2021年9月29日 星期三


Recently Yahoo News on-line reported the following:

China's first C919 jet bound for airline to enter final assembly - regulator

Mon., September 13, 2021, 8:46 p.m.

BEIJING/SYDNEY (Reuters) -China's first C919 narrowbody jet to be delivered to launch customer China Eastern Airlines is about to enter final assembly, China's aviation regulator said on Monday, with delivery due before the end of the year.

The C919, being built by state-owned planemaker Commercial Aircraft Corp of China (COMAC), will mark a milestone in a decade-long programme to rival aircraft made by Airbus and Boeing.

The C919 programme's certification board met in Shanghai on Sept. 10 and reviewed COMAC reports on batch production of the jet, the Eastern Region Administration of the Civil Aviation Administration of China (CAAC) said on its social media account.

COMAC hopes to obtain a type certificate, which certifies the model as airworthy, by the end of the year.

The board also approved proposals to adjust the current plans for obtaining the aircraft's production certificate, which is required for mass production, the regulator said, without giving further details. The C919 is currently in the more limited batch production phase.

(Reporting by Stella Qiu in Beijing and Jamie Freed in Sydney, editing by Richard Pullin)


北京/悉尼(路透社)——中國航空監管機構週一表示,中國首架交付客東航的 C919 窄體客機即將進入總裝階段,並將於年底前交付。

C919 是由國有飛機製造商中國商用飛機公司 (COMAC) 建造,將標誌著與空中巴士和波音公司製造的飛機競爭的長達十年的計劃中一個里程碑。

中國民用航空局東部地區管理局(CAAC)在其社交媒體賬上表示,C919 項目的認證委員會於 9 10 日在上海開會,審了中國商飛關於該飛機有關批量生的報告。


監管機構表示,董事會還批准了調整目前獲得飛機生證書的計劃的提議,這是大批量生所必需的,但沒有提供更多細節。 C919 目前處於較有限的批量生階段。

So, the C919, being built by state-owned plane-maker Commercial Aircraft Corp of China (COMAC), has marked a milestone in a decade-long programme to rival aircraft made by Airbus and Boeing. I am interested to know how will the market react to this new product.

2021年9月27日 星期一

'遊戲結束了。只有mRNA可以獨當一面’ - 專家預視未來疫苗

Recently Yahoo Finance on-line reported the following:

'It's game over. It's mRNA or nothing:' Expert on future of vaccines

Anjalee Khemlani·Senior Reporter

Yahoo Finance

Tue., September 7, 2021, 1:05 p.m.

Pfizer (PFE) and its partner BioNTech (BNTX) recently got FDA full approval for the most widely-approved and sought after COVID-19 vaccine in the world, to date.

It signals an important change in how vaccines of the future could look, according to Arnaud Bernaert, formerly head of Global Health and Healthcare at the World Economic Forum.

Bernaert, now head of Health Security Solutions at Swiss-based SICPA, told Yahoo Finance, "I think it's game over. I think it's mRNA or nothing. [Other technology] takes too long."

Pfizer, BioNTech and Moderna (MRNA) are invested in the tech, with announcements of pursuits of combination flu-covid shots as well as other diseases.

The potential for mRNA was recognized early. "mRNA vaccines represent a promising alternative to conventional vaccine approaches because of their high potency, capacity for rapid development and potential for low-cost manufacture and safe administration," according to a 2018 article in Nature.

Bernaert cited these reasons as well. "If success needs to be defined as a function of the agility of a manufacturer to be able to reposition the DNA template for combating the next variant, I don't think the U.S. and Europe will do anything else but buy mRNA vaccines" moving forward, he said.

"They [mRNA] will represent 60% or 70% of the market. The other guys will die," he added.

But the pandemic also arrived after early development hurdles had been overcome for the technology. That included the method of delivery, lipid nanoparticles. And within the timeframe of getting the vaccines authorized, Moderna was first to reduce the storage temperatures needed from ultra-cold to normal freezer temperatures.

Now, the next step to unlocking their potential as a dominant technology will be global manufacturing, Bernaert said.

"I think mRNA is going to be a highly decentralized manufacturing technology," he said.

Deals happening now could be viewed as early efforts. That includes the various manufacturing and fill/finish deals that Pfizer and Moderna have penned in the past year.

Moderna has forged relationships with Catalent (CTLT), Switzerland-based Lonza, Spain-based Rovi, and France-based Recipharm for manufacturing. The company also partnered with Takeda (TAK) in Japan, Magenta in the United Arab Emirates and Tabuk in Saudi Arabia for distribution. It has partnered with Thermo Fisher (TMO), Sanofi (SNY), Baxter BioPharma and Samsung Biologics, in South Korea, for fill/finish. In addition, Moderna is working with Canada to set up a new manufacturing facility for future products. That's all on top of investing in its Massachusetts plant to expand manufacturing.

