China’s benchmark Shanghai Composite Index (000001.SH) lost 0.29% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.04%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.03% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.76%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Shanghai Creates $18 Billion State Investment Giant
Merger of two investment firms will create a juggernaut providing financial backing to technology and innovation startups
· Hong Kong Spends $5.75 Million A Year on Idle Pandemic Makeshift Hospitals
Lawmakers urge government to press ahead with converting Covid isolation wards for non-medical use as maintenance costs mount
· Meituan Names Wang Puzhong as CEO of New Core Local Commerce Business
Food delivery giant looks to a younger generation for its management team as it refocuses on its core business
· Exclusive: ICBC Reshuffles Leadership at Core Department and Wealth Management Unit
Wang Hailu to be chair of ICBC Wealth Management, bringing experience in bond and foreign exchange trading
· IMF Says It May Raise China 2024 GDP Forecast After Strong First Quarter
Fund’s chief economist also highlights continued weakness in property sector, domestic demand
· Former China Central Bank Deputy Admits Taking Over $50 Million in Bribes
Fan Yifei admits to taking money in exchange for helping companies and individuals with matters such as securing loans, jobs and business contracts
· Intellectual Property Is Key Issue for German Companies Dealing With China, Scholz Says
Germany’s chancellor says Chinese side gave ‘pragmatic’ answers on establishing a level playing field
· Weekly Must-Read: Alibaba Renews Strategy Reset to Revive Growth Momentum
Jack Ma tells employees ‘we must reform for the future’
Coal reserve system to be set up by 2027, Chengdu to roll out incentives for commercial hydrogen vehicles, IEA official calls for more policy attention on carbon capture tech
· China Looks to Employ Big Data to Tackle Persistent Misconduct in Soccer
General Administration of Sport proposes working with ‘internationally renowned’ sports data firms to monitor soccer matches in real time
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This article was generated by Caixin Automation.
