Original link: https://www.latepost.com/news/dj_detail?id=1684
30 The weekly new house transaction volume in large and medium-sized cities is lower than the same period last year
After a brief rise in March, China’s commercial housing transaction volume has declined again in recent weeks.
Wind data shows that in the 21st week of this year (the week of May 21), 28,629 new houses were sold in 30 large and medium-sized cities across the country, which is already lower than the level in the same period in 2022 and is the lowest point in the past ten years. In terms of the cumulative number of units sold in these cities during the year, the scale of about 570,000 units is only higher than the same period in 2022 and 2020.
For developers, although financing conditions and the environment have improved, they cannot offset the impact of weak housing sales itself.
According to Wind statistics, A-share commercial housing developers confirmed revenue of 498.4 billion yuan in the first quarter, about 40 billion yuan less than the previous quarter, and realized cash inflows from operating activities of 635.2 billion yuan, about 80 billion yuan less than the previous quarter (sales of off-plan housing received cash flow but could not be recognized as income. ), the industry-wide net decrease of cash and cash equivalents was 12.2 billion yuan at the end of the period.
That puts pressure on real estate developers who are already tight on cash flow. For example, in the past two days, Wanda has been rumored to be considering selling assets, including the Wanda Reign Hotel located in Shanghai’s Bund and Yu Garden areas, and the payment license of Wanda’s Kuaiqian company.
Fosun Group may be the intended buyer of Wanda Ruihua. Both Fosun headquarters and Wanda Ruihua are located in the Bund Financial Center. This commercial real estate is also one of the assets of Fosun Group. Douyin may be the intended buyer of the Kuaiqian payment license. A spokesperson for Douyin confirmed to the media that the two parties have conducted preliminary negotiations, but did not comment on the details.
Wanda Commercial Management, one of Wanda’s core assets, achieved revenue of 12.5 billion yuan and a net profit of 4.487 billion yuan in the first quarter of this year, one of the best quarterly performances since 2020. However, as Wanda Commercial Management’s prospectus for listing in Hong Kong has expired three times, the deadline for its listing no later than 2023 is getting closer. If it fails to land on the Hong Kong Stock Exchange by then, Wanda will undertake a repurchase commitment of tens of billions of yuan to investors.
According to Wind data, the balance of interest-bearing liabilities of Wanda Commercial Management rose again to 204.432 billion yuan at the end of the first quarter, the highest point in the past four years.
Vanke, whose situation is much better than that of Wanda, recently announced plans to issue new shares for financing. According to Vanke’s announcement, the Group’s board of directors has considered and approved the proposal. Earlier this year, Vanke announced plans to raise HK$3.9 billion in Hong Kong stocks and HK$15 billion in A shares.
In addition, Vanke also announced the issuance of medium-term notes totaling 4 billion yuan in April and May this year, and plans to use up to 40% of the financing to supplement the company’s working capital. In the first quarter of this year, Vanke’s net cash flow from operating activities was 7 billion yuan, and the net book cash at the end of the period was about 140 billion yuan.
Another leading real estate developer, Country Garden, with a cash reserve of more than 100 billion yuan, also announced this month that it was approved to issue 20 billion yuan of medium-term notes, of which the first and second tranches of notes issued this year amounted to 1.7 billion yuan. On May 30, Vantone Real Estate, the developer of Xincheng International, a well-known real estate project in the CBD of Beijing, announced that the controlling shareholder K. Wah Holdings plans to transfer shares worth 505 million yuan to Dingyun Investment Development (Hainan) Co., Ltd.
Dafa Real Estate, Times China, Ronshine China and other real estate developers have substantially defaulted on their overseas bonds during the year, failing to pay the principal and interest on time. Wind’s statistics show that Chinese real estate developers will have at least US$25 billion worth of overseas bonds due this year. (Gong Fangyi)
Nvidia’s market value is trillions, who missed it and who caught it
Before the U.S. stock market last night, Nvidia’s stock price rose more than 4%, and its total market value exceeded one trillion U.S. dollars. It became the world’s first trillion-dollar chip company and the first trillion-dollar company founded by Chinese. Apple, Microsoft, Alphabet and Amazon are the fifth largest companies in the U.S. stock market.
