JC Master Legal News Issue 1030

Key Takeaways for This Issue

Securities office research reports are overwhelmingly bullish on undervalued brokerage stocks, with their three core businesses poised to drive earnings growth.
Since August, at least 10 brokerage analysts have issued research reports to bolster the securities sector. These reports generally concur that the sector remains undervalued, and with improving earnings, looser liquidity expectations, and supportive policy measures converging, a recovery in brokerage stocks is well worth anticipating.
In the first half of 2022, Zhengfan Technology reported a 19.70% year-on-year increase in revenue, with R&D expenditures reaching RMB 44.46 million.
On the evening of August 19, Zhengfan Technology released its 2022 interim report, which showed that from January to June 2022, the company recorded operating revenue of RMB 943 million, up 19.70% year over year. Net profit attributable to shareholders of the parent company was RMB 52.83 million; excluding the impact of share-based compensation, net profit attributable to shareholders of the listed company amounted to RMB 73.35 million, a year-on-year increase of 25.63%.
Jiangsu: Tax Benefits Bolster the Yangtze River Delta’s Development Momentum
As a key engine of China’s economic development, the Yangtze River Delta region accounts for one-quarter of the nation’s total economic output and more than one-quarter of its industrial value added, making it one of the country’s most dynamic, open, and innovation‑driven areas. The Jiangsu tax authorities, focusing on the twin pillars of “high quality” and “integration,” have vigorously implemented a package of tax and fee support measures, striving to bolster the region’s economic resilience and rebound capacity.
Zhou Qiang: Strengthen the Judicial Application of Artificial Intelligence and Accelerate the Development of a New Model for Judicial Work in the Information Age.
On the afternoon of August 18, Chief Justice of the People’s Republic of China and President of the Supreme People’s Court, Zhou Qiang, attended the 17th Meeting of the Heads of Supreme Courts of the Shanghai Cooperation Organization member states via video link, delivering a keynote address on “The Role of Artificial Intelligence and Automation in Judicial Procedures: Trends and Prospects.” Zhou Qiang outlined the achievements and future prospects of Chinese courts in strengthening the application of artificial intelligence and accelerating the development of a new model for judicial work in the information age. He expressed his willingness to enhance exchanges and mutual learning with all participants, deepen practical cooperation, and jointly promote the deep integration of AI into judicial processes, thereby making positive contributions to building a community with a shared future in cyberspace and advancing the progress of human rule of law and legal civilization.
Finance & Capital Markets
Securities office research reports are overwhelmingly bullish on undervalued brokerage stocks, with their three core businesses poised to drive earnings growth.
Since August, at least 10 brokerage analysts have issued research reports to bolster the securities sector. These reports generally concur that the sector remains undervalued, and with improving earnings, looser liquidity expectations, and supportive policy measures converging, a recovery in brokerage stocks is well worth anticipating.
Five key factors influence valuation levels.
Since August, the securities sector has posted cumulative gains of nearly 4% and has experienced several bouts of volatility. On August 11, the sector’s intraday gain peaked at 5.48%. Among individual stocks, Guoyuan Securities notched three daily limit-ups in six trading days, with its month-to-date rally exceeding 20%.
Regarding the recent volatility in the securities sector, brokerage analysts have primarily attributed it to three factors: first, expectations of looser liquidity. Since August, average daily trading volume in A-shares has remained above one trillion yuan, drawing in a wide range of investors and accelerating the pace of leveraged capital inflows. As of August 17, the balance of margin financing and securities lending had risen to 1.642264 trillion yuan, reaching its highest level since April.
Xu Kang, head of the non-bank financials team at Huachuang Securities, stated that the primary driver behind the recent rally in the securities sector is expectations of looser liquidity. Brokerages’ wealth management businesses are highly correlated with market conditions; as the market environment shows marginal improvement, those offices with distinctive strengths in wealth management offer more certain investment appeal.
Second, policy conditions are improving. Liu Li, Assistant Director of the Research Institute at Shanxi Securities and a non‑bank financial analyst, believes that as the macroeconomy gradually recovers, confidence in the secondary market is also picking up. Benefiting from the stock market’s rebound driven by pro‑growth policies, brokerage offices’ earnings are expected to improve, which should in turn boost valuations.
Third, there is a significant valuation–earnings mismatch in brokerage stocks. Although brokerage offices faced earnings pressure in the first quarter, performance improved in the second quarter. Preliminary reports and quick‑look financial statements for the first half of the year show that the six brokerages that posted losses in the first quarter all turned profitable in the second quarter, driving overall first-half results into the black.
Sun Yin, chief non‑banking analyst at Industrial Securities, stated that the market recovery has boosted trading sentiment and raised expectations for a rebound in the securities industry’s profitability, with listed securities offices expected to post a marked improvement in first-half results. Currently, the sector’s overall valuation stands at roughly the 8th–10th percentile since 2012, while its return on equity in June is at the 80th–90th percentile for the same period. This significant misalignment between valuation and earnings creates ample room for a reversion to more sustainable valuations in the securities sector.
“In addition to policy and market factors, three other elements will shape the valuation of the securities sector going forward. First, the pace of state‑owned enterprise reform and the degree of market‑based incentive mechanisms; second, the speed of wealth‑management transformation and the strategic trajectories of competitors; and third, the industry’s business mix, corporate governance, and risk‑control capabilities.” According to Liu Jiawei, chief analyst for the non‑bank financial sector at Dongxing Securities, the securities industry currently exhibits a high degree of business homogeneity. Against the backdrop of an increasingly pronounced Matthew effect, leading securities offices are likely to maintain and even widen their competitive moats, with a pronounced resource‑concentration effect that could enable them to command higher valuation premiums.
The recovery in market conditions remains worth looking forward to.
On the valuation front, the securities sector currently trades at a price-to-book ratio of around 1.4x. Under the Matthew effect, performance among brokerage offices is increasingly diverging.
Wang Yifeng, chief analyst for the financial sector at Everbright Securities, stated that valuations in the securities sector are currently at historic lows, and against the backdrop of “stabilizing growth,” a recovery rally in the undervalued financial sector is well worth anticipating.
Liu Wenqiang, a non-bank financial analyst at Great Wall Securities, believes that, from the perspective of asset allocation, the peak pressure on the China–U.S. interest-rate spread may have already passed. As a result, the market exhibits an inherent demand for a “high‑to‑low” rotation, suggesting that the window for strategically allocating to securities‑office stocks may have arrived.
Securities analysts generally believe that wealth management, institutional business, and investment banking are poised to become key drivers of future performance for the securities industry—these three areas currently represent the three major investment themes favored by analysts at leading brokerage offices.
In the wealth management space, Bo Xiaoxu, a senior analyst in the non-bank financial sector at AVIC Securities, notes that, on the one hand, the trend of household wealth shifting toward equity markets remains unchanged; on the other hand, with an expanding pool of investable assets, securities offices now have more options for asset allocation in their wealth management offerings. In the first quarter, fund and securities‑office asset‑management product issuance was sluggish amid stock market volatility. However, following May, as equity markets rebounded, wealth‑management revenues are expected to see a substantial recovery.
In the institutional‑business segment, Chen Fu, chief non‑banking analyst at GF Securities, notes that the value‑investment philosophy championed by mutual funds has increasingly taken root. With the launch of individual pension accounts, this trend is expected to channel household savings into long‑term, institutional‑grade assets. As the capital markets continue to institutionalize, demand across brokerage, custody, margin trading and securities lending, and derivatives—areas closely tied to institutional clients—is likely to rise, driving further rapid growth in securities offices’ institutional‑business operations.
In the investment banking sector, Xu Kang believes that, amid the deepening reform of the capital markets, capital‑driven synergies among investment banks will become smoother, and leading securities offices with stronger risk‑management and value‑discovery capabilities are likely to reap greater benefits.
Hongta Securities “changes leadership,” embarking on a new journey of high-quality, distinctive development.
 On August 18, Hongta Securities convened its second extraordinary general meeting of shareholders for 2022, the tenth meeting of the seventh board of directors, and the eighth meeting of the seventh supervisory board, completing the elections of the company’s directors, as well as the newly appointed chairman of the board and the chairman of the supervisory board.
The announcement indicates that Jing Feng has been elected Chairman, and Li Shishan has been appointed Chairperson of the Supervisory Board. Market analysts believe that Jing Feng, with his extensive experience in financial operations, is well-positioned to lead the company’s management team in further enhancing overall operational efficiency, unleashing the enterprise’s intrinsic growth momentum, and comprehensively advancing Hongta Securities on a new journey toward high‑quality, distinctive development—characterized by a full range of business lines, flexible mechanisms, sound governance, robust internal controls, and stable profitability.
According to his resume, the company’s newly appointed chairman, Jing Feng, currently serves as a member of the Party Leadership Group and deputy general manager of Yunnan China Tobacco, as well as a director of Hongta Group and Hongyun Honghe Group. Since December 2020, he has also concurrently held the position of Party Secretary of Hongta Securities. Jing Feng boasts an extensive track record of senior management roles at major state-owned banks both domestically and internationally. He has previously served as president of the Kunming Branch and the Zhengzhou Branch of GF Bank, president of Hongta Bank, and chairman of Yunnan Hehe Group, among other positions. With a wealth of domestic and international experience in the financial sector, he is well-versed in macroeconomic trends and the dynamics of capital markets, and enjoys a strong reputation within the industry.
