China’s benchmark Shanghai Composite Index (000001.SH) gained 0.88% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.53%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.01% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.09%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cigarette Industry Crackdown Nets Another Top Executive
Xu Shanshui, controlling shareholder and chairman of Anhui Genuine New Materials, is detained for investigation on suspicion of bribery
· Three Banks Fined $15.9 Million for Loan-Related Breaches
Regulators penalize Agricultural Bank of China, Minsheng Bank and Guangfa Bank in tightened scrutiny of irregular lending
· Country Garden’s Plan to Extend Bond Repayment Meets With Resistance
Bondholders will vote later this week on whether to approve the developer’s proposed three-year extension on a $541 million bond, or demand payment in full by Sept. 2
· Ex-Goldman Head John Thornton Joins Lenovo Board
The U.S. businessman and China expert has become an independent non-executive director and a member of the company’s Nomination and Governance Committee
· Cover Story: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy
Property slump is undermining borrowers’ ability to repay
· China Launches Joint Crackdown on Organized Crime With Thailand, Myanmar
Laos is also part of the campaign to stamp out illegal gambling, fraud and human trafficking along the shared borders of the four countries
· Chinese Flying Car Maker One Step Closer to Take Off For Commercial Use
EHang has completed all the necessary tests for obtaining a type certificate ‘soon’ for its flagship electric vertical takeoff and landing aircraft
· Guangzhou Mulls Housing Vouchers to Revive Home Market
Families affected by urban renovation projects would get transferable vouchers they could use to buy new housing
· New Indicator Shows China’s Consumers Are Spending — on Services
As the structure of Chinese household spending changes, the statistics bureau has started a new indicator to measure the growth of services consumption
· China Detains Chief of Top Immigration Consultancy for Illegal Forex Trading
Four other employees of firm identified by state-backed media as Shanghai-based Wailian Group were also arrested for handling exchanges in excess of 100 million yuan
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This article was generated by Caixin Automation.
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