China’s benchmark Shanghai Composite Index (000001.SH) lost 0.07% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.7%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.4% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.74%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· In Depth: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk
Rapidly growing market holds great potential, but the ByteDance unit faces competition from homegrown rivals backed by Tencent and Alibaba
· Weakening Trade Pushes Down Shipping Rates Between China and ASEAN
Drop in Chinese exports to ASEAN countries shows the region hit by same slowdown that has weakened sales to Western markets; Chinese exports to ASEAN off by 21% in July from year ago
· Third-Party Payment Industry Consolidates as Prepaid Card Issuers Exit
Prepaid card issuers suffer as business contracts; some exit as PBOC revokes licenses for failing to meet industry requirements, others drop out
· China Reveals Plan to Boost Capital Inflows, Attract Foreign Firms
State Council issues 24 guidelines for drawing offshore investment in key sectors as international companies scale back domestic operations
· Country Garden Plans to Extend One Bond by Three Years, Sources Say
Eleven onshore bonds issued by the property giant and two of its subsidiaries were suspended from trading on Monday, heralding debt restructuring negotiations
· IQiyi’s VR Unit Fails to Pay Staff, Slashes Jobs as Metaverse Hype Fades
Money trouble at streaming giant’s subsidiary reflect industrywide challenges such as product pricing and limited content, as demand has yet to materialize
· Mudslide in Northwest China Kills 21
Six remain missing after heavy rains and flash flooding hit the city of Xi’an in Shaanxi province Friday
· Cover Story: Anti-Corruption Storm Sweeps China’s Health-Care Industry
Bribery and kickbacks thrive in a setting where doctors are underpaid, hospital finances are under pressure and suppliers spend vast amounts to compete for sales, experts say
· Zhongzhi-Linked Trust Company Fails to Repay Maturing Products
Two customers of Zhongrong International Trust fear they may not be able to recoup tens of millions spent on the products
· Two China Lithium Mines Attract Skyhigh Bids for Exploration Rights
Bids for the five-year rights to explore the mines in Sichuan province spiral hundreds of times the starting price
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This article was generated by Caixin Automation.
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