China’s benchmark Shanghai Composite Index (000001.SH) lost 1.65% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 2.29%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.36% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.97%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s GDP Grew 5.3% in First Quarter, Beating Expectations
Economic momentum partly offset by a higher base from the same period last year
· Bubble Tea Chain ChaBaiDao Launches Largest IPO of the Year in Hong Kong
Company plans to use half the proceeds to improve capacity and strengthen the supply chain and the rest to develop digital capabilities and brand promotion
· Former Deputy General Manager of China Taiping Insurance Prosecuted for Bribery
Xiao Xing abused his power by seeking benefits for others in exchange for huge amounts of bribes, procuratorate says
· Alibaba Diverts from New Retail Push in Strategy Reckoning
Speculation mounts that Freshippo and RT-Mart might be for sale as Alibaba turns it focus back on to core businesses
· Chinese PE and VC Firms Slash Pay as Industry Downturn Grinds On
Employee compensation tumbles as much as 40% as companies look to cut costs
· EV-Maker Li Auto Dispels Rumors of Exclusive Uzbekistan Sales Network, Clamp Down on Russian Exports
The automaker also puts paid to reports that it would prohibit parallel exports of its vehicles to Russia via the Central Asian country
· Chinese Asset Managers Get Green Light to Offer Spot Bitcoin, Ether ETFs in Hong Kong
The approvals open the way for three firms to list the financial products as the city pursues its goal of becoming a global cryptocurrency hub
· China Targets High-Frequency Trading in Wake of Market Turmoil
Greater oversight of program trading aims to maintain order in the market, CSRC says
· State-Owned Chery to Make Cars in Spain
The carmaker has purchased a former Nissan plant near Barcelona
· Exclusive: Chinese Insurer’s Ex-Chairman Disappears From Public View, Sources Say
Li Quan has been unreachable since March, just months after one of his predecessors was convicted of bribery
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This article was generated by Caixin Automation.
