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☆ HK's Paul Chan reacts to criticism over the sentencing of 45 pro-democracy activists
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHK's Paul Chan reacts to criticism over the sentencing of 45 pro-democracy activistsHong Kong Financial Secretary Paul Chan defends the city's legal system following the sentencing of 45 pro-democracy activists in a landmark National Security Law case.

Persons: Paul Chan Organizations: Hong Kong Financial, National Security

He was the founder of Apple Daily, a pro-democracy, anti-Beijing newspaper that was forced to shut down in 2021. The trial, which began in December 2023, is the most high-profile prosecution of a Hong Kong media figure since the city was handed over from British to Chinese control in 1997. Like all national security trials in Hong Kong, Lai’s trial does not have a jury and is presided over by three judges picked from a national security committee that is approved by Hong Kong’s leader. “Jimmy Lai is a key instigator of anti-China activities, and his collusion with external forces to disrupt Hong Kong and incite division is well-known,” China’s foreign ministry office in Hong Kong said in a statement last week. Reporters Without Borders (RSF) ranked Hong Kong at 135 out of 180 places in its annual press freedom ranking.

Persons: Jimmy Lai, hasn’t, Hong Kong’s, Joshua Wong, “, Donald Trump, Lai, Keir Starmer, Xi Jinping, “ We’re, Jimmy Lai’s, ” Starmer, Xi, Daniel Suen, ’, Chiu Mei, “ Lai, ”, Chris Lau, CNN Lai, Trump Lai, Mike Pence, Trump, you’re, ” Lai, Hong, Anthony Kwan, John Lee, Lee, Trump’s, Hugh Hewitt, I’ll Organizations: Hong Kong CNN, Apple, White, Apple Daily, Getty, Hong, CNN, “, ” Prosecutors, Kowloon Law, Trump, Beijing, Hong Kong . Police, ” Police, HK, Hong Kong Locations: Hong Kong, China, Britain, British, Brazil, AFP, Beijing, Kowloon, Washington, “ Hong Kong, China , Hong Kong, Hong

☆ CNBC Daily Open: It’s not unexpected markets are back to preelection levels
▼ + stars: | 2024-11-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Source: NYSEThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Last Monday, the S&P closed above 6,000 and the Dow finished the day above 44,000 for the first time. When markets closed on Friday, the S&P lost 2.1% and the Dow had fallen 1.2% for the week — both ending the week below their milestones. Those were the worries weighing on markets last week, which brought the S&P back to its level in mid-October, noted CNBC's Michael Santoli.

Persons: Dow, Trump, Robert F, Kennedy Jr, Trump's, Michael Santoli, Kristy Akullian, Akullian, —, Brian Evans, Alex Harring Organizations: HK, New York Stock Exchange, CNBC, Dow, Trump, Nasdaq, U.S . Department of Health, Human Services, BlackRock Locations: satiation, surfeit, Americas, BlackRock

☆ China's state-owned tobacco behemoth is booming, defying global trends and anti-smoking efforts
▼ + stars: | 2024-11-12 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

These trends — fueled by China Tobacco — come against the backdrop of a long-term decline in cigarette sales globally. While Beijing has made commitments to curb smoking prevalence, it hasn't appeared to have materially impacted tobacco sales. In the case of China Tobacco, industry and government policy directly overlap. "China Tobacco has been exploiting this insider status and wielding its influence within the government to effectively block the adoption of tobacco control policies," he added. China Tobacco and its Hong Kong-based subsidiary China Tobacco International (HK) did not respond to an inquiry from CNBC.

