Multi-party efforts to bail out private enterprises
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Related planning
Stamp tax law solicits opinions

The Ministry of Finance issued the "People's Republic of China Stamp Tax Law (Draft for Comment)" on November 1 and began to publicly solicit opinions from the public. It shows that the tax rate of the stamp duty on securities transactions remains unchanged, and it is flexible, proactive, easy to adjust to the camera, and better adapted to actual needs. The taxpayer and tax rate adjustment of the securities transaction stamp tax is decided by the State Council and reported to the Standing Committee of the National People's Congress for the record. ...[Details]

Small survey
Policy dynamics
The State Administration of Taxation issued several measures to further support and serve the development of the private economy

The "Notice" will further promote the reduction of tax reductions and losses of private enterprises at the forefront. It is necessary to implement the regulations according to the law to exempt small and micro enterprises from VAT, small and micro-profit enterprises to levy half of the enterprise income tax, and financial institutions to provide loans to small and micro enterprises. Income and guarantee institutions provide credit guarantee income to SMEs exempt from VAT and other preferential policies that benefit private enterprises, and continue to increase policy implementation to ensure that private enterprises enjoy their enjoyment. ...[Details]

Banking Insurance Regulatory Commission Zhou Liang: This week will introduce guidance on supporting the private economy

On November 19, at the 9th Caixin Summit, Zhou Liang, vice chairman of the China Insurance Regulatory Commission, said that “the problems of financing and financing are more prominent now. The China Insurance Regulatory Commission is currently formulating a series of policies. I have also mentioned a few of them just now. It may be that this week will also introduce a guiding opinion to support the development of the private economy, and it will be reported to the Party Central Committee and State Council. ...[Details]

Yi Gang announced that it will set up an equity financing support tool to come up with "real money and silver" to solve the difficulty of financing private enterprises.

In order to solve the difficulties of financing and financing of private enterprises, the central bank has made major moves, but even if the central bank has made a lot of efforts in this regard, it is difficult to solve the "financing peaks" that are on the private enterprises by its own efforts, so the central bank governor Yi Gang has repeatedly stressed the need to "several lifts" this year. The cooperation of other ministries is also very crucial. ...[Details]

Xi Jinping's speech at the private enterprise symposium (full text)

In the process of China's economic development, we must continue to create a better development environment for the private economy, help the private economy solve the difficulties in development, support the reform and development of private enterprises, change the pressure as the driving force, let the private economy innovation source fully flow, let the private economy Create vitality full of bursts. ...[Details]

CSRC: Further increase efforts to effectively support the development of private enterprises

The China Securities Regulatory Commission said on the 2nd that today, the party committee of the China Securities Regulatory Commission has issued a notice to all units and departments of the system (branch), requesting the rapid organization of the important speech of General Secretary Xi Jinping at the private enterprise symposium, combined with the development status of private enterprises in their respective jurisdictions. And the problems faced, especially in view of the current problems of private enterprises in financing, equity pledge closing risks, etc., in-depth study and propose specific measures to support the development of private enterprises. ...[Details]

The central bank's management department and other departments issued a document: 20 measures to support private enterprises, Xiaowei

On the morning of November 2, the Central Bank Business Management Department and the Beijing Banking Insurance Regulatory Bureau preparatory group, the Beijing Securities Regulatory Bureau, the Municipal Development and Reform Commission, the Municipal Economic Information Commission, the Municipal Finance Bureau, and the Municipal Finance Bureau jointly organized the “Beijing Deepening Private Management”. And the Small and Micro Enterprise Financial Services Promotion Conference, and issued the "Implementation Opinions on Further Deepening the Financial Services of Beijing Private and Small and Micro Enterprises" (hereinafter referred to as "Implementation Opinions"). ...[Details]

Shanghai Stock Exchange: Deepening the function of the bond market, helping the healthy development of private enterprises

