China’s benchmark Shanghai Composite Index (000001.SH) lost 0.28% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.69%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.54% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.09%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Bankrupt Sichuan Trust Seeks Investors to Bring Business Back
A qualified investor needs to have capital of 3 billion yuan, total assets for the last year of 50 billion yuan and net assets of 20 billion yuan
· Subsidies and Price Cuts Drive China’s Car Sales Recovery in May
Government incentives and competitive pricing strategies have reignited consumer interest, despite ongoing challenges in the fuel vehicle market
· Hong Kong Civil Servants to Receive a 3% Pay Raise
Rise, backdated to April, is in recognition of the additional load civil servants have shouldered due to the high level of vacancies
· EU to Slap Tariffs of Up to 48% on EV Imports From China
The bloc formally notified carmakers including BYD, Geely and MG-owner SAIC of the charges on battery-electric cars due to be implemented around July 4
· In Depth: Chinese Customers Sold on ‘Elixir of Youth’ Despite Expert Warnings
The global popularity of nicotinamide mononucleotide, or NMN, a product with supposed ‘anti-aging’ properties has soared, with China now the biggest source of materials used to make it and the largest customer
· Executive at ICBC’s Beijing Branch Investigated for Suspected Graft
The probe into Ying Weiyun, a vice president of the branch, is likely linked to a former head of the state-owned lender’s personal finance department, sources say
· German Electric-Aircraft Maker Sets Up APAC Headquarters in Shenzhen
Lilium, which makes vertical takeoff and landing vehicles, joins EHang and Shanghai AutoFlight in the southern metropolis as the city seeks to boost its low-altitude economy
· HSBC Wraps Up Acquisition of Citi’s Mainland Retail Wealth Management Portfolio
The deal brings customers, deposits and investment assets from 11 cities and over 300 former Citigroup employees
· Optic Fiber Manufacturer Breaks IPO Drought as Beijing Stock Exchange Resumes Reviews
Chengdu Uestc Optical Communications aims to raise $20.7 million after first IPO review since February
· Suspect Arrested in Stabbing of Four American College Teachers in China
Stab victims treated at hospital, but none is critical. A suspect was arrested shortly after the attack
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This article was generated by Caixin Automation.
