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HONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. The proposal requires approval from more than 75% in creditor value in each debt class in order to pass. A Chinese institutional investor said the restructuring terms were unappealing but his firm planned to accept the offer because its holding was small and it could not see a better option to quickly wrap up dealings and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

☆ Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +5 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. The situation marks a rare outburst of discontent at Tesla's Shanghai plant, whose workers Musk praised last year for burning "the 3 a.m. oil" to keep operations running during the city's two-month COVID lockdown. Some took to Twitter, owned by Musk and blocked in China, to tweet to the billionaire, his mother Maye Musk, and Tesla. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. She recently completed a two-week tour in the country during which she visited the Shanghai factory and promoted her memoir.

☆ Tesla Shanghai factory workers appeal to Elon Musk on bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. The workers said Tesla supervisors mentioned a "safety incident" when they were asked about reasons for the bonus cut. Several online posts claimed workers at the Shanghai plant were being unfairly punished for an incident this year at the factory where one worker died in February. According to a report published by the local Pudong government on April 12, there was a mechanical accident in the welding workshop at Tesla's Shanghai plant on Feb. 4 that killed one worker.

☆ Factbox: Tesla cuts more prices in a bid to spur demand
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

In February, however, the carmaker raised prices of the performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China. The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper. GERMANYTesla cut prices on the Model 3 and the Model Y by about 1% to almost 17%, depending on the configuration, in January. SINGAPORETesla cut prices of its Model 3 and Model Y vehicles by between 4.3% and 5% in April. Tesla cut prices on real-wheel drive version of both Model 3 and Model Y by S$4,000 ($3,020), and dual motor all-wheel drive version of the two models by S$5,000, its website showed.

☆ China developer Sunac shares plunge after year-long suspension ends
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, April 13 (Reuters) - Chinese property developer Sunac China Holdings Ltd's (1918.HK) shares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default. The share slump comes a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan. Shares were down by nearly 60% in pre-market trading but trimmed losses after the market opened. Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis. Earlier this month, the Hong Kong stock exchange cancelled the listing of Chinese developer Cinic Holdings after it failed to meet trading resumption requirements in the time allotted.

☆ Shares of China's SenseTime jump after it unveils new AI products
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of SenseTime is seen at SenseTime office, in Shanghai, China December 13, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 11 (Reuters) - Shares of Chinese artificial intelligence (AI) company SenseTime (0020.HK) surged as much as 11% on Tuesday, a day after it unveiled a series of new AI-powered products as it joins a global race to dominate the sector. China's Alibaba Group Holdings (9988.HK) and Japan's Softbank Group Corp (9984.T) are both invested in the Chinese AI company. SenseTime's shares rose to as high HK$3.70, up 11.1% from its previous close but below its initial public offering price of HK$3.85 in December 2021. Alibaba's shares rose as much as 3.8%, while Softbank climbed 0.5%.

☆ Hong Kong on watch for any 'spillover' from US regional banks
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 24 (Reuters) - Hong Kong needs to watch carefully for any further "spillover" from U.S. regional banks, although the city has very little exposure to the situation in European and U.S. financial institutions, the Hong Kong Monetary Authority said on Friday. "The recent events in the U.S. and Europe have very little impact on Hong Kong," Yue said. "The situation is largely stabilised, but we still need to watch whether there will be further spillover, especially to the other U.S. regional banks." Hong Kong and global banks needed to be prepared for any further volatility in the market, he added. Reporting by Donny Kwok and Anne Marie Roantree; Editing by Jacqueline Wong and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ China Evergrande's EV unit warns it may halt production amid funds shortage
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

The EV manufacturing unit of the embattled developer China Evergrande Group (3333.HK) said it was aiming to cut costs through measures such as reducing staff numbers and improving management efficiency. "In face of the inability to obtain additional liquidity, the Group is at risk of discontinuing production," it said. Under that plan, the cumulative unleveraged cash flow from 2023 to 2026 was expected to reach negative 7 billion yuan to a negative 5 billion yuan. The news comes after its parent, China Evergrande Group, on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals in the country's property sector. The EV unit is key for the transformation plans of Evergrande, once China's top-selling property developer and now at the center of a deepening debt crisis.

