China’s benchmark Shanghai Composite Index (000001.SH) gained 1.31% on Monday, while the Shenzhen Component Index (399001.SZ) rose 0.59%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.32% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.6%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Metal Magnate’s Fall From China’s Rich List to Bankruptcy
How Zhongwang Group’s Liu made and lost billions in aluminum
· Exclusive: Chinese Insurance Giant PICC to Get New President, Sources say
The state-owned company is said to tap finance veteran Zhao Peng for the position
· China Central Bank Deputy Governor Pan Gongsheng Named as Party Chief
Pan takes over from Guo Shuqing, possibly putting him on track to replace Governor Yi Gang, who vacated the position of deputy party secretary
· Senior China Cabinet Official Named Party Chief at Social Security Reserve Fund, Source Says
Ding Xuedong said to take over the position at the National Council for Social Security Fund
· Weekend Long Read: Why China’s Property Tax Is Still a Long Way Off
The levy would make local government budgets less dependent on land sales revenue, but doubts remain about whether homeowners would be willing or able to pay
· Exclusive: CDB Seeks to Offload Financial Leasing Unit
China Development Bank has been trying to sell CDB Leasing for years to refocus on core mission of infrastructure and key industry development
· Geely-Backed Flying Car Maker Raises $13.8 Million
Tsinghua Holdings leads fundraising for Aerofugia, one of several Chinese companies racing to develop flying autos
· Tech Insider: Biden’s China Tech Investment Curbs, Alibaba’s Speedy Global Delivery Service
Meituan buys co-founder’s nascent AI venture, EV startup Byton’s subsidiaries face liquidation
· China Bolsters Law to Resolve Disputes Between Government and Its Citizens
The categories of disputes eligible for administration reconsideration will grow from 11 to 14, and the power of advisory committees will be strengthened
· JPMorgan Asset Management (China) Names New Head
Desiree Wang, a finance industry veteran with more than 23 years of experience, joined JPMAM in 2008 after stints at BlackRock and ICBC
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