CBN丨China allows refinancing of developers after 12-year ban

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Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要 

Property developers will be allowed to raise funds from private stock sales and sell shares to fund purchases of real-estate assets;

Sinopharm gets the go-ahead for inhaled Covid-19 antibody trials.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

Shares of Chinese property companies soared on Tuesday after the country's securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector.

Hong Kong's Hang Seng Mainland Properties Index rose 8 percent, with Country Garden Holdings and Longfor Group Holdings leading the advance. Among the mainland-traded developers, China Vanke rallied 10 percent in Shenzhen and Poly Developments advanced 9.6 percent in Shanghai. 

The China Securities Regulatory Commission (CSRC) rolled out five measures late Monday, announcing that mergers, acquisitions, restructuring, supporting financing, and refinancing will resume for eligible listed companies in the property sector. The measures include a revision of developers' overseas listings, specifically in Hong Kong.

Developers’ restructuring and refinancing applications have been on pause since October 2010 to rein in land speculation.

The securities regulator vowed to support the implementation of plans to improve premium property developers' balance sheets, and help the housing market to revive dormant assets.

The country will expand the use of Real Estate Investment Trusts(REITs), especially in affordable rental housing and infrastructures like warehouses and industrial parks, said the commission. The CSRC is also working with the fund industry association to draft rules on real estate private equity investment fund filing.

The fresh move, adding to a flurry of recent government actions to stabilize the housing market and the economy at large, is meant to let listed developers use the capital market to ease their funding woes, market observers said. 

The announcement is the "third arrow" in the quiver of the regulators to revitalize the housing market, in addition to the previous two rounds of bailouts that featured loan extension and bond financing.

资本市场“助房”新政策来了！

11月28日，根据证监会官网消息，证监会决定在股权融资方面调整优化5项措施，支持房地产市场平稳健康发展，上述措施即日起施行。

证监会新闻发言人表示，将积极发挥资本市场功能，支持实施改善优质房企资产负债表计划，加大权益补充力度，促进房地产市场盘活存量、防范风险、转型发展，更好服务稳定宏观经济大盘。

易居研究院智库中心研究总监严跃进称，这意味着继信贷投放、债券融资之后，股权融资作为第三支利箭已经射出。

具体来看，股权融资方面共涉及以下5项措施：

一是恢复涉房上市公司并购重组及配套融资。允许符合条件的房地产企业实施重组上市，重组对象须为房地产行业上市公司。允许房地产行业上市公司发行股份或支付现金购买涉房资产；发行股份购买资产时，可以募集配套资金；募集资金用于存量涉房项目和支付交易对价、补充流动资金、偿还债务等，不能用于拿地拍地、开发新楼盘等。建筑等与房地产紧密相关行业的上市公司，参照房地产行业上市公司政策执行，支持“同行业、上下游”整合。

二是恢复上市房企和涉房上市公司再融资。允许上市房企非公开方式再融资，引导募集资金用于政策支持的房地产业务，包括与“保交楼、保民生”相关的房地产项目，经济适用房、棚户区改造或旧城改造拆迁安置住房建设，以及符合上市公司再融资政策要求的补充流动资金、偿还债务等。

三是调整完善房地产企业境外市场上市政策。与境内A股政策保持一致，恢复以房地产为主业的H股上市公司再融资；恢复主业非房地产业务的其他涉房H股上市公司再融资。

四是进一步发挥REITs盘活房企存量资产作用。

五是积极发挥私募股权投资基金作用。开展不动产私募投资基金试点，允许符合条件的私募股权基金管理人设立不动产私募投资基金，引入机构资金，投资存量住宅地产、商业地产、基础设施，促进房地产企业盘活经营性不动产并探索新的发展模式。

“从政策内容来看，其中重组、再融资、私募这几个方面影响最大，对于当前上市房企融资渠道的拓展具有积极作用，尤其是叠加此前的商业银行信贷密集投放、民营房企发债给予担保等，应该说此类融资工作非常全面、有助于全面快速改善房企资金面。”严跃进称。

Greater Bay Area, Greater future

新使命，大未来

The 19th International Finance Forum (IFF) Annual Meeting will be held in Guangzhou from Dec. 2 to 4, organizers said Monday. The meeting, which will be held online, will center around the theme "The Ever-Changing World: Reshaping Our Shared Future.” Leaders from international organizations including the United Nations, the International Monetary Fund, World Bank, executives of leading global financial institutions and enterprises, and scholars will take part in the event. During the three-day conference, the IFF will release the Global Finance and Development Report, its annual report on the global economy and China's economic outlook for 2023.

