A bad review of the mobile phone was inexplicably "bombed". 5 yuan money can buy 300 "bombing text messages"

  A few days ago, "a woman received thousands of verification code messages at noon" became a hot topic, which triggered a discussion among netizens about malicious harassment and telephone "bombing" others. The mobile phone was inexplicably "bombed". Who is behind it?

  The reporter’s investigation found that although the "bombing service" has been cracked down, this service is still active in the dark. As long as you spend money, relevant software and services can be found. People who suffer from "bombing" will be in great trouble in their work and life.


  Just because a bad review mobile phone directly "exploded"

  Just because he gave a bad review, Lu Lili was bombarded by phone calls from merchants. "It’s been two days and two nights, and I haven’t let go in the middle of the night, which has caused serious harm to my life." Lu Lili hopes that the involved e-commerce platform can intervene in management and deal with merchants.

  Previously, Lu Lili bought a stroller on a well-known e-commerce platform. Because the baby stroller cushion is narrow and uncomfortable for the child to sit on, she only used it once and wanted to return it, but the merchant replied that she could not return it after using it. Then, Lu Lili chose to score bad reviews in the product reviews. Soon, the merchant sent a red envelope, hoping that Lu Lili would delete the bad reviews after receiving it. Due to poor communication, Lu Lili didn’t receive the merchant’s red envelope or delete the bad reviews. Since then, Lu Lili’s mobile phone has inexplicably received continuous "bombing".

  "Bombing with VoIP for 24 hours. SMS bombing with various verification codes, the mobile phone directly exploded. " Lu Lili said that the merchants even threatened to find someone to pick her up. "This kind of business exploits legal loopholes and threatens consumers unscrupulously. Consumers have no recourse to complain. How can this kind of business exist?" She asked the merchants whether they would keep harassing her crazily if they didn’t delete the bad reviews. In the face of such questions, the customer service did not respond positively, but only replied, "Thank you, sister, we promise not to bother you."

  Lu Lili’s experience is not a case. Consumer Teng Feiming also suffered a "call you to death" bombing before. Teng Feiming bought a pair of trousers on a certain platform. Because he felt that the product had color difference, he contacted the customer service, but the customer service thought that the product had no color difference problem. After some negotiations, Teng Feiming gave the store a bad review. Then, he was also suddenly harassed and bombed. "I was bought by the store on the Internet and kept harassing and bombing me. It has affected my personal life. " Teng Feiming said that there were quality and color difference problems in the shop products, but they were bombarded and harassed after bad reviews, and they were very depressed. "My purpose is to ask the merchants to apologize and compensate."

  The reporter searched on the consumer complaint platform "Black Cat Complaint" and found that more than 90 related complaints could pop up as long as the keyword "bombing of bad reviews" was entered. A number of cases show that after purchasing products, consumers have suffered malicious harassment of "calling you to death" because of product quality problems, difficulty in negotiating refunds and returns, or not accepting red envelopes from merchants.


  Choose more packages at will, and the price is as low as a few cents.

  Where did these rampant "call you to death" bombings come from? What is the cost? The reporter’s investigation found that "calling you to death" is mainly divided into two forms: telephone bombing and SMS bombing, and unscrupulous merchants often provide a variety of packages. The cost of SMS bombing is as low as a few cents.

  After many twists and turns, the reporter finally contacted a merchant who provided the so-called "short message service". The page shows that nearly 4,000 orders have been made for "SMS" products. In its service introduction, the merchant implicitly stated that "your needs will be better met". As for the price, the "telephone version" and the "short message version" are obviously different. Take the "short message version" as an example, which introduces "5 yuan tested and sent 300 verification code short messages, 3 hours in 10 yuan and 6 hours in 15 yuan … … 30 yuan is 24 hours. " The price of the "telephone version" is 160 calls from 20 yuan, 280 calls from 30 yuan, 500 calls from 60 yuan and 1,800 calls from 150 yuan. In particular, the "telephone version" service will hang up after ringing for one or two seconds and will not be connected. "Contact after filming, I’ll arrange it."

  The reporter filmed the "short message version" of 5 yuan’s money test. In less than a minute, the merchant replied "Start". Soon after, a short message with a verification code appeared on the reporter’s mobile phone. And these short messages come from various institutions and all walks of life. In just a few minutes, dozens of short messages "bombed" in. "Generally, after the order is submitted, the text message will arrive (the other party’s mobile phone). Unless you guess it is you, you won’t know it is you." Merchants said that even if the other party guessed who bought the "SMS service", "don’t admit it."

  At the same time, the merchants said that they can also buy the "telephone version" and "50 yuan for a monthly subscription, and you can operate it yourself". It is understood that the "telephone version" mainly gives the buyer an account and password in the background of the webpage, and the buyer can submit four telephone numbers to run at the same time. And the "telephone version" of the outgoing bombing calls, the other party saw the incoming number is a foreign number.

