China’s benchmark Shanghai Composite Index (000001.SH) gained 1.55% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.97%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.61% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.32%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Trillion-Dollar Local Government ‘Hidden Debt’ Dilemma
To solve the problem, policymakers need to take drastic measures, such as allowing local authorities to sell bad debt to asset managers and giving them a bigger slice of tax revenue, experts say
· Everbright Securities to Pay $361 Million in MPS Fiasco
State-owned venture agrees to settle lawsuits by China Merchants Bank and HuaRui Bank in failed 2016 investment in U.K. sports media company
· Hong Kong Should Overhaul Its GEM Trading Board, Lawmaker Urges
HKEX’s struggling market for small and medium-sized companies needs new rules to resume IPOs and lure share sales from Middle East and ASEAN, DAB’s Rock Chen says
Sinopec dives deeper into geothermal heating, NEV buses make up more than three-quarters of all public buses on China’s roads
· China’s Sinopec Dives Deeper Into Geothermal Energy
The company’s push could serve as a catalyst for fast-tracking the exploration and use of the renewable energy, experts say
· China Launches Five-Year Plan for Anti-Graft Campaign
Authorities will deepen their crackdown on state-owned enterprises and sectors such as finance, health care, sports and higher education
· Victim of China’s Longest Wrongful Imprisonment Case Awarded Nearly 8 Million Yuan
Tan Xiuyi received some 4.4 million yuan in compensation for the more than 29 years he spent behind bars for a murder he didn’t commit, plus another 3.5 million yuan for psychological damage
· Huawei Appoints Yu Chengdong as Chairman of Smart Car Unit, Sources Say
Jin Yuzhi, who has been head of the tech giant’s optical fiber business since 2019, will succeed Yu as CEO
· Xiongan New Area Outlines How Beijing Transplants Can Buy Housing
Families who’ve paid into home-buying accounts for three months can apply to use the funds for purchase of commercial or collectively owned housing
· Exclusive: Baowu Suspends Talks on Buying Indonesia Nickel Assets
Potential $3 billion to $4 billion deal with China’s Tsingshan goes on ice after change in Baowu leadership amid downturn in nickel and steel industries
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