By comparison, pharma giant Pfizer has largely relied on its own sites in the U.S. and Europe, along with BioNTech's capacity, but recently signed agreements for global efforts. That includes with the Biovac Institute in South Africa and Eurofarma in Brazil for manufacturing. It has also partnered with Sanofi for fill/finish.

But further in the future, Bernaert expects mRNA use will lead to a decrease in the need for large-scale manufacturing footprints, "with 20,000-liter bioreactors a story of the past."

Bernaert pointed to California-based Nutcracker Therapeutics, as an example. The company is working on a smaller instrument that could give doctors access to locally-produced mRNA doses.

Already, mRNA companies have achieved improving stability at warmer temperatures compared to ultra-cold temperatures for the first doses. For now, however, the process is "crude," Bernaert said.

"The cold chain challenges will reduce, I think, over time. There will be lots of investments in better encapsulation mechanism, better lipid nanoparticles. It was very crude in the first place. I mean, let's call a spade a spade. The template itself and the way you grow enzymes, I think it's fairly crude."

He foresees synthetic biology DNA templates on the front end and better encapsulation mechanisms (lipids) on the back end. Brought together, it leads to a much more stable manufacturing process, Bernaert said.

Whatever the future holds, mRNA is set to dominate. "Viral vector technologies are going to become obsolete," Bernaert said.


PFE (輝瑞 ) 及其合作夥伴 BioNTech (BNTX)  最近獲得了 FDA 的全面批准,這是迄今為止世界上最被廣泛批准和最受歡迎的 COVID-19 疫苗。

世界經濟論壇的前全球健康和醫療保健負責人Arnaud Bernaert表示,這標誌著未來疫苗的模樣發生了重大變化。

Bernaert 現在是總部位於瑞士的 SICPA Health Security Solutions負責人,他告訴雅虎財經 “我認為遊戲結束了。我認為只有mRNA可以獨當一面。[其他技術] 需要太長時間。”

輝瑞、BioNTech 莫德納 (MRNA) 都投資於這項技術,並宣布尋求出聯合流感病毒疫苗和其他疾病。

mRNA 的潛力很早就被認識到了。《自然》雜誌 2018 年的一篇文章稱, mRNA 疫苗代表了一種有前途的傳統疫苗方法的替代方案,因為它有高效能, 可以快速發展、有低成本製造和安全管理的潛力”

Bernaert 也列舉了這些原因。 如果成功需要被定義為製造商能重新定位 DNA 模板以對抗下一個變體的敏捷性,我認為美國和歐洲除了買 mRNA 疫苗向前邁進之外,不會做任何其他事情” 

 他補充道,“他們 [mRNA] 將佔市場的 60% 70%。其他的都會消失”。

但是,在克服了該技術的早期開發障礙之後,病毒大流行也到來了。障礙包括遞送方法,脂質納米粒子。在獲得批准疫苗的時間範圍,莫德納(Moderna) 率先將所需的儲存溫度從超低溫降低到正常冷凍溫度。

Bernaert ,現在,釋放它們作為主導技術的潛力的下一步將是全球製造。

,“我認為 mRNA 將成為一種高度分散的製造技術”


莫德納與 Catalent (CTLT)、瑞士的 Lonza、西班牙的 Rovi 和法國的 Recipharm 建立了製造關係。該公司還與日本的武田 (TAK)、阿拉伯聯合酋長國的 Magenta 和沙特阿拉伯的 Tabuk 合作進行分銷。它已與韓國的 Thermo Fisher (TMO)Sanofi (SNY)Baxter BioPharma Samsung Biologics 合作進行填充/完成製成。此外,莫德納正在與加拿大合作,為未來品建立一個新的製造工廠。這一切都是另外於投資在馬薩諸塞州廠房的擴大製造生

相比之下,製藥巨頭輝瑞主要依靠其在美國和歐洲的工廠以及 BioNTech 能,但最近也簽署了全球合作協議。其中包括與南非的 Biovac Institute 和巴西的 Eurofarma 合作進行製造。它還與Sanofi合作進行灌裝/完成製成。

但在未來,Bernaert 預計 mRNA 的使用將導致對大規模製造足蹟的需求減少,“20,000 升生物反應器已成為過去。”

Bernaert 以總部位於加利福尼亞的 Nutcracker Therapeutics 為例。該公司正在開發一種更小的儀器,可以讓醫生獲得本地生 mRNA 劑量。

與第一批mRNA公司的超低溫劑量相比,該公司已經在更高的溫度下提高了其穩定性。然而Bernaert,就目前而言,這個過程是 “原始的”


