China’s benchmark Shanghai Composite Index (000001.SH) gained 0.09% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.17%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.88% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.43%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Huawei Unveils First Luxury Sedan Model Under Partnership with BAIC
The Stelato S9 was conceived under Huawei’s Harmony Intelligent Mobility Alliance
· Former Shenzhen Mayor Gets Life Sentence for Taking $15 Million Bribes
Chen Rugui’s case linked to Guangdong campaign to demolish unfinished projects abandoned by developers which he oversaw
· Legal Scholars Urge Revisions to State Compensation Law to Boost Payouts
With a round of amendments on the horizon, observers also call for greater clarity on how property losses are calculated
· Commentary: Weak U.S. Economic Data Hits Market Ripe for Turmoil
Divergent central bank policies, geopolitical risks, global supply chain issues and fluctuating sentiment exacerbate the falls across major stock indexes
· Evergrande Seeks to Recover $6 Billion From Seven Defendants
The amount is based on allegedly misstated financial statements of Evergrande for each of the financial years that ended December 2017 to 2020
· Former Provincial Senior Official Indicted on Bribery, Illegal Land Sale Charges
Liu Handong, former vice chairman of Jiangsu’s top legislature, exploited his positions over the past two decades to seek benefits for others
· In Depth: How to Better Protect Procedural Justice for Criminal Suspects in China
Experts weigh in on how the country’s legislature should amend the 45-year-old criminal procedure law to better balance the powers of the judicial system with the legitimate rights of suspects and defendants
Highlights of the past fortnight include: Shanghai Stock Exchange VP put under graft probe, CSRC deputy Fang Xinghai retires, HSBC China names global banking head
XPeng’s flying car unit secures $150 million in funding, Evergrande NEV units ordered to begin bankruptcy reorganization
· XPeng’s Flying Car Unit Secures $150 Million Fresh Funding to Start Mass Production
Money raised will be used for R&D and to start production of the flying cars by the end of 2025, says founder
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This article was generated by Caixin Automation.
