Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要 

• 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 

中国经济要闻

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“闪退”和SEC新规出台的“双重夹击”下，中概股上周遭遇“黑色星期五”，上演集体跳水。隔夜纳斯达克金龙中国指数跌9.1%，创2008年以来最大跌幅，同日美国科技股也出现大幅下挫。

12月2日美国证券交易委员会（SEC）通过了《外国公司问责法》的最终规定。该法案要求外国公司提供审计底稿供美国检查，否则可能3年内被勒令退市，释放出了强烈的信号：企业赴美上市趋严。

对此，12月5日，中国证监会新闻发言人答记者问表示，无端打压在美上市中国企业，胁迫中国企业退市，这不仅有悖于市场经济的基本原则和法治理念，也损害了全球投资者利益和美国资本市场的国际地位，是一种“多输”的做法，对谁都没有好处。中国有关监管部门将坚定不移推进改革开放，充分尊重企业依法合规自主选择上市地。

证监会表示，中国证监会和相关监管部门始终对企业选择境外上市地持开放态度，充分尊重企业依法合规自主选择上市地。近期，个别媒体报道中国监管部门将禁止协议控制（VIE）架构企业赴境外上市，推动在美上市中国企业退市，“这完全是误解误读”。

证监会强调，中国有关监管部门出台了一系列促进平台经济规范发展的政策措施，其主要目的是规制垄断行为，保护中小企业权益和数据安全、个人信息安全，消灭金融监管真空，防止资本无序扩张。因此，中国政府出台的相关政策，并非对特定行业或民营企业的打压，也与企业境外上市活动没有必然联系。

在中美审计监管合作方面，近期，中国证监会与美国SEC、美国公众公司会计监督委员会（PCAOB）等监管机构就解决合作中存在的问题进行了坦诚、有建设性的沟通，对一些重点事项推进合作方面取得了积极进展。

• 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. 

  国务院总理李克强12月3日下午在中南海紫光阁视频会见国际货币基金组织总裁格奥尔基耶娃。李克强表示，中国将继续实施稳健的货币政策，保持流动性合理充裕，围绕市场主体需求制定政策，运用多种货币工具，适时降准，加大对实体经济特别是中小微企业的支持力度，促进综合融资成本稳中有降，确保经济平稳健康运行。

Greater Bay Area, Greater Future

新使命，大未来

• 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.

  内地奥运健儿代表团3日至5日访港。连日来，奥运健儿们深入香港社区、学校等地，广泛与香港社会各界民众近距离交流互动，点燃了香港市民们的体育热情和拼搏向上的精神。代表团中包括“百米飞人”苏炳添、乒乓球运动员马龙、许昕，以及击剑女子重剑个人赛金牌得主孙一文等。

• 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，大湾区国际疫苗创新中心在深圳坪山区生物创新产业园区正式落成，这是中国首个国际疫苗创新中心，也是首个以疫苗生态创新为核心的创新中心。

Update on COVID-19

疫情简报

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

  全国昨日新增本土病例38例（内蒙古28例，均在呼伦贝尔市；黑龙江7例，均在哈尔滨市；云南2例，均在德宏傣族景颇族自治州；河北1例，在石家庄市）。

Next on industry and company news

产经消息及公司新闻

• 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. 

  医保目录“上新”：国家医保局12月3日公布了2021年国家医保药品目录调整结果，调整后共有74种新增药品进入目录，7种罕见病药物纳入到新版医保药品目录中。新版国家医保药品目录内药品总数达2860种，将于2022年1月1日起执行。

• 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.

  阿里升级“多元化治理”：12月6日，阿里巴巴CEO张勇发出内部信，宣布公司升级“多元化治理”体系，任命戴珊和蒋凡分别负责新设立的“中国数字商业”和“海外数字商业”两大板块。武卫不再担任阿里巴巴集团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. 

  商汤科技IPO：12月6日报道称，商汤科技将于今日开始建簿，集资额最多近60亿港元。据悉，商汤今次上市共发行15亿股，其中90%为国际配售，10%属香港公开发售，招股价介乎每股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. 

  广东政府连夜约谈许家印：据广东省人民政府网站消息，12月3日，中国恒大集团在香港联交所发布了无法履行担保责任的公告，广东省人民政府对此高度关注，当晚立即约谈了中国恒大集团实控人许家印先生。同时，广东省人民政府同意向恒大地产集团有限公司派出工作组。随后央行、银保监会、证监会均对此进行回应。央行表示，短期个别房企出现风险，不会影响中长期市场的正常融资功能。

Switching gears to the financial sector

金融市场要闻

• 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，中国证监会副主席方星海表示，要坚定信心推动期货市场建设，服务实体经济高质量发展，表示要支持行业领先公司加快发展，支持期货公司扩宽融资渠道和开展跨境经营，鼓励符合条件的头部期货公司上市融资。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• 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股股市收盘集体下跌，创业板指跌2.09%，沪指跌0.5%，深成指跌0.93%。总体上个股普遍下跌，近3500家飘绿，盘面上，NFT概念、EDR概念等板块涨幅前列。港股恒生指数跌1.76%，科技股重挫，恒生科技指数大跌3.34%创历史新低。

Biz Word of the Day

财经词汇划重点

• 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.

  审计工作底稿是指注册会计师在审计过程中形成的审计工作记录和获取的资料。其记载的审计证据和注册会计师的专业判断是形成审计结论、发表审计意见的直接依据。

（欢迎大家提供意见和反馈，请联系主播李莹亮：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

Graphic Designer: ZHENG Wenjing, LIAO Wanni

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

Presented by SFC

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮、张然

监制：向秀芳 

音频制作：李群、袁思杰 

设计：郑文静、廖苑妮

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