11/22/21-11/28/21 Weekly Reports: Binance Leaks Personal Information, Can’t Withdraw Cash; WeChat, Alipay Can’t Be Used for Business Receipts from next Year

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1.HCoin Price Gummed up This Week, HPay May Come out Within February

Earlier this month, Himalayan Coin HCoin (HCN) was officially listed. This week, due to some of the losers smashing the market, this week’s hi-coin is in a stalemate between the 32 and 40 range, but this also proves the openness and transparency of the Himalayan Exchange week’s float are considered within the normal range. Shortly, when institutional investors officially enter, this week’s float can be said to be just the beginning. How to resist all the ups and downs of the future financial market fluctuations, in addition to fitness training heart, but also to a firm faith. Ask yourself three questions whenever your heart is moving: Why am I here? Why can I get the welfare HCoin, my Himalaya reached? After thinking twice, I believe you are bound to make the right choice.

As Miles Guo said, the potential of HCoin can be said to be completely unexplored, and Hpay is likely to be officially listed in February when HCoin will officially start circulating in many fields, and its value will be immeasurable. The day Hpay is recorded, that is, it may be the day HCoin goes from a mere digital currency to a link to the real economy, and its significance and value are The significance and value of HCoin are not insignificant.

Note: The value and prediction of HCoin is only a personal opinion and requires caution in investment.

2.Binance Has Changed Overnight and Suspended the Withdrawal Function

Recently, Binance users have received frequent emails adjusting the interest rate of OMG tokens. 11 days ago, the Binance leverage platform raised the daily interest rate of the token to 10%, and then again to 15%, which is nearly 20 times higher than the previous day. According to the adjusted data, the annualized interest rate for ordinary users to borrow the coin reached 5475%. The platform’s temporary change of heart sparked public outrage. Some users openly questioned that borrowing for one year to repay fifty times the principal is comparable to usury. In addition to the changes triggered by market supply and demand factors, those affected include in-loan users.? Since then, Binance then modified the rules to require users to pay a contract funding fee every two hours to constrain shorting hedging. Users were forced to choose between paying the high-interest rate fee, going long on the arbitrage, and quitting. According to the officially disclosed interest rate data, OMG initially had less than a 0.1% lending rate. The day before the airdrop, CoinSec suddenly announced the suspension of OMG coin withdrawals, along with a temporary colossal interest rate increase, disguised to force users to pay back their coins. Later that night, Binance issued an announcement saying that near the OMG airdrop BOBA, as the Binance leverage platform does not require users to return the airdrop coins obtained from borrowing OMG, it will adjust the leverage lending rate according to the market situation at the point of time near the airdrop. After the airdrop ends, the OMG borrowing rate will be adjusted to the average rate level.

3.WeChat, Alipay Can’t Be Used for Business Receipts

26 news, “from March 1, 2022, personal collection code banned for business services” and “prohibit personal static collection bar code is used for remote non-face-to-face collection” news recently screened the network. In response to the impact of this provision for WeChat, Alipay, Sohu Technology to Tencent, Ali for confirmation, has not yet received a response. It is understood that the news originated from the central bank on October 13 issued a new notice on the regulation of barcode payment, “the People’s Bank of China on strengthening the management of payment acceptance terminals and related business notice (Yinfa [2021] 259)”. The person in charge of the relevant departments of the Central Bank specifically explained that in recent years, the barcode of personal receipt had been widely used, which has improved the efficiency of fund collection and payment. Still, there are also some risks and hidden dangers.

For example, some unscrupulous elements use “running platform” to attract many people to use personal static collection barcodes to remotely transfer gambling money with gamblers “point to point” online, splitting and hiding gambling money in many everyday transactions scenarios. In addition, some people classify corporate income as personal income through collection codes, thus achieving the purpose of tax evasion. In addition, the regulations also require that for the collection barcodes generated by individuals or particular merchants and other payees for the payers to read and initiate payment instructions, the scenarios and uses of the collection barcodes used by individuals and specific merchants should be effectively distinguished. The collection barcodes should be prevented from being rented, lent, sold, or used for illegal and irregular activities. For individuals with apparent characteristics of business activities, barcode payment collection service institutions shall not provide collection services related to business activities through personal collection barcodes.

4.SSE and Cambodia Stock Exchange Signed a Memorandum of Understanding on Cooperation

On the 26th, Shanghai Stock Exchange (SSE) and Cambodia Stock Exchange (from now on referred to as Cambodia Stock Exchange) signed a Memorandum of Understanding (MOU) on cooperation by mail, in which both sides will carry out diversified cooperation in information exchange, cooperative research, personnel exchange, and product development. General Manager of SSE Cai Jianchun and CEO of Cambodia Stock Exchange HONG Sokhour signed the MOU on behalf of the two businesses.