  "The system is very good, efficient and perfect, and the other party immediately apologized" "Very good, I killed you" "Very easy to use, even better in the middle of the night" … … In the product evaluation of the service page, hundreds of netizens left comments. Even, one of the netizens suspected of being a student left a message saying, "Family members, especially easy to use, buy a thief for the teacher."

  According to statistics, SMS bombing of black products currently harms more than 3,500 verification code interfaces and 2,400 SMS interfaces of more than 2,000 websites, and there are more than 1.6 million bombing SMS messages on the whole network every day.


  Hanging sheep’s head and selling dog meat "painstakingly" to avoid supervision

  In fact, "calling you to death" has always been the target of severe crackdown by relevant departments. Articles 27 and 63 of China’s Network Security Law stipulate that no individual or organization may engage in activities that endanger network security, such as illegally invading other people’s networks, interfering with the normal functions of other people’s networks, and stealing network data.

  The reporter’s investigation found that businesses that provide such services often sell dog meat by hanging sheep’s heads and avoiding supervision through various methods and ways.

  In some web pages, it is difficult to find related software or businesses by directly searching for keywords such as "calling you to death" and "bombing". But at the same time, words such as "baked chicken" and "blasted chicken" were also derived. Although some software on the Internet claims to be an "infinite cracked version", most of them are gimmicks after testing. More real situations are still selling dog meat and avoiding keyword monitoring.

  The reporter found that on the e-commerce platform, businesses suspected of providing "calling you to death" bombing often appear with words such as "short message generation", "short message software" and "short message service". Even, words such as "breaking through obstacles", "monthly, experiential" and "tough" will be typed. In the specific consultation and communication, merchants will not take the initiative to mention the words "bombing" or "calling you to death", or even describe the goods too much, just saying that they will contact after placing an order.

  The aforementioned businesses that provide "short message service" are very cautious. In communication, he called "telephone" as "electric painting" many times, but for other questions asked by reporters, he simply replied in a few words, unwilling to say more. In the screenshot of the task sent to the reporter, it also deliberately coded the words "bombing in progress" and "SMS bombing has started".

  "Don’t mention illegal, illegal or sensitive words. If you ask me if I have XXX, I will only reply you:No." A merchant said this in an automatic reply. When consulting the details of the goods, he also gave a vague answer to the services he provided, only saying, "Contact me after photographing, and you can use it after registering and recharging yourself." "The effect is great. Open it if you want, close it if you want, depending on your mood. " For other questions, it "does not reply."


  There are many risks in illegally "calling you to death"

  “‘ Call you to death ’ Bombing is mainly realized through call forwarding or virtual number equipment and related software. The principle is to let a device or software make an automatic call to a certain number. " Peng Gen, a network security research expert and general manager of Beijing Hanhua Feitian Xin ‘an Technology Co., Ltd., said that because of the low cost of "calling you to death", some unscrupulous merchants are willing to spend this cost to maliciously harass customers.

  According to Zhu Wei, deputy director of the Communication Law Research Center of China University of Political Science and Law, it is illegal for someone to harass others by calling you to death. "There are clear provisions on the right to privacy in the Civil Code, ‘ Call you to death ’ Bombing violated others’ right to privacy and peace of life. In addition, it also involves personal information disclosure and network security issues, which must be severely cracked down. "

  Zhu Wei believes that some businesses are smart enough to cover up illegal purposes in a legal form. In this regard, the platform should not turn a blind eye, but take necessary measures such as self-examination and smooth reporting channels. "To buy and sell ‘ Call you to death ’ The real identity information of the service person is left and reported to the regulatory authorities. The regulatory authorities should also increase law enforcement and take timely measures. "

  "Once encounter ‘ Bombing ’ , you can install interception software, or you can complain to the operator and ask for help. If the operator does not solve it, he can complain to the Ministry of Industry and Information Technology. " Peng Gen said that operators can solve this problem if they really want to solve it. "It depends on how strong it is." Our reporter Li Songlin illustrated Song Xi

Acceptance on foot! Minesweeping troops of Yunnan Military Region completed the task of demining in Honghe section.

  CCTV News:After more than eight months’ fighting, 18 minefields in Honghe Prefecture, Yunnan Province were successfully eliminated, and the 4.436 square kilometers "dead zone" was transformed into a "land of peace". On the morning of the 9th, more than 150 officers and men of the Mine Clearance Command of Yunnan Military Region, leaders of relevant military departments of Yunnan Province and representatives of the people in the minefield came to Bozhuqing minefield to hold the handover ceremony of Honghe minefield in Yunnan section of the Sino-Vietnamese border.

  At 11 am, the handover ceremony began. The Bozhuqing minefield is 20 kilometers away from Qiaotou Township, Hekou County, Honghe Prefecture, Yunnan Province, with an area of 0.15 square kilometers. It is one of the last minefields excluded in Honghe Prefecture. According to the leader of the mine-clearing headquarters, more than 70 officers and men of the second mine-clearing team were ordered to go to the border minefield of Honghe Prefecture, and moved to Luchun County, Jinping County and Hekou County, and conquered the dangerous areas with great difficulty in mine clearance, such as the "Laoyonghoushan" minefield, the "Maqihoushan" minefield, the 1076 minefield and the old Karechang minefield. Because there are many minefields in Honghe Prefecture, the lines are long and scattered, officers and men have to set up tents outside the minefield to live temporarily.