Hongta Securities is the only publicly listed securities office wholly controlled by the tobacco industry. China National Tobacco Corporation, through five wholly owned subsidiaries, holds nearly 60% of the company’s shares. The tobacco sector’s commitment to safeguarding both national and consumer interests is fully reflected in the company’s operations. Hongta Securities’ direct controlling shareholder, Hehe Group, serves as a diversified investment platform under Yunnan China Tobacco. Analysts note that while the chairman of Hongta Securities had previously been appointed by Hehe Group, the appointment this time of Jing Feng—Yunnan China Tobacco’s executive in charge of diversification—underscores the ultimate controller’s strong emphasis on the company’s future development.
Meanwhile, the newly appointed Chairman of the Supervisory Board, Li Shishan, along with the new directors Zhang Jing and Shen Peng, bring extensive experience in finance, auditing, and management. Their expertise will inject fresh momentum into Hongta Securities’ operations and governance, fostering the company’s steady and sustainable growth.
Hongta Securities stated that it will continue to adhere to the overarching principle of seeking progress while maintaining stability, accelerate the establishment of a new development paradigm, and leverage the new development philosophy to drive high-quality growth. The company will further consolidate its existing strengths and forge a new development landscape in an increasingly competitive environment. To achieve its goal of high-quality development, Hongta Securities will implement four robust measures. First, it will remain officely market‑oriented and customer‑centric, comprehensively refining and upgrading its management structure, operational mechanisms, and business layout. Second, it will consolidate its traditional strengths in “capital‑intensive businesses,” using these to catalyze “light‑capital businesses,” further enhance its active management capabilities, and deepen its strategic deployment within the wealth‑management ecosystem. Third, by focusing on core industries and products, the company will address business gaps, seize emerging opportunities, and strengthen its influence in niche markets. Fourth, it will reinforce risk control and compliance management, bolstering its capacity to identify, respond to, and mitigate risks; uphold lawfulness and regulatory compliance in all business activities; proactively safeguard market order; and advance the standardized development of the capital market.
Hongta Securities stated that, against the backdrop of ongoing and deepening reform and development in China’s capital markets, the company will seize the opportunities presented by favorable policies, proactively forge a development trajectory that aligns with its current stage of growth, matches its capital scale, and leverages its unique strengths, thereby building a first‑class securities office with distinctive, differentiated competitive advantages.
Since its listing in 2019, Hongta Securities has proactively driven business transformation by deepening innovation in its systems, organizational structure, operations, and management, achieving steady performance growth for three consecutive years. The company has also demonstrated a strong commitment to rewarding investors, implementing cash dividends for three consecutive years and distributing a total of RMB 1.399 billion over that period—exceeding the total proceeds raised from its IPO.
Citic Securities: Asset Management Demand Is Vast; Brokerage Offices’ Shift to Wealth Management Is an Inevitable Trend
The annual “818 Wealth Management Festival” hosted by securities offices has drawn widespread attention. In addition to a range of exclusive wealth management products, investment advisory services have emerged as the festival’s centerpiece—reflecting the significant rise in the proportion of household financial assets allocated to such services.
The administrative head of the Asset Management Department at CITIC Securities stated that Chinese households’ asset allocation is heavily weighted toward real assets such as real estate, while the share of financial assets remains notably low, leaving considerable room for optimization in the overall asset‑allocation structure. Against the backdrop of the government’s steadfast policy stance of “housing is for living, not for speculation,” real estate’s appeal to household investors has gradually diminished, prompting a shift toward financial products that offer more favorable risk‑return profiles. The new regulations on asset management have accelerated the move toward net‑value pricing, and the elimination of implicit guarantees for principal‑protected wealth‑management products has brought about a profound change in investors’ mindset, driving a reallocation of assets from cash and deposits—traditionally considered safe—to equity‑based investments. By 2021, financial assets accounted for over 30% of Chinese households’ total holdings, an increase of nearly 10 percentage points compared with 2010; among these, equity‑type assets represented close to 20%, reflecting a substantial rise in the proportion of financial assets within household portfolios.
“Asset management demand is immense, and the shift of securities offices toward wealth management has become an inevitable trend,” explained the official. With residents’ investable assets growing rapidly, China had already become the world’s second-largest wealth-management market by 2020, with total personal investable assets reaching RMB 241 trillion. By 2025, this figure is expected to climb to RMB 332 trillion, reflecting an average annual compound growth rate of around 10%. The potential for wealth-management services remains vast, and there is broad consensus that households are increasingly shifting their asset allocations from real estate to financial assets.
“Wealth management is a ‘golden track,’ characterized by its light‑asset model, cyclical resilience, and high barriers to entry,” said the official. CITIC Securities has been closely aligned with emerging trends in wealth management and has proactively expanded its asset‑management business. As of the end of December 2021, the CITIC Securities Asset Management Division alone managed entrusted assets totaling RMB 427.272 billion. At the same time, CITIC Securities is actively pursuing approval to establish an asset‑management subsidiary, aiming to seize the historic opportunities presented by the rapid growth of the wealth‑management sector.
In the view of the aforementioned official, as capital market institutions continue to mature, offering residents more diversified investment options, higher‑quality core assets, and a more robust framework for safeguarding investor rights, confidence in and enthusiasm for participating in financial asset investments are expected to keep rising.
Guojin Securities Releases Its Second-Half Private Equity Investment Strategy
Recently, the Financial Products Research Center of Guojin Securities released its second-half private‑equity investment strategy report, which advises investors to adopt a bottom-up approach when selecting actively managed equity private funds—favoring high‑quality managers that have demonstrated consistent performance across bull and bear markets, effective drawdown control, strong stock‑picking capabilities, and a stable yet appropriately flexible investment style. Meanwhile, with market liquidity remaining moderately ample and equity trading activity robust, conditions are conducive to the execution of quantitative equity strategies. By contrast, the report maintains a cautiously optimistic outlook on CTA strategies, which delivered relatively strong results in the first half of the year.
In the first half of the year, the A-share market experienced a phased correction, putting pressure on private equity fund performance. According to data from the Financial Products Research Center at Guojin Securities, approximately 16% of actively managed equity strategies posted positive returns in the first half of 2022, with average returns of –13.27% and 4.89% for the first and second quarters, respectively. By size category of active equity‑strategy managers, in the first half of this year, funds managed by offices with assets under management below RMB 1 billion delivered relatively higher average returns, at –6.76%. Overall, small‑sized private managers outperformed their medium‑ and large‑sized counterparts during the period.
Guojin Securities believes that, in the second half of the year, investors selecting actively managed private equity products should adopt a top-down approach, prioritizing balanced and growth‑style allocations while selectively allocating to high‑quality private funds with contrarian and value‑oriented strategies.
In the realm of equity quantitative strategies, Guojin Securities believes that, given the current market environment, conditions have become relatively favorable. With a fairly clear trajectory of economic recovery and sustained implementation of policies aimed at stabilizing growth, market liquidity remains moderately ample, and trading activity in the equity market is robust—both of which support the effective operation of equity quantitative strategies. From a style perspective, the likelihood of a prolonged “big‑cap strong, small‑cap weak” trend is low; mid- and small-cap stocks, as well as growth stocks, still offer room for volatility, creating opportunities for equity quantitative strategies to generate excess returns.
In the CAT private‑equity space, according to data compiled by the Financial Products Research Center of Guojin Securities on 2,521 futures‑based macro strategy private funds that have been active for more than six months, the average return for this strategy category in the first half of 2022 was 2.32%. Among them, quantitative CTA strategies posted gains, while both subjective CTA and macro strategies experienced a slight pullback overall. Specifically, the 1,537 quantitative CTA products delivered an average return of 4.78%, whereas the 984 subjective CTA and macro strategy products recorded an average return of –1.54% in the first half of the year.
In its report, Guojin Securities notes that commodity markets still offer opportunities for volatility, though the outlook for trend‑following remains only moderately optimistic. Additionally, certain event‑driven disruptions could introduce headwinds, leading the office to maintain a neutral‑to‑cautious stance on CTA strategies overall. When selecting CAT private‑placement products, Guojin recommends investors favor those with high diversification, seeking to mitigate the risk of substantial drawdowns that may arise from an overconcentration in any single sub‑strategy.
In addition, regarding private‑equity investment options for the second half of the year, the Financial Products Research Center at Guojin Securities also highlights that options‑writing strategies and quantitative convertible‑bond strategies are worth considering.
Commercial & Corporate
In the first half of 2022, Zhengfan Technology reported a 19.70% year-on-year increase in revenue, with R&D expenditures reaching RMB 44.46 million.
On the evening of August 19, Zhengfan Technology released its 2022 interim report, which showed that from January to June 2022, the company recorded operating revenue of RMB 943 million, up 19.70% year over year. Net profit attributable to shareholders of the parent company was RMB 52.83 million; excluding the impact of share-based compensation, net profit attributable to shareholders of the listed company amounted to RMB 73.35 million, a year-on-year increase of 25.63%.
In the first half of 2022, the company’s total assets reached RMB 4.378 billion, up 25% from year-end last year. As the company continues to deepen its penetration into application markets and customer demand gradually scales up, Zhengfan Technology is steadily increasing investment across its core business areas. According to the balance sheet in the 2022 interim report, the company’s construction-in-progress stood at RMB 84.4613 million in the first half, a 28.98% increase year over year, primarily driven by capital expenditures on the Hongge Semiconductor project for the R&D and industrialization of key process‑equipment modules for the broader semiconductor sector. Based on publicly disclosed data, the company’s expansion trajectory remains steady, with fundamentals showing consistent long-term improvement.
