Category: Economy

The Securities and Futures Commission has obtained an interlocutory asset freezing order to freeze up to HK$235 million's worth of assets of Anita Leung Fung-yee Maria, former chief executive and executive director of SMI Culture & Travel Group. Early in 2019, SFC commenced legal proceedings against Leung, her husband Philip Wong Yu-hong, SMI's former chairman … Continue reading SFC freezes $235m of Anita Leung’s assets

Hong Kong Chief Executive John Lee Ka-chiu pointed out three hopes for the financial sector, including taking advantage of its internationalization to further promote the city. In a forum about promoting the coordinated development of the Mainland and Hong Kong financial markets, he said it is best for the industry to promote the Hong Kong … Continue reading Promote, attract, appeal, Lee tells finance industry

A group led by CK Infrastructure (1038) has completed the acquisition of UU Solar - a 68.7 megawatts portfolio of renewable assets in the United Kingdom - for 90.8 million (HK$890 million). The acquisition was done through UK Power Networks Services, the private networks business of UK Power Network, in which CKI and Power Assets … Continue reading CK buys UK solar assets for 90m

Six new projects applied for presale consents in April, Hong Kong's Lands Department revealed yesterday. Among them is a project in Kwu Tung developed by Wing Tai Properties (0369), former Hong Kong leader Tung Chee-hwa's family members and former financial secretary Henry Tang Ying-yen, which will offer 765 homes. The others include Wheelock Properties's project … Continue reading Six projects seek presale consent

Hong Kong's retail market will take time to recover to pre-pandemic levels and will do so once high interest rates, exchange rates and labor costs retreat, said Stephen Ng Tin-hoi, chairman and managing director of Wharf Real Estate Investment Company (1997). As the landlord of businesses in Harbour City in Tsim Sha Tsui and other … Continue reading Retail market needs time to recover

Domestic travelers spent 166.9 billion yuan (HK$181 billion) during one of China's longest breaks, the May Day holiday, a rise of 13.5 percent from pre-pandemic levels, government data showed yesterday. But expenditure per head lagged 2019 rates. Boosting consumer confidence has presented a key challenge for Chinese authorities this year amid a declining property market, … Continue reading May Day travelers not spending as before

The yuan yesterday rebounded to a new one-and-a-half month high yesterday but the Japanese yen retreated, while the US dollar softened on weaker-than-expected domestic job data. The onshore yuan ended at 7.2137 per greenback yesterday, 279 basis points higher than the previous close before the five-day holiday. The greenback was a touch lower yesterday as … Continue reading Yuan rebounds, yen retreats and greenback softens

Singapore Airlines Group ordered 1,000 tons of sustainable aviation fuel from refiner Neste, the first supply of such fuel produced in its Singapore refinery to airlines at Changi Airport, Neste said yesterday. The agreement will see the Finnish company blend sustainable aviation fuel or SAF, made from 100 percent renewable waste and residue raw materials, … Continue reading Singapore Airlines orders green fuel

China's Sinopec (0386) is in discussions with Pembina Pipeline Corp for a liquefied natural gas offtake agreement and equity stake in the Canadian company's proposed Cedar LNG project, two sources with knowledge of the matter said. Cedar, a joint venture between Haisla First Nation and Pembina, would be one of Canada's first LNG export terminals, … Continue reading Sinopec eyes offtake, stake in Canadian LNG venture

Affluent Hongkongers are more interested in buying a home than the man on the street following the removal of all property curbs in the city, a survey has found. About 72 percent of the affluent individuals polled showed greater interest in buying a home following the removal of all stamp duties on property transactions, the … Continue reading HK’s affluent quite keen on homes after curbs scrapped

A unit under the World Bank has issued catastrophe bonds totaling US$150 million (HK$1.17 billion), and arranged for its listing in Hong Kong to protect against storm risks over the next hurricane seasons in Jamaica, said the Insurance Authority. Catastrophe bonds are a form of insurance-linked securities or ILS that allow issuers to transfer risks … Continue reading World Bank to list catastrophe bonds in city

China's Ping An Insurance Group (2318) the biggest Asian investor in HSBC (0005) did not support reappointing chief executive Noel Quinn as a director to the bank's board at its shareholder meeting, a source familiar with the matter told Reuters, as the investor voted against such a move. Quinn, who has announced he will step … Continue reading Ping An opposed reappointing Quinn as a director

Hong Kong's primary housing market maintained its momentum over the weekend with brisk sales at Onmantin in Ho Man Tin and The Yoho Hub II in Yuen Long, as second-hand home deals continued to languish. Phase IIB of Onmantin, developed by Great Eagle (0041) and MTR Corp (0066), sold 202 out of 248 flats on … Continue reading Buoyant primary market stifles secondary sales

The strong Hong Kong dollar is weighing on retail sales in the city despite better-than-expected first-quarter growth, Financial Secretary Paul Chan Mo-po says. Chan wrote in his blog that the strengthening of the local dollar against the yuan and other currencies had hurt the spending power of tourists in the city. He said the stronger … Continue reading Strong HKD exacerbates retail woes

Hong Kong's economy grew at a better-than-expected pace of 2.7 percent in the first three months of 2024, according to advance estimates announced by the Census and Statistics Department yesterday, a sign that the city's post-pandemic recovery is stabilizing. The growth is much faster than the market estimates of 0.8 percent, though it is lower … Continue reading HK’s GDP growth beats estimates

Standard Chartered (2888) beat forecasts with a 5.5 percent rise in its first-quarter pretax profit, as the income boost from higher interest rates and a robust performance from its markets trading business offset a surge in credit losses. StanChart posted a pretax profit of US$1.91 billion (HK$14.9 billion) in the January-March quarter, compared with US$1.81 … Continue reading StanChart’s US$1.91b profit beats forecasts

New World Development (0017) and Far East Consortium International (0035) have named their new project at the old Kai Tak airport runway, The Pavilia Forest, with phase one of the development expected to launch in the second quarter. The Pavilia Forest will be developed in three phases offering 1,305 flats, with the first phase offering … Continue reading Pavilia Forest to launch soon

Japan's ruling Liberal Democratic Party is examining the possibility of introducing measures to provide tax breaks for companies converting foreign profits into yen, two senior party officials told Reuters. The tax holiday may be deployed as a policy tool to stem the yen's sharp declines, incentivizing firms to return overseas profits to Japan, according to … Continue reading Japan considers tax breaks to stem yen’s decline

Chinese auto giant BYD (1211) sold 313,245 electric vehicles last month, up by 49 percent from a year ago, according to a filing yesterday. Among the trio of Chinese EV startups, Nio (9866) saw the highest yearly growth in deliveries in April. The company sold 15,620 vehicles, up 135 percent year-on-year. Li Auto (2015) saw … Continue reading EV giants ramp up deliveries

Hongkong's homebuyers are now being offered Mother's Day discounts, after large numbers of viewers flocked to new projects over the Labor Day holiday. The first three buyers purchasing a two-bedroom unit at The Vertex in Cheung Sha Wan through Ricacorp Properties will receive a HK$38,888 travel coupon on a first-come, first-served basis before May 31. … Continue reading Mom’s Day discounts tempt homebuyers

New home prices across 100 cities in China rose nearly 0.3 percent in April from the previous month while that of second-hand homes fell for the 24 month in a row, according to China Index Academy. The average price of newly built residential flats in 100 cities last month stood at 16,355 yuan (HK$17,673) per … Continue reading China’s new home prices edge up but secondary market struggles

Macau's gaming revenue rose 26 percent from a year earlier last month, according to official data yesterday, beating expectations of a 23 percent year-on-year increase. Gross gaming revenue came in at 18.5 billion patacas (HK$17.9 billion) for April, according to the Gaming Inspection and Coordination Bureau. Revenue is now about 79 percent of the pre-pandemic … Continue reading Macau gaming revenue soars 26pc in April to 18.5b patacas

The first phase of Gold Coast Bay, Early Light International Estates's new project in Tuen Mun, has been named The Uppland and it will offer 692 flats. The Property Development department's managing director Raymond Lee Ping-yu said the application for presale consent for the project is in the final stage. He said the project will … Continue reading Gold Coast Bay’s first phase offers 692 flats

China's Big Four banks saw their profits decline in the first quarter amid shrinking margins, with mainland lenders under pressure to support troubled property developers and boost weak demand for loans. Industrial and Commercial Bank of China (1398), the world's largest lender by assets, said its net profit fell 2.78 percent to 87.65 billion yuan … Continue reading Shrinking margins hurt Big Four lenders

AIA (1299) posted a 27 percent jump in new business value in the first quarter, while pledging to boost share buybacks and acknowledging it used a broker that relied on unlicensed agents to sell insurance policies. The measure of future profitability of new policies sold surged to US$1.3 billion (HK$10.14 billion) from US$1.05 billion a … Continue reading AIA’s new business value soars 27pc

The yen surged after diving to a new 34-year low past 160 per dollar on Monday as a forecast-beating US inflation reading dented expectations for Federal Reserve interest rate cuts this year. It touched 160.17 in morning trade -- its weakest since 1990 -- fanning speculation that Japanese authorities would step in to support their … Continue reading Yen rebounds after hitting 34-year low past 160 per dollar

Property sales were brisk over the weekend in Hong Kong despite stormy weather as lower prices at new projects attracted more buyers and prompted sellers of second-hand homes to continue cutting prices. CSI Properties (0497) said its first batch of 52 flats at Topside Residences was 18 times oversubscribed with nearly 1,000 checks. Prices may … Continue reading Rain fails to dampen homebuyers’ spirits

Television Broadcasts (0511) chairman Thomas Hui To expects revenue from the company's mainland business will be "comfortably" above the HK$1 billion mark this year thanks to drama co-productions and a strong recovery in advertising income. Revenue from TVB's mainland operations rose by 4 percent to HK$729 million in 2023 from a year ago. Hui expects … Continue reading TVB sees mainland revenue hitting $1b

When it comes to Chinese real estate, John Lam is a lone wolf. The UBS analyst shocked markets three years ago with a rare sell rating on China Evergrande Group (3333), 11 months before it defaulted and became the poster child for the property collapse. Now Lam is going against the grain again, forecasting a … Continue reading Evergrande maverick turns positive on Chinese property