Nvidia is also the company with the highest rise in the S&P 500 this year, and its stock price has risen 174% year-to-date. Nvidia, which was active, also attracted the most trading funds. On May 25, only Nvidia had a turnover of nearly 60 billion U.S. dollars, surpassing the entire Shanghai Stock Exchange and worth four Hong Kong stocks.
According to statistics from the website whalewisdom, which tracks the 13F report (the U.S. Securities and Exchange Commission stipulates that large institutional investors with over $100 million in assets under management are required to disclose quarterly position reports), in the first quarter of this year, a total of 605 large institutions listed Nvidia in the top ten positions Shares increased by 184% compared to the fourth quarter of last year; among them, there were 134 hedge funds, an increase of 158% from the previous quarter.
As of the end of the first quarter, a total of 3074 large institutions held Nvidia stocks, 485 new positions for the quarter, 1065 increased their holdings, 1298 reduced their holdings, and another 112 institutions have cleared their positions.
We cannot directly deduce which institutions have made or lost money on Nvidia from the positions at the end of the quarter, but because large institutions are usually more cautious when including or removing a certain stock from their asset allocation portfolio, those who choose to liquidate in the first quarter Institutions have a high probability of missing the main gains of the best rising companies this year.
The Norges central bank sold the most among all institutions. They liquidated about 26.7 million Nvidia shares in the first quarter. According to Nvidia’s stock price in the first quarter, this part of the stock is worth about 4 billion to 7.4 billion US dollars. If it is kept so far , at least $3.3 billion more can be earned.
Among the Chinese-funded institutions, Chen Tianqiao’s Shanda Investment sold the most. They liquidated 650,000 Nvidia shares in the first quarter, accounting for about 5% of their asset allocation portfolio. If these stocks are left to do nothing, at least they can earn more $80 million. In addition, Jinglin Asset Management, one of China’s largest private equity fund companies, newly acquired about 325,000 Nvidia shares. Even if they were bought at the highest point of the quarter at the end of March, as long as they are kept and not sold, they can make a floating profit of at least US$40 million.
The institutions currently holding the most shares in Nvidia are Pioneer and BlackRock, both of which have a market value of more than 50 billion U.S. dollars, and both chose to increase their holdings significantly in the first quarter. Among them, BlackRock increased its holdings of about 3.87 million shares of Nvidia. If it is not sold, it can earn at least 470 million US dollars. These two institutions are also among the largest asset managers in the world.
Cathie Wood, who believes in the great prospects of artificial intelligence, only retained Nvidia shares in four smaller ETF funds at the end of the first quarter-because she cleared Nvidia from the flagship fund ARK Innovation ETF (ARKK) in mid-January. Since then, Nvidia’s stock price has more than doubled, and its market value has risen by more than $560 billion.
Wood has long been a fan of Nvidia. As early as 2014, when the ARK Innovation ETF fund was first launched, Nvidia was its heavy stock. At that time, Nvidia’s share price was only $5, less than 1/80 of the current price. Nvidia contributed 13 percent of the fund’s cumulative return of 112 percent since its inception, according to data compiled by Bloomberg. (Qiu Hao)
Go out and ask, listing in Hong Kong, AI companies can actually make money
Artificial intelligence company Mobask recently submitted a listing application on the Hong Kong Stock Exchange. According to the prospectus, from 2020 to 2022, the company’s revenue will be 265 million yuan, 398 million yuan, and 500 million yuan, respectively. Last year, its operating profit turned positive to 71.6 million yuan. Among them, AIGC product revenue accounted for 8%, AI enterprise products (AI navigation, AI customer service, etc.) accounted for 53%, and the remaining nearly 40% of revenue came from AIoT business. The main products are AI watches, AI treadmills, and vehicle-mounted robots.
The prospectus focuses on the current hot AIGC concept, indicating that the AIGC sector has launched products such as AI dubbing assistants, AI writing assistants, and AI digital humans, mainly for content creators. At present, it has attracted more than 6 million registered users worldwide, about 40 10,000 paying users, generating over 1 million payments. The document also cites the China Insights Consulting report as saying that by 2022, Mobwang will be the company with the highest AIGC business revenue in China and even in Asia (about 39.86 million yuan), ranking 8th in the world.
However, the prospectus also emphasizes that past performance does not represent future prospects. In particular, ChatGPT, which was launched at the end of last year, has attracted a lot of investment into the field of AI. As competition intensifies and new technologies iterate, the company’s old customers may switch to other products. Since March, Baidu, Ali, Huawei, HKUST Xunfei, etc. have all launched their own large-scale models.