In order to implement the decision-making arrangements of the Party Central Committee and the State Council on tackling the risks of preventing and defusing risks, we will further consolidate the policies and measures to support the healthy development of private enterprises. Under the unified leadership of the China Securities Regulatory Commission, the Shanghai Stock Exchange will actively promote the reform and innovation of the exchange bond market. Alleviate the financing problems of private enterprises and help the healthy development of private enterprises. ...[Details]

Banking Regulatory Commission: Focus on solving the problem of financing difficult financing for private enterprises and SMEs

The Banking Regulatory Commission: It is necessary to speed up the shortcomings of the regulatory system, plug loopholes in the system, promote structural de-leverage, strengthen risk prevention and disposal in key areas, focus on solving the problem of financing difficulties for private enterprises and small and medium-sized enterprises, and promote the inclusive finance. ...[Details]

11 brokerages supported the launch of the private enterprise asset management plan. The amount of investment was increased to 25.5 billion! Funds for “saving the city” are accelerating

The China Securities Industry Association officially announced that the promotion of the establishment of the securities industry to support the development of private enterprise asset management plans has been fully launched. 11 securities companies, as co-sponsors, signed a sponsor agreement on the scale of 25.5 billion investment, and launched a series of assets as co-sponsors. Management plan. ...[Details]

Yi Gang: Actively use private enterprise bond financing support tools to create a good financing environment for private enterprise development

President Yi Gang pointed out that the next stage should continue to follow the unified arrangements of the Party Central Committee and the State Council, always adhere to the basic economic system and "two unwavering", and actively use private enterprise bond financing support tools to improve the financial accessibility of private enterprises. To create a good financing environment for the development of private enterprises. ...[Details]

More than ten provinces and cities 100 billion yuan! Local state capital in action, rescue the city "ammunition" constantly assembled

At present, more than ten state-owned assets such as Shenzhen, Hunan, Zhejiang, Chengdu, and Beijing have recently launched or brewed a rescue plan. In addition to the “tens of billions” of special funds in Shenzhen, the total size of the known rescue funds in other regions has exceeded 70 billion yuan. In addition, other regions that have not announced a clear amount, the state-owned rescue "ammunition" has exceeded 100 billion yuan. ...[Details]

20 billion products are out! The first stock pledge risk special product of the insurance fund was established and clearly invested in such listed companies!

The insurance industry was the first to participate in the resolution of stock pledge risk special products, with a target size of 20 billion. The first special product was established by China Life Asset Management Co., Ltd., named “China Life Assets – Phoenix Series Products”, which will participate in the resolution of the liquidity risk of high-quality listed companies' stock pledge. The special product has been registered by China Insurance Insurance Asset Registration and Trading System Co., Ltd. ...[Details]

Local action
Shanghai set up a billion-dollar listed company bailout fund

The Shanghai Municipal Party Committee and Municipal Government recently issued a number of "Opinions on Comprehensively Enhancing the Vitality of the Private Economy and Promoting the Healthy Development of the Private Economy", which proposed to increase the special prevention of liquidity risks and establish a listed company's bailout fund with a scale of 10 billion yuan. A few days ago, Shanghai was based on Guosheng Group, a state-owned platform of the city, and joined forces with state-owned enterprises to launch a fund of 10 billion listed companies. ...[Details]

Shandong Provincial State-owned Assets Supervision and Administration Commission: is setting up a listed company's bailout fund. The first phase is about 4 billion yuan.

On the afternoon of November 15, Fan Jun, deputy director of the Shandong Provincial State-owned Assets Supervision and Administration Commission, said that Shandong Guohui and Zhongtai Securities and related financial institutions are forming a listed company's bailout fund. The first phase is about 4 billion yuan, which is composed of two types of funds: debt and equity. In the composition, the creditor fund mainly resolves the risk of stock pledge of the major shareholder of the listed company. The equity fund is used for the healthy development of the listed company, and is also used to transfer the major shareholder shares through the agreement transfer and block trade. ...[Details]

Zhejiang State-owned Assets Initiated Ten Billion Fund to Aid Listed Companies: In principle, it does not hold

