Jun 17, 2022 03:03 PM

Shanghai Composite Index Rose 0.96% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.96% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.48%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.22% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.77%.

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

· Weekly Must-Read: China’s Efforts to Prop Up Property Market Fall Short

While local governments have taken steps to stimulate the ailing sector, both supply and demand remain weak

· Chinese CPU Maker Loongson Eyes $357 Million in Downsized IPO

Producer of computer chips prepares for STAR Market debut with market valuation of $3.57 billion

· Another Top Cop in Liaoning Falls Under Graft Probe

Graft busters target Meng Bing, former provincial deputy police chief, after taking down three ex-chiefs

· China Vows More Support for Private Investment

State Council and NDRC issue pledges after private sector investment slowed and shrank relative to total investment

· Joincare Pharmaceutical Plans Share Sale in Switzerland

Drugmaker brings to nine the number of Chinese companies raising funds via global depositary receipts offered in Europe

· Leading Chinese AI Scientist Sun Jian Dies Suddenly at 45

The facial recognition pioneer moved to Megvii Technology as chief scientist in 2016 after 13 years at Microsoft

· Covid Shocks Cut China’s Power Consumption for Second Month

Electricity usage dropped 1.3% in May as pandemic restrictions continued to restrain economic activity

· Finance Ministry Says New Custody Rules Won’t Apply to Government Bonds

New system drawn up by financial regulators cannot be used for trading government bonds, ministry says

· Ex-Deputy of Anbang Takeover Task Force Falls Under Graft Probe

Investigators could be potentially looking into Fu Fei’s role in the takeover of financial conglomerate Anbang, sources say

· China’s Top Climate Envoy Calls for More Energy Cooperation With U.S., Europe

The three parties have complementary economies that can help push green transformation, Xie Zhenhua tells forum

Click here to read more of the latest news.

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