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Three departments solicited opinions to regulate intermediary agencies’ IPO services: local governments are not allowed to give incentives to companies for listing, and intermediaries are prohibited from seeking improper benefits;

Shanghai Stock Exchange: Added a 6 million yuan threshold requirement for the market value of relevant stocks for offline new listings on the Science and Technology Innovation Board;

Subsidies doubled, and details of a new round of car trade-in were officially released;

Four departments issued a document to promote the development of private investment and establish a mechanism to ensure funds and factors for promoting private investment;

Shanghai: By 2027, it will join forces with cities in the Yangtze River Delta to build the first batch of low-altitude inter-provincial aviation cities in the country;

The impact of the fine on Tianzhi International has spread, and multiple IPO projects have been forced to be suspended.

Hot Spots

Three departments solicit opinions to regulate IPO services of intermediary institutions: local governments shall not give incentives for companies to go public and prohibit intermediaries from seeking improper benefits

The Ministry of Justice, together with the Ministry of Finance and the China Securities Regulatory Commission, recently drafted the "Regulations of the State Council on Regulating the Services Provided by Intermediary Institutions for the Public Issuance of Stocks by Companies (Draft for Comments)", focusing on relevant charging issues in the services of intermediary institutions, strengthening supervision, enhancing the independence of intermediary institutions, and proposing specific regulatory requirements for different intermediary institutions. It also clarified the relevant prohibitions and penalties for intermediary institutions, issuers, and local people's governments.

The core point of the document is that it clarifies that the fees charged by intermediaries cannot be linked to the results of a company's stock issuance and listing, and emphasizes that improper benefits cannot be sought by obtaining listing incentives and other means. This is after the Ministry of Finance strictly prohibited accounting firms from providing audit services in a fee-based manner in November last year. The regulatory authorities have expanded their focus to securities companies and law firms, and unified the regulations. At the same time, they have also put forward specific regulatory requirements for various types of intermediaries based on the characteristics of the industry. Another highlight of the document is that this time, local governments are also constrained, requiring local governments not to give rewards to issuers or intermediaries based on the results of public stock issuance and listing. Otherwise, they must be recovered and the relevant responsible personnel of local governments must also be punished accordingly. Looking back on the past, in order to attract investment and expand listing resources, local governments have put out "real money" to support local companies to go public or introduce listed companies, and provide subsidies or rewards to companies at different stages of IPO. Today, the "red envelope" tricks of local governments may become ineffective.

Shanghai Stock Exchange: Sci-Tech Innovation Board adds 6 million yuan threshold requirement for related stock market value for offline new listings

In order to implement the relevant opinions of the China Securities Regulatory Commission on the "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board to Serve Technological Innovation and the Development of New Productivity" and improve the market value allocation arrangements for new shares on the Science and Technology Innovation Board, the Shanghai Stock Exchange and China Securities Depository and Clearing Co., Ltd. have revised the "Implementation Rules for the Private Placement of Initial Public Offerings on the Shanghai Market (Revised in 2023)". This revision mainly adds the requirement for investors to participate in the private placement business of the Science and Technology Innovation Board to hold the market value of the Science and Technology Innovation Board. From October 1, 2024, private placement investors and the allocation objects they manage who participate in the private placement of new shares on the Science and Technology Innovation Board, in addition to meeting the current market value threshold requirements, the lead underwriter should also require that the average daily market value of the total market value of non-restricted A shares and non-restricted depositary receipts held on the Science and Technology Innovation Board in the 20 trading days (including the base date) before the base date (two trading days before the start of the preliminary inquiry) is RMB 6 million (inclusive) or more.

Subsidies doubled, new round of car trade-in details officially released

On August 16, the details of the second round of car trade-in policies were officially released. Compared with the first round of implementation details released in April, this new policy has changed a lot. Specifically, the subsidy standard has been greatly increased this time. In terms of car scrapping and renewal, the subsidy standard has been increased from the original 10,000 yuan subsidy for purchasing new energy passenger cars and 7,000 yuan subsidy for purchasing fuel passenger cars to 20,000 yuan and 15,000 yuan respectively, both of which have doubled or more. Moreover, this policy can be implemented retroactively, fully taking into account consumers who have submitted applications. If the subsidy application is submitted between April 24 this year and January 10 next year, it will be implemented according to the adjusted subsidy standard. In addition to scrapping and renewal, this policy will also include replacement and renewal in the subsidy scope. The state directly arranges ultra-long-term special treasury bond funds to local governments to support local governments in independently carrying out replacement and renewal. Not only that, in response to the problem that many car owners have previously reported that the subsidy payment time is too long, this new policy has also been compressed. It will shorten the fund payment time by optimizing the subsidy application review and fund disbursement supervision process, and strive to get everyone the subsidy as soon as possible.

