Jul 28, 2021 03:03 PM

Shanghai Composite Index Fell 0.58% on Wednesday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.58% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.05%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.72% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.61%.

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

· Anxin Trust to Raise 9 Billion Yuan in State-Backed Bailout

Company releases details of rescue involving cash injection from special purpose vehicle partly controlled by the Shanghai government

· Update: China Stocks Retreat in Wake of Regulatory Crackdown

Investors in China’s most vibrant sectors — from technology to education — are caught in line of fire as Beijing reins in private enterprises

· Evergrande Cancels Special Dividend, Gripes About S&P Downgrade

Investor confidence in the debt-ridden Chinese developer takes a one-two punch as its stock plunges more than 13%

· Foreign Ministry Declines to Confirm Naming of New U.S. Envoy

After media reports that Vice Foreign Minister Qin Gang will fill the vacancy, ministry says announcement will come ‘in due course’

· Two Koreas Agree to Rebuild Ties in Possible Opening for Biden

Kim and Moon exchange letters ‘to make a big stride in recovering mutual trust’ and reopen hotlines that went cold for a year

· Opinion: China’s Crackdown on After-School Training Reflects Core Philosophies

China’s leaders are pursuing a consistent set of values promoting fairness and equality of opportunity, influential blogger argues

· Chief of Scandal-Ridden Shanghai Electric Under Probe

Zheng Jianhua, party head and chairman of state-owned energy equipment giant, suspected of corruption as Shanghai graft busters disclose investigation

· Third Dose of Sinovac’s Covid-19 Vaccine Shows Booster Effect, Study Shows

Antibody test results rise significantly following a booster shot after six months, though effect in protecting against new variants wasn’t clear

· Meituan Borrows Electric Car Designs to Develop Self-Driving Delivery Vehicles

Takeout giant seals deal with Beijing-based automaker Li Auto to use intellectual property from abandoned project

· Deadly Floods Expose Emergency Response Flaws in Zhengzhou Hospitals

City’s largest hospital took 30 hours to evacuate more than 11,000 patients after major power outage

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