China’s benchmark Shanghai Composite Index (000001.SH) lost 1.12% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 1.54%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.48% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.52%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Ex-Regional Official Investigated in Campaign Against Graft in Health Care
Wang Zhongping, a former party chief and ex-director of the medical security bureau of Guangxi, falls under probe for ‘serious violations of discipline and law,’ authorities say
· Guolian Group Bids $1.3 Billion to Win Oceanwide’s Brokerage Stake
Wuxi-backed parent of Guolian Securities to pay 55% over asking price for 30.3% of Minsheng Securities after 162 rounds of bidding
· Shagang Agrees to Pay Fosun $1.97 Billion for Nangang Iron & Steel Stake
Deal for 60% of Nangang is still up in the air as Nanjing Steel has right of first refusal and other bidders may include Citic Pacific and Fangda Steel
· Housing Market Slide Slows Amid Signs of Recovery
Plunge decelerates in first two months for developer investments and housing sales as economy rebounds and supportive policies take effect
· HKEX Applies to Launch Yuan Counter for Hong Kong-Listed Shares
Bourse advances plan for dual-currency trading in HK dollars and yuan to support development of the Chinese currency in the stock market
· China’s Excavator-Makers Unearth Growing Business Abroad
Exports of the construction equipment rose 14.9% in the first two months of the year, overtaking the domestic market
· China, Canada Mining Giants Book Bumper Profits on African Copper Project
Democratic Republic of Congo copper mine Kamoa-Kakula, operated by Zijin Mining Group and Ivanhoe Mines, generates over $1 billion profit in 2022
· Communist Party Rejigs Human Resources Body Leadership
Huang Jianfa has been named deputy head of the CPC Central Committee’s Organization Department and Qi Jiabin has been promoted to head the 2nd Cadre Bureau
· Opinion: Internationalizing the Yuan Is Not Easy, but China Is Pulling Out All the Stops
Beijing is using policy support, a large financial market, stable currency value and increasing exchange rate flexibility to make the renminbi a currency of choice in global markets
· In Depth: Solving China’s Soaring Youth Unemployment
Spurring confidence in the private sector is key and a failure to do so may dampen the economic prospects of society as a whole, experts say
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This article was generated by Caixin Automation.
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