China’s benchmark Shanghai Composite Index (000001.SH) gained 0.2% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.27%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.19% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.36%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Competition Heats up in New Energy Storage as Capacity Surges
Green energy storage is expanding dramatically but intensifying competition and falling prices threaten the survival of those companies that cannot keep up
· Rentals in Biggest Chinese Cities Drop Further as Supply Increases
Cooldown of rental market continues as more young job seekers leave expensive big cities for smaller, cheaper conurbations
· Bribery, Love of Calligraphy Contributed to Ex-Everbright Chairman’s Downfall
Tang Shuangning has been expelled from the Communist Party for a litany of misconduct that also included expensing his personal travel overseas to the company, CCDI says
· CATL Secures Three-Year Supply Deal With Dongfeng Motor Unit
The Chinese battery-maker will provide power cells for M Hero’s electric SUV, which will be embossed with ‘CATL Inside’
· Evergrande’s Electric-Car Unit Plunges After Vice Chairman Detained
China Evergrande New Energy Vehicle’s shares fall as much as 23% on news Liu Yongzhuo was suspected of committing crimes
· China Urges Banks to Provide More Support for Construction of Rental Properties
Central bank and the National Financial Regulatory Administration made the call with the aim of increasing supply of commercial and affordable rentals
· Shenhua Energy’s Market Cap Edges CATL as Investors Eye Fat Dividends
The valuation swelled after shares of the China coal miner rose to their highest in years, as high coal prices boosted expectations of more generous cash dividends
· Weekend Long Read: Why China’s Last Dynasty Failed in Its Efforts to Modernize
The Qing rulers of the late 19th century understood that their country had fallen behind the West, but their reforms failed because they couldn’t let go of their ancient political system
· Troubled Investment Giant Zhongzhi Files for Bankruptcy Liquidation
China’s largest wealth manager admits, as liquidity has dried up, its assets are insufficient to cover all liabilities and it lacks the ability to repay debts
· China Tightens Scrutiny of LGFVs Offshore Borrowings
Regulators are trying to restrict local governments raising finance by selling bonds overseas as higher costs increase their debt repayment risks
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This article was generated by Caixin Automation.
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