DOCSLIB.ORG

2020 First Quarter Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020 First Quarter Report Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Focus Media Information Technology Co., Ltd. 2020 First Quarter Report April 2020 1 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Section I Important Notes The Board of Directors, Board of Supervisors, directors, supervisors and senior management of Focus Media Information Technology Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the authenticity, accuracy and completeness of the information presented in this report and that it is free of any false records, misleading statements or material omissions, and will undertake individual and joint legal liabilities. All directors have attended the board meeting approving this quarter report. Jason JIANG Nanchun, the Company’s legal representative, KONG Weiwei, the person in charge of the accounting work, and WANG Lilin, the person in charge of the accounting institution (accounting officer), hereby declare and warrant that the financial statements within this quarter report are authentic, accurate and complete. 2 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Section II Company Profile I. Key Accounting Information and Financial Indicators Whether the Company need to retrospectively adjust or restate its accounting information in previous years □ Yes √ No 2020 Q1 2019 Q1 YoY Change (%) Operating income (RMB) 1,938,423,282.73 2,610,958,669.84 -25.76% Net profits attributable to shareholders of 37,887,241.36 340,378,444.93 -88.87% the Company (RMB) Net profits attributable to shareholders of the Company before non-recurring profits -24,218,404.47 115,644,582.47 -120.94% and losses (RMB) Net cash flows from operating activities 658,313,702.06 581,559,068.68 13.20% (RMB) Basic earnings per share (RMB/share) – 0.0026 0.0234 -88.89% Note Diluted earnings per share (RMB/share) – 0.0026 0.0234 -88.89% Note Weighted average Return on Equity (ROE) 0.27% 2.42% -2.15% As at March 31, 2020 As at December 31, 2019 Change (%) Total assets (RMB) 18,553,028,568.54 18,687,079,233.62 -0.72% Net assets attributable to shareholders of the 13,876,312,932.18 13,778,408,776.65 0.71% Company (RMB) Note: In calculating the basic earnings per share and diluted earnings per share for the first quarter of 2019, the weighted average number of shares of 99,612,604 treasury shares repurchased by the Company in the fourth quarter of 2018 and 72,360,828 treasury shares repurchased by the Company in the first quarter of 2019 have been deducted. In calculating the basic earnings per share and diluted earnings per share for the first quarter of 2020, the weighted average number of shares of 99,612,604 treasury shares repurchased by the Company in the fourth 3 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report quarter of 2018 and 143,767,950 treasury shares repurchased by the Company in 2019 have been deducted. Explanation: According to the provisions on transition from the old to the new standards, the Company has implemented the new revenue standard since January 1, 2020. The Company does not need to retrospectively adjust the comparative statements for 2019 and comparable periods, and only needs to adjust the amount of retained earnings at the beginning of the period and other related items in the financial statements in 2020 based on the cumulative impact of the first implementation of the standard, but does not adjust the information in the comparable period, and it does not need to retrospectively make adjustment for the previous years, that is, this change in accounting policy does not affect the Company’s financial indicators for 2019. According to the new revenue standard, the Company’s long-term equity investment in the associate, Shanghai Shuhe Information Technology Co., Ltd., at the beginning of 2020 increased by RMB80,610,205.66 compared with that at the end of 2019, and the long-term equity investment and the retained earnings at the beginning of the year are adjusted accordingly by an increase of RMB80,610,205.66. Apart from this adjustment, the new revenue standard has no other significant impact on the Company. Items and Amounts of Non-recurring Profits and Losses √ Applicable □ Not applicable Unit: RMB Item 2020 Q1 Remarks Profits or losses from disposal of non-current assets (including the 285,585.26 write-off for the impairment provision of accrued assets) Government grants included in current profits and losses (excluding the government grants closely related to the Company’s business operations 49,443,883.62 and government grants based on standard quota or quantitative amounts according to unified national standards) Capital occupancy fee received from non-financial enterprises and 6,621,969.16 included in the current profits and losses 4 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Profit or losses attributed to change in fair value for