China’s benchmark Shanghai Composite Index (000001.SH) lost 1.42% on Monday, while the Shenzhen Component Index (399001.SZ) fell 1.85%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.88% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.76%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Qinghai Has an Ocean of Solar Power, But Nowhere to Store It
The far western Chinese province has seen a rush on investment in the green energy source, but a lack of money spent on storage facilities means it has too much power at some times, too little at others
· China Urges Banks to Provide More Support for Construction of Rental Properties
Central bank and the National Financial Regulatory Administration made the call with the aim of increasing supply of commercial and affordable rentals
· Shenhua Energy’s Market Cap Edges CATL as Investors Eye Fat Dividends
The valuation swelled after shares of the China coal miner rose to their highest in years, as high coal prices boosted expectations of more generous cash dividends
· Weekend Long Read: Why China’s Last Dynasty Failed in Its Efforts to Modernize
The Qing rulers of the late 19th century understood that their country had fallen behind the West, but their reforms failed because they couldn’t let go of their ancient political system
· Troubled Investment Giant Zhongzhi Files for Bankruptcy Liquidation
China’s largest wealth manager admits, as liquidity has dried up, its assets are insufficient to cover all liabilities and it lacks the ability to repay debts
· China Tightens Scrutiny of LGFVs Offshore Borrowings
Regulators are trying to restrict local governments raising finance by selling bonds overseas as higher costs increase their debt repayment risks
· Leaks on the Rise at China’s Mining Waste Dumps
Environment ministry has seen a ‘marked increase’ in recent years of environmental emergencies caused by toxic chemicals leaking from so-called tailings ponds
· Regulator Denies Quant Trading to End on Futures Market
Rumor spread along with speculation that exchanges might adjust their fee rebates in a way that is less favorable to high-frequency traders
· Hong Kongers Head North in Bulk-Buying Frenzy
Travel agency EGL Tours recorded more than 3,000 people signing up for its newly launched ‘Sam’s Club Tours’ to Shenzhen, named for the wholesale chain
· Weekly Must-Read: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition
On track for record 2023 sales, China’s auto industry won’t see profitability follow suit
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This article was generated by Caixin Automation.
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