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Though the reasons for Bao's disappearance are unclear, his case follows a series of incidents in which high-profile executives in China have gone missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. China Renaissance said on Thursday in a stock exchange filing that it had no information that Bao's "unavailability" was related to its business, and that its operations were continuing normally. A spokesperson for Beijing-based China Renaissance declined to comment on specific details and referred Reuters to its exchange filing made on Thursday. "What happened to China Renaissance highlighted the key man risk with some Chinese companies," Li Nan, professor of Finance at Shanghai Jiaotong University, said. key man risk generally refers to the threat posed to a company from over-reliance on a limited number of personnel for decision making.

Feb 17 (Reuters) - Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50% on Friday. A China Renaissance spokesperson referred Reuters request for comment on Friday to the investment bank's public filing. The firm earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier, the data showed. Bao started China Renaissance in 2005 as a two-person team, seeking to match capital-hungry startups with venture capitalist and private equity investors. China Renaissance is also an active investor in the tech sector.

SYDNEY, Feb 17 (Reuters) - Shares of boutique investment bank China Renaissance Holdings Ltd (1911.HK) fell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan. China Renaissance shares slid by 50% in early trade to hit a record low of HK$5 each. He started China Renaissance in 2005 and the exchange filing showed he is its controlling shareholder. China Renaissance was listed on the Hong Kong Stock Exchange in 2018 after it raised $346 million. China Renaissance is also an active investor in the tech sector.

☆ Schneider CEO’s tenure is refreshingly sustainable
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 16 (Reuters Breakingviews) - Schneider Electric (SCHN.PA) sells products like circuit breakers that help customers manage their energy consumption in a sustainable way. Jean-Pascal Tricoire’s leadership of the French industrial software group reinforces the image of long-term reliability. Peter Herweck, now the boss of Aveva, the British software group Schneider bought last month, will take over in May. Tricoire’s term is uncommon: only 19% of CEOs stay in the job for more than 10 years while the median tenure is just five years, according to a PwC study. Over the last two decades Schneider’s revenue has quadrupled to 34 billion euros.

Unlike rivals Anglo American (AAL.L) and Rio Tinto (RIO.AX), (RIO.L), London-listed Glencore is still mining coal. Activist investor Bluebell Capital Partners last year argued that Glencore should spin off the coal division, following in the steps of Anglo American. His plan is to hang on to coal and keep annual production steady at around 110 million tonnes up to 2025. Over the longer term, he’ll then start shutting coal mines, with at least a dozen closures planned before 2035. EBITDA from Glencore’s coal operations rose to $17.9 billion from $5.2 billion the previous year due to increasing prices.

☆ Hong Kong adds security law clauses to land sales, property stocks drop
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +3 min

"Safeguarding national security is the shared responsibility by the entire Hong Kong society," the Development Bureau told Reuters, confirming the media report. Hong Kong Economic Times reported that Hong Kong authorities began to include applicable provisions of the National Security Law in the terms of land sales and short-term leases in the Asia financial hub. That sent Hong Kong property stocks index (.HSNP) down as much as 4.9% to the lowest in six weeks, compared to a 0.1% slip in the benchmark Hang Seng Index (.HSI). "It suggests that developers will be even more cautious in putting a bid in land sale," said Steven Leung, a sales director at UOB Kay Hian. Hong Kong and Chinese authorities say it is necessary to restore stability after anti-government protests in 2019.

☆ SoftBank is paying for Son’s past exuberance
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters Breakingviews) - Warren Buffett once advised investors to be fearful when others are greedy and greedy when others are fearful. In other words, Son and his dealmakers spent big when valuations were unsustainably high and then retreated as prices slumped. SoftBank’s family of startup-investing vehicles, including the two Vision Funds and a Latin America-focused one, have clocked up $6.6 billion of cumulative losses on their investments since 2017. In other words, Son is out of ammunition just when it would be the most useful. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Forty-seven pro-democracy figures in Hong Kong have been accused of a conspiracy to commit subversion in a landmark political case. Benny Tai, 58, was a professor of law at the University of Hong Kong. Pro-democracy primary Pro-democracy candidates held a primary vote ahead of the upcoming Legislative Council election. The 47 defendants helped organize or participated in this event. New election rules announced China announced new rules for Hong Kong elections, limiting candidates to only those deemed loyal to Beijing.

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.

Hong Kong CNN —China will fully reopen borders with its special administrative regions of Hong Kong and Macao next week, in what is expected to be a major boost for the economies of the two cities. From Monday, travelers entering mainland China from Hong Kong or Macao will no longer need to provide proof of negative Covid tests, as long as they have not traveled abroad in the previous week, the State Council’s Hong Kong and Macao Affairs Office said in a Friday statement. Hong Kong is a major international financial center, and, before the pandemic, Macao was the world’s casino capital. Over the past three years, limited cross-border travel to mainland China has been listed as the top concern for businesses across the city, according to industry groups. Businesses began seeing some relief last month, when residents of Hong Kong and mainland China were permitted to resume two-way, quarantine-free travel.

