Lijin Finance

Newsflash

• The Shanghai And Shenzhen Stock Exchanges Have Taken Intensive Measures To Strengthen Quantitative Trading Supervision And Maintain Market Stability.

  On February 20, according to the Shanghai and Shenzhen Stock Exchange websites, the quantitative transaction reporting system was smoothly implemented. In the next stage, the Shanghai and Shenzhen Stock Exchanges will take comprehensive measures from the institutional end, access end, trading end, information end, and institutional end to continue to strengthen the monitoring and analysis of quantitative transactions, especially high-frequency transactions, and include the quantitative transactions of northbound investors in the reporting scope in accordance with the principle of consistency between domestic and foreign investors.

  The reporter learned that this is the first time that the Shanghai and Shenzhen Stock Exchanges have launched a series of regulatory measures focused on quantitative trading, clarifying the regulatory attitude and reflecting the determination of the regulatory authorities to strengthen the supervision of quantitative trading and maintain market stability. In the future, relevant quantitative trading supervision measures will be matured and launched, and communication with various investors in the market will be fully strengthened to grasp the pace and intensity of work, standardize quantitative trading, and maintain the stable operation of the market.

  On that day, the Shanghai and Shenzhen Stock Exchanges issued a "penalty" for abnormal transactions of Ningbo Lingjun Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Lingjun"), restricted trading and initiated public condemnation procedures for Ningbo Lingjun. Industry insiders believe that supervision has "tears with thorns" and is intended to promote standardization and guide quantitative development. Regulatory authorities will respond quickly and strike hard at illegal activities that affect the normal trading order of the market and damage the legitimate rights and interests of investors.

  A series of measures highlight investor-oriented

  According to the website of the Shanghai and Shenzhen Stock Exchanges, quantitative trading regulatory measures include strictly implementing the reporting system and clarifying the access arrangements of "reporting first, trading later"; strengthening the authorization management of quantitative trading market conditions, and improving the differentiated charging mechanism; improving abnormal transaction monitoring and monitoring standards, strengthening the supervision of abnormal transactions and abnormal order cancellations; strengthening the monitoring and regulation of leveraged quantitative products, and strengthening futures and spot linkage supervision.

  According to market analysts, the policies introduced this time are highly targeted and emphasize investor-oriented. For example, the requirement to "report first, then trade" will help to further accurately identify quantitative transactions; in view of the information advantages of quantitative transactions, clearly strengthen market authorization management; in view of recent quantitative transactions in small market capitalization stocks, clearly strengthen the monitoring and regulation of leveraged products to prevent stampedes in a short period of time. Including the self-regulatory management measures taken against Ningbo Lingjun this time, it is a reflection of the regulatory authorities’ strengthening supervision of abnormal trading behaviors.

  "In the early stage, the regulatory authorities established a quantitative transaction reporting system. In accordance with the requirements, we have completed the reporting of existing customers, established a customer transaction monitoring system, and organized and mobilized relevant customers to report." A relevant person from Huatai Securities said that in the future, the company will continue to dynamically follow up on new additions, changes, etc., strictly implement the reporting system, and strengthen the detection of abnormal trading behavior.

  The Shanghai and Shenzhen Stock Exchanges have also proposed specific measures from the institutional side, including further consolidating the customer management responsibilities of securities companies, improving the self-regulatory management cooperation mechanism with the Securities Association and the Fund Industry Association, and strengthening the transaction supervision of quantitative private equity and other institutions; strengthening communication with the Hong Kong Stock Exchange, in accordance with the principle of consistency between domestic and foreign capital, clarifying the reporting arrangements for northbound investors in the Shanghai-Shenzhen-Hong Kong Stock Connect, and including quantitative transactions by northbound investors within the reporting scope.

  He Wenqi, chairman of Shenzhen Chengqi, said that the measures introduced this time will help reduce the impact of illegal quantitative transactions on the market and maintain the stability and fairness of transactions. The quantitative trading reporting system has been implemented for nearly half a year. This quantitative trading regulatory measure emphasizes the supervision of frequent orders and withdrawals, strengthens the monitoring of leveraged products, and clarifies the principles of northbound quantitative trading reporting, releasing a signal for supervision to further standardize quantitative trading.