Four departments issued a document to promote the development of private investment and establish a working mechanism to promote the guarantee of funds and factors for private investment

On August 16, the National Development and Reform Commission, together with the Ministry of Natural Resources, the Ministry of Ecology and Environment, and the State Financial Supervision and Administration Bureau, issued a notice to establish a mechanism to promote the guarantee of funds and factors for private investment, and further promote the development of private investment. The notice stated that the National Development and Reform Commission will promote projects to private capital on a rolling basis, and focus on increasing the promotion of key infrastructure projects such as transportation, energy, and water conservancy. For eligible national key private investment projects, the government will increase investment support by arranging central budget investment. The notice pointed out that the State Financial Supervision and Administration Bureau and the National Development and Reform Commission will study and formulate relevant financing support policies to promote private investment, guide financial institutions to innovate financial products and services, and share the list of national key private investment projects with various banks and insurance institutions, so that they can increase financing support in a targeted manner, continuously improve the level of financing convenience for private investment projects, and promote the solution of the problem of financing difficulties and high financing costs for private enterprises.

The impact of Tianzhi International's fine has spread, and multiple IPO projects have been forced to suspend

Recently, Tianzhi International Accounting Firm (hereinafter referred to as "Tianzhi International") was fined more than 20 million yuan by the China Securities Regulatory Commission for failing to perform due diligence and forging, tampering with, and destroying audit working papers in the annual report audit of Qixin Shares. At the same time, it was suspended from engaging in securities services for 6 months. On the same day, Tianzhi International's 6 IPO projects under review at the Beijing Stock Exchange were quickly put on "pause". As of press time, the relevant review information of the Shanghai and Shenzhen Stock Exchanges has not been updated. According to statistics from the Securities Times reporter, as of August 17, Tianzhi International had a total of 34 equity financing projects lined up at the three exchanges. According to the experience of Dahua Accounting Firm (hereinafter referred to as "Dahua") in the previous projects under review, it is difficult for the issuer to advance the next review process unless it "changes firms". Dahua's fine even affects projects that have obtained registration approvals, and projects that have not yet been issued or are starting to issue are also promoted to "change firms".

Shanghai: By 2027, we will join forces with cities in the Yangtze River Delta to build the first batch of low-altitude inter-provincial aviation cities in China

Shanghai issued the "Shanghai Low-altitude Economic Industry High-quality Development Action Plan (2024-2027)". It mentioned that by 2027, a complete industrial system of R&D, design, assembly, manufacturing, airworthiness testing and commercial application of new low-altitude aircraft will be established, and Shanghai will be built into a highland of innovation, commercial application and operation services for low-altitude economic industries. The scale of the core industry will reach more than 50 billion yuan, and it will be at the forefront of the innovation and development of the global low-altitude economy. Jointly build the first batch of low-altitude inter-provincial general aviation cities in the country with the cities in the Yangtze River Delta, build a comprehensive demonstration and leading area for the national low-altitude economic industry, and accelerate the creation of a "Sky City" with international influence. Support the development of more than 10 leading enterprises in the research and development and manufacturing of electric vertical take-off and landing aircraft, industrial-grade drones and new energy general aviation aircraft, cultivate about 20 leading enterprises in low-altitude operation services, 3-5 industry-leading airworthiness certification technical service institutions, gather more than 100 key supporting enterprises, and build a full industrial chain of research and development, manufacturing, airworthiness certification, flight services and scenario applications.

Shanghai's low-altitude economy document released! By 2026, a communication network with continuous coverage of all low-altitude flight routes will be built

On August 16, the Shanghai Municipal Communications Administration issued the "Guiding Opinions on Shanghai's Information and Communications Industry Accelerating the Construction of Low-altitude Intelligent Network to Boost the Development of the City's Low-altitude Economy". The document proposes to consolidate the low-altitude network infrastructure. Gradually achieve coverage of low-altitude intelligent network based on 5G-A in stages and regions. By 2026, a low-altitude communication network with continuous coverage of all low-altitude flight routes in Shanghai will be initially built to meet the needs of low-altitude flight data and high-definition video image backhaul, and at the same time have the ability to overlay perception upgrades. Realize agile activation of perception functions based on business needs. Explore an integrated air-ground network that integrates low-altitude intelligent network and satellites. Improve the low-altitude information service system. Encourage information and communication companies to actively participate in the construction of a low-altitude flight supervision service platform. Based on the ability of low-altitude intelligent network to integrate communication and perception, artificial intelligence, big data and other technologies, realize the monitoring and management of low-altitude aircraft such as drones, and provide low-altitude flight operators with navigation positioning, route planning, risk warning and other diversified information services.

