CX Daily: Beijing Stock Exchange Fights to Make Its Mark

Stock exchange /

In Depth: Beijing Stock Exchange fights to make its mark

A stock exchange on the Chinese mainland intended to drive funding for innovative small and midsize enterprises is struggling to gain momentum a year after it opened as part of a broader strategy to expand the country’s capital markets.

The Beijing Stock Exchange, the first bourse based in the capital city, was designed as an incubator for small businesses to tap investors directly for capital and reduce their reliance on banks for funding. Most companies listed on the exchange migrated from the National Equities Exchange and Quotations Co. Ltd. (新三板), an over-the-counter marketplace for small businesses that do not meet the listing standards for the Shanghai or Shenzhen stock exchanges.

Covid-19 /

China eases quarantine rules, lifts travel test requirements in Covid policy overhaul

In an overhaul of its strict “zero-Covid” policy, China announced a series of new easing measures Wednesday, including lifting testing requirements for cross-regional travelers and allowing some infected people to undergo quarantine in their homes rather than in centralized facilities.

The announcement by the Joint Prevention and Control Mechanism of the State Council, China’s cabinet, is the strongest sign yet that the country is moving away from stringent pandemic controls and looking to coexist with the virus.

China approves second nasal spray Covid-19 vaccine

China-Saudi Arabia /

Xi to visit Saudi Arabia to boost relations in the Middle East

President Xi Jinping will pay a four-day state visit to Saudi Arabia starting Wednesday, during which he will attend the first China-Arab States Summit and a meeting of the China-Gulf Cooperation Council in the capital Riyadh, according to the Chinese foreign ministry.

The visit, Xi’s first to the world’s biggest crude oil exporter since 2016, is at the invitation of Saudi Arabia’s King Salman bin Abdulaziz Al Saud, ministry spokesperson Hua Chunying said in a statement Wednesday.

FINANCE & ECONOMY

Construction workers at the site of a new residential development in Changzhou, Jiangsu province, on Sept. 11, 2022.

Developers /

Chinese developers rush to sell shares under policy easing

Fifteen publicly traded Chinese property developers disclosed plans to sell new shares since China’s securities regulator eased restrictions on equity financing for the ailing industry. The developers said they would use proceeds to complete construction of projects, replenish liquidity and repay debts.

The issuers include Shimao Group Holdings Ltd., China Vanke Co. Ltd., Zhuhai Huafa Industrial Holdings Co. Ltd., China Fortune Land Development Co. Ltd., Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. and China Merchants Shekou Industrial Zone Holdings Co. Ltd.

Quick hit /

China says monetary policy should be ‘targeted, forceful’ in 2023

BUSINESS & TECH

On Aug. 14, in Zhengzhou, taxis stop to recharge at a new energy vehicle charging station. Photo: VCG

Electric cars /

China’s EV-makers race to secure orders before subsidies end

Chinese electric-vehicle (EV) makers are pulling out all the stops to lure buyers into placing orders by the end of 2022, before subsidies for new-energy vehicle (NEV) purchases are completely phased out Jan. 1. The end of subsidies has fueled fears sales will drop off a cliff in the new year.

MG, which is owned by state-owned SAIC Motor Corp. Ltd.; AITO, owned by Huawei-backed Seres Group Co. Ltd.; and XPeng Inc. have all made similar promises that they will pay the price difference caused by the termination of subsidies for vehicles ordered in 2022 but delivered in 2023.

Logistics /

Logistics begins slow recovery as China eases Covid controls

Logistics services in China are recovering at a sluggish pace, despite the government relaxing its “zero-Covid” policy, as lingering restrictions and sporadic virus outbreaks continue to hinder the mobility of goods and people.

State-owned China Postal Express & Logistics Co. Ltd. — the logistics arm of the country’s official postal service — delivered 300 million packages Tuesday, up from 259 million a week earlier, but still lower than the 375 million a month before, official data show.

Quick hits /

China Southern joins global online air freight booking platform

PXP Energy in sea exploration talks with Chinese company

Long Read /

How Jiang Zemin helped coin ‘socialistic market economy’

GALLERY

Beijing scales back Covid curbs

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