4/5/2021 Financial News: CCP’s Refinanced Municipal Bonds Over $129B;5 CCP Banks Merged And Restructured

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1.New Municipal Bonds Increased Only $5.54 Billion in the First Quarter, and the Scale of “Borrowing New Repaying Old” Exceeded $129.43 Billion

In the first quarter of this year, as local governments were late in issuing new bonds, refinancing bonds became the mainstay. The Government Debt Research and Evaluation Center of the Ministry of Finance has released data on municipal bonds issuance in March 2021, with $72.65 billion of local bonds issued in March, including 5.54 billion of new bonds and $67.1 billion of refinanced bonds. By the end of March, local governments had issued $5.54 billion of new bonds and $130.75 billion of refinancing bonds. With the issuance of new local public bonds opening in late March, the peak issuance is expected to occur in the second quarter, and special municipal bonds for local small and midsize banks will get more attention.

2.5 Small and Midsize Banks Merged with Assets of Nearly $45.68 Billion

On April 2, the Communist China Banking Regulatory Commission (CBRC) approved the merger and restructuring of five small and midsize banks, namely Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank and Yangquan Commercial Bank, to establish Shanxi Bank, which is classified as a city commercial bank. According to the recruitment information disclosed by Shanxi Bank, its initial capital scale is nearly $45.68 billion, ranking more than 30 of the 130 city commercial banks in the country. According to other public information, there are about 4,000 small and midsize banks in China. In recent years, more and more small and midsize banks began to merge and reorganize.

3.Steel Rebar Futures Hit 10-year High

On April 2, steel rebar futures closed at 5,157 yuan per ton, hitting a new high since March 2011, with a cumulative gain of about 18% this year. At the same time, hot-rolled coil and wire rod futures are hitting new highs since listed, with cumulative gains of 22% and 15% this year, respectively. In addition, as of the close of business on March 31, three listed steel companies have announced that the first quarter net profit is expected to double year-on-year.

4.Power Bank Rental Company Energy Monster Listed on Nasdaq

On April 1, power bank rental company Energy Monster went public on Nasdaq at an offering price of $8.50, issuing 17.65 million ADS shares and raising $150 million. Based on the offering price, the company’s market capitalization is about $2.3 billion. Monster Charging opened at $10, up 17.6% from the offering price.

On the same day, two major brands in the shared rechargeable battery industry, Jiedian and Soudian, announced their official merger, with a combined user base of more than 360 million and an expected market share of No. 1 in the industry.

5.Craze for Domestic Brand Sneakers: Price Soared 31 Times

Recently, the word “Sneaker Craze” has become a hot keyword again on social media, and this time the target is Li Ning, Anta and other national brands. Some shoes even soared 31 times with a tag price of only 1,499 yuan, was raised to 48889 yuan. I can only say how big the rise, how big the bubble is.

6.Coinbase Direct Listing Set for April 14 after SEC Approval

Cryptocurrency exchange Coinbase said Thursday that it will begin trading April 14, after receiving approval from the SEC for its direct listing. Coinbase will be the Nasdaq’s first major direct listing. The company has said it plans to register nearly 115 million shares of Class A common stock, which will trade under ticker symbol COIN. In a direct listing, the issuing company forgoes selling new stock and instead allows existing stakeholders to sell their shares to new investors. An updated filing revealed that Coinbase had reached an implied $68 billion private market valuation, based on an average share price of $343.58.

By 【Financial Team – Rosy Cloud】
News Collection: Totoro

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