China’s benchmark Shanghai Composite Index (000001.SH) gained 0.65% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.1%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.15% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.85%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· ByteDance Workers Take a 20% Pay Hit as Sunday Overtime Ends
While tech giants are under government pressure to ease grueling work schedules, employees worry they’ll be stuck with the same workload for less income
· Chinese Communist Party Set Key Plenum for November
Session will discuss ‘major achievements and historical experience’ of the past century, Xinhua reports after Politburo meeting
· Top Chinese, U.S. Climate Envoys to Hold Meetings in Tianjin This Week
Xie Zhenhua will discuss bilateral cooperation, upcoming U.N. climate talks with his visiting counterpart for a second face-to-face meeting this year
Data policy provides windfall for state cloud firms, ByteDance buys VR startup
· Two Thousand Former Chinese Judges Fail Nationwide Ethics Review
Former prosecutors were also among those found to have acted illegally in making career switch to become lawyers
· Hotpot Chain Xiabu Xiabu Comes to a Post-Pandemic Simmer With 58% Revenue Boost
While Hong Kong-listed chain slashes losses by 81%, it is still planning to shutter 200 unprofitable outlets
· China’s International Development Cooperation Agency Takes Over Distribution of Foreign Aid
The agency, which was set up in 2018, has replaced the Ministry of Commerce in handing out foreign aid
· Cold Chain Covid Origin Mooted, Kids’ Video Game Times Cut, U.S. Completes Afghan Withdrawal
Special ‘key classes’ banned in Chinese schools, and province launches food takeout digital monitoring system
· Evergrande Electric Car Unit Says Ballooning Losses May Force Production Delays
Unit may have to push back mass production from originally planned rollout later this year, with sources estimating a 2022 start
· Moutai Chairman Ousted After Just 18 Months in the Job
Latest personnel shakeup at world’s most valuable liquor company follows a string of corruption scandals
Click here to read more of the latest news.
This article was generated by Caixin Automation.
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