[Today's Guide]
○Sales of new iPhone beat expectation, industrial chain to see further expansion
○NEA finalizes 1st batch of demonstration projects, solar-thermal power generation to see RMB100 bln market, Prefabricated buildings supported by policies
○Akcome Science And Technology purchases Akcome Photoelectricity, Xinli Finance to acquire assets of 3rd party payment company
○Der Future Science ＆ Technology to wholly control Yiteng New Energy, Sunshine Insurance buy shares of Yili to 5 percent limit
[SSN Focus]
○Sales of new iPhone beat expectation, industrial chain to see further expansion
------
The stock price of Apple Inc. (NASDAQ:AAPL) recorded a new high in 2016 on Sept. 16, totaling its weekly surge to over 11 percent. Apple recently claimed that the pre-orders of the first batch of iPhone 7 Plus have been sold out globally. US telecom operator T-Mobile and Sprint also indicated that the pre-orders of iPhone 7 beat previous expectation. Samsung Note 7 battery explosion event is still on every lip. The General Administration of Quality Supervision, Inspection and Quarantine disclosed on Sept. 14 that Samsung China will recall some Galaxy Note 7 smartphones. The Civil Aviation Administration of China (CAAC) warned on the same day that the use and charging of Samsung Galaxy Note 7 phones on board flights are banned. The CAAC also claimed that the device will not be allowed in checked-in baggage or air cargo.
Comment: Both the new iPhone and Samsung Galaxy Note 7 are positioned as high-end smartphones, and they two compete with each other. Media learnt from the supply chain of Apple earlier that Apple added the orders of some iPhone 7 components after reports worldwide that Note 7's batteries can explode while charging. Institutions believe that Luxshare Precision Industry Co., Ltd. (002475.SZ) masters the core technology of Type-C and benefits from Apple's decision to abandon 3.5mm earphone and adopt Lighting interface; GoerTek Inc. (002241.SZ) might benefit from the price hike of single product thanks to the improvement of acoustic function.
◆The trading volume ranking list on Sept. 14 shows that Suzhou Anjie Technology Co., Ltd. (002635.SZ) was bought through five institutional seats with a total of 302 million yuan, accounting for 40.47 percent of its intraday turnover, while the stock was sold through another institutional seat with 31.94 million yuan. The company indicated on interactive platform that the improving sales of Apple will boost the company's performance. At present, the company has sufficient orders on hand.
[SSN Selection]
○The State Council recently printed and distributed the Overall Scheme for Beijing to Strengthen the Construction of National Center for Scientific and Technological Innovation. It is proposed to build Beijing into a scientific and technological innovation center with global influence by 2020.
○Shang Fulin, chairman of the China Banking Regulatory Commission, indicated on a meeting that asset management companies are encouraged to conduct debt-to-equity swap in the iron ＆ steel and coal industries, and banks are allowed to set up subsidiaries engaged in the equity investment in scientific and technological innovation.
○SSN learnt that the biddings for the national storage of rare earth might be kicked off this week. And the amount might be higher than market expectation.
○As reported by caixin.com, the new company combining Baosteel Group Corporation and Wuhan Iron and Steel Co Ltd. might be established this month.
○The Nasdaq Composite and the Dow Jones Industrial Average moved up by 1.73 percent and 0.32 percent, respectively, in the past three trading days. The Fed will announce the decision about interest rate in the small hours of Sept. 22 (Beijing time).
○UK government on Sept. 15 approved the construction of the nuclear power station at Hinkley Point C. State-owned company China General Nuclear Power Corporation (CGNPC) will invest 6 billion pounds in the project.
TOP
[Industry Information]
○NEA finalizes 1st batch of demonstration projects, solar-thermal power generation to see RMB100 bln market
------
The National Energy Administration (NEA) on Sept. 14 announced the first batch of 20 demonstration projects for solar-thermal power generation with total installed capacity of 1,349,000 kilowatt (1.349 gigawatt). In principle, these demonstration projects should be put into operation before end 2018 and they enjoy national subsidies for electricity price.