Shares of SenseTime (0020) soared up to 36 percent with the release of the latest version of its SenseNova generative AI model, highlighting the intense interest surrounding China's efforts to develop artificial intelligence. Trading was halted in the afternoon session, and the reason became obvious when the firm officially launched SenseNova 5.0. The ChatGPT-like platform … Continue reading AI update sparks SenseTime jump

French luxury group Kering, which owns Gucci brand, warned that first-half profit might plunge up to 45 percent due to decreasing demand from mainland Chinese. Its first-quarter sales declined as wealthy shoppers curbed spending on products from its star label Gucci. Sales were down 10 percent on a comparable basis at 4.5 billion euros (HK$37.66 … Continue reading Profit fears as Gucci sales plunge

"Iron Lady" Laura Cha concluded on Wednesday her six-year chairmanship as the first helmswoman of Hong Kong's ailing stock exchange, which has suffered a plunge in overall trading under her leadership. Cha, 74, has reached the two-term limit but will remain an independent director of Chinese fintech giant Ant Group and a top trading policy … Continue reading Hong Kong Stock Exchange bids farewell to first woman chair

Profit at Ping An Insurance (2318) dropped 4.3 percent in the first quarter as stock-market declines and falling bond yields eroded investment returns. Net income fell to 36.7 billion yuan (HK$39.7 billion) from 38.4 billion yuan a year ago, the Shenzhen-based insurer said in a filing with the Hong Kong stock exchange yesterday. Operating profit, … Continue reading Ping An net pays for stocks slump

UBS raised its ratings for Chinese equities to overweight, helping Hong Kong stocks extend a rally yesterday but warned profit growth at US tech giants will slow. That bullish outlook is based on strong customer spending during holidays, and the overperformance of the listed consumer companies, said Sunil Tirumalai, global emerging market chief equity strategist … Continue reading China bull extends gains for HSI

About 70 percent of small enterprises in Hong Kong expect corporate results will grow in 2024, marking the highest level in the past five years, a survey by CPA Australia showed. This anticipation is more optimistic than other comparable regions, including the mainland (59 percent), Singapore (58 percent) and Australia (53 percent). Cliff Ip, divisional … Continue reading Most small firms expect upturn in results for year

Funds sought by local governments in China to tackle their debts amounted to about 5.9 trillion yuan (HK$6.37 trillion) this year, more than 50 percent higher than the planned scale, according to the country's state economic planner. The National Development and Reform Commission said a total of 38,000 projects were scutinized and received approval for … Continue reading Beijing rues jump in local government bond issues

The government is reaching out to some leading mainland unicorns to come to seek financing in Hong Kong, said Chief Executive John Lee Ka-chiu, with China Resources Beverage, which owns the bottled water brand C'estbon, joining the listing pipeline in the city. Unicorns refers to a privately held startup company with a value of over … Continue reading Chinese unicorns wooed for IPOs

The Hongkong and Shanghai Banking Corp is increasing up to 27 service fees and charges from June, with most of them rising by over 10 percent. Some fees are seeing hikes of 50 to 100 percent, according to a bank notice to customers. The minimum charge for general customers depositing 500 coins or more per … Continue reading CPI 1700cc

Huawei's electric vehicle arm is reportedly offering 5,000 yuan (HK$5,409) to lure buyers of Xiaomi's (1810) SU7 to cancel their bookings and purchase its Luxeed S7 as the battle for market share in China escalates. According to mainland media, sales staff at Huawei said the subsidy was launched at the end of last month. If … Continue reading Huawei, Li Auto join EV price war

Home deals with paper losses reached 1,305 cases in the first quarter, the highest in 14 years, even after the removal of housing curbs in the end of February. Data from Ricacorp Properties also showed that loss-recording transactions accounted for about 29.7 percent of the first-quarter deals in the secondary market, up by 3.5 percentage … Continue reading Losses hit home in first-quarter sales

China Unicom (0762) said net profit climbed by 8.9 percent yearly to 5.6 billion yuan (HK$6.05 billion) in the three months through March as the services revenue rose. Operating revenue only increased by 2.3 percent year on year to 99.5 billion yuan. Income from services expanded by 3.4 percent to 89 billion yuan, but that … Continue reading Unicom net rises 9pc to 5.6b yuan

China Mobile (0941) said its first-quarter net profit rose 5.5 percent yearly to 29.6 billion yuan (HK$32.02 billion), thanks to stronger growth in sales of products and other services. The telecom giant said operating revenue increased by 5.2 percent year on year to 263.7 billion yuan. While income from telecom services only grew 4.5 percent … Continue reading Sales lift for China Mobile

Hong Kong stocks rose 287 points yesterday, led by tech shares, after the China Securities Regulatory Commission announced measures to further boost connectivity with the SAR as the yuan extended its decline to a five-month low. The Hang Seng Index rose 1.8 percent to close at 16,511 points. The Shanghai Composite Index fell 0.7 percent … Continue reading Stocks lifted by Beijing connect measures

Around 200 Hong Kong bankers lost their jobs over the past year, as pay for senior bankers here is 40 to 70 percent higher than peers receive in Singapore, which may have become a "curse" amid cutbacks, according to Bloomberg Intelligence. And investment bankers may face more job cuts as a slowdown in China deals … Continue reading Higher pay ‘curse’ hits 200 bankers

Technology stocks are set to suffer following the US slump of the "Magnificent 7," which lost nearly US$1 trillion (HK$7.8 trillion) in market value last week. The seven - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla - led the S&P 500 to a 24-percent gain last year and then encountered their worst week in … Continue reading Fallout looms for tech

Ten major housing estates saw just eight deals, the least in about eight months amid pressure from more launches by developers and rainstorms. The estates, tracked by Centaline Property, saw only eight deals last weekend, down by 11.1 percent, the third consecutive weekend that transaction volumes have hit single digits and reaching a new low … Continue reading Developers bite at secondary sales

Tesla rolled out another round of price cuts in the mainland, offering up to 6 percent discounts just two weeks after trying to entice buyers with zero-interest loans. Prices fell to 231,900 yuan (HK$250,846) from 245,900 yuan for the revamped Model 3 and to 249,900 yuan from 263,900 yuan for the Model Y. The Elon … Continue reading More price cuts as Tesla sales slow

A Shanghai project of Sunac China (1918) sold out in a single day, reaping nearly 10 billion yuan (HK$10.8 billion) for the developer in another rare bit of good news for the lackluster mainland property market. The project, phase two of the luxury One Sino Park in the south of the Bund in Huangpu, saw … Continue reading Bittersweet Bund selloff for Sunac

Las Vegas Sands, the parent of Sands China (1928), said renovations at an entertainment center and a hotel in Macau will crimp results this year, sending the shares lower in extended trading. Shares of Sands China edged down 0.84 percent in Hong Kong yesterday. The Las Vegas-based firm reported first-quarter sales and profit that exceeded … Continue reading Macau renovations to hurt Sands earnings

China's central bank cautioned against a "one-sided" pursuit of credit expansion after data showed a slowdown in bank lending, vowing to prioritize the quality of credit over size and move to revitalise existing loans. The central bank will channel more funds into technology innovation, green manufacturing and small firms, the Communist Party committee of the … Continue reading PBOC warns against one-sided pursuit of credit expansion

Hong Kong's jobless rate inched up by 0.1 percentage points to 3 percent for the three-month period through March, with 9,400 more unemployed. Unemployment rates in nearly all major economic sectors increased. The labor market will probably remain tight in the short term as the economy keeps growing, said Chris Sun Yuk-han, Secretary for the … Continue reading Unemployment inches up in HK

China's sports equipment maker Xtep (1368) said its core brand recorded high single-digit retail sales growth in the first quarter from around 20 percent growth a year ago. Last year's high growth rate coincided with the ease of Covid restrictions in China, but the single-digit growth this year was partly challenged by weak consumption: total … Continue reading Sports giants’ sales slow amid weak consumption

Hong Kong's consumer credit reference services platform Credit Data Smart will commence on April 26, allowing the public to access credit reports. Each resident can only obtain one free report on any day in a 12-month cycle, said the Industry Associations, which includes The Hong Kong Association of Banks, The Hong Kong Association of Restricted … Continue reading Consumer credit reference platform poised for launch

Hong Kong Exchanges and Clearing (0388) said it will develop its own derivatives platform that will offer near 24-hour trading and new products, speeding up digitalization to boost its status as an international financial hub. The new Orion Derivatives Platform is expected to launch in 2028 and will be carried out in phases to ensure … Continue reading HKEX to develop own derivatives platform

US President Joe Biden is calling for higher tariffs on Chinese steel and aluminum, part of a series of steps to shore up the American steel sector and woo its workers in this year's election. In a visit to Pittsburgh yesterday, Biden was to propose new 25 percent tariffs on certain Chinese steel and aluminum … Continue reading Biden wants higher tariffs on China steel, aluminum

Onmantin, jointly developed by Great Eagle (0041) and MTR Corporation (0066) in Ho Man Tin, has revealed the first price list, offering 115 flats with an average price of HK$19,988 per square foot, the lowest in eight years in the district. The flats range from 388 sq ft to 774 sq ft and the cheapest … Continue reading New Ho Man Tin flats priced at eight-year low

Morgan Stanley plans to start cutting about 50 investment-banking jobs in the Asia-Pacific region this week, sources said, with at least 80 percent of reductions in Hong Kong and China. This would be the biggest layoffs for the bank in China in years. The planned cuts affect about 13 percent of the 400 bankers in … Continue reading Morgan Stanley job cuts to hit China, HK hardest

BOC Life was the best performer among profit-sharing insurance products which successfully met projected targets on non-guaranteed returns. Less than 40 percent of data presented in local insurance products met the expected non-guaranteed returns, insurance comparison platform 10Life said. And the fulfillment ratio varied greatly among local insurers, it added. The fulfillment ratio can be … Continue reading BOC Life best in delivering non-guaranteed returns

China announced faster-than-expected economic growth of 5.3 percent in the first quarter from a year ago - along with mixed March data including new home prices, retail sales, and industrial output that suggest things are set to get tougher in the rest of the year. The first-quarter GDP came in comfortably above analysts' expectations of … Continue reading China beats growth forecasts but momentum is still weak

Global stocks and Asian currencies tumbled against the US dollar on worries that the US may hike the rate again to as high as 6.5 percent instead of cutting and central banks may also delay easing plans amid inflation concern and geopolitical tension. The combination of strong US growth and sticky inflation is raising the … Continue reading Markets skid on rate hike fears

