China’s benchmark Shanghai Composite Index (000001.SH) gained 0.36% on Wednesday, while the Shenzhen Component Index (399001.SZ) closed nearly flat.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.3% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.64%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Exclusive: Sanpower Wins Creditor Backing for Restructuring Plan
Huarong to inject $1.25 billion as debt-laden conglomerate sets out to sell assets and repay $10 billion over eight years
· China’s mRNA Vaccine Developer Abogen Raises $3 Million
Fundraising led by Softbank and 5Y Capital will help accelerate clinical development of a Covid-19 inoculation
· China Revises Insurance Group Regulations to Curb Disorderly Expansion
CBIRC orders insurance groups to focus on core insurance business and have a clear equity structure in cleanup following Anbang failure
· China’s Big Data Industry to Top $470 Billion by 2025
MIIT’s five-year plan projects annual growth of 25% and calls big data a ‘factor of production’ and a ‘national strategic resource’
· Local Government Financing Vehicles Buy More Land to Fill Hole in Official Coffers
As cash-strapped developers retreat from the land market, state-owned entities step in to help ease budgetary pressure on their local owners
· Chinese Star of ‘American Factory’ Documentary Splurges $1.6 Billion to Build Tech University
Charity founded by businessman Cao Dewang, who gained global fame in the Oscar-winning film, to establish school to boost China’s self-sufficiency in key sectors amid growing tech rivalry with the U.S.
· China Aviation Stocks Sink as Omicron Clouds Path to Normalization
Experts say the authorities will likely be tweaking their plans on loosening tough flight rules
· Tech Insider: Tencent’s $7 Billion Game, Beijing’s New Robotaxis
WeChat’s walls come down, Tesla-wannabe’s auto sales balloon
· Ex-Provincial Capital Boss Becomes 10th Senior Official to Surrender to Graft-Busters Since 2017
Gong Jianhua had last appeared in public on Nov. 19 when he attended a Jiangxi provincial People’s Congress meeting, according to local authorities
· Faraday Future Refutes Delisting Concerns After Failing to File Earnings Report
Nasdaq-listed EV-maker had earlier received a warning letter from the bourse over the delay in filing its earnings, which the company blamed on a short seller report
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