Recently, Zhejiang State-owned Capital Operation Co., Ltd. and Agricultural Bank Financial Assets Investment Co., Ltd. (referred to as “ABC”) and Agricultural Bank of China Zhejiang Branch signed the “Strategic Cooperation Framework Agreement” and “Limited Partnership Fund Agreement”, officially opened. The launching and establishment of the Zhejiang Emerging Power Fund has a cooperative investment target of 10 billion yuan and a first phase of 2 billion yuan. ...[Details]

Chengdu set up a 10 billion yuan listed company assistance fund to introduce listed companies to help eight policies

The Chengdu government has recently listed eight companies to help the eight policy measures. In accordance with the principle of "regulation according to law, government guidance, market-oriented operation, and classification and policy", we will give full play to the role of the government's "tangible hand" to the regional economy, and build a state-owned capital and social capital risk mutual aid mechanism. Multi-dimensional assistance to Chengdu high-quality listed companies to tide over the difficulties. ...[Details]

Guangdong Zhongshan plans to set up a listed company rescue fund to resolve the liquidity risk of the company in the jurisdiction

In addition, Guangdong Province has also listed a company to support listed companies. Following the measures to rescue listed companies in Shenzhen, Shantou and Dongguan, Zhongshan City will also set up a listed company rescue fund to help listed companies in the jurisdiction resolve liquidity risks. It brings the funds "live water". ...[Details]

Hunan plans to launch a package of assistance programs to save the city's funds or exceed 10 billion

The Securities Times·e company reporter was informed that the relevant government departments in Hunan have recently submitted a report to the provincial government to assist Hunan listed companies, the specific time is about October 16, before and after Shenzhen announced the plans of the billion-dollar listed companies. ...[Details]

The rushing aid program continues to flow. Guangdong’s 20 billion yuan fund is “preparing materials”.

It is understood that according to the preliminary plan, the new kinetic energy fund of the listed company in Guangdong may adopt the model of the mother and child fund, that is, the fund will be set up by Guangdong Finance Holdings and GF Securities subsidiary GF Sender, and then the sub-fund will be established through the parent fund to absorb more. Social capital participates and expands the size of the fund. ...[Details]

Xiamen set up several tens of billions of special funds to resolve the liquidity risk of listed companies

Recently, the Xiamen Municipal Party Committee and Municipal Government have studied a number of measures to resolve the liquidity risk of listed companies in Xiamen. It is proposed to set up a number of special funds of 10 billion yuan to actively resolve the risk of equity pledge of listed companies in the form of “shares and bonds linkage”. In particular, private listed companies are “selling in the snow”. ...[Details]

Fujian: 15 billion yuan provincial-level bailout fund will be set down to reduce the risk of equity pledge of listed companies

Establish a provincial bailout fund. Support provincial SOEs and financial institutions to speed up the establishment of a provincial-level bailout fund with a total scale of 15 billion yuan (the first phase of 2 billion yuan), operate in a market-oriented and specialized manner, and focus on supporting listed companies in the real economy of our province. Equity pledge risk. ...[Details]

The A-shares have attracted many provinces and cities to follow suit. In fact, there are six major state-owned platforms in Shenzhen.

Following the opening of “the first thing in the wind” in Shenzhen, stocks and bonds have joined the listed companies to resolve the risk of equity pledge, Beijing, Guangzhou, Shanghai, Hangzhou, Shunde and other places have successively heard the news of the Shenzhen model to follow the “mine clearance”, positive energy It is slowly gaining momentum. ...[Details]

Joined the camp of listed companies in Dongguan. Dongguan plans to establish a listed venture capital development investment fund.

