China’s benchmark Shanghai Composite Index (000001.SH) lost 0.42% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.71%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.7% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.77%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Beijing to Pilot Shared Electric Bikes in Southeast Suburb
The shared electric bikes must meet new national standards and Beijing regulations, including registration and smart helmets
· China’s Fiscal Revenue and Land Sales Continue to Fall as Property Slump Grinds On
China’s national fiscal revenue fell 3.7% in April while government expenditure accelerated, Ministry of Finance data shows
· Inter Milan Faces Financial Jeopardy if Owner Suning Fails to Repay Nearly $380 Million
The Chinese retailer had pledged its majority stake in the Italian soccer team as collateral for a loan from Oaktree Capital Management
· Minsheng Bank Chooses Shanghai Branch Chief to Chair Wealth Management Unit
Cong Jun is expected to take over the chairman position at CMBC Wealth Management from Ouyang Yong, who has reached retirement age
· Chinese Banks Greenlight $129 Billion Loans for Whitelisted Property Projects
Top regulator says that lenders’ financing to developers has shown a stable increase
· Troubled EV-Maker HiPhi Plans to Resume Production in Months Following Deal With U.S. Auto Firm
The Chinese luxury EV brand is set to get up to $1 billion in initial investment following a production halt in February
· Opinion: China’s Real Estate Industry Needs to Explore New Business Models
Finding a replacement for a model that depends on high debt, high leverage, and high turnover will require the government and the sector to figure out how to reduce inventories
· China Hands Out $14 Million in Vouchers to Bolster Tourism
More than 6,300 measures for travelers have been created for a monthlong effort in May to spur spending
· China’s EV-Makers Taking Longer to Pay Bills Amid Rising Stress
Automotive upstart Nio and XPeng took weeks longer on average to clear their receipts payable in 2023, as compared with two years earlier
· Cover Story: China Set to Ease Controls on Genetic Resources to Plug Biotech Innovation Gap
The National Health Commission is spearheading the reform, Caixin has learned, in response to complaints that overly tough restrictions are choking innovation, particularly in the biotech and pharmaceutical sectors
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This article was generated by Caixin Automation.
