Aug 05, 2022 03:03 PM

Shanghai Composite Index Rose 1.19% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.19% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.69%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 4.18% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.62%.

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

· Developer of First China-Made Covid Pill Files for Hong Kong IPO

Closely held Genuine Biotech aims to generate funds to make and commercialize Azvudine and to develop other drugs

· Small Commodity Export Center Yiwu Partly Locks Down Amid Flare-Up

Eastern China city of 1.9 million turns up 70 Covid cases in three days, forcing virus control measures and mass testing

· New Times Trust Ex-Execs Banned for Life From Banking

Regulators impose fines on unit of disgraced tycoon Xiao Jianhua’s Tomorrow Group and on eight former officials for violations

· Li Ka-Shing Distances Himself From AMTD After Meteoric Stock Surge Baffles Investors

Rally that hit 32,000% saw it become one of the world’s biggest financial companies by market cap

· In Depth: China’s Plan to Break Foreign Iron Ore Dependence — Mine More at Home

The state-backed initiative aims to ramp up domestic sources so the country’s steelmakers no longer rely on foreign countries to supply over 75% of its needs for the raw material

·’s Self-Driving Cabs Hit the Streets in Beijing

The service was made available to general passengers in one corner of suburban Beijing on Wednesday

· Everything You Need to Know About Beijing’s Countermeasures Against Taiwan After Pelosi Visit

The U.S. lawmaker’s trip has triggered a furious backlash from officials on the Chinese mainland

· Starbucks’ Revenue in China Plunges Amid Covid Curbs

In the fiscal third quarter, the Seattle-based coffee giant took in $545 million in its second-largest market, where nearly 16% of its stores are located

· Kindergarten Killings Suspect Captured After Manhunt

The private preschool facility inside a shopping mall was closed as investigations into the circumstances of the attack continue

· China’s State Grid Plans $44 Billion of Investment in Second Half to Give Economy a Jolt

The world’s largest utility’s investment will raise the total funding for projects under construction to a record 1.3 trillion this year

Click here to read more of the latest news.

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