☆ Hong Kong says 'hello' to woo back visitors after COVID
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

[1/6] Performers dance during "Hello Hong Kong" campaign to promote city tourism in Hong Kong, China February 2, 2023. The "Hello Hong Kong" campaign was launched with dancers and flashing neon lights in the city's main convention centre, next to its famous harbour, with a backdrop bearing the slogan in various languages including Russian and Spanish. Hong Kong dropped most of its remaining COVID rules in December but the wearing of masks remains mandatory unless exercising, as well as daily rapid antigen testing for students. There remains a quota system for travellers between the mainland and Hong Kong and a requirement that they must do a COVID test. Hong Kong business groups, diplomats and many residents deplored Hong Kong COVID rules, saying they threatened its competitiveness and standing as an international financial centre, especially after a period of political tension over pro-democracy protests.

☆ Hong Kong's cenbank raises interest rate after Fed hike
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) raised its base rate charged through the overnight discount window by 25 basis points to 5.0% on Thursday, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. "Rate hikes in the U.S. will not affect the financial and monetary stability of Hong Kong," HKMA chief executive Eddie Yue told a media briefing, adding monetary and financial markets continue to operate in a smooth and orderly manner. "The rate hike cycle in the U.S. has not yet completed, the Hong Kong dollar interbank rates might remain at elevated levels for some time," Yue said. Hong Kong is facing risks from high inflationary pressure and aggressive monetary tightening in advanced economies.

☆ New Spotify release gives bull-market vibes
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 31 (Reuters Breakingviews) - Just when it seemed like technology investors were done with “growth at all costs”, Spotify Technology (SPOT.N) has sent investors into a retro spin. The Swedish music-streaming company led by Daniel Ek on Tuesday said it ended 2022 with 205 million paid subscribers, a 14% year-on-year increase. The shares leapt almost 10%, boosting Spotify’s market capitalisation to roughly $21 billion. That means Spotify’s bull-market vibes are only relative. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Hong Kong home prices drop 15.6% in 2022, snap 13 years of gain
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: 1 min

Jan 27 (Reuters) - Private home prices in Hong Kong, one of the most unaffordable territories in the world, fell 15.6% in 2022 in the first annual drop since 2008, official data showed on Friday. Prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs, following a COVID-19 outbreak at the beginning of the year. December saw the seventh consecutive month of decline, the data showed, with prices down 2.0% from a month earlier to the lowest since April 2017. That compared with a revised 3.2% drop in November and a 2.6% fall in October. For 2023, real estate consultancies expect home prices to remain soft though stabilise in the second half after an expected peak in interest rates.

☆ Just Eat delivers right takeaway orders, finally
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 18 (Reuters Breakingviews) - Food delivery boss Jitse Groen has started the new year with a glimpse of hope. Pleasing investors after a round of missteps, the Dutch company also forecast a higher-than-expected EBITDA of 225 million euros this year. The 5.6 billion euro ($6 billion) group’s results point to a brighter future than what Just Eat experienced in 2022. Less than a year after acquiring U.S. rival Grubhub, Groen made a U-turn by putting it up for sale and writing down the value of the division by 3 billion euros. All this happened while investors started to lose faith in the high-growth low-profit food delivery sector: Just Eat Takeaway lost 60% of its market value last year.

[1/5] A Chinese police officer stands guard at in the mainland port area of West Kowloon High-Speed Train Station Terminus on the first day of the resumption of rail service to mainland China, during the coronavirus disease (COVID-19) pandemic in Hong Kong, China, January 15, 2023. REUTERS/Tyrone SiuHONG KONG/BEIJING, Jan 15 (Reuters) - China resumed on Sunday high-speed rail services between Hong Kong and the mainland for the first time since the beginning of the COVID-19 pandemic, as it dismantles travel curbs after Beijing scrapped quarantine for arrivals a week earlier. Operations at West Kowloon station have been smooth, with a flow of about 1,400 passengers by 10 a.m., said Cheung Chi-keung, head of operator MTR Corp’s (0066.HK) cross-boundary operations. Hong Kong's transport secretary, Lam Sai-hung, said he could not confirm when long-haul journeys would resume, but that would be after talks with mainland authorities. Reporting by Joyce Zhou and Donny Kwok in Hong Kong and Martin Quin Pollard and Shuyan Wang in Beijing; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Mainland Chinese head to Hong Kong for mRNA COVID vaccines
▼ + stars: | 2023-01-12 | by ( Joyce Zhou | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 12 (Reuters) - Scores of mainland Chinese travellers are rushing to Hong Kong to receive mRNA COVID-19 vaccines, which are not available on the Chinese mainland, as the country grapples with a torrent of infections which have overwhelmed its health system. A private hospital in the special Chinese administrative region of Hong Kong welcomed the first batch of mainland customers on Thursday, just five days after China reopened its borders for the first time in three years, allowing quarantine free travel. [1/5] Yoyo Liang, from mainland China, received a dose of BioNTech bivalent coronavirus disease (COVID-19) vaccine at a private clinic in Hong Kong, China January 12, 2023. There is no bivalent vaccine available in mainland Chin," she explained after she received her jab. Virtus, which has received more than 300 inquiries so far about the vaccines, is expecting more mainland customers to come to Hong Kong in the coming weeks and months, the company's chief medical officer Samuel Kwok told reporters.

