China’s benchmark Shanghai Composite Index (000001.SH) lost 0.78% on Monday, while the Shenzhen Component Index (399001.SZ) fell 1.17%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.83% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.71%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Hubris and Heartache: Behind the Tragedy of Beijing’s Deadly Hospital Fire
The blaze killed 29 people, mostly seniors, with a probe into the hospital’s fire safety protocols holding implications for the broader industry
· China’s Fledgling Private Pension Scheme Draws $2.9 Billion in Contributions, Sources Say
Just under 70% of the funds have been invested in eligible products, suggesting some hesitation due to unfamiliarity with the system
· Another Shanghai Exchange Official Comes Under Graft Investigation
Liu Ti, former deputy general manager, is taken away by authorities, joining a parade of senior securities industry officials ensnared in crackdown
· Bidders in Guangzhou Land Sale Cry Foul on Lottery Results
State-owned China Resources Land wins coveted properties, prompting losers to challenge the process and demand an investigation
· Tech Insider: China Tech Suppliers Look Beyond Apple, ByteDance Cloud Unit Plays to Its Strengths
Alibaba logistics arm gears up for IPO, CATL says new battery will be strong enough to power aircraft
· Foreign Investors Are Piling Into Chinese Stocks Again
A net 150 billion yuan flowed into domestic equity markets in the first quarter of 2023, CSRC Vice Chairman Fang Xinghai says
· Jack Ma Appointed Honorary Professor at the University of Hong Kong
The Alibaba co-founder will focus on conducting research in finance, agriculture and entrepreneurial innovations with the HKU faculty, with no plans for public lectures or speeches, reports say
· China, Singapore to Collaborate More Closely on Financial Regulation, Market Opening
CBIRC and MAS will partner up to develop global and regional rules and modernize their own regulatory systems
· China’s Telecom Giants Plan to Go Deeper Into the Cloud
China Telecom, China Unicom and China Mobile’s triple-digit growth in 2022 is posing a challenge to a market dominated by privately owned tech firms
· China, Mongolia Officials Agree to Tackle Hazardous Dust Storms
Beijing’s head of Asian affairs and the Mongolian ambassador to China decide the two countries should work to combat sandstorms, desertification and climate change
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