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 

• China launches a series of promotion events themed “Invest in China” in a strong move to attract investment;

• Alibaba splits into six and plans new IPOs in a historic overhaul.

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

中国经济要闻

China kicked off a yearlong campaign on Tuesday, themed "Invest in China," to attract foreign investment and help foreign companies better understand China's opportunities.

The event, initiated and organized by the Ministry of Commerce, was officially launched in Guangzhou, South China's Guangdong Province, the nation's export hub, and it will last throughout the year. Special promotional events will also go overseas to Saudi Arabia, Japan and South Korea, as well as to Germany and other European countries.

For the rest of the year, over 20 activities will be held across the nation and abroad, to "help foreign investors understand China's investment environment more comprehensively, develop businesses, listen to their appeals, respond to their concerns, better serve everyone, and thus encourage them to invest in China," Vice Minister of Commerce Wang Shouwen, who is China International Trade Representative, said on Tuesday.

"China's policy of utilizing foreign investment will not change, and it will make greater efforts to attract and utilize foreign investment," Vice Premier He Lifeng said at the inauguration event on Tuesday evening. “It is the right time for foreign enterprises to expand their investment in China,” he added.

China will accelerate its opening-up in fields such as regulations and management standards in line with the highest international standards, He said, pledging to issue more policies to facilitate trade and investment, and build a market-oriented, rules-based and international business environment in a sustained manner.

The strong effort to attract foreign investment comes at the conclusion of the three-day China Development Forum 2023 held in Beijing, during which top officials reassured participants - mostly multinational CEOs and representatives of global organizations - about China's further opening-up commitment and policy orientation this year and beyond.

More than 100 multinational executives and representatives from foreign chambers of commerce and associations attended Tuesday’s ceremony, expressing their confidence in the Chinese market and willingness to continue to invest in China.

This event demonstrates the high priority that China places on opening up to foreign investments, and "we appreciate that very much," Markus Kamieth, a board member of BASF SE, said.

On Wednesday, the first promotion event was held in Guangzhou, with executives of the world's top 500 multinationals in the attendance, which yielded fruitful results with deals that totaled 90.5 billion yuan signed.

投资中国年，共享新机遇。

3月28日下午，“投资中国年”招商引资活动启动仪式在广州举行，国务院副总理何立峰，商务部国际贸易谈判代表兼副部长王受文，广东省、广州市的多名主要领导，以及100多家跨国企业高管、外国商协会代表，共同出席启动仪式。

何立峰强调，中国利用外资的政策不会变，将更大力度吸引和利用外资。中国经济韧性强、潜力足、长期向好的基本面没有改变，当前经济明显企稳回升，各方面积极性正在不断激发，各项支持政策正在有力有序有效实施，外资企业扩大对华投资恰逢其时。欢迎大家抓住有利时机，在中国进行长远布局。相信外资企业在中国将迎来更加美好的发展前景。

王受文发言中表示，我国目前同26个国家和地区签署了自贸协定，希望通过今年“投资中国年”的20多场重点活动，帮助外国投资者更全面了解我国的发展环境，更高效便捷在华投资兴业。

全球化工行业龙头企业、巴斯夫集团全球执行董事会成员凯礼博士分享道，中国汇聚了许多快速发展的产业和众多巴斯夫的客户，巴斯夫近年来持续看好中国市场，不断加大在中国的投资力度。广东有着许多快速发展的产业和众多巴斯夫的客户，目前巴斯夫正在抓紧建设巴斯夫湛江一体化基地，到2030年总投资将达到100亿欧元，是巴斯夫历史上最大的投资，也是全球化工行业的灯塔型项目，它将成为全球一体化可持续发展和数字化水平最高的化工基地之一。

3月29日，“投资中国年”广东专场推介活动在广州举行，多名世界500强跨国企业高管齐聚广州。

本次投资中国年广东专场推介活动成果丰硕，促成多个项目签约，投资总额达到905亿元。其中包括多个外资企业投资项目，如SEW中国华南制造基地项目（佛山）、瑞典海克斯康生产制造基地项目（深圳龙华）、科思创项目、SK聚酯新材料项目、Expeditors康捷空前海项目等。

• Chinese commerce minister Wang Wentao on Tuesday told Dutch chip-making equipment maker ASML's CEO Peter Wennink that China will unswervingly promote high-level opening-up and is willing to create a good business environment and provide efficient services for multinational companies, which includes ASML, to develop in the country. The minister also hoped that ASML will strengthen its confidence in trade and investment cooperation with China, make contributions to China-Netherlands economic and trade cooperation, and jointly safeguard the stability of the global industrial and supply chains in the semiconductor sector.

