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☆ Berkshire Hathaway sells $44.9 mln of shares in China's BYD
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File PhotoFeb 2 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$351.81 million ($44.85 million), a stock exchange filing showed. The sale lowered Berkshire's holdings in BYD's issued H-shares to 12.9% on Jan. 27, down from 13.04%, the filing to the Hong Kong Stock Exchange showed on Thursday. Berkshire, which started selling the BYD shares in late August, has accumulatively reduced its holding by more than a third. Buffett's company acquired 225 million BYD shares in 2008, giving it a 7.73% stake, equal to the 20.49% stake in H shares, according to BYD's annual report. ($1 = 7.8434 Hong Kong dollars)Reporting by Twinnie Siu and Zhang Yan; editing by Jason Neely Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Senior Australian official asks China to remove trade impediments
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Jan 20(Reuters) - Australia's Assistant Minister for Trade Tim Ayres called for the removal of China's "trade impediments" on Australian exports in a meeting with his Chinese counterpart on the sidelines of the World Economic Forum, his office said. China's Xinhua news agency earlier reported that Thursday's meeting between Australian and Chinese officials had agreed that trade ministers from the two nations will hold virtual discussions "in the near future." No date has been set for the video meeting between Chinese Commerce Minister Wang Wentao and his Australian counterpart, Don Farrell, it said. "Assistant Minister Ayres raised the importance of cooperation to deliver the outcomes of the World Trade Organization 12th Ministerial Conference, and the removal of current trade impediments affecting Australian exports to China in both countries' interests," a spokeswoman for Ayres said in a statement. Canberra has two complaints at the World Trade Organisation against China's tariffs on Australian wine and barley, and is watching to see if Beijing lifts unofficial trade blockages on other Australian exports.

☆ Hong Kong asks Japan to drop airport restrictions with 60,000 travellers affected
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

Japan, which is a top travel destination for Hong Kong people, said it would limit flights from Hong Kong, Macau and mainland China to Tokyo's two airports, plus Osaka and Nagoya from Friday. "It is understood that around 250 outbound flights of Hong Kong airlines will be affected between December 30, 2022 and the end of January 2023, affecting around 60,000 passengers," the government said in a statement late on Wednesday. "We think that Hong Kong people should be allowed to use not just these four airports," Lee said. Flights of Hong Kong airlines can still carry passengers back to Hong Kong from various airports in Japan, the government said, to "ensure the smooth return of Hong Kong people from Japan and to minimise the impact to Hong Kong travellers caused by the incident." Hong Kong Airlines and Peach Aviation announced they would cancel some flight routes because of the rules.

☆ Hong Kong to scrap COVID tests for arrivals, vaccine pass - media
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

Hong Kong leader John Lee is due to hold a media briefing at 3.30pm (0730 GMT) to give further details. The expected announcement comes after Lee said on Saturday that Hong Kong would reopen its borders with mainland China by mid-January. Hong Kong has for nearly three years largely followed China's lead in tackling the novel coronavirus. Hong Kong and China have lagged the rest of the world in easing stringent COVID rules. International passengers arriving in Hong Kong since mid-month are no longer subject to COVID-related movement controls or barred from certain venues.