Persons: Euromonitor, hasn't, Philip Morris, Gan Quan, Quan, STMA, Judith Mackay Organizations: Getty, China National Tobacco Corporation, China Tobacco, Retail, World Health Organization, State Tobacco Monopoly Administration, Philip Morris International, World, Tobacco Control, CNBC, Vital, Tobacco, Bath University, Asian Consultancy, China Tobacco International, HK, Global Locations: Shanghai, China, Euromonitor, Beijing, Hong Kong

☆ Stocks to play China's shopping festival — even if consumers spend less
▼ + stars: | 2024-11-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

As China's biggest shopping festival of the year gets underway, analysts are starting to favor Chinese logistics companies as a way to play the online shopping trend. The JPMorgan report initiated coverage of U.S.-listed ZTO Express , which the analysts said is China's largest express parcel player with more than 20% of the market. ZTO YTD mountain ZTO Express shares in the U.S. in 2024. Morgan Stanley is less bullish, rating J & T equal-weight while citing competitive risks in China and potential challenges in Southeast Asia. "Cuts on overseas profitability outlook has weakened our investment thesis," the Morgan Stanley analysts said.

Persons: JD.com, Morgan Stanley, ZTO, Morgan Stanley's, Nomura, Jet Li, Li, Michael Bloom Organizations: JPMorgan, YTO Express, STO Express, Yunda, T Global Express Ltd, ZTO's, ZTO Express, J, T Global Express, HK, Nomura, Hong Kong, Hong, CNBC Locations: Hong Kong, U.S, China, Southeast Asia, T Global Express Hong Kong

☆ CNBC Daily Open: September’s shockingly good jobs report changes everything
▼ + stars: | 2024-10-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Angus Mordant | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineOh, to be a fly on the wall when the U.S. Labor Department arrived at the final tally for September's jobs number. That's perhaps why stocks rose only tentatively on its release. For the week, S&P rose 0.22%, the Dow ticked up 0.09% and the Nasdaq increased 0.1% — a huge jump, considering it was down more than 1% at Thursday's close.

Persons: Angus Mordant, payrolls, David Royal, –, Jeff Cox, Alex Harring, Lisa Kailai Han Organizations: HK UBI, Bloomberg, Getty, CNBC, U.S . Labor Department, Dow Jones, Nasdaq, Dow, Labor Locations: Albany, Latham , New York, —, Thursday's

☆ Beyond Novo: Fund manager likes this under-the-radar pharma stock with a weight loss drug in the works
▼ + stars: | 2024-10-04 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

"Maybe that weight loss product (by United Laboratories) works, maybe it doesn't. United Laboratories' price-to-earnings of 5.8 times is a fraction of the 34.3 times that Novo Nordisk is trading at, Peche added. [United Laboratories] is making smooth progress in R & D and targets to launch Liraglutide in 2024. Their comments follow United Laboratories' "faster than expected earnings" growth in the first half of the year. Analysts' average price target on United Laboratories is 12.95 Hong Kong dollars, giving it 28.2% potential upside.

Persons: Sean Peche, it's, Peche, there's, that's, Eli Lilly, Amgen, Carol Dou, Sunny Chen, UOB Kay Hian, bode Organizations: Novo Nordisk, Ranmore Fund Management, United Laboratories, Pfizer, AstraZeneca, Global Equity Fund, Hong, Hong Kong bourse, HK Locations: Hong Kong, Novo, Europe, U.S

☆ China property stocks rally after major cities ease homebuying restrictions
▼ + stars: | 2024-09-30 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +3 min

Noel Celis | Afp | Getty ImagesShares of Chinese property developers rallied on Monday after major cities in mainland China unveiled easing measures to boost homebuyer sentiment, following the central bank's blitz of policy stimulus. The Guangzhou city government said in a notice on Sunday that all restrictions on home purchases would be removed, effective from Monday. China Overseas Land & Investment and China Vanke climbed 5.06% and 12.89%. Mainland China's CSI 300 surged 6% Monday, after the index logged its best week in almost 16 years on Friday. The easing measures follow the central government's call last week to combat the property slump last week.