held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities, and derivative financial liabilities; and investment income in disposal of held-for-trading financial assets, derivative financial assets, 24,238,468.97 held-for-trading financial liabilities, derivative financial liabilities and other debt investments, excluding the effective hedging business related to the normal operation of the Company Other non-operating income and expenditures except the above items -2,460,221.60 Less: Impact of income tax 15,919,265.36 Impact of the minority interests (after tax) 104,774.22 Total 62,105,645.83 -- Explanations shall be given if the Company defines a non-recurring profit/loss item defined or listed in the “Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1–Non-recurring Profits and Losses” as a recurrent profit/loss item □ Applicable √ Not applicable During the Reporting Period, the Company did not define a non-recurring profit/loss item defined or listed in the “Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1–Non-recurring Profits and Losses” as a recurrent profit/loss item. II. Total Number of Shareholders at the end of the Reporting Period and Information about Top 10 Shareholders 1. Total number of common shareholders and preferred shareholders with resumed voting rights and information about top 10 shareholders Unit: Share Total number of common shareholders at the end of the Reporting Period 199,951 Particulars about top 10 shareholders 5 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Sharehol Pledged or frozen Number of Nature of ding shares Name of shareholder Total shares held restricted shareholder percenta Amou shares held Status ge nt Foreign legal Media Management Hong Kong Limited 23.34% 3,425,818,777 0 person Foreign legal Hong Kong Securities Clearing Company Limited 8.25% 1,210,898,517 0 person Domestic Alibaba (China) Technology Co., Ltd. non-state-owned 5.28% 774,401,600 0 legal person Foreign legal Gio2 Hong Kong Holdings Limited 1.68% 247,236,384 0 person Domestic Shanghai Hongying Investment Management Center (Limited non-state-owned 1.09% 159,969,322 0 Partnership) legal person Domestic Shanghai Shanhong Investment Management Center (Limited non-state-owned 1.09% 159,969,322 0 Partnership) legal person Domestic Shanghai Hongqian Investment Management Center (Limited non-state-owned 1.09% 159,969,322 0 Partnership) legal person Domestic Shanghai Honglian Investment Management Center (Limited non-state-owned 1.09% 159,969,322 0 Partnership) legal person Industrial and Commercial Bank of China Limited – Huaan Media Others 1.05% 154,455,276 0 Internet Hybrid Securities Investment Fund Taikang Life Insurance Co., Ltd. – Investment Linked – Innovation Others 1.03% 151,431,834 0 Power Shares held by the top 10 shareholders of shares without trading restriction Number of shares without Type of shares Name of shareholder trading restrictions held Type Number Media Management Hong Kong Limited 3,425,818,777 RMB common shares 3,425,818,777 Hong Kong Securities Clearing Company Limited 1,210,898,517 RMB common shares 1,210,898,517 Alibaba (China) Technology Co., Ltd. 774,401,600 RMB common shares 774,401,600 Gio2 Hong Kong Holdings Limited 247,236,384 RMB common shares 247,236,384 Shanghai Hongying Investment Management Center (Limited 159,969,322 RMB common shares 159,969,322 Partnership) Shanghai Shanhong Investment Management Center (Limited 159,969,322 RMB common shares 159,969,322 Partnership) Shanghai Hongqian Investment Management Center (Limited 159,969,322 RMB common shares 159,969,322 Partnership) Shanghai Honglian Investment Management Center (Limited 159,969,322 RMB common shares 159,969,322 Partnership) Industrial and Commercial Bank of China Limited – Huaan Media 154,455,276 RMB common shares 154,455,276 Internet Hybrid Securities Investment Fund Taikang Life Insurance Co., Ltd. – Investment Linked – Innovation 151,431,834 RMB common shares 151,431,834 Power 6 Focus Media Information Technology Co., Ltd. 2020 First Quarter Report Among the above shareholders, Alibaba (China) Technology Co., Ltd. and Gio2 Hong Kong Holdings Limited are acting-in-concert parties; Shanghai Hongying Investment Management Center (Limited Partnership), Shanghai Shanhong Investment Management Center (Limited Partnership), Shanghai Explanation on the associated relationships or Hongqian Investment Management Center (Limited Partnership) and Shanghai Honglian Investment concerted actions
Load more

Recommended publications
  • Chinese Underground Banking and 'Daigou'