Founded in 2009, Zhengfan Technology’s core business encompasses electronic process equipment, biopharmaceutical equipment, electronic gases, and MRO (maintenance, repair, and operations) services. As one of the few companies in the industry capable of providing end-to-end solutions for process‑media supply systems, complemented by a high‑purity specialty gases business, Zhengfan Technology places traditional high‑purity process‑media supply at its core. The company is committed to expanding upstream into electronic materials and developing downstream capabilities for the recovery, regeneration, and circular utilization of process media, offering customers an integrated “system + materials + services” solution.
Leveraging its strong financial performance and robust technological capabilities, Zhengfan Technology is pursuing a strategy of vertical integration and horizontal expansion. Last year, the company established five subsidiaries, including Hongge Semiconductor Equipment (Shanghai) Co., Ltd. and Zhengfan Baitai (Suzhou) Technology Co., Ltd., thereby strengthening its business foundations in sectors such as semiconductors and biopharmaceuticals. On the horizontal front, the company has repeatedly stated its intention to increase the share of its electronic specialty gases business; building on its strengths in gases like arsine and phosphine, it plans to broaden its portfolio of electronic specialty gas products and extend into bulk gas offerings. These efforts aim to continuously enhance synergies across the company’s various business segments and bolster its core competitiveness.
During the reporting period, Zhengfan Technology announced plans to invest in the construction of a biopharmaceutical headquarters base project and a Lishui specialty electronic gas manufacturing project. In August, the company also proposed raising RMB 240 million through a simplified share‑issuance procedure to build production lines for high‑purity hydrogen and other specialty gases in Hefei, as well as a high‑purity bulk gas production line in Weifang, thereby expanding its electronic specialty gas business.
In the first half of this year, Zhengfan Technology continued to significantly ramp up its R&D efforts, pursuing a dual‑pronged strategy of investing in both capital and talent, with the office determined to leverage its scientific and technological capabilities to drive business growth. According to the interim report, the company’s R&D expenses reached RMB 44.46 million during the reporting period, up 65.31% year over year. The number of R&D personnel increased from 152 in the same period last year to 278, accounting for 23.36% of the company’s total workforce. During the reporting period, the company also repurchased shares through centralized bidding transactions, with a maximum purchase amount of RMB 120 million, for use in its employee stock ownership plan or equity incentive programs, thereby continuously strengthening its talent pool and enhancing its capacity for talent development and retention. Furthermore, in the first half of the year, the company filed 10 new invention patent applications, obtained 38 utility model patents, and secured 5 software copyrights, while receiving authorization for 8 utility model patents and 1 design patent.
Relevant sources indicate that a series of measures demonstrate that Zhengfan Technology currently enjoys strong fundamentals and is accelerating its efforts to establish a competitive edge across the entire product and service value chain.
Kingdee International Announces Its 2022 Interim Results; Cloud Services Business Achieves High-Quality Growth
On August 18, Kingdee International announced its interim results for 2022. During the reporting period, the Group’s cloud services revenue grew 35.5% year over year, accounting for approximately 76.4% of total group revenue. Kingdee Cloud’s annual recurring revenue (ARR) from subscription services reached RMB 1.86 billion, up 46.5% year over year, while contract liabilities related to cloud subscription services increased by 56.0% compared with the same period last year.
During the reporting period, the Group recorded revenue of approximately RMB 2.197 billion, up about 17.3% year over year. Revenue from enterprise resource planning and other businesses declined by 18.1% compared with the same period in 2021. The loss attributable to equity holders of the company for the current period amounted to RMB 356 million, primarily due to increased R&D investment in cloud‑based products, particularly Kingdee Cloud·Xinghan, as well as the ongoing impact of the COVID‑19 pandemic on project delivery efficiency. Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan together generated revenue of approximately RMB 284 million, a year-on-year increase of 77.6%, while the renewal rate remained stable compared with the previous year.
The financial cloud services business for small and micro enterprises continued to grow rapidly, with revenue up 74.1% year over year. In particular, Kingdee Cloud·Xingchen posted a 337.7% year-over-year increase in revenue, maintained a renewal rate of 72%, and served nearly 20,000 customers.
Kingdee Cloud·Xingchen is designed to meet the needs of growing small-scale trading and manufacturing‑trading enterprises. By continuously refining its solutions, it supports enterprises in achieving an integrated “management + operations” upgrade, helping them realize intelligent financial and tax management, digital‑smart customer engagement, seamless online‑offline integration, and coordinated supply‑production‑sales collaboration—thereby redefining the benchmark for business‑finance‑tax integration. Through ongoing product innovation and robust marketing initiatives, Kingdee has steadily strengthened its ecosystem of partners for small and micro businesses, further expanding its market share in this segment.
Xu Shaochun, Chairman of the Board and CEO of Kingdee Group, stated that in the first half of 2022, recurring COVID-19 outbreaks in China and numerous challenges to the global economic recovery created a harsh external environment, prompting industries across the board to accelerate digital transformation and pursue high-quality development. By helping enterprises build next-generation, composable EBC digital platforms and leveraging agile innovation to address these challenges, Kingdee is enabling businesses to achieve “digital governance and resilient growth.”
Nongshim Technology’s Jeong Gyeong-min: Putting Heart into the Job to Become a True “Crop Expert”
From resolving to shift into agrochemical formulation manufacturing, to achieving continuous breakthroughs in R&D and applying select innovative compounds in the formulation space; from a product‑centric approach to adopting a customer‑oriented mindset and positioning itself as a crop‑solution provider; from carving out a foothold in the industry to integrating the value chain and accelerating the rollout of active‑ingredient production lines—this agrochemical company, deeply rooted in the fertile soil of China, remains steadfast in its original vision: “to build a formulation brand that embodies our unique value.”
Recently, Jung Kyung-min, Chairman of Nongshim Technology, shared the principles of upholding integrity and fostering innovation that have guided the company’s steady growth.
Thoroughly understand the market and resolve to build our own brand
In the 1990s, prior to founding Nongshim Technology, Zheng Jingmin, who had a background in agriculture, had already spent ten years working in the agrochemical industry, representing leading domestic and international brands.
Why shift to agrochemical formulation production? In Zheng Jingmin’s view, both market opportunities and the team’s accumulated capabilities are now fully mature. On the demand side, as China’s agricultural production structure continues to adjust, market size is steadily expanding, and customers are increasingly seeking targeted, differentiated products—both of which present significant opportunities for the company.
Leveraging deep industry insights, a thorough understanding of crop‑market demand, and an established network of partners, the founding of Nongxin Technology proceeded more smoothly than anticipated. “It truly exceeded our expectations,” said Zheng Jingmin. In just two to three years, Nongxin Technology has gained considerable recognition in the domestic market, and its proprietary brand, Shangge, has successfully established a reputation for high quality.
After more than a decade in the manufacture of pesticide formulations, Nongshim Technology underwent its most significant transformation in 2021. “Change doesn’t hinge on the market or the products—it lies in our mindset,” Zheng Jingmin said with a smile, adding that this, too, is the hardest part.
With years of deep expertise in the industry, Nongxin Technology has developed a more profound understanding of customer value: farmers’ ultimate need is to resolve specific challenges in the production process or to achieve higher yields and increased incomes. Accordingly, the research, development, manufacturing, and marketing of pesticide formulations must be driven by the pest‑management needs of crops.
To this end, Nongxin Technology has reorganized its strategic priorities across all stages, from R&D to sales and customer service. The company has assigned dedicated teams to conduct on-site field research, first identifying growers’ needs and challenges, then advancing a series of R&D initiatives, and finally delivering tailored products and solutions for different regions and crops. As a result, the company has transformed itself from a pesticide formulation manufacturer into a provider of comprehensive crop‑solution services.
“For us, this marks a major shift from a product‑value‑oriented approach to a customer‑value‑oriented one,” says Zheng Jingmin. He believes that a customer‑needs‑driven mindset has always been the foundation of all Nongshim Technology’s business activities.
Innovation as the Foundation: Becoming a True Guardian of Crops
If prioritizing customer needs served as the key to Nongxin Technology’s entry into the market, then a steadfast commitment to technological innovation has become the core driving force behind its growth. Since its inception, Nongxin Technology has consistently invested in independent research and development.
Focusing on the research, development, and production of cutting-edge, environmentally friendly, precision‑efficient pesticide formulations, Nongxin Technology pursues continuous innovation across key areas—including formulation recipe innovation, product dosage form optimization, and active ingredient selection—resulting in a portfolio of highly competitive core technologies. At present, the company and its wholly owned subsidiary, Shangge Zhilu, have mastered the manufacturing processes for 20 distinct formulation types and hold 282 pesticide registration certificates, 203 invention patents, and 15 design patents.
It is worth noting that Nongshim Technology, through research and development innovation, has pioneered the application of the novel compound stigmasterol in the field of agrochemical formulations.
“At the time, we observed that certain plants in the Malvaceae family were virtually free of viral diseases, leading us to hypothesize that they contained substances capable of inhibiting such infections,” recalls Zheng Jingmin, still deeply impressed by the discovery. After countless rounds of screening, researchers isolated an active compound from Malvaceae plants that demonstrated strong preventive efficacy against plant viral diseases. This substance was officially named “stereol” by a national specialized agency and was subsequently successfully applied in the control and management of plant viral diseases, earning a national invention patent.
