China’s benchmark Shanghai Composite Index (000001.SH) lost 0.91% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.24%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.98% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.4%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Huarong Sells Consumer Finance Stake to Bank of Ningbo
Divestiture of 70% of Huarong Consumer Finance for $172.6 million is part of asset management giant’s restructuring after it reached the verge of collapse
· China’s Largest Health-Care Mutual Aid Platform Shuts Down
Ant Group’s Xiang Hu Bao joins Meituan and Waterdrop in march to the exits after China tightens regulations covering online insurance
· Trending in China: Chinese Model Defends Shape of Her Eyes in Controversial Ad
People online criticized Cai Niangniang’s appearance, saying it played on a negative Western caricature of Asian people, with make-up that made her eyes look more slanted
· Jonathan Spence, Who Helped the West Understand China, Dies at 85
Jonathan Spence, Who Helped the West Understand China, Dies at 85
· Once a China Coal Boomtown, Hegang Now Can’t Afford to Hire
City government in northeast rust belt cancels plan to bring on low-level workers as falling revenues leave it struggling to pay mounting debts
· China’s Land Sales Still Sluggish Despite Relaxed Auction Rules
Local governments have been trying to coax cash-strapped developers back to the market after they were hit in the wallet by an ongoing deleveraging campaign that saw prices slump
· China Probes Online Claims of Price Gouging by Turkish Airlines
The airline is allegedly charging $31,372 for flights from Istanbul to Guangzhou, according to a price list that went viral
· Tech Insider: Baidu’s First ‘Robot’ Electric Car, BYD Establishes Self-Driving Venture
Auto startup Pony.ai to roll out robotaxi fleet, Q&A forum Zhihu denies report of Hong Kong IPO
· Year in Review: The Regulatory Storm That Targeted China Tech
For Alibaba, Tencent and Baidu, 2021 will be remembered as a year where regulators put the tech sector in its crosshairs for a litany of violations and implemented tough new rules
· China Rebuts Reports Citing New Covid-19 Rules as Reason for Flight U-Turn
A statement by the Chinese embassy said the claim did not ‘correspond with facts’ and called out U.S. airlines for staff shortages stemming from the pandemic
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This article was generated by Caixin Automation.
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