China’s benchmark Shanghai Composite Index (000001.SH) lost 0.98% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.09%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.04% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.56%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Chinese Gas Stations Ration Diesel Amid Shortage
Demand for fuel soars, driving up prices and threatening further supply chain disruption as China already struggles with coal and natural gas shortages
· BYD to Raise Battery Price 20% as Lithium Costs Soar
Surging demand for electric vehicles contributes to quadrupling of lithium prices in China this year, putting battery makers in a profit squeeze
· China Moves to Blunt Power of Futures Market Over Coal Prices
Prices immediately fall as Zhengzhou Commodity Exchange raises margin requirements and transaction fees to make trading less attractive and reduce volume
· Tutoring Institution Numbers Drop in Chinese Cities Piloting Reform
The number of such businesses has fallen by 60% in Beijing since the central government launched a policy to reduce the pressure on the country’s overburdened students
· Tesla’s China Earnings Swell, Xpeng’s New Flying Car
U.S. granted $100 billion in export licenses to blacklisted firms, JD.com and Plus flesh out self-driving delivery truck collaboration
· China Reminds Local Governments It’s Illegal to Discriminate Against Foreign Companies
Finance ministry notice warns authorities to clear up violations of laws and regulations on equal treatment by the end of November
· Walmart Denies Pressuring Its Chinese Suppliers Into Forced Exclusivity
Company rejected rivals’ claims that its Sam’s Club stores are engaging in the anticompetitive practice, which has been a focus of regulatory ire
· China’s Steel Industry on Track to Churn Out Less This Year Than in 2020
In line with official targets, crude steel production likely to fall by 30 million tons, industry association says
· China Plans New Coal Price Mechanism to Keep Costs Down Amid Energy Crisis
This takes into account factors such as production costs and average profitability, the agency said
· Chinese-Funded Entities in Sudan Urged to Take Precautions After Coup
China pushes for dialogue among African country’s different stakeholders in the wake of the military takeover
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This article was generated by Caixin Automation.
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