A new regulation that is being consulted has spurred the bond private fund industry.

On 28 April, the Chinese Securities and Investments Association drafted the Operational Guidelines for Private Fund Investments (for comments) (hereinafter referred to as the Operational Guidelines) and consulted publicly with society. The issuance of the Operational Guidelines is unique to safeguarding the order of the bond private fund industry and protecting the interests of investors.

In recent years, the proliferation of urban debt has led to a large number of private bonds. However, the fast-paced private fund sector is rife, with disruptions to market order and bond pricing occurring.

Some of the sections of the Operational Guidelines, which were consulted at this time, govern the collection, investment, operation and management of private fund-raising for bonds. It was felt that the introduction of these rules would change the past practice of privately soliciting some bonds in favour of “lue money” and overloading the proceeds to light risk, thus making industry more regulated.

Prohibition of participation in structured distribution

Participation in the structural distribution of bonds and in the corridorization operations is prohibited. The relevant requirements in the Operational Guidelines have received considerable attention from bond marketers. A number of bonds that are eager to engage in such operations “lue money” have raised alarms and regulated the structuralization of bond markets from the investment end.

The Operational Guidelines refer to the fact that private fund managers and their shareholders, partners, actual controlrs, employees are not allowed to participate in the issue of structured bonds, nor are they directly or disguised to receive various forms of fees such as bond issuers’ services, finance consultants, advisory services, etc.

The Operational Guidelines also prohibit passage operations. It was mentioned that private fund managers should review the conformity of the sources of financing of investors and should not be subject to investment instructions from investors or their designated third parties or be responsible for the operation of the investments themselves.

“The corridor operation and structuralization operations are a short-lived lucrative of earning money in the bond market, with excessive management fees for their products and extra-currency financing consultants starting up with hundreds of millions of yuan renminbi, a lucrative mode of lucrative management more than hard-wed financing.” A bank finance investment manager said.

In general, structured distribution is a “special means” used when market-based financing channels are not readily available. Bond private fundraising funds generally absorb the remaining funds through the purchase of bonds issued by a part of the enterprise, which not only distorts the normal pricing of the bond market, but also results in the loss of State-owned assets.

The former investment manager stated that it had held a city-debted debt in front of a structured, subject-matter enterprise, and that the recipient interest rate for a new bond issued by the subject did not reflect its real credit level, thus resulting in a substantial discount on the bond’s market place and a premium on the secondary market for its depositary bonds, which resulted in a significant reversal of the net value of its portfolio.

The Chief Analyst of Fixed Profits in Telecommunication Securities held that early regulation regulated structurally issued regulations primarily from the end of the issuing deposit, regulating the conduct of related participants, such as intermediaries, distributors, etc., and that investment ends such as private fundraising funds, vouchers, etc. were more important participants in the structured distribution of bonds.

“The present Operational Guidelines address the infractions of participation in structured distribution by some private fund managers, provide chain-of-custody regulation from various aspects of bond distribution, investment and private fund management operations, combat bond market distortions in a combination of fists, regulate market order, and also facilitate more transparent pricing of credit markets.”

Reducing concentration

In addition to the “roads” and “structured” operations, the Operational Guidelines also call for the concentration of bond private fund investment bonds: funds invested in the same bonds by private equity investment funds alone should not exceed 10 per cent of the net assets of the Fund; and the number of private equity investment funds managed by private fund managers that invest in the same bonds should not exceed 10 per cent of the retention of the bonds.

“The strictness of this rule exceeds the requirement of the escrow plan, with the aim of controlling the risk of default of the city’s debt.” Lee Myong, a private fund, said.

Several practitioners have indicated to journalists that, as risks in the real estate industry have gradually emerged, and new support policies have not yet been put in place, combined with the recent recovery in real estate sales, this year’s real estate debt is difficult to gain significantly, and the “divided dividends” in high-income debt markets are left to “city debt”.

As of now, there has been no default in the open market of market-based market bonds. Since this year, in the context of a strong willingness on the part of many Governments to resolve local hidden debt, high-yielding “city-debt” has been the object of market dignitaries, as well as the creation of many private fund-raising funds that have emerged from the “city-for-debt”.

According to Lee Mymin, some bond private foundations placed 20 per cent of their warehouses in single “net” cities, replenishing their product leverage, thus generating very high returns on the market. But there is a great deal of uncertainty, and once the market is at risk, there may be serious setbacks.