Cambodia is an important partner of China in the ASEAN region and one of the first countries to respond to and actively participate in constructing the “One Belt, One Road.” Exchange International Seminar 2019″ hosted by the Center for International Exchange and Cooperation of the Shanghai Stock Exchange, and exchanged views with leaders of the SSE on exploring future cooperation opportunities between the two exchanges. The signing of the MOU laid a good foundation for the cooperation between the Chinese and Cambodian capital markets.

The Cambodian Stock Exchange is the only stock exchange under the supervision of Cambodia and started its operation in 2010. The Cambodian Stock Exchange currently has two markets for securities and bonds, and the stock market is divided into the mainboard and growth board. The Cambodian Stock Exchange has set up a flexible transfer mechanism whereby any listed company can move from the Growth Board to the Main Board after submitting an application to the Cambodian Securities and Exchange Commission and meeting the requirements of the Main Board. The CSX is the main index of the Cambodian Stock Exchange.

5.“Rolling Overnight” Scale Continues to Climb High

Since November, the interbank market pledged repo volume continues to be at a high level, and for the first time, this year exceeded 5 trillion yuan in size. The latest indications are that market players may be leveraging strategies to thicken their returns. As of Nov. 25, among the 19 trading days since Nov. 1, there were 18 consecutive trading days with interbank market pledged repo turnover exceeding 4.5 trillion yuan, including 11 trading days with turnover exceeding 5 trillion yuan, with the highest point of 5.22 trillion yuan on Nov. 18. The volume is continuously at a high level, reflecting the bond market leveraging – institutions rolling in low-cost funds to allocate bonds with relatively long remaining lives and higher arbitrage yields. According to several experts, the current high volume of pledged repo transactions, which is already much higher than the volume level in average years, indicates that the bond market has become an important trading strategy to increase leverage. From the structural point of view, “rolling overnight” leveraging arbitrage is more prominent. Bloomberg’s latest summary data shows that since November, the interbank overnight repo rate has been oscillating within a narrow range of less than 40 basis points. The daily volume of overnight varieties has exceeded 4 trillion yuan for 18 consecutive trading days.

The so-called “rolling overnight” is a leverage-level financing behavior but also a maturity mismatch behavior. Institutions usually take the measure of pledging their bonds to other institutions to borrow low-cost, short-term funds, mainly overnight repo, and after the overnight funds expire, sell the bonds to borrow the following overnight funds to repay the previous funds. New funds are due every day for the institution, thus earning the spread between the bond coupon and the cost of funds.

6.Shanghai Data Exchange Was Inaugurated, and Deloitte Became the First Signatory Data Merchant

The inauguration ceremony of Shanghai Data Exchange was held in Shanghai, and Deloitte became the first batch of signed data merchants and the first member of the Shanghai data trading expert committee. It is reported that Deloitte will actively participate in the whole process of data trading based on research and professional services on data classification, trading compliance, and asset valuation and provide professional support for the design of some systems in the data trading mechanism. In addition, the first Shanghai Data Exchange Expert Committee was also established at the same time, with Deloitte partner Guan Yanfang as a member of the expert committee, who will provide advice and professional guidance for data circulation and trading in Shanghai, making security, regulation, and orderliness the critical features of Shanghai Data Exchange.

At the 2021 Global Digital Business Conference held simultaneously, Deloitte and the industry’s leading scholars exchanged views on the way forward of data association. Zhu Lei, the co-managing partner of Deloitte Touche Tohmatsu, said Deloitte would provide professional support for designing some systems in the data exchange mechanism, such as data classification and valuation of data assets. He said that data governance is the only way for “data elements” to become tangible “highly credible data assets,” and national data governance and enterprise data governance will jointly lay a solid foundation for realizing data elements’ value. Currently, global compliance and dynamic compliance will become an essential part of data governance. By “promoting use with governance and governance with use,” the value of data elements can be given full play more effectively.

7.Contracted Sales of Xiangsheng Holdings Fell 60% in the Third Quarter

According to S&P’s report, Xiang Sheng Holdings Group’s total equity contracted sales fell 60% to 14.597 billion yuan in the third quarter from a year earlier. S&P attributed this to the fact that the company’s land reserves are mainly located in lower-tier cities in the Yangtze River Delta region. As a result, from November 12 to November 23, the share price fell from HK$4.90 to HK$1.53 per share in just eight trading days, a cumulative decline of 68.45%. Among them, the day of November 18 then sank 53.91% to close at 1.59 HKD/share, a new low since the listing on November 18, 2020, while the market value evaporated directly from 10 billion HKD to 4.839 billion HKD. Sources said that the plunge in the share price of Xiangsheng Holdings Group was due to the closing of positions by Hong Kong capital. From the transaction details, before the market’s opening, Xiang Sheng Holdings Group is now a significant transaction, priced at HK$ 3.45 per share, involving 9 million shares, involving a capital of 31.05 million. Then there were 2.2 million shares and 1.11 million shares of large orders, a total of more than 12 million shares concentrated selling.

