China’s benchmark Shanghai Composite Index (000001.SH) gained 0.9% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 1.63%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.71% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.19%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Power Shortages Take the Juice Out of China’s Manufacturing, Caixin PMI Shows
Purchasing Managers’ Index rose to 50 in September, the second-lowest reading in 17 months as an electricity supply squeeze and rising raw material prices dampened factory production
· CATL Acquires Canadian Lithium Miner in $297 Million Deal
Chinese EV battery giant boosts access to high-grade lithium supplies through purchase of Canada’s Millennial Lithium Corp.; CATL outbids archrival Ganfeng Lithium
· Top Financial Regulators Vow Stability of Property Market
Regulators ask financial firms and local governments to support stability and protect consumers; regulators reaffirm commitment to prudent policy and to prevent speculation
· Morgan Stanley’s Top Asia Executive Christianson to Retire
Wei Sun Christianson, Morgan Stanley China CEO since 2006 and its Asia-Pacific co-chief executive since 2011, steps down; played key role in developing the bank’s China business
· Beijing Seeks to Host Global Board for Sustainability in Corporate Reporting
London and Tokyo also in the running to be the headquarters for the entity that will set benchmarks for climate-related disclosures
· In Depth: Evergrande Auto Races to Convince Investors It Can Make a Car
The electric-car maker is scrambling to find new investors as funds to mass produce its first Hengchi model dry up
· Evergrande to Raise $1.55 Billion From Sale of Stake in Regional Bank
The struggling developer plans to use proceeds to repay debt owed to Shengjing Bank
· China’s Top Two Fertilizer Firms Fined for Price Gouging
Sinofert and Qinghai Salt Lake wrapped on the knuckles to the tune of 4.2 million yuan as prices of crop nutrients skyrocket
· U.S. Fleshes Out ‘Rip and Replace’ Plan for Banned Huawei and ZTE Tech
A $1.9 billion program to remove the two companies’ equipment from rural telecoms networks is set to start next month
· In Depth: Evergrande Founder’s Poker Buddy Folds on Teetering Developer
Stalwart investor Chinese Estates unloads shares of world’s most indebted property developer as its tumbling stock price drive losses into the billions
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This article was generated by Caixin Automation.
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