It is reported that the innovative application of new active ingredients represents the most valuable form of innovation in the agrochemical industry. By effectively safeguarding crop health through preventive measures, these innovations also minimize environmental pollution, exhibiting both high efficacy and environmental friendliness—key trends shaping the agrochemical formulation sector.
“Innovating in the application of new active ingredients is no easy task, but the successful use of steryl alcohol has given us confidence to press ahead with such innovations without wavering,” said Zheng Jingmin. In his view, the relationship between agrochemical formulation companies and farmers is akin to that between a doctor and a patient—both ultimately aim to safeguard health, whether of plants or people.
The company is confident in the steady and robust development of its original‑drug business.
R&D innovation has deepened Nongxin Technology’s competitive moat, driving steady growth in the company’s business scale and a rapid enhancement of its market position. According to rankings released by the China Pesticide Industry Association, Nongxin Technology ranked 21st on the list of the top 100 Chinese pesticide formulation sellers in 2020.
“As the industry matures and competition intensifies, focusing on markets where customer needs remain unmet or inadequately addressed will be the company’s R&D priority,” said Zheng Jingmin, outlining a clear strategic direction. In his view, as consumer preferences evolve, there are still many unmet demands in the agricultural production sector. Accordingly, Nongxin Technology has undertaken R&D in these areas, with some projects already moving into industrial-scale implementation.
In the area of active‑ingredient development, Nongxin Technology is focusing on compounds with significant market potential. Within one to two years, it plans to complete the first phase of its pesticide‑active‑ingredient production line, creating a new driver of revenue growth while establishing a stable supply‑chain advantage for its formulated products.
Zheng Jingmin believes that, in terms of market potential, the rigid demand for pesticide formulations will remain unchanged going forward. Against a backdrop of increasingly stringent regulation, pesticide products will progressively evolve toward greater efficiency, lower toxicity, environmental friendliness, and reduced residue levels, while sales will increasingly shift toward comprehensive crop‑specific solutions.
“Becoming a provider of comprehensive crop‑solution packages is Nongxin Technology’s core positioning, and we will continue to strengthen and refine this approach on the foundation we’ve already built,” said Zheng Jingmin. “When making choices, we must keep things simple—but once we’ve made a decision, we must see it through to the end.”
486 million shares of Zhaoxin Shares are set to be auctioned, potentially triggering a change in the actual controller.
Following the last-minute withdrawal of the auction originally scheduled for June, on the evening of August 18, Zhaoxin Shares (002256) announced that it had received notice from the Shenzhen Intermediate People’s Court that 486 million shares of the company held by its controlling shareholder and actual controller, Chen Yongdi, will be put up for auction on the JD.com judicial auction platform on September 21.
The announcement indicates that Chen Yongdi holds a total of 486 million shares in Zhaoxin, representing 25.84% of the company’s outstanding share capital; of these, 99.92% are pledged and 100% are subject to judicial freezing. The shares being auctioned were acquired by Chen Yongdi through his subscription of shares issued in Zhaoxin’s 2015 non‑public offering.
The auction of shares in Zhaoxin Co., Ltd. held by several shareholders is linked to multiple debt disputes, with the initial trigger being a debt disagreement between the company’s shareholders and China Rong Trust.
According to a prior announcement, on July 30, 2019, Zhaoxin Shares received notice from the Shenzhen Intermediate People’s Court that the court had accepted China Rong Trust’s application for enforcement in a case involving Shenzhen Caihong Venture Investment Group Co., Ltd., Chen Yongdi, and Shen Shaoling, based on a notarized debt instrument. The court ruled to auction or sell 87.8 million shares of Zhaoxin Shares held by the judgment debtor, Caihong Group, to satisfy the outstanding debt.
At that time, Rainbow Group and Chen Yongdi were acting in concert, collectively holding 40.05% of Zhaoxin Shares’ total issued share capital.
On October 23, 2019, the shares held by Rainbow Group were first put up for public auction on the Shenzhen Intermediate People’s Court’s judicial auction platform on Taobao, but the initial sale ended without a successful bid. The second auction, held on November 12, 2019, also failed to attract any bids. Subsequently, the shares owned by Rainbow Group underwent further twists and turns—including forced liquidation, withdrawal of the sale, and another round of auction—before ultimately being successfully sold.
The auction of the shares held by Chen Yongdi was also fraught with twists and turns. On November 19, 2019, Zhaoxin Shares received a notice from the Shenzhen Intermediate People’s Court stating that, on December 16, 2019, 486 million shares of the company held by Chen Yongdi would be auctioned on Taobao. Subsequently, these shares underwent a series of proceedings—initial auction, withdrawal, and a second auction—and the process remained delayed until September of this year.
According to information disclosed by Zhaoxin Shares, as of the first quarter of this year, Chen Yongdi was the company’s largest shareholder; moreover, the company’s shareholding is highly dispersed. The auction of the largest shareholder’s stake could further fragment the company’s ownership structure. Zhaoxin Shares stated that, given the public nature of judicial auctions, the identity of the successful bidder remains uncertain. The auction may result in a change of the company’s controlling shareholder and actual controller, with the ultimate attribution of control determined by the auction outcome, thereby posing risks to the stability of the company’s governance.
In addition to the risk of instability in its controlling interest, Zhaoxin Shares also faces a heavy debt burden and operating losses. According to its first-quarter report, in order to reduce its debt load and improve its asset structure, the company has successively sold off several of its subsidiaries and sub‑subsidiaries.
Taxation
Jiangsu: Tax Benefits Bolster the Yangtze River Delta’s Development Momentum
As a key engine of China’s economic development, the Yangtze River Delta region accounts for one-quarter of the nation’s total economic output and more than one-quarter of its industrial value added, making it one of the country’s most dynamic, open, and innovation‑driven areas. The Jiangsu tax authorities, focusing on the twin pillars of “high quality” and “integration,” have vigorously implemented a package of tax and fee support measures, striving to bolster the region’s economic resilience and rebound capacity.
Tax incentives empower businesses to forge new paths against the odds.
The Yangtze River Delta’s robust industrial base and favorable business environment have attracted numerous industry giants to establish new‑business ventures in the region. SF Express’s Yangtze River Delta Innovation Center, located in Wujiang, Suzhou, is one such example.
“Construction progress has slowed somewhat compared to the original schedule. Our raw material suppliers are concentrated mainly in the Yangtze River Delta region, and the pandemic has made it difficult to ship these materials,” said Wu Lihong, the finance director of Suzhou Fengyutai Enterprise Management Co., Ltd. She added that with costs continuing to rise while fixed expenses such as project payments and loan interest must still be paid on a regular basis, the company’s financial pressures have intensified.
In early July, a refund of outstanding input VAT credits was promptly credited to the company’s account. With this funding in place, Fengyutai was able to quickly bolster its operations and regain momentum. Today, the SF Yangtze River Delta Innovation Center project is accelerating, with all efforts focused on making up for lost time and aiming for commissioning by year-end. Upon completion, the project will offer end-to-end services spanning technological R&D, smart logistics, big data, and more, further driving the transformation and upgrading of the logistics industry across Jiangsu Province and the broader Yangtze River Delta region.
Likewise, riding the momentum of the Yangtze River Delta’s integrated development, the Robot Industry Park in Zhengyu Town, Haimen, is also cultivating regionally distinctive industries. In the early stages, affected by the pandemic, many enterprises in Zhengyu Town faced challenges in both labor recruitment and foreign trade. Upon learning of these circumstances, tax officials promptly delivered a package of supportive policies. “We’ve benefited from nearly 4 million yuan in deferred tax payments—covering income tax, urban construction and maintenance tax, and the education surcharge—giving us more ample funds to expand our sales channels,” said Miao Hong, the financial director of Zhenkang Machinery Co., Ltd.
Data empowerment to unblock bottlenecks and ensure smooth circulation.
Within the Yangtze River Delta, enterprises are not only geographically close but also deeply integrated along the industrial chain. Tax authorities leverage the advantages of tax‑related big data to strengthen supply‑demand matching, expedite the smooth flow of raw material supplies and product distribution channels, and promote seamless vertical integration across the region’s various industrial chains.
“In recent years, our company has enjoyed strong sales, with an order book fully booked and production lines operating at near‑full capacity. However, sporadic outbreaks of the pandemic have disrupted supply chains, leading to frequent shortages of raw materials,” said the head of Nanjing Guansheng Auto Parts Co., Ltd., his brow furrowed in concern. In response, the tax authorities, in collaboration with the Development Zone Management Committee and financial institutions, established a cooperative platform that helped the company secure a steel procurement contract worth over RMB 2 million with a steel supplier in Ningbo, Zhejiang Province. As a result, the company’s first‑quarter sales reached RMB 400 million, up 17.94% year on year.
In the Yangtze River Delta Integrated Demonstration Zone, the tax authorities leverage the National Taxpayer Supply Chain Inquiry Platform and the Jiangsu Province Taxation Big Data Platform to enhance data matching through both universal queries and personalized customization, thereby facilitating seamless connectivity across upstream and downstream supply chains. Since the initiative was launched, they have provided 17 enterprises with lists of 79 upstream and downstream counterparties.
Enhanced services enable “zero in-person visits” for tax processing across different locations.
As epidemic prevention measures in the Yangtze River Delta region have been progressively tightened, some taxpayers have experienced disruptions in processing tax refunds and reductions. In response, the Jiangsu tax authorities have further refined and upgraded their “zero‑in‑person‑visit” tax filing and payment services, adopting remote processing, acceptance of applications with missing documents, and online review to break through the constraints of time and space imposed by pandemic control, ensuring that every stage of tax refund and reduction procedures is both accessible and efficiently handled.
