Bank of China: Crude Oil Treasury shifts or spreads in a pre-specified manner before the due date

Bank of China: Crude Oil Treasury shifts or spreads in a pre-specified manner before the due date
Sauna Night News investors suffered huge losses when investing in Bank of China crude oil products, causing market controversy.In this regard, the Bank of China issued a statement on the crude oil treasure business on the evening of April 22.Bank of China stated that crude oil treasure products are linked to overseas crude oil futures, similar to futures trading operations, according to the agreement, the contract will be terminated on the contract expiration processing date, in accordance with the customer’s pre-specified method, to carry out a position shift or due rolling difference processing.The following is the statement of the Bank of China on the crude oil treasure business statement issued by the Bank of China. Regarding the customer’s concern about the Bank of China crude oil treasure business, the following is now explained: 1. Regarding crude oil treasure products BOC launched the “Crude Oil treasure” product in January 2018Provide domestic individual customers with trading services linked to overseas crude oil futures, and customers make trading decisions independently.Among them, the US crude oil varieties linked to CME’s first contract of WTI crude oil futures.Individual customers conducting “Crude Oil Treasure” are required to submit 100% margin, sustainable leveraged transactions.2. Regarding the expiration processing of crude oil products linked to overseas crude oil futures, similar to the futures trading operation, according to the agreement, the contract will be terminated on the contract expiration processing date, in the manner specified by the customer in advance, or the position will be moved.Expired settlement.Among them, the position shift refers to all current contracts held by the closing client; while the opening margin refers to all current contracts held by the closing client only.3. With regard to the settlement price, according to the agreement, when performing the “shifting and spreading” operation mentioned in Article 2 above, the contract settlement price shall be announced by BOC, with reference to the settlement price of the corresponding contract announced by the futures.The futures exchange calculates the settlement price of the day according to the average price of 2:28 am to 2:30 am Beijing time.Fourth, regarding the processing of the WTI crude oil futures May contract in accordance with the agreement and announced in advance, April 20 is the last trading day of the month of the May contract of crude oil US crude oil, and the transaction termination time is 22:00 Beijing time.In the early hours of April 21st, Beijing time, WTI crude oil futures May contract prices fell sharply, falling to an unprecedented minimum of -40 dollars.The settlement price announced on the day was -37.$ 63, the first negative settlement price since the listing of the Chicago Mercantile Exchange Group WTI crude oil futures contract.In order to rule out that the negative settlement price on the day is due to the abnormal price of the exchange system and other abnormal reasons, BOC actively contacted the Chicago Mercantile Exchange and market participants to verify, so the trading of crude oil products of the US oil contract was suspended for one dayDoes not affect customer rights.At present, the main participants will still settle with reference to the settlement price according to the exchange rules.We have completed the expiry of the May contract based on advance agreement.Fifth, regarding the forced liquidation of crude oil products, when the market price is not negative, the long position will not trigger a forced liquidation.For those who have determined to enter the position shift or expired rolling difference processing, the termination processing will be completed for the customer at the settlement price, no longer pay attention to the market, strong level.Hereby, Zhao Ze, editor of Sauna Night Net, Bank of China Limited, April 22, 2020

HNA Holdings turned losses last year and will continue to sell and dispose of non-aviation main assets

