2/3/2021 Financial News: Communist China Releasing More Pork from Reserves

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1. Communist China Releasing More Pork from Central Reserves

On February 2, the National Development and Reform Commission (NDRC) of Communist China announced it is ready to release more pork from its central reserves to ensure stable pork supplies during the Spring Festival. It plans to release 30,000 tons of pork on February 4 and February 9 respectively. As of January 28, 2021, seven batches of central reserve frozen pork had been released and the total quantity had reached 180,000 tons. The release of frozen pork from central and local reserves played a role in stabilizing meat prices, said an NDRC official.


2. Chinese Insurance Industry Fined Over 13 Million Yuan in January

On February 1, a reporter from Beijing Commercial Daily reported that in January this year, the insurance industry was issued a total of 81 fines and the total fine amount exceeded 13 million yuan. Specifically, property insurance companies were issued a total of 55 fines, with a total fine of 10.979 million yuan, accounting for 82.23% of the total fine. Industry experts believe that property insurance has become a “severe disaster area” possibly due to its own business characteristics and negotiation power. In addition, such frequent occurrence of fines in January also signals that regulations will continue to tighten in 2021.


3. Chinese Movie and Television Companies Reporting Losses in 2020

According to incomplete statistics, to date a total of 19 film and television companies have released their 2020 annual performance reports, of which only 5 companies were profitable in 2020. Although their performance suffered losses, the stock market was bottoming out. Film companies such as Huayi Brothers and Beijing Culture continue to lose money. More companies such as Wanda Films, Happy Blue Ocean, and Jinyi Films have reported losses too.


4. Chalieco Reporting Big Loss in 2020

China Aluminum International Engineering Corporation Ltd. (Chalieco) expected that its loss for 2020 will be in a range of 1.7 to 1.9 billion yuan ($263.2 million to $294.1 million), compared to a net profit of 34.85 million yuan ($5.4 million) in 2019. The loss was mainly due to a sharp drop in the overall operating income and profitability caused by COVID-19. Chalieco’s operating income had a year-over-year decrease of 25% and its gross profit margin dropped by 2.06% to 8.5% in 2020.


5. GameStop Shares Plunged and Silver Prices Dropped on Tuesday

On Tuesday, GameStop Corp shares closed down 60% at $90 and silver prices retreated after hitting an eight-year high on Monday. The videogame retailer’s shares are now worthless than 20% of their high of $483 last week. Betting on a drop in GameStop’s share price, Melvin Capital lost 53% in January. Other funds such as billionaire investor Steven Cohen’s Point72 Asset Management lost nearly 9%.


6. Suspected Chinese Hackers Used SolarWinds Bug to Steal Federal Payroll Data

Reuters – Suspected Chinese hackers exploited another SolarWinds software vulnerability to breach the computers at the National Finance Center, a federal payroll agency inside the U.S. Department of Agriculture, and other U.S. government agencies. Investigators fear that data on thousands of government employees may have been compromised in the attack. The hackers used computer infrastructure and hacking tools that had been deployed by state-backed Chinese cyber-spies, according to Reuters.


By 【Financial Team】

News Collection: Wendy , 文罡, Sharon

Translation & Writer: Kate

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

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