Nov 24, 2021 03:03 PM

Shanghai Composite Index Rose 0.1% on Wednesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.1% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.12%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.27% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.4%.

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

· Opinion: Time to Overhaul the Independent Director System

Some of Kangmei’s outside board members face $15.7 million of fines each in the drugmaker’s massive fraud, spotlighting the need to rethink their roles and responsibilities

· Tip Sheet: Key Facts on China’s AI Behemoth SenseTime

Biggest Chinese artificial intelligence company discloses management and corporate structure in Hong Kong listing document

· Exclusive: Ant Group Reshuffles Huabei Consumer Loan Business

Amid sweeping overhaul to reduce lending risks, Jack Ma’s fintech separates Huabei from credit services offered by partners on its platform

· Baidu Licenses mRNA Algorithm to Sanofi

French drug giant plans to use Chinese company’s technology in developing vaccines and therapies beyond Covid-19

· Baidu and State-Owned Citic Bank Fined Combined 1 Million Yuan for Antitrust Violations

Failing to report to antimonopoly authority before setting up a banking joint venture in 2017 cost the lender and search engine giant each 500,000 yuan

· China’s Biggest AI Firm Says It Won’t Face Cybersecurity Review Before Hong Kong IPO

SenseTime says new draft rules proposed by the cyberspace regulator will not have a material and adverse effect on its business operations

· NetEase Music Unit Seeks $450 Million in Slimmed-Down Hong Kong IPO

Target is less than half the original $1 billion Cloud Village was rumored to be seeking ahead of its Dec. 2 listing

· Greater Bay Area Wealth Connect Trial Sees Over $31 Million in Transactions

Launched in October, the program allows eligible residents from Guangdong to invest in certain wealth management products from Hong Kong, Macao and vice versa

· China Jails Founder of Top Pirated Movie Site Renren Yingshi

Liang Yongping gets 3-1/2 years in prison after site found to have illegally copied and sold more than 30,000 Chinese and foreign TV shows and films

· Q&A Site Zhihu Burns More Cash to Grow User Base

A spending spree on sales and marketing pushed the platform further into the red in the third quarter

Click here to read more of the latest news.

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