    Chinese Underground Banking and ‘Daigou’ October 2019 NAC/NECC v1.0 Purpose This document has been compiled by the National Crime Agency’s National Assessment Centre from the latest information available to the NCA regarding the abuse of Chinese Underground Banking and ‘Daigou’ for money laundering purposes. It has been produced to provide supporting information for the application by financial investigators from any force or agency for Account Freezing Orders and other orders and warrants under the Proceeds of Crime Act 2002. It can also be used for any other related purpose. This document is not protectively marked. Executive Summary • The transfer of funds for personal purposes out of China by Chinese citizens is tightly regulated by the Chinese government, and in all but exceptional circumstances is limited to the equivalent of USD 50,000 per year. All such transactions, without exception, are required to be carried out through a foreign exchange account opened with a Chinese bank for the purpose. The regulations nevertheless provide an accessible, legitimate and auditable mechanism for Chinese citizens to transfer funds overseas. • Chinese citizens who, for their own reasons, choose not to use the legitimate route stipulated by the Chinese government for such transactions, frequently use a form of Informal Value Transfer System (IVTS) known as ‘Underground Banking’ to carry them out instead. Evidence suggests that this practice is widespread amongst the Chinese diaspora in the UK. • Evidence from successful money laundering prosecutions in the UK has shown that Chinese Underground Banking is abused for the purposes of laundering money derived from criminal offences, by utilising cash generated from crime in the UK to settle separate and unconnected inward Underground Banking remittances to Chinese citizens in the UK.
    [Show full text]
  • Lu Zhiqiang China Oceanwide
    08 Investment.FIN.qxp_Layout 1 14/9/16 12:21 pm Page 81 Week in China China’s Tycoons Investment Lu Zhiqiang China Oceanwide Oceanwide Holdings, its Shenzhen-listed property unit, had a total asset value of Rmb118 billion in 2015. Hurun’s China Rich List He is the key ranked Lu as China’s 8th richest man in 2015 investor behind with a net worth of Rmb83 billlion. Minsheng Bank and Legend Guanxi Holdings A long-term ally of Liu Chuanzhi, who is known as the ‘godfather of Chinese entrepreneurs’, Oceanwide acquired a 29% stake in Legend Holdings (the parent firm of Lenovo) in 2009 from the Chinese Academy of Social Sciences for Rmb2.7 billion. The transaction was symbolic as it marked the dismantling of Legend’s SOE status. Lu and Liu also collaborated to establish the exclusive Taishan Club in 1993, an unofficial association of entrepreneurs named after the most famous mountain in Shandong. Born in Shandong province in 1951, Lu In fact, according to NetEase Finance, it was graduated from the elite Shanghai university during the Taishan Club’s inaugural meeting – Fudan. His first job was as a technician with hosted by Lu in Shandong – that the idea of the Shandong Weifang Diesel Engine Factory. setting up a non-SOE bank was hatched and the proposal was thereafter sent to Zhu Getting started Rongji. The result was the establishment of Lu left the state sector to become an China Minsheng Bank in 1996. entrepreneur and set up China Oceanwide. Initially it focused on education and training, Minsheng takeover? but when the government initiated housing Oceanwide was one of the 59 private sector reform in 1988, Lu moved into real estate.
    [Show full text]
  • The Digital Yuan and China's Potential Financial Revolution
    JULY 2020 The digital Yuan and China’s potential financial revolution: A primer on Central Bank Digital Currencies (CBDCs) BY STEWART PATERSON RESEARCH FELLOW, HINRICH FOUNDATION Contents FOREWORD 3 INTRODUCTION 4 WHAT IS IT AND WHAT COULD IT BECOME? 5 THE EFFICACY AND SCOPE OF STABILIZATION POLICY 7 CHINA’S FISCAL SYSTEM AND TAXATION 9 CHINA AND CREDIT AND THE BANKING SYSTEM 11 SEIGNIORAGE 12 INTERNATIONAL AND TRADE RAMIFICATIONS 13 CONCLUSIONS 16 RESEARCHER BIO: STEWART PATERSON 17 THE DIGITAL YUAN AND CHINA’S POTENTIAL FINANCIAL REVOLUTION Copyright © Hinrich Foundation. All Rights Reserved. 2 Foreword China is leading the way among major economies in trialing a Central Bank Digital Currency (CBDC). Given China’s technological ability and the speed of adoption of new payment methods by Chinese consumers, we should not be surprised if the CBDC takes off in a major way, displacing physical cash in the economy over the next few years. The power that this gives to the state is enormous, both in terms of law enforcement, and potentially, in improving economic management through avenues such as surveillance of the shadow banking system, fiscal tax raising power, and more efficient pass through of monetary policy. A CBDC has the potential to transform the efficacy of state involvement in economic management and widens the scope of potential state economic action. This paper explains how a CBDC could operate domestically; specifically, the impact it could have on the Chinese economy and society. It also looks at the possible international implications for trade and geopolitics. THE DIGITAL YUAN AND CHINA’S POTENTIAL FINANCIAL REVOLUTION Copyright © Hinrich Foundation.