  The Shanghai and Shenzhen Stock Exchanges also stated that in the next step, they will adhere to the investor-oriented approach, take the maintenance of fairness as the starting point and end point of their work, learn from international regulatory practices, seek advantages and avoid disadvantages, and establish and improve quantitative trading regulatory arrangements. For abnormal transactions that affect market order, the Shanghai and Shenzhen Stock Exchanges will resolutely take self-regulatory management measures, and those suspected of violating laws and regulations and serious circumstances will be reported to the China Securities Regulatory Commission for investigation and punishment.

  Mature one, launch one

  For the first time, the Shanghai and Shenzhen Stock Exchanges have launched a policy "combination punch" from the institutional end, access end, trading end, information end, institutional end, etc. to further strengthen the pertinence and accuracy of quantitative trading supervision.

  A relevant person from the Market Supervision Department of the China Securities Regulatory Commission told reporters that the China Securities Regulatory Commission has always paid attention to the development and supervision of quantitative trading. In recent years, it has successively promoted many tasks, including bringing quantitative trading into the scope of securities laws, establishing a data collection mechanism for leading quantitative institutions, strengthening quantitative trading monitoring and analysis, establishing a programmed transaction reporting system, strengthening private placement and securities lending supervision, etc. The "combination" of quantitative trading supervision launched this time is strong, strengthening supervision from multiple dimensions, and basically covering the main aspects of quantitative trading business operations.

  "The series of quantitative trading supervision measures introduced in the next stage will be mature one by one and launched one by one, and we will fully strengthen communication with various investors in the market, grasp the pace and intensity of work, promote the standardized and healthy development of quantitative trading, and maintain the stable operation of the market." The above-mentioned person said.

  Relevant people from Huatai Securities said that the relevant regulatory measures this time proposed a series of arrangements from various aspects such as access reporting mechanism, regulatory coverage, trading behavior and supporting systems, focusing on the programmed transaction reporting management system that has been implemented in the early stage, reflecting the "thorny" supervision, and further eliminating regulatory gaps.

  Quantitative trading supervision emphasizes seeking advantages and avoiding disadvantages

  There is currently a lot of market discussion about quantitative regulation. Many opinions believe that quantitative trading started late, but developed rapidly and had a greater impact on the market.

  "The impact of quantitative trading on the market must be viewed dialectically." Relevant people from the Shanghai and Shenzhen exchanges said that on the one hand, quantitative trading is usually operated with full or high positions, which provides more liquidity to the market and helps promote price discovery. On the other hand, quantitative trading, especially high-frequency trading, has characteristics such as fast transaction speed, strong processing power, and the use of artificial intelligence. It has strong technical advantages, information advantages, and trading advantages over the majority of investors. In addition, some micro-cap trading behaviors have convergence in strategies, transactions, and even trading hours, which further amplifies the fluctuations of individual stocks, thereby causing market resonance.

  A relevant person from the Market Supervision Department of the China Securities Regulatory Commission told a reporter from the Shanghai Stock Exchange that the Shanghai and Shenzhen Stock Exchanges have comprehensively implemented policies to supervise quantitative trading, not to kill quantitative trading with one stick, nor to ban quantitative trading. Instead, during the daily supervision process, it has been found that there are more quantitative transactions, the frequency of transactions, the frequency of placing and canceling orders is too high, there are phenomena such as excessive use of information advantages, exacerbating information asymmetry, etc., and the unfairness brought to the market has become increasingly obvious.

  "Considering the current market situation of 200 million investors, and the risk of increasing market volatility in quantitative high-frequency trading under a specific market environment, it is necessary to take advantage of the situation to promote its standardized development and make it more investor-oriented." said the person above.

  Focus on high-frequency trading, in line with international practice

  A relevant person from the Market Supervision Department of the China Securities Regulatory Commission said that the focus of this quantitative trading supervision is on high-frequency trading. Judging from international experience, overseas markets generally implement stricter supervision on quantitative transactions, especially high-frequency transactions, to prevent negative impacts on market order.

