-performing assets. At that time, the valuation P/B ratio of listed banks in China was around 0.8, and the P/B ratio of Sichuan Bank was 1.3. It was a great challenge for the working group to raise enough funds.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:At that time, to be honest, we were all worried about the uneven fundraising. In the end, the capital raised was about 34.8 billion yuan, and 4.8 billion yuan was returned. Some shareholders did not come in. Sichuan Financial Holdings, as the main sponsor, holds a lot of 20%, a few percent and a few percent. Therefore, from the perspective of the market dispersion of shareholders, it should be said that it is more reasonable.

On November 7, 2020, Sichuan Bank opened its doors for business. After two years of risk mitigation, it achieved initial results.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:From the quality of its assets, the non-performing (loan ratio) has dropped from the original high to about 2.08% at the end of April, and our goal is to drop below 2%, so I think this is a very, very good thing.

The establishment and steady operation of Sichuan Bank has explored a new path for the regulatory authorities and local governments to resolve the operational risks of city commercial banks, and Shanxi and other places are also resolving the risks of city commercial banks through similar models.

On April 28th this year, Shanxi Bank officially opened to the public. Shanxi Bank was formed by the merger of five original city commercial banks: Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank and Yangquan City Commercial Bank.

Ceng Gang, Deputy Director of National Finance and Development Laboratory:It is not a simple merger. During the merger process, it has a lot of institutional mechanism optimization to enhance its long-term development ability. In fact, it is not only capital injection, but also wisdom injection, so as to improve the management ability and management concept.

According to industry insiders, there are currently three main modes for risk resolution of city commercial banks — — Bankruptcy, short-term rescue and merger and reorganization have indeed played a role in stabilizing local economic development and maintaining the stable operation of the financial system.

Xing Guijun, Director of China Banking and Insurance Regulatory Commission City Banking Department:After more than three years of efforts, the risk preference of city commercial banks has been gradually revised, the extensive business model has been gradually reversed, the business behavior has become increasingly standardized, the risk level has continued to converge, and it has gradually changed to high-quality development.

In addition to resolving risks of city commercial banks, rural commercial banks and high-risk trust institutions, China Banking and Insurance Regulatory Commission has made positive progress in dismantling high-risk shadow banks and strengthening credit risk prevention and control. From 2017 to 2020, the cumulative disposal of non-performing loans was 8.8 trillion yuan, exceeding the sum of the previous 12 years, and the scale of shadow banking dropped by about 20 trillion yuan compared with the historical peak.

Liang Tao, Vice Chairman of China Banking and Insurance Regulatory Commission:A number of city commercial banks and rural commercial banks have made positive progress in risk resolution. At the end of the first quarter (2021), the balance of non-performing loans in the banking industry was 3.6 trillion yuan, and the non-performing loan ratio was 1.89%, down 0.02 percentage points from the beginning of the year.