China’s benchmark Shanghai Composite Index (000001.SH) lost 0.69% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.91%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.95% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.91%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Jinke May Get a Restructuring Lifeline From Bad Debt Manager
Unit of Great Wall Asset Management agrees to consider a role in a reorganization of the cash-strapped Chongqing-based developer
· China’s WeRide Cleared for Nationwide Road Test in UAE
Autonomous vehicle startup wins first nationwide clearance to test self-driving autos in the Middle Eastern nation
· Ding Xuedong Named Deputy Chairman of $360 Billion Social Security Fund Manager
Former CIC chief and former executive deputy secretary-general of State Council fills a 2½-year-old vacancy at National Council for Social Security Fund
· Tech Insider: China Ups Ante in Tech War, Lidar Developer Sets IPO in Motion
BASF expands Shanghai R&D base, AI-based self-driving chip designer files for IPO
Cui Tiankai shared at a forum that both nations have to adopt a ‘common political will’ for developing mutually beneficial relations first, before establishing guardrails
· Tencent Employee Detained for Hacking Alma Mater’s Student Database
The graduate of China’s prestigious Renmin University reportedly used the personal information to set up a platform that rated students by their appearance
· Chinese VC Investor Launches AI Startup in ChatGPT Rush
Industry pioneer Kai-Fu Lee unveils 01.AI, incubated by his Sinovation Ventures, as the race to develop large language models heats up in China
· Ruizhong Life Debuts as Tomorrow-Linked Insurer Completes Revamp
Financial regulator clears the way for successor to Huaxia Life to go into business, concluding a three-year risk-disposal operation
· Analysis: What Does the Market Expect From Yellen’s China Visit?
News of American Treasury secretary’s Beijing trip this week amid signs of thawing relationship sends stocks and yuan higher
· China-U.S. Ties May Improve Moderately, but Major Strategic Issues Remain, Academic Says
Tensions between the two powers will persist until national security fears are reconciled, says Wang Jisi, a professor specializing in U.S. studies at Peking University
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