On June 18, Eastern Time, Wanwushengsheng Group, which owns brands such as Aihuihui, was listed on the New York Stock Exchange and became the “first ESG stock in China’s concept stocks”, with a rise of 32.07% on the first day of trading. Tiger Securities, as the Internet underwriter of Wanwu Xinsheng Group, competed with internationally renowned big banks such as Goldman Sachs, Bank of America Securities, China Renaissance Capital, Guotai Junan (International), CITIC Securities, etc., and it was listed on the cover of Wanwu Xinsheng’s prospectus, showing the tiger The influence of securities as a leading Internet technology investment bank. Not only that, as a close adviser for the entire listing process of Wanwu Xinsheng Group, Tiger Securities also provides DSP services (family and friends stock services) and ESOP (employee equity incentive plan) services for Wanwu Xinsheng Group.

According to the prospectus, Wanwu Xinsheng Group is China’s largest trading and service platform for second-hand consumer electronics products. The Wanwu Xinsheng team was established in 2009, and now it owns the brand “Love Recycling” for the recycling business of individual users, the B2B trading platform “Paijitang”, the B2C retail platform “Paipai” and the overseas business “AHS Device”. According to the CIC report, in the second-hand 3C vertical category, the number of trading units and GMV of Wanwu Xinsheng Group ranked first in the market in 2020, and was higher than the sum of the second to fifth places.

Tiger Securities acted as the underwriter for the listing of Wanwu Xinsheng Group in the United States this time, relying on its own Chinese region’s largest U.S. and Hong Kong stock community and a huge customer base to build a bridge between issuers and individual investors. On the institutional side, Tiger Investment Bank comprehensively covers over 500 top institutions in the United States, Canada, and Asia Pacific, as well as a group of private equity funds focusing on Chinese concept stocks, and can arrange roadshows for issuers. It is reported that the total retail and institutional orders from Tiger Securities this time reached 480 million U.S. dollars, and the number of retail order subscriptions reached 38,000. The strong synergy between Tiger Securities brokerage and investment banking business is further highlighted.

In addition, Tiger Securities this time also served as the service provider of DSP (Family and Friends Share Service) and ESOP (Employee Equity Incentive Plan) of New Life Group. In terms of DSP, Tiger deploys an exclusive high-quality service team based on the needs of the issuer, formulates DSP guidelines, provides full tracking and coaching to employees and their relatives and affiliated customers designated by the issuer, and develops a “1-hour response mechanism” to ensure efficient information collection And timely feedback to meet customer needs in time. In terms of ESOP, based on the integrated platform of Tiger Securities brokerage and ESOP, the issuer only needs to choose a single Tiger Securities institution to provide comprehensive services, and it can also be connected to the existing ERP management system according to customer needs to improve efficiency while improving efficiency. Significantly save management costs.

“Tiger Securities is committed to becoming a close partner of the entire listing cycle of new economy companies,” said the head of Tiger Securities’ investment banking business. “Most new economy companies are still very young and are listed overseas for the first time. The pits and pain points are not familiar. Tiger Securities is on the same track as the new economy enterprise, and it has the experience of listed companies. It can provide detailed and professional services and suggestions for the company during the whole process of listing. In addition, ESOP (Employee Equity Incentive Plan) and The enterprise account service can also solve various problems faced by issuers before and after the listing process, such as communication with employees during the trading window, and investor relationship management.”

Relying on the excellent reputation accumulated on the investment bank side, Tiger Securities has led the underwriting of US stocks for two consecutive years. Data show that Tiger Securities is the investment bank that underwrites the most Chinese concept stocks to list in the United States in 2019 and 2020. Among them, in 2020, it will underwrite 14 Chinese concept stocks to go public in the United States, and has been the only Internet technology investment bank in the underwriting syndicate or with the largest allocation share several times. Entering 2021, Tiger, as the lead bank of Kook Music’s listing in the United States, led the advancement of the IPO project, and then acted as an underwriter to help star companies such as Zhihu and Monster Charging to list on the US stock market. At the same time, the internationalization of Tiger Securities’ investment banking business continued to increase, underwriting three Hong Kong stock IPOs including Bilibili and Autohome in the first half of the year.

