US-based biopharmaceutical company Gilead Sciences [GILD:US] has halted two sets of clinical trials for Remdesivir, a medicine for COVID-19 patient treatments in China. According to a statement on ClinicalTrials.gov, the trials in adults with mild, moderate and severe symptoms have been suspended. This is due to a lack in eligible patients as the Mainland pandemic situation comes under control. In the finance sector, PBoC will further cut the reserve requirement ratio (RRR) for commercial banks and increase relending loans to ramp up the economy. Chinese top leaders’ want to lower down interest rates to ease small firms’ repayment pressures to maintain normal operations. A-share markets lifted today. SHCOMP edged up 0.66% to 2,838.49. SICOM went up 0.55% to 10,527.99 and CSI 300 lifted 0.98% to 3,839.49. ChiNext Price Index gained 0.62% to 2,020.77. The Hang Seng Index increased 1.52% today to 24,371.34.
In other financial news, China Huarong Asset Management [2799:HK] registered a merger and acquisition (M&A) fund to focus on equity investments such as debt-to-equity conversions. With the fund, Huarong will look to divert itself back to its main business of handling non-performing assets. In the technology sector, Huawei reportedly is shifting the production of self-developed chips from Taiwan Semiconductor Manufacturing Company (TSMC) [TSM:US] to Mainland-based Semiconductor Manufacturing International Corp (SMIC). The Chinese tech giant is doing so to prepare itself for more US restrictions.