Hong Kong gave conditional approvals for asset managers to start spot bitcoin and ether exchange-traded funds, the firms said, a development that boosted both tokens and the wider crypto market. Harvest Global Investments and a partnership between HashKey Capital and Bosera Asset Management (International) announced initial approvals in separate statements yesterday. The Hong Kong unit … Continue reading HK gives spot bitcoin and ether ETFs green light

The yen hit a fresh 34-year low to the US dollar yesterday, while Hong Kong stocks slid amid rising geopolitical tensions. The Japanese currency traded past 153.9 against the greenback - a level not seen since June 1990. This came as the Hang Seng Index fell over 250 points before paring losses to close 121 … Continue reading Yen hits fresh low, HSI slips amid geopolitical tensions

Chinese private developers face a 4 trillion yuan (HK$4.32 trillion) funding gap to complete construction of presold homes, according to Goldman Sachs. The stark warning came as state-backed developer China Vanke (2202) denied reports that it planned to use assets worth 130 billion yuan as collateral for fresh funds. The Goldman Sachs research report said … Continue reading Developers need 4tn yuan to complete presold projects

Hong Kong's residential market is losing momentum following a short rebound after the removal of housing curbs, warns JP Morgan. It said home prices in the secondary market fell 1.5 percent last week, the biggest week-on-week drop in eight months. The US investment bank also highlighted CK Asset's (1113) Blue Coast in Wong Chuk Hang, … Continue reading Residential rebound running out of steam

China is expected to overtake the US as the world's largest personal luxury market by 2030 with a market size of US$148 billion (HK$1.15 trillion), according to a report by PricewaterhouseCoopers. PwC noted that the global personal luxury market is recovering steadily and expected to reach US$464 billion by 2025. It is anticipated to further … Continue reading China to snatch luxury market crown from US by 2030

The yen weakened on Monday, pushing the dollar to its highest against the Japanese currency since June 1990, with markets alert to any signs of intervention from the Japanese authorities to prop up the yen. The decline in the yen comes amid a broadly stronger dollar underpinned by economic data that has pushed out the … Continue reading Japan’s yen falls to lowest since 1990, dollar/yen up 0.6pc

Japanese Finance Minister Shunichi Suzuki said he was watching currency moves closely, repeating that Tokyo is "fully prepared" to act after the dollar surged to a fresh 34-year high against the yen in Asia on Monday. The dollar hovered around 153.68 yen after strengthening to as high as 153.74. Fading expectations of a near-term U.S. … Continue reading Japan’s finance minister watches FX moves closely after dollar surges

China's central bank on Monday left a key policy interest rate unchanged as widely expected when rolling over maturing medium-term loans and drained some cash from the banking system through the bond instrument. Keeping the medium-term lending facility (MLF) rate steady underscores the central bank's intention to maintain currency stability amid a shaky economic recovery … Continue reading China Central Bank keeps policy rate unchanged, drains cash from banking system

HSBC (0005) will not have another exit as huge as the one in Argentina anymore, after selling businesses in several markets over the past few years to sharpen its focus on Asia, chief executive Noel Quinn said. Last week, the British lender announced the disposal of its Argentine unit despite a US$1 billion (HK$7.8 billion) … Continue reading No more large exits for HSBC, says Quinn

Home hunters in Hong Kong remained undeterred by geopolitical risks, with new projects raising prices after drawing thousands of buyers, but the frenzy for new flats continued to exert pressure on the secondary market. Ten major housing estates tracked by Centaline Property recorded just nine transactions last weekend, unchanged from a week ago. Half of … Continue reading Geopolitical fears fail to deter homebuyers

Emperor International Holdings (0163) announced on Friday that it has formed a property asset investment fund to cover the group’s certain investment properties, which will then be held by the portfolio companies and ultimately owned by the group. The group’s wholly-owned subsidiary, acting as the general partner, entered into the agreement with a limited partner. … Continue reading Emperor Int’l forms new property asset investment fund to strengthen financial position

The overseas treasury center of state-owned CRRC Corp Ltd (1766) has been opened in Hong Kong as the Chinese train manufacturer forecast a 50 to 70 percent growth in its net profit in the first quarter of 2024. During the opening ceremony, President Ma Yunshuang and Chief Financial Officer Li Zheng unveiled the plaque of … Continue reading CRRC opens overseas treasury center in Hong Kong; eyes up to 70pc growth in Q1 net profit

The Japanese currency plunged to as low as 153.24 yen per US dollar to hit a 34-year low yesterday amid Japanese authorities pledges to consider all available options for the market. "Whether this involves currency intervention or not, we authorities are prepared for all situations all the time," Masato Kanda, Japan's top currency official, told … Continue reading Yen plunges to 34-year low

Hong Kong has ranked 20th in a global list of smart cities, one spot down from last year and behind Beijing and Shanghai, while Singapore stands as the top-ranking city in Asia, securing the fifth position globally, a report shows. The 2024 Smart City Index was compiled by the Swiss business school International Institute for … Continue reading Hong Kong slips in smart city global ranking

China's consumer prices rose by a weaker-than-expected 0.1 percent last month from a year earlier and industrial prices continued to slump by 2.8 percent in March, underscoring the deflationary pressures that remain a key threat to the economy's recovery. The March inflation rate released by the National Bureau of Statistics yesterday compared with a 0.7 … Continue reading China remains under deflationary pressure

Wheelock Properties has unveiled its first price list for Park Seasons, phase 12B of Lohas Park, offering 138 flats, with the cheapest priced at HK$4.54 million after discounts. It is the second residential project that Wheelock Properties has launched in less than a month after housing curbs were removed in last February. Seasons Place, launched … Continue reading Park Seasons prices start at $4.5m

Hong Kong stocks jumped above 17,000 points as sentiment improved despite Fitch Ratings' cut in its outlook of China amid concerns about the growing burden of government deficits. The Hang Seng Index closed 311 points higher, or 1.9 percent, to 17,139 points yesterday. The Shanghai Composite Index, however, dipped 0.7 percent. Fitch Ratings revised China's … Continue reading Market rallies past 17,000 as sentiment improves

Chinese battery giant CATL has launched a new energy storage system with five-year zero degradation capacity on the market. The new energy storage system Tianheng is said to be the world's first mass-producible energy storage system with five-year zero loss of capacity, the company said. The Tianheng system has a capacity of 6.25 megawatt-hours, with … Continue reading CATL’s new energy system ‘to target world markets’

Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals by the Securities and Futures Commission likely to be announced next week, two people familiar with the matter said. At least four mainland Chinese and Hong Kong asset managers have submitted applications to launch the ETFs, sources said, including … Continue reading Hong Kong set to lead Asia with spot bitcoin ETFs

Wall Street's main stock indexes were set to open sharply lower on Wednesday after a hotter-than-anticipated inflation reading dampened hopes of the Federal Reserve kicking off the monetary easing cycle in June. A Labor Department report showed the Consumer Price Index (CPI) rose 0.4 percent on a monthly basis in March, compared with the 0.3 … Continue reading Wall St set for steep losses after March consumer prices data

Warren Buffett's Berkshire Hathaway is planning to sell yen bonds in the global markets, fueling speculation that the billionaire is weighing more investments in Japan. The US conglomerate mandated banks for a potential benchmark SEC-registered bond offering. The deal may come in the near future, subject to market conditions. Berkshire Hathaway would be the first … Continue reading Berkshire is planning to sell yen bonds

Luxury home deals on The Peak and in the Southern District jumped 1.4 times to 22 in the first three months of 2024 over the previous quarter, and the turnover soared over 13 times to HK$3.4 billion, Midland Realty said. Among them, there were six deals worth more than HK$100 million, versus none in the … Continue reading Luxury home deals soar in first quarter

HSBC (0005) agreed to sell its business in Argentina, and will book a US$1 billion (HK$7.8 billion) charge in the first quarter from the disposal as the lender hones its focus on faster growing Asian markets. The bank will sell the operations to Grupo Financiero Galicia for US$550 million, subject to some price adjustments, according … Continue reading HSBC takes US$1b hit in Argentine exit

Cathay Pacific Airways (0293) said it hopes to increase its number of destinations to 90 within the next nine months and reiterated its target to return to full pre-pandemic capacity no later than the first quarter of next year. Speaking at a summit in the city, chief executive Ronald Lam Siu-po said that the flagship … Continue reading Cathay aims to add 10 new destinations

Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said on Tuesday that Hong Kong was considering 'deepening' some of the investment connection schemes between the city and mainland China. Yue told the HSBC Global Investment Summit in Hong Kong there was capacity for greater southbound activity from Chinese investors into Hong Kong's financial markets. … Continue reading HKMA CEO says Hong Kong considering ‘deepening’ some connect schemes with Mainland

Alternative investment manager Ares Management Corp. has sent a proposal in recent days to some banks to buy out a stake in a HK$10.2 billion (US$1.3 billion) project loan backing luxury-property development The Corniche in Hong Kong, according to people familiar with the matter. In its initial proposal, Ares is offering a price of 95 … Continue reading Ares seeks to buy loan backing Hong Kong property development 

HSBC (0005) chairman Mark Tucker expects the US Federal Reserve to start cutting interest rates in June, with a cumulative decrease of 150 basis points at the end of 2023. Speaking at a three-day inaugural HSBC Global Investment Summit in Hong Kong which kicked off yesterday, Tucker said the economic outlook in the mainland, the … Continue reading Tucker sees first rate cut in June

Hong Kong is striving to enhance the competitiveness and liquidity of its local stock market, including the possible introduction of a new connect program to trade risk management products, the city's leaders told the inaugural HSBC Global Investment Summit in the city. "Hong Kong never rests on its laurels, even at the best times. At … Continue reading Lee seeks to strengthen stock market

The US and China are deepening cooperation on financial stability issues, US Treasury officials said, with two more simulations of financial shocks scheduled after a recent exercise on dealing with the failure of a large bank. Wrapping up a four-day meeting in China, Janet Yellen issued a stern warning to Chinese banks that facilitating transactions … Continue reading Financial cooperation gains traction

Alibaba (9988) is cutting prices for cloud customers from the US to Singapore by as much as 59 percent, mirroring deep discounts at home as the once high-flying division struggles to fend off rivals and revive growth. The move coincides with a surge in demand for cloud computing to support a global boom in artificial … Continue reading Alibaba slashes overseas cloud prices