    [Show full text]
  • 340336 1 En Bookbackmatter 251..302
    A List of Historical Texts 《安禄山事迹》 《楚辭 Á 招魂》 《楚辭注》 《打馬》 《打馬格》 《打馬錄》 《打馬圖經》 《打馬圖示》 《打馬圖序》 《大錢圖錄》 《道教援神契》 《冬月洛城北謁玄元皇帝廟》 《風俗通義 Á 正失》 《佛说七千佛神符經》 《宮詞》 《古博經》 《古今圖書集成》 《古泉匯》 《古事記》 《韓非子 Á 外儲說左上》 《韓非子》 《漢書 Á 武帝記》 《漢書 Á 遊俠傳》 《和漢古今泉貨鑒》 《後漢書 Á 許升婁傳》 《黃帝金匱》 《黃神越章》 《江南曲》 《金鑾密记》 《經國集》 《舊唐書 Á 玄宗本紀》 《舊唐書 Á 職官志 Á 三平准令條》 《開元別記》 © Springer Science+Business Media Singapore 2016 251 A.C. Fang and F. Thierry (eds.), The Language and Iconography of Chinese Charms, DOI 10.1007/978-981-10-1793-3 252 A List of Historical Texts 《開元天寶遺事 Á 卷二 Á 戲擲金錢》 《開元天寶遺事 Á 卷三》 《雷霆咒》 《類編長安志》 《歷代錢譜》 《歷代泉譜》 《歷代神仙通鑑》 《聊斋志異》 《遼史 Á 兵衛志》 《六甲祕祝》 《六甲通靈符》 《六甲陰陽符》 《論語 Á 陽貨》 《曲江對雨》 《全唐詩 Á 卷八七五 Á 司馬承禎含象鑒文》 《泉志 Á 卷十五 Á 厭勝品》 《勸學詩》 《群書類叢》 《日本書紀》 《三教論衡》 《尚書》 《尚書考靈曜》 《神清咒》 《詩經》 《十二真君傳》 《史記 Á 宋微子世家 Á 第八》 《史記 Á 吳王濞列傳》 《事物绀珠》 《漱玉集》 《說苑 Á 正諫篇》 《司馬承禎含象鑒文》 《私教類聚》 《宋史 Á 卷一百五十一 Á 志第一百四 Á 輿服三 Á 天子之服 皇太子附 后妃之 服 命婦附》 《宋史 Á 卷一百五十二 Á 志第一百五 Á 輿服四 Á 諸臣服上》 《搜神記》 《太平洞極經》 《太平廣記》 《太平御覽》 《太上感應篇》 《太上咒》 《唐會要 Á 卷八十三 Á 嫁娶 Á 建中元年十一月十六日條》 《唐兩京城坊考 Á 卷三》 《唐六典 Á 卷二十 Á 左藏令務》 《天曹地府祭》 A List of Historical Texts 253 《天罡咒》 《通志》 《圖畫見聞志》 《退宮人》 《萬葉集》 《倭名类聚抄》 《五代會要 Á 卷二十九》 《五行大義》 《西京雜記 Á 卷下 Á 陸博術》 《仙人篇》 《新唐書 Á 食貨志》 《新撰陰陽書》 《續錢譜》 《續日本記》 《續資治通鑑》 《延喜式》 《顏氏家訓 Á 雜藝》 《鹽鐵論 Á 授時》 《易經 Á 泰》 《弈旨》 《玉芝堂談薈》 《元史 Á 卷七十八 Á 志第二十八 Á 輿服一 儀衛附》 《雲笈七籖 Á 卷七 Á 符圖部》 《雲笈七籖 Á 卷七 Á 三洞經教部》 《韻府帬玉》 《戰國策 Á 齊策》 《直齋書錄解題》 《周易》 《莊子 Á 天地》 《資治通鑒 Á 卷二百一十六 Á 唐紀三十二 Á 玄宗八載》 《資治通鑒 Á 卷二一六 Á 唐天寶十載》 A Chronology of Chinese Dynasties and Periods ca.
