6/11/2021 Financial News: Didi submitted a prospectus for listing in US; Zhou Xiaochuan: Do not always think about getting rich overnight

Image source: ftchinese.com

1.Didi Chuxing submitted a prospectus for listing in US

The parent company of the mobile travel platform in China called Didi Chuxing submitted a prospectus for listing in the United States to the American Stock Exchange after the close on Thursday, and plans to land on the Nasdaq or the New York Stock Exchange under the code “DIDI”. Goldman Sachs, Morgan Stanley, JP Morgan Chase and China Renaissance Capital acted as underwriters.

Wall Street predicts that Didi Chuxing will land in the US market in July, with a valuation of more than US$70 billion. Analysts say this number may be even higher due to investors’ appetite for newly listed high-growth companies

2.Zhou Xiaochuan: Do not always think about getting rich overnight, engage in excessive speculative activities, and borrows too much money.

Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, said at the 13th Lujiazui forum that China tends to control and restrain things that create opportunities for excessive speculation.

He also said that the goal also depends on the education, training and direction of people. People should not engage in gambling, always think about getting rich overnight, engage in excessive speculative activities, and borrow too much money.

3.Many banks have raised mortgage interest rates for two times in the last 20 days in Hangzhou city, Zhejiang province

Since June 10, the minimum loan interest rates for the first and second house properties in Hangzhou Agricultural Bank, Industrial and Commercial Bank of China, and China Construction Bank have all been raised by 20 BP, from 5.4% and 5.5% to 5.6% and 5.7% respectively.

About 20 days earlier, many banks in Hangzhou had just raised the mortgage interest rate. The interest rate for the first property was raised from 5.2% to 5.4%, and the interest rate for the second property was raised from 5.38% to 5.5%.

4.The price of neopentyl glycol in China skyrocketed by 170%

The lowest price of neopentyl glycol was RMB 7,250/ton last year. The latest price was RMB 19,850/ton on June 10 this year, an increase of more than 170%, and the current upward trend remains unchanged.

Neopentyl glycol is used in the synthesis of polyesters, paints, lubricants, and plasticizers.

5.Pan Gongsheng: Market entities should establish the concept of “exchange rate risk neutrality”

“The changes in the RMB exchange rate are affected by multiple internal and external factors, and two-way fluctuations will become the norm.” On June 10, Pan Gongsheng, director of the State Administration of Foreign Exchange, responded to general concern about the RMB exchange rate market at the 13th Lujiazui Forum.

6.China Automobile Association: China’s automobile consumption remained stable from January to May

According to the “China Automobile Association Data” WeChat public account on June 11, the statistical analysis of the China Association of Automobile Manufacturers shows that in May 2021, automobile production and sales were 2.040 million vehicles and 2.128 million vehicles, down 8.7% and 5.5% month-on-month and down year-on-year. 6.8% and 3.1%.

From January to May this year, automobile consumption remained stable overall.

7.Xiamen International Trade Co., Ltd intends to sell shares of two real estate companies

Xiamen International Trade Co., Ltd. announced that the company and its wholly-owned subsidiary Xiamen Qirun intend to transfer 100% of the total shares of China World Real Estate Group Co., Ltd. to the company’s controlling shareholder, China World Trade Holdings.

This transaction is in line with the company’s strategy to gradually withdraw from the real estate industry, concentrate resources on the transformation and upgrading of its core business, and expand emerging industries.

8.Guo Shuqing: Strictly prevent the resurgence of “shadow banking”

Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, stated at the 13th Lujiazui Forum (2021) on June 10 that preventing risks is the eternal theme of financial work and should actively respond to the rebound of non-performing assets and strictly guard against resurgence of “shadow banking”.

【G Translators- Financial Team】

Author: Andrew

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