An investment vehicle has taken full ownership of Tsinghua Unigroup Co. Ltd., concluding a bankruptcy reorganization plan the Chinese semiconductor conglomerate unveiled last year to deal with its debt crisis, CaixingGlobal.com reported. Tsinghua Unigroup has updated its business registration materials to show that Beijing Zhiguangxin Holding Co. Ltd. now owns 100% of the company, according to an exchange filing published on Monday. Zhiguangxin was created in November 2021 by a consortium led by Wise Road Capital Ltd. and Beijing Jianguang Asset Management Co. Ltd.

Commodity investors looking to China to reverse the rout in global metals markets may be disappointed, with Beijing unable to deliver the kind of investment splurge that powered past bull markets, Bloomberg News reported. Base metals had their worst quarter since 2008 in the three months to June, and the retreat deepened in July. Copper plunged briefly below $7,500 a ton in intraday trading last week, its lowest since late 2020, and is down about 29% from a March record. Iron ore is down about a third from its highest this year, and aluminum is about 40% lower.

China Evergrande Group suffered its first rejection from local creditors to extend a bond payment, a development that may result in a landmark onshore default and encourage investors to take a tougher stance against other developers battered by the nation’s property debt crisis, Bloomberg News reported. Holders of a puttable yuan-denominated bond from the firm’s main onshore unit Hengda Real Estate Group Co. rejected a plan to further extend payment past a July 8 deadline by six months, according to a Shenzhen stock exchange filing Monday.

A financial scandal in central China has touched depositors across the country, some of whom placed their life savings in four rural banks offering high rates of return, then found their funds frozen as investigators examined allegations of widespread fraud, the New York Times reported. When the bank customers began showing up in person to demand their money, the authorities in the city of Zhengzhou tried to use health code apps meant to prevent the spread of Covid-19 to prevent them from traveling. The city retreated after a backlash, and several officials were punished.

A slump in commercial-vehicle demand led China's automobile industry association on Monday to downgrade its sales forecast, as anti-pandemic measures weighed on the economy and its car market, the world's largest, Reuters reported. The industry will sell 27 million cars this year, up 3% on 2021, the China Association of Automobile Manufacturers forecast, cutting its outlook from the 27.5 million sales and 5.4% growth it predicted in December. Weak demand for commercial vehicles, such as buses and trucks, drove the downgrade, data from the association showed.

China unveiled tighter rules late on Thursday to better regulate its $1.3 trillion credit card industry, urging lenders to adopt a "prudent" growth strategy, and monitor risks more closely, Reuters reported. Banks are also barred from using the number of cards issued or market share as main performance metrics, and are required to cap the number of dormant cards at 20% of total, according to rules jointly published by China's central bank, and the country's banking regulator.

Commodity investors looking to China to reverse the severe rout in global metals markets may be disappointed, with Beijing unable to deliver the kind of investment splurge that powered past bull markets, Bloomberg News reported. Authorities are mulling a plan to let local governments sell 1.5 trillion yuan ($220 billion) of special bonds in the second half. This potential boost for infrastructure spending helped commodities pare some of their steep losses in recent weeks.

China Evergrande Group is reaching out to its offshore creditors for their support to fight a lawsuit in a Hong Kong court aimed at liquidating the embattled property developer, Reuters reported. Evergrande, which is deemed to be in default on its nearly $23 billion of offshore debt and is working on a debt restructuring plan, aims to submit the backing of creditors as part of the evidence to the court ahead of the first hearing on the winding-up petition on Aug. 31.

China's economy has recovered to some extent, but its foundation is not solid, state media on Tuesday quoted Premier Li Keqiang as saying, Reuters reported. China will strive to drive the economy back onto a normal track and bring down the jobless rate as soon as possible, Li was quoted as saying. "Currently, the implementation of the policy package to stabilise the economy is accelerating and taking effect. The economy has recovered on the whole, but the foundation is not yet solid," Li was quoted as saying.

Investment holding firm Top Shine Global Ltd has decided to file a winding-up petition against China Evergrande Group as the embattled property developer did not repurchase shares in its unit Fangchebao from investors, a senior executive said, Reuters reported. Top Shine filed the petition on Friday, a record at the Hong Kong High Court showed. Fangchebao is a Chinese online real estate and automobile marketplace owned by Evergrande. The unit was planning an IPO in Hong Kong.