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1. Sentenced! The founder of Huitian New Materials was sentenced to 8 years in prison for manipulating the securities market and fined 150 million yuan

2. Jinghua Micro: It was filed by the China Securities Regulatory Commission on suspicion of information disclosure violations

3. The China Securities Regulatory Commission conducted on-site inspections of 9 securities and fund companies: there are still some institutions that do not have a good understanding of the personnel management measures and have deviations in implementation

1. Sentenced! The founder of Huitian New Materials was sentenced to 8 years in prison for manipulating the securities market and fined 150 million yuan

On November 15, Huitian New Materials (300041) announced that the company received the first-instance "Criminal Verdict" issued by the Intermediate People's Court of Hefei City, Anhui Province against Zhang Feng, one of the controlling shareholders. It was decided to sentence Zhang Feng to eight years imprisonment and a fine of 150 million yuan for the crime of manipulating the securities market, and confiscate illegal gains. In this regard, Huitian New Materials said that the above judgment is a personal act of shareholders and will not affect the company's business operations, and will not have an impact on the company's production and operation and current or future profits.

2. Jinghua Micro: It was filed by the China Securities Regulatory Commission on suspicion of information disclosure violations

Jinghua Micro (688130) announced that the company received the "Notice of Case Filing" issued by the China Securities Regulatory Commission on November 15, 2024, and the CSRC decided to file a case against the company due to the company's suspected illegal information disclosure.

3. Financial anti-corruption continued to be high-pressure, and two insurance company executives were investigated in one day

The anti-corruption campaign in the financial sector has always been high-end. According to the information on the website of the Central Commission for Discipline Inspection, Zhao Xiaofan, former secretary of the Party committee and general manager of CITIC Prudential Life Insurance Co., Ltd., is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the State Supervision Commission in CITIC Group and the Hebei Provincial Supervision Commission. Tao Zhongwei, executive director and vice president of ICBC AXA Life Insurance Co., Ltd., is suspected of serious violations of discipline and law, and is currently under the disciplinary review of the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the Industrial and Commercial Bank of China and the supervision and investigation of the Supervision Commission of Dingxi City, Gansu Province. 

1. Shanghai Stock Exchange: publicly reprimanded Yihua Enterprise (Group) Co., Ltd. and relevant responsible persons

Yihua Enterprise (Group) Co., Ltd. violated relevant regulations by failing to disclose its 2023 annual report on time, and the Shanghai Stock Exchange publicly reprimanded Lin Xiangdong, then chairman, general manager and head of information disclosure, and Lin Changchun, then head of finance.

2. Anshun Xixiu Industrial Investment: The company was listed as a dishonest person subject to execution and restricted consumption

Anshun Xixiu District Industrial Investment (Group) Co., Ltd. issued an announcement saying that due to its failure to repay the loan and pay the project money on time, the company was listed as a dishonest person subject to execution and was subject to consumption restrictions. The cases involved include a loan dispute with Tonghao Construction Group No. 1 Engineering Co., Ltd. and a project payment dispute with Guizhou Zhongjian Zhongbang Construction Engineering Co., Ltd., with a total execution amount of about 5.3482 million yuan.

3. Shanghai Stock Exchange: Notify and criticize Zhongrong Xinda Group Co., Ltd. and relevant responsible persons

Zhongrong Xinda Group Co., Ltd. violated relevant regulations by failing to disclose its 2023 annual report by April 30, 2024, and the Shanghai Stock Exchange issued a notice of criticism to Zhongrong Xinda Group Co., Ltd. and its then-chairman Wang Qingtao, then general manager Wang Peng, then head of information disclosure Sun Hao, and then head of finance Ma Hongzhang. Zhongrong Xinda Group Co., Ltd. and relevant responsible persons should take caution and strictly abide by laws and regulations.

4. Fujian Sunshine Group: The company and its important subsidiaries have added major lawsuits

Fujian Sunshine Group Co., Ltd. and its important subsidiaries have recently been involved in a number of major lawsuits, including Yango Group Co., Ltd. becoming a judgment defaulter, involving an amount of 19.7739 million yuan; Fujian Sunshine Group Co., Ltd. added material execution information, and the execution target was 62.5668 million yuan; The case of Yango Group Investment Holding (Shanghai) Co., Ltd. and others involved in a dispute over a sales contract was held on November 15, 2024.

1. Haoli Technology (Rights Protection) was ordered to rectify and the three responsible persons were required to accept regulatory talks

On November 15, Holly Technology (002729) announced that the company and relevant responsible persons received the "Decision on Ordering Corrective Measures against Hollyland (China) Electronic Technology Co., Ltd." and "Decision on Taking Regulatory Talk Measures against Chen Xiu, Liu Haode and Zhang Dongjie" issued by the Xiamen Securities Regulatory Bureau. The company had problems such as inaccurate consolidation scope of financial statements, failure to accurately define the nature of income from financing consulting services provided by subsidiaries to external parties, and failure to register insider information for individual major events in accordance with regulations.  