  王文涛部长会见荷兰阿斯麦公司全球总裁：3月28日，商务部部长王文涛会见荷兰阿斯麦公司全球总裁温宁克。王文涛强调，中国坚定不移推进高水平开放，愿为包括阿斯麦公司在内的跨国公司来华发展创造良好营商环境，并提供高效服务。希望阿斯麦坚定对华贸易投资合作信心，为中荷经贸合作作出积极贡献，并共同维护全球半导体产业链供应链稳定。双方还就阿斯麦在华发展等议题进行了交流。

Moving on to regional highlights

区域观察

• Amazon Global Selling on Tuesday announced the launch of its Asia-Pacific seller training center in Hangzhou, Zhejiang Province. It is Amazon Global Selling's first comprehensive seller training center in the world. The center in China will become an important base for the cultivation of professional, international and comprehensive cross-border e-commerce talent, Amazon Global Selling said. It will upgrade the company's existing seller training system and mechanism in four parts: training programs, course content, talent community and innovation incubation.

  亚马逊首个卖家培训中心在杭州启用：3月28日上午，亚马逊全球开店亚太区卖家培训中心举行开幕仪式，这是亚马逊全球开店在全球的首个综合性卖家培训中心，也是启动官方卖家教育项目五年来的又一重要里程碑。该培训中心落户杭州，将立足中国、辐射亚太众多国家和地区，是打造专业化、国际化、复合型跨境电商人才培育和储备的重要基地。以培训中心为依托，亚马逊全球开店将从培训项目、课程内容、人才社区和创新孵化四大维度全面升级现有卖家培训体系和机制。2023年，预计将总计培训近500万人次，即每6秒就有1个人次参与亚马逊全球开店相关课程的学习。

Greater Bay Area, Greater future

新使命，大未来

• The World Bank issued $350 million in insurance-linked securities (ILS) in the form of Chile Catastrophe Bond in Hong Kong on Tuesday, marking the inaugural listing of ILS in Hong Kong and its fourth ILS issuance overall. The Chile Catastrophe Bond, which is also the largest of its kind for a single country led by the World Bank, offers protection against losses related to earthquake risks in Chile over the next three years. 

  世行首次在香港发行巨灾债券：3月28日，香港特区政府和保险业监管局宣布，世界银行首次在香港以巨灾债券形式发行总额为3.5亿美元（约27.5亿港元）的保险相连证券。特区政府介绍，这次债券将为智利未来三年与地震风险有关的损失提供保障。财政司司长陈茂波表示，这次上市证明香港的国际金融中心地位和香港保险业的蓬勃发展。

• British banking giant Standard Chartered's private equity company on the Chinese mainland has received permission to start operating, and is licensed to manage up to 500 million yuan in assets. SC Ventures Investment Management (Shenzhen), which is owned by Standard Chartered’s Hong Kong branch, has been registered at the Asset Management Association of China, according to the association's website. The fund was set up in July last year with registered capital of USD2 million, the second foreign-backed private equity company to be registered at the association this year.

  渣打私募落子深圳前海：渣打私募股权基金管理（深圳）有限公司已于近日完成备案登记，成为今年以来第二家成功登记的外资私募。根据中国证券投资基金业协会官网28日信息，3月17日，渣打私募完成登记。渣打私募是一家私募股权、创业投资基金管理人，由渣打银行（香港）有限公司全资控股，注册资本为200万美元，管理规模最高为5亿元，目前无在管资金。

Next on industry and company news

产业及公司新闻

• Shares in Chinese photovoltaic firms rose today after new standards for the solar industry released yesterday saying that China is encouraging large PV power installations to be located in desert and barren regions, such as the Gobi desert. Deserts, barren land, unused land, land reserved for construction, oilfields, gas fields and coal mining areas, which can't be restored, can be used by the PV sector, according to a notice issued by three authorities including the Ministry of Natural Resources.