☆ Macau to drop COVID tests for arriving passengers
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Dec 22 (Reuters) - International arrivals to Macau, including from Hong Kong and Taiwan, will no longer need to undergo a nucleic acid test after landing and will be able to move freely, the government said on Thursday, the biggest steps yet to relax stringent COVID measures. However, travellers from overseas will still be required to present a negative nucleic acid test certificate for entry, the government said. Earlier this week, Macau cancelled its regulations on risk zones in mainland China. Visitor arrivals to the world's biggest gambling hub dropped by 36.8% on the month and 54.3% year-on-year to 366,511 in November, according to the Macau Statistics Bureau. Reporting by Twinnie Siu, Meg Shen and Farah Master; Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Macau government cancels COVID risk zones for mainland China
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Dec 19 (Reuters) - Macau's government said on Monday that it would cancel its regulations on risk zones in mainland China starting from Tuesday, the latest unwinding of stringent COVID-19 rules that have hammered revenues in the world's biggest gambling hub. In addition, all arrivals into Macau via the mainland, including from overseas, need to show a negative COVID test conducted within the last 72 hours, versus 48 hours previously, the government said. Macau is heavily reliant on Chinese visitors. Tourists from greater China, including Hong Kong and Taiwan, account for more than 90% of total visitation. Reporting by Twinnie Siu and Farah Master; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong c.bank raises rates after Fed hike, HSBC follows
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 15 (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Thursday it would raise its base rate charged through the overnight discount window by 50 basis points to 4.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. read more"Rate hike in the U.S. will not affect the financial and monetary stability of Hong Kong," HKMA Chief Executive Eddie Yue told reporters. HSBC Holdings tracked the rate hike saying it was raising its best lending rate in Hong Kong by 25 basis points to 5.625% effective Dec. 16. The market generally expects the U.S. dollar interest rate to continue to rise and together with increase Hong Kong dollar funding demand driven by seasonal requirements and the local stock market, the Hong Kong dollar interbank rates might remain at elevated levels for some time, HKMA said. Hong Kong's private home prices have fallen 10.5% in the first 10 months of this year with October prices down 2.4% in the biggest drop since November 2018, hit by rising interest rates and a pessimistic economic outlook.

☆ Macau to allow home isolation for COVID infections
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Health officials said that infected patients would be able to stay at home and self-monitor for five days. Macau, a Chinese special administrative region, has directly followed the mainland's coronavirus strategy since 2020, given its huge reliance on Chinese visitors to fuel its gambling-dependent economy. The former Portuguese colony, home to more than 600,000 people, has recorded just over 900 COVID cases since 2020 and six deaths. Macau Secretary for Social Affairs and Culture Elsie Ao said last week that up to 80% of the city's population would likely get COVID following a significant easing of pandemic isolation and testing rules. Officials have urged residents not to worry about contracting the virus since most cases involve mild or no symptoms.

☆ Foxconn's COVID-hit China plant lifts "closed-loop" management curbs
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 8 (Reuters) - HONG KONG, Dec 8 (Reuters) - Apple supplier Foxconn's (2317.TW) COVID-hit Zhengzhou facility in China has lifted its "closed-loop" management curbs on Thursday, it said in a statement posted on its WeChat account. The Zhengzhou industrial park where Foxconn's plant locates has been under a so-called closed-loop system that isolated the plant from the wider world for 56 days, the statement said. Its Zhengzhou plant was in October hit by a COVID-19 outbreak that prompted it to impose tough restrictions that involved isolating many staff. Foxconn could have seen more than 30% of the Zhengzhou site's November production affected, Reuters reported last month citing a source familiar with the matter. The company's November revenue fell 11.4% year on year reflecting production problems related to COVID controls at the major iPhone factory.

☆ Hong Kong government eases COVID quarantine and testing regime after Beijing moves
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Dec 8 (Reuters) - The Hong Kong government said on Thursday that the isolation period for COVID-19 patients and their close contacts will be cut to five days from seven days. The requirement for arrivals to Hong Kong to undergo daily rapid antigen tests would also be reduced from seven to five days. However, the current social distancing measures, including mandatory masks and the use of a contact tracing app in public buildings, bars and restaurants, will remain until Dec. 28. Hong Kong's moves come after Chinese authorities on Wednesday announced the most sweeping changes to the nation's stringent COVID control measures since the pandemic began three years ago. Reporting by Jessie Pang and Twinnie Siu; Writing by Greg Torode; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn unit invests $500 mln in India affiliate
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Dec 8 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Thursday that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited for $500 million. Reporting by Meg Shen and Twinnie Siu; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Macau's 6 casino operators get new licences, Malaysia's Genting out
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

Nov 26 (Reuters) - Macau's government said on Saturday its six incumbent casino operators would be given new licences to operate in the world's biggest gambling hub from January, with Malaysian operator Genting missing out on a spot. The highly anticipated announcement signals stability and continuity for the Macau operators who have invested more than $50 billion in the Chinese special administrative region in the past 20 years. Officials in Macau, the world's biggest casino hub, told a news briefing the main considerations for granting licences included ensuring local employment, developing overseas tourist markets and developing non-gaming projects. Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China (2282.HK), Melco Resorts (MPEy.F), and SJM Holdings (0880.HK), have operated in the Chinese special administrative region since 2002. "We are committed to Macau and its development as Asia's premier tourist destination," Lawrence Ho, chairman and chief executive of Melco, said in a statement.

