China’s benchmark Shanghai Composite Index (000001.SH) gained 0.28% on Monday, while the Shenzhen Component Index (399001.SZ) fell 0.8%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.99% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.14%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: China’s Tobacco Monopoly Is Swept Up in Corruption Probes
Investigations have ensnared nearly 20 senior officials in an industry that supports the habits of 300 million smokers
· China Battery Maker CALB Rescinds Job Offers to Hundreds of Fresh Graduates, Sources Say
The move comes amid belt tightening due to shifting market demand in the electric vehicle market
· Tsinghua Unisplendour Finalizes Plan for $3.5 Billion Buyout of Hewlett Packard’s Stake in JV
New H3C Technologies, which is the exclusive provider of HPE servers, storage and related IT services in China, will become a solely-owned unit of Unigroup
· China to Ease Requirements for Small-Scale Wind Power
Projects will be able to skip lengthy approval process as authorities substitute a simpler registration system to spur renewable energy
· Sichuan Trust Reports Slow Progress in Unwinding Risky Investments
Three years after notorious $2.9 billion default and seizure by authorities, trust designates top restructuring parties and says it’s still working on disposal plans
· In Depth: The Teething Problems of China’s Schools for Troubled Students
The central government is trying to revamp ‘specialized education,’ but the effort has suffered from a lack of teachers and guidance, and mistrust from parents
· Tech Insider: Alibaba to Cut Cloud Unit’s Staff by 7%, TikTok Tests Chatbot
Shein gears up for overseas battle with PDD’s Temu, ByteDance co-founder sets up new venture firm
· China Makes Luring Minors Into Naked Online Video Chats a Crime
Top judicial authorities have expanded the crime of indecency as part of a campaign to toughen penalties for rape and molestation
· China, U.S. Commerce Chiefs Hold ‘Constructive’ Talks on Trade Amid Growing Tensions
Wang Wentao expressed concerns about U.S. semiconductor policy and export controls, while his American counterpart Gina Raimondo flagged China’s recent actions against U.S. companies operating in the country
· Beijing Dismisses Western Intelligence Allegations of Chinese Hacking
Foreign ministry calls the report, released by Microsoft and members of the U.S.-led Five Eyes intelligence alliance, ‘extremely unprofessional’ and part of a ‘collective disinformation campaign’
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This article was generated by Caixin Automation.
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