China plans to optimize the issuance and underwriting of initial public offerings (IPOs) under the reform of the registration-based IPO system in ChiNext, the country’s Nasdaq-style board of growth enterprises.
The China Securities Regulatory Commission (CSRC) recently started to solicit public opinion on a special regulation, expecting to regulate IPO activities in the registration system of ChiNext and protect the legitimate rights and interests of investors as well as the public interest.
With experience garnered from the previous pilot scheme at the sci-tech innovation board, the regulation specified relaxing the strategic placement threshold to enhance inclusiveness and flexibility. It also included targeted measures in terms of risk control and protection for small and medium investors and added backup systems in case of major risks.
To boost the efficiency of issuance, the regulation retained the current IPO pricing mechanism, allowing IPOs of less than 20 million shares and with no share publicly offered by shareholders to set prices directly.
The CSRC pledged to promote the IPO issuance and underwriting system on the sci-tech innovation board to improve cooperation and integration with different boards. China decided in late April to pilot the registration IPO system at ChiNext to replace its approval-based one in a bid to better cultivate new industry start-ups and bolster the real economy.
New stock investors
The number of new investors on the Shanghai and Shenzhen bourses in April dropped 13.26% from March. However, the figure increased by 1.64 million, or 7.14%, from the same period last year.
At the end of April, the total number of securities investors grew 8.48% to 164.98 million from a year ago, according to the China Securities Depository and Clearing Corporation. Total settlements hit 120.44 trillion yuan (US$17 trillion) in April, up 3.06% year-on-year.
Stocks on the two bourses have shown resilience against the Covid-19 impact with key indices up at the end of April from the end of March.
At the end of April, the Shanghai Stock Exchange (SSE) Composite Index closed at 2,860.08, up 109.79 points, or 3.99 %, month-on-month, said the People’s Bank of China in an online statement on Sunday.
The Shenzhen Stock Exchange (SZSE) Component Index closed at 10,721.78 points at the end of April, up 759.47 points, or 7.62%, from the end of March.
In April, the daily average turnover on the Shanghai bourse fell 29.31% to 241.51 billion yuan from March. The daily average turnover on the Shenzhen bourse
decreased by 26.64% to 386.29 billion yuan.
Huawei SmartCare, a customer experience management (CEM) solution launched by Huawei Technologies and eLab, has jointly released the “5G B2B Services Experience Standards White Paper.”
In the 5G era, the business scope of carriers’ will be extended to thousands of industries, including 5G+medical care, 5G+electric power, 5G+mining and 5G+port. These services differ vastly and there is no experience modeling standard to manage and improve enterprise SLA.
As a result, Huawei provides customized experience modeling for each service scenario to help carriers provide enterprises with reliable service level agreements (SLA) such as high bandwidth, low latency and high reliability to ensure production safety, improved efficiency and to develop new B2B markets.
The white paper analyzes the characteristics of typical 5G scenarios, such as video transmission, industrial campus, industrial automation, industrial UAV, FWA, smart cities and massive connectivity services.
Based on an indicator-driven and event-driven modeling framework, Huawei has built six core service experience indicator systems, including uplink multimedia transmission, downlink multimedia transmission, AR, real-time interaction, massive connectivity and FWA.
China’s e-commerce giant Alibaba on Friday reported a rosy quarterly revenue despite the economic impact of the Covid-19 pandemic.
Alibaba’s revenue grew 22% to 114.31 billion yuan in its fourth quarter ending March 31 from a year earlier. Net profit fell 88% to 3.16 billion yuan for the period due to a net loss in investment income.
The Hangzhou-based company also announced revenue of 509.7 billion yuan in its fiscal year ending March 31, up 35 % over the year-earlier level. Net profit for the fiscal year increased by 70.4% to 149.26 billion yuan from a year ago.
Daniel Zhang, chief executive of Alibaba Group, said the company’s overall business continued to experience strong growth, with a total annual active consumer base of 960 million globally, despite concluding the fiscal year with a quarter impacted by the Covid-19 pandemic.
This story was written by Xu Jiangshan and Nadeem Xu and first published by ATimesCN.com.