  At the ceremony, the officers and men of the mine-clearing unit conducted inspection in the unique way of China soldiers, which was the most striking acceptance on foot at the handover ceremony. At 11: 20 a.m., nearly 100 officers and men from the mine-clearing headquarters and the Second Mine-clearing Team entered the designated place, and all the leaders and personnel of the headquarters stood at the front of the team, holding hands, they stepped into the former minefield and conducted detailed reconnaissance and detection with their feet. In order to reassure the masses, officers and men walked back and forth in the cleared minefield.

  After the acceptance on foot, representatives of the mine-clearing forces and local governments at all levels signed the land transfer document, and the leaders of the mine-clearing forces announced that after the acceptance on foot, 4.436 square kilometers of peaceful land was returned to the hands of the masses.

  At the end of the ceremony, military and civilian personnel jointly planted a number of saplings in the former minefield, hoping that the former minefield would become a fruitful orchard.

  Up to now, the mine-clearing troops have cleared nearly 17 square kilometers of minefields along the Yunnan section of the Sino-Vietnamese border, and cleared more than 50,000 mines and explosives, accounting for 31% of the total task. Next, the officers and men of the Second Mine Clearance Team will be transferred to Maguan County, Wenshan Prefecture, and continue to fight in minefields such as Luojiaping Dashan and Dulong. It is planned to successfully complete all mine clearance tasks before the end of 2017. (CCTV reporter Yuan Bin Huang Qiao Hu Enkuan Li Zhenxing)

  News link: Three major mine clearance in China-Vietnam border minefield

  Since the 1990s, China has carried out three large-scale demining operations on the Sino-Vietnamese border.

  Before the first large-scale mine clearance, thousands of residents in border areas were killed or injured because of mines, and the ports and passages on the front line of the border were blocked by minefields, which seriously affected border trade and cultivated land sowing.

  In April 1992, China solemnly announced to the world that the Vietnamese government had taken the initiative to remove some mines on the Sino-Vietnamese border. The first mine clearance was carried out on the 1,353-kilometer border from the No.24 boundary pillar in Funing, Yunnan Province in the east to the 10-story mountain in Jiangcheng County in the west. It took 626 officers and men of six mine clearance teams two and a half years to complete the mine clearance of 108.2 square kilometers, remove more than 280,000 mines, more than 120,000 shells and grenades, and recover more than 2,400 boxes of unexploded ordnance.

  On December 1, 1997, the second mine clearance began, and operations were carried out in Yunnan and Guangxi at the same time. 510 mine clearance team members carried out mine clearance tasks in 117 minefields of more than 1,280 kilometers, clearing a total minefield area of 109.67 square kilometers, removing more than 550,000 mines, restoring more than 138,000 mu of cultivated land and opening 52 border crossings. The second mine clearance ended in March 1999, which took two years and four months. At present, there are 6 national, 13 provincial border trade ports and more than 30 border trade points on the Sino-Vietnamese border.

  The third Sino-Vietnamese border mine clearance began on November 3, 2015, and more than 400 mine clearance team members started operations in Yunnan and Guangxi at the same time. The task of this mine clearance is to completely remove 99 minefields with a total area of 55.59 square kilometers left over from the previous two mine clearance, and permanently enclose about 25 square kilometers of minefields. Up to now, the mine-clearing forces have cleared 40 minefields, covering an area of 17.67 square kilometers, accounting for 31% of the total task.

Football originated in China, why can’t it be played in modern times? It has something to do with Zhu Yuanzhang’s prejudice against Cuju.

When it comes to football, I believe many students will think of ancient cuju in China. There is no doubt that football originated from ancient cuju in China. In 2004, FIFA confirmed that cuju in ancient China was the earliest prototype of football. # You don’t know the history of football #

So, when was Cuju invented in ancient China? The "Ju" in Cuju can be traced back to the stone balls in the cultural site of Ding Cun 100,000 years ago. At first, it should be a hunting tool. In the late primitive society, stone balls kicked by feet and hollowed-out pottery balls appeared.

However, it is not known from the development of stone balls to the inventor of Cuju. According to Liu Xiang’s "Bielu", it is said that Cuju was invented by the Yellow Emperor and began to be used in military training. The bow was made of leather and filled with hair.

The earliest accurate and credible written record of Cuju was in the Warring States Policy and Historical Records. In 285 BC, that is, during the Warring States Period, Cuju was recorded as an activity with both military and recreational nature.

When introducing the living conditions of people in Linzi, the capital of Qi State, Qice wrote: "There are 70,000 households in Linzi … which are very rich and real, and all of them are people who play the flute, drum instruments, percussion, playing the piano, fighting cocks, walking dogs, playing six blogs and squatting."

It can be seen that cuju has developed into a popular way of sports in Linzi, the capital of Qi during the Warring States Period.

