11/15/21-11/21/21 Weekly Reports: Dubai Accepts HCoin for Buying Mansions; Alibaba Shares Plunge

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1.HCoin Has Been Steadily Rising in Its Three Weeks of Listing, and Dubai Property Developers Will Be the First to Use It as One of the Means of Payment for Luxury Properties

Earlier this month, Himalayan Coin (HCN) was officially launched. As of this Friday night in the US East, the price of HCN pushed up to $40. Between that and the fact that most comrades have a preferred purchase price of 1HCN=0.1USD, that is, the price of comrades’ HCoin assets has risen 400 times in less than two weeks. As Miles Guo said, the potential of HCoin can be said to be completely untapped. However, the day Hpay is listed, it could be when HCoin goes from a mere digital currency to a link to the real economy, and its significance and value can be considered significant.

Note: The value of Hpay and its predictions are only personal opinions, and investments should be made with caution.

2.Binance Calls for a Global Framework for Asset Markets

On the 16th, Cryptocurrency (Binance) proposed ten fundamental rights for crypto-asset users, hoping to lead the discussion and development of international regulatory rules for the crypto asset market. “Binance has always held the principle of putting users first, from security to community experience. This is the key to crypto assets, and we cannot ignore this as the industry evolves. With these ten fundamental rights, we want to give a voice to those who are being silenced by so-called traditional high-end finance,” said Changpeng Zhao (CZ), founder and CEO of CoinAction. In an ad describing the ten fundamental rights, Binance also said that stronger regulation is inevitable in the future and emphasized that “smart regulation” would benefit the industry. “Regulating the crypto asset market is like wearing a seatbelt in a car; a more regulated market can better protect our users.”

“Regulation and innovation go hand in hand. We, as industry participants, want to do everything possible to actively communicate with regulators and global leaders to find the most effective way to regulate and, more importantly, promote innovation while protecting our users. binance looks forward to working closely with regulators to help them increase their understanding of the industry and see more possibilities for the crypto asset industry,” CZ said. Beyond the well-known Bitcoin and Dogcoin, there are many areas to explore in the crypto-asset industry. Here, everyone can have access to wealth, not just the privileged few. Crypto assets belong to everyone. But we still have a lot of work to do if we want this innovative breakthrough to become part of everyday life. Regulating the crypto asset market is like buckling up in a car; a regulated market can better protect our users.

3.Xu Jiayin Sells Family Assets in a Vain Attempt to Renew Evergrande’s Life

Hui Kayan, Chairman of the Board of Directors of China Evergrande, reportedly sells off his assets to bleed Evergrande. From July 1 to now, to maintain the group’s liquidity, Hui has raised funds through selling personal assets or pledging equity and has injected over $7 billion cash into the group in total to maintain the essential operation of Evergrande. During this period, Evergrande has no financing and sales stoppage. Still, it has to ensure the 10% monthly payment of wealth, payroll of headquarter staff, interest payment of domestic and foreign bonds, and promote the resumption of projects across the country to resume production. It is said that Xu Jiayin has put his personal property on charge and sold and has sold the asset package, including three villas in Hong Kong, and several private planes, etc., and the house that will be located in Shenzhen Bay One and Zhujiang New Town, Guangzhou for self-occupation on the shelf.

4.Holding Monetary Funds Decreased by Nearly 50 Billion, Vanke Asked to Cut Back on Food and Clothing

On the 17th, an internal document “about Vanke Group headquarters “scrimp and save” and create a “wartime atmosphere” initiative” circulated the network, the document signed by “Group headquarters.” The paper proposed changing the usual way of thinking in the golden age, running the business concept throughout, subtracting from actions and expenses that do not generate value, and spending little money to do big things. In brief, the document contains seven work requirements and eight specific actions, from travel booking, canteen meals, afternoon tea, and fruits, to the use of official cars, meeting venues, posters, and video production; Vanke guides everything to its employees. After Time Finance’s verification, Vanke insiders did not deny the document’s authenticity but only said “no response for now.”

As the industry leader, Vanke first proposed “live” in an internal meeting in 2018. Still, at that time, the real estate industry had not yet shown a declining trend, and new 100 billion real estate enterprises were still emerging. The industry did not take Vanke’s remarks seriously. Since the second half of 2021, the real estate industry has been facing many challenges. For example, Vanke’s report for the first three quarters showed that Vanke’s net profit attributable to the mother company in the third quarter was 5.64 billion yuan, and the net cash flow from operating activities was -5.561 billion yuan; in the first three quarters, Vanke’s cumulative net profit attributable to shareholders of listed companies was 16.69 billion yuan. Against the background of the industry, Vanke’s profit performance began to probe downward and reflected in the capital market; Vanke’s share price has dropped nearly 30% during the year, hitting a new low in three years.

