Original link: https://www.latepost.com/news/dj_detail?id=1742
Ant Group and its affiliates were fined and confiscated 7.123 billion yuan
According to the official website of the China Securities Regulatory Commission on July 7:
The financial management department imposed fines on Ant Group and its subsidiaries in accordance with the “People’s Bank of China Law”, “Anti-Money Laundering Law”, “Banking Supervision Law”, “Insurance Law”, “Securities Investment Fund Law”, “Consumer Rights Protection Law” and so on. Confiscation of illegal gains) 7.123 billion yuan . Require Ant Group to shut down the “Xiang Hu Bao” business that violated regulations, and compensate consumers according to law.
In addition, in response to the problems found in previous law enforcement inspections, the financial management department has recently imposed administrative penalties on Postal Savings Bank, Ping An Bank, PICC Property Insurance and Tenpay.
Ant Group issued an announcement on the same day:
Since 2020, Ant Group has actively promoted various rectifications under the guidance of the financial management department, and has completed relevant rectifications so far. Today, Ant Group received the decision on administrative punishment from the financial management department, which we sincerely accept and resolutely obey, and will further strengthen the level of compliance governance.
“Wan Lian Cai” inquired about the details of some penalties imposed on Ant Group and its affiliated companies on the official website of the financial supervision department. Among them, the reasons and details of the State Administration of Financial Supervision ’s punishment of Ant Group are as follows (https://ift.tt/0xngIus
Fines and confiscation details (approximately 3.762 billion yuan):
- 1.129 billion yuan of illegal income was confiscated;
- A fine of 2.632 billion yuan;
- A total of 3.762 billion yuan was fined and confiscated.
Cause of action:
- Violation of legitimate rights and interests of consumers. Including: there are misleading financial marketing and publicity behaviors, which infringe consumers’ right to know; failure to express repayment requirements to some customer groups; failure to process some consumers’ personal information in accordance with regulations.
- Participating in the business activities of banking and insurance institutions in violation of regulations. Including: participating in insurance agency and insurance brokerage business in violation of regulations; participating in the sale of personal pension security management products, bank wealth management products, and Internet deposit products in violation of regulations.
The People’s Bank of China has imposed penalties on Ant Group and its subsidiaries as follows (https://ift.tt/BbyD1ts
Fines and confiscation details (a total of about 2.536 billion yuan):
- Alipay China, fined and confiscated about 2.311 billion yuan;
- Ant Technology shares were fined and confiscated 175 million yuan;
- Hangzhou Junhan, fined and confiscated 25 million yuan;
- Hangzhou Junao, fined and confiscated 25 million yuan.
CASE (OUTLINE):
- Violation of payment account management regulations, liquidation management regulations, etc. (Alipay);
- Violation of relevant regulations on corporate governance, violation of related party transaction management regulations, etc. (Ant Technology);
- Violation of the relevant identification of capital strength, etc. (Hangzhou Junhan, Hangzhou Junao);
The Zhejiang Bureau of the China Securities Regulatory Commission fined Ant Fund Sales Company 73.68 million yuan:
- The reasons include “violating the relevant regulations on the access, publicity, and file management of consignment fund products” and “violating the relevant regulations on personnel management and internal control of fund sales agencies.”
- https://ift.tt/wlLrvhy (Gong Fangyi)
Tenpay was fined and confiscated 2.992 billion yuan
According to the official website of the People’s Bank of China, “Tenpay”, the parent company of WeChat Pay, was confiscated by the People’s Bank of China about 566 million yuan in illegal income and fined 2.426 billion yuan in violation of institutional management regulations. (Gong Fangyi)
Cost reduction and efficiency increase come to the fund industry
According to the “Securities Times”, the current public equity fund management fee of 1.5% may be reduced to 1.2%. Money market funds, bond funds and passive product management fees remain unchanged.
The report quoted a public offering person close to the supervision as saying that the relevant departments have communicated with the executives of some public offering institutions, and the fee reduction is expected to be released soon.