“Due to the company’s name change and the need to update our bank deposit account, we had to submit some paper documents. The tax authorities introduced remote processing and deficiency‑supplementation services, and we promptly received a tax refund of 2.78 million yuan—without any delay whatsoever,” said Shen Weihua, the financial director of Suzhou Heliyuan New Materials Co., Ltd.
Mr. Fang, Vice President of Jiangsu Linghao Network Technology Co., Ltd., shares the same sentiment. “The smart tax‑administration initiative in the Yangtze River Delta Integrated Demonstration Zone enables cross‑regional taxpayers like us to handle tax filing and payments without having to travel between locations. So far this year, our headquarters and subsidiaries nationwide have benefited from tax and fee reductions totaling over RMB 9 million.” Looking ahead, Mr. Fang expressed full confidence: “Favorable policies are the key to a company’s bright future. The accelerated implementation of national strategic dividends—such as the Yangtze River Delta’s drive for higher‑quality integrated development and enhanced tax incentives—has lowered our operating costs and accelerated the expansion of our business scale.”
Ningxia: Striving to Ensure the VAT Credit Refund Policy Yields Tangible Results
“The red envelope was generously sized, exceeding our expectations and significantly easing our cash‑flow constraints,” said Zhang Minghui, the finance director of Shizuishan Jing’ao New Energy Technology Co., Ltd. Recently, a refund of 49.19 million yuan in outstanding tax credits was credited to the company’s account. With this financial support, the company is now systematically planning the next phase of project construction and technological development.
To gain a deeper understanding of whether the policy “package” has been delivered to businesses in a timely manner, what impact the tax-refund funds have on enterprises, and how these funds are being utilized, the Ningxia Hui Autonomous Region Tax Service of the State Taxation Administration has conducted a follow-up review of the carryforward VAT refund policy. This effort aims to identify shortcomings and address gaps, ensuring that the policy is effectively implemented.
The prolonged heatwave in Ningxia has led to a sharp surge in residential electricity consumption for cooling. At the Hebin Industrial Park in Shizuishan City, the four 330‑MW coal‑fired generating units of Guoneng Ningxia Shizuishan Power Generation Co., Ltd. are operating at full capacity. Behind the company’s confidence in ensuring a stable power supply is more than RMB 62.12 million in deferred tax refunds, which have provided much‑needed financial support and bolstered the power sector.
“In the early stages, coal‑power enterprises faced persistently tight energy supplies. This year, we upgraded our equipment and launched a photovoltaic project, investing heavily in fixed assets and accumulating substantial input VAT credit balances, which put considerable financial pressure on us. Just a few months ago, we were still concerned that supply‑security during the summer peak season might be jeopardized. However, with the steady injection of tax‑refund funds, our monthly cash flow has been continuously bolstered.” During a follow-up visit by the Huinong District Tax Bureau of Shizuishan City to assess how enterprises are benefiting from tax policies, Guo Yudong, the company’s head, explained: “If refunding existing credits is like providing timely help in times of need, then refunding incremental amounts is even more akin to ensuring sustained momentum and empowerment. We’ve used these tax‑refund proceeds to pay employee wages and repay part of our debts, and now our operations are running at full speed.”
During the tax‑refund follow-up campaign conducted by the Ningxia tax authorities, enterprises have publicly shared their refund statements, highlighting the transformative impact of tax‑refund benefits on their growth. Survey data show that companies primarily allocate these funds to stabilizing operations, alleviating financial pressures, expanding production, and investing in R&D. At the same time, efforts are being made to identify and address gaps, solicit broader feedback, and ensure that businesses fully realize, willingly claim, and maximize the advantages of these policy incentives.
Yinchuan Amway Jie Liquefied Gas Transportation Co., Ltd. expects to fully absorb its end-of-period input VAT credit and does not plan to avail itself of the current input VAT refund policy. In early August, during a follow-up “look-back” visit, tax officials learned that the company was facing funding shortfalls and operational difficulties due to delayed collection of receivables. The tax authorities promptly reached out to provide guidance on filing for a tax refund. The company’s head remarked: “The transportation sector has been sluggish over the past two years, with frequent issues in collecting and making payments. It’s truly appreciated that the tax authorities did not overlook us just because we initially declined to take advantage of the refund.”
What is returned is tax revenue; what is strengthened is economic vitality. In implementing these policies, the Ningxia tax authorities have consistently ensured timely and efficient refunds, fully leveraging the “microscope” function of tax‑related big data, continuously streamlining workflows, meticulously managing taxpayer lists, gaining a clear understanding of the underlying situation, and precisely identifying eligible taxpayers. At the same time, they have reinforced seamless coordination among the tax, finance, and People’s Bank of China departments to ensure that refund funds are swiftly and directly credited to taxpayers’ accounts.
Starting in July, the scope of industries eligible for the policy will be further expanded to include seven additional sectors, a development that has energized accommodation and catering businesses hit hard by the pandemic. The Hyatt Place Yinchuan Jianfa Dayuecheng, located in Jinfeng District, has consistently maintained A or B tax credit ratings. During this recent review, the tax authorities discovered that the company operates as a branch, with its corporate income tax consolidated and paid by the parent company. As a result, its tax returns showed no revenue from operations, leading to an M‑level credit rating and exclusion from the carryforward VAT refund program. Tax officials promptly guided the company in submitting the necessary supporting documents to request a reassessment, ultimately helping it regain an A‑level taxpayer status. Thanks to the 3.93 million yuan in fresh funds unlocked by the carryforward VAT refund policy, Yin Fang, general manager of the Hyatt Place Yinchuan Jianfa Dayuecheng, said the funding arrived at just the right time, enabling the hotel to accelerate its renovation and upgrade efforts and enhance guest accommodations.
As of July 20, Ningxia has implemented a total of RMB 18.124 billion in tax and fee reductions, refunds, deferrals, and exemptions. Since the beginning of this year, RMB 14.55 billion in value-added tax credit refunds has been credited to taxpayers’ accounts—more than three times last year’s full-year refund amount. This large-scale VAT credit refund not only delivers immediate economic benefits but also fosters long-term growth, undoubtedly bolstering businesses’ confidence to innovate and adapt amid challenges.
Hebei: Implementing and refining the policy of fully refunding outstanding input VAT credits, with expanded coverage.
Starting in July, the full refund of outstanding input VAT credits was extended to seven sectors—including wholesale and retail, accommodation, and catering—aimed at stabilizing employment and safeguarding people’s livelihoods. The Hebei Provincial Tax Service of the State Taxation Administration has earnestly implemented and meticulously refined this expanded policy, helping to sustain economic growth, stabilize employment, and improve living standards.
Precision guidance injects “tax-driven momentum” into farmers’ efforts to become prosperous.
Following the expansion of the carryforward VAT refund policy, the Hebei Provincial Tax Service has implemented targeted publicity and guidance, streamlined the refund processing procedures, and ensured that refund funds are delivered directly to eligible taxpayers, enabling market entities to promptly benefit from the policy.
Recently, the Party-member Pioneer Team for Tax Refunds and Tax Reductions of the Yanshan County Tax Bureau visited Cangzhou Funong Biotechnology Co., Ltd. to provide targeted guidance on the expanded scope of the carryforward VAT refund policy. “Under the new policy expanding the scope of carryforward VAT refunds, your company meets the eligibility criteria for a full refund of the outstanding VAT credit. You can simply submit a ‘Tax Refund (Credit) Application Form’ either through the online electronic tax bureau or at a physical tax service hall,” said a tax official from the Yanshan County Tax Bureau.
“This tax rebate of 3.85 million yuan came at just the right time and will be used to develop a range of value-added tremella products, including tremella sweet soup and organic, gel‑rich tremella, helping us steadily capture an even larger market,” said Cui Jun, the company’s chairman.
Precision services deliver timely support to the wholesale and retail sectors.
The Hebei Provincial Tax Authorities have organized centralized training sessions for frontline tax personnel—including sub‑branch grid officers, 12366 call center staff, and tax policy management officials—covering policy provisions, system operations, and review procedures. At the same time, they have conducted extensive, targeted outreach and guidance for taxpayers to ensure that taxpayers understand the policies, are proficient in their application, and can fully benefit from them.
Affected by the pandemic, Cangzhou Huabei Department Store Co., Ltd. has had to postpone the opening of its newly constructed store. Upon learning of the company’s situation, the Tax Bureau of Yunhe District in Cangzhou City visited the premises to explain the expanded scope of the value-added tax credit refund policy, helping the company fully understand and benefit from the tax‑related incentives. “Once the 2.41 million yuan in credit refunds was credited to our account, it promptly bolstered our operating cash flow, providing substantial support,” said Hu Zhixiang, the company’s finance manager.
Xingtai Shengzhijie Automobile Trading Co., Ltd. has also benefited from the expanded scope of the value-added tax credit refund, gaining new momentum and vitality. “Our business falls under the wholesale and retail sector, and with this latest expansion, we are now eligible to receive the refund as well, which has boosted our confidence in the company’s future growth,” said Wang Yutian, a finance professional at the company.
Hebei Province’s tax authorities, through precise and efficient services, ensure that the benefits of tax policies are delivered effectively and accurately, enabling market entities to reap tangible advantages and feel the impact, thereby contributing the tax sector’s strength to stabilizing the overall macroeconomic landscape.