Comment: Besides photovoltaic power generation, solar-thermal power generation is another important way to utilize solar energy and it enjoys advantages in the efficiency of power generation and the stability of power supply. Demonstration projects and the subsidy policies might help solar-thermal power generation get rid of the bottleneck of high cost and finally realize commercial operation. It is expected that the installed capacity of solar-thermal power generation might reach 5 gigawatt and drive an industrial investment of 100 billion yuan to 150 billion yuan during the 13th five-year plan period (2016-2020). As to listed companies, Hangzhou Boiler Group Co., Ltd. (002534.SZ) has invested in Zhejiang Supcon Solar Technology Co., Ltd., while the latter is engaged in the technology source and system integration of various demonstration projects; Shandong Sunway Petrochemical Engineering Co., Ltd. (002469.SZ) has inked EPC contract with China General Nuclear Power Corporation (CGNPC) for its solar-thermal power generation project.
○Prefabricated buildings supported by policies, steel structure industry to embrace expansion opportunities
------
The executive meeting of the State Council held on Sept. 14 decides to strive to develop prefabricated buildings and to advance the adjustment and upgrading of industrial structure. The meeting believes that striving to develop prefabricated buildings with steel structure and concrete can answer multiple purposes such as boosting new industries concerning energy conservation and environment protection, improving building safety and reducing overcapacity. It is also proposed to lay focus on city agglomerations in Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Pearl River Delta, and other cities with permanent resident population over 3 million, and move faster in increasing the proportion of prefabricated buildings in newly-build buildings.
Comment: Prefabricated buildings require shorter construction period, less space and less input of workers, and are recyclable. Institutions believe that the demand for green building which is represented by steel structure will grow by over 80 percent in next 3-5 years. As to listed companies, Anhui Honglu Steel Construction (Group) Co., Ltd. (002541.SZ) has been involved in several projects engaged in prefabricated high-rise steel structure buildings; Hangxiao Steel Structure Co., Ltd. (600477.SH) is engaged in high-rise steel structure business; Changjiang ＆ Jinggong Steel Building (Group) Co., Ltd. (600496.SH) is also actively making arrangement in green building business.
TOP
[Announcement Interpretation]
○Akcome Science And Technology purchases Akcome Photoelectricity at RMB960 mln
------
Jiangsu Akcome Science And Technology Co., Ltd. (002610.SZ) plans to pay 960 million yuan in cash to purchase 100 percent equity of Jiangsu Akcome Photoelectricity Company from five companies including its controlling shareholders Jiangsu Akcome Industry Group Co., Ltd. and Akcome International Holding Co., Ltd. Major products of Akcome Photoelectricity cover solar cell and solar component and its net profits posted -9,045,200 yuan, 51,057,700 yuan and 2,939,700 yuan during 2014 and the first quarter of 2016. According to performance commitment, net profits deducting extraordinary gains and losses (with fiscal subsidy included) of Akcome Photoelectricity should reach 90 million yuan, 110 million yuan and 125 million yuan during 2016 and 2018 respectively. Akcome Science And Technology indicates that the purpose of this acquisition is to achieve resource integration and solve related transaction.
○Xinli Finance to acquire assets of 3rd party payment company at RMB2.379 bln
------
Anhui Xinli Finance Co., Ltd. (600318.SH) intends to acquire 100 percent equity of Beijing Haike Financing Payment Service Co., Ltd. by issuing 84,352,000 shares at a price of 21.49 yuan per share through private placement and paying cash 566 million yuan, which totally amounts 2.379 billion yuan. The company also plans to raise 1.5 billion yuan by issuing shares at a floor price of 21.49 yuan per share through private placement to pay the cash to invest in logistic financial service platform in Shandong province and a project in Hebei province.
Haike Financing Payment Service is qualified to undertake the 3rd party payment and its major businesses include traditional POS acquirer and intelligent MPOS acquirer. According to performance commitment, its net profits should be 100 million yuan, 195 million yuan, 270 million and 335 million yuan during 2016 and 2019 respectively. But it suffered losses in 2014 and 2015.
TOP
○Der Future Science ＆ Technology to wholly control Yiteng New Energy at RMB2.049 bln
------
Der Future Science ＆ Technology Holding Group Co., Ltd. (002631.SZ) plans to wholly control Henan Yiteng New Energy Co., Ltd. with acquiring its 85.38 percent equity by issuing shares (at a price of 21.28 yuan per share) through private placement and paying in cash, which totally amounts to 2.049 million yuan. Meanwhile, it will raise supporting funds of 1 billion yuan by issuing shares at a price of 22.54 yuan at least through private placement to pay for the cash consideration.
