[Today’s Guide]
> Political Bureau conference approved FTZs plans, port parks in four places to benefit most
> Environmental protection drives 7-ACA prices high, Guangdong enterprises to accelerate in deploying robots
> Investment in power transmission from Xinjiang to upgrade, Lianyungang list as key project in “One Belt and One Road”
> Tibet Tourism to raise funds through private placement, Yukaifa to acquire real estate companies with RMB1.3 bln
[XFA Focus]
○ Political Bureau conference approved FTZs plans, port parks in four places to benefit most
------
The Political Bureau of the CPC Central Committee approved the “Opinions on Accelerating Ecological Advancement” at the conference convened on March 24. It approved the overall plan on the pilot free trade zones (FTZs) in Guangdong Province, Tianjin Municipality and Fujian Province and deepening reform and opening up of the China (Shanghai) Pilot Free Trade Zone.
Comment: It is said that the FTZs in Guangdong, Fujian and Tianjin as well as the expanded area of the Shanghai FTZ are preliminarily to be officially established in end-March. As a state-level development strategy, FTZs are pioneers in reform and will promote economic transformation with more innovation efforts than expected in the future. The theme of FTZs was the rage for a time and the establishment of FTZs is likely to boost growth. Based on the development of the Shanghai FTZ, ports, parks and trading listed companies will see outstanding growth in short term.
In addition, the introduction of the “Opinions” will drive the ecological advancement across China. Listed companies engaged in landscaping, environmental treatment and energy management will directly benefit and see business growth. Chemical engineering and other listed companies with pollution are likely to indirectly benefit from the capacity shrinking.
[XFA Selection]
○ The central bank cuts the tender reverse repurchase rate again, showing its intention to conduct the downward trend of the main interest rate.
○ 1,139,200 new stock accounts were opened at the Shanghai and Shenzhen bourses last week, hitting a new high since May, 2007.
○ The National Development and Reform Commission (NDRC) held a forum on the economic conditions of six central provinces in Anhui Province and required speeding up in investments.
○ Henan Province will initiate the second round of mixed ownership system reform and propose to reorganize and consolidate the equipment manufacturing industry.
○ Baidu Inc. (Nasdaq: BIDU) launched the intelligent hardware e-business platform with nearly 100 intelligent hardware products introduced in the first phase.
[Industry Information]
○ Heavy-polluted manufacturers suspend production, 7-ACA prices continue to rise
------
XFA learnt that the supply in the antibiotic pharmaceutical intermediates has been declining since the beginning of this year and various products saw hikes in prices. The price of 7-ACA has hiked to more than 700 yuan per kilogram from the 500 yuan in the previous year. Insiders believe that the price will continue to hike this year.
Comment: Active Pharmaceutical Ingredients (APIs), the 7-ACA produced in bacterial fermentation with high pollution and emission during the manufacturing process in particular, have been affected significantly since the implementation of new environmental protection law. Many enterprises without sufficient inputs in environmental protection have suspended production. Leaders in the industry with complete environmental protection measures, including North China Pharmaceutical Company Ltd. (600812.SH) and Joincare Pharmaceutical Group Industry Co., Ltd. (600380.SH), will benefit from the price hikes.
○ Guangdong enterprises to accelerate in deploying robots, demands for robots may burst out
------
Xu Shaohua, vice governor of Guangdong Province, said in an interview that Foshan City and Dongguan City are speeding up in replacing labors with robots and robot manufacturers are welcome to invest in Guangdong. According to the latest report of the International Federation of Robotics, China has become the biggest demander for industrial robots with a growth of 54 percent.
Comment: With the introduction of such policies as the “integration of informatization and industrialization” and the “Made in China 2025”, the robot industry embraces rapid development opportunities driven by the policy supports and market demands. Among local listed companies in Guangdong, a subsidiary of Shenzhen Riland Industry Co., Ltd. (300154.SZ) is engaged in the robot automatic welding system engineering. Shenzhen Jasic Technology Co., Ltd. (300193.SZ) is developing the arc-welding robots with proprietary intellectual property rights.
○ Investment in power transmission from Xinjiang to upgrade and attract more investments
------
The State Grid Xinjiang Electric Power Corporation held a press conference on March 24, indicating that the investment in the power transmission from Xinjiang is expected to reach more than 200 billion yuan during the 13th Five-Year period, which will attract an investment of 500 billion yuan in local equipment manufacturing, coal and other industries.
