The Shenzhen Stock Exchange blockchain application base is called a stop wave: business adjustment or other hidden?

On June 27, 2019, the Shenzhen Cultural Property Exchange (hereinafter referred to as “Shenzhen Stock Exchange”) issued two announcements: one was to suspend the text version of the platform for the sale of Kang Travel-Art Photocopy (code: HTT) auction; Strengthen the business management of third-party service organizations.

In the previous three days, on June 24, the Shenzhen Cultural Property Exchange also announced the cancellation of the qualifications of the National Incubation Center and its cooperative service agencies for the Cultural Digital Copyright Blockchain Application Base of the Strategic Development Division of the Shenzhen Cultural Property Exchange.

Shenzhen Stock Exchange is a trading platform opened by Shenzhen Cultural Property Exchange Co., Ltd., which is affiliated to Shenzhen Radio, Film and Television Group, Shenzhen Newspaper Group and other state-owned enterprise background companies. Therefore, when the Shenzhen Cultural Exchange promotes the blockchain business, it has an endorsement of state-owned enterprises, giving investors a sense of trust in the regular army. Therefore, the business of the company stopped and canceled the qualification of the application base, causing concern.

Mutual Chain Pulse called Mr. Li, the person in charge of the link of the Shenzhen Stock Exchange, and Mr. Li said that this is only the adjustment of the business department, the work of the blockchain application base and the normal development of the project, the blockchain application base version All the lots on the mall are also trading normally.

Four of the 11 types of subscriptions are being auctioned, and the text version can be called “dig multiple values”.

Mutual chain pulse query Shenzhen Cultural Property Exchange platform found that the home page of its website is rolling "the celebration of the establishment of the blockchain application base". At the same time, the official website information shows that the blockchain base is also known as “text version” and belongs to the “art finance” business section of the Shenzhen Stock Exchange.

In November last year, the Shenzhen Stock Exchange was based on blockchain technology and was launched on the “text version system”. At the beginning of this year, Wu Cheng, the general manager of Shenzhen Stock Exchange, publicly stated that the text version is based on the premise of physical delivery for all transactions, insisting on a systematic and full fund supervision approach, not allowing “extracorporeal circulation”, not allowed outside the site. Set up a system and trade separately. The trading mode of the platform is the pre-sale subscription of the primary market, the transaction flow of the secondary market, and the delivery of the third-level market application scenario (Dapp). The specific business is the traceability of the cultural and artistic copyrights on the chain of intelligent contracts, the confirmation of the flow of trading platform.

(Text version of the application ecology)

The asset-winding of the text version of the artwork is to store the identification documents, audit/assessment reports, product data and other resources on the IPFS system, and then hash the data through Dapp and upload the unique values ​​to the chain. On, as the only chain hash identity statement for the project.

From the perspective of the application of the ecological map, even if the asset chain is added, the whole process is still a standard share-based art trading model. Individual investors purchase a certain number of equal products in the subscription market; after the product starts to be auctioned, investors can choose to auction the shares held in the hands again, that is, in the flow market stage in the above chart; or in the exchange market, the real thing is realized. Exchange the shares held in your hands into physical goods, specific services provided by product companies, and so on. Compared to the previous, the difference is that the share owned by individual investors will be recorded in a decentralized manner.

Not long ago, at a blockchain conference, Wang Lanqing, director of the asset department of the Greater Health Culture Category Application Center of the Shenzhen Stock Exchange blockchain application base, said that the application of the large health culture category application center, the text version of the application of ecology, to the district Blockchain technology is the core, and assets such as large health and cultural industry copyrights are the subject matter. Assets are chained, and the authorization of smart contracts can be used to solve the traceability, circulation, record and confirmation of cultural art copyrights. , convinced and other issues. Related goods The real economy can realize the destocking of assets such as culture through asset chaining, shorten the production cycle, improve production relations, improve productivity, reshape the industrial form of big health and culture, and apply blockchain technology to empower the real industry. Close the industry and tap its dual value.

Judging from the existing public data, the transaction volume of the text version has the effect of “digging multiple values”.

At present, the platform auction product Kang Travel-Art Photocopy (code: HTT) is suspended due to the negotiation of major cooperation projects in the application scene. Therefore, the auction will be suspended at 9:30 on June 27, and the timeout will not exceed 60 in principle. Auction days. According to the official website of the official version of the official website, Kang Travel-Art Photocopy June 26 sunset hammer is 1.54, compared with the wholesale price of 0.1 months ago, the net return on investment reached 15.4 times.

(June 27th edition of the documentary assets auction)

On December 20, 2018, the Shenzhen Stock Exchange issued an announcement stating that the total transaction volume of the text version on the line was close to 500 million yuan, and the daily transaction volume exceeded 50 million yuan. According to the public information on its announcement number, as of December 20, 2018, there are three products on the line: Yixingtong-art photocopying, appointment time art photocopying, art jade purple sand-purple mud, three commodities The wholesale subscription time is no more than two days, the completion rate is 100%, and the total wholesale price of the three commodities is 1.75 million.

After that, the text version was launched in January and February of 2019, respectively, and a lot of lottery was sold. Now the asset auction is underway. After March, six kinds of goods were put on the market. Although they have all been completed, they have not yet been auctioned for assets. Mutual Chain Pulse Query 11 kinds of lottery white papers found that the basic exit method is to re-auction, pick up, redeem the services provided by the lottery issuer or related products.

Mutual chain pulse mapping data source: blockchain application base text version, text version official website

In addition to huge transactions, the Shenzhen Stock Exchange has also vigorously expanded its cooperation institutions. The inter-chain pulse is not completely calculated according to the public information. In the first half of this year, the Shenzhen Stock Exchange signed six companies as the blockchain application base version of the hair-type organization, and signed two companies to establish a venture capital center in the blockchain base.

