4/8/2021 Financial News: Tencent’s Biggest Investor To Trim Stake, Speculators’ Tragedy In Communist China’s Real Estate Market

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1.Speculators’ tragedy as shanghai strikes hard to investigate and deal with 339 million funds flowing into the property market illegally

On April 7, it was learned from Shanghai Banking and Insurance Regulatory Bureau that the bureau carried out a special self-examination of personal property credit management and conducted a supervisory audit investigation. Among them, 16 banks under the jurisdiction of the regulatory audit investigation have found 123 business loans and consumer loans of RMB339 million suspected of being diverted to the real estate market. Currently, Beijing, Shanghai, Shenzhen, Guangzhou and other places are investigating the irregular flow of bank credit funds into the property market.

2.Tencent’s major shareholder announced a heavy reduction in shares owned, Share prices fell nearly 10%

On April 7, Tencent’s largest shareholder Prosus will sell 192 million shares of Tencent Holdings, equivalent to 2% of Tencent’s issued share capital. If calculated based on Tencent’s latest share price, the sale amount will reach 120.8 billion Hong Kong dollars (about 101.5 billion yuan).  Affected by this, Tencent’s Hong Kong share price once plunged nearly 5% during the day and finally closed down by 3.75% to HK$629.5 per share, with a single-day market value evaporating HK$235 billion, or about RMB197.5 billion. Tencent’s ADR once fell nearly 10% during the day.

3.431 bank outlets closed this year? Large state-owned banks in Communist China have shrunk 2,667 outlets in four years

The 21st Century Business Herald found that the number of outlets of large banks at the end of 2020 has decreased by 592 compared with the end of 2019, according to the annual report data of six large banks in 2016-2020. The total number of outlets reduced in 2016-2017, 2017-2018, 2018-2019 and 2019-2020 was 874, 367, 834, and 592 respectively. The two years with the largest number of outlets closed were 2017 and 2019 and with a slight decrease in 2020. The number of large bank outlets has shrunk from 109,300 to 106,600 between these four years, a total reduction of 2,667.

4.Eggshell Apartments will be delisted from the NYSE, listed for only 445 days

On the evening of April 6, the New York Stock Exchange (NYSE) announced that the staff of its regulatory arm, NYSE Regulation, has decided to initiate proceedings to delist long term rental apartment operator Eggshell Apartments (DNK.N) from the NYSE and the immediate suspension of trading in Eggshell’s American Depositary Shares (ADSs). Eggshell has only been listed for 445 days. During these 445 days, in addition to the failure to comply with NYSE regulations, the company has also been exposed to a number of risky incidents, such as corporate breach of trust and executive departures, and has been frequently featured in most searched keywords due to dissatisfied users.

5.Credit card business suffered a “painful period”

On April 7, according to the 21st Century Business Herald, among the 15 listed banks that announced their 2020 annual credit card results, only 2 banks issued more than or close to 10 million cards. 5 banks saw a decline in credit card transactions. 4 banks saw a decline in credit card overdraft size, and 7 banks saw an increase in credit card loan delinquency rates. Among the 15 listed banks’ credit card business in 2020, five central banks saw a decline in credit card spending (transaction value). Among them, ICBC’s credit card spending amounted to 2.58 trillion yuan, a sharp decline of 19.9% year-on-year. Bank of China credit card spending amounted to 1.64 trillion yuan, a year-on-year decrease of 7.75%; CITIC Bank credit card transactions totaled 2.44 trillion yuan, a year-on-year decrease of 4.83%.

6.Short-seller Hindenburg takes aim at Communist Chinese crypto firm Ebang, shares slump

Short-seller Hindenburg Research said on Tuesday it had taken a short position on Ebang International Holdings Inc, sending the Communist Chinese bitcoin mining machine producer’s shares down more than 12%.. “Ebang claims to be a ‘leading bitcoin mining machine producer’, yet our research indicates this extraordinary claim is backed by no evidence,” the short-seller said.

By 【Financial Team – Thiaoouba Prophecy】
News Collection: 文罡
Proofreading: Tracy

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