他預見了在前面的合成生物學 DNA 模板和在往後更好的封裝機制(脂質)。 Bernaert ,綜合起來,它會導致更加穩定的製造過程。

Bernaert, 無論未來如何,mRNA 都將佔據主導地位。病毒載體技術將變得過時”

       So, according to Bernaert, mRNA is set to dominate while viral vector technologies will become obsolete in the making of vaccines. Let’s wait and see.


a.       SICPA (acronym for the former name Société Industrielle et Commerciale de Produits Alimentaires, no longer in use) is a Swiss company that provides security inks for currencies and sensitive documents, including identity documents, passports, transport and lottery tickets. The company is also involved in the market for secure traceability of products subject to excise duties, such as alcohol and tobacco stamps, and regulated products, such as halal products. (https://en.wikipedia.org/wiki/SICPA)

2021年9月25日 星期六

5 Things to Know About the Evergrande Group, a Chinese Corporate Empire on the Brink (2 of 2)

Recently CNN.co.jp reported the following:

瀬戸際に立つ中国の企業帝国、恒大集団について知るべき5つのこと( 2 of 2)

2021.09.21 Tue posted at 19:37 JST


















ムーディーズ・アナリティクスの主任エコノミスト、マーク・ザンディ氏は先週、CNN Businessに対し「恒大集団の破たんや、より広く言えば中国の不動産企業の財務問題が米国の経済や市場に跳ね返ってくるとは思わない」と発言した。













Mark Williams, chief Asian economist at a British research firm Capital Economics, said last week that the collapse of the Evergrande Group "will be the biggest challenge China's financial system will face in the past few years."

He further said that, "The root of the Evergrande problem lies in the fact that demand for residential real estate in China has entered a period of persistent decline”; “With the collapse of the Evergrande Group progressing, attention will be focused on the impact of the wave of defaults among real estate developer on China's growth. "

How would the Evergrande Group proceed in the future?

Evergrande Group announced on the 14th that it had hired a financial adviser to help assess the situation.

These outside advisors were responsible for exploring "all feasible solutions," but warned that the Evergrande Group did not guarantee anything.

The company tried to find some buyers in the electric vehicle and real estate services businesses to stop the bleeding, but failed.

According to the documents submitted to the Securities Commission, "there is no major progress" in the search for investors, and "it is uncertain whether such a sale can be realized."

Evergrande Group was also trying to sell its office building in Hong Kong, which it bought for $ 1.6 billion in 2015. However, it was said that the sale "has not been completed within the expected schedule,"

What was the reaction of investors?

The Evergrande problem emerged on the roads of Shenzhen last week. According to Reuters, dozens of protesters gathered in front of the city's headquarters and exchanged words with the alleged agents of the company.

But shareholders had been wary for months. The company's stock price fell by more than 80% this year.

European rating agency Fitch and US rating agency Moody's downgraded Evergrande's credit rating this month due to liquidity issues. Fitch wrote in a recent note that it "sees that some sort of default may occur."

The situation was expected to upset Chinese investors more broadly. These investors were already swayed by the Chinese government's squeeze on private companies, especially tech companies. The Hang Seng Index on the Hong Kong stock market fell 3.3% on the 20th, the worst drop in nearly two months. Stock prices of Chinese banks, insurance and real estate companies had fallen.

An analyst at Goldman Sachs said, "In our view, how the Evergrande group's credit stress is resolved will drive market sentiment". He referred to the credit market and the broader economy, adding that China's bond markets could be hit and credit losses could spread to the wider real estate industry.

Wall Street seemed to be more optimistic about the risks of having an overseas impact.

Mark Zandi, chief economist at Moody's Analytics, told CNN Business last week that "I think the collapse of the Evergrande Group and, more broadly, the financial problems of Chinese real estate companies will not bounce back into the U.S. economy and markets".

What could happen next?

Analysts expected the Chinese government would intervene to curb the aftermath if the Evergrande group defaulted. It was clear that the authorities were increasing its monitoring.

According to Chinese state media, Fù línghuī (付凌暉) the spokesman for the National Bureau of Statistics of China said last week that he was aware of the predicament of "some big real estate companies".

Mr. Fu didn't mention the Evergrande Group directly, but said that while China's real estate market was stable, the impact of recent events on the development of the industry as a whole "needs to be monitored."

Mark Williams of Capital Economics mentioned earlier predicted that China's central bank would intervene in liquidity support if concerns about major defaults grew.

Authorities were said to have already begun to act. Bloomberg, according to an anonymous source, reported on the 14th that regulators had sought cooperation from an international law firm, King & Wood Mallesons, to scrutinize the financial situation of the Evergrande Group.