Persons: Noel Celis, China Vanke, Allen Feng, Gary Ng, Ng, Xi Jinping Organizations: HK, Afp, Getty, Mainland Properties, Longfor Group Holdings, Hang Lung, China Resources, ., . China Overseas Land & Investment, China's CSI, CSI, People's Bank of Locations: Guangzhou, China's, Guangdong, China, Shanghai, Hong Kong, . China, —, Beijing, People's Bank of China

☆ Stocks to play the China trade until the latest stimulus package kicks in
▼ + stars: | 2024-09-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Until the government's measures pan out, investment strategists are recommending a handful of oversold stocks in China. U.S. hedge fund billionaire David Tepper said Thursday on CNBC's " Squawk Box " that he bought more Chinese stocks after the change in China policy. That hedge fund allocation rose to 7.3% on Tuesday, which saw the largest single day purchases by hedge funds since March 2021, Rubner said. Retail investors account for the majority of trading activity in mainland Chinese stocks, also known as A shares. Mainland Chinese stock exchanges are scheduled to close from Oct. 1 to Oct. 7 for a holiday, which this year commemorates the 75th anniversary of the People's Republic of China.

Persons: Wendy Liu, Rupal Agarwal, Bernstein, David Tepper, Donald Trump, Tepper, Pan Gongsheng, Xi Jinping, Scott Rubner, Goldman Sachs, Rubner, Goldman, China hasn't, Li Dongfang, Li, financials, — CNBC's Michael Bloom Organizations: CSI, JPMorgan, Tal Education, Huawei, People's Bank of China, CNBC, HK Locations: Shanghai, Shenzhen, China, Tsingtao, U.S, Zhejiang, Asia, Hong Kong, Beijing, Mainland, People's Republic of China

Lebanese authorities have said that the devices used in the attacks were Gold Apollo Rugged Pager AR-924 pagers and ICOM IC-V82 walkie-talkies. The logo of Taiwanese company Gold Apollo is seen outside its office in New Taipei City on September 18, 2024. Yan Zhao/AFP/Getty ImagesThe chairman and founder of Taiwan-based Gold Apollo, Hsu Ching-kuang, was questioned by Taiwanese prosecutors last Thursday before being released. On its YouTube channel and website, Apollo Systems HK said that it had acquired the “sole distribution rights” to Gold Apollo pager systems. Hsu Ching-kuang (L), head of Taiwanese company Gold Apollo, speaks to the media outside the company's office in New Taipei City on September 18, 2024.

Persons: Budapest CNN — Israel, Yoav Gallant, “, Shin, Israel, Sean Moorhouse, ” Moorhouse, Mohamed Azakir, –, Gold, ICOM, Yan Zhao, Hsu Ching, Hsu, Teresa, Teresa Wu, Wu, Jakub Porzycki, Cristiana, Arcidiacono, ’, DANS, Dimitar Glavchev, Rinson Jose, Jose, Hassan Nasrallah, ” Nasrallah, ”, Hassan Ammar, Volker Türk, Pallabi Munsi, Katie Polglase, Tara John, Eyad Kourdi, Avery Schmitz Organizations: Budapest CNN, Getty, Israel, CNN, British Army, American University of, American University of Beirut Medical Center, Reuters, United Nations, UN Security, UN, International, New York Times, Consulting, Budapest, Gold, Prosecutors, BAC Consulting, Apollo Systems Ltd, Taiwan’s International Trade Administration, Apollo Systems, Apollo Systems HK, YouTube, Apollo, AA, ”, NBC News, Norta Global, Norta, Norwegian Police Security Service, Security, “ Authorities Locations: Beirut, New Taipei City, Budapest, Lebanon, Beirut's, AFP, American University of Beirut, Taiwan, Hungary, Taipei, Taipei City, Hong Kong, United States, Australia, Europe, Bulgaria, Norway, Anadolu, pagers, Sofia, Norwegian, Gaza

☆ Hong Kong's New World Development shares surge 23% after CEO resigns
▼ + stars: | 2024-09-27 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Signage at the New World Tower, which houses the headquarters of New World Development Co., in Hong Kong, China, on Thursday, Sept. 26, 2024. New World Developmen suspended trading of its shares in Hong Kong on Thursday morning. Shares of Hong Kong's New World Development surged following the resignation of Adrian Cheng, a member of the founding family. Hong Kong listed shares of the major development company traded 23% higher after trading resumed on Friday. New World's woes come as property pains continue to plague Hong Kong and mainland China.