  For example, Germany, Japan, etc. have centralized regulations on quantitative trading in the form of written laws and implement access registration management for high-frequency traders. Germany stipulates the definition and characteristics of algorithmic trading and high-frequency trading, exchange fees, transaction monitoring indicators, system requirements, etc.; Japan has formulated and issued regulatory guidelines specifically for the supervision of high-frequency trading actors.

  Markets such as the United States limit the speed at which high-frequency traders can obtain trading information, reduce information asymmetry, and ensure optimal execution of investor orders. At the same time, they clearly prohibit any market participant from participating in, specifying, or intending to conduct destructive trading behaviors, including "spoofing" and other market manipulation behaviors that have emerged with the rise of high-frequency trading.

  Many market participants have also reported that the quantitative transaction reporting system established in the early stage imposes additional reporting requirements on high-frequency transactions, so as not to affect the security of the exchange system and normal trading order. This is also in line with internationally accepted practices.

  The quantitative transaction reporting system was implemented smoothly

  On September 1 last year, the Shanghai and Shenzhen Stock Exchanges issued the "Notice on Matters Concerning the Reporting of Stock Programmed Trading" and the "Notice on Matters Concerning Strengthening the Management of Programmed Trading", establishing a special reporting system and corresponding regulatory arrangements for quantitative trading, which will be officially implemented on October 9, 2023. At present, the above-mentioned system has been implemented smoothly.

  The reporter learned from the Market Supervision Department of the China Securities Regulatory Commission that at present, existing investors have achieved "repayment of all dues", and incremental investors "report first, then trade". The quality of reports from all parties generally meets the requirements, laying the foundation for further strengthening and improving quantitative trading supervision.

  It is reported that the content of the quantitative trading report is very detailed, including basic account information, account fund information, transaction information, trading software information and other major categories. There are also specific requirements under the major categories. For example, the account fund information requires filling in the account fund size, fund source, and source proportion. For leveraged funds, the leveraged fund source and leverage ratio need to be filled in. The transaction information requires filling in the transaction type, whether it is a quantitative transaction, the main strategy type and overview, auxiliary strategies and overview, futures market account name and code, trading order execution method and overview, the highest account declaration rate, the highest number of declarations in a single day, etc.

  A relevant person from the Market Supervision Department of the China Securities Regulatory Commission said that unreported investors cannot conduct programmed transactions, which is equivalent to allowing investors to "driving with a license" in the first place, providing institutional conditions for timely discovery of violations and real-time monitoring.

  Editor: Tao Jiyan | Reviewer: Li Zhen | Supervisor: Wan Junwei

  24 minutes ago

• Zhoushan Teachers And Students Concert Begins With Warm Singing, He Ling Has Been Deeply Engaged In Children’s Vocal Music Education For 18 Years

  Winter nights are frosty, and art warms people's hearts. A teacher-student concert titled "Just Between the Mountains and Rivers" was held warmly at the Zhoushan Ocean Culture and Art Center. This performance was presented by young singer and vocal teacher He Ling together with a group of young students. It integrated ethnic, bel canto, pop, opera and other diverse singing methods into one. It was not only a concentrated report of teaching achievements, but also a warm transmission of teacher-student friendship and artistic inheritance. The song "I Will Become You When I Grow Up" runs through it, which is like a link that firmly binds the deep affection and power of "teacher-to-disciple inheritance".

  

  Concert group photo

  Eighteen years of intensive cultivation: educating peaches and plums with art, the teacher’s original intention reflects the mountains and seas

  As the core of this concert, He Ling has been deeply engaged in children's vocal music education for 18 years, and her steps are solid and determined. She graduated from Shenyang Conservatory of Music in 2008. In 2018, she went to the Vocal and Opera Department of Shanghai Conservatory of Music for further studies in music performance. She studied under Professor Shi Lin, a famous vocal educator, and polished her professional skills. After completing her studies and returning home, she plunged into the field of children's vocal music education in Zhoushan. Not only did she cultivate a number of music talents who were admitted to professional schools, she also guided students to achieve great results in international, national, provincial and municipal children's vocal music competitions, and participated in the filming of "Singing." "Flying with Folk Songs", "Little Flowers After the Rain", "Happy Flying", "Spring Girl's Edelweiss" and other happy and sunny original songs and MV works, using the two-dimensional cultivation of "teaching skills + creation" to build a bridge to the world of music for children.

