China’s benchmark Shanghai Composite Index (000001.SH) lost 0.28% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.73%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.02% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.05%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China Mulls Scrapping Fixed Household Gas Rates as Winter Shortages Loom
Prices set by the market could reduce distortions caused by upstream price spikes, but the change will have other costs
· Hong Kong Graft Busters Raid Office of Flavoring Giant Huabao
Deputy finance chief Choy Man Har arrested in corruption probe days after Chongqing police release company’s ‘fragrance queen’ from house arrest
· Retired Top Tobacco Regulator Expelled From Communist Party
Graft busters allege He Zehua accepted a ‘huge amount’ of bribes and long violated business regulations to amass a fortune
· Goldman Slashes Stock Ratings of Big Chinese Banks
The $4.69 trillion of local government debt held by 12 state-owned and private banks threatens earnings and dividends, the Wall Street bank finds
· China’s June New Housing Sales Plunge 28.1% for Top Builders
Compared with two years ago, the drop was 58.9% for China’s 100 biggest real estate developers as the key sector’s doldrums persist
· Trending in China: Coco Lee’s Death Sparks Calls for Support for People With Depression
Debate on mental health emerges a hot topic on social media, after the singer was revealed to have suffered from depression for years
· Police Official to Be Charged for Freeing Detainees Without Authorization
Li Fang, a former deputy director of a district public security bureau in the capital of Xinjiang, could face prison time if convicted
· Historic China Heat Wave Takes Toll on Lives and Crops
The country has suffered the highest number of sweltering days on record in the first half of this year
· Chinese EV-Battery Maker SVOLT Breaks Ground on Thai Factory
The firm expects to complete the facility this year, following a handful of Chinese EV-makers that have also expanded into the Southeast Asian country
· SAIC Seeks Site for Electric Car Factory in Europe
State-owned auto giant helps lead an overseas push including Great Wall and BYD in response to global demand for Chinese EVs
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This article was generated by Caixin Automation.
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