The content of the approval showed that the China Banking and Insurance Regulatory Commission agreed to Hengfeng Bank’s investment of RMB 2 billion to prepare for the establishment of Hengfeng Wealth Management Co., Ltd., and the required funds were allocated from the capital. Hengfeng Bank shall handle the preparatory work in strict accordance with the requirements of relevant laws and regulations, and complete the preparatory work within 6 months from the date of approval. After the completion of the preparatory work, an application for opening business shall be submitted to the China Banking and Insurance Regulatory Commission in accordance with relevant regulations and procedures.

In addition, the China Banking Regulatory Commission also mentioned in a document published on the same day that the China Banking Regulatory Commission also agreed to prepare for the establishment of the Hengfeng Bank Fund Operation Center, which will be completed within 6 months from the date of approval. Accept the supervision and guidance of the Shanghai Banking and Insurance Regulatory Bureau during the preparatory period, and submit an application for opening business in accordance with relevant regulations and procedures after the preparatory work is completed.

It is reported that as early as the end of last year, Hengfeng Bank issued an announcement stating that the company plans to invest no more than 2 billion yuan to establish a wholly-owned Hengfeng Wealth Management Co., Ltd. This time, Hengfeng Bank was approved to establish a wealth management subsidiary, and it will become the second commercial bank approved to establish a wealth management subsidiary during the year.

According to the 2020 annual report of Hengfeng Bank, as of the end of 2020, Hengfeng Bank’s total assets reached 1.1 trillion yuan, achieving 21 billion yuan, 53%. It was 5.3 billion yuan, a year-on-year increase of 703%. The provision coverage ratio was 150.37%, an increase of 29.54% from the end of 2019. The non-performing loan ratio was 2.67%, a decrease of 0.71 percentage points from the end of 2019, achieving a decline for two consecutive years

Reporter | Hu Yingjun

The second bank’s wealth management subsidiary was approved during the year.
On June 21, the official website of China Banking and Insurance Regulatory Commission issued the “Approval for the Establishment of Hengfeng Wealth Management Co., Ltd.”, agreeing to Hengfeng Bank’s investment of 2 billion yuan to build Hengfeng Wealth Management Co., Ltd., and the required funds should be allocated from the capital. Hengfeng Bank shall handle the preparatory work in strict accordance with the requirements of relevant laws and regulations, and complete the preparatory work within 6 months from the date of approval. The preparation work accepts the supervision and guidance of the China Banking and Insurance Regulatory Commission. During the preparation period, no financial business activities are allowed. After the completion of the preparatory work, an application for opening business shall be submitted to the China Banking and Insurance Regulatory Commission in accordance with relevant regulations and procedures.
Hengfeng Wealth Management is the second bank financial management subsidiary approved after Bohai Wealth Management in 2021. This also means that among the 12 national joint-stock banks, 11 bank financial management subsidiaries have been approved.
According to Jiemian News reporter, Hengfeng Wealth Management is registered in Laoshan District, Qingdao. This is also the second bank wealth management subsidiary registered in Qingdao in addition to Everbright Wealth Management.
A relevant person from Evergrowing Bank stated that expanding retail is a major strategy that the bank has always adhered to. The closed-end wealth management products launched by the bank, such as the Great Profit series and the Zengxiang series of wealth management products, and the open-end wealth management products such as the Hengmeng wallet, the progressive T+1 gain-winning series, and the Hengxin series of net wealth management products, are both profitable. And liquidity, which can meet the wealth management needs of different types of customers, has always been popular in the market. The establishment of a wealth management subsidiary has been approved, which has opened up a broad space for Evergrowing Bank to expand its retail business and expand its asset management landscape. Hengfeng Wealth Management will be guided by the steady value-added of management assets, taking digital transformation as an opportunity, and agile services as a means, focusing on improving investment and research capabilities and risk control capabilities, resolutely returning to the business origin of asset management, and taking serving the real economy as the foundation and working hard to achieve Customers provide long-term stable returns.
Hengfeng Bank is one of 12 national joint-stock commercial banks, formerly known as Yantai Housing Savings Bank established in 1987. In 2003, approved by the People’s Bank of China, it was restructured into Evergrowing Bank Co., Ltd. In 2019, the market-oriented reform stock reform account was completed, and Central Huijin became the largest shareholder.
Hengfeng Bank is headquartered in Jinan, Shandong, and has 310 branches across the country. Financial data shows that as of the end of 2020, Hengfeng Bank’s total assets reached 1.1 trillion yuan, and its operating income was 21 billion yuan, a year-on-year increase of 53%. Net profit was 5.3 billion yuan, a year-on-year increase of 703%. The provision coverage ratio was 150.37%, an increase of 29.54% from the end of 2019. The non-performing loan ratio was 2.67%, a decrease of 0.71 percentage points from the end of 2019, achieving a decline for two consecutive years.
At the end of the reporting period, the scale of various wealth management products maintained by Hengfeng Bank was RMB 110.685 billion. Among them, the pressure on capital preservation and financial management dropped to zero

Online competition is growing Fashion retail in upheaval

Status: 16.06.2021 7:16 p.m.