☆ Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 25 (Reuters) - U.S. asset manager Neuberger Berman's Chinese unit said on Friday it has been granted a license by the Chinese securities regulator to conduct mutual fund business. It officially becomes the second wholly foreign-owned fund management company allowed to conduct mutual fund business in the country, the company said on its official WeChat account. BlackRock (BLK.N) already operates a fully owned mutual fund business in China. In September, the China Securities Regulatory Commission (CSRC) approved Neuberger Berman to set up a wholly owned mutual fund unit in Shanghai. Reporting by Samuel Shen, Ella Cao and Twinnie Siu, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire Hathaway sells $80.7 mln of shares in China's BYD
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 22 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$630.33 million ($80.67 million), a stock exchange filing showed. The sale lowered Berkshire's holdings in BYD's total issued H-shares to 15.99% on Nov. 17, down from 16.28%, a filing to the Hong Kong Stock Exchange showed on Tuesday. ($1 = 7.8141 Hong Kong dollars)Reporting by Twinnie Siu Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire Hathaway sells shares worth $80.7 mln in China's BYD
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 23 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$630.33 million ($80.67 million), a stock exchange filing showed. The sale lowered Berkshire Hathaway's holdings in BYD's total issued H-shares to 15.99% on Nov. 17 from 16.28%, a filing to the Hong Kong Stock Exchange showed on Tuesday. The Hong Kong-listed shares of BYD fell as much as 2.3% to HK$174.10 on Wednesday, their lowest since Oct. 31. Berkshire Hathaway last sold 5.78 million Hong Kong-listed shares in BYD on Nov. 8 for HK$1.14 billion. ($1 = 7.8188 Hong Kong dollars)Reporting by Twinnie Siu and Donny Kwok; Editing by Anne Marie Roantree andOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong leader tests positive for COVID-19 after APEC summit
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 21 (Reuters) - Hong Kong Chief Executive John Lee has tested positive for COVID-19 after arriving back in the city from an Asia-Pacific Economic Co-operation (APEC) summit in Bangkok, the government said in a statement. Reporting By Twinnie Siu; Editing by Anne Marie Roantree and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts delivery waiting time for all model 3, model Y cars
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 15 (Reuters) - Tesla (TSLA.O) has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week, it said on its website on Tuesday. The U.S. automaker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank International (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world’s largest car market. read moreTesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales. Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners. read moreReporting by Zhang Yan, Twinnie Siu and Ella Cao, Editing by Louise Heavens and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD scraps IPO plan for semiconductor unit
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 15 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit's asset structure. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. BYD, backed by U.S. billionaire Warren Buffett, said it would restart the unit's listing process when the investment and production capacity expansion had been completed. According to the IPO prospectus, the chip unit aimed to raise 2 billion yuan ($281 million) to fund projects and replenish capital on the Nasdaq-like ChiNext Board of the Shenzhen Stock Exchange. The IPO plan was first halted by the exchange in August 2021, as a firm advising on the IPO process faced a regulatory probe.

☆ Berkshire Hathaway sells $145 mln of shares in China's BYD, filing shows
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 11 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 5.78 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$1.14 billion ($145.38 million), a stock exchange filing showed. The sale lowered Berkshire's holdings in BYD's total issued H-shares to 16.62% on Nov. 8, down from 17.15%, Friday's filing to the Hong Kong Stock Exchange showed. Last week Berkshire Hathaway sold H-shares worth HK$560 million. ($1 = 7.8414 Hong Kong dollars)Reporting by Twinnie Siu Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong's economy shrinks for third straight quarter, outlook dims
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 11 (Reuters) - Hong Kong's economy contracted 4.5% in the third quarter from a year earlier, advance government data showed on Friday, weighed down by rising global interest rates and a slump in trade. It was the third consecutive quarter of year-on-year contraction for the Asian financial hub's gross domestic product (GDP), and marked the worst contraction since the second quarter of 2020. "Looking forward, the markedly deteriorating external environment will continue to pose immense pressure on Hong Kong's export performance," a government spokesman said in a statement, adding that geopolitical tensions and uncertainties over COVID-19 will add downside risks. Cases of negative equity in Hong Kong's residential mortgage loans registered a near nine-fold increase in the third quarter from the previous one, with a fall in house prices accelerating during the period. "(Hong Kong) economic outlook remains cloudy on all fronts if the border remains partially opened in the fourth quarter," said Samuel Tse, an economist at DBS Bank.

