China’s benchmark Shanghai Composite Index (000001.SH) gained 0.08% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.6%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.38% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.61%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Tobacco Graft Crackdown Nets Another Retired Executive
Wu Yi, former deputy general manager of China Tobacco Yunnan, comes under investigation four days after former colleague Zhu Shaoming
· Fosun Pharma Secures $54 Million of IFC Loans for West Africa Plant
Côte d’Ivoire factory will produce anti-malaria and anti-bacterial drugs to improve public health across the region, World Bank unit says
· Junshi Biosciences Aims to Raise $4.77 Million From International Share Sale
Money-losing Chinese cancer drug maker plans offering of global depositary receipts to be listed on Swiss exchange as it raises cash for R&D
· Opinion: Why China’s Bank Deposit Rates Should Fall
The rapid increase in financial institutions’ deposit-loan gap, which grew to a staggering $6.8 trillion at the end of April, is a sign that residents are saving too much in an economy that could benefit from more spending
· Senior China, U.S. Officials Meet in Beijing to Discuss Mending Frayed Relations
Foreign ministry officials Ma Zhaoxu and Yang Tao met and discussed improving Sino-U.S. relations with the State Department’s Daniel Kritenbrink and the NSC’s Sarah Beran
· CATL Shares Nosedive Amid Speculation on Weakened Tesla Tie
Chinese battery giant denies report of change in strategic relationship with its biggest customer because of new U.S. EV subsidy rules
· Chinese Debt Collector Suspends Business After Police Raids
Hunan Yongxiong Asset Management decides to prepare for a ‘worst-case’ scenario after 179 employees were taken away
· Photo Essay: The Struggle of Home-Based Day Care in China
Childcare centers run out of people’s homes have been growing in popularity, but the lack of specialized regulations poses challenges to the industry
· Russia, Ukraine Open to Peace Talks but Obstacles Remain, China’s Peace Envoy Says
Li Hui’s comments follow a 12-day tour of Europe where he met with officials from Poland, Germany, France, Russia, and Ukraine, including the latter’s president, Volodymyr Zelenskyy
· Cover Story: China’s Consumers Are Flush With Cash, So Why Does the Recovery Have the Wobbles?
Risk averse consumers are shying away from borrowing and instead focusing on saving their cash and repaying debts, undermining the effectiveness of loose monetary policy
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