The U.S. trade representatives office issued a document on Tuesday that the exemption period for some Chinese goods, including smart watches and some medical masks, will be extended for another four months to the end of 2020, the previous years exemption period expired on September 1.
Last year, the trump administration announced a 15% tariff increase on Chinese goods worth about US $125 billion, and then reduced the tariff rate to 7.5% in the first phase trade agreement signed between China and the United States in January this year, but some of them were temporarily exempted from tariffs.
The extended list also includes medical equipment such as masks, respirators, stethoscope covers, gauze sponges and blood pressure sleeves. Vertical piano, LCD module, stainless steel case and other products were also postponed.
The U.S. trade representatives office previously granted these products a one-year tariff exemption period. The latest announcement did not specify the specific reason for extending the exemption period for only another four months.
Liu he talks with us representatives: promoting the implementation of the first phase of Sino US economic and trade agreement
The two sides had a constructive dialogue on strengthening the coordination of macroeconomic policies between the two countries and the implementation of the first phase of Sino US economic and trade agreements. The two sides agreed to create conditions and atmosphere to continue to promote the implementation of the first phase of Sino US economic and trade agreement.
In early August, the tariff exemption period for these commodities was also extended
From September 24, 2018, the United States imposed additional tariffs on Chinese imports with a total value of 200 billion. Subsequently, it implemented the policy of exempting 15 batches of Chinas imported goods from tariffs until August 7 this year.
Played by Americans! Chinas 7 billion face masks failed and buyers become mystery
A large bill of nearly 7 billion masks from the United States has gone yellow.
On the evening of August 9, Jinfa technology announced that the US $975 million kn95 mask order signed with an American company (hereinafter referred to as the buyer) did not receive the 40% payment previously agreed, and the buyer did not respond to the contract effectively. The company believed that the contract order had actually been terminated.
According to the announcement of Jinfa technology on May 18, the subsidiary Guangdong Jinfa Technology Co., Ltd. (hereinafter referred to as Guangdong Jinfa) and a company in the United States (hereinafter referred to as the buyer) signed a goods sales contract, among which, the object of the goods is kn95 mask, with an order amount of US $975 million.
On June 10, Jinfa technology announced that due to the fund collection and large amount payment process, the advance payment of 40% of the order amount will be slightly delayed.
According to the announcement, Guangdong Jinfa has received the buyers purchase order on May 16, 2020. According to the exchange rate of 7.0936 on May 16, the order amount is as high as RMB 6.916 billion. According to the latest exchange rate, 975 million US dollars is about 6.792 billion yuan.
As for when the payment can be received, golden development technology only said in its announcement on June 10 that it has always maintained communication with the buyer and discussed specific issues such as the fund collection and large amount payment process proposed by the buyer, so as to achieve the goal of payment as soon as possible.
In addition, according to the latest response of golden hair technology quoted by the media, because the other party has not paid the down payment, the order has not yet started production.
A billion dollars
In 2020, the outbreak of the new coronavirus will have a huge impact on sales. Many offline stores are shut down and have no turnover for several months.
The downstream of Jinfa technology is undoubtedly the worst hit area under this epidemic situation.
From the product side, the modified plastics are the main force contributing to the business income of Jinfa technology, with an operating revenue of 16.954 billion yuan in 2019, accounting for 57.89% of the revenue. Before the mask list was disclosed on May 18, Goldilocks also took advantage of the momentum of helmet concept stocks.
The main downstream application fields of modified plastics are automobiles, household appliances, electronic appliances, etc. In addition, the downstream application fields of environmental protection and high performance recycled plastics, high-performance carbon fiber and composite materials, special engineering plastics and other products of Jinfa technology also involve household appliances, automotive electronics and electronics.
To some extent, under the epidemic situation, the demand side of golden hair technology products is seriously depressed, which will undoubtedly impact the performance of golden hair technology in 2020.
According to the performance report of Jinfa technology in the first quarter of 2020, the operating revenue in the first quarter was 5.536 billion yuan, a year-on-year decrease of 6.15%; the net profit attributable to shareholders of listed companies was 142 million yuan, a year-on-year decrease of 36.91%.
In 2020, the amount of scientific and technological orders will play an important role in boosting the performance of 6.9 billion yuan.
In 2019, Jinfa technology will achieve an annual revenue of 29.29 billion yuan, including 5.899 billion yuan in the first quarter, 6.443 billion yuan in the second quarter, 8.034 billion yuan in the third quarter and 8.910 billion yuan in the fourth quarter.
The equivalent of 6.916 billion yuan of mask orders can make up for the lost performance of golden hair technology in a quarter.
Is it possible to do 7 billion business with strangers?
Golden hair technology is undoubtedly lucky, less than half a year after the mask business, it received a large amount of 6.9 billion yuan for masks.
Stimulated by the news, on May 18, Jinfa technology had a turnover of 888 million yuan, up or down 9.98%, and closed at 13.34 yuan / share. As of the end of August 7, Jinfa technology reported 17.38 yuan / share, up 0.34% from the previous trading day. In the three months after receiving orders from the United States, Jinfa technology has increased by 44.35% and its market value has increased by 13.745 billion yuan.
According to the announcement on May 18, both parties of the contract agree that Guangdong Jinfa will deliver the goods to the buyer in weekly batches after the buyer pays the pre payment of the proportion specified in the order, and complete the delivery of the goods agreed in this purchase order within 3 months.
Interestingly, the $975 million mask bill is the first time golden hair technology has cooperated with the buyer.
After the first cooperation, the buyer had a large order of $975 million, but he refused to pay. It makes people wonder whether the buyer has the ability to pay $975 million? And will this $975 million order contract end up an own dragon?
In the inquiry, the above-mentioned staff of the Securities Department told AI financial services: the other partys payment ability is evaluated, but the other party has not provided detailed financial data. And the United States golden hair in the United States to understand its local, but did not understand the specific situation
According to the financial report in 2019, Guangdong Jinfa, the direct acceptor of the US $1 billion order, has a loss of - 36 million yuan in 2019.
Give a deposit on production, there is no impact on blonde hair. The above-mentioned staff also said, we used to produce melt blown materials, but we started to extend upstream and downstream due to the epidemic situation. In February and March this year, we purchased some equipment for the production of masks.
However, it is still a mystery what kind of influence will be shown in the semi annual report when nearly 7 billion yuan of masks are sold out this time. (source: AI financial services)