  三部门鼓励在沙漠戈壁等区域建设光伏基地：28日消息，自然资源部办公厅、国家林业和草原局办公室、国家能源局综合司近日发布《关于支持光伏发电产业发展规范用地管理有关工作的通知》。，鼓励利用未利用地和存量建设用地发展光伏发电产业。在严格保护生态前提下，鼓励在沙漠、戈壁、荒漠等区域选址建设大型光伏基地；对于油田、气田以及难以复垦或修复的采煤沉陷区，推进其中的非耕地区域规划建设光伏基地。受政策利好影响，3月29日，光伏设备板块开盘呈现出快速拉升行情。

• China aims to formulate more than 30 key automotive chip standards by 2025 in its latest push to accelerate the development of its homegrown semiconductor industry, according to a draft released by the Ministry of Industry and Information Technology on Tuesday. The standards will cover general requirements such as environment and reliability, electromagnetic compatibility, functional safety, and information security, as well as key product and application technical requirements such as control chips, computing chips, memory chips, power chips and communication chips.

  到2025年制定30项以上汽车芯片重点标准：28日，工信部就《国家汽车芯片标准体系建设指南（2023版）》（征求意见稿）公开征求意见，到2025年，制定30项以上汽车芯片重点标准，涵盖环境及可靠性、电磁兼容、功能安全及信息安全等通用要求，控制芯片、计算芯片、存储芯片、功率芯片及通信芯片等重点产品与应用技术要求，以及整车及关键系统匹配试验方法，以引导和规范汽车芯片产品实现安全、可靠和高效应用。 

• Hong Kong shares of Alibaba Group soared as much as 16 percent on Wednesday, marking a vote of confidence from investors after the company announced a major restructuring plan. The tech heavyweight announced late Tuesday it will split its business into six main units, the biggest restructuring in the company's 24 year history. Each of the units will be managed by its own chief executive and board of directors and have the flexibility to raise outside capital and seek its own initial public offering, said Daniel Zhang, chairman and CEO of Alibaba Group, in an internal letter to employees. The six units include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group. 

  阿里巴巴“大拆分”：3月28日，阿里巴巴董事会主席兼CEO张勇发布了一则名为《唯有自我变革，才能开创未来》的内部信。宣布启动“1+6+N”组织变革：“1”是阿里巴巴一个集团全面控股，“6”是指阿里云智能、淘宝天猫商业、本地生活、菜鸟、国际数字商业、大文娱等六大业务集团，“N”则包含阿里旗下其他业务公司（包括阿里健康、高鑫零售、银泰商业、盒马、夸克等），并分别建立各业务集团和业务公司的董事会，实行各业务集团和业务公司董事会领导下的CEO负责制，对各自经营结果负总责。这意味着未来各个业务板块的自主决策权将大大加强，而具备条件的业务集团和公司，都将保留独立融资和上市的可能性。阿里巴巴隔夜美股股价一度涨超10%，港股今天一度涨超16%，成交量急剧放大近9倍，收涨12%。

• China National Offshore Oil Corporation and France’s TotalEnergies completed China’s first purchase of imported liquefied natural gas to be settled in Chinese yuan through the Shanghai Petroleum and Natural Gas Exchange(SHPGX), media reported on Tuesday. The deal is reported to have an energy content of 3.2 billion to 3.4 billion British thermal units, and the LNG comes from the United Arab Emirates.  