Liaoning: Tax Benefits Empower and Fuel the “Summer Economy” to Heat Up
To better support businesses in the “summer economy,” the tax authorities of Liaoning Province have rolled out a series of measures, including fully implementing new bundled tax and fee relief policies and streamlining taxpayer services, to help ignite this economic sector.
Tax incentives bolster efforts to revitalize established brands.
Shenyang Huanggu Bingguo Food Development Co., Ltd. is the successor to the time-honored Shenyang brand, Huanggu Ice Cream. Hit hard by the pandemic, the company has faced significant challenges in cash flow and other areas. Upon learning of its situation, the Huanggu District Tax Service Bureau of the State Taxation Administration in Shenyang proactively delivered information on new bundled tax and fee support policies to the company in the form of a “letter.” In addition, the bureau provided targeted, one‑on‑one, face‑to‑face guidance on the value‑added tax credit refund and social security contribution deferral measures available to the company, streamlining processing procedures and enhancing review efficiency. This ensured that the company could promptly access tangible financial benefits, helping it overcome liquidity constraints and injecting fresh vitality into this established brand.
“The tax incentive policies are truly remarkable. We’re grateful for the tax authorities’ attentive service, which has enabled us to reap tangible benefits—like a timely downpour on this sweltering summer day, bolstering our confidence in future growth,” said Zhao Xing, the company’s head.
Tax incentives add warmth and vibrancy to the “Summer Canteen”
“Hello, welcome! How many are you?” “Twenty skewers of beef tendon, and one serving of spicy stir-fry…” In the main hall of the Duyiwei Barbecue Restaurant in Jinzhou’s Songshan New District, the atmosphere is bustling and lively. The staff are busy taking orders and serving dishes, while the summer evening sunset glows bright red, reflected by the charcoal fire in the grills.
“Our restaurant is located near Bohai University, and our main customer base consists of students. During the pandemic, with dine-in services suspended and intermittent closures, foot traffic plummeted, while rising costs for ingredients, labor, and rent placed an unbearable burden on our business.” Recalling the scene from a few months ago, barbecue restaurant owner Yang Qifang was filled with mixed emotions. “At our most challenging moment, the tax authorities promptly extended a helping hand. The policy support under the ‘six taxes and two fees’ initiative truly came at just the right time—like providing fuel in the snow—for our barbecue shop.”
Helping Businesses Alleviate Difficulties, Boosting the Summer Tourism Economy
To invigorate the tourism sector, the tax authorities of Liaoning Province have adopted a demand‑driven approach, consistently delivering tailored services to support the sound development of tourism enterprises.
“Thanks to the government’s supportive policies, we’ll use the tax and fee reductions to upgrade our amusement equipment and increase investment in the development of ‘Little Animal Village,’ so as to offer visitors an even richer experience,” said Wang Ning, the corporate finance director of Liaoning Spring, Summer, Autumn, and Winter Culture & Tourism Co., Ltd.
The “Luhu Town” developed by the company is an important family‑friendly destination in Panjin, integrating recreation, leisure, and science education. Affected by the pandemic, the town’s visitor numbers this year have declined significantly compared with previous years. During its tax‑data analysis, the Panjin Liaodong Bay New Area Tax Bureau of the State Taxation Administration determined that the company met the eligibility criteria for the current value‑added tax credit refund policy. Accordingly, the bureau compiled a handbook of relevant preferential measures, proactively visited the enterprise to provide policy briefings and assistance with filing, and promptly delivered the benefits of the policy to taxpayers, thereby substantially easing the company’s operational pressures.
By soliciting advice and identifying needs, delivering tailored support, and ensuring effective implementation, the tax authorities of Liaoning Province have not only ensured that tax‑benefit dividends are fully realized but have also proactively communicated policies, addressed pain points, resolved challenges, and enhanced services. Leveraging the power of taxation, they continue to bolster the “summer economy,” driving it toward sustained growth and prosperity.
Litigation & Arbitration
Zhou Qiang: Strengthen the Judicial Application of Artificial Intelligence and Accelerate the Development of a New Model for Judicial Work in the Information Age.
Zhou Qiang attended the 17th Meeting of the Member States of the Shanghai Cooperation Organization.
The Supreme Court’s Judicial Conference delivered a special address.
Strengthen the judicial application of artificial intelligence.
Accelerate the development of a new model for judicial work in the information age.
On the afternoon of August 18, Chief Justice of the People’s Republic of China and President of the Supreme People’s Court, Zhou Qiang, attended the 17th Meeting of the Heads of Supreme Courts of the Shanghai Cooperation Organization member states via video link, delivering a keynote address on “The Role of Artificial Intelligence and Automation in Judicial Procedures: Trends and Prospects.” Zhou Qiang outlined the achievements and future prospects of Chinese courts in strengthening the application of artificial intelligence and accelerating the development of a new model for judicial work in the information age. He expressed his willingness to enhance exchanges and mutual learning with all participants, deepen practical cooperation, and jointly promote the deep integration of AI into judicial processes, thereby making positive contributions to building a community with a shared future in cyberspace and advancing the progress of human rule of law and legal civilization.
Zhou Qiang stated that the new generation of artificial intelligence is flourishing worldwide, profoundly transforming people’s modes of production and life, and injecting new momentum into economic and social development. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Chinese courts have thoroughly implemented Xi Jinping’s thought on the rule of law and General Secretary Xi Jinping’s important ideas on building a cyber power. Seizing the opportunities presented by the development of AI, they have promoted the deep integration of AI technologies into the judicial field, establishing an intelligent court information system that supports “online handling of all types of cases, transparent and lawful processing of all procedural stages, and comprehensive smart services” across the four levels of courts nationwide, thereby advancing the modernization of the trial system and adjudicative capabilities.
Zhou Qiang briefed the participants on the application of artificial intelligence and automation in China’s judicial processes. Chinese courts have integrated AI with the goal of serving the people, accelerated the rollout of online litigation services, consolidated and expanded the achievements of a one-stop, diversified dispute‑resolution and litigation‑service system, improved mechanisms for transparent justice, strengthened the development of Internet courts, and introduced three major sets of rules governing online litigation, online mediation, and online proceedings—contributing Chinese wisdom to the transformation of litigation systems and mechanisms in the information age. By further integrating AI into adjudication and enforcement, courts have vigorously promoted end-to‑to‑end online case handling, developed a range of intelligent case‑management support platforms, and established a robust online property‑investigation and control system. These measures enable automated processing of ancillary tasks, automatic screening and triage of cases based on complexity, speech‑recognition transcription, intelligent case profiling, automated evidence verification, and precise recommendations of relevant statutes and similar cases, thereby continuously enhancing the quality and efficiency of justice. Moreover, by synergizing AI with big‑data analytics, courts have achieved the routine, automated aggregation of trial and enforcement data across all four levels of the judiciary nationwide. Leveraging judicial big‑data resources, they have established a judicial index system, deepened the application of blockchain technology, and actively supported social governance.
Zhou Qiang stated that artificial intelligence and automation hold vast potential for application in the judicial field. China has already achieved remarkable results in building smart courts, and Chinese courts will continue to seize the historic opportunities presented by the development of information technology. Upholding a science-and‑technology‑driven approach, a problem‑oriented mindset, and open cooperation, they will comprehensively deepen the construction of smart courts, focusing on developing an Information Technology 4.0 framework for the people’s courts—centered on knowledge, powered by a “smart court brain,” and driven by a judicial data platform. This effort will promote the deep integration of AI and automation, enable the litigation system to achieve a leap forward in the information age, establish a new model of Internet‑based justice with Chinese characteristics, and strive to deliver digital justice at an even higher level.
Yang Wanming, a Second-Class Grand Justice of the People’s Republic of China and Vice President of the Supreme People’s Court, delivered a special address on “The Experiences of Shanghai Cooperation Organization Member States in Combating Cybercrime.”
Vyacheslav Lebedev, President of the Supreme Court of the Russian Federation, delivered a keynote address on “The Practice of Adjudicating Non-Custodial Penalties” and “The Formation and Development of Administrative Judicial Procedures in the Russian Federation.”
Representatives from the Supreme Court of the Kyrgyz Republic, the Supreme Court of the Republic of Tajikistan, the Supreme Court of the Republic of Kazakhstan, the Supreme Court of the Republic of Uzbekistan, the Supreme Court of the Republic of India, the Third Appellate Court of the Russian Federation, and the First Deputy Chief Justice of the Islamic Republic of Iran delivered keynote addresses.
Prioritize Conservation, Inherit and Utilize, and Foster Agglomerated Development
The Guizhou High People’s Court has issued guidelines to strengthen the protection of traditional villages.
Recently, the Higher People’s Court of Guizhou Province issued the “Opinions on Providing Judicial Protection for Traditional Villages.”
The issuance of these Opinions aims to implement General Secretary Xi Jinping’s important instructions on comprehensively advancing rural revitalization and his call to “achieve new accomplishments in ecological civilization,” while staying officely aligned with the strategic positioning of “Four Zones and One Highland.” It seeks to fully leverage the judicial functions of the people’s courts, effectively support the development of beautiful countryside, and provide stronger judicial services and safeguards for the protection of traditional villages in the new era.
The Opinions emphasize the need to elevate political awareness, deeply appreciate the significance of protecting traditional villages, thoroughly grasp the overarching requirements for such protection, and officely adhere to its fundamental principles, thereby strengthening a sense of mission and responsibility. Traditional villages are not only vital tangible cultural heritage but also the communal spaces on which villagers depend for their livelihoods. It is essential to uphold the principles of prioritizing preservation, promoting inheritance and sustainable utilization, and fostering concentrated development, while undertaking comprehensive conservation efforts that safeguard historical buildings, cultural landscapes, and the natural ecological environment, thus ensuring the enduring preservation and continued vitality of the distinctive character of these villages.