Developers applied for presale consent for five residential projects involving 4,904 flats last month - a more than two-year high - while only one home was completed in February, the lowest monthly figure in three-and-a-half years, separate official data showed. Data from the Lands Department yesterday revealed that the number of units involved in March … Continue reading Applications for presale consent hit two-year high

HSBC Holdings Plc’s top boss said he’s pushing to improve his firm’s wealth management capabilities in China and India to be on par with its key market of Hong Kong. “We have a really strong wealth management business in Hong Kong,” Chief Executive Officer Noel Quinn said in an interview on Bloomberg TV. “I want … Continue reading HSBC boss pushing China, India wealth management to match Hong Kong

Chinese developer Shimao Group said on Monday that China Construction Bank (Asia) had filed a liquidation petition against it in Hong Kong over unpaid debts, a rare case of a state-owned bank taking such legal action in the property downturn. The petition centres on Shimao's failure to repay loans of HK$1.58 billion ($201.75 million) and … Continue reading China property developer Shimao faces liquidation petition from state-owned bank

Japanese supermarket chain Don Don Donki, favored by Hongkongers, needs restructuring this year, with earnings slumping due to overexpansion, the Nikkei reported. During an earnings conference in February, Naoki Yoshida, the president of its parent company, Pan Pacific, had called on investors to "please give us a little more time in Asia," stating the company … Continue reading Donki set for restructuring as earnings decline

China's commerce minister Wang Wentao was due in Paris yesterday for talks that are expected to cover China's fast growing export of cheap electric vehicles into the European market. The discussions would focus on a European Commission investigation into whether China's EV industry has benefited from unfair subsidies, sources said. European carmakers have a fight … Continue reading China’s commerce minister in Paris for EV talks

Secondary home sales in Hong Kong fell into the single digits for the first time since all property curbs were removed six weeks ago, as prospective buyers continued to flock to new projects. The 10 major housing estates recorded only nine deals, below double digits for the first time since February 28, when all stamp … Continue reading Secondary home sales take a beating amid new launches

The People's Bank of China said it will set up a relending program of as much as 500 billion yuan (HK$541 billion) to support innovation and project upgrades in the science and technology sectors. The loans will have an interest rate of 1.75 percent and a tenor of one year, which can be extended twice … Continue reading PBOC earmarks 550b yuan refinance for tech upgrades

China's leading ride-hailing platform Didi and electric vehicle maker GAC Aion's joint venture will produce its first batch of robotaxis applying high-level autonomous driving technologies next year. Andi Technology, jointly owned by GAC Aion and Didi Autonomous Driving, finished registration yesterday with a capital totalling 420 million yuan (HK$454 million). By combining Aion's vehicle manufacturing … Continue reading Robotaxi venture to kick off production next year

Hong Kong stocks are expected to rise with global markets on an expansion in the Euro zone's business activities last month and the US Federal Reserve's assurance to cut interest rates this year. Euro zone business activities expanded in March for the first time since May 2023 but the recovery was uneven with a stronger-than-expected … Continue reading EU activity, Fed pledge may lift HK stocks

Chinese buyers are expected to continue their gold rush despite an increase in scams and soaring prices. The precious metal yesterday hit a fresh record high above US$2,300 (HK$17,940) an ounce. Gold has only been past US$2,300 an ounce twice before, in 1980 and from late 2011 to early 2012, as recent comments from US … Continue reading Mainland gold rush continues amid scams

Chinese smartphone giant Xiaomi (1810) yesterday said that its first electric car has attracted tens of thousands of visitors across its showrooms since its launch last week. After the new SU7 was launched last Thursday, the showrooms attracted a large number of test drivers but there were some complaints that the seats of the show … Continue reading Xiaomi’s new car makes waves

New homes in Hong Kong continued to remain in demand following the removal of all stamp duties a little over a month ago, with CK Asset (1113) collecting 24,000 checks for its Blue Coast project at The Southside in Wong Chuk Hang. Wheelock Properties and Henderson Land (0012) meanwhile revealed they had notched up home … Continue reading Blue Coast to kick off sales as buyers clamor for new homes

Xiaomi's (1810) shares jumped 9 percent yesterday as pre-orders for the Chinese smartphone giant's first electric vehicle soared following its launch last Thursday, with deliveries starting today. The rise added US$4 billion (HK$31.3 billion) to the company's market value as the shares closed at HK$16.28 apiece. Xiaomi once surged as much as 16 percent, its … Continue reading Xiaomi jumps 9pc after electric car debut

Hong Kong mall operator Lifestyle International is in talks with banks to refinance a loan which is backing a landmark retail project at a mega development in Kai Tak. The syndicated loan, if signed, would be in the HK$7 billion to HK$8 billion range. The loan it would refinance is a HK$6.95 billion, two-year syndicated … Continue reading Lifestyle seeks $8b to refinance loan

Pop icon Taylor Swift is the most famous newcomer to enter the Forbes billionaire list, according to the latest ranking. The globe saw 265 people become billionaires this year thanks to a recovery in many markets, up from 150 newcomers the previous year. Swift, the most well-known figure on the list, earned around US$1.1 billion … Continue reading Swift joins elite billionaires club

China's state planner held a meeting with six private firms including JD.com (9618), to seek their advice on how to promote the trade-in of vehicles and home appliances. Zheng Shanjie, chairman of the National Development and Reform Commission, hosted the first meeting about large-scale equipment updates and consumer product trade-ins, according to a statement by … Continue reading State planner seeks advice on trade-ins

Hong Kong stocks rose 390 points on the first trading day of the second quarter, though still closing below the 17,000 point level before more measures to boost local market liquidity will be discussed next Monday including changing the practice of trading in board lots. A Legco panel meeting on April 8 will discuss further … Continue reading Market off to good start in second quarter

The banking sector was one of the best-performing sectors in the local stock market yesterday, with Bank of China (Hong Kong) (2388) jumping nearly 10 percent and mainland banks rising over 2 percent despite pressure on their net interest margins. Bank of China (3988) said yesterday that its net interest margin - a key gauge … Continue reading Bank stocks shine despite pressure

Home sales in Shenzhen rebounded while China Vanke (2202) shares struggled and Country Garden (2007) suspended trading. Home prices in the secondary market in Shenzhen rose by 1.89 percent in March from the month before, according to Zhuge Data Research Center. Shenzhen was the only first-tier city seeing a price rise last month, with the … Continue reading Home sales rebound in Shenzhen

China's manufacturing activity expanded at its fastest pace in 13 months last month, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed. This came as the World Bank warned that developing economies of East Asia and the Pacific will see slower growth … Continue reading Confidence rises as China manufacturing picks up

China's electric carmakers saw sales rise in March with electric vehicle giant BYD (1211) selling 302,459 vehicles, up by 46 percent from a year ago. For the first quarter, the world's largest EV producer saw deliveries rise 13.4 percent to 626,263 from a year earlier. Meanwhile, Li Auto's (2015) March deliveries jumped 39.2 percent to … Continue reading EV firms charge ahead

Macau's gaming revenue jumped 53.1 percent last month from a year ago, exceeding analyst estimates and marking a year-on-year growth for 15 consecutive months. The casino hub's gross gaming revenue came in at 19.5 billion patacas (HK$18.93 billion) in March, according to data released by the Gaming Inspection and Coordination Bureau yesterday. The result was … Continue reading Macau’s gaming revenue exceeds estimates

CK Asset (1113) has collected more than 12,000 checks for Blue Coast, its new project atop Wong Chuk Hang MTR station, making the 248 flats in the first two price lists over 47 times oversubscribed. The developer will roll out a third price list shortly to meet market demand, said Justin Chiu Kwok-hung, CK Asset's … Continue reading Buyer interest soars for Wong Chuk hang homes

Hong Kong's leading broadcaster Television Broadcasts (0511) said its net loss last year only narrowed 5 percent to HK$763 million, partly due to a slump in e-commerce revenue amid a weak retail market. A major local producer, TVB's core business revenue rose 4 percent to HK$2.8 billion, thanks to revenue growth in Hong Kong and … Continue reading TVB narrows loss by 5pc to $763m

The newly-appointed chief executive of Hong Kong Exchanges and Clearing (0388) Bonnie Chan Yiting said yesterday companies have tended to float shares in their domestic market recently. This came as shares of some Hong Kong-listed companies fell on disappointing earnings, with China Mengniu Dairy (2319) plunging nearly 10 percent. Chan said companies have tended to … Continue reading Firms now favor home listings, says HKEX boss

New home sales continued to shine in the city with one buyer splurging HK$40 million for six flats at Seasons Place in Lohas Park. The project, developed by Wheelock Properties and MTR Corporation (0066), launched a second round of sales for 282 flats yesterday and around 100 of them were sold within the day. One … Continue reading Developers cash in as market hots up

UBS will lease an entire 14-story tower in West Kowloon as its new office - almost double the space it initially planned - in a vote of confidence for the city. The Swiss lender will now take 460,000 square feet of space in the tower, which is being built by Sun Hung Kai Properties (0016) … Continue reading UBS doubles space at new Kowloon HQ

The local household debt-to-GDP ratio decreased in the second half of last year while the asset quality of local banks' loan portfolios slightly deteriorated during the period, the latest data from the Hong Kong Monetary Authority showed. The de facto central bank said that the associated credit risk regarding household indebtedness is manageable and the … Continue reading Household debt falls in second half

Singapore Airlines and HKT's integrated loyalty and digital commerce platform, The Club, today embarked on a new rewards partnership that will deliver greater value to their members, with the launch of a two-way rewards conversion program between their respective KrisFlyer rewards program and The Club. This partnership will allow KrisFlyer and The Club members to … Continue reading Singapore Airlines and The Club offer new rewards partnership program

The yen dropped to its lowest level since 1990 on Wednesday before rebounding slightly after Japan's top monetary officials met to discuss the rapidly weakening currency and suggested they were ready to intervene. The dollar briefly rose to 151.975 yen, its strongest against the yen since mid-1990, and was last down 0.19 percent at 151.29. … Continue reading Japan’s yen hits 34-year low, sparking intervention warnings

Hong Kong fast food chain Cafe de Coral (0341) remains conservative about expansion in the city, as labor costs are high and business has been hurt by northbound Hongkongers. Chief executive Peter Lo Tak-shing, who will hand over the reins to managing director Piony Leung Ho-ting next Monday, sounded a note of caution on opening … Continue reading Cafe de Coral wary about expansion