  中海油与道达尔完成首单LNG跨境人民币结算：28日，我国首单以人民币结算的进口液化天然气（LNG）采购交易达成，标志着我国在油气贸易领域的跨境人民币结算交易探索迈出实质性一步。据了解，此单交易是中国海油与道达尔能源在上海石油天然气交易中心达成的，LNG资源来自海合会国家阿联酋，以人民币结算的进口LNG成交量约6.5万吨。

• Junshi Biosciences has joined hands with Singapore’s Rxilient Biotech to promote and commercialize the Chinese biopharmaceutical company’s cancer drug in Southeast Asia. Junshi Bio will buy a 40 percent stake in Rxilient’s unit Excellmab, which will be granted the exclusive license and other related rights to develop and commercialize intravenous cancer drug Toripalimab in nine Southeast Asian countries, it announced late yesterday.

  君实与康达联合资进军东南亚：君实生物3月28日公告，公司与康哲药业控股子公司康联达在新加坡签约设立合资公司，于东南亚九国合作开发和商业化特瑞普利单抗。根据协议，此次合作区域包括泰国、文莱、柬埔寨、印度尼西亚、老挝、马来西亚、缅甸、菲律宾及越南。康联达向合资公司Excellmab注资约500万美元，君实以非货币方式出资，注入特瑞普利单抗在合作区域内的许可权益。康联达、君实分别持有Excellmab 60%、40%的股权。 

Earnings reports express

财报速递

• China's leading new energy vehicle manufacturer BYD Company Limited on Tuesday reported surges in both revenue and net profits in 2022. Its net profits stood at 16.62 billion yuan, up 445.86 percent year-on-year, according to the company's annual report. Revenue soared 96.2 percent to roughly 424 billion yuan last year. Sales of automobiles and auto products saw strong year-on-year growth in 2022, driving a significant improvement in earnings, according to the company. BYD ranked first in global NEV sales in 2022. The company had a domestic NEV market share of 27 percent last year, up nearly 10 percentage points from 2021. In 2023, BYD aims to become the biggest carmaker in China by year-end, chairman Wang Chuanfu said today.

  比亚迪去年净利规模首破百亿：3月28日晚间，比亚迪披露的财报数据显示，2022年，公司实现营业收入约4240.61亿元，同比增长96.2%；实现归母净利润约166.22亿元，同比增长445.86%；扣非净利润156.38亿元，同比增1146.42%；公司拟每10股派发红利11.42元。汽车销售方面，比亚迪全年生产188万辆新车，销售约180万辆车，分别增长151.71%和49.88%。比亚迪表示，2022年，公司新能源汽车销量实现同比强劲增长，夺得全球新能源汽车销量第一，推动盈利大幅改善，并有效缓解了上游原材料价格上涨带来的成本压力。29日在比亚迪业绩发布会上，董事长王传福表示，比亚迪的目标是今年底前成为中国第一大汽车制造商。

• Semiconductor Manufacturing International, the world's fifth-largest maker of integrated circuits, slowed profit growth in 2022 despite increasing sales amid sluggish growth in the global integrated circuit industry. SMIC's annual revenue rose 39 percent to 49.5 billion yuan from a year ago, the company said in its earnings report yesterday. Net profit climbed 13 percent to 12.1 billion yuan, after more than doubling in 2021. SMIC increased its gross profit margin by 9 percentage points to 38.3 percent but its net profit margin dropped by 1.8 points to 29.6 percent in 2022, partly due to rising expenditures on opening new factories. Looking ahead, SMIC expects revenue for the first quarter to drop between 10 percent and 12 percent from the previous quarter and the gross margin will come in at between 19 percent and 21 percent.

  中芯国际去年净利润同比增长13%：3月28日，中芯国际公布2022年A股财务报告摘要。2022年，中芯国际营收495.16亿元，同比增长39%；归属于上市公司股东的净利润121.33亿元，同比增长13%，2022年度拟不进行利润分配。中芯国际表示，2022年营业收入上升主要是由于销售晶圆的数量增加和平均售价上升。报告期内，中芯国际集成电路晶圆制造代工收入为452.93亿元，同比增长41%，毛利率为37.9%，较上年增长9.6个百分点，占主营业务收入的92.65%。中芯国际预计，2023全年营收同比降幅为低十位数，毛利率在20%左右；折旧同比增长超两成，资本开支与上一年相比大致持平；到年底月产能增量与上一年相近。公司仍维持今年上半年行业处于周期底部的判断。