Yiteng New Energy is principally engaged in research, manufacturing and sales of membrane for lithium-ion battery. Its major products include nano-microporous membrane and ceramic coating membrane and its net profits reached 18,781,900 yuan, 73,686,500 yuan and 68,328,600 yuan in 2014, 2015 and the first half of 2016 respectively. Based on performance commitment, its net profits should total 800 million yuan by 2018 with 200 million yuan, 260 million yuan and 340 million yuan in 2016, 2017 and 2018 respectively.
○Sunshine Insurance buy shares of Yili to 5 percent limit
------
Inner Mongolia Yili Industrial Group Co., Ltd. (600887.SH) announces that Sunshine Life Insurance Corporation Limited and Sunshine Asset Insurance Company under Sunshine Insurance Group Inc. totally 303 million shares in the company as of Sept. 14, accounting for 5 percent equity of the company's total share capital.
Sunshine Insurance expressed that the purchase of this acquisition is that it is rosy about the future development prospect of Yili, which is financial investment. At the same time, it won't seek to be the biggest shareholder of Yili; instead, it will support the company's existing equity structuring and won't buy the company's shares anymore in next 12 months.
○Tatwah Smartech to buy shares of Runxing Financial Leasing at RMB1 bln
------
Tatwah Smartech Co., Ltd. (002512.SZ) plans to acquire 40 percent equity of Jiangsu Runxing Financial Leasing Co., Ltd. at 1 billion yuan. It promises that net profits deducting extraordinary gains and losses of Runxing Financial Leasing will not be less than 300 million yuan, 4 million yuan and 5 million yuan during 2016 and d2018 respectively. Runxing Financial Leasing is mainly specialized in financial leasing businesses such as direct financial leasing, leaseback and trust lease.
○LS Heavy Equipment signs big order
------
Lanzhou LS Heavy Equipment Co., Ltd. (603169.SH) signed the EPC general contract of Panjin Haoye Chemical Industrial Co., Ltd. annually producing 1.2 million tons of arene. The total value of the contract is estimated to be 1 billion yuan, accounting for 64.19 percent of the company's audited operating revenues in 2015.
[Financial Reports Express]
○Net profit of Insigma Technology expected to up by 800 pct. in Q1-Q3
------
Net profit of Insigma Technology Co., Ltd. (600797.SH) is predicted to increase around 800 percent during the first and the third quarters mainly as it sold equity of United Science ＆ Technology Co., Ltd. (000925.SZ).
[Trading Alarms]
○Emperor Technology to launch IPO
------
Shenzhen Emperor Technology Co., Ltd. (300546.SZ) is going to launch IPO at a price of 20.43 yuan per share with upper limit of 13,000 shares for each subscription account. The PE ratio is 23 times. The company provides solutions to intelligent cards.
[Weekly Review]
○Every cloud has a silver lining
------
Although sotck indexes showed sluggish performance recently, there were two listed companies releasing important announcement. One of the two companies is Giti Tire Corporation (600182.SH), which hardly conducted equity division reform but finally begins to have the reform about 10 years later after other companies have finished the reform. Its stock price surges to the daily limit of 10 percent for three consecutive trading days after trading resumption. Maybe driven by this news, another company Chengdu Qianfeng Electronics Co., Ltd. (600733.SH) also announced trading suspension for mulling over equity division reform.
Secondly, Jinan Diesel Engine Company Limited (000617.SZ) with total market value of about 3 billion yuan under China National Petroleum Corporation (CNPC) also turns to transformation after suffering losses for several years. It will gain financial asset injection of 75.5 billion yuan from the group, which will become the biggest acquisition and reorganization case in the history of A-share market. Its stock price will surge significantly on the day of trading resumption, which will boost active performance of other companies with small market value under the CNPC and Sinopec Group.
We hope for fine weather when appreciating the moon during the Mid-autumn Festival; we hope that companies have perfect governance structure and excellent performance when making investment in stock market. However, there won't be always smooth in everything in the reality. Should we hold on or give up when stuck in difficulty? The answer is to widen our vision to find answers. Under the background that such measures as Shenzhen-Hong Kong Stock Connect and Shanghai-London Stock Connect projects which aim to liberate capital market see acceleration in implementation, it becomes increasingly essential to completely tackle equity division problem. This year sees implementation of state-owned enterprise reform and "big group and small companies" and "improving asset securitization ratio" are always the reasonable ways for the reform theory.