Persons: Adrian Cheng, Cheng, Eric Ma Siu, Cheung, Alicia Garcia, Herrero, Hong Kong tycoons, China's Organizations: New, Hong, HK, Asia Pacific, CNBC, China's Locations: Hong Kong, China, Natixis, tycoons, Asia

☆ Hong Kong’s first transgender singer-songwriter seeks voice through music
▼ + stars: | 2024-09-23 | by ( ) www.nbcnews.com time to read: +2 min

HONG KONG — Xavian Wu, Hong Kong’s first high-profile transgender singer-songwriter, sought to use the city’s annual LGBTQ Pink Dot HK carnival on Sunday to share his story through music. I don’t want to hide,” Wu told Reuters. He started enjoying music and performing when he was a teenager. After seeking medical advice, he started taking testosterone in 2018 and finished top surgery in Thailand in 2020. Wu said he was incredibly fortunate to have his mother accompany him to Thailand and support him.

Persons: Xavian Wu, Hong Kong’s, Wu, ” Wu, “, women’s, Music Organizations: Dot, Reuters Locations: HONG KONG, Hong Kong, Thailand

☆ This Chinese stock has a big U.S. buyer in consumer tech aimed at the smart glasses market
▼ + stars: | 2024-09-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Smart glasses, many with components made in China, are emerging as an up-and-coming category as the fall consumer technology product season gets underway. Snap has revealed augmented reality glasses ; Meta is expected to do so at its own event starting Sept. 25. The Facebook-parent's Ray-Ban Meta Smart Glasses are already seeing traction, HSBC's Frank He, head of technology hardware research for mainland Chinese stocks, pointed out in a report earlier this month. The roughly $300 Ray-Ban Meta smart glasses allow users to take pictures, short video clips, listen to music and interact with Meta's AI features, according to promotional materials. For the year through July, the optical company's non-smartphone camera module shipments surged about 61%, which HSBC attributes to "brisk sales" of Ray-Ban Meta Smart Glasses.

Persons: parent's Ray, Frank He, Sunny, Ray, Sunny Optical's, — CNBC's Michael Bloom Organizations: HSBC, Ray, U.S, Hong, JPMorgan, HK Locations: China, Hong Kong, Vietnam, India, Europe, U.S, Friday's

☆ Hong Kong central bank cuts interest rate, tracks Fed move
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +1 min

People wearing face masks walk by the Hong Kong Monetary Authority on March 4, 2020 in Hong Kong. HKMA said the U.S. interest rate cut will have a positive impact on the economy of the Asia financial center and will provide some room for easing of local interest rates. "In Hong Kong, our financial and monetary markets have continued to operate in a smooth and orderly manner. "The rate cut cycle has just begun, interest rates will remain at relatively high level in the foreseeble future. The public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other lending decisions," Lee added.

Persons: HKMA, Howard Lee, Lee Organizations: Hong Kong Monetary Authority, Hong, HK, U.S ., U.S . Federal Reserve, Hong Kong Locations: Hong Kong, United States, U.S, Asia

☆ Vance grilled on high cost of Trump's new IVF plan
▼ + stars: | 2024-08-30 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

"Well, look, I think you have insurance companies that obviously are forced to cover a whole host of services," Vance replied. Trump had unveiled the IVF policy in broad strokes during a campaign event in Michigan a day earlier. IVF, Trump and abortionTrump's embrace of IVF as a policy platform is the former president's latest effort to court voters concerned about women's reproductive rights. Trump, in turn, urged the state to find a solution that would "preserve the availability of IVF in Alabama." In Friday's CNN interview, Vance was asked how Trump's new federally mandated IVF funding plan would work if a state chose to ban the procedure.

