Shares end six-day winning streak

    CHINA’S stocks fell Friday, snapping a six-day winning streak as some investors took profit from the market’s recent rebound after disappointing factory activity survey data were released.

    A preliminary private survey showed that China’s factory sector contracted by the most in 15 months in July as shrinking orders depressed output. The main share indices began to head south in late afternoon trading, wiping out early gains. While the Shanghai Composite Index closed down 1.3 percent at 4,070.91, snapping a six-day rally, it gained 2.9 percent for the week. That brought its bounce from the lowest point of the recent selloff, July 8, to 16 percent. The smaller Shenzhen Composite Index closed down 1.3 percent at 2,322.71. By Tuesday, it had already rebounded more than 20 percent, defined by analysts as bull market territory.

    Inspur Electronic to set up plants in California

    INSPUR Electronic Information Industry Co., a major total solution and service provider of cloud computing in China, will set up plants and research centers in California.

    The Shenzhen-listed firm said Saturday that it will set up manufacturing plants and research and development centers in California for its server businesses. The company will set up a fully-controlled subsidiary in the British Virgin Islands and another one in the United States, and each investment will not exceed US$10 million.

    Alibaba, Tencent’s Internet funds attract US$112.7b

    MONEY market funds sold on Alibaba Group affiliate Yu’e Bao and Tencent Holdings’ Licaitong had attracted investments of around 700 billion yuan (US$112.7 billion) as of the end of June, China’s securities regulator said Friday.

    A spokesman for the China Securities Regulatory Commission told a news briefing that the two Internet finance platforms had attracted 80 million users as of the end of June.

    Margin lender gets funds from Postal Savings Bank

    POSTAL Savings Bank of China, the country’s biggest bank by outlets, has injected 74 billion yuan (US$11.9 billion) into a State-backed margin lender, part of the government’s attempts to support the country’s volatile markets.

    Xu Xueming, the lender’s vice governor, said the funds were funneled into China Securities Finance Corp. (CSFC) to stem the stock markets’ plunge last month, according to Shanghai Securities News.