    [Show full text]
  • Admiralty Dock 166 Agricultural Experimentation Site Nongshi
    Index Admiralty Dock 166 Bishu shanzhuang 避暑山莊 88 Agricultural Experimentation Site nongshi bochuan剝船 125, 126 shiyan suo 農事實驗所 97 Bodde, Derk 295, 299 All-Hankou Guild Alliance Ge huiguan Bodolec, Caroline 28 各會館公所聯合會 gongsuo lianhe hui 327 bondservants 79, 82, 229, 264 Amelung, Iwo 88, 89 booi 264 American Banknote Company 237, 238 bound labour 60, 349 American Presbyterian Mission Press 253 Boxer Rebellion 143, 315, 356 Amoy. See Xiamen Bradstock, Timothy 327, 330, 331 潮州庵埠廠 Anfu, Chaozhou prefecture 188 brass utensils 95 Anhui 79, 120, 124, 132, 138, 139, 141, 172, 196, Bray, Francesca 25, 28, 317 249, 325, 342 bricklayers zhuanjiang 磚匠 91 安慶 Anqing 138 brickmakers 113 apprentices 99, 101, 102, 329, 333, 336, 337, 346 British Columbia 174 Arsenal 137, 146 brocade weavers 334 Arsenal wages 197, 199 Brokaw, Cynthia 28, 247, 248, 250, 251, 252, 255, artisan households 52 270, 274 artisan registration 94, 95 Brook, Timothy 62 匠体 artisan style jiangti 231 Bureau for Crafts gongyi ju 工藝局 97 Attiret, Denis 254, 269 Bureau for Weights and Measures quanheng Audemard 159, 169 duliang ju 權衡度量局 97 Auditing Office jieshen ku 節慎庫 75 Bureau of Construction yingshan qingli si 營繕 清吏司 74, 77, 106, 111, 335 baitang’a 栢唐阿 263 Bureau of Forestry and Weights yuheng qingli bang 幫 323, 331, 338, 342, 343 si 虞衡清吏司 74, 77 banner 263, 264, 265, 266, 267, 278 Bureau of Irrigation and Transportation dushui baofang 報房 234 qingli si 都水清吏司 75, 77 baogongzhi 包工制 196 Burger, Werner 28, 77 baogong 包工 112 Burgess, John S. 29, 326, 330, 336, 338 Baoquan ju 寳泉局 78, 107
    [Show full text]
  • Audited Consolidated Financial Statements WORLDWIDE ERC
    Audited Consolidated Financial Statements WORLDWIDE ERC® March 31, 2019 Worldwide ERC® Contents Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities 4 Consolidated statements of cash flows 5 Notes to the consolidated financial statements 6 - 15 Independent Auditor’s Report To the Board of Directors Worldwide ERC®, Inc. We have audited the accompanying consolidated financial statements of Worldwide ERC®, Inc. (Worldwide ERC®), which comprise the consolidated statements of financial position as of March 31, 2019 and 2018, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 2 0 2 1 L S t r e e t, N W financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
    [Show full text]
  • China Cablecom Holdings Ltd., Securities Exchange Act Rei
    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING File.No. 3-15453 In the Matter of China Cablecom Holdings, Ltd., Respondent. DIVISION OF ENFORCEMENT'S MOTION FOR SUMMARY DISPOSITION AND BRIEF IN SUPPORT Alfred Day (202) 551-4702 DavidS. Frye (202) 551-4728 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-6010 COUNSEL FOR DIVISION OF ENFORCEMENT TABLE OF CONTENTS Page Table of Authorities ...................................................................................................... ii Motion for Summary Disposition .................................................................................. 1 Brief in Support .............................................................................................................. 1 I. Statement ofFacts ........................................................................................ 1 II. Argument ..................................................................................................... 3 A. Standards Applicable to the Division's Summary Disposition Motion .................................................................... 3 B. The Division is Entitled to Summary Disposition Against CABLF for Violations of Exchange Act Section 13(a) and Rule 13a-1 Thereunder ................................. 5 C. Revocation is the Appropriate Sanction for CABLF's Serial Violations of Exchange Act Section 13(a) and Rule 13a-1 Thereunder .............................................. 6 1. CABLF's violations
    [Show full text]
  • Counterfeit Ancient Chinese Coins by Scott Semans
