China’s benchmark Shanghai Composite Index (000001.SH) lost 0.24% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.59%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.65% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.13%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Billionaire Founder of Troubled Hanergy Under Arrest
Li Hejun, once China’s richest man, taken away Dec. 17, days before remainder of his solar energy business finally ran out of gas
· Henan Village Banks Start Reimbursing Large Depositors
As authorities continue cleanup from massive swindle, those owed $73,744 or more begin collecting, though some who opened accounts in person are still waiting
· In Depth: Behind the Massive Sell-Off in Chinese Wealth Management Products
Following China’s easing of Covid controls, a slump in the bond market has led to plunging values of WMPs, stoking panic among retail investors
· Chinese Developers Face $141 Billion Wall of Maturing Bonds in 2023
Default risks remain despite government measures to ease financing pressure, property consultant warns
· Tech Insider: Jack Ma to Cede Control of Ant Group, Tesla Slashes Prices Again
Bilibili raises $410 million by selling new shares, Taiwan to provide tax credits to chipmakers
· China’s Ad and Gaming Revenue Will Bounce Back This Year, UBS Says
Total online ad revenue will grow 15%, and gaming income will rise 6%, both accelerating from 2022
· Pfizer CEO Dismisses Reports of a Paxlovid Generic for China
The U.S. pharmaceutical giant is working on starting domestic production of the branded version of the Covid drug in the first half of this year
· Local Governments Set to Borrow $146 Billion in First Quarter
As Beijing urges more spending to bolster the economy, 18 provinces and municipalities prepare regular and special purpose bond sales
· China’s 2022 Steel Output Slides 2.2%, Industry Group Says
Slump in demand amid economic slowdown and protracted property slump drives down prices, squeezing profits as costs remain high
· Foreign Ministry Spokesperson Zhao Lijian Transferred to Ocean Affairs Department
The official made a name for himself on Twitter, where his account has more than 1.9 million followers
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This article was generated by Caixin Automation.
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