In the PM session, market increased slightly. Till market closed, Customer Service and Transportation led the gain. Agriculture and Retail led the fall. In total, both markets traded 631.53 billion RMB, down 2.94% dod.
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*News Aggregator Qutoutiao Reports Strong Revenue Despite Short Seller Attack
U.S. short seller Wolfpack Research’s allegations of financial fraud against Qutoutiao at the end of 2019 have not stopped the Chinese news aggregator from achieving top-line growth in the first quarter of 2020.
*QuantumCTek Gains Approval for Leap Onto Shanghai’s STAR Market
Communcations firm QuantumCTek has obtained final approval to go public on Shanghai’s Nasdaq-style high-tech STAR Market, and become the first quantum information technology company to list on the stock exchange launched last summer.
*Trending in China: Banks Slash Red Tape to Verify ID, Receiving Both Cheer and Skepticism
The People’s Bank of China (PBOC) will no longer insist on some financial institutions to seek certain documents from their clients. The new regulations will eliminate a series of requirements that ask clients to submit proofs of family relationship or a host of other personal information and documents when using banking services. In their place, PBOC has suggested alternatives that prioritize convenience.
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