China’s benchmark Shanghai Composite Index (000001.SH) lost 2.26% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 2.7%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.62% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.17%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· CATL Sell-Off Wipes Out Billions of Dollars of Market Value
Skyrocketing material costs shake investor confidence as rumor circulates of sharp drop in first-quarter earnings
· China to Add 300 Million Tons of Coal Capacity This Year
State Council vows to bolster energy security as coal is still king and accounts for 60% of China’s electricity generation
· Virus-Free Tibet Builds Two Makeshift Covid-19 Hospitals
Remote western region follows central government order responding to omicron emergency even though it hasn’t recorded a case in 810 days
· In Depth: China’s Planned Revamp of Trust Bailout Fund Draws Questions
Industry insiders wonder which companies will benefit from the proposal to split the fund in two, as well as whether the new funding system is equitable
· Shanghai’s Elderly Covid Patients Have a Hard Time Coping With Centralized Quarantine
Seniors, particularly those with health conditions, say they would prefer to self-isolate at home rather than at facilities with poor conditions
· China’s Real Estate Woes Push Property Services Firm to Default on Dollar Bond
E-House fails to repay a $298 million bond due Monday after getting caught up in the financial troubles of several developers
· Exclusive: China Huarong Chairman Takes the Reins at Another Bad-Debt Manager
Wang Zhanfeng heads up state-owned China Orient Asset Management, another ‘Big Four’ AMC
· Ping An Unit Looks to Beef Up Private Pension Business With Fresh Funds, Sources Say
Ping An Annuity Insurance is seeking $1.6 billion from its parent, as it aims to further develop a business central to China’s plans to change how people save for retirement
· China’s Covid Controls Take a Heavy Toll on Highway Traffic
Volume of vehicles of the nation’s expressways plunges 40%, including a 65% drop in the Yangtze River Delta region around Shanghai
· Opinion: The U.S. Isn't Going to Slacken Scrutiny After Ending the ‘China Initiative’
While the controversial China Initiative targeted mainly academics and researchers of Chinese descent for alleged espionage, the nascent Nation-State Threat Strategy significantly expands its enforcement scope to broader economic and ideological interests
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