☆ Hong Kong heiress sues gallery owner Pearl Lam over Banksy painting
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 22 (Reuters) - An heiress of the Hong Kong beverage giant Vitasoy International (0345.HK) is suing prominent gallery owner Pearl Lam, saying she has paid 500,000 pounds ($613,000) for a Banksy painting that was never delivered, according to a court writ filed this week. The 2005 painting by the British artist is a "remix" of a masterpiece by Impressionist painter Claude Monet. It was sold at a Sotheby's auction in October 2020 for more than 7.5 million pounds, far above an estimated sale price of 3 million pounds to 5 million pounds. Lam is one of more than 170 gallery owners participating in Art Basel Hong Kong this week. Reporting by Farah Master and Anne Marie Roantree; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish on Wednesday an offshore debt restructuring term sheet agreed with a key offshore bondholder group, the firm's lawyer told a Hong Kong court. The step paves the way for the world's most indebted property developer to restructure offshore debt of $22.7 billion, as part of liabilities of more than $300 billion. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

☆ China Evergrande to unveil debt restructure details on Wednesday
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish an offshore debt restructuring term sheet on Wednesday, aiming to sign an agreement with creditors by month-end, it told a Hong Kong court. With more than $300 billion in liabilities, including the offshore debt, Evergrande began one of China's biggest debt restructuring processes early last year. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

☆ New Zealand to ban TikTok on devices linked to parliament, cites security concerns
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

WELLINGTON, March 17 (Reuters) - New Zealand said it will ban TikTok on devices with access to the country's parliamentary network due to cybersecurity concerns, becoming the latest nation to limit the use of the video-sharing app on government-related devices. Concerns have mounted globally about the potential for the Chinese government to access users' location and contact data through ByteDance, TikTok's Chinese parent company. The depth of those concerns was underscored this week when the Biden administration demanded that TikTok's Chinese owners divest their stakes or the app could face a U.S. ban. read moreIn New Zealand, TikTok will be banned on all devices with access to parliament's network by the end of March. "Based on this information the Service has determined that the risks are not acceptable in the current New Zealand Parliamentary environment,” he said.

TAIPEI, March 15 (Reuters) - Apple Inc supplier Foxconn (2317.TW) said on Wednesday it expected smart consumer electronics demand would decline slightly this year, as it reported a 10% fall in fourth-quarter net profit from a year earlier, in line with analysts estimates. The world's largest contract electronics maker, which gets more than half of its revenue from consumer electronics, forecast significant growth this year in other areas such as computing, cloud and networking and component products. Net profit for the October-December quarter fell to T$40 billion ($1.31 billion) from T$44.4 billion in the same period the previous year, the company said. That was in line with an average forecast of T$39.98 billion profit by 13 analysts, according to Refinitiv. In the fourth quarter, revenue for its key consumer electronics products division was flat compared to a year ago, the company said in a statement, without elaborating.

☆ Cathay Pacific posts wider $834 mln loss in 2022, upbeat on outlook
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, March 8 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd (0293.HK) reported on Wednesday a loss of HK$6.55 billion ($834.42 million) for 2022, wider than the previous year's HK$5.53 billion loss, but was positive about the outlook, now that quarantining is no longer required. In January, the airline forecast a loss of between HK$6.4 billion and HK$7 billion ($815 million to $892 million) for the 12 months ended Dec. 31 after facing tough pandemic-related rules during the period. ($1 = 7.8498 Hong Kong dollars)Reporting By Anne Marie Roantree and Donny Kwok; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing the morning's declines as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." [1/5] A Cathay Pacific Airways Airbus A350-900 airplane approaches to land at Changi International Airport in Singapore June 10, 2018. Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its pre-pandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024.

☆ Cathay looks to 'rebuild' after brutal pandemic losses
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing morning losses and beating a 2.4% drop in the broader market (.HSI) as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its prepandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024. It was operating about two-thirds of pre-pandemic cargo flight capacity levels by the end of 2022.

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ China eases data security deadline pressure for multinational companies
▼ + stars: | 2023-03-01 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

HONG KONG, March 1 (Reuters) - Chinese regulators have eased some deadline pressure on multinational companies struggling to comply with new rules requiring them to seek approval to export user data, according to lawyers advising clients on the matter. In theory, global companies operating in China had until Wednesday, March 1 to submit extensive documentation that maps out their users' data flow as well as complete a security review and gain government approval. The rules were introduced in September by the Cyberspace Administration of China (CAC) to strengthen cyber and national security. The issue affects a wide range of global companies that need to share Chinese user data with overseas offices and how strictly data security is enforced in the future will determine how far businesses may have to go in "localising" their data. The CAC on Friday also issued separate data security rules that apply to organisations with smaller user bases.

