MARKET

China’s Ministry of Education will continue to conduct regular inspections on online tutoring institutions and other related online platforms to reduce students’ burdens, according to a statement released by the ministry on Tuesday.

China’s Great Wall Motor is surging more than 9% in Hong Kong after China’s State Council announced measures to boost economic growth, including lowering car purchase taxes.

Shares of Chinese auto parts suppliers and automakers stage a strong rally on Tuesday, with the two indexes tracking the two sectors compiled by Wind Information gaining 4.4% and 1.7%, respectively, making them the best-performing sectors in the A-share market so far, compared to 0.04% gain for the benchmark Shanghai Composite Index.

A number of Chinese cities, including the four tier-one cities have moved to lower home mortgage rates after the central bank lowered five-year benchmark lending rate last week to support the property market and boost the sluggish economy.

Chinese electric vehicle maker Xpeng Motors reported a revenue of 7.45 billion yuan for the first quarter of the year, surging 152.6% from 2.95 billion yuan in the same period last year, compared to market expectations of 7.37 billion yuan.

The onshore yuan strengthens by more than 400 pips from intraday low to hit 6.6501 per US dollar. The offshore yuan strengthens by more than 300 pips to approach 6.66 per dollar mark.

The US Securities and Exchange Commission (SEC) added another eight Chinese companies to its list of entities facing possible expulsion from American exchanges.

China will encourage qualified digital cultural companies to go public in a move to promote the digitalization in the cultural sector, according to guidelines issued by the General Office of the Communist Party of China (CPC) Central Committee and the State Council.

Banks in China’s capital city of Beijing and the financial hub of Shanghai have lowered home mortgage rates after the central bank cut benchmark lending rate on Friday.