Tencent restarted repurchase, costing over 10 billion Hong Kong dollars during the year; China Merchants Bank’s non-performing loan ratio to real estate companies has increased compared with the end of last year

Original link: https://www.latepost.com/news/dj_detail?id=1282

Tencent restarts repurchase, costing more than 10 billion Hong Kong dollars during the year

At the end of the second quarter of this year, the number of Tencent employees was 5,498 less than at the end of March . At the same time, Tencent was repurchasing shares with a frequency and intensity far exceeding that of previous years.

According to the statistics of “Waidian Finance”, in the first half of this year alone, Tencent spent about 7.3 billion Hong Kong dollars to repurchase, which is equivalent to 14.86% of its net profit (that is, 14.86 Hong Kong dollars of every 100 Hong Kong dollars of profit is used for repurchase). This investment is about 1.5 times its total repurchase amount from 2018 to 2021.

The repurchase continued in the second half of the year, including the round of repurchases starting on July 4 and ending on July 14 with a total of HK$2.708 billion, as well as last Friday (August 19) and this Monday (August 22) ) after the restart of a new round of repurchase, Tencent’s total repurchase scale this year reached 10.713 billion Hong Kong dollars.

  • Buybacks are one way of rewarding shareholders. Businesses buy back stock from the stock market and then write it off or keep it as treasury stock. There are fewer shares in circulation on the market, but the value of the company itself has not changed, and the stock price will naturally rise.
  • Since 2012, Apple has bought back at least $274.5 billion, which is considered an important catalyst for the company’s market value to break through $3 trillion.


Legend: We have counted Tencent’s 7 rounds of repurchase since 2018 and the duration of each round of repurchase (blue column), repurchase amount (red column) and accumulated amount during the year (yellow column). Click to see larger picture

We checked the data compiled by Wind. From 2005 to 2014, Tencent repurchased stocks of varying sizes every year, with a total repurchase of HK$4.338 billion in ten years. The repurchase will be suspended for the next three years until restarted in 2018 (there will be no repurchase in 2020). Tencent’s total repurchase in 2018, 2019 and 2021 was HK$4.646 billion.

  • The buyback from 2018 to 2021 is basically a round of buybacks every year, lasting about 30 days.
  • The frequency and intensity of buybacks in 2022 will strengthen significantly as we mentioned at the outset. This also sparked speculation about Tencent’s motives for repurchasing this year:
  • Management believes that the company is undervalued and the stock price will rise in the future;
  • After the repurchase , the shares in circulation in the market will decrease, and the average price per share will theoretically rise, which will benefit shareholders. Major shareholders include Prosus (29.03%), Ma Huateng (7.44%), Pioneer Pilot (2.99%), BlackRock (2.21%), Ma Huateng Global Foundation (0.99%), etc.;
  • Offset the impact of major shareholder Prosus selling shares on the company’s stock price.

Prosus, the largest shareholder of Tencent’s shareholders, and its parent company, Naspers, announced the launch of an indefinite repurchase plan at the end of June this year, funded by the sale of Tencent shares. We checked the regulatory documents disclosed by Prosus. From June 28 to August 12 this year, Prosus repurchased a total of US$2.068 billion and Naspers repurchased US$624 million. (Gong Fangyi)

China Merchants Bank’s non-performing loan ratio to real estate companies has risen from the end of last year

According to the semi-annual report released by China Merchants Bank last week, as of the end of the first half of this year, they still had 23.01 trillion yuan of outstanding corporate loans, of which the amount of non-performing loans was about 31.175 billion yuan, and the non-performing loan ratio was about 1.35%.

  • According to the industry, the real estate industry has the second largest loan (397.243 billion yuan) and the largest amount of non-performing loans (11.208 billion yuan), with a non-performing loan ratio of 2.82%.
  • Both the absolute amount and the non-performing ratio rose rapidly compared with the end of 2021.
  • At the end of 2021, the non-performing loans of the real estate industry were about 5.655 billion yuan, with a non-performing ratio of 1.41%.
  • Among them, the balance of corporate real estate loans was 355.206 billion yuan, with a non-performing rate of 2.95%.
  • China Merchants Bank did not explain too much in the semi-annual report, saying that “affected by the risk exposure of real estate customers, some real estate projects and other fixed asset loans have been poorly generated.”

