China’s benchmark Shanghai Composite Index (000001.SH) lost 0.83% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.8%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.21% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.54%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Senior Finance Executive at State Shipbuilding Giant Under Probe
Former chairman of Zhong Chuan Finance, part of CSSC, is subject of corruption investigation
· Developers Slash Spending on Land as Number of Unsold Homes Mounts
Land purchases down 26.7% year-on-year while housing stock in China’s top 100 cities could take two years to clear
· AI Drug Researcher QuantumPharm Seeks $145 Million in Hong Kong IPO
Offering is first under Chapter 18C which allows companies worth HK$10 billion to trade shares before generating any revenue
· Xintang Town’s Plan to Buy Unsold Housing at Cost Price Raises Concerns Over Shady Dealings
Project to increase affordable housing is attractive to developers currently selling at a loss, says expert
· China’s MMG Announces $1.16 Billion Rights Issue to Pay Debts
Proceeds will be used to pay shareholder loans and to expand its Botswana copper mine project
Shanghai-based Unisoc is close to securing more than $552 million in new funds, sources tell Caixin, despite an arduous fundraising journey
· How a Corrupt Huarong Executive Took $151 Million in Bribes in Five Years
Bai Tianhui used his influence at the state-owned bad-debt manager to help companies acquire projects and financing
· Contribution of China’s New Economy Industries Remains Steady
The contribution of industries such as biomedicine to the country’s total economic inputs remained at 30.7% in May
· Beijing Rebuts Claim It’s Pressuring Countries to Skip Ukraine Peace Summit
China’s foreign ministry denies Ukrainian president’s accusation that it is ‘an instrument’ of Russia’s leader
· China Auto Roundup: Great Wall to Shutter European HQ, EV Sales Defy Spending Slump
Beijing launches $828 million fund for the development of solid-state batteries, EU’s proposed carbon footprint methodology has Chinese battery-makers on edge
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This article was generated by Caixin Automation.
