Shanghai Composite Index Rose 0.32% on Wednesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.32% on Wednesday, while the Shenzhen Component Index (399001.SZ) closed nearly flat.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.58% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) ended nearly flat.

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

· Four Things to Know About the New Covid Variants

While the rapidly mutating virus is spreading farther and faster, current vaccines, testing and control measures are still effective, experts say

· Energy Insider: China’s Steel Exports Rise 20% in May; Shanxi Coal Giant Expects 60% Rise in Production

Shandong to launch seven power storage projects; Baosteel unit plans low-carbon metallurgy project; Zhuhai Port to invest $118.8 million in Tianlun Gas

· China Fines Four Banks $828,000 for Property Lending Violations

Authorities continue crackdown on illegal use of personal or business loans to buy real estate in campaign against systemic risks amid roaring property market

· Corruption Probe Ensnares Another Bad-Debt Industry Veteran

Hu Xiaogang, vice president of China Great Wall Asset Management, implicated with former Orient Asset Management colleague Yu Qian as graft buster and banking regulator expand investigations

· Trailing Rivals, Tencent Short-Video App Pivots to Movies and TV

Weishi will transition to offering clips from longer-form content and build a system to redistribute the work of other creators, the tech giant’s vice president says

· Sichuan Trust Boss Detained Amid Probe Into Missing Billions

Liu Canglong is being held on suspicion of misappropriating funds six months after provincial authorities took over troubled company

· China Mulls Tax Rebates for Domestic Goods Entering Hainan Free Trade Port

New draft law mentions rebates for domestic goods entering the island as duty-free sales surge

· Study Finds Coronavirus Mutates More Than 30 Times in HIV-Positive Woman, Eating Disorders in South Korea, Cryptocurrency Ransom Recovered

The 10 international stories blowing up on Chinese social media include where former Japanese Prime Minister Tojo Hideki’s ashes were scattered, and Apple fined in Brazil for selling iPhones without a power adapter

· University Lecturer Nabbed Over Colleague’s Murder; Covid-19 Patient Detained for Concealing Travel History; Shanghai Shopping Mall Bars Unvaccinated

Accused drug trafficker out on bail to take university entrance exam; eight missing miners found alive

· Newly Merged Internet Giant GoTo Appoints Veteran Finance Chief Ahead of Planned IPO

Jacky Lo has spearheaded New York listings for fintech firm OneConnect and Yum China

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