China’s benchmark Shanghai Composite Index (000001.SH) gained 0.45% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 1.4%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.91% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.53%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Photo Essay: Mysteries Remain at Famed Chinese Archeological Dig
Excavation at Sanxingdui Ruins near Chengdu was restarted in 2019 in a bid to better understand the intriguing history behind the myriad of bronze and gold artifacts
· Auto Dealers Face Mounting Inventories as Sales Slow
November stocks of unsold vehicles reach the second-highest level this year as Covid lockdowns stymie business
· China to Fully Reopen by Mid-2023, Top UBS Economist Predicts
Hu Yifan projects surge in economic growth as authorities exit strict Covid control policies by next year’s third quarter
· Guangzhou Lifts Covid Lockdowns in Parts of City
Announcement triggers a surge in online travel searches as train and air tickets quickly start to sell out
· Analysis: Chinese Drugmakers Gear Up in Race for Covid Treatments
CPSC Pharmaceutical moves to test its own Covid pill while conducting trials of ingredients for a generic version of Pfizer’s Paxlovid
· Hong Kong’s Exchange Fund Takes Losses for Third Straight Quarter
The fund, which plays a key role in maintaining the local currency’s peg to the U.S. dollar, reported losing $12.8 billion for the past quarter, citing an ‘extremely harsh’ environment
· Job Hunting App Operator’s Earnings Fall Despite End to National Security Probe
Nasdaq-listed Kanzhun saw net profit slide 26% after the cybersecurity watchdog wrapped up a nearly one-year investigation in June
· Debt-Plagued Sunac Predicts Swing From Profit to Loss
Developer blames reversal of fortunes on Covid resurgence and slumping property market
· Analysis: The Controversial Role of Residential Committees in China’s Covid Enforcement
While these grassroots organizations have played a central role in implementing disease control and prevention measures, including sealing off communities, they have no authority to do so, legal experts say
· Developer Shimao Plans Private Share Sale as Regulators Ease Off
The debt-ridden Chinese developer says the placement will not exceed 30% of its current share capital
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This article was generated by Caixin Automation.
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