Persons: Sen, JD Vance, Jeff Swensen, Donald Trump, John Berman, Vance, Kamala Harris, Trump, Brian Snyder, Harris, Roe, Wade, Dobbs, Lindsey Graham of, Kay Ivey Organizations: HK, VFW, Getty, CNN, Democratic, Republican, Alro, Reuters, NBC News, U.S . Department of Health, Human Services, The Society, Reproductive Technology, Affordable, Trump, Jackson, Health Organization, The New York Times, GOP, Republican Party, Alabama Supreme, Alabama Locations: R, Ohio, New Kensington , Pennsylvania, Michigan, Potterville , Michigan, Lindsey Graham of South Carolina, Alabama, Florida

☆ China’s slower growth hasn’t dragged down this consumer stock. Why it’s up 90% this year
▼ + stars: | 2024-08-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"We expect 30 retail store openings this year in China and China market sales to grow 21% YoY in 2024." Raised target Morgan Stanley raised its price target to HK$52, up from HK$45 previously, after Pop Mart's profit alert. "Strong pickup in online channels and Pop Land were the key drivers, while offline sales growth also accelerated (driven by teens% [same-store sales growth])." Pop Land is a theme park that Pop Mart opened near a major city park in Beijing in September 2023. "The company is well-prepared to sustain its high sales growth momentum into 2H24F, in our view (we estimate 2H24F total sales growth of 39% y-y)," the Nomura analysts said.

Persons: Morgan Stanley, Pop Mart, they've, Michael Bloom Organizations: Pop Mart, Pop, Mart, Disney, Hong, Apple, Starbucks, HK, China Renaissance, Nomura, U.S, Jefferies, Comcast, CNBC, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games Locations: Hong Kong, China, Beijing, Pop, Thailand, NBCUniversal, U.S

☆ As Ryan Salame stares down years in prison for his role in FTX, he's spending his time doing what he loves: posting
▼ + stars: | 2024-08-02 | by ( Haven Orecchio-Egresitz | ) www.businessinsider.com time to read: +12 min

Read previewIn May, Ryan Salame was sentenced to 7½ years in prison for his role in Sam Bankman-Fried's multi-billion-dollar cryptocurrency fraud. In May, US District Judge Lewis Kaplan — who also oversaw Bankman-Fried's trial — sentenced Salame to 7.5 years in prison, higher than what prosecutors recommended. AdvertisementSalame says without evidence that a key witness in Bankman-Fried's trial liedSalame pleaded guilty to charges against him in September, shortly before the start of Bankman-Fried's criminal trial in Manhattan. At the trial, Singh said he initially cared about the political donations, but later just did whatever Salame told him to. In social media posts, Salame said Singh wasn't being truthful about his role in the use of FTX customer funds.

Persons: —, Ryan Salame, Sam Bankman, Salame, Fried, SBF, Trump, Donald Trump, RyAN, Lewis Kaplan —, Kaplan, ANGELA WEISS, weren't, German Shepherd, Caroline Ellison, Gary Wang, Nashad Singh —, Wang, Singh, Ellison hasn't, Salame didn't, didn't, Nishad Singh, FTX, Ellison, Singh wasn't, Nishad, I've, Guy, hasn't, he's, Joe Biden, Bitcoin, Gary Gensler, Biden, Kamala Harris Organizations: Service, Business, Alameda Research, US Bureau of Prisons, US, Mega, FTX, Circle Trade, CPA, HK, Republican Party, Twitter, Alamada Research, Prosecutors, Getty, FTX's, Office, Southern, of, Bankman, Republican, Alameda, SEC, Trump Card Locations: Bankman, FTX, Alameda, Bahamas, America, Nashville, Manhattan, Washington ,, United States, German, of New York, York

☆ Here's how much athletes at the Paris Olympics earn for winning medals
▼ + stars: | 2024-07-31 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Olympic and Paralympic medals are shown during the unveiling of the Paris 2024 Olympic and Paralympic Games Medals on February 1, 2024 in Paris, France. Pascal Le Segretain | Getty Images Sport | Getty ImagesThe Paris 2024 Olympics is well underway, with dozens of medals already handed out. Vivian Kong won Hong Kong's first medal at the Paris Games, topping the podium in the women's epee individual event. Vaughn Ridley | Getty Images Sport | Getty ImagesOther governments dangling six-figure cash rewards for their gold medalists include Israel, Malaysia, Kazakhstan and Indonesia. Gold medalists receive 20,000 euros ($22,000).

