May 12, 2021 03:03 PM

Shanghai Composite Index Rose 0.61% on Wednesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.61% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.7%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.02% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.34%.

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

· Third Former Chairman of Jilin Trust Convicted of Bribery

Gao Fubo sentenced to 20 years for receiving millions of yuan in bribes as a fourth former chief awaits trial on corruption charges

· Exclusive: Industrial Bank Gets New Chairman After 20 Months

Lu Jiajin, a former China Construction Bank vice president, tapped to fill vacancy left by 2019 retirement of Gao Jianping

· Jiangsu Restricts New Borrowing by Highly Leveraged LGFVs

Debt-laden province in eastern China orders poorly performing local financing vehicles to get investor approval before taking on more debt

· China’s Trust Companies Told How to Ditch Risky Assets

Banking and insurance regulator outlines four avenues for managing $90 billion of investments that could go bad

· Pinduoduo, Meituan Warned to Focus More on Consumer Protection

Shanghai consumer watchdog summons the tech platforms over a plethora of problematic behaviors

· China’s Debt-Laden Developers Get Over Repayment Hump

Real estate companies’ net borrowing through bonds turned positive for the first time in nine months in April after amount of debt coming due begins to shrink

· Trending in China: Pinduoduo Founder Donates Big Bucks to Science, Hurun Report Says

Colin Huang takes top spot on the Hurun Philanthropy List 2021 after pledging billions, with much of it slated for scientific research

· No Signs of Spring for China Tech Stocks in May

Major Hong Kong tech index of Chinese stocks slumps more than 3% on Tuesday, and is down 10% since late April in step with a global internet slump

· Over Half of Hong Kong’s Women Say They Don’t Want Kids, Survey Shows

Personal financial pressure is the biggest factor discouraging women in the city from raising children

· Chinese Products Purged in Amazon Crackdown on Fake Reviews, Sources Say

Undisclosed number of vendors’ goods cut from online giant’s shopping platforms ahead of annual sales promotion

Click here to read more of the latest news.

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