During the year, 6 A-share companies terminated GDR issuance, and overseas financing became increasingly rational

On July 28 last year, "Zhongruitong" was officially launched, which also opened up a new overseas financing channel for Chinese companies, and triggered a wave of GDR issuance in Europe. In less than half a year, 32 An A-share listed company officially announced the start of the issuance process.

This year, although the enthusiasm for GDR has not subsided, compared with last year, listed companies have a more rational attitude towards GDR.

According to statistics from Wind, China Business News: As of July 19, 6 listed companies have announced the termination of the GDR issuance process this year, and 5 of them terminated after the China Securities Regulatory Commission issued new regulations on GDR issuance.

In addition, after soliciting opinions in the early stage, on the evening of July 18, the Shanghai and Shenzhen Stock Exchanges officially released the "Interim Measures for the Listing and Trading of Depository Receipts Connected between Shanghai Stock Exchange and Overseas Stock Exchanges (Revised in 2023)" and "Shenzhen Stock Exchange The Interim Measures for the Listing and Trading of Depositary Receipts under the Stock Connect with Overseas Stock Exchanges (Revised in 2023) (hereinafter referred to as the "Interim Measures") further optimized the business mechanism of the Stock Connect depository receipts.

From "impulse" to rationality

According to statistics from Wind, as of July 19, a total of 20 A-share listed companies have issued GDRs in Europe, including 5 companies listed on the London Stock Exchange and 15 companies listed on the Swiss Stock Exchange.

Among the 20 listed companies, 4 are GDRs issued before 2022; 10 have completed the GDR issuance and listing last year, and they are mainly concentrated after the "Zhongruitong" was launched on July 28 last year.

So far this year, 6 listed companies have completed the GDR issuance and listing, namely Huayou Cobalt (603799.SH), Dongwei Technology (688700.SH), Yangjie Technology (300373.SZ), Zhongkong Technology (688777.SH), Fangda Carbon (600516.SH), Hangke Technology (688006.SH). In addition, 36 listed companies are still under planning, and the enthusiasm for overseas financing continues unabated.

In terms of industry distribution, companies that issue GDRs in Europe are mainly concentrated in the three major industries of power equipment, medicine and biology, and machinery and equipment, among which the power equipment industry is particularly numerous. Among the 16 companies that have completed GDR issuance and listing since last year, 6 are from the power equipment industry, accounting for 37.5%. This year, 8 more listed companies of power equipment are preparing for GDR.

The US Federal Trade Commission officially investigates OpenAI, and the regulatory storm is coming?

The U.S. Federal Trade Commission (FTC) has officially launched an investigation into OpenAI, the company behind the artificial intelligence chat app ChatGPT.

According to the content of the letter exposed by the US media on the 13th local time, the FTC informed OpenAI that it will investigate whether ChatGPT has harmed people's interests by publishing false information, and whether OpenAI has "unfair or deceptive" privacy and data security behaviors.

In the letter, the FTC also asked OpenAI to share internal information, including how the company retains user information and steps the company is taking to address the risk of its models making "false, misleading or disparaging" statements.

This was not without warning. In May, the White House met with the CEOs of OpenAI, Google, Microsoft and other companies to discuss the risks of related technologies. The White House also said seven of the largest AI companies had agreed to open up their models to some degree of public scrutiny at the annual Def Con geeky conference in August.

Regarding the issue of disclosing the model, Theos Evgeniou, professor of decision science and technology management at the European School of Business Administration (INSAED), told the first financial reporter: "I think the focus of the discussion on sharing model information is wrong. Evaluation Whether a model is trustworthy should only be based on whether it is safe, not to detect the structure of the model itself, because it may be very complicated. This can be achieved by studying the behavior of the model. I think that a model does not need to do too much information Disclosure can also solve many problems.”