China’s benchmark Shanghai Composite Index (000001.SH) gained 0.26% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.26%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.24% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.27%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Manufacturing Expands at Fastest Pace in Five Months, Caixin PMI Shows
A rise in new orders propelled production in May, though material shortages and higher purchasing costs dragged down the growth rate
Five southern China provinces face pressure on electricity system amid hot weather and recovery; Fujian plans world’s largest stainless steel operation; steel prices fall
· HKEX Scraps ETF Fees to Promote Trading
Waiver applying to Hong Kong-listed fixed income and money market ETFs will lower transaction costs and is intended to lure investors
· North China’s Steel Hub May Ease Production Cuts
Tangshan authorities consider allowing more output in second half, increasing supply to counter a surge in steel prices
· Exclusive: Tencent Venture Wins License to Offer Reinsurance in Hong Kong
FuSure, which is 85% controlled by the internet giant, will be able to offer 17 types of reinsurance products in the financial hub
· China REIT Projects to Test Retail Investors’ Appetite
If pilot real estate listings succeed, government counselor estimates that 5 trillion yuan worth of domestic infrastructure could be candidates, representing more than half of the value of the decades-old U.S. REIT market
· Guangzhou Rolls Out Travel Restrictions, Neighborhood Lockdowns to Extinguish Covid Outbreak
Residents in a handful of communities have been ordered to stay at home as the city records over two dozen cases
· Trending in China: Young Chinese Reject Rat Race, Embrace ‘Lying Flat’
‘Lying flat philosophy’ sweeps across social media as Generation Z seeks an alternative definition of success
Social media feeds in China also focused on the discovery of the remains of 215 children on the site of former Canadian school for indigenous children
Social media interest was piqued by news of a stabbing in Nanjing, but feeds were dominated by the latest Covid-19 flare-up in the southern province of Guangdong
Click here to read more of the latest news.
This article was generated by Caixin Automation.
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