Going out to ask was founded in 2012, launched the voice assistant “Xiaowen” in 2013, launched the first AI watch in 2015, launched the large model UCLAI in 2021 but the effect was not good, and resumed research and development in October last year. Founder Li Zhifei graduated from the Department of Thermal Engineering of Nanjing University of Science and Technology with a bachelor’s degree, a Ph.D. from Johns Hopkins University, and studied machine translation. After graduation, he studied machine translation at Google headquarters. He left Google in 2012 and founded Momenwenwen.
In February this year, Li Zhifei reported that he intends to start a business in the field of large-scale models. At the beginning of last month, AI Technology Review quoted sources as saying that Li Zhifei may have returned to go out to ask questions. On April 20, Mobvoy announced the internal testing and exploration of the large-scale model “Sequence Monkey” (formerly UCLAI). Founder Li Zhifei said at the time that China’s OpenAI was not the goal of Mobvoy, and mentioned that the company’s current commercialization is doing well. Other businesses other than large models do not burn much money, and no financing is required at this stage. (Lin Guangying)
Apple’s first “live broadcast” to sell goods, teach you how to shoot video with iPhone
At 7:00 pm on May 31, the live broadcast of the official Tmall Apple Store flagship store began on time. This is the first time that Apple has officially broadcast live on an e-commerce platform. Apple’s “live broadcast” is more like playing a recorded video, because the same video is played twice during the hour-long event.
The recorded video lasts about 26 minutes. The four anchors wear dark blue uniform tops with the Apple Logo and demonstrate the iPhone and Apple Watch to the audience in the Apple Store. The audience can purchase 24 products in the live broadcast room, including iPhone 13, iPhone 14 Two series of mobile phones, Apple Watch S8 and Apple Watch SE in different colors, as well as Airpods, Airpods Pro and 20W USB-C power adapter.
But they are mainly teaching viewers who enter the live broadcast room how to shoot with iPhone and how to use Apple Watch, rather than directly selling products.
When the live broadcast ended at 8 p.m., the number of viewers in the live broadcast room reached 1.29 million. Compared with the teaching content in the video, the audience was more interested in discounts and price reductions. Key words such as “price reduction” and “coupon” kept appearing in the comment area of the live broadcast room, and some viewers said, “I can’t learn by myself, so I don’t need to live broadcast carefully.”
In the first quarter of this year, Apple’s overall revenue in Greater China fell by nearly 3% to $17.8 billion, but according to some side evidence, iPhone revenue in China continues to grow. According to market analysis company Canalys, Apple was the brand with the most sales in China’s mobile phone market last year, selling 54.32 million iPhones, about 10 million more than the second-ranked Xiaomi.
Last year’s Double 11, the promotion of Apple’s Tmall flagship store may have surpassed the annual “education discount” on Apple’s official website in China. The total discount amount may exceed 500 million yuan, exceeding any previous year. (Intern Chang Junfei)
OTHER NEWS
Huaxing Capital Chairman Bao Fan’s lien period was extended.
According to “Economic Observer Network”, China’s supervisory agency has extended the detention period of Bao Fan, the chairman of Huaxing Capital and a well-known investor, for 3 months from May 7. On February 7 this year, Bao Fan was taken away by the Commission for Discipline Inspection and Supervision for investigation. The current “Supervision Law of the People’s Republic of China” stipulates that the detention period shall generally not exceed 3 months, and may be extended once under special circumstances, and the extension period shall not exceed 3 months.
The manufacturing PMI has been below the critical point for two consecutive months.
In May, the Manufacturing Purchasing Managers Index (PMI) was 48.8%, down 0.4 percentage points month-on-month, below the critical point for two consecutive months. Among them, the PMI of small and medium-sized enterprises dropped to 47.6% and 47.9%, while the PMI of large enterprises rose to 50.0%.
Jamie Dimon: No matter the economic situation is good or bad, JPMorgan Chase will stay in China.
JPMorgan Chase, one of the largest banks in the United States, is holding its annual China Investment Summit a few days ago. CEO Jamie Dimon attended the event and delivered a speech. He does not think China and the United States will be decoupled, and said that no matter the economic situation is good or bad, JPMorgan Chase will stay in China . But Dimon also admitted that the relationship between China and the West is now “much more complicated” than before. On May 30, he accepted a meeting with Shanghai Party Secretary Chen Jining.