5.Wang Qishan Attends Innovation Economy Forum and Promises to Open up to the World

The Bloomberg New Economic Forum opened in Singapore on Wednesday (Nov. 17), and senior  Communist Chinese and U.S. officials attending the event were tit-for-tat once again. Communist Chinese Vice President Wang Qishan, who attended online, promised that China would continue to promote opening to foreign investment while stressing the importance of the U.S.-China relationship. Later, U.S. Commerce Secretary Gina Raimondo said that China must respect intellectual property rights and “keep its promises. U.S. Commerce Secretary Raimondo also attended Wednesday’s online meeting. She said the U.S. wants to have a “level playing field” with China.

“China needs to play by the rules, it needs to respect our intellectual property rights, and it needs to keep its promises.” Raimondo said at the forum, “Now, for example, in the first phase of the trade agreement, China promised to buy a certain amount of airplanes and agricultural products, and they didn’t do that; they didn’t keep their promises.” Former Secretary of State Henry Kissinger, known as “an old friend of the Chinese people,” said during an online conference Wednesday that U.S.-China relations have gone from the “foothills of a new Cold War” two years ago to a standoff a year ago “the mountain path” 2 years ago, to “walking across the mountain path and up the cliff” now, depending on which direction to choose.

6.Alibaba Stock Plunged, the Return of the Day

Alibaba’s shares plunged more than 10 percent at the opening of trading on the Hong Kong Stock Exchange on Friday, with the stock falling 10.26 percent to HK$140 at the opening bell, dragging down China’s stock market index after results the day before showed a sharp drop of 81 percent to 5.37 billion yuan from 28.7 billion yuan a year earlier. Asian stocks fell on Friday after disappointing results from Chinese e-commerce giant Alibaba fueled market concerns about a broad regulatory overhaul by Beijing and slowing growth in China, the world’s second-largest economy.

That left Asian stocks trailing a solid performance on Wall Street overnight, with the MSCI Ming Sheng Asia Pacific (ex-Japan) Index down 0.44% and expected to fall 1.2% every week. Alibaba on Thursday reported revenue of CNY200.69 billion for the second quarter ended September, up 29% year-on-year and below expectations. The company also expects total revenue to grow 20-23% year-on-year in fiscal 2022, with revenue guidance for the fiscal year also hitting a new low since its IPO in 2014.

7.Xu Xiang’s First Public Voice After His Release from Prison: Opposed to the Wenfeng Acquisition Case

In response to the Wenfeng share acquisition case, Xu Xiang said to the Xinjing News financial reporter, Wenfeng shares of significant shareholders suspected of interest transfer, hollowing out the interests of listed companies, firmly opposed, will vote against. On November 19, the reporter called the secretary office of Wenfeng shares; the staff said, “If Xu Xiang voted against, this shareholders’ meeting might not be carried out, the company as soon as possible to respond to the SSE inquiry letter.” Public information shows that Wenfeng shares are one of the “Xu Xiang concept stocks.” As of the end of the third quarter of 2021, Xu Xiang’s mother, Zheng Suzhen, held 275 million shares of Wenfeng, accounting for 14.88% of the total share capital of the listed company, ranking among the second-largest shareholders of the company.

In addition, late on November 18, the SSE issued an inquiry letter asking Wenfeng shares to explain that the listed company disclosed six significant issues: inconsistent evaluation methods of the subject company, the subject company’s appropriation of funds by the controlling shareholder, the reasonableness of the company’s acquisition of loss-making assets in the event of a significant decline in the subject company’s performance or continuous losses, the pledge of the subject company’s shares and external guarantees, the listed company’s ability to pay and competition in the same industry.

8.Corn Prices Are Easy to Rise but Challenging to Fall

Recently, with the gradual improvement of the weather in the northeast, some areas are not easy to store the ground party grain to high positive shipments, production areas and the northern port collection increased, resulting in the recent corn prices stalled retracement. Every year there will be this unsuitable short-term storage of corn on the amount of time, about a week, followed by the grassroots will usher in a period of one to two months of pity selling behavior, corn will be firm up. The company’s primary goal is to provide the best possible service to its customers. Regarding railway transport, the amount of corn wagon is reduced, overlapping with the wheat stop shooting after the feed enterprises replenish the warehouse, which also caused the southern corn prices to rebound. With the recent clearing of the weather, as well as the gradual improvement of steam transport, poor grain and profit traders actively shipping, the northern port collection increased, deep processing enterprises to take advantage of the trend of price cuts, the north port prices also retraced 40-50 yuan/ton. North China wheat sowing is nearing the end after the agricultural leisure corn shyness weakened. Due to the futures appreciation of the spot, spot prices lagged after the futures price retracement is more significant, the main 2201 contract retracement of about 100 yuan/ton.

