China’s benchmark Shanghai Composite Index (000001.SH) gained 0.23% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.82%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.36% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.25%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
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
· State-Backed Leasing Firm Misses $55.9 Million Bond Payment
The default came after Shanghai Industrial Financial Leasing’s negotiations with bondholders to win an extension failed
· Former Boss of Shanghai’s State-owned Conglomerate Tried for Embezzlement and Bribery
Zhou Jun faced charges of embezzling and taking bribes totaling $24.5 million
· Physicist Tsung-Dao Lee, One of China’s First Nobel Laureates, Dies at 97
Lee shared the 1957 prize with his compatriot Chen Ning Yang, for work which led to discoveries regarding elementary particles
· Evergrande NEV Units Ordered to Begin Bankruptcy Reorganization
The Friday ruling sent the share price of Evergrande’s EV arm tumbling nearly 8% Monday
· China’s New Economy Industries Suffer as Tech, Capital, Labor Inputs Drop
The Caixin BBD New Economy Index slipped 1.4 points to 31 last month
· Opinion: Paris Olympics Should Spur Greater Openness and Unity
Peace and development remain the themes of our time and the eternal pursuit of the Olympic movement
· Anbang Insurance Gets Green Light to Start Bankruptcy Proceedings
Decision marks a milestone in the years-long process of managing the insurer’s collapse, but offloading remaining assets is still a headache
· Tesla Renews Bid to Break Into Insurance Business in China
U.S. electric-vehicle giant registers brokerage firm in Beijing and names senior vice president as the unit’s chairman
Click here to read more of the latest news.
This article was generated by Caixin Automation.
