China’s benchmark Shanghai Composite Index (000001.SH) lost 1.03% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.41%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.2% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.36%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Country Garden Affiliated Property Manager Writes Down $576 Million
Share price plunges 11.5% as leading property manager’s profits are hit by prolonged debt crisis among developers
· Chinese Cities Greenlight Carmakers to Test L3 Self-Driving on Roads
Starting flag is waved as cities grant permits to motor manufacturers to test self-driving cars on designated Chinese highways
· China Mourns One of Its ‘Three Elders of The Rule of Law’
Jiang Ping, a leading legal scholar who helped draft China’s Property Law, Contract Law and Administrative Law, has passed away at the age of 92. A champion of private rights, his teaching career lasted more than 60 years
· Christie’s Posts 25% Drop in Sales in 2023
Auction house blames contraction of art market for drop in sales but says a growth in new buyers is a good sign
· Hainan’s Capital City Relaxes Limits on Housing Purchases
Haikou flows lead of China’s major cities by easing restrictions on buying homes to try and revitalize the flagging real estate market
TikTok hits $10 billion user spending milestone, ByteDance rebuts claims it violated OpenAI terms of use, Chinese game developers’ overseas sales dwindle
· Alibaba to Trim Investment in XPeng With $391 Million Sell-off
Taobao to cut its stake in electric car maker XPeng although Alibaba says cooperation on cloud computing will continue
· TikTok the First Non-Game App to Hit $10 Billion User Spending Milestone
Video-sharing platform on track to be highest earning mobile app ever with revenue topping $14.6 billion in 2024
· China Sets Final Rules for Alipay, WeChat Pay and Their Peers
Regulations to take effect in May seek to rein in more than 180 nonbank payment institutions, but remove some anti-monopoly provisions that were in earlier draft of rules
· ByteDance Rebuts Claims It Violated OpenAI Terms of Use
The TikTok parent had been ‘secretly’ and extensively using the U.S. startup’s tech to develop its own rival AI model, according to an industry media report
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This article was generated by Caixin Automation.
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