“The market has shrunk, from the first default in 2014 `overday debt’ to the near future debt-religible market, suggesting that none of the markets is “dependency”. Lee Minh said that the bond private fundraising fund, which is not able to invest in the mindset of casinos for expansion and return rates, should be heavily guarded against risk by pooling tickets.

However, the view was also expressed that the provision might deprive private funds for high-income debt of investment flexibility.

The Crown Dependencies of the Private Fund (PSF) indicated that if some private fund investment strategies were focused on resurgent yields, the “10 per cent” provision would make it more difficult for private fundraising funds to lose flexibility and make high returns.

The Royal Prince believes that radical investors, who are the owners of domestic debt, are themselves in a position to recognize this heavier tactic and that investors are targeted at high-risk earnings, and they can also afford this risk.

“In the run-up to last year’s policy signals in the market of real estate, there were high net customers who wanted to repay the gains of single-handed land debt. Financial markets should allow a diversified investment presence, and private fund investors would have been high-value customers with some assets, much more affordable than the diaspora.” Wang Sultan.

Where bonds are private

Bond private fundraising funds

Winds.

The joint opening of the Congregation of the Congregation of the Gulf of Guinea (Cam) was launched by the Congregation of Cambridge, a nightmare, and the first flight, the coltan, joced nine days. At that time, the candidates could be wearing the dressing of the stone of Song on the pixth floor, and the cartoon of the monton map, experience the past of the summer.

On 22 April and 29 April, they went to the play to participate in the [magine] event, namely, the opportunity to obtain the benefits of ixth Street jockey [9-day ablution] and circling [a nightmare].

The new map is a diverse range of activities, and you have been taken care of, e.g., amazing welfare.

The addition of rubles in the map has been added to the games by the North Song city. Each day, 20:00-20:30, all small games in the rubles (Rotterdam, Sigua challenges and javo, etc.) will be open to candidates, participating in the games will be able to convert to a variety of comity, including the dressing box of the cherished lenses of the lenses, which will allow the trousers to thrive.

In addition, the gentlemen are able to participate in the programmes of stone-making and experience the fast-tracking of the green forest in Grand Song, the play-the-clocking gold-go play, leading the army to throw down and become a generation. It would be more possible to take part in the examination of ceremonies and to experience the happiness of a day when those responsible were able to do so!

In addition to the above-mentioned play laws, the game has prepared more sophisticated welfare activities for the players. More than accentuated play awaits personal experience from the players.

The third one-way post will be opened at 10 a.m. next day. No participation has been made in the new garrison and the team, and please recall the visit! Returnees are more privileged to return home! Yesterday

New wave declaration: the posting of this text on the new wave does not imply approval of its views or confirmation of its description for the purpose of communicating additional information.

Vinaldum only joined greater Paris from Liverpool last summer, but he is reportedly unhappy in Paris and hopes to return to the Premier League. There are now rumours that the 31 year old is preparing for a summer transfer.

Vinaldum has a contract with greater Paris until 2024, but according to Spain’s daily sport, Paris Saint Germain is willing to accept an offer of £ 21 million for him. One of the clubs interested in signing the midfielder is Aston Villa, who also signed former team mate cutinho of vernaldum in January.

However, according to Western media, Atletico Madrid is now in the leading position in the competition of vinaldum.

Xinhua News Agency Reporter Yu Wenjing, Zhou Yuan, permission

Grain is stable and the world is safe. Affected by the severe autumn flood last year, the late sowing area of winter wheat was relatively large. What is the current situation of summer grain production? How to implement the hard measure of “long teeth” in cultivated land protection? At the first “Ministerial channel” of the national two sessions held on the 5th, Tang Renjian, Minister of agriculture and rural areas, responded to the hot spots of social concern.

Tang Renjian said that in the past two years, affected by the superposition of epidemic and disaster situations, everyone has a deeper and more real experience of the sentence “have food in hand and don’t panic in heart”.

Grain output remains above 1.3 trillion Jin, which is one of the main expected goals for development this year put forward in the government work report.

“This is a ‘military order’ for us. It is a hard task that must be completed.” Tang Renjian said that grain production this year is indeed facing great difficulties. Affected by the rare autumn flood last year, the late sowing area of winter wheat accounted for one third of the total area of winter wheat. Despite the complex situation of seedlings, the agricultural and rural departments are still confident and determined to win the hard battle of ensuring summer grain and winning a bumper harvest.

Tang Renjian said that the CPC Central Committee and the State Council attach great importance to it and have strong policy support. The state raised the minimum purchase price of rice and wheat, and achieved full cost insurance and planting income insurance for the three major grain crops, covering major grain producing provinces and counties. The government work report also said that agricultural subsidies should be given to grain farmers again to increase support for the main production areas.

