Small operators of music-streaming apps in China will soon be able to offer some of the most popular tracks that were controlled for a long time by Tencent Holdings, but analysts said these firms still face an uphill battle to challenge the internet giant in this market. On Saturday, China’s antitrust watchdog the State Administration […]
A trade weighted index looking at the value of China’s yuan climbed to a five-year high last week, and analysts expect the currency to remain at elevated levels in the foreseeable future as the government allows greater flexibility and tries to remove distortions in the economy. A simulated CFETS RMB basket index, which measures the […]
Chinese regulators have ordered online platforms to ensure food delivery riders earn above the country’s minimum wage, that riders be freed from unreasonable demands placed upon them by algorithms, and that these workers have access to social security and a place in a union, in a likely financial blow to big delivery services companies such […]
With over 2,700 billionaires worldwide, controlling at least US$13.1 trillion in wealth, and an estimated 260,000 philanthropic foundations sitting on around US$1.5 trillion in charitable funds, we arguably find ourselves in an age of unprecedented inequality, and unprecedented philanthropy. Philanthropic giving has a massive impact on governments and global policymaking. Whether for better or worse […]
E-commerce giant Alibaba founder Jack Ma took the top spot on the 2021 Forbes China Philanthropy List, showing the consistency of the entrepreneur’s generosity despite his empire being under strict government scrutiny for its business practices. The Forbes list, published last week, measures cash given by 100 Chinese entrepreneurs and their businesses in 2020. Last […]
Li Auto, the Chinese electric-vehicle maker backed by on-demand delivery service giant Meituan, has got the go-ahead from Hong Kong stock exchange for an initial public offering, just 12 months after its debut in New York. The EV start-up will join rival Xpeng, which became the first Chinese EV company to list in Hong Kong […]
The Delta variant of the coronavirus, when factored together with a number of persistent economic issues being seen throughout the world, could lead to both political risks and greater social pressures, a new assessment has found. Fresh lockdowns, enduring unemployment in a number of countries, and higher commodity prices resulting from fiscal stimulus measures are […]
Four of China’s biggest technology titans have each kicked off massive recruitment drives on thousands of college campuses across China, despite Beijing authorities’ historic crackdown on the sector that continues to disrupt business. In the past two months, TikTok owner ByteDance, on-demand delivery service Meituan and e-commerce giants JD.com and Alibaba Group Holding, owner of […]
One of the largest retail stockbrokers in Hong Kong has taken out advertisements in three Chinese language newspapers urging the local stock market to remain open when bad weather strikes. By placing full-page ads in Sing Tao Daily, the Hong Kong Economic Times, and a smaller one in the Oriental Daily News on Monday, Bright […]
The Covid-19 pandemic has left most working adults in Hongkong fearing for their financial position and readiness for retirement, according to a survey by the Economist Intelligence Unit commissioned by HSBC Life Insurance. Some 98 per cent of Hongkongers expressed worries about ageing in the city, with medical and health care costs, insufficient savings and […]
China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.26%. Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.68% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.69%. Below is a rundown of the top China business and finance stories, plus other news for the […]
College students attend a science and technology job fair in Ningbo, East China’s Zhejiang province, on Sept. 20, 2019. Photo: VCG TOP STORIES Talent / When a 29-year-old university lecturer surnamed Wei arrived at his new job in the eastern city of Suzhou last September, he received his new household registration — or “hukou” — […]
Huawei’s dramatic advance has raised alarms at Alibaba and Tencent. Photo: VCG Huawei / Alibaba sat atop China’s cloud computing market for years, commanding a market share multiple times larger than longtime second fiddle Tencent. But both internet giants are now fielding a challenge from upstart Huawei, which is refocusing on the growing, lucrative market […]
IPOs / Cover Story: The rocky path facing Chinese companies tapping U.S. markets The race by Chinese internet companies to raise money in the U.S. stock market this year came to an abrupt halt after Didi’s rush to sell shares on the New York Stock Exchange without the blessing of Chinese authorities backfired. Initial public […]
China’s benchmark Shanghai Composite Index (000001.SH) lost 0.07% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.12%. Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.56% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.41%. Below is a rundown of the top China business and finance stories, plus other news for the day: […]
You’ve probably heard all about non-fungible tokens, or NFTs – and if you’re very clever, you might even understand what they are (more on that later). Most of the hype about these digital tokens so far has been related to art – in particular, the US$69 million fetched by a piece by American artist Beeple, […]
The accelerator, Festival Kota Mapan, will bring Indonesia’s micro-entrepreneurs online.
