Shanghai Composite Index Fell 1.17% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) lost 1.17% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 1.96%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.65% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.71%.

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

· Lithium Price Breaks Record on Tight Supply Concerns

Battery-trade lithium carbonate hits $49,600 a ton, up almost a third in a month, amid surging demand from the booming EV industry

· Tesla Accounts for Half of China’s 2021 NEV Exports

Electric vehicles sold abroad triple to 310,000 as total auto exports double to a record 2.01 million, with a 20% gain forecast for this year

· China Secures More Long-Term LNG Supply From Russia

Units of ENN Natural Gas and Zhejiang Energy ink pacts to buy gas from Russian natural gas producer Novatek’s arctic project

· China’s New Payment Standards Could Shake Duopoly of Alipay and WeChat Pay, Industry Insiders Say

Central bank releases technical specifications for interoperability of different systems

· Steelmakers Need Seismic Change to Keep Up With China’s Emissions Plans, Official Says

Hundreds of millions of tons of crude steel capacity needs to cut pollutant output this year, environment ministry official tells industry forum

· Half of Migrant Workers’ School-Aged Kids Live Away from Parents, Report Says

Migrant families face ongoing hurdles bringing their children with them to big cities

· Breaking China’s Covid Rules Lands Medical Services Manager in Police Custody

Police say that the Kingmed Diagnostics manager’s actions either spread the virus, or risked its spread

· Steel Giant Benxi Turns First Profit in a Decade After Restructuring, Exec Says

General manager of its new parent Ansteel says revenue also jumped 44% last year

· Tianjin Cancels Planes, Trains and Buses After Omicron Cases

City of 14 million launches mass testing, turning up 97 Covid infections, and requires negative test results and approval from authorities for leaving town

· Bank of Lanzhou Prices Shares Below Book Value

State-backed regional institution raising $319 million in Shenzhen Stock Exchange becomes first publicly traded bank to sell undervalued stock in a tepid market for such shares

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