China’s benchmark Shanghai Composite Index (000001.SH) lost 0.17% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.34%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.25% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.31%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Where Have All the Antigen Test Kits Made in China Gone?
Sudden end of ‘zero-Covid’ policy leaves Chinese residents scrambling for home tests as cities and retailers ration supplies and factories dial up capacity
· Xiaomi to Slash 10% of Workforce Amid Declining Revenue
Chinese smartphone giant idles 3,500 as inflation and slowing economies depress global and domestic demand, leading to red ink
· China Policy Support for Property ‘Exceeds Expectations,’ Vanke Chief Says
Chairman Yu Liang tells shareholders he sees ‘positive signs’ in the industry, although Covid is still impacting sales in the short term
· Chinese Exporters Lose Some of Their Edge From a Weakening Yuan
Benefits from a depreciating currency have been offset by waning global demand
· China’s Parcel Deliveries Slow to a Crawl as Covid Hamstrings Labor Force
Couriers heading home ahead of the Lunar New Year holiday and a backlog of Double 12 deliveries are also slowing logistics
· Tech Insider: Foxconn Unit Offloads China Chipmaker, Boss Zhipin Operator Approved for Dual Listing
SMIC-backed chip designer seeks $86 million Shanghai IPO, Faraday’s first smart car delivery hinges on securing new funding
· In Depth: What’s in Store for China GDP, Fiscal Policy in 2023
As policymakers prioritize economic recovery, analysts expect more fiscal support through a higher budget deficit and a bigger special bond quota for local governments
· ‘Avatar’ Sequel Boosts Sluggish Chinese Box Office
‘Avatar: The Way of Water,’ the follow-up to the American sci-fi blockbuster, raked in $65 million after four days, as people headed back to theaters following the relaxation of Covid restrictions
· Hong Kong Approval Expands Mainlanders’ Access to mRNA Covid Shots
BioNTech vaccine marketed by Fosun Pharma wins official registration, elevating authorization from emergency use
· China’s Former Industry Minister Expelled From Communist Party
Xiao Yaqing, accused of bribery, is demoted and sent into retirement after admitting wrongdoing and giving up all illegal income
Click here to read more of the latest news.
This article was generated by Caixin Automation.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
