Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要 

• Tech giants listed in the US suffered big losses after the SEC released new rules trying to boot them off American stock market; 

• Premier Li Keqiang signalled that China may “cut RRR in due course.”

Here’s what you need to know about China in the past 24 hours 

中國經(jīng)濟要聞

Tough time. US-listed Chinese firms had just suffered a flabbergasted “Black Friday.” 

A brutal selloff for Chinese stocks in the US has now erased more than $1 trillion in value since February. The Nasdaq Golden Dragon China Index – which tracks China-exposed firms listed in the US – plunged 9.1 percent on Friday, the most since 2008. 

It happened right after the United States Securities and Exchange Commission (SEC) released its rules for implementing the Holding Foreign Companies Accountable Act and Chinese ride-hailing giant Didi Global announced its plan to delist from New York.

Didi’s drastic U-turn raised concerns that the antitrust crackdowns that relevant Chinese regulatory authorities have introduced in the past months may extend and expand into broader areas. 

However, China’s top securities regulator said on Sunday that such concerns are misplaced, as "the main purpose was to regulate monopolistic behaviours, protect the interests and data security of small and medium firms, eliminate regulatory vacuum, and prevent the capital's disorderly expansion.”

A spokesperson with the China Securities Regulatory Commission (CSRC) said the regulator has always been open to and fully respect Chinese companies' independent choices of overseas listing venues in compliance with relevant laws and regulations. 

In terms of audit oversight cooperation, the CSRC has recently conducted “candid and constructive communications” with the U.S. SEC and the Public Company Accounting Oversight Board (PCAOB) to address issues in bilateral cooperation and has made positive progress on several important issues.

"Forcing Chinese companies to delist from U.S. stock exchanges is by no means a responsible policy option," the CSRC added.

在滴滴“閃退”和SEC新規(guī)出臺的“雙重夾擊”下，中概股上周遭遇“黑色星期五”，上演集體跳水。隔夜納斯達克金龍中國指數(shù)跌9.1%，創(chuàng)2008年以來最大跌幅，同日美國科技股也出現(xiàn)大幅下挫。

12月2日美國證券交易委員會（SEC）通過了《外國公司問責法》的最終規(guī)定。該法案要求外國公司提供審計底稿供美國檢查，否則可能3年內(nèi)被勒令退市，釋放出了強烈的信號：企業(yè)赴美上市趨嚴。

對此，12月5日，中國證監(jiān)會新聞發(fā)言人答記者問表示，無端打壓在美上市中國企業(yè)，脅迫中國企業(yè)退市，這不僅有悖于市場經(jīng)濟的基本原則和法治理念，也損害了全球投資者利益和美國資本市場的國際地位，是一種“多輸”的做法，對誰都沒有好處。中國有關監(jiān)管部門將堅定不移推進改革開放，充分尊重企業(yè)依法合規(guī)自主選擇上市地。

證監(jiān)會表示，中國證監(jiān)會和相關監(jiān)管部門始終對企業(yè)選擇境外上市地持開放態(tài)度，充分尊重企業(yè)依法合規(guī)自主選擇上市地。近期，個別媒體報道中國監(jiān)管部門將禁止協(xié)議控制（VIE）架構(gòu)企業(yè)赴境外上市，推動在美上市中國企業(yè)退市，“這完全是誤解誤讀”。

證監(jiān)會強調(diào)，中國有關監(jiān)管部門出臺了一系列促進平臺經(jīng)濟規(guī)范發(fā)展的政策措施，其主要目的是規(guī)制壟斷行為，保護中小企業(yè)權(quán)益和數(shù)據(jù)安全、個人信息安全，消滅金融監(jiān)管真空，防止資本無序擴張。因此，中國政府出臺的相關政策，并非對特定行業(yè)或民營企業(yè)的打壓，也與企業(yè)境外上市活動沒有必然聯(lián)系。

在中美審計監(jiān)管合作方面，近期，中國證監(jiān)會與美國SEC、美國公眾公司會計監(jiān)督委員會（PCAOB）等監(jiān)管機構(gòu)就解決合作中存在的問題進行了坦誠、有建設性的溝通，對一些重點事項推進合作方面取得了積極進展。

• Chinese Premier Li Keqiang met with the IMF Managing Director Kristalina Georgieva via video link on Friday, pledging that China will continue to implement a prudent monetary policy, formulate policies based on the needs of market players, use a variety of currency tools, cut the reserve requirement ratio in due course, and increase support for the real economy. 

  國務院總理李克強12月3日下午在中南海紫光閣視頻會見國際貨幣基金組織總裁格奧爾基耶娃。李克強表示，中國將繼續(xù)實施穩(wěn)健的貨幣政策，保持流動性合理充裕，圍繞市場主體需求制定政策，運用多種貨幣工具，適時降準，加大對實體經(jīng)濟特別是中小微企業(yè)的支持力度，促進綜合融資成本穩(wěn)中有降，確保經(jīng)濟平穩(wěn)健康運行。

Greater Bay Area, Greater Future

新使命，大未來

• A delegation of Chinese mainland Olympians concluded their high-profile three-day visit to Hong Kong on Sunday. Members of the delegation included sprint icon Su Bingtian, table tennis Grand Slam winner Ma Long, and Sun Yiwen, who won China's first Olympic gold medal in women's individual epee fencing.

  內(nèi)地奧運健兒代表團3日至5日訪港。連日來，奧運健兒們深入香港社區(qū)、學校等地，廣泛與香港社會各界民眾近距離交流互動，點燃了香港市民們的體育熱情和拼搏向上的精神。代表團中包括“百米飛人”蘇炳添、乒乓球運動員馬龍、許昕，以及擊劍女子重劍個人賽金牌得主孫一文等。

• China's first international vaccine innovation center, the Greater Bay Area International Vaccine Innovation Center, was officially inaugurated on Saturday in Shenzhen.  

