China’s benchmark Shanghai Composite Index (000001.SH) gained 0.89% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 1.23%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.26% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.35%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Chinese Automakers Face Persistent Chip Shortage
GAC executive projects shortfall will continue into 2023 and 2024 as smart and electric cars need lots of advanced integrated circuits
· Evergrande Faces Creditor Petition in Hong Kong for Liquidation
Samoan Islands-registered company seeks court ruling as troubled real estate giant works to restructure $300 billion of liabilities
· China’s Anti-Monopoly Law Revised to Tighten Supervision on Platform Economy
The top legislature amends the law for the first time to better regulate and punish operators engaging in monopolistic practices that involve abusing their data, algorithms, technology or capital advantages
· Goldman’s China Wealth Management Venture Gets OK to Launch Business
Goldman Sachs ICBC Wealth Management will offer a series of products for the Chinese market, including quantitative investment strategies and cross-border wealth management products
· After Stepping Back From JD.com, Richard Liu Sells Down His Stake
The Chinese e-commerce giant’s founder unloads shares worth an estimated $279 million after a company under his control made 26 similar sales between May 23 and June 16
· Cover Story: How Bad Is China’s Manufacturing Exodus?
While disruptions from pandemic controls threaten to add impetus to the outflow, China retains tremendous advantages over India and Southeast Asia
Chinese entrepreneurs, professionals and their families are moving to the Southeast Asian country in droves
· China Regulator Issues Draft Rules for Private Pension Investment Products
Beijing is in a race against time to provide financial security for its ballooning elderly population
· IFC Provides $150 million Blue Syndicated Loan to Bank of Qingdao
The loan will be used to fund sustainable fishery, waste and water treatment and plastic management projects
· Weekend Long Read: How to Mend a Deepening Rift in China-U.S. Science Cooperation
Marred by geopolitics, science collaboration has been in decline since the launch of the Trump-era ‘China Initiative,’ with the number of scholars declaring dual affiliations down by an estimated 20% over three years
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This article was generated by Caixin Automation.
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