During the Han Dynasty, Cuju ushered in a period of rapid development. Cuju can be used not only for entertainment and performance, but also for competition and training. It is estimated that many students can’t believe that Cuju will be used for training. This is because Cuju can not only train soldiers’ physical fitness, but also enrich military life.

If Han Dynasty was the first peak of Cuju’s development, then Tang and Song Dynasties was the second peak. After improvement, Cuju started with a solid ball stuffed with hair and became an inflatable ball. Because of the lower cost of football, more ordinary people could afford to play Cuju. With the increase of the number of Cuju, there were teams and norms dedicated to Cuju, and organizations specializing in Cuju competitions appeared in the Song Dynasty.

Having said that, everyone must first think of Gao Qiu, the first master of cuju in the last years of the Northern Song Dynasty, because Song Huizong liked cuju very much when he was the king of Duan, and when Gao Qiu sent something to the palace of Duan, he inadvertently showed a few hands, thus being left behind by Zhao Ji. After Zhao Ji became king, he began to promote Gao Qiu.

During the Tang and Song Dynasties, due to the gradual popularization of cuju, Japan often sent Tang envoys to China at that time, and brought the game of cuju back to Japan. Today, football is still called "cuqiu" in Japanese and Han Wenzhong, which is also influenced by China’s cuju.

Why did China Cuju, which was still at its peak in the Tang and Song Dynasties, fall out of fashion in the Ming and Qing Dynasties? Even after the mid-Qing Dynasty, football turned from export to domestic sales and reappeared in the eyes of China people.

All this stems from an imperial edict of Zhu Yuanzhang. After the establishment of the Ming Dynasty, it was different from the situation that the previous generation used cuju as a means of military training. Zhu Yuanzhang thought that cuju was a sign of being a plaything, because Zhu Yuanzhang had an old rival named Zhang Shicheng, and Zhang Shicheng’s troops liked cuju very much. However, when Zhang Shicheng was at war with Zhu Yuanzhang, it was simply vulnerable. Therefore, Zhu Yuanzhang thought that cuju would not help the improvement of soldiers’ military literacy. Therefore, Zhu Yuanzhang ordered that the Ming army would not be allowed to cuju in the future, and offenders would be punished.

Because this order only prohibits soldiers from playing cuju, but not the people, it actually abandons the function of competition and training, while the people play cuju more for entertainment and viewing.

Therefore, in Ming Dynasty, cuju was still popular among the people, but most of them were women. At that time, cuju was a talent show, just like a brothel woman performing singing and dancing. Although there were several emperors who liked cuju in Ming Dynasty, it was even recorded that the emperor organized eunuchs and maids to play cuju in the palace, but at that time, cuju had developed into a very lightweight thing, and even developed into kicking shuttlecock, which completely deviated from the development of modern football.

During the Qing Dynasty, there were few records about cuju. When the Qing army entered the customs, cuju was banned in the Eight Banners during the Shunzhi period, and cuju was combined with skating, resulting in the movement form of "cuju on the ice".

While the development direction of football in China is crooked, western countries are keen on playing football, and Britain is the first country to popularize modern football.

According to legend, in the 11th century, there was a war between England and Denmark. After the war, when the British were cleaning up the ruins of the war, they found the skull of a Danish invader. They were in resentment, so they kicked the Danish skull with their feet to vent their dissatisfaction. Later, everyone felt that it was very difficult to kick the skull, so some smart people thought of replacing the skull with a cow’s bladder, so there was the origin of modern football.

It can be seen that the birth of modern football itself is full of bloodshed and killing. The initial football match is not just an entertainment, but more like a confrontation.

Generally, two cities take part in a football match. The host throws the football into the air. At the beginning of the game, both sides rush into it, not only shouting, but also running and kicking. Which side can kick the ball to the downtown area of the other side is the winner.

The strong desire to win or lose makes the participants on both sides crazy. In order to win, when the football rushes into the residents’ houses in the middle, the players will rush in and kick around, often leaving the houses in pieces. Therefore, when there is no football match, the people have to close their doors and wait until the end of the game before they dare to leave the house.

Under the strong opposition of the people, the British government had to make a ban, stipulating that football matches can only be played in open spaces, but not in downtown areas, so there was a special football venue.

By 1848, the first written rule of football, Cambridge Rules, was born, which was made between Oxford and Cambridge for a football match. The rule was that only 11 people played in each team, and this rule continued until recently.

In 1862, the world’s first football club was established in Nottinghamshire, England. On October 26th, 1863, the world’s first official football organization, the English Football Association, was established in London, England. This day was also regarded as the birth day of modern football. Since then, with the further improvement of the rules of the game, football has quickly spread around the world.

It can be said that while modern football is flourishing, the ancient cuju in China is evolving into a shuttlecock-kicking sport. Do you think that the decline of modern football in China is related to Zhu Yuanzhang’s ban on military cuju? Welcome to discuss in the comments section below!

Jaguar Land Rover: the global engine of China market and the peak of innovation in the field of new energy vehicles.

