Chinese Shares Rise as Xi Hosts Putin; Guandian Defense Technology Falls 52%
Chinese shares rose on Tuesday as the country was set to host Russian leader Vladimir Putin following U.S. President Donald Trump's high-profile visit.The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.9% to 4,169.54. The Shenzhen Component Index climbed 0.3% to 15,569.91.Putin is scheduled to visit Xi on Tuesday and Wednesday, with the trip touted as evidence that the two countries' relations are "all-weather" despite the West calling on Beijing to pressure Moscow to end its offensive in Ukraine.The visit will help both countries support one another on issues "affecting the core interests of both countries, including protection of sovereignty and state unity," Putin said.Kremlin spokesman Dmitry Peskov said all items on the countries' bilateral agenda will be discussed, including the proposed Power of Siberia 2 gas pipeline, which is expected to deliver an additional 50 billion cubic meters per year to China from Russia's Arctic gas fields.In corporate news, Guandian Defense Technology (SHA:688287) said Li Chao resigned as chief financial officer due to personal reasons, according to a Tuesday filing with the Shanghai bourse. Shares of the unmanned aerial vehicle systems developer fell 52% Tuesday.