“Recently, the U.S. stock IPO market has picked up, and many new economy companies have put listings on the agenda again. Going public is one of the most important milestones in the development of companies. Said it is very important, so it is necessary to choose an investment bank with rich project experience to ensure that the company can go public smoothly.” A person in the investment industry said

The 2020 annual report shows that Tongyu’s main business is communication antennas and radio frequency devices, optical communications, and new energy electrical cabinets, accounting for 79.37%, 15.53%, and 5.1% of revenue respectively.

The chairman of Tongyu Communication is Wu Zhonglin, male, 54 years old, Chinese nationality, no permanent overseas residency, master degree, engineer, assistant engineer, professor, former assistant engineer of Guangdong Sanshui Southwest Communication Equipment Factory, Zhongshan Post and Telecommunications Bureau, Guangdong Province Mobile branch engineer, visiting professor of Zhongshan Vocational and Technical College, etc.

Daoda (1997) “Individual Stock Trend” reminder:

1. In the past 30 days, Tongyu Communication’s holdings of northbound funds have decreased by 530,200 shares, and the proportion of shares in circulation decreased by 0.32%;

2. No organization has conducted research on Tongyu Communication in the past 30 days.For more key information, please search for “Dao Dahao”.

   Every Jing Toutiao (nbdtoutiao)——You lose 200,000 yuan if you get out of the column! How long will the low price of the pig cycle go sideways in the second half?The industry predicts that the turning point will come at this time

   (Reporter Zeng Jianhui)

   Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. According to this operation, at your own risk.

   Daily economic news

Source: Visual China

Reporter丨Chen Jing

The sensational Everbright Securities MPS incident has the latest developments.

On June 11, Everbright Securities issued an announcement to disclose the MPS matters and follow-up situation of the wholly-owned subsidiary Everbright Capital.

The announcement shows that JINXINNC. (Cayman Baptist), the subject of overseas project transactions of Shanghai Baptist Fund, filed fraudulent false statements and breach of tax commitments with individuals and institutions such as RICCARDO SILVA ANDREA RADRZZANI, the original seller shareholder of MPS, in the High Court of England and Wales. The litigation claims that the amount involved is approximately US$661 million (approximately RMB 4.2 billion).

Everbright Securities said that the company’s business operations are currently normal.

Originating from MPS, China Merchants Bank and Huarui Bank invested 3.2 billion in total

What is the MPS project? How did Everbright Securities step on the thunder?

The matter dates back to four years ago. This series of disputes are all related to the “Storm” of the British sports copyright company MP&Silva (the “MPS” project) acquired by Baptist Fund, the executive partner of Everbright Baptist in 2016.

Everbright Baptist, a subsidiary of Everbright Capital, serves as the executive partner of Baptist Fund.

In 2016, Everbright Baptist and Baofeng Investment and Shanghai Qunchang launched the Baptist Fund with a fund size of 10 billion and a total maturity of 5 years. According to Tianyan Check, Baptist Fund has a total of 14 investors, of which China Merchants Wealth holds 53.82%, and Everbright Capital holds 1.15%. The executive partners of Baptist Fund are Shanghai Qunchang Financial Services Co., Ltd. and Everbright Baptist Hui, Baofeng (Tianjin) Investment Management Co., Ltd. Huarui Bank and Shenzhen Hengxiang are also partners of Baptist Fund.

In May 2016, Baptist Fund raised 5.2 billion yuan to complete the acquisition of 65% of MPS. MPS used to be the world’s top sports media company, with business covering more than 200 countries and regions around the world, with more than 90 global event property rights, and more than 30 event rights agency partners. LeTV Sports is its largest partner in China. Against LeEco, the Storm Group at the time also aimed at the sports sector, hoping to formally enter the sports industry.

Among the 5.2 billion yuan raised by the Baptist Fund, Everbright Capital contributed 60 million yuan as an inferior investor. The priority investor China Merchants Bank invested 2.8 billion yuan, and Huarui Bank invested 400 million yuan through Aijian Trust; other investors included Zhaoyuan Yongjin invested 600 million yuan, Shenzhen Hengxiang, Baofeng Department and Everbright Capital jointly invested billions .

In October 2017, MPS lost to rival IMG in the Serie A international copyright bid. In the same year, BeIN Sports took away the Ligue 1 copyright from MPS. Since then, MPS has been losing ground in the sports copyright market. Due to the inability to pay copyright fees, some major copyright owners terminated their contracts with MPS early and even took them to court. In October 2018, with the bankruptcy and liquidation order of the High Court of the United Kingdom, MPS became history. The 5.2 billion yuan investment was “flooded” and the investors encountered Waterloo.

