China’s benchmark Shanghai Composite Index (000001.SH) gained 0.12% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.35%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.29% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.8%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· XPeng Suspends Supply Chain Chief in Internal Graft Crackdown
Vice President Li Feng becomes focus of corruption probe along with other employees amid concerns about high costs and supply shortfalls
· Former Chief of China Tobacco Yunnan Charged With Taking Bribes
Ye Libin accepted a large amount of bribes in exchange for favors, according to prosecutors leading sweeping graft crackdown in the sector
· Chinese Airlines Cancel Flights to and From Israel Amid Gaza War
Hainan Airlines and Cathay Pacific join American, Delta, United, Air France, KLM and Lufthansa in suspending air services
· Hengrui Pharma Signs Licensing Deal to Sell Cancer Drug in India
The tie-up with local firm Dr. Reddy’s is the second overseas agreement signed by Hengrui for Pyrotinib as more Chinese drugmakers accelerate expansion into lucrative foreign markets
· Analysis: China to be Hardest Hit by Global Coal Mine Layoffs
The country’s coal hub Shanxi alone is projected to shed nearly a quarter of a million jobs by 2050, an industry report shows
· Opinion: Who’s Eating China’s Export Lunch in the EU?
Although China is losing market share in some categories of imports into the EU, its overall portion has been relatively stable, writes Everbright Securities’ chief macroeconomist
· Former Mayor Expelled From Communist Party Over Falsifying Economic Data
Sun Shutao, a former senior political adviser in East China’s Shandong province, is also suspected of accepting bribes
Ant Group consumer lending arm plans $625 million capital injection, Alibaba think tank dispels closure rumors
· U.S. Ambassador to China Praises Senate Delegation’s ‘Frank and Honest’ Talks With Xi
Six U.S. senators, led by Majority Leader Charles Schumer, also met with other top leaders, raising issues including forced tech transfers and urging China to pressure Iran not to inflame the Israel-Palestine conflict
· China Urges Swift U.S. Action After Car Crashes Into San Francisco Consulate
A spokesperson called for local authorities to promptly deal with the ‘violent attack’ by an unidentified driver who crashed a car into the consulate building Monday
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This article was generated by Caixin Automation.
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