  As she often said, "Music is a warm bond," and she is the guardian of this bond. She has watched the children grow from ignorance to confidence, and she has also watched some students embark on the path of music education just like she followed her mentor.

  Teachers and students on the same stage: diverse singing voices express feelings, and one inheritance moves people's hearts

  The concert kicked off with a warm opening VCR. He Ling and all the actors sang "Ode to Coral" together. The passionate melody not only paid tribute to the intelligence frontline heroes who sacrificed to liberate Zhoushan in the hit drama "Silent Glory", but was also dedicated to the special audience who came to the scene - 95-year-old veteran of the War to Resist US Aggression and Aid Korea Zhang Jirong. When He Ling told the story of the old man's bloody battlefield and spreading the red story after the war, singing and applause intertwined, setting a heavy and warm tone for the performance.

  Nearly 20 Chinese and foreign pieces were then performed in turn, with young students showing off their talents: Guo Jiaru combined the elegance of Yuan opera with modern melodies with "The Order of Gui Gui Ling - Spring Love", and Yu Ningmeng conveyed Su Shi's "A Coop of Misty Rain and a Lifelong Life" with "Ding Feng Bo - Don't Hear the Sound of Beating Leaves Through the Forest". With open-mindedness, Yang Shuyi's Yue Opera "The Golden Marriage" fully demonstrated the beauty of the collision of opera and vocal music, and the excerpts from Donizetti's opera performed by Rui Zihan and Mao Wenzhe were full of tension. And He Ling's performance on stage pushed the atmosphere to a climax: "Heavenly Road" sang about the majesty of the mountains and seas, "Niannujiao·Chibi Nostalgic" reproduced the heroic spirit of the ages, and the relevant song "Between the Mountains and Rivers" expressed the friendship between the Yimeng army and the people. In every line of her singing, she expressed her sincerity towards music and her expectations for her students.

  The most touching moment was when all the teachers and students sang "I Will Become You When I Grow Up" at the end. When the familiar melody sounded, warmth filled both the stage and the audience—— Guo Jiaru, who has become a vocal music teacher at an art school, has red eyes, "I used to see Teacher He standing in the center of the stage, but now I have become a teacher who teaches children to sing, so I understand the weight of this song." On the stage, He Ling held the hands of her students and her smile was full of joy. The famous composer Lei Lixin said with emotion: "From the little girl we first met to now cultivating batches of students who will inherit the legacy, He Ling's growth is obvious to all. This song "I Will Become You When I Grow Up", her story, and the theme of this concert are relevant to the core. This is how Chinese music culture is passed down from generation to generation!"

  

  A group photo of all the actors

  Rave reviews: The fire is passed down from generation to generation without end, and the singing voice is warm throughout the mountains and seas.

  There was continuous applause throughout the performance, and the audience used their mobile phones to record every touching moment, and the voices from all parties were full of recognition and emotion. Professor Shi Lin, who directed the whole performance, commented emotionally: "He Ling showed the results of her hard work in raising children here, allowing the people of Zhoushan and music lovers to get real artistic enjoyment. This performance was very successful! We hope that we can work together to push Zhoushan's culture and art to a higher level."

  A large number of parents gathered around the stage waiting for a group photo, saying bluntly, "Teacher He is kind and professional. I hope my children can pass on this love for music like Teacher He and Teacher Guo in the future." Some viewers shared through social platforms: "The concert completely exceeded expectations! Watching the whole immersive performance, I not only felt the professional charm of vocal art, but also was moved by the warm inheritance between teachers and students. It is a performance worth watching twice!"