According to a report, officials in Guangdong Province, the home of the Evergrande Group, declined a request for assistance from the founder of the Evergrande Group. Neither Guangdong nor the company had responded to requests for comment.

However, some had pointed out that it was too late to save Evergrande.

The Chinese media had widely reported the financial problems of the Evergrande Group as a "huge black hole", implying that no amount of money could solve the problem.

Bekink said, "Ultimately, we expect the government to intervene in the Evergrande case, because it doesn't allow the company's defaults to spread to the banking system". And further added that, “The impact of the large defaults by the Evergrande Group deserves special mention. "

              So, Evergrande Group 's predicament is causing a major challenge to the Chinese government. This problem may develop into the "Chinese version of the Lehman shock" and pose a risk in spreading shockwaves in the world's second largest economy. The Chinese media has widely reported this financial problem of the Evergrande Group as a "huge black hole", implying that no amount of money can solve the problem. I am interested in knowing how CCP will handle this financial crisis.

2021年9月24日 星期五

5 Things to Know About the Evergrande Group - a Chinese Corporate Empire on the Brink (1 of 2)

Recently CNN.co.jp recently reported the following:

瀬戸際に立つ中国の企業帝国、恒大集団について知るべき5つのこと(1 of 2)

2021.09.21 Tue posted at 19:37 JST

 香港(CNN Business) 中国の巨大複合企業「恒大集団」が資金の行き詰まりによる債務不履行(デフォルト)の可能性について改めて警告したことを受け、同社の問題がメディアで大きく報じられている。



恒大集団はこうした支払いについて現時点でCNN Businessの取材に応じていない。






















(to be continued)


Hong Kong (CNN Business) - China's giant conglomerate "Evergrande Group" (恒大集団)had renewed its warning about the possibility of default due to a financial deadlock, and the company's problems had been widely reported in the media.

Experts pointed out that the company's predicament posed a major challenge to the Chinese government. They pointed out the risk that this problem could develop into the "Chinese version of the Lehman shock" and the risk in spreading shock in the world's second largest economy.

This week was likely to be a crucial moment for the Evergrande Group. According to the Bloomberg news agency, the 20th was the scheduled interest payment date for some bank loans. The news agency reported that Chinese officials said they would not be able to pay the major banks.

Evergrande Group was not currently answering to an interview with CNN Business about these payments.

According to financial information firm Refinitiv, interest payments later this week on the company's two corporate bonds totaling more than $ 100 million were being held back.

Below was a summary of what you need to know about the Evergrande Group and how it came to the current situation.

What kind of company was the Evergrande Group?

Evergrande Group was one of the largest real estate development companies in China. It was listed in the "Global 500" global company ranking selected by the US magazine Fortune, and was one of the largest companies in the world on a sales basis.

Listed in Hong Kong and headquartered in Shenzhen, South China, the company employed approximately 200,000 people. In addition to this, it contributed to maintain the employment of more than 3.8 million people annually.

Xu Jiayin (許家印), the wealthy Chinese who founded the group, was once the wealthiest person in China.

Evergrande Group was a well-known company in the development of residential real estate, claiming that there were "more than 1,300 projects in more than 280 cities" across China. However, the business extended far beyond real estate.

Other than housing, it invested in electric vehicles, sports, and theme parks. It also handled the restaurant business, and was developing businesses such as bottled water, daily necessities, and dairy products all over China.

In 2010, it acquired a soccer team known as "Guangzhou Hengda". The team then created the world's largest football school which the Evergrande Group paid $ 185 million.

Evergrande Group also provided tourists services through the theme park division "Evergrande Children's World." One of the most famous items was the huge project " Hǎi huādǎo " on Hainan Island. Hainan Island, which spanned the tropics, was often referred to as "Hawaii in China."

How the company took on the problems

The Evergrande Group had borrowed funds for various initiatives, and in recent years its debt had swelled.

The group was famous as the most debt-bearing real estate developer in China, with total debt exceeding $ 300 billion in US dollars. Over the past few weeks, the company warned investors of its funding problems, saying it could default if it couldn't raise money quickly.

Last week, a filing with the stock exchange revealed that it was struggling to find buyers for some assets, the result was that such warnings were highlighted.

According to experts, in a sense, the company's aggressive stance had caused a predicament. Mattie Bekink, China Director of the Intelligence Unit of the British magazine The Economist said, "A major departure from the core business contributed to the turmoil".

Goldman Sachs analysts pointed out that the company's structure also made it "difficult to get a more accurate picture of the (company's) restructuring situation." In a recent memo, "the complexity of the Evergrande Group and the lack of sufficient information on assets and liabilities" were being mentioned.

However, the predicament of the Evergrande Group also symbolized the fundamental risks in China.

Bekink said, "The Evergrande story is about the deep (and) structural challenges of the Chinese economy in relation to debt".

