China’s benchmark Shanghai Composite Index (000001.SH) gained 0.9% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 1.31%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.19% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.27%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· In Depth: A Metal Tycoon’s Liquidity Woes Disrupt China’s Copper Trade
Bankruptcy restructuring of He Jinbi’s Covid-crippled Maike Metal International threatens a third of China’s copper imports
· Embattled Anxin Trust Approved for $1.3 Billion Share Placement
Shanghai state-backed special purpose vehicle will take controlling 50.3% stake under government plan to bail out the former high-flyer
· Global Central Banks Increase Gold Buying to Highest in 55 Years
Demand for gold worldwide rose 18% last year to 4,741 tons amid soaring inflation and increased geopolitical risk
· China Watchdog Seeks Indictments for Senior Grain Officials in Corruption Dragnet
The former deputy general manager of state stockpiler Sinograin is among 10 officials referred to prosecutors for allegedly pocketing millions of yuan in bribes
· XPeng Flying Car Unit Wins Approval for Manned Testing
The firm’s X2 electric vertical take-off and landing vehicle has secured a special permit allowing it to conduct tests before getting an airworthiness certificate
· IMF Raises China’s 2023 Growth Forecast to 5.2% as Economy Reopens
The fund revises up its projection from October’s 4.4% on the back of a faster-than-expected recovery
· Tech Insider: JD.com Suffers Southeast Asia Setback, IFlytek’s Stock Surges
CATL plans $3.5 billion battery recovery project, China’s 2022 smartphone sales plumb 10-year low
· In Depth: Where Do Fake Covid Drugs Come From?
Amid a pandemic buying frenzy and surging black market prices, Chinese distributors point fingers at manufacturers of generic drugs in India
· China’s Economic Activity Rebounds After Reopening
The official manufacturing PMI rose to 50.1 in January, while the non-manufacturing gauge jumped to 54.4
· JD.com Closes E-Commerce Businesses in Indonesia and Thailand
Chinese internet giant refocuses on supply-chain management and warehousing as Southeast Asia market grows hotly competitive
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This article was generated by Caixin Automation.
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