HNA Holdings turned losses last year and will continue to sell and dispose of non-aviation main assets
On April 30, HNA Holdings (600221) released its 2019 financial report.The data shows that in 2019, HNA Holdings turned losses into profits and realized attributable net profit5.4.3 billion yuan, 35 expected in the same period last year.9.1 billion yuan, realizing revenue of 723.8.9 billion, an annual increase of 6.83%, the reduction of net profit deduction narrowed to 23.6.7 billion yuan, compared with the expected 40 in the same period last year.8.5 billion yuan.Last year’s loss was reversed, and the cost of jet fuel and exchange losses fell overall. HNA Holdings’ main business is still air passenger transportation.Last year, the company’s main business income reached 670.$ 5 billion, an annual increase of 3.98%, but operating costs rose by 3 each year.99% to 645.98 ppm, leading to a decline in gross profit margin of 0.01% to 3.66%.Specifically, the operating income of passenger transportation business is 643.$ 3.6 billion, an annual increase of 3.14%, the business income of cargo and mail and excess baggage is 24.$ 7.5 billion, an annual increase of 27.05%.The report summarizes that HNA Holdings and its subsidiaries have received cumulative supplementary subsidies20.04 billion.In 2019, HNA Holdings’ jet fuel costs and exchange losses have declined.Last year, HNA Holdings’ jet fuel cost was 202.4.4 billion yuan, accounting for 30 of the total cost.21%, down by 1 every year.55%, compared with 205 in the same period last year.6.4 billion yuan, accounting for 32% of operating costs.74%; exchange loss is 7.6.2 billion yuan, compared with 17 in the same period last year.1 billion yuan.On the road of “sell, sell, sell”, PwC will continue to dispose of non-aviation main business assets. As of December 31, 2019, HNA Holdings’ current molecular weight exceeded 700 current assets.USD 14 million. In 2019, HNA Holdings ‘partial loans, financing lease payments and asset securitization project payables did not follow the relevant agreements to repay part of the principal and exchange rate on time, and triggered other loans, financing lease payments, asset securitization projectsAnd the relevant default clauses of bonds.HNA Holdings has aggregated long-term debt related to the above matters to RMB 460.9.4 billion is listed as non-current debt due within one year.The data shows that as of the end of 2019, HNA Holdings’ total assets were 1965.35 trillion, with a total liability of 1344.28 trillion, accounting for assets and liabilities 68.40%, compared with 66 in the same period last year.42%.Among them, the non-current debt due within one year was 660.4.2 billion yuan, compared with 684 in the same period last year.5 billion yuan; 287 short-term loans.21 trillion, with a circulating debt of 1202.4.6 billion.HNA Group said that on the date of termination of the financial report, the company has fully communicated with the above-mentioned debts and other debts that were not repaid on time, and the financial institutions will not require the remaining debts to be paid in advance.As of the reporting date, the company had about 30 credits left in various financial institutions.USD 0.5 billion can effectively supplement the company’s working capital loan demand.Last year, the net cash flow generated by HNA ‘s operating activities increased by 48 per year.87% to 137.33ppm, mainly due to the extension of the operating budget settlement cycle; the net cash flow from investment activities is -301.7.3 billion; the net cash flow from financing activities is -60.8.7 billion US dollars, mainly due to the company’s repayment of outstanding bonds.In the report, HNA Holdings disposed of multiple assets and went further and further on the road of “sell, sell, sell.”On October 16, last year, HNA Holdings transferred 48% of the shares of Tianjin Airlines to HNA Group for a total transaction value of 66.8.5 billion yuan.The annual report shows that the current profit and loss of Tianjin Airlines is 22.3.1 billion yuan.In addition, in the report, the company disposed of the wholly-owned Sun Company Hainan Airlines Civil Aviation Investment Co., Ltd. to 13 shares.The price of RMB 04 trillion transferred the holding subsidiary Beijing Guosheng 75 to Wanhou Delta.The 10% stake was disposed of separately and sold 25 aircraft.As of the end of 2019, HNA Holdings operated a total of 361 aircraft, including 278 Boeing series aircraft, 65 Airbus series aircraft and 18 BAG series aircraft.In March of this year, the joint working group entered the HNA Group to help promote the risk disposal of HNA Group’s controlling shareholder HNA Group.HNA Holdings said that in 2020, the company will reduce production costs and accelerate the processing of non-aeronautical main business assets with the full assistance of the joint working group.It also said that it will innovate and expand financing channels, reasonably replace long- and short-term debt, optimize debt structure, apply for new credit lines from financial institutions, and forecast more direct financing in the capital market and bank loans.On the same day, HNA Holdings released its first quarterly report for 2020. Data show that in the first quarter of this year, HNA Holdings achieved operating income of 68.8.9 billion, a year-on-year decrease of 63.03%; Attributable net profit decreased by 62.9.5 billion, a decrease of 652 every year.14%.HNA Holdings said that since the beginning of 2020, the new coronavirus pneumonia epidemic has spread rapidly around the world. Governments have successively introduced a series of traffic restrictions and isolation measures to prevent the spread of the outbreak.The air transport industry had a conflicting impact.The epidemic is expected to have a significant distortion and uncertainty in the cash flow generated by the Group ‘s 2020 operating activities.The second quarter results are expected to improve, but they will continue.Sauna, Ye Net Zhang Zeyan editor Yue Caizhou proofreading Li Shihui

Three local teaching assistants will enter the Olympic Games, they are all old partners of Hao Wei

Three local teaching assistants will enter the Olympic Games, they are all old partners of Hao Wei
Chang Weiwei, Ma Yongkang and Hao Wei worked together early on.Data Map / Osports Chinese Football Association announced yesterday that Hao Wei replaced Hiddink as the executive coach of the Olympic Games, but announced in the notice that the candidate for teaching assistant was announced.Sauna, Yewang learned today that the three “acquaintances” that the union and Hao Wei worked in the women’s football are likely to enter the Olympic coaching staff.Air Force and National Olympic assistants are almost all foreign teachers brought by Hiddink.As Hiddink left, the others would also leave.The only Chinese assistant coach on the team is Sun Jihai, and he also delivered his resignation to the Football Association last week.In this way, all major Olympic assistants will leave the team.But this will not affect the new coach Hao Wei’s work.Sauna and Yewang learned that Hao Wei’s teaching assistants have been basically finalized. Huang Yong, Ma Yongkang and Chang Wei Wei will join the Olympic coaching team in the near future.All three are Hao Wei’s “old acquaintances.”They are always teammates during the time of Hao Wei Jianlibao. They also coached the Chinese women’s football team with him from 2012 to 2015. The four men led the team to the third place in the Asian Cup and the World Cup’s top 8.According to the arrangement, the first phase of the Olympic training will start in Xianghe ahead of September 22.The new coaching team list is expected to be announced before the training.