Jun 08, 2021 03:03 PM

Shanghai Composite Index Fell 0.54% on Tuesday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.54% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.98%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.01% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.61%.

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

· Energy Insider: Eight People Killed in Henan Coal Mine; Tianjin Shuts Steel Mills to Cut Pollution

Steel prices forecast to remain high amid strong demand; auto production slowed by parts shortages; pandemic has stocks of shipping containers out of whack

· Yili Spinoff Youran Dairy Seeks $799 Million in Hong Kong IPO

Inner Mongolia dairy giant would use the proceeds to expand the herd, facilities and pastureland in competition with Mengniu’s China Modern Dairy

· Alibaba-backed Zuoyebang Slashes Tutoring Sales Staff

After-school training company is part of an industry facing new protection-of-minors legal restrictions and heightened government pressure over illegal activities

· PBOC Considers First Applications for New Financial Holding Company License

Citic Group subsidiary and Everbright apply to become financial holding companies under the tightened central bank rules introduced in September

· Another Guangdong City Launches Mass Covid-19 Testing

Zhongshan to test all of its 3 million residents in a bid to block the spread of the virus from nearby cities

· China Moves to Take Collection of Land Sales Income Out of Local Government Hands

Localities will have to transfer the power for collecting the revenue to tax authorities, which ultimately answer to Beijing

· Brazil Fines Apple Over Discontinued iPhone Power Adapters, Taiwan’s Vaccine Tourism to U.S., Rising Coffee and Tea Prices

On Chinese social media, readers have been captivated by the foreign ministry’s condemnation of the U.S. and NASA’s plan to launch 128 baby squid into space

· 17-Year-Old Girl Remanded on Bail to Take ‘Gaokao,’ Three Good Samaritans Win Beijing Residency, Vaccine for Kids Gets Approval

Third dose of Sinovac’s vaccine may increase antibody response tenfold, eight missing coal miners rescued

· Self-Driving Cars Ferry Supplies to Locked-Down Guangzhou Residents

Deserted streets make navigation easier for vehicles powered by tech from Nissan-backed WeRide

· Over 90% of Beijing Adults Have Recieved a Covid-19 Vaccine Dose

Chinese capital has administered over 32 million shots since beginning its mass vaccination campaign in February

Click here to read more of the latest news.

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