- Public funds refer to securities investment funds that openly raise funds from the public, and their counterparts are private funds.
- According to the different investment objects, it can be divided into equity funds and fixed income funds.
- The Capital Market Research Institute of the Shanghai Stock Exchange considers stock funds (80% invested in stocks), hybrid funds (50%-70% invested in stocks) and QDII funds (Chinese funds investing in overseas markets) to be equity funds.
- The Haitong Securities Financial Products Research Center believes that equity funds should not include QDII and partial debt hybrid funds.
This round of discussion on the reduction of fees for public offering funds began more than a month ago. The contrast of losses. At the beginning of June, “China Fund News” stated that a number of industry insiders confirmed that the fund rate reduction policy will be introduced in the near future.
- According to the China Galaxy Securities Research Institute, fund fees are generally divided into two categories: one is related to subscription and redemption: including subscription fees, redemption fees, fund switching fees, etc.;
- The second is related to fund operations, including fund management fees (about 1%), custody fees (about 0.2%), etc.;
- In addition, transaction fees and taxes in the process of fund investment can also be included in fund operation-related expenses, which are hidden fee rates.
According to the definition of the Capital Market Research Institute of the Shanghai Stock Exchange, “Wandian Finance” has inquired about nearly 10,000 equity public offering funds (the different share suffixes of the same fund are counted separately). As of the close of July 7, at least 46 funds have lowered their management fees during the year 34 funds lowered the custody fee rate. Among them, the management fee rate decreased by 0.05 to 1.2 percentage points, and the custody fee rate decreased by 0.05 to 0.1 percentage point.
Industry insiders told Wanwan Finance and Economics that fee reductions during the industry’s downturn may accelerate the flow of customers to fund companies with larger assets and higher profits, because these companies are more capable of bearing the cost pressure after the fee reduction and maintain the previous level. Consulting and research standards. Another common impact on the industry is that marketing expenses will definitely drop sharply. The person said that some leading fund companies have already begun to reduce various costs and budgets.
As the fee reduction is getting closer, there is also market news today that a group of non-profit funds may be approved in the near future. At that time, the product management fee rate will be linked to the fund’s return rate, that is, the fund’s return is less than 6%. Six thousandths of the management fee If the income exceeds 6%, the management fee can be charged between 1.2% and 1.8%. (Gong Fangyi)
Tencent has self-developed a batch of large models
Compared with most technology companies in China, Tencent is relatively cautious about the upsurge of large-scale models. It has not released a general-purpose large-scale model similar to ChatGPT, and even seldom talks about self-developed large-scale models. At the shareholder meeting in May this year, Tencent CEO Ma Huateng said that Tencent “is not in a hurry to finish it early and show the semi-finished product.”
One month later, when Tencent Cloud announced the launch of the industry large-scale model solution, Tang Daosheng, senior executive vice president of Tencent and CEO of the cloud and smart industry business group, said that in specific businesses, the data accuracy of the general large-scale model is not very high, and the service is not very good. Professionalism, high training and deployment costs, and security compliance are also issues.
Therefore, Tencent Cloud emphasizes being a platform, claiming to help industry customers customize and fine-tune exclusive large models, which cost less than general-purpose models and have better effects, but they do not talk about the parameters of the basic large models and where they come from.
“Wandian Finance” learned that Tencent has developed a batch of large-scale models, which are divided into large-scale models of one billion, ten billion, and hundreds of billions according to parameters, and put them together with the models of partners to provide services to the outside world.
“Don’t worry if there are too many (big models),” Wu Yunsheng, vice president of Tencent Cloud, said in an interview on July 7. It is now in the initial stage of the development of large models. “We hope that different people will invest resources and use large models. Try different possibilities”.
According to Wu Yunsheng, in the past few months, Tencent Cloud has cooperated with customers in more than ten industries such as finance, cultural tourism, government affairs, media, and education to develop more than 50 large-scale industry model solutions. (He Qianming)
30 million people on social platforms migrated because of Musk
Tens of millions of Twitter users moved to the new platform, citing dissatisfaction with the ban on Trump and his supporters by mainstream social media. As Musk raised his arms, “Use Signal (to use Signal)”.
