China’s benchmark Shanghai Composite Index (000001.SH) lost 0.18% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.52%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.24% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.64%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Global PE Market Rides Steepest Drop in 2023, Bain Says
Global slowdown in private equity investment put down to soaring interest rates and shaken confidence but Bain expects dealmaking to revive in 2024
· Five Unions Ask U.S. Trade Representative to Probe Chinese Shipbuilding Sector
Unions fear dependence on China as cost of U.S. shipbuilding is four times higher than East Asian yards, experts say
· Alibaba Plans $640 Million Investment in Hong Kong’s Entertainment Industry
And action … Alibaba plans to spend the money on film production, copyright purchases, harnessing talent and building venues
· U.S. House Passes Bill That Would Ban TikTok If Not Sold
Bill, which wants TikTok’s links to ByteDance severed, now goes to the Senate before it can be signed into law
· In Depth: Why China’s Efforts to Resolve Hidden Government Debt Could Fall Short
At worst, measures could further inflame the problem, promoting more off-the-books borrowing and increasing risks to economic and financial stability in the world’s second-largest economy
· Former Policy Bank Executive Caught in Anti-Corruption Dragnet
Li Jiping, a retired China Development Bank executive vice president, is suspected of ‘serious violations of discipline and law’
· South Korea to Review Risky Financial Products After China-Tied Losses
A probe found that banks missold China-linked structured products to retail investors who are facing more than $4 billion in losses
· Funds Pour Into Chinese AI Startups Challenging OpenAI’s Sora in Video Generation
China’s AI startups lead the charge to catch up with OpenAI’s type-it-then-see-it video model
· Steel Prices Extend Downward Trend Amid Sluggish Demand Recovery
Futures contracts for steel show persistent decline partly due to the Chinese New Year holiday, says expert
Lack of charging points is highlighted as the biggest problem by NEV owners, although carmakers are making strides to improve this
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This article was generated by Caixin Automation.
