3/26/2021 Financial News: Kuaishou Tech Loss 100B Yuan; Funds Enter The Property Market In Violation Of Regulations

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1.The truth about Kuaishou’s 100 billion loss: Paying for valuation

According to the financial report, the total revenue of Kuaishou in 2020 was RMB 58.776 billion (about $8.982 billion), a year-on-year increase of 50.2%; the loss attributable to equity holders was RMB 116.635 billion (about $1.782 billion), an increase of 493.5% year-on-year, and the adjusted loss was RMB 7.949 billion.

Regarding the 100 billion loss, Kuaishou explained in its financial report as “mainly due to changes in the fair value of convertible redeemable preferred stocks and strategic decisions to increase sales and marketing investment.”

2.Banks were heavily punished for the funds flowed into the real estate market in violation of regulations

Judging from the fines disclosed since March 15 (subject to the time when the fines were posted online), nearly 10 banks have been fined for illegally flowing funds into the real estate market. Except for the Industrial and Commercial Bank of China and the Postal Savings Bank of China, among the six state-owned banks, Bank of China, Agricultural Bank of China, Bank of Communications, China Construction Bank were all fined for illegally flowing funds into real estate or pave ways to support real estate development.

3.Bank of Nanjing invested 200 million yuan in Chezhibao, and was fined 13.87 million yuan for 22 tickets in two days

This unicorn second hand car platform Chezhibao with a valuation of 7 billion yuan, is currently in a deadlock. In the empty offices, users cannot get refunds, the chairman is restricted from high consumption, and the 2 billion yuan venture capital faces failure. A total of 8 rounds of financing were obtained, with a total financing amount of approximately 2 billion yuan. Che Zhibao’s latest round of financing was in January 2019, and received 200 million yuan in debt financing support from the Bank of Nanjing.

4.The levy standard that airlines should pay to the Civil Aviation Development Fund has been further reduced by 20%

The port construction fee will be cancelled from January 1, 2021. For the port construction fees owed in previous years, the relevant collection unit shall collect the full amount and promptly clear it, and turn it over to the National Treasury in full in accordance with the channels specified by the financial department.

Starting from April 1, 2021, the levy standard for the civil aviation development fund payable by airlines will be reduced by 20% compared to the previous basis, in accordance with the “Notice of the Ministry of Finance on Adjusting Some Governmental Funds Related Policies”.

5.The 220,000-ton ship ran aground, and the Eurasian artery was “cut”

In terms of trade volume, about 12% of world trade passes through this canal connecting Europe and Asia, and the Suez Canal Authority (SCA) is still Egypt’s main source of fiscal revenue. According to the ship tracking data of Refinitiv Eikon, there are 7 tugboats who have tracked and assisted the ship to Rotterdam. At least 100 passing ships were blocked. This incident directly drove a 3% jump in international oil prices.

According to data from the U.S. Energy Information Administration (EIA), in 2018, the total amount of oil transported through the Suez Canal and the Sumed Pipeline system connected to it accounted for nearly 10% of the total global maritime oil trade. EIA said that about 8% of the LNG trade that year was also through the Suez Canal.

6.Biden says Communist China won’t surpass U.S. as global leader on his watch

Biden said he had spent “hours upon hours” with Xi Jinping when he served as vice president under former President Barack Obama, and was convinced the CCP president believed autocracy – not democracy – held the key to the future. Biden said he would work with U.S. allies to hold CCP accountable for its actions on Taiwan, Hong Kong, the South China Sea, and its treatment of the Uighur minority, as well as push CCP to stick to international rules for fair trade. “The future lies in who can, in fact, own the future as it relates to technology, quantum computing, a whole range of things, including in the medical fields,” he said.

By 【Financial Team – 小海星Starfish】
News Collection: Wendy, 文罡
Proofreading: Tracy

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