Musk accepted the meeting with the Minister of Industry and Information Technology and the Minister of Commerce of China.
Musk’s second day in China was still intensive. He received meetings with Minister of Industry and Information Technology Jin Zhuanglong and Minister of Commerce Wang Wentao successively. Jin Zhuanglong and Musk discussed topics such as the development of new energy vehicles and intelligent networked vehicles. Wang Wentao told Musk that China will support the long-term and stable development of foreign-funded enterprises in China.
Huanju Group’s revenue declined in the first quarter, and it relied on interest to maintain book profits.
Huanju Group’s revenue in the first quarter of this year was about 3.57 billion yuan, a year-on-year decrease of 6.4% and a quarter-on-quarter decrease of 3.5%, but “benefited from” the control of expenses and interest income, it achieved a pre-tax profit of 239 million yuan. The most core live broadcast revenue has declined due to economic uncertainty and the impact of exchange rates, and the per capita spending power of overseas business BIGO is not as good as before.
Best Express began to make profits.
In the first quarter of this year, Best Group’s revenue was 1.72 billion yuan. down nearly 5% year-on-year. In the quarter, the revenue of Best Express was 1.05 billion yuan, and the gross profit margin increased by 6.8 percentage points year-on-year. The total freight volume reached 1.77 million tons, a year-on-year increase of 5.1%, and e-commerce items accounted for 21.5%. The company said that with the recovery of business, Best Express has achieved profitability in February and March, and its freight volume further increased in April, with a year-on-year increase of 20.3%. In October 2021, Best announced that it would transfer the domestic express delivery business to Jitu for 6.8 billion yuan, and then focus on express delivery, supply chain and international business. The main difference between express delivery and traditional express delivery lies in the weight, quantity and volume of the transport objects bigger.
Zhou’s authority has been expanded, and he will manage the byte version of Xiaohongshu Lemon8.
Silicon Valley technology website The Information stated that ByteDance has further expanded the management scope of TikTok CEO Zhou Shouzi, and assigned the Lemon8 reporting line similar to Xiaohongshu to Zhou Shouzi who is resident in Singapore. The person in charge of Lemon8 is preparing to go to Singapore . ByteDance first launched Lemon8 in Japan. This graphic social media application similar to Xiaohongshu is popular in Japan and Southeast Asia. It also entered the top ten download list of the US App Store in March this year. Besides Lemon8, Zhou Shouzi is also managing Resso, a music streaming product popular in Brazil, India and other places.
China Southern Airlines plans to raise up to 17.5 billion yuan and introduce 50 aircraft.
China Southern Airlines announced on the evening of May 31 that it plans to raise up to 17.5 billion yuan in additional funds, which will be used to introduce 50 aircraft projects and supplement working capital. China Southern Airlines stated that the introduction of new aircraft and further expansion of the fleet will enhance the core competitiveness of the company’s main business. Last year, China Southern signed an agreement with Airbus to purchase 96 Airbus A320neo aircraft for US$12.248 billion. China Eastern Airlines and Air China also purchased 100 and 96 Airbus aircraft of the same model respectively. During French President Macron’s visit to China this year, China Aviation Supplies Group signed an agreement with Airbus to purchase 160 aircraft.
In the first quarter, the insurance consumption of mainland tourists in Hong Kong increased by 28 times.
With the return of mainland Chinese tourists to Hong Kong, Hong Kong’s insurance sales to mainland Chinese tourists increased by nearly 28 times in the first quarter of this year. Insurance sales in the first quarter recovered to HK$9.6 billion, 75% of the same period in 2019, the Hong Kong Insurance Authority said. Sales of personal insurance for mainland Chinese tourists accounted for 20.5% of overall sales in Hong Kong in the first quarter, which is still 5.9% less than the same period in 2019.
China has become the largest single market for Model Y, and consumers here still love SUVs.
According to data from the market research agency JATO, Tesla sold a total of 267,171 Model Ys in the first quarter of this year, of which 94,469 were sold in China, the largest single market. The hot sales of Model Y in China also helped it become the world’s first-selling model in the first quarter of this year. The second to fifth are Toyota’s Corolla, Hilux, Rav4 and Camry. Model Y is the only one in the top five A pure electric car.
