China’s benchmark Shanghai Composite Index (000001.SH) gained 0.6% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.78%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.81% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.58%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Exclusive: Chairman of China Cosco’s Leasing Unit Under Probe
Sources tell Caixin that Liu Chong detained by authorities; Liu likely linked to investigation of Shanghai businessman Mi Chunlei’s investment in China Shipping Haisheng Co. Ltd.
· Zhongzhi Declares Itself ‘Severely Insolvent’ as Debt Soars to $65 Billion
Audit shows debt of 420-460 billion yuan, double its assets of 200 billion yuan; conglomerate sees significant risk to ongoing operations
· Five Things to Know About China’s Unusual Sovereign Bond Issue
Proceeds from the 1 trillion yuan sale will be transferred to local authorities, although the central government will be responsible for the principal and interest payments, easing financial pressure on localities
· U.S. Draws Fewer Chinese Students, Report Says
Mainlanders studying in America fall 0.2% in the 2022-2023 school year, in large part because fewer are pursing an undergraduate education in the country
· Former Deputy Provincial Party Chief Gets 14 Years for Graft
Zhang Jinghua, ex-deputy secretary of Jiangsu province’s party committee, accepted around $7 million in bribes to help others win contracts and promotions
· Wanda Unit Seeks Extension for $600 Million Dollar Bonds
Property manager seeing liquidity squeeze amid ongoing market downturn; Wanda’s move raises questions about the rest of its offshore debt
· Boss of Game Livestreamer DouYu Detained by Police
DouYu founder and Chairman Chen Shaojie detained on Nov. 16 in Chengdu; DouYu says no word on reason for detention
· Tech Insider: Self-Driving Tech Gets Government Push, Automaker GAC’s Solid-State Battery Goal
Jack Ma’s family trust to sell $871 million in Alibaba shares, European firms want clarity on China’s data transfer rules
· China Calls for ‘Early Ceasefire’ in Gaza Conflict in Meeting With Arab-Islamic Ministers
Foreign Minister Wang Yi met with representatives from the Palestinians, Saudi Arabia, Egypt, Jordan, and Indonesia in Beijing, pledging to work for a ‘just and enduring settlement’
· Premier Li Takes Helm of China’s Top Financial Regulator
The Central Financial Commission is responsible for top-level design, coordination and supervision of the sector
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This article was generated by Caixin Automation.
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