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Femorning Daily 2.6.2017


1. The Caixin China Manufacturing PMI dropped to 49.6 in May, representing 0.7 percentage points lower than in April. For the first time in 11 months, it fell below the critical point. According to CEBM, the output index and the new orders index fell to the lowest since June last year. The sub-index of stocks of purchases signaled a sharp decline while the sub-index of stocks of finished goods rebounded, indicating that enterprises change from the active replenishment to passive inventory. With further increasing manufacturing pressure in May, economic downward has been basically revealed.


2. The Ministry of Finance of the People’s Republic of China issued the "Measures on Special Local Government Land Reserve Bond Management (Trial)". It clearly requires that only when there should be a stable expected debt financing source and the income of corresponding government fund should be able to protect repayment of principal and interest on bonds, Special Land Reserve Bonds of land reserve projects are permitted to be issued. Local governments at all levels shall not borrow government debts to non-land reserve institutions in the name of land reserves, shall not borrow land lease debts in any way other than local government bonds and shall not provide any guarantee in any way for the reserves of any organization or any individual.


3. Shanghai Securities News Report, the Chinese government plans continually to promote the reconstruction of 15 million houses in Shanty areas during the next three years (2018 to 2020). According to the forecast of analytical institutions, the proportion of monetization resettlement of shanty area reconstruction will be about 45%, corresponding to the annual demand for housing 220 million to 240 million square meters, which can effectively hedge the transaction falling of first-tier and second-tier cities due to the regulation and control. After speeding up reduction of unsold house and monetization placement in the third-tier and forth-tier cities, the national real estate sales this year is overall optimistic.


4. Xinhua News Agency News, Chinese enterprises overseas mergers and acquisitions turn from heat to cold this year after experiencing triumph of previous years. In the first quarter of 2017, the number of Chinese companies’ overseas mergers and acquisitions fell 39% year-on-year and trading amount fell 77%. The first four months, cross-border acquisitions amount of Chinese enterprises fell more than 60%, hitting the biggest year-on-year decline since 2009 global financial crisis. Experts believe that on the one hand, it is because of strict regulation; on the other hand, it is because enterprises are more cautious and rational when “going out” after "paying tuition" previously.


5. 21st Century Business Herald News, the stock market continually fluctuated recently and major shareholders of listed companies who pledged shares close to the closing line or even cordon continued to emerge. In this regard, the Exchange has been staring at the risk of large shareholder’s stock pledge and has issued a number of inquiry letters on many listed companies. Only during the last week, Dalian Tianbao Green Food Co., Ltd., Ningbo Dongli Co., Ltd, Huapont Life Sciences Co., Ltd , Great Southeast Co., Ltd and other companies have received the regulatory inquiry letter of Shenzhen Stock Exchange. By May 24th, the market value of A shares pledged equity was 3.97 trillion yuan, accounting for 7.2% of the total market value of A shares.