Jul 02, 2021 03:03 PM

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

Click here to read more of the latest news.

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