Caixin
Jun 18, 2021 03:03 PM
FINANCE

Shanghai Composite Index Ended Nearly Flat on Friday

China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.77%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.44% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.59%.

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

· Caixin Must-Read: FBI Agent Admits in Court to Falsely Accusing Ex-Professor of Spying for China

The agent said that he presented the university with a false document that labeled the Chinese American man as a PLA operative

· Energy Insider: China to Release Strategic Metal Reserves to Curb Commodity Prices; All Trapped Miners in Shanxi Found Dead

Authorities deny radiation leak at Taishan nuclear plant; massive hydropower project in upper Yangtze River goes into operation; coal production rises in May

· TikTok Owner ByteDance’s 2020 Revenue More Than Doubles

World’s most valuable tech startup tells employees it had red ink for last year without explaining why 2019’s profits evaporated

· Chinese Bubble Tea Chain Nayuki Files $657 Million Hong Kong IPO

Proceeds would fund three-year expansion as China’s No. 2 tea purveyor plans to more than double its outlets by adding 650 new stores by next year

· Japanese Companies List Concerns About Doing Business in China

Chamber of commerce issues annual white paper, calling for less ambiguity and more predictability in China’s policies affecting foreign businesses

· China’s Plummeting Hog Prices Trigger New Mechanism That May Lead to State Buying

Nation’s top economic planner seeks to stabilize market by taking a more active role in building and dispensing government pork reserves to stem slide in prices

· Update: China Launches First Manned Mission to New Space Station

The Shenzhou-12 spacecraft took off Thursday morning, carrying three astronauts into orbit to crew the Tiangong station

· Shenzhou-12 Spacecraft Launches, Covid-19 Grounds Air China Flight, China’s Vaccine Tally

Guangdong reports four new local Covid-19 cases, government says three-child policy could boost fertility levels

· Chinese Vaccine Certificates Gain Traction Abroad; Singapore Shipwrecks; Delhi Lockdown Lifted

The 10 international stories popular on Chinese social media include a letter by the Dutch king’s daughter and a U.S. military assault in South Korea

· Shenzhen to Set Up Fund to Manage Carbon Credit Sales Income

Fund could help pave the way for a similar one linked to the nationwide carbon market that will be up and running this month

Click here to read more of the latest news.

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