China’s National Bureau of Statistics recently released data on the main indicators of the national economic operation in 2023. The report highlighted the stable, progressive, and positive characteristics of China’s economic development. As the foundation of China’s economic market, the manufacturing industry has played a significant role in supporting the country’s economic growth.
Manufacturing companies in Shanghai have responded with promising performance announcements. Around 300 Shanghai-based manufacturing companies have disclosed strong performance forecasts, signaling a resilient and dynamic ‘Made in China’ movement. It is expected that the lower limit of cumulative net profit attributable to shareholders in 2023 will double that of 2022, reaching 220.665 billion yuan. Of these, approximately 70 central and local state-owned enterprises in the Shanghai stock market are expected to achieve a cumulative net profit attributable to the parent company of 109.73 billion yuan.
Amidst an increasingly complex and severe domestic and international environment, Shanghai-listed companies are pushing for high-quality development as a fundamental strategy for progress. Advanced manufacturing industries such as automobiles, machinery and equipment, national defense industry, and electronics are at the forefront of this progress, with about 200 companies releasing promising performance forecasts.
The automotive industry has played a significant role in China’s economic growth, with the country becoming the largest automobile exporter in 2023. Companies like Sailun Tire, Yutong Bus, and Foton Motor have reported impressive performance forecasts, indicating significant year-on-year increases in net profits.
The military industry in Shanghai has also seen significant progress, with companies such as Zhenhua Fengguang and AVIC Airborne achieving substantial growth in net profits.
Furthermore, the machinery and equipment industry in Shanghai has shown consistent progress, with companies like YTO Co., CITIC Heavy Industries, and Saiteng shares reporting substantial year-on-year increases in net profits.
These promising forecasts and positive performance indicators demonstrate the resilience and dynamism of China’s manufacturing industry, providing a stable underpinning for the country’s economic progress. The Shanghai Securities News reported on these developments, underlining the positive trajectory of China’s manufacturing sector in 2023.
Related
The Central Bank decides to reduce all interest charged on loans
Baghdad – IA
Today, Wednesday, the Central Bank of Iraq announced a reduction in the interest charged on loans granted within the One Trillion Dinar Initiative.
The bank’s media office said in a statement received by the (INA): “The Central Bank of Iraq is keen to take into account the current exceptional circumstances related to the financial and economic aspects and the repercussions of the Corona pandemic.”
He added, “It was decided to reduce all interest imposed on loans granted within the (1) trillion dinar initiative of the Central Bank of Iraq,” noting that “the Central Bank of Iraq interest for large projects will be reduced to (1%) instead of (2%), and The interest for banks on housing loans will be (2%) instead of (4%).”
The office added, “The Central Bank’s commission (for housing loans) will be adjusted to (5 per thousand) instead of (7 per thousand),” noting that “all interest to banks and guarantor companies will be reduced.”
The Central Bank decides to reduce all interest charged on loans
Creditshelf Fintech Crisis: Board Members Blame Rolf Elgeti and Obotritia Capital KGaA for Failed Deals and Insolvency Issues
Rolf Elgeti (left) is said to be involved in Creditshelf’s problems – say the fintech’s board members, Tim Thale (CEO) and Daniel Bartsch (CFO, from left to right). Creditshelf / Getty Images / Zoe-Melody Janser for Gründerszene.
The listed fintech Creditshelf has serious problems. On the evening of February 1st, the company announced in an ad hoc announcement that it would soon apply for the opening of protective shield proceedings in accordance with Section 270d of the Insolvency Code. It goes on to say that the board of directors of the stock corporation sees “the essential foundations for Creditshelf’s positive continuation forecast as no longer being met.” The reasons for the decision listed in the communication read as follows: After “unsuccessful negotiations with the main shareholder Obotritia Capital KGaA”, it was determined that the investor would probably not fulfill its “contractual obligations to Creditshelf after a deadline”.
In other words: According to the announcement, Obotritia is not paying legally binding money – and Creditshelf is running out of money. The aim of the protective shield procedure is to clear the way for other investors. According to the company, the process is the best solution after thorough testing.
What exactly happened and what is Obotritia Capital all about? Here are the details.
Two failed deals: the path to disaster
Everything started so well: in 2014, Tim Thale and Daniel Bartsch founded Creditshelf. Both have years of banking experience. The Hessian fintech works like a match-making platform on which companies and lenders find each other. Creditshelf’s core service is a data-supported risk analysis of loan seekers. The target group: German medium-sized companies. From the start, the money lent also comes from institutional investors.
The credit broker wants to outdo competitors through uncomplicated, digital processes. That seems to be working: In the summer of 2018, the startup was one of the first fintechs in Germany to go public on the Frankfurt Stock Exchange.
The search for funding partners soon becomes difficult for the credit startup, so banks. In autumn 2021, Creditshelf AG announced that it would take out a loan of 120 million euros from Amsterdam Trade Bank. There was talk of a “strong commitment to German medium-sized businesses”. But six months later, the Dutch bank slipped into bankruptcy. The 120 million are missing.
The US investment giant Goldman Sachs was then supposed to forgive the fintech a 100 million euro loan, as the startup announced in November 2022. The commitment “makes us very proud and is a great success for our company’s development,” said CFO Daniel Bartsch. In the Tech Startups Germany podcast in April 2023, Bartsch speaks confidently about the million-dollar loan. But this million-dollar deal never comes to fruition either.
2024-02-01 21:17:17
#Financing #collapsed #Listed #fintech #Creditshelf #applies #protective #shield #proceedings #point
Related posts: