China’s benchmark Shanghai Composite Index (000001.SH) lost 1.0% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.75%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.67% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.31%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: How Zhongzhi Became the Latest Chinese Financial Holding Group to Fall
For years, the conglomerate held a reputation as one of the premier private financial holding groups in China, but its problems escalated quickly after the sudden death of its founder, Xie Zhikun, in late 2021
· China Extends Loan Support for Ailing Developers
Special $28 billion, low-cost lending program will run until May 2024 to help builders complete housing projects
· DJI Unveils First Cargo Delivery Drone in New Business Push
World’s biggest consumer drone maker unveils FlyCart 30, capable of transporting 30 kilos of goods 16 kilometers
· Energy Insider: China’s Solar Capacity Eclipses Hydro, Green Power Trading Gets a Rule Update
Beijing pushes to get foreign firms to use renewable power, NEV production and sales grow
· Opinion: To Restore Confidence in China’s Economy, Help Consumers Spend
Tax cuts and consumption vouchers will provide more income for households and demonstrate the government’s commitment to boosting the wealth of its people
· Analysis: China’s Updated Green Power Market Guidelines Set to Drive Interprovincial Trading
The rules clarify the trading process and propose a method to spur participation by companies with more modest electricity needs
· Hong Kong Families Now Have Fewer Than One Child Each on Average, Survey Shows
The average number of children per couple in Hong Kong plunged to a record low of 0.9 in 2022, while the proportion of childless couples more than doubled in five years
· Two Chery Auto Models Will Be First Outfitted With Revamped CATL Battery
Contemporary Amperex Technology’s mixed battery pack will be used in the Chinese carmaker’s Sterra ES and Zhijie S7 sedans
· American Air Plans to Add Flights to China, Joining Rivals
American Airlines joins Delta, United after U.S. and China agree to double weekly flights; China returning to more normal transit post-pandemic as demand for personal travel surges
· State Investors to Inject $1.7 Billion in Shenzhen Wafer Foundry
China’s ‘Big Fund’ to take 25% stake in China Resources Microelectronics’ Shenzhen unit alongside four other state-backed investors; Shenzhen facility aims to produce 40,000 wafers a month
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This article was generated by Caixin Automation.
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