12/15/2020 Financial News: Mutton prices kept rising for eight consecutive weeks, Communist China Stock Exchanges promote delisting reform

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1.The Dow Jones Industrial Average fell 0.48% to end at 29,900.96 points, while the S&P 500 lost 0.32% to 3,651.92. The Nasdaq Composite climbed 0.61% to 12,453.96. The Dow Jones Industrial Average hit a record high before ending lower, pulled down by Walt Disney. Shares of Disney, down 3.65%. The S&P 500 consumer discretionary index was the strongest gainer among sector indexes, up 1% and lifted by a rise in Amazon, up 1.4%.

2.An Ohio-based researcher pleaded guilty to conspiring to steal “trade secrets concerning the research, identification, and treatment of a range of pediatric medical conditions.”

3.A Chinese professor accused of stealing American technology to benefit Communist China’s Huawei Technologies Co plans to return to his home after being sentenced on Dec. 14 for lying to the FBI. Mao agreed with Silicon Valley’s CNEX Labs, to obtain its circuit board ostensibly for academic research, but ultimately shared proprietary information with Huawei.

4.On Dec. 14, the Shanghai Stock Exchange and the Shenzhen Stock Exchange published proposals for simplifying the delisting process for public companies. The delisting system reform has further strengthened the nature of the survival of the fittest in the market and will prompt shell companies to withdraw from the market as soon as possible. It’s observed that there still exist loopholes such as financial fraud standard to trigger delisting, which is too low and many companies can get rid of it by tampering their balance sheet.

5.In the second week of December 2020, the national mutton price rose to 82.66 yuan per kg. Retail price of mutton kept rising for eight consecutive weeks, up 3.6% above year-ago levels due to insufficient supply. Shandong Dezhou is the primary sheep producing city in Communist China, a sheep farmer said that large number of orders are receiving, and It is now expected that sheep slaughter will increase 50%, but the supply of sheep is still insufficient.

By 【G-Translators – Financial Team-Tracy】

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