  The participating students also gained a lot. Mao Wenzhe faced the accident of "dropping the wireless mic" during the performance and cleverly resolved it with stage movements. She said with a smile: "Teacher He often said that 'accidents on the stage are also growth'. In the future, I want to be an actor who can stabilize the stage, and I also want to be a teacher like her. This experience is the best practice."

  

  Actor: Mao Wenzhe

  When the performance came to an end, He Ling took the stage to share her thoughts. She looked at the students around her with light in her eyes: "After eighteen years of hard work in the teaching field, the most gratifying thing is not how many awards I have won, but watching these children listen to me singing from the audience, sing with me on stage, and then some children become teachers who teach others to sing. I am grateful to my mentor for letting me understand the meaning of 'teacher'; and I am also grateful to these children for allowing me to see the most beautiful form of 'inheritance.'"

  

  Teacher He Ling

  From the elegance of Yuan music to the magnificence of opera, from the passion of folk songs to the soulfulness of popular music, this concert not only demonstrated the diverse charm of vocal art, but also made the melody of "I Will Become You When I Grow Up" and the deep feeling of "inherited from master to apprentice" forever lingering in the winter nights of Zhoushan. The singing will come to an end, but this sincerity to music and persistence in inheritance will eventually last as long as mountains and seas, warming the path forward for more people.

  2 hours ago

• There Are Secrets Behind The Exercise Steps On WeChat, And All The Love Lies And Family Insights Are Seen Through

  

  When Lin Xiao turned off the phone screen, the electronic clock on the bedside table jumped to 00:01. The WeChat dialog box still said "Good night" from half an hour ago, but she stared at the familiar profile picture on the WeChat sports rankings, and the number 4327 steps pierced her eyes like a thorn - the boyfriend who said he was "too sleepy to open his eyes" two hours ago was now using his footsteps to draw secret tracks in the city. This absurd "accompanying performance" has been going on for three months. My boyfriend always says that he is so busy with projects that he lives at work, but his step count is always extremely active every Wednesday night. Once she deliberately said, "I want to drink the long-established sugar water store in the south of the city because I have a sore throat." Two hours later, the other party sent a message saying, "I just got off work and I can't buy it." But the next day, she saw his check-in photo in front of the sugar water shop in the Moments of a mutual friend. The WeChat movement is like a silent detective, tearing apart all the carefully crafted excuses. What really made her break through was last Thursday. My mother sent me a WeChat message asking if I stayed up late again. She casually said I went to bed early, and then went to a disco with her best friend until the early hours of the morning. During the video the next day, her mother suddenly said: "It's time to change the curtains in your bedroom. The light leaking from the curtains at twelve o'clock last night woke me up." She was shocked to realize that her mother would guess her life every day based on her step count on WeChat - less than 100 steps means staying in bed, 3,000 steps means commuting, and more than 10,000 steps means sneaking out to play. Those lies that they thought were seamless have long been seen through by the eyes behind the numbers. The companionship of modern people is like the likes of WeChat sports, and the performance can be completed with a flick of a finger. Colleague Xiao Zhang’s circle of friends is always positioned at the company where he works overtime, but his WeChat activities show that he walks 20,000 steps on the riverside trail every night; his cousin posted a parent-child photo with her child, but the step record revealed that she left the child with her parents and went to the gym alone. We are busy pretending to be the perfect partner, filial to our children, and motivated employees on social media, but we forget that real companionship requires the warmth of our feet on the ground. At one o'clock in the morning, Lin Xiao opened her boyfriend's dialog box, entered and deleted. The moonlight outside the window made the phone screen pale, and the number 4327 steps was still there, like a silent mockery. She suddenly remembered that her mother always said, "There was no WeChat step count before. When your dad came home late, I would sit at the door and wait for his footsteps." Although the waiting at that time was painful, at least every step was real. Nowadays, we are too lazy to even measure lies with our steps. She pressed the delete key and cleared the dialog box where she had been chatting for three years. The moment the phone screen went dark, the WeChat sports ranking list was automatically refreshed, and the boyfriend's step count became 4,512. On the other side of the city, in a lighted window, someone might be weaving the next "good night" lie to the same number.

