China’s benchmark Shanghai Composite Index (000001.SH) gained 2.41% on Friday, while the Shenzhen Component Index (399001.SZ) rose 3.69%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 4.88% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 4.11%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Three Things to Know About China’s New Futures Law
The new framework comes as the country has opened the market to greater overseas participation
· Analysis: How the Lockdowns Imperil Shanghai’s Pharma Valley
Chinese center for developing, testing and making advanced medicines may lose customers and experience a brain drain amid Covid restrictions
· UBS Names Securities Venture Chief as New China Head
Veteran banker Eugene Qian succeeds David Chin, who held the top job for two years and will continue with the bank
· Covid Disruptions Hammer China’s Auto Industry Profits
First-quarter earnings fall 11.9% on flat revenue as lockdowns shrink demand and scramble supply chains amid rising costs of raw materials
· In Depth: Will Wind Go Out of SPACs’ Sails in Singapore and Hong Kong?
Asian financial hubs changed their rules to allow special purpose acquisition companies in the hope of revving up their lackluster stock markets, but questions remain about whether the blank check companies can live up to the hype
· Shanghai Shifts Focus Toward Vaccinating Seniors as Covid Caseload Declines
Elderly residents with health problems account for most of the fatalities reported during the latest outbreak
· Omicron Drives Strong Profits for China’s Covid Testing Companies
More than one firm saw triple digit growth in the first quarter
· Chinese Metals Firm Reports Sharp Rise in Paper Losses on Nickel Futures Bet
Huayou Cobalt sees a 14-fold surge in current liabilities after shorting the metal
· China’s Cabinet Vows Stronger Policy to Boost Jobs Amid Covid Upsurge
State Council adds to sweeping guidelines issued Monday for bolstering the economy, offering tax and insurance cost relief for micro, small and medium businesses
· Meituan Shutters Beijing Grocery Group-Buying Service
Move sparks speculation over Covid link, but insiders say poor profitability, desire to refocus were likely more important
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This article was generated by Caixin Automation.
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