The Opinions call for a focused approach to core responsibilities, providing impartial and efficient judicial services and safeguards for the protection of traditional villages. First, it mandates the lawful punishment of criminal and unlawful acts related to the protection of traditional villages, thereby fostering a stable, orderly, and law-based environment conducive to their development. Second, it requires the proper resolution of civil disputes involving the protection of traditional villages, safeguarding the legitimate rights and interests of all parties within such areas. Third, it emphasizes the full utilization of the evaluative and supervisory functions of administrative adjudication to support and oversee administrative agencies in fulfilling their duties to protect traditional villages. Fourth, it advocates for the vigorous advancement of environmental public-interest litigation, pooling collective efforts to protect traditional villages and encouraging active participation by social actors in this endeavor.
The Opinions emphasize the need to intensify legal publicity efforts to ensure that the concept of protecting traditional villages takes deep root in the public consciousness. It calls for earnestly carrying out legal education and awareness‑raising on the protection of traditional villages, promptly releasing typical cases to highlight best practices, and leveraging these cases to serve as both cautionary examples and guiding references. By disseminating knowledge about the protection of traditional villages to the general public, the aim is to embed this protective ethos officely in people’s minds. Furthermore, it urges the innovation of judicial adjudication mechanisms to continuously enhance the quality of case handling involving the protection of traditional villages, actively and effectively promoting innovative developments in this area across the province. The goal is to achieve an organic integration of political, social, and legal outcomes in the adjudication of such cases, thereby steadily elevating the judiciary’s capacity and standards in safeguarding traditional villages.
Relevant Information on the Province-Wide Special Campaign by Courts to Combat and Rectify Pension Fraud
In August 2022, the Provincial Court held a press conference to brief the public on developments since the launch of the province-wide special campaign to combat and rectify pension fraud, and to release several typical cases. Bi Xiaohong, a full-time member of the Provincial Court’s Adjudication Committee; Ye Wei, Chief Judge of the Second Criminal Division; and Kan Shaomin, a member of the Adjudication Committee, attended the event, which was chaired by Zhang Zhiping, Director of the Provincial Court’s Press Office.
Matters concerning the elderly are not only family affairs but also matters of national importance. In recent years, scams disguised as elder‑care schemes have occurred with alarming frequency, inflicting financial losses on seniors, severely undermining their physical and mental well‑being, and even jeopardizing social harmony and stability—issues that the public deeply deplores. The Party Central Committee has attached great importance to this issue and decided, under the leadership of the Coordination Group for Peaceful Construction, to launch a six‑month nationwide campaign, starting in April this year, to crack down on and rectify fraud targeting the elderly. This initiative aims to effectively safeguard the legitimate rights and interests of older adults, promote the sound development of elderly‑related undertakings, and enhance the people’s sense of gain, happiness, and security.
Following the launch of the special campaign, the Provincial Court acted swiftly, leveraging its adjudicative functions to promptly formulate an implementation plan. It established a special‑campaign office comprising 12 departments—covering adjudication, enforcement, public information, and other areas—and set up dedicated task forces. The court also put in place robust mechanisms for information reporting, inter‑departmental coordination, and resource allocation, while issuing separate guidelines to strengthen judicial adjudication and to enhance property‑related enforcement efforts. Courts at all levels across the province promptly followed suit, establishing a well‑coordinated, efficiently operating system that links top‑down directives with on‑the‑ground implementation, yielding tangible interim results.
I. General Overview of the Adjudication of Pension Fraud Cases
Since the launch of the special campaign, courts across the province have accepted a total of 102 cases involving pension fraud, implicating 301 individuals. To date, 58 cases involving 193 defendants have been concluded, with charges including fraud, illegal absorption of public deposits, fundraising fraud, and organizing or leading pyramid-scheme activities, among others. Among the cases accepted, 35 involve the provision of “pension services,” 29 concern investment in “pension projects,” 10 relate to the sale of “pension products,” 10 involve scams targeting investments in collectibles, artworks, or “high‑tech” industries, 7 pertain to “health product” fraud, 1 is a “sunset romance” scam, and 10 fall under other categories of fraudulent schemes. Pension fraud crimes exhibit the following key characteristics:
1. The “gift‑and‑inducement” tactic is a common modus operandi. Before committing their crimes, perpetrators often win the trust of elderly victims by offering small gifts such as eggs or providing free services like blood pressure checks and other basic health screenings, thereby projecting warmth and care. They then exploit this trust to perpetrate fraud under the guise of “elderly‑care products” or “elderly‑care projects.” In some cases, these schemes involve a series of successive inducements, making it particularly easy for seniors to fall prey to deception. For example, in the fundraising fraud case involving Zong Moumeng, adjudicated by the Danyang People’s Court in Zhenjiang, the criminals employed a meticulously orchestrated sequence of deceptive practices—health seminars, free medical checkups, organized tours, and the distribution of supermarket gift cards—to gradually lure elderly investors and ultimately defraud them of their money.
2. Precision‑targeted fraud is a salient feature. Criminals often exploit the needs of elderly individuals—such as preserving and increasing their assets, maintaining a healthy lifestyle, and seeking emotional companionship—by gathering relevant information to carefully select victims, craft deceptions, and carry out scams. For example, in the fraud case involving Wang Moulong and nine others, adjudicated by the Gulou District People’s Court in Nanjing, the perpetrators falsely claimed that a food product called “Dilong Protein” had been developed by the aerospace sector and was exclusively intended for astronauts, purportedly possessing medicinal benefits, thereby luring victims into purchasing it. Similarly, in the fraud case involving Wang Mouhu and nine others, heard by the Jingkou District People’s Court in Zhenjiang, the criminals posed as experts, physicians, or heads of health‑care institutions to recommend dietary supplements, selling products that cost only a few dozen yuan at exorbitant prices. These schemes all capitalize on the elderly’s desire for good health: after obtaining personal health‑related information through various means, the perpetrators then deliberately peddle false claims—such as curing illnesses, strengthening the body, or offering miracle cures—to trick seniors into falling for their scams.
3. False advertising is a common tactic. Criminals often succeed by exploiting the vulnerabilities of elderly individuals—namely, their lack of specialized knowledge and limited ability to understand and keep abreast of new information and technologies—by making misleading claims and providing false descriptions about the products they sell or the services they offer, thereby deceiving seniors and defrauding them of their money. Since the launch of the special campaign, among all cases accepted by courts across the province, 13 have involved fraud targeting the elderly through false advertising under the guise of new knowledge or new technologies, accounting for 12.7% of the total. For example, in the fraud case involving Kong Mouqing and others heard by the Changshu People’s Court in Suzhou, the perpetrators marketed “high‑tech porcelain‑fused‑to‑metal crowns” while actually selling low‑cost synthetic resin as expensive porcelain‑fused‑to‑metal crowns, capitalizing on the elderly’s unfamiliarity with emerging innovations and their insufficient judgment to commit their crimes.
II. Key Measures and Initiatives Undertaken in the Special Campaign
Since the launch of the special campaign, courts across the province have officely strengthened their sense of the bigger picture and their sense of responsibility, simultaneously intensifying efforts in three key areas—lawful crackdowns, public awareness‑raising and mobilization, and the promotion of remediation and standardization—in order to achieve comprehensive results.
(1) Pursue strict and swift enforcement in accordance with the law, launching a powerful offensive to combat pension fraud.
We will steadfastly uphold the overarching principle of “stability, precision, and decisiveness” throughout all efforts to combat and rectify illegal activities, fully and effectively employ penal measures, and earnestly safeguard the legitimate rights and interests of elderly persons.
First, we impose strict punishment in accordance with the law. For offenders who commit pension fraud resulting in severe economic losses, other grave consequences, or adverse social repercussions, we resolutely impose heavier penalties as prescribed by law, while rigorously scrutinizing the conditions and scope for granting probation. We also intensify the application of property-based sanctions in line with the law, thereby maximizing the deprivation of the defendants’ capacity to reoffend. Even when mitigating circumstances such as restitution, compensation, or guilty pleas and acceptance of punishment are present, we maintain a stringent policy and carefully limit the extent of leniency. Since the launch of this special campaign, a total of 47 defendants have been sentenced to fixed-term imprisonment of five years or more, with a rate of severe sentences standing at 24.4%; cumulative fines imposed exceed RMB 36 million.
Second, we have accelerated case processing. Balancing epidemic prevention and control with judicial work, we established a green channel for swift case filing and adjudication, giving priority to pension fraud cases in terms of review and filing, video interrogations, and scheduling court hearings, thereby ensuring prompt trial and conclusion. The Provincial Court has strengthened its guidance to lower-level courts, overcoming the impact of the pandemic by conducting video‑based oversight of 42 cases, helping the courts handling these matters resolve key and difficult issues, and expediting case progress. As of now, all 47 cases filed before May 20 have completed first-instance judgments by the end of July.
