China’s benchmark Shanghai Composite Index (000001.SH) lost 1.67% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.97%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.87% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.98%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Honda’s China Venture Cuts 7% Jobs as Sales Slide in Electrification Race
GAC Honda cuts 900 jobs in China in its first ever layoffs as car sales stall while the move to electric vehicles accelerates
· WuXi Biologics Plunges on Concerns over Cooling Biotech Market
Leading Chinese drug company estimates $100 million net loss in 2023 as biotech funding slows and Covid related income falls
· Analysis: What’s Behind China’s Diverging Economic Data
Country’s economy is experiencing a structural recovery rather than the full-blown rebound expected at the start of the year
· CATL Tight-Lipped About Indonesia Battery Materials Venture
Chinese battery-maker may sign a production deal with Indonesian state mining giant Antam, as part of a $6 billion project in the Southeast Asian country, local media says
· Xi to Meet EU Leaders in Beijing for First In-Person Summit in Four Years
The meeting on Thursday will be chaired by Premier Li Qiang, European Council President Charles Michel and European Commission President Ursula von der Leyen, foreign ministry says
· Cover Story: Chinese Nickel Miners in Indonesia Face Threat from Falling Prices
A decade-long rush by China-based metal producers may end
· Beleaguered China Citic Fined For Dozens of Banking Violations
The national financial regulator cited 56 violations in handing down the more than $31 million in sanctions as well as a lifetime ban for a former executive
· Pioneer Who Helped Set Up China’s Capital Markets Dies
Wang Jianxi, who participated in the drafting of China’s Securities Law and the design of the stock exchanges in Shanghai and Shenzhen, died at 72 in Beijing, Caixin has learned
· Weekend Long Read: Why Did It Take So Long to Act on the Zhongzhi Meltdown?
Like many in internet finance, the now insolvent shadow banking giant lacked a traditional risk control system, exposing its high-net-worth clients to great jeopardy
· SAIC Forges Partnership with Indian Steelmaker for Local Business
Chinese automaker to sell 35% stake in its MG Motor India unit to JSW, the India conglomerate, forging a partnership to push into new energy vehicles
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This article was generated by Caixin Automation.
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