    Counterfeit Ancient Chinese Coins By Scott Semans It is hard to overstate the problem. The current market is overrun with fakes of ancient Chinese knife, spade, cash, and related cast bronze objects. Since about 1985 forgers in the PRC have developed new techniques in the service of faking bronze vessels and other antiquities of high value. These techniques are easily applied to coins. Reportedly, dealers will take rare coins to these factories where they are reproduced, with the correct metal composition, patination color and type of soil adhesion proper to that dynasty and type. Traditional methods of forgery detection (such as summarized in Jen) are impotent against these fakes, and the problem now extends down to some fairly inexpensive items. I do not think there is any cause to worry about inexpensive coins, such as ordinary Sung and Ch'ing, or the cheaper reigns of Ming, regular pan-liang, wu-shu, kai-yuan and the like, or lower-value struck coins. These are still abundant in China and are apparently not being faked. There are now a significant number of mainland Chinese buying rare coins (ancient and modern). Added to the steady demand from Japan, Taiwan, and overseas Chinese, the market for Chinese coins is booming. It is encouraging that the fake problem has not affected homeland demand, and I am hopeful that expertise in detecting these modern forgeries will be developed there. The curators at the Shanghai Museum see coins from excavations as well as suspicious pieces from the marketplace, and seem to know how to tell. Also, China Numismatics, from the Chinese Numismatic Society, began running a series on modern fakes about 1996, though usually with no information on how to distinguish them.
    [Show full text]
  • Chinese Coins in the Fitzwilliam Museum， Cambridge， with a Statistical Analysis of Weights of the Coins
    下関市立大学創立50周年記念論文集（2007．3） Chinese Coins in the Fitzwilliam Museum， Cambridge， with a Statistical Analysis of Weights of the Coins Shunji' Ouchi＊， Shin-ichi Sakuraki＊ and Mark Blackburn t most relevant to Japanese historians， namely 1． lntroduction on the Pre-Modern Chinese Coins of the 7th to the 17th centuries corresponding to the medi- In an earlier issue of this Review， a report eval period in Japan． Between the 10thand 16th （Sakuraki and Blackburn 2001） has already centuries coins were not produced officially by been made by the second and third authors on the political authorities in Japan． Domestic the Collection of Japanese Coins （issued before monetary circulation relied mainly on the for- the establishment of Modern monetary sys- eign coins imported from China． Those were tem） at the Fitzwilliam Museum as held in coins mainly from the Tang （618-907）， Song April， 2001． Today， the result can be seen on （960-1279）， Yuan （1271-1368）， and Ming （1368- the Fitzwilliam Museum website as a database 1644） dynasties． Statistically， the number of of 271 Japanese Coins （cited ISt Dec， 2006； Chinese Kai Yuan tong bao （issued by the available from： http：／／www．fitzmuseum．cam． Tang Dynasty） excavated in the medieval ac．uk／dept／coins／）． The total number of coins Japanese hoards is the fifth largest of all in the Collection held by the Fitzwilliam types， which means that the imported old Museum from all over the world today reaches Chinese coin still circulated in large quantity cir． 192 OOO， and the collection is one of the even in late medieval
    [Show full text]
  • CAST COINAGE of the MING REBELS John E. Sandrock
    CAST COINAGE OF THE MING REBELS John E. Sandrock Collecting China's ancient coins can be a very worthwhile and rewarding experience. While at first glance this endeavor may appear overwhelming to the average Westerner, it is in reality not difficult once you master a few guidelines and get the hang of it. Essential to a good foundation of knowledge is a clear understanding of the chronology of dynasties, the evolution of the cash coin from ancient to modern times, the Chinese system of dating, the Nien Hao which identifies the coin to emperor and thus to dynasty, and the various forms of writing (calligraphy) used to form the standard characters. Once this basic framework is mastered, almost all Chinese coins fall into one dynastic category or another, facilitating identification and collection. Some do not, however, which brings us to the subject at hand. The coins of the Ming Rebels defy this pattern, as they fall between two dynasties, overlapping both. Thus they do not fit nicely into one category or another and consequently must be treated separately. To put this into historical perspective it is necessary to know that the Ming dynasty lasted from 1368 to the year 1644 and that its successor, the Ch'ing dynasty, existed from 1644 to its overthrow in 1911. Therefore our focus is on the final days of the Ming and beginning of the Ch'ing dynasties. The Ming era was a period of remarkable accomplishment. This was a period when the arts and craftsmanship flourished. Administration and learning soared to new heights.
