1. State Council announced Wednesday that it supported the development of direct financing to reduce production costs for enterprises. Through direct financing, enterprises can get funds from the capital market by issuing shares or bonds, rather than from costly intermediary institutions like banks or insurers. China will establish "a strategic emerging board" on the Shanghai Stock Exchange, which lists innovative enterprises and startups, according to a statement released after a weekly State Council executive meeting.
2. The China Securities Regulatory Commission (CSRC) announced on late Wednesday that it had reviewed and given pass to new IPO applications of three firms. The three companies are Holsin Engineering Consulting Co., Ltd, Chongqing Sokon Industry Group Stock Co., Ltd, and Bank of Guiyang.
3. China Vanke Co., Ltd. (000002.SZ), China's biggest property developer, announced at midnight on Wednesday that it welcomes Anbang Insurance to become one of its major shareholders. According to data from Hong Kong stock exchange, Anbang Insurance is holding a 6.177 percent stake in the property developer.
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