China’s benchmark Shanghai Composite Index (000001.SH) gained 0.05% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.11%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.62% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.42%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Alibaba to Trim Investment in XPeng With $391 Million Sell-off
Taobao to cut its stake in electric car maker XPeng although Alibaba says cooperation on cloud computing will continue
· TikTok the First Non-Game App to Hit $10 Billion User Spending Milestone
Video-sharing platform on track to be highest earning mobile app ever with revenue topping $14.6 billion in 2024
· China Sets Final Rules for Alipay, WeChat Pay and Their Peers
Regulations to take effect in May seek to rein in more than 180 nonbank payment institutions, but remove some anti-monopoly provisions that were in earlier draft of rules
· ByteDance Rebuts Claims It Violated OpenAI Terms of Use
The TikTok parent had been ‘secretly’ and extensively using the U.S. startup’s tech to develop its own rival AI model, according to an industry media report
· China Jails Organizers of Deadly 2021 Ultramarathon
Two provincial officials and five company employees that put on the race in Gansu province have been sentenced to between three and five-and-a-half years in prison
· Cover Story: China May Find Cure for Stagflation by Studying Japan’s Experience
As Japanese economy rises from slump, China’s woes look familiar
· Overseas Sales of Chinese Self-Developed Games Drop for Second Straight Year
Stiff market competition and shifts in privacy policies have posed challenges to global expansion this year, according to China Audio-video and Digital Publishing Association
· Weekend Long Read: Lessons From China’s Push to Go Global
To succeed in developing economies, companies shouldn’t hesitate to move manufacturing there to increase local incomes and create a wealthier customer base
· China Eyes 20% Annual Growth in Data Industry by 2026
Roadmap set out to double data transactions within two years with expansion in industries such as smart manufacturing, transport, healthcare and tourism
· China’s Housing Market Woe Deepens with Price Drops in More Cities
Latest data shows that new-home prices in 70 major cities fell 0.4% in November from the previous month despite measures to boost sales
Click here to read more of the latest news.
This article was generated by Caixin Automation.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