The board of China Gas Holdings has announced it will give up nearly half of its members’ earnings to compensate victims and their families after a deadly gas explosion in Hubei province last month caused by the rupturing of corroded gas pipes. The board, consisting of five executive directors, two others with non-executive roles and […]
There are many potential problems still weighing on global recovery, clouding the outlook for world financial markets in the coming months. The relentless spread of Covid-19 variants, slower global growth, the resurgence of inflation and uncertainty surrounding future policy responses from governments and central banks are compounding the problems facing investors hoping to get out […]
After a series of fines, warnings, and regulations to curb what the government views as a predatory industry, authorities issue the final blow.
China’s internet ministry has launched a new nationwide campaign to purge what it deems problems in the internet industry, which has been battered for months in an almost continuous crackdown from different government bodies. The Ministry of Industry and Information Technology (MIIT), one of China’s top government bodies responsible for regulating the tech industry, has […]
Even after the US$5.8 billion rout that dealt a blow to some 15 companies from TAL Education to New Oriental Education and Technology Group, China’s after-school tutoring stocks probably have further to drop. Investment banks have rushed to cut their recommendations and price targets on the tutoring sector after Beijing unveiled tough new rules to […]
Even as the pandemic’s impact ebbs in China, there is residual demand for teleconferencing in education and healthcare.
Hong Kong stocks sank as a sell-off in Chinese technology stocks persisted after China unleashed a new round of regulatory tightening against private education companies and punished Tencent Holdings’s music-licensing business. The Hang Seng Index plunged 2.6 per cent to 26,616.50 as of 9.41am local time. The benchmark fell 2.7 per cent last week after […]
Kazuo Ishiguro’s poignant novel, The Remains of the Day, is all about genteel decline and that is perhaps a good way to describe the current state of Japan (the land of Ishiguro’s birth) as it slides into a sustained economic decline with the full impact being masked by a weak yen. As JPMorgan’s Tohru Sasaki […]
Too many non-executive independent directors in Asian companies have overstayed, and risk losing their objectivity in boardrooms and becoming a liability to shareholders, according to BlackRock, the world’s biggest money manager. This has prompted BlackRock to vote against the election of 1,448 independent directors in 819 listed companies in Asia-Pacific in the 12 months to […]
Chinese stocks, among the world’s top laggards, are not getting back in favour any time soon for some money managers, as policy hawks in Beijing send the market into another punishing month. From a US$600 billion sell-off in technology stocks and a US$13.8 billion plunge in China Evergrande since February to Friday’s US$5.8 billion blow […]
With global tech giants getting into EVs, China’s two largest battery makers are vying to supply the next generation of EV projects.
AI solutions in healthcare are becoming increasingly commercialized as the sector matures.
A sale of new flats in the west of Hong Kong’s New Territories failed to hit the spot with buyers on Sunday, with only half of the 79 small units available being snapped up. But property agents said the modest sales at K&K Property’s project SkyeH!, which has a total of 112 units, were not […]
London is off limits to most Chinese tourists due to travel curbs, but an alternative closer to home is the new The Londoner Macao casino resort. There, they will encounter a life-size replica of Big Ben, staff dressed as Beefeaters, and a hologram of footballer David Beckham leading guests on a virtual black cab tour […]
The city of Jiangmen, which is the hometown of many Chinese now living abroad, boasts many tourist attractions that showcase rich cultural traditions and long history. From Unesco-designated World Heritage Sites to a famous birdwatching location whose name was coined by the famous Chinese writer Ba Jin, here are five of the best-known attractions in […]
Lai Shengyu and Yang Xiaogang, who are behind the Hunan artistic duo TaMen, have taken Chinese contemporary art to a new frontier by tapping blockchain technology to show how non-fungible tokens (NFTs) can be used to bust fakes and safeguard artists’ copyrights. TaMen, which means “they” in Mandarin, are known for their surrealistic paintings that […]
Women might continue to be a minority among investors, but their numbers are growing at a faster pace then men, brokers said. Nasdaq-listed Futu Holdings, which offers online securities trading in Hong Kong, mainland China and the US, said its female clientele in Hong Kong had increased five times year on year as of March […]
Shanghai is looking to take a greater role in China’s drive towards technological self-sufficiency, but a new plan unveiled last Wednesday to spur development of emerging industries has scant details, leaving companies waiting to see how serious the city is about its hi-tech ambitions. Coming just one week after the central government’s unprecedented devolution of […]
Chinese painter-captain Zhai Mo and his sailors crossed the Bering Strait on their powerless sailboat earlier on Saturday. Sailing in the Arctic Ocean for the first time, if successful, Captain Zhai and his team will become the first humans to complete non-stop circumnavigation of the Arctic in the next three months. This non-stop navigation began […]