The non-performing ratio of China Merchants Bank’s personal housing mortgage loans decreased by 0.01 percentage point (0.27%) compared with the end of 2021, and the scale of non-performing loans was about 3.786 billion yuan.

China Merchants Bank stated that “the Group closely tracks the changes in internal and external situations, and strengthens risk prevention and control in key areas such as real estate, local government financing platforms and management industries.” Regarding the risk management and control measures in the real estate sector, China Merchants Bank said in its semi-annual report:

  • The balance of real and contingent credit related to real estate, self-operated bond investment, self-operated non-standard investment and other businesses that bear credit risk totaled 493.712 billion yuan, a decrease of 3.48% from the end of 2021;
  • In the balance of corporate real estate loans, the balance of loans to customers with high credit ratings accounted for more than 80%;
  • About 85% of the real estate development loan balance is distributed in the urban areas of first- and second-tier cities. (Gong Fangyi)


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The largest IPO on the Science and Technology Innovation Board of the year is here, doubled its revenue from sales of car and cabin CT

After Mindray Medical, the second A-share medical company with a market value of more than 100 billion yuan came. United Imaging Medical, a medical company founded in 2011, went public today (August 22), raising 10.988 billion yuan, making it the largest IPO on the Science and Technology Innovation Board this year, with a current market value of 149.4 billion yuan.

United Imaging Medical mainly produces medical imaging equipment, including the production of magnetic resonance imaging systems (MR), X-ray computed tomography (CT) and other products. Vehicle-mounted and square-cabin CTs, which were widely used during the epidemic, are also products of United Imaging Medical. The company mentioned in its prospectus that the epidemic has boosted sales of related products.

  • According to United Imaging Medical, in 2020 and 2021, the proportion of revenue contributed by anti-epidemic-related orders to the company accounted for 11.36% and 3.68% of the current sales revenue, respectively.
  • In 2020, United Imaging Medical’s operating income will increase by nearly 90% to 5.76 billion yuan, turning losses into profits and realizing a net profit of 937 million yuan.
  • Fangcang CT and vehicle-mounted CT are specific product requirements in a special environment. In the inquiry letter sent by the Shanghai Stock Exchange to United Imaging Medical, the company is required to supplement whether the high income growth rate is sustainable.

The policy has helped United Imaging Medical in the past – government subsidies have accounted for almost half of its net profit in the past three years, and it may be a development constraint in the future – United Imaging Medical also mentioned that it may face the risk of centralized procurement, which will make the company face greater risks price pressure. Anhui Province has issued the “Notice on the Centralized Procurement of Class B Large-scale Medical Equipment in the Province in 2021” in July 2021, to conduct centralized procurement of large-scale Class B medical equipment in the province’s public medical institutions.

  • According to the “Large-scale Medical Equipment Configuration License Management Catalog” issued by the National Health Commission, Class B large-scale medical equipment includes X-ray computer tomography devices, 1.5 T and above MRI equipment, etc., which are the main products of United Imaging Medical.
  • In recent years, the scope of centralized collection has become larger, and dental implants and growth hormone may also be collected.

In 2020, the scale of China’s medical imaging equipment market will exceed 50 billion yuan, and imported brands such as GE Healthcare and Siemens Healthcare are still leading in the high-end market. According to the statistics of United Imaging Medical’s MR products in 2020, the company’s relatively low-end 1.5T products have a new domestic market share of 25.4%, and high-end 3.0T MR products have only 17.1%. (intern Xue Yujie)

Know later丨This week’s listing of China Duty Free, the leading duty-free company, will be the largest IPO of Hong Kong stocks this year

There are at least 3 IPOs in A shares this week.

  • United Imaging Medical: Raising 10.988 billion yuan, it is the largest IPO on the Science and Technology Innovation Board in 2022. Founded in 2011, its main business is upstream machining and complete machine production of high-end medical imaging equipment. From 2019 to 2021, United Imaging Medical achieved operating income of 2.98 billion yuan, 5.76 billion yuan and 7.25 billion yuan respectively.
  • Sunway Co., Ltd.: Raised 156 million yuan, mainly engaged in the research and development, production and sales of bulk material conveying machinery parts and components. In March of this year, the application for the public offering and listing of Sanwei shares on the Beijing Stock Exchange was suspended, and it was the first stock that failed since the opening of the Beijing Stock Exchange.
  • Diao Micro: raised 2.628 billion yuan. Its main products include USB interface integrated circuits, low-power and low-noise amplifiers, high-voltage and high-current power management ICs, etc.

