With the continuation of the deleveraging policy, our corporate leverage has stabilized and declined slightly since this year, but there have been some new changes in the structure, mainly in the form of national leveragers, while public utilities are leveraging. At the same time, there has been an increase in the debt default rate of entrepreneurship, with some areas in which there has been a return of the country. Analysing and understanding the reasons behind these new changes will help to understand the current difficulties faced by private business operations and help to solve the difficulties of financing and operating entrepreneurship.

Changes in corporate leverage in China

Through the analysis and comparison of China’s corporate leverage data, we have found that since this year Chinese corporate leverage has undergone some of the following new changes:

The initial results of the deleveraging have been stabilized and slightly reduced. According to China’s National Financial and Development Laboratory/National Balance Sheet Research Centre, the Chinese non-financial enterprise sector leverage rate declined from 15.0 per cent at the end of 2017 to 156.4 per cent at the end of the second quarter of 2018, and by 0.6 per cent a year. The business leverage rate has continued to decline since the peak of 16.9 per cent in the first quarter of 2017, with the current level falling by 4.5 per cent compared to the peak period, and the downward trend has been maintained for five quarters, except for a slight reversal in the first quarter of this year.

2 The enterprise leverage rate has been diluted, national entrepreneurship has declined and domestic leverage has increased. Separation of national entrepreneurship and entrepreneurship was more prominent in the first half of the year. In the first half of the year, the liability rate for industrial enterprises increased from 55.5 per cent at the end of 2017 to 56.6 per cent. Among these, the trend towards leveraging private industrial enterprises has been marked, with an increase in the asset liability rate from 51.6 per cent at the end of last year to 55.8 per cent, and a decline in the national business asset liability rate from 65.7 per cent at the end of last year to 65.0 per cent. The increase in the liability rate for private business assets is mainly due to the contraction of assets; and the decline in the liability rate for national business assets, which, while also contributing to the reduction in liabilities, is more likely to result in faster increases in assets.

3 There has been an increase in civil business default rates in the context of deleveraging. The tempo of bond default has accelerated significantly since 2018. As of 14 September, 24 subjects have been exposed to bond default this year, with the exception of eight subjects that had previously occurred, and 16 additional defaulters this year. As a result of the evolution of the nature of the default business, new defaulting enterprises have undergone the process of spreading from private enterprises to central state-owned enterprises, local state-owned enterprises and eventually to private enterprises. Twelve of the 16 new defaulting subjects this year are private enterprises. In the previous years when just payments were broken, non-listed companies had been dominated by non-listed entities, and for the first time in the current year there had been defaults by listed companies. As of the first three quarters of the year, eight listed companies had been in default.

A number of enterprises have been bought by State enterprises, and the phenomenon of domestic retreats has raised concerns. Since the second half of 2018, capital market volatility has increased, marketed corporate equity pledge, more frequent debt defaults, and the pace of local capital stock-taking has accelerated. So far, including deep-rooted, more than 10 provincial and municipal capitals, such as mountains, Focao, Sichuan and Hanoi, have taken over private company equity to provide liquidity support. According to the Chinese Securities Bulletin, 37 listed companies were announced as hosts between January and October 2018, and several companies introduced national capital as strategic investors. The other side of the FAC is the concern expressed by some public opinion about the development of business enterprises in the country: SI will not take this opportunity to annex large-scale private enterprises?

Several comments on the new changes:

In the first place, positive aspects should be seen: overall stability and a slight decline in corporate leverage suggest that deleveraging does have a gradual effect. Given that high enterprise leverage rates, in particular excessive national leverage, are the main areas in which systemic risks have increased in China in recent years, the decline in national leverage is undoubtedly positive in reducing systemic risks to the economy.

Secondly, there are two concerns:

First, the basis for leveraging is not solid. The leverage of Chinese enterprises, while generally declining, is not solid. Since the decline in national leverage rates is due mainly to improved profits from upstream and upturned prices resulting from deductible energy, its profitability is likely to fall back as prices rise, the efficiency of national enterprises and the institutions of high leverage are not fundamentally changed; while the reverse of public utilities increases overall economic risk.

Secondly, the phenomenon of national return must be given high priority. While recent local governments take over business at all levels, primarily in order to stabilize local economies and stabilize capital markets, it is not a good thing for the economy as a whole if this phenomenon is perpetuated and expanded, owing mainly to the fact that business default is a normal phenomenon for the market to break down, and that there is a tendency for the latter to continue to be better off in terms of competing assets, which would lead to a higher level of economic efficiency than for the third country;

Causes of the new changes

This waver is not an active leveraging act accompanying economic recovery, but more as a result of passive leverage in the context of a tight financial and regulatory environment. What is the reverse of entrepreneurship in a macro-environment of leverage and strong regulation? Taking into account different types of enterprise data analysis, we believe that there are three main reasons:

Direct causes: faster growth in private-sector liabilities than asset expansion

Figures from different types of industrial enterprises published by the Bureau of Statistics show that, in recent years, the growth in the assets of national enterprises has been consistently higher than the increase in liabilities, while the increase in the liabilities of private enterprises has begun to remain higher than the increase in assets and to enter 2018.

