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☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

Eventually, China wants the schemes to be integrated into national emissions trading and generate credits that can offset emissions by industrial polluters, government plans show. PERSONAL CARBON TRADINGChina's carbon inclusion ambitions have been in gestation since 2015, when the southeastern province of Guangdong published rules on how to convert low-carbon activity into credits. Guangdong also allows enterprises to meet 10% of carbon reduction obligations through carbon inclusion credits. And there are worries the carbon inclusion schemes could let industrial polluters off the hook by shifting the burden of emission cuts to households. China climate official Su Wei told local media the green transformation of China would "inevitably involve profound changes in people's daily habits and consumption patterns", but he said carbon inclusion schemes would remain voluntary.

Persons: David Kirton, China's, Xie Zhenhua, Banks, Benjamin Sovacool, Li, Zhang Xin, people's, Yaqiu Wang, Su Wei, David Stanway, Sonali Paul Organizations: REUTERS, China, Communist, China Academy of Sciences, People's Bank of, Boston University, Environmental Studies, New, Thomson Locations: Pingshan district, Shenzhen, Guangdong province, China, SHENZHEN, Dubai, Guangdong, People's Bank of China, Quzhou, Finland, British, Singapore, New York, Shanghai, Beijing

☆ Schools, subways disrupted as storm batters China's south
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Residents holding onto safety lines waded cautiously through knee-deep floodwaters late on Thursday in Shenzhen, a metropolis of 17.7 million people, videos from state-backed Xinhua showed. Daily rainfall in the city located in the Pearl River Delta linking Hong Kong to China's mainland was expected to exceed 500 mm, Shenzhen media said. Still, Shenzhen's observatory has issued emergency warnings advising residents to stay indoors, warning downpours were abrupt and intense. Some Shenzhen districts closed offices while all schools were suspended. Authorities suspended services at Liantang Port and Wenjindu Port connecting Shenzhen and Hong Kong due to flood damage.

Persons: Haikui, Liz Lee, Neil Fullick Organizations: cnsphoto, REUTERS Acquire, Rights, China Meteorological Administration, Xinhua, Authorities, Thomson Locations: Minhou county, Fuzhou, Fujian province, China, Rights BEIJING, Shenzhen, Guangdong, Hong Kong, Fujian, Waters, Futian, Liantang, Wenjindu Port, Guangzhou, Zhuhai, Shanghai

☆ Super typhoon heads towards Hong Kong, China issues highest warning
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

BEIJING/ HONG KONG Aug 31 (Reuters) - China issued its highest typhoon warning on Thursday as Super Typhoon Saola, packing winds of more than 200 kph (125 mph), headed towards the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in nearby Guangdong province. Chinese forecasters issued a typhoon red warning at 6 a.m. (2200 GMT). As Saola approached, Guangdong's Shenzhen city said it would upgrade the typhoon warning level to yellow - the second lowest - at 6 p.m. on Thursday, and suspend classes at nurseries, kindergartens, primary and secondary schools. China Railway has suspended several major train lines and Shanghai halted trains heading to Guangdong, according to local media. Reporting by Bernard Orr, Ethan Wang，David Kirton and Shanghai newsroom, Farah Master and Twinnie Siu in Hong Kong; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Saola, Hong Kong's, Shenzhen's Baoan, Downpours, Bernard Orr, Ethan Wang ， David Kirton, Farah, Twinnie Siu, Lincoln Organizations: Meteorological Centre, Supermarkets, Kong's, China Southern Power Grid, China Railway, Thomson Locations: BEIJING, HONG KONG, China, Hong Kong, Guangdong, Guangdong province, Huilai County, Wan Chai district, Shenzhen, Shenzhen's, Shanghai, Fujian

☆ Apple bet on an obscure Chinese manufacturer for the Vision Pro because of its willingness to test 'crazy' ideas, report says
▼ + stars: | 2023-07-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Apple chose a Chinese firm to assemble its Vision Pro thanks to its openness to "crazy ideas." A Chinese firm responsible for assembling Apple's Vision Pro had a vote of confidence from the tech giant thanks to its willingness to test "crazy" ideas, a new report says. Luxshare, a contract manufacturer, has built close ties with Apple as the latter prepares to launch its mixed-reality headset. The Vision Pro is Apple's biggest hardware launch since the release of the iPhone in 2007 and set to be its riskiest in recent years. Apple and Luxshare did not immediately respond to Insider' request for comment outside regular working hours.

Persons: Apple, Luxshare Organizations: Financial Times, Apple, Morning, Apple's, Consumers Locations: Shenzhen

SYDNEY/SINGAPORE, June 20 (Reuters) - Asia's dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region's equity capital markets, after volumes in the first half of the year sank to their lowest in four years. First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed. "For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop," said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley. "We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe," said Udhay Furtado, Citigroup's co-head of Asia equity capital markets. As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

Persons: Goldman Sachs, Cathy Zhang, Morgan Stanley, Udhay Furtado, Citigroup's, Sunil Dhupelia, JPMorgan's, China's JD.com, Hulu Energi's, Edmund Leong, Scott Murdoch, Yantoultra, Vineet, Sonali Paul Organizations: Asia, Morgan, IPOs, STAR, Shenzhen's, Reuters, JD Industrial, JD, Alibaba, HK, Bankers, Group Investment Banking, UOB, Thomson Locations: SYDNEY, SINGAPORE, China, Asia Pacific, U.S, York, Hong Kong, Indonesia, Europe, Asia, Japan, IPOS, Southeast Asia, Amman, Sydney, Singapore, Bangalore

☆ China's first batch of bluechips under new IPO system surge in debut
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 10 (Reuters) - The first batch of blue-chip stocks to list under China's registration-based initial public offering (IPO) system surged in their Monday debut despite tepidness in the broader market. The listing of the 10 companies on the main boards in Shanghai and Shenzhen marks the full roll-out of China's U.S.-style IPO mechanism, designed to make public share sales more market oriented. Under the new rules, no daily trading limit is set for shares listed after an IPO in their first five trading days. Previously, new stocks listed in China's main boards could jump as much as 44% and slump no more than 36% at debut. However, stocks listed on the main boards are still subject to the 10% daily trading limit afterwards.

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