China’s benchmark Shanghai Composite Index (000001.SH) lost 1.28% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.84%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.43% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.36%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Logan and KWG’s HK Luxury Towers May Be Taken Over by Creditors
Both developers defaulted on debts, clearing the way for HSBC, Standard Chartered and ICBC to seize the project on which they issued $1.3 billion of loans
· Chinese Supermarket Chains Hit Speed Bumps in Post-Pandemic Recovery
First-quarter sales decline for seven of the 14 publicly traded supermarket chains, and four of them operate in the red
· Jilin Province Trust’s Former Chairman Sentenced to 14 Years in Prison
Conviction of Tai Ge on corruption charges extends the trust’s scandal streak to include four of its chairmen since 2001
· Wanda Bonds Sink Amid Concerns on Repayment and Fate of Unit’s IPO
Bond prices are falling as investors worry about how the property-to-entertainment group will fund maturing debt, especially if the Hong Kong share sale of Zhuhai Wanda is scrapped
· Photo Essay: Zibo BBQ Fires Up Tourist Frenzy, Poses Challenges
The promotion of the unique and affordable barbecue has transformed the once-obscure location into a tourist hotspot. But the visitor surge has left the city struggling to manage the influx and ensure its long-term sustainability
· British Firms ‘Conditionally Optimistic’ About Their China Operations in 2023
The resumption of international travel, the country’s market potential and economic prospects have buoyed business sentiment, but challenges remain, the British Chamber of Commerce in China says
· Tech Insider: China’s Micron Ban, Meituan Debuts in Hong Kong
Beijing approves Microsoft’s Activision Blizzard acquisition, and AI pioneer Kai-Fu Lee urges people to prepare for the technology’s impact
· China Upgrades Cross-Border Funds Pilot for Multinationals
Beijing is giving certain companies greater freedom under the program, which facilitates pooling yuan and foreign currencies
· China Protests G-7 Communique, Saying It Interferes in Domestic Affairs
Beijing’s response came after the group spelled out their position on several thorny issues, including concerns over Taiwan as well as Beijing’s economic and human rights practices
· China Punishes 66 Public Servants for Deadly Changsha Building Collapse
The city’s mayor was removed from office and several government officers were transferred to judicial authorities for suspected corruption following the disaster that led to 54 deaths
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This article was generated by Caixin Automation.
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