China’s benchmark Shanghai Composite Index (000001.SH) lost 0.91% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.19%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.2% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.02%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Energy Insider: China Cracks Down on Oil Industry Misconduct
Electricity consumption jumped 10.3% last year; steel output fell 3%; lithium and solar panel producers to report surging profits
· Guangdong Power Rationing Totaled 66 Days in 2021
Amid worst electricity shortage in a decade, the maximum load for the province’s power grid surged to record highs seven times
· Fitch Cuts Ratings on Sunac China for Decreasing Financial Flexibility
Real estate developer has billions of dollars of debt coming due this year with diminishing sources of cash to make payments, ratings company says
· Five Chinese Companies to Make Merck Covid Pill for Poor Countries
Fosun, BrightGene, Longze, Desano and Langhua agree to cooperate with U.N-backed group lining up generic production of coronavirus treatment
· China Carbon Tax Needed to Mitigate Impact of EU’s Carbon Border Levies, Experts Say
Export cost can be cut if Chinese exporters can show they’ve paid their dues at home
· Trending in China: Covid Tracking Records Reveal Struggles of Beijing Migrant Worker
The story of a man who labored nights so he could search for his missing son drew widespread sympathy and support online
· Graft Probe Into Former Hangzhou Party Chief Highlights Shady Business Connections
Documentary shows how ex-city boss misused his power to benefit his family as President Xi stresses the fight against graft is not over
· China Detains Staff From Three Oil Refiners Probed for Tax Evasion
The firms, based in Northeast China’s Liaoning province, were found to have faked invoices and changed the names of their products and facilities, authorities say
· Internet Watchdog Casts Doubt on Document Apparently Outlining Tough New Rules for Tech Investment
Document spread online said the planned new rules would require some companies to get approval for new investment
· Huawei Investment Arm Registers as Private Fund Manager
The move highlights the telecommunications equipment giant’s ambition to expand its footprint in the advanced manufacturing investment sector
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This article was generated by Caixin Automation.
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