TOP
○Sales of new iPhone beat expectation, industrial chain to see further expansion
○NEA finalizes 1st batch of demonstration projects, solar-thermal power generation to see RMB100 bln market, Prefabricated buildings supported by policies
○Akcome Science And Technology purchases Akcome Photoelectricity, Xinli Finance to acquire assets of 3rd party payment company
○Der Future Science ＆ Technology to wholly control Yiteng New Energy, Sunshine Insurance buy shares of Yili to 5 percent limit
[SSN Focus]
○Sales of new iPhone beat expectation, industrial chain to see further expansion
------
The stock price of Apple Inc. (NASDAQ:AAPL) recorded a new high in 2016 on Sept. 16, totaling its weekly surge to over 11 percent. Apple recently claimed that the pre-orders of the first batch of iPhone 7 Plus have been sold out globally. US telecom operator T-Mobile and Sprint also indicated that the pre-orders of iPhone 7 beat previous expectation. Samsung Note 7 battery explosion event is still on every lip. The General Administration of Quality Supervision, Inspection and Quarantine disclosed on Sept. 14 that Samsung China will recall some Galaxy Note 7 smartphones. The Civil Aviation Administration of China (CAAC) warned on the same day that the use and charging of Samsung Galaxy Note 7 phones on board flights are banned. The CAAC also claimed that the device will not be allowed in checked-in baggage or air cargo.
Comment: Both the new iPhone and Samsung Galaxy Note 7 are positioned as high-end smartphones, and they two compete with each other. Media learnt from the supply chain of Apple earlier that Apple added the orders of some iPhone 7 components after reports worldwide that Note 7's batteries can explode while charging. Institutions believe that Luxshare Precision Industry Co., Ltd. (002475.SZ) masters the core technology of Type-C and benefits from Apple's decision to abandon 3.5mm earphone and adopt Lighting interface; GoerTek Inc. (002241.SZ) might benefit from the price hike of single product thanks to the improvement of acoustic function.
◆The trading volume ranking list on Sept. 14 shows that Suzhou Anjie Technology Co., Ltd. (002635.SZ) was bought through five institutional seats with a total of 302 million yuan, accounting for 40.47 percent of its intraday turnover, while the stock was sold through another institutional seat with 31.94 million yuan. The company indicated on interactive platform that the improving sales of Apple will boost the company's performance. At present, the company has sufficient orders on hand.
[SSN Selection]
○The State Council recently printed and distributed the Overall Scheme for Beijing to Strengthen the Construction of National Center for Scientific and Technological Innovation. It is proposed to build Beijing into a scientific and technological innovation center with global influence by 2020.
○Shang Fulin, chairman of the China Banking Regulatory Commission, indicated on a meeting that asset management companies are encouraged to conduct debt-to-equity swap in the iron ＆ steel and coal industries, and banks are allowed to set up subsidiaries engaged in the equity investment in scientific and technological innovation.
○SSN learnt that the biddings for the national storage of rare earth might be kicked off this week. And the amount might be higher than market expectation.
○As reported by caixin.com, the new company combining Baosteel Group Corporation and Wuhan Iron and Steel Co Ltd. might be established this month.
○The Nasdaq Composite and the Dow Jones Industrial Average moved up by 1.73 percent and 0.32 percent, respectively, in the past three trading days. The Fed will announce the decision about interest rate in the small hours of Sept. 22 (Beijing time).
○UK government on Sept. 15 approved the construction of the nuclear power station at Hinkley Point C. State-owned company China General Nuclear Power Corporation (CGNPC) will invest 6 billion pounds in the project.
TOP
[Industry Information]
○NEA finalizes 1st batch of demonstration projects, solar-thermal power generation to see RMB100 bln market
------
The National Energy Administration (NEA) on Sept. 14 announced the first batch of 20 demonstration projects for solar-thermal power generation with total installed capacity of 1,349,000 kilowatt (1.349 gigawatt). In principle, these demonstration projects should be put into operation before end 2018 and they enjoy national subsidies for electricity price.
