China’s benchmark Shanghai Composite Index (000001.SH) gained 0.55% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.21%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.28% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.12%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Ant Makes International Business Independent in Major Revamp
Chairman says reshuffle aims to promote Ant’s major strategies to advance in artificial intelligence, payment business and international expansion
· Chinese Banks Launch Innovative Loans Backed by Data Assets
A fresh chapter in the digital economy dawns as the value assigned to the vast quantities of data companies produce is used as the basis for a new type of bank loan
· Hua Xia Bank Names Qu Gang as New President
Qu Gang will take over the reins at Hua Xia Bank, which has seen frequent leadership changes in recent years
· China Regulator’s Fraud Bombshell Raises Risks for Evergrande Unit’s Advisers
The CSRC’s disclosure that Hengda falsely inflated its revenue by 564 billion yuan could expose the company’s advisers and auditor to legal action by bondholders
· Risk Now Determines How Strictly China’s Life Insurers Get Regulated
NFRA’s new rules evaluate companies on six aspects of their business, including solvency management and use of funds
· Commentary: Two Ways to Lift China Real Estate Out of Its Slump
Government purchasing of unfinished homes and an insurance program on pre-sale properties could help stop the flagging sector from further dragging on the economy
· CATL Says ‘Skateboard Chassis’ Offers EV-Makers Huge R&D Savings
The Chinese battery giant’s platform integrates batteries, electric motors, motor controllers and other key components under one structure, and can be used as the basis for new car models
· China’s Former Counterterrorism Official Caught in Graft Probe
Liu Yuejin, the Ministry of Public Security’s first and only counterterrorism commissioner, is under investigation for suspected corruption
· Japan Scraps Negative Rates in Sweeping Policy Overhaul
Bank of Japan guides overnight lending rates to 0%-0.1%, raising its benchmark for the first time in 17 years
· Alibaba Shakes Up Freshippo Leadership, Signaling Potential Sale
New CEO’s appointment raises speculation that Alibaba is preparing to sell off its grocery arm Freshippo
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This article was generated by Caixin Automation.
