Shanghai Composite Index Fell 1.95% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 1.95% on Friday, while the Shenzhen Component Index (399001.SZ) fell 2.45%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.64% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 3.52%.

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

· Chinese Steelmakers Estimate Strong First-Half Profit Growth

Demand surges amid economic recovery while prices rise under government pressure to cut production in pollution-control campaign

· Luckin Discloses It Overstated 2019 Revenue by $328 Million

Long-delayed financial report is in line with April 2020 estimate as the delisted Chinese coffee chain vows to divulge 2020 results as soon as possible

· Energy Insider: Longyuan Power Inks Carbon Trading Deal in South Africa; Tongwei Plans $2.2 Billion High-Purity Silicon Project

Offshore drilling rig giant gets $129 million cash injection; Guangdong Electric unit to build power complex in Huizhou; Hebei geothermal pilot project generates power

· China’s Cautious Consumers Give Little Lift to Weak Household Goods Market

While shopping activity increased, consumers tended to choose less-expensive products in the first quarter, Bain report says

· China Approves Innovative New Drugs for Insurance Price-Setting Talks

Treatments for lung and gastric cancer are among 433 medications to be considered in government negotiations with pharmaceutical firms

· Property Development Glory Days Are Over, Vanke Says, as It Hypes Services

Nation’s largest developer eyes $2 billion listing of management division amid tighter government scrutiny

· Xi Jinping Warns China Won’t Be Bullied; Quarter of Communist Party Members Under 35, Shanghai Vaccinations

Celebrations for CPC’s 100th anniversary, Sinovac Covid jab deemed safe for minors

· Opinion: As China’s Population Ages, Age Discrimination in China’s Workplaces Need to End

There is no law against the practice in China, nor is any legislation against it on the table

· Bubble-Tea Maker Falls Flat in Hong Kong Trading Debut

Shares of No. 2 chain Nayuki end down 13.5% on their first day, as big investors worry about competition

· In Depth: New Pipeline Network Shakes Up China’s Natural Gas Dynamics

Country’s three energy majors are rushing to formulate and roll out new strategies following last year’s creation of PipeChina

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