  In recent years, the automobile market in China has shown a vigorous development momentum, and Jaguar Land Rover is an important driving force behind this prosperity. In Jaguar Land Rover’s global strategy, the position of China market has become increasingly prominent, which has become a key driving force for its global performance, especially in the field of new energy vehicles. This paper will discuss the rise of Jaguar Land Rover in China market and the key role this market plays in its global strategy.

  China market has always been famous for its huge consumption potential and rapid economic growth. Jaguar Land Rover quickly seized this opportunity and made the China market a core part of its global strategy. In China market, Jaguar Land Rover has not only successfully built a strong brand image, but also made product innovation and customization in close connection with local market demand, making its products very popular in China market.

  In particular, China has become one of the largest new energy vehicle markets in the world, and Jaguar Land Rover has made remarkable achievements in this field with its advanced electric vehicle technology. As one of the innovators in the automotive industry, Jaguar Land Rover not only has outstanding performance in traditional fuel vehicles, but also climbs the peak in the field of electric vehicles. Its series of new energy vehicles launched in the China market have attracted much attention, successfully meeting the demand of China consumers for environmentally-friendly and high-tech vehicles.

  Jaguar Land Rover has been so successful in China market, not only because of its excellent products, but also because of its active investment in localization strategy. The establishment of a production base in China and the introduction of local teams not only improved the adaptability and localization level of Jaguar Land Rover products, but also took the lead in the market competition. At the same time, Jaguar Land Rover also actively participates in social responsibility activities, promotes sustainable development together with local partners in China, and contributes to the prosperity of China automobile market.

  The contribution of China market is not only reflected in sales performance, but also reflected in the strategic positioning of Jaguar Land Rover’s global strategy. The strong demand in China market has become a powerful engine for Jaguar Land Rover to promote global product innovation and technological upgrading. Through in-depth understanding of the needs of consumers in China, Jaguar Land Rover not only improved the localization level of its products, but also promoted brand upgrading and innovation around the world.

  Driven by the China market, Jaguar Land Rover also actively participates in the global new energy vehicle market competition. The successful experience of China market provides Jaguar Land Rover with the enlightenment of globalization strategy, which not only has stronger competitiveness in product innovation, but also shapes a more dynamic and innovative brand image on a global scale.

  On the whole, China market is not only a sales market for Jaguar Land Rover, but also a key fulcrum of its global strategy. Driven by the strong market in China, Jaguar Land Rover has made remarkable achievements in the world. Through localization strategy, product innovation and active participation in social responsibility activities, Jaguar Land Rover has successfully built the China market into the pinnacle of its global strategy. In the future, with the continuous rise of China market, Jaguar Land Rover will continue to write its own brilliant chapter in the global automotive field.


China will further improve the monitoring and early warning of disastrous weather.

  Xinhua News Agency, Beijing, January 10 (Reporter Huang Yao) In 2024, China will further enhance its ability to monitor and warn severe weather and do its best to prevent and reduce meteorological disasters.

  This is what the reporter learned at the 2024 National Meteorological Work Conference, which opened on the 10th. Chen Zhenlin, director of the China Meteorological Bureau, introduced at the meeting that in 2023, the 24-hour average path prediction error of typhoons in China was 62 kilometers, the best in history; The accuracy of 24-hour rainstorm forecast has reached a new high; The warning signal of severe convective weather was released 43 minutes in advance.

  Under the background of climate warming, extreme weather and climate events occur frequently and violently. Chen Zhenlin said that meteorological departments should strengthen meteorological disaster risk prediction and response, pay close attention to monitoring, forecasting and early warning services, further improve the linkage mechanism of disaster prevention and mitigation led by meteorological early warning, and build the first line of defense for meteorological disaster prevention and mitigation.

  According to reports, in 2024, the meteorological department will further enhance the monitoring and early warning capability of severe weather by strengthening the monitoring and early warning of short-term approaching weather, doing a good job in point-to-point accurate forecasting and rolling update, strengthening the construction of national and provincial short-term monitoring and early warning platforms, and promoting the adjustment of rainstorm early warning signals.

  At the same time, the meteorological department will also improve the emergency response and linkage mechanism for disaster prevention and mitigation, including promoting the full integration of meteorological services into the local comprehensive disaster prevention and mitigation command and dispatch work system, improving the "calling" mechanism and process of high-level meteorological disaster early warning, fully implementing the progressive meteorological service mechanism, encouraging chief forecasters to interpret weather trends and disaster impacts online, and enhancing the prevention capability of meteorological disasters in the whole society.


Attention financial holding company! The central bank zoomed in, and super-strict supervision is coming! (20 points)

  On the afternoon of July 26th, the central bank and relevant departments drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

  The central bank publicly solicited opinions on the pilot measures for supervision and management of financial holding companies.

