Core Viewpoint - The Chinese government opposes the politicization of technology and trade issues by the United States, as well as the misuse of export controls and long-arm jurisdiction against China [1] Group 1 - Taiwan authorities have reportedly added Huawei and SMIC to a "entity list" under pressure from the United States [1] - The Chinese spokesperson criticized the Democratic Progressive Party (DPP) for being subservient to the U.S., stating that such actions would harm Taiwan [1]

Core Viewpoint - Taiwan has implemented technology export controls on Huawei and SMIC, which may significantly hinder their access to critical technologies, materials, and equipment necessary for chip manufacturing and AI chip production [1]. Group 1: Export Control Measures - The "Strategic High-Tech Goods Entity List" updated by Taiwan's Ministry of Economic Affairs includes Huawei, SMIC, and several subsidiaries, requiring prior approval for exports to these entities [1]. - This new regulation is expected to partially sever Huawei and SMIC's channels to obtain essential technologies and materials from Taiwan, which are crucial for building chip factories and producing AI chips [1]. Group 2: Historical Context - Huawei and SMIC have already been placed on the U.S. Entity List, severely limiting their ability to acquire foreign technologies [1]. - Taiwan has long prohibited the export of critical chip manufacturing equipment, such as lithography machines, to mainland China but had not previously listed major Chinese tech companies or chip manufacturers on an entity list [1]. Group 3: Industry Impact - TSMC, a key supplier for companies like Apple and NVIDIA, had to stop supplying Huawei due to U.S. export controls in 2020, highlighting the interconnectedness of these companies within the semiconductor supply chain [1].

Core Viewpoint - The ongoing trade tensions between China and the United States have led to significant shifts in trade patterns, particularly in the oil sector, with China halting imports of U.S. crude oil for two consecutive months, resulting in the lowest U.S. crude oil export levels since 2020 [1][8]. Group 1: Trade Relations and Tariffs - The U.S.-China trade war began in 2018, initiated by the Trump administration's imposition of tariffs on $34 billion worth of Chinese goods, citing trade deficits and intellectual property concerns [1][3]. - China responded with tariffs ranging from 5% to 25% on U.S. products, significantly impacting U.S. agricultural exports, particularly soybeans [3]. - The trade conflict escalated with the U.S. targeting Chinese tech firms like Huawei, leading to further tariffs on $1.2 trillion and $1.8 trillion worth of Chinese goods [3][4]. Group 2: Economic Impact - The U.S. trade deficit has increased from $950.2 billion in 2018 to $1,211.75 billion in 2024, indicating that the tariffs have not achieved their intended goal of reducing the trade deficit [7]. - Over 90% of the tariff costs have been passed on to U.S. importers, downstream businesses, and consumers, leading to increased prices and living costs in the U.S. [7]. - Despite facing some export pressures, China has shown resilience by expanding domestic demand and diversifying trade partnerships, maintaining stable economic growth [7]. Group 3: Energy Sector Dynamics - The halt in U.S. crude oil imports by China is attributed to the U.S. tariff policies, which have diminished the price advantage of U.S. crude oil for China [8]. - The U.S. shale oil producers are projected to face losses of at least $10 billion due to the absence of the Chinese market, with U.S. crude oil exports dropping to 3.883 million barrels per day, a 4% decrease [8]. - China is actively seeking to diversify its energy imports, with agreements in place with Russia and Qatar to secure alternative oil and gas supplies [8]. Group 4: Global Economic Implications - The trade war has disrupted global supply chains, forcing multinational companies to reallocate resources and adjust production strategies, thereby increasing operational costs and risks [10]. - The unilateral actions by the U.S. have undermined the multilateral trade system, leading to slower progress in global trade negotiations and increasing trade disputes among nations [10]. - Some Southeast Asian countries have benefited from the trade war as they become alternative production bases for multinational companies, while those reliant on U.S.-China trade face economic slowdowns [10].

Core Viewpoint - Wingtech Technology Co., Ltd. plans to sell its product integration business, and has commissioned Shenzhen Zhonglian Asset Appraisal Co., Ltd. to estimate the market value of the equity and business asset package involved in this transaction as of December 31, 2024 [1][4][17]. Group 1: Valuation Purpose and Background - The valuation aims to provide a market value estimate for the equity and business asset package related to the product integration business that Wingtech Technology intends to sell [4][17]. - The valuation date is set for December 31, 2024, based on considerations of asset scale and required time [17]. - The valuation type is defined as market value, reflecting the fair trading value under normal conditions [17]. Group 2: Valuation Scope and Financial Data - The valuation encompasses the equity and business asset package of five companies involved in the product integration business, including subsidiaries [5][17]. - As of the valuation date, the total assets of the equity and business asset package are estimated at CNY 2,479,815,000, with total liabilities of CNY 2,040,868,920, resulting in a net asset value of CNY 438,946,090 [8][17]. - The financial performance for the year ending December 31, 2024, shows projected revenue of CNY 5,982,554,040, but a net loss of CNY 394,025,490 [8][17]. Group 3: Business Impact and Market Conditions - The decision to sell the product integration business is influenced by the U.S. Department of Commerce's inclusion of Wingtech Technology on the Entity List, which has adversely affected its business operations [8]. - The sale will be conducted as a cash transaction with Luxshare Precision Industry Co., Ltd. and Luxshare Communications (Shanghai) Co., Ltd. [8]. - The asset package includes various subsidiaries and their respective financial data, indicating a complex structure of ownership and operational assets [5][8].

一个糟糕的先例。 文丨孙海宁 高洪浩 编辑丨黄俊杰 腾讯和宁德时代在美国当地时间 1 月 6 日晚间被美国国防部列入 "中国军工企业清单"（1260H 清单）。 腾讯和军事关系最密切的时候或许是投资（后又撤资）《壮志凌云：独行侠》、在手机游戏里让玩家控制 3D 士兵拿枪对射。而宁德时代则多次推动在美国合建电池工厂，提供技术授权。两家公司都在民用市场 赚取收益。 几小时后，腾讯声明自己并不是军工企业或者军民融合企业，被列入清单 "是一个错误"，称将启动复议程 序以纠正错误。宁德时代发表了类似的声明，否认参与任何涉及军事的业务或活动，美国国防部的决定 "实属错误"。两家公司均考虑对此采取法律行动。中国外交部则表示 "坚决反对美方泛化国家安全概念， 划设各类名目的歧视性清单，无理打压中国企业，遏制中国高质量发展。" 此前也有多个中国企业在被列入该清单后发起申诉或者法律诉讼，成功将自己的名字移除。 如腾讯和宁德时代所说，这可能只是一个错误。但当中国市值最高的互联网公司和市值最高的新能源车产 业公司一齐被列入军工企业清单，很难说这是巧合。 1260H 清单很难直接影响中国企业，但它依然能造成问题 列清单是为了方便制裁。 ...