Hong Kong's private home prices fell for the 10th month in a row last month to the lowest level in nearly seven-and-a-half years, data from the Rating and Valuation Department showed. The residential property price index fell 1.7 percent to 302.5 in February from the previous month, the lowest since September 2016. This came after … Continue reading Home prices fall for 10th month

Sino Group opened a new sandbox and exchange platform for local, mainland, and international startups in the Northern Metropolis. This Sino Inno Lab, which is located at a Grade A office and retail complex in Yuen Long, adds to the original one in Kwun Tong, running since 2018. MTRC (0066) is also a tenant of … Continue reading Sino new startup lab in Northern Metropolis

Chinese e-commerce titan Alibaba is withdrawing a planned initial public offering for its logistics arm Cainiao, the company said Tuesday, as a major company overhaul faces setbacks. The leading tech firm faces fierce competition from rivals such as JD.com, Pinduoduo and Douyin, China's version of video app TikTok. Cainiao has "withdrawn its initial public offering … Continue reading Alibaba withdraws Hong Kong IPO for logistics arm

Xiaomi (1810) is reportedly deepening cooperation with e-commerce giant JD.com (9618) for the sale of its first electric vehicle starting Thursday as the Chinese electronics maker plans to price its EVs below 500,000 yuan (HK$549,208). The cooperation includes one-stop services from delivery to installation of charging piles and supporting tire sales, mainland media reported. This … Continue reading Xiaomi teams up with JD.com for EV launch

PetroChina's (0857) net profits rose by 8 percent yearly to 161 billion yuan (HK$174.6 billion), hitting a new record, as a rebound in natural gas demand helped the Chinese energy major offset the impact of falling oil prices. The country's biggest oil and gas producer was buoyed by China's exit from pandemic lockdowns, as fuel … Continue reading PetroChina profit increases 8pc to record 161b yuan

Hong Kong aims to blaze a trail by aligning local sustainability disclosures with international standards, reinforcing its leading position on the global sustainable finance map. Speaking at the One Earth Summit which opened yesterday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the vision "is to be among the first jurisdictions" to … Continue reading HK to align with global sustainability standards

The number of artificial intelligence talent in China exceeded that of the United States, new research has found. China make up almost half the world's top AI researchers. In comparison, about 18 percent come from the US, according to a study from think tank MacroPolo. The latest findings suggest a noticeable growth in Chinese AI … Continue reading AI talent in China surpasses US

Country Garden (2007) introduced one more partner to resume the development of a commercial building in Guangzhou, involving an injection of 2.8 billion yuan (HK$3.02 billion). The embattled developer said it needs funds to complete the project. But the asset of a subsidiary has been frozen by a higher court in Guangdong, and the property … Continue reading Country Garden gets 2.8b yuan from partner

China's largest oil refiner Sinopec (0386) saw its net profit fall about 13 percent to 58.3 billion yuan (HK$63.87 billion) in 2023 from a year ago due to decreased energy prices, and announced a final dividend of 0.2 yuan apiece. This was the second year of declines after its net profit hit a decade-high in … Continue reading Sinopec’s profit falls 13pc on weaker prices

China has introduced guidelines to phase out US microprocessors from Intel and AMD from government personal computers and servers, the Financial Times reported yesterday. The procurement guidance also seeks to sideline Microsoft's Windows operating system and foreign-made database software in favor of domestic options, the report said. Government agencies above the township level have been … Continue reading China issues guidelines to phase out US chips

Food retailer Best Mart 360 (2360) said its net profit for the nine months ended December 2023 was HK$168.34 million, as several large events attracted tourists back to the city. While announcing its financial year-end had changed from March 31 to December 31, it said that its annual net profit for the year ended March … Continue reading Influx of tourists boosts Best Mart 360’s fortunes

Wheelock Properties raised the average prices for flats at Seasons Place in Lohas Park for a third consecutive time to HK$15,412 per square foot after discounts, but the increase narrowed to 2.1 percent. The fourth price list has 244 flats costing between HK$4.52 million and HK$12.61 million after discounts, with prices ranging from HK$14,047 to … Continue reading Seasons Place ups prices again as flats sell out

Financial Secretary Paul Chan Mo-po said the administration has assisted 58 family offices to start or expand their businesses in Hong Kong and more than 100 others have decided or preparing to come to the city. Writing in his blog, he also revealed that 400 participants will join the Wealth for Good in Hong Kong … Continue reading 58 family offices assisted in wealth initiative

Hong Kong's lenders are expected to cut prime rates by up to 0.25 percentage points this year after data from the US Federal Reserve showed it was on track to making three interest rate cuts in 2024 despite leaving rates unchanged at Wednesday's meeting. Global markets rose in wake of the Fed's dovish stance. Hong … Continue reading City’s lenders tipped to lower rates this year

China has room to further cut banks' reserve requirement ratio among other policy tools at its disposal, a deputy central bank head said, underlining market expectations for more easing measures to bolster the economy. The world's second-biggest economy started the year on a solid footing, offering some relief to policymakers as they try to shore … Continue reading China can further cut reserve ratio, says PBOC

China Mobile's (0941) net profit grew 5 percent to 131.8 billion yuan (HK$145.14 billion) in 2023 over a year earlier, and said it would raise the dividend payout ratio to over 75 percent in three years. The world's largest mobile operator declared a final dividend of HK$2.4 per share, bringing the total dividend to HK$4.83, … Continue reading China Mobile cheers with dividend boost

Ping An Insurance (2318) saw an unexpected 22.8 percent drop in net profit to 85.67 billion yuan (HK$94.4 billion) last year from a year ago hit by a slowdown in its core businesses and a slumping stock market that hurt its investment returns. That compared with a profit of 111 billion yuan in 2022 and … Continue reading Ping An profit dives 22pc amid market rout and slowdown

Henderson Land Development (0012) said its net profit last year inched up 0.2 percent only to HK$9.26 billion amid a slower-than-expected economic recovery, and maintained a final dividend at HK$1.3 apiece. The underlying profit, excluding the property revaluation gains, expanded by 0.8 percent yearly to HK$9.7 billion. Total revenue rose 8 percent to HK$27.6 billion. … Continue reading Henderson Land net inches up on slow recovery

CK Hutchison (0001) and CK Asset (1113) chairman Victor Li Tzar-kuoi said Hong Kong must maintain its status as an international financial center, as the city-grown business leader warns of a challenging year ahead. Li added that CK will continue its prudent approach to business management, after cutting final dividend distributions of CKH and CKA … Continue reading City must strive to retain hub status, says Victor Li

Hong Kong stocks closed with another gain Thursday as traders cheered news that the US Federal Reserve still expects to cut interest rates three times this year, despite a recent uptick in inflation. The Hang Seng Index rose 1.93 percent, or 320.03 points, to 16,863.10. The Shanghai Composite Index eased 0.08 percent, or 2.57 points, … Continue reading Hong Kong stocks rally as Fed boosts rate optimism

The Hong Kong Monetary Authority followed the Federal Reserve in holding its base rate, as US officials maintained their outlook for three interest-rate cuts this year. The HKMA left the rate unchanged at 5.75 percent Thursday. The decision came after the Fed held interest rates at a two-decade high for the fifth time in a … Continue reading HK holds rate steady as Fed sticks to outlook for cuts

The Hong Kong and China Gas Company's (0003) net profit rose by 16 percent to HK$6.07 billion in 2023 from a year earlier, and a final dividend was maintained at 23 HK cents to reserve cash for investments. The company, also known as Towngas, said gas sales edged down by 1 percent to 27 billion … Continue reading Towngas net jumps 16pc to $6b

Kerry Properties (0683) reported an 18 percent rise in net profit to HK$3.24 billion in 2023, thanks to the increased value of its investment properties, and maintained its final dividend at 95 HK cents. However, underlying profit, excluding property revaluation, fell 22 percent to HK$2.52 billion, pressured by lower gross margins for property sales and … Continue reading Kerry Properties sees 18pc rise in earnings

The second batch of 19 strategic enterprises, including five US firms and 14 mainland companies such as artificial intelligence-powered robot maker Ubtech Robotics (9880) have signed agreements yesterday to start or expand their businesses in Hong Kong. At the signing ceremony, a total of 25 companies were present as it included six firms from the … Continue reading City attracts 19 more firms to set up shop

Tencent (0700) plans to hike its share buybacks to over HK$100 billion this year, though its net profit plunged in 2023 partly due to softening video game demand in the mainland. The Chinese tech giant repurchased 152 million shares for HK$49 billion last year to stem the decline of its stock prices, in addition to … Continue reading Tencent ups buybacks to $100b after profits dive

Hongkong and Shanghai Hotels (0045) swung to a net profit of HK$146 million last year after three years of losses and restarted a dividend payout with a final dividend of 8 HK cents. This recovery was mainly attributed to China's border reopening last February, and demand from mainlanders and locals supported the recovery of its … Continue reading Hotel giant swings to profit

Wheelock Properties and Wong Sun Hing yesterday raised the prices of new batches of their respective projects in light of "warm" responses to initial sales. These came as a special unit with a swimming pool in Kai Tak was sold for nearly HK$70,000 per square foot, a new high in the area. Wheelock Properties yesterday … Continue reading Developers step up sales as market warms

Emperor Watch & Jewellery (0887) saw its net profit increase by 34.7 percent year-on-year to HK$299.2 million in 2023 as tourists returned and consumer sentiment improved. Revenue rose 31 percent to HK$4.82 billion, with HK$2.51 billion and HK$1.37 billion from Hong Kong and mainland markets accounting for 52 percent and 28.5 percent of the total … Continue reading Jeweler’s net jumps 34pc to $299m

Towngas Smart Energy (1083) posted a 63 percent jump in net profit to HK$1.58 billion last year from a year ago and raised its final dividend by 7 percent to 16 HK cents. Excluding its net gain from the exit of Shanghai Gas and other non-operating gains or losses, its adjusted profit grew by 16.3 … Continue reading Towngas Smart Energy net jumps 63pc to $1.5b

Xiaomi's (1810) adjusted net profit jumped 126.3 percent yearly to 19.3 billion yuan (HK$20.99 billion) with its first electric vehicle to be sold next week, while Chinese EV maker XPeng (9868) saw its net losses widen. The smartphone maker's net profit surged almost 6 times to 17.5 billion yuan, beating market estimates, with a record-high … Continue reading Xiaomi revs up as profit leaps 126pc to 19.3b yuan