☆ CanSino's inhalable COVID-19 vaccines to be available in Tianjin from Nov 10
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 9 (Reuters) - Chinese pharmaceutical company CanSino Biologics (6185.HK) said on Wednesday its inhalable COVID-19 vaccines will be available in China's northern city of Tianjin from Nov 10, a statement on its Wechat account said. Last week, the Tianjin-based company said it did not expect its inhaled COVID vaccine to significantly boost financial results, based on current immunity strategy and domestic booster vaccination rates. China's financial hub Shanghai and 13 cities in eastern Jiangsu province have already introduced CanSino's inhalable vaccines as a booster for their citizens, CanSino said. Reporting by Ella Cao and Twinnie Siu. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ CanSino rolls out inhalable COVID vaccine in Tianjin, Beijing
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 9 (Reuters) - Beijing residents can start making appointments for an inhalable COVID booster made by CanSino Biologics, media reported on Thursday, while those in Tianjin city can now get it as the Chinese pharmaceutical firm distributes more supplies. read moreThe financial hub of Shanghai and 13 cities in the eastern province of Jiangsu have already introduced the CanSino vaccine as a booster, the company said. Appointments for the vaccine in the capital can be booked on a mobile phone app for residents of one district, the official Beijing Business Daily reported on Thursday. China has relied on domestically produced, inactivated shots and has yet to import, or introduce its own version of an mRNA vaccine. Regarding the efficacy of its vaccine, Hong Kong-listed CanSino (6185.HK) said in a statement on Wednesday studies showed "using Convidecia Air as a heterologous booster generated much stronger immune responses than those induced by a homologous inactivated vaccine booster".

☆ China willing to deepen relationship with Russia, says senior diplomat
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 27 (Reuters) - China is willing to deepen its relationship with Russia in all levels and any attempt to block the progress of the two nations will never succeed, China's senior diplomat Wang Yi said on Thursday. It is the legitimate right of China and Russia to realise their development and revitalisation, Wang Yi said in a telephone call with his Russian counterpart Sergei Lavrov, according to the statement posted on China's foreign ministry. Reporting by Twinnie Siu and Ryan Woo; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Hong Kong Chief Executive John Lee delivers his first annual policy address at the Legislative Council in Hong Kong, China October 19, 2022. REUTERS/Tyrone SiuHONG KONG, Oct 19 (Reuters) - Hong Kong's Chief Executive John Lee said in his inaugural policy address on Wednesday that he wanted to bolster the city's competitiveness and attract more overseas talent, including graduates from top global universities. Lee, a former career policeman with limited financial expertise, also stressed in his speech that further safeguarding the city's national security would remain a priority, with more national security laws currently being explored. "Apart from actively nurturing and retaining local talents, the government will proactively trawl the world for talents," Lee said in his speech to local lawmakers. ($1 = 7.8499 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Pomfret, Clare Jim and Donny Kwok; Writing by James Pomfret; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Macau plans November return for mainland Chinese tour groups
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterA general view of Macau peninsula, China, seen from Macau Tower October 8, 2015. REUTERS/Bobby YipHONG KONG, Sept 24 (Reuters) - Macau aims to open to mainland Chinese tour groups in November for the first time in almost three years, the city's chief executive, Ho Iat Seng, said on Saturday. The gambling hub has implemented stringent pandemic restrictions, with tight border controls in place since 2020 having a major impact on its casino industry. Mainland tour groups are a key source of visitors for the city's casinos. Register now for FREE unlimited access to Reuters.com RegisterReporting by Twinnie Siu and Scott Murdoch.

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