Cui Dongshu of the China Passenger Car Association: The national passenger car market had a stock of 3.33 million units at the end of July, a 52-day inventory

Cui Dongshu, secretary general of the China Passenger Car Association, said in a statement that under the influence of the wait-and-see attitude brought about by the expected stimulus policy and the promotion war that further fueled the wait-and-see sentiment, manufacturers this year have significantly reduced production to cope with the sluggish market. The trend of new energy in July was good, but at the end of July 2024, the national passenger car inventory was 3.33 million units, a decrease of 110,000 units from the previous month, and the manufacturer's inventory accounted for 26.8%. The total national passenger car inventory decreased by 150,000 units from July 2023, but increased by 90,000 units from July 2022. Due to the relatively slow market recovery after the price reduction during the Spring Festival this year, the competitive pressure in the fuel vehicle market is relatively large. The overall manufacturer inventory of 3.33 million units at the end of July supports 52 days of future sales, which is generally structurally pressured compared with 53 days in July last year.

Guizhou Province completely abolishes gold exchanges

In order to comprehensively strengthen financial supervision and prevent and resolve financial risks, Guizhou Province will cancel the financial asset trading business qualifications of Guizhou Financial Assets Exchange Co., Ltd. (hereinafter referred to as the Provincial Financial Assets Exchange). The cancellation of the financial asset trading business qualifications of the Provincial Financial Assets Exchange will not affect the legal relationships that the company should bear according to law, and it will continue to bear the responsibilities of a risk disposal institution. After the cancellation of the financial asset trading business qualifications of the Provincial Financial Assets Exchange, there will no longer be any financial asset trading venues in our province.

Theme Opportunities

Subsidy for scrapped and replaced vehicles doubled, central government funding increased

On August 16, the Ministry of Commerce and seven other departments issued the "Notice on Further Improving the Work Related to the Replacement of Old Vehicles for New Vehicles"). In terms of vehicle scrapping and renewal, the subsidy standards have been increased from the original 10,000 yuan subsidy for the purchase of new energy passenger cars and 7,000 yuan for the purchase of fuel passenger cars to 20,000 yuan and 15,000 yuan respectively. At the same time, the central government's financial support has been further strengthened, and the subsidy funds for vehicle scrapping and renewal are shared by the central and local governments in accordance with the principle of 9:1 in general (previously 6:4), and the specific sharing ratio is determined by region. Orient Securities believes that the previously released "Action Plan for Promoting Large-Scale Equipment Renewal and Replacement of Old Consumer Goods" clearly proposed that by 2027, the amount of scrapped vehicles recycled will increase by about one-fold compared with 2023. Coupled with the further increase in subsidy standards this time, it is expected to accelerate the scrapping of vehicles. It is estimated that by 2027, the amount of scrapped vehicles recycled will reach 9.26 million, with an annual compound growth rate of 29% from 2023 to 2027, and the scrapped vehicle recycling industry will usher in a new wave of development peaks.

The second batch of EMU advanced maintenance bidding exceeded expectations and the upward trend of the sector is expected to continue

On August 16, the National Railway Procurement Platform released the second batch of high-level repair bidding project announcements for EMUs. Among them, 302 sets of five-level repairs, 146.625 sets of four-level repairs, and 24 sets of three-level repairs. The number of secondary biddings exceeded expectations. Superimposed on the first bidding in January, a total of 509 sets of five-level repairs, 268 sets of four-level repairs, and 56 sets of three-level repairs were bid in 2024. According to the National Railway Procurement Platform, 108 sets of five-level repairs were purchased through public competitive negotiations in 2023, and the actual number completed may be higher than this number. Judging from the amount of public bidding, the number of five-level repair EMUs this year has increased significantly year-on-year. High-level repairs have officially entered the stage of volume release, and the upward trend of the rail transit sector is expected to continue. GF Securities believes that since the beginning of this year, the certainty and elasticity of the recovery of the rail transit sector have been continuously strengthened. Whether it is the elasticity of equipment increments or the certainty of stock renewal and transformation, it has ushered in an important turning point.