China Unicom (0762) saw a 12 percent annual increase in net profit to 18.72 billion yuan (HK$20.34 billion) in 2023, with 0.61 yuan earnings per share. The telecom giant declared a final dividend of 13.36 fen. Combined with the interim dividend of 20.3 fen, the total annual dividend grew by 23 percent to 33.66 fen, … Continue reading Dividend joy as China Unicom net surges 12pc

E-commerce giant JD.com (9618) said it will invest 6.5 billion yuan (HK$7.2 billion) alongside brand partners to provide subsidies for the old-for-new scheme. China earlier revealed a plan to promote the trade-in of consumer goods, including automobiles and household appliances, as part of broader efforts to boost domestic consumption. Meanwhile, Alibaba (9988) appointed a new … Continue reading JD.com invests 6.5 billion yuan in trade-ins

Xtep International (1368) said it may delay plans to open a K-Swiss flagship store in Hong Kong due to factors, including rents and economic conditions, after the sportswear firm posted an 11.8 percent rise in its net profit to a record 1.03 billion yuan (HK$1.15 billion) last year from a year ago. The firm announced … Continue reading Xtep profit jumps 11pc to record 1 billion yuan

China Resources Beer's (0291) net profit climbed 19 percent yearly to 5.15 billion yuan (HK$5.59 billion) last year, boosted by the premium brand beers, and declared a special dividend of 30 fen per share on the 30th anniversary of the state-owned company. The beer retailer increased the final dividend to 15.6 percent year-on-year to 34.9 … Continue reading CR Beer net climbs 19pc but demand dwindles

Sheikh Ali Al Maktoum, the nephew of Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, is opening a family office in Hong Kong, one of the first high-profile international investors to respond to the city's campaign to lure foreign capital. The investment firm, which will manage up to US$500 million (HK3.9 billion), is looking for … Continue reading Dubai royal opens US$500m family office

China's factory output and retail sales beat expectations in the January-February period, even as weakness in the property sector remains a drag on the economy and confidence. Industrial output rose 7 percent in the first two months of the year, data from the National Bureau of Statistics showed, above expectations for a 5 percent increase … Continue reading China factory output and retail sales beat expectations

Hong Kong's new infrastructure and green bond program can extend the scope to include social projects related to transportation systems, sanitation facilities, and health care, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said. Hui reiterated that the funds raised from such programs would not be used for the government's usual expenditure. Last … Continue reading Bonds to branch into social projects

Midland Holdings (1200) and its member firms yesterday commenced judicial review proceedings against the Competition Commission. The move was because the watchdog had deprived Midland and its member firms of the opportunity to render full cooperation to the commission. As a result, procedural fairness had been denied, Midland said. In the meantime, respondents including Midland … Continue reading Midland challenges competition watchdog

Sun Hung Kai Properties (0016) expected foot traffic for the Easter holiday at the apm shopping mall in Kwun Tong to increase by up to 10 percent, citing the shorter holiday period than 2023. Fung Wing-yan, Sun Hung Kai Real Estate Agency's leasing department promotion manager said the apm shopping mall allocated HK$9 million for … Continue reading apm foot traffic up 10 percent in Easter

Alibaba's (9988) grocery business Freshippo and retailer RT-Mart have both rubbished reports that their e-commerce parent plans to sell these consumer assets to a state-owned food giant. Earlier reports had said that Alibaba had confirmed that it will sell Freshippo for 20 billion yuan (HK$21.7 billion) and RT-Mart for 10 billion yuan to China National … Continue reading Alibaba’s retail, grocery chains deny sale to Cofco

Donald Trump said he would hit cars made in Mexico by Chinese companies with a 100 percent tariff, double the levy he has previously said he would put on automobiles made south of the US border. Trump addressed Chinese President Xi Jinping directly during a rally speech in Dayton, Ohio, on Saturday when threatening the … Continue reading Trump targets China cars made in Mexico

Bitcoin extended a retreat from its latest record high to below US$65,000 (HK$507,000) at one time amid an intensifying debate about whether the bull run in cryptocurrencies is evidence of speculative froth in global markets. The biggest cryptocurrencies hit US$64,887 at 3.20pm yesterday, according to CoinMarketCap, a website that tracks cryptocurrency markets. The token set … Continue reading Bitcoin extends retreat as bubble fears grow

Financial Secretary Paul Chan Mo-po said the second batch of about 20 strategic enterprises will start setting up or expanding their businesses in Hong Kong this week, which will bring in a total of HK$40 billion worth of investments along with the first batch of 30 such companies. The first two batches of 50 key … Continue reading 20 key firms will pump $40b into HK economy

Share buybacks by Chinese firms in the first two-and-a-half months of 2024 have already exceeded all of 2023 by more than 50 percent, soaring to 22.7 billion yuan (HK$24.7 billion) and helping stabilize mainland markets. Fifty-seven listed companies have announced plans to repurchase shares or cancel them while 30 public enterprises have also joined the … Continue reading A-share buybacks surpass all of 2023 in two-and-a-half months

Wheelock Properties has unveiled its first price list for Seasons Place in Tseung Kwan O, offering 130 flats at an average price of HK$14,188 per square foot. The prices are said to be the lowest in four years for homes in the area. Unveiling the prices, chairman Stewart Leung Chi-kin estimated that home prices could … Continue reading Seasons Place prices start at ‘competitive’ $4.4m

Alibaba (9988) plans to invest US$1.1 billion (HK$8.58 billion) in South Korea over the next three years to build a logistics center and expand businesses, South Korean news agency Yonhap reported. The Chinese e-commerce giant plans to spend US$200 million this year on building the logistics center and US$100 million to help small and mid-sized … Continue reading Alibaba to invest US$1.1b in Korea

AIA (1299) said its net profit rose 13 percent to US$3.76 billion (HK$29.3 billion) in 2023 from a year earlier, benefiting from the return of Chinese customers. It raised the final dividend by 5 percent to 119.07 HK cents. Lee Yuan Siong, AIA's group chief executive and president, added that the businesses in Hong Kong … Continue reading AIA net climbs 13pc as Chinese clients return

Swire Pacific (0019, 0087) plans to expand Pacific Place and Taikoo Place under its property unit Swire Properties (1972) at a cost of HK$30 billion as the conglomerate reported a 588 percent surge in net profit to HK$28.85 billion due to major non-recurrent gains in the past year. Swire Pacific increased its second interim dividend … Continue reading $30b upgrade for Swire landmarks

Only 68 percent of professionals had pay rises last year - 5 percentage points less than in 2022 - a KPMG survey found. And Hong Kong and Greater Bay Area employers became less optimistic on hiring this year as bonus payments sank, underscoring the difficulties faced by the financial hub. Only 26 percent of employers … Continue reading Fewer workers get pay hikes

DreamSmart Group, the smartphone maker backed by Geely Automobile (0175), has selected banks to prepare for its Hong Kong initial public offering that may value it at more than 15 billion yuan (HK$16.31 billion). The startup behind the popular smartphone brand Meizu is working with China International Capital Corp (3908) and Huatai Securities (6886) on … Continue reading Phonemaker eyes IPO at 15b yuan valuation

Developers are rolling out new projects in Hong Kong with Wheelock Properties set to unveil prices for at least 130 flats at Seasons Place in Tseung Kwan O today. Seasons Place is phase 12A of Lohas Park. The project on Wan Po Road will offer 650 flats ranging from studios to three-bedroom units with areas … Continue reading New Lohas Park flats will be priced close to market levels

China Vanke (2202) is in talks with banks on a debt swap that would help the cash-strapped developer stave off its first-ever bond default, according to people familiar with the matter. Vanke's major creditor banks are considering a plan to swap bond holdings worth tens of billions of yuan in principal into secured debt, sources … Continue reading Vanke seeks debt swap

Chinachem said yesterday its recent acquisition of the D-Park mall is a long-term investment and the mall will be repositioned to attract international tourists as its chief executive Donald Choi Wun-hing voiced confidence it will create synergy with the group's other property investments in Tsuen Wan. Choi said Chinachem expected reasonable rental returns from D-Parkmall … Continue reading D-Park mall eyes global tourists

Hong Kong's third-largest supermarket chain U Select, run by state-owned conglomerate China Resources Holdings, has almost halved its network in less than a year as city's retailers struggle with economic headwinds and residents flock across the border for cheaper shopping. The chain, which expanded rapidly during Covid and had around 100 stores in Hong Kong, … Continue reading U Select shuts stores as shoppers head north

Chinese billionaire entrepreneur and Olympic champion Li Ning is considering taking his namesake sportswear company private from the Hong Kong stock exchange, four people said, adding to a string of such potential deals in a faltering market. Li is considering leading a consortium to buy out Li Ning Co Ltd, which had a market capitalisation … Continue reading China’s champion gymnast Li Ning considers taking company private, sources say

Emperor International Holdings Limited announced on Tuesday the successful conclusion of a club loan amounting to HK$2.42 billion with 11 prime international and local banks. “All the participating banks of the Club Loan are renowned financial institutions,” the vice chairman and executive director of the Group Alex Yeung Ching-loong said as he expressed his gratitude … Continue reading Emperor International concludes HK$2.42 billion club loan

Stocks in Hong Kong and mainland China rose on a tech rally, the yuan jumped, but Japan's market dropped the most since October amid growing speculation that the Bank of Japan's possible interest rate hike will lift the yen and hurt exporters. This came as Pan Gongsheng, governor of the People's Bank of China said … Continue reading Tech rally propels markets but rate hike fears hurt the Nikkei

The entertainment unit of Alibaba (9988) plans to invest at least HK$5 billion in the coming five years to revitalize culture and art in Hong Kong working with local producers such as Television Broadcasts (0511) and Emperor Motion Pictures. Dubbed as the Hong Kong Cultural and Art Industry Revitalization Program, Alibaba Digital Media and Entertainment … Continue reading Alibaba to invest $5b in city’s film, culture sectors

China Vanke (2202) is facing resistance from the nation's two largest banks on a new HK$4.5 billion offshore loan, according to people familiar with the matter, in a major test of state support for the cash-strapped real-estate giant. Industrial & Commercial Bank of China (1398) and China Construction Bank (0939) had yet to sign off … Continue reading Big guns hold fire on Vanke’s $4.5b loan

Horizon Robotics, a Chinese provider of autonomous driving computing solutions, has picked banks to help arrange its Hong Kong initial public offering this year that may raise about US$500 million (HK$3.9 billion), according to people familiar with the situation. The Intel-backed firm is working with China Securities International, Goldman Sachs and Morgan Stanley on the … Continue reading Robotics firm gears for US$500m IPO

