China’s benchmark Shanghai Composite Index (000001.SH) gained 0.26% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.18%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.42% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.24%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Top Stories of the Month: Rethinking China’s Property Market Meltdown
As top performers Gemdale and Vanke show signs of teetering, calls are growing for a fresh approach, with construction of public housing touted as a panacea
· China Life and NCI Join Hands in $7 Billion Fund for Stock Investments
New fund to make long-term investments in listed shares; analysts say insurers responding to central government call to bolster flagging stock market
· Tesla Opens More Charging Facilities to Competitors in China
U.S. carmaker aims to leverage its extensive charging infrastructure to boost revenue, utilization rates
· China Aoyuan Group’s Offshore Debt Restructuring Plans Wins Majority Creditors’ Approval
Creditors approve two separate restructuring plans; both are subject to court approval;Aoyuan plans to issue $6.1 billion in new debt as part of restructuring
· Five Things to Know About Huawei’s New Smart Car Venture
The new company, which will focus on developing intelligent vehicle systems and components, has received interest from Huawei’s numerous auto partners, including a commitment to invest by Changan Auto
· China’s HIV Infection Rates Shoot Up Among Seniors
The number of new cases of the virus in people 60 or older more than doubled from 2015 to 2019 and remains elevated
· Xiaomi Co-Founder Lei Jun Donates $183 Million to Wuhan University
The cash donation by the 1991 alumni marked the school’s 130th anniversary and set a record for the largest single donation in the university’s history
· Former Guangdong Prison Chief Expelled From Party for Graft
Li Jingyan has also been booted from public office for misconduct including ‘wanting to be an official as well as getting rich,’ local authorities say
· Jack Ma Urges Alibaba to ‘Correct Course’ in Online Retail
Replying to a staff post on a company forum, the company co-founder also praised decisions taken by rival PDD, which reported stronger-than-expected quarterly results just hours before
· China’s Bank of Communications Added to Global Too-Big-to-Fail Banks List
Designation means bank must hold 1% additional capital; Bank of Communications is fifth Chinese bank on list; FSB says bank’s failure would trigger wider financial crisis
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This article was generated by Caixin Automation.
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