Comment: Xinjiang is a key coal base in China. But the inconvenient transportation for coals has impeded the development of local economy. The State Grid has proposed the power transmission corridor strategy and selected Xinjiang as a key station in implementing the “One Belt and One Road” strategy. Local power equipment enterprises, including TBEA Co., Ltd. (600089.SH), and coal enterprises, such as Xinjiang International Industry Co., Ltd. (000159.SZ), are expected to see more businesses.
[Companies Hotspot]
○ Lianyungang construction to list as key project in “One Belt and One Road” and introduced at BFA
------
XFA learnt that the construction of Lianyungang as the “China-Kazakhstan (Lianyungang) Logistics Transfer Base and SCO Port Base” is listed as the only coastal port construction project in the list of key projects in the “One Belt and One Road” strategy and will be advanced with priority in the following two years. Jiangsu Province will introduce the project at the Boao Forum for Asia (BFA). It is also reported that Lianyungang is applying for being a comprehensive bonded zone and free trade port and plans to establish an international logistics park with an area of 38 square kilometers in the Shanghai Cooperation Organization (SCO). As a local port company, Jiangsu Lianyungang Port Co., Ltd. (601008.SH) is likely to benefit directly.
○ China Resources Sanjiu Medical & Phar. expands e-commerce channel via shareholders
------
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. (000999.SZ) indicates during an institutional inspection that some medicines are available on cooperation channels like J1.com, etc. now; the company will gradually expand from health care area to treatment area and make more medicines sold through e-commerce channel. Information shows that J1.com subordinates to China Resources (Holdings) Co., Ltd., and the sales of Sanjiu cold medication and Sanjiu Compound Dexamethasone Acetate Cream rank the first in corresponding classifications on J1.com.
[Announcement Interpretation]
○ Tibet Tourism to raise funds through private placement, Zhuque to subscribe
------
Tibet Tourism Co., Ltd. (600749.SH) plans to raise 560 million yuan by issuing 54.85 million shares at 10.21 yuan per share to Guofeng Group (its controlling shareholder), Sunriver Holding Group Co., Ltd. and Shanghai Zhuque Zhuyuhuang Investment Center (Limited Partnership) through private placement. 209 million yuan of the raised funds will be used to pay off bank loans and the rest will be used to supplement working capital.
Guofeng Group will subscribe 250 million yuan and Shanghai Zhuque Zhuyuhuang Investment Center (Limited Partnership), a renowned investment institution, will subscribe 100 million yuan.
○ Yukaifa to acquire real estate companies with RMB1.3 bln
------
Chongqing Yukaifa Co., Ltd. (000514.SZ) plans to raise 1.3 billion yuan by issuing 240 million shares at 5.42 yuan per share to Chongqing Xintuo Investment Co., Ltd. to acquire the 100 percent equities of Chongqing Lianlong Real Estate Development Co., Ltd., 51 percent equities of Chongqing Longxin Longjun Real Estate Development Co., Ltd., 51 percent equities of Chongqing Longxin Ruizhi Investment Development Co., Ltd. and 100 percent equities of Chongqing Tengxiang Industrial Limited Company held by Xintuo Investment. Meanwhile, the company plans to raise a supporting fund of 440 million yuan by issuing 74.21 million shares at no less than 5.87 yuan per share through private placement. The subject reorganized companies are principally engaged in real estate development. The counterparty commits that the net profit of the subject companies will reach 140 million yuan, 202 million yuan, 224 million yuan and 278 million yuan from 2015 to 2018. The net profit of Yukaifa reached 122 million yuan in 2014.
Comment: The real estate projects acquired by the listed company are all located in Chongqing Municipality. The projects cover both the rigidly needed products that can be sold rapidly as well as improvement products and high-end houses with high profit margin. They will contribute to the company’s profitability enhancement.
