China’s benchmark Shanghai Composite Index (000001.SH) lost 0.47% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.57%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.61% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.73%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Exclusive: The Bidding War for Fosun’s Nangang May Heat Back Up
While steelmaker Shagang already paid almost half the $2.21 billion deal price, Citic Pacific and Fangda Steel are still lurking in the wings to snap up the Fosun crown jewel
· Meituan Gears Up for Hong Kong Expansion With Rider Recruitment
Mainland food delivery giant moves to challenge foodpanda and Deliveroo in a market where Uber Eat’s five-year effort failed
· Nio to Add 1,000 Battery-Swapping Stations in 2023
EV startup earmarks 400 quick-change stations for highways and 600 for urban areas, expanding total to 2,315
· Chinese Property Developers Signal Barrels of Red Ink for 2022
Billions of dollars in net losses will include asset impairment write-downs for unsold housing units, based on estimates issued by publicly traded companies
· Chinese Educators Should Embrace ChatGPT as Part of Reform, Experts Say
Since its release in November, the chatbot has become a hit among students worldwide, leading to concerns about academic misconduct that could further curtail its use on campus
· China Encourages Foreign Investment in Real Estate Through Private Equity Funds
Pilot scheme will permit qualified PE managers to set up funds to invest in property and infrastructure
· Automaker GAC Seeks China-Made Chips to Ease Dependence on Foreign Suppliers
The Guangzhou-based company sources about 10% of its microchips from domestic firms, but sees room to grow that figure, executive says
· Opinion: Chinese Households’ Financial Dilemma Is a Problem for the Economy
A surge in savings and a race to reduce liabilities have thrown the post-Covid recovery into further disarray
· New Capital Rules Aim to Bring Chinese Banks in Line With Global Standards
The draft framework categorizes banks by size and offshore business to help increase compliance while helping smaller banks
· Tech Insider: Lenovo’s Sales Tumble, CATL’s Drive for Dominance
Fudan University ChatGPT-like bot crashes on launch, Guangzhou sets up two tech funds with $29 billion in capital
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