China’s benchmark Shanghai Composite Index (000001.SH) gained 0.55% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.78%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.77% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.81%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Car Sales Slow as Price War Disrupts Market
Passenger vehicle sales may be slightly up from a year ago, but figures are still lower than the same period in 2021, new industry data shows
· Fosun Partners with Rongcan Biotech to Eye Alternatives to Develop mRNA Drugs
Sources say deal may be a failsafe if German BioNTech fails to receive approval for the Chinese mainland
· China’s Mutual Funds Slash Fees to Encourage Investor Participation
19 firms have cut fees on almost 1,600 products in response to new plan from regulators
· China Extends Policy to Take Pressure off Ailing Property Market
Notice allows real estate developers to postpone loans by another year as part of effort to rescue critical industry
· In Talks With Yellen, China Demands Removal of U.S. Economic Sanctions
Treasury secretary’s visit came amid growing disputes between the two countries over trade, technology transfer and security strategies
· Ant Group Proposes Share Buyback at Roughly 30% of IPO Valuation
The fintech giant is offering to repurchase close to 8% of its stock, shortly after being hit with a fine of almost $1 billion
· Six Killed in South China Kindergarten Attack
A 25-year-old male suspect has been arrested in connection with the ‘intentional assault’ in Lianjiang, Guangdong province, authorities say
· New Rules for China’s $3 Trillion Private Fund Industry Have More Teeth, Experts Say
Most past regulation was released by regulators and didn’t carry the same legal weight as the new framework, which has been approved by the country’s cabinet
· Chinese Auto Exports Forecast to Surge in 2023 Amid Crowded Local Market
Shipments will jump 40% to more than 4 million vehicles, industry expert says
· Former Provincial Finance Chief Falls Under Graft Probe
Chen Jixing, a retired official nicknamed Guangdong province’s ‘God of Fortune,’ is suspected of ‘serious violations of discipline and law,’ a common euphemism for corruption
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This article was generated by Caixin Automation.
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