  In order to promote the standardized development of financial holding companies, effectively prevent and control financial risks, and better serve the real economy, the People’s Bank of China, together with relevant departments, drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

  According to the central bank, financial holding companies invested by non-financial enterprises blindly expand into the financial industry and regard financial institutions as "cash machines". There is a regulatory vacuum and risks are constantly accumulating and exposed. In order to rectify and restrain the risks of financial holding groups that have actually formed in an orderly manner, and at the same time effectively regulate the increment and prevent the cross-industry and cross-market transmission of financial risks, the Measures, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council, fill in the shortcomings of the supervision system, follow the concept of macro-prudential management, and conduct comprehensive, sustained and penetrating supervision on the capital, behavior and risks of financial holding companies on the basis of consolidated supervision.

  There are 7 chapters and 56 articles in the exposure draft, the main contents of which include:

  The first is to clarify the scope of supervision.That is, financial holding companies that meet certain conditions and whose actual controllers are domestic non-financial enterprises and natural persons shall be supervised by the People’s Bank of China.

  For integrated financial groups formed by financial institutions investing in other types of financial institutions across industries, the relevant financial supervision departments shall implement supervision according to the Measures and be responsible for formulating specific implementation rules.

  The second is to take market access as the first threshold for risk prevention and control., clear the qualifications of directors, supervisors and senior management personnel, and implement continuous supervision of financial holding companies during and after the event. The administrative licensing matters involved will be decided by the State Council according to law.

  Third, strict shareholder qualification supervision., through the positive list and negative list, stipulate the conditions and prohibited acts of becoming a shareholder of a financial holding company. The major shareholder, controlling shareholder or actual controller of a financial holding company shall have prominent core business, standardized corporate governance, clear ownership structure and good financial status.

  The fourth is to strengthen the supervision of the authenticity of capital sources and the compliance of capital utilization.. The source of funds shall be true and reliable, and non-owned funds such as entrusted funds shall not be used to invest in financial holding companies. A financial holding company shall not inject capital falsely or circularly into financial institutions.

  Fifth, strengthen corporate governance and related party transaction supervision.. A financial holding company should have a concise, clear and penetrating shareholding structure, participate in the corporate governance of the financial institutions it controls according to law, and must not abuse its substantive control rights. Shall not conceal related party transactions and the true whereabouts of funds.

  Sixth, improve the risk "firewall" system. Financial holding companies should establish a unified comprehensive risk management system to reasonably isolate internal cross-employment and information sharing.

  Seventh, set a reasonable transition period.. Allow existing enterprise groups that do not meet the requirements of the Measures to carry out rectification within a certain period of time to promote a smooth transition.

  After the public consultation, the People’s Bank of China will further revise and improve the Measures in conjunction with relevant departments according to feedback from all walks of life.

  Here come the 20 main points.

  From the central bank’s answer to reporters’ questions and the full text of the draft for comments, the following 20 points can be sorted out.

  1. Why is this method formulated?

  Financial holding companies invested by non-financial enterprises blindly expand into the financial industry, and there is a regulatory vacuum, and risks are constantly accumulating and exposed.

  The main manifestations are as follows: First, the risk isolation mechanism is missing, and financial risks and industrial risks are cross-transmitted.

  Second, some enterprises have complex control or benefit relationships and strong hidden risks.

  Third, there is a lack of overall capital constraints, and some groups as a whole lack real capital that can resist risks.

  Fourth, some enterprises improperly interfere in the operation of financial institutions, and use related party transactions to conceal their interests and harm the rights and interests of financial institutions and investors.

  2. Penetrating supervision

  In view of the complex structure of financial holding companies, it emphasizes the thorough supervision of equity and funds, accurately identifies the actual controller and the ultimate beneficiary, and prevents the real control relationship from being hidden.

  Through the verification of the authenticity of the sources of funds, including the sources of funds for investment in financial holding companies and the sources of funds for investment in financial institutions, to prevent false capital injection and circulating capital injection.

  3. The central bank implements supervision.

  The People’s Bank of China shall supervise the financial holding companies that meet the conditions for the establishment of the Measures, and the financial supervision department shall supervise the financial institutions controlled by the financial holding companies.

  Financial supervision departments supervise financial groups formed by cross-industry investment and holding of financial institutions. When the risk occurs, according to the principle of "who supervises, who is responsible", the corresponding regulatory body will take the lead in risk disposal. Strengthen supervision cooperation and information sharing among various departments to jointly guard against the risks of financial holding groups and financial groups.

  4. What are the financial holding companies?

  A financial holding company is defined as a limited liability company or a joint stock limited company that is established according to law, has substantial control over two or more different types of financial institutions, and only conducts equity investment management and does not directly engage in commercial business activities.

  The Measures apply to financial holding companies whose actual controllers are domestic non-financial enterprises and natural persons. For financial groups formed by cross-industry investment and holding of financial institutions, the financial supervision department shall implement supervision according to the Measures and formulate specific implementation rules.

  5. Financial institutions include the following six types:

  Commercial banks (excluding village banks), financial leasing companies, trust companies, financial asset management companies, securities companies, fund management companies, futures companies, life insurance companies, property insurance companies, reinsurance companies, insurance asset management companies, and other financial institutions recognized by the financial management department.

