China’s benchmark Shanghai Composite Index (000001.SH) lost 0.33% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.46%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.99% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.06%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· In Depth: The Shake-Out of China’s Community Group-Buying Market
‘Old-timers’ falter as newcomers and tech giants rush in, but regulatory scrutiny and buckets of red ink have cooled a once-booming e-commerce sector
· Huawei Profit Surges 76% as Revamp Slashes Sales
Chinese telecom gear giant’s revenues shrink for the first time in 19 years, reflecting U.S. sanctions, pandemic and restructuring
· Guinea Agrees to Resume Simandou Iron Ore Project With New Infrastructure Pack
China’s Aluminum Corp. and Weiqiao Pioneering agree to join other developers of giant iron ore reserve in $15 billion infrastructure project
· Shanghai Goes Into Lockdown to Get a Grip on Spiraling Outbreak
The local government is closing off roughly half of the city at a time to conduct mass testing
· With Shanghai’s Locked-Down Residents in Need of Fresh Food, Online Grocers Struggle to Deliver
Companies like Meituan, Hema and Dingdong are recruiting temps and bringing in employees from outside the city as they try to fill the gaps left by logistics personnel stuck at home
· Foreign Direct Investment in China Hit Record High in 2021
Figure reaches $334 billion, up nearly one-third from the year before
· Cover Story: How Nickel Turmoil Exposed the LME and China’s Tsingshan
Chinese Fortune 500 metals giant lost billions on sale contracts as the 145-year-old London Metal Exchange failed to manage unprecedented volatility
· Shanghai Hits a New High in Daily Covid Cases
On Friday, the Asian financial hub reported 38 confirmed local infections and 2,231 asymptomatic cases
· Public Road Testing for Advanced Smart Vehicles Hit 5,000 Kilometers Milestone
The road testing for ‘intelligent connected vehicles’ is part of a broader smart city plan, which applies a variety of intelligent infrastructures, including 5G, big data and artificial intelligence
· Weekly Must-Read: The Rise of the China-Focused Private Equity Giant Hillhouse
From its founding with money from Yale, the company has grown to manage tens of billions of dollars of assets
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