IFF2022全球年会广州举行：12月2至4日，以“世界大变局：共生与重构”为主题的国际金融论坛（IFF）2022全球年会将以线上会议方式在广州市南沙区举行，并同步进行全球网络直播。IFF2022全球年会是由广州市人民政府和国际金融论坛（IFF）联合主办。IFF2022全球年会将邀请联合国、国际货币基金组织、世界银行、亚洲开发银行等国际组织领导人，美国、英国、法国、新加坡、新西兰等近百位全球财经政要，以及高盛集团、伦敦证券交易所集团等数十位世界著名企业领导人出席并发表主旨演讲。届时IFF还将发布《IFF2022年全球金融与发展报告》。

Next on industry and company news

产业及公司新闻

Shares of Sinopharm rose today after the inhaled monoclonal antibody against Covid-19 developed by its unit China National Biotec Group received regulatory approval to begin clinical trials. China’s National Medical Products Administration approved the nasal spray using monoclonal antibody F61 for clinical tests on Nov. 25, the firm announced yesterday.

国产防新冠鼻用喷雾剂获批临床：11月28日消息，国药集团中国生物武汉生物制品研究所重组全人源抗新冠病毒单克隆抗体鼻用喷雾剂（F61鼻用喷雾剂）25日获得国家药品监督管理局临床试验批件，用于新冠病毒高暴露风险人群的预防。

China’s most valuable company Kweichow Moutai gained 6 percent in Shanghai after declaring a special dividend of 27.5 billion yuan and an up to 3.1 billion yuan buyback plan of the controlling shareholder. The liquor retailer will distribute special cash dividends of 21.91 yuan per share before tax, it announced yesterday. The top liquor distiller also said its controlling shareholder will spend as much as 20 percent of the dividends to boost its stake in the company. 

茅台公布“特别分红+增持计划”：11月28日，贵州茅台发布公告称，公司董事会通过回报股东特别现金分红计划，待依法提请股东大会决策后，将面向全体股东每股派发21.91元特别现金红利，分红现金总额预计在275.23亿元左右。此外，贵州茅台还发布了控股股东增持公司股票计划公告。贵州茅台的股东中国贵州茅台酒厂(集团)有限责任公司、贵州茅台酒厂(集团)技术开发有限公司计划利用贵州茅台特别分红所得现金红利，自贵州茅台特别分红现金红利发放之日起6个月内，通过集中竞价交易增持公司股票，两家股东合计增持金额不低于15.47亿元，不高于30.94亿元。贵州茅台今日股价开盘大涨，收盘涨5.9%。

Chinese credit technology platform 360 Digitech rose 3.4 percent on its debut in Hong Kong today, as it has raised about HK$277.2 million from its secondary listing in Hong Kong after pricing the offering well below the top of the marketed range. The 5.54 million shares on offer were priced at HK$50.03 each.

360数科港交所上市：360数科股份有限公司今日在港交所主板上市，发行价为50.03港元，募资净额为2.77亿港元。360数科开盘价为50.6港元，收盘涨3.4%，报51.75港元/股。

Tesla has teamed up with automotive company Annex Semiconductor to set up an autos chip joint venture (JV) in China, as the US electric vehicle giant pushes into the country’s semiconductor sector amid Beijing’s promotion of the domestic industry. The JV is expected to supply automotive chip and electronics solutions. Annex has a controlling stake of 55 percent in the JV, Tesla has 5 percent, while Jinan Zurich Annecy Equity Investment Fund Partnership controls 40 percent.

特斯拉联手Annex国内建半导体合资公司：28日讯，近日，特斯拉已经与瑞士汽车半导体公司Annex建立一家合资公司——安纳思半导体（济南）有限公司。资料显示，特斯拉持股比例为5%，Annex拥有55%的股份，济南苏黎士安纳思股权投资基金合伙企业持股40%。这是特斯拉首次在中国大陆布局芯片设计及制造环节。

Earnings reports express

财报速递

Pinduoduo’s shares surged after the leading Chinese group-buying platform logged a more than five-fold gain in net profit in the third quarter. Net profit was 10.6 billion yuan in the period, versus 1.6 billion yuan a year earlier, according to the Shanghai-based company’s earnings report released yesterday. Revenue rose 65 percent to 35.5 million yuan. Most of Pinduoduo’s revenue in the period came from online marketing and transaction services, which increased 58 percent and 102 percent to 28.4 billion and 7 billion yuan, respectively. Revenue from merchandise sales fell 31 percent to 56.4 million yuan.

拼多多Q3营收增长65%：11月28日，拼多多发布2022年第三季度业绩报告。财报显示，三季度，平台实现营收355.0亿元，同比增长65.1%；归属于公司股东的净利为105.89亿元，同比增长546%。其中，拼多多2022年第三季度在线营销服务营收为284.26亿元，较上年同期增长58%；来自交易服务的营收为70.22亿元 ，同比增长102%。平台运营费用为176.5亿元，占收入的比例从上年同期的59.6％下降至本季度的49.7％。平台研发费用再度创下新高，同比上升11.4%至27亿元。

Switching gears to financial news

金融市场消息

China's tax department continuously accelerated the export tax refund this year, offering powerful support for the steady growth of foreign trade, data from the State Taxation Administration showed Monday. From the beginning of this year to Nov 10, the total tax refund, as well as tax exemption, reached 1.64 trillion yuan, up 14.9 percent year-on-year.