☆ Direct Line woes are thin end of insurance wedge
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 11 (Reuters Breakingviews) - Direct Line (DLGD.L) has an extreme case of January blues. Shares of the UK home and motor insurance company dropped 28% on Wednesday morning after it scrapped its final dividend. A flood of insurance claims – as bad weather led to a rise in car incidents – was in part to blame. Inflation of car parts and second-hand car valuations helped put the group in the dreaded underwriting position where premiums can’t cover policy costs. But Direct Line’s declining commercial property valuations may also be a sign of trouble ahead.

"We had such a hard time, and I would rather have more Chinese people come than the government restricting their entry so I can do business." "Tour bus operators who have had their vehicles idly parked for over three years are now gearing up for (bus) inspections," said Thai Tour Bus Association President Wasuchet Sophonsatien. Thailand, Japan, the United States, South Korea, Australia, Macao, Singapore, Hong Kong and Taiwan were the most-searched destinations. Yue Hua Entertainment Korea, which manages Tempest, did not respond to a request for comment. "The pandemic outbreak on the mainland is still vigorous and needs time to recover, while domestic consumption remains weak on the mainland."

First Abu Dhabi Bank (FAB) (FAB.AD), the $50 billion Gulf lender that the brother of the United Arab Emirates’ president chairs, last week said it had considered a bid for the $23 billion UK-listed bank. Half its revenues come from Hong Kong, China and other Asian countries, where much of Abu Dhabi’s oil goes. StanChart’s commodities trading strength fits with Abu Dhabi’s keenness to become an energy trading hub. CONTEXT NEWSFirst Abu Dhabi Bank (FAB) on Jan. 5 said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer".

NEW YORK, Jan 10 (Reuters Breakingviews) - Microsoft (MSFT.O) is mulling a heads-I-win, tails-I-also win, AI deal. A mooted $10 billion investment, reported by Semafor, in the maker of the popular ChatGPT, could reshape Microsoft’s software business. And the investment is a pittance compared to Microsoft’s market capitalization of $1.7 trillion and $107 billion of cash on hand. Even then, Microsoft’s investment may not be wasted. The proposed investment means OpenAI can grow its business faster, which also benefits Azure, a part of Microsoft that investors value highly.

☆ China property shares rise on easing of mortgage rules for some buyers
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 6 (Reuters) - Shares of Chinese property developers climbed on Friday, lifted by more state support measures to bolster the highly indebted sector as China prepares to reopen its pandemic-hit economy. The property sector, which accounts for a quarter of China's massive economy, was badly hit last year after developers were unable to finish building projects that led to mortgage boycotts by some home buyers. Lockdowns and movement control measures to control the spread of COVID-19 also hurt buyer sentiment. The housing authorities also vowed to give strong support to first-time home buyers by allowing smaller down payments and cutting mortgage interest rates. Reporting by Clare Jim and Donny Kwok; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

It’s the start of a class known as high-intensity interval training, a combination of treadmill and weight-lifting, at the boutique fitness studio Barry’s. The brothers and Rondeau, who now serves as Planet Fitness’ chief executive, hit upon a concept. Planet Fitness’ tag, “judgement free zone” is true to form. Part of the appeal is its $10 a month basic membership fee – which hasn’t changed – that Planet Fitness primarily collects through electronic funds transfers. Still, with solid and regular profits and a reasonable amount of debt, Planet Fitness has staying power, even if shareholders lose their shirts while its valuation comes in line.

Separately, Apple may allow other companies to set up app marketplaces on its iPhone, Bloomberg reported. But that won’t trouble Amazon much: private-label sales were 1% of its total, founder Jeff Bezos told the Congress in 2020. Any offer from Apple to allow competing app stores carries a similar risk. Chief Executive Tim Cook could conceivably try the same trick with third-party iPhone app stores, for example by making users plug their device into a computer. These include allowing app stores operated by third parties on its iPhone, according to the report.

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