Caixin
Sep 07, 2022 03:03 PM
FINANCE

Shanghai Composite Index Rose 0.09% on Wednesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.09% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.42%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.33% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.19%.

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

· Guangzhou Auto’s EV Unit Completes Ownership Overhaul

GAC Aion lines up undisclosed strategic investors to clear the way for a public share sale next year in Shanghai or Shenzhen

· Distressed R&F Dumps Beijing Hotel at a Loss

Transaction raises $79 million for the cash-strapped developer to apply to its looming $12 billion of debt coming due within a year

· In Depth: The Weak Link in China’s New-Energy Power Plan: Weather

Sichuan electricity shortage this summer exposes a major challenge as China pushes for wind, solar and hydro to offset greenhouse gas-emitting coal

· $1.2 Billion Sucked Out of BMW’s Chinese Partner Through ‘Ghost’ Transactions

The funds were drained from Brilliance China by its state-owned parent to use as debt collateral, outside investigation commissioned by the carmaker found

· Tech Insider: Huawei Launches BeiDou-Enabled Phone, U.S. Chip Restrictions Spook Cloud and Smart Car Firms

China accuses the U.S. of stealing its space research, Inhalable Covid vaccine approved in world first

· Update: Sichuan Earthquake Death Toll Rises to 66

Magnitude 6.8 temblor strikes an area 140 miles west of the locked-down provincial capital of Chengdu, leaving more than 250 injured and 15 missing

· Caixin Explains: Why U.S.-Traded Chinese Firms Are Choosing Dual Primary Listings in Hong Kong

Chinese companies are hedging their bets over whether the two countries can really resolve a regulatory row over audits by taking advantage of new rules in the city that allow for a primary listing in both markets

· Opinion: Why Hong Kong Won’t Break Its U.S. Dollar Peg

Concerns that the currency’s link to the U.S. dollar will break are overblown, but the impact on the city’s already weak economy deserves attention

· China Bolsters Law on Cultural Relic Theft and Destruction

New rules clarify a 2015 judicial interpretation, specifying the criminalization standards for better enforcement of the law

· Too Much State Investment Has a Downside, Investors Warn

Top private equity players warn that government funds backing startups may violate Chinese and WTO rules while hurting market-based private investment

Click here to read more of the latest news.

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