This was not a completely new issue. Last year, several Chinese state-owned enterprises were unable to repay their loans in China. Concerns had spread over the current situation in China, which relied on debt-centric investment to support growth.

As the Chinese government began to crack down on companies that borrowed large amount of money for the purpose of expanding overseas, in 2018, millionaire Wang Jianlin (王健林) was forced to shrink his own Dalian Wanda Group (万达集).

(to be continued)

2021年9月23日 星期四


Recently BBC News on-line reported the following:

Hong Kong: Tiananmen vigil organizers arrested

Wed., September 8, 2021, 4:09 a.m.

Several members of a pro-democracy Hong Kong organization have been arrested after their group was accused of working as a "foreign agent".

The Hong Kong Alliance is known for organizing the city's famed annual vigil for victims of the deadly 1989 Tiananmen Square crackdown.

Pro-democracy activist and barrister Chow Hang Tung was among the arrested.

The arrests were made under the national security law, which has a maximum sentence of life imprisonment.

Hong Kong police's national security unit had earlier requested that the Hong Kong Alliance hand over information, reportedly including personal details of all members since the group's founding and financial records.

On Tuesday, the deadline for the request, the alliance members handed over a letter explaining their refusal to cooperate.

The next morning, police officers arrested four members of the alliance's standing committee at their homes or offices.

"We are going to respond, to say that we feel you have no legal grounds for your demands, so we are just going to ignore you," Ms. Chow, the vice chairperson of the alliance, had told AFP on her way to the police station.

Police have said that those who fail to comply with their request could face up to six months in jail and a fine of HK$100,000 ($12,800, £9,300).

Ms. Chow, a human rights lawyer, was arrested earlier this year and charged with promoting unauthorized assembly. She was later released on bail.

She was due on Wednesday to represent an opposition politician charged under the national security law at a bail hearing, but was arrested at her office before she could appear in court.

China recently imposed a broadly-worded national security law in Hong Kong that criminalises secession, subversion, terrorism and collusion with foreign forces.

Critics say it is aimed at crushing dissent but China says it is meant to maintain stability.

In June, Chow Hang Tung spoke to BBC Chinese explaining why she was encouraging those in Hong Kong to remember the Tiananmen crackdown.



香港支聯會以組織該市著名的每一年度,為 1989 年天安門廣場受鎮壓致命者守夜活動而聞名。







表示,不遵守其要求的人可能面臨長達 6 個月的監禁和罰款 100,000 港元(12,800 美元,9,300 英鎊)。





6 月,鄒幸彤彤接受 BBC 中文採訪,解釋她為何鼓勵香港人記着天安門的鎮壓。

              So, the Hong Kong Alliance that is known for organizing the city's famed annual vigil for victims of the deadly 1989 Tiananmen Square crackdown is now under investigation of the police and its top officials are arrested. It indicates that the broadly-worded national security law in Hong Kong is an easy tool for the government to suppress opposition voices.

2021年9月21日 星期二

Booster inoculation in US - will Moderna start with a delay of 1 to 2 weeks? Director Fauci

Recently CNN.co.jp reported the following:

米追加接種、モデルナ製は1~2週遅れで開始か ファウチ所長

2021.09.06 Mon posted at 13:58 JST

 (CNN) 米国立アレルギー感染症研究所のアンソニー・ファウチ所長は5日、新型コロナウイルスワクチンの国内での追加接種について、ファイザー製ワクチンは予定通り20日の週から始まる一方、モデルナ製は少し遅れてスタートするとの見通しを示した。







(CNN) Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases said on the 5th that regarding the new coronavirus vaccine booster vaccination for the country, while the Pfizer vaccine would start on the 20th week as scheduled, the vaccination of Moderna could be slightly delayed.

In an interview with CNN, Fauci pointed out that Pfizer had already submitted the necessary data to the Food and Drug Administration (FDA) and was ready to start vaccination, but Moderna may be a little late. If so, he said he would change the schedule to start vaccinations from both companies at the same time by delaying those made by Moderna by a week or two.

On the other hand, he said it wouldn't be a big problem if the timing was slightly off, and emphasized that the booster vaccination would eventually be carried out as planned.

He said that after individual company had submitted the data to the FDA and obtained approval, the vaccination would be started at the recommendation of the Centers for Disease Control and Prevention (CDC) Advisory Board.

In an interview, Fauci pointed out that the effectiveness of the vaccine tended to decline over time, especially due to the situation related to delta mutants in the United States and abroad. Among them, Israeli data, which was about a month ahead of the United States, showed that the effect of preventing infection was considerably reduced, and the effect of preventing hospitalization was definitely reduced.