This round of corn on the volume is mainly traders profit inventory and grassroots not resistant to store the ground party grain is dominant, is expected to maintain about a week. However, the grain quality and storage conditions of farmers are expected to still pity sales, on the one hand, because the cost of growing corn by doubling land rent and increase, on the other hand, the high point of last year’s corn appeared in January, so it is inferred that the Northeast grassroots farmers later still to support the price, especially after the freeze easy to store corn is expected to at least support the cost of pity sales until around New Year’s Day, that is, the short-term volume does not represent the mainstream market trend. In terms of corn, domestic corn production increased by about 15 million tons in 2020/2021, including an increase of 18 million tons in the northeast, a decrease of 6 million tons in northern China, and a slight increase in production in other regions. The wheat inventory carryover is about 50 million tons for wheat, including 15 million tons of stale grain before 2017. As for rice, 74 million tons of brown rice in Heilongjiang and nearly 60 million tons of aged brown rice. Overall, the grain supply is sufficient, and the shortage is not expected to occur again, i.e., the corn market is challenging to break through the previous high. However, the early listing of this year, brown rice, and the wheat auction are suspended. The grassroots is bound to sell; I speculate that the policy end has bottoming price expectations. Before New Year’s Day, it is difficult to fall.

9.Digital RMB Winter Olympics Pilot Scenario Construction Enters Sprint Stage

As an essential part of the digital RMB research and development pilot and the preparation for the Winter Olympic Games, the digital RMB Beijing Winter Olympic scenario pilot is progressing steadily and orderly. At present, the construction of the digital RMB Beijing Winter Olympics pilot scenario is progressing smoothly and has entered the sprint stage. Currently, in the Beijing competition area, the construction of the acceptance environment is being accelerated. Among them, all scenes in the Winter Olympic Organizing Committee campus have been completed, the structure of the digital RMB acceptance environment within the red line of Winter Olympic security is advancing simultaneously with the construction of the venues, and seven scenes outside the red line of Winter Olympic security, such as traffic and travel, catering and accommodation, shopping and consumption, tourism and sightseeing, medical and health care, communication services, ticketing, and entertainment, etc., have achieved full coverage. In the Zhangjiakou race area, the payment scenes within the Winter Olympics security red line are fully covered. Five payment scenes of completed venues have been 100% landed, 14 payment scenes of uncompleted media have been 100% signed, and the remaining 30+ scenes under construction have achieved 100% merchant docking. The scenes outside the red line of Winter Olympics security are also being steadily promoted.

It is worth noting that this digital RMB Beijing Winter Olympics pilot fully considers the needs of domestic and foreign consumers and follows the principle of “prudent, convenient, safe and voluntary.” By the closed-loop management arrangement of the Beijing Winter Olympics, the digital RMB Winter Olympics pilot will focus on the areas within the red line of the Winter Olympics security, with the primary goal of safeguarding and facilitating payment options for domestic and foreign consumers. Domestic and foreign consumers can choose either a soft digital RMB wallet in a mobile app or a hard digital RMB wallet that does not rely on a cell phone according to their habits and user preferences. The hard wallet is one of the critical innovations of digital RMB, featuring small amounts and anonymity, including card-based tricky wallets and bracelet-based hard wallets, which are secure, convenient, and fully protect personal privacy. The digital RMB hard wallet is simple and easy to open and use and can be easily accessed through Bank of China branches, hard wallet self-exchange machines, designated hotels, etc. The payment can be completed with touch during the transaction and is widely used in small and high-frequency scenarios.

Comment: There will be no Winter Olympics, and there will be no digital coins

10.The Central Bank Conducted 50 Billion Yuan of 7-Day Reverse Repurchase, Achieving a Net Repossession of 50 Billion Yuan

Repurchase, achieving a net repossession of 50 billion yuan. The People’s Bank of China (PBOC) announced on Nov. 19 that to maintain a reasonable abundance of liquidity in the banking system, the PBOC conducted 50 billion yuan of reverse repo operations by way of interest rate bidding on Nov. 19, 2021, with a winning rate of 2.20%. As a result, today, there are 100 billion yuan of reverse repo expiry, the People’s Bank achieved a net repossession of 50 billion yuan. Yesterday, short-end interest rates were down across the board. The Shanghai Interbank Offered Rate (Shibor) fell 22 basis points to 1.932% overnight, while the 7-day Shibor fell one basis point to 2.172%. The weighted average DR007 rate fell to 2.1524% below the policy rate level in terms of repo rate performance. The 1-day Treasury reverse repo rate (GC001) on the SSE fell to 2.315%.

【G Translators- Financial Team】
Translator: Totoro

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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