Since then, many partners of the Baptist Fund have demanded compensation from the Everbright Department and the Baofeng Department.

In July 2019, Feng Xin, the actual controller of Baofeng Group, was arrested. Baofeng was in deep crisis and could not protect itself. Everbright Capital has become the main claim target of all investors. Everbright Securities’ 2018 annual report shows that the stakeholders of the Baptist Fund’s priority limited partners have presented a letter of replenishment stamped by Everbright Capital, promising that if the priority limited partners cannot exit, they will be funded by the inferior ones. People Everbright Capital assumes the corresponding obligation to make up the difference.

Everbright Capital was sued or arbitrated by China Merchants Bank, Zhaoyuan Yongjin and Huarui Bank, and Shenzhen Hengxiang, and the amount of “debt collection” involved exceeded 4.1 billion yuan. Among them, the amount involved in China Merchants Bank’s lawsuit against Everbright Capital is approximately 3.489 billion yuan, and the amount involved in arbitration applications for Huarui Bank and Shenzhen Hengxiang is 452 million yuan and 168 million yuan respectively. The arbitration initiated by Zhaoyuan Yongjin involved an amount of 100,000 yuan.

On May 31, 2019, Everbright Securities disclosed that the case was at the stage of filing and acceptance, and the impact on Everbright Capital could not be accurately estimated for the time being.

After the MPS incident, Everbright Securities also experienced a series of executive changes.

In April 2019, Xue Feng resigned as chairman and director of Everbright Securities, and Party Secretary Yan Jun replaced Xue Feng as chairman of the company. In January 2020, Liu Qiuming, the original chairman of CM Investment, was newly appointed as the president of Everbright Securities. The former president Zhou Jiannan resigned due to personal reasons. Several senior executives, including the chief risk officer, compliance director, business director and directors of Everbright Securities, have also changed.

Everbright Securities is also constantly trying to hold Storm Group responsible. In April 2020, Everbright Securities disclosed the result of the first instance of the MPS case. The Shanghai Financial Court ruled that Everbright Capital, a wholly-owned subsidiary of Everbright Securities, should pay approximately 3.116 billion yuan to China Merchants Bank and interest from May 6, 2019 to the date of actual settlement. Loss, and bear part of the litigation fees, property preservation fees and other expenses; pay the investment principal of 400 million yuan to Huarui Bank, pay the investment income from January 1, 2018 to the date of actual performance, and bear litigation fees, preservation fees, etc. Currently, Everbright Capital has filed an appeal, and the relevant litigation is still in the process of performing judicial procedures.

MPS risks are fully accrued, and China Everbright is stepping out of the haze

Following a sharp rebound in performance in 2019, Everbright Securities has achieved a three-fold increase in net profit in 2020.

According to the company’s annual performance report released on March 25, the company achieved a total of 15.866 billion yuan in operating income in 2020, an increase of 58% year-on-year, and a net profit of 2.334 billion yuan attributable to the parent, an increase of 311% year-on-year.

However, dragged down by the MPS incident, Everbright Capital has suffered three consecutive years of performance losses in 2020, with losses of 1.634 billion yuan and 2.909 billion yuan in 2018 and 2019, respectively. As of December 31, 2020, Everbright Capital had total assets of 2.980 billion yuan, net assets of 2.442 billion yuan, and losses of 2.069 billion yuan.

Everbright Securities accrued a liability of 1.55 billion yuan for MPS matters in 2020. In the past two years, it has accrued liabilities of 3.011 billion yuan. Up to now, Everbright Securities has accrued liabilities of 4.565 billion yuan for MPS. In the MPS incident, the largest amount of funds contributed by the stakeholders of the two priority partners-China Merchants Bank and Huarui Bank. According to the announcement on the judgment of the first instance disclosed by Everbright Securities, in addition to the priority principal, a certain amount of interest must be paid. However, as far as the current situation of Everbright Securities’ accrued accrual is concerned, Everbright Securities has made a full accrual for this matter.

