China’s benchmark Shanghai Composite Index (000001.SH) lost 0.11% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.66%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.35% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.58%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· U.S. and China Lead the World in Championing AI
The two largest economies dominate the artificial intelligence field with most unicorn startups and the largest fundraising deals, according to an industry report
· Shanghai Port’s Shipping Service Spinoff Surges 58.6% in Strong Debut
Container shipping service sails on to stock exchange achieving a market cap of 23.1 billion yuan on its trading debut
· Unsold New Homes Accumulating in China’s Smaller Cities Despite Efforts to Revive Market
Destocking times rise as property slump continues and demand for new homes fails to recover
· China Lithium Prices Continue to Drop Amid Global Supply Glut
Oversupply of the metal used in electric vehicle batteries has seen prices plummet with little sign of them improving soon
· In Depth: Will Hong Kong’s Tax Tweaks End Its Real Estate Slump?
Despite a recovery in sales of new homes, capital continues to flee financial hub’s property sector in favor of safer bets like fixed deposits
· Nio Gears Up to Make Its Own EVs After Permit Approval, Equipment Purchases
Chinese automaker announces it is buying assets from partner JAC, shortly after being added to government vehicle production permit database
· Tech Insider: U.S.’ EV Tax Credits, Hozon Unit Switches On Thai Auto Plant
WuXi Biologics warns of revenue miss, CATL stays mum about Indonesia venture
· Caixin China New Economy Index Falls on Lower Capital Inputs
The contribution of high value-added industries such as biomedicine declined in November to 30.6% of the country’s overall economic inputs
City’s justice secretary says verdicts in civil and commercial cases must first be submitted to city’s courts before they can take effect, even after a reciprocal enforcement regime comes into force next month
· Honda’s China Venture Cuts 7% Jobs as Sales Slide in Electrification Race
GAC Honda cuts 900 jobs in China in its first ever layoffs as car sales stall while the move to electric vehicles accelerates
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This article was generated by Caixin Automation.
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