He stressed that booster vaccinations showed the ability to restore the effectiveness both in preventing infection and hospitalization in Israel, and to reach a higher level of effectiveness than before.

              So, it is pointed out that the effectiveness of the vaccine tends to decline over time, especially due to the circumstances surrounding Delta mutants in the United States and abroad. A booster could be a solution.

2021年9月19日 星期日


Recently Yahoo News on-line reported the following:

China's new stock exchange plans fuel fears of a bourse war

Fri., September 3, 2021, 2:48 a.m.

SHANGHAI, Sept 3 (Reuters) - China's plans to launch a new exchange in Beijing, announced by President Xi Jinping on Thursday, boosted shares in Chinese brokerages but knocked down Shenzhen start-up board ChiNext and shares of Hong Kong's bourse amid fears of rising competition.

Although China's securities regulator said the planned Beijing stock exchange is based on the city's existing New Third Board, and complements Shanghai and Shenzhen bourses, some fear a rivalry for listing resources is inevitable.

"The Beijing stock exchange has equal footing with Shanghai and Shenzhen bourses. If it prospers, the three will share the market in tripartite confrontation," wrote Rock Jin, economist and CEO of investment adviser PopEton.

Although it was good news for the economy, it boded ill for the market in the short term because "after all, it diverts capital away from Shanghai and Shenzhen markets."

Xi unveiled plans for the new exchange in a video address at the opening of a conference late on Thursday. The bourse will serve innovative small and medium-sized enterprises (SMEs), and is part of a reform of Beijing's New Third Board.

Neither Xi nor the China Securities Regulatory Commission (CSRC) said if the Beijing stock exchange would attract overseas-listed firms. If that is the case, "it would increase the competition" in listings for the Hong Kong Exchanges and Clearing Ltd (HKEx), Jefferies said in a note.

HKEx shares dropped more than 2% on Friday and Shenzhen's ChiNext fell over 1%, both underperforming the broader market.

But shares of brokerages, including Northeast Securities Co , Dongxing Securities Co and Shenwan Hongyuan Group Co jumped, as investors bet they will benefit from more initial public offerings (IPOs).

"This is a step forward in capital market reforms, as it enhances the multi-layered capital market system and direct financing," Morgan Stanley said in a note.

The bank added that the implementation of a registration-based IPO mechanism on the Beijing exchange paves the way for the rollout of the listing system on China's main boards. Currently, only Shenzhen's ChiNext, and Shanghai's tech-focused STAR Market adopts the U.S.-style IPO system.


China is launching the new exchange as part of efforts to channel more household savings into the stock market to fund innovation and economic recovery, while reducing the economy's reliance on bank lending. It also comes as U.S.-listed Chinese companies face the risk of delisting amid Sino-U.S. tensions.

"Funding difficulty is the main challenge facing SMEs," wrote Liu Hui, fund manager at Invesco.

 "Supporting SMEs with direct financing helps promote China's consumption, as SMEs employ most of the labour force in China."

CSRC said on Friday that the new exchange will be based on the current "select tier" of Beijing's New Third Board, meaning all the 66 companies listed in that tier will be transferred to the Beijing exchange.

CSRC also announced draft rules for share sales, trading and delisting on the new venue. Companies to be listed on the Beijing exchange are "smaller and newer" than those listed in Shanghai and Shenzhen, and eligible ones can also migrate to the other two bourses seamlessly, CSRC official Zhou Guihua told a press conference on Friday.

In addition, only qualified investors can trade on the Beijing exchange, which sets higher bar in line with the higher risks involved in investing in SMEs, he said.

Zhou also vowed to crack down on insider trading, stock manipulation and false disclosures, in order to promote long-term, rational investing on the new board.

The New Third Board, which was set up in 2013, currently houses a total of 7,299 SMEs, mostly in the "base tier" and "innovation tier".

The board once attracted more than 10,000 companies listed in 2013-16, but the market has suffered from poor liquidity since China's spectacular 2015 market boom and bust.

Economist Jin said it was a big question mark whether the new exchange would thrive, as "the city of Beijing doesn't have the right culture for an exchange." (Reporting by Samuel Shen and Andrew Galbraith; Editing by Stephen Coates and David Evans)


路透上海 9 3 - 中國國家主席習近平周四宣佈在北京設立新交易所的計劃, 提振了中國券商的股價。但由於擔心競爭,深圳初業者的創業板和香港交易所的股價都下跌


投資顧問PopEton的經濟學家兼首席執行官Rock Jin寫道:“北京證券交易所與上海及深圳交易所平起平坐。如果它繁榮起來,三者將在分享市場中作出三方衡抗。”



習近平和中國證監會都沒有表示北京證券交易所是否會吸引海外上市公司。如果是這樣,“這將增加香港交易及結算所有限公司(HKEx)上市的競爭”, Jefferies 在一份報告中表示。