Persons: Pascal Le Segretain, Hong, Administration Chan Kwok, ki, Vivian Kong, Hong Kong's, Cheung Ka, Siobhan Bernadette Haughey, Joseph, Michael Phelps, Vaughn Ridley, Man Wai Vivian Kong Organizations: Paris, Paralympic, Getty, International Olympic, CNBC, Olympic, Hong Kong, Tokyo, Administration, HK, Paris Games, Singapore, United, Rio, Tokyo Games, Germany's Sports Aid Foundation, Indian Olympic Association, Team Hong Kong, Olympic Games, Grand Palais Locations: Paris, France, Hong Kong, Singapore, United States, Israel, Malaysia, Kazakhstan, Indonesia, Grand

☆ HK Express apologizes after two blind passengers removed from Hong Kong-Tokyo flight
▼ + stars: | 2024-07-09 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +4 min

Andy Chui (left) and John Li at a press conference held by the Hong Kong Blind Union on July 7, 2024. They said were removed from an HK Express flight on May 22, 2024. Hong Kong Blind Union“They need to ensure that companies comply with these guidelines and that there are punitive measures when companies discriminate against people with disabilities,” Wong told CNN. HK Express said its staff had followed the airline’s “standard safety procedures,” during the incident, without specifying whether the two passengers had failed to comply with its protocols. All 35 passengers on the flight walked off in solidarity with Rizzi.

Persons: “, Andy Chui, John Li, –, Li, Chui, ” Chui, Billy Wong, Wong, ” Wong, ”, KK Ong, Albert Rizzi, Rodney Hodgins Organizations: Hong Kong CNN — Budget, HK Express, Hong Kong Blind Union, . Blind Union, CNN, Cathay, ” HK Express, ”, US Airways, Rizzi, Air Canada, Las Vegas . Air Canada Locations: Hong Kong, Tokyo, Hong, Long, Las Vegas

☆ Goldman Sachs added these global stocks to its 'conviction' lists
▼ + stars: | 2024-07-04 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Goldman Sachs has refreshed its lists of top global stock picks for July, adding some and removing others. The stocks are featured in the investment bank's "Conviction List - Directors' Cut" which seeks to offer investors a "curated and active" list of 15 to 25 buy-rated stocks. Stocks on the list are selected by a subcommittee designated by the bank's Investment Review Committee for each region. "The subcommittee will collaborate with each sector analyst to identify top ideas that offer a combination of conviction, a differentiated view and high risk-adjusted returns," Goldman Sachs said. The investment bank's analyst Ben Andrews expects the company's organic growth and margins to surpass consensus estimates.

Persons: Goldman Sachs, Ronald Keung, Keung, Goldman, Ben Andrews, — CNBC's Michael Bloom Organizations: bank's Investment, Tencent Holdings China, HK, Hong Kong Stock Exchange, U.S, ISS, Copenhagen Stock Exchange Locations: Asia, Pacific, Europe, Danish, U.S

☆ Hong Kong's IPO market is finally starting to turn around, consulting firm EY says
▼ + stars: | 2024-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Hong Kong Exchanges and Clearing celebrates the 24th anniversary of its listing on June 21, 2024. "We are seeing more of these [U.S. dollar] funds, they are moving back to Hong Kong. "I would say if the interest rate can be further cut down, 1% maybe, that would have a significant effect on the IPO market," Chan said. Hong Kong IPO returns are improving. "These things added together are projecting an upward trend for the Hong Kong market [in the] next 5 years."

