HSBC Holdings (0005) suspension of dividend payment

With regard to the suspension of dividend payment by HSBC Holdings, I have the following views:

1. No matter how much confidence you have in holding shares, it is not suitable to win a single bet. Proper investment diversification can help spread risk, which I have always emphasized. Who can ensure that HSBC will not become Lifeng, or even Esprit?
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Discharging cash is the BEST method?

Whether it is a crisis, a financial tsunami, a trade war, or the new coronavirus now, it seems that “draining water” is an eternal panacea that can cure all diseases.

The current situation is a sharp rebound in the stock market VS the rapid downturn in the real economy, and the continuous rise in the market has made many investors confused.
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Risk-Off mode

In the past few days, I have always said that I will maintain a higher proportion of cash levels. I used to have a cash level of more than 20%. Then I started to increase to 30% in September. In the past few months, I have been increasing my cash level. Going in the direction, after reducing some goods today, plus the previous Aoyuan Health (03662), Kaisa Yimei (02168), and the majority of Zhonghui Group (00382), now Almost 40% of the cash level should be the highest cash level in my last decade.
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Exploring the Midea Real Estate Holding Ltd.(03990)

Midea Real Estate Holding Ltd. purchase which is listed for half a year, surrendered its first performance after listing last month and achieved excellent results.

Let me talk about the basic situation:

Midea Real Estate was listed in October 2018, with an offer price of 17 yuan. After the listing, the total number of shares issued was 1.109 billion shares. The major shareholder He Jianfeng held 1 billion shares, equivalent to 84% of the shares, and another cornerstone investor Youngor (600177. SH) holds 60.35 million shares or 5.07% of shares and Foshan Yesheng Investment holds 13.71 million or 1.15% of the shares. The cornerstone investors have a six-year lock-up period, and there is no lock-up limit. If the cornerstone investors do not reduce their holdings, then the market circulation is only 9.8%, and the market circulation is only about 2.56 billion yuan.
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Performance Review (5)

Xingfa Aluminum (00098)

Xingfa’s performance and dividends are as expected, and they are satisfied. The only dissatisfaction is stock price performance.

Revenue increased by 37% to nearly RMB 10 billion, and gross profit increased by 33% to RMB 1.35 billion. The overall gross profit margin decreased slightly by 0.4% to 13.6%, mainly due to the 2% decrease in the gross profit margin of construction aluminum profiles. By maintaining existing customers and attracting new customers, the processing costs were reduced, and the revenue of this business segment increased by 32%, and the price reduction achieved the expected results.
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