○ Dong Yi Ri Sheng to develop Internet finance
------
Yi Ri Sheng Investment Co., Ltd., a wholly-owned subsidiary of Dong Yi Ri Sheng Home Decoration Group Co., Ltd. (002713.SZ), plans to jointly establish Shanghai Yi Ri Sheng Finance Co., Ltd. with Beijing Yaoqi Investment Fund Management Center (Limited Partnership) and Shanghai Huifu Internet Financial Information Service Venture Equity Investment Center (Limiter Partnership). Yi Ri Sheng Investment will invest 17.25 million yuan in the new company, accounting for 34.5 percent of the equities. Shanghai Yi Ri Sheng Finance will center around home decoration credit, gradually expand to other consumption credit businesses and improve the company’s supporting financial services in coordination with its business development strategy. The company claims that this is a significant move to explore Internet finance.
○ Beijing Capital to invest in sewage treatment project through PPP mode
------
Beijing Capital Co., Ltd. (600008.SH) plans to invest in the rural domestic sewage treatment project in Yuyao City, Zhejiang Province through PPP (Public-Private Partnership) mode. The designed scale is 86,000 ton/day and the total investment of the project is estimated to be 1.32 billion yuan; the company plans to jointly establish a project company with Yuyao Urban Construction Company and holds 90 percent equities of the established company. Meanwhile, the company plans to invest in the Phase I project of water treatment plant engineering in Jizhou City, Hengshui City, Hebei Province through BOT (Build-Operate-Transfer) mode. The project scale will be 50,000 ton/day. It will hold 90 percent equities of the joint venture company. Total investment of the project will be 96.52 million yuan.
○ Kangyue Technology to invest in construction of turbocharger project
------
Kangyue Technology Co., Ltd. (300391.SZ) plans to invest in the development of gasoline engine turbocharger and the technical modification on critical component manufacturing. The project will see a total investment of 120 million yuan and a construction period of 36 months. After the designed capacity is reached, a net profit of 26.18 million yuan will be added every year and the internal rate of return after tax will reach 25 percent. The net profit of Kangyue Technology in the first three quarters of 2014 recorded 20.34 million yuan.
[Financial Reports Express]
○ Haite High-Tech, Zhonghuan Semiconductor, Keyvia Electric, etc. plan high share conversion and dividend
------
The net profit of Sichuan Haite High-Tech Co., Ltd. (002023.SZ) sees a year-on-year growth of 24 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1 yuan dividend for every 10 shares. The net profit of Tianjin Zhonghuan Semiconductor Co., Ltd. (002129.SZ) sees a year-on-year growth of 84 percent and it proposes a 12-for-10 conversion of capital surplus into shares combined with 0.1 yuan dividend for every 10 shares. The net profit of Tianjin Keyvia Electric Co., Ltd. (300407.SZ) sees a year-on-year growth of 8.7 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1.5 yuan dividend for every 10 shares. The net profit of Xinjiang Haoyuan Natural Gas Co., Ltd. (002720.SZ) sees a year-on-year growth of 27 percent and it proposes an 8-for-10 conversion of capital surplus into shares combined with 0.8 yuan dividend for every 10 shares.
○ Q1 net profit of DMG Entertainment & Media to grow largely
------
Thanks to the sound growth of integrated marketing business income, the net profit of DMG Entertainment & Media Co., Ltd. (002143.SZ) in the first quarter expects a year-on-year growth of 198~ 244 percent.
[Trading Trends]
○ Everyday Network bought through four institutional seats
------
The trading volume ranking list on March 24 shows that Everyday Network Co., Ltd. (300295.SZ) was bought through four institutional seats with a total of 140 million yuan, accounting for 28 percent of its intraday turnover. And another institutional seat sold 19.91 million yuan.
Comment: Research institutions believe that the income of Everyday Network mainly came from advertisement and house agent in the past. As Internet house decoration develops, the company will expand its business to real-estate-based businesses like Internet finance, Internet decoration, local life O2O, etc. and further expand growth space.
○ Funds optimistic about Internet
------
The A-share market saw sharp fluctuation on March 24. Some researchers from funds in Shenzhen believe that the main force of long position successfully whipsawed the market on March 24. The bullish market has been kicked off and there is no need to over concern short-run adjustment. New stock investors are emerging continuously and Internet-driven emerging industries market will not change. Some fund managers indicate that “Internet Plus” are highly concerned and supported by the State and it indeed brings efficiency enhancement. Many “Internet Plus” industries have just started and their long-term development is worthy of expectations. New blue-chip Internet companies with hundreds of billions of market value might be born in the A-share market in the future.
