China’s benchmark Shanghai Composite Index (000001.SH) lost 0.43% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.68%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.1% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.17%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Alibaba Jumps on ‘Common Prosperity’ Bandwagon With $15.5 Billion Pledge
E-commerce giant pledges $15.5 billion for 10 initiatives over five years as list lengthens of tech companies responding to President Xi’s campaign.
· China Orders Showbiz to Ban ‘Unpatriotic,’ ‘Unethical’ Stars
Responding to series of celebrity tax, sex and patriotism scandals, authorities issue specific rules to entertainment industry, including barring ‘effeminate’ men
· Xi Promises New Beijing Stock Exchange for Small Businesses
Bourse will expand the role of equity funding as China’s president also vows to continue encouraging industries that provide services
· ByteDance to Scale Back Fintech Business Amid Regulatory Headwinds
The owner of TikTok and Douyin also plans to sell its securities brokerage business
· Airbnb-Style Rental Platforms Ordered to Remove Beijing Listings, Sources Say
Landlords required to submit ID and ownership documents, among others, before re-listing as authorities seek to tighten oversight of the sector
· Guangzhou’s New Pre-Owned Property Reference System Could Cut Prices in Half
Banks are set to use system when reviewing loan applications, which could prevent agents from inflating prices
Afghan refugees stream into Iran, and China reacts to proposed rise in Japan defense budget
· In Depth: The Congo Mine That Could Feed China’s Vast Hunger for Copper
The Kamoa-Kakula mine has ore reserves equivalent to more than a third of China’s total
· SK Innovation to Build $1 Billion Battery Plant in China
South Korean firm looks to boost capacity as demand surges for electric vehicles
· Hainan Plans International Carbon Market as Part of Free Trade Port Strategy
The government has laid out an ambitious plan to boost the province’s attraction as a destination for companies and the financial sector
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This article was generated by Caixin Automation.
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