UPDATE 1-PRESS DIGEST - China - Aug 5

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BEIJING/SHANGHAI, Aug 5 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- The finance ministry and other government agencies have put together a package of six financial support steps for companies hurt by the Sichuan earthquake, such as exempting them from paying securities market supervisory fees.

-- For the 243 listed companies which have so far reported first-half earnings, combined investment expenditures rose 34 percent from a year earlier to 74.2 billion yuan ($10.8 billion). But investment expenditures in areas not related to the firms' core businesses shrank 42 percent to 14.9 billion yuan.

SHANGHAI SECURITIES NEWS

-- World Union Real Estate Consultancy Ltd has obtained preliminary regulatory approval for an initial public offer of shares in China, and is set to become the country's first real estate brokerage to obtain a stock market listing.

-- Haitong Securities (600837.SS) has obtained regulatory approval to conduct private equity business, becoming the fourth Chinese brokerage allowed to enter the sector.

-- The creation of four new fixed-income funds has recently been approved by the securities regulator.

SECURITIES TIMES

-- China South Locomotive & Rolling Stock Corp's pricing of its Shanghai IPO between 15.44 and 16.03 times estimated 2008 earnings per share, diluted for the offer, marks the cheapest pricing for a blue-chip IPO since February last year. Analysts say such low pricings will become routine because of the weak stock market.

CHINA BUSINESS NEWS

-- New Hope Group, parent of Sichuan New Hope Agribusiness Co (000876.SZ) and a shareholder in Minsheng Banking Corp (600016.SS), will obtain a stake in Bank of Shanghai via a share-swap deal worth about 750 million yuan. New Hope has agreed to exchange its 41.18 percent stake in Union Trust for shares in Bank of Shanghai, which is planning an IPO.

CHINA DAILY (www.chinadaily.com.cn)

-- Firms in south China's Guangdong province that employ foreigners without work permits could face fines of over 50,000 yuan. Many companies in the booming coastal province seek to employ people from Africa, the Middle East, Vietnam and Myanmar because of low wages.

-- Yan Xiaohong, vice minister of China's National Copyright Administration, said a surveillance team had been set up to detect and block all illegal webcasts of the Olympic events.

PEOPLE'S DAILY

-- Chinese President Hu Jintao said the country would honour its commitment of hosting a high-level Olympic Games to the world. Hu made the remarks in a speech at the opening ceremony of the 120th session of the International Olympic Committee.

-- Yan Jiangying, a spokeswoman for China's State Food and Drug Administration, said the country had confidence in ensuring the supply and safety of drugs during the Olympics. ($1=6.851 Yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Jonathan Hopfner and Edmund Klamann)