China’s benchmark Shanghai Composite Index (000001.SH) gained 0.58% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.53%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.2% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.06%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Xpeng Shares Plunge as Autonomous Driving Mastermind Departs
American citizen Wu Xinzhou steps down for ‘personal and family reasons’ as some cite U.S. restrictions and others see him headed to Nvidia
· China Extends Small-Business Tax Relief for Four More Years
Finance Ministry rolls out package of measures intended to shore up China’s faltering economy by easing VAT, income tax rates and other business costs
· Former ICBC Asset Management Chief Under Probe
Graft busters investigate Gu Jiangang two years after two subordinates were sent to prison for corruption
· Luckin Coffee Beats Starbucks in China for First Time
Resurgent fast-coffee giant posts second-quarter sales of $862 million, topping the American chain’s $822 million in China
· China’s Top Graft Watchdog Announces Year-Long Crackdown on Pharmaceutical Industry
The CCDI asked local authorities to step up law enforcement efforts and keep a close eye on people in senior or ‘key positions’
· North China City Pleads for Emergency Aid After Flood
In Zhuozhou, home to 660,000 in Hebei province, more 125,000 people had been relocated as of early Tuesday, officials say
· Toyota to Ramp Up Electric Car Push in China With R&D Revamp
Plans to consolidate resources for electrification come as the company’s overall China sales decline amid the country’s transition to new-energy vehicles
· Opinion: Politburo Meeting Buoys Chinese Stocks, but Will It Last?
The market has bounced off recent lows, but a definitive upward trend has yet to take shape
· Flooding in Northern China Triggers $23 Million of Insurance Claims
Total includes damage to vehicles and businesses with most of claims filed in hard-hit Mentougou and Fangshan districts of Beijing
· Central Bank Vows Further Mortgage Easing to Support Housing
People’s Bank of China and foreign exchange regulator outline plans to implement precise and differentiated housing credit policies
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This article was generated by Caixin Automation.
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