Reducing the threshold of refinancing by marketed companies will also have to be followed. For example, marketed companies with poor performance and low net asset return rates can appropriately limit their financing size. There should be a gradual increase in the interval between listed companies with frequent refinancing. In addition, there is a need for a corresponding response to the issue of refinancing of repurchase shares.

Recent regulatory initiatives have continued. As was the case on 9 November, ACAC issues a question-and-answer regulation — a regulatory requirement for guiding the financing of publicly listed companies (hereinafter referred to as “new financing”) and jointly publishes with the Ministry of Finance and the National Commission the Opinion on Support for Re-purchaseing Shares of Listed Companies. The Board introduced new refinancing schemes, which in some sense lowered the threshold for refinancing, resulting in refinancing patterns or fragmentation of listed companies.

There are two major bright spots in the new financing system, namely, the identification of the share of marketed companies in raising funds to supplement liquidity and debt repayment. It is stipulated that marketed companies, on the basis of a combination of financial considerations, asset liability structures, etc., can be fully used to supplement liquidity and debt repayments through the allocation, distribution of priority units or establishment of additional funds. Thirty per cent of funds collected through other means can be used to supplement liquidity and debt repayment. At present, a large number of privately-owned companies are facing a crisis of equity in order to undo their financial difficulties as a major problem in capital markets and to finance debt repayment, which is undoubtedly good for private-market companies.

Point II, the time lag between eligible market companies for refinancing, was reduced to six months. The regulatory question-and-answer session of 17 February last year provided that, in principle, no less than 18 months could arise from the date of receipt of the resolution of the Board of Trustees of the current Board of Trustees, when a listing company applied for an increase in the number and distribution of shares in private. Today, the interval is between six months. This also means that, as in the case of refinancing, funding may be raised one year earlier than originally.

In fact, in the Opinion on Support for Repurchasing Shares of Marketed Companies, there is also a reference to refinancing by listed companies. Under the terms of the regulation, a listed company applies for refinancing after a repurchase of shares, and if the size of the financing does not exceed 10 times the total value of the repurchase of the last 12 months, there is not only a six-month interval limit, but the Board will give priority support to such refinancing applications when it reviews. This could enhance the incentive for marketed companies to repurchase their shares and, on the other hand, enhance their refinancing.

Both the initial financing of marketed companies and the refinancing after a plate are a manifestation of capital markets’ ability to fulfil their financing functions. The Board’s support for the implementation of refinancing by listed companies, for example, through new refinancing schemes and repurchase of shares, is not significant. Moreover, the current market is low, participating in refinancing by listed companies, and financing costs are low. While there are fixed-term requirements, such as privately issued shares, and there will be some restrictions on future hold-downs, there are much less constraints on financing through equity or priority units. As a result, after the implementation of the new refinancing scheme, marketed companies will either throw back on the stream of refinancing, especially for privately-owned companies, or even more so, the refinancing of marketed companies will become entirely new.

Individually, the CMS lowers the threshold for refinancing of listed companies, with several aspects requiring sufficient attention. First, raising funds could be used, in whole or in part, to supplement liquidity or debt repayments, to facilitate the day-to-day operation of listed companies and to reduce financial costs, but it was possible for marketed companies to raise money in the name of additional liquidity. Thus, invisible pressure on market finance will be increased. Moreover, allowing for debt repayment is not conducive to the optimal allocation of resources in capital markets, but rather it is possible to energize market-based firms to finance.

Second, a six-month reduction in the interval between refinancing is clearly conducive to refinancing by listed companies, but there is also a risk that marketed companies will not be able to afford. Previously, there had been a case in which refinancing from market-based companies had become available and refinancing had begun, and there had been a number of such cases.

Thirdly, repurchase shares can finance 10 times the amount of funds repurchased, in which there is a squatter space. Repurchase is conducive to the stability of the equity prices of listed companies and to safeguarding the interests of small and medium-sized investors, but because of the 10-fold availability of funds, it is clear that repurchase by listed companies for financing is contrary to the original intent of the repurchase of shares. Moreover, there can be no exclusion from low-level repurchase by listed companies, followed by high-price financing, where there is a clear range of advantages.

It is therefore necessary to lower the threshold of refinancing for marketed companies. For example, marketed companies with poor performance and low net asset return rates can appropriately limit their financing size. There should be a gradual increase in the interval between listed companies with frequent refinancing. In addition, there is a need for a corresponding response to the issue of refinancing of repurchase shares.

(The authors of this paper: the independent financial contributors publish hundreds of articles in various media, such as the three major securities newspapers)

With the big sale of Dynasty Series models, BYD launched a new ocean series models last year. The first model dolphin has been listed and gained a lot of reputation from consumers. This year, BYD expanded its ocean series into Ocean network and opened up a new branch - Warship series. At the same time, the first model destroyer 05 will also be launched this year.

