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Chinese chip companies are stepping up research and development in an effort to grab a share of the market as the cars are smart and connected, but so far they have been almost negligible in the global auto chip industry.

Chinese lenders bought 8.2 billion of foreign currencies and sold 4.4 billion from January to June, resulting in a net purchase of .8 billion, according to Wang Chunying, spokesperson for the State Administration of Foreign Exchange (SAFE).

Chinese prosecutors approved the arrest of 5,370 people for alleged offenses relating to disturbing pandemic control from January to June, many of whom were charged with fraud and obstruction of official duties, according to Dong Guiwen, director of the case management office of the Supreme People's Procuratorate.

Chinese companies including State-owned enterprises or SOEs have to tread the path of overseas M&As with care and caution, he said.

Chinese mainland conglomerate Dalian Wanda Group signed a 63.18 billion yuan (.29 billion) deal on Monday to sell 13 cultural tourism projects and 76 hotels to property developer Sunac, a move that could shift its focus to asset-light business and bolster its vision of relisting in the Chinese mainland.