On February 23, according to COFCO Packaging's announcement, the offender CHAMPION HOLDING (BVI) CO. , LTD's offer to acquire COFCO Packaging has been approved by the Ministry of Commerce. Earlier, on February 19, the State Council's State-owned Assets Administration Commission approved a new investment offer from China's Baowu United Nations to acquire COFCO Packaging. The two major central enterprises currently wholly own CHAMPION HOLDING (BVI) CO through Changping Industrial. , LTD shares. According to reports, obtaining approval from the Ministry of Commerce is one of the key pre-approval procedures for foreign direct investment (ODI) for domestic enterprises. Only after approval can enterprises apply for foreign exchange registration with the foreign exchange management department through banks and implement the outbound exit of funds for overseas investment. This time, it was first approved by the Ministry of Commerce, indicating that China's Baowu UN's new investment offer to acquire COFCO Packaging has received full support at the national policy level. According to the government's control of vicious competition for overseas investment, it is expected that it will be difficult for other investors to pass overseas investment applications with the same goals.
Investors took a breather on Friday after Nvidia's outstanding performance drove the US, European and Japanese benchmark stock indexes to record highs. “The rate at which technology stocks are rising makes investors think about whether they should end in profit,” said Mark Haefele, chief investment officer at UBS Wealth Management. “Although we think there are reasons to rebalance our portfolio, we believe it is important to maintain strategic exposure to US large-cap tech stocks, and technology stocks are likely to rise further.”
Zijin Mining announced on the evening of February 23 that on February 22, Tibet Julong Copper Co., Ltd. (hereinafter referred to as Julong Copper), the holding subsidiary of the company, received the “Approval on the Approval of the Tibet Julong Copper Co., Ltd. Phase II Renovation and Expansion Project” issued by the Tibet Autonomous Region Development and Reform Commission. The Julong Copper Mine was approved to add 200,000 tons/day to the existing 150,000 tons/day selection project, forming a total production scale of 350,000 tons/day. On the same day, the company held the 3rd interim meeting of the 8th board of directors in 2024. The meeting unanimously reviewed and passed the “Proposal on Implementing the Julong Copper Mine Phase II Reconstruction and Expansion Project”, and agreed to establish a project for the overall Julong Copper Mine Phase II renovation and expansion project (hereinafter referred to as “Julong Phase II Project”). It is expected to be completed and put into operation by the end of 2025. The mining method is open pit mining, and the mine service life is 36 years; the total investment is estimated to be about 17.46 billion yuan, and the capital will be solved by Julong Copper through self-financing.
According to a document released by the US Securities and Exchange Commission on the 22nd, J.P. Morgan Chase Bank CEO Jamie Dimon has reduced his stock holdings by about 150 million US dollars. This is the first time since Dimon became CEO of J.P. Morgan Chase in 2005 that he has reduced his stock holdings in this bank. J.P. Morgan Chase wrote in a document in October last year that Dimon and his family hold 8.6 million J.P. Morgan shares and intend to sell 1 million of them. To date, Dimon has sold approximately 822,000 shares.
The J.P. Morgan interest rate strategist team raised the year-end US Treasury yield forecast “to reflect a larger risk premium and a longer quantitative austerity cycle than previously anticipated.” Among them, the 2-year yield forecast was raised from 3.25% to 3.80%, and the 10-year yield forecast was raised from 3.65% to 3.80%. J.P. Morgan expects the Federal Reserve to cut interest rates by 25 basis points at every meeting during the year, starting in June. Although the market's expectations for the Fed's policy are not as dovish as the agency's expectations, so there is still room for yield to decline from current levels in the next few months, uncertainty surrounding the Fed's policy path may continue, and US bond yields may remain high, reflecting a higher possibility that the number of interest rate cuts will gradually decrease with higher risk premiums.