> Political Bureau conference approved FTZs plans, port parks in four places to benefit most
> Environmental protection drives 7-ACA prices high, Guangdong enterprises to accelerate in deploying robots
> Investment in power transmission from Xinjiang to upgrade, Lianyungang list as key project in “One Belt and One Road”
> Tibet Tourism to raise funds through private placement, Yukaifa to acquire real estate companies with RMB1.3 bln
[XFA Focus]
○ Political Bureau conference approved FTZs plans, port parks in four places to benefit most
------
The Political Bureau of the CPC Central Committee approved the “Opinions on Accelerating Ecological Advancement” at the conference convened on March 24. It approved the overall plan on the pilot free trade zones (FTZs) in Guangdong Province, Tianjin Municipality and Fujian Province and deepening reform and opening up of the China (Shanghai) Pilot Free Trade Zone.
Comment: It is said that the FTZs in Guangdong, Fujian and Tianjin as well as the expanded area of the Shanghai FTZ are preliminarily to be officially established in end-March. As a state-level development strategy, FTZs are pioneers in reform and will promote economic transformation with more innovation efforts than expected in the future. The theme of FTZs was the rage for a time and the establishment of FTZs is likely to boost growth. Based on the development of the Shanghai FTZ, ports, parks and trading listed companies will see outstanding growth in short term.
In addition, the introduction of the “Opinions” will drive the ecological advancement across China. Listed companies engaged in landscaping, environmental treatment and energy management will directly benefit and see business growth. Chemical engineering and other listed companies with pollution are likely to indirectly benefit from the capacity shrinking.
[XFA Selection]
○ The central bank cuts the tender reverse repurchase rate again, showing its intention to conduct the downward trend of the main interest rate.
○ 1,139,200 new stock accounts were opened at the Shanghai and Shenzhen bourses last week, hitting a new high since May, 2007.
○ The National Development and Reform Commission (NDRC) held a forum on the economic conditions of six central provinces in Anhui Province and required speeding up in investments.
○ Henan Province will initiate the second round of mixed ownership system reform and propose to reorganize and consolidate the equipment manufacturing industry.
○ Baidu Inc. (Nasdaq: BIDU) launched the intelligent hardware e-business platform with nearly 100 intelligent hardware products introduced in the first phase.
[Industry Information]
○ Heavy-polluted manufacturers suspend production, 7-ACA prices continue to rise
------
XFA learnt that the supply in the antibiotic pharmaceutical intermediates has been declining since the beginning of this year and various products saw hikes in prices. The price of 7-ACA has hiked to more than 700 yuan per kilogram from the 500 yuan in the previous year. Insiders believe that the price will continue to hike this year.
Comment: Active Pharmaceutical Ingredients (APIs), the 7-ACA produced in bacterial fermentation with high pollution and emission during the manufacturing process in particular, have been affected significantly since the implementation of new environmental protection law. Many enterprises without sufficient inputs in environmental protection have suspended production. Leaders in the industry with complete environmental protection measures, including North China Pharmaceutical Company Ltd. (600812.SH) and Joincare Pharmaceutical Group Industry Co., Ltd. (600380.SH), will benefit from the price hikes.
○ Guangdong enterprises to accelerate in deploying robots, demands for robots may burst out
------
Xu Shaohua, vice governor of Guangdong Province, said in an interview that Foshan City and Dongguan City are speeding up in replacing labors with robots and robot manufacturers are welcome to invest in Guangdong. According to the latest report of the International Federation of Robotics, China has become the biggest demander for industrial robots with a growth of 54 percent.
Comment: With the introduction of such policies as the “integration of informatization and industrialization” and the “Made in China 2025”, the robot industry embraces rapid development opportunities driven by the policy supports and market demands. Among local listed companies in Guangdong, a subsidiary of Shenzhen Riland Industry Co., Ltd. (300154.SZ) is engaged in the robot automatic welding system engineering. Shenzhen Jasic Technology Co., Ltd. (300193.SZ) is developing the arc-welding robots with proprietary intellectual property rights.
○ Investment in power transmission from Xinjiang to upgrade and attract more investments
------
The State Grid Xinjiang Electric Power Corporation held a press conference on March 24, indicating that the investment in the power transmission from Xinjiang is expected to reach more than 200 billion yuan during the 13th Five-Year period, which will attract an investment of 500 billion yuan in local equipment manufacturing, coal and other industries.