• Shares of SF Holding rose after the Chinese express delivery giant reported a 45 percent leap in net profit and a new annual revenue record last year. Net profit was 6.2 billion yuan in the year, while revenue soared 29 percent to a record high of 267.5 billion yuan, according to the firm yesterday. Revenue from the supply chain and international businesses jumped 124 percent to 87.9 billion yuan last year, raising its proportion to the total revenue to nearly 33 percent from 19 percent, mainly because of the consolidation of the acquisition of Kerry Logistics Network, SF said. Revenue from the express delivery business, which accounts for nearly 40 percent of SF’s total, rose 6.8 percent to 105.7 billion yuan.  

  顺丰控股去年扣非净利大增191%：3月28日，顺丰公布2022年财报。数据显示，2022年顺丰营业收入为2674.9亿元，同比增长29.11%，归母净利润为61.73亿元，同比增长44.62%；扣非归母净利润为53.37亿元，同比大增190.97%；经营活动产生的现金流量净额为327.02亿元，同比增长112.92%；基本每股收益为1.27元，同比增长36.6%。供应链及国际收入878.66亿元，占比从去年的18.92%升至32.85%，同比大增124.13%，增长最为显著。顺丰表示，供应链及国际业务增长，主要因公司自2021年四季度起合并嘉里物流。

• The People's Insurance Company Group of China (PICC), China's leading insurer, registered an increase in revenue and net profit in 2022. The business revenue of the insurer was 625.8 billion yuan last year, up 6.9 percent year-on-year, data from the company showed. Net profit expanded 12.2 percent from a year ago to about 24.4 billion yuan in 2022 with that from property insurance increased 17.5 percent to 26.5 billion yuan, with the total assets reaching 1.51 trillion yuan. 

  中国人保去年净利244亿：中国人保披露最新业绩报告显示，2022年，中国人保实现归母净利润244.06亿元，同比增长12.8%；保险业务收入6258.09亿元，同比增长6.9%。年报显示，中国人保去年的利润增长点依然主要是财险业务。人保财险2022年实现承保利润100.63亿元，同比大增456%；实现净利润265.47亿元，同比增长17.5%。截至2022年末，中国人保总资产达1.51万亿元，较上年末增长9.6%，投资资产规模为1.29万亿元。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks ended mixed on Wednesday with the benchmark Shanghai Composite down 0.2 percent, while the Shenzhen Component and its tech-heavy ChiNext Index both gained 0.1 percent as major Chinese tech firms rallied, led by Alibaba. Hong Kong’s Hang Seng index closed 2 percent higher, and the TECH index jumped 2.5 percent.

  A股涨跌不一港股收涨：周三A股三大指数横盘震荡，收盘时涨跌不一。截至收盘，上证指数跌0.16%，报收3240.06点；深证成指涨0.13%，报收11579.91点；创业板指涨0.09%，报收2371.19点。两市成交额9811亿，北向资金全天净买入43.23亿元。港股大幅高开后回落，截至收盘，恒生指数涨2.06％，报20192.4点，恒生科技指数涨2.47％，报4246.35点。

Biz Word of the Day

财经词汇划重点

• Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors. Catastrophe bonds emerged from a need by insurance companies to alleviate some of the risks they would face if a major catastrophe occurred. An insurance company issues bonds through an investment bank, which are then sold to investors.  

  巨灾债券是通过发行收益与指定的巨灾损失相连结的债券，将保险公司部分巨灾风险转移给债券投资者。在资本市场上，需要通过专门中间机构（SPRVS）来确保巨灾发生时保险公司可以得到及时的补偿，以及保障债券投资者获得与巨灾损失相连结的投资收益。其重要条件是有条件的支付，即所谓的得赔偿性触发条件和指数性触发条件。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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

音频制作：李莹亮

设计：郑文静、廖苑妮

21世纪经济报道海外部 制作

南方财经全媒体集团  出品