MARKET

US electric vehicle maker Tesla has reportedly added more workers to the Shanghai plant, increasing its production from the previous single-shift to a double-shift system to further boost capacity.

China’s financial and commercial hub of Shanghai announced a broad package of 50 measures ranging from encouraging work resumption and stabilizing foreign capital to stimulating consumption, in an effort to get the city’s battered economy back on its feet.

Chinese property developer Greenland Holdings plans to extend the repayment of $488 million offshore bond maturing in June by one year, it told bondholders on Friday, according to people who attended an investor call on the day.

Chinese electric vehicle maker Li Auto is reportedly lowering its sales target for this year amid China’s Covid-19 outbreaks and slowing economy.

China’s iron ore and other ferrous commodity futures rallied on Friday on expectation of more policy easing. The most-traded iron ore futures contract on the Dalian Commodity Exchange, for September delivery, surges by more than 5% to hit 869.5 yuan per tonne before closing the morning session on Friday at 864 yuan per tonne.

Electricity consumption by companies in Shanghai has been rising recently amid business resumption, according to China’s state broadcaster CCTV, citing the State Grid Shanghai Municipal Electric Power Company.

China’s treasury futures surged to the highest level in more than one month on Thursday on expectation of more policy easing to boost the slowing economy.

Hong Kong stocks closed down on Thursday, with the benchmark Hang Seng Index down 0.24%, the Hang Seng China Enterprises Index down 0.31% and the Hang Seng Tech Index down 0.24%.

China’s Ganfeng Lithium Group said it is building a new lithium compound plant with annual capacity of 50,000 tonnes, on top of its current output of 124,000 tonnes, to meet surging demand for the key material for electric vehicle batteries.