Sennheiser has increased investment in its professional audio business, business communication business and Neumann brand

Wedmark, March 1, 2022 - shaping the future of audio and creating an extraordinary sound experience for customers - this is Sennheiser’s constant persistence for 75 years. In 50 years, the audio professional services company will once again fully focus on the professional business field. Sennheiser’s three business areas are professional audio business, business communication business and Neumann business, which aims to achieve sustainable growth and further expand its leading position as a global supplier of professional audio solutions. Sennheiser’s consumer electronics business was transferred to sonova Holding AG, a global hearing solution provider. The resolution came into force on March 1, 2022.

Daniel Sennheiser, CO CEO of Sennheiser, said: “in the future, we will focus our resources and funds on the development of professional audio, business communication and Neumann business. Based on this, we plan to make the business growth exceed the industry average, further improve our position in the international market and continue to expand our business territory.” Andreas Sennheiser, CO CEO of Sennheiser, also said: “from now on, we look forward to establishing closer ties with consumers in the professional field and closer to the market. In order to achieve this goal, we will make full use of our expertise and rich experience as a global leader in the audio industry.”

In recent years, Sennheiser has laid a solid foundation and become a professional audio company with brilliant prospects. Daniel Sennheiser said: “the company has successfully transformed, and the revenue during the epidemic is still excellent: not only has reached the sales target of the whole business area in 2021, but also exceeded our anticipation even in the face of the two consecutive instabilities caused by COVID-19 as a whole.”

Andreas Sennheiser said of Sennheiser’s clear goals for the future: “as a family business, we hope to achieve sustainable growth through our own efforts. In order to achieve this goal, we invest heavily in three business areas.”

In the field of professional audio, the audio expert program aims to provide reliable audio solutions and first-class sound quality for the field of live broadcasting and podcasting, and continue to exceed users’ expectations. This area will be extended to the use of assistive software solutions to optimize workflow. Sennheiser believes that the market in semi professional applications such as video dubbing is growing rapidly, which is a new opportunity for business development.

In the field of business communication, Sennheiser will vigorously expand its audio solution series in enterprise and university conference rooms in the next few years. Its goal is to see Sennheiser products in most lecture halls and conference rooms around the world, so as to provide customers with better sound quality and easier to operate solutions, especially to solve the challenges brought by the combination of online and offline work mode.

Neumann has become a world-renowned brand that can provide studio level sound quality solutions with its legendary products. In the future, this business area will focus on digital workflow, expand software and service solutions, and continuously provide new products, such as close-up recording products for musical instruments. New demands from consumers in the fields of mobile work, streaming media services and immersive audio will also bring growth opportunities.

Sonova, a global hearing solution provider, is a strong partner of Sennheiser. The group has fully taken over Sennheiser’s consumer electronics business and will continue to expand. After the business handover, the consumer hearing business of Sennheiser and sonova will continue to operate under the brand name of Sennheiser. Sonova has reached a long-term license agreement with Sennheiser on the use of Sennheiser brand.

About Sennheiser

Sennheiser, founded in 1945, is an independent family business. Now it has become a leader in the field of professional audio technology manufacturers. Since 2013, Daniel Sennheiser and Dr. Andreas Sennheiser have been jointly managed as third-generation heirs. Sennheiser is headquartered in wedmark, winnebostel, near Hanover.

About Sennheiser brand

Audio is the source of our life. We are committed to creating unique audio solutions. Building the future of audio and providing our customers with an extraordinary sound experience - this is the spirit of Sennheiser brand for 75 years. Professional audio solutions such as professional microphone and monitoring system, conference system, streaming media technology and wireless transmission system belong to Sennheiser electronic GmbH & Co. kg; The consumer electronics business, including headphones, strip speakers and voice enhancement headphones, is operated by sonova Holding AG under the authorization of senhassel.

Time: 03:45:00, March 8, 2022

Stadium: Toulouse Municipal Stadium

Toulouse is currently at the top of the French League B, with 54 points in 26 games, 6 points ahead of the third place team soshaw. At present, it has scored 58 league goals, which is the only team in the league with more than 40 goals. Striker Healy has scored 13 league goals, ranking first in the French Second shooter list. Toulouse beat Grenoble 2-0 away in the last round of League, won all the last four games and got 12 League points.

Dunkirk currently ranks third from the bottom of the French League B, with 27 points in 26 games and 2 points behind the relegation safety zone. Dunkirk beat Dijon 2-1 at home in the last round of the league, and won three of the last four league games. Dunkirk has achieved 1 win, 1 draw and 1 loss in the past three games against Toulouse, only losing 0-2 at home in the first game of this season.

