China’s benchmark Shanghai Composite Index (000001.SH) lost 0.72% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.58%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.65% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.01%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Longi Layoffs Speed Shift in Solar Production Away From China
The world’s largest solar manufacturer plans to cut about 5% of its workforce, which once numbered as many as 80,000 people
· China’s Top Diplomat Wang Yi to Meet With Australian Business Leaders
Foreign minister will attend a ‘private roundtable’ in Canberra with leaders from the resources, financial and legal services sectors
· Alibaba Shakes Up Freshippo Leadership, Signaling Potential Sale
New CEO’s appointment raises speculation that Alibaba is preparing to sell off its grocery arm Freshippo
· Hong Kong Has Twice as Many Single-Family Offices as Singapore, Survey Reveals
Hong Kong’s more flexible tax policies make it a formidable competitor in private wealth management, says Deloitte
· Huawei Smart Car Boss Predicts Unit Will Turn a Profit This Year
The unit should be able to ‘turn around and achieve benign positive growth’ with strong sales of its premium models in the cards, Chairman Yu Chengdong says
· WeChat Pay Operator Approved to Raise Registered Capital to 15.3 Billion Yuan
With the increase, Tenpay’s registered capital will be more than 15 times higher than the current 1 billion yuan
· Police Investigate Zhongzhi Case Suspects’ Illegal Gains to Recoup Investor Losses
Beijing authorities have taken ‘criminal coercive measures,’ which include arrest, detention or residential surveillance, against the suspects
· China’s Soaring Auto Exports Will Drop After Banner 2023, Expert Says
Overseas shipments will fall to at least 4.7 million vehicles annually, Development Research Center official says, after reaching 4.9 million last year
· Opinion: Defusing Local Government Debt Is Key to China’s Proactive Fiscal Policy
A coordinated mechanism to manage debt risk while supporting stable economic growth needs to be established
· Ex-Beijing Hospital President Taken Away by Corruption Investigators
Tian Wei, a renowned orthopedic physician and robotics pioneer, is also a member of the prestigious Chinese Academy of Engineering
Click here to read more of the latest news.
This article was generated by Caixin Automation.