The sale of fashion on the Internet is booming: The Otto subsidiary About You, which launched successfully on the stock exchange today, is growing rapidly. Stationary fashion retailers, on the other hand, are increasingly disappearing. Do you still have a future? The former glamor of the fashion industry has long since vanished in German city centers. There is bare existential fear. Many fashion retailers feel they have been stripped down to the last shirt. In the corona pandemic, textile retailers and manufacturers had to give up in a row. Well-known names such as Escada, Hallhuber, Bonita, Appelrath Cüpper and Adler-Modemärkte filed for bankruptcy. More fashion retailers will soon follow, predict the credit insurer Euler Hermes and the textile trade association (BTE). Euler Hermes does not expect a return to pre-crisis levels until 2023.

“Home office and suit don’t go together”

During the lockdown, new clothes were hardly in demand. Who needs an expensive new outfit for work at home? “Home office and suit don’t go together,” says Gerd Oliver Seidensticker, President of German Fashion.

The turnover in the fashion industry shrank in the Corona year by more than 20 percent to around twelve billion euros. “The pandemic has plunged the fashion industry into a deep crisis,” complains German fashion boss Seidensticker. “Many of our companies are dependent on help from the state.”

Structural crisis even before Corona

But even before the pandemic, the stationary fashion houses were under pressure. Corona has accelerated the structural crisis in the industry. Sales in stationary retail have been declining for years. The death of fashion retailers began a long time ago. Between 2010 and 2019, the number of companies in the clothing industry fell by 31 percent, according to a study by the management consultancy PwC. Retail expert Gerrit Heinemann, retail expert at the Niederrhein University of Applied Sciences, speaks up tagesschau.de of a “collective restructuring case”.

The increasing low-cost competition from textile discounters such as Primark and the triumphant advance of online retail have long been troubling the classic fashion industry. Online retailers such as Zalando and About You are flourishing. Only H&M and Zara have successfully resisted the online competition and also held their own in the Corona crisis.

More and more mono labels

There is also a trend towards mono labels. More and more fashion manufacturers such as Hugo Boss or the sporting goods supplier Adidas are setting up their own flagship stores and selling their products there – to the chagrin of classic fashion retailers who traditionally follow the multi-label approach.

The end of the multi-month lockdown and the return of walk-in customers in the cities should give the stationary fashion retail some breathing space again in the short term. In the long run, however, the industry has to reinvent itself, demand experts. Only those who meet the needs of customers with innovative concepts will survive, says PwC retail expert Stefan Schwertel.

Regional or sustainable concepts as a way out?

Heinemann sees the Mannheim fashion retailer Engelhorn as a positive example. The company has focused on a regional market and now sells a good half of its clothing over the Internet.

Other fashion retailers focus on niches such as sustainability. Some also flee into the arms of their biggest competitor, Zalando. A good 2,400 stationary fashion retailers now also sell their clothing via the Zalando “Connected Retail” platform.

Model H&M and Zara

Above all, however, Zalando is using that and is not enough to save the stationary business permanently, complain experts like Gerrit Heinemann from the Niederrhein University of Applied Sciences. “This is a one-way street.” In his opinion, stationary fashion retailers should primarily operate on demand in the future – following the example of H&M and Zara. In fact, C&A is currently starting to produce jeans “on demand” at the Mönchengladbach location in Germany.

The traditional fashion house Köhler from Hessen is breaking new ground. It offers fashion advice and sales via video. The customer fills out a questionnaire on the Internet before receiving a video consultation. During the video call, the customer then decides what he wants to have delivered to his home. The concept is particularly worthwhile with regular customers, says Paula Vordemfelde, managing director of Köhler. Her motto: “We have to be creative and be able to react quickly.”

Hangzhou Boiler Co., Ltd. issued an announcement on the noon on June 21 that Zhejiang Hangzhou Boiler Energy Investment Management Co., Ltd. (hereinafter referred to as “Hangbuo Energy Investment”), a subsidiary of the company, intends to invest 12 million yuan with its own funds to establish a wholly-owned subsidiary Hangzhou Xiziling Carbon Energy Co., Ltd. (tentative name, hereinafter referred to as “Xizi Zero Carbon Energy”). Xizi Zero Carbon Energy plans to invest in the construction of a demonstration project for the integration of source, network and load storage in the Zero Carbon Smart Energy Center of Xizi Aviation.

It is reported that the business scope of Xizi Zero Carbon Energy includes: steam, air-conditioning, and electricity production and supply; construction, operation and service of energy storage systems and distributed photovoltaic power station systems; engineering management services; technical consultation and technology for energy storage and power engineering Development; carbon resource management, inventory, verification, trading, consulting; industrial investment (except for venture capital and those prohibited by national laws and administrative regulations).

According to the announcement, the establishment of the company marks the company’s formal entry into the field of zero-carbon energy and energy storage, and is based on the “Xizi Aviation Zero-Carbon Smart Energy Center Integrated Source, Network and Load Storage Demonstration Project” for energy storage (Molten salt energy storage , Battery energy storage, etc.) comprehensive technology verification, to build a zero-carbon energy system design, construction and operation service capabilities. After the completion of the project, it will serve as a demonstration of the energy storage market. Lay the foundation for the expansion of the energy storage market .