Within three days, 25 million Twitter users registered accounts on Signal and another similar tool, Telegram. The market value of Signal Advance Inc. (SIGL), a US listed company, doubled 12 times in half a month, just because of the same name.
Nearly three years later, the scene of deja vu happened again, and the moving out of the platform was still Twitter. The difference was that people left Twitter this time because they hated Musk.
More than 30 million Twitter users have signed up for Threads, which Zuckerberg launched. This was accused by Musk-“Competition is fine, but cheating is not.”
Twitter attorney Alex Spiro wrote to Meta CEO Mark Zuckerberg, accusing Meta of hiring ex-Twitter employees to develop a “copycat Twitter,” accusing Meta of being “systematic, deliberate and illegal.” Misappropriating Twitter’s trade secrets and other intellectual property.”
Alex Spiro also said Twitter plans to enforce its intellectual property rights, demanding that Meta immediately cease using any Twitter trade secrets.
Since taking over Twitter in October last year, Musk has fired 80% of its employees, and has repeatedly “suicide-innovated” to alienate users and advertisers: repeated changes to Twitter’s authentication system; prohibiting unpaid users from sending messages to non-friends Private message; if a scholar does not spend $42,000 per month, not only will he not be able to use the dedicated API to access data, but he will also delete all previous data on Twitter; the number of posts read by all users per day is limited, and non-registered login accounts cannot see Twitter content.
According to the Pew Research Center (Pew Research Center), after Musk took over Twitter, the average monthly postings of active users dropped by about 25%. Scientists should look for the next platform to discuss, says Bloomberg columnist. During this period, social platforms such as Bluesky and Mastodon tried to take over users who left Twitter, but they were far from being replaced. Currently, there are more than 50,000 Bluesky users.
Until Zuckerberg announced that he would launch an application similar to Twitter – Threads, which aroused the attention of the industry and users. Based on Instagram’s over 2 billion monthly active users, Threads is competitive and growing. (Intern Fu Xiaoyu)
OTHER NEWS
Chinese customs banned the import of food from ten counties (capitals) including Fukushima, Japan.
On July 7, the person in charge of the Import and Export Food Safety Bureau of the General Administration of Customs said in response to a reporter’s question that in order to prevent the export of radioactively contaminated Japanese food to China and to protect the safety of imported food for Chinese consumers, Chinese customs banned the import of ten foods such as Fukushima, Japan. Prefectural (capital) food, strict examination of food from other regions of Japan, especially aquatic products (including edible aquatic animals) with supporting documents. After receiving approval from the International Atomic Energy Agency (IAEA), the Japanese government plans to start discharging Fukushima nuclear treatment water into the sea as soon as August.
The Cyberspace Administration of China issued a draft of the “Regulations on Cyber Violence Information Governance”.
The National Internet Information Office has drafted the “Regulations on Cyber Violence Information Governance (Draft for Comment)”, and it is now open to the public for comments. The term “cyber violence information” as mentioned in the regulations refers to the illegal and bad information that is released to individuals through the Internet, insulting, slandering, slandering, invasion of privacy, and moral kidnapping, belittling discrimination, malicious speculation, etc. that seriously affect physical and mental health. The “Governance Regulations” involve cyber violence information monitoring and early warning, handling, protection mechanisms, supervision and management, and legal responsibilities.
The draft for comments also mentioned that network information service providers should establish and improve the network violence protection function, provide one-click closing of strangers’ private messages, comments, forwarding and message reminders, etc. When users face the risk of network violence, they should send system information in a timely manner. Prompt it to start one-key protection.
Zhihu is expected to launch a new version of the app next week, canceling the anonymous function.
