Caixin
Oct 12, 2021 03:03 PM
FINANCE

Shanghai Composite Index Fell 1.25% on Tuesday

China’s benchmark Shanghai Composite Index (000001.SH) lost 1.25% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.62%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.25% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.81%.

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

· More Northern China Regions Hit by Heavy Rains, Risking Coal Supply

Deluges swamp Shanxi and Shaanxi coal fields, adding another obstacle for resolving the country’s massive electricity shortage

· Energy Insider: State Grid Secures Power Supply Amid Energy Shortage

China to set standards for achieving climate change emission cuts; one killed in Shanxi gold mine landslide; Inner Mongolia raises electricity prices for power hogs

· Businessman Gets Life Sentence for Defrauding Xinjiang Breeder

Elephant Advertising’s Chen Dehong convicted in $372 million 2017 deal to help Tianshan Animal Husbandry dodge delisting

· Ex-State Firm Bigwig Expelled From the Party on Suspicion of Corruption

Hou Zibo, former general manager of Beijing Enterprises Group, stands accused of using his position to trade favors for money

· Key U.N. Biodiversity Summit Gets Underway in China

President Xi to address the 15th Conference of the Parties to the U.N. Convention on Biological Diversity held this week in Southwestern city of Kunming

· Faraday Future Responds to Short-Seller Attack It Calls ‘Misleading’

Report alleges that the electric-vehicle company will indefinitely delay its 2022 mass production target because ‘three recent visits to the factory showed little activity’ and engineering problems remain unsolved

· Northeastern City Tries to Warm Up Quickly Cooling Property Market

Analysts say measure in Harbin could herald similar actions by other local governments

· Several Private Banks Hit With Record Fines for Playing Fast and Loose With Loans

Penalties show how regulators are turning their attention to the segment of the industry that helped fuel China’s fintech bubble

· China Moon Rocks Haul Show Volcanic Activity 1 Billion Years Later Than Once Thought

Lava samples brought back by the Chang’e mission 5 could help scientists better understand the history of other bodies in the solar system, study shows

· China’s Biggest Real Estate Developers Look Unlikely to Meet Annual Sales Targets

As of September, less than one-fifth of the top 100 firms were on track to meet their goals for the year

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