China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.18%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) ended nearly flat for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.09%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cutting-Edge Drugmaker Biokin Taps Hong Kong Market to Fund Foray Aboard
Funds raised from the Hong Kong IPO will mainly support Biokin’s overseas expansion, according to the prospectus
· Former Deputy Head of China Taiping Pleads Guilty of Taking $11 Million in Bribes
Xiao Xing’s crimes spanned 25 years during which he illegally received and gifts, the procuratorate said
· UBS Hires Former Credit Suisse China Chief Janice Hu as China Vice Chair
Hu will be the first person to fill the role in USB Securities as the position did not exist before
· Eight Out of 10 of China’s NEV Brands Will Disappear by 2030 as Market Consolidates, Report Predicts
To survive, an NEV brand needs annual sales of 400,000 pure EVs or 200,000 plug-in hybrid EVs, according to AlixPartners
· SAIC Volkswagen Slashes Auto Prices as Brutal Price War Takes Toll on Joint Ventures
German joint venture cuts price of China models by up to $8,000 to boost sales amid intense market competition
Chinese brands top Israel’s car sales, Beijing mulls safety probes into energy storage plants
· Sovereign Fund, Policy Lender to Appoint New Executives Amid State Finance Reshuffle
Liu Jiawang set to move to CIC from ‘Big Four’ bank, policy banker Wu Tao transitions to ADBC, sources say
· Exclusive: Ex-Central Bank Official to Take Over as UnionPay’s President
Guo Dayong, a former deputy governor of the PBOC’s Jiangsu branch, is set to assume the position at China’s largest payment settlement service provider, sources say
· Two More Officials From Corruption-Plagued Chinese City Fall Under Graft Probe
Chen Zhi, vice mayor of Qujing, Yunnan province, and Bi Shangpeng, former vice chairman of the city’s people’s congress standing committee, are being investigated by local graft busters
· Weekly Must-Read: As China's Exports Surge, Tariff Hikes Loom
Chinese exporters are speeding up shipments to get ahead of import tax hikes, which might lead to decline down the line, but other bright spots are emerging
Click here to read more of the latest news.
This article was generated by Caixin Automation.