Zhihu announced that it will shut down the anonymous function on July 14, in order to “maintain healthy discussions in the community”. Users will not be able to create or publish content anonymously, but they can choose whether to record anonymous content with their real names. Previously, Huang Yuan, the founder of Yiou.com, publicly criticized Zhihu’s anonymous defamation phenomenon and its problems with the rules of counter-evidence. Zhihu responded that the community has a complete community governance system and opposes the compilation of false information and malicious slander of others.
In the first half of the year, the number of passengers on domestic flights recovered to 97.6% of the same period in 2019.
According to Caixin citing data from Flight Steward, in the first half of this year, civil aviation passenger flight volume recovered to 89.7% of 2019, and passenger volume recovered to 88.1%. Among them, the volume of domestic flights and passenger traffic recovered to 103.4% and 97.6% respectively, and the volume of international flights recovered to 25% of the same period in 2019. At the end of last year, the Civil Aviation Administration formulated a flight recovery plan, limiting the maximum daily flight volume in the first quarter, and requiring a gradual recovery based on 70% and 88% of the same period in 2019 to mitigate the risk of declining pilot proficiency.
Dingmei Technology, the first main board under the comprehensive registration system, was rejected for IPO.
The IPO of Dingmei Technology’s main board was rejected at the meeting, which means that the company’s main board listing has stopped. This is also the first case of the main board IPO being rejected under the comprehensive registration system. Dingmei Technology is engaged in the research and development, production and sales of high-performance industrial aluminum materials and related products. According to the Shanghai Stock Exchange, the company has problems such as the possible transfer of benefits in related transactions, the chairman’s large salary, social insurance premiums and housing provident fund payments. Focused on by the Listing Committee.
Hong Kong is discussing with the mainland to solve the medical needs of Hong Kong residents in the Greater Bay Area through mainland medical insurance.
According to media reports, this is the first time that relevant departments of the Hong Kong Special Administrative Region government have formally contacted the Guangdong Medical Insurance Bureau. The types and system arrangements are still to be studied, and the implementation of the policy will still take a long time.
Great Wall Motor and Geely Automobile rose to the second and third places in the Russian market.
According to the Association of European Enterprises, in the first five months of this year, sales of Great Wall Motors and Geely Automobile more than tripled year-on-year, ranking second and third in the Russian auto market, followed by local Russian automakers. AvtoVAZ. Previously, Kia and Hyundai were ranked second and third in terms of car sales in Russia, but now Kia has dropped to seventh, while Hyundai is ranked 11th.
Companies such as Baidu, Huawei, and Ali will take the lead in formulating China’s national standards for large-scale model testing.
At today’s World Artificial Intelligence Conference, the National Artificial Intelligence Standardization General Group announced the launch of China’s first national standard for large-scale model testing.
FDA approves first full Alzheimer’s drug.
On July 6, local time, the U.S. Food and Drug Administration (FDA) officially approved the new drug “Lecanemab” (Lecanemab) for the treatment of Alzheimer’s disease jointly developed by Japanese pharmaceutical company Eisai and Biogen of the United States. Lencanezumab, which was shown in clinical trials to slow the rate of cognitive deterioration by 27%, was given “fast-track approval” by the FDA in January. This comprehensive approval means that the drug will be included in the US medical insurance, and its price is 26,500 US dollars per year. The American medical journal “JAMA” speculates that the per capita out-of-pocket amount will drop to 6,600 US dollars per year after reimbursement.
Drugs for Alzheimer’s disease have always been the “black hole” of pharmaceutical companies’ research and development, with large investments but little effect. In the past 20 years, the development of relevant new drugs by pharmaceutical giants such as Pfizer, Eli Lilly, and Roche all failed, with a clinical failure rate of 97.3%. At present, there are more than 50 million Alzheimer’s patients in the world. GlobalData, a British research company, predicts that the total sales of lencanezumab will reach 12.9 billion US dollars by 2028, of which the US market will account for more than half.
Levi’s plans to lower prices on entry-level jeans.