  3 hours ago

• Don’t Panic If You Lose Your Self-study Diploma! Teach You How To Reissue Your Academic Certificate And When To Get It

  Improving academic qualifications has become a way out for many people who cannot find good jobs in society because of their academic qualifications. More and more people are applying for self-study examinations. So when will the self-study examination graduation certificates be received?

  Click to enter: If you have questions about self-study exams, don’t know how to choose the college and major for taking exams, or don’t know the local policies for self-study exams, click to learn now >>

  How long does it take to receive the self-study graduation certificate after application:

  After the application is successfully processed, candidates need to wait for 20 working days before they can go to the Provincial Examination Office to receive the Graduation Certificate with their ID cards. With the "Graduation Certificate", candidates can enjoy the benefits of unified admission to the same level of academic qualifications. However, there is only one original copy of the self-study diploma, and candidates should keep it properly to avoid unnecessary trouble.

  How to deal with the loss of self-study diploma?

  After the self-study diploma is lost, it cannot be reissued, but the academic certificate can only be reissued. The details of the reissue method of the self-study academic certificate are as follows:

  1. After the graduation certificate is lost, you should declare in the newspaper that the original diploma is invalid, and apply for a replacement from the graduation school or self-study examination office. Write down written materials, clearly stating your enrollment and graduation time, as well as your major, age, gender, and current workplace.

  2. After the graduation school or self-study examination office has verified that the situation is correct, submit the materials together with the admission approval form materials to the provincial education department to apply for an academic certificate.

  3. After the provincial education department approves the situation, it can reissue the academic certificate.

  4. The original graduation school and the self-study examination office shall handle the details and stamp them.

  The above is the relevant content about the adult self-study exam. Candidates can use this as a reference. The official announcement shall prevail! If candidates want to get more information about self-study exams, such as adult self-study registration time, test time, application conditions, test preparation knowledge, relevant news, etc., please pay attention to the China Education Online Self-study Examination Channel.

  5 hours ago

• The Global Smartphone Market Will Face An 'unprecedented Crisis' In 2026 Due To Memory Shortages

  Financial News Agency, February 27 (Editor Shi Zhengcheng) Industry research organization IDC warned in its latest report that the global smartphone market will usher in an "unprecedented crisis" in 2026 due to memory shortages.

  IDC has significantly lowered its forecast for smartphone shipments in 2026 to about 1.1 billion units, which is far lower than last year's figure of 1.26 billion. This means that the smartphone market may experience a record year-on-year decline of 13% this year.

  Nabila Popal, senior research director at IDC, said bluntly: "Compared with the memory crisis, the tariff chaos and the impact of the epidemic pale into insignificance. At the end of the current crisis, the smartphone market will experience a dramatic transformation in size, average selling price, and competitive landscape. We do not expect the situation to ease until at least mid-2027."

  Analysis points out that in the face of sharp price increases in the cost of key components, mobile phone manufacturers can only respond by tightening configurations, eliminating unprofitable entry-level models, and pushing consumers to switch to higher-end devices. IDC believes that in the past few years, the entry-level devices launched by many manufacturers in order to compete for market share are more vulnerable to cost pressures because memory prices account for a larger proportion of the overall material cost.

  Of course, compared to rising prices, the more serious problem faced by smartphone manufacturers is the inability to buy enough chips. Qualcomm CEO Amon said after releasing the financial report this week: "The problem now is not only the price, but also the availability of supply. I think how much memory manufacturers can get will determine the overall size of the mobile phone market."

  Interestingly, anecdotes about Apple negotiating with Samsung Electronics to purchase LPDDR5X memory were also reported in the market on Thursday: Samsung originally only wanted to increase the price by 60%, so it initially tentatively offered a price increase of 100%, but Apple agreed to it in order to ensure supply. Even so, Apple's memory supply for the second half of this year has not yet been secured.

