China’s benchmark Shanghai Composite Index (000001.SH) lost 2.01% on Friday, while the Shenzhen Component Index (399001.SZ) fell 2.18%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.33%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Country Garden’s Troubles Mount as It Misses Offshore Bond Interest Payment
Guangdong-based developer is one of the few major property groups to have avoided defaulting on bonds so far, but a slump in sales has left it struggling
· Country Garden Expects to Report Record First-Half Loss
Amid looming debt crisis, Chinese property giant estimates red ink totaling $6.2 billion to $7.6 billion for first six months
· Four Things to Know About Biden’s New China Investment Limits
Administration targets U.S. investments in China that would help develop advanced semiconductors, quantum computing and AI
· In Depth: How a Regional Low-Speed Carmaker’s Big EV Dreams Crashed
After an underwhelming transition to conventional EVs and a restructuring bid, the production lines at Weifang-based Levdeo lie still
Construction begins on mega pumped-storage power station, hydrogen industry receives its first development guidelines
· China’s Overseas Graduates Return Home to Tough Job Market
As more students head home to work, competition is intensifying and salaries are trailing expectations, although some sectors are more buoyant than others, surveys show
· China’s Regulators Flag ‘Systemic Corruption’ Risk in Drugs Sector
Audit uncovers Guangdong pharmaceutical business rife with misconduct, from drug sales and promotion to medical equipment procurement in hospitals, a report obtained by Caixin reveals
· Another Chinese Chip Design Venture Is Shutting Down
Geely Holding’s Xingji Meizu Group decides to terminate the business due to uncertainties in the global economy
· Seven Die as Water Surges in Southwest China River
The deceased women were swept away in the Longxi River in Ya’an, Sichuan province, in an incident that may be linked to a discharge from an upstream reservoir
· Biden Signs Narrow China Investing Rules as U.S. Seeks Better Ties
Executive order limits American investments in Chinese semiconductor, quantum computing and artificial intelligence enterprises
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This article was generated by Caixin Automation.
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