China’s benchmark Shanghai Composite Index (000001.SH) gained 0.96% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.48%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.22% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.77%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Efforts to Prop Up Property Market Fall Short
While local governments have taken steps to stimulate the ailing sector, both supply and demand remain weak
· Chinese CPU Maker Loongson Eyes $357 Million in Downsized IPO
Producer of computer chips prepares for STAR Market debut with market valuation of $3.57 billion
· Another Top Cop in Liaoning Falls Under Graft Probe
Graft busters target Meng Bing, former provincial deputy police chief, after taking down three ex-chiefs
· China Vows More Support for Private Investment
State Council and NDRC issue pledges after private sector investment slowed and shrank relative to total investment
· Joincare Pharmaceutical Plans Share Sale in Switzerland
Drugmaker brings to nine the number of Chinese companies raising funds via global depositary receipts offered in Europe
· Leading Chinese AI Scientist Sun Jian Dies Suddenly at 45
The facial recognition pioneer moved to Megvii Technology as chief scientist in 2016 after 13 years at Microsoft
· Covid Shocks Cut China’s Power Consumption for Second Month
Electricity usage dropped 1.3% in May as pandemic restrictions continued to restrain economic activity
· Finance Ministry Says New Custody Rules Won’t Apply to Government Bonds
New system drawn up by financial regulators cannot be used for trading government bonds, ministry says
· Ex-Deputy of Anbang Takeover Task Force Falls Under Graft Probe
Investigators could be potentially looking into Fu Fei’s role in the takeover of financial conglomerate Anbang, sources say
· China’s Top Climate Envoy Calls for More Energy Cooperation With U.S., Europe
The three parties have complementary economies that can help push green transformation, Xie Zhenhua tells forum
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This article was generated by Caixin Automation.
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