2. China First Heavy and Chairman Lu Wenjun were warned

China First Heavy (601106) was issued a warning letter by the Heilongjiang Securities Regulatory Bureau for failing to timely disclose the impairment provisions of large assets, failing to perform the review procedures and information disclosure obligations of related party transactions in accordance with regulations, and non-standard implementation of accounting policies. These problems involved violations of a number of regulations, and the Heilongjiang Securities Regulatory Bureau decided to take administrative supervision measures such as issuing warning letters to China First Heavy Industries, Chairman Lu Wenjun, and Hu Enguo, Secretary of the Board of Directors and then Chief Financial Officer, and recorded them in the integrity file of the securities and futures market.

3. *ST Youshu: The risk of termination of listing of shares has entered the reorganization procedure

*ST Youshu (300209) announced that the company has entered the reorganization procedure, and there is a risk of being declared bankrupt due to the failure of the reorganization, and the company's shares will be terminated from listing if relevant circumstances occur. At the end of 2023, the company's audited net assets were negative, and if the 2024 financial report touches the relevant regulations again, the stock will also face termination of listing.

4. Canny Elevator: It is planned to liquidate and cancel its subsidiary, Hangzhou Favilai Technology Co., Ltd

Canny Elevator (002367) announced that the company decided to liquidate and cancel its wholly-owned subsidiary, Hangzhou Favilai Technology Co., Ltd. The aim is to streamline the organizational structure, reduce management costs, and improve the efficiency of asset operations. Favilé is mainly engaged in the research and development, production and sales of elevator core components. After the completion of the deregistration, Favilé will no longer be included in the company's consolidated financial statements, but it is not expected to have a material impact on the company's overall business development.

1. The China Securities Regulatory Commission conducted on-site inspections of 9 securities and fund companies: there are still some institutions that do not have a good understanding of the personnel management measures and have deviations in implementation

According to China Securities Network, the reporter learned that the China Securities Regulatory Commission recently organized on-site inspections on the implementation of the "Measures for the Supervision and Administration of Directors, Supervisors, Senior Managers and Practitioners of Securities and Fund Management Institutions" by nine operating institutions. Judging from the inspection, there are still some institutions that do not understand the rules of the "Personnel Management Measures" in place and have deviations in their implementation.

2. State Administration of Financial Supervision: Financial asset management companies shall not provide channels for financial institutions to circumvent asset quality supervision

The

State Administration of Financial Supervision issued a notice on the measures for the management of non-performing assets of financial asset management companies, which proposes that financial asset management companies should strictly follow the principles of authenticity and cleanliness in the acquisition of assets, and achieve the true transfer of assets and risks through due diligence, evaluation and valuation procedures for objective and reasonable pricing. It is not allowed to provide a channel for financial institutions to circumvent asset quality supervision, and it is not allowed to provide financing for all kinds of institutions in violation of regulations.

3. Shenzhen Stock Exchange: This week, we will focus on monitoring risk warning stocks such as "*ST Jingfeng" and "ST Jiajia", which have risen sharply recently

The Shenzhen Stock Exchange announced that a total of 270 abnormal securities trading behaviors have been taken this week, involving abnormal trading situations such as intraday lifting and suppression, false declarations, etc.; Focus on monitoring risk warning stocks such as "*ST Jingfeng" and "ST Jiajia", which have risen sharply recently; A total of 20 major matters of listed companies were verified, and 6 cases of suspected violations of laws and regulations were reported to the CSRC.

4. Shanghai Stock Exchange: This week, 17 major matters of listed companies were subject to special verification

According to the Shanghai Stock Exchange, this week, the Shanghai Stock Exchange has taken written warnings and other regulatory measures against 208 abnormal securities trading behaviors such as pulling and suppressing and false declarations, focusing on monitoring the risk warning stocks of abnormal fluctuations, conducting special inspections on 17 major matters of listed companies, and reporting 1 case of suspected violations of laws and regulations to the China Securities Regulatory Commission.  

5. The review of 5 bond issuance projects will be terminated! The total amount is 5.69 billion yuan

The exchange disclosed that the review of five projects of five issuers, including Changxing Transportation Investment Group Co., Ltd. and Shandong Shouguang Jinxin Investment Development Holding Group Co., Ltd., was terminated, including private placement and small public bonds, with a total amount of 5.69 billion yuan.

1. Bain: Luxury sales in the Chinese market are expected to decline by 18% to 20% in 2024

According to a joint research report released by consulting firm Bain & Company and the Italian Association of Luxury Manufacturers, China's luxury market has come under intense pressure this year. So far in 2024, 60%-75% of luxury goods companies have seen sales decline of more than 20% in China, and only 5% have achieved sales growth. Sales in China's luxury market are expected to decline by 18% to 20% in 2024.

2. The third quarterly report of the tourism enterprise was released: the performance showed a differentiated trend

According to the Southern Plus report, recently, a number of listed tourism companies have released their third-quarter financial reports. Overall, the performance of the quarter showed a divergent trend: nearly seventy percent of the company's net profit fell year-on-year. Zhao Huanyan, a senior economist in the tourism and hotel industry, said that oversupply is the main reason for the general decline in the current operating level of hotel groups.

3. In 2024, the price of SiC wafer substrates will plummet due to oversupply

According to Aijiwei, in 2024, the price of silicon carbide substrates will fall unprecedentedly, marking a major shift in the field of power semiconductor materials. After a period of persistently high demand and tight supply, the market is now facing an oversupply.