China’s benchmark Shanghai Composite Index (000001.SH) lost 0.2% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.07%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.43% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.37%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Kangmei May Get $1 Billion Rescue Led by Guangzhou Pharmaceutical
Scandal-plagued drugmaker and former chairman charged with paying $1.56 million of bribes and other crimes related to 2019 financial reporting fraud
· EV Startup Byton Misses Payroll as Bankruptcy Looms
Court in Nanjing holds hearing on request for bankruptcy proceeding as former high-flyer halts factory operations
· Yunnan Scraps Preferential Power Pricing for Aluminum Makers
Amid electricity shortage, China’s aluminum valley withdraws 16%–22% price break that lured massive relocation of producers
· China Mobile Aims to Provide Nationwide 5G Coverage by End of 2022
Company officials cite deployment of 560,000 base stations and 5G subscribers totaling 360 million, topping totals of two other state-owned carriers
· Shanghai Wins Applause for Its Handling of Disneyland Covid Emergency
People online contrast the ‘calm, orderly’ actions at the theme park with more extreme control measures imposed by some regions
· Five Things Different About This Year’s Double 11
Longer presales, more livestreaming and more burnishing of eco-friendly credentials
· Sunac Services Strikes Deal to Buy Into Property Management Unit Linked to Struggling Rival
First Service is affiliated with developer Modern Land, which missed a payment deadline on a $250 million bond last week
· Tech Insider: Xiaomi Expands Global Presence With Deal in Pakistan, Tencent to Take Stake in Japanese Publisher
Logistics firm Best to sell its China courier business to Indonesian rival, battery-maker ProLogium raises $326 million, Beijing applies to join digital economy pact
· Soaring Fuel Costs, Lingering Covid Impact Sink Chinese Airlines’ Earnings
Air China, China Eastern, Hainan Airlines and China Southern attributed their losses to sluggish demand for travel, higher fuel costs and exchange rate fluctuations
· Don’t Read Too Much Into Commerce Ministry’s Call for Households to Stock Up on Daily Necessities, Sources Say
The notice is a regular seasonal move to ensure adequate supplies and stable prices, according to people close to the ministry
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