Everbright Securities stated that since the occurrence of the MPS incident, the company has deeply analyzed the problems reflected in the risk event, focusing on comprehensively recreating the style from improving the risk management system, achieving full coverage of risk management, implementing the responsibilities of relevant personnel at all levels, strengthening professional management and expert decision-making, etc. Control compliance system. The company has carried out a series of risk investigations and rectifications, comprehensively strengthened the management and control of subsidiaries, further built a sound and prudent risk culture, improved the risk compliance system, and improved risk prevention and resolution capabilities. Judging from the 2020 annual results announcement disclosed by Everbright Securities, the company has stepped out of the haze of MPS risk events, the risks have been basically cleared, and the company’s development will become more healthy.

From the Financial Association (Shenzhen, reporter Zou Chenhui), Dongxing Securities has ushered in the latest progress in its fixed increase in fundraising, and this is also the 15th listed securities firm to launch a fixed increase since last year. In addition, there are already 11 brokerages that have refinanced through allotment.

The latest announcement of Dongxing Securities stated that the fixed increase application has been reviewed and approved by the China Securities Regulatory Commission, and the company will make another announcement after receiving the official documents reviewed by the China Securities Regulatory Commission.

In February of this year, Dongxing Securities issued a fixed increase plan, which plans to issue no more than 474 million additional shares, and the total amount of funds raised is expected to not exceed 7 billion yuan. In May of this year, Dongxing Securities’ fixed increase application was accepted by the China Securities Regulatory Commission.

Behind the fixed growth of Dongxing Securities is closely related to the current capital market development entering a period of strategic opportunities. Regulatory authorities clearly support securities companies in multiple channels and forms to enhance their capital strength, encourage market-oriented mergers and acquisitions and reorganization, and support the securities industry to become better and stronger. At present, the 8.5 billion fixed increase of Guohai Securities and the 8 billion fixed increase of Huachuang Yangan are on the way. The parent company of Zhongshan Securities also launched the latest fixed increase plan earlier this month.

Dongxing Securities will increase by RMB 7 billion, and invest RMB 6 billion in investment and trading business and expand the business of financing and financing

Dongxing Securities’ previously announced fixed-increasing plan announcement shows that the number of non-public issuance of A shares does not exceed 474 million shares, and the capital raised does not exceed 7 billion yuan. After deducting issuance costs, all will be used to increase the company’s capital and supplement the company’s operations. Capital, expand the company’s business scale, and enhance the company’s market competitiveness.

Specifically, no more than 3 billion yuan is used to expand the scale of investment transaction business; no more than 3 billion yuan is used to expand the scale of margin financing and securities lending business; no more than 500 million yuan is used to increase investment in subsidiaries; no more than 500 million yuan For other working capital arrangements.

Dongxing Securities said that through this fixed increase, the company’s equity capital will be enriched, total assets and net assets will increase correspondingly, and the asset-liability ratio will correspondingly decrease, the company’s capital structure will be further optimized, and the financial structure will become more stable. In addition. The company will increase the scale of net capital, accelerate the development of related businesses, and enhance the company’s overall profitability and risk resistance.

Net profit attributable to the parent in the first quarter fell nearly 20% year-on-year

As the first domestic AMC brokerage listed on A-shares, Dongxing Securities’ controlling shareholder, Orient Asset Management Co., Ltd. (holding 52.74% of the shares), is strong, and the actual controller is the Ministry of Finance.

From the perspective of recent performance, Dongxing Securities in the first quarter of this year showed that during the reporting period, the company achieved revenue of 886 million yuan, a year-on-year increase of 0.71%; realized net profit of 250 million yuan, a year-on-year decrease of 19.01%.

Last year’s annual report showed that the company achieved revenue of 5.687 billion yuan, a year-on-year increase of 27.10%; realized net profit of 1.54 billion yuan, a year-on-year increase of 26.13%. Among them, securities brokerage business accounted for 34.77%; securities investment business accounted for 24.07%; investment banking business accounted for 19.35%; other businesses accounted for 12.53%; asset management business accounted for 9.28%.

According to the ranking data of various securities firms in 2020 released by the China Securities Association, Dongxing Securities ranked 22nd in the industry last year in total assets, 25th in net assets, 23rd in operating income, 22nd in net profit, and 22nd in brokerage business income. Ranked 28th, investment banking income ranked 13th, asset management business income ranked 19th, overseas subsidiary securities business income ranked 22nd, and self-operated business income ranked 57th.

