In the PM session, market continued its upward trend. Till market end, Construction Material and Computer led the gain. Banking and Real Estate led the fall. In total, both markets traded 617.29 billion RMB, down 16.62%.
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*Pinduoduo Buys Into Home Appliance Retailer to Sell Their Branded Goods.
Chinese e-commerce upstart Pinduoduo has agreed to subscribe to $200 million in convertible bonds issued by home appliance retailer Gome in exchange for the right to sell the latter’s branded products on its own platform.
*Fresh Blow for Boeing as China Leasing Firm Scraps Max Order
China Development Bank Financial Leasing Co. canceled an order for 29 Boeing Co. 737 Max planes, worth at least $2.9 billion based on list prices, joining a growing list of customers scaling back plans for buying the grounded jet.
*China’s Coal Miners Call for 10% Production Cut Amid Supply Glut
A dozen Chinese anthracite coal miners have called on the industry to slash production by 10% from current levels amid weak demand caused by the coronavirus outbreak.
*Alibaba Cloud announces mammoth infrastructure investment
Alibaba’s cloud computing branch announced on Monday it would invest 200 billion yuan (about $28 billion) in the research and development of core technologies such as cloud operating system, servers, chips and networks within three years.
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