  6, to apply to the central bank in advance to set up a financial holding company.

  Non-financial enterprises and natural persons who meet the conditions stipulated in Article 6 of the Measures shall apply to the People’s Bank of China for the establishment of a financial holding company or for the parent company of the group as a financial holding company. Among them, those who have met the requirements of Article 6 before the implementation of the Measures shall apply to the People’s Bank of China within 6 months from the date of implementation of the Measures. After the implementation of the Measures, if it intends to substantially control two or more different types of financial institutions, and it has the circumstances stipulated in Article 6 of the Measures, it shall also apply to the People’s Bank of China. Relevant implementation rules will be formulated separately.

  7. These cases are not registered.

  If an institution that meets the requirements for the establishment of a financial holding company fails to apply to the People’s Bank of China in accordance with the Measures, or the People’s Bank of China may, in conjunction with the relevant financial regulatory authorities, order it to make corrections. If it fails to make corrections within the time limit, it shall be ordered to transfer the equity of the financial institution it holds. Without the approval of the People’s Bank of China, a financial holding company shall not be registered as a financial holding company, and the words "financial holding", "financial control" and "financial group" shall not be used in its name.

  8. What are the business scopes of financial holding companies?

  The main business of a financial holding company is equity management of the financial institutions it invests in. In addition, in order to urge financial holding companies to strengthen the overall liquidity management and risk management and control of the group, so that they can provide liquidity support to the financial institutions they hold, or play a self-help role to the financial institutions they hold in case of risks, the Measures allow financial holding companies to carry out other financial businesses except equity management on the premise of obtaining approval from the People’s Bank of China.

  9. Strictly isolate the financial sector from the industrial sector.Block, a financial holding company shall not engage in non-financial business.

  From the perspective of based on the main business and risk prevention, financial holding companies are enterprises specializing in equity investment and management of financial institutions, and are not allowed to engage in non-financial business, so as to strictly isolate the financial sector from the industrial sector and effectively prevent cross-infection of risks.

  Under the premise of strictly isolating risks, financial holding companies established by enterprise groups are allowed to invest in institutions related to financial business identified by financial management departments, but the book value of total investment shall not exceed 15% of the net assets of financial holding companies in principle.

  For existing enterprises that do not meet the requirements, they are allowed to gradually adjust the proportion of investment in non-financial enterprises during the transition period. If the enterprise group as a whole is recognized as a financial holding group, its non-financial total assets shall not be higher than 15% of the total assets of the group.

  10, positive list and negative list, clear financial holding company shareholders’ conditions.

  Some enterprises are not strong in strength, impure in investment motives, weak in risk management and control ability and compliance management concept. They set up or become shareholders in financial holding companies only to obtain more financial licenses, or even use financial holding companies to carry out improper related party transactions and extract funds from financial institutions, which brings greater risks to financial institutions and financial holding companies.

  The Measures clarify the conditions for becoming a shareholder of a financial holding company through a positive list and a negative list.

  From the positive list, the major shareholders, controlling shareholders or actual controllers of financial holding companies should highlight their core business, have pure investment motives, formulate reasonable financial investment business plans, not blindly expand into the financial industry, and have perfect corporate governance structure, clear ownership structure and organizational structure, transparent shareholder and beneficial owner structure, strong management ability, effective risk management and internal control mechanism, and good financial status.

  From the negative list, it is clear that the controlling shareholder of a financial holding company is prohibited from engaging in acts, and that it is not allowed to become a major shareholder, controlling shareholder or actual controller of a financial holding company. For example, it has made false investments and injected capital into financial institutions in a circulating way, and it has been responsible for the failure or major violations of financial holding companies or financial institutions.

  11, strengthen the supervision of financial holding companies’ sources of funds.

  Some enterprises, through controlling financial institutions at different levels and cross-holding financial institutions, contributed with debt funds, which pushed up the overall leverage ratio and manipulated shell companies to make false capital injection and circulating capital injection, resulting in the whole group not having much real capital to resist risks.

  To this end, the supervision of financial holding companies’ sources of funds emphasizes authenticity:

  First, the source of funds is true and reliable. Shareholders of a financial holding company shall invest in the financial holding company with legally owned funds, and shall not invest in the financial holding company with non-owned funds such as entrusted funds, debt funds and investment funds, and shall not entrust others or accept others’ entrustment to hold the equity of the financial holding company.

  Second, a financial holding company shall invest in holding financial institutions with its own legal funds, and shall not make false capital injection or circulating capital injection into financial institutions, and shall not withdraw funds from financial institutions.

  The third is to carry out penetrating management on the capital compliance of financial holding companies, check the source of funds of investment holding financial holding companies upwards, and check the source of funds of investment holding financial institutions downwards.

  The fourth is to establish a capital adequacy supervision system.

  12. Concise, clear and penetrating ownership structure

  Some enterprise groups have complex ownership structure, cross-shareholding, multi-level shareholding, insufficient information disclosure, unclear beneficial owners, and nested groups within the group.