Comment: Besides photovoltaic power generation, solar-thermal power generation is another important way to utilize solar energy and it enjoys advantages in the efficiency of power generation and the stability of power supply. Demonstration projects and the subsidy policies might help solar-thermal power generation get rid of the bottleneck of high cost and finally realize commercial operation. It is expected that the installed capacity of solar-thermal power generation might reach 5 gigawatt and drive an industrial investment of 100 billion yuan to 150 billion yuan during the 13th five-year plan period (2016-2020). As to listed companies, Hangzhou Boiler Group Co., Ltd. (002534.SZ) has invested in Zhejiang Supcon Solar Technology Co., Ltd., while the latter is engaged in the technology source and system integration of various demonstration projects; Shandong Sunway Petrochemical Engineering Co., Ltd. (002469.SZ) has inked EPC contract with China General Nuclear Power Corporation (CGNPC) for its solar-thermal power generation project.
○Prefabricated buildings supported by policies, steel structure industry to embrace expansion opportunities
------
The executive meeting of the State Council held on Sept. 14 decides to strive to develop prefabricated buildings and to advance the adjustment and upgrading of industrial structure. The meeting believes that striving to develop prefabricated buildings with steel structure and concrete can answer multiple purposes such as boosting new industries concerning energy conservation and environment protection, improving building safety and reducing overcapacity. It is also proposed to lay focus on city agglomerations in Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Pearl River Delta, and other cities with permanent resident population over 3 million, and move faster in increasing the proportion of prefabricated buildings in newly-build buildings.
Comment: Prefabricated buildings require shorter construction period, less space and less input of workers, and are recyclable. Institutions believe that the demand for green building which is represented by steel structure will grow by over 80 percent in next 3-5 years. As to listed companies, Anhui Honglu Steel Construction (Group) Co., Ltd. (002541.SZ) has been involved in several projects engaged in prefabricated high-rise steel structure buildings; Hangxiao Steel Structure Co., Ltd. (600477.SH) is engaged in high-rise steel structure business; Changjiang ＆ Jinggong Steel Building (Group) Co., Ltd. (600496.SH) is also actively making arrangement in green building business.
TOP
[Announcement Interpretation]
○Akcome Science And Technology purchases Akcome Photoelectricity at RMB960 mln
------
Jiangsu Akcome Science And Technology Co., Ltd. (002610.SZ) plans to pay 960 million yuan in cash to purchase 100 percent equity of Jiangsu Akcome Photoelectricity Company from five companies including its controlling shareholders Jiangsu Akcome Industry Group Co., Ltd. and Akcome International Holding Co., Ltd. Major products of Akcome Photoelectricity cover solar cell and solar component and its net profits posted -9,045,200 yuan, 51,057,700 yuan and 2,939,700 yuan during 2014 and the first quarter of 2016. According to performance commitment, net profits deducting extraordinary gains and losses (with fiscal subsidy included) of Akcome Photoelectricity should reach 90 million yuan, 110 million yuan and 125 million yuan during 2016 and 2018 respectively. Akcome Science And Technology indicates that the purpose of this acquisition is to achieve resource integration and solve related transaction.
○Xinli Finance to acquire assets of 3rd party payment company at RMB2.379 bln
------
Anhui Xinli Finance Co., Ltd. (600318.SH) intends to acquire 100 percent equity of Beijing Haike Financing Payment Service Co., Ltd. by issuing 84,352,000 shares at a price of 21.49 yuan per share through private placement and paying cash 566 million yuan, which totally amounts 2.379 billion yuan. The company also plans to raise 1.5 billion yuan by issuing shares at a floor price of 21.49 yuan per share through private placement to pay the cash to invest in logistic financial service platform in Shandong province and a project in Hebei province.
Haike Financing Payment Service is qualified to undertake the 3rd party payment and its major businesses include traditional POS acquirer and intelligent MPOS acquirer. According to performance commitment, its net profits should be 100 million yuan, 195 million yuan, 270 million and 335 million yuan during 2016 and 2019 respectively. But it suffered losses in 2014 and 2015.
TOP
○Der Future Science ＆ Technology to wholly control Yiteng New Energy at RMB2.049 bln
------
Der Future Science ＆ Technology Holding Group Co., Ltd. (002631.SZ) plans to wholly control Henan Yiteng New Energy Co., Ltd. with acquiring its 85.38 percent equity by issuing shares (at a price of 21.28 yuan per share) through private placement and paying in cash, which totally amounts to 2.049 million yuan. Meanwhile, it will raise supporting funds of 1 billion yuan by issuing shares at a price of 22.54 yuan at least through private placement to pay for the cash consideration.
Yiteng New Energy is principally engaged in research, manufacturing and sales of membrane for lithium-ion battery. Its major products include nano-microporous membrane and ceramic coating membrane and its net profits reached 18,781,900 yuan, 73,686,500 yuan and 68,328,600 yuan in 2014, 2015 and the first half of 2016 respectively. Based on performance commitment, its net profits should total 800 million yuan by 2018 with 200 million yuan, 260 million yuan and 340 million yuan in 2016, 2017 and 2018 respectively.
○Sunshine Insurance buy shares of Yili to 5 percent limit
------
Inner Mongolia Yili Industrial Group Co., Ltd. (600887.SH) announces that Sunshine Life Insurance Corporation Limited and Sunshine Asset Insurance Company under Sunshine Insurance Group Inc. totally 303 million shares in the company as of Sept. 14, accounting for 5 percent equity of the company's total share capital.
Sunshine Insurance expressed that the purchase of this acquisition is that it is rosy about the future development prospect of Yili, which is financial investment. At the same time, it won't seek to be the biggest shareholder of Yili; instead, it will support the company's existing equity structuring and won't buy the company's shares anymore in next 12 months.
○Tatwah Smartech to buy shares of Runxing Financial Leasing at RMB1 bln
------
Tatwah Smartech Co., Ltd. (002512.SZ) plans to acquire 40 percent equity of Jiangsu Runxing Financial Leasing Co., Ltd. at 1 billion yuan. It promises that net profits deducting extraordinary gains and losses of Runxing Financial Leasing will not be less than 300 million yuan, 4 million yuan and 5 million yuan during 2016 and d2018 respectively. Runxing Financial Leasing is mainly specialized in financial leasing businesses such as direct financial leasing, leaseback and trust lease.
○LS Heavy Equipment signs big order
------
Lanzhou LS Heavy Equipment Co., Ltd. (603169.SH) signed the EPC general contract of Panjin Haoye Chemical Industrial Co., Ltd. annually producing 1.2 million tons of arene. The total value of the contract is estimated to be 1 billion yuan, accounting for 64.19 percent of the company's audited operating revenues in 2015.
[Financial Reports Express]
○Net profit of Insigma Technology expected to up by 800 pct. in Q1-Q3
------
Net profit of Insigma Technology Co., Ltd. (600797.SH) is predicted to increase around 800 percent during the first and the third quarters mainly as it sold equity of United Science ＆ Technology Co., Ltd. (000925.SZ).
[Trading Alarms]
○Emperor Technology to launch IPO
------
Shenzhen Emperor Technology Co., Ltd. (300546.SZ) is going to launch IPO at a price of 20.43 yuan per share with upper limit of 13,000 shares for each subscription account. The PE ratio is 23 times. The company provides solutions to intelligent cards.
[Weekly Review]
○Every cloud has a silver lining
------
Although sotck indexes showed sluggish performance recently, there were two listed companies releasing important announcement. One of the two companies is Giti Tire Corporation (600182.SH), which hardly conducted equity division reform but finally begins to have the reform about 10 years later after other companies have finished the reform. Its stock price surges to the daily limit of 10 percent for three consecutive trading days after trading resumption. Maybe driven by this news, another company Chengdu Qianfeng Electronics Co., Ltd. (600733.SH) also announced trading suspension for mulling over equity division reform.
Secondly, Jinan Diesel Engine Company Limited (000617.SZ) with total market value of about 3 billion yuan under China National Petroleum Corporation (CNPC) also turns to transformation after suffering losses for several years. It will gain financial asset injection of 75.5 billion yuan from the group, which will become the biggest acquisition and reorganization case in the history of A-share market. Its stock price will surge significantly on the day of trading resumption, which will boost active performance of other companies with small market value under the CNPC and Sinopec Group.
We hope for fine weather when appreciating the moon during the Mid-autumn Festival; we hope that companies have perfect governance structure and excellent performance when making investment in stock market. However, there won't be always smooth in everything in the reality. Should we hold on or give up when stuck in difficulty? The answer is to widen our vision to find answers. Under the background that such measures as Shenzhen-Hong Kong Stock Connect and Shanghai-London Stock Connect projects which aim to liberate capital market see acceleration in implementation, it becomes increasingly essential to completely tackle equity division problem. This year sees implementation of state-owned enterprise reform and "big group and small companies" and "improving asset securitization ratio" are always the reasonable ways for the reform theory.
TOP
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