Chinese ADRs tumble on American bourses after the SEC announces possible delistings targets over accounting kerfuffle; nickel prices soar after China’s Tsingshan makes a bad bet on the metal’s futures; disgraced Luckin Coffee survives a bid to pull the plug and liquidate assets; as the Two Meetings comes to an end, Premier Li Keqiang announces that he will step down after finishing his second term this year; China reports 3300 domestic COVID cases as Shenzhen goes into lockdown and Shanghai edges closer to it; and Xi Jinping joins France’s Macron and Germany’s Scholz in a call for a negotiated end to the Russian war in Ukraine.

In addition, we speak with Caixin Global financial news reporter Kelsey Cheng, who discusses how Western sanctions on Russia may impact China.