As of June 15, Dongxing Securities’ stock price closed at 10.67 yuan, with a total market value of 29.4 billion yuan.

Many small and medium-sized securities companies are trying to increase their capital strength through fixed increase

According to a reporter from the Cailian News Agency, in recent years, regulators have implemented risk control index management for securities companies with net capital and liquidity as the core. The China Securities Regulatory Commission has successively revised the Measures for the Management of Risk Control Indexes for Securities Companies and the Risk Control Indexes for Securities Companies. The Regulations on Calculation Standards have further improved the risk control index system of securities companies with net capital and liquidity as the core, and has put forward higher standards for the risk management of securities companies.

In the face of liquidity pressure and changes in the operating environment, many securities firms are increasing their capital strength through further fixed increases, reducing liquidity risks, and improving the company’s overall risk management capabilities and risk resistance capabilities.

On June 4, Zhongshan Securities’ parent company Jinlong shares issued a fixed increase plan. This time the proposed additional issuance of no more than 264 million shares (including the number), the issue price is 12.59 yuan, and it is planned to raise no more than 3.324 billion yuan.

In March of this year, Huachuang Yang’an disclosed the fixed increase plan stated that the planned number of non-public issuance of A shares will not exceed 522 million shares, and the raised funds will not exceed RMB 8 billion (including the number). After deducting the issuance costs, it will be used for all Increase capital to Huachuang Securities to increase the capital of Huachuang Securities, supplement its working capital, optimize business structure, expand business scale, and enhance market competitiveness and risk resistance.

In January this year, Guohai Securities announced that the company’s 8.5 billion fixed increase has been approved by the board of directors. The issuance still needs to be approved by the state-owned asset management unit, the company’s shareholders meeting, and the China Securities Regulatory Commission. The 8.5 billion fixed increase, China Sea Securities plans to invest 4 billion yuan in investment and trading business.

It is worth noting that whether securities firms can successfully raise funds in full is also attracting market attention. A reporter from the Financial Associated Press previously reported that many brokerages have seen a decline in their planned additional funds raised.

On May 21, Zheshang Securities announced that after the completion of this non-public offering, the company has added approximately 264 million new shares, and the total amount of funds raised is approximately 2.805 billion yuan. Last year, Zheshang Securities announced that it planned to raise 10 billion yuan.

On April 29, Tianfeng Securities issued a fixed increase announcement stating that the company’s final fundraising amount was 8.18 billion yuan (including issuance costs). Prior to this, the company announced that it planned to raise a total of no more than 12.8 billion yuan.

On December 29 last year, China Securities Construction announced that the company had issued 110 million A shares, raising a total of 3.883 billion yuan. Prior to this, China Securities Construction Investment announced that it planned to raise 13 billion yuan in additional funds.

According to a reporter from the Financial Associated Press, some of the securities firms’ fixed increase and decrease are related to the company’s own stock price changes and capital replenishment. China Securities Investment Corporation previously stated that there are two reasons for the company’s fixed growth and shrinkage: one is that the company’s A-share share price in 2020 has risen sharply compared with January 2019, and the forecast basis has changed; the second is that the company has achieved a certain amount of profit through rollover in the past two years. Capital replenishment.

Large brokerages have also raised funds through refinancing

In addition, large securities companies have also raised funds through fixed increase, allotment and other methods. On the evening of February 26 this year, CITIC Securities announced a 28 billion yuan allotment plan, which is to be used for the development of capital intermediary business, subsidiaries, and information system construction.

In August last year, Haitong Securities planned to raise 20 billion yuan in additional funds. Specifically, Haitong Securities’ fixed increase of 20 billion this time, of which no more than 6 billion will be used to develop capital intermediary business and further enhance financial service capabilities; not more than 10 billion will be used to expand the scale of FICC investment and optimize the asset-liability structure.

Also in August last year, Guosen Securities raised an additional 15 billion yuan. The net proceeds raised this time will be used to supplement the company’s capital, working capital and repay debts to expand the business scale and enhance the company’s ability to resist risks and market competitiveness.