The scale of China's commercial space market will exceed 2.3 trillion yuan, and China's space launch missions are expected to set a record this year

In 2024, commercial aerospace was written into the government work report for the first time as a "new growth engine". According to incomplete statistics, in the first half of this year, my country carried out 30 launch missions, an increase of 20% over the same period last year, and launched more than 80 satellites. In 2023, the number and success rate of my country's commercial launch vehicles increased significantly, with a total of 13 launches, a year-on-year increase of 160%. In the same year, there were about 170 financings in my country's commercial aerospace field, with a total disclosed amount of more than 18.5 billion yuan. This year, with the active layout of local governments and enterprises, the scale of China's commercial aerospace market is expected to exceed 2.3 trillion yuan. Looking ahead to 2024, China's aerospace industry is expected to carry out about 100 launch missions throughout the year, which is expected to set a new record.

Company News

Zheshang Bank: President Zhang Rongsen resigns for personal reasons

On the evening of August 18, China Zheshang Bank (601916) announced that Zhang Rongsen resigned from the company's executive director and president positions for personal reasons, and the resignation will take effect when the resignation report is delivered to the company's board of directors. Before the new president appointed by the board of directors is approved by the State Financial Supervision and Administration Bureau, Chairman Lu Jianqiang will perform the duties of the president. At present, the company's various business activities are proceeding normally, and this matter will not have a significant impact on the company's daily operations and management.

Yashi Optoelectronics: Currently, the company's products are not used in the field of AI glasses and no relevant agreements or orders have been signed.

On the evening of August 18, Asia Optoelectronics issued an announcement on abnormal stock trading fluctuations. The concept of "AI glasses" has recently attracted market attention. At the same time, it has been noted that some media and other platforms have reported on the company. The company explains the above situation as follows: The company has the design and manufacturing capabilities related to VR products. The company's VR-related products are VR application products of liquid crystal display modules, which are mainly used in theaters, etc. The company has no orders for VR-related products in the past year, which has no impact on the company's current operating income. At present, the company's products are not used in the field of AI glasses, and no relevant agreements or orders have been signed. Investors are reminded to invest rationally and pay attention to investment risks.

Skyworth Digital: The company's AI glasses business is still in the R&D and testing stage and currently has no orders

Skyworth Digital issued an announcement on abnormal stock trading fluctuations on the evening of August 18. Based on the abnormal fluctuations in the company's stock trading price, the company has noticed that the AI ​​glasses products and applications and related industrial chains have received much attention from the market recently. The company has verified and explained as follows: The company's AI glasses business is still in the R&D and testing stage, and currently has no orders and has not yet realized revenue. There is great uncertainty in the subsequent expansion of this business. Investors are kindly requested to pay attention to investment risks, make rational decisions, and invest prudently.

Huahai Qingke: Plans to invest no more than 1.698 billion yuan to build a research and development base

Huahai Qingke (688120) announced on the evening of August 16 that it plans to invest in the construction of the "Shanghai Integrated Circuit Equipment R&D and Manufacturing Base Project" with a total investment of no more than 1.698 billion yuan. On the same day, it announced that its operating income in the first half of the year was 1.497 billion yuan, a year-on-year increase of 21.23%; its net profit was 433 million yuan, a year-on-year increase of 15.65%. As the market share of the company's CMP products continues to expand, the scale of key consumables and maintenance services has gradually increased, and the revenue from wafer regeneration and wet equipment has gradually increased. In the first half of the year, the company's operating income and net profit both increased compared with the same period last year.

Shaanxi Jinye: Actual controller Yuan Hanyuan was placed under residential surveillance at a designated location by the public security authorities

Shaanxi Jinye (000812) announced on the evening of August 16 that Yuan Hanyuan, the actual controller, chairman of the board and president of the company, was placed under residential surveillance by the public security authorities due to related matters. In view of the above circumstances, the company has made proper arrangements for related work. As of the date of disclosure of the announcement, the company's control has not changed, the company's board of directors is operating normally, the daily operation and management is in the charge of the senior management team, and the production and operation of the company and its subsidiaries are carried out in an orderly manner.

Jincheng Pharmaceutical: Actual controller Zhao Yeqing was filed by the China Securities Regulatory Commission for suspected manipulation of the securities market

Jincheng Pharmaceutical (300233) announced on the evening of August 16 that its actual controller and chairman Zhao Yeqing received a "Notice of Case Filing" issued by the China Securities Regulatory Commission on August 14, 2024. The China Securities Regulatory Commission decided to file a case against Zhao Yeqing for suspected illegal and irregular behavior of manipulating the securities market.

Economic Calendar

Editor: Chen Lixiang

Proofreading: Zhu Tianting