Persons: George Chan, Chan, EY, Hong Kong, Marcia Ellis, Morrison Foerster, Hong Kong IPOs, China IPOs, Bonnie Chan, EY's George Chan, EY's Chan Organizations: Hong Kong Exchanges, China News Service, Getty, CNBC, Information, HK, China Securities Regulatory, Hong Kong . Investors, U.S . Federal Reserve, Hong Kong Stock Exchange, Hong, Hong Kong Locations: BEIJING, Hong Kong, China, U.S, Shanghai, Hong, Greater China

☆ China's BYD opens EV factory in Thailand, first in Southeast Asia
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +2 min

China's BYD opens its first electric vehicle (EV) factory in Southeast Asia, a fast-growing regional EV market, in Rayong, Thailand, July 4, 2024. China's BYD opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player. "Thailand has a clear EV vision and is entering a new era of auto manufacturing," BYD CEO and President Wang Chuanfu said at the opening ceremony. The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives. Other EV rivals in the local market include Great Wall Motor, which also has a production facility in Thailand, and U.S. automaker Tesla.

Persons: China's BYD, Wang Chuanfu, Narit Therdsteerasukdi, Liu Xueliang, Tesla Organizations: EV, HK, Toyota Motor, Honda Motor Co, Isuzu Motors, ASEAN, Thailand's, of Investment, European, BYD's, BYD's Asia Pacific, BYD, U.S Locations: Southeast Asia, Rayong, Thailand, China, Hong Kong, BYD, Hungary, BYD's China, BYD's Asia

☆ Morgan Stanley says this is the stock to play China's EV industry consolidation
▼ + stars: | 2024-06-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Morgan Stanley has resumed coverage of Hong Kong-listed Geely with an overweight rating on expectations the Chinese automaker can weather macro and industry uncertainties. "We see Geely as a beneficiary of market consolidation," Morgan Stanley Asia equity analyst Tim Hsiao and a team said in a June 25 report that resumed coverage of the stock. Hangzhou-based Geely entered China's auto industry in 1997 and is known for acquiring Volvo in 2010. But the company raised the share of its new energy vehicles to 32% so far this year, higher than peers such as Great Wall Motor, for which the share is 23%, the Morgan Stanley analysts pointed out on Tuesday. The Morgan Stanley analysts on Tuesday set a price target of HK$11.20 ($1.43), about 27% above where shares closed Friday.

Persons: Morgan Stanley, Tim Hsiao, Geely, PHEV, Morgan Stanley's, BYD, bode Organizations: U.S, European Union, Lynk, Volvo, HK Locations: Hong Kong, Morgan Stanley Asia, Hangzhou, New York, China, EVs

☆ Hongkong Land plans $1 billion luxury retail destinations in financial hub
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +1 min

Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday. Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday. The expansion plan comes against a backdrop of overall sliding retail and office markets in Hong Kong, where vacancy rates are at record high levels. But Hongkong Land said its "Very Important Customer" group has continued to spend more in 2023 and 2024, an average of HK$1 million ($128,080) each last year. VIC contributed around 80% of the company's luxury retail sales in Hong Kong.

Persons: Jardine Matheson, Cartier, Louis Vuitton Organizations: Hongkong Land, Hong Kong's, Tiffany, Co, Louis, HK, VIC Locations: Hong, Hong Kong

☆ U.S. probing China Telecom, China Mobile over internet and cloud risks, Reuters reports citing sources
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: +7 min

Routing through ChinaChina Telecom, China Mobile and China Unicom have long been in Washington's crosshairs. The FCC denied China Mobile's application to provide telephone service in 2019 and revoked China Telecom and China Unicom's licenses to do the same in 2021 and 2022 respectively. It cited at least nine instances where China Telecom misrouted internet traffic through China, putting it at risk of being intercepted, manipulated or blocked from reaching its intended destination. China Telecom has previously denied the government's allegations and told U.S. agencies that routing problems are common and occur on all networks. China Telecom did not respond to requests for comment about its U.S. based PoPs.

Persons: Peter Parks, Biden, China Unicom, Doug Madory, Bill Woodcock, Alibaba Organizations: HK, China Mobile, Peter, AFP, Getty, China Telecom, Authorities, Commerce Department, China, Commerce, Embassy, Reuters, Washington, Regulators, China China Telecom, FCC, U.S, Justice Department, PoPs Locations: China Mobile, China, Beijing, United States, Washington, crosshairs, U.S

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