In the second fiscal quarter ended May 28, Levi’s sales fell 9% year-on-year to US$1.34 billion, with a net loss of US$1.6 million and a profit of US$49.7 million in the same period last year. Weak consumer spending prompted the company to slash its full-year profit forecast and plan to cut prices on six price-sensitive products, including 502 and 512 jeans. After the financial report was released, Levi’s U.S. stock fell about 6% after hours.
16 car companies including BYD and Tesla signed a letter of commitment, agreeing not to compete excessively.
On July 6, the China Association of Automobile Manufacturers and 16 auto companies signed the “Automobile Industry Maintenance of Fair Market Commitment Agreement”, requiring auto companies not to disturb the market order with low prices, and not to exaggerate publicity. Earlier this year, Tesla announced that its Model 3 and Model Y will drop by 20,000 to 48,000 yuan. Subsequently, more than 10 new energy car companies including BYD followed up and cut prices. In March, joint venture fuel car companies entered the market, and the car price war escalated. Nearly 50 car companies and hundreds of models joined the price war, with discounts generally ranging from 30,000 to 120,000 yuan. On July 7, Tesla announced that it will recommend relatives and friends to place orders, and car buyers can enjoy a reward of 3,500 yuan.
Demand for memory chips continued to weaken, and Samsung Electronics’ quarterly profit fell 96%.
Samsung Electronics, the world’s largest memory chip maker, expects its second-quarter operating profit to be US$459 million, down 96% year-on-year, which is also the company’s lowest quarterly profit since the first quarter of 2009. However, since industry leaders including Samsung, SK Hynix, and Micron have announced production reduction plans, market analysis generally believes that the storage industry is close to bottoming out. Market research agency TrendForce said that after the 18% quarter-on-quarter price drop in the second quarter, it is expected that the decline in DRAM chip prices will narrow to 0% to 5% in the third quarter.
U.S. electric vehicle inventories rose and sales growth slowed.
According to data from research firm Motor Intelligence, sales of plug-in models in the United States increased by nearly 50% in the first half of this year, a further drop from the 71% growth rate in the first half of last year and the 65% growth rate for the whole of last year. Cox Automotive, another research firm, said U.S. dealers’ inventory of electric vehicles surged to 92 days in June, well above the 51-day inventory for all models. A survey by the research firm JD Power shows that more and more American consumers are rejecting electric vehicles today, mainly because of high prices and insufficient charging infrastructure.
The US non-farm payrolls data for June was lower than expected.
On July 7, the US Bureau of Labor Statistics released data showing that the number of non-agricultural employment in the US increased by 209,000 in June, which was lower than the consensus estimate of 240,000, indicating a cooling trend in the job market. Inflationary pressures have continued to mount as a result of rising corporate workforces and rising wages, complicating the Fed’s efforts to reduce inflationary pressures by raising interest rates to slow the economy.
Cryptocurrency trading volumes fell to the lowest level since 2019 in the second quarter.
According to the research institution CCData, the cryptocurrency transaction volume in the second quarter of this year was 1.7 trillion US dollars, a quarter-on-quarter decrease of 40%, and a year-on-year decrease of 62%. At the same time, the price of Bitcoin has recently rebounded to 31,000 US dollars, an increase of more than 90% this year, which is the highest point in nearly 13 months. Cryptocoins are rarely this inactive. The industry believes that since the beginning of this year, uncertainties at the macro level such as interest rate hikes, as well as the strengthening of SEC supervision, have all aggravated the wait-and-see mood. In June, the trading volume of cryptocurrency rebounded by 16.4% month-on-month.
Softbank invested in generative AI and received a subsidy of 5.3 billion yen from the Japanese government.
The Japanese government announced on the 7th that it will provide Softbank with a subsidy of 5.3 billion yen (about 270 million yuan) to support its development of generative AI. Softbank announced earlier that it will develop its own generative AI, and plans include purchasing 2,240 GPUs from Nvidia to build a supercomputer. The total cost of the project is about 20 billion yen (about 1 billion yuan). After completion, it will not only be used for internal development, but also provide external services.
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