China’s benchmark Shanghai Composite Index (000001.SH) lost 1.02% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.8%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.32% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.73%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Mobile Shares Jump in Shanghai Debut
The country’s largest wireless carrier opens nearly 10% higher in its mainland homecoming after raising $7.6 billion
· China Tightens Grip on Big Tech’s Use of Algorithms
Under new regulations, consumers will be able to block algorithms that Alibaba, Tencent and ByteDance use to target them with content and ads
· Deutsche Bank in Talks on Wealth Management Joint Venture in China
A partnership with Postal Savings Bank of China would follow four other tie-ups involving global financial institutions
· Energy Insider: China Slashes Fuel Export Quota in First 2022 Allotment
BYD and Nio report surging electric vehicle sales; China proceeds with phase-out of NEV subsidies by 2023; China-Laos Railway Carries 50,000 tons in first month
· Tech Insider: New Algorithm Rules, Xiaomi’s Run at Apple
Tencent invests in U.K. online bank Monzo, Chinese EV firms finish year on a high
· Ahead of Winter Olympics, Beijing Says It’s Complied Fully With Clean Air Standards
Authorities have spent years battling dense smog emanating from heavy industry in surrounding provinces
· Central China City in Lockdown After Reporting Three Covid-19 Cases
Public transport, schools and attractions have been suspended or closed in Henan province’s Yuzhou, home to 1.3 million residents
· Evergrande Shares Resume Trading After Clarification of Island Resort Demolition Order
The debt-ridden developer is trying to ease homebuyer concerns after a local government took the unusual step of condemning 39 apartment blocks that had already been sold
· China Mobile’s Homecoming Set for Wednesday as Shares Start Trading in Shanghai
The telecom company expects to raise nearly 56 billion yuan by selling more than 970 million shares
· China Forges Ahead With Plan to End NEV Subsidies Before 2023
Finance ministry announces 30% cut to cash subsidies, leaving upper limit at about $2,000 per vehicle
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This article was generated by Caixin Automation.
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