Caixin
Jul 29, 2022 03:03 PM
FINANCE

Shanghai Composite Index Fell 0.89% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.89% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.3%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.79% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.31%.

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

· Weekly Must-Read: Ant Group Makes Fresh Move to Advance Internal Reshuffle

Alibaba-backed fintech giant sets up a new committee under the board to oversee risk management and consumer protection

· Finance Ministry Gets Direct Ownership Stake in Guangfa Bank

Taking over 5.22% holding from State Grid unit, ministry becomes fifth-largest shareholder of the national joint-stock commercial bank

· Politburo Vows to Resolve Village Bank Risks

Communist Party’s top ruling body weighs in for the first time following massive scandal involving a half-dozen banks in Henan and Anhui provinces

· China-Switzerland Stock Connect Program Takes Off

Selling shares were building materials giant Keda, lithium battery materials producer Ningbo Shanshan and battery makers Gem and Gotion

· Head of China’s Biggest Chip Investment Fund Under Probe

Ding Wenwu caught up in series of graft scandals at state-backed ‘Big Fund,’ which poured billions of dollars into semiconductor development

· President Xi Speaks With Biden in First Phone Call Since March

In discussion lasting more than 2 hours, leaders reaffirm ‘one-China’ policy and agree on keeping communications open to avoid misunderstandings

· China’s Industry and Information Minister Hit With Corruption Probe

Xiao Yaqing, who took the position in July 2020, is suspected of ‘violations of discipline and law’

· China to Help With Indonesian Vaccine Hub That Will ‘Democratize’ Access to Life-Saving Jabs, Chamber Says

The regional center will help the world’s poorest get vaccines for Covid-19 and other diseases, the chairman of the Indonesian Chamber of Commerce and Industry said

· China’s ‘Fragrance Queen’ Released on Bail While Police Investigation Continues

Police haven't disclosed why Zhu Linyao, co-chair of flavor-maker Huabao Group, has been under residential surveillance since January

· Ant Makes Fresh Move to Advance Internal Reshuffle

Alibaba-backed fintech giant sets up a new committee under the board to oversee risk management and consumer protection

Click here to read more of the latest news.

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