Alternative asset managers Hillhouse Capital, Boyu Capital and CDH Investments are in advanced talks to invest in GDS's (9698) data center business outside China, according to people familiar with the situation, sending the company's shares up as much as 24 percent in Hong Kong yesterday. An agreement on a total investment of US$500 million (HK$3.9 … Continue reading GDS soars 18pc on investment hopes

Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year. The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year. The rally was … Continue reading Bitcoin hits fresh record above $71,000

China is widening support for local governments to tackle debts and despite a funds crunch is raising more than 200 billion yuan (HK$211.15 billion) for a fund to develop its chip prowess. Beijing will now allow 19 more provinces to report key areas for debt relief, according to a Caixin report. Together with the 12 … Continue reading Beijing widens support to tackle debts

Saudi Arabia's oil giant Aramco on Sunday reported 454.76 billion riyals (HK$948.38 billion) in net profit for 2023, down from a record US$161.1 billion (HK$1.26 trillion) in 2022 on lower oil prices. The profit was still the company's second-highest on record, as it reported total dividends for the year of US$97.8 billion, up 30 percent. … Continue reading Aramco’s net falls but dividend increased

China experienced forecast-beating growth in imports and exports in the first two months, signaling that global trade is turning a corner as policymakers strive to shore up a stuttering economic recovery. Overseas shipments in US dollar terms rose 7.1 percent in the January-February period from a year earlier, way higher than the 1.9 percent forecast … Continue reading Turnaround seen as China trade beats forecasts

Uptown East, a redevelopment project in Kowloon Bay by Wong Sun Hing, released the first price list to provide 168 flats, with the cheapest priced at HK$3.73 million. The flats on offer include 18 studios, 39 one-bedroom units, and 111 two-bedroom units ranging from 278 to 561 square feet. The average price came in at … Continue reading Kowloon flats start at $3.7m

Wharf Real Estate Investment Company (1997) swung to a net profit of HK$4.77 billion last year and announced a second interim dividend at 61 HK cents. That compared with an loss of HK$8.86 billion in 2022 and the latest dividend payout will bring the total dividend for the year to HK$1.28 per share, down 2.3 … Continue reading Wharf REIC back in the black with $4.7b profit

MTR Corporation's (0066) net profit declined 21 percent to HK$7.78 billion in 2023 from a year earlier as gains from property development slumped, but Hong Kong's rail operator maintained a final dividend of 89 HK cents. Profit from property development plunged 80 percent to only HK$2.08 billion last year, as earnings from Hong Kong recorded … Continue reading MTRC net falls 21pc as property income dives

China's video-sharing platform Bilibili's (9626) net loss narrowed 36 percent to 4.8 billion yuan (HK$5.33 billion) in 2023 from a year earlier, thanks to reduced costs and increased revenue. Revenue rose 3 percent to 22.5 billion yuan, as the cost to generate revenue fell by 5 percent over the previous year. Value-added services, which account … Continue reading Bilibili loss narrows 36pc to 4.8b yuan

Macau casino operator SJM (0880) said its net loss narrowed 74 percent to HK$2.01 billion, with no dividend declared. Adjusted earnings before interest, taxation, depreciation and amortization swung to HK$1.73 billion from a loss of HK$3.1 billion in the previous year. With the recovery in tourism, its net gaming revenue surged 2.3 times year-on-year to … Continue reading SJM narrows loss by 74pc to $2b

JD.com (9618) reported better-than-expected fourth-quarter earnings and announced a share buyback plan of up to US$3 billion (HK$23.4 billion), with a dividend of 38 US cents per share. The e-commerce giant said its quarterly revenue rose 3.6 percent to 306.1 billion yuan (HK$340 billion) from a year ago, compared with analysts' average estimate of 300.04 … Continue reading JD.com unveils US$3b share buyback

Deals for new homes in Hong Kong have surged more than thirteenfold following the removal of all housing curbs eight days ago, says Midland Realty. The realtor added that second-hand deals at 35 housing estates had also trebled over the same period, while raising its forecast for March to 5,000 transactions. In the primary market, … Continue reading Deals for new homes surge 13-fold in 8 days: Midland

Residents permanently leaving Hong Kong withdrew HK$7.26 billion from pension accounts last year, down 9.5 percent from a year earlier, government data showed on Tuesday. A total of 29,933 claims to withdraw money from the Mandatory Provident Fund were made in 2023 by people moving away from Hong Kong, down 5.6 percent compared to 2022. … Continue reading Pension withdrawals decline 9pc to $7.2b

Nio (9866)'s net loss widened by 45 percent to 21.1 billion yuan (HK$22.9 billion) last year as the Chinese electric vehicle maker faced fierce competition in the world's biggest EV market. For the fourth quarter alone, the net loss was narrowed by 4.3 percent to 5.59 billion yuan from a year ago and Nio posted … Continue reading Nio sinks deeper into the red

Hong Kong stocks tumbled 433 points as the start of China's week-long annual session of parliament disappointed investors with its lack of big-ticket stimulus, but Morgan Stanley said global funds are returning to Chinese stocks. The Hang Seng Index plummeted 2.6 percent to 16,162 points, while the Shanghai Composite Index rose 0.3 percent. In Hong … Continue reading Stocks tumble as annual session lacks stimulus

Fosun International (0656) is said to be looking to sell all or part of its luxury resort Atlantis Sanya in southern China as part of its efforts to reduce debt. And lenders to Country Garden (2007) have hired an adviser as the embattled developer gears up for possible debt restructuring talks. Located on Hainan island, … Continue reading Fosun mulls sale of resort to reduce debt

China's yuan hit a three-and-a-half month low and Hong Kong stocks closed flat as investors awaited details from China's annual political gathering. At the same time Japan's Nikkei 225 Stock Average climbed above the psychological level of 40,000 for the first time. The Hang Seng Index edged up 0.04 percent to 16,595 points while the … Continue reading Waiting game as Beijing sets targets

Li Auto (2015) plunged over 10 percent after February vehicle deliveries declined from a month earlier, while BYD (1211) dropped 1.1 percent as the automaker launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, ramping up a new price war. Li Auto delivered a … Continue reading Mainland auto stocks decline amid new price war

Some of China's largest insurers are sounding an alarm over the debt risks of China Vanke (2202), according to people familiar with the matter, as shares and bonds of the major developer hit record lows on repayment concerns. At least two Beijing-based insurers that farmed out annuity investments late last week told their external portfolio … Continue reading Insurers raise alarm bells over Vanke debt

Apple was removed from Goldman Sachs's list of top buys after underperformance in its stock amid concerns over weak demand for its key products. The iPhone maker had ranked in the 20-25 member "Directors' Cut" version of Goldman's conviction list since it was unveiled last June. Its share price has changed little in that span … Continue reading No longer the Apple of Goldman’s eye

Uptown East, a redevelopment project in Kowloon Bay by Wong Sun Hing, is expected to release the first price list this week. The project, located at 55 Kwun Tong Road, will offer 807 flats ranging from studios to three-bedroom flats with areas between 235 and 3,415 square feet. Show flats will be opened today, and … Continue reading Kowloon Bay’s Uptown East moves into sales action

Hong Kong's biggest law firms are rushing to reduce office space in prime locations, as they struggle with a dearth of mergers and acquisitions and initial public offerings amid an economic downturn. Deacons, the city's oldest law firm, is cutting one floor in Alexandra House, a premium office building in Hong Kong's business district of … Continue reading M&A drought forces law firms to cut office space

Mainland hotpot chain Haidilao International (6862) said yesterday it will introduce the franchise model to further support the expansion of its restaurant network. The company said it believes that the introduction of the franchise model will improve its operational efficiency, according to a filing to the Hong Kong bourse. Haidilao said it will adopt a … Continue reading Haidilao takes franchise path

Singapore plans to raise the salary threshold for foreign workers from next year, as it seeks to create better and more job opportunities for locals, the Straits Times reported, citing Manpower Minister Tan See Leng. From January 1, 2025, foreigners will need to earn a minimum monthly salary of S$5,600 (HK$32,600) to qualify for an … Continue reading Singapore to raise salary threshold for foreign workers

Hong Kong and mainland stock markets may extend their rallies this month with more stimulus expected from China's Two Sessions meetings, and buoyed by continuing strength of the Greater Bay Area's economy, which is now worth 13 trillion yuan (HK$14.3 trillion). The Chinese People's Political Consultative Conference's annual plenary meeting will kick off today and … Continue reading Markets may extend rallies with more stimulus on cards

Nvidia chief executive Jensen Huang says artificial general intelligence could - by some definitions - arrive in as little as five years. His comments came as the world's leading maker of AI chips used to create systems like OpenAI's ChatGPT surpassed Saudi Aramco to become the third largest company globally. Huang was responding to a … Continue reading AI could pass human tests in five years

Hong Kong stocks rose 6 percent last month, with Morgan Stanley predicting a near-end to foreign capital outflows from Chinese stocks. The Hang Seng Index ended yesterday 25 basis points lower and the main board turnover advanced 21 percent to HK$120.3 billion. The Shanghai Composite Index jumped 1.94 percent and stood above the 3,000 level … Continue reading Stocks rise 6pc in January as outflows expected to end

New World Development (0017) chief executive Adrian Cheng Chi-kong expects transactions in the local property market will jump by 40 to 50 percent although prices may not see a significant rise after the government scrapped all property cooling measures and eased mortgage lending restrictions on Wednesday. There has always been a strong demand in the … Continue reading NWD jumps on sales bandwagon

NetEase (9999) demonstrated a solid financial performance in 2023, achieving a revenue of 103.5 billion yuan (HK$114.69 billion) and a net profit of 32.6 billion yuan, up 7.3 percent and 43 percent respectively. Net revenue grew by 7 percent in the fourth quarter to 27.1 billion yuan from a year ago due to strong game … Continue reading NetEase profit soars 43pc to 32b yuan

Hospitality and gaming company Galaxy Entertainment (0027) swung to a net profit of HK$6.83 billion in 2023 with a special dividend of HK$0.3 declared, thanks to China's reopening borders and visitor arrivals to Macau jumping by 395 percent compared to 2022, according to the Gaming Inspection and Coordination Bureau. However, shares of Galaxy dropped 2.32 … Continue reading Special dividend declared as Galaxy revenue triples