For Mr. Nguyen Van Hau: A fine of 70,000,000 VND (Seventy million VND) as prescribed in Clause 3 Article 5, Point dd Clause 2 and Clause 5 Article 33 of Decree No. 156/2020/ND-CP dated 31/03 12/2020 of the Government on sanctioning of administrative violations in the field of securities and securities market. Because there has been an administrative violation: Not disclosing information about the expected transaction (January 25, 2021, Mr. Nguyen Van Hau is a person related to Mr. Nguyen Van Hung – Member of the Board of Directors of Hanoi Southern Urban and Housing Development Investment Corporation (stock code: NHA) sold 205,000 NHA shares (equivalent to VND 2,050,000,000 par value of NHA shares) but did not disclose information about the expected deal). For Mr. Dao Minh Tuan: A fine of VND 25,000,000 (Twenty-five million VND) as prescribed in Clause 3, Article 5, Point a, Clause 4, Article 33 of Decree No. 156/2020/ND-CP dated December 31st/ 2020 of the Government stipulating the sanctioning of administrative violations in the field of securities and the securities market. Because there was an administrative violation: Disclosure of information on time when owning 5% or more of the voting shares of a public company (December 15, 2020, Mr. Tuan bought 829,946 shares of Saigon General Services Joint Stock Company (stock code: SVC) and became a major shareholder of Saigon General Services Joint Stock Company. Ho Chi Minh City Stock Exchange has just received the report of becoming a major shareholder of Mr. Dao Minh Tuan.

On April 2, the China Securities Regulatory Commission’s website issued the “China Securities Regulatory Commission’s Market Banning Decision (LeTV, Jia Yueting and other 15 responsible entities)”.LeTV and LeTV’s actual controller Jia Yueting will be fined 240.6 million yuan and 241.2 million yuan respectively for ten consecutive years of financial fraud and fraudulent issuance. Among them, Jia Yueting and Yang Lijie will also be sentenced to life-long securities market bans by the China Securities Regulatory Commission. Into measures.

Speaking of LeTV, you can’t get aroundJia Yueting, the man of the year, once expanded wildly in the name of dreams and built a business empire with a market value of 170 billion. In the end, he became the spokesperson of “suffocation for dreams”, and only one remained. The legend of “return home next week”.“Seeing him getting up from the Zhu Tower, seeing him banqueting guests, seeing his building collapsed” is just right for Jia Yueting and his LeTV.

Jia Yueting, a visionary liar

From the perspective of character, Jia Yueting’s financial fraud, non-fulfilment of loan commitments, and fraudulent issuance of stocks; from the perspective of winners and losers, Jia Yueting’s current situation can only be regarded as a veritable “Kou”; butJudging from his previous vision and layout, we have to admit that Jia Yueting is a very far-sighted person.

Jia Yueting founded LeTV in 2004, followed by fighting KuaiBai, buying copyrights, and listing LeTV on the GEM in just 6 years. Regarding the importance of copyright, I believe everyone has already experienced it. Xiaolei now encounters copyright issues when listening to a song or watching a video on a certain platform.

LeTV’s ecosystem covers seven major sectors: content, TV, mobile phones, automobiles, sports, the Internet, and cloud. Its “platform + content + terminal + application” ecosystem is called the “LeTV model” by the industry. From the current perspective, Jia Yueting’s layout at the time was still very forward-looking and strategic.Although Jia Yueting’s credit reputation has fallen to the bottom, the LeTV model has become the originator of the intelligent ecosystem that many Internet companies are vying to follow.

In the automotive field, Jia Yueting planned a “kangzhuang road” for the ecological development of automobiles for LeEco before 2016, compared with the “sluggish” Xiaomi and Didi. If Jia Yueting did not build a car like his present one, he should also have his top spot among the current auto giants.

So since Jia Yueting is so insightful, how could he still play this game of 100 billion yuan? In fact, the problem lies in this big game.Although the ecosystem laid out by LeTV back then showed Jia Yueting’s advanced strategic vision, the rhythm of his layout was completely wrong. The blind industrial expansion turned LeTV into a magnificent and crumbling loft in the sky.

Now, the era of LeTV has long passed,The first ray of life for Jia Yueting’s turnaround is also pinned on the dream of building a car that suffocates him, and his dream of building a car is currently in a state of coexistence of vitality and crisis.

Jia Yueting’s dream of building a car is coexisting with vitality and crisis

FF has already made a lot of big moves when it just entered 2021. It announced that it would backdoor listing, and it was successful in financing. After that, it has reached strategic cooperation with Zhuhai State-owned Assets and Geely, showing it to the outside world. The scene is booming.

