Aug 12, 2021 03:03 PM

Shanghai Composite Index Fell 0.22% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.22% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.79%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.49% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.47%.

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

· China’s Top Steel Hub to Slash 16% of Capacity in Second Half

Hebei province plan for meeting Beijing’s ambitious carbon goals will weigh most heavily on Tangshan, the world’s biggest steel-producing city

· Energy Insider: Renewable Power Plants Encouraged to Add Storage, Peak-Shaving Units

NDRC vows to strengthen risk management in power system; steel industry association to cut output while curbing price surges; state railway to invest in SOE adjustment fund

· Rivals in Talks to Buy Debt-Ridden Evergrande’s Property Management Unit

Units of China Vanke and Country Garden Holdings eye Evergrande Property Services as troubled real estate giant unloads assets to pay down debt

· China Expands Scrutiny of Online Insurance Sector

CBIRC orders insurers to curb improper marketing and pricing practices and step up protection of user privacy in an extension of the government crackdown on internet commerce

· Alibaba to Fire Manager Accused of Raping Colleague, Beijing Recalls Ambassador to Lithuania, Hong Kong Teachers’ Union to Disband

Illicit trading of human placenta in China continues despite ban, and Evergrande in talks to sell stakes in EV and property services units

· After Days Stranded Off China’s Coast, Cargo Ship Crew Members Hospitalized With Covid

Chinese seafarers’ plea for help wasn’t accepted until video calling for aid spread on social media, sources said

· Individual Tutors Become Latest Target in China’s After-School Education Crackdown

High demand and hefty profits are prompting private tuition providers to change tactics

· Hong Kong to Make Investors Trade Stocks Under Their Real Names

Requirement, set to take effect in the second half of 2022, tightens personal identification rules on the exchange to make it easier to ferret out misconduct

· China Telecom’s First-Half Investment Lags Amid Chip Shortage, Executive Says

State-owned mobile carrier spends just 27 billion yuan of 87 billion yuan annual budget as weak demand for 5G equipment also weighed

· Qatar’s Hamad Airport Dethrones Singapore’s Changi to Be Named World’s Best, Survey Says

Guangzhou Baiyun was the highest ranked airport in Chinese mainland, jumping 16 places to 14th in annual Skytrax survey

Click here to read more of the latest news.

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