China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.58%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.5% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.15%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Why Chinese PE and VC Firms Are Chasing Middle East Money
Firms are turning to the region’s sovereign wealth funds as it becomes increasingly difficult to raise capital from their traditional backers in China and the West
· Senior Provincial Official Gets Suspended Death Sentence for Taking $26 Million in Bribes
Sun Yuanliang, former vice chairman of Liaoning province’s top political consultative body, used his influence to help others with land requisitions, bank loans and career promotions
· Salt Lake Mining Giant Unveils Revamp to Create Leading Lithium Player
Restructuring is part of an ambitious plan to create a world-leading potash and lithium producer and boost industry’s value to $16.6 billion by 2035
· Former ICBC Vice President Ousted From Party on Corruption Allegation
Expulsion comes after a six-month investigation by graft busters. The case now goes to authorities for review and prosecution
· China Allows Bad-Asset Managers to Tap More Banking Assets
AMCs, which have played a vital role in defending China’s $63 trillion financial system, are being allowed to reach larger lenders
· CATL Partners With French Shipping Giant CMA CGM to Explore Electric Ship
China’s giant EV battery-maker plans joint venture with French carrier to explore R&D opportunities in new areas of business
· China’s Cosco Shipping Defends Exclusive Rights to Operate Peru’s Chancay Port
Peru claims deal was an ‘administrative error’, but Cosco has yet to receive a reply to its request for negotiations
Saudi Arabia to deepen ties with China on energy transition, Jiangsu sets rules for EV battery recycling, Shanxi debuts methanol-powered crane
· China, Serbia to Bolster Cooperation in Transport, Energy
President Xi Jinping closed the deal during a state visit this week, during which Belgrade reiterated its ‘firm support’ for Beijing’s position on Taiwan
· China Adds More Drugs to Controlled List in Ramped-Up Effort to Combat Abuse
A cough suppressant widely misused by teens is one of four medicines to be classified as a category II psychotropic drug
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This article was generated by Caixin Automation.
