Since this year, supervisory authorities have stepped up their supervision over illegal holdings reductions, and there has been a continuous increase in cases where shareholders of listed companies have been ordered to buy back their holdings or be administratively punished if they have reduced their holdings in violation of regulations. At the same time, under strict supervision, the scale of holdings reduction by important shareholders of A-share listed companies dropped sharply during the year, which is already lower than the scale of the increase in holdings during the same period. Market participants believe that the efficiency of the investigation and punishment of illegal holdings reduction by the supervisory authorities has improved markedly recently, and their deterrent power has increased dramatically. Furthermore, requiring shareholders who have reduced their holdings in violation of regulations to repurchase shares and make up the price difference not only raised the cost of breaking the law, but also helped reduce stock price fluctuations, better safeguarded the rights of other shareholders and the interests of listed companies, and boosted market confidence. (Securities Daily)

According to the Associated Press, on April 23 local time, a Douglas DC-4 passenger plane crashed into the Tanana River near Fairbanks, Alaska, USA. Alaska police issued a statement confirming the accident and said people should avoid the crash area. It's unclear how many people were on the plane. (CCTV News)

On Tuesday, Tesla's earnings report showed that first-quarter revenue fell 9%, the biggest drop since 2012, and the electric vehicle company is experiencing continued price cuts. Net profit fell to US$1.13 billion to US$1.13 billion in the same period last year, a decrease of 55%. The decline in sales even surpassed the company's first decline in 2020 due to the pandemic. In the first quarter of 2024, Tesla's car revenue fell 13% year over year to US$17.34 billion. However, Tesla said it is speeding up the launch of “new models, including more affordable models,” and that these models will “be produced on the same production line as Tesla's existing product line,” a statement that helped Tesla's stock price jump 8% after the market. Tesla's gross margin also surpassed expectations, reaching 17.4%.

Nvidia closed up 3.65% at $824.23. Tesla, which was replaced by Lilly, closed up 1.85% to $144.68 a quarter of an hour before the performance report was released. Zuckerberg's “metaverse company” Meta Platforms closed up 2.98%, Lilly Pharmaceuticals up 1.96%, Microsoft 1.65%, Amazon 1.30%, Google's parent company Alphabet 1.27%, and Apple 0.64%.

Tesla's Q1 revenue in 2024 was US$21.3 billion, with market expectations of US$22.34 billion, compared to US$23.329 billion in the same period last year; gross profit margin was 17.4%, and market expectations were 16.5%.

Visa's net revenue for the second fiscal quarter was US$8.78 billion, and analysts expected US$8.62 billion; adjusted earnings per share for the second fiscal quarter were US$2.51, analysts expected US$2.44; payment volume for the second fiscal quarter was US$3.17 trillion, and analysts expected US$3.2 trillion.

As questions about the US economy and corporate profits continue to emerge, Mike Wilson, chief US equity strategist at Morgan Stanley, decided to avoid making market predictions and instead focus on finding hidden investment opportunities. In an interview with Bloomberg Surveillance on Tuesday, he stated, “Now we need to maintain a really flexible and open mindset. This is what we thought when selecting stocks. We haven't talked much about index performance in the past four or five months because we plan to focus on relative value trading.”

The US Department of Labor revised regulations on Tuesday to expand eligibility for overtime pay. Approximately 4 million workers will receive 1.5 times the wage when they work more than 40 hours a week. The new regulations will take effect on January 1, 2025, and apply to workers with an annual income of less than US$58,656, which is expected to have the most widespread impact on the retail and hospitality industry.

According to monitoring data from the China Index Research Institute, over 30 cities have expressed support for “trade-in” since 2023. In terms of model, it is mainly completed through direct acquisitions by state-owned enterprises, “new purchases” through intermediary cooperation, and the issuance of subsidies. However, some buyers have expressed their concerns, and some transaction blockages have yet to be cleared. Yan Yuejin, research director of the Think Tank Center of the Yiju Research Institute, said that it is recommended that the government use credibility and public functions to build an information platform so that buyers and sellers and intermediaries can obtain real properties, real customers, and real prices through the information platform, so as to better match demand and supply, and reduce the communication costs, information costs, and transaction costs of transactions. (Securities Times)

All participants in the market were moved by the changes in the IPO policy. On the one hand, a new “National Nine Rules” and supporting policies have been introduced, and the listing threshold has been raised on the Shanghai and Shenzhen Exchange; on the other hand, the “16 Measures to Serve High-Level Development of Technology Enterprises in the Capital Market” (hereinafter referred to as the “16 Science and Innovation Rules”) mentions “supporting the listing of high-quality unprofitable technology-based enterprises with key core technology, high market potential, and outstanding science and innovation attributes”, opening up green channels for science and innovation enterprises. Some brokerage investment bankers said that some rules in the current capital market “1+N” policy system are still being discussed, and the relevant practical rules need to be further clarified, but what is certain is that the supervisory authorities will continue to strengthen their support for high-quality technology companies, and that listing, refinancing, mergers, acquisitions and restructuring will enjoy the green channel mechanism. This will guide intermediaries to shift their business focus to support the development of high-tech enterprises and explore key core technologies, enterprises with high market potential and outstanding science and innovation attributes. (Securities Times)