At present, relevant information has exposed the configuration information of BYD destroyer 05. As the first car under the Ocean network, the new car adopts a brand-new design style and will be equipped with DM-I super hybrid technology. Wltc has two options of pure electric range of 46 km and 101 km. It is expected that the price of the new car will be between 120000-150000 yuan.

Speaking of appearance, the destroyer 05 is built with BYD’s latest marine aesthetic design concept. The interior of the huge China open in the front face is decorated with horizontal chrome plated decorative strips, and the LED headlamp groups on both sides are connected with the middle trim panel to form a penetrating visual effect. Combined with the vertical diversion ports on both sides below, the whole front looks full of a sense of science and technology and sports style. The smooth lines and rounded contours of the body enhance the overall trend and dynamic atmosphere. In terms of size, BYD destroyer 05 has a length, width and height of 4780 / 1837 / 1495 mm and a wheelbase of 2718 mm.

In the car, the destroyer 05 car adopts a minimalist design, equipped with an integrated Star flight luxury ship chair, ship jump air outlet, rear central armrest + cup holder, extended skylight and other configuration design, combined with fashionable color matching design, so that the car is full of youth, technology and fashion. At the same time, the air outlet of the rear air conditioner is also standard in the whole system.

Besides the 8.05-inch LCD screen, which is 8.05% higher than that of the previous model, it is also equipped with an 8.05-inch LCD screen, which is 8.05% higher than that of the entry-level model, Greatly improve the technical sense of vehicle internal medicine.

In terms of configuration, the standard configuration of Destroyer 05 is also rich enough. More than 17 high-value functions such as LED daytime running lights, keyless entry and one key start system, automatic air conditioning (dual temperature zone air conditioning for high configuration models), rear exhaust outlet, constant speed cruise, electric adjustment + heating of exterior rearview mirror are all standard configuration, of which the 101 km model also adds functions such as VTOL mobile power station.

In terms of intelligence, there are three ways to open destroyer 05, including mobile phone NFC car key, mobile phone Bluetooth key and electronic key. In particular, the mobile phone NFC car key can be unlocked easily by getting close to it. The vehicle can also be opened without network and electricity, which is simple and convenient. In addition, it also has the functions of intelligent remote control driving and remote start of the vehicle. It can warm up the vehicle in advance in winter, and getting on the bus is warm. It is worth mentioning that the central control is also equipped with dilink intelligent networking system, which supports intelligent voice interaction, karaoke mode, vehicle OTA remote upgrade + Intelligent Cloud Service, which is more convenient and entertaining when driving.

The new car is equipped with aevr-ccu and dir30 automatic lane keeping assist system, and the new car is equipped with aevr-ccu / dir30 automatic lane keeping assist system.

In terms of power, the destroyer 05 is equipped with DM-I super hybrid technology, which is composed of Xiaoyun plug-in hybrid special 1.5L high-efficiency engine, EHS electric hybrid system and DM-I super hybrid special power blade battery. Its wltc pure electric range is 46 km and 101 km.

This power system has previously been installed on many models of BYD to realize electric drive and timely auxiliary drive of the engine. In addition, all new cars use DM-I special power blade battery, which also has high enough safety to meet many different needs of consumers.

Guashuai believes that the continuation of the war is a sign of the incompetence of politicians.

“Politicians can avoid these things, but they are completely defeated. In the final analysis, it is a matter of money, not a piece of land or a flag. War is the same. In Syria, Palestine and Yugoslavia, innocent people suffer because of the war,” Guardiola said at a pre game press conference.

“The war has lasted for 8 or 9 days, and the war has not been stopped. The situation is getting worse and worse. NATO and European countries are completely defeated.”

It is reported that in order to continuously promote the prevention and publicity of telecom network fraud and improve the effectiveness of anti fraud publicity, Shanghai Public Security Bureau invited Dili Reba, Huang Bo, Huang Jingyu, Huang Xiaoming, Jiang Shuying, Lei Jiayin, Li Wenhan, Liu Haoran, times youth league, Wang Kai, Wang Luodan, Wang ou, Wang Qianyuan, Xiao Zhan, Yang Zi, Yu Hewei, Zhong Hanliang, Zhou Dongyu, Zhou Xun Zhu Zhengting 20 stars participated in the formation of the Shanghai public security anti fraud alliance, carefully created the Shanghai public security anti telecom network fraud lineup, jointly made a voice for the prevention of telecom network fraud publicity, and increased the exposure, awareness and dissemination of anti fraud publicity. The purpose of the activity is to make anti fraud videos through real cases and star narration, teach the people the skills of preventing fraud, call on the citizens to be vigilant, strengthen the awareness of anti fraud, improve the ability of anti fraud, and constantly set off a national anti fraud upsurge.

Shanghai police said that they would continue to expand the anti fraud alliance lineup, continue to increase publicity, and make every effort to build an iron wall against fraud. The Chinese New Year is approaching. Shanghai public security anti fraud alliance wishes you all a safe and happy holiday. The police and the people work together to protect the property safety of you and your family.