In the PM session, market continued fluctuate. Till market end, Petrochemical and Transportation led the gain. Communication and Construction Material led the fall. In total, both markets traded 670.56 billion RMB, up 10.66%.
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*In Open Letter, Faraday Future Begs Creditors to Rally Behind Bankrupt Founder
Faraday Future, the electric vehicle startup founded in the U.S. by embattled Chinese entrepreneur Jia Yueting, has published an open letter to Jia’s creditors begging them to unanimously approve Jia’s bankruptcy plan which he claims can help pay back his heavy debts.
*Even as Chinese Demand Recovers, Australian Resources Sector Slashes Spending Plans
Close to A$8 billion ($5 billion) of future investment has been taken off the table by the Australian resources sector, after BHP said it would spend less next year despite signs the Chinese economy was recovering from its bout with the coronavirus.
*Shunned by U.S., Huawei Winning China’s $170 Billion 5G Race
Huawei Technologies Co. Ltd. is emerging as the runaway winner in China’s $170 billion effort to build out its fifth-generation wireless networks, part of a concerted effort by Beijing to seize the lead in a key technology from the U.S. while rebooting a virus-stricken economy.
*Beverage maker aims for poverty relief in plan to give out vouchers
Guangzhou Wanglaoji Great Health Industry Corp, affiliated with Chinese pharmaceutical giant Guangzhou Pharmaceutical Group, announced on Wednesday that it would distribute 200 million yuan ($28.23 million) of consumer vouchers to promote the development of the Rosa roxburghii Tratt industry and poverty alleviation in Guizhou province.
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