China’s benchmark Shanghai Composite Index (000001.SH) lost 0.7% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.6%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.85% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.06%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Former Top Regulator of Shanghai State-owned Asset Charged With Bribery
Bai Tinghui is accused of exploiting his position to illegally obtain large amounts of bribes
· SDIC Securities Ousts General Manager as Income Plunges
Shake-up of top management captures market attention as it coincides with a dramatic slump in SDIC Securities’ investment business
· Former Port Chief in Custody as Inspection of Infrastructure Projects is Carried Out
Li Yibo has been detained in connection with construction investments at the port, it is believed
· Police Probe HHSC Capital As Company Declares Insolvency
Capital management company, whose chairman disappeared after failing to repay $4 billion to investors, says it is severely insolvent
· Zara’s Staying Put and Pledges New Flagship Stores Across China
Spanish fashion brand denies rumors that it is leaving China, promising new stores while targeting online sales
· Hong Kong Regulator Gets First Applications for Spot Bitcoin ETFs, Sources Say
The local units of two mainland mutual fund managers are seeking approval to list exchange-traded funds that track the cryptocurrency’s spot price
· In Depth: China’s Mammoth Effort to Help Foreigners Spend, Spend, Spend
While scanning QR codes is the ubiquitous payment method in China, it’s not available to most foreign visitors, making it a major hassle to even buy a coffee
· Higher Consumer Spending Would Help China With Its Industrial ‘Overcapacity,’ Yellen Says
The country could rebalance its economy by cutting its household savings rate, U.S. treasury secretary suggests
· Chinese Gadget-Maker Drops Motorola Lawsuit in China After Fined for Defying U.S. Court
Hytera had been slapped with a $1-million-a-day penalty for violating federal judge’s order against pursuing its intellectual property dispute elsewhere
· Beijing Joins Other Cities in Rolling Out Support for Biopharma Firms
Measures to help cash-strapped developers with fundraising and development have been issued in places such as southern manufacturing hub Guangzhou
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This article was generated by Caixin Automation.