Third, we have made every effort to recover stolen assets and mitigate losses. By strengthening coordination and cooperation with public security organs, procuratorial authorities, administrative supervisory bodies, and other relevant departments, we have thoroughly ascertained the status of all assets involved in the cases, promptly sealing, seizing, and freezing them, and actively urging defendants to return or compensate for all amounts they are legally obligated to pay. Following the finality of the judgments, we have expedited case filing and enforcement in accordance with the law, employing a combination of online asset inquiries and offline investigations to recover funds and property, thereby maximizing the recovery of stolen assets and minimizing losses. Since the launch of this special campaign, courts across the province have recovered over RMB 156 million in seized assets, and in 11 cases totaling more than RMB 85 million, all losses have been fully recovered.
(II) Conduct extensive publicity and mobilization, and make every effort to foster a strong atmosphere of fraud prevention and awareness.
First, we expanded our outreach methods. Courts across the province have employed a variety of approaches—publicizing reporting platforms, setting up dedicated reporting counters, posting informational posters, and distributing educational brochures—and leveraged diverse channels, including radio, television, newspapers, online media, and social‑media platforms, to launch comprehensive campaigns against fraud targeting seniors. These efforts have mobilized the public on a broad scale and enhanced older adults’ ability to recognize and guard against scams. In total, 63 promotional videos were produced, 3,514 publicity articles were published, and more than 78,000 informational brochures were distributed.
Second, we emphasized the campaign’s central theme. By fully leveraging the deterrent and educational value of typical cases and strengthening case‑based outreach, we released a total of 130 such cases. The Provincial Court organized two high‑profile集中宣判 events, handing down verdicts in 20 cases involving 52 individuals, and issued seven fraud‑prevention advisories. These efforts were covered by more than 90 central and provincial media outlets, including the CCTV News app. Notably, the case involving Zhu Mouhua and others, who fabricated “underground tomb sites” to carry out illegal fundraising, received in-depth reporting from Xinhua News Agency, the Legal Daily, and the “Chang’an Sword” account of the Central Political and Legal Commission. Meanwhile, the related Weibo post on Jiangsu TV’s Lizi News ranked first on Nanjing’s local trending list, amassing 170 million views. In addition, the Provincial Court collaborated with Jiangsu Broadcasting Corporation’s “Rule of Law Online” program to produce a special series titled “Judges Explain the Law,” which thoroughly exposed the methods and schemes used in elder‑care fraud and proposed preventive and identification strategies. Following its broadcast, the program was widely praised, eliciting an enthusiastic response from the public.
Third, emphasis was placed on the practical effectiveness of publicity. Courts across the province proactively analyzed and assessed the characteristics of pension‑fraud crimes, tailoring outreach efforts to reach communities, parks, farmers’ markets, and senior‑care facilities. They also leveraged platforms popular with older audiences, such as the magazine “Yin Chao” and the Rural Masses Daily, to amplify their messaging, ensuring that fraud‑prevention awareness took deeper root in the public. In total, 378 on‑site publicity events were organized. The Tianning District People’s Court in Changzhou, in collaboration with CCTV’s “Today’s Legal Talk,” co‑hosted the “Young Judges, Companions in Later Life” initiative, in which children served as legal educators to disseminate anti‑fraud knowledge. Meanwhile, the Zhenjiang Intermediate People’s Court partnered with local communities to launch the “Anti‑Fraud in Action, Safeguarding Our Elders” joint‑effort campaign, conducting extensive legal education and awareness‑raising activities among senior citizens, which yielded positive results and was subsequently reprinted and reported by the News and Media Center of the Supreme People’s Court.
(3) Promote comprehensive remediation and resolutely eradicate the conditions that give rise to pension fraud.
First, extensive efforts have been made to identify and gather leads. By reviewing civil, administrative, and enforcement cases involving fraud targeting elderly individuals under the guise of “elderly care,” authorities have systematically screened for clues related to pension‑fraud crimes and referred them to the relevant departments for handling, thereby strengthening efforts to combat and rectify such offenses. Since the launch of the special campaign, courts across the province have forwarded a total of 235 leads; to date, public security organs have initiated investigations into 50 of these cases.
Second, we have strengthened the work of issuing judicial recommendations. While adjudicating cases, we conduct in-depth analyses of the root causes of pension‑fraud crimes, identify vulnerabilities in administrative oversight and corporate governance, and promptly put forward judicial recommendations to promote preventive measures at the source. During the province-wide special campaign, courts issued a total of 18 judicial recommendations covering areas such as the regulation and rectification of the health‑product market, the management and services of senior‑living facilities, the operations of travel agencies and hotels, and the oversight of online platforms; among these, 10 have already received corrective feedback from the relevant authorities.
Third, establish a long-term collaborative mechanism. Actively collaborate with the Health Commission, market regulators, civil affairs authorities, and other relevant departments to strengthen information sharing on pension‑related fraud and joint publicity efforts, and put in place a regular framework for work‑level exchanges and cooperation, thereby enhancing coordinated prevention and remediation. The Wuxi Intermediate People’s Court, in partnership with the Cyberspace Administration and the Aging Committee, has officially established the “Xiyanghong” Center for Safeguarding the Rights and Interests of Older Adults, which regularly hosts legal education sessions, health lectures, and other activities. By integrating law‑based crackdowns with upstream governance, this initiative extends efforts to address fraudulent practices that undermine the legitimate rights and interests of older adults.
Going forward, courts at all levels across the province will further strengthen their sense of responsibility and commitment, conscientiously implement the decisions and arrangements of the CPC Central Committee, the Supreme People’s Court, the Provincial Party Committee, and the Provincial Government regarding the special campaign to combat and rectify pension fraud; continue to fulfill their statutory functions by imposing strict legal penalties on such crimes to safeguard the legitimate rights and interests of elderly citizens; and intensify efforts to summarize experiences, build on achievements, and consolidate the outcomes of the campaign, thereby contributing fully to fostering a safe and stable social environment and genuinely enhancing the people’s sense of gain, happiness, and security.
Pre-litigation “mediation + appraisal” creates an expedited pathway for dispute resolution at the people’s courts.
Recently, the Shengci People’s Tribunal has adopted innovative approaches and taken proactive measures by implementing a new working model that combines pre-litigation mediation with pre-litigation expert appraisal. This approach enabled both parties to reach a settlement agreement before filing suit, thus resolving their dispute amicably. This initiative also represents a vivid example of the tribunal’s commitment to advancing a diversified dispute-resolution mechanism and deepening source‑level governance.
Ye, while riding an electric bicycle, collided with Chen, who was walking, causing Chen to sustain injuries. Following the accident, Chen filed a lawsuit in court, seeking compensation from Ye for all losses arising from the incident and requesting a medical assessment of his injuries to determine the amount of damages.
Upon receiving the complaint, the Shengci Court, in order to expedite the disbursement of the “compensation” to Mr. Chen and alleviate the litigation burden on both parties, convened a consultation with the on-site People’s Mediation Studio. It decided to entrust the case to the studio for pre-litigation mediation and, during that process, initiated judicial appraisal proceedings.
Upon receiving the case, resident court‑based people’s mediator Liu Zewei promptly contacted both parties and, with their consent, initiated pre‑litigation appraisal proceedings. Under the guidance of the judge, the mediator facilitated the exchange of evidence and cross‑examination among the parties. Following the conclusion of the evidentiary process, the relevant appraisal materials were forwarded to the court’s judicial appraisal referral department, which then arranged for the parties to select an appraisal institution in accordance with established procedures and commissioned the appraisal in compliance with the law. Subsequently, the appraisal agency issued its report, determining that Chen had sustained a Grade‑10 disability. After consulting both parties, the mediator conofficeed that neither side raised any objections to the appraisal findings.
Upon learning the results of the pre-litigation appraisal, the parties gained a reasonable understanding of their claims. Building on this, the people’s mediators patiently facilitated mediation, ultimately leading both sides to reach a settlement agreement providing for installment payments. The agreement was subsequently judicially conofficeed by the court, thereby acquiring enforceable legal force. From the initiation of the appraisal to the successful conclusion of mediation, only slightly more than a month elapsed, significantly enhancing mediation efficiency and effectively resolving the dispute before litigation.
By shifting forensic appraisal from the “during‑litigation” phase to the “pre‑litigation” stage, parties can learn the appraisal results before filing suit, enabling them to form a clearer understanding of the factual issues at hand. This approach not only helps shorten the litigation cycle and enhance case‑handling efficiency but also significantly boosts the success rate of pre‑litigation mediation, reduces litigants’ risks and costs, and substantially alleviates the burden of litigation. The integration of pre‑litigation appraisal with pre‑litigation mediation not only revitalizes forensic appraisal but also effectively supports the courts in implementing streamlined case management, thereby opening a fast‑track channel for the diversified resolution of disputes.
Since the beginning of this year, the Shengci People’s Court has, in accordance with the directives of the higher-level court and the court’s Party Leadership Group, strengthened the development of its rapid dispute‑resolution center. Taking the case‑filing stage as the benchmark, it has promoted pre‑litigation case triage and streamlined case classification based on complexity. The court has also enhanced its one‑stop service infrastructure by establishing a litigation‑service sub‑center, thereby creating a “30‑minute litigation‑service circle” centered on the court throughout its jurisdiction. During the review of case filings, the court conducts pre‑litigation mediation‑oriented triage according to the specific circumstances of each case, striving to resolve disputes at the pre‑litigation stage whenever possible.
Going forward, the Shengci People’s Tribunal will steadfastly uphold the principle of justice for the people, further advance pre-litigation mediation and pre-litigation appraisal, and proactively explore and refine the various functions of pre-litigation mediation, thereby maximizing convenience and benefiting the public and establishing a “fast track” for dispute resolution at the people’s tribunal.

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