Jun 10, 2022 03:03 PM

Shanghai Composite Index Rose 1.42% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.42% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.9%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.0% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.25%.

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

· Tianan Property Insurance Offers Its Assets for $314 Million

Government-seized affiliate of Tomorrow Holding may be asking too much as its balance sheet shows red ink, analysts say

· Alibaba Rally Fizzles as Regulators Squelch Report of Ant IPO Revival

Jack Ma’s fintech giant denies plan to resume share sale after CSRC says it isn’t laying the groundwork for one

· In Depth: China’s Never-Ending Coal Price Woes

Policies to stabilize the market are proving hard to enforce and geopolitics is causing new problems

· China Shakes Up Its Publicity System Ahead of Party Congress

Xu Lin takes over as head of the National Radio and Television Administration and Fu Hua gets appointed president of the state-run Xinhua News Agency

· Unending Torrential Rain Leaves at Least 24 Dead Across China

Since late May, downpours have triggered flooding and landslides, forcing tens of thousands to flee their homes

· China’s Baowu Retains Global Steelmaking Crown

The state-owned goliath’s output grew 4.35% last year even as the country produced less steel overall, industry data show

· Alibaba, Bilibili Extend Gains as China Approves More Games

The Chinese e-commerce giant was among the top gainers, with its shares advancing 15% to their highest price since early February

· Opinion: China's Central Bank Digital Currency Could Revolutionize Global Trade

The digital yuan will play a key role in reducing dollar dependence and give countries another payment option for trade

· Stablecoins Need a Regulatory Framework, Circle Chief Says

Following $400 billion Terra debacle, USDC cryptocurrency’s Jeremy Allaire calls for legislation backing digital assets pegged to official currencies

· Sunac Seeks Payment Extension for $345 Million of Debt

China’s fourth-largest developer, mired in a cash crunch, is negotiating with creditors on delaying repayment by two years

Click here to read more of the latest news.

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