Caixin
Nov 19, 2021 03:03 PM
FINANCE

Shanghai Composite Index Rose 1.13% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.13% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.19%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.46% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.04%.

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

· China Pledges $31 Billion of Credit to Back Clean Use of Coal

Central bank lending facility provides a second pillar supporting emission cuts along with cheap loans for carbon-reduction projects

· China Issues Guidance on Anti-Monopoly Compliance Abroad

Amid a domestic antitrust crackdown, top market regulator warns Chinese businesses of foreign jurisdictions’ penalties for crossing the line

· Alibaba Stock Tumbles After Softer Growth Forecast

E-commerce giant scales back revenue outlook by almost a third, citing the pandemic and China’s changing regulatory environment

· Shinsun Says Developer Has Not Defaulted After Shares Plunge

Zhejiang property company’s stock loses 54% in Hong Kong amid jitters over Evergrande debt crisis, but board says it’s operating normally

· Exclusive: Citic Group Likely to Become Huarong’s Biggest Shareholder

The Ministry of Finance intends to transfer part of its holdings in the troubled bad-debt manager to Citic in the next few years, sources say

· Kissinger Calls Xi-Biden Summit a Good Start for Avoiding Conflict

U.S. and China need to try to ‘compose their differences’ to a level in which co-existence becomes essential, the former diplomat says

· Alibaba Builds Presence in Ride-Hailing Sector Amid Didi’s Regulatory Woes

E-commerce giant agrees to pay 40 million yuan for 10% of Shanghai-based Letzgo

· China Approves Boeing’s Proposed Fixes for 737 Max

Regulator has expressed satisfaction with the U.S. company’s proposed design changes for the model, which was grounded after two fatal crashes

· Beijing Orders Tutoring Companies to Cap Fees

Amid broader push to turn private tutoring firms into nonprofits, draft guidance sets benchmark prices for curriculum-based after-school classes

· Seeking to Raise Cash, Evergrande Offloads Remaining Stake in Video Streaming Firm

The immensely indebted Chinese real estate developer agrees to sell its 18% stake in HengTen Networks for $273 million

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