Asahi plans to reinvest in China, where it says the premium beer market has really taken off.
Japan’s Asahi Group recently stated that China is already the largest market for its high-end beer “Super Cool” series (about 25 yuan/340ml), and it is growing at a double-digit rate every year, and plans to continue investing in this high-end market. Asahi mentioned that they entered China in the 1990s, but because of the lack of high-end products and very low prices, they withdrew from China in 2017-at that time, Asahi sold nearly 20% of Tsingtao Brewery shares to Fosun Group.
India is not going to subsidize core manufacturing at Hon Hai’s Indian factory.
According to media reports, Foxconn’s parent company Hon Hai Group’s plan to invest in a fab in India has suffered a serious setback because the Indian government is preparing to reject the original $1 billion subsidy for the project. According to the previous plan, Hon Hai will jointly invest in the construction of the plant with Vedanta Resources Mining Group, a subsidiary of Indian billionaire Agarwal, with an estimated total investment of US$19 billion. However, more than half a year after the plan was announced, Hon Hai and Vedanta still haven’t found a partner to help them produce 28nm chips, nor have they obtained a complete technology license, which are the prerequisites for the Indian government’s original promise of subsidies.
U.S. consumer confidence fell to a six-month low.
The Conference Board released a report showing that the US consumer confidence index fell to 102.3 in May from 103.7 in the previous month, the lowest level since November last year. The survey showed that the decline in confidence was concentrated among people over the age of 55 and households with annual incomes of $50,000 to $99,000, mainly due to concerns about persistently high inflation and government cuts to the social security budget.
Executives and early investors have made billions by selling shares in SPACs before they plummet.
Some media have analyzed the documents of more than 460 companies that have conducted SPAC transactions and found that 232 companies have conducted insider transactions. Since the information disclosure of SPAC companies is not strict, and the valuation given by the capital market is quite generous, some executives and early investors rushed to sell stocks and cash out before the company went public, or before the release of bad results.
For example, private equity firm Platinum sold the shares of data center service provider Vertiv to five pension funds in 2021. In early 2022, due to the release of “shockingly bad” results, Vertiv’s stock price fell by nearly 40% in a single day. Pension funds therefore Sued Vertiv for issuing misleading earnings guidance. British billionaire Richard Branson has also sold nearly 75% of Virgin Galactic shares, making a profit of over US$1.4 billion. Currently, Virgin Galactic’s stock price is nearly 60% lower than its lowest selling price.
The JPMorgan subsidiary manages money for the ultra-rich and family offices.
JPMorgan Chase has a subsidiary that specializes in serving the global super-rich and family offices. It currently has more than 30 employees in the United States, Asia, and Europe, focusing on about 700 families with a total asset of more than 4.5 trillion US dollars. Calculated, the average wealth of each family is about 6.4 billion US dollars. As more and more wealthy people choose to manage their wealth through family offices, large banks such as Goldman Sachs and Morgan Stanley are seeking to provide services for them.
Jia Yueting announced that the FF91 will be officially delivered today, with a limited edition priced at $309,000.
Faraday Future (FF) held a press conference today. Jia Yueting announced that the first mass-produced car FF91 was officially delivered to users. There are currently three versions. The lower-priced version is priced at US$249,000, and the limited edition is US$309,000. Before the press conference, Jia Yueting opened a Douyin account, with tags including “FF Founder” and “LeTV Founder”, and the IP was displayed in the United States. He posted 3 test drive and press conference preview videos, which received over 220,000 likes and super fans. 830,000. One of the videos is accompanied by the text “Let’s suffocate our dreams again with AI”.
From announcing car building in 2014 to filing for personal bankruptcy in the United States in 2019, Jia Yueting, whose personal reputation has been almost exhausted, has always been able to find investors who are willing to believe in him. During this period, LeTV was also found to have committed financial fraud for 10 consecutive years. In 2021, FF will be listed in the United States through SPAC. In the same year, FF will be short-sold, and Jia Yueting will be questioned to fill his debt black hole with the funds raised from the listing. In February of the following year, FF submitted a report denying the short-selling allegations, but admitted that only about 400 of the previously announced 14,000 reservations had been paid, which misled investors. In April last year, Jia Yueting was dismissed from the position of executive officer and left the core management. In September last year, Jia Yueting and his partner team regained control of FF and announced that they had received US$100 million in financing.
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