China’s benchmark Shanghai Composite Index (000001.SH) gained 0.34% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.43%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.48% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.93%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Chinese Exporters Snap Up Yuan in Anticipation of Further Strengthening
The currency has been trending upward since late July as the U.S. dollar has weakened amid growing expectations of a Fed rate cut
SAIC Motor reshuffles management as sales tumble, CATL opens experience store
· Senior Investment Banker at Guoyuan Securities Probed
Wang Chen, head of the investment banking at Guoyuan Securities, has been out of contact since July 30
· Chengdu Further Relaxes Mortgage Rules to Spur Home Sales
The move by Chengdu’s housing authority allows more homebuyers to benefit from lower down payments
· Smart Driving Startup Horizon Robotics Cleared for Hong Kong IPO
BYD-backed autonomous driving provider plans to issue 1.15 billion shares in IPO
· Chinese Fund Firm’s Recently Resigned Chairman Linked to U.S. President’s Son
Harvest Fund Management’s Zhao Xuejun, who is now under investigation, is a onetime business associate of Hunter Biden
· Foreclosures Rise in China as Homeowners Struggle to Repay Mortgages
Number of foreclosed homes on the market rose more than 12% in the first half to 202,000
· State-Owned SAIC Motor Reshuffles Management as Sales Tumble
The company lost its position as China’s top-selling carmaker to EV-manufacturer BYD in recent months
· CATL Opens Experience Store to Raise Its Profile Among Automakers
Increased recognition of the battery-maker’s products may drive car manufacturers to choose it as a supplier, analyst says
· Shanghai’s Former State-Owned Asset Manager Chief Pleads Guilty to Bribery
Bai Tinghui accepted over $12 million in return for exploiting his positions to help others secure project contracts, settle payments and manage company operations
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This article was generated by Caixin Automation.