Baidu's (9888) full-year net income soared 169 percent yearly to 20 billion yuan from a low base in 2022. Total revenue grew 9 percent to 134.6 billion yuan (HK$146 billion) over the previous year following higher-than-expected fourth-quarter results, partly boosted by the artificial intelligence-related businesses and growing demand for advertising. For the three months through … Continue reading AI helps boost Baidu’s bottom line

Sun Hung Kai Properties (0016) slashed its interim dividend by 24 percent to HK$0.95 per share, continuing its prudent cash flow management with challenges ahead. The developer's underlying profit, excluding the property revaluation gain, also dipped 6 percent yearly to HK$8.91 billion for the six months ending in December. Its net profit for the past … Continue reading SHKP continues prudent cash flow management

Property stocks were generally on the rise following Paul Chan announced in his budget that all property “spicy measures" will be withdrawn. Of which, NEW WORLD DEV (00017.HK) hiked nearly 6 percent to a high of $10.38 midday, while MIDLAND HOLDING (01200.HK) has significantly risen 29 percent, closing at $0.84 midday. For other property stocks, … Continue reading Midland rockets 29pc, New World up nearly 6pc following spicy measures withdrawal

Standard Chartered (2888) has suspended new investments by its clients in China into offshore products via a quota-based channel amid a surge in demand for overseas investments due to weakness in the local market and currency. The London-headquartered bank, in a statement to Reuters, cited "commercial reasons" as its explanation for the suspension of new … Continue reading StanChart suspends outbound investment service in China

Shanghai Zhida Technology Development, a maker of electric-vehicle charging systems, is considering an initial public offering in Hong Kong that could raise about HK$1 billion, according to a person with knowledge of the matter. The Chinese firm is working with Shenwan Hongyuan on a first-time share sale that could take place as early as this … Continue reading EV charging player eyes $1b share sale in city

NWS (0659) yesterday declared a special dividend payout as co-chief executive Brian Cheng Chi-ming said he considered himself more a worker than a boss, and that he is always open to advice and suggestions. The company declared an interim dividend and a special dividend totaling HK$2.09 per share as its net profit jumped 18 percent … Continue reading Door is always open, says Brian Cheng

Hong Kong's exports in January beat market estimates and soared almost by a third, benefiting from the low base a year ago and demand from mainland China and the United States. Total exports grew 33.6 percent from a year ago to HK$388.7 billion, compared to an increase of 11 percent in December, according to data … Continue reading Exports off to a great start in 2024

Hong Kong's Securities and Futures Commission has secured the first criminal conviction of securities fraud via illegal short selling, involving an illicit profit of over HK$600,000. Christine Yeung Tak-sum, an unemployed retail trader, was convicted by the Eastern Magistrates' Court yesterday after she pleaded guilty to her crime. Yeung was remanded in custody pending sentencing … Continue reading SFC secures first criminal conviction for short-selling fraud

Greater Bay Area residents plan to allocate about 710,000 yuan (HK$781,359) on average following the expansion of the cross-boundary Wealth Management Connect scheme which came into effect yesterday, far lower than the new individual investment quota of 3 million yuan, a survey has found. The Hong Kong and Shanghai Banking Corporation conducted an online survey … Continue reading GBA wealthy investors may use only a fourth of 3m yuan quota

Alibaba (9988) disclosed a wider web of Chinese government stakes in its business units than previously known, following an inquiry from the US Securities and Exchange Commission. The Hangzhou-based e-commerce pioneer said in filings that more than a dozen of its entities are partially owned by Chinese state-owned enterprises or foreign sovereign wealth funds. The … Continue reading Alibaba reveals state stakes in 12 business units

CLP (0002) maintained the fourth interim dividend at HK$1.21 per share despite a sevenfold surge in total earnings last year, citing ongoing investment in energy transition. Managing director Chiang Tung-keung said the power company would be able to adjust the fuel costs to reduce the average net tariff if global fuel prices remain at low … Continue reading CLP net soars sevenfold but dividend unchanged

China's electric vehicle maker Li Auto (2015) swung to a net profit of 11.8 billion yuan (HK$12.8 billion) last year from a net loss of 2 billion yuan a year ago, and expects to deliver at most 103,000 units this quarter, 96 percent more than a year ago. The emerging star of the industry estimates … Continue reading Rising EV star turns fortunes around

Hong Kong shares ended lower on Monday as global investors turned to profit-taking after recent rallies and ahead of corporate earnings reports from major Chinese firms. The Hang Seng Index finished down 0.54 percent, or 91.12 points, at 16,634.74. The Shanghai Composite Index shed 0.93 percent, or 27.86 points, to close at 2,977.02, but the … Continue reading Hong Kong stocks close lower

Only one of Hong Kong's 10 major housing estates is still worth over HK$100 billion compared to the peak of 2021, when six of them were worth that much, says Centaline Property Agency. Meanwhile, homeowners saw their property depreciate as much as HK$3.57 million on average compared to the peak. Six of the 10 estates … Continue reading Only one blue-chip estate worth $100b amid slump

Hang Seng Bank (0011) and its mainland unit will expand their products under the cross-boundary Wealth Management Connect scheme to over 320 varieties for all eligible investors in the Greater Bay Area as the scheme's expansion is set to launch today. The increased number of available products offered by the bank marks a 100 percent … Continue reading Hang Seng Bank expands Wealth Connect offerings

Mandatory Provident Fund Schemes Authority chairwoman Ayesha Macpherson Lau said modern women should be more proactive in planning for retirement protection. Two weeks ahead of International Women's Day, Lau said female scheme members held about HK$520 billion in MPF assets compared to HK$620 billion in assets held by male members, which translates to average MPF … Continue reading Another MPF push for the modern woman

Hysan Development's (0014) underlying profit, excluding the property revaluation gains, dipped by 14 percent yearly to HK$1.83 billion. It blamed the slide on Hong Kong's bumpy recovery and Hongkongers who headed north for shopping. The largest landlord in Causeway Bay slashed its final dividend by 31 percent to 81 cents per share due to economic … Continue reading Hysan slashes payout amid uncertainty

SmarTone Telecommunications (0315) suffered a 3 percent decline in net profit to HK$246 million in the six months ended December, due to an intensely competitive mobile sector and sluggish economic conditions. The company predicted that the business outlook will remain challenging in the short to medium term amid the demanding macroeconomic landscape. Total revenue fell … Continue reading Intense competition hurts SmarTone

Japanese stocks have surpassed a record high reached during the nation's economic heyday in 1989 although the country's manufacturing activity fell to its weakest in over three years. Meanwhile, Hong Kong stocks extended the rally yesterday as investors expect stimuli from Beijing on the visit of a key central government official. The Nikkei 225 closed … Continue reading Japanese stocks surpass 1989 peak

SF Express, China's largest express delivery company, will apply for a share sale in Hong Kong again, looking to raise between US$1-2 billion (HK$7.8-15.6 billion), International Financing Review under Reuters reported. The logistics giant first filed for a second listing in Hong Kong in August last year, which expired on Wednesday. The funds it will … Continue reading SF Express keeps listing hope alive

Sun Hung Kai Properties (0016) said about HK$2.5 trillion worth of wealth has evaporated amid the fall in home prices, joining in on urging the government to scrape the cooling measures. Adam Kwok Kai-fai, the developer's new executive director, said the sluggish property market has impacted the city's economy. With a fall of over 20 … Continue reading $2.5 trillion lost amid housing slump, says SHKP

Bank of East Asia (0023) said its net profit last year dipped 5.5 percent to HK$4.12 billion as it declared a second interim dividend of 18 HK cents. Accounting for 82 percent of loan loss provisions, China's commercial real estate sector continued to be the main concern for asset quality, according to the bank. Its … Continue reading BEA pressured by commercial real estate

Japan's government downgraded its assessment of the economy for the first time in three months while a former International Monetary Fund chief economist expressed concerns about the US' expanded deficits. Japan's Cabinet Office said yesterday the economy is recovering at a moderate pace, although some components are showing sluggishness. This marks the first overall downgrade … Continue reading Japan downgrades economy

Real Estate Developers Association chairman Stewart Leung Chi-kin has warned that banks would demand early repayment of mortgage loans if home prices dive 20 percent further. Leung called on the government to hesitate no more in removing housing cooling measures that have remained, saying he had discussed this with Financial Secretary Paul Chan Mo-po at … Continue reading Early repayment threat looms large, warns REDA

Hong Kong and China stocks rallied as authorities clamped down on trading by quant funds, part of a series of endeavors to put an end to the rout. China's two main stock exchanges vowed to tighten supervision of quantitative trading, particularly leveraged products, which has been criticized for increasing market volatility. The pledges came after … Continue reading Markets rally as quantitative funds face curbs

Shares of Hang Seng Bank (0011) jumped over 9 percent yesterday after the local lender hiked the fourth interim dividend by 60 percent to HK$3.2 per share from a year ago following a better-than-expected full-year net profit last year. The bank reported a 58 percent increase in net profit to HK$17.8 billion in 2023 from … Continue reading Hang Seng Bank ups dividend, surges 9pc

China announced its biggest-ever reduction in the benchmark mortgage rate aimed at the property sector but the move failed to lift sentiment in stock markets significantly. Chinese lenders slashed their five-year loan prime rate by 25 basis points to 3.95 percent, the People's Bank of China announced yesterday. It was the first cut since June … Continue reading China’s record mortgage rate cut fails to lift market

Malaysia's ringgit extended declines to its lowest level yesterday since the Asian financial crisis, prompting the central bank to say it doesn't reflect the "positive prospects" of the nation's economy. The local currency fell 0.3 percent to 4.7992 against the US dollar on Tuesday, its weakest level since an all-time low of 4.8850 in 1998. … Continue reading Malaysia’s currency sinks to 26-year low

Sales of several new projects may start next month, with many developers urging the removal of all cooling measures for property purchases in Hong Kong. Market sentiment is expected to improve on the potential policy stimuli to be announced by Financial Secretary Paul Chan Mo-po next week, and projected interest rate cuts later in the … Continue reading Developers optimistic ahead of budget reveal

The expansion of the cross-boundary Wealth Management Connect scheme, set to launch next Monday, will see the number of eligible funds for mainland investors almost double to 300, said the Hong Kong Monetary Authority. Most Hong Kong banks will increase the personal investment quota for both mainland and local investors to 1.5 million yuan (HK$1.65 … Continue reading Wealth Connect funds to double