China’s benchmark Shanghai Composite Index (000001.SH) lost 0.49% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.62%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.93% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.48%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Speeds Up Approval of Wholly Foreign-Owned Fund Managers
With Morgan Stanley and JPMorgan rulings, authorities have cleared four such ventures already this year compared with just one last year
· China’s Luxury Market Contracts for First Time in Five Years
Slowing economy and “zero Covid” sapped 2022 demand for travel and consumption, but Bain & Co. sees rebound this year
· In Depth: What’s Worrying Regulators About China’s Mutual Fund Boom
While both fund managers and distributors make more money from the expansion, it’s the latter that are getting the bigger slice of the pie
· China Stock Exchanges Appoint IPO Review Committees to Clean Up Listings
Nation’s two largest bourses Shanghai and Shenzhen each name 30 people including CSRC officials as ‘gatekeepers’ of new issues and M&A
· Tech Insider: Rare iPhone Discount in China, Lidar-Maker Hesai Eyes $171 Million IPO
Alibaba’s Cainiao partners with DHL to install parcel lockers in Poland, XPeng launches two EV models in Europe
· Real Estate Slump Pushes China Baowu Steel to Speed Up Overseas Expansion
The state-owned steelmaker plans to kick off construction of multiple projects, after the domestic industry was hobbled by the sharp decline in property construction last year
· Another Ex-Financial Regulator Expelled From Communist Party Over Graft Allegations
Former banking official Qin Huizhong has been accused of taking bribes and maintaining ‘improper sexual relationships’
· China Calls Balloon Incident a ‘Test’ for U.S. to Improve Relations
A foreign ministry spokeswoman said Washington’s response to an unmanned balloon that floated into U.S. airspace will reflect its ‘approach to crisis management’
· Former Zheshang Bank Chairman Under Anti-Graft Investigation
Shen Renkang, who oversaw dramatic, controversial expansion of the Hangzhou commercial bank, and his wife were taken away by authorities, Caixin learned
· Hong Kong Leader Pushes Aramco to Sell Shares on the HKEX
Chief Executive John Lee, seeking broader ties with Saudi Arabia, leads business delegation including Hong Kong exchange CEO Nicolas Aguzin
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This article was generated by Caixin Automation.
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