China’s benchmark Shanghai Composite Index (000001.SH) lost 0.45% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.14%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.39% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.14%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cruise Ship Adora Magic City Passes Final Trial Voyage
First domestically built cruise vessel, accommodating 5,000 passengers, is set for November delivery and first commercial voyage next year
· Floundering WM Motor Claims a New White Knight
Chinese EV maker cites potential deal with retail platform Kaixin Auto after collapse of $2.02 billion Apollo Future Mobility rescue
· Ex-China Life Chairman Gets Suspended Death Sentence for Bribery
Wang Bin took $44.6 million in bribes as a top executive of Chinese banks and insurance companies including Taiping Insurance, court finds
· China’s Nationwide Property Tax Plan Set for Further Delay
Law paving the way for the levy is omitted from the new five-year program of the country’s top legislative body
· Huawei Tech-Powered EV Brand Rolls Out Upgraded Luxury SUV
The revamped Aito M7 series, which retails at around $34,000, runs the tech giant’s latest automated driving software and a digital cockpit powered by its Harmony operating system
· Tech Insider: The Coming Battery Price War, Tencent’s Business AI
Chip industry chief talks up importance of China-U.S. ties, Gotion chooses Illinois for $2 billion battery factory
· China Softens Risk Rules to Encourage Insurers to Buy Stocks
Insurance companies will be able to invest more in certain listed equities without having to set aside extra capital
· WM Revival Hopes Dashed as Investor Abandons $2.02 Billion Rescue
Troubled Chinese EV startup was once seen as a rival of Nio and XPeng and was valued at $5.7 billion with backing from Baidu and Tencent
· Beijing District Scraps Price Limits on Pre-Owned Homes
Haidian district, known for prestigious schools, joins a parade of localities dropping price controls to bolster housing sales
· Analysis: G20 Inclusion Will Bolster African Union’s Global Standing
The addition will allow the 55-member bloc to better speak with ‘one voice’ on global governance issues, official and media reports say
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.
