Caixin
Jan 13, 2023 03:03 PM
FINANCE

Shanghai Composite Index Rose 1.01% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.01% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.19%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) ended nearly flat for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.41%.

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

· Weekly Must-Read: China Wraps Up Two-Year Tech Crackdown

Central bank and banking regulator’s Guo Shuqing sends first signal that sector led by Alibaba, Tencent, Didi and Meituan may finally be off the hook

· Explosion Breaks Chinese Tanker in Half; Two Crew Members Missing

Disaster in heavily traveled area of Yellow Sea near Qingdao didn’t result in a crude spill as the vessel wasn’t loaded

· Exclusive: Fosun Lines Up $1.8 Billion Syndicated Credit Line

Debt-laden conglomerate gets banks including ICBC, China Minsheng, Shanghai Pudong and HSBC to pony up funds for high-tech, advanced manufacturing and biomedical sectors

· In Depth: How Beijing’s Health Care System Battled Covid as Cases Peaked

After China scaled back pandemic controls, a surge in severe infections left the hospitals and medical staff reeling

· Duck Snack Chain’s Weak Earnings Outlook Ruffles Market Feathers

Shares of Zhou Hei Ya International fell 23% on Wednesday after news broke it was expecting its revenue and profit to sink this year

· Russia’s Central Bank to Resume Yuan Trading

The Chinese currency has gained popularity among Russian companies as they trim dependence on the U.S. dollar amid Western sanctions due to the Ukraine war

· Bain Capital Invests $400 Million in Biofuels-Maker EcoCeres

The company plans to use the new funding to build a facility in Malaysia that produces hydro-treated vegetable oil

· Shenzhen Plans Cash Handouts to Encourage Families to Have More Kids

Draft plan proposes subsidies of up to $5,550 for parents with three children

· Labor Union in Shanghai Asks for Clarity on Covid Sick Leave

Under the "zero-Covid" policy, companies were supposed to pay workers in full when they fell ill with the virus, but now that government guarantee is in doubt

· China’s 2022 New-Energy Vehicle Shipments Nearly Double

BYD, SAIC-GM-Wuling and Tesla lead surge to 6.5 million shipments of electric and hybrid autos, accounting for 27.6% of industry

Click here to read more of the latest news.

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