5/10/2021 Financial News: Tesla Retreat? Auto Sector Urges U.S. Congress to Help Fund Chip Needs

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1.Tesla Retreat? Shanghai Factory Loan Agreement Terminated Early

On May 7, Tesla responded to a lawsuit filed by Ms. Zhang, the car owner in Anyang, confirming Tesla will continue to make every effort to promote vehicle inspection matters, to provide the public with an explanation of the incident. The incident is heated, and Elon Musk, the Tesla founder terminated the loan agreement of the Shanghai factory earlier.

2.Steel Price “Hot”, Keeps Going up?

As the “May Day” holiday was over, domestic steel prices rose rapidly, resulting a new internet word, “unarmed” which describes the anxiety of the rapid rise in steel prices when there is no inventory in hand. However, the “crazier” rocks are behind the “hot” steel price. China Iron Ore Price Index on May 7 shows that imported iron ore exceeded $ 200 / ton, a new record high.

3.Minsheng Bank’s Stock Price Keeps Falling”, Is There Any Remedy?

Since the second half of last year, Minsheng Bank’s share price has not been recovering. With the recent release of the bank’s 2020 annual report and the first quarterly report in 2021, the share price has started a new round of “falling”, and many netizens even openly say “Dumping” to Minsheng Bank shares.

4.Didi Responded to the Kickback issue: Ride-Hailing Service Drivers’ Income Accounted for 79.1% of Total Passenger Payable Ride fee

BEIJING, May 7 (Reuters) – Chinese online taxi giant Didi said on its WeChat public account on Friday that 3.1 percent of total passenger ride fee last year was net profit from its ride-hailing service online, with drivers’ income accounting for an average of 79.1 percent of total passenger payable ride fee. Didi picks Goldman Sachs and Morgan Stanley for U.S. IPO.

5.The “King of Henan” Jianye Real Estate Troubles

On May 6, Jianye Property (00832.HK) released its sales data for April 2021. The data showed that for the period ended April 30, 2021, Jianye Real Estate along with its subsidiaries recorded total contracted property sales of RMB 21.915 billion, an increase of 4.5% year-on-year; total contracted GFA sold of 3,194,200 square meters, an increase of 8.7% year-on-year; and average selling price of RMB 6,861, a decrease of 3.9% year-on-year.

The long-term credit rating issued by International Rating Agency S&P to Jianye Real Estate is B+, which is at speculative grade. According to Bloomberg, on April 1, 2021, the yield of the US dollar bonds of Jianye Real Estate maturing on November 7, 2023 is 10.78% based on its valuation.

6.Auto Sector Urges U.S. Congress to Help Fund Its Computer Chip Needs

WASHINGTON (Reuters) -The U.S. auto industry and United Auto Workers union on Friday urged Congress to tie billions of dollars in government funding to boost semiconductor production to help fill the needs of automakers forced to slash production because of chip shortages. Congress “should prioritize production of the semiconductors necessary to assemble vehicles here in the United States. This will ensure that motor vehicle manufacturers have a fair share of chips needed to meet consumer demand,” said the American Automotive Policy Council, Motor & Equipment Manufacturers Association and UAW on Friday in a joint statement. The Bureau of Labor Statistics said the U.S. motor vehicle and parts sector lost 27,000 jobs in April.

By 【Financial Team – Opal】

News Collection: Totoro


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