Lack of money is the biggest problem FF has always faced, Backdoor listing means that FF will be able to obtain more funds in the future, Which can make its car-making business complete more smoothly. The successful financing means that although Jia Yueting has long been notorious in China, FF can still be recognized by the capital market. The cooperation with Zhuhai State-owned Assets and Geely also shows that the Zhuhai government and domestic auto giants have a positive attitude towards FF, which will become a powerful boost for FF in the automotive field.

Judging from the various major moves of FF in the past six months, it seems that it has firmly grasped the three major elements of the strategy of war: the time, the right place, and the harmony of people, but in Xiao Lei’s view,The current crisis facing FF is far greater than the vitality.

first of all,The positioning of the FF 91 is too high-end. Even if it can achieve mass production next year and complete its sales target of 2,400 vehicles, it still cannot solve its urgent financial needs.You know, mass production and profitability are two different things. In the long river of automobile history, there are countless cases of suspension of models and bankruptcy of car companies due to high cost and too little output. The annual sales volume of 2,400 vehicles is obviously difficult to bring to FF. How much profit, poor gross profit margin may even further drag it down.

Of course, judging from the positioning of FF 91,The significance of its mass production is obviously not for volume, but for the hope of FF’s dream investors to see their dreams shine into reality.So, whether there are 2,400 diehard fans who will spend more than 2 million yuan to pay for FF 91 has become a key question. If FF 91 completes annual sales of 2,400 vehicles, then it may further stimulate investors to continue to spend money; but if FF 91 only sells 24 vehicles, what mentality will FF investors have?

According to FF’s model plan, its follow-up model FF81 will have to wait until after 2023 to complete mass production at the earliest, and the lower-positioned FF 71 is expected to be mass-produced by the end of 2024.These mass production plans can only be completed when FF is progressing smoothly, and it is difficult to say whether FF, which is already struggling, can survive such a long time.

In addition, FF 91 was originally planned to be mass-produced and launched in 2018. Now even if it can be mass-produced as planned, the time will have to be pushed to the first half of 2022, which means that it has been delayed by 4 years. Smart cars are developing so fast,There are already a large number of smart car giants on the market, and these giants have had the strength to equalize or even surpass the previous advantages of FF in the past four years of development.

to sum up

Finally, come back and talk about the “China Securities Regulatory Commission’s Market Banning Decision (Jia Yueting, Yang Lijie and other 5 responsible entities)” issued by the China Securities Regulatory Commission and what impact will it have on Jia Yueting’s car-making plan.For Jia Yueting, a fine of 240 million yuan is second. Anyway, he has already developed the ability to not overwhelm his debts, butThe SFC’s ban on him can make his situation even worse. He is bound to struggle in the country, and may even have no hope of returning to China from then on.

Note: The material for this article comes from the Internet

Financial information is one of the indispensable factors in investment and business decisions. In particular, on the stock market, information is a sensitive factor that directly affects investment decisions.

Accordingly, the cooperation between SSC and VACPA is practical to improve the quality of financial information on the stock market, and the effectiveness of securities market management and supervision by regulators, to promote the profession. Accounting and auditing industry in Vietnam develops.

SSC and VACPA will cooperate in 4 contents including information exchange, quality control, training activities, seminars and suggestions to develop legal documents / professional documents compiled by the two sides.

In particular, with quality control activities, the Committee provides information on quality control results and errors in audit records with VACPA for the two sides to jointly organize dialogues / exchanges. /training.

When requested by the Committee, VACPA assigns staff to inspect and evaluate audited financial statements as well as audit records of auditors in the regular oversight activities of the Committee.

Mr. Tran Van Dung, Chairman of the State Securities Commission, said that, besides stocks, will cooperate with VACPA in both derivative market, new products and corporate bonds in the near future. . The cooperation will help ensure the quality of commodity control work in the financial markets.

Sharing the same point of view, Mr. Pham Sy Danh, Chairman of VACPA shared, with the sustainable development of the stock market, the role of information transparency, as well as the activities of auditors and independent auditors. is very important.

“Three important factors that investors need when entering the market are the public company’s transparency, the Securities Commission’s control and the transparency of the independent auditor,” said Danh.