China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.26%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.53% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.05%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Rate Cuts on Existing Home Loans ‘Highly Probable,’ China Merchants Says
Bank’s Assistant President Peng Jiawen cites guidance from central bank to support homebuyers
· Country Garden Seeks 40-Day Grace Period to Avert Default
Troubled Chinese property giant plans to ask holders of $540.8 million debt to vote Aug. 31 on both grace period and extension of payments
· R&F Properties Outlines Looming Debt Crisis
Though the developer’s first-half loss narrowed, the member of the ‘Five South China Tigers’ owes $6.6 billion due within a year and lacks the funds to pay up
· Analysis: Foxconn Founder’s Independent Leadership Bid Complicates Taiwan Opposition Efforts
While Terry Gou says he wants to unite the opposition, his entrance makes the race a four-way contest
· In Depth: China’s Offshore Wind Sector Gears Up for Life After Subsidies
Even as individual firms prepare to scrap for local government contracts, analysts say the sector will continue to ride the updraft
· Tech Insider: SenseTime Lays Off More Workers, XPeng’s Stock Soars on Didi Deal
Li Auto’s first pure EV to use CATL’s fast-charging batteries, BYD’s iPad-making arm buys Jabil China unit for $2.2 billion
China-Britain Business Council sees the effort as clearly demonstrating policymaker’s determination to restore confidence from foreign investors, but consistent and timely implementation will be key
· Ex-Provincial Chief, Once In Charge of China’s Medical Reform, Caught in Corruption Probe
Sun Zhigang, former head of the State Council’s office for medical reform, is suspected of ‘serious violations of discipline and law’
· China and U.S. Agree to New Dialogue on Trade
American Commerce Secretary Raimondo confers with Commerce Minister Wang Wentao in fourth Beijing visit by a Biden cabinet member since June
· ICBC Hubei Vice President Falls Under Graft Probe
Qiu Shijie was head of banking giant’s Shiyan city sub-branch when it was involved in a $83.5 million loan fraud scandal
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