China’s benchmark Shanghai Composite Index (000001.SH) lost 0.82% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.94%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.71% 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:
· Property Investment Slid Further in July Amid Weakening Market
Real estate shows no sign of rebound as sales fall again, extending the industry’s protracted contraction
· Exclusive: Former President of World’s Top Port Operator Under Graft Probe
Investigation of Shanghai port’s Yan Jun leads to collapse of $207 million equity tie-up with Jiangsu Lianyungang Port
· Xiaomi Joins AI Model Fray With Upgrade to Smartphone Voice Assistant
The company also officially unveiled a new foldable phone as it steps up its push into the high-end market
· Chinese Firm Halts Construction of Hydroelectric Dam in Niger After Coup
Financial sanctions triggered by the ouster of the president cut off key funding to the $800 million Belt and Road project
· In Depth: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk
Rapidly growing market holds great potential, but the ByteDance unit faces competition from homegrown rivals backed by Tencent and Alibaba
· Weakening Trade Pushes Down Shipping Rates Between China and ASEAN
Drop in Chinese exports to ASEAN countries shows the region hit by same slowdown that has weakened sales to Western markets; Chinese exports to ASEAN off by 21% in July from year ago
· Third-Party Payment Industry Consolidates as Prepaid Card Issuers Exit
Prepaid card issuers suffer as business contracts; some exit as PBOC revokes licenses for failing to meet industry requirements, others drop out
· China Reveals Plan to Boost Capital Inflows, Attract Foreign Firms
State Council issues 24 guidelines for drawing offshore investment in key sectors as international companies scale back domestic operations
· Country Garden Plans to Extend One Bond by Three Years, Sources Say
Eleven onshore bonds issued by the property giant and two of its subsidiaries were suspended from trading on Monday, heralding debt restructuring negotiations
· IQiyi’s VR Unit Fails to Pay Staff, Slashes Jobs as Metaverse Hype Fades
Money trouble at streaming giant’s subsidiary reflect industrywide challenges such as product pricing and limited content, as demand has yet to materialize
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This article was generated by Caixin Automation.
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