China’s benchmark Shanghai Composite Index (000001.SH) lost 0.09% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.14%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.15% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.25%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Wanda Billionaire Founder Cedes Control of Cinema Business
Property tycoon Wang Jianlin sells controlling stake in Wanda Film movie theater business to ease liquidity strain and stay afloat during property downturn
· Self-Driving Truck Startup TuSimple Winds Down U.S. Operations
Autonomous trucking company TuSimple cuts U.S. workforce by 75% as it shifts its strategic focus to Asia-Pacific
· American Express Doubles Down for Majority Stake in China Bank Card Clearing Business
U.S. credit card giant increases investment in Chinese clearing house joint venture to tap into trillions of dollars card transactions
· China to Allow Social Security Fund to Buy Domestic Pension Products, Futures
The NSSF can also invest in more types of corporate bonds, according to draft finance ministry regulations
· Alibaba’s Home Province Issues Guidelines for Recognizing Data as Corporate Asset
Zhejiang’s recognition of data obtained from transactions or other activities and which brings economic benefits could give investors a better indication of a company’s value
· Opinion: How to Put China’s ‘Idle Funds’ to Work
To activate investment to better support the real economy, capital needs better returns or lower risks
· China Picks New Party Chief for Citic Group
Appointment puts Xi Guohua on track to become the state-owned financial conglomerate’s chairman
· Tough Talks Ahead for U.N. Plastic Pollution Deal, Chinese Experts Say
Hopes of securing a first draft at last month’s meeting in Kenya were dashed by divergent positions, making completing a legally binding international agreement by the end of 2024 a challenge
· U.S. and China Lead the World in Championing AI
The two largest economies dominate the artificial intelligence field with most unicorn startups and the largest fundraising deals, according to an industry report
· Shanghai Port’s Shipping Service Spinoff Surges 58.6% in Strong Debut
Container shipping service sails on to stock exchange achieving a market cap of 23.1 billion yuan on its trading debut
Click here to read more of the latest news.
This article was generated by Caixin Automation.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
