China’s benchmark Shanghai Composite Index (000001.SH) lost 0.49% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.53%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.85% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) ended nearly flat.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Exclusive: Three Wanda Executives Under Police Investigation
Investigation involves a ‘huge amount’ of money in eastern China project, person close to the matter tells Caixin
· Brilliance China Plunges as Hong Kong Graft Busters Probe Chairman
Wu Xiao An detained by authorities and released without charges being filed, BMW’s China partner discloses
· In Depth: Country Garden’s Troubles Mount as It Misses Offshore Bond Interest Payment
Guangdong-based developer is one of the few major property groups to have avoided defaulting on bonds so far, but a slump in sales has left it struggling
· E-Commerce Giants Rush to Roll Out ‘Full-Service’ Business Model
Novel model allows platforms take care of nearly all aspects of the sales process, from pricing to storage to marketing to fulfilment
· Opinion: Exports Will Remain a Big Drag on China’s Growth
July’s worsening contraction in exports points to weaker production, while rapidly deteriorating imports reflect weaker domestic demand
· China’s Ukraine Envoy Helped ‘Consolidate International Consensus’ at Peace Summit in Saudi Arabia
Beijing ‘stands ready to work with the international community to continue to play a constructive role in seeking a political settlement of the Ukraine crisis,’ foreign ministry says
· China Issues Draft Rules for Tighter Facial Recognition Oversight
The technology should only be used when there is a specific purpose and if non-biometric identification cannot meet the same objectives, cyberspace regulator says
The China Coast Guard’s actions were ‘beyond reproach’ as they intercepted two vessels trying to supply a warship that was deliberately grounded on a reef decades ago, says foreign ministry
· Tech Insider: Huawei’s EV Tie-Up, CATL’s Patent Tussle
Pony.ai partners with Toyota-linked companies to mass produce self-driving taxis, cyberspace regulator issues rules on use of facial recognition technology
· China’s Internet Majors Downsize to Weather Business Headwinds
Survey finds that six of the 10 biggest players slashed payrolls last year, including Tencent, Meituan and Alibaba
Click here to read more of the latest news.
This article was generated by Caixin Automation.
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