Shanghai Composite Index Fell 0.31% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.31% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.79%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.07% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.86%.

Below is a rundown of the top China business and finance stories, plus other news for the day:

· Beijing Moves Quickly to Apply New National Tutoring Rules

City’s education authority orders tutoring enterprises to become nonprofits and exit compulsory education space by year-end

· Energy Insider: Yangtze Power to Take Over Two Giant Hydropower Units; Nonferrous Metal Production Rises

China tightens Covid-19 controls at airports; PipeChina opens bidding for LNG terminal leases; Xiamen Tungsten’s lithium battery unit to sell shares

· Opinion: Online Games Should Be Next in Line for a Crackdown

China’s giant game industry is even more harmful for children than the online tutoring business and needs dramatic overhaul, argues leading education advocate

· Kuaishou Makes U.S. Market Retreat by Shutting Down Rival App to TikTok

Chinese online video platform bails on pitting Zynn against ByteDance’s app but still plans to pour $1 billion into expanding overseas this year

· Chip Speculators Targeted by Probe on Cost of Scarce Auto Part

Market regulators are attempting to bridge a vital auto manufacturing supply shortfall likely to extend into 2022

· Ant Group Profits Plunge

Decline of over 37% quarter-on-quarter comes as financial conglomerate required to comply with new microlending rules

· Foreign Coaches Give China’s Olympians a Leg Up in Sports Once Dominated by the West

Chinese athletes in Tokyo add to top medal haul with success in events like rowing and fencing

· U.S. Covid Case Count, Jabs for Chinese Kids, Online Entertainment Crackdown

Macao declares ‘state of prevention’ after recording four Covid cases, academic suggests removing school choice from parents

· China Tightens Covid-19 Control Measures at Airports as Cases Rise

Daily testing of airline and airport staff, isolation zones on aircraft are among the steps taken to prevent a repeat of the latest outbreak, which has been blamed in part on slack management

· Hong Kong Fines UBS $1.5 Million for Compliance Failures

Penalty imposed after the Swiss financial giant failed to disclose financial interests in Hong Kong-listed firms it covered in research reports

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