Mutual chain pulse mapping data source: blockchain application base text version

However, in the notice issued by the Shenzhen Stock Exchange on the 27th, the second is to issue a notice on strengthening the business management of third-party service organizations. The Exchange said that the business compliance is carried out in an orderly manner, and the Shenzhen Stock Exchange business has been launched. The tripartite service agency shall, within 15 days from the date of the announcement, go through the registration formalities with the Shenzhen Stock Exchange, sign a legal compliance operation commitment, and confirm the service relationship and content.

Art finance is coming back, can the traceability of the blockchain avoid risks?

The Shenzhen Stock Exchange is currently the first in the country to be the art finance chain, and nine years ago, it was also the first online exchange of art finance in mainland China.

According to public information, in July 2010, Shenzhen Cultural Property Exchange launched the first art asset package in the country, “Yang Peijiang Art Assets Package”, which packaged 12 works of Yang Peijiang with a total issue price of 2.4 million yuan. For 100 copies, each serving is 2,400 yuan. Perhaps because each subscription has a high rating and the funding threshold is too high, this transaction did not bring much attention to the Shenzhen Stock Exchange. However, the frenzy of share-based art investment is secretly fermenting. Six months later, the two “artistic monsters” of the Tianjin Stock Exchange won widespread attention with a return rate of 17 times, and the concept of “art stock” became popular.

In January 2011, the Tianjin Stock Exchange listed two paintings, "Yellow River Xiaoxiao" and "Yan Saiqiu", which were publicly subscribed to the public on January 12. The two paintings are valued at 6 million yuan and 5 million yuan respectively, and are divided into 6 million shares and 5 million shares, that is, 1 yuan per share, and investors can purchase 1,000 copies. According to reports at the time, the total amount of funds for the two paintings was over 20 million yuan, and the winning rate was over 40%. On March 16, the prices of "Yellow River Xiaoxiao" and "Yansaiqiu" have reached 17.16 yuan and 17.07 yuan respectively, less than two months after the listing, the market value of the two artworks has been close to or exceed 100 million yuan, and the net investment return The rate is close to 17 times.

However, on March 17, the Tianjin Stock Exchange specially suspended the "Yellow River Xiaoxiao" and "Yansaiqiu", saying that "the Tianjin municipal government supervision department notified that in order to reduce investment risks and protect the interests of investors, the resumption of trading will be announced separately." . After a week, the resumption of trading doubled down, at the close, the decline was as high as 92%. In addition, the eight artworks listed on March 11 were temporarily suspended for one hour and 15 minutes on the morning of March 17 for three consecutive days of daily limit.

This series of auction events was later defined as the investment panic caused by the Tianjin Cultural Art Exchange's attempt to share the art. The comparison of the inter-chain pulse found that the Shenzhen Stock Exchange just announced the suspension of the Kang Travel-Art Photocopy Lot, the market value increase is very close to "Yellow River Xiaoxiao" and "Yan Saiqiu".

After the Tianjin Stock Exchange incident, the share of art has triggered a series of speculative events, and many local exchanges have “exploded thunder”. On November 11, 2011, the “Decision of the State Council on Clearing and Reorganizing Various Trading Sites to Prevent Financial Risks” (Guo Fa [2011] No. 38) was issued, requiring the securities exchanges or the State Council approved to engage in financial products. Outside the trading venue of the transaction, no trading venue shall split any equity into equal shares for public offering, and shall not rush to adopt centralized trading methods such as centralized bidding and market makers to conduct transactions; the equity shall not be continuously listed and traded according to standardized trading units. Shenzhen, Hunan, Nanjing, Jiangxi, Shaanxi and other local exchanges have also canceled all kinds of share-based art transactions.

However, in recent years, driven by the interests, all the signs of reviving art finance have been traded everywhere, and there are also many financial fraud incidents under the auction banner. On July 18, 2018, the "Guangwen Case" of the virtual holiday cargo platform case was heard in Shenzhen. The persons involved in the case used the false cultural art as the target to make profit in the property rights transaction. The exchange rate was adjusted in the background to adjust the commodity price, making investors frequent. Trading, resulting in high fees and even loss of principal. According to the investigation, the number of victims in this case was 6,628, involving a total of 419 million yuan.

On the other hand, speeches supporting the share of art or securitization are gradually increasing. Some people believe that art finance should promote the development of cultural industries under the premise of reasonable and legal.

According to the Shenzhen Stock Exchange, the cultural and art copyright blockchain application base is under the guidance and instructions of the National Information Center's Informatization and Industry Development Department.

From January to March last year, the blockchain application base version published an article entitled "Art Investment: Going into the Homes of Ordinary People" and "New Art + Finance" to create the next investment "Turtle" and many more. According to the article, the current economic trends in China's real economic return and the overall decline in financial asset income provide opportunities for art investment. In the next five to ten years, China's art yield will still exceed stocks and real estate, investment in art. It is the best way to manage money. Under the trend of “decoration” of art collection investment, individual investors have become a major force in the investment army with a large proportion.

However, the announcements, suspensions and other announcements issued frequently by the text version recently triggered speculation. What is the result of another experiment in art finance? What impact does the cancellation of the blockchain base and its partner institutions have in the announcement? Over 15 times of the suspension of the auction, Kang Lutong – Art Photocopy will repeat the "Yellow River Roar" and "Yan Saiqiu"? The interchain pulse will continue to focus on the state of affairs.

Author: Mutual chain pulse · Black Pearl

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