Comment: Xinjiang is a key coal base in China. But the inconvenient transportation for coals has impeded the development of local economy. The State Grid has proposed the power transmission corridor strategy and selected Xinjiang as a key station in implementing the “One Belt and One Road” strategy. Local power equipment enterprises, including TBEA Co., Ltd. (600089.SH), and coal enterprises, such as Xinjiang International Industry Co., Ltd. (000159.SZ), are expected to see more businesses.
[Companies Hotspot]
○ Lianyungang construction to list as key project in “One Belt and One Road” and introduced at BFA
------
XFA learnt that the construction of Lianyungang as the “China-Kazakhstan (Lianyungang) Logistics Transfer Base and SCO Port Base” is listed as the only coastal port construction project in the list of key projects in the “One Belt and One Road” strategy and will be advanced with priority in the following two years. Jiangsu Province will introduce the project at the Boao Forum for Asia (BFA). It is also reported that Lianyungang is applying for being a comprehensive bonded zone and free trade port and plans to establish an international logistics park with an area of 38 square kilometers in the Shanghai Cooperation Organization (SCO). As a local port company, Jiangsu Lianyungang Port Co., Ltd. (601008.SH) is likely to benefit directly.
○ China Resources Sanjiu Medical & Phar. expands e-commerce channel via shareholders
------
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. (000999.SZ) indicates during an institutional inspection that some medicines are available on cooperation channels like J1.com, etc. now; the company will gradually expand from health care area to treatment area and make more medicines sold through e-commerce channel. Information shows that J1.com subordinates to China Resources (Holdings) Co., Ltd., and the sales of Sanjiu cold medication and Sanjiu Compound Dexamethasone Acetate Cream rank the first in corresponding classifications on J1.com.
[Announcement Interpretation]
○ Tibet Tourism to raise funds through private placement, Zhuque to subscribe
------
Tibet Tourism Co., Ltd. (600749.SH) plans to raise 560 million yuan by issuing 54.85 million shares at 10.21 yuan per share to Guofeng Group (its controlling shareholder), Sunriver Holding Group Co., Ltd. and Shanghai Zhuque Zhuyuhuang Investment Center (Limited Partnership) through private placement. 209 million yuan of the raised funds will be used to pay off bank loans and the rest will be used to supplement working capital.
Guofeng Group will subscribe 250 million yuan and Shanghai Zhuque Zhuyuhuang Investment Center (Limited Partnership), a renowned investment institution, will subscribe 100 million yuan.
○ Yukaifa to acquire real estate companies with RMB1.3 bln
------
Chongqing Yukaifa Co., Ltd. (000514.SZ) plans to raise 1.3 billion yuan by issuing 240 million shares at 5.42 yuan per share to Chongqing Xintuo Investment Co., Ltd. to acquire the 100 percent equities of Chongqing Lianlong Real Estate Development Co., Ltd., 51 percent equities of Chongqing Longxin Longjun Real Estate Development Co., Ltd., 51 percent equities of Chongqing Longxin Ruizhi Investment Development Co., Ltd. and 100 percent equities of Chongqing Tengxiang Industrial Limited Company held by Xintuo Investment. Meanwhile, the company plans to raise a supporting fund of 440 million yuan by issuing 74.21 million shares at no less than 5.87 yuan per share through private placement. The subject reorganized companies are principally engaged in real estate development. The counterparty commits that the net profit of the subject companies will reach 140 million yuan, 202 million yuan, 224 million yuan and 278 million yuan from 2015 to 2018. The net profit of Yukaifa reached 122 million yuan in 2014.
Comment: The real estate projects acquired by the listed company are all located in Chongqing Municipality. The projects cover both the rigidly needed products that can be sold rapidly as well as improvement products and high-end houses with high profit margin. They will contribute to the company’s profitability enhancement.