There are at least 2 IPOs in Hong Kong stocks this week.

  • China CDFG: Raised HK$16.274 billion, making it the largest IPO in Hong Kong stocks so far this year. Founded in 1984, CDFG is the world’s largest travel retail operator and the company with the most tax-free licenses in China. The controlling shareholder behind it is China Tourism Group, which is wholly-owned by the State-owned Assets Supervision and Administration Commission, holding 53.3% of the shares. The current market value of CDFG in A shares is 377 billion yuan.
  • In 2021, CDF China will account for 24.6% of the global travel retail industry market share. The prospectus shows that from 2019 to 2021, CDFG’s operating income will be 48.013 billion yuan, 52.598 billion yuan and 67.676 billion yuan respectively.
  • Suxin Service: Raised HK$240 million, is a property management company that provides property management services for commercial properties and residential communities.

There were at least two IPOs on U.S. stocks this week, including drone company Mobilicom Limited and Malaysian cashback service provider Starbucks. (intern Xue Yujie)


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Huayou Cobalt’s revenue in the first half of the year doubled to 31.02 billion yuan.

Huayou Cobalt achieved a net profit of 2.26 billion yuan in the first half of the year, a year-on-year increase of 53.6%. The main business of Huayou Cobalt is R&D and production of cathode materials for lithium batteries. Its customers include CATL, LGES, Samsung, Apple, Huawei, etc. In the first half of this year, China’s new energy vehicle production and sales both increased by 1.2 times year-on-year, driving upstream cathode material shipments to climb. Huayou Cobalt’s total ternary cathode material shipments increased by more than half year-on-year.

Huang Guangyu injected property and logistics assets into Gome Retail.

On the evening of August 19, Gome Retail announced that the company will officially resume trading on August 22. Huang Guangyu promised that the company’s performance will reach the best level in history within three years, and announced that it plans to reorganize the company’s business sector, and Huang Guangyu’s control of Gome The two property assets of Shangdu and Xiangjiang Jiuhao were injected into the Gome listed company, and the valuation amount has not yet been confirmed. On Monday (22nd), Gome’s retail sales fell by more than 14%. Previously, Gome Retail was once caught up in rumors of arrears in supplier payments, layoffs, and arrears of wages.

The number of passenger flights taking off and landing in China is approximately equal to the 2012 weekly average.

According to Feiyou Civil Aviation, in the past week (August 15 to August 21), the number of passenger flights taking off and landing at China Transport Airport reached 134,000, which is equivalent to the weekly average in 2012. In the past week, there were 7.427 million passengers taking civil aviation. , an increase of 70% from last year, and a drop of nearly half from before the epidemic.


The picture is from Feiyou Civil Aviation. Click to see larger picture

Weibo personal homepage will display public comments and cannot be switched on and off.

On August 22, the @ Weibo administrator announced that the personal homepage will be launched to display the comment function, and users cannot actively turn it on or off. Regarding the scope of inclusion of comments, the announcement stated that the initial stage is the public comments of users on Weibo published by media accounts and government accounts, and the scope of inclusion will be optimized based on user feedback in the future. When commenting on the same Weibo multiple times, only the content of the last comment will be displayed.

The People’s Bank of China cut interest rates.

On August 22, the People’s Bank of China lowered the one-year loan market quoted rate (LPR) from 3.70% to 3.65%, and the five-year loan market quoted rate (LPR) from 4.45% to 4.3%. Overall, this LPR rate cut is basically in line with expectations, and is a continuation of the central bank’s MLF rate cut on August 15.


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For the first time, Sichuan initiated a first-level emergency response to energy supply guarantee for emergencies.

  • On August 21, Sichuan launched the first-level emergency response to energy supply guarantee for emergencies.
  • The power curtailment and production suspension of industrial enterprises in Sichuan was extended from August 20 to 25.
  • JinkoSolar said that due to the impact of the limited power supply, the time when the subsidiary’s production capacity will return to full production is still uncertain.
  • Hebang Bio announced to extend the production suspension until the 25th, which is expected to reduce the production of soda ash by about 105,200 tons, ammonium chloride production by about 105,200 tons, glyphosate production by about 8,200 tons, and methionine production by about 2,900 tons.
  • Tianwei Electronics announced that the power cut will affect the supply of some raw materials and the delivery of outsourced machining parts.
  • The State Grid Chongqing Urban Power Supply Company has made a special statement that it has never issued a power outage notice to the outside world.
  • In order to ensure power supply, the business hours of some shopping malls in Chongqing are adjusted to 16:00-21:00 every day.
  • After Chongqing, Zhejiang, and Hubei, Henan piloted the implementation of staggered and off-peak charging for electric vehicles.

