China’s benchmark Shanghai Composite Index (000001.SH) lost 0.4% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.27%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.34% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.57%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· 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
· China Telecom Unit to Acquire Majority Stake in QuantumCTek for $265 Million
Quantum secure communications network provider says it will use the money raised to replenish its working capital
· Exclusive: China Probes Another Central Bank Official Linked to Fallen Businessman
Zhou Pengbo, a director at the PBOC’s Payment and Settlement Department, has been detained by graft busters, sources say
· Alibaba Grocer Freshippo Turns Employees Into Contractors Amid Cost-Cutting Drive
Struggling supermarket chain’s staff are now employed through third-party companies
· Chinese Bottled Water Giant Nongfu Spring Falters Under Boycott
Founder Zhong Shanshan drew the ire of the internet after attending the memorial service of a rival beverage billionaire
· East China Artificial Bay Project Halted for Posing Risks to Migratory Birds
The million-dollar ecology project in Jiangsu province’s Lianyungang endangers the coastal wetlands used as a resting ground by passing birds, a local court has ruled
· Xiaomi Surges After Setting Sales Date for Debut Electric Car
The electronics giant, best known for its smartphones, plans to roll out the SU7 series on March 28 in 29 cities across China
· China Car Sales Slip in February on Lunar New Year Lull
Sales hit 1.2 million, 27% fewer than last year, as carmakers scaled back production during the eight-day holiday
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This article was generated by Caixin Automation.
