China’s benchmark Shanghai Composite Index (000001.SH) gained 3.23% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 6.22%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 6.5% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 6.71%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Star Fund Manager under Investigation, Sources Say
Founder of Qianhe is at the center of an insider trading probe and is said to have stepped back from his company for personal reasons
· Ex-Chief of China Merchants Bank Receives Suspended Death Sentence
Former CMB chief admitted taking $28.8 million in bribes and making $40 million through insider trading
· Ex-Taiping Life Boss Booted From Party for Alleged Graft
Zhang Ke, former general manager of the state-owned insurance giant, exploited his power for others in exchange for ‘huge sums’ of money, top graft buster says
· China’s Top Legislature Confirms Ousted Military Officials Violated ‘Discipline and Law’
Nine former senior officers got booted from the National People’s Congress last year for suspected ‘serious violations of discipline and law,’ a euphemism used by the country’s graft-busters for corruption
· Cover Story: Private Equity in China Heads for Exits Amid Three-Year Stock Slump
PE and venture capital investors seek new strategies as investments, fundraising and IPOs decline
· China Was World’s Largest Auto Exporter in 2023 After NEVs Drove Up Shipments
Overtaking Japan to claim the top spot last year, Chinese car-makers are forecast to continue to boost overseas shipments, which could reach 5.5 million in 2024, industry group says
· Former China National Petroleum Chairman Named in Corruption Probe
Wang Yilin, who served as Communist Party chief of the state-owned oil giant, was also removed as external director of China Three Gorges Corp.
· Weekend Long Read: Is Tennis Phenom Zheng Qinwen the Next Li Na?
The 21-year-old has a lot more in common with the legendary Chinese player than just their notable appearences at the Australian Open
· China Renaissance’s Billionaire Founder Bao Fan Steps Down
Company filing says prominent investment banker’s resignation is ‘for health reasons and to spend more time with his family’
· Six Rating Firms Fined a Total of $4.8 Million for Malpractice
The companies were accused of flaws in rating business procedures, violating independence requirements and breaching consistency principles
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