China’s benchmark Shanghai Composite Index (000001.SH) gained 0.51% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.18%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.24% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.11%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: After China’s Covid U-Turn, A ‘Tsunami’ of Infected Strip Bare Pharmacy Shelves
The wave of infections raging across the country has led to a rush on common drugs such as ibuprofen, but supplies remain scant, at least for now
· China-Developed Covid Pill Matches Paxlovid, Study Shows
Junshi Biosciences and Vigonvita Life Science’s VV116 had similar results to Pfizer’s drug in a trial during the Shanghai outbreak
· New Funds Tracking Beijing Stock Exchange Miss Fundraising Targets
Eight BSE 50 Index funds raise just $422 million amid lackluster investor sentiment for nascent bourse focusing on smaller enterprises
· China Appoints New Taiwan Affairs Office Head
Seasoned diplomat Song Tao’s responsibilities include formulating policies on the island, coordinating related legal affairs, and managing cross-strait business and cultural affairs
· CATL-Linked Battery Materials Company Stages Hot IPO
Shangtai Technology opens 20% above its offering price of 33.88 yuan, a sign that inves-tors were optimistic about its growth prospects
· Alibaba’s DingTalk Hits 15 Million Paying Users as It Tries to Climb Out of the Red
China’s largest workplace collaboration platform is implementing an aggressive commercialization plan that targets turning a profit in three to five years
· Australian Minister Raises Hopes for Trade Thaw With China
The countries are discussing the possibility of Trade Minister Don Farrell visiting Beijing to meet with his Chinese counterpart
· Vietnam Pulls Off Fastest Growth in Asia as Economy Powers On
The Southeast Asian nation’s GDP rose more than 8% in the year to December, beating the government’s target
· Cash-Strapped Chinese Developer Sells $1.8 Billion of Assets to State-Owned Rival
China Fortune Land will transfer its shares and creditor rights in four subsidiaries located in the country’s south to China Resources Land
· New Coal-Fired Electricity Plant Approvals Triple From 2021
In first 11 months this year, authorities clear 65 million kilowatts of coal-burning capacity, threatening to undermine climate goals, study finds
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