  This news will obviously not be officially confirmed, but Apple, as the "supply chain master", has also been forced into such a situation, and other manufacturers are likely to be facing the same troubles.

  IDC further stated that even if the memory shortage eases after 2027, the smartphone market is unlikely to return to its previous pricing structure.

  Popal said: "The era of low-priced smartphones is over, and even if the memory crisis eases, we do not expect memory prices to return to 2025 levels."

  IDC pointed out that approximately 170 million smartphones priced under $100 were shipped last year, and this segment is now unprofitable.

  (Shi Zhengcheng of Financial Associated Press)

  6 hours ago

• Renhe Business Suffered Huge Losses Of 1.7 Billion And Was In Crisis. Female Boss Dai Xiuli Divorced Her Husband

  The people and businesses that once made their name in the “bomb shelter” model are now in crisis.

  In the just-released 2013 annual financial report, Renhe Commercial lost as much as RMB 1.7 billion. At the same time, commercial projects it developed in Chengdu, Daqing and other places have led to constant disputes due to the transfer of operating rights.

  Moody's and Standard & Poor's have downgraded its credit rating several times due to pressure on cash flow.

  Dai Xiuli, a female business owner, divorced her husband.

  Huge loss of 1.7 billion

  The myth of high growth for people and business came to an abrupt end this year.

  On April 29, Renhe Business released its 2013 annual financial report. During the reporting period, it achieved operating income of 547 million yuan, down 20.4% from last year, including operating lease income of 455 million yuan and income from transfer of operating rights of 92.718 million yuan. However, the loss was as high as RMB 1.7 billion. In the same period last year, Renhe Business made a profit of 895 million yuan.

  "The losses of Renhe and Commerce are not unexpected." Wang Yongping, secretary-general of the China Commercial Real Estate Alliance, told 21st Century Network, "His model is not sustainable. The most important thing about commercial real estate is the later management. Renhe sold all the shops to retail investors for many years without participating in the management."

  21st Century Network found that there were three main factors that led to Renhe Commercial’s huge losses. First, the investment property was depreciated by 832 million yuan. In 2013, Renhe Commercial converted a 38,000-square-meter shopping mall in Dongguan into a parking lot. Second, the impairment of accounts receivable was 540 million yuan. Third, financing costs were as high as 477 million yuan.

  According to Renhe Commercial Announcement, the impairment of accounts receivable of RMB 540 million came from two projects in Chengdu and Anshan.

  In its 2010 annual report, Renhe Commercial stated that it "indirectly transferred the operating rights of five projects through the sale of all the equity capital of five wholly-owned British Virgin Islands subsidiaries. These five projects are the Chengdu, Weifang, Dalian, Daqing and Anshan Phase I projects."

  Among them, the agreed price of the Chengdu project is HK$2.372 billion, and the Anshan Phase I project is HK$1.305 billion.

  However, in the past four years, the buyers of these two projects still have unpaid debts of HK$638 million and HK$345 million respectively, and Renhe Commercial decided to discount these debts.

  On March 6, 2014, Renhe Commercial announced that the group and the buyer had signed the Chengdu Deed and the Anshan Deed. The buyer had agreed to pay HK$190 million and HK$127 million to the group to settle the payments for the Chengdu and Anshan projects. After all the payments were settled, the buyer should no longer have any unpaid or undischarged debts and obligations for the purchase of the Chengdu project, and the Chengdu and Anshan personal guarantees would also be released.

  Regarding this approach, Renhe Commercial stated that the unpaid payments related to the Chengdu Project and Anshan Project have been in arrears for some time. Considering that taking legal action may be expensive and time-consuming, signing the Chengdu Deed and Anshan Deed will help recover the unpaid payments and allow the group to maintain an ongoing business relationship with the buyers of the Chengdu Project and Anshan Project respectively and help improve the group's cash flow position.

  But in fact, Renhe and Commerce’s “cutting off” positions seems to have another meaning.

  Disputes continue over sale projects

  At the beginning of 2014, the "Diyi Avenue" projects in Chengdu, Anshan, Daqing and other places after Renhe Business transferred their operating rights have caused constant disputes due to the transfer of operating rights.

