China’s benchmark Shanghai Composite Index (000001.SH) gained 1.29% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 2.24%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 3.7% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.41%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Commentary: What is Needed to Bolster China’s Biopharma Innovation
Innovative drug companies offer vast potential to expand China’s economy and prestige, but investment has drained away and needs to be revitalized
· Ousted Defense Minister Li Shangfu Removed from Top Military Body
Li’s named has been scrubbed from the list of leaders on the Communist Party’s Central Military Commission
· China’s Sovereign Wealth Fund CIC Names New General Manager
Liu Haoling, an expert in equity investments, takes the helm at the world’s largest sovereign wealth fund
· Ant Group Outbids Citadel Securities for Credit Suisse’s China JV
Credit Suisse’s owners may prefer to opt for lower offer as Ant Group bid has yet to win regulatory approval
· China Insurers’ Return Rate Plumbs 15-Year Low
Insurance firms’ investments yielded 2.23% last year, down 1.53 percentage points from 2022
· Chinese Beverage Tycoon Zong Qinghou Dies at 79
Zong, founder and chairman of Wahaha, once China’s richest person, was known as the self-made man who bested the yogurt titan Danone
· Post-Holiday Lull Continues in Chinese IPO Market
After a subdued first week back after the Lunar New Year break, there are still no scheduled listings and no applicants cleared for stock exchanges’ review
· Commentary: China’s Local Government Debt Control Plan Could Hinder Growth in 2024
The 12 regions affected by the State Council’s order to slow investment are striving to boost consumption ahead of the expected impact on economic growth
· Cover Story: Chinese Pharma Turns to Global Deals to Cure Capital Crunch
Sales of drug rights and M&A transactions help offset investment slump
· Chinese Basketball Association Backs New East Asia League
Former NBA star Yao Ming, who heads the national body, said supporting the new Rising East Asia League would facilitate the long-term growth of a large-scale regional competition
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This article was generated by Caixin Automation.
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