At the same time, all parties acted quickly and technical support was in place. The Ministry of agriculture and rural areas has formulated special work plans and technical guidelines to grasp the three key periods of wheat rejuvenation, jointing and grouting, and put in place key measures such as increasing the application of rejuvenation fertilizer and “one spraying and three prevention”.

He said that at present, the area of winter wheat is basically the same as that of last year, the soil moisture is good, and the first and second kinds of seedlings are increased compared with the previous period.

“We should pay close attention not only to summer grain, but also to grain production throughout the year.” Tang Renjian said that the Ministry of agriculture and rural areas has issued grain production targets and tasks to all provinces, autonomous regions and cities. It will also coordinate and promote all departments to ensure the supply of agricultural materials and do a good job in disaster prevention and reduction.

“At present, our total grain supply is abundant. This year, the per capita share of grain reached 483 kilograms, an increase of 9 kilograms over 474 kilograms last year. Under the guarantee of the total amount, we are able to ensure that more than 1.4 billion Chinese people can have dinner on time every day, and their rice bowls can be more and more stable and eat better and better.” Tang Renjian said.

Cultivated land is the lifeblood of grain production. How to effectively manage it?

Tang Renjian said that to implement a series of provisions and relevant laws and regulations of the Party Central Committee and the State Council on the strictest cultivated land protection system, we should take hard measures of “growing teeth”, continue to strengthen public exposure, Listing Supervision and accountability, and further strengthen the rigid constraints of institutional mechanisms and law enforcement:

——Number of tubes. Agricultural and rural departments actively cooperate with natural resources departments to ensure that 1.8 billion mu of cultivated land is worthy of its name. Three control lines shall be drawn according to the sequence of cultivated land and permanent basic farmland, ecological protection red line and urban development boundary. The objectives and tasks of cultivated land ownership and permanent basic farmland protection shall be fully divided and assigned level by level, the letter of responsibility shall be signed by the central and local governments, and strict assessment, one vote veto and lifelong accountability shall be implemented.

——Improve quality. This year, 100 million mu of high standard farmland will be built, efforts will be made to protect black land and comprehensively utilize saline alkali land, and the third national soil survey will be launched.

——Control purpose. We should implement the priority order of utilization. Cultivated land is mainly used for grain, agricultural products such as cotton, oil, sugar and vegetables and forage production. Permanent basic farmland is mainly used for grain production, and high standard farmland is used for grain production in principle.

Tang Renjian said that the next step is to improve laws and regulations and reasonably grasp the control of cultivated land planting purposes. When implementing the gradual return of permanent basic farmland and high-standard farmland to grain planting, all localities should not “cut across the board” or “turn over the cake”. They should be reasonable and realistic, formulate a timetable for the gradual return and grasp the process.

Wang Yu, product manager of realme, said: “realme is a global young brand. We want to be the most popular brand of science and technology among young people all over the world. We hope to share the wave of science and technology and culture from China with young people all over the world, promote the national trend to the world and become an international trend, and let the profound traditional history and culture exude new charm in the science and technology industry.”

In terms of appearance, the unique “Purple micro star” color matching of zhenwo v25 strives to restore the changes of stars in the Forbidden City at night. It uses a composite process to create a “star texture design” - Double grain and double plating process to gather light in the center of the back cover and print the Star River, which is highly recognizable. Moreover, realme applies photochromic technology for the first time in the price segment, decentralizing the technology of medium and high-end products, so that zhenwo v25 can realize the dynamic effect of color change and circulation under different light, forming the fantasy feeling of “holding the Star River in hand”. In addition, the true self v25 also has two colors of “rising star” and “sky black”.

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The above hardware is more valuable at the price of 1999 yuan. Zhenwo v25 will be available online and offline in all channels at 0:00 on March 4.

At this press conference, realme also released the true self Budd q2s Bluetooth headset, which integrates high-quality experiences such as high appearance value, long endurance, Dolby panoramic sound and AI call noise reduction. This headset has two colors of “Sen” and “paper”, with the same texture design as the true GT2 pro. The charging box adopts a transparent “space capsule” design full of a sense of future, and you can enjoy a high-quality music journey when you open the “capsule”; In addition to the appearance, the true self Budd q2s has 30 hours of ultra long battery life and flash charging technology to keep good music uninterrupted.

The price of true self Budd q2s is 199 yuan, and the first sale discount is only 149 yuan. It will be sold through all channels at 15:00 on March 3.