  The Measures stipulate that a financial holding company should have a concise, clear and penetrable shareholding structure, which can be identified by the actual controller and the ultimate beneficiary, and the legal person level is reasonable, which is suitable for its own capital scale, operation and management ability and risk management and control level. The financial institution it controls shall not hold shares in reverse or cross-shareholding.

  13, the ownership structure does not meet the need for timely rectification.

  An enterprise group that should apply for the establishment of a financial holding company from the date of implementation of the Measures, but its shareholding structure does not meet the requirements, shall formulate a plan for the rectification of its shareholding, and after being approved by the financial management department, reduce the complexity of its organizational structure and simplify the legal person level during the transition period. In the process of equity transfer, if the assets involved in equity integration, transfer and transfer within an enterprise group are in compliance with the provisions of tax policies, they can enjoy corresponding preferential tax policies; Where the approval of shareholder qualification is involved, the financial management department shall apply the shareholder qualification conditions suitable for the financial holding company.

  14, shall not exceed level 3.

  After the implementation of the Measures, the newly-added financial holding companies, shareholders of financial holding companies, financial holding companies and financial institutions controlled by them shall not exceed level 3 in principle.

  15. A financial holding company shall not abuse its substantive control rights.

  A financial holding company shall not abuse its substantive control right, interfere with the independent operation of its controlled institutions, and damage the legitimate rights and interests of its controlled institutions and their related stakeholders.

  16. Strengthen related party transaction management.

  Strengthening the management of related party transactions is an important measure of strict risk isolation. In practice, some enterprises use the hidden ownership structure to transfer benefits through improper related party transactions, and regard financial institutions as "cash machines", which seriously damages the legitimate rights and interests of financial institutions and investors.

  17. Establish a negative list of prohibited related party transactions.

  First, financial holding companies should strengthen the management of related party transactions, and their intra-group transactions with controlled financial institutions, between controlled financial institutions and between controlled financial institutions and other institutions in the group, as well as related party transactions with other related parties, should be in compliance with the law.

  Second, a financial holding company and its financial institutions and other related parties shall not conceal related party transactions and the true whereabouts of funds, and shall not transfer interests, evade supervision or regulatory arbitrage, damage the legitimate rights and interests of others, or damage the stability of the financial holding company through related party transactions.

  Third, except for financial companies, financial institutions controlled by financial holding companies are prohibited from providing financing to financial holding companies or providing unsecured financing to other related parties. The financing or guarantee provided to related parties shall not exceed 10% of the registered capital of the financial institution or 20% of the registered capital of the related party. Financial institutions and non-financial institutions controlled by financial holding companies are prohibited from accepting the equity of financial holding companies as pledge targets, and the guarantee balance of financial holding companies outside financial holding groups shall not exceed 10% of the net assets of financial holding companies.

  18. The central bank has these regulatory means and measures.

  First, establish a unified supervision information platform for financial holding companies, and require financial holding companies to report and disclose information according to regulations.

  The second is to establish and improve the risk assessment system of financial holding groups, and comprehensively use macro-prudential policies, financial institution ratings and other policy tools to assess the management and risk status of financial holding groups.

  Third, according to the needs of performing their duties, conduct supervision talks with relevant responsible persons, conduct on-site inspections of financial holding companies, and conduct on-site inspections of financial institutions controlled by financial holding companies with the approval of the State Council when necessary, on the basis of supervision and cooperation.

  Fourth, the financial holding company is required to formulate the overall recovery and disposal plan of the financial holding group.

  Fifth, when a financial holding company violates the Measures or has a major risk, it will take regulatory measures such as restricting its business activities, restricting dividends or related rights, ordering it to replenish capital within a time limit, and ordering it to transfer its equity, and give it warnings, fines and other penalties.

  Sixth, if it is difficult for financial holding companies to operate continuously, which will seriously endanger the financial order and harm the public interest, they should withdraw from the market according to law. Relevant implementation rules shall be formulated separately by the People’s Bank of China in conjunction with relevant departments.

  19. Transition period

  If an enterprise group that existed before the implementation of the Measures and meets the conditions for the establishment of a financial holding company fails to meet the regulatory requirements stipulated in the Measures in terms of the ownership structure, the proportion of institutions related to investment and financial business, and the part-time jobs of senior managers, it will be rectified within a certain period of time with the consent of the financial management department, and the specific period will be determined by the financial management department according to the actual situation of the enterprise group. At the end of the transition period, these enterprises should meet the regulatory requirements of the Measures and be accepted by the financial management department. For the increment, it will be implemented in strict accordance with the requirements of the Measures.

  20. What is the impact on the financial market?

  The impact on financial institutions, non-financial enterprises and financial markets is positive and the risks are controllable.

  Some enterprise groups that do not meet the requirements need to carry out equity integration, but the equity transfer is carried out within the group and the actual controller has not changed, so the impact on financial institutions is limited.

  In the long run, the "Measures" are conducive to controlling financial chaos, rectifying financial order, and ultimately preventing systemic financial risks.