There is another development in the comprehensive offer of the Bank of Jinzhou by Liaoning Financial Holdings. This evening, the Bank of Jinzhou issued an announcement stating that the first Extraordinary General Meeting of Shareholders in 2024 is scheduled to be held at 10:30 a.m. on March 15, 2024 at the Jinzhou International Convention and Exhibition Center International Conference Hall, No. 70 Keji Road, Songshan New District, Jinzhou City, Liaoning, to consider matters relating to the offer of Liaoning Financial Holding Group Co., Ltd. to acquire the bank. On the evening of January 26, the Bank of Jinzhou issued an announcement that the second-largest shareholder, Liaoning Financial Holding Group Co., Ltd. will make an offer to acquire all of its issued H shares and domestic shares. Bank of Jinzhou will be delisted after the takeover offer from Liaoning Financial Holdings is completed and approved by the shareholders' meeting.
On February 23, there was news that CITIC intends to reduce its shareholding in McDonald's China. Abu Dhabi's sovereign wealth fund — Mubadala, Qatar Investment Authority, and China Investment Corporation are potential investors. According to information, the CITIC Consortium, which is dominated by CITIC Capital, holds 52% of McDonald's China's shares, while McDonald's Global holds the remaining 48% of the shares. McDonald's China indicated that it would not comment on this, and CITIC has not commented on this matter before. According to reports, in 2017, CITIC Group and Carlyle Group signed a share purchase agreement with McDonald's Global to acquire control interests in McDonald's mainland China and Hong Kong businesses for a total consideration of HK$16.141 billion, and obtained a 20-year franchise in both places. After the transaction was completed, CITIC Group, Carlyle Group, and McDonald's Global held 52%, 28%, and 20% of the shares, respectively. (Sina Technology)
The reporter recently discovered during industry research that the latest scale of various quantitative private equity firms has declined from the end of last year, and some are even close to 30%. The trend of quantifying the continuous inflow of incremental capital, which has been maintained for many years, may change. Some industry insiders said that looking at it now, it is difficult for leading brokerage channels to be added to large-scale quantification, especially quantitative agencies participating in DMA. There are two reasons for this: one is that this type of agency is too negative; second, this year's performance is very poor, and channel due diligence and performance evaluation are inadequate. In terms of consignment sales this year, brokerage firms are still focusing on medium- and low-risk products. (Brokerage China)
Lucky Coffee disclosed financial results for the fourth quarter and full year of 2023. Lucky Coffee's total net revenue in 2023 reached 24.903 billion yuan, up 87.3% year on year; operating profit for the full year under US GAAP was $3,026 billion, up 161.7% year on year. A net total of 8034 new stores were opened throughout the year, including 30 new stores in Singapore. At the end of the reporting period, the total number of stores increased 97.8% year over year to 16,248; the average number of monthly trading customers for the whole year was 48.4 million, an increase of 124.1% year on year.
Lucky Coffee's fourth quarter revenue was RMB 7.065 billion, up 91.2% year over year; net profit for the fourth quarter was RMB 296.4 million, or RMB 54.5 million for the same period in 2022; non-GAAP net profit for the fourth quarter was RMB 356.6 million, compared to RMB 166.9 million for the same period in 2022; and adjusted net income per ADS share for the fourth quarter was RMB 1.12 billion.
According to Opinion Network, on February 23, according to the official website of the Beijing Municipal Commission of Planning and Natural Resources, two industrial sites were listed in Beijing's Changping District, with a total area of about 62,800 square meters, with a total starting price of about 171 million yuan.
In response to the “Proposal to Support the Listing and Financing of Small and Medium Private Enterprises to Promote Enterprise Science and Technology Innovation”, the Securities Regulatory Commission stated that the next step will be to create a more open, transparent and predictable policy environment, continue to play a good role in supporting “specialized and new” SMEs and private enterprise financing, further improve the capital market's support mechanism to serve scientific and technological innovation, and promote the vital role of small and medium-sized enterprises in technological innovation.
ST Tesco announced on the evening of February 23 that the company's shareholder Taobao (China) Software Co., Ltd. (“Taobao China”) plans to transfer all of its 1,861 billion shares (19.99% of the company's total share capital) to Hangzhou Haoyue. The transfer price per share is 1.53 yuan, and the total transfer price is 2,847 billion yuan. This change in equity is a transfer of the company's shares between different entities under the same control within the Alibaba Group.