☆ Hong Kong's Lee faces stern test over $3.4 bln bid to ease housing shortage
▼ + stars: | 2023-02-10 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

Hong Kong is notorious for its number of subdivided flats, estimated at 110,000 units at a median area of 124 square feet, smaller than a parking space. The government said the Light Public Housing would help tenants of sub-divided flats, as the rent would be HK$780 to HK$2,650 per month, significantly below the current median of HK$5,000 rent for subdivided flats. "Many people said Hong Kong is an international city, but its living environment is not ideal," Eric Chan, the city's No.2 official, told reporters this week. "Is the government trying to achieve the task (of increasing public housing) at any cost of public money?" ($1 = 7.8490 Hong Kong dollars)Reporting by Clare Jim; Editing by Anne Marie Roantree & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Feb 6 (Reuters) - Sixteen Hong Kong pro-democracy figures face trial on Monday, more than two years after their arrest, in what some observers say is a landmark case for the city's judicial independence under a national security law imposed by Beijing. Thirteen of those arrested were granted bail in 2021, while the other 34 - including 10 who pleaded not guilty - have been in pre-trial custody on national security grounds. Western governments have criticised the 2020 national security law as a tool to crush dissent in the former British colony. The 31 who pleaded guilty, including former law professor Benny Tai and activist Joshua Wong, will be sentenced after the trial. The case will be heard by three High Court judges designated under the national security law: Andrew Chan, Alex Lee and Johnny Chan.

☆ China’s video game makers come in from the cold as crackdown eases
▼ + stars: | 2023-01-20 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

[1/2] The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken August 3, 2021. "We believe the approvals indicate a more benign regulatory environment for the China gaming industry," JP Morgan analysts wrote in a note on Wednesday. "With rich game supply, we are more positive on overall online game market growth during Chinese New Year, a traditional strong season for the China online game market." Whether the gaming market can return to form also depends on the recovery of the Chinese economy, which has been thumped by a surge in COVID infections. However, data shows China’s total gamer population remains stable, slipping just 0.33% in 2022 from 2021 to 664 million.

☆ Hong Kong to scrap isolation requirement for people with COVID
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 19 (Reuters) - Hong Kong said it will no longer require people infected with COVID-19 to quarantine from Jan. 30, removing one of the last major coronavirus restrictions in place in the Asian financial hub. This is one of the important steps towards normalcy," city leader John Lee told a legislative meeting on Thursday. People in Hong Kong are, however, still required to wear masks unless exercising. Last week, high-speed rail services between Hong Kong and mainland China resumed for the first time since the beginning of the pandemic. The re-opening comes amidst a massive wave of infections on the mainland following China's abrupt U-turn on its "zero-COVID" policy.

☆ 'World of Warcraft' battle heats up as NetEase rejects Blizzard offer
▼ + stars: | 2023-01-18 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

Blizzard said in November it would end its 14-year partnership with NetEase - sending shockwaves across the industry as the partnership was widely seen as one of the most lucrative in video games. NetEase said Blizzard reached out last week with an offer to extend the partnership for six months but also made it clear that it would not stop negotiating with other potential partners. With the demise of their partnership, Blizzard is currently without a Chinese publisher. Unlike other countries, foreign gaming companies typically need a Chinese publisher before they can release games in China. NetEase rose to become a gaming giant partly by publishing Blizzard's games in China.

☆ Tencent, NetEase shares rise as China gaming crackdown eases
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 18 (Reuters) - Shares of Tencent Holdings (0700.HK), the world's largest gaming company, and smaller rival NetEase Inc (9999.HK) rose on Wednesday after China's video games regulator granted the first gaming licences in 2023, further easing an industry crackdown. Tencent's shares rose as much as 1.7% in early trade before paring gains, while NetEase's stock jumped as much as 5.8% to its highest in more than four months. Unlike in most other countries, video games need approval from regulators before release in China. Last month, China's move to grant publishing licences to 44 foreign games for domestic release was the strongest signal that the clampdown was ending. Regulators resumed issuing gaming licences to homegrown games last April, and the approval of foreign games was seen as the last regulatory curb to be removed.

☆ Macau court sentences junket mogul to 18 years in jail
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Alvin Chau was chairman of Macau's Suncity junket operator - which brokered the gambling activity of Chinese high rollers - until December 2021, a month after his arrest. Macau is the only city in China where citizens are permitted to gamble in casinos. Junket operators help facilitate gambling for wealthy Chinese in Macau, extending them credit and collecting on their debt on behalf of casino operators. That year, Macau casinos generated $36 billion in revenue. The junket industry has collapsed in the former Portuguese colony since Chau's arrest, with all of Suncity's VIP rooms shuttered.

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