Caixin
Jul 12, 2021 03:03 PM
FINANCE

Shanghai Composite Index Rose 0.67% on Monday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.67% on Monday, while the Shenzhen Component Index (399001.SZ) rose 2.14%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 3.68%.

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

· Cover Series: How SoftBank’s $11 Billion Bet on Didi Turned Sour (Part 2)

Ride-hailing giant’s rush to raise funds in a U.S. IPO may have been driven by pressure from investors eager to cash out some of their $35 billion of equity

· Chinese Companies With Over 1 Million Users’ Data Could Face Probe Before Listing Abroad

Broadening of scope of cybersecurity reviews comes just days after Didi became the first company subject to such an investigation

· China Will Cut Banks’ Reserve Requirements to Help Struggling Businesses

PBOC will lower the RRR for lenders by 50 basis points Thursday, leaving them with more cash available to lend

· Exclusive: China Resumes Hunt for Investors to Take Control of Anbang’s Remains

Six consortiums are in the running to take a stake in Dajia Insurance, the company created to pick up the pieces of the financial conglomerate seized by the state in 2018

· Weekly Must-Read: Four Things to Know About China’s Latest Crackdown on Cryptocurrencies

Regulators have stepped up efforts to crush cryptocurrency trading and are now aiming to wipe out Bitcoin mining in the country 

· Weekend Long Read: A Groundbreaking Architect’s Journey From France to China

Léon Hoa, who helped define modern architecture, decided to return to China in the 1950s, leading to the creation of unforgettable landmarks in Beijing and an unexpected ordeal

· Cover Series: How Didi’s Rush to Raise Funds in U.S. Backfired (Part 1)

Ride-hailing giant’s $4.4 billion New York share sale may have run afoul of Chinese national security requirements and regulators’ wish to settle questions before IPO

· Energy Insider: Shanghai Outlines Transportation Hub Ambition; Ministry Vows to Regulate Rare Earth Elements

PetroChina’s Yunnan refinery process more than 40 million tons of crude; Southern Grid posts a 5.2% jump in electricity sales; another hydropower station starts operating

· Tsinghua Unigroup Needs Bankruptcy Restructuring, Creditor Says

Huishang Bank files petition for court-led reorganization of the debt-laden state-owned semiconductor conglomerate

· Credit Suisse Names New China Chief

Janice Hu, a 25-year veteran of China’s financial markets, becomes China CEO after departure of Tang Zhenyi

Click here to read more of the latest news.

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