China’s benchmark Shanghai Composite Index (000001.SH) gained 0.11% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.36%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.45% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.8%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Chinese Nickel Miners in Indonesia Face Threat from Falling Prices
A decade-long rush by China-based metal producers may end
· China Plans 3-Million-Ton of Backup Coal Production Capacity by 2030
Major coal mining companies given guidelines to build up reserve production capacity to ensure future supply and reduce price fluctuation
· Saudi Wealth Fund Pushes for Closer Ties with Asia
The $700 billion Saudi PFI is thinking of opening offices on the Chinese mainland and India, its governor said during a Hong Kong summit
· Heytea Takes Down ‘Hey Buddha’ Tea Latte After Complaints From Public
Teahouse chain withdraws controversial drink after being summoned to the Shenzhen religious affairs bureau
· Wave of Respiratory Infections Sparks Rumors of Covid Health Codes Return
Posts widely circulated on social media claimed the apps were back in use in provinces such as Guangdong and Sichuan, but public health staff told Caixin that isn’t currently the case
· Opinion: Yuan’s Recent Strength Signals End to Latest Bout of Depreciation
The weakening of the currency from March 2022 to this past September had a lot more to do with a strong U.S. dollar than sluggishness in the Chinese economy
· Hong Kong Remains Key in Finance, Innovation, City’s Leader Says
Financial hub will play a key role in shaping global ‘megatrends,’ chief executive John Lee says at Saudi-backed summit, as the city continues to strive to boost its attractiveness
· In Depth: China’s Internet Content Kings Struggle to Keep Users Paying
Following years-long campaigns, Tencent, iQiyi and Alibaba’s Youku have finally convinced customers to subscribe, but retention remains a challenge
· Wanda Billionaire Founder Cedes Control of Cinema Business
Property tycoon Wang Jianlin sells controlling stake in Wanda Film movie theater business to ease liquidity strain and stay afloat during property downturn
· Self-Driving Truck Startup TuSimple Winds Down U.S. Operations
Autonomous trucking company TuSimple cuts U.S. workforce by 75% as it shifts its strategic focus to Asia-Pacific
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This article was generated by Caixin Automation.
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