    [Show full text]
  • From Chinese Silver Ingots to the Yuan
    From Chinese Silver Ingots to the Yuan With the ascent of the Qing Dynasty in 1644, China's modern age began. This epoch brought foreign hegemony in a double sense: On the one hand the Qing emperors were not Chinese, but belonged to the Manchu people. On the other hand western colonial powers began to influence politics and trade in the Chinese Empire more and more. The colonial era brought a disruption of the Chinese currency history that had hitherto shown a remarkable continuity. Soon, the Chinese money supply was dominated by foreign coins. This was a big change in a country that had used simple copper coins only for more than two thousand years. 1 von 11 www.sunflower.ch Chinese Empire, Qing Dynasty, Sycee Zhong-ding (Boat Shape), Value 10 Tael, 19th Century Denomination: Sycee 10 Tael Mint Authority: Qing Dynasty Mint: Undefined Year of Issue: 1800 Weight (g): 374 Diameter (mm): 68.0 Material: Silver Owner: Sunflower Foundation A major characteristic of Chinese currency history is the almost complete absence of precious metals. Copper coins dominated monetary circulation for more than 2000 years. Paper money was invented at an early stage - primarily because the coppers were too unpractical for large transactions. The people's confidence in paper money was limited, however. Hence silver became a common standard of value, primarily in the form of ingots. The use of ingots as means of payment dates back 2000 years. However, because silver ingots were smelted now and again, old specimens are very rare. This silver ingot in the shape of a boat – Yuan Bao in Chinese – dates from the Qing dynasty (1644-1911).
    [Show full text]
  • China, Europe, and the Great Divergence: a Study in Historical National Accounting
    CHINA, EUROPE AND THE GREAT DIVERGENCE: A STUDY IN HISTORICAL NATIONAL ACCOUNTING, 980-1850 Stephen Broadberry, London School of Economics and CAGE, [email protected] Hanhui Guan, Peking University, [email protected] David Daokui Li, Tsinghua University, [email protected] 28 July 2014 File: China7e.doc Abstract: GDP is estimated for China between the late tenth and mid-nineteenth centuries, and combined with population estimates. Chinese GDP per capita was highest during the Northern Song dynasty and declined during the Ming and Qing dynasties. China led the world in living standards during the Northern Song dynasty, but had fallen behind Italy by 1300. At this stage, it is possible that the Yangzi delta was still on a par with the richest parts of Europe, but by 1700 the gap was too large to be bridged by regional variation within China and the Great Divergence had already begun. JEL classification: E100, N350, O100 Keywords: GDP Per Capita; Economic Growth; Great Divergence; China; Europe Acknowledgements: This paper forms part of the project “Reconstructing the National Income of Britain and Holland, c.1270/1500 to 1850”, funded by the Leverhulme Trust, Reference Number F/00215AR. It is also part of the Collaborative Project HI-POD supported by the European Commission's 7th Framework Programme for Research, Contract Number SSH7-CT-2008-225342. David Daokui Li and Hanhui Guan also acknowledge financial support from Humanity and Social Science Promotion Plan of Tsinghua University (2009WKWT007) and National Natural Science Foundation (70973003) 1. INTRODUCTION As a result of recent advances in historical national accounting, estimates of GDP per capita are now available for a number of European economies back to the medieval period, including Britain, the Netherlands, Italy and Spain (Broadberry, Campbell, Klein, Overton and van Leeuwen, 2014; van Zanden and van Leeuwen, 2012; Malanima, 2011; Álvarez- Nogal and Prados de la Escosura, 2013).
    [Show full text]