The competition organization made concessions from the home team. Combined with the performance and strength analysis of both sides this season, it is optimistic that Toulouse will win.

Lottery recommendation: win

February 28, 2021 is the 14th International Day of rare diseases. Since February 23, Shanghai Education Television’s “help girls” column has joined hands with Shanghai rare disease prevention foundation to enter this special group. Let them be understood, seen and treated well. Although they are very rare, our love is never rare.

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Careful:

Bathing in the sun has become a luxury for them all their life.

Even if you desire, you will eventually find the shelter of darkness.

Among various rare diseases, there is a special hereditary skin disease epidermolysis bullosa. Patients with this disease are also known as butterfly babies, because their skin is extremely vulnerable, as fragile as butterfly wings, and any slight touch from the outside world may cause harm to them.

At present, there is no cure for this disease, and patients can only be in great pain for life. It costs five or six thousand yuan a month just to apply the gauze on the broken skin of the patient.

At the age of 17, Zhou Mi has been fighting against the disease since she was born. Since she was a child, she has shown special talent in the field of painting and expressed her love and desire for life with a brush.

Those rare pain and love (1)

Shanghai Education TV station’s “Gang girl” series reports

Premiere: 20:05, February 23

Replay: 16:30, February 24

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Tang Fenglei:

I’ve been with pain for 20 years,

Pain reminds me how brave I am.

Tang Fenglei, 32, from Jinshan, Shanghai, suffers from Fabry’s disease. The main symptom is intermittent severe pain in his hands and feet.

Tang Fenglei has developed symptoms since he was seven years old. However, the incidence rate of the disease is very low, and even the medical profession knows little about it. Tang Fenglei was misdiagnosed continuously in the 20 years after his onset.

In order to relieve pain, Tang Fenglei has taken a truck of painkillers over the years.

At present, the drugs for the treatment of Fabry disease have been listed in China, but it has not been listed in the medical insurance catalogue. To this end, patients have to face huge costs of up to one million a year. In order to promote the entry of relevant drugs into medical insurance, Tang Fenglei and other patients are still making efforts to appeal to the public.

Those rare pain and love (2)

Shanghai Education TV station’s “Gang girl” series reports

Premiere: 20:05, February 24

Replay: 16:30, February 25

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Tong Tong:

“My life is up to me, not heaven”,

I want to be a normal child.

This issue tells the story of sticky baby:

Child patients represented by Tongtong (7 years old) and Beibei (12 years old) suffer from rare mucopolysaccharide storage disease, resulting in bone deformation, serious damage to growth and development, and even life-threatening.

A rare disease destroyed the child’s young bones. 7-year-old Tong Tong is less than 1 meter tall. Her wish is to be a dancer.

The growth and development of 12-year-old Beibei is obviously weaker than that of children of the same age. For this reason, his family has paid several times more ordinary care and companionship.

At present, some drugs used to treat mucopolysaccharide storage disease have been introduced into China and have not been included in medical insurance. The cost of medication borne by the patient’s family is as high as 2 million a year. This group is looking forward to more social attention and creating hope for children.

Those rare pain and love (3)

Shanghai Education TV station’s “Gang girl” series reports

Premiere: 20:05, February 25

Replay: 16:30, February 26

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Liu Xuanfei:

No matter what life gives you,

There’s always something you can do.

There is a disease in the world that makes people lose all their senses slowly and finally leave the world quietly. It is the adrenal leukodystrophy that Liu Xuanfei unfortunately suffers from.

When he was young, he had a successful career and a happy family. He was once an elf on the basketball court; Now, he is getting thinner and hobbled, and can only face the erosion of disease. It took 13 years from the onset to the diagnosis.

After the diagnosis, Liu Xuanfei has been committed to speaking for the group of rare diseases. He insisted on setting up webcast every week to share his life with fans, encourage patients with rare diseases to face life actively, and let more people pay attention to the group of patients with rare diseases.

Adrenoleukodystrophy is a degenerative disease, and the physical symptoms will gradually worsen. Liu Xuanfei is racing against his illness every day. Next, he plans to carry out a ten thousand mile trip to rare diseases, drive around major cities in China, visit patients and doctors, and let more people know the living and medical status of these people.

Those rare pain and love (4)

Shanghai Education TV station’s “Gang girl” series reports

Premiere: 20:05, February 26

Replay: 16:30, March 1

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2.28 international day of rare diseases:

Born rare, love is not rare

Shanghai Education Television station and Shanghai rare disease prevention foundation jointly held a large-scale public welfare activity of “love is never rare” with the theme of caring for rare disease groups.

Dr. Xie Lijuan, former vice mayor of Shanghai Municipal People’s government, founder and consultant of Shanghai rare disease prevention and control foundation, Li Dingguo, President of Shanghai rare disease prevention and control foundation, and sun Xiangtong, President of Shanghai Education Television station