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Asia Top News and Analysis Shanghai

  • SHANGHAI, July 21- Chinese courier ZTO Express and the underwriters of its New York stock market listing have been sued by a U.S. pension fund that alleges the firm exaggerated its profit margins to lure investors into its $1.4 billion initial public offering. Morgan Stanley and Goldman Sachs Group Inc, which spearheaded ZTO's IPO, are named in the class-action...

  • *Incident reflects flaring tension in China's financial system. SHANGHAI/ SYDNEY, July 21- Up to 50 investors have intruded into the central Shanghai offices of an Australian currency brokerage and are holding some of its staff against their will, in protest against losses made on currency trades, the brokerage said on Friday. "We are in the middle of a very strange...

  • BEIJING/ SHANGHAI, July 21- China has outlined plans to become a world-leader in artificial intelligence by 2025, laying down a challenge to U.S. dominance in the sector amid heightened international tensions over military applications of the technology. China released a national AI development plan late on Thursday, aiming to grow the country's core AI...

  • SYDNEY, July 21- A weak dollar helped lift copper prices above $6,000 a tonne in Asian trading on Friday, erasing an overnight dip and setting the stage for a strong start to the London market. *SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange ended 0.52 percent firmer at 48,000 yuan a tonne. *ALUMINIUM OUTPUT UP: Daily average...

  • SHANGHAI, July 21- China's stocks fell on Friday but ended the week higher, with demand for blue chips gaining momentum amid a slump in small-cap stocks, as investors sought firms with solid growth prospects and lower valuations. Among blue chips, Shanghai- listed China Molybdenum Co Ltd, a major non-ferrous metals producer in China, has gained 16.8 percent this...

  • SHANGHAI, July 21- China's stocks fell on Friday but ended the week higher, with demand for blue chips gaining momentum amid a slump in small-cap stocks, as investors sought firms with solid growth prospects and lower valuations. Among blue chips, Shanghai- listed China Molybdenum Co Ltd, a major non-ferrous metals producer in China, has gained 16.8 percent this...

  • *Opening of China's markets helps rotation into blue chips. SHANGHAI, July 21- China's stocks slipped on Friday morning, but were set to end the week higher, led by strong gains in blue chips, as investors sought firms with solid growth prospects and lower valuations amid tighter financial regulations and liquidity conditions. Among blue chips, Shanghai- listed...

  • SHANGHAI, July 21- Chinese courier ZTO Express and the underwriters of its New York stock market listing have been sued by a U.S. pension fund that alleges the firm exaggerated its profit margins to lure investors into its $1.4 billion initial public offering. Morgan Stanley and Goldman Sachs Group Inc, which spearheaded ZTO's IPO, are named in the class-action...

  • *SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange opened 0.2 percent firmer at 47,790 yuan a tonne. *ALUMINIUM OUTPUT UP: Daily average primary aluminium output excluding China rose to 70,300 tonnes in June, from 70,000 tonnes in May, data from the International Aluminium Institute showed. *STEEL TALKS: Seeking a more positive...

  • *China business had over $3.5 bln revenue last year. *Cardinal sale move comes amid China drug distribution reform. HONG KONG, July 20- U.S. drug distributor Cardinal Health has put its China business up for sale, drawing keen interest from state-backed Chinese pharmaceutical firms in a deal that may be worth up to $1.5 billion, sources familiar with the matter said.

  • *New deal comes less than 10 days after first announcement. HONG KONG/ BEIJING, July 20- Dalian Wanda Group's abrupt reworking of a $9 billion property sale was messy until minutes before a high-profile announcement, as all sides scrambled to simplify payment- underscoring Beijing's concerns over creative lending and ambitious deals. Wanda, led by one of China's...

  • BEIJING— China is tightening control over foreign companies' internet use in a move some worry might disrupt their operations or jeopardize trade secrets as part of a crackdown on technology that allows web surfers to evade Beijing's online censorship. The letter from state-owned China Telecom Ltd. says VPN users are barred from linking to other sites...

  • SHANGHAI, July 20- China's yuan weakened against the U.S. dollar on Thursday, which traders attributed to rising demand for the greenback from companies. Prior to market opening, the People's Bank of China set the midpoint rate at 6.7464 per dollar, near Wednesday's nine-month high guidance of 6.7451. One onshore trader at a Chinese bank in Shanghai said the...

  • NANJING, China, July 20- While Western drivers like the' new car' smell fresh off the production line, Chinese would rather their cars didn't smell of anything- a cultural divide that's testing car makers seeking an edge to revive sales in the world's biggest auto market. At Ford Motor Co, for example, 18 smell assessors- dubbed "golden noses"- at its research plant...

  • *Shares in Wanda unit AMC slide on news of China curbs. SHANGHAI/ BEIJING, July 19- China's curbs on overseas deals by property giant Dalian Wanda Group have raised investor fears that Beijing's campaign against risky investments abroad could target other Chinese firms and the operations of their foreign acquisitions. Shares in retailer Suning Commerce Group...

  • After decent gains in Asia on the back of postive signs from global economic powerhouse China this week, MSCI's world stocks index looked set for a ninth day of gains which would mark its longest winning streak since October 2015. "Most emerging markets are doing quite well at the moment, especially in Asia. The figures for China are positive, "said Marijke Zewuster,...

  • *Wanda is one of China's most aggressive overseas dealmakers. SHANGHAI, July 19- China's curbs on property giant Dalian Wanda Group's overseas deals are spreading a chill at home and abroad, raising fears that a campaign to root out risky overseas investments could draw in rival Chinese conglomerates and even Hollywood studios. Giant Chinese retailer Suning...

  • BEIJING, July 19- The southern Chinese boomtown of Guangzhou has announced a flurry of incentives to boost its home rental market as a year-long property boom makes new housing less affordable. The move comes as China's government spearheads a drive to support rental supply to help rein in hot property prices and satisfy housing demand. Guangzhou, one of the...

  • SHANGHAI, July 19- China's major share indexes rebounded on Wednesday as investors piled into blue chips after robust economic growth data and on expectations that Beijing is stepping up efforts to reform lumbering and inefficient state companies. Even badly bruised small caps shrugged off early weakness to end higher, though traders were not sure if their...

  • *Asia shares ex- Japan highest in over two years. *China optimism supports stocks, commodity prices. SYDNEY, July 19- The dollar huddled near multi-month lows on Wednesday as investors wagered any further tightening in the United States would be slow at best, while optimism on China's economy underpinned Asian shares and commodities.