Jun 04, 2021 03:03 PM

Shanghai Composite Index Rose 0.21% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.21% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.74%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.2% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.28%.

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

· Exclusive: Bad-Debt Industry Veteran Named Huarong’s New Deputy Party Chief, Sources Say

Liang Qiang looks likely to also take over as president of the troubled state-owned bad-debt manager

· Trending in China: Wild Elephant Herd Reaches Kunming After a Month-Long March — One-Way Ticket or Round Trip?

The 15 elephants reached the boundary of the southwestern city late Wednesday, ratcheting up the tension in a story that has captivated the country

· Energy Insider: Sinopec Opens Its First Solar-Powered Gas Station; China Three Gorges Renewables’ IPO oversubscribed

China issues $9.5 billion of carbon neutrality bonds; 2 Sinochem executives come under corruption probes; it’s flooding season in South China

· China Calls 8 More Sharing-Economy Companies on the Carpet

Top market regulator issues warnings and orders rectification of pricing practices in rentals of bicycles and portable cell phone charging devices

· Ant Group’s Consumer Lending Unit Set to Start Operations

Chongqing Ant Consumer Finance to take over $266 billion micro lending businesses of Huabei and Jiebei, Ant’s biggest money-spinners

· In Depth: The $15 Billion Chinese Fast Fashion App You’ve Never Heard Of (Part 2)

Shein’s opaque ownership and media-shy approach means it’s hard to know who is calling the shots, let alone whether or not its vast supply chains are ethical

· China Joins Bandwagon to Dump Long-Time Interest Rate Benchmark Libor

PBOC-backed industry group tells financial institutions to stop using the London Interbank Offered Rate for U.S. dollar-denominated loans

· Four Things to Know About Huawei’s HarmonyOS

The operating system underpins the telecommunications giant’s attempt to reinvent itself after U.S. sanctions hobbled its successful smartphone business

· Debt-Ridden Retailer Suning Gets $500 Million State Bailout

Four Jiangsu SOEs form special fund to acquire 5.59% of Chairman Zhang Jindong’s shares to temporarily ease company’s liquidity crisis

· China Three Gorges Shares Oversubscribed by 78 Times in Pre-IPO Lottery

Demand surges for $3.6 billion listing by the operator of eponymous hydroelectric dam

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