Does Dongguan support the liquidity of local listed companies? The "Daily Economic News" reporter got an official reply. On the evening of October 18, the Dongguan Municipal Government Financial Work Bureau replied to the reporter that, in view of the current liquidity problems of some listed companies, “the city (Dongguan City) has plans to establish a listed investment enterprise for investment in Dongguan enterprises”. ...[Details]

Haidian set up a billion-dollar bail fund Beijing's other jurisdictions are expected to replicate

It was learned from the person familiar with the matter that on the basis of the establishment of a scale of 10 billion bail-out funds in Beijing Haidian, the Beijing Municipal Government intends to provide 1-2 times more funds to support it. At the same time, the Beijing Financial Office and the Beijing Securities Regulatory Bureau will organize an exchange coordination meeting in the near future. Other jurisdictions in Beijing are expected to re-enact the Haidian model. ...[Details]

Shenzhen's first batch of 10 billion mobilization list is determined: pledge rate of 6-7 fold

The special fund rate of Shenzhen Gaoxintou Investment Co., Ltd. does not exceed 9%, and the equity pledge rate is 6-7 fold. The pledge rate is very generous, and in this respect, it is far better than the financial institution pledge and market mortgage conditions. At present, the brokerage pledge ratio is an average of 3.5%. ...[Details]

The Beijing Securities Regulatory Bureau rarely issued a letter of recommendation to 28 financial institutions.

Today, the announcement of the Oriental Garden once again caused the market to pay great attention to the state-owned shares of private enterprises. Importantly, the Beijing Securities Regulatory Bureau also issued a letter of recommendation for the treatment of debts in the Oriental Garden, and issued a letter of recommendation to 28 financial institutions to take cautious measures. ...[Details]

Chi aided listed companies not only Shenzhen! Guangzhou and Beijing followed suit

"We are already studying this policy." After the SSE reported exclusively that "Shenzhen has invested tens of billions of companies to help listed companies", the relevant government department in Guangzhou recently told reporters that Shenzhen's policy has certain reference. The reporter learned that the relevant government departments in Guangzhou have obtained a list of relevant private listed companies that have caused liquidity risks due to high pledge rates on the 15th. ...[Details]

Not only Shenzhen, Shunde, Hangzhou, but also the plan to support listed companies in the jurisdiction

In October 2018, a source close to the Hangzhou Municipal Government told the Economic Observer that in the first ten days of September 2018, Hangzhou had prepared a plan to support listed companies in its jurisdiction, but so far, it has not yet been formally written. ...[Details]

The Dongguan Municipal Government actively seeks opinions from listed companies to provide channels for solving liquidity problems.

As an important manufacturing and service base in the country, Dongguan government attaches great importance to the continuous operation and healthy development of local enterprises. The Dongguan Municipal Government has clearly expressed its support for outstanding listed companies to become bigger and stronger, actively seeking opinions from listed companies, and planning for business operations and financing. The development path provides multiple channels and measures to solve the liquidity problem. ...[Details]

In addition to the tens of billions of aid, Shenzhen has more options for supporting listed companies!

Last weekend, the Shanghai Securities News disclosed that the Shenzhen Municipal Government issued a number of measures to promote the healthy and stable development of listed companies. It has arranged tens of billions of special funds to start from the two aspects of debt and equity, and build a risk-sharing mechanism to reduce Shenzhen A-shares. The risk of stock pledge of listed companies improves the liquidity of listed companies. ...[Details]

Shenzhen has invested tens of billions of companies to help listed companies. The three major standards have screened out more than 20 local stocks.

How to dismantle the landmines for equity pledge? The Shenzhen Municipal Government wants to "be the first to open the atmosphere." The Shanghai Stock Exchange has learned that the Shenzhen Municipal Government has recently introduced a number of measures to promote the healthy and stable development of listed companies. It has arranged tens of billions of special funds to start from the two aspects of debt and equity, and build a risk-sharing mechanism to reduce Shenzhen A-shares. The risk of stock pledge of listed companies improves the liquidity of listed companies. ...[Details]

Related stock
State-owned assets rescue A-share life and death bureau: 600 listed companies fell below the liquidation line

According to the Shanghai Securities News, the Shenzhen Municipal Government has arranged tens of billions of special funds to start from the two aspects of debt and equity, to build a risk-sharing mechanism, reduce the risk of stock pledge of Shenzhen A-share listed companies, and improve the liquidity of listed companies. At present, the funds have been put in place, and the government has contributed more than tens of billions of dollars. The first batch of listed companies have received more than 20 listed companies. ...[Details]

Shenzhen and other local state capitals are big! There are 50 equity companies in the public sector.