According to previous reports, Hangzhou Boiler Co., Ltd. intends to publicly issue convertible corporate bonds, raising no more than 1.11 billion yuan for the new energy technology manufacturing industry base (Zhejiang Xizi New Energy Co., Ltd.) Annual production of 580 sets of solar thermal solar heat absorbers, heat exchangers and heat transfer oil heat exchangers, boiler projects and supplementary working capital . On May 27, 2021, it signed the “Strategic Cooperation Framework Agreement on Molten Salt Heat Absorber and Molten Salt Heat Exchanger for Tower Solar Thermal Power Generation Project” with Zhejiang Supcon Solar Technology Co., Ltd. It is based on energy storage technology and extends to other forms of energy storage technology. In addition, it and Zhejiang University jointly established the “Advanced Energy Joint R&D Center” to carry out comprehensive cooperation in the fields of solar thermal and energy storage power generation, carbon dioxide capture and comprehensive utilization, and solid waste treatment, aiming at the current pain points and difficulties in the new energy field , Focus on breaking through the key technology of “stuck neck”. At present, the first batch of cooperative research directions have phased research and development results, and they are advancing towards the goal of industrialization.

Hoa Binh said, with the expanded project scope, the Board of Directors of the Company also approved to increase the total investment capital for the HBIC project from 750 billion VND to 900 billion VND, an increase of 20%. Accordingly, Hoa Binh assigned Mr. Le Viet Hai, Chairman of the Board of Directors to be the legal representative and Chairman of the Members’ Council of HBIC One Member Limited Liability Company. Mr. Hai was able to actively organize and adjust the company’s organizational model in order to improve production and business efficiency during the implementation process. About Hoa Binh Innovation Center (HBIC), this project has been awarded the investment certificate since February 2016. The project will focus on research and development in 6 areas including new material technology, information technology, biotechnology – medicine, technical development of construction technology and automated industry on the ground floor. about 2.5 hectares. HBC’s goal will be to build a center that is the leading place for incubators, start-ups, R&D, innovation and high-tech transfer in the country, and in Southeast Asia.

In order to give full play to the role of public opinion supervision, deter illegal advertising behavior, enhance consumers’ awareness of preventing false and illegal advertising, guide market entities to operate in good faith and law-abiding, and create a fair competition and clean advertising market environment, in accordance with the “Advertising Law of the People’s Republic of China” In addition to relevant laws and regulations, the Guangzhou Municipal Market Supervision Bureau has now announced the first batch (15) of typical cases of false and illegal advertisements in 2021.

Among them, Guangzhou Dongling Real Estate Development Co., Ltd. issued a false and illegal real estate advertisement case showing that the parties involved in the sale of “Gemdale·Xiangshan Lake” real estate, published advertisements through WeChat public accounts, project sand tables, publicity boards, and remodeled model houses. It contains “20 minutes to Guangzhou Baiyun Airport,…30 minutes to Guangzhou Tianhe and other centers, 20 minutes from the project to Tianhe… 30 minutes to Tianhe on the highway…”, “Natural oxygen bar with 80% vegetation coverage, It releases up to 12,000 negative oxygen ions per cm3 per day, which is 10 times the content of negative oxygen ions in the urban area of ​​Guangzhou…”, “The practical space is up to five floors, buy three floors and get two floors”, which violates the “People’s Republic of China” The provisions of Article 4, Article 26, and Article 28 of the Advertising Law constitute an act of publishing false and illegal real estate advertisements.

In accordance with Article 55 and Article 58 of the Advertising Law of the People’s Republic of China, the Market Supervision Bureau of Zengcheng District of Guangzhou City imposed administrative penalties on him, ordered to stop publishing illegal advertisements, eliminate the impact within the corresponding scope, and punish them 920,000 yuan.

According to the Tianyancha APP, the largest shareholder of Guangzhou Dongling Real Estate Development Co., Ltd. is Gemdale (Group) Co., Ltd. (“Gemdale Group”, 600383.SH), and Gemdale Group directly holds 80% of the shares, totaling 98.90 shares. %.

According to the official website of Gemdale Group, Gemdale Group was founded in Shenzhen, China in 1988 and listed on the Shanghai Stock Exchange in 2001 (600383.SH). After decades of exploration and practice, it has now developed into a real estate development-based business and related diversified businesses. A comprehensive listed company with comprehensive development. Business covers real estate development, commercial real estate and industrial park development and operation, real estate finance, property services, sports industry operations, home improvement industry, agent construction industry, education industry, etc. The business scope is oriented at home and abroad, covering more than 120 large and medium-sized cities in China and 8 different cities and regions on the east and west coasts of the United States.

Gemdale Group’s 2019 annual report shows that Guangzhou Dongling Real Estate Development Co., Ltd. is its wholly-owned subsidiary, and Gemdale Group holds 80% directly and 20% indirectly.