○ Dong Yi Ri Sheng to develop Internet finance
------
Yi Ri Sheng Investment Co., Ltd., a wholly-owned subsidiary of Dong Yi Ri Sheng Home Decoration Group Co., Ltd. (002713.SZ), plans to jointly establish Shanghai Yi Ri Sheng Finance Co., Ltd. with Beijing Yaoqi Investment Fund Management Center (Limited Partnership) and Shanghai Huifu Internet Financial Information Service Venture Equity Investment Center (Limiter Partnership). Yi Ri Sheng Investment will invest 17.25 million yuan in the new company, accounting for 34.5 percent of the equities. Shanghai Yi Ri Sheng Finance will center around home decoration credit, gradually expand to other consumption credit businesses and improve the company’s supporting financial services in coordination with its business development strategy. The company claims that this is a significant move to explore Internet finance.
○ Beijing Capital to invest in sewage treatment project through PPP mode
------
Beijing Capital Co., Ltd. (600008.SH) plans to invest in the rural domestic sewage treatment project in Yuyao City, Zhejiang Province through PPP (Public-Private Partnership) mode. The designed scale is 86,000 ton/day and the total investment of the project is estimated to be 1.32 billion yuan; the company plans to jointly establish a project company with Yuyao Urban Construction Company and holds 90 percent equities of the established company. Meanwhile, the company plans to invest in the Phase I project of water treatment plant engineering in Jizhou City, Hengshui City, Hebei Province through BOT (Build-Operate-Transfer) mode. The project scale will be 50,000 ton/day. It will hold 90 percent equities of the joint venture company. Total investment of the project will be 96.52 million yuan.
○ Kangyue Technology to invest in construction of turbocharger project
------
Kangyue Technology Co., Ltd. (300391.SZ) plans to invest in the development of gasoline engine turbocharger and the technical modification on critical component manufacturing. The project will see a total investment of 120 million yuan and a construction period of 36 months. After the designed capacity is reached, a net profit of 26.18 million yuan will be added every year and the internal rate of return after tax will reach 25 percent. The net profit of Kangyue Technology in the first three quarters of 2014 recorded 20.34 million yuan.
[Financial Reports Express]
○ Haite High-Tech, Zhonghuan Semiconductor, Keyvia Electric, etc. plan high share conversion and dividend
------
The net profit of Sichuan Haite High-Tech Co., Ltd. (002023.SZ) sees a year-on-year growth of 24 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1 yuan dividend for every 10 shares. The net profit of Tianjin Zhonghuan Semiconductor Co., Ltd. (002129.SZ) sees a year-on-year growth of 84 percent and it proposes a 12-for-10 conversion of capital surplus into shares combined with 0.1 yuan dividend for every 10 shares. The net profit of Tianjin Keyvia Electric Co., Ltd. (300407.SZ) sees a year-on-year growth of 8.7 percent and it proposes a 10-for-10 conversion of capital surplus into shares combined with 1.5 yuan dividend for every 10 shares. The net profit of Xinjiang Haoyuan Natural Gas Co., Ltd. (002720.SZ) sees a year-on-year growth of 27 percent and it proposes an 8-for-10 conversion of capital surplus into shares combined with 0.8 yuan dividend for every 10 shares.
○ Q1 net profit of DMG Entertainment & Media to grow largely
------
Thanks to the sound growth of integrated marketing business income, the net profit of DMG Entertainment & Media Co., Ltd. (002143.SZ) in the first quarter expects a year-on-year growth of 198~ 244 percent.
[Trading Trends]
○ Everyday Network bought through four institutional seats
------
The trading volume ranking list on March 24 shows that Everyday Network Co., Ltd. (300295.SZ) was bought through four institutional seats with a total of 140 million yuan, accounting for 28 percent of its intraday turnover. And another institutional seat sold 19.91 million yuan.
Comment: Research institutions believe that the income of Everyday Network mainly came from advertisement and house agent in the past. As Internet house decoration develops, the company will expand its business to real-estate-based businesses like Internet finance, Internet decoration, local life O2O, etc. and further expand growth space.
○ Funds optimistic about Internet
------
The A-share market saw sharp fluctuation on March 24. Some researchers from funds in Shenzhen believe that the main force of long position successfully whipsawed the market on March 24. The bullish market has been kicked off and there is no need to over concern short-run adjustment. New stock investors are emerging continuously and Internet-driven emerging industries market will not change. Some fund managers indicate that “Internet Plus” are highly concerned and supported by the State and it indeed brings efficiency enhancement. Many “Internet Plus” industries have just started and their long-term development is worthy of expectations. New blue-chip Internet companies with hundreds of billions of market value might be born in the A-share market in the future.
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