NO.1 The State Administration of Financial Supervision holds the 2024 meeting of the International Advisory Committee
According to the website of the State Financial Supervision and Administration Bureau, the 2024 meeting of the International Advisory Committee (IAC) of the State Financial Supervision and Administration Bureau was held in Beijing from October 18 to 19.
He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with members of the International Advisory Committee who came to Beijing to attend the meeting, and discussed further deepening the reform of the financial system, steadily expanding institutional opening up in the financial sector, improving cross-border investment and financing facilitation, and supporting more Many foreign financial institutions and long-term capital have invested and established businesses in China and communicated with the committee members.
NO.2 Central Bank: Accelerate the legislative amendments to the People's Bank of China Law, Commercial Bank Law and other laws
On October 19, Liu Xiaohong, first-level inspector of the Treaty and Law Department of the People's Bank of China, said at the 2024 Financial Street Forum Annual Meeting that the People's Bank of China will further promote the construction of financial rule of law and strengthen the guarantee role of the rule of law in improving financial service levels and optimizing the business environment. Improve the financial legal system and accelerate the legislative revision of the People's Bank of China Law and the Commercial Bank Law; improve the anti-money laundering system, issue a series of regulations and normative documents, improve the anti-money laundering working mechanism framework, and realize the transformation from "rules-based" to "rule-based" Fundamental changes to "risk-based"; promote the promulgation of regulations on the supervision and management of non-bank payment institutions, formulate supporting implementation details, and improve the electronic payment regulatory framework; adhere to administration according to law, and continue to promote the construction of a central bank based on the rule of law.
Comment: The rule of law is the cornerstone of modern social governance, and the construction of financial rule of law is particularly critical. Improving financial service levels and optimizing the business environment are inseparable from the support of a more sophisticated, scientific, and fair legal system. By continuously improving the financial legal system, we can not only provide solid rule guarantees for the financial market, but also clearly define the behavioral boundaries of market participants, thereby ensuring the healthy and stable development of the financial market.
NO.3 "Financial Big Data Artificial Intelligence Joint Laboratory" was officially unveiled at the 2024 Financial Street Forum Annual Meeting
On October 19, the 2024 Financial Street Forum Annual Conference Voice of Financial Street - "Financial Street Release" special results release event was held at the Beijing Financial Assets Exchange.
At this press conference, the Beijing Financial Street Research Institute served as the leading unit, jointly with the National Financial Technology Risk Monitoring Center, Beijing Shenzhou Digital Technology Co., Ltd., China Electronic Data Industry Group, Tianyi E-Commerce Co., Ltd., and Beijing Zhipu Huazhang Technology Co., Ltd. The "Financial Big Data Artificial Intelligence Joint Laboratory" established by the company and other co-construction units was officially unveiled.
Comment: With the rapid development of technology, the financial industry has also ushered in earth-shaking changes. In this transformation, artificial intelligence technology is undoubtedly one of the most eye-catching focuses. The establishment of the joint laboratory not only represents the industry’s optimism about the prospects of financial technology, but also a vivid portrayal of the advancement of innovation and compliance in my country’s financial market. Digital financial services have brought unprecedented convenience to consumers, and the application of artificial intelligence has also brought higher requirements to the traditional risk management model.
NO.4 The price of gold jewelry exceeds the 800 yuan mark
On October 19, the prices of many brands of gold jewelry exceeded 800 yuan. Among them, Chow Tai Fook, Saturday Fook, and Luk Fook jewelry reached 806 yuan per gram. According to the Shanghai Gold Exchange, the early trading price of Shanghai gold on Friday reached 619.51 yuan/gram, an increase of nearly 30% from the price of 480 yuan/gram at the beginning of the year. In Shuibei, Shenzhen, the largest gold and jewelry distribution center in China, the gold price reached 623 yuan/gram on October 18.
The "Daily Economic News" reporter learned that some gold bar merchants said that the number of customers selling gold bars has increased significantly. The number of customers buying gold bars has decreased a lot during this period, and more are sold. Now most people sell the gold bars and then Wait for the next wave of market conditions.
Comment: Although gold consumption has been booming recently, according to data from the World Gold Council, after the peak sales season around the Spring Festival holiday this year, gold jewelry consumption experienced a cliff-like decline, and this weak trend continued in the third quarter. The current gold jewelry consumption boom may be related to seasonal factors. The end of the year and the beginning of the year have always been the traditional peak seasons for gold jewelry.
NO.5 China Merchants Shekou: Received a loan line of no more than 702 million yuan from China Merchants Bank for stock buyback projects
On October 20, China Merchants Shekou announced that the company signed a "Cooperation Agreement" with China Merchants Bank Shenzhen Branch and obtained a "Loan Commitment Letter". According to the agreement, China Merchants Bank Shenzhen Branch will provide the company with a loan line of no more than 702 million yuan for the company's stock repurchase project. The loan term is 12 months, and the interest rate does not exceed 2.25% and is not higher than the market interest rate. This cooperation involves related transactions, which are within the scope authorized by the company's shareholders' meeting. The signing of the agreement provides financing support for the company's share repurchase.
Comment: The recent implementation of stock buybacks, holdings, and refinancing is undoubtedly a hot topic in the industry. The company's stock repurchase through loans is, on the one hand, a confident statement to the market, and on the other hand, it is also a reflection of corporate value. If the market underestimates this value, the company may use repurchases to increase the stock price and at the same time send a signal to the market that the stock price is undervalued. While funds guide the flow of market funds, risk control during the loan issuance stage of commercial banks is also key.
NO.6 Li Ka-shing and his son reduced their holdings of Postal Savings Bank H shares by 101 million shares
According to the Hong Kong Stock Exchange, Li Ka-shing and Li Zeju reduced their holdings of Postal Savings Bank H shares twice on October 14 and October 17. The number of shares reduced was 78.517 million shares and 22.801 million shares respectively, totaling approximately 101 million shares. After reducing their holdings, Li Ka-shing and Li Zeju held approximately 1.581 billion H shares of Postal Savings Bank, and their shareholding ratio dropped from 9.03% to 7.96%.
It is reported that when the Postal Savings Bank of China’s H shares were listed in September 2016, Li Ka-shing and Li Zeju and his son bought 2.267 billion H shares of the bank through their foundation. In May last year, the Li Ka-shing Foundation reduced its holdings of 22.493 million H shares of the Postal Savings Bank of China. At that time, the Postal Savings Bank of China responded that the reduction was part of the foundation's daily financial arrangements.