There have been many wildfires in Chongqing, and all efforts are being made to fight them.

Since August 18, many forest fires have occurred in Fuling, Nanchuan, Jiangjin, Banan and other places in Chongqing due to continuous high temperature and drought. The local area quickly organized forces to fight the fire, and no casualties have been reported so far. At present, 38 forest-related districts and counties in Chongqing have issued forest fire prevention and closure orders, strictly controlling fire sources, and strengthening the investigation of hidden dangers.

New cases in Hainan dropped for 4 consecutive days.

  • On August 21, there were 360 ​​new confirmed cases in the mainland, 232 in Hainan, and 55 in Tibet; 1,464 new asymptomatic infections were reported in the mainland, including 535 in Hainan, 494 in Tibet, and 189 in Xinjiang.
  • Hainan has newly added “232+535”, and the epidemic has reached a clear inflection point. The number of new infections per day has dropped for 4 consecutive days.
  • For the first time since the current round of the epidemic, Danzhou, Hainan has achieved zero social status.
  • “25+175” has been added in Shigatse, Tibet, and “138+109” is the existing high-risk area.
  • From 00:00 to 14:00 on the 22nd, there were 9 new local cases and 124 asymptomatic cases in Tibet.
  • Since August 15, Beijing has reported a total of 14 local infections, all imported from outside Beijing.
  • Primary and secondary schools and kindergartens need to check the 48-hour nucleic acid negative certificate on the first day of returning to school;
  • College students will return to school and report to school in batches and at different times and at different times.
  • Yiwu had no new infections in the society for 6 consecutive days, and the resumption rate of enterprises above the designated size exceeded 98%.

Japan’s top four brewers raised prices for the first time in 14 years.

Affected by the rising prices of grains and packaging materials such as aluminum cans, the cost of beer production has risen sharply. Japan’s four major brewers Kirin, Asahi, Sapporo and Suntory have all announced that they will increase the price of the main canned beer this autumn, and the increase is expected to be around 10-20%. This will be the first time in 14 years that Japan’s four major brewers have raised prices.

Tesla FSD will increase by 25% to $15,000.

Musk announced on social media that starting September 5, the price of Tesla’s Full Self-Driving System (FSD) will increase by 25% in North America, from $12,000 to $15,000. It is not yet clear whether FSD subscription fees will also increase. This is the second time this year that Tesla has raised the price of the system.

Porsche will increase the production of the electric Macan to the level of the gasoline version.

According to media reports, Porsche production chief Albrecht Reimold said the electric Macan is expected to be produced as much as the combustion engine version. Porsche has previously said it expects sales of electric models, including pure electric and plug-in hybrids, to account for half of its overall sales by 2025.

Apple plans to show search ads in the Maps app next year.

According to media reports, Apple plans to start showing search ads in the iPhone’s Maps app next year. For example, when a user searches for “hamburger” or “french fries,” stores that pay Apple for advertising will appear at the top of the search results. At present, Apple has displayed search ads in the App Store, allowing developers to pay to promote applications to users who search for relevant keywords.

A 1955 Ferrari sold for $22 million.

On August 21, a 1955 Ferrari 410 Sport Spider fetched $22 million at auction in Monterey, California. The cherry-red race car was the star of the auction, in part because it was one of only two editions created by Enzo Ferrari and legendary designer Sergio Scaglietti.


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“Game of Thrones” prequel airs, HBO Max is crushed.

On August 21, the prequel of “Game of Thrones” “Dragon Family” was launched on HBO Max. On the night of its launch, the HBO Max application was once crowded with a large influx of users. The prequel, based on George RR Martin’s Fire and Blood, is set 200 years before Game of Thrones and tells the story of House Targaryen, and the plot will include a Civil War “Dance of Blood Dragons.”

Text | Gong Fangyi, intern Zeng Xing, and intern Xue Yujie

Editor | Gong Fangyi

The title picture comes from the documentary “Master of Rubik’s Cube”

This article is reprinted from: https://www.latepost.com/news/dj_detail?id=1282
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