Shenzhen set up a special working group, arranged tens of billions of funds, responsible for coordinating and coordinating the issue of the stock pledge risk of the controlling shareholder of listed companies. In addition to Shenzhen State-owned assets, other local state capitals also have big moves. Statistics show that there are 50 private listed companies that have announced the acquisition of state-owned capital. Since September, only 18 companies have disclosed the intention of major shareholders to transfer equity to state-owned assets. ...[Details]

Haidian District Government intends to transfend 10 billion yuan to A shares, or take the lead in benefiting

The announcement shows that the Haidian District Government has guided banks and other financial institutions to provide more substantial financial support in the difficult times of private listed companies; Beijing Haidian District is a state-owned enterprise and Dongxing Securities has initiated the establishment of a fund to support high-quality technology enterprises with a fund size of 10 billion yuan. The first phase of 2 billion yuan has been completed, and the private technology listed companies are helped to resolve the risk of stock pledge by accepting no more than 10% of the total share capital of the listed company. ...[Details]

Shenzhen State-owned "Chi Aid" first stock appeared? Companies that receive “rescue” have these common characteristics

Tenbon International is a high-quality stock in Shenzhen with a large proportion of pledges and a large decline in share prices. On the weekend, the Shenzhen Municipal Government will spend tens of billions of dollars to mobilize the news of local listed companies to smash the media. The first share of the Shenzhen Municipal SASAC’s “Chi aids” will appear quickly. ...[Details]

Many companies such as Hanyu Pharmaceutical and Tiehan Ecology have been supported by Shenzhen State-owned funds.

Last weekend, the news that “Shenzhen has arranged tens of billions of funds to help listed companies” has attracted attention. The reporter inquired about the public information that recently, Han Yu Pharmaceutical’s actual controller Zeng Shaogui has pledged 28 million shares to Shenzhen Gaoxin for financing demand, accounting for 11.81% of its shareholding...[Details]

Interpretation by all parties
State-owned "bottom-hunting" private capital listed companies? SASAC Response: Market Choice for Mutual Benefit

In response to media reports that state-owned assets have been “buy the bottom” to acquire privately-listed companies, resulting in the phenomenon of “national advancement and retreat”, Peng Huagang, deputy secretary-general and spokesperson of the State-owned Assets Supervision and Administration Commission of the State Council, responded at the press conference of the State Council on the 15th. This is only in the current environment. A normal market-oriented behavior of state-owned enterprises and private enterprises is a market choice of mutual benefit and win-win. There is no question of who goes in and who withdraws. ...[Details]

State-owned listed companies have changed: from discount to premium, the highest loss has reached 73%

Since the resumption of trading on October 9, Helitai's share price has fallen by 23%. If the transaction is completed according to the agreed price, the floating loss of the state-owned assets will be close to 40%. Xinzhuo (002480.SZ) and Jinlitai (300225.SZ), which have completed the transaction, have a current floating loss of 43% and 73%. ...[Details]

Regardless of whether the private capital or the state capital can resolve the pledge risk, it is “good capital”.

Under the premise of potential risks in the market, whether it is private capital or state-owned assets, it is “good capital” that can resolve the risk of pledge. No amount of disputes can conceal the risk relief of individual stocks after the state capital is over, and the market funds are not excessively pumped. The reality of separation. ...[Details]

The truth of the local state-owned "salvation of the city": more than 30% of the state-owned assets have lost

Recently, capital market volatility has intensified, and the pace of local state capital to take over private equity has suddenly accelerated. According to the statistics of China Securities Journal, 37 listed companies have announced the acquisition of state-owned assets since 2018, and a number of companies have introduced state-owned assets as strategic investors. ...[Details]