港交所股價週五下跌超過 2%,深圳創業板下跌超過 1%,均跑輸大市。

但包括東北證券公司、東興證券公司和申万宏源集團公司在的券商股價跳漲,因為投資者押注他們將受惠於更多的首次公開募股 (IPO)

摩根士丹利在一份報告中表示 “這是資本市場改革向前邁出的一步,因為它增強了多層次資本市場體系和直接融資”



中國正在以動新交易所以作為要努力的一部分,將更多家庭儲蓄引入股市以資助創新意念和使經濟復甦, 同時減少經濟對銀行貸款的依賴。與此同時,在中美緊張局勢下,在美上市的中國公司正面臨退市風險。

景順基金(Invesco) 經理劉輝 (Liu Hui) 寫道,“資金困難是中小企業面臨的主要挑戰”

“因為中小企業僱用了中國的大部分勞動力, 通過直接融資支持中小企業有助於促進中國的消費。”

中國證監(CSRC)會周五表示,新交易所將基於北京新三板目前的“精選層級” 。這意味著該層級上市的66家公司將全部轉移到北京交易所。

中國證監會還公佈了新場所股票買賣交易和退市規則草案。中國證監會官員Zhou Guihua周五在新聞發布會上表示,將在北京交易所上市的公司, 比在上海和深圳上市的公司 “更小、更新” 。符合條件的公司也可以無縫地遷移到另外兩個交易所。

,此外,只有合格投資者才能在北京交易所交易,並設定了更高的門檻, 這與投資中小企業涉及的風險較高一致。

Zhou Guihua 還誓言要嚴厲打擊幕交易、股票操縱和虛假信息披露,以促進新板的長期理性投資。


該板曾在 2013-16 年吸引了超過 10,000 家公司上市,但自 2015 年中國壯觀的市場興旺和之後的蕭條以來,市場一直遭受流動性不佳的困擾。

經濟學家Rock Jin表示,新的交易所能否蓬勃發展是一個很大的問號,因為“北京沒有適合交易所的文化。”

 So, China's plans to launch a new exchange in Beijing. Although China's securities regulator says that the planned Beijing stock exchange is based on the city's existing New Third Board, and complements Shanghai and Shenzhen bourses, some people in Hong Kong fear that a rivalry for listing resources is inevitable.


a. ChiNext is a NASDAQ-style subsidiary of the Shenzhen Stock Exchange. The first batch of firms started trading on ChiNext on October 30, 2009. As of June 2015, there were 464 firms listed on ChiNext. ChiNext aims to attract innovative and fast-growing enterprises, especially high-tech firms. (https://en.wikipedia.org/wiki/ChiNext)

2021年9月17日 星期五

WHO - Mutant virus "Mu strain" - confirmed in Japan for the first time - "it could affect vaccines"

Recently NHK News On-line reported the following:

変異ウイルス「ミュー株」国内初確認 “ワクチンに影響も”WHO

202192 1233













It was found out that up to July this year, two people who were tested positive for the new coronavirus at the airport quarantine station were infect by a mutant virus "Mu strain" that was designated as "notable mutants" by WHO = World Health Organization. This is the first confirmation in Japan.

The mutant virus "Mu strain" had been reported in South America and Europe, and on the 30th of last month, WHO ranked it as a "VOI = variants of interest" as it may affect vaccine effectiveness and infectivity.

The Ministry of Health, Labor and Welfare retroactively examined the results of genetic analysis on samples collected during quarantine inspection had just been carried out:

a woman in her 40s who arrived at Narita Airport from UAE = United Arab Emirates on June 26th this year, and

two women in their 50s who arrived at Haneda Airport from England on July 5

It turned out that they were infected with the Mu strain.

This is the first time that an infection with a Mu strain was found in Japan, and Takaji Wakita (脇田隆字), director of the National Institute of Infectious Diseases, said, "Various mutant viruses will appear, but be careful if there is a situation where the conventional virus is pushed away and spread out; and we need to collect the information. "

According to the WHO, the Mu strain could affect the effectiveness of the vaccine, and since it was first confirmed in Colombia in January, infections had been reported in more than 30 countries.

Chief Cabinet Secretary Kato to "Monitor the Trends of Mutant Strains"

Chief Cabinet Secretary Kato said at a press conference on the morning of the 2nd that "WHO = World Health Organization had suggested that mutations in the 'Mu strain' might have an effect on vaccines, further investigation would be needed and is being carried out. "

After that, it was said that, "We will continue to collect information diligently and carry out genome analysis at the National Institute of Infectious Diseases for all specimens that are found positive during the quarantine. In addition, on domestic mutant strains, to monitor the trends by genome surveillance; while taking into account overseas infection trends we would like to constantly review the border measures".