However, on the evening of November 18, Xiangsheng Holdings Group issued a voluntary announcement on the unusual fluctuations in share price and volume, stating that it was not aware of the reasons for the changes and that no information or insider information had to be released, and stressing that the company was operating normally and had not defaulted on its existing debts and that the company’s controlling shareholder had not pledged any shares. As of the close of trading on November 24, Xiangsheng Holdings Group closed at HKD1.52 per share, down 76.03% from the all-time high of HKD6.34 per share reached on March 1 this year and down 72.81% from the company’s issue price of HKD5.59 per share, with a current total market capitalization of HKD4.626 billion. As of the end of the first half of the year, the total assets of Xiangsheng Holdings Group were 172.656 billion yuan, the total liabilities were 153.093 billion yuan, the gearing ratio was 88.67%, the gearing ratio after excluding pre-sale accounts was 79.4%, the net debt ratio was 96.6%, and the cash-short debt ratio was 1.2, stepping on a red line in the “yellow file. ” From the perspective of its performance, Xiangsheng Holdings Group has not been exposed to more excellent negative information recently. The company’s performance growth in recent years, mainly due to the hot property market in the Yangtze River Delta third and fourth-tier cities, as well as the company’s high turnover model. But with the property market turning cold and the tightening of real estate policies, this high growth is not sustainable.

8.Guodun Quantum, Goke Microelectronics Blocked by the U.S.

25 news, Guodun Quantum, Ziguang shares, Guoke Micro, and others have issued announcements in response to the U.S. inclusion in the “entity list,” said the company adheres to compliance operations, will not affect the existing business operations, no significant adverse impact or direct impact. On November 24, the Bureau of Industry and Security of the U.S. Department of Commerce added 27 entities, including 12 Chinese entities, to the “Entity List” for export control. Ltd. (from now on referred to as Shanghai Guodun), a wholly-owned subsidiary of Ziguang’s holding subsidiary, Xinhuasan Semiconductor Technology Co. According to the provisions of the U.S. Export Administration Regulations, enterprises included in the “Entity List,” the purchase of items controlled by the regulations, suppliers need to apply to the U.S. Department of Commerce for an export license in advance.

9.Windfall from China’s Real Estate Slump: Unexpected Drop in Carbon Emissions in the Third Quarter

The study found that China’s carbon emissions fell in the third quarter of this year for the first time since the country entered an economic recovery phase after easing anti-epidemic restrictions. Experts say this will mark a turning point in China’s carbon emissions. However, research by the Center for Energy and Clean Air Research, an independent research institute based in Helsinki, Finland, shows that the slowdown in China’s economy is likely to prompt Chinese authorities to increase infrastructure stimulus efforts, leading to a halt in the rise in carbon emissions. Last year, China’s widespread quarantine measures to control a new coronavirus outbreak had contributed to a significant drop in carbon emissions early the previous year. But as cities and factories went into recovery, carbon emissions rose again, surpassing the 2019 level.

But in the third quarter of this year, China’s carbon emissions fell 0.5 percent year-over-year, achieving the first quarterly drop back since the easing of anti-epidemic restrictions. A study by the Energy and Clean Air Research Center attributed this quarterly pullback to a cooling of the construction sector. Lauri Myllyvirta, an analyst at the Center for Energy and Clean Air Research, was quoted by AFP as saying, “The drop in emissions could mark a turning point and an early peak in China’s total emissions.” However, Lauri warned that if the Chinese government gives new incentives to the construction industry to boost economic growth, emissions will pick up again, causing a delay in reaching the carbon peak target.

In a report published Nov. 25, the Financial Times of London noted that the liquidity crisis has hit the real estate sector, which accounts for about a third of China’s overall economic activity, with a group of debt-ridden developers teetering on the brink of bankruptcy, raising fears of systemic risk. In this case, Beijing is loosening credit controls to stop the sector from collapsing. However, it remains to be seen whether these new measures will give a renewed impetus to the rise of the traditional energy-consuming industry.

10.Pinduoduo Dives More than 12% in Pre-Market, Q3 Revenue and Adjusted Net Income Both Declined on a YoY Basis

Pinduoduo announced its third-quarter results on Friday, and the U.S. stock subsequently dived more than 12 percent before the market. The company previously reported that its third-quarter revenue and adjusted net income declined sequentially from the previous quarter.

* The results reported a non-GAAP net profit of RMB3.15 billion for the third quarter, compared with a net profit of RMB470 million in the same period a year earlier. They achieved revenue of RMB21.51 billion, up 51% year-over-year.

* Market worries about regulation resurfaced as two people familiar with the matter told Reuters on Friday that Chinese regulators have asked executives of ride-hailing giant DDT to work out a plan to delist from the New York Stock Exchange because of concerns about data security.

* Pinduoduo closed up 2.64% on Wednesday; the stock has fallen more than 50% for the year amid China’s push for tougher regulatory measures on anti-monopoly and data security for the platform economy.

【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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