China’s benchmark Shanghai Composite Index (000001.SH) gained 0.35% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.12%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.66% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.66%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb
Local governments’ invisible debt could be as high as almost $10 trillion, double Japan’s GDP, posing a risk of destabilizing the banking and financial sector
· BYD Insurance Debuts After Takeover of Tomorrow Holdings’ E An
Electric-car giant plans to rapidly build the new unit into a new-energy vehicle insurance business
· EV Startup Aiways Fails to Pay Wages Amid Production Halt
Cash crunch spreads from controlling shareholder to engulf factory and Shanghai headquarters, where unpaid rent sends workers home
· Shein Marches Into Amazon-Like Platform to Compete With Temu
Chinese Fast-fashion giant gears up for head-to-head competition in the U.S. and Mexico after using Brazil as a test bed
· China Launches Special Campaign to Combat Statistical Fraud
Year-long process will run until February 2024 and may result in short-term fluctuations in data on industrial output, fixed asset investment and real estate development
· Alibaba to Cut 7% of Cloud Unit’s Staff
The layoffs come as the tech giant prepares to spin off the business before an eventual IPO as part of a major overhaul unveiled in March
· Exclusive: Scandal-Plagued Parking Manager Rekindles Government Debt Concerns
State-owned firm raises 2 billion yuan from banks based on a 7.2 billion yuan valuation of its right to collect fees over 25 years
· Top Trade Officials From China and U.S. to Meet at APEC
Chinese Commerce Minister Wang Wentao will hold talks with his U.S. counterpart, Gina Raimondo, and Trade Representative Katherine Tai this week
· Creditor Files to Force Jinke Into Bankruptcy Reorganization
Cash-strapped property developer failed to pay $3.96 million, supplier Chongqing Hengrui Construction says in court document
· Tahoe Group Faces Delisting From Shenzhen Stock Exchange
Debt-ridden developer’s shares have traded below 1 yuan for 13 days and aren’t likely to return to the 1 yuan threshold before the 20-day delisting limit
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This article was generated by Caixin Automation.
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