              So, the mutant virus "Mu strain" has been ranked by WHO as a "VOI = mutant strain needs attention" as it may affect vaccine effectiveness and infectivity. I am wondering if this could post a new challenge to the Covid-19 vaccine manufacturers.

2021年9月15日 星期三

Indonesia - Discovered a teenage woman who died 7,000 years ago with DNA lineage unknown to modern human

Recently CNN.co.jp reported the following:

7000年前に死んだ10代女性のDNAから未知の現生人類の系統を発見 インドネシア

2021.08.26 Thu posted at 19:00 JST

 (CNN) 7000年以上前にインドネシアのスラウェシ島で死んだ狩猟採集民の10代女性のDNAを分析したところ、これまで世界のどこからも見つかっていない現生人類の系統に属していることが分かった。















(CNN) Analysis of the DNA of a teenage female hunter-gatherer who died on Sulawesi, Indonesia more than 7,000 years ago revealed that it belonged to a lineage that had never been found anywhere in modern human in the world.

A research paper was published in the scientific journal Nature on the 25th.

Adam Brumm a professor of archeology at Griffith University's Center for Human Evolution explained in an email that about this discovery, it was the first ancient human DNA being found in the island region of Wallacea that located between Asia and Australia. He acknowledged that early modern humans in lesser-known regions of the world could provide new clues to the genetic diversity and population history.

It was believed that more than 50,000 years ago modern humans first crossed from Eurasia to Australia via Wallacea, which was mainly composed of Indonesian islands such as Sulawesi, Lombok, and Flores. The specific route and means of navigation were unknown, but Brumm believed that a fairly sophisticated boat could have been used. At that time, it was the last glacial period, and the sea level on the earth was down to 140 meters lower than it was now, yet it was said that there was no land connecting these islands.

From the discovery of tools and cave paintings, it was believed that these islands were inhabited 47,000 years ago. The bones analyzed this time were from a women aged 17-18 that were found in a cave on Sulawesi Island in 2015. The body was buried dating back to 7,200 years in the cave that was also part of an archaeological site.

DNA was collected from a wedge-shaped bone called cone bone. According to the lead author of the treatise, Selina Carlhoff, it was extremely difficult to collect DNA from the broken remains that had been significantly degraded in a tropical climate.

DNA analysis revealed that the woman was the first modern human descendant who come to Wallacea 50,000 years ago. They were among some of the first humans to settle in the combined Ice Age land mass of Australia and New Guinea. According to Brumm, she was the ancestor of today’s Australia indigenous people and the Papuans.

It was also found that this woman was the ancestor of another lineage of Asian origin. According to Brumm, it was previously thought that humans with Asian genes first settled in Wallacea about 3,500 years ago. However, the findings this time suggested that there might be a group of modern humans in the area that was completely unknown to us up to this moment.

Currently, no descendants of this lineage had survived.

The women's DNA also contained traces of the now extinct and mysterious Denisovans. To date, Denisovan fossils had been found primarily in Siberia and Tibet.

Johannes Krause, co-author of the paper and professor of Department of Archaeogenetics at the Max Planck Institute for Evolutionary Anthropology in Germany, said that about the discovery of the Denisovan gene in the women in Sulawesi, this “supports our hypothesis that the Denisovans had spread over a wider area than we previously thought "

However, looking at the DNA of other hunters who lived in western Wallacea, there are no traces of Denisovans.

Co-author and Professor Cosimo Posth of the University of Tuebingen in Germany pointed out that, "In Wallacea, the geographical distribution of modern humans and Denisovans might have overlapped. Maybe it is an important place where Denisovans cross-bred with Aboriginal Australian and Papuans".

For those researchers seeking to understand the ancient genetic history of Southeast Asia, this discovery would be a piece of the puzzles.

              So, the DNA of a teenage female hunter-gatherer who died on Sulawesi of Indonesia more than 7,000 years ago reveals that it belongs to a lineage that has never been found anywhere in modern human in the world.


a. This research paper is published in Nature volume 596, pages543–547 (2021), it can be viewed in the following web-site: https://www.nature.com/articles/s41586-021-03823-6

b. Adam Brumm is a professor of archaeology. He has active field research programs in the Wallacean archipelago of central and eastern Indonesia ('Wallacea'), the myriad of oceanic islands lying east of mainland Asia and the gateway to the continent of Australia. (https://experts.griffith.edu.au/7090-adam-brumm?_gl=1*1i9rfjj*_ga*OTQ0MjMyNjc4LjE2MzEwNjMwODM.*_ga_5GKYJEBSN9*MTYzMTA2MzA4Mi4xLjEuMTYzMTA2MzA5Mi4w)