  12月4日，大灣區(qū)國際疫苗創(chuàng)新中心在深圳坪山區(qū)生物創(chuàng)新產(chǎn)業(yè)園區(qū)正式落成，這是中國首個國際疫苗創(chuàng)新中心，也是首個以疫苗生態(tài)創(chuàng)新為核心的創(chuàng)新中心。

Update on COVID-19

疫情簡報

• The Chinese mainland on Sunday reported 38 new local infections, most were from Inner Mongolia and Heilongjiang province.

  全國昨日新增本土病例38例（內(nèi)蒙古28例，均在呼倫貝爾市；黑龍江7例，均在哈爾濱市；云南2例，均在德宏傣族景頗族自治州；河北1例，在石家莊市）。

Next on industry and company news

產(chǎn)經(jīng)消息及公司新聞

• Another 74 medicines were included in the latest round of China’s centralized drug procurement scheme, which ensures distribution through the country’s vast medical insurance program, the National Healthcare Security Administration of China said last Friday. Seven of the newly listed medicines are for rare diseases. 

  醫(yī)保目錄“上新”：國家醫(yī)保局12月3日公布了2021年國家醫(yī)保藥品目錄調(diào)整結(jié)果，調(diào)整后共有74種新增藥品進入目錄，7種罕見病藥物納入到新版醫(yī)保藥品目錄中。新版國家醫(yī)保藥品目錄內(nèi)藥品總數(shù)達2860種，將于2022年1月1日起執(zhí)行。

• Alibaba Group said on Monday it was re-organizing its international and domestic e-commerce businesses and would appoint a new chief financial officer. The company's deputy CFO, Toby Xu, will succeed Maggie Wu as the company's CFO from April.

  阿里升級“多元化治理”：12月6日，阿里巴巴CEO張勇發(fā)出內(nèi)部信，宣布公司升級“多元化治理”體系，任命戴珊和蔣凡分別負責新設立的“中國數(shù)字商業(yè)”和“海外數(shù)字商業(yè)”兩大板塊。武衛(wèi)不再擔任阿里巴巴集團CFO，由副CFO徐宏接任。

• China’s biggest artificial intelligence firm SenseTime Group is seeking to raise as much as HK$6 billion from a Hong Kong IPO. The company is offering 1.5 billion shares at between HK$3.85 and HK$3.99 apiece. 

  商湯科技IPO：12月6日報道稱，商湯科技將于今日開始建簿，集資額最多近60億港元。據(jù)悉，商湯今次上市共發(fā)行15億股，其中90%為國際配售，10%屬香港公開發(fā)售，招股價介乎每股3.85港元至3.99港元。

• The government of Guangdong province summoned Evergrande Chairman Hui Ka Yan late Friday after the company said it might be unable to meet $260 million of obligations under a guarantee. The Guangdong provincial government is sending a working team to the company. China’s central bank stressed that the single case will not impact regular middle- and long-term financing in the market. 

  廣東政府連夜約談許家?。?/span>據(jù)廣東省人民政府網(wǎng)站消息，12月3日，中國恒大集團在香港聯(lián)交所發(fā)布了無法履行擔保責任的公告，廣東省人民政府對此高度關注，當晚立即約談了中國恒大集團實控人許家印先生。同時，廣東省人民政府同意向恒大地產(chǎn)集團有限公司派出工作組。隨后央行、銀保監(jiān)會、證監(jiān)會均對此進行回應。央行表示，短期個別房企出現(xiàn)風險，不會影響中長期市場的正常融資功能。

Switching gears to the financial sector

金融市場要聞

• China will support leading futures companies to accelerate their development and encourage the listing and financing of qualified firms, to set up a number of derivatives and commodities services companies with strong capital and international competitiveness, Fang Xinghai, Vice Chairman of the CSRC said on Sunday.

  12月5日，中國證監(jiān)會副主席方星海表示，要堅定信心推動期貨市場建設，服務實體經(jīng)濟高質(zhì)量發(fā)展，表示要支持行業(yè)領先公司加快發(fā)展，支持期貨公司擴寬融資渠道和開展跨境經(jīng)營，鼓勵符合條件的頭部期貨公司上市融資。

Wrapping up with a quick look at the stock market

最后來看股市收盤情況

• Chinese stocks closed lower on Monday with nearly 3500 stocks recorded losses. The Shanghai Composite lost 0.5 percent, and the Shenzhen Component fell 0.93 percent. The Hang Seng Index cascaded 1.76 percent as the TECH Index tumbled 3.34 percent, notching a record low.

  周一A股股市收盤集體下跌，創(chuàng)業(yè)板指跌2.09%，滬指跌0.5%，深成指跌0.93%。總體上個股普遍下跌，近3500家飄綠，盤面上，NFT概念、EDR概念等板塊漲幅前列。港股恒生指數(shù)跌1.76%，科技股重挫，恒生科技指數(shù)大跌3.34%創(chuàng)歷史新低。

Biz Word of the Day

財經(jīng)詞匯劃重點

• Audit working papers are used to document the information gathered during an audit. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements.

  審計工作底稿是指注冊會計師在審計過程中形成的審計工作記錄和獲取的資料。其記載的審計證據(jù)和注冊會計師的專業(yè)判斷是形成審計結(jié)論、發(fā)表審計意見的直接依據(jù)。

（歡迎大家提供意見和反饋，請聯(lián)系主播李瑩亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

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Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

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編委:  于曉娜

策劃、編輯：李艷霞 

播音：李瑩亮

撰稿：李瑩亮、張然

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