  On April 16, outside the Diyi Avenue office at No. 38 Renmin East Road, Chengdu, dozens of Diyi Avenue merchants sat down to ask for an explanation.

  It is reported that these merchants purchased the right to operate shops on Diyi Avenue in Chengdu in 2011 at prices ranging from 90,000 to 100,000 yuan per square meter.

  Several owners of Diyi Avenue in Chengdu told 21st Century Network that during the sale, the developer and operator promised that Diyi Avenue would "seamlessly connect 17 large shopping malls in Yanshikou, Luomashi, Chunxi Road and Tianfu Square, and connect to the subway. Diyi Avenue will be built into a first-class commercial center in Chengdu." But three years later, these promises have all come to nothing.

  "Not one of the seventeen shopping malls is connected, and there is no investment in commercial advertising."

  What makes these merchants even more unacceptable is that the mall operators not only failed to find ways to solve the problems in operation and management, but focused on collecting the balance.

  A merchant surnamed Wang told 21st Century Network that in the contract, Diyi Avenue and the merchant clearly agreed that the total operating period would be 40 years, divided into two phases, each phase of 20 years. Renhe Business promises that merchants only need to pay half of the house payment (i.e., the first 20 years of rent), and the other half (the next 20 years of rent) will be handled by Diyidadao, which will find a bank to provide credit and loans to the merchants.

  But in fact, these shops converted from civil air defense projects had no property rights at all. People and Commerce finally asked the merchants to take out their residential properties as mortgages. However, many merchants were still unable to pay the rent for the next 20 years due to insufficient funds or other problems, and the conflict intensified.

  "Our demand is to withdraw the stores." It is reported that a total of 256 merchants requested refunds this time, involving more than 450 stores, a store area of ​​about 7,500 square meters, and the amount involved may reach 700 million yuan.

  But in the eyes of these owners, people and business are still related to Chengdu Diyi Avenue. In the previous coordination, a vice president from the Diyi Avenue headquarters came to Chengdu to listen to the opinions of the merchants.

  In Anshan, the local Diyi Avenue project lasted more than three years from investment promotion in 2010 to opening at the end of 2013. Due to construction collapse, Party A's breach of contract and other reasons, many owners have asked to withdraw from the project.

  In Daqing, due to disputes with the operator Daqing Yigao Investment Company, nearly 200 owners of Diyi Avenue organized multiple rights protections to demand the withdrawal of their properties.

  Representatives of merchants on Daqing Diyi Avenue said that at the time, Daqing Yigao Investment Company claimed that they were a subsidiary of Renhe Commercial.

  According to industrial and commercial information, Daqing Yigao Investment Company has now been renamed Daqing Yigao Trading Co., Ltd., the controlling shareholder is Hengying Investment Co., Ltd., and the legal representative is Huang Hao.

  Female boss Dai Xiuli divorces her husband

  It was reported on March 10 that Hogan, a British mathematics teacher, finally decided to divorce his wife Dai Xiuli, who is worth 1.2 billion pounds (approximately RMB 12.33 billion), because he was not used to the life of a rich man, and he only asked for 1 million pounds in alimony.

  According to reports, Hogan, 57, met Dai Xiuli on a blind date. They have been married for 21 years and have a 17-year-old son. Three years ago, Hogan's wife, Dai Xiuli, suddenly had the idea to transform many air-raid shelters in the mainland into underground shopping malls, and she became rich overnight. She now owns 22 "underground shopping malls" and a mainland football team.

  After Dai Xiuli became prosperous, she took Hogan back to the mainland in 2013 to ride on a yacht and drink famous wine. Hogan, however, was quite uncomfortable. He said that he still likes to go to British fast food restaurants for three meals.

  With the money in hand, Hogan resigned from his teaching position. He now only teaches children from poor families for free. Hogan said that maybe others think he should pay more alimony, but he believes that as long as he saves a little money, 1 million pounds is enough for him to live for the rest of his life.

  7 hours ago