China’s benchmark Shanghai Composite Index (000001.SH) lost 0.95% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.21%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.48% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.47%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Commentary: China Needs to Implement Initiatives to Boost the Confidence of Foreign Investors
A level-playing field, easier access and greater openness will draw foreign investors and businesses back to China despite global uncertainties
· Ant Group Completes Microloan Business Reshuffle
Separating Huabei and Jiebei is a key part of bringing Ant Group back into line after the abrupt suspension of its $34.5 billion IPO
· China State-Owned Investment Firm’s 30-Year Bond is Oversubscribed as Investors Queue Up
Ultra-long-term bonds are attracting investors in China as, with interest rates falling, they bear lower risk while offering higher returns
· Geely-Backed Auto Suppliers Unveil 7nm Smart Drive Chip to Rival Nvidia
The AD1000 is a super-fast chip designed specifically for self-drive cars with a maximum computing power that is comparable to Nvidia’s Orin chip
· CGN to Start Building Southeast Asia’s Largest Clean Energy Facility in Laos
Electricity generated in the Laos renewable energy base will be transferred to ease shortages in South China’s Yunnan province
This style of law enforcement runs counter to Beijing’s policy advocating for protection of private enterprises
· China Earmarks $9.3 Billion to Boost Employment This Year
The Ministry of Finance has pledged a slew of measures, including tax and fee cuts after suspending the release of youth unemployment data following its record high in June
· Tencent Posts Weaker Quarterly Results Amid Gaming Challenges
The internet giant reported 27 billion yuan in net profit on 155 billion yuan in revenue for the December quarter, missing analyst estimates for both
· China Has Room to Further Cut Reserve Requirement Ratio, PBOC Official Says
Further reducing the RRR would channel more money into the financial system to fuel economic growth
· U.S. Watchdog Fines Three KPMG China Partners for Audit Violations
The PCAOB says the partners failed to comply with its standards in their 2017 audit of a Chinese education service provider that was later found to have inflated its revenue
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This article was generated by Caixin Automation.
