China’s benchmark Shanghai Composite Index (000001.SH) lost 0.56% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.34%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.55% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.16%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Leo Group’s $50 Million SpaceX Investment Hits a Wall
After Shenzhen bourse challenges Chinese pump maker’s plan, American limited partnership sends Leo’s money back
· Hainan’s Danzhou Challenges Evergrande’s Property-for-Debt Plan
City’s regulators vow to bar using Ocean Flower Island resort assets to pay off unrelated debt of the property giant
· Energy Insider: Lithium Prices Soar to Record High on Strong EV Demand
CATL invests $160 million in mining and new materials; coal stocks at power plants on track to set record; Xi calls for national power market
· Chinese Insurers Ordered to Rectify Financial Mismanagement by Year-End
Industry regulator says it found illegal property investment and other problems within the firms’ $3.5 trillion investments
· Troubled China Fashion Brand La Chapelle Vows to Fight On Even as Creditors Circle
Despite being hounded in the courts for millions of yuan in unpaid debts, the company disputes legality of their claims despite admitting insolvency and delisting are real possibilities
· In Depth: China’s Opened Its Doors to Foreign Financial Firms — Can They Prosper?
A different regulatory environment, fierce competition, and weak distribution channels are just some of the challenges facing foreign financial institutions like Goldman Sachs and UBS
· Out-of-Favor Alibaba’s Earnings Hit by Higher Taxes
Company’s effective tax rate balloons to three-year high after some subsidiaries lose preferential status amid regulatory crackdown
· Top Shanghai Data Cop Sacked for Indulging in ‘Sensual Pleasures,’ Bribery
Shen Yuxin, ex-chief of Shanghai police’s data division, ‘recklessly’ accepted gifts, enjoyed fine wine and sex workers
· Mainland Plans to Build Bridges to Taiwan-Administered Islands
Taiwan Affairs Office says there are preliminary technical plans for road and rail links between mainland Fujian with the Kinmen and Matsu islands
· Chipmakers, Quantum Firms Targeted in Latest U.S. Sanction Round
Eight companies included in the list to specifically prevent U.S. technologies from being used for China’s quantum computing efforts
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This article was generated by Caixin Automation.
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