Shanghai Composite Index Fell 0.22% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.22% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.3%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.84% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.19%.

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

· Online Health-Care Platform ClouDr Mulls $500 Million IPO

ClouDr provides software-as-a-service systems for chronic disease management, connecting hospitals, pharmacies, insurers and patients

· Analysis: The Need for Sino-U.S. Economic and Trade Relations

Starting from a shared goal of bettering people’s lives, the world’s two biggest economies should join forces to fight the threat to humanity of climate change

· Alibaba-Backed Grocer Nice Tuan Fined for Pricing Fraud

In addition to $235,302 fine, group-buying platform is suspended from operations in Jiangsu for three days

· Energy Insider: Cabinet Vows to Tackle Commodity Price Hikes; State Asset Manager Sets Up $11 Billion SOE Restructuring Fund

Beijing plans massive hydrogen fuel cell project; China issues new guidelines regulating the cement industry; more wind power goes online

· Former Inner Mongolia Police Chief Admits to Taking $25 Million in Bribes

Ma Ming pleads guilty to violations over 19 years as he held several senior government posts in Inner Mongolia and Jilin

· China Unveils Top Task Force for Carbon Goals

Vice Premier Han Zheng presides over first session of group to lead fight against global-warming carbon emissions

· China’s Banking Regulator Adds Limits on Wealth Management Marketing

Final rules taking effect June 27 will also apply to wealth management units of commercial banks and foreign-owned operations

· Yuan’s Strength Seen Continuing as Dollar Weakens

Citic Securities sees further upside for the Chinese currency, forecasting another 3% jump

· Beijing Offers Vaccines to Help Taiwan Fight Covid Surge

Central government is ‘very worried’ about reports of triple-digit increases in infections over 11 consecutive days

· Li Auto Admits Its Self-Driving Tech Is Sub-Par, and Its Stock Jumps 

Markets unfazed as company slides back into a loss in the first quarter

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