China’s benchmark Shanghai Composite Index (000001.SH) lost 1.15% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 1.54%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.0% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.66%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Former China Railway Czar Sheng Guangzu Sentenced to 15 Years in Prison
China’s former train chief, Sheng Guangzu, sentenced for taking $8.8 million in bribes following investigation by the party’s top graft buster
· Wanda Reaches Deal with Investors to Avoid $5.6 Billion Immediate Repayment
Equity swap saves Wanda from ticking-time-bomb repayment to investors as it fails to meet listing deadline
· Poly Development Plans $279 Million Share Buyback to Shore up Price
China’s leading developer sees shares jump 7.6% as it announces major buyback to bolster its equity price which has almost halved since 2022 due to property market downturn
· China Climate Envoy Reaffirms 2030 Target for Peaking Carbon Emissions
Xie Zhenhua says the country had been in ‘close communication’ with other major countries and groups at COP28 in Dubai to find language that all parties can agree on
· Tech Insider: China Literature’s Animation Acquisition, TikTok’s Indonesia E-Commerce Deal
Battery-maker Gotion rebuked for late regulatory disclosure, Turkey moves to counter rising tide of Chinese EV imports
· Standard Chartered China Unit Gets Securities Business License
The Beijing-based brokerage house expects to open early next year with an initial focus on fixed income
· In Depth: How the AI Race Has Spread From the Cloud to the Palm of Your Hand
Businesses compete to run edge AI on personal devices rather than data centers, counting on increasing everyday usage as the technology moves closer to users
· Former Deputy Party Secretary of Xinjiang Under Corruption Probe
Top graft-buster says Li Pengxin, former deputy secretary of the Communist Party of the Xinjiang autonomous region of western China, is under investigation
· London-Bound China Eastern Flight Forced to Turn Back to Shanghai
A mechanical problem appears to have grounded the passenger jet, which spent two hours in the air before landing back home
· A Green Belt and Road Will Help Poor Nations in Climate Adaptation, Expert Says
Climate Alpha CEO says China can lead in exporting green technologies to developing countries, which have been pressured by international bodies to invest more in sustainable infrastructure
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This article was generated by Caixin Automation.
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