UBS Global Research economist Kletz said in a report that the ECB will release a new economic forecast on March 7. This may be a key clue to determine whether the first rate cut in April is a realistic prospect, or whether it is more likely to cut interest rates in June. He said that UBS's basic assumption is that the ECB's first interest rate cut will take place in April, but the “obvious risk” is that interest rate cuts will take place after April. “According to our basic scenario, the new macro forecast will open the doors for April and June, so we may pay more attention to upcoming inflation, wages, hard data, and soft data.
According to Coinglass data, the total market value of Bitcoin ETFs (including spot and futures ETFs) exceeded 40 billion US dollars, reaching 40,027 billion US dollars, and the total asset management scale (AUM) was 36.850 billion US dollars. Among them: GBTC has a market capitalization of US$23.226 billion and an asset management scale of US$23.2 billion; IBIT has a market capitalization of US$6.398 billion and an asset management scale of US$5.68 billion; FBTC has a market capitalization of US$4.49 billion and an asset management scale of US$4.25 billion.
Li Qiang presided over an executive meeting of the State Council. The meeting reviewed and approved “Opinions on Further Optimizing Payment Services and Improving Payment Convenience”, which emphasized the need to focus on inconvenient payment issues for the elderly, foreign visitors to China, etc., strengthen coordination, increase necessary resource investment, take more measures to overcome service blockages, and promote the parallel development and mutual complementarity of various payment methods such as mobile payments, bank cards, and cash. (CCTV)
Li Qiang presided over an executive meeting of the State Council to listen to reports on the work of the departments of the State Council in handling the proposals of deputies to the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference in 2023. (CCTV)
General Secretary of the CPC Central Committee, State President, Chairman of the Central Military Commission, and Director of the Central Committee on Finance and Economics, Xi Jinping presided over the 4th meeting of the Central Committee on Finance and Economics on the afternoon of February 23 to study large-scale equipment updates and consumer goods trade-in issues, and to study the issue of effectively reducing logistics costs for the whole society. In an important speech at the conference, Xi Jinping emphasized that speeding up product upgrading is an important measure to promote high-quality development, and that a new round of large-scale equipment upgrades and consumer goods trade-in should be encouraged and guided. Logistics is the “backbone” of the real economy. Connecting production and consumption, domestic trade and foreign trade, it is necessary to effectively reduce logistics costs for the whole society, enhance the core competitiveness of the industry, and improve the efficiency of economic operation. (CCTV)
The Securities Regulatory Commission said that in the next step, the CSRC will work with relevant ministries and departments to accelerate the construction of the commodity futures spot market and make positive contributions to maintaining the stability of China's industrial chain supply chain and building a high-standard commodity market system. The Securities Regulatory Commission will also support futures exchanges to strengthen the interface with warehousing management platforms to help enterprises make better use of warehouse receipts to achieve financing development. The Securities Regulatory Commission supports futures exchanges to continue to increase the supply of products, continuously improve the futures market variety system, and deepen the futures market's ability to serve the real economy. At the same time, guide futures exchanges to continuously optimize delivery mechanisms, dynamically adjust futures storage fees according to market development needs, reduce enterprise delivery costs by reducing delivery fees and adding futures free delivery brands, etc., and help physical enterprises manage risk.
The website of the China Securities Regulatory Commission focuses on the responses to the recommendations of the first session of the 14th National People's Congress and the proposals of the first session of the 14th National Committee of the Chinese People's Political Consultative Conference. In response to the “Proposal on Pooling Consumer Infrastructure into Public REITs”, the Securities Regulatory Commission stated that it will work with the National Development and Reform Commission to actively promote the implementation of eligible consumer infrastructure REITs projects to revitalize existing assets, expand effective investment, and boost consumption. The Securities Regulatory Commission said it will